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Home My WebLink About0971 Iha~ ~n ~~nfrr mur~ full~ t~~ prute.t Ih~ ~e.unt) ~Zf thi+ mvrtgagc, the murtgag~~r. tuRcthcr with anJ in adJitiun t~~. thc ni,~nthl~ ~ncnt. undrr t~e trrms of thc n.~tc x:ureJ hereh~, on the tusl day of ea.h rnunth unt?1 Ihe said nutc luily p~id, w~ll pa> w thr niur~ r 1hr IuU.~w~ng wrn~ i,,i An amuunt sufti.~cnt tu ptuvide the holJer hercu( w~tA funds to pay lhe nezt mort~ag~ insu~an:e prernium if this instrument and thr nutc serured hrreh~ are ~nsured, ur a monthly ~hargr(in I~eu of a mort~age inwnn.e ptemwml ~f they arn c~W ~p the Se.r~~ tary uf Hous~ng and Urban I)evelopment as (olluws 11? I( ~nJ sa lung as satd nate o( even d~te and th~s instrument arc ~nsured ot are re~nsured under the ptuvtsion~ o( thetiat~on~l Huusing Act, an amount suffic~ent to accumulate in the hands of the holder one (1 ) month pnor to ~ts due date thc annual murtga~r inwrance prcmium, in orJrr tu prowde such holder with funds to pay such premwm to the Secretary of Nuus~ng anJ L'rh~n I~r~~~:~pment pursuant to the National Housin~ Act, as amended, and applicable Regulatwns thercunder, ur ~ 11 i If and su long as sa~d note of even date and this instrument are held Ay the Secrctary of Nousing and Urban nevelopment, a monthly charge Itn lieu of a mortgage ~nsurance premium? wn~ch shall be ~n an amount equai to one-twelfth 1 i 11 21 u( une-half 11!21 prt centum of the average outstanding balence due on the notr computrd w~thuut taking intu ac~uunt dr- linqurnrirs or prepaymtnts ~ h I :1 sum equal to th~ ground rents, ~f any, next due, pluc the prrmiums that will next become due and pa~~abie on pol~c~es o( f~re rnd uther harard msurance covenng the mortgaged property, plus taxes and assessments next due on the mortgagrd prup~rty lail as rst?mated h} the mortgagee) less all sums aiready pa~d therefor div~drd by thr number ~f months to elapse brfure one munth pnc>r to thr datr when such ~ound rents, premiums, texes, and assessments will becomr delinyurnt, such sums to be held by mortgager in trust to pay said ground rents, premiums, ta~es, and special assessmenu, and 1: 1:111 pa} ments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note secure:f herehy shall bc added together and the aggregate amount thereof shali be pa~d hy the mortgagor rach month in a single pa}•ment to hr applied by the mortgagee to the following items in the order set torth: (1? premwm charRes under the contract ot tnsurance K7lIl the Secretary of H~~using and l.'rban Urvelupmrnt, ur monthly charge fin lieu of mortgage ~nsurancr premiuml, as the case may be (111 ground rents, taxes, assessments, f~re, and other hazard ~nsurance ptem~urns. ( I11? ~nterest on the note secured herrb~•; and 11~' 1 amortizatian of the principal of said note. :1ny deficiency in the amount of such aggregate monthly~ payment shall, unless made good b}~ the mortgagur prior to the due date of :nr next such pa}•ment, constitute an event of defauit under this mortgage. The mortgagee may colle~t a"late chargr" not to exceed four ,~•r.ts i4a) for each dollar 1 S1 ) of each payment more than fifieen (1 S) days in arrears to cover the extra expense ~m~oh•rd ~n handGng dr- ;n~~uent pa~•ments. 3. That ~f the total of the payments made by the mortgagor under (bl of paragraph 2 preceding shall exceed the amount oi the pay- ~::rn[s a~tuall~ ma~ie b}~ tt~e mortg:~gee, for ground rents, taxes and astessments and insurance premiums, as the case map be, such excess if ?hr loan is current, at the opt~~~r, ot thr mortgagor, shatl, be credited on subseq~ent payments to be made by the mortgagor, or refunded to ~t:~ mortgagor. If, howr~rr, the rnonthly pa}~ments made by the mortgagor under (b) of paragrapti~ 2 preceding shall not be sufficient to ground rents, taKes and assessments and insurance premiums, as the case may' be, when the sarne shall become due and payable, then •h; mortgagor shail pa~~ to the mortgagee any amount necessary~ to make up the deficienc}•, on or before the date when payment of such ~~und rents, taxrs, assessments, or ~nsurance premiums shall be duc. If at any~ time the mortgago: shall tender to the mortgagee in accord- ~~~~th the pru~•isions of thr note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, :n _~uiputine the amuunt of such ~ndebtedness, credit to the account of the mortgagor all pay~ments made under the provisions o( la) of para- ~I ,:-~~~h ~ hereof whi~h the mortgagee has not become obligated to pa~~ to the Secretar}~ of Housing and Urban Development and any balance ;~~~.aining ~r, thr funds accumulated under the provisions of (b1 of said paragraph If there shall be a default undet any of the provisioni ~ this mottgagr, rcsuli~nR ~n a pubGe sale of the premises covereJ hrreby, or if the mortgagee acquires the property otherw•?se after de- ...,t. [he mortga~er s}~all ,~pph, ;:t .Le :tn~e ut the:ommenrement of such proceedings or at the time the property is otherw~se ac- :1-e~i, the balan~r then rrmainine ~n the funds accumulated un~lrr (hl of paragraph ~ preceding as a credit against the amou~t of principal ~~n ;emain~ng unpa~J under said note and shali proprrly adjust an}• payments which shall have bren made under (a) of said paragraFh. a. T hat he w•ill pa}~ all taxes. assessments, water rates, and other go~•ernmental or municipal charges, fines, or impositions, for w•hich ~::~~un has nut heen made here~nbefore, and ir. default thereof the mortgagee ma~• pa~~ the same, and that he w•ill promptl~• deliver the •~:;»i rrce~pts thercfor to the mortgagee. ~ ihat he will permit. rumm~t, c~r suffrr no waste, impaumrnt, or detenoration of said proprrty or an}• part therrof, and m thr ; n? uf the failurr o[ the mortg~gor to keep the buildings on said prem?ses and those to br erected on sa~d premisrs, or ~mprc~~rments -r•,~n, in guod repau, the mortgagrr ma)• make such repaus as ~n its dis,se[ion u ma} deem necessary for the ptoper presenatiun therr- ~~n~i thr tuli arnuunt uf r~ch anJ e~~er} su~h pa>ment shall br unrneJiatel} dur and pa}ablr, and shall be secund b~ thr lirn ot thu ,:tgaeer. h. "(hat hr ~~il ~ay all an~ sin~ular the cos[s, charges, and rxpenses, ~nclud~ng reasonable lawyer's fees, and costs of abst:a:h of incur.e~i or ~a~J nt an} tim: h} the mortgagee hecause of the tiailure on the part of thr mortgagor promptly and fully to perform the rnrnts an.i ,o~rnants c>f ~a;~1 promtssort note and [h~s mortgagr, and sa~d costs, ct~arges, and expenses shall he ~mmediatel} dur and ; ~hie and sha;l hr ~r~ured h~ the Lrn of this mottgage. ~ That he will kee~+ the impro~~ements now ex~s[ing or hrreafter etected on the mortgaged propetty insured as ma} be reyuited from ~ to time h} the mortgag:e agair,st loss by fire artd other harards, casualities, and cont~ngenc~es in such amounts and for such penods as hr reyuired hy mortgagee, and wiil pay promptly, when due, any ptemiums on such ~nsurance for pay~ment of which prov~sion has not . n m~~le herembe;r,re. All insurance sha11 be carried in compamrs appro~•ed by~ mortgagee and the polic~es and renewals thereof shall be ~ ' hy morteage: and have attached thereto loss pa}•ahle clauses in fa~or of and in fotm acceptable ro the mortgaeee. In e~~ent of loss he r ¢i~e immed~ate notire h} mail to mortga~er, and mortgagee ma} make proof of loss if not made prompdy by mortgagor, and each ~n- -:ran;e c~mpany concerned ii hereh} authorized and d~rected to make pa}~ment for such loss d~rectl} to mortgagee instead of to mottga- ~ and mortgager jo~ntly, an~i the ~nsur:ince proceeds, or any part thereof, maq be applird by mortgagee at its option either to the reduc- ~ of thr ~ndehte~ness hereb}• secured or to the restoration or repair of the property damaged. In e~•ent o( foreclosurr of th~s mortgage or p trar,sfer of title to thr mortgaged property~ in extinguishment of the indrbtedness secured hereh}~, all right, title, and mterrst of thr ~ -t~egor in and to an}• ~nsuran~r pol~~:ies then in force shall pass to the purchaser or granter. s ~S ~That ~f thr premises, ur any~ part thereof, b~ condemncd unJer any powrr of em~ncnt domain, or acqu~re~ fur a puhLi use. the :~:~ecrs, proceeds, and the consideration for such acquisit~on, to the extent of the full amount of indebtedness upon this ~lortgage, anu ~ . tir,te secured hrrrb} rema~ning unpaid, are heteby assigned by the Mortgagor to the ~lortgagee and shall be pa~d foTthw~th to the ~1ort- : ~ to he applied by ~t on account of the indebtedness secured hereby, whether Jue or not. ~ 4. That the mortgagee may, at any time pending a suit upon this mortgage, apply to thr court ha~mg ~unsd~ction therrut for the R ;~~~tment of a recei~er, and such court shall forthwith appo~nt a tecei~~er ~of the prem~ses covered hereby a11 and s~ngular, includ~ng all ~ - i ~ingular the income, profits, issues, and re~enues from whatever source drri~~ed, each and e~ery~ of which, it being expressfy under- ~ • ~d, ~s herehy mortgageJ as if spec~fically set forth and described in the granting and habendum clausrs hereol, and such recerver shall all thr hruad and eftr.ti~~e funct?ons and powers in anywise entrusted by a court to a recei~~er, and such appointment shall be made h} ~ ~ourt as an admitted equit~ and a matter of absolute right .a said mortgagee, and without referen~r to the adequacy or inadequar} of a :1 •:alue of the property mortgaged or ~o thr solvency or ins~ivency ot said mortgagor or the defendants, and that such rents, profits, in- ~ _:r~;e, ~ssues, and re~~rnues shall be applied by such receiver according to the lien of th~s mortgage and the pract~ce of such court. !n the ~ •:~t vf anq default on the part of the mortgagar hereunder, the n:ortgagor agrees to pay~ to the mortgagee on demand as a reasonable ,nthly rental tor the premises an amount at least equivalent to one-twelfth (1'121 ot the agerrgate of the twelve monthl} ~n~taltmen~s ~~:able in the then current year plus the actual amount of the annual taxes, assessments, water rates, and ;nsurance premiums ;or such ._~r not co~~ered hy~ the afc>resa~d monthly payments. - i0. That lal m the e~ert of any~ breach of this mortgage or default on the part of thr mortgagor. or lh) ~n the e~ent that an}~ of said ~.:r;s of mone}• herein re(errr;~ to be not promptly a~d fuU}~ pa~d without demand or notic:, or Icl ~n the e~ent that each and e~ery the st~- ;.:iatiuns. agreements. ~ondihc,ns, an~i covenants ot said nu?e an~ th~s mortgage, are nat duiy, promptl}~, and fully perf~rmed. then ~n ~ner or any such event, the said aggregate sum mentionrd in said note then remam~ng unpaid, w~ith interest accrued to that hme, and all ~neys secured herehy, shalt heco:ne due and payable forthw~th, or thereafter, at the option ef said mortgagee, as fully and completel} k ~f all of thr saiu sUrns of money wrre onginally stipulated to be paid on such day, anythtng in satd note or in th~s mo*tgage to the con- notw~?thstanJing. and ihereupon or thereafter. at the option of sai~1 mortgagee, w~ithout noUce or demand, suit at law~ or ~n equity. ~ he prosecutr~i as if all moneys stcured herrh} had matured p~ior to its inshtution. Thr mort¢aRee f113)' fOi.CIOSf th~s mortgage. as to s . arnuunt s~ declared due and payable, and the sa~d premises shall he sold to sat~sf}• and pay the same together w~th costs, expenses, and ~ _'!•~wances. In r~sr of partial foreciosure of th~s mortgage, the morieaged premises sha11 he sold suh~ect t~ the cont~nuing lien of this mort- ~~ce fur the amount c~f the deht not then due and ~npaid. In such case the provisions o( th~s paragraph rna~ again be availyd of therea(ter hme fo time h} the mortgager ~E ~ ~ NUD~92110M (6-791 4 a~~ 4Ji r~~E ~71 ~ ~ ~ - - - ~ _ _ _