HomeMy WebLinkAbout2359 2. IRat. ~n urJtr nwrr fully tu p~utrct ths ~cunly uf th~~ nHxtgagt, thr mur~sagur. tugrthcr MIIA, dMI ~n JaIalUUll IU, 1~1C ~~M~11IlI)
paymrnu unJcr thr ttrms uf Iht nutr sr:urrJ hrrrh~, un th~ hr~t Jay ut rach mun~h until the +aKf n.~tc fuUy pa~J. N~II pa> to ihr
nwrtgagcY ~hr falluN~ng ~um~.
la? ~1n am.wnt wffic~en~ tu pruv~dt ~ht A.dJer hrreuf w•~th funJ+ tu pay thr ne!ct nxu~gage ~nsurance {xcm~um if thi+ ~mtrumcnt and
thr nutt ~eCUred hrrnby are msurcvi: cx a munthly charge I~n lieu o( a rtxxtgagc ~nsurarke prrm~uml if they are hrW by the
lecretary of Hou~ing and l'rban De~•elupmcnt, a~ f~lluw+:
ill If anJ w long a~ w~d nute c~f evrn datt ~~x1 th~s imtrumrnt :tre ~mured or are rcinwrccl urxler tht D~uvisium uf the
I~ational How~ng Act, an amcwnt sufi~c~ent ta accumulate m the hand+ of the huWer une l U month pr~or w its due date the
annual nwrlgage imurance {x~mium. ~n .xdtr to pnw~Jc wch hulder w~th [und~ to p~) ~uch prcm~um to thr titcrrtary uf
H~~u~ing and l!rt+an ikvelc~+mrnt pur,uant tu the !~aUUnal Huw~ng Act, a. amrnJed, anJ applKable Rrgulat~um
thrrcundcr, or
IIU If and u~ long as taid nate ~d evrn datr arx! th~s ~n,trument arr held by the tiecrelary of Hou~iog and Urhan Ik.~ilopment,
a rtw~nthl~ charge 1in I~ru .~f a murtgagr inwr:,ncr ~xrmiuml wh~ch ,hali t+c in an anwunt ryual to unr-twc{fth 111121 ~~f
....._r,~.ir i~:~i r,rr crmum of ~hr a~ers¢r uut~larxl~n¢ b:ulatkt due un tht notc cumputr~l w~thuut trk~ng intu axuunt
~rlinyurncit~ ur prrpa>mrnt~:
ihl A,um ryual to thr gr.~unJ rrnt+. if ~ny. nt~t due, plu~ thr prrmiums thal will next becumr due arxf payablr on ~~IKie~ of fire
anJ utheF twc~rd-~ww~:u*:e K?ver~ng tde nwrt~e{s~l pr~~riy. plus taxes and aneUmrntti n~~t Jue un thr murtgagrd p~uperty lall
a~ r,umated b~• the murtgagre) Irss a11 ~u~n~ alrcady pa~d therr[ur dividtd by tht nurt?btr of months to elapse brfure une munth
pnor tu thr datr when ~u~h gruurxl rent~, prem~um~, ta~tti, und a~+e+.ment~ aill becume delinquent. such tum~ to he held by
rtx~rtgager in trust to pa)~ wid ground rent~, prtmium+. ta~rs, and ~prcial s.cr+.mrnu: and
.~11 pa~mrnts mznuoned in tAe two preti:eding suMecUom of thi~ paragraph arxi all payment~ t~~ be made u~xir~ the note xcured
hrrrh~ +hall t~ addr~l wgethrr ~nJ thr aggregatt am.~unt ~hrrruf +hall be paid by the rtxx~gagur r:sch month ~n a~~nglr pay rt~enl
ta t+t applieJ b~• the mungagee to thr fulluN ing itemti m thr orJrr set furth:
111 prcm~um chargr~ undrr thr :ontra.:t uf ~nwrenee with the Srcrctary of Huucing and Urhan [kvelopment, or rrK~mhly
cha~gt Un I~eu of mortgage ~n~urance premium?. as the cxtit may t+e;
i 111 gruund rent+, texcy. a~~~+ment~, fire, and ather hat.ud ~nwr:?ncr prrmium~;
11111 intrrr+t on the nute +eeurcd hercby; and
11~'1 amortitation of the principal uf sa~d note.
Am drtic~rnc) ~n thr anwum uf ,ucl: aggr~gate munthl~ pa~ mrnt .hall, unlr,~ madr gu.wi b~ thr mvrt~;agur priur tu ihe dur Ja1r uf
the nr~t wch paymrnt. wn,tiwtr an r«nt uf drGwlt undrr th~~ 171U[lb'd!',C. If1C I71Uflb'agrt ma~ i~ell~til a'I;~te chsrge" not tu e~~~ed tNu
crru ~2c? fur ea~h J.dlar ~SI i uf ~ach pa~ment mure tban tiflcrn ~ I51 ds~. in arrcan w ~uvrr the extra ~~~xn.r ~mvlvetil ~n hanJling
,~;i.~~..i.,g ~:;nts-^-s~_
~ lhat if thr tut~l ul thr pa~m~nh ma.lc h~ thr :nu~tgag.~~ und~~ ~h1 uf par.~graph psc~:ed~ng .h.sll r~ctrd thr .+nx~um ~~t the
pay mrnt, :+ctuall~ ma~lr by thr murtgag«. fur gruund rent~, t;?~r+ ~nd a,.r~timeoh anJ ~murancc premium., s~ thr ca.r may br, wc~.
exceu at the option of the mort~agee, ~hall, be credited on subseyuent paymenu to be made by the mortgagor, or «funderl to the
nx~rtgagur. If. h~wrver, thr munthly pa~mcnh m:xir by th~ murtgagur under Ib1 af paragr~ph 2 pr~~:eding ~hall nut tK wffi~~rm to pay
gruund rcnh. ta~~r snJ a.+r»mant+ and in.uran~e prenvumti, a~ thr wse ma~ tx, Nhrn the tiamr +hsll bcwmr dur anJ pa~able, thcn the
nx~rlgagur ,hall psy t~~ thr murtgagre an~ :,muum nc~r+tiah tu maAr up thr J~fi~~rrw>'. un ar hrfurr thr Jate ~hrn pa)nxnt uf +uch
grourxi rent~, t;,s~~.. .~~~r~+mrnt~, ur ~murark~ prem~um+ ,h;sll tk due. If at an~ umr thr m~mtgagur +hall trn.irr tu the murtg~gre ~n
accurJancr N~th thr pr~v~~~~~n~ uf thr nutr ~rcurrd herrby. full payment uf thr ~ntirr ~n.febt~Yine~+ r~prr~~ntrJ thereby. the rtx~rtgagee
+hall. in ~umpuung thr am~~um u(wch ~ndrbtrdnr~.. tr~~.iit t~+ thr accuunt uf thr mungagur all payment, msdr under the provui.~ns of (u)
ut paragr~ph herruf wh~ch thr murtg~gre ha~ nut txr:~mr ubiigatrJ tu p~> tu the S~retar~ uf Huuaing :?nJ l;rban De~~lupment and any
4 balancr rrmsming m thr fund~ ac:umulatrd unJrr thr pru~~,wn. uf Ih~ uf ,rid parsgraph If thrrr ~hall h~ ~ default urxirr an~ uf the
- pn~~ ~.ium of thi. m~xtgage. re+u~ung m a puhli~ .al~ uf the prem~+~ coverctii hrrebp. ur if thr mortgagre aoqu~rec thr pn?prrt~ .~ther~ ~sr
sftrr drfault, thr murtg~grr ~hall apph. at thc Urnr ..f Ihr :ummrnirmrm uf +u:h pnktrding+ ur at thr Umr thc pruFxrt~ i~ uthrr~ itie
:~iywrr.f. th~ halanir then remain~ng ~n the fi~nd. a~cumulat~til unJrr ~hr uf paragr:fph pretrd~ng a~ a crrdit :+gaimt thr am~~unt uf
E pnnc~pal then rrma~ning unpaid unJrr ,:ud nutr and .hall pruprrh ad~u.t an~ pa}ment, Nhich +hall ha~e I+ern ma~c undrr ~u) uf +a~d
' nar~er~nh
j J. 1 hat hr will pay all ta~c.. :?~.r~sm~nh. Natrr ratc~. .~nJ uthrr guv~rnmrntal or mun~cipal chargrs, hn~~, ur ~mpueuwm. tur ~~h~ch
; pro~~siun ha~ nut tx:rn maJe herc~nhrfore. and in Jet:~ult thercuf thr martga~re m:.y pa~~ !h~ a3mt; and tha~ hr w~ll prompUy deli~~r thr
~ offic~al rcYe~pt. ~herrf~~r to the mortgagee.
~~hst he w~I) prrm~t. cummh. ur .utTrr nu N a~~r. impau mrnt. ur ~htrnuration uf ca~d property M any part thereof: anJ in thr ~~ent
.~f thr failurc uf Ihe mortga~.~r ti~ Arcp thr bu~ld~ng..~n .a~J prrm„r+ end thu+e tu t+e erectrd on said prrmi~es, ur ~mprovements thrrrun.
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~ ~n g~wKl irp~~~. thr ~n.~rtgagre ma~ m.~Ar ,~.h r~p~+ir~ a. in d, ili~creuun ~t ma} drem nece.,nrp fur the pn+{~rr pre~n•ati~~n Iherruf. and
£ the full arrx~unt ~~f rach anJ r~rn ,uch pa}mrnt ~hall hr ~mmrJia~rl~ Jur anJ payable. and ,h~ll hr +r~.ured hy thr lien uf thi, rtx~rtgage.
~ b. I h:+~ hr N ill p:~y all and ,ingufar thr i~hh. :hargr,. .+nJ ~~prmr~. ~niluding rea+unshlr lavtiy~r'~ fir~. ~nJ custs uf ah~tractt uf tillC.
~ incurrr.l ur pa~d at am um~ b~ ~hr mun~agrr brcau~e uf thr ta~lurr un the srt of the murt a ur rom tl • anJ Eull tu rfurm the
~ p K" S P P} y Fk
~ agrermrnt~ an~ ~u?rnantti uf .aid prum~.~un n~~tr ~nJ thi. murtgagr. ~nd +:iid cu+tti. charge~. anJ r~pemrti ~hall t~r immrd~atrly Jue and
s payahlr :~nd ~hall he ,rcure.l by the hrn ~~f th~, murtgag~. ~
~ 1 hat hC M ill Arep thr ~mpr~»rmrnt. nuN r~nunE ur herraftrr r~rct~d un thr murtgaged pruprrt}. in,ureJ ati may t+r reyu~r~~l frum
~ tamr tu ume h~ the nwrtgagr~ ega~mt I.~,~ b~ firr : nd uther haiar~+. cawlaU~~. and cunUngeniir~ in ~uch artK~unt. and fur ,uch prriud~
u mar hr rrywicYl h~ murtgagrr. en~ N~II pe~ prump.{y. wh~n dur. any prem~um~ on such imurancr f~~: paymrnt uf ~+hn h pruvi~iun ha~ nut
~ been made her~~nbefore. All insurance shall be carrietl in companies approved by mortgagee and the policies and renewals thereof shall
~ be hrW h~ murtg:~ger and hav~ attachrd thrrcto I~rs p~~ahlr clau~c~ in favor uf and ~n fixm at~eptahlr tu the rtx~rtgagee. In e~rnt uf luss
he w ill give immrJiate n~ltice by mail tu mortg~gee: arxi murtgagee may make pnwf of locs if rw~t madr prump~ly hy m~xtgagur. :~nJ rach
~ ~nsu~ancr cumpan~ wncernrd i~ hereby authuri~ed and d~recteJ tu makr payment fur wch I~~ dire~Uy to nwrtgager ~n,t~~d of tu
nx~rtgagur and mortgagrr jrnntl}. and th~ m,urance pnxrrd,. ur an~ p:?rt thereuf. maJ hc appLrd by rtx~rtga~,rr at it, uption rithrr tu thr
reductiun uf the indeMrJne~+ hrrrh} ~eiureJ ur tu tht revurauun ur repair uf the pruperty~ damageJ. In e~rM uf fureclihure of Ihii
" murlgagr or uther tr~n+frr uf tiUe t~. thr murtgagrd pn~+rrt~ ~n ext~ngui~hmrnt uf the inJeMc~lneti~ ticturrd hrreb}. afl righl. Ihle. and ?
~ntcrest ut thr murtgag.rr in and to ~n~ ~murance pul~c~r~ thrn ~n furcr ~h:Jl pa~~ tu Ihr pur~hau r ur grantrc.
f K. That the mc~rtgagee may. at :.~y Ume pending a+wt u~rn th~ti m~~rtg~ge, apply to the cuurt h~~ing junxlKtiun Ihereof fur the
F' spp~~intment uf a rece~~rr. and such cuurt tihall forthw ith ap{x~int a receiver of the premises covered hereby all and +ingular, incluJing all
; and ,ingular thr ~rxome, pmfit~, i~sues, anJ revenue~ from whatrver wurce denvtd, each anJ every of which, rt bting txpre+sly
undrr.tu~x1. i+ hrrrhy murlgagrJ if ~~~tic~~ly ~rl forth anJ dc~unbrd ~n thr granling anJ habrnJum clau~n hereof. and tiuch recerver
;F; shall have all the hruad and e(frcn~r functivm ~nd puNrn ~n ~nywi~e entru~trJ by a court tu a recrirver, anJ +uch appuintmen~ ~hall be
maJe b~ such cuur~ ati an sJmitted eyw~y anJ a maurr uf aMulute right lu ~a~d mortgagee. and v?~tM~u~ rcferenee to Ihe aJeyuacy or
= in:~deyuacy uf thr value uf the proprrty murtgagrd ~x w the wlvency or insolvency of said rrwrtgagor ur the defrnJent+, ancl that ~uch
~ rent~. prufit~. inc~~me. ~~wes, arxi re~enu~> >hall be applied by ,uch receiver according to the lien uf this mor~gage arxf the pracUre uf wch
court. In the e~•ent uf any defaul[ un thr part of lhe rtwrtgagur hrreunJer, the rraxtgagur agrres to pay tv the murtgager un demsnd as a
reasonable munthly rental fo~ thc premius an amount at I~ast equivalent to one-~welfth 11~12) of thr aggregale of the tw•elvr monthly
instaflmrm+ payable in the then current year plus the actual amuunt of ~he annual taxes, assessments, water rate~. and insurance premiums
for ~~xh ~~ear nut cuveretl by lhe aforeaa~J monthly paymrnh.
9. That Iu? in the evrnt of any breach uf this mortgabe or Jrf•rult on the part uf the rtxxtgagur. or Ih1 in the event Ihat any of +aid
sumti i~f mune~ hrrr~n referreJ tu hr not prompUy and (ully paid withuut demand or noticr. ur Icl ~n thr event that each anJ evrry the
- ~upul~t~un,. agrerment~. cunJ~uum. and cuvcnant+ of sa~d nar end thrs murtgage, are not duly, prompUy, arxi fully performeJ: then io
either or any ~uch e~rnt, the ~aid a~regatr ~um mentiuned in .a~J nute then remainig unpa~d. N ith intere~t accrued tu tha~ Ume, and all
rrnmer. u~ureJ hereby_ ,hall becume due and payahle forth~ ~th. .,r Ihrre~fter, at the upt~un of tia~d mortgagee. a~ fully ~ad a~mpletely as
~f all of the vid ~ums of money were unginally ~tipulalyd tu be pa~J un ~uch Jay. anyth~ng ~n ~a~J nutr ur ~n th„ nwrtgagr tu the cuntrary
= notw ~thtitanJ~ng: and thertupim or thrreafler. at the optiun uf caid mortgagee. with~>ut rwuce ur drmand. wit a~ I~w ur ~n eqwty. ma~• be
- pnrecutr~ a, if all muneyti ~ecured hrreh~ haJ maturctil pnur tu it~ ~mtrtuUUn. The mortg~gee may tixrclu~e thn m.xtgage, a~ tu the
- arm~unt ur Jr.lared due and payaMc. and the tiaid premitie. +hall t+r wIJ to ,ati+fy and pay the ,ame tugether with cu~t~. expeme~. and
aUuwancr~. In cax nf partial fureclu~urr uf thi. murlgagr. Ihe murtgageJ prrmi~e> >hall hr wIJ ~ub~rct tu ~hr wn~inwng lien uf this
nH~rtgagr fix thr amuunt of Ihr drhl nut then dur and unp~iJ. In ,u.h catir thc pru~•i.ium ~~f th~ti paragraph may again br availrJ of
- thrrrafter frum ume tu timr by thr murtgagre.
11). f h:el thr murtgag~~r ~+ill g~~r ~mmrdiale n~~lice by mail tu ~hr murtgagrr uf ~ny cunveyar?ce. tr.~mfer. ur thangr uf uwnrr.hip of
thr prrmi~r.
1 I. ? hat nu wa~~rr uf an~ cu~rnanl herem ur uf 1hr ui~l~gauun .ecur~tii herrhy ~hall at .+np Ume thereaftrr be held tu br a~+ai~'et of
~he trrm. hereuf or uf the nute ~~wrrJ hrrehy.
- 12. Y hat d the rrw~rtgag~~r Jrtault ~n any uf the cuven:~n1~ ur :,greemrnt~ cunl:~inrd hcrein. or in ~iJ rx~t~, then the murtgagCr may
r'-`~ perfurm the ~anx. ~rxl all etprnditurr~ (in~lu~~ng reawnaM~ auurnry\ fee~1 madc hy thr mur~gagre in w Juing shall draw intere~t at the
rate ~t forth in the notr .ecured hereby, and sball b! repayablr ~mmeJ~atrly and wuhuu. demand hy the rtwrtgagor lo the rtx~rtgagee, and,
= tugether wuh interesl and cuu,:ucruing thereon. ~hall t~ xcurrd by thi~ mur~R,R~
- [Rll)il i rV T ~IbC i~ i
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