HomeMy WebLinkAbout1459 ;•1 F.~
(ha~, in urdrr m~~re tuUy lu prutctil thc ~rcurity of thi~ rtxtt~g:+gr, thr mur~g.~g~~r, wgrthrr N~th, un.i in :aiJitiu~ l~~, tAc nw~nthly
paymrnt~ undrr 1hr term~ uf lhr n.ur ~ctiurrJ hrrrhy, uo thc lir.t Jay ut e:kh munth unid the w~J n~Hr fully paiJ. w~ll pa~ tu thr
mur~gagrr ~hr fulluw~ng wm+:
Ia1 :1n anwunt +ufficirnt ta provide the huldrr hereof •with funJs to pay thr nt~?t mo~tgage insurance E?rrm~um if 1hi~ ~n~trurt~nt and
~he nwr ucured hereby arr imured, cx a munthly chargr lin lieu oi a mort~a~e ~nsurance ptemiuml if lhey are hrW by tht
Secrctary o[ Housing and Urban Develupmrnl, as folbws:
111 If and w lang a~ .aid note uf even date and this imtrumrnt are ia.urai ~x are rcinsur~l u~xier the provis~un~ uf the
National Housing Act, an amount ~ufTicient 1o accumulate in the hands d the Aolder une l 1) month {xiu~ to its due da~c the
annual m~xtgage ~nsurance premium, in ~Kder ta providr .uch huldrr with funls tu pay +uch prrmium to the ti~tirrtary uf
Housing anJ Urb:?n ikvrlopment punuant t~~ the tiat~unal Huu,ing Act, as amrnJeJ, anJ applKablt Rrgulatium
Ihrrcunder, ur
1111 If and x~ long as wid nute uf rven date arxi thi, instrumen? arc held by ~he Secrctuy of Nou~ing and Urban Ikvzk~pment.
a monthly charge lin liru uf a m.xtgagr ~n+urancr ~xrmium? Nhich .hall br in an anxwnt ryual 1~. onr-twelfth 111121 uf
une-half l'n 1 ptr centum of thr :1VCf:~$r uuuta~xl~ng b:?1:?rx;t duz un the notr compuleal withuut la\ing intu a~x:uunt
drlinyuencie~ u~ prepayment+;
Ihl A wrn ryual to the grounJ rents, if rny, nrxt Jue, plu~ the prrmiums that will next become dut and payat~le on policies of fi~e
anJ otl~er hazard insurance covering the rtwrtgageci property, plus taxrs :+nJ aurssments next due un the m.xtgagcd propeny lall
as estimated by the mortgagra) less all sums alrudy pe~d therefcx dividud by the numbtr of nwnths to elapoe befure one month
pnor to ihe date when wch gtuunJ renta, prem~um., taxes, anJ :u.u~mrnts w•ill becume delinyuent, such sums to t?e hrW by
rtxx~dagte in trust m pay ~eid gruunJ renl~, ~emiums, ta~rs, and ~pccial acx~mtnts; anJ
~c1 All payments mentioned in Ihe two proceding subsecuons of th?s paiagraph and all payments to be made urxie~ the note sccured
hercby shall be adde~l tugtthrr anJ thr xggrrgate amount thereuf shall be paid by the rtwrtgagor ra~:h munth in ~ s~ngle payment
to tx applicd by the murtgagee to 1he follow ing ~trm+ in thr urd~r s~1 forth:
IU premium charges unJtr the cuntract of ~n+urance with tht Secrelary of Huusing and Urban [kvelopment, ur rtwnthly
chargr lin lieu of m~tgage insuranc.e prem~um), at the cax may t+e;
(111 grounJ rrnts; laxcy. a~sessments, fire, artJ other hazard inwrance prem~um~;
U111 intrrtst on the n~ue ~uretil hereby; anJ
11V1 amortization of tht principal of said note.
.-1ny Jrticrc?M:y m the anwunt uf wth a~rrg:?te nwnthly pay mcnt +hall. unlr» maJe guuJ by thr muttgag~x priur to the duc J-str uf
the ne~t .uch paym~M, cun.tiwtr an evrnt uf default urhlcr Ih~+ murtgagr. I h~ m~xtgager may cullr~t a'~late chargr" nut tu excerd twu
cents ~2c1 for cach Jollar ISI l uf rxh paym~nt mure th~n fiftr~n ~ 151 J~y. ~n arrr:u. tu cov~r the eatra expemr mvulvctil in hanJl~ng
drlinyu~nl payments.
3. fh:+~ ~f the tutal uf tfir paymenh made by thr murtgagur undrr 1b1 of parsgraph prrcrJ~ng +hall exceed the arrnwnt uf the
paymrnts :~etually m:w1r by ~he m~ktgagrr, fur gruund rent+, tarc~ :+rn! as~cti..mrnt. and inaurance prem~um., ~s the case may be, ~uct~
excess at the option of the mortgagce, shall, be creJited on subsoquent payments to be made by the rtartgagor, or refunded to the
murtgagor. If, huwever, thr rtwnthly paymrnt~ m:x1~ by the murlgagur undrr Ib1 uf paragraph 2 preccding shall not t+e wfficinnt to pay
grournl rcnt,. tare, arxl a~x~mrnts and ~murancr prem~um,, a. Ihr ca~r may br, when thr wme shall lkwme dur arnl payable, then the
rtx~rtg~gur .hall pay tu the murtgagr~ any amuunt n~tirs~ary tu maAe up thr drficietxy, un ~x txfure thr date whro paymrnt uf wch
gruunJ rents, l'dCC~, s»r+~mrnts, ~u mwrarkr prcmwm> >hall M: Jur. If at any ume the m~xtgagix shall trnJrr w the mortg:~ger in
a~:curJa~ce v?i~h the pruvi,ion+ uf the nu~r x-cureJ herrby. full payment uf the ent~re ~nJ~b~~1n~ represented ~hereby, the murtgagre
shall, in comput~ng the amuunt uf such inJrM~tilnr~+. cr~tlil tu thr accuuni uf th~ mixtgagix all pxyment~ maJe under the provi~ions of lul
uf paragraph 2 hrrruf whkh thr mortgagrt ha~ nut brcume ubl~gatrJ tu pay w thc Sc~retary of Housing anJ Urban [h;~ek~pment anJ any
balancr remaimng m thr furxl. accumulatr.l unJrr thc pruvn~um of Ib/ uf +aiJ paragraph 2. If there +hall t+r a Jef~ult unJer any uf Ihr
pruvi~ium uf thi+ murtgage, rc~+ulUng ~n a puhl~c ~ale uf Ihr pr~mnr+ ~uverctil hr?rhy, ur if Ihe m~xlgagre a~u~re~ the pn?perty uthrrwi+r
after Jefault. the m~xtgagee +hall apply. at the Umc of thr cummrncrmrnt uf wch pnxreJ~ngs ~x at the lim~ thr pruprrty i~ uthcrwi~e
acyu~rr.i. th~ bal:~n~e then rema~ning in th~ (unJ~ accumulatcYl under ~h~ ~~f paragraph 2 prctie+ding as a credit against thr ~muunt of
principal thrn rrma~ning unp~id unJer ~aid nutr and ~h~ll pru~xrl~ ad~u+t an)• payments which +hall have bern m:~de undrr 1~~) uf w~d
paragraph. . . :'s-l , ~ ;
3. I h:~t hr N~II p~~ all tax~y. a~~r»mrm+. uatrr ratc~, and uthrr guvrr~tt>t~l f~s tj[1e~i~ irp}xnitiom. fur wh~ch
pruc~~iun ha. nut Fken mad~ hrreinE+rfure, and in drlault Iherruf the mur~g~g~e ~~~y ~~t v?t11 promQUy Jel~vrr thr
l~t~~~4`~. ~rt•.
uffit~a) rctiript+ thrrcfur tu thr murtgagre. . ~-r-a...+--.,.,~~ ~
Tha~ he will permit. cummiL ur ,ut7rr nu M a,t~. impan mrnt. ~K d~terioratiun of tiaiJ pruperty a~ ~l~hiklhbrdoR' atxf m thr rvent
uf the failurc uf the mortgagor [u Acep lhr builJmg~ un ,aiJ prem~~r~ ~nJ thuse to t~r rrecteJ on said premi~ec, ix impruvements ihereon.
~n g.xxi repa~r. thr murig3gre m~y m~l.~ +uch rrpa~r~ s~ in ~t~ J~~crctiun ~1 may Jrem ne~:c~+ary fcx Ihe pr~rr preserva~ion thereoL anJ
the full srrx~unt uf ~ach anJ ~very ~uch paymrnt ~hall tk immeJ~•stely Jue and payablr, arni sh:~ll be xtiurrJ by the lien of this martgage.
6. Thal h: will pay ~II anJ singular thr costs. charges, and ezpenses, incluJing reasonable lawye~ s fees, ~nd costs of abstracts of title.
incurrcYl ur paid a1 any dmr hy the mortgagr~ t+~Yautie uf ~he f~ilure un the part ~>f the rtx?rtgagor prompUy rnJ fully tu perform thr
i agrcement, anJ covrnann of wiJ prumi~.ury nuta anJ th~~ murtgage. .~nd ,aiJ c~nt+, charge~, anJ eaepensex shall t?e ~mmeJiately Jue anJ
I payaMr and ~hall be +ecurrJ by thr fic~ uf thi, murtgagr_
~ 7_ That he will Aeep the impruvemcnt. nuw rxi,ting un c~rrafler erec~~Yl un the nwrtg•rgeJ property, insured ac may br reywr~Yi frum
~ Umr tu Umr by the rrxxtgagee aga~o~t I~n~ by lirr anJ ulher h•rtsrd~. c~+ulatic~, anJ cuntingrncies in such artxwMc and fi~r itnh peri~xl~ as
ma~~ br reywratil by murtgagrr. anJ will p.~y prumpUy. whrn Jue, any premium, u~ ~uch imur~nce fix payrr~ent of wh~ch pruvi~ion ha+ not
been made hcrcinbeforc. All insurance shall be carriod in companies approved by mortgagce and the policies and renewals thereof shall
he heW h~ martgager anJ have auachcyi thrretu lusti payable claucc~ in favur of anJ in f~xm acceptable to the rrk~rigagee. In event of los~
ht w~ll givr ~mmrdiatr nul~re by mail tu rnurlgagrr. ~rnl murtgagce may makr pr.wf of Ims if rw~t made promptly by murtgagor, arni each
imurarkr cumpany concernrd n hereby authunced anJ JirecteJ to maAr paymtnt fur such locs JirrcUy to murlgagec ~nsteaJ of to
rrx?rtgagur anJ mortgagre joinUy, and the inwrance pnxecd~. ur any part thrr~t?f, may t?e applied by rtx?rtgagrc at i1s option eithrr tu the
rrductiun ~+f ~he inJehtcYinc~s hereby secured ur w thr re~toration or repair of thr property d:+mageJ. In event uf fixeclusure uf this
rtwrtgagr ur ~~ther lramfer of title to the murtgaged pn~erly in extingui+hment of the inJebtnine~s secured hereby, all right, titlr, and
intere,t uf ~he mortgsgor in anJ to any imurance Ewlicics then in (urce shall pacs to the purchaur ~x grantee.
1i. ~1 hat the rtxxtgager may, at any Umc prnJing a wit uEwn this murtg:tge, apply to Ihe court having jurixte~:tion thereof fur the
app~~~ntmrm uf a recriver, and such court ~hatl fixthwith apFx~~nt a recrivrr of the premi.c~ covereJ hereby all and singular, irn;luJing all
and ~~nguiar Ihe incumr. prufit+, it~ue~, anJ rcvrnuc~ frum whatevrr wur~e deriv~Y1. each atxf every of which, it heing eapres+ly
undrntu~xl. hrrehy murtg~g~tii :s+ if ~pecifically tirt furlh rnd deu:rihrd m thr granting anJ hat?endum clausrc hereuf, and ~ixh rc~ceiver
~hall ha~~e aU thr bruad anJ rtT~tilrve functium ~nd puwrn in anyw~~e entru.trd by ~ court to a receiver, anJ such appuintmrnt ~hall t?e
maJe b~ ~uch court an aJmittrd eyuhy anJ a matter ui sbxilWe righl tu caiJ nxrrtgagee, a~d wilM~ut reference to the adeyuacy ur
inaJryuac) uf lhe v~lue ed thr pruper~y murtgaged ix te? the solvency or msolvency o( saiJ rtxxtgagur or Ihr JefenJent~, arxi that ,uch
rent~. prufits, incumr, u.ues, anJ revrnue+ tihall tx applirJ by wch receiver accurdiog to the lien of Ihi~ rm~rtgage :+rxi the practice uf such ;
court. In thr rvrnt of any defaiJt on thr part uf the rnortgagur hrrcunder. Ihr nurlgagur agre~~ to p-ry 1~~ the murtgegee on demanJ ~s a
reau~nable monthly rental for the premises an amount at least equivalent to one-twelfth t 1/l2) of the aggregate of thc twelve monthly
inctallmemc payabk ~o the then curren~ year plus the acwal amount of the annuel taxes. acussments, water rain, anJ inwrance premiums
fur wch yrar not ~uvereJ by the af~xr~aiJ munthly paym~~ts.
9. -that lu) in the rveM uf any Ixcach of this murlgage or defaull on the part uf Ihc nxirtgagor, ur (h) in thr rvent that any ~?f tiaiJ
,um. ~~f m~~ney herein referr~Yl tu Ix not prompdy and fully paid withuut drmanJ or noticr. or 1~-? in the event that each arxl every the
~tipulauun.. agrrrmcnt~. cunditium. and covenants of saiJ note anJ Ihis m~xtgage, are not duly. promplly, arxi fully prrformed; then in
eithrr ur any ~uchevent, the said aggregate sum mentioned in said dutr lhrn rcmainig unpaid, with interc~l accrued lu Ihat timr. a~xl all
rtx~nr~. uiurcJ h~rehy. ~hall t+rcumc Jue and payaMr forthwith. ur thereaftrr. at the up~iun uf said mortgager. as fully :+nJ cumpletely ac
if all of the wid tium~ of money were uriginally +t~pulatrJ to he paiJ un >uch day. an~~h~ng in +aiJ n~nr ur in th~s rrr?rtgage tu the cuntrary
nutw~thstanding: anJ thereupon ur Iherrafter, at Ihe option of said morlgagce, withuut rn~ticr ur JemanJ, wit a~ law or ~n eyuily, may be
pn»rcuteJ :iti if all muney~ uxurrJ hrrehy had matur~tl priur tu it~ intitiWtiun. Ihe rtwrtgagee may fixe~luu th~s rrw~rlgagc, as W the
artxrunt .o JrclareJ Jue anJ ~ayablr, anJ ~hr ~aid premnc> >hall t+r wid to tiati~fy and pay the same togeiher with unts, ex~xnses, anJ
~Iluwance+. In ca+~ uf parUal fureclu~urr uf th~~ mur~gagr. ~he m~xtgagrd premitir~ .hall be xiW wbject tu the a~nt~nu~ng lien uf ~his
ITk~Ilt;:ixC fur thr am~~um uf thr drM nut thrn ~ur :~nJ unpa~J. In ~uch ca~e thc pruvn~~~ns uf Ihi~ par.~graph may aga~n tx availcJ of
thrrrafter frum I~mr t~~ Umr by thr murlgagrr.
10. Chat Ihr rrxirlFa~;~ir M III ~,'IY~ ~mmediatr nul~cr hy mail W lhe rm?rtgagee uf any a~meyarkr. Iran~fer, or change of ownenh~p uf
thc prem~~e..
I I. l h~t nu warver uf any cuvrnant herrin ur uf the i~bl~gat~un ~~tiurcd hereby tihall at any ume thereaGer t?e hrW to be a waivrr uf
the Ierm~ hrreuf ur of Ihr n~Nr tircurcJ hereby.
12. I hat ~f the nx~rtg.~gur Jrtault in any of Ihe cov~nants or agreementr containrd herr~n, or m said ~x?te. Ihen the mixtgagrr may
perform the same. :+nJ all rxprnJiwres lincluding reasunable auurncy's feesl made by Ihc m~xtgagre ~n su duing shall draw interest at the
ratc ~et forth in thr notr ~rcureJ hereby, anJ tihall be rep•ryable immeJ~ately and withuut demand by tbe mortgagorlo the mnrtgagee. •and,
tugether w~th intercsl anJ cmts accru~ng thereun. ~hall tx ucured by this mcxtgage.
~ ~~~99 ~145$
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