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Home My WebLink About0782 2. 'ifiat, i~ urder mwe [uUy to prwect the stcurity of this mon~a~e. tAe matpsor. to~etAer with, and in additioo to, the mo~~hly paymentc under the terms ol lhe nots secu~ Aeteby, on the flrst dsy ot tach month until the said nWe is fuYy paid. will pay to 1he mon~ee ~he fulbw- in~ su~s: • . An amouet wlllcient to provide the holdu hereo( with tunJs to pay lhe eext morlp~e insurA~ce prcmium it thi: instniment anJ tAe , ~ note secwed heroby We inwrcd, or ~ monthly cAar~e lin deu of a mortp~e inwranes promium! i( they +ue beld by the Secrctu~y of Housin and U~ban Devebpment as folbws: ~ (U It and su lon~ ~a said note ot even d~te and tAi: instrument ue insured or ue reinsurcd undet the ptorisions ot the National • Housin~ Act, an anoun~ wl6cient to accumulate ie the hand: ot tiie holder oee ( q nanth prior to its due date the an~ual mon- . p~e inwraooe premium. in adet to ptovide wch holder witA tuads w p~y wch preaiium to the Secretur ot Housin~ and • Utbrn Developmeet punuant ~o the National Hwsiti Act, as aane~ded, and applicabk Rep~l~tions the~eunde~: or (IU t[ and w bn~ u said nde ot even date aod this instrument aro hdd by the Secntary d Housin~ and' Urban Devebpment, s • monthly ctiarye (in beu ot a mort~e insucance promium) which sAall be in an amoum equal to one•twelith (1112) of ooe-halt (IR) pe~ centum ot the aversse outstandin~ bala~ce due on the ~wte computed without taki~ i~ta aceount delinquencies or . ' pepay~nsnts: • (b) A wm equal to the ~rouad ront:. it any. neXt due. plus the premium~ that viU next becoafe due and payaWs on policies ot 8rc and otlKr hazard inwrance coverins the mort~ed property. plus tazes and asseuments nezt due oe the mort~ed propertY lall u esti- a~ted by the, mqn~a) ku aU sums already ~id therc[or divided by t6e number ot montAs to clapse betore one mooth prior to the dste when wch sround tents. premiums, tues, and auessments wiU become delinquent, wch wms to be held by mon~a~ee in truu to pay said pound rents, pna~iums. tazes. and specia) assessments: and (c) All payments a~setiooed ia the two precedin~ wbsectioea of this pan~raph and dl payme~ts to be msde under the note securcd here- by shal{ be sdded to~ether and the a~p+epte amount thereot shall be paid by the mon~or each month in a sin~le payment to be ap- piied by the mort~ to the tolbwin~ items in the order set torth: (p premium ch~r=es under the co~tract ot insurancs with the Secrotary ot Housing and Urban Development, or monthly charge (in 4eu ot rnortp~e inwanoe ptemiwn). as the case may be: (iq ground rcnts, taxes. aiseumeets. fve, and other hazud inwranoe promiums: (Ill interest on the ~wte secured hereby: and Ah amatiutan of the prinapal ot said note. Any defuieecy in the amount ot such a~repte montMy p~yment shaU. wdess made ~a~od by the mortp~or prior to the due date ot the next such payment. oonstia~te aa event of detwlt under this a~ortaa~e. The more~a aay oolkct a"late ctarge•.uot a~ceed bur oeats (4d for ach dollu (tq ot ach paymeat moro tMn Riteee l l S) days in arro~rs to cover tl~e eztra eapense invdved in handling delinquent payments. 3. That if tbe toW ot the p~yments msde by the mort~ under (1~ d paraQaph 2 precedin6 shall exeeed the amount ot the pa?yments achally made by 1he mortsa~te, for ~ound rcnts, tues and assessments and inwtance premiums, as the case may be. wch excess it the loan is carm,t, at tbe opttoa ot tbe oart6asor. s6a11. be credited on s~bsaq~eat pay~e~a to be sade bp the isortsssot, or retaaded w the ~ortaa6or. II, `owe~~, t6e ~aatLlp pa~e~ts made bp tLe eartsaser rader (a) oi pan~rapk 2 ptecediaa shall not be safficient to 'P46~od t~b. ta:e~ ud wessoeats ~td iaswaace preniaos. as t6e case ~ be. *rhea t6e sue shall becose dae aad pay- ~ble, t~e~ t~e sori~~ ~hall par to t6e ~sott~ee ur moont aeceaaarp to aake dp t6e.deficieacp. o~ or before the date when par.eat of such ~oond reaes. ta:ea. assesaoeate, or insoraace preoines s1a11 be dne. It at nr tive t6e mort6e6or sbsll tender . to the 0ottsasee it accordasce ~rith tbe pwvis[oos oi the note aecared he~ebp. bll pa~eeat of tle entire indebtedness represent- ed t6erobp, the vortaasee sk~ll. in coaa~pnttng the mo4nt of sdch indebtedaes~, cndit to the accoaat ot the mcrt~egor ~Il parments aade oader t6e provisiow ot ot para6rsph 2~ereot w6ick ebe aort~6ee ras aot becose oblipied to pa~ to tke Secretary of $oaslns aad Urb~qDevelopseat and aay balaace rem~ining ia the fands acc~alated uades tLe pto~risioas o( (s) ot asid para~nph 2. 1[ there ah~ll be a detaolt nnder aar ot tLe provisioss ot tbts ~t~yase. resoltias ia a prblic sale of the premisea co~ered 6erebp. or if t6e mottga~ee acqairea the properqr ot4erwise atter del~alt. t6e son6aRee shall apptr, t6e the time o[ tke commeacemeat of sach proceedin6s or at t6e time the ptopetty is otherwise acqaind, tne balasce t6en reoaining in the fusda accaaalated aader (6) of paragnp4 2 precedisg ~s ~ credit a6siast the amoaat ot priocipal t6aa remsining mpaid under e~id note and a6a11 properl~ adjast any paysents ~rhicb shall 6ave been m~de oader (y of eaid pan6rapr. 4. "f1W he will o~y all tazes, assessments. w~ta tates, and other governmenW or municipal charges, hnes. or impositions, tor which pro- vision has not been made hereinbeforc, and in de(auh thereot the mon~ee may pay the same; and that he wilt p~omptly deliver the official rcceipts therctor to the mortgagee. S. That he ~riq petmit. ooaileit. or sutt~ no wute, impairmsnt. or deterioration ot said property or any pa~t thercot: aod in th~ event ot the failurc o[ the mort~ot to keep tbe buildi~s on uid premises and those to be erccted on said premises, or improremena thereon. in g~ood re- pair. u~e ~or~ee m.r m.re wd~ rc~n as ~n ~u ~raan ~c may dee~ nc«s~ry tor u~e proper ~en~uon ihercot. and the tull amount ot euh aad every wch payment shall be immediately due pnd Wyabk. snd shall be secuted bY 16e lien ot this mo.tt~age. 6: Thu & wiq_ paY all and sinyular the costs, charges, and ezpenxs, indudia` reasonabk lawyer's fees, and costs ot abstracts d titk, in- curnd or paid at my time by the mortpgee btcw~e ot the fa'lure pn the patt of tt~e mortpsor pronlptly and fully to ~erform the ageements I! and covenants ot said proiaiswry aote and ttis a~ortp~e. and said costs. charses. and expenses shall be immediately due and payabk and shall i be secured by the lien of thix monga~e. . , . ~ 7. 71at he will keep the improvements now ezisti~ or h Keafter erected on the morigagod property inwred as may be required trom time ~ to time by the mortga~ee asainst bss by fire and aher hazards, cawalties, and contin~encies in wch amounts a~d for such periods as may be requircd by mortaaaee. and will pay p~omptly. ~vhen due, any premiums on wch inwrance tor payment of wli~~rovision has not been made hereinbefore. All inwranoe }hall be curied in compsnies spproved by mortpgee and the policies and rcnewals thcreot shall be held by monga- gee and have attached thereto lou payabk~clauses in favor ot and in torm uceptable to the mortgagoe. In event ot bss he will give immediate notice by awil to mortaa6ee. and bwttss~ee a~ay o~ake.proof of lou if nat msde Pro~Ptl~r bY mortg~o~. and euh inwrance company con- cernod is hereby autbo~ized ud directed to malce payment tor such loss directly to mort~oe instead ot to mortgagor and mortgsgee joindy. and the inwnnoe ptocecds. or ar~y part thereot. may he ap~lied by mortga~ce at its option either to the rcductio~ of the indebtedness Aercby secured or to the restoratiae or repair of the property damased. In event of foreclowrc ot this mortp~e or other trans[er of titk to the mo~t- ~ed property in eactinsuishmeot of the indebtedness securcd hereby, aQ riaht, dtk, and intercst ot the mort~or in and to any inwnnce ~poli- cies tha~ in torce shall p~ss to the purchaser or aantee. ~ 8. That if U~e prcmises. a any part thereot, be condemned under any power ot eminent domain. or acquind tor a public use. the damagcs. proceeds. snd the considention tor wch scquisition. to the extent of the fu8 amou~n of indebtedness upon this Mortpae. and the Nae secured heroby rce~airons wip~id. are hereby assigned by the Monp~or to the Matga~te and shall be paid torthwith to tbe Matgagce ~o be applied by it on accoum of tbe indeMeness stCUred hueby. whether due or not. ~ 9. 7hst the mortp~gee a~ay. at any time pendi~ a wit upon Utis mortpge. a~pply to tbe court havins juriadiction thereof tor the. appoint- ment of a recavet. and such coun shall forthwith appoint a receivu of the premises coveted hueby all and sir~ulu, including all and singular the incane. profits, issues, and revenua frao whatever aow+ce derived, each and every ot which, it beiq~ eapressly undentood, is hereby mortga~cd u it specifically set forth and descn'bed in the granting and habendum ciauses hercof, and such rcceiver shall h.tive all the broad and effective tunctions and po~ven in anywise enwsted by a court to a rccaver, and wch appointment shall be made by wch court as an admitted equity and a muta of absolute risht to said mortgagce. and without rcfercnct to the adequxy or inadequacy af the value of the propertv mor+- " ~ gaaed or-to t6e .ulveocy or insolvency ot said moitga~or or the defendants, and that wch ronts, profiu. iocome. issues, and revenues shall be applied ~y wch rcceiver accordina to the lien ot this mortpge and the practioe ot such caurt. In the eveot of any detauh on the part ot ~he mort- ~ gasor hereuader, the neort~gor a~rees to p~y to the mortgageeon demand as a rawnable monthly rcnW tor the promises an amount at kast equivaknt to one-twelfth (11~2) ot the a~grcpte of the twelve monthly installments payable in Nrc ihen current yeat plus the actual amount ot ~ the annwl tues, aasessmenta_ watet rates, and inwnnoe prem~ums for such year not wvered by the atoresaid monthly payments. ~ 10. 7hat in the event ot any bresch uf this mortgage or defwlt o~ the put of the mortp~or. or (b) in the evcnt that any of said sums of ' nwney Aercin rcterred to be not promptly and tuNy paid without demand or notice. or (c~ in the event that each and every the stipulations. astaments, conditions, and covenants of ssid note and this mortp~e. ue not duly. prompity. and fuUy pertormed: then in eitha or any wch event. the said sagrepte wm mentioned in said note then rcmainin unpaid. ~rith intetest accrued to that time. and all moneys secuted hereby. shall become due and payabk tonhwith. ar theaa(ter. at the option of said eno~ee. as tully and compktely as it all of the said wms of mon- ey wero ori~inally stipubted to be paid oo such day. anythina in'said note or in this a~ortpge to the contnry notwithuanding: and thereupon or theratta. at the option ot said mort~ee. ~vithout naice or demand. wit at law or in equity. may be prosecuted u it all moneys securcd here- by had matured priot to its institution. The mort~ee may torecbse this mort~. u to the amount w declued due and payabk. snd tht said prcmises shatl be sold to satisfy and pay the same togetha with costs. expenses, and albwances. ln case of partial forecbsurc of this mortgage. the a~ortp~od premises shal( be sold wbject to the cont~nuin~ IiSn ot thi~ mongase tor the amount ot the debt not then due and unpaid. In wch pse ihe provisions ot this para~raph may again be avai~ ol thereaHler kom time to time by tbe oa~t~~ee. ~0~~~ ~ ~ - ~ ~