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Home My WebLink About0391 . _ _ - . _..F . ~ . • - . ' t . ~ ~ i' t' ~:1` t~ T' ~ Oae ;~~`Two~died ~HSRSA/, t6e ~sottp~of L J11stl~ indtbMd to w. Mo~t~.~« ~ d+. a~~iv.t .~a ot Nine-one ~Thousand Seven Hundred and no/lOAlar• (i 1, 291, 700.00 ~ ~vWeac~d bp tts aots oi •ven d~te,l~sr~witb, bea~~as interest tro~ d~t~ oa oubt~ndin~ b~l~euh ~t ght and one~~ld~ perc~ut ( 8 1~2 X') p~r anaus, sild prlnclp~l ~ad lntu~~t b~la~ p~7abl~ inlaoaWlp io~tallaab ~s povW~dln saldnots wiW ~[ia~lm~turlty ot ~rch l, 2012 • whlcb note b W~ntUl~d as belos Ncur~d 6~r~bf? b~ • c~etltlc~b tf~ereoa S~ld oote aad ~U ot i1s te~ms ~ro locorponted berein by nl~rencv aad WL coa~~raoc~ shaU ~ecw~ ~ny aad ~11 e:ttmla?s t6se~ot. hwirever evldeaced. PROVIDSD ALwAYi. aad tl~s~ pces~pts ~te on t61t ~=pross coaditiou. that if said matp~. or ib lesai repnseat~tiws, a4a11 well ~od Wly p~7 uato t4e ~sld matPpe. its successon ac assi~ni. tAs s~id sum o[ woney sentioo~d ia tM c~rtaL? pros• tssar~ note sec~red 6tr~br ~nd ~or ~OAfMaIi .Of O~leOiloos Weno[ ia whatev~s fo~. and t!~ lnterest t6~non ~s it s6~Q b~cam~ dw. accordin~ M tbe trw lntsat ~ad stanin~ tb~teot topth~r wlth aU ~d~anc~s hersuodtr, cosb. c6~rps. aed e:peas~s. LrcL~d- ie~ a re~sowble attoro~y's tse. w61d~ tD~ uld sort~~~ ma~ Incwr oc b~ put to in coll~ctio~ th~ saae by tonciosue~. or ofher~ wis~. aad sbaU p~riaa all otMt cown~nb o[ this ooet~p, th~t t6ee tbese preseats aad tM estate henbr g~ated shall cease, det~rai~~~. aod b~ ~bsolutel~ aull aed ~oid. ~ Md tM oatp~ furth~r careoaats ~s toUows: 1. Tbat it wiU p~~ t6~ aot~ ~t t6~ tts~s ~nd in the maaner provided tMeeln; '1'6~t it wW aot peroit or snf[~r tb~ us~ ot an~ oi tb~ proptttp tor w~ purpose other than the use far whlch tb~ ~~m~ w~s in- teoded ~t tlr tls~ thb matp~ w~~ execubd; ~ 3. 'P6~t t1N r~~ul~toh •~eeoent. it ~n~. e:ecated b~ tbe sortp~ ~nd the Secret~rp o[ Honsla` ~ud Urb~n Derelops~nt ~ct- ~ ins br aad ~ the Fedtr~t Hoqsiat Comad~sdoa~r. w61cb L bsint- tecarded sisalt~aeousl~ berewiW. L inco~paated in aad m~de • p~rt oI tWs sortpp. Upoo def~nlt onder tM re`nLtorr ap~event ~od upon t6e request ot the Secretu~ ot Aonsin~ aad Urb~s D~wlopm~nt actint b~ ~nd Mrw~ tbe Feder~l Honslns Co~Lsioeer, fh~ sortp~ee. at ib optton. boa~ decW~e tbe whole d tb~ iad~bt~s~ s~cm~d 6~rebp to b~ dw and p~rieb; 4. Y~t ~11 r~ot~. proflb ~cd incoa~ from tbe property cov~r~d b~ this martp~e ue tiereb~ assi~oed to the matp~~e tor tbe purpos~ a[ disclwszin~ Ws d~bt 6srebr secu~ed. P~rmission b bsrebr sivaa to mort`~~ so lans ~s ao d~tault ezlsb Utre~mder. to coll~ct soc6 e~ab, profiis and iacome; . S. T4~t opon d~fault h~nm~der moct~~ee shall be entitLed to'tbe ~ppoint~ent ot • recei~~r br ~ar court tNVias jurisdictlon. withont eoti~c~. to Uke posses~lon aad protect tb~ propsety descrlbed bereie ~nd opente s~me aad collect We reets, protits ~nd in- co~ tbtr~fro~; 6. Yb~t ~t t6e optim ot tbe sortp~or t6e priacip~l balance secured 6ereb~ m~r be re~ortlsed on Leems acceptablt to tLe Sec- cet~ of Hons~ and Urb~n Development actla~ br and tLroa~ t6e Fedanl Housine CommLsloaer if • p~rtLl prep~pment results fran an award in condemoatlan in ~ccord~ace wiffi pwrinioos of P~n~aph 8 herein, or from w lnsunnoe papmeat made in ~ccord- aace wifh provLlms of Para~ph 7 herein, where tbere is • resultin` loss ot project incove; ; ~ 7. 1Lat tLe mortp~ wUl iossp tbe impro~eoeab now ~LHnt o~ heratter erecbod on the mart~~ed ProPerty ins~red apjast ~ j loss b~r tir~ apd sncb ot~er hasuds. c~walties, and conUn~enc~tes. as dar be stipuLted bp tbe Secretar~ of Honsins and Urban ' ~ Derslopoent ~ctin` b~ and Uuon~h fhe Feder~l HonstnQ CoomLsiooer npon tbe lasur~nce ot the aortpp aad otber bas~eds as may , be nQuired trom tive to tiee bp t3~e mortpeee. and all sacb 1~wnce sh~U be evideaced b~ ~taodard Fire and Batendad Coven`e Insnr~oce Polic~ or pollcl~~, le ~somb not Lss t6~n ~cesa~ to co~l~ w1W We appllcab3e Colas~s~nce Clawe percenfs~e. but in no e~rent slwll tbe asamb ot co~era~e be less than 8MG ot the Insanble Values or not less tban t6e mp~id b~Lnce o[ tLe lo- snred mort~a~s. whic6e~er L tbe I~sser, aed in defaalt th~roof the oortp~ee sh~ll have tbe H~t to eHect insur~nce. Ssch polt- cies sl~ll bs endorsed witb sLndard mart~~ee cLuse witb lws p~rable to tbe mo~t~a~ea ~nd tLe Secrehr~r of Hwsia~ a~ Urb~n Developsent as interest aa~ appeu, and shall be de posibd wifh tbe maetp~se; ~ T6~t. if tbe preslses cosered beroby, or ~n~ part t6ereot, sliall be dama~ed by tire or otber h~sard ~piast whkh insurance Is ~ beid ~a baeinabove pro~Ided. We amonnb p~i~ by ~ny tnsuranc~ cosp~n~ la purswace oE tbe confnM of lns~uaace to the e:teat ~ oE tbe ladsbtedness tben remainias mpald, shall be paid to tbe ao~tp~ee. ~nd. ~t its option. m~r be ~pplfed to tbe debt or released ~ ~ for tbe rep~irine ar reb~lldin~ of t6e preaises; . ' 8. Tirt all nvuds ot d~ma~es in conaectlan with ~n~ condemnation for pnblic use ot o~ ~w~r co .nr ot s.ia aopeecr, sb~ll I` be paid to t6e mort~a~ee to be applied to We ~mount dne ander tbe Note aenued hereb~ ia (1) amounts eqwl to ffie n~t m~taria~ ~ installmeet or iostallmeats of principal ~nd (2) wit6 an~ b~Lnce to be creditsd to the nezt p~ymeat dne under t6s Note. No asonnt ~ ~pplied to the eedriction ot the princip~l amount dne in accardance with (1) sh~ll be coasidered an optiooal preqTment as !he ters ~ is nsed in tbis 1/ortp~e aod the Note secured bereb~, nor relieve tl~e ooct~ator from mal~in~ rcN4r moathl7 P~7~nts comoencins t ~ on tbe [irst sonth tollowin~ t6e d~b of receipt o[ tbe aw~rd. 'Ibe holder of ebe Note is hereby aatharised in th~ name oi t6e mort- ~ ~a to e=eente ~od dell~er valfd ~cqoittaoces tor snch ~waeds and to ~ppe~l [rov socb aw~rds: ~ 9. 'ib~t, in ader more fnU~ to protect•tbe s~cnrit~ ot this eortQa~e. tbe oa~tp~or, to~etber wiffi ~od ~in ~ddition to, t6e aant6l~ ~ prysents nader t~ teesi ot tbe note kc~ved berebr, oa tbe Hrst da~ of e~ch ~nd e~ oonW ~fter tbe date heceof, mtil tLe said aote is fa117 P~id. wiU p~ t6e mort~a~ee t6e toUow~ snms: ¢ An a~omt suH3ciept to prmrlde ffie Yat~~ee witL fuads to p~y the nezt mortp~e fnsuraace preoiuv it this instrumeat aad ~ tbt Note sec~ed b~oM ve ln~nred; or s ~onthl~ service c6ar~e. if the~ arr h~ld b~ tlw Sscret~r~ oi HonsIas and Urb~n Dtwioprat, as tollow~: (n It aad so lon` ~s s~id Note ot even d~te and tbls instrusent ue lasared or ~se reinsured uoder the pw~ristoos o[ tl~e Natioo~l Howie= Act, an aoomt snificient to accoenlate in tbe h~s of tbe Ilc~tp~ee ooe m~tb pior to ib dae d~t~ tb~ amfnal eortp~e insoraoce pnoL~, in order to provide wc6 Yort~i~se witl~ funds to p~~ such premiom to tLs Secrotu~ of Howiat ~nd Urb~n De~elopmeat pvsaant to tbt IQatlooal Honsia~ Act, ~s ~eoded, ~nd appllcable Re~uLttoo~ tl~enmder, or ~ If and so loot as qid Note o[ e~ren d~te and this imhument are held br tbe Secretar~ ot Honsia~ and lleb~n Devel- ~ opeeat, a~oatbly su~ric~ cbup ia ~a auamt pual to l/12 0[ ~iSAf. of t6e a~~e oatstaadin~ pdaclpal MLuce dne m t6e Note co~pated for e~cb ~ncosssi~e ~ear be~ionin~ witb tbt tirst d~~ o[ t6e ~onth toliowin~ H~ date ot ffiL i~trnsent, if tbe S~cretar~ ot Hoosin~ ~nd jlrb~n Developeent is tbe eoctp~ee Nedeticiaep) aamed 6erein, or t6e Arst d~~ of t6~ ~ontb foUowin~ ~ssip~sedt, ii the Ifote and t61s lnswsent w assi~ed to tbe Secretaq ot Hoasln` ~ and Urban Develop~snt. witbwtt tal~lnt lnto ~ccamt dellnqueocL~ or P~P~7~~t: ~ ~ (b) A sna eqwl to tbe Qoaod reats, if ~ny. nen dne. Pl~s ths preainms th~t will aert become due and p~r~ble on ~ fire aad otLer propert~ Insormcs coter tbe Policles o[ int peemLes co~ered hereb~, plw water ntes, ta:es u~ •ssessments aen due ~ oo tbe premises co~end 6ereb~ (~11 ~s estfsated b~ tbe Yort~~eee) less •Il s~ •lread~ paid tberefor dlvided b~ the nus- bsr ot vaat6s to elapse betore one mooffi prior to t6~ d~te wbea such ~ound reots, preminms, w~ter ntes, fa:es ~nd ~~sess- ~ . meats will b~co~e delinquent, s~ub sums to be beld bp Mortp~ee in tiust to p~~ s~id Qomd rents, preminms, wattr rate~, ~ ta:ss. ~ad sp~cLl ~sse~ioeats. (c) All p~~ab menHoo~d lo t6e two preaxdia~ snbaectloo~ ot this p~n~pb aod all pqrmenb to be made under t6e Note sr ~ cor~ 6tr~ sh~L be ~dd~d to~et6~r ~ad tbe •~ep/e ~oonnt tb~r~of shall be p~id each sonth in ~ sin~le p~pment to be apptied b~ Yortppe to tbt [ollowin~ lte~s in t6e oed~r s~t fortL: pre~im ~arps n~r tbe Cantr~ct of tosnnnce witb tlie 9ecrewp ot Honsia` and Urb~n Dewlopseat ~ctina b~ ~nd ~ ~ thron~ tb~ F~denl Honsin~ Coosissioe~r or terlric~ ch~rp: . (W Qoasd r~+ f~~st s~tcf~l ~sses~eenb, w~ter ntes. tire anA other propertp iasw~nce pesiam~; (IIn hbtrst a~'tly NoM Ncand 6erebl: (1V) rottlsatbo ol t6~ priocip~l o( uld l~lot~; ~ . _ ~ S'~~$ r,~~ 390 ~ ~0~187 ~27~40 ~ y , F~~~ ~ ~ . <.~Y- z _ ~