HomeMy WebLinkAbout2741 ' . • ;-~.•~i
. ~ ~ ? i . . . .
That, m~dei more fully to prutect the xcunty of this nwn~a~e, thr morigaYur, togr~her wnh. arx) in a~lditiun to, thr munthly
paymcots unJrr thc terms uf the nutc scturr~f hc~cby, .xi ths first Jay of each rtwnth uniil the sai~1 note is fully paid, will pay to ths
mortgagec tAe fulluw~ng sums:
la1 An anwunt suf'licient to provide the holder heroof with fwds to pay tt~e next mort~e insu~an..-e premium if this iaurumeat and
thc note securcat heroby are insuretii, or a monthly chu~e (in lieu d a m~rt~a~e insurance prem~um) if they uc Aeld by the ,
Socrctary of Housins and Urban Deveiopment, as folbws:
111 If and so lo~ u ssid note d even date snd this iastn?ment ue insured or arc rcinwrcd uakr the orovisions uf the
National t~fo~usins Act, an amount wtficient to aocumulats in Ihe Aands of the holder ~e (1) monthpriot W its due date the
annual nxxtsase msurancc pre 'um, in order to pruvide such hdder with funds to pay such {xemium to tho Socretary ot
Housina and UrMn Develop nuant to thc National Housin~ Act, as amended, and applicable RcYu~a~ions
tAereunder; or
t111 If snd so lona u~aid note of even date and this imtrument ue held ~y the Secrctuy of Housing and Urban Development,
a monthly charge 1in licu of a mortgage insurancr prem~um) which shall bc in an a~rxwnt equal to one-twelfth (1/12) of
oRe-halt (b~1 per crntum of the avc~a~e outstarniinQ balance ~ue on the aote computai without takinj into account
delinquenCies or prepayments;
Ib) A wm equal to the ground ~ent~, if any, ~ext duo, plus the premiums that will next l~ernme duc and paysMe on policies of 8re
and othet Mrard insuraeee cevcYinE tht rt+cxtgaaed {xepeNy, plus taxes and assessments nex~ duc on the mort~a8ed propeccy lall
as estimatod by the mortga~ee) lass all wms alresdy paid therefor divided by the aumber of rtwnths to elapse before one m~nth
pnor tu the date when such ground re~ts, premwms, tanees, and as.xssmer.ts will become delinquenf, such sums to bt held by
monaagee in trust to pay said 6riwnd rcnts, premiums, [axes, and special a«~mcnts: and
Ic) All payments mentanod in the two proceding subsections of tAis paragraph ard all payments to be made under the note secured
hcreby shall be addai together arni the aggregatc amount thcre~[shall be paid by the mortQagor rxA munth in a sin~te payment
w be apptitd by the riwrtgagee to the fdlowing iter~u in the order stt torth:
11) ' premium cha~ges under the contract of inturance with the Secretary of Housing and Urban Devebpmrnt, or monthly
chuge (in lieu of mortgagc inawamx premiuml, u the wse may be; ' • :
111) Yrouod rents, taxes, assessments, fire. aixt other hazard insurance premiunu; `
(111) in~ercst on the note secured hereby; and '
(IV) amonization of thc principal of said note. ~
Any deticieocy in the artwunt of such iggrrgate muntAly p;~ymrnt .hall, unlc~s made gu~xl by !he mortgag~x prior to the due date of
thr r~rat such paymen4 cw?stiwie an event oi defaul~ under this murtgrge. The mortgagee may collect a"late charge" not to rxceed tw~
crnu ~2c1 fo~ each ~Ilar ISI1 of exh payment more than fifteen l1S) days ~n arrears to cuver the ezt~a expense involved m harxiling
~iel~nquent payments.
3. That if the total of tht payments made by the rfx~rtga~ur urnier lb1 ot paragraph 2 preceding xhall e~ceed tAe amount vf the i
payments actually made by the mortgagee, f~x grcwnd rants, taxrs aied assessments and insurarke premiums, as lhe case may be, wct.
tXa'.t5's Zl [M Op[1011 Oi iM [i1 vm.nte t~ he mAde !fV th[ IMftti~Or. Or ftfLLOdtd l0 t~!
Oit6a8CC, sitaIi, oe txe~iiic~i Ou 5iivx.~.,~... Y-~--._»~
mortgagur. If, huwever, the mont~ly payments made by the mortgagar unJer Ib) of pa~agraph 2 preceding shall not be suf'Tcient to pay
gri~unci rcnts, taxes and asxs~ments and inwrance {xem~ums, a+ the c;ue may be, when the same shal( t+ecome due and payabte, then the
rtwrtgagor shell pay to the matgagee any amuu~t oeccxsary a~ make up the Jeficiency, vn w before the Jatt when payment of such
ground rents, taxes, assessmeots, or in~uranr,e prcmiumc shall bz Jue_ If at ~ny time ihe mortgag~x st~aU tender to the mor4gage~ in
a.a>rJanct wit~ the provisions of the nWe aec,ured ht~eby, full payment of thc ent~re irniebtctiiness repreunted thereby, the mongagee
shall, in computing the amount uf wcA inefebte+dnrsa, uedit to the arcouni uf thr mortgagur all payments mas3e uixler the provisions of (u)
of paragraph 2 hcreof which the maxtgxgee has not becume ubligatrd to pay to the Secretary of Huusing arn1 Urban ~evebpment anJ any
halance remain~ng in the fun.ls accumulated urnler the provisions of !hl of saiJ paragraph L If there shall t+e a Jefault u~xirr any c?f the
pruvitiuns of this mcxtgagc, resulting in a public sale ut the premisrs coveretl hereby. or if the mixtgagee aoyuires the pruperty utherwise
after default, the murigagee shall ap~+ly. at the time of tht commencement of wch ~+roceedin~ or at the time the propcny is uthrrwise
acquueJ, the balance then remaining io the funJs accumulalyd undcr /b) of paragraph 2 precniing ~ a crtJit against the artwunt of
p~incipal then rema~ning unpaiJ urnfer wiJ note arxi sball pruprrly adjwt any paymentc which shall have been maJe under lu) of said
paragraph.
4. Tha~ he will pay all taxcw, a~.sr,smrnts, wat~r rxtc~. :?rxt uther guvernmentat or municipal chargc~s, fines, ix impusitions, for which
provision has ncu t+een made htreinbefore. and in Jefault tbcraif Ihe m~xtgagee may pay thr same: and that he will prompdy deliver the
oflic~al receipts therefor to the rrwrtgagee.
5. rhat he w~ll permit, commit, cx su(Ter no wacte. impairment. ur deterioratiun i~f wid pruperty .x any part therrof; arxl in the evrnt
oi ihe failure of !hr mortgagur to l'eep the twildings on said premixs and thmr to t+e rrected on said premixs, cx improvemenis thcreon.
m g.wd repair, the mortgagee m•ry make such repairs as in its discrelion it may Jeem nctiestiary for Ihe proper preservation thereuf. ~nd
the full xmuunt uf each and every such payment shall tx immetiiat~ty due a~x1 payabte, anJ shafl be securctif t?y the lien otihi+ rrx>rtgage.
6. That he +?ill pay all erxi ~ingular the c~nts. cherges. and ezprnsrs, intluding reawnable lawyer's fees. and costs of ahstracls of 1iUe.
~ncurreJ ur paid at ~ny hme hy the nx~rtg~gre t+rcau~e of the failure un Ihr part uf lhe rtwrtgagor prumptly and fully to pertorm the
agreements anJ cuvenants uf .aid promia,or}• note and thiti murtgage. and ca~J ccnts. charges, anJ expenses shxll be immeJiately due and
payable and sl?aIl t?r xYUred by the lien of this m.xtgage.
7. That he w~ll keep the impruvement+ ~~w existing ur hrreafter erc~teJ un the m.~rtgaged pruperty. insured as may be ~rquirctif from
umr to ume hy ihe rrn~ngagee against I~xs by fir~ anal otAer haiards. ca.ulatie+. anJ cuntiogencies in ~uch arrx?unts aod fi?r ~w h perKHls as
may be required by m.xtgsgze. and will pay prompUy. Nhe~ Jue, any premiums un wch insurance fax payment of which provi+ion has not
been made hereinbefore. All inwrance shall bc carriod in wmpanies approved by mortgagee and the policies and renewals thereof shall
t+e held by murtgagee and have :~ttached thereto li~ss payable clauses in favor of and irt form acceptable to the rr~rtgagee. In event of losc
he w ill give immed~ate rwtice by mail to mcxtgegee. anJ mongagee may make pr«?f of loss if nut made prompUy by mortxag~x, anJ each
insurance company concerned is hereby authoriied and Jirected ta ma?e payment for sucA loss direetty tu nx>rtgagee instead of to
murtgagur and mixtgagec jointly, anci the insurance proceeJs, or any part thereof, r~tay be applied by rrwrtgagre at its uption eilher to the
reduction of the indebtednes~ hercby securrd or to the restoratHin cu repair uf Ihe property damaged. In evtnt of foreck~.+ure uf this
mortgage or other 1r~mfer uf title tu the mor~gageJ property in extinguishmem uf tht inelcbtednnc se~;urrd hereby, all right. title, and
interest of the morigagor in and tc. any ~nsurance puliciec then ~n fi~rce +haR pa» to 1he purch:uer or grantee.
R. That the rrwrtgagee may. at ;.ny ume perwiing a.uit upun thi+ mortgag~, apply tu the cuurt having jurixlicti~~n thereof for the
appo~ntment of a receiver. and wch courl ~hall fcxthwith appoiot a receiver of the premises covered hereby all and singular, including alt
arxi ~ingutar the incomc. profils, issues_ and revenues from whatever source derived, each and every of whicA, it txing expressly
urxier~t~xad. is hereby mi~rtgaged :u if ~pecifically xt forth nnd J~cribeai in the granting and habendum claucec hereof, and s~xh recciver
+halt have aU thc hr..ad anci ef~Fect~vr furktiuns and puwer~ in anyw~se entrutitzJ by a court to a receiver, and such appointmenl shall be -
' made by wch court a+ an aJmitted oquiq• anJ a matter of aMolute right ~u caiJ ?rx>rtgager, and wilFwut reference to the aJeyuacy or
S ~nadryuacy ~~f the value uf thr pruperty rtwrtgagal or to lhe solvenc;y ur insvlvency o( said nxxtgagor or the drfendents, arnl that such
rent~, prufib, e~wme. ~s.,u~, and re~•enues sha11 be applied hy ~uch recei~~er sccurding to the leen of this mc•rtgage anct the practice of such
court. In the event of any default uo the part of ihe rra~rtgag<~r hereurxier. the mortgagor agre~~+ Io pay to the mortgagre un dcmand as a
•'e-«^a!`!' 'tt*~n!hly rent~~ fn~ tht prr.*±~~ an am~,~~nt at Ieact eouivalent to onrtwelfth (1/I21 of the ap,aregate of the twtlve monthly
installments payable in the then current year plus the actual amount of the annual taxes, acsessments, wate~ rates, and insurance prcmiums
for such year not coverecf t?y ihe aforeuiJ monthly payments.
9. That Ia) in 1he event uf any hreach of this mortgage or default ~?n the part vf ~he murtgagor. ~x Ih1 in the event th~t any of tiaiJ
sum, uf money herein refrrrett to he not promptly and fully paid withuut demanJ ur nwic~. ix Ic~) in Ihe event that each arx! every- the
st~pulatiuns. agreemeot~, conditiom, arxf covertanls of saed nqe anJ Ihis mixtgage. are nw July, promptly, and fuNy perforrt?rd: thrn in
either or any such eveni, the said aggregate sum mentioned in ,aid note then remainig unpaid, with interest accrucd 1o that time. anJ all
moneys secured hereby. ~hall become due and peyaMe f~xthwith, ur therrafter, at the opt~on of ,aid m~xigagee, as fully and completely as
if all of tht said cums of money were uriginally sUp~lat~til tu tx paiJ on wch Jay. anything in saiJ note or in this rrx?rtgage to the contrary
notwithstand~ng: and thcreupon or thereahrr, at the optiun of said rtx,rtgagee, whhuut rx?ucr or dem~rnl, suit at law or in equity, may be
pro+e~:uted as if atl muneyti sacurai hereby had matureai prior to itc ~nsliwtion. ~fhc rtwrtgagee may forecluse this mortgage. ~s u? the ~
amount w declared due and payable. and the said p~emises ~F?all be sold to catisfy and pay the ~ame tugcther wilh cocts. expenses, and ;
alluwances. In case of parUal foreck?sure uf ~his mortgage. the mixtgaged prem~se~ ~hall be K~Id .ub}ect te~ the a~ntinuing I~en uf this ;
mortgage fur the amiwnt uf the drbt not thrn dur ar?d un~aid. In such ca~r the provuiuns of this paragraph may agam he availeci of
thereafler G~;m time to time by ~he mortgagee.
10. 7 hat the rrwrtgagor w~tl give immediatc nwice by ma~l to ~he rtwrtgagee uf any cunvcyance. tr~nster, ~x change of uwnership of i
the prtm~se~.
I 1. lhat nu wa~vrr of any covcnant hcrc~n or of Ihe obligat~un securcJ nercby shall ai any umr thereatter br held lo be a wa~ver of ;
the ~erm~ here~~t ix of thc note s~cured hereby.
12. ( hat ~f ~he nx~rtgagor default in any of 1he cuvenam~ or agrerments contairxYl herein, or m said note, then the mottgager may
pertorm the samt, anei all expenJitures 1 ~ncluding reawnable auurney'+ feesl made by the mcxtgagee in so doing shall Jraw interes~ at lhe
rate set forth in the twtc sccurcd hereby, and shalf br rcpayable immucliately anJ withiwt dcmand by the mortgagcir to the mortgagee, and.
togeiher with interai and c~xts accruing thercon, shati be ucured by this mortgage.
' r'
~i9~ _
r
.
_ .
_ -
_ -