HomeMy WebLinkAbout2741 One Million Two Hiindred
WHaR6ws. the mortQaQot is justly indebted to the MortQ~Qee in the princip~l sum o( rlir_e~AIIP Thousand
~~~v~tl Hundred and no/lbet.~. l~ 291~ ~00. Q~ evidenced by Its note o( even d~te herewith. be~rin~ interest
trom d~te on outstandlne b~l~nces •t Eight and Ori@-half P~~e~~ 1~2 De~ •nnum. s~id prlncip~l
and intere~t oe~n~ ~+.~.L.a H.:.:.:2:!y ±^et~Uments as provided in s~id ~ote ~vith ~ linaim~turlly ot ~rch 1~ 2~12 '
which ~ote is Identllled •s beinQ securod hereby by • cetti[ic~te thereon. Said oote •ad •ll o[ it• terms ~re incorpor~ted herein by
reterence ~nd this convey~nce sh~ll secure any •nd ~ll e:tensions thereot, however evidenced.
PRO VIDRD AI.~AYS, ~nd t!?ese present• •re on tdis e:pre~t condition~ th~t i! •~ld mortea~or. or its leQ~l representatives,
shall well aad Wly p~y unto the s~id mortQ~¢ee. its succeasors or ~ssiQa~, the satd sum ot money mentioaed in the certain prom-
isaary aote secured hereby •nd ~ny ~QQlN~I~ o~ ezte~sioas therwot in ~rhotever torm. •nd the intarest theroon ~s it shal: becane
due. ~ccordinQ to the true inteet and me~ning thereot toQether ~vith all •dv~nces hereunder. costs. charQes. •nd expenses. includ-
ing • reasoa~ble •ttorner's tee. ~r6ich the s~id mort¢~gee may Iacur or be put to ln collectin~ tbe s~me by foreclosure~ or otfur-
wise. •nd ¦d~ll perlora? •ll other coveaanta ot this mort~o~e, th~t then these presents •nd the estate hereby Qr~nted ahall cease.
determins. ~ad be ~bsolutely null and vold.
And the mort~~o~ (urther coven~nts as tollo~?s:
1. Tfi~t lt wrill p~p the note at 1he timea and in the manner provided thereia;
2. That it aill eot permit or su[fer the use ot •ny o[ the property [or ~ny purpose ~ther th~n the use (or which the same wr~a in-
tended ~t fhe tiae this mort~Qe w~s esecuted;
3. Th~t the reQuL~tory a~eemeat, lt any, esecuted by the mortpQor and ffie Secret~ry of HousinQ• ~nd Urb~n Development act-
inQ by snd tbrou~i+ the F~u~::: ::~::o::~ ^.~~i!aiocfE~~ wr6icd is beinQ recorded simultaneously dereaith, is iacorponted in and
made • p~rt ot thb mortQrQe. Upon det~ult ur,~e: :.:c ~6.:'.:t~rr *v*eement •nd upoa the rcquest o: the Seccet~ry ot Nousina and
Urban Development actia~ by and tluou~ the Fedenl Houatn~ Commissioner, tLe mortp~ee. at its option, may decl~re the whole
of the tndebtedness secured bereby to be due ~nd p~rable;
4. That •Il roats. prdits and iricome [rom the propertr covered by this morte~ee are hercby •ssi~ed to the mortgagee tor tbe
purpose of disch~rQiag the debt hercby secured. Penaission is hereby Qivea to mortQ~~or so lo~~ ~a ao detault e:ists hercunder.
to colkct sucb rents. pro[its and tacome;
5. 'Cbat upoa det~ult here~nder mortg~gee shall be entitled to the appointment of ~ receiver by aay court havinQ jurisd'ution,
without aotlce, to t~ke posseasion •nd protect the propecty de~cribed herein •nd operate same ¦nd collect the reats. profits •nd in-
come thete[tom; ~
6. Th~t •t the optioe of the mortgagor the princip~l bal~nce securcd hereby may be reamortiscd on terms accept~bk to the Sec-
reUry of HousiaQ aad Urbaa Developmeat actinQ by ~nd thwu~h the Feder~l Nousine Commissioner i[ • putial prepayment results
trom an aaard in condemnation in ~ccordance with provisions o[ Paragr~ph 8 hereia. or trom ¦n insurance poyment made in accord-
ence ~rlth provisions o( P~rs~ph 7 hcrein. where there is A resultin~ loss of project income; '
7. 'I~~t the mortQagor wlll keep the improvemeats no~v e:iatia~ or bereafter erccted oa the mortgaQed property insured againat
loss by tire u?a such other hu~rds, cisuslties, •nd continQeacies. as m~y be stipuLted by the Secretary of HousinQ aad Urbaa
. Development ~ctiag by and throu~ the Federal Housiag Commissioner upon the insurance of the mortgage and othez hazards as may
be required [rom time to time by the mortgaQee, and •Il such iasunnce sTull be evidenced by staad~rd Fire •nd E:tended Coverage
[ns~vance Policy or policiea, in ~mouata aot Ieas than aecessary to comply writh tde applicable Coiaaurance Clause percentage. but
in ao event sh~ll the amouata of coverrge be less thaa 80'/. ot the Instvable Values or not less than the unpaid boLnce ot We in-
s:ued mort~ge. ~rhichever is the leaser, rnd in default t6ereot the mortpQee sh~ll have the ri~ht to e[tect insur~nce. Such poli-
cies shall be endorsed writh stond~rd mortp~ee clause ~vith loss payable to t6e mortgagee aad the Secrctaryr of Hausing and Urbon
, Development ~s interest may appe~r, and sh~ti be de posited writh the mort~gee;
That if the premiaes covered dcreby, or any p~rt thereo(. shall be domaQed by fire or other hazard against wdich insurance is
held as hereiaabove provided, the amounts paid by any inaurance company in pursuance of the contract of insur~nce to the e:tent
~ o[ the indebteMess thea rcmaining unp~id. shall be poid to t!u mort~agee, ond. ~t its option, may be applied to the debt or released
for the rep~'uinQ or rebuilding of the preE?ises;
i
! 8. ~t •11 awrorda ot d~m~ges in coanection With ~ny condemn~tion for public uae of or injury to any ot said property. shall
f be poid to the mortgagee to be applied to the ~mount due under t6e Note secured hereby in (1) rmounts equal to the next maturing
g inst~llment or inst~llments ot princip~l •nd (2) with aar b~lat~ce to be credited to the ne:t p~yment dne uader the Hote. No amount
t applied to the reduction ot the prin.:ip~l ~mount due in ~ccordance writh (1) sholl be considered ~n optioaal prep~yment as t6e term
~ ~s uned in this Morteage and the Note aecured bereby, nor relieve the mortga~or trom m~IciaQ rcgutar monthly p~yments commencing
on the first month [ollowing the date ot receipt ot the aw~rd. 'llie holder o[ the Note ia hereby authorized in the n~me of the mort-
~ gaQor to e=ecute aod deliver valid acquittances for such rwrards and to appe~l from such •wards;
i
~ 9. 'I~at. in ordcr more tuUy to Rrotect the xcurit~ ot this mortgage. t6e mat~aaw, togeWer ~rith aad •in ~ddition to, the mont6ly
~ poyments under the terms of the Qote secured hereby, on the Rrst day o[ each Rnd every month a[ter the datehereof, until the said
~ note is tuilr p~id, wrill p~y the mortQa~ee fhe followring aums:
~ (a) Ao ~mo~mt sutficLent to provide the Mortpgee with Eunds to pry the aezt mortQa~e insuraace prcmium if this instrument aad
~ tbe Note secured hereby ~re insured; or • monthly service clurQe, i[ Wey •re 6eld by the Secretary ot HousinQ aad Urb~n
~ Derelopmeny as [ollows:
~ (n It aad so long as s~id Note ot .even d~te ond tbis instrument are insured or are reinsured under the psovisioas ot the
~ ?!~tioo~l HouslnQ Act, ~n amount aufticteat to •ccumui~te in tbe 6~nds o[ the YortpQee one month prior to its due
date the •onwl mortpQe insunace premium, in order to provide such Yort~agee aith tuads to pay such premium to
tbe SecreLryr o( Housia~ ~nd Urb~n Development purswnt to the N~tlonrl HousinQ Act, •s •mended, •nd ~pplicable
~ Re~ulatlons tbereonder. or
~ (In It •nd so lon~ •s said Note ot evee date end this instrument •re held by the Secrotary ot Hwsiag ~nd Urban Devel-
~ opment. a moathly sa~vice cb~r~e ia •n amouat equal to l/12 ot 54~Jr. of tbe •venee outstaadln~ principal balaace due
on tbe Note computed for e~ch succws~ive ye~r be~innin~ with the Clrst d~~ o[ We mooth follo~vin~ the d~te ot this
imtsument, it the Secrotarp o[ Housin~ •nd Urb~a Development is the mortp¢ee (beaetlciary) named herein, or the
;-`i tlrst d~~ ot tLe moatb tollowrla~ •s~ipmeat, if the Note •nd this instrument ~re assiQned to tLe Secrctary o( Housine
and Urbaa Developmeat, witbout tatin~ into ~ccount delinquencies or prcp~rment;
ij"~
(b) A sum equal to We ~round rcnts, it any, ne:t due, pius t6e premiums tfut wrill ne:t become due •ad p~y~bte on policies ot
~ fire •nd at6er property insurance coverin~ the premises covered dereby, plus w~ter ntes, t~:es •ad •ssessments ne:t due
0o the premises covered herebr (~il e~timated by the YortQa~ee) less •11 sums alre~dy p~id therc(or divided by the num-
ber o( moat6s to el~pse before one monW prlor to t6e d~te ~rhea suc6 ~round rents, premiums, a~ter rates, ta:es aad assea~-
~t
ment~ aiU become delinqueat, such sums to be held by Mort~aQee in trust to p~y s~fd eround rents, premiums, ~r~ter ntes,
ta:es. ~nd special assesseoenb.
(e) AH p~~msnts mentloned in t6e two precediaQ subsectloas ot lhis p~n~~ph ~nd •11 p~yments to be made under the Note sr
c~red• hertb~ shall be ~dded to~etlser ~nd t6e a~~e~~te •mount t6ereo( sh~ll be p~ld e~ch moath in • sinele poyment to be
•pplled b~ Mortp~ee to the Ioliwvfn~ items in tbe order set tortb:
~
~ (Q premlum char~as under Ihe Cmtnct ot Insunece witb the Secret~rr ot Housln~ •nd Urb~n Devetoprnent •ctinQ by ~nd
throu~ the Fedenl Housln` Commisalooer or service ch~r~e;
~ (ln po~wd r~ats. t~~~, sOtcLl useasmeets, wr~ter ntes, iire ~nd other
w propertp insur~nce premlum~;
~
(QQ inte~est o~ tb~ NoN s~cund hereby:
~ (N) ~mortis~tloa o( tbe princip~l at ~~id Not~;
~ - - ~ooK1~`7 ~2?~40
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