HomeMy WebLinkAbout0431 ~ ~~~.i ~ _
2. ~het. ~n ~xdtr nx?re tuUy tu prut~c~ the .e~u~ity c~f thix nwrtgagt, the mortgs~;ur. t+~~c~her wuh, arxl ~n aJJu~un to. thr nx~nthl~
pa~mrnls und~r the ternn af the notr ~ecur.~i hrrcby, un the h~sl d~y ul c~h munth unul the s~~d nute fully paiJ, w~ll pa~ tu thC
mortg~g~r ~he tuI1~~N~ng ~uma:
la? .1n amc~unt ~uf~ficirnt to pruvide tht hidder htreof wi~h funds to pay the next rtwrt~e ~nwrance premwm ~f th~~ ~nstrumcot anJ
ihe nu~e xcured hrrcby a je insurrcl, ar a monthly char~e lin lieu o( a mortQa~e ~nsurance prem~um) i[ they are held by tAr
Secrctary of Hou+ing ssnd Orban Develc?pment. ~s falbws:
111 If and so long as sa~d note d even date and this instrument are insurod ~x ~ro rc~nwrcd ur?der the erov~s~c~n~ uf the
National Nouiina Act, an amount suftecirnt to socumulate in the hands o( the holder une ( U munth {r ~or to its Jut datt the
annual rtxxtgage inw~ance premium. in ixdrr to pruv~Je ~uch holJ~r Nith turidi to pa) .u:h prrmwm tu thr tictirrtary u!
Housin~ and iJrFan DevN~?pmrnt pursuant to the Nauanal Housing Ac~, a+ amrnJrd, aod rppl~c~blr RrgulaUUm
thereunder; or
U11 If and w Ic?ng as ~aid rxue uf even date and thi. inciroment are held hy tht S~crctary of Nouting and Urban (k~tlopmrnt.
a monthl~ char~e ~in liru af a mcxtgage mwr:~nce prrmiuml wh~ch ~hall tx ire an ~rtxwnl ryuel to unr-iwelfth Ilfl'_1 uf
une-hslf 1!:l prr crnwm of tAe eve~:~e uuutsrwiing balan~,c due un ~he notc cumputal Muhuut ta?ing ~nw a~uunt
detinyunnc~e~ M prepa>ments;
IA1 !1 sum tqual to tht gruu~xl renu, if any, ntxl due, plus tht prrmiums that wdl neat l+rcome dut and payaMe on polities af fire
----'ana i?Ihtf nStattlinsursnterm~erirtgtAe m~rt6aEed pr~'Pnty'• P~us taxes and assessmrnt~ nz~~ Jue un thr murtgagrd propeny lall
as esumated by ~he mwtga~eel less all wms alrrady paid thaefor d~~ided by the numbrr uf munth~ w elapsr befure u~x munth
pr~or to the date Nhen such grcur~ci rents, prcmwms, taxcs, and as.tie++menu will t+ctome delinquent, such sum~ to ~+e hrld b~
mortgagee in trust to pa~• uid gruund rents, premiums, tues. and +pecial a~.e~~mc~a: and
~c1 All paymeats mentioned in the tvro proced~ng wbsections d thu para~rapl~ and all payments tu be mult under thr rn~te .rcurrd
hereby ~hall t+e eJdeJ togcthtr and the aggtegytr amount thereof ~hell be paid by the trxxtgagor txh munth ~n a~~nglc p:+~ nxnt
to !+e applied by thc m.~ttgagce to the f~~lluw ing itrnn m ~t~e order ut forth:
111 premium charges under ihe cuntract of ~nsuranet v?~ih tht SecrNary of Noucing and Urban [kveloprtxnt, ur rmmthly
chargr lin lieu of mongage msurance premiuml, as the cax may be;
~ 11? gruunJ renu, taxr~, a~sessmenta fire, alxi oiher hazard insurance prcm~um~;
tlll) intrre~t un the nwe securc.i hereby; and
11\'1 amoniration of the principal of said n~Ke. -
.~?ny drticien~y ~n thr anwunt uf ~u~h aggrrgalC rtwnthl)• pa~mCnt +h:~ll. unlrU msJe g~xxl b~ the murtg~g~~r pr~ur w thr aur J~tr of
the ne~t wch paymrm. :u~~uwte an evrnt uf def:,ult urxirr thi, murtg~gr_ fhr murtg:,gee ~nay c.,llc:t a latr cha~gc" nut tu ~~crru tNu
cent> ~2c1 tw rxch Jullar ~SI? uf r:+ch pa~mtnt murr than fiftern (I51 de~ti in :urr:u+ w w~rr thr ratra r~{+rn,~ in~olvrJ m h~rx!{ing i
~lrlinyurn~ p:+yment~.
Ihat if the tutal uf thr paymc~t+ made h} the murtg~gur urufer thl of parngraph ' prrcrd~r.g'.hall ~ured Ih~ anr~um uf thr
pn) mrnU acwall~ madr b~ thr m.xtgagee, for gruund rent~, taxr+ anJ dueyment~ anJ i~~ursnce premium~. a~ thc .n~r rna) br. w~t.
excess at the opt~on oi tM mortga~ee, ehall, be cralited on x?bscquCnt payments to be nade by tht mortgagor, or retunJed to the
rtwrtgagor. If, huMrvrr. thr munthl~• pa~ment+ maJr by thc murtgagvr unJcr Ih1 uf parayrraph 2 pr~e~ing ~hall nut br ~ufhc~~nt tu pa~
gr~~usx1 renta. taxr~ :+nJ :uxa~mrnt+ and ~nsuranrr prem~um+, a. thr ca~r ma> be, wh~n the .:imr ~hall beu~me due and pa~abl~, then the
rtK~rt~n~wr ~hsll p~y t.~ thr murlgagre nny nmuunt nct:cy~ary t~~ ma{,e up the def'xien~p_ un ~M t+efurc the dale Nhen pa~mrnt uf ,uch
gruu~xi rrnt~, tascy. a~xvmrnt~, ur ~naurarke premium, ~hrll br Jue. If nt any umt thr m~xtgaguc ~hall terxlrr tu iht murtgag~r in
acwrJance N uh thc pr.~~ ~.i~m uf thr n~ar ~ecured hereby, full payment uf the entire ~nJebicYlncv rcpresemeJ ~hercby, the :rwr~g~gee
shall, m comput~ng ~hr amuunl u! au~h inJebtctiinrs.+. trrJit W the accuunt of the murtgag~x all pa) mrnt~ maJe unJtr the pru~ u~uns uf ~ul
~~f p~r~graph ~ hrrcuf v.h~ch the murtgxgrt haa not bcwme ubligatc~l tu pa~ to thr Secreta~y uf Nuw~ng aixf l,rban Dt~rlupmtnt arxi any
halancr rema~n~ng in ~hc fuod~ accumulatrd undrr thc pn~~ i~ium uf (b~ uf +aid paragreph If thrrc ~h~H he a drfault u~xlrr am uf thr
~ pru~ ~~iun. af th~~ m~xtg:~gr. rr+ulting ~n s publi: +alr uf tht prem~+c~ cuvrrcYi hrrrby, or if thr mixtgager a.ywrc~ thr pr~~rrt~ ulhrrw i,r
:,flc~ default, thr mortgagee .hall apply, at the time d the commencrment of ~uch prceeed~ngs a at the t~mr the pru~xre~ ~~~hrr.. ~+r
a:yuirctil. thr balan.r thrn remaining in thr fund~ a~cumulat~Yl undtr rb~ uf parsgraph ' prrcrJ~ng a~ a crrJit ~gain~t thr amuunt of
p~~n.~psl thrn rems~~ing unpa~J undrr ~e~J n.~tr anJ rh.sll pn~Fxrlr aJju~t an~ paymcnh Nhtch +hall ha~r hten maJe undrr lul uf +aiJ
paragraph.
J. Ihat hr Nilt pa> all ts*e~. a.u-ti~mrnh. Nater ratr., and u~hrr gu~rrnmrntal ur mun~~~prl charge+. tinr~_ u~ ~mpu~~t~un.. f~.r which
pru~i~i~~n ha, n.~t hrrn ma~r hrrrint+rfure. ~nJ ~n drfault thrnti~f thr m.Ktg:~ger may pa~ thr tiamr::,~d ~ha~ hr ~ill pturttptl) drl~c'rr ihr
~ ~~tfict~l rctirip[. th~r~fur tu Ih~ murtgag~r. ~ : , t , „
~ ~ Ih;:t hr wJl prrmit. c.~mmi~. ur ,utlrr nu ..a,tr. ~mpa~rmrnt. ~.r deteriYra~iun ur+a:d prupei-ty o~ any ~+art thereoT: and ~n ~hr <<rnt
uf ~hr t.tilurc thr murtgngur tu I.re{+ thr builJmg, un ~a~d prrmi~r, ~nd thuSe to b'ettrelted~bns~~d'pi~Zfnil~t. ~Y!~olpro~rmrntti thercun.
6 ~n ~.wKi ~rp:~ir. thr rrx~rtgager ma~ maAr wch repa~r, ~ti in it. Jncretiun ~t may de~n t~10e~caty'.~i'_t~ljpi~hplle~(~t~ug Iherruf. and
t thr fi:U am~~unt uf ra~h and r~rrr .u~h pa~ mrnt .hall t+r immctiluitel~ Juc anJ ~yrz614 a[iJ ~h:~1'~ieZCCUt~d ~r-4~r~u~~1?~mortgage.
~ f~ 1 hat t~r Mill pa~ all :~nd .ingular thr te»t~. chargr~. and r~Exn.r~. includ~ng rra~onable law}•er's fecy, snd cosis o ~b~tract+ uf udr. •
incurre~t u~ e~1 at ~ny t~mr M thr m.~rt ~a « h~tau~r ~~f thr faUure un the nrt cd the mort e ur rum 1~ and full) tu rfurm the ?
~ p~ ~ K P' K' B P M) F'~
aKrermrnt+ ~nJ ~ucrnant> uf wi~i prumi~.ur~ nutr and th~. murtgage. snd ~aid cu+h chargt~. enJ r~prme+ .hal) he ~mmrd~atrh dur anJ
~ pe~ahlr and ,halt be+ecured M thr hrn af thi. m~tgage.
~ fh~t hr wil{ l.rrp thr iinpru~rmrnt~ nuN r~isting or hercafte~ rrrc.e~l un thr murlg~grd prupert~. imurrd a. m-s} hr rrywrr.t fr~~m
timr t~~ t~mr b~ thr rrwrtgagrr ag.un+t lim hv fire and other hatard+. casulatir~. and ~ontingrrx~c~ in wch a~rK~unt+ and fi~r ~uch ptriud~ e~ ;
~ ma~ t+e rryuirrd hy murtgager, snd ill pa} pr.unptly. when due, any premium. u~ wch imurance fur pa~ mrm uf w hich p~~~~ i~iun ha. nut ~
~ bcen rrwcie hereinbefort. All imurence shall be caRied in companies approved by mo[t~agee and ihe po~~c~es and renrwal~ thereof ~hall
~ br hrW hq mungagrr and ha~r ~ttachrJ thereto Icn+paysblr clausc~ in fa~•ur uf and in form aeeeptabt~ tu thr rrw~rtgagir. In ~~rm uf lus+ ~
- hr W ill give immalietr notice by mail to mcxtgage~ and murtgagee may make prcx~( ~f I~n~ if r~t made prumptly h} murtgagur, arxi ra~h ?
~ ~nsurance company concernrd n hereby authurv.ed and duected tu maAe payment for such loss J~ra:tly to murigagee ~n,tra~i uf ~o ~
~ nwrtgsgur and mixtgagrr~uintly. and thr inwrance pnkrcJw ~~r an~~ part thrre~~f, may hr appfird h~ nx~rlgagre at itti uptiun ~ith~r tu ~hr ;
reductiun uf thr inJebteJnr~~ hrreh~ tir:ur~til ur tu th~ rr~1~KaUun ~K repair uf ihe prupert~ dam~grJ. In rrrnt ~~f furrclu~ur~ uf th~~ '
~ murt ~e ~r or uthrr tr:~mfer of Utlr tu thr murt •e ~J r rrt~ in raUn u~shmrnt uf the indrbtrdne„ .etiurcJ hrreh~. .JI ri~ht. uUr. and
~ b~. b' K' P ~F' ~ '
~ ~nter~tit uf thc murtgagur in and t.~ an~ insurancr pul~cie. then in furcr .hall paU tu the purchatirr or grantrr. ;
~ K. Ihat Ihr rrn~r(gsgee msy. at any Umr perxl~ng a~wt upun thi~ murtgage, apply t~i the cuurl ha~~ng ~un.Jitu~,n thrrcuf f:~r thC ?
~ apFx~~ntmrnt of a r~tiei~er. and .uch court shall forthw ith appoint a receiver of the premise+ covrred hrreh~ all arxi +in~ular. ~rxluJ~ng all
~ arxi ~ingular the ~ncume. profib, „sues, and revenues fmm Nhatever wurce Jeri~rd. c:uh and every of wh~ch_ it hr~ng rxprr»ly
urxler.tu~n1. i, hercb} ~nurtg:tg~tif a~ ~f ~~ifkslly ~et furth and Jrknt~erl ~n thr granung and habrnJum clsutir. hrreuf. anJ ~txh rcYri~rr ~
' ,hall havr all ~hr hiuad and rffeYtivr tunctivns and puwrr~ m anywi+r rntru.trd b~• a cuur~ tu ~ rrcr~~•er, and wch ap~~~mment ~hall br ~
~ m~d~ h~ .u.h c~~urt a~ an adm~ttrJ ryurt~ anJ a msttrr uf ahwlutr nght tu ~a~d rrwrtgagrr. anJ Nqhuut rrfererxr tu thr adeyu~c~• ur x
~nsdryu:.i~ uf thr ~alur ~~f thr proprrty murtgagr.d ex tu the wlvency or inwlvency of ~:~id rtwrtgagur ur thr defendcnh. anJ Ihat +uch j
v renu, profita. ~nwme, ~»ue~. and rrvtnur~ ahall be apphrJ b~ ,uch rrcriver according w thr I~~o of ~hi, mur~gagr arxi thr pracUrr uf wch -
~ cuurt. In thr e~ent uf an} dr(auh un thr part uf thr nwr:gegur hereunJer. Ihr nwrtgagvr sgr~a~ tu pay to the m~~rtgage: un demanJ ae a
~ reau~,iahlc monthl~ rent:d for the premi,es an amuunt at iract equivalent to one-twelfth ! 1/121 of Ihr aggregate of the twelve rrx~nthly '
~nstallmrnt+ pa~ablr in the then current year pfu~ the acwal nmuunt of the annual taxes. as.essments. water rate~. anJ imurance prem~ums t
fu~ ,uch year not cuvercJ h~ thc afurr,aiJ munthly paymrnts. t
~ 9. fhat in Ihr e~rm uf any breach uf Ih~. murtgagr ur Jrfauh un the part ~~f thr rrw~rtgagur. w Ih) ~n thr r~rn~ ~hat any uf .aid ?
+um. uf munr~ hrrr~n refrrred to br nut prumptl~ and fully paid withuut JemanJ ur nuUCr. ur li 1 m thr r~rnt that cach anJ e~rn the _
~t~p~iat:um. agrecmrnt,. c~~nd~t~um. and co~'rnants of said note anJ thn morlgagr. are nut dulr, prompUy, anJ fulfy performrJ: lhrn ~n
= enher or any such event, the +aid aggregatr ium mentiunrd in +e~J nutr Ihrn remain~~ unpaid. w ith intrre~t accrurJ t~~ th~l Umr. and ell
i.;~ rtwnr~. xcured hereh~. ,hall hrwmr dur anJ pa}ahlr furthv.uh. ur thrrraftrr. at thr ~~+uun uf ~a~J m~x~gagrr. a~ full~ anJ cumpietrly a~
if all of the said wmc of rrk~nry Nerc unginall~ +UpulateJ lu tx pa~d un wch da~_ an~th~ng in ~a~d nute or ~n ~h~~ nwrtg~ge tu the c~~mrary
- nutw hh.ianding: and therrupun or therc~fter, at the optiun uf .aid mortyager, wilh~nn rwhce ur drm~nJ, .uit ~t I~N ~~r in eyuit~. may Ix
pruxcutrJ a~ if all ~nuney+ ~ecureJ hereh} had m:~wretii p~ iur t~i i~~ in+titut~un. 1 hr rtwrtg:?ger may furecluse th~~ rrx~rlg~gc. tu thr
arix~unt .o declared dur :+nd pa)able. and the »id prem~~r~ ,hall hr wld to ~a1isly and pay 1he +ame ~~~rther with cu~b. c~prnx+. and
~IlvNan~t~. In ceu uf perl~al furecl~nure uf th~~ mur~gagr. ~hr m~xlgaged prem~~c~ ~hall t~ udJ ~uhjr~t tu the cuntinwng lirn ~~f this
rrx~rtgagr fur the amuum uf 1he drht nut thrn due anJ unpa~J In wch ca~e ihe pro~i~~un~ uf th~~ p.uagraph ma} ~g~in hr a~~drJ of -
- thercafter fr~~rn timr tu ume h} thr m~xtgagre.
111. Ihat ~hr rrwalgag~~r w~II give ~mmedia~e nutscc b~ ma~l w thr rtwrtgagee of a~y cunve~aner. 1ran~f~r..~r rh:+nge uf uNnrnhip uf -
- the pr~m~~e~.
1 I. I hat n~~ wai~er uf an~ cu~rnant herrm ur ul thr uhligauun ~~tiured hrreb~ ~hall at am~ umr thrresfter br hrW tu Fn a MAI\t~ UI ~
` thr trrm. hereuf ~x ~~f thr nutr x~ured hrrehy.
12. fhat if thc m.+rtgagur Jrfautt in any of the cuvrnantc or agrermentx cunta~neJ hrrein, or ~n aaiJ rxnr, then the mix[gagee ma)
~_`Y periorm the sanx. arxi all caprnJiwrc~ i including rea,onable attorney~s fees) madt by the m.xtgagre ~n x~ Ju~ng shall draw interest at the
rate ~et furth in thr rx~te ~ecured herrb~. anJ ~hall be rrpayable ~mmaxii~tely and withuut Jemand by the rtwrtgagur tu lhe rrWrtgager, artd. ;
wgether with interest and cu,tti accrwng thereon, shall be ucured by this mortgagt. `
'''.f %
1
- . . ~W~f ~ ~ t