89106893 - Laserfiche WebLink

Browse

� � ) � I 89- 1�6�� rTbe Mort�qor te order mare tufly to protect tf�e secutity ol the property otherwise after dePault, Ihe !►longagee shall apply, Ihls Mottp�e�a�rees; at the time of the ccmmertcement of such proceedings,or at the time the property is othcrv►isc acquired, the balancc ehen remain- 1. That he eill p�y �he indebtedness, as hcrcinbafore pra�ided. i:�g in thc funds accumulated under (a)af paragraph 2 preceding. Pri�ilege is reser�•ed to pay the debt in �chole o�in part on an� as a credil against the amount of principal then remaining unpaid installment duc date. under said note. 2. That. to�ether with. and in addition to.the monthly 4. That the Mortgagor will pay ground rents, taxes. payments of principal and•interest payable under the terms of the assessments. water rates,and other governmental or municipal note secured heroby, the Mortgagor will pay to the Mortgagee, charges. �nes, or impositions, f'ot which provisian has aot been on the first day of each month until the said note is fully paid, made hereinbefore, anci in default thereof the Martgagee may the foltowing sums: pay the same;and that the Mor�gagor will promptly deliver the (a) A sum equal to the ground rents. if any. next due,plus th� �fficia! receipts therefor to the Mortgugee. premiums that wiU next become due and pa�able on policies of 5. The Mortgagor �vill pay all taxes which may be levied upon fire and other hazard insurance covering the mortgaged property. the Mortgageo's interest in said real ostate and impravements. plus taxes and assessments next due on the mongaged property �nd which may be levied upon this mortgage or the debt sccured (all as estimated 6y the Mortgagec)less all sums already paid h�r�l►;�(b11t 01f}�' 24 !�!P P,IIPII: 5�:�!::S:�S :�A:.i p:J}Ij�iti�'+ v) iaN : th:::.F:.r uiL7uG�i Lb :irc uu�ui,rt uf uwu�iis ca eiapse beiore one and only to the extent that such will not make this loan (1)month prior to the date when such ground rents,premiums, usurious), but excluding any income tax, State or Federal.im- tues and assessments will become delinquent. such sums to be ; held by Mortga�a in trust to pay said ground rents,premiums, Pased on Mortgagee.and will file the of�cial receipt showing ': taxos and specia!assessments; and such payment with the Mongagee.Upon violation uf this ander- � taking. or if the Mortgagor is prohibited by any luw now or . (b) All payments mentioned in the preceding subsection hereafter existing from paying the whole or any partion of the ; of this paragraph and all payments to be ma�e under the note aforesaid taxes, or upon the rendering of any court doaee pro- secured hereby shall be added together. and the aggregate amount hibiting the payment by the Mortgagor of any such taxes. or if thereof shall be paid by the Mortgagor each month in a single such law or decree provides that any amount so paid by the payment to be aDplied by the Mortgagee to the following items in Mortgagor shaU be credited on the mortgage debt, the Mortgagee , the order set forth: shall have the right to give ninety days' written notice to the " (1) ground rents. taxes,assessmcnts, fire and other hazard p"�'ner of the mortgaged premises. requiring the payment of the � ' insurance premiums; mortgage debt. if such notice be glven, the said debt sl�at! ; ' become due. payable and collectible at the expiration of said � p!) interest on the note secured hereby; ninety days. � i ; amortization of the principal of sald note;and 6.That should the Mnrtvav� fa' �n a �„ ,`:�,.r. � '-- r __1! __ �_y a.�y_..sr p».z, ; (IV) Iate charges. covenant provided for in this mortgage, then the Morcgagee, at �$�-y � ' Any deficiency in the amount of such aggregate monthly pay- �ts option, may pay or perform the same, and all expenditures so � ment shall, unless madc good by the Mortgagor prior to the due made shall be added to the principal sum owing on the above - � date of the next such payment,constitute an evem af defat�lt note, shall be secured hereby. and shall bear interest at the rate — ' under this mortgage. The Mongagee may collect a "late charge" sec forth in the said note,until paid. -- not to exceed four cents (4�) for each doAar(Sl1 of each pay- ' _ ment lnore than �fteen(1 S)days in arrears to cover the extra ex- �• That the Mortgagor hereby assigns, transfers and sets over pense involved in handling delinquent payments. to the Mortgagee. to tx applied taward the payment•of the note . and all sums secured hereby in case of a default in the perfor- 3. That if the total of the payments made by the Mortgagor mance of any of the terrns and conditions of this mortgage or the under(a)of paragraph 2 preceding shall exceed the amount of said note. all the rents, recenues and income to be dereved from " payments actually made by tho Mortgagee for ground rents. taxes the mo�tgaged premises during such time as the mortgage in• and assessments or insurance premiums. as the case may be, such debtedness shall remain unpaid,and the Mortgagee shait have � excess. if the loan is current,at the option of the Mongagor. Power to appoint any agent or agents it may des�re for the pur- , shall be credited by the Mortgagee on subsequent payments to be Pose of repairing said premises and of renting the same and col- made by the Mongagor, or refunded to the Mortgagor. lf, ��cting the rents, revenues and income. and it may pay out of •�,y however.the month)y payments made by the Mortgagor under said incomes all expenses of repairing said premises and necessary :�� (a)of paragraph 2 preceding shall not be sufficient to pay commissions and expenses incutrcd in renting and managing the ��;� ground rents, taxes and asse;sments or insurance premiums, as same and of collecting rentals therefrom; ehe balanee remaining, , the case may be, when the same shall become due and pa�able, �f any. to be applied toward the discharge of said mortgage ; . ' then the Mortgagor shall pay to the Mongagee any amount indebtedness. � necessary to make up the deficiency, on or before the date when � paymrnt of such taxes.ground rents, assessments,or insurance 8• That the Mongagor will keep the improvemencs now ex- , premiums shatl bt due. If at any time the Mortgagor shall tender �sting or hereafter erected on the mortgaged property, insuted as . to the Mortgagee. in accordance with the provisions of the note may be required from time to time by the Mortgagee against toss . secured hrrtby, full payment oP the entire indebtedness by fire and other hazards,casualties and contingencies in such represented thereby, the Mortgagee sha11, in computing the $mounts and for such periods as may be required by the Mor- ' � amount of such indebtedness, credit to the account of the Mort- tgagee and wi11 pay promptly, when due,any premiums on such gagor any balance remaining in the funds accumulated under the �ns�rance provis�on for payment of which has not been made provisions of(a)paragraph 2 hereof. li there shall be a default hereinbefore. All insurance shall be carried in companies approv- under any of the provisions of this mortgage resulting in a public ed by the Mortgagee and the policies and renewals thereof shall sale of the prrmises covered hereby. or if the Mongagee acquires � held by the Mortgagee and have attached thereto Ioss payable Page 2 ot 4 HUO•92143M-1 r===__-_ i . � � � . � , � . � , r•a � 1___. �