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Home My WebLink About0653 2. ~•r1. in u~der mwc lult w rotec:~ Ihe securit uf this murt a a ~hc murl ur, t elhet witA. anJ in aJJitiw~ Io.1he mo~thl mrnt. K Y P Y K' r S~ ~ft Y P~Y unJer ~hc termc uf Ihe nole ucuteJ heroby. o~ 1hc 6r~1 day of rach muntA until the wiJ nutt is (u0y paid. will pay to tlx murtgagct Iht ti~tluw- i~ wms: 4 (a) An amuunt wlTi~:ient to pruviJe Ihe hoWer he~eo( with funJs to pay the oe~?t mortgage in.urance p~emium if thi~ in.~rumrot anJ Ihc nwe ucured hereby ue in~urcd. or ~ monthly cAarge lin lieu ut a mon~age insurance ptemiuml it they •rre heW by the Srcrclary ut Housing and Urban Devebpment as tullows: (11 It rm1 so bna u sai~) nWe ot even date a~xt this instrument s?re insureJ or ate teinwreJ under the provisions ot 1he Nati~al Nousing Acl, an amounl wl~n:ient tu accumulate in the hanJs ut the hulder une ( I) month prior to its due date 1he annu~l murt- g~e inwnnce p~emium, in order to provi~k wch hulder with funds to pay ~uch promium Io ~he Sectetary uf Housing unJ Urban Devebpment pursuant to the Natianal HousinY Ac1, as amended, and epplicabk Re~ulatiuns thereunJcr, or (11) If arni co bng as said nwe of even Jate anJ this instrument ut helJ by ~he Secretury uf Houang anJ Urban ikvelupment. a muntl~ly chsvge (in lieu oi ~ morlgage insurxnce premium) wfiK~ si~ali t+e in an amuunt equ•ri tu one-tweii~h lifi2l ufi one-iwii (1/:1 per centum of the average outstanding balance Jue on the nole computeJ withuut taking into account Jelinquern:ie. or prepayments; Ib) A sum equa) to the QrounJ rents, it any, next due, plus the premiums that will next become due and peyabk un policies ot fire •rnd wher hazard inwrance covering the mortQaged propeny, plus taxes and assessments ntxl due un the mortgaged pruperty lall as es~i- mated by the mortgagee) kss all sums alreaJy paid theretor divided by the number of munths to elapse betore one munlh priur to the date when such grounJ rents, premiums, taxes, and asses~ments will bccome delinyuent, such wms to be hekl by morlgagee in trust to pay said S~ound rents, premiums, taxes, and special ssussments: and tcl All payments mentioned in Ihe two preceding wbxctions ut this pategraph and all payments lo t+e made under the nde ~ecureJ here- by sAall be added to~ether and the aggrrQale amount Ihereot shell be paid by the mortg:igur each munth in a singk paymenl tu be ap- plied by the monpsee to the lolbwing items in the order set torth: 111 premium chuges unde~ the contract o( in.wnnce with the Secretary ot Hiwsing and Urban Develupment, ur monthly charge (in litu of mortgage inwranoe premium), u the case may be; IIU gmund reots, taxes, uxssments, firc. and other hazard inwrance premiums; 1111 interext on ~he note securcd hereby: and 111n amohization o[ the principal of said note. - Any deficiency in the amount oi such aggrcgate monthly payment shall, unkss made good by Ihe murtgagor prior tu Ihe due date of the ntxt wch payment. constitute an evenl ot detault under this mortgage. The mortgagee may colkct a"late charge"not to eYCeed four uents (4tl (or each dollar (SI) ot each payment more than 6ftten ( IS? days in utcars to cover the extra expense involvai in ha~ullmg delinquent payments. 3. That it Ihe total of the payments made by the mortgagor under (b) ot paragraph 2 preceding shall ezceed the amount of the paymentc actually made by the murtgagee, for ground rents, tazes and asus~ments and insuranct prrmiums, as the cau may lx. such excess if the loan is cotrent. at the option ot t6e mort6agor, s6e11. be credited on snbseqaent payments to be made by the mortgegor. w refuaded to t6e mortgagor. li, horrevu, the moathly paymeata made by the mortaagor nnder (a) of parag~raph 2 preceding ahall aot be sn(ticient to par 6ronnd rents. ta:es asd assessmenta and insurauce premiuma. as the case may be. ~vhen the same ahall become due and pay- able, then t6e mortga6or shall pay to t6e mortga6ee any amoant necesasry to make up the deticieacr. on or before the dste when payment o[ sacA ground renta. t~ses. assessmenta. ot insurance premiams shall be due. It et any time the mortgagor shall tender to the mottgegee in eccordance wit6 t6e provisions ot the note secured herebr, tol! payment of the entire indebtedness tepreseot- ed thereby, t6e mortgagee ahall. in compnting tl?e amo~nt of suc6 indebtedAe~e. c~it to ~he acconot o( the mortgagor all payments made nnder the provisiona oi oE parag~aph 2 hereol w6ich the mortgagee has not btcome obligated to pay to tAe Secretery oE Houaing wd Urban Development aad any balance remaining in the funds accumaltt~d 6nder the provisioas of (e~ ot said I paragraph 2. 1f there shell be a detault under any of t6e provisiona o[ tLia aott~6e; tesnltln6 Ia a pnblie aale o( the premises ' co~ered heteby. or it the mottgagee acquires the property ot6etwise attet deiault, t6s ~o«~BR~e ~ha]I apply. ~te the time ot the commencement ot suc6 ptoceedinga or at t6e time the propErty is otherwise acquired. tae balance then rcmsin~ng in the iunds • accumnlated under (a) ot paragraph 2 preccding as a credit against the amount of principal tAen remaintns~unpaid under said note and s6a11 ptopetly adjnst anY payments which s6a11 6ave been made nnder {e) of said para~aph. 4. 'R?al he will pay all ~axes. assessments, water rates, and ulher guvernmental or municipal charges_ hnec_ or impo+ilions. for which pro- vis~un h•rc not 6een maJe hereinbefure. and in default thcrcof the mun~gee may pay the ~amc: anJ Ihat he will prompU~ deliver tht ufFicial rece~pts therefor to the mortgagee. S. That he will permit, commit. ~x suBer no waste. impairmeat, ur Jeterwralion of said propcrly ~x any parl lherco(: and in the eveot o( the failurr of the mortgagur to keep the buildings un said premixs •anJ thuse tu be erteted un saiJ prrmice~. or improvementc lherc~~n. in giwJ re- ; pair. the mortgagee may make such repairs as in its discretion it may deem na:essary for the pruper pre~ervation lhercot. and 1he full amuunt uf each and every such payment shall be immediately due anJ payabk. and shall tx xcureJ by the lien of this mor~icage. 6. That he will pay all and singular the costs, charges. and expenxs, includong reasonabk luw yer's tees, anJ co~t~ of ab~Iracts ot ti1k. in- i curred or paiJ at any time by the mortgagee because ut the failure un the part of the mortgagor prorqpdy and futly to perform ~he agrecment.. E and covenanls ot s•aiJ promiswry oote and Ihis mortgage. and uiJ cmts, charges. and e~pensec ~hall tx immeJiately due ~nd payabk and shall i be secured by It~e lien uf this mortgage. i 7. That he will keep the ~mpruvements nuw eaisting ur berea(ICr rrected un the morlg:~eJ pwperty imurcd as may tx required (rom time ~ to time by the uiong:?gce -rgainst bss by fire and other hazards, ca~u:Jties. anJ contingencies in ~uch amuunt+ and (or wrh peri~wh r~ may he ? required by murtgagee. anJ will pay promptly. whtn due. any premiums on such insurance for pay ment o( which provi~iun Fw+ not txen m-rJe ~ hereinbeture. All insurance shall be catried in companiec approved by murt~eagee and tMe policiei :mJ renewals thereof ~hall be held by mor~~- ~ gee anJ have attached therew bss payabk cl~uxs in favor of and in form acceptabk to the mort~wger_ In event of lotic he w ill give immeJiate ~ naice by mail to mortgagee. and mortgagee may make proo( o( loss if not maJe promptly by mortgagor, and each insuranee cumpany con- } cerned is hereby autFarized and directed to make paymenCtor such bss directly to mortgagee instead of to mortgagor and mungagee janlly. ~ and the insurance proceeds. w any part thereot, may he applieJ by mortgagee at its option ti~her to 1he reJuclion of ~he indebtalness hereby ~ xcureJ or to the restoration or repair of the properly damageJ. In evenl of furccbsure ot this murtgagt or uther trancter of tilk to the mort- ~ gageJ property in ealinguishment ot tlx indebteJness secured hereby, all right, titk. and interest ut the murtp,agor in and tu any imurance poli- ~ cies then in torce shall pass to the purchaser or ¢rantee. ~ T1~a1 if the premises, or any part thereot. be cundemneJ uoder any puwer ot eminent domrin. ur acquireJ for a public u.e. 1fx damages. ~ proceeds. and the consideration for such xquisition, ro the exlent ot the full •rmount o( irniebtedne~s upon th~s Mort~te. and ~F.e Note ucurcd ~ hereby remaining unpaid. are hereby usigned by the Mortgagor to the MortEwgee and shall be paid tonhwith to the Mort~tee to be applied by ~ it oo xcount ot the indebteness secured hereby. whetber due or not. $ 9. 'That the mortgagee may, at any time penJing a suit upun this murt~e. apply to the coun ha~•ing jurisdiclion ~herrof for ~he appoint- = ment of rectiver. and such cvurt shall furthwith appuint a rcceiver ut the premises covered hereby all and ~ingular. incluJing all and cingular the incame. profi~c. issues. anJ revenues (rom whatever wurce derived. each and every ot which. it txing exprestly unJerctood. iti hereby mortgaged as ii cp~cifically set [onh and Jescribed in the granting anJ habendum clauxs hereof _ and wch receiver shall have all ~he broad and etTective tunetions a~x1 powers in anywist entrusted by a coun tu a receiver. and such appointment shail tx made by ~uch court as an aJmitted ~ equity u?d a matter ot absolu~e right to said mortgagee. and without reference to Ihe adequacy or i~wdequxy uf the value of the propertv mor- ~ s gaged or to Ihe .~Ivency or insol~rncy of said morlgagot ur the defenJ•rnls. and Ihat wch renls. profitc. income. i~suec. anJ revenue~ shall he applied Fy wch receiver according to 1he lien of this mortgage and the practice of such court. In the event of any detault on the part ot the mort- + gagor hereunder. the mortgagor agrees to pay to the mortgagee on demand as a rcasonabk montbly rental for Ihe premi~e. a~ amount at kasl ; equivalent to one-twelfth 11112? u( Ihe aggegate ot Ihe Iwelve monthly instaltments payabk in the then current ye+r plus the ac~ual amount o( ~ the annual taxex. accec~men~c. water rates, ared insurance Drem~~~ms tor such year not coverod by the aforesaid monthly p•rymentc. 10. 'ihat la) in thc event of any breech ut lhis mortg:~te or Jetault on the pan of Ihe mongagor. or 16I in tbc cvent that any of ,aid cumc o( ' ; money hertin reterrcd to be not prompUy and tully paid without demarxt or notice. or Icl in the event ~ha~ each ar?d every the stipula~iun~. agrccmenls. cunJitions. and covenants o( saiJ nae anJ this mortg-rge. are no1 duly. prompNy, anJ (ully pertormed: ~hcn in eithc~ or any wch ; event. ttk said.ggregate xum meotioned in saiJ note then rem~ining uopaid. with intuest •rccrued to that time. •rnJ all money~ ucureJ hereby. ~ .hall t+ecome due anJ p~yabk (onhwith. or tlxreafter. at Ihe option of said mortgagee, as tulty and complttely ac it atl ot thc ~aiJ ~ums o( mun- ~ ey were originally stipulatcd to be paid on wch d~y. anything in~said note ot in this mortlwge ~o Ihe contrary notwilhstanJing: and thercupon or r ~herea(ter, at the oplion of wid morigagee. wilhout naice or demand. suit at law or in equity. may tx proucuteJ ac if all moneys ~ecureJ here- by haJ matureJ priar to ils institulion. The mortg~gee m~y forecbx lhis mortgage. as to ~he amount sn declareJ due anJ payrbk. anJ the said ~ premises xhall t~e wW lo satisfy and pay the same togelher with costc. expenses. and allowances. In cau ot parlial forecbsure of lhis mortgaga _ - Ihc mortgagtd premises ~hall tx soW subjecl ~o the cuntinuing lien of Ihis mor~gagt for Ihe amuunt o( the deM not then Jue anJ unpaid. In such cau Iht ptovisions of this paragraph may :~ain tx avaikd ot thereatler from time lo lime by the mortgagee. ~ . `211 ~~7 ~