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Home My WebLink About0870 . t~. .i~ r i_ i TFw~': In ~KJer mure luily W ptutecl thc ~ccurily ut ~hi+ mun~. thc mony.ynK. lu~cc~hcr M i~h.:~nJ in +JJ~~wn tu. the mun~hlY ~Ymcnlc unJer ~At ~r~m. ut ~Ae nute ~ecurcJ hercby. un thc fir.~ day ~d c:Kb moath un~il ~hc .:~iJ mxc i~ (uily {wid. will pay tu ~he tmN~~ee ~ht iolk?~r- init wm~: . lal An umuunt wtlicient h~ pn,viJr the hulJcn c~rcut wilA (urnt. ta pay Ihr ne~t murl~:~e inwrance prcmium if ~hi~ i~viumcnl ruW ~he , o?x~ .ecu~eJ Me~eb) ~re ~murcd• or s m~Mlhly clw~~te Ii~ 4eu uf ~ m~ut~e inw~a~e premjuml if 11?oy aue AeW by 1he Se~relury ut H~w.irysanJ Urt?;u~ Ikvclupmcnt:~. tulluw.: 111 If unJ w k?~ u. wiJ ~w1e of even Jute unJ thi. io.trumenl are inwreJ or ~rc reinwrcJ unJcr ~he {+roviuun. uf the Na~a.n:d Nuu.ins Art.:u~:unoum wdNient ~o ;KCUmuk~ie in ~he ha~l. uf the M,Wer ane ~ 1 ~ mun~h pri.x ro it. Jue ~te ~he ~nnu~l mun- ~c inwrance premium. in orde~ ~o pruvide .uch IwWe~ with funJc tu pay wch prcmium w ~he Sccrc~uy ot Nuu.in~.nJ Urt+an pevtk?pmen~ punuant lu ~he Nxtiw~pl Houuns Act. a~ ~me~Jed. anJ 5pplic~bk Re~uh,~tionc thereunJer: or 1111 11 r~nJ w k?nQ a. caiJ nute ot even Ja~e ai?d ~Ai. imtrument s~re heW hy Ihe Secre~ary d Nouvnj anJ U~t?an Devebpmcnt. a nwmhly charee lin Gtu of a man~e i~wtince prcmiuml v?hkh.hall be in un amuunt equal tu une-1weU~h 11/12~ o~ one-Iwli 11/'_1 per centum at thc avera~e .wlu+nJing t?alance due un the nwe computeJ witMw~ t~kin~ imo erccwot Jelinquencie~ ur P«PaYments: Ibl A wm equu) 1u the ~ruwxl rents. if any. oext Jua. piu~ 1he prcm+um~ lhat will next hecant due anJ pay+hk w? {+ulicie~ o( (irc anJ .Nbe~ haza~d inwraace raveri~ the m~~r~F:yGe.J propeny. plw 1a~e~ tiiw! a~ce~~mcn1~ ne~1 due on Ilit mort~eJ p?opcny 1~11 a~ e~li- ma~eJ by the mon~ageel ksx all wm. already p~aid therefar Jivided by ~he numl+er at moetM to elapee Aefare ane monlh p?iot t~. tbe Jxte wben .uch guounJ rents. prcmium~. laxec. anJ ycses~ments will becuaie dtlitpuent. cuch wms to be held bY monga~a in trusl w pay uiJ ~n?uixf rcmc, premium~. taxc~, unJ ~peai~l a.cec~men~s: and Icl All paymem. menliuned in IAe two preceJing wlnectiuoc ut ~hi. p+ra~ph aoJ ~II payments ~u be maJe unJer the nwe .ecurcP ub~e• hy ctuwll l+c aJJe~l tusethet and tAe ag~eextc amount theroot.hall t+e paid by 1he mort~~x eech month in a.in~k p:~yment to be ap- plinf hy the m~xt~et to the tolbwi~ item• in the wder cet (onA: 111 prcmium cha~6ec under Itrc contrs~ct ot inwruunce Mi~h the Secretary uf H.w.ing anJ Urban ikve{opment. w monrhly ch:uee lin litu of moct~e inwrance prcmiuml. a~ the ca.e may t+e: IIU gruumi rents. taxes. asxssments, fue. anJ wher hazard inwrance premiums: ~ 1111 imere.t on the nute secured hereby: and - IIYI artwrtization of the principal of ~id note. Any Jeficiency in tl~e ~mwrM of wch ~+ggre~ate a~ontbly payment chall. unle-c. maJe ge?w1 by the mwtgagor priw lu Iht d date ot t~nezt wc6 p~aymem. c~stiwte an eveM ot detauh under Ihis mone-ege. 'ibe mort~ee m~y cdket a"l~ite chuQe" not to excee nts 1/or cacl+ dollar IS I l of each paymau more than fitteen I IS! ~ys in atrean to cover the e~?tra expentie iovdved in haadli~ Jeli nt paymen s. s. That if the twal ut the payaxnls maAe by the mort~or under Ib) ut paragraph 3 preceding sl?all exreed the amount ot Ihe paymen~c :x;tuaUy sn3ek by !ht muct~ee. tor gnwnd rents. ta~ts arl+! a+~scmtnt~ arwl ~nwrnn.~e premiums. :u ine case mxy i~e. w~~n c~cca~ ii ii~e ioan :a enrtent, at ~he optios oI t~e aort6agor. s`all, be credited w sabseqnent payaents to be made by the mortsa~or. or refuaded to tbe mortgago~. I(. ~o.rever, t6e a~ootbir pa~naeats made by t6e mor~~sgor aader (e) of paragaph 2 precedin6 shall aot be sotticieat to par ~rouad reats. uxes aed ausessseata aad iasu~ance pteaiiuma. aa the case mqr. be. when tbe sa~e s6a11 become d~e a~d pay- able, thea the monRagor shall pay to thc mortga6ee a'y awount aece~xary to make up the deticiency. aa a before tbe date when paymeat oI ~uch ground tenta. tazess. assea~aents. ar iosu?ance premiums shell be dae. I( at aar time the oortgagor shall teoder to t6e mortgagee ia accordanr.e wit6 t~e provisions of the note secured Aereby. (ull p~yment of the e4tire indedtedacss represest- ed ~hereby. thc morlgagee stiall, i~ compotioR the omoant o( sncl~ iodebtednesa, crcdit to the acconot ot the ~ortaasw all paymeats made uoder the provisions ot ot paras?apk 2 heteot whick ih~ moitga~ee 6ax not beco~oe oblisated to par to the Secretary of HouxinR and Urbaa Developmen~ and any balaace rcmaining in tbeTuods accumulatcd aoder d~e provisious of (e) of said paraaraph 2. It t6e~e shall bc a dcfaul~ nnder aoy ot the prorisioaa of t6is mong,age. reaalting ia a public sale of t6e pre~iisea _ coveted 6crcb~r, or ii t6e mott6agee acqairca the property otherw ise atter default, the ~artgagce SI~o~1 apply. tite the time o(.the comseacement o[ sach proceediaga ot at t6e time the property is otherwisc acquired, the balance t6en re~n~iniu~ in tbe toud9 accumalated uader (e) o( paragraph 2 preceding as a c~edit agyinai the e~onnt oi priacipal then temsioins uapaid ondu said note and s6a!) properlr adjas: asr paymeata ~r6ich s6aU have been made under ot said paraRraph. ' d. Thal he wiH pay all taxes. acsec~ments. water rates. and dher governmental or mueicipal clurgec. 6nes. ur impo~itians. ~for which pro- .i.ion ha~ nw l+een made I~ereinhetort. ~nJ in default thereo( ~ht mon~ee may {r.~y Ihe wme: anJ Ilwt he will prompdy Jcliver the official rcceiM. thercfar ~o the m~xtgagee. - 'fhat he will permit. canmit, or wHet na waste. impairmenl, ar deterioratioo of said property or any pah thereot: anJ in the erent ot Ux (ailure ot the morlgagor to ktep 1he l+uilding~ on aaid premi~es anJ ~bu~e to bc erected on uhl premi~es. or improvemenls therean. in good re- jrrir. Ihe mortg~gee may make such rcpain as in ils Ji~cretion it may deem necrstiary tor Ihc proper preservation tAe~?f . anJ Ihe full •rmount o( exh and every wcfi poysxnt shall be immsdiatdy due and payabk. and ~hall lx ucurcd by the lieo of thic mort~ge. 6. That he wip psy all and si~gulu Il~e costs, charges. snd ezpences. inchkfin~ teasonabk lawyei s fees. and cosls ot abstncts ot titk. in- ; curred or paid at any tirt+e by the mortgagee becwst of 1he failure on the part ot the morlgaBor promptly and tully to perform the agrcemems ~ anJ covenaMs uf said promicwry note and this mortg,age. and said costs. charges. ~nd expenses shalt !+e immediatdy due and payahk and chall ~ be ~ecured by the lien of this mortgage. , 7. That Ae will keep the improvements r~w eii~ting or hereafter erecteJ on Ibe morlg~ted propeny. inwral as m•ry t+e required irom ~ime ~ to time by tf~e mortgagee against bss hy firc anJ dher hazards, cawalliee. and comingen~ties in wch amoum. aral (or wch periaf~ a~ may t+e reqwred by mortgagee. and will pay prompUy_ when Jue. any ptemium~ on wch inwr+nce for p~yment o( which proviuon ha~ no1 txen made ~ hereinbetore. All inwrance sball be carrinl in rompanies ~pproved by m~xtg~rEee and 1he policies and rcnewals Ihereot +lwll tx held by monea- gee arnl h•ave attxhat Ihereto {oss payaMe chuxs in fava of and in (~xm acctp~abk to the moRpaget. In event ot bc~ he will give immeJi~te oaice by mail ~o mongagee. and mongagee may m~ke proof ot kns if oot made promp~ly by martgagcx. and exh inwrance company con- cerntd is hereby authorized and dirccled to make payment (or ~ucA bss directly to mortgagee instead ot to morlgagor and mongaget jaotly. anJ the inwrence proceeds. or any paR thettot. may t+e applied by morigagee at iis option eitber lo Ihe reduction ot the indebtedness hereby cecurcd or to the reuoration or repait ot.lhe property damagcvl. In event uf (wecbsu~e ut this mortgage or other tra~ster of titk to the mort- gaged property in e~lia~uishmeM ot the indebleJnec~ xcu~eJ hereby. alt right. titk. and interect of Ihe mortgagor in and to aoy inwrance poli- ciex then in torce shall pass to tMe purchaxr or grantte_ S. That if the premiset. or any pan thereot. be conJemneJ wwler ~ny power ut eminent Jomein. or xquited (or a put+lic uce. the J~mage~. procteds. anJ the consideration tor such xquisition. to the exlent ot 1he tull am~wM ot iixtebtednecc upon this Munp,agt. anc! the Nde ~ecureJ hcreby remaining unpaid. are hereby usigned by the Mortgagor to tt~e Mwt~gte and sh+ll t+e paid fonhwilh tu the Mongaget to t~e applied hy it ~ r+ccount ot the irdeMeness secured heroby. whether due or not. 9. That 1he mortgagee may. at any time pending a wi1 upon this mottga~e. apply to 1he coun having juriuliction thereot tor tix appoint- ment of a receiver. and wch coun shall torthwith appoint a receiver of the premises covered bereby all and.inguFar. including.Il anJ ~ingular ~be income. {uofi~s. issues. and revenucs trom whalever source Jerived. each and every at which. it being espresaly un~kr~tood. is hereby monpagal ~c if specifically x1 fonh and descriFud in the granting and habtndum clauxs hereof. and wch reeeiver shall have all the btmad ~nd eHective tunctrot?s and powen in anywise entru~ied by a roun to a receiver. and such appointment shall be made by wch coun a~ an edmilteJ equity and a matter of ahsolute right Io said murtgagte. and wilhout reference to ~he adequxy ot imadequxy of ~he value of Ihe propeny morl- gageJ or tu tfrc K?Irency ~x inwlvency o( wiJ martpagor or Iht defenJant.. anJ ~hat wch rents. pro61~. income. i..ue+. •anJ rcveout~ +hall f+e applied by wch receiver ucording to the lien ot Ihis mortgagt and tbe practice ot wch coun. In the event uf bny detauh on the pan a(1he murt- ~tur hereunder. the mong~gor agrees to pay to the mortgagee an demand as a reasonabk montAly rcntal tor tl~e premixc an am~wnl at ka~t equivaknt to one•twdttb 111121 of tlx aggegale ot the twelve monthly inuallmenlc payabk in the then cutrent ycar plus the xtual amount ot ~he annual taxes. asscssments, w•ater rates. and inwrance prcmiums tor such year not covered by the atores.id monthly payments. 10. That la) in the event ot any f?rexh a( this mongage or default on tbe patt ot the mortp,:q[or. or 1 bl in tht event tful any ot wiJ wm. of money herein reterred 1o t+e nd promplly and (ully paid wi~M~u1 demand or notict. or Icl in the event thal eech enJ every the .~ipul:~tiom. agrecmtnls. conJitions, and covenants at caid nde and ~his mort~age, ate no1 July. promptly. ~nd futly F+ertormed: theo in either ot ~ny wch evenl. tht wiJ aggregate wm mentKmed in said nMe 11rcn remeini~ unpaid. with iMere~t accruallo that time. anJ all money< <tcurcd hercby. shall ixcome dut and payatde fonhwilh. or Iherea(ter. a1 1he option ot said motlga~tea as fully and com~+letely a~ if all ~f Ihe viJ wms o( mon- ey were ori~n+lly stipulated to tx paid un such day. anything in wiJ rale or in thi~ mongage to tt~e contrary notwilh~~uNtinit: aml thereupon or Ihereatter. at the option of said mongaget. witMrot ndice ot demand. wi1 at law ot in equity. may be prosecuted a+ it all money~ ~ecureJ here- by had malureJ prior to its inuiw~iix~. The manpagee may forecbce this mottgagt. as to 1he amuunl w declareJ Jue and pay+bk. +nd the ~aid prcmisec shall be sold to sati~ty anJ pay Ihe wme ~ogether witbcost~. expeAxstand allow•rnrec. In cace ot panial forecb.urc of thic m~xt~e. tbe morl~ed pren~ise~ sAal! be wW wbjecl to the conlinuing iita oft thic martg~ge tor ~he amount o(1t~c deb~ not Ihen due ami unp+id. In wch ' case the proviaia~s of this par:~trapb may again t+e avrikd of ~hereaher from ~ime to ~ime by tfie mort~agee. ~ ~ ~ ~27~ ~