HomeMy WebLinkAbout1657 _ . d ll;i i ~
."Ihat, m u~dr~ rtwrc tully tu pn~tect tht ucunty af lhis murtYaYe, the murtyagor, wgether wuh, ~rx1 in add~uun to, ihe nw,nthl~
paymrnu undtr the lt~ms oi tht nutc +rcurrd he~eby, un tht first Jay uf each muntA until the saiJ nutr i. fuUy pa~J. NiN pa~ to tht
murlgagr~ ~hr fuliuwing wm,:
la) An amuunt suffic?ent tu pruviJe the hol~kr hereoi with furwis to pay the next mon~a~,e insuranct premium if t~is insaument and
~he nute secure~l he~eby are insureJ, or a monthly chacQe lin lieu ot a mort~aRe insurance premium) if ehey are held by the
Srcretary of Huuaing and Urba~ Oevefopmen~ as folbws:
11) lf and so lun~ as said n.~te of tvzn date and this insuument ue insutai or are rcinsurtd utnler the provisions of the
National Huusin~ Act, a~ Ymou~t sufticient to accumulate in the hxnds otthe holJer one (1) monthprior ~o iu due date the
annua! mort~agr insurance premium, in order to proviJe such hotder with funds to pay such premium to 1he Secretary of
Nousin~ and Urban Development pursuant to the Natio~al Huus~n~ Ac~ as ameMiad, and applicable Re~ulauons
thereunder; or
1111 If anJ w long us,asd note uf evtn Jate anci this instrument ue held by the Secretuy of Hous~nj and Urban Developmeat.
a monlhly churge un lieu of a murtgage insutance premiuml which shail I+e in an amount equal to ont-twelftA II112) of
unr-half 1~) per ~entum of tha average out,tanJing t+alance due un thr note computai v?ithout tatin~ into aocewnt '
delinqutnCies or prepayments; ~
(h! A sum rqual to the gruurni rents, if any, next due, plus thc premiums that will next become due and payablc on polKies ot Rrc
anf othe~ ba~acd i~sutanct cov~ripg tht nw~tYa~gtv~ prupe~ty, plus taxes and assessments next due un the mort~aged property (all
as est~mated by the mortgagee) less all sums already paid therefor divided by the number ot months to elapse before one month
prior to the date ~~hen such ground rrnts, prem~ums, taaa, and asussments will become delinquent, such sums to be held by
m~ingagre in trust to pay said grounJ rents, premiums, taxes, and speciat assessments; and
~ci All payments mentiuned in the two pre~:edin~ subsections of this para~raph and all payments [o be made under the note secured
hrrcby shall be added together and the agg~regatc am~unt tAereof ~hall be paid by the mortgagor each month in a single payment
to t+r applied by tha murtgagre ta the f~~llow~ng itemc in the order set forth:
tii pr~miuM cAarge, undrr the contract of iruurance with the Sec.rotary of Housing and Urban Devebpment, or awnthly
charge (in licu uf m~tgag~ u?su~ance premium), as the ca,se may be;
1111 gnwnd rcntw ta~es, as~es~ment~i, fire, a~ other hazard insuranct premiums;
f1111 intrrest on the note securcd htreby: and
lIV) ar~wrtization ot the principal uf said note.
1n~~ deficitncy in the :+nx~unl of w~h aggregate mo~thly payme~t ,hall. unles~ made gcwd by the m~xtg.tgcx priur ta thr Jue Jatz of
ihr nr~t wrh paymrnt. con~titutr an e~-~m af default undrr this m~xtgage. The m~xtgagee may collect a"late charge" not to exceed two
~c~tti ~_.1 tor ea~h Jullar ISIi uf rach payment more than fiftern IIS? Jays in a~rean to cover the ~~Ira etpea~r invi~lvctil in hnndl~ng
delioyurnt payment~_ .
~fha1 d the tutal of thr paymrnt. maJe by the martga~~r unilrr tb! of paragraph 2 preceding shall t~ceed thr amuurtt ot tht
paymrnt, actuall~• m:?de by the m~xtgagre, for grounJ rentc, taxes and assessmrnts and imurancr premiums, a. thr ca+r ma~ wct,
excess at the option of thc mortgagce, shall, be credited on subsequent payments to be made by the moregagor, or refunded to t1x
~nurtgagur. If, h.~Nevtr, the monthly papments made by the mong•rgor u~der 161 af paragraph 2 preceding shall not be sufficient to pay
crounJ rem.. ta~r, and aszrssment~ and insurance premiums, as the case map t+e. w~hen the same shall become due and payable, then the
nwrig;tgur .hall pay tu the mortgager any amount necessary• to make up the deficiency. on or before the date when payment of such
gru~rxi rrnt,_ tax~~s. assessmcntc. or imurarne przmiums chal! t+e dur. If at any time the mortgagof shaH te~xltr to the murtgagee in
.,ccorJan.e Nith ~he provitiun~ of the nute secured hereby, full papment of the entire inde~tedness reprexnted thereby, the mortgagee
,hall, in computing ~he amuunt ut cuch irxiebteJnets, credit to the account ~f the mortgagor all payments made uncier the Provisions of la)
,~f p:,ragraph 2 hrreof which thr mortgagee ha. not t+ecome ot+ligatcd to pay to the Secretary of Housing and l;rban Developrt?ent and any
hal;,ncc rrmaining ~n the funds a~:cumulated under the provicions of (6) of said paragraph 2. If thert shall be a defaylt unde~ any of the
pr.,.~.ium uf thi, m~xt~agr, rr,ulting in a puhlic sale uf thr premises covrrcd hereby, or if the mortgagre aoquires the pn~perty utherN ise
:~tter drfault. thr YnortK~R« +h311 ~+PP~!'• at the time uf the cummencrmrn[ uf wch pnicccdings or at the time the pcupzny is uthrr.?ise
a:yuirrJ. thr haiance ~hrn rcmaining ~n thr fund~ accumulated under rb~ of paragraph 2 preceding as a credit aga~mt the :?mount of
prin~~pal Ih~n rema~ning unpaid un~rr .aiJ nutt and ~hall pru~xrly adjust an~ p~~•menh ahiCh shall ha~~e bern m:?~ie uniler (u) of said '
(1Af:l~'f:lQll. . J_ ~ ~ . . . ~ .
1. 1 hat h~ will pay all ta~r., a.x~.m~nt~. +~atrr ratrs. anJ utber guvrrnmrntal or ty c~pal ~at~es Rnrs, ar hnpo~itbn~, for Nhich
pru~~.iun h:~. nut tx~n maJn c~r~mtr:fure, and m Jefauit thrrr.~t the murtgagrr rna} pa~e sa~i~nd tl~t,~t:Y~iU ~rw~~t~) i1t{iverYhr i
uffi~wl rctr~pt~ lh~refi~~ to thr nwrtgagar. r.~ - .,,Q.. j
5. I h:st hr ~~II permh..ummn. ur .uR~er nu Ha.t~, impairmtnt..u deteriurauun uf sa~d'prt~pe~'t}• or any p:~rl therevf: anJ in thr tvent i
.~f th~ f:ulurc uf thr murtgalur t~~ leep the buil.fing, un .sid przmne, anJ thutir to t+r zrcti:ttai on .aid premi?e,. ur improvemtnu [herrun.
' m g~KKi rrp:~ir, t~e nwrtg.egre m:~~ maAr ~uch rtpa~r~ s~ ~n it~ ditcretiun ~t ma~ deem necc-t~ar~ for tht pn~r pre+~n~tiun thereof. and
thr full ank~um .~f ra.h and cvrn .uch pa~ ment ~hall hr immrJiatriy dur anJ pa} ablr, and .hall be st~ur~Yi h~ the lirn uf thic mongage. S
6. l hat hr ~.~II pa~ all an.I ,ingul~r thr cu,t._ charge,. :inJ e~prnx~. induding rc;~,onrblr lawyer'. frc~, anJ rast+uf ah,tracts uf title. 3
mrurr~til ur p:e~J u! any time h~ the murtbagee t+e~ause uf the failure on the part ~~f the mortgagor prumptl~ and fuUy tu perform Ihe
:~grermrnh and cu~cnanh uf +:~id prumn,ury note and thi~ m.xtgage, and,a~d c.~t~..harge~. a~x1 t~prmc~+ ~hall t+e immrJiatrf~ dur :~nd
payahlt and ~hal) tk ~turtJ M th~ I~rn uf thi+ muttgagc.
fh~t he wd! lerp ~h~ ~mpru~emrnt, now existing ~~r hzrrafter er~cttd ~~n~the mortgaged proprny, insured a. ma~ tk reyu~rral frum
umr tu umr b~ thr murtgag~r .~gaimt I~~+. M fire anJ uthtr hazar~i~.casulaur,, anJ.ontingrr?cir~ m,uch artx~unt. and fur .u:h periu.i, a,
map t+r r~yu~r~J by murtg~grr. and N ~li ps~ prumptl~. .aha;n dur, any p~rmiurtu un .uch ~ruur~nct !ur pa~ mrnt ut~ whkh pru~i,iun ha. nut
~xen madc here+nbefore. All insurance shall be carried in companies approved by mortgagee and tht policie~ arxl renewals thercof shall
hr hrW hy martga~cre and ha~r attacheJ thrrctu li». payahle clauce, in favur of and in fcxm aceeplablt to 1he mortgagee. (n event uf los.
he ~~II g~~r ~mmrdiatr n.~1i~r hy mait tu mur~gager. anJ murtgagre ma~ maAe pr~x~! of I.rs if ~x.t made prumptl~ by m.xtgagor. and rach
imurarxt cumpany cuncernrd i. hrreb~ authuritrJ anJ dirctiteJ t~~ mala pa)mrnt fur ,ucA I~n~ dirrcdy tu rrx~rtgagee imlead uf to
nx.rtga~;.~r and murtgagrr I~~intl}. anJ th~ imurancr pntirid,. ~~r am p~rt thrrcy~f. m~y hr apphed h~ rrx~rigagre at u. irpuun e~thrr to the
F rrJuctiun of thc indehtcdne.. hrreh~ .~tiur~til ur tc+ thc r~,turatioR ur repaer ~~f Ihr pruprrt~ damaged. In c<rn1 uf fare~lu~ure uf th~~
nhirlga~r ur ulher Iramfrr ui Utlr t~. thr murtgagrd prt+~+crt~ in ~~un~.u~.hmrnt .~i the indchtrJntti..e~ured herch~. all right. t~tle, and
interr.t uf th~ murtgagur in anJ tu an~ ~muran:r puh~ic~ thrn ~n furcr,h:Jl pa., t~t thr purchaxr ix granter.
~ x. That the murtga~ee may, at any hmr prnJ~ng a,wt u~m th~. nt~~rt~age, appl~ tu thr :ourt ha~mg ~iuiwi~~tiun thereuf fur tht
£ apFx~~n~ment of a rtcei~•er. anJ ~uch court .hall f~xthw i~h rppu~nt a rrce~v~r uf ~hr premi~es cuvereal htreby all and cingulnr, in.luJ~ng all
: enJ +~ngular thr in~umr, pr.dih. ~.,ucy, and rr~rouc~ from whatc~rr wurce dtnveJ, tath anJ rvtry uf which. it be~ng expresslp
; undrr.t~xxl. i, herrby murtg.~g~til a. if ~pcv-ifically cet fi~rth anJ Jc~riheJ ~n the granting and hal?rnJum clau.r. hereof. and .uch rrcei~er
2 ,hall ha~r :~U thr bru:ul anJ rfl~r~u~~ Fun~tium anJ pwHrr. ~n an~w~.r ~nlru~t~J h} a c~~urt tu a reiri~rr. and ,u:h appuintment shall t+t
? ma.lr h~ ,u:h wurt an aJnnu~d ~~yuit~ :~nJ m.utrr ~~f ahv~lute nght tu ,a~~l rrnutgage~. :?nJ w ilhuut refercrkr to thr sdryua~y ur
; inad~yuac~ ~~f Ihr v~lur uf thr prup~rtt murtgag~d ur tu Ihe wlvetky ur imuhcnt~ uf ~aiJ rtxutgugur ur the Jtt~enJtnt~ and lhat w~h
; rrnt.. pn~fit,. ~n~umr. i,wr.. and rr~enue,,haH h~ apphrd h} .uch re:ei~cr a.rurding tu th~ lien uf Ih~. rm,rtg:~ge arxl thr pracn:e of wch
c~~urt. In the event ~~f any def:wlt un Ihr part of thr nw~rtgagur hrrrun~rr. thr murtgagor agrer+ to pay to thr mvrcgagre un drmanJ as a
rra+unahlr monthiy rental fi~r thr premi,e. an ~misunt at Iraat rqunalent to onr-twelllb 11/121 of the aggregat~ of the tNtlve rtwnthly
~ m~tallmrnh pr~able in thr thrn .;urrent ~rar pleu the a~tual amvunt .~t the annuel taar~, e„r»ment~, Natrr ratr~, anJ insurancr premiurtts
s
~~~r +u~h ~'t:?r nut cu~er~~.1 h~ thr afixr~aid munthh pa~m~nt..
= 9. that tul m th~ rrrnt uf am hrra~h uf thi~ m~?rtg:~~;r ur Jefault .m thr par~ nf IAe tn~xtgagur. ~x IA? in ~he r~ent that any of wid
` +um, uf m~m~}• hrr~in r~frrrrJ hr nu~ prompU~ anJ full} pa~J wi~huut drmand ur n~~t~:r_ ur 1~ 1 in thr evrnt ~hat rach ~nJ r~en th~
,upulauon.. ,igr~rmrnt,. ~und~uon,. anJ cuvcnant+ uf .aiJ nutr anJ thn m.ulbagr, arc nut Juh, prumptl~, anJ fulty pcrfurm~J: thrn m
r~ther or an} ~uch e~~tnt. the ,a~J aggregate wm mrn~iunrJ in +aid nutr thrn rrma~n~g unpaiJ. w ~th intrr~~t a~.rued t~. Ihat 1imr. and all
rn~~nr~..~-~urrJ hrrrb~..hall hc~umr Jur an.! pa~ahlr furth.?uh_ ur thrrraftrr.:~t thc.~ti..n ot ,aid m~~rtg.~~±rr. a. full~ :ind cumplrtrl~ as
_ if all uf thr ~a~J wmc u( nx~ney wrre origin:~lh ,Upul,drd tu t+r p~~J un ~u.h Ja~, an~lhing in +aiJ nutr ur in thi. rrk~rtgagr tu thr wntr.u~
nutw ~th.tanJ~ng; anJ thrrcuFx~n ur thrrraftrr. a~ ~hr opiiun uf ~a~J nwrlgag~t. ~+ilhuut nuUCr ~~r ~rma~tid. .uit at IaN ur m ryiut~. ma~ t+e
pru,rcut~J ati il all nwnr~~ ~ctiur~tl hrrrb~ had matur~~t1 p~iur to it~ imtrtutiun. 'Ihc rtx~rigagrr nla) Fixeilu~~ ~hi, nwrtg.,gr. a. lv th~
artx~um ~o JeclareJ due anJ payahle. ;~nJ 1hr ~aid pr~m„r~ +h;Jl t.~ v~W to wti~ly ~nd pay the ,ame t~~gethrr with ru.t~. r~prn.es, :eod
alluwancr.. 1n cax uf ~rt~al fortcknure ~~f th~~ murlg.igr. Ihr murlgagrJ premi~e~ ,hall hr v~ld .ubj~til tu thr cunUnwng lirn ot~ ihi~
mortgagr fur Ihr smuunt uf th~ dcbi nut Ihrn ~ur ,~nJ unpaiJ. In +uch :a.r thc pm~i.i~~m uf Ih~~ paragraph ma~ again he :+~:ulr.l of
' thercafler frum timr ~0 limc hy thr murlgagrr.
t
11?. Th:+t thr nxxtgagur will give immcJ,:a~ nut~.r b~ ma~l tu ~hr m~~rtg.~g~r vt am u~mr~an:r. ~ran.frr_ ~,r ~h~ngr iif uwn~nhip uf
= the premi~r..
- 11. I hat no Ma~ver ~d ~n~ r~~~ro:~nt h~rcm ur ~~f Ihr uhl~gat~ua ,~tiurc.f t~rr~hy +hatl at .~n} t~mr thercaftrr br hrld k~ hr a K~isrr uf
;
Ihc trrnt~ hrrruf nr ~~f thr n~~t~ ~rrureJ hrreh~. ,
12. fhat if thr murtg:~~~~r drf:~ull in .my ut thr :uacnam.,~r .igrr~mrnt.:unta~nrJ hrrem. ~u in ,aid nute, then the m~utgagtr mr~ %
- periorm thr Wmr. and all r~pcnduurc. i iniludin~ rea.~mahlr auornr~'. frt.f maJ~ hy the m.Ktgagrr in w Juing ~hall dr:~w intrrr,t at the f
rate ~~t fexih in ~hr note .rcurrJ herrh~, anJ ~hall hr ft~:l}.tl~It immrJiauly and a~rithuntdcmanJ hy the rtw?rtgagor to the rrn~rtgager, anJ, s
- tugethrr with ~nterrst and:u,~~ a~cru~ng thereon..hall t?r.ecurrJ h~ th~. mtKtgage. ~
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