The URL can be used to link to this page

Home My WebLink About0196 2. l hal, in u~Je~ mure lully tu protcct the .tcunly uf lhis m.~rtg:sge. thc mun~.~yur, lure~her wi1h, and in :~JJiuuo tu. the munlhh p.~~ mrntti ~ unJer the te~ms u(1ht nwe secu~rd her<by. un tAc fir~t day of each munth unti! tF~t +aid nWe is (ully paid. w~U pay tu 1he mur~~gre ihe tuUuw • inY cum~: , • . . ~ lel An amuunt sulficienl tu ptuvide Ihe hulJer hetcof with tunJ~ to pay Iht nexl martg:ytc insurance premium if thi. im~~umrnt ,~nJ the nMt ~ecured hueby ue inwred. ot a monlAty char~e lin liru uf a mort~e insurartce premium) if lhcy are~ ~~y tf~e Sccrrt:~r~ ~~i Ncwsi~y and U~t?an pevebpment as falbws: 111 1( s~ so loo~ ss said nute ol even date Lnd this instn?ment xrc insured or are reinsured unde~ the pruvisions oi 1he Ivaliun:~l Housing Act, an amount sufl'icient tu accumuiate in ihr Ar~ids uf iht haldtr ont t 1! nm!~~~h ~+?+~x to i~c due dau the ~nnua! mort- ¢age +nwtance promium, io ~xJer to ptavicle such ~wlJt~ with tunds lo pay such premium to Ihe Sccretury o( Fl~w~ing ~nd Urban Aevelopment pursuant lo the Nstiu~al N~wsing Ac1, u amended, and applicsbk Regulatiuns thcreunder; ur 111) I( arnl so bng as said note u( evrn date anJ this instrument ue held by 1he Secretary ot Nvusing •rnJ Urban [kvelupme~t, a mouuuy ~~.o:~, -^~~+??~;~ge insuraoce ptemium) wAich shall be in an amoun~ equal to unrtw~dGh ! 1/12) uf one-half ( t/21 per centum ot the avtr:~ge outstanJiny halancc due on lhc note cumputed witMwt tnking into aca~unt delinyuencie+ ur ~ prepaymcnts; lb) A sum equsl to Ihe gtuunJ rents, it any, next due, plus Ihc prcmiums that will nexl becume due and payabk un pulicies ot fire anJ olher hazard insurance covering the mu~t~ai property, plus taxes and assessments next due on tlx mortgagnf property lall as es~i- matai by Ihe mortgagee) ksa all sums already paid tht~etur Jivided by the numbet o( months to elapse txtare one munth prior to Iht date when wch gruunJ rents, prcmiums, taxes, and asse+sments will become delinquent. such tums to bc held by mortgagce in tru,t to pay said ground rtnts, premiums, taxes, and special assESSments; and (ci All paymtnts mentioned in the two preceding subsectians i~f Ihis parograph and all payments to be made urnier ~hc note cccureJ Aert- by shall be added togethe~ anJ the aggtcgate amount thereot shall be paid by tF~e mongagor earh month in a+ingk pa~•mcnt tu bc ap- plied by tht mortgaga !o the tollovring items in the order sct forth: ~ Il) promium charges urxler the contract ot inwrance w•ith the Sccretary o/ Housing and Urban Dcvelopment, ur monthly chargr (in litu of mongage insurance premium). as 1he case may be; IIU ground rents, taxes, assessments, fire. and other hazud inwtance premiums; 1111 intercst oo the note securcd hereby: and IIV) amortization of tAe principal ot said note. Any dtficiency in tF~e amount ot such aggregate monthly payment shall. unkss made good by the mongagor prior to the due date oi the next wch payment, constitute an event of detault under this mortgagc. The mottgagee may colkct a"Iate charge"not i,o e,ccced (our ~rnts (4e) (or each dallar (SI) of each payment more than fifteen ( IS) days in arrears to cover the eztra ezper+se involvcd in handling detinyuent payments. 3. That if the total ot the payments made by tl?o mor~gagor under (b) ot paragraph 2 ptece3ing u~aii c~ceed t!-R a~ :~::ai ;.a; .^.u~!s actually made by the mortgagte, tor grourxl rents, taxes and assessments and insurance premiums. as 1he case may !x. cuch eicexs if the loaa is cnrreut. at the option of the mortgagcw, sAall, be c~edited on subsequent paymenta to be made bY the mortgagw, or rctuaded to the mortgagot. I(. however. the mont6ly peymenta made by the mortgagot nnder (6) o! paragrspb 2 pteceding sAall not be sntficient to pay gwund rertts. taxes aad asaeasmeat+ and insorance premiums. as the case may be. when the same shall become due and pay- aDle, then the mortga6or s6a11 pay to the mortgagee any emouut necessary to make ap the deficiency. on or be(ore the date wheo payment o[ suc6 ground tenta, ta:es, assessments. or iasurance premiums s6a11 be dae. 1( at eny time the mortgagot shel) tender to tLe mongagee in accordance with t6e provisions o( the aote stcured hereby. Iull payment of t6e enti;e indebtedness tepreseot- ed thereby. the mortgagee ahall, in compnting the amount oi such indebtednesa, credit to the account of the mwtgagor al) payments made under the provisions ot of paragraph 2 hereo! w6ich the mottgagee 6as not become obligated to pay to the Secretary of Houaing aad Urban Development and any balance remainiog in che fnnds accnmulated onder t6e proviaions of (e) ot said patagraph 2. i( there s6a11 be a delanlt onder aay ot the provisions o( this mori~ge, resnlting in e poblic sale of t6e premises covered hereby, or i[ the mortgagee acquires t6e propetty otherrrise aiter default, the mortgaRee ahall apply, t6e the time ot the commeacemeut ot soc6 proceedings or at the time the propeny is otl?erwise acquired. tne balance then rcmaining in tht funds acemm~lated under (e) of paragrap6 2 precediag as a credit againat the amount oi priacipal then remaiuing unpaid uuder said note and s6a11 properly adjnst $oy payments rvhic6 s6a11 have been made nnder o( said paraqraph. 4. 'Rwt he Nill uay all ~axes. assessments, water tates, and uther governmental or municipal charges. hnes. or impocitions, for which pro- v~s~on has not been made hereint+efore. an~ in Jef~ult thereof Ihe mungagee may pay tbe same: and that he will prumpdy delircr the officia! rectipts theretor lo tht mortgagtt. S. Tha! he will permit. commit. or suHer no waste. impairment. or detenoration ot said propeny or any part thereof: a~d in tlx event of the tailure oi the mortgagor to keap the buiklings on said premises and those to be erected on said premises, or improvementc thereon. in gcwd re- pair, tlx mortgagee may make such repairs as in ils discretion it may Jeem necessary for the proper preservatiun thereof. anJ the full am~wm of each and every wch payment shall be immediately due and payabk. and shall be secured by tlx lien ot this mongage. 6. That he will pay all and singular the costs, charges. and expenses, ineludi~ tcasonabk lawyer's (ees, and costs of abstracts ot titk. in- curred or paid at any time by the mortgagee because of the tailurc on the patt ot the mortgagor prompt(y and futl~• to pertorm the agrecments and covenants of said promissory note and this mortgage, :?nd said costs, charges. and expenses shall be immediatcly due and payabk and shall be xcurcd by the lien of this mongage. 7. That he will keep the ~mpr~vements now exestingor hereafter erected on the mortgaged property insured as may he requireJ Rom time to time by the mortgagee against bss by fire and oiher hazards, cacualties. and contingencies in such amounts and for sucA peri~xis as m:~y be required by mortgagee. and will pay promptly. when due, any premiums on such inwrance for paymeat of which provision hati not Ixen made hereinbefore. All inwrence shall be carried in companies approvcd by mongagee and the policies anJ renewals thercof shall tx hcld by mortga- gee and havt attuhed theretu loss payabk clauses in favor ot and in totm acceptabk to the mongaget. In ev~nt of (os~ he w•ill gi~•e immeJiate notice by mail to mortgagce. and mongagee may make proof of toss if ra made prumptly by mortgagor. and each inwrance company con- cerned is hereby authorized and directed to make paymont for such loss directly to mortgagee instead oi to mortgagor and mortgagee jointly. and t}?e insurance proceeds. or any part ther~ot, may he applied by mortgagee at its option eithet to ~he reduclion ot the indebtedness hereb~• secured or to ~he restoration or repair ot the propeny damaged. In event ot forecbsure o( this mortgage or other transfer of titk to 1he mort- gaged property in extinguishment of the indebtedness secured hereby. all right, titk. and interest of the mortgagor in and to any insurance poli- cies then in forct shall pass to t?x purchaser or arantea 8. That if the premises, or any part thereof, be condemned under any powet of eminent domain. or acquired for a public ux. the damaeec. proceeds, and the consideration (or such acquisition. to ~he eztertt of the tull amount of indebtedness upon this Monxage. and tFe Ncue secured Ixreby remaining unpaid. ue hercby assigoed by the Mongagor to t!x Mongagee and sAall be paid fonhwith to the Mortgagee to be applied by it on account ot Ihe i~ebteness secured hereby. whether due or nd. 9. That ~he mongagee may, at any time pendinlt a suit upon this mor!gage, apply to Ihe court having jurisdiction thereof (or the appoint- meni of a receiver, and such court shall forthwith appoint a receiver of the premixs covered hereby al! and singular. incluJing all and ~ingula~ the income. profits. issues. and revenues from whatever source derived. each and every ot wh+ch. i~ txing expressly u~xier~tood. is hereb~• mortgaged as if specifically set tonh and described in the granting and hat?endum clauses hereot. and such receiver shall h:~ve all the broad rnd eBective functions and powers in anywix entrusted by a court to a receiver, and such appointment shalt tx m•rJe by wch coun as an admitteJ equity and a matter of absolute rigfit ~o said mortgagee. and without reference to the adequacy or inadequacy ot the value of the proDertv mor~- gaged or to 1ht .olvency ot insolvrncy ot said mortgagor or Ihe defenJrnts, and that such rents, prvfits, income. issue~. and revenuts .hall t~r ' ~DD~~~ ~Y wch rectiver accorJing to ~he lien ot this monga~te and the proctice of such coun. ln the event of any de(ault on thc part of the mort- g,~ur hereunder. the mortgagor agrees to pay to the mortgagee on dcmand as a reasonabk monthly rental for the premises an amount at lea~! equivaleot to one-tweltlh f 11i21 of the aggregate ot t~e twclve monthly insla!lments payabk in the tlxn current year plus the actual amount ot the annual laxes, acussmenrc. water rates. and insuranco prem~~~ms for such year na covered by the atoresaid monthly payments. 10. That Ia1 ie the event ot any breach o( this mortgage or de(ault on the par~ of tht mortgagor. or Ib) in the event that any of said sums money herein rcterred to t+e nd promptly and (ully paid wi~hout dcmand or notice. or (cl in the eveat ~hat each and every the slipulatiom. agreeme~ts. cooditions. and covenants of said note and Ihis mortgage. are not duly. promptly. and fully pertormed: Ihen in either or any such evem. ttx said apgregate sum mentioneYi in wiJ note then remaining unpaid. with interest xcrued to ~hat 1ime. and all moneys secured hereby. chall hecome duc anJ payabk torthwith. or thereatter. at the option ot said mongagee, as (ully arxf comptetely as it all of Ihe wid sums ot mon- ey were originally stipulated to t?e paid on sucb day. any~hing in x:?iJ note or in this mortgage to the conlr~ry nolwilhslanding: anJ thereupon or thereafter. at the option ot said moriga~tee. without nwice or demand. suil al law or in equity. may lx proseculed as it all moneys secured here- by hacl matured prior to its institulion. 'The mortgagce may torecbse thit mortgage. as to Ihe amount so declartd due and payabk. and the said premises shall be sold to catisty and pay ihe same t~eeiher wi~h costs. e~pen~es_ and •rl(uwances. tn caxe of partiat fureck?sure of this mortR-aga the mortgaged premixs ~hall tx sotJ suhject to the continuingliert vt lhi; mpr~gt for tht amount nf the deht no1 then dut and unpaid. In such ease Iht provisivns o! Ihis pacagraph may :+gain he :+vailed of tFkte~Itec from ume to timt hy Ihe mottgagee. ~ BJOK c ~Si PAGf 1~