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Home My WebLink About0546 2. Thal. in utJsr mutt t~lly tu prolecl Iht +ecurity uf ~his munka~e. Ihe murt«r~tot, tu~e~Aet with, and m addi~iun to, tAe mumhly pa~ mem, utwltr Iht tetms ot tht note ~ecureJ hereby. ~~n IAe linl Jay d tacA mu~th unld the ~a~J nult i+ (ully p+iJ. will pay tu tht mu~l~cc tlx (u11uN - i~ sums: . ~ (yi An amouM sul6citat ta p~uviJt tAe M~IJen c~reot with (urnfc tu pay !he ne~t mortJ~.~c inaurance prtm~um i! Ihi~ in.irument r~iJ ~he nole sccured hereby ue inw~ed. w a monthly ch:u~e lin lieu ut a mou~ inaurance premiuml i~1I~eY ate held by Ihe Sec~cta~~~ u! Housi~ and Utb~n Devebpment as tulbws: • • (1) 1( a~d so lons as said note ot eve~ date and ~Ais iostnimeot r~re insured or ue reinwrcd under !he provisions of ~Ae Nati+~nal Housiry Acl, an amounl wfricient to sccumut•r~e in the hands of the holdu une ( I) month prior to its due da~t the annual mur~- p~e inwraoce premium, in order to p~ovide wcA holder with tunds to pay wcA premium to the Sscretary ot Housing and Urban Development punua~t lo the Nati~nal Housin; Act, ss amended. and applicabk Regul:?lion: thereunJer; or . (t11 If aod w fons as said ~wte of even Jate lnd tRis inurumen! arr held by Ihe Sccretuy ot Housir?~ and Urban Development, a.' monthly char~c (in lieu ot a mort~e inw~ance premium) which shall be in an amount equal to one-tw•elt~h 11112) ot ane-half (1/2) pe~ centum ot ~he average outstanding DalYnce due on the note cumputed witMwl taking into account JelinQuencies ur P«WYments: Ibl A wm equal to 1he ~ound rents, it any, nexl due, plus tbe premiums 1Aa[ will next l+ecome due and payaMe on poli:iec uf fire and o~her hasard inwnnoe coverin~ ~he mon~ed property, plus ta~?es arn1 asussments next due on the morlgagn! property lall as tsti- maled by 1he mort~agee) kss all sums already oaid theretor divided by Ihe number of months to elapse before one month prior tu the date when wch ~ound «nts, premiums, tazes, and assessments will becwnc delinquent, wcA sums to t~e held by mortgagce in truu to psy said ground rents, premiums, taxes, ai?d special assessments; and • lcl All paymenls mentioned in the twa precedit?~ wbsectioos ot this paragrapA md all paymentc to be made urxter the nate secureJ hrre- by shall tx added together and the aggregate amount thereot sAall be paid by the mongagor each muntA in a sirtgk paymenl to t~ ap- plied by the mort~ee to tAe tolbwin~ iitms in ~he order set torth: 11) prcmium charses under tAe contract of insurance wilh the Secrelary ot Housing and Urban Developmeo~. or monthly charge (in lieu ot mongage inwnnce premium). as ~he cax may be: (111 ground rents, taxes, asussments, fire. and other huard insurance premiums; q!! in~erest on Urc nde securcd hercby; and (IV) amonization ot the principal ot said note. A~y deficiency in the amount ot such aggregate monthly payment shall, unkss made good by Ihe mortgagor prior to ths due Jat~ of the ne~i ~ such payment. rnnstitute an evrnt of dtfault under this mortgagt. The mongagee may collat a"late charge"aot w euceed four uents 14t) for each dollar (Sl) ot each payment morc 1Aap fiftten ( ISZdays in urears to cover the extn expense involved in Aandling delinquent paymentc. 3. That it the total ot the payments made by tl~?ottgagor under lb) ot paragraph 2 ptecedina shall eXCetd the amount of the payment. actually made by the mottgagee, for ground re~ts, taxes anJ assessments and insunnce premiums, as 1he case may bt. such excess if the loan is cnaent. at the option of the ~uort6asor, aball. be cRdited oa sobseqnent psymenta to be made by the mortgegw. or refunded to the mortgagor. If, hovrerer, the monthlJ psymenta made by the mottgagor ander (e) oi paragrapb 2 preceding ahall not be sntficient to psy gtound reats. t~:ea and asaeasmeots and insorance premiuma, es the caee mar be. w6en the same. a6si1 become doe aad pay- able. then the mortga6or s6a11 pay to the mortga6ee any amouut necessary to make up t6a deiiciency, on or before the dete when payment of anch grouad reats, ts=es, assessments, or insorance p~emiums shall be due, lt at any time the mortgagor s6a11 tendFr to the mortgagee in accordauce vrith t6e provisious o( t6e note secured heteby. [nll paymeut ot the entire iadebtedness represent- ed thereby, the mottgagee ahall. in compoting the amount oi such indebtedness, crcdit to tAe accoaat of the mortgegor all paymcotc made nndcr t6e provisiona of o( para6taph 2 hereo[ w6ic6 t?te motigagee 6as not becose obli6atcd to pay to 1he Secrctary o[ Houaiag and Utben Development and anr balaace remainiog in the (unds accomolated under the proviaions o[ (e) oI said par~6rapk 2. II there sha1) be a default undet any of t6e provisions o! this mortgage, resalting in a pablic sale of the premises covered 6ereby, or i( the mortge6ee acquires the pwperty otherwise after deteult, the ~ua~g~Ree sha11 apply, t6e t6e lime of !be commeacement of sac6 proceediags or at t}~e time slta property is ot6erwise acquired, tne balance then remsining in the tunds accamalated nuder {e) of para6rap6 2 ptecedia6 aa ~ ctedit against t6e amoont of principal then remaining unpaid nnder said note and ahall properly adjnsi any payments,,whichs6a11 4ave been made under oi said paraqraph. 4. 'Rut he will pay all raxes. assessments. water rates, and otAer gov~rnmenta! or municipal cAuges. hnes. or im~sitiues, for which pro- vision has not lxen made hereinbetore. and in defauft thereof tbt mungagee may pay the same; and that he will pwmpUy deliver the ofTicial receipts therefor to the mortgagee. S. That Ix will permit, commit, or sutit~ no waste, impairment, or detenoration of said property ur a~y part Ihercof : and in the event of the failure ot tlx mongagor to keep the buildings on said prsmises and thou to bt erertcd on said premius. ur improvement+ ~hercon. in good re- pair. Ihe mongagee may make such repairs as in its discrction it may deem necessuy for the p~oper preservatiw? thereof , anJ the (ull amount ot ' each and every wch paymem shall be immediately due and payabk. and sball be secured by the lien ot this mortgage. 6. That he wiN pay all aod singular the costs. ehargcs, and expenxs, inetuding reasonabk lawyer's kes, and costs of ahstracii ot titk. irt- curred or paid at any time by tht mortgagee bec•auu of !he failun fln the part of tbe mongaYor prompily and fully to perform the agreements and covenants ot sa~,d promiuory note and this mortgage, and said costs, charges, and expenxs shall be immediately due and payabk and shal! be sccurcd by the lien ot this moRgage. 7_ That he will keep 1he improvements now existing or hereafter erected on the mortgaged prop~rty inwred as may Fx required trom time to teme by the mongaget agains! bss by firt and other hazards, casualties, and contingencies in such amounts and for such periods as may be required by mortgagee, and will pay ptomptly, when due, any premiums oo wch inwrancc for payment ot which provision has not been made - t~ereinbetore. All insurance sball be catritd in companies approved by mortgagte and the policies and renewals thercof shall be hetd by mortga- gee and have attachod thereto bu payabk chuxs in favor of and in fwm aceeptabk to ihe a~ortgagee- In event of loss he will give immediate notice by mail to morigagee, and mortgagee may make proof of bss i! not made promptly by morigagor, and eath insurance company con- cerned is hereby wthorized and directed to make payment for swh bss directly to mortgagee instead of to mongagor and mongagee jointly, and the inwrance proceeds, or any part thereof, may he applied by mortgagee at its option either to the reduction o! the indebtedness hereby ucurcd or to the restorat'wn or repair ot ~he property damaged. In event ot fore:bsurc ot this mortgrge or other transfer of titk to the mort- gaged property in eatinguishment o( the indebtedness xcured hereby. all ~ght. titk. and interest ot the mortgagor in and to any insurance poli- cies then in torce shall pass to the purchaser or ¢nntee. 8- "Il~at i( the premixs. ot any part thercof, be condemnai under any power of emin~nt ciomain. or acquired tor a public use. Iht damageti. proceeds. and the consideration tor such acquisition. to the txtent ot the (ull amount of indebtedness upon this Mongage. and the Note ucured hereby rcmainingunpaid, are hereby usigrxd by the Mwtgagor to tix Mortgagee and shall be paid fonhwith to the Mortp,agee to tx applied by it on account ot the indebteness ucurcd hereby. whether due or not. 9. Tha1 the mortgagee may, at any time pending a suit upon this mongage. aQply to tlx coun having jurisdiclion thereof for tbe appoint- ment of a receiver. and stech court shall (orthwith ap~aint a rectiver of the premises rovered hereby all and si~gular, incl~ding all and singular the income. profits. issues. and revenuts (rom whatever source derived. each and every of which, it bting etpressly understood. is hereby mortgaged as if specifically set torth and described in the gr~nting arnf habendum clauses hereof, and such receiver shall have all the broad and <ffective funetions and powers in anywise entrusted by a court to a reeeiver. and such appointment shall be maJe by such court as an admitted equity and a matter of absolute right to said morigagee, and without reference to the adequacy or inadequxy of the value ot the propertv mor- gaged or to the .ulvency or insolvcncy ot w~d mongagw o~ the defendants. and that such rents. profits, income, issues, anA revenues shall be applitd hy wch receiver according to the lien of this mortgage and Ihe practice of such court. ln the event of any defauft on the part of the mon- ~ gasar hereunder. ihe mongagor agrees to pay to !he morlgagee on demand as a reasonabk monthly rental tor the premius an amount at kast equivaknt to one-Iwelfth 11/1:) ot tlx aggregate of the twelve monthly installments payabk in the then current year plus the actual amount oi the annual taxes. acsessmentc_ water rates, and insurance prem~~ims (or such yea~ not covered by the aforesaid month(y payments. 10. That fa) in the event ot any breuh of this mortgage or detautt on the part of the morigagor, or Ib) in the event that any of said sums of money hereen rctetred to be nd promptly and tully paid without demand or nolice, or Ic) i~ the event that each and every the stipu~ations. agreements. conditions, and covenants of said note and this mortgage, are not duly. promplly. and fully performed; then in either or any such evenl, the said aggrega~e sum mentioned in said note then remaining unp~id_ wilh inte~est accrued to that time. and ail moneys secured hereby. shatl become due and payabk forthwith. or thereafter. at Ihe oplion of said mortgagte, as (ully and completely as if all of Ihe said sums ot mo~- ey wero originally stipulated to be paid on wch day, anything in said note or in ihis mortgage to the contrary nwwithstanding: and thereupon or • thereafter. at the option ot said mortgagee. without notice or demand. wit a1 law or in equity. may be p~osecuted as it all moneys secured herc- by had matured prior to its institution_ The mongagee may torecbse this mortgage. as to thc amount so declared due and payabk. and 1he said premises shaN be aold to salisfy and pay t!x samt togethet with costs_ expenses. and albw~nces. In case of partial torecbsure ot this mortgage, 1he mort~a~M premises shall be sold subject to the continuing lieo ot this mortgage tor the amount ot the debt not then due and unpaid. In such case the ptovisions o( this paragreph may again be avaikd uf thereatter trom time to time by 1he mortgagee. euer~ ~ ~ ~ - - _ _ _ - - - F ~~-~`:E ~ ~ ~ ~ ~ ~ _ : ~ ~ ~ ~ - . ~ ~ - _ ~