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Home My WebLink About0658 That. io order more fuUy ta pro~eN ~ht se~urity ut ~his mort~t, the monpa~w, ~o~elAer witA, and in adJiliun to. Ihe munthly pay menls unJer tAe tc~ms of the nwt xcured hereby. on the firsl day of each monlh un1i1 tht said nole i~ fully pai4, wiU ~ay to the mur~e the tollow- in~ sums: • , a~ ~ ' la1 An smount wlrcien~ to provide 1he hoWer Aereot wilh furnls to pay the ntxt mort~e insur~nce premium i( ihis inslru+renl ~nJ Ihe nole securcd hereby ue inwred. or s~ non~hly ••harge Iin Iieu ot a mon~age insurance premiuml it Ilxy arc held by the Sccretary o( Housins and Urban Devebpment aa (olbws: (11 It and so bng a~ said ode of even date and ~his ins~rument are inwred ar arc reinsured under the pro~~sions o/ ~Ae Natiu~al 1lousinR Act. an amount suf~ient to accumulate in the hands of the hulder one 1!) monlh priur lu its due dgte Ihe annwl morl- p,~e insunnct premium, in order to provide such holder with funds to psy such promium to the Secrels~y of H~wsing aod U~an Developmeot punuant to ihe Naliwnal Housin~ Act, u amcnded. and xpplica~k Regulatioos ihereunder: a 1111 If ~od w bnj as said nde of eve~ da~e and ~his instromen~ are hetd by the Secrc~ary of Housing an~i Urtran Devcbpmcnt, a monthly char~e (in lieu ot a mo~t~age inwnnce bremium) which sAall t+e in an amouot equal ~o unr.•1wc1(Ih 1111?I ot one-Aalf 111:1 per centum ot the avenRe outsaoding balance due on the nole compuled withoul taking into accouol delinquencie~ or prop~yments; lbl A sum equal to Ihe ground rents. i( any. ntxl due. plus thc premiums thal will next hecome due and payabk on policies ot 6re and wher hazud inwrancc covering ~he mortp,egeJ property. plus ~a+~es and asu:smen~s next due un the mongaged prope~ty Iall as ec~i- mated by Ihe mon~,ageel kss ~II sums alreaJy paid therefot diviJed by 1he numher ot months to elapse befort unc monih prior to ~he datt when such ground rentt, premiums. lares, and assessmeots will become delioqutnt, such wms to be held by mortgagee in truct to pay said grounJ rcnts, premiumc, ta~es, a~xf cpeceal assessments; and Icl All payments meniioned in 1he two prcceding wbuctions ot thi~ paragraph and all paymenls tu be m•rde under the ~ote ~ecured here- by shall be addeJ together and tht aggregate amount thercot shall t+e paid by the mu~lgagot ea:h month in a.ingk paymenl to t+e ap- plied by the mortg•aget lo tht folbwing items in tAe order xt torlh: !I) premium charges under the conlnct of insuronce wilh Ihe Secrelary ot Housing and Url~an [kvetapment. or maolhly charge lin lieu o( mongage inwrance p~emiuml. as 1bt case may I+e: l111 ground rentc, taxes, assescmenls. 6rc. and other hazard insuranct premiums: Iltl interest on ~he notc ucurcd herehy; and 11 V) amortization of tAe principal uf aaid no1e. Any deficiency in the amounl ot wch aggrcgate monlhly payment shall. unkcc made ga~d by ~he mangagor p~ior to the Jue datt of thc neXt wch payment. constitute an event ot detault under this mongage. The mortgagee may callec~ a"'iatt cAarge"not to eaceed four cents (4t) fa each doltar (SI ) of each payment mort Ihan filleen l 1 S~ dayx in urraFS 1o cover tFx extra erpense involved in handling dtlinquenl p•ryments. z. That it 1Ae taal of ~he payment~ made by the mortgago~ under IA1 ai paragnph 2 pteceding chall exceed Ihe amount o( Ihe {+aymentc xtually madt by tht mortp,aget. for grounJ rcn1s. lauc and acsec~menK and insurance premiumc, ac tht cact may tx. wch excccc i( the loap is ~utrent, at the option o( t6e morlgagor, shall, be credited oa subseqnent paymeats to be madc by the mortgagor, or relunded to the mortgagor. If. hoMever, the moathly payments made by the mortgagor under (e) of paragraph 2 prcceding shall aot be sufficiehl to pay grouad rents, tases and assessmeats and insurance premiumc, as th~ case may 6e, when the same shall become due and pay- able. thea the mor~Raqor shal) pay to thc mortgagee any amount nece~,ary to_mate up the de(iciency, on ot bcfore ~he date when paymeot o( ~uch ground tenls, laxes, assessments, w io~uraoce premiums chal! be due. 1( at any time ~he mortgagor shall tender to the moregngee io accordance wit6 ~he provisions o( the note secured he~eby, tull paymeut oI the entire indebtednPSS represent- ed ~hereby, the mortgagee shall, in compotiaR the amouat of +uc6 indebtedaess, credi~ to the account o( the mortgagor all pa~•ments made uader tbe ptovisions o( o( paraqraph 2 he~eo( which the mortg~gee has not decome obligated to pay to the Secretary of flousing aod Urban Ucvelopmeat and any balaace remainiaq in the tuods ara~umulated uader the provisions o( (e~ of said pa?agrap6 2. !f ~here shall be a default nnder aay of the pro~•icion4 ot t6is mortgage, r~sultin~ ie a public sale of tbe premiscs covercd hereby, or i( the mortgagee acquire. ~he property other..•ise aher de(ault, th~ mort6agee shal) apply, the the time of the commenoement of such proceedings or at the time the property is otherwise acquired. the baiaace thea remaio+og in t6e (uads accumuiated uader (e) o( paraqraph 2 precediag as a credit aRainst ~he awoua! o[ principal theo remaining uepaid under said note and shall properly adjust any paymeats Mhich shal) have bePn made under o( said paraeraph. 4. "lhal t~e will pay •rll 1a~es. a~ce..mem~. Mater rate~. anJ Wher guvernmenl:d or munkipal clwr~e~. nnec ur im~w~ilion~. for which pro- ~i.iun h:n naN heen maJt hereinf+cfure. :md in Jcfauh thercuf 1hr murtgagtc may pay thr .:~mr: :mJ Ihat hr will prumpU~~ Jrli~er thr otfici:J rereipt.lAerefurlolhe murlgaFet. 5- That ht will prrmit. commil. ur ,uNrr no wa.1e. im~+:~irmtni_ or JNeriuration ot ~aid pr~~per~y or any p•rrl Ihrrt~?f : and in the evenl o( ~he failure of the mortgegor ~o kee~+ the buiWing~ on wiJ premive. anJ Ilw.e 1o tx ercctrJ on vwiJ premi,e~. or improvement. ~hrreun. in gaat te- pair. the mortgaget may makt.uch repairc ac in it~ Ji.crction it mry Jeem ntee«ary tor ihe pro{+er pre~ena~iun therrof. anJ Ihe ful! :~m~wm u( each:mJ every ~uch p~yment chall he immeJirtely Jue anJ payabk. anJ ~hall Ix cecured by thr lien.?f thi. mong;~gr. b- That he will pay all and ~ingular ~he c~~cts. cha~ge~. anJ e~penu~. inclu4ing rea~iin:~hk fawyer'e (eec. anJ co~1~ of ab~Iracl~ o( tilk. in- rurred or paiJ a1 any lime hy thc murtgagee hecau.t o(1he lrilure un the part of Iht mort~rgi~r prumptly anJ fulty [a {xrform the a~rctmcntc anJ covenant. of wiJ promi.ai.ry rx~1e and thi~ murt~agt. and wid ru~l~. charge~. •rnJ t~ptnu~ +hall 1?t immeJiettly Jut and payabk ~nJ ~hall he xcureJ by ~he lien of 1hi~ mortg:~e. 7. Tha1 he wili ktep ~he imp~ovemrnt~ nuM e~i.tinFur herecJter erec~rd on the murtgageJ propeny inwreJ a. may he reyuirtu fmm time to time by Ihe mungagee agaimt ti~,. hy fia :md olher h:vard.. ra.ualtie~. anJ rantingtarie~ in ~uch :~muunt~ :~rtd for wch peri~~). a. may he rrquireJ by murtgagtt. and will pay promptly. whrn Ju~. any premium. on wch inwr.~nre for payment i~f which provi.iun h:~. nw heeo m:~de hereinbe(ore. All in.ur:mre .hr111?e c:uri~J in rompanie. appruvrJ hy m~,rlt;ager anJ 1he pulicie~ anJ reaew:J~ ~hrrco( ~h:Jl ht heW by mor~~a- gee :mJ have •ruacheJ thereto k~~c payabk clauce+ in fa~ur uf :~nJ in form aceepu~ble tu tht murtgagee. In event of li... he w ill ~i~t immrJiatr notice hy mail to murtg:igcc. anJ mortgagee may makr puw( ot loe~ i( no1 made prumptly by mortgagor, anJ eacb in+uranct compeny ron- ~e?neJ i~ hereby aWMin~td :md dirccled lo maAe payment f~,r .urh k~.s directly tu mort~gce in.lead ot to mortgagor anJ mortgagee janUy_ anJ the inwra~ce pmceedc, iir any ~+art ~Mereof. may ht •rpplieJ by mortgagte at itti option eilher to Ihe reduclion o( the i~xtehtedne~c herehy ~erured or Io Ihe rt~lor.~lion or rtpafr u(1he pru~+er~y Jama~cd. In t~em uf foreck~wre uf ~hi. m~xty~ge or iuher transfer af titk to the mart- ~agecl property in e:tingui.hmea! of Iht imleAteJne.~ .tcureJ hertby_ aU right. ti11e_ and interc~i of 1he mort~gur in ~nd 1o any imurance ~li- ries then in torct chall pac~ ~o the purch-r.er or gr;mtee. tt. That if ~he premiu,. o~ any part lhercot. he ronJemned unJer any ~,Me~ uf eminent Ji~m:~in. or acyuiteJ (or ~ public uu. Ihe d•am~gtt. proceedc. :~nd t6e eoncideration fur wch :kyui.i~ion. ~he e~~ent uf ttx (ull am~+un1 uf inJehteJnf~. u{x~n thi. Mort~;age. and tht I~tott urared hereby remaining unpaiJ. are herehy a~+igncd hy the ~lortgagor lo the MortFagee anJ ~hall fx paiJ fur~hMi~h to the Mortgagee to he applicd by . i~ un :wc~wnt o( tht indeMent~~ cecureJ l~ereby. whether Jue or nM. y. That the mortg;~gee ma~. at any time peoJing a w~l upon thic mortgrge. apply lo the court having juri~iiclion there.~( for the appoinb , ment uf a receiver. anJ wch awrt .hafl (orthwith :~ppoint a rcctiver o! ttx prerr~iu~ covereJ hereby all end ~ingular. irxluJing all and •ingular the incume. profit~. i.~ue~. and rt~enue~ trum whatever +uurce Jerived. each and every of which. it heing tapre~~ly unJer.taxl. ic herehy mortgageJ a~ ii ~pecifically ~et (orth anJ decrrihed in (he Franting :~nJ hahendum clau.eti hereof_ and .urh rccei.•er .ball have all ~he hro:+d and eN~ctive funetionc and power~ fn :mywiu entru.~eJ h~ a awn to a rereiver, anJ .uch :~ppointment .hail he m:ult by WCh CoUrt ac an adfiltfe~? equiry ~nd a mauer of ab~olWt rip,hl to.aiJ mortgagee. and wilh~wt reference to IF?e rJequacy ur inaJequacy o( tbt valut uf Iht propetty murl- ~:a~eJ or iu the ,olvency ~.r mwlvrn~y u( .:~iJ morlg.~Fur ur Ihe Je(end:~oh. anJ that wrh rent~. prufii~. inrume. i~.ue~. and revenur. ~hall lx ADD~~~~ hy wch receiver according w_~hc lien o( thie mortgagt anJ ~he practice o( .uch c~wrt. lo Ihe eve~l o( •rny de(ault on the part of the mon- gagor hereunder. the mort~,agor agrce~ ~o pay to the mortsagce un demanJ a, a reatc?nabk murtthly rental for the premicec an amount at kast equivalem ta one-~wtlfth I III?? ot the aggreg~tt of the tv~elve munthly inclallments payabk in Ihe Ihcn current yrar plus 1he actual amounl of the annual lates, a~st~cment~. water ra~e+. and incurance premiums tor wch year n~u covered by thc a(oresaid monthly paymenn. 10. That lal in Ihe event of any hreach o[ thic mortgage or default on Ihe parl of the mor~g-rgor. or 1 h1 in ~he event Ihat any of .aid sum~ of moncy hcrtin refurcd to be na promptty anJ tully paid without Jcmand o~ notict. w!ci in tht event thal eerA and cvery tt?c stipulationti. .~retments. cnndit~on~. and covenantt o( eaid note anJ thic mortgagt. art not duly. promptly. and tully performeJ: lhen in either ur any such event. the s•rid aggregate sum meotioned in wid nwe then remaining unpaid. with interest xcrued to tha~ Iime. and all moneyc secured hercby. ehall txcame due and payabk (onhwilh..x lhereaf~er. at ~he option ot said mongagee. as folly and compktely as if all of the saiJ sumc of mon- ey werc originalty ~upulated to tx paid un wch day. anything in said nde or in this mortgagt 101!x contrary notwithstanding: and lhercupon or tl~erea(ler. a111x optiwn of caid mortgagee. v?ii1Kw1 nwice or Jema~d. wit at law or in equity. may be prosecuted as if all moneys secured here- by had matured prior to its institulion. llx mortgagee may torecbst this mortgage. as to Ihe amounl so declared due arni payabk. and 1he said premiu~ chall Ix sold ~o ~ausfy and pay the ~ame together witA cmts. eXpenxes. and aitowanceti. In cast of pariial forecbxurt of this mongagt. the mortgaged premisec cha!! fx cold wblec~ to ~he cominuing licn of this murtgagetor ~he amount of the debt not lhen due a~d unpaid. In wch cax the provisions ot ~his paragnph may ag~in be avaikd ot thereafler irom time ~o ~ime by ~he mortgagee. g~~K293 ~E 657 . ~ - - _ ~ ~ „ _ ~ ~ A ~ t ` ~ ~ri~'~°~-~q,- . P~ E; ; :