HomeMy WebLinkAbout2862 •NSREws, tbs mort~~~ is lustly Ladebted to We Morts~~ae 1n the pdaciql :um ot FORTY FOtJR THOUSAND TWO
HUNDjtBD ~I~1D j~~1QQ Do14rs 2~~ ~ evldeaced by ib nob ot evea d~te berewitb. beorla` latenst
[roa daM aa outstaodias b~Paaces ~t tllZ@e Perceat ( 3 9i) Psr u~num, s~id prlacipal
aad lntesest beia~ p~7able In moat6l~ inst~llmeats ~s provlded la uid note witL ~ Malm~turiqr oI ~Y 1~ 2~~ .
~r6ich aote L ideatitied as bele~ secured berebr b~ • ce~titkate Wereoa. Sald note ~nd ~U ot its brss are incarponted herein br
rotereace aad thL eoaver~nce s1~U secure aer ~nd all e:teasiaas t6eeeot. 6owever evideacsd.
PROVIDED AI,wwYS. ~nd these preseab ue an thts e:pess cooditlon, that U s~id mort~a~. ar ib le~al ropresentatives. ;
eball ~rell aed truly p~7 uato tl~s ~a1d moetpeee. lb successon ar assl~ps. tLe s~id sua ot mone~ veatianed in fhe ce~tala pcam- '
issory note serured 6erebr ~nd ~n~ eeaew~ls ar e:teasioos f~troot ja whatever toem, ud the Iaterest thseeon as it s6a11 becooe ~
due, accordlo~ to the true intent ~nd meaain~ thereot to~stbe~ wiW all advsnees 6erenader. cosb. cb~r~es. ~nd e:penses. includ- .
ina ~ rsasoo~ble ~ttorne~'s tee. which the said mort~a~ae e~~ lnc~u or be put to !u cotlectta~ fbe same br toreclos~us. or other~
~vise. tai shall per[orm all ot6a coreoants ot tbis esaetp~e, Wat then the~ presenb aod tbs estate beroby ~anted sb~ll ceate.
determiae. aod bt aDsolutet~ aull ~advold.
Md tLe ~aetp~ inrffier corenaats ~s [ollows:
1. That it wiU p~~ tLe oote at the times ~nd in ffie mamer pwvided therein;
2 Th~t it will aot permit or sutfer t6e nse o( ~nr ot tl~e propertr tar ~a7 purpose otber than tbe use ta~ w61ch We same w~s in-
teaded ~t tl~e tloe WL moetea~e ~ns e:ecuoed;
3. T6~t the reQuLton a~eement. if any. e:ecuted b~ tbe mort~~ and t6e Secretar~ ot Housla~ ~nd Urban Development act
ing b~ ~nd tlrou~ fhe Fedenl Housin~ Coami~siooer, whlcb is bein~ reco~ded simuitaneoosly 6erewith. is incorponted in and f
m~de • p~rt ot tbls mart~Qe. Upon de4nlt under tbe re~nLtor~ •~eemeat ~od upon tLe request ot the Secretar~ of Honsin~ ~nd
Urb+n De~elopmeut actina b~ aad t6rou~ tLe Fedenl Hobsin~ Commissloner. fhe mort~`ee, at ib optioo, mar declare tbe wbole
o[ t6e tadebtcdness secaeed 6eceby to be dne ~nd parble: .
4. 'I~t sll rents, pra[its ~nd iacome tram tl~e propert7 covered br t61s mort~a~e ue 6eeeb~ assiaped to the mort~~~ee to~ tLe
purpose o[ discLarQio; the debt 6ereb~ secared Permissloo L 6erebr ~iven to mort~a~ so lau~ ~s no de[ault ezists beeem~der~ ~
to collect socb cents, R~fits aod L~come; ~
S. '1'1rt npon detault here~mder sa~tQa~ee shaL be eatitled to the •ppoiatment ot a recei~er br any cavt havin~ Juriadictlon, ~
withont eotice, to tate possession ~nd protect tLe propertr described heroln and opente uak and collect the rents. protits aad in-
!
come theretrom;
6. Tlut at tbe optim of tLe mortQa~or tbe princip~l b~laace secured 6erebr wy be reamortlsed on terms icceptable to the Sec• j
retaq of HousioQ aad Urb~a Development actinQ br ~ad throu~ the Fedeni Housin~ Commissloner it a p~rtial peep~yment results
trom an ~~rud in condemnation in accordance with provl~ioos oE P~r~~aph 8 Leieia, or from an insurance po~ment m~de in accord-
ance wIW provisions ot Paro~pL 7 herein, wbeee there ls a resultin~ loss o[ project income;
7. 'l~at tLe mort~gor will keep tbe lmprovements now e:istin~ oc here~Eter erected on tLe matp~ed ProP~*tf Insared agiinst
loas b~ flre and anch other 6~sards, caswltles, and coatin~eacie,~, ~s ~r be stipuLted b~ tbe Secreta?7? of Howin` aad Urban
Developmeat act~?g br ~nd tbraug6 tbe Fedenl Hoasing Comaissiaier npon the ioswa~e ot tbe mort~ase ~nd ot6er hazuds as mar
be rcqujred trom tjme to time bp tbe mort~~ee. and all snch insnnnce sh~ll be e~idenced b~ st~adard Fire and Fstaoded Covecage
Insar~oce Polic~ or policies, fa ~momts not bss t6~n aecessar~ to cospl~ with tbe •pplicable Colasanace CLwe perceatisac. bnt
ia no ereat sball tLe amomts of co~erage be less t6an 807G of tLe Iasut~ble Values or not less f6an t6e unp~id bdance ot the in-
sured mart~Qe. whiche~er Is tbe lesser. ~ad in detanlt tbereot the moctpeee s6~11 ba~re t6e ri~t to eHect iaaaronce. Sncb poli-
cies ah~ll be eadoesed wit}~ staodard martp~ce cLuae witb loss pay~ble to tbe mortp~ee ~nd tha Secretary of Hwsing and Urban
De~elopment as interest m~~ appeor, wd slull be de poslted wltb tbe mort~~ee;
T6~t if tbe pemises co~ered 6ereby, or an~ part thcreof. sh~ll be d~maQed b~ Cue or otber h~sard aQainst whic6 iasarance is
beld as 6arefoabone provided, the amounts p~id br any ins~nnce comp~ny in pnrsuance ot the controct o[ insurance to ffie eztent ~
~ ot tbe indebtrdness then remaininQ unp~id, s6all be paid to the mort~,aQee. aad. at its option, m~~ be applied to tbe debt or rele~sed (
i for the rep~irfa~ or rebaild~ oE tbe premises: t
~ &'Pdt all aw~rds oE d~mages ie caoaection wit6 ~ny condemnatiou [or public ase o[ or iajnry to aur ot aaid property. sh~ll ~
~ be ptd to tbe mort~a~ee to be applied to ffie ~mouat dae ~wder the Note secnred berebr in (1) amonnts eqnal to Hie nezt maturinQ 4
iastallment oe instaliments of principal ~nd (2) wit6 ony b~lance to be credited to the nezt p~~ent d~e uuder the Note. PIo ~mamt ~
~ applied to the reductim ot t6e priocip~l amonnt dne in accordance with (1) shall be cowidered an optional prep~rmeat ss fhe term ;
ia t
is used ia'this IWrt~Qe ~ad tbe Note secured berehy, nar retLeve tbe mortg~~or from makina reguLr monthl7 p~~ments commenciaQ ;
~ on t6e first ooatb tollowina tbe d~te ot eeceipt of tLe ~wacd. 'lUe 6oWer ot tl~e Note is hereb~ authorised in tbe n~me of tLe mort- ~
gaeor to esecnte and deliver valid acqnittaoces tor snch oMards ~ad to appe~l Erom snch awards: ~
9. 1~t, in osder moce fnll~ to protect t6e secvrit~ of this mortgage, the mort~agor, toQetLer wit6 and in addition to, the manthly
pa~ments uad~r the terms of tbe aoRe secwed hercbp, on the Qrst da~ of acb:u~d e~ mout6 atter t6e datehereof. nntil tbe said
note is fnll~ p~id. will qy the mortQagee tlu follawin~ snms: i
(a) An asamt wffLcient to provide the Yort~pQee ~vith Eunds to p~y the ne:t mort~ag~e insoronce premiam if this instrumeat and {
tLe I~IoEe secured 6erebp ue insnred. or a montLl~ senice char~e, if they ~re 6eld bp t6e Secretaq of Honsia~ aad Urbon ~
DerelopmeP4 as fotlows: , - z - . ~ • _ ' ~
(n I( and ao long os s~id Iiote oi e~en date ~nd this lostrument are iasared or ~re celnsured mder t6e.Provisions o[ tbe ~
i~iatloml Honsina Mt, ~a amoont s~fficient to ace~a4te in tbe hands of tLe Yort~~ee one oonth prior to ib dne ~
date the annwl mort~~e iasunnce premn~m, in order to provide snc6 Yart~g~ee wIffi funds to ps~ sac6 preminm to ~
tLe Secretar~ oE Hoasin~,yd Ur6Ra Development pnnnant to tLe Natioaal Howln~ Act, ~s ~meaded, rnd ~ppllcable '
Re~uLtions t!?ere~mda, a~ ~
~ (in It and so lon~ as wid Note ot evee date ~ad this instrument are be]d b~ tbe Secretar~ of Hauiag and Urban Devel- *
opment. • montbl~ servke charQe in an ~mwnt equ~l to 1/12 of 'ylAL of t6e avers~e oWsLndiag principal b~Lnce dae q
~ ao tbe Note compnted tor eacb sncoessive year beeianinQ with tbe Qnt d~y o[ tbe month Lollo~vjng tLe date ot t6is ~
~ instrument, it t6e Secretary of Hansiag ~nd Urbaa Development is tbe mortp~ee (beneCacLr~) oamed 6erein, or the j
~ firat da~ of the mont6 follawing assi~pment, i[ tbe Note ond this Instrument ~re •ssi~oed to tbe Secretarp of Housing ~
~nd Urb~n Development, witboot takiag into ~ccouat dellnq~encies or prepoymenh, q
(b) A wm equal to t6e grouod rents. IE any, nezt d~e; plus tbe premiums that will nezt become dne ~nd p~~~ble on policies oE ~
i
tire and otLer property insurance covering the peemises corered 6erebr. pius ~vater ntes. tazes and •ssessments nezt due ;
0o tbe pcemisa caveced 6erebp (~11 ~s estimated by ~be Yoiteigee) ~less ~1~ sums ilrc~d~~paid therefor divided by ffie num- i
ber of moot6s to elapse before_an~ month ptior to iLe,d~te w6en such gro~md rcnts, peemiums,~vater rates, toses aod ~ssess- ;
meats a111 become delinque~t. sucb sm~s to be held by Yortgs~ee jn trust to p~y said gromd rents, prcmiums, Ma~lf ~Y~li,
tazes. aad specLl ~ssessmeab. ~ :t'
_ ~ s
(c) All p~pmeab mentloned in tbe two prccedin~ snbsections of tLis p~r~~~ph and all p~yments to be made under the Note sr ~ ~
~
c~red 6ereb~ shaU be ~dded toQetl~er and ffie a~e~te amount thereof shall be prid each moatb io a sia~le p~yment to be
~ •pplied bp Yort~~ee to tbe tollwvfag items in the order set [ort6: ~
(n prevlam cLar~es under the Cmtnct of Insur~ace witb tbe Secretar~ ot Housin~ ~ad Urb~n Development ~cting by and `
Uuoa~ the Federd Housin~ Commissiaoer or servlce char~e; ,
(In acomd rents, tues. specLl ~ssesamenb, water ntes, tire ~aQ other propert~ insar~nce premiams; t
(IIn iaterest on tbe Note secured hereby; ~
(I{n aoortlzaUon ot tbe princip~l of said Note•
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