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Home My WebLink About2491 ~Ifiat. in+uJrr mart fuNy to prr+trct the ,r:urhy .,t Chi, mun4.rgr. Iltr mung,y;ur. t+•grthrr wrth. anJ in aJJNiun tu. Ibr ntunthq paymenh unJrr the term, of tftr note +r:ureJ hereby, un lhr lint Jay u( r:+ch month until t~+r +aiJ nu?r i, fully p:uJ--wilt pay w flee m++rig;yrr the fulluw- ing wm,: tat :fin amount ,utli:irm to pru+iJr the huWrr hereof with funJ+ R+ pay the nr+t mortgage imurancr premium it thi+ rn+tntmrm anJ the nuts ,rcurrJ hereby ;+rr in,urrJ. ur a monthly charge tin Gru u(a mortgage iawtancr prenriumt i( they art hrlJ by the Secretary of H+xr,inganJ Urban Ik+elupmrnt:n follow,: 111 I( anJ ,u lung a, ,;+iJ note of rvrn doer anJ thi+ imtrumrm art in+ureJ ur art rrin,urcJ unJrr the pn++i,iun+ of the \atiun:d H+xt,ing :pct. an amount wtficirnt to a:cumukdr in the hanJ, of the hulJrr unr 111 mumh prior to it+due Jate the annual murt- gagr in,urame premium. in urJer a+ pn+viJr wch huiJrr with funJ, to pay +u:h premium to the Secretary of H+w+ing anJ Urban Ik~rlupmrnt pur,u;mt to the h:diun:J Huu+ing Act. a, amt nJrJ. and apphcahk Regulatium Ihrrrunder. or 1111 I(:mJ ,u kmg ar ,aiJ n+ae of even J:dr :+nJ Ihi+ imtrumrm are hell by the Secretary H+xt,ing anJ lirhan (kvelupment. a munthl> charge tin lieu +d a munFagr inwrancr prrmiuml which .hall he in an amount tyual to one-welhh t If 131 ut one-halt 11131 per cemum of the outrage uut+tanJing h:Jance Jur un the n+Nr :umputrJ with+xrt taking into account drlinyuencir+ ur - prrpay mrnt+: the :1 ,um ryual to the gn+unJ rrnh. it any. next Jur. plu+ the prrm~um+ that will nr~t herumr Jar anJ payahk un p+dicir+ of fire anJ other hatarJ inwrancr covering the marlgageJ pruprrty, plu+t:nr+ anJ a„r++menh nett due +m the mortgagtJ pruprrty fall a, r+ti- mared by the mortgagrr? k+, all +um, already p:+iJ thrrrha JiviJeJ by the number ut month. a+ elap,r hefare one month prior to the Jatr.whrn wch ~uunJ rent,. premium.. t:+xr,. aril a„r..mrnt+ will became Jrlinyuent. wch wm. a+ he hell by mortgagee in tru,t a+ pay ,aiJ gruunJ rent.. premium.. tar,- :mJ +peciala,~e„mrnt.: anJ t:? :111 paymrnt+ mentioned in the two precrJing wh+rclion, of Ihi+paragraph anJ all payment, lu I+e m:rdr unJrr the note +rcurrJ hrrr- - by ,h,Jl hr :+ddrJ together anJ Ihr :+ggrrgatr amount thereof +h:Jl hr pail by the mungy;ur rrnh month in a,ingk paymrnt a+ heap- plird by the murtg:+gee to the fallowing Terms in the urJer ,tt forth: 111 premium charge, unJrr the contract of inwrancr with the Srcret:+ry of N+w+ing anJ Urban lkvelupment. ur monthly charge lin lieu ut mortgage imurance premiuml, a+ the ca.e may hr: U11 grututJ rrnh. tar,. a+~r,+mrm~. fire. anJ other haiurJ imurancr premium,: 1111 Totter+t un the note ,rcurrJ hereby::md I I V t amurlitatiun u(the principal of wiJ n+ae- :1ny Jrti:irncy in the amrwm of wch aggregate munlhly paymrnt ,hall- unlr„ maJr g+wxl by the mortgagor prior to the Jy~KK Jatr of t next wch paymrnt- cun+titutr :m rvrn) of default un+ler thi+ mortgage. lbe mortgagee may collect a "late charge-' nut to rx:rrJl~ticcrnl, ~c? fur rnh Jutlar iSl l of each pay mcvtt mart than fifteen 1 IS? Jay, in arrrar+ lu court the extra r~prn,r imuhrJ in handling Jelinyurm payment.. t. •fhal if the total of the paymrnh maJr by the mortgagor unJer the of paragraph ' preceding ,hall r~crrd the amount of the paymrnt, actually made by the mortgagee- fur gruunJ rrnh- faze, anJ a„r„mrnh anJ inwrancr premium,. a, the ca,r may hr. wch rxcr„ i( the loan is current, at the oplion of the mortgagor, .hall, be credited un subsequcrtt payments to be made by the mortgagor, or refunded to the mortgagor. If, however, the monthly p:iymcnts made by the mortgagor uader (e) of paragraph 2 preceding shall not be sufticieat to pay ground rents, taxes and assessments and insurance premiums, ax the case may be, when the same shall become due and pay- able, then the mortgagor shall pay io the mortgagee any amount necev.ary to make up the deficiency, on or before the date when payment of such ground rents, taxes, asscsxmcats, or in+uran+-e premiums shall be due. It at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the outs secured hereby, full payment of the entire indebtedness represent- ed thereby, the mortgagee shall, in computing the amount of such ioJebtednesx. credit to the account of the mortgagor all payment -male under the provisions of of paragraph 2 hen~ot which thY'moriRagt:~ has not become obligated to pay to the Secretary of (lousing and l;rban Ucvclupmcnt and nay balaacc r.•mainin{{.ja,>~t (+Q1~?-8r7tumulatcd under the provisions of (e) of said paragraph 2. If there shall be a default undcs nay of the ~ro,tie~ioas of t~w:,p}t?rlgd~e.,r~esultiog is a public sale of the premises covered hereby, or if the n~orlgagcc acquirex the property otherwise a~cr default. the rti'ortgagce shall apply, the the time of the commca+-cmcnt of such proceedings or at the time the propi>M"t~'dtht~rhisi•~cquiied, l7rPbelance then remaining in the funds accumulated under (e) of paragraph 2 preceding as a Credit agaitlst the amount of prloaip;al lheo remaining unpaid uader said note and shad properly .adjust any payments which shall have been made under (e) of said paragraph. ~3 1h:d he w ill pay all ta+r+.:+++r++mrnh. w.+trr r',ur,.:mJ other gu,rrnmental or municipal charge,. fine,. ar imp++,itiun+. for which pro- ,i,iun h.~, nut been maJr hrrrinhr(urr. ;mJ in Jrfauh 1?irreot Ihr murty:agrr may pay the ,amt: anJ that F?r will prompth Jrharr the utfici;d rr:ript+ therefor to the mortgagrr. ~ • that 1?r w ill permit. commit. ar wtter no wa+tr. impairment. or Jrtrrioraiun of ,aiJ pruprrty ur any p:+rt thrrrut: anJ in the event u(thr faihrrr of the mortgagor Iu keep the building, un +aiJ premi+r, :mJ thus to he rrrctrJ un +:,iJ prrmi+r+. ur impn+vrmrnh thereon. in g+Hxl rr- p.,ir- the mortgagee may make wch repair. a, in it+Ji,crrtion it may Jeem nece++ary for the proper preen ati+ui thrreuf..mJ the full amount of ra: h .rnJ rvrry wch paymrnt +h;Jl F,r immeJiatrly Jue anJ payahk. aril ,h;Jl hr ,ecurrJ by the lien of Chi, murtg:+gr- r,. '1-hat he will pay all and ,ingular the a+,h. charge.. anJ e~prn,r+. including rra,unahk lawyer', fee,- anJ:u,ts of ah,tract+u( title- in- curred ur paid at any time by the mortgagee hecau+r ut the failure un the part of the mortgagor promptly anJ fatly to perform the agreement. anJ:uvrnanh of wiJ pmmi.uxy rnHe anJ this mortgage. anJ wid cu+h-charge,. anJ e~prn+r, .hall he immeJiatrly Jue :md pay able and ,hall I+r +ecurrJ h} the lien o(Ihi+ mortgage. "that hr will keep the impruvemrnh now .e~i+ting ur hrrraftrr erected un the mortgaged pruprrty. in+ureJ a, m:y hr rryuireJ (rum ume a+ time by the rrM+rtgagrr agaimt k?+, by fire anJ other haiard+- :a,ualtie+.:md cunlingrncie, in wch :+muunh and for ,uch prri+xl+ :r+ may hr reyuirrd by mortgagee. and will pay promptly. when due. am premium, un ,uch inwrancr fur paymrnt of which provi+ian ha, n+N hero maJr hrrrinhrforr. All imurance,hall he r.+rrieJ in comp:+nir, approved by mortgagee anJ the p++licie, anJ renewal, thrrrut ,h:Jl hr he1J by murtg:r ~ grr anJ have attache) therein k+,+ payahk claux, in favor of and in form acceptable to the mortgagrr. In event of M„ he will give immrJi:dr nuticr by mail to tnartgagee- and mortgagee m-ry make pr+x+f of lo,t it not male promptly by mortgagor. •rnJ ea%a inwrancr cumpam c++n- :erne) i+ hereby authuriieJ anJ JirecteJ to make payment fur ,uch lu,~ Directly to mortgagrr imtead u( to mortgagor and mortgagee jointly. :rnJ the inwrancr pnx:erd+. ur any part thereof- may hr applirJ by mortgages at ih option tither to the rrJuctiun of the inJehteJne„ hereby ~ +r:ureJ or to the rr+turati+m ur repair of the property d:+magrJ. In event of fure:lu,ure of Ihi, murtg:+ge or other tram(er of title to the murt- gage) pruprrty in r+tingui,hmrnt of the inJrhtedne+, ,r:ureJ hrrrhy. all right. title- :md intrre+l of the mortgagor in anJ to any inwrancr M+li- cie+thin in force ,h:Jl pa+, to the purcha,rr ur granter. s t{- 'That if the premi,r,- ur any part thereof. hr c++nJrmrrrd unJrr any p++wer of eminent domain. or acyuirrJ for a public u,r. the damage,. ~ pru:erJ+- and the cun,iJeratiun fur wch acyui,itiun. to the ruem of the full amount of inJehlrJnr„ upon Chi, hlurtgagr. anJ the N+ar .ecurrJ hrrrhy remaining unpaiJ.:ur hrrrhy a„ignrJ by flee ~turtgagur to the Nurtgagce and ,hall hr pail forthwith to the ~furtgagre to he applied by it un :nc+wnl o(the indehtenr+„rcurrd hereby. whether Juror nut. y- Thal the mortgagrr may. at any time pending a,uit utx+n Chi, mortgage. apply to the court having juri+alictiun thereat fur the :+ppuint- mrnt of a receiver. anJ wch court ,hall forthwith appoint a receiver of the premiu+cuvereJ hrrrhy all anJ ,ingular- including afl anJ ,ingular the incumr. prufih. i,+ue,. anJ revenues tram whatever ,outer derive). rash anJ rvrry of w hick. it being rxpre„ly unJrr+t+xx1. i+ hrrrhy _ mortgage) a, it,prciftcally +et forth anJ de,crihrd in the granting anJ hahenJum clau,r+ hereof. anJ ,uch rrceivrr ,hall h:+ve :JI the bran) anJ rtfective furictiun, and power, in anywi,e entru+trJ by a c+wrt to a receiver. •anJ +uchapp.+intmrnt ,hall I+r made by ,uch c<wn a+ an admittrJ ryuity and a matter ut ahwlutr right to vriJ mortgagee- :+nJ witli+xtt reference to the adequ:ny ur inadequxy at the value of the property murt- E:u:rJ ar a+ the ,alven:y us imolvrn:y u( ,:aiJ mortg:~gur ur the Jr(rnJant+. ,rnJ that wch renh. profit.. incumr. i+,ur+. anJ rr,rnur, ~h:Jl he :+pplird by wch rrceivrr a::orJiug to the hen of Chi, mortgage anJ the practice of wch court. In the event of any default uri the part of the m~n- gagur hrreunJer. the mortgagor agar, to pay to the mortgagrr on demand a+ a rea+unahk monthly rental for the premi,e, an amount at ka+t ryui,:Jent to unr-twelfth 1 IlCI of the agytregrtr o(the twelve monthly in+t:Jlment+ payahk in the then current year plu, the actual am+wnt of the :ulna:) ta~e+. a+,e+,menh. water rate,. and imurancr premium, fur wch yru n+x cavereJ by the atore,aiJ monthly paymenh. III. "that lot in the runt of any hrr:+ch ut Chi, mortgage or default an thepa•t of the murlg;+gur. or Ihl in the event shat any nt ,aid +um+ of d money herein referred w Ix n+N promptly :mJ fully pail with+wt demon) or notice. ar Ice in the rent that rash anJ every the +upidation,. agreemrnh- cunJition,. anJ cuvrnant+ of +aiJ note and Chi, mortgage. arc n+N July. promptly.:mJ fully performed: then in either ar :my wch event. the eaiJ aggreg:ue wm menlH+nrJ in ,:,id n+Ne then remaining unpaid- with intrre,l accrue) a+ that time. anJ all money, ,rcurrJ hereby. f +h:dl became Jue :+nJ payahk forthwith. or Ihereafrer. at the option of ,aiJ mortgagee. a, fully :rtxl completely a, it all u(Ihr ,aiJ ,um+ u( mun- x r were on •inall ,ti laced to he uJ un ,uch da an thin in wiJ n+Ne or in Chi, mart a to the cunlrar nutwith+t:+ndin > 6 y Iw t'~ y Y g I,ag y g: anJ Ihereulx+n ur ~ thereafter. at the option u( ,aid mungagrr- w ith+wt nuticr ur JemanJ. wit at law or in equity. may he pro+ecuteJ a, if all muney+,ecurrJ here- by h.+d mauler) prior to iI+ imtiuniun lhr mortgagee may tureck?,e Chi, mortgage- a+ to the amount u+ declare) due anJ payahk. anJ the .aid premi+r, ,h:Jl he +uIJ to +ati,fy anJ pay the ,amt u+gether with cu,h. rxprn,r,. anJ allow once.. Inca+e of prrtial (orecluwre of Chi, mortgage. the mortgaged premi,e,..hall hr ,uIJ .abject a+ the:untinuing lien u(thi+ mortgage for the amount u(the JtM n++t then Jur anJ unpaiJ. In ,uch ca+r the pruvi,iam of Chi, par,?g~aph may ag:un he a+aikJ of thereafter from time to time by the mung;+gee. 3i0 ~~~~2489