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Home My WebLink About0364 . . ~ ~ ' , • ,i 2. 'ilwt, ia un#~ ~xe tuMy w p~aect tAe ~ecu~ty ot tbis cAUn~. the matp~or. to~etbe~ witA, amt in additiw+ to. ~he ~tMy {?aymeoti w~de~ ~ne u~ws d ~he eae ~cu~ed ~ebr. o~ tAe fitu day d e~ch wa+Ih wNil Ibt ssid nwe is fuMy pid. w~n P,Y ~o mon~ ~ne to~aw- in~ w~us: l~l Ae aaiw~M wicieat to provide the Iwlder hutof wi~h f~mts to Pay the next a~ortp`e inwance pteaiium it ~his iostrumen~ anJ ~he note sse~ned henby ate iawred, or a mo~tNy chane lin licu ot a a~orisa~e insursece prasiwnl it tM~r are heW by the Secrcu~ry d Housia~ and Urb~n Davtlopa~eat as fdbws: l4 It ~nd so lo~~ u said ~we ot evee date a~d thu insuument are iesured or ~re reir~wred undet the provisions oi the Ntitwnal Hq~in~ Act, an amouM wQkie~t to accua~te i~ tAe haad: ot the holde~ ca~e l i) month ptiot to its due date the sn~ual mon- p~e inwranee ~ewiua~. ia otde~ to provide wcA hdde~ witb funds to paY ~ Pn~ium to ~Ae Secrotuy ot Housin~ and Urban Oevelopmeat purw~nt to the Natioeal Housins Act, as amended. snd spplicable ReNistiw~s therournkr; or (Iq !t and w lon~ as said note ot even date and this instcumeet are heW br the Secrctuy d Housine and Urban Uevebpment. s mootN~? chufe lie lieu ot a morty~e enwrance Prea~ium) which shali be in an amount eaual to one-twelith (11121 ot one-hali (1121 per centum ot the svera~e outuandin~ bal,iece due on the iwte computed without takin~ into sccount deliequencies or ; PnWyments; (b) A wa~ eqwi to tue pound ~ents. it any, oext due, pp~s the prcmiua~s that wili oext become due and payabk on policies ot 6rc and ~ other hazard inwrana coveri~ the mortp~ed Propenr• P~us luu and ssseu~oents ~ext due on the mongased propeny (all u esli- mated by the mortp~ts) kss all wms alrcady oaid tlKretor divided by the number ot months to siapse betorc one month prior to the date when wcb ~round te~ts, premiums. wea. snd asse:sments wiN become delioquem. wch wms to be held by matp~ee in trust to Pay said sround reets. poemiwns. wca, snd special ssxssments: and (c) ~a wr~~a oKpnooea ~ ~wo ae~~s w~ecc~o~ ot e~ ~r~.on ~?a ~i ~yme~c3 eo ~~:a~ ~oc~ ~~r~a n«~- by shsll be added ta~ethu and the a~resate amouat the~eot shall be paid br the morty~or esch month in a sin~le paYa~eat to be ap- plied by the mort~,~ee to the tolbwi~ iteais in the order set tonh: . (p premium chvses uode~ the contract of inwnace with the Secrctary ot Housi~ and Urban Development, or monthly charge (in lieu d eortpae inwranoe prcmium). as the case mar be: (p) ground rcnts. tues, usessa~enu. 6rc, aed ahe~ hazard insuranoe preaniums: (111 interest o~ the note secwed hereby: and (~h an~ortintioe ot the priocipal ot said noie. Any deficiency p~ the amouM ot wch a~roWe mo~thly payment shall, unkss made 6ood by the mort~ prior to the due date of the neat such paya~ent, oonstih~te an event o( detwh under this mortp~e. The mat~,asee mar cdleCt a"late char~..oot m esceed b~ cen~s (4d ~or ach dollu (fl) ot aeh payment more tlw~ RReen ( IS) days in arran to cover the eatra expense involved in handling delinquent payments. 3. That ii tbe taal ot the paYments made by the mo~t~ater u~der (6) of pan~nph 2 prcceding shall exceed the amount ot the paya~ents actually msde by tlrc morrt~et. tor pound rents. axes and assessmena aod insuranoe prcmiums. as the cue may be. wcR excess if the loan is carreat. at t6e opttoa of the ~art~asot. shall. be credited os sabseqvent pq~aau to be ~ade bp tLe sottaa6or. ar re[aaded to the aortaa~or. li. bo~rever. tLe ~oat6lp pa~weats ~ade bp the ~ort6a6or aedet (s) Pan~aP~ = P~'ecedVg s6a11 aot be aaHic[ent to 'P~7 6~~d ~ts. ta:es ud assess~eats ud i~seruce pre~i~ovs. ~s the caae ~q be, .rkea the sue 'slialt become dae a~d par- ~ble. tLe~ tlie ~oetsa~ srall par to the oort~a6ee ur a~ouat aeceasar~ to ~ake dp tke deticieacp. aa ar betore t6e dste ~r6en par~eat of s~ck ~to~ad reats. t~:es. assess~e~ts. ar Iasvuce premiuos s6a11 be doe. It ~t ur tiee tl~e sort6asor shall twder ~ to t~e ~ort~see L~ccada~ce ~rttr tbe po~isiona ot t6e aote aecared herebp. Eoll pa~aeat oi t6e eatin indebtedneaa represent- ed ttierebp. t6e satsasee skall. ia coopotias t6e uoent ot soc~ indebtcdness. credit to t6e accowt oE the eortse~ all parments ~ade uder t6e proaisiota oi ot pua~raph Y 6ereof w`Ic6 tbe ~ortaa6ee bas aot becoQe obli~ted to per to the Secret~rp o[ Houin6 ~ad Urbu De~relopr_at ud aay balauce rcoalai~a in t6e taads accas~lated aader t6e pro~rlsioae ot ~s) ot said paraacap~ It tLere skall be a defarlt ~ader aar oI thc provisioas o[ d~is ~ott~a~e. reanllin6 L a public sale oi the ptemises _ co~eted 6erebp. or U tLe ~ort6a~ee ~oqoirea tlte ptope~ ot6etwise a(ter de~s~lt, t6e o~6~R'~~ shall applr, the tLe ti~e of the ca~ace~eat of soc6 peoceedia6s or at the tiae t6e propertp ia ot6enrise acqoired. ue balasce then re~aising in t6e fmds ~eco~olated nder {s) ot pvagap~ 2 precediag as ~ credit a6sinst t6e aso~at of priacipal t6ea remaining uqpaid aader said aote aad sSall ptoperl~ ~djost aar papseata which ahall 4a~e been made ander ot said para~np6. 1. 'Il~at he wiq oay all ~ues. assessments, water rates. and otAer governmental or municipal charges. hnes. or impositions. for which pro- vision has nw been made hercinbetore. and in detauh thereot the mon~ee may pay the same: and that he will promptly deliver the official receipts therefor to the mortgagee. . S. Tha~ he wiN penait. commit. or wBer no waue. impairaent, or deteriara!~on of said propeny or any p~rt tbereoi: and in the event of the failure ot the mortaasar to keep the buildin6s on said pteatises a~d those to be crectal on said premises. ~x impmvements thereon. in good re- pvir. the mort~gee may make such repairs u in iu discreti~n it may deem ~uccssaty for tho proper prcservatioo theroof. and the fu11 amount ot each and every wcb paywent shall be immediatdy due ud payabk. and shall F:secured by the lien of this mortgage. . 6. 77at he wiY pay a!I and s~n~ulu the caats, char~es, and expenses, inciudin~ reasonabk la~ryer s tees, and costs of abstncts ot titk. in- curred or paid at my tiroe by the mort~ bawse of t6e tailurc oo the part of the mort~Ea P~~1M~Y and tully to pertorm the agrcements - and corenants of said promiuory note and this wortgage. and said coats. charges. and expenses shall be immediuely due and Fayabk artd sha11 ~ be secured by the lien of this mortgage. I~ 7. That he wid keep the improvements now eaistingor hereafter ertctod on the mortga~ed property insurcd as may be required (rom time ~ to time by the nortgasee against luss by fue and other hu~rds, cawaltiu, and contin~encies ia wch amounts and tor such periods as may be requircd by mortpaee. and wiU paY P~~M~Y• whrn due. any premiums on wch inwrance tor payment ot which provision Mas not been made hereinbetore. All inwranoe shall be carried in compania approved by mortga~ee and the policies and renewals thereot shall be held by mortp= ~ gee and have attached thercto lou payabk clauses in tavor o( and in for~e scceptabk to the mort~ee. In event of bss he will give immediate notioe by a~ail to mortaagee. and mortgagse may make proot ot toss if not made promptly by awrtBagor. u~d ach inwnnce canpany con- ~ _ cerned is hereby wthonzed ud dirccted to make payment [or such loss dicectly to mortgs~a i~tead ot to mortgagor and mortgaga jointly. and the inwrance proceeds. or any part thereof. may he applied by mortgasee at its option ather to the reduction ot the indebtedness hereby securcd or to the rcstontion or rcpair of the property damaged. ln event ot foreciowre of this mortpge or wher transter of titk to the mort- ~ed property in exti~uishment ot the indebtedness securcd hereby, all rigfit. dtk, and interost of the mortgagor in and to any inwrance poli- cia theo in torce shall pass to tbe purcliaser or ~rantee. That it the premises. or any part tl~eof, be condemned under any power ot emincnt domain. or acquired tor a public use. the damages. procesds. and the consideration for wch acquisition. to the exteat ot the tuN amount of indebtedness apon this Mortgage. and tlx Nde secured hereby rcmai~r~ unpaid. are hereby assigned by the Mortpgor to the Mortgagee and shall be paid forthwith to the Mortgagee to be appliod by it on account ot the iodebteness sscured hereby, whether due or not. 9. That the mo~t~a may. ~ any time pending a wit upon this mertgage. apply to the court having jurisdiction thereot tor the appoint- ment ot a«ceiver. ~nd such couR shall torthwith :ppoiM a rcctivu of the premises corered hereby all and singular. including all and singular tbe incoine. pro6ts, issues, and rtvenuts trom whatever source derivod. exh and every of which. it being expressly understood. is hereby mort~agod as if specifically xt torth ud described in the granti~ and habe~dum ebuses hereot, and such receiver shall have all the broad and eBective functions and powers in anywix er.trusted by a cwrt to a receiva. and such appointment shall be made by wc3~ court u an admitted ~ oquity and a matter ot absolute riaht to said mort~ee. and rrithout rcfereooe to the adequxy or inadequacy o( the value of the propenv mor*- ~ gased or to the ~rency or iosolvency ot said moitgagor or the defendants. and that such rents, pro6ts, income. issues. and revenues chall be ~ applied Ey wcl~ rcceiva accordins to the lien ot this mortgaae and the practice of wch caurt. in the event of any defauh on the part of the mort- pgor hereunder. ~he mortg~or agees to pay to the mortgasee on demand u a reasonabk +nonthly rcntal tor tlx psemises an amount at kast equivaknCto ooe•twelfth (11121 of the aggtegate ot the twelve monthly i~stallmenu payabk in the tNen current year plus the actual a:nount ot the anmial tues. assessmentc. water rates. and i~nunnoe prcm~ums for wch yar no1 covered by the atorosaid monthty payments. 10. That t~ ie the event ot any breach a tfiis mortgage or default on the part of the mort~gor. or (6) in the event that any ot said wms of ~y herein rcterred to be not promptly and fuUy paid without demand or notice. or (c) in the evtnt that each and every ths stipuiations. asreeme~u, oonditior?s. and coveaants of said note and this mortg,rge. arc not duly. promptly. and tuqy performed: then in either ~?r any such event. the said segegate wm mentioned in said nde thrn remainin~ unpaid= rvith intaest xctued to that time. and all moneys secured hereby. slall bccome due and payabk torthwith. ar the~eatter, at the option of sai~ me+t~te. as tu8y and canpktely u it all ot the said sums of mon- ey were originally slipuFated to be pvid on such day. anything i~ said note or in this mort~ to tfie contrary notwithstanding: and t~ereupon or thereatter, at the optan of said mort~agee. without notice w demand. wii at law or in equity. may be prosecuted as itall moneys securcd here- by had matund prior to its instimtion. Tt~e mortgagee may forccbse this mortga~e. as to the aaiount so declared due and payabk. and ~he said prcmises shall be sold to satis(y ar?d pay the same toget~er with costs. expenscs. and albwancu. In pse oi partial f~reck~re of this mortgaga ` the mortg~d premises shal! be sold wbject t~ht conpnui~ 6en ot this mortgage for ti~e amount ot the debt not then due and unpaid. ln wch . cax the ptovisioos ot this paragraph may agai~ ~vaikd of ~heruftcr from time to tiriie by tbe mortgagee. ~ , • _ ~ ~ 8~l. i 1 ~