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Home My WebLink About0356 Tha~, in u?Jsr mwe lupy Io prulccl the sccurily uf 1Ais mongase, the murt~or, tu~cther with. and in :wlJiiiw? tu. the munthly payment~ ' unJe~ ~hc ~erms ot ~he note xcu~ed Aereby, on tl?e first.Jsy of e~cA monlh unti) lhc said nole is tully pxid. will pay to lhe murt~ee 1he tolk~w• in~ sums: . _ . ~ (a) An amount sufr?citot to ptovide tAt hoWer heteul with tunds tu pay Ihe oext mo~tya~e inwrance ptemium if~his instrumml ~nJ the note securcd heroby are inwred, or a monthly char~e lin lieu ot a mo~t~e insu~ance pumium) it ~hey ue held by ~he Secretu~y ot Housin~ and Urban Devebpment u tolbws: 14 I/ and so lon= ss said oote ot eve~ dale and this instrument +~rc inwred or ue reinw~ed undet the provisioos of the Natiun:J Housin~ Acl, sn amount wR~ccient to ucumula~e in the hands ot the holder one (11 month prior to it: due date the annual murt- ~e inwranoe pnmium. in order to provide wcA holder with iunds to pay wch promium to the Secrotuy ot Housing and Urban Development punuant to the Natanal Housin~ Act, as amended. ~nd applicabk Re~ulations tAerounde~; w qp tf and so lor~ u uid nae ot even dste and this ens~rumeni are held by tbe Secretuy o[ Housing and Urban Devebpment, a - monthly cAat~e (i~rlien of r mort~e iewtmce prcmiunN which shall be io an amount equal to one-tweltth 111121 of one•halt (IR) psr cenium of the avtraQe outstattdin~ balance dtee on tht nMt computed without taking into account de(inquenciet or Pr~MYments; Ib) A wm equal to 1he pnund rents. it any, next due, plus the premiums that will next become due and payabk on policies ot fire and other hazard inwrance covering tl?e mort~ed property, plus taxes and sssessmeots nest due on the mon~aged ptuperty (all as esti- - mated by {~e monp~ee) kss all sums alresdy paid thcrofor divided by tAe number ot mon~hs to el~pse betorc one month prior to the date when wch ~round rents, prcmiums, tues. and usessments wil! become delinquent, wch sums to be he{d by mongagee in trust to pay said ground rents, premiumt, tues, and special ssxssments; and (c) All psyments mentioned in ihe two prtcedins wbaections ot this puagraph and all payments lo be made under the note secured here- by shall ,be added together and the a~re~ate amount thereot shalt be paid by the monga~or each month in a single psyment tu bc ap- plied by the n?ortsa,;ee to the tolbwin~ items in the order ut tonh: lU prcmium chuges under the contnet ot inwrance with the Secretary ot Housing xnd Urban Devebpment, or monthly cha~ge (in lieu o( mongage inwrance premium), u ~he case may be: . /IU ground rcrttc, taxes, uxssinents, fue, snd wher bazard insurance premiums: • (III interest on the note secured hereby; and amottizatioo ot the principal ot said note. ~ Any deficie~cy in the amount of such agtre~ate moothly payment shall, unkss made 6ood by the mortgagor prior to the due dstt of the next such payment, conuitute sn event ot detauh under this mon~e. 'Il~e mongagee may cdlect a"late char~e"~ a e~ceed (oor centa (4t) to~ each dollar (SI ) ot each payment more than fitteen (1 S) days in arrsats to cover the ezta ezpense involved in handling delinquent paynxnts. 3. That it the total of the paym~~ts msde by ihe mortg~gor under (b) of pa~raph t prccedina shdt ezceed the amount ot the paymentc xtualty made by the mongagee, !or ~ound rents, taxes and asussments and inwnnce premiums. u the cau msy be. such excess it the losn ia comnt, at the optios oi t6e sottgagor. a6all. be credited oo aabseqoeat papoeaes to be made by the mort~ssor, ot retuaded to tAe mortga~or. Ii._ 6onrever. t6e mont6lp poymeats made br the mort~a6or unde~ (b) of pangapl~ 2 precedia6 ehall aot be aatficien~ to pay ground rents, ta:es ~nd ansessments and insarance premiuma. ea the case aar be. wken tla saioe ahall becane dne and psy- able. tleen tlte mortgagor a6a11 pay to tLe mortgagee aay aso~nt necessary to sate ap tbe deticiency, oe or betore the dete M6en paymcnt oi snch groand rente. ta:es, aaaessmeeta. ot inaorance premiuma s6a11 be due, It ~t anr time the mort6agor ahall tender to the moctgagec in.accordance with t6e proviaiona ot tLe note aecured 6ereby. [nlt parment of t6e entire indebtedueaa represent- ed thereby. the mortg~gee sA~ll. in, compnting the amoant o( snch iedebtednesa, credit to tbe accouat of i6e mortgeaor all payments ~ made under tbe provisions ot oI paragnp6 2 SereoE whic6 the mortgagee has not Secome obli6ated to par to the Secrctery oi Housing and Urban Development and eny balance remaiaing in the tunds accnmalated ander t6e proviaiona of (e) oE aaid par~6raph 2. lf t6ere ahall be a defaolt under anr of :6e pto~isiona of this moctpt~e~ re8aiting in a pablic sale of the premises covered hereby, or it the mottgasee acqnires the properry otherwise sfter delrult, the mutt6ap~ee ah~ll apply. the the ti~e of the commeacemeat of enc6 proceedin~s or at the time ~he propeny is ot6erwise acqnircd. tne baluce then remaining in the fands accumaleted nnder (b) o( paragrap6 2 pcecedieg as a credit against the amouat of prineipal theo remeining uupaid under said note and ahail property adjuat any payments vabicA aha11 have beea made cnder of aaid paraqraph. 4. 'Itut be wil! wy all ~axes. asussmenls. water rates. and othergovernmenW or municipal charges, bnes. or impositions, for which pro- visioo has not txeo made hereinbefore. and in default tAereof the mongagee may pay the same; and that he will promptly deliver 1he official receipts therefor to the mongagee. S. That he will pcrmit. commit, or sutier ~o waste. impairment, or detenoration of uid properly or any pa,rt tlxreot: and in the event of the (ailure ot the mortgag,pr to keep the buildings on said premises a~x1 those to be ertcted un said premises, or improvements thereon, in good re- pair. the mortgagee may make such repaits as in its discretion it may deem necessary tor the propet preservation thereof. and the (ull amount of each and every wch payment shall be immediately due and payabk. and shail be securcd by the fien of this mortgagt. _ b. T?+at he will pay all and singular the costs, charges, and expeoses, including retsonabk tawyer's fees. and costs of abstncts ot titk. in- curred or paid at any time by the mortgagee becwse ot the failurc on the part ot tbe mortgagor promptly and fully to pertotm the agreements and covenants of said promissory note and this mortgage, and said costs, charges. aod expenses shall be immediately due and payabk and shall be securcd by the lien of this mortgaga • 7• That he will keep the ~mprovements now existingw hereafter erected on tlx mongaged property inwred as may be rcquired from time to time by the mortgagee against bss by 6rc and other hazards, casualties, and contirtgencies in wch amounts and tor such periods as may be required by mortgagee, and will pay p~omptly, wheo dut. any premiums on wch inwrance for payment of which provision has not been made hereinbetore_ All insuranct shal! be carried in companies approved by mortgagee and the policies and renewals thereof shall be held by mortga- gee and have attached thercto bss payabk clauses in favor ot and in form acceptabk to the mongagee_ In event of loss he will give immediate notice by mail to mortgagee. and mortgagee may make proot ot bss if not made promptly by mortgagor. and each inwrance company con- cerned is hereby authnrized and directed to make payment for such bss dirtctly to mortgagee inuead ot to mortgagor a~ mortgsgee jointly. and the inwrance proceeds, or any part lhereof, may he spplied by mortgagee at its option either to tht reductioo~of the indebtedness hereby secured or to the restontion or repair of the property damaged. In event of torecbsure ot this morigage or other transter of titk to the mon- gaged property in extinguishment ot the indebttdness secured hereby, ali right, titk, and intercst of the mortg~or in artd to any insurance poli- ` cies theo in force shall pass to tbe purchaxr or ¢nntee. ' 8- That it the prcmises, or any patt thereof..be condemoed undtr any power of eminent domain, or xquired (or a public use, the damages. ~ proceeds, and the consideration [or wch xquisition, to the extent ot the full amount of indebtedness upon this Morigage. and the Nae xcured hereby remaining unpaid. ue hercby assigned by the Mort~or to tlx Mortgagee and shstl be paid torthwitb to the Mortgagee to be applied by i! on xcount ot Ihe indebteness secured hereby. whethe~ due or not. , 9. That the mortgagee may. at any time pending a wit upoo lhis mortgage. apply to the court having jurisdiction thereot Ea tMe appoint- ~ ment ot a rcceiver, and such court shall forthwith appoint a rectiver of the premises covered hueby all and singutar, including atl and singular the income, profits, issues, and revenues frorn whatever source derived. each and every of whicb, it being eapressly undentood. is hereby mortgaged as if specifically set fonh and describtd in the granting and habendum clauses hereof. and such rtceiver shall have all Ihe broad and effective functions and powets in anywise entrusted by a couA to a receiver, and such appointment shall be made by such court u an admitted S equity and a matter ot absolute right to said mortgagee. and without ~eference to the adequacy or inadequacy of the value of the propertv mor*- gaged or to the wlvency or iosolvtncy of said mortgagor or the dctendants, and tbat such rents, profits, income, issues. and revenues shall be applied hy wch rcceiver according to the lien of this mortgage and the practice of wch oourt. In the event ot any default on the put of the mort- gag~r hertunder, the mortgagor agrees to pay to the mottgagee o~ demand as a reasonabk monthly rental for the premises an amount at kast equivalent to one-twelfth (1/12) of the te of tl~e twelve monthl payabk in the tfien curreet yqr plus the sctual amount of ~ ~~Ba y irtstallments the annual t~xes. asussmenta, water rates. and inwrance prem~~~ms for such ytar nd covered by the aforesaid monthly payments. ? 10. That ls) in the evem ot any breach of this mortgage or defauh on the pan of the mortgasor, or ~b) in the event that any ot uid sums ot money herein rcterred to be not promptly and (ully paid without demand or nolice. or (c) in the event that exh and every the stipulations_ agreements. conditions. and covenants of said note and this mongage. are not duly. promptly. and fully performed: then in either or any wch event. the said aggregate sum mentioned in said note theo remaining unpaid, with intutst xcrued to that time. and all moneys securcd hereby. shall become due and payabk torthwith. or thereafter, at the option of said mongagee, as tully and completely as if all ot the said sums of mon- ey were original(y stipulated lo be paid on wch day. anything in'said note ar in this mongage to thc contrary notwithstanding• ud thertupon or thereatter, at the opteon of said mortgagee. without nWice or demand, wit at law or in equity, may be ptosecuted as if all moneys secured herc- by had mamred prior to its instiwtion. The mortgagee may forecbse this mortgage, as to the amount w dalued due and payabk. and the said premises shall be sold to satisty u~d pay the same together with costs. expenses, and albwances. (n case oi partial forecbsurc ot this mortgage. the mortga~ed premises shaH be sold wbject to the corttinuing lien of this mortgage tor the amount ot tlie debt ra1 tf~ea due and unpaid. ln wch ase tbe provisions ot lhis paragraph may again be svaikd of ~hereafter from time to lime by the monga6ee. $D~~f ~.tJt.7 ~ ~ ~ ~ ~ x>y~~. ~ _ - - ~''~e s~''e-~~"~'~'~~ a a"a r `~h ~ ~ .,-:§`r.'q~ . ~ ~