HomeMy WebLinkAbout1048 Ih.~l. ~n ~a~1Ct n~.~tr IU11) lu pi.~lr.l Inc .C:wll} uu. +~s~n~i;,~gc. u~~ ~~~..~,~..g,.~. ..,t..
p.~~m~nh undci tht Ii~nl~ ~~t tha ~~~tt .t~uttd h~rrh~. ~,n Ihr hr.l ~I.~) ~~I a:ah in~~nih unt~l ~h~ ~a?.1 n.Hr tull~ p.~~.l. H~11 p.~~ t~~ lhr
n~.~itgagcc Ihr t:~ll~~~in~,um.
~al An ~nH~un~ .uifxienl tu pro~i~r thr hul~r~ htreof Nuh fund~ w pa~ thc nrt~ muitgagr ~n.ui.~n.~ prcmwm if thi~ in~trumcnt and
th~ n.~te xrwrd hrr~b~ ~re ~n,~~rcJ. .x e monthty chargc ~~n liru ~f nh~rtg:~g~ irtsuian:~ prrmiuml ii thry arc hrld by the
' ~~tii~t:u~ u! Huu.~ng anJ Urban Dr~elopmcnt..?. ii~ibWS:
tl? If anJ x~ lung a> >~iJ n.~tc uf e~rn Jatr and this in,trumtnt arr insurcdv~ are ~rin.urcJ under the nru~i~iun+ uf iha
Natwnal Huu.in~ =~ct, an a~nuunt ,ui'ficirot to ac:umul~tt in the hanJ+ uf the hulder one 1 I) munth priur t~> >ts Ju. Jate thr
an~iual m.~rtg:,gr ~mu~an« prenuum, in ~xJer to pruvidr +uch huWer N•ith fund+ to pa) +~i~h prrm~um tu th~ tic~;retary ~.f i
Nuu~mg and l!rb.~n Ue~tlupm~n~ pur~uant tu thr NaUUnal Nuu.~ng ~ct, a+ am~nJrJ. :~n.1 :,pplt~ahlr Rrgulau.m.
~he~~undcr, ~x
~f and ;o long :u wiJ nwr uf c~~n date arxl this ins~~um~nt are hrld by lhe ~crzlary uf Huu.inb :uxf l'rban ik~elupment,
a nwnihly chargr ~~n licu u!~ a murt~;agr imurancr prrmium) ~hich .hall he in an :un~x~nt cyual tu nne-twrlfth ~111?1 of
.~nr-h:ilf t'S1 prr ~rntum .~f th~ a~.ragr ~~ut,tarxl~ng hal.~nce Jue un the natr rumputra! ~~ithuut ta{.ing into ar.uunt
drlinqurnci~~ ur ~cpa~ mrms:
~b) ~um ~yual to tht g~uu~x! rcnt~. ~f any~ nr~~ dur, pluc ~hr ~rmiums that wilt ~eat brtumr Jur arxi payabir un polkir~ ~f fire
~nd uthrr hararJ inwr:~~xa cuvenng tht nxxtgagrJ pruprrty, plu+ t:ur~ and aa,r~amrnt. nrxt dur un ~he m~xtgageJ praprrty lall
as cytimated by thr murtgageel le~. ~ll ~um~ already paid therefor divideJ by the numl~er of month~ to elap~r befure one month
prior t~~ the datr ~~hen such gnwrxf rents, premium., taxrs, and :ucessmentc will btcomr delinyuent, such sums to br held bq
nwrtgagte in Irust tu pay +a~d ground rents, premiums; taxes, anJ .prciul a.,.e»mrnt,; anJ
~c? All pa~nhent. mentiuned ~n the twa preceding substetions of this paragraph ao~l all paymenta tu tx made unde~ thr ncu~,rcur~.1 •
hrreby ~hall be adJcYi together and the aggregate amuunt there.N +hall be paiJ hy the mortgagur ~~ch munth in u.ingle pa> nxm
to tx applied by ~hr m.~rtgagre to the folluN ing itrm+ in ~hr orJtr .et forth:
tU premium chargr+ under th~ cuntract of insurance with the Srcrelary oC Huw~ng and Urhen Urvrlopmrnt, or rtwnthly
charge lin litu of mortgage in+urance prrmiuml, as the ra~r may be; ~
(111 g~uund rents, taxes. asu-t.men~s, fire, stxi ~~ther hazarJ in.urance premiumc: ~
1l111 intercst on the note xcured hereby: and
IIYI amorii~atiun of the principal ut~id nute. -
:~m• drficirrwy in thr artwunt of cuch :?~regate rm~nthly paymenl ~ha1L unl~~.. maJt g~xKi hy thr murtgag~u prior w the duc date of
the ne>t ,uch paymrnt. cunctitu~e :~n e~rnt uf Jefault unJ~r thi. m~xtgage. lh~ murtkagee may cullecl ~'lat~ ~harge" nu1 t~~ rrcr~d tw~~
crnt. i'cl ti~r each de~llar IS11 of ea~h paymtnt mcxe than fifteen 1151 Jay~ in :urr:u~ to cuvrr thr r~Ua txprn~r invulv~d ~n h~ndling
delinyurrtt paymrntc.
That if the total of the paymrm~ maJe hy ~he murlgagur undtr ~bl of paragraph 2 p~c~eding +hall etcc~d thc arrkwnt oi the
paymrnts xwally made hy the mortgagec, for graund rent., ta~c~ anJ a~ce.smrnh anJ inwrark~ premiuim. :u thr cau may t+~, wch.
excess at the uption of the mortgagte, shall, be creditod on subsoquent payments to be made by the mortgagor, or refundod to the
rtx~rtgagur. If, however, thr nwnlhly paymrnt~ m:nle hy the murtgagur unJer Ibl of paragraph 2 prczrJing ~h~ll not be wtficient tu pay
gruund rentc. taxe~ anJ a~ces.menh anJ inwrance prcmiumx, as thr ra~e me~ he. Nhen the same .hall herome due arni payable, then the
m.xtgagur cfiall pay to thr murtg3gte any amuunt n~tietsary to make up the Jeficiency. ~~n ~x beforr 1hc date when paymrm of wch
ground rentti. taxes. a.xt~ments. ur inairance premiuma sh.ilt t+c du~. If a~ an~ umr the m.utgagur ~haU terxfer tu the murtga~.ee in
accorJance with the proviciunc of thr note +rcurcP ubret+y, full pavmcnt of the rntirc irxlrMedness reprexnted lhereby, the rrKirtgagte
ch~ll, in computing the :~m~~unt i~f cuch inJebtednesa, creJit ti~ the :~crount of the m.xtgag~x all payment~ made unJer thr pro~~i,ions of 1cr1
of paragraph 2 hereof Hhi.h lhr morlgagee ha~ not become ut+ligateJ to par t~~ the Se~retary of Housing arx! l+rhan Dzvebpmerit arxf any
halance remaming in Ihe fund~ accumulatni under the pn?visium of th? of caid paragr.iph 2. If lhere ~hall be a defauh urnler an} of the
provi~iom ul thi~ miK~g:?ge,,rc~ulting in a puhlic ~ale ot thr premi~e. coverccl hrrcby. ur if 1h~ m~xtgagr~ acyuirc, thr pruprrty utherM ise
after default. thr mortgagrr ~hall a~+l~•. at th~ timr uf thr cummrnrrmrnt ~~f .i~ch pr~ecding~ ur at thr timr the pruprrty ~~ih~rw i.e
xyuir4-J. 1hc halancr thrn remaining in thr fund~ a~cumulnt~~.i unJcr rh~ uf parakraph 2 prec~Jing ati credit agaimt thr amuunt of
principal thrn remaining unpaid undcr +:+iJ note an.i ~F1:lI) F1i1)~fI) adju.t an~ p:~pment. which ,hall havr tx~n m:ide unJrr lu) of ~aid
paragr.?ph.
+ 4 l. l hat hr ..ill pa~ all ta~r.. a.,r,.m~nt.. ~+:~t~r rat~~. anJ uthrr gu~rrnmcnial ~,r municip~l ~harg~y. tinrt .,r ~mp.~.~tium. fur Nhich
.pruv~tiiun ha. n~~~ t*cen madr hrrr+nhrlim. and in J~fau~t ther~~~f thr murtgagre muy pa} lh~ .ame: and tha~ ht Nili prumptly d~livrr the
_ •OffiCia~ rttir~ph thCtCior lu the m.~~tga~:cr.
- 5. I ha~ he u ill pr~ init. ~.~mmi1. ur ,uti~r nu wa,tr. imp:~irmrnt. ~,r d~trnurauun ~~t .:t~J pnK+a:rty or any p:irt thrr~ti~f: atxt in Ih~ event
• of the fa~lur~ of the murtgagur tu lrrp thc huilJing~ un wid pr~mnr. and th.~~e tu t+< <rctitrJ un +aid pr~m~.e~. iu improv~mcnh thrrcun,
~ 1"n g~xxl repair, th~ nx~rtg:~grr m.i~ mak~ ,urh repair. a. in it~ di.crrtiun it may decm n~tie.,ary fur thr pn?per prc+rrvatiun thrreut, and
the full artxwm ut r:?~h and ~.~n ,uih pa~ mem ,h:Jl t+e immrJi~tely due :~nJ payahlr. .~nJ ,hall t?e secured hy the lirn of thi. m~x~gage.
6. I~hat he W ili pay all :u~d ~~ngular thr c~rt~_ :harge.. :~nd cxpe~xy. includ~ng rra.anahle lawyrr s fr~y. and ~osts of abstract~ of tiUr.
incurr~til ur puiJ .~t an~~ timr hy the murtga~rr txtiau~e ~~f ~hr failure un the part uf the rtxxtgagur prumpUy and fully to ~xrfurm thr
, agrermrnt. :~nci ~ovenanh i.f c:iid promisc.u~ nute and this m~xtgage, and +aid c~nts. chargc~, and txpenses sh311 t?e immediately due ~nd
pay~Mc anJ ~hall t+e secured h~• thc lirn uf thi~ m.xtgag~.
fhat hr ~~ill {,erp the ~mpruvrmrnt, nu~ r~i.tin?: ur h~reaftrr ~rcy:~r.f un ~hr murtg:+geJ pruperty. imureJ a. may lx rryuireJ frum
timr ti. timr by the nx~rtgag~r :~g:+imt lu~~ h} hre and ~~th~r hae:ud., ca~ulatic~. :md contingerrcies in ,uch arrx~unb anJ fur wch prnixl, as
~ may t+e rryuirax! by mortgac~e. anJ uill pa~ prump~ly. Hhrn Jue. any premium,.rn,uch i~,uranre fix psymrnt uf which pr..~iriun ha~ nut
been made hereinbefore_ All insurance shall be carried in companies appruved by mortgagee and the policies arni renewals thereof shal!
be hclJ by murtgagee anJ havc :?uacheJ thrrrto lin. pa?able claux~ in fa~•or of anJ in furm ~cceptahle ti~ the rrx~rtg:~ger. In ~vent of lu»
he w ill givr immediate nuU~r :+y mait t.i murlda~er. :+nd mur[gagee may mal,~ pnwf of b~+ if not m:~dc prumptl~• by m~xtgagur, anJ e:+~h
imur.~rx~ cumpan~~ tun~crnrd i. h~nby authuri~~J and Jirectrd to maMe p:+ym~nt fur ~uch 1~»s directly tu murtgager imlraJ uf to
rtxxtgagur and mor~g~ger ~uintly. an~ ~h~ in,urance pr~xreds. or any part thrrcY~f. may~ be applied by murtgagcY ~t it, op~iu~ ri~hrr tu the
reductiun uf th~ indebtrdne.~ h~reh~ .ctiurctil ur to thr re,turation or repair of the property dam:~geJ. In evrnt af forc~lu,ure of thi~
rtwrtgagr or other tran~frr uf title to thc mortgagrd pnr~erty in extingui~hment of the ~ndebtednes~ xYUrcJ hcreb~. all right. tiQr, ~nJ
inter~,t .~f the murtgagur in anJ tu any insur:~nce pul~cies th~n in force shall pa~c to the purchaser or grantec. '
X. ~1 hut thr mortgage~ may, at any time pending a~uit up~m ihit mortgage, appl}• ta the court having juriwlictiun therrof for thr
appuin~mrm uf a receiver, and such court shall forthwith appoint a recriver of the prem~~es covered hrreby all and .ingular, ir?cluding all
anJ .~ngular thr incume, profit., ic~ue~. anJ revenuat. frum whatevrr wurce Jeriv~-~i, each arxl e~~cry of which, it heing expre,sly
unJer.t~xKf. i~ hrreby murtgaged :t~ if ,pecific:+lly .~t G~rth and dr.critxd in ~hr granting and habendum clau~c~+ her~a~f. anJ .uch rctiei~•er
~hall h:wr all the hruaJ anJ ~ffrctivr fun:tium snd puwer, in :lO)'M'lll entru~t~d b~ a wurt tu rrcrivrr. and wch appuir~tment shall t+e
madr hy wch cuurt an aJm~tted eyuiq :~nd a matter of ahu~lutr right tu ,aiJ mortgagee. and H ithuut rrfererke te. Ihe adeyu~cy or `
inadc~uacy o( the valu~ af thr pri~pcrty mortgagrJ or lo the wlvcncy ur in~olvency uf' ~aid rrn~rtgagur ur the JefrnJent~. arxi that ~uch +
rents, prufits, incomr. i,w~~, anJ revrnur. ,hall t?r applird by ,uch recei~•er a~cording to the lien i.f thi, murtg~ge arnf the practice of ~uch ~
court. In the evenl of any default i~n the part uf the murtgag~~r hereunJer. 1hr mortgagor agree. to pay t~~ ihe mortgagec un JemanJ as a !
reawnable monthly renta{ for the prcmises an amuunt at Ieas1 rquivalent to onc-tw~e{fth tU121 of thr sggregate of ihe twelve rtwnihly ~
in~tallm~mti payable in the then currcnt year plus the actual amount uf the annual taxes, ~cc-+~ments water rate~, anJ insuranct premiums ~
for.u.h ~ear not covereci hy thr afure~:iid munthly pa}ments.
9. I hat (a) in thc evcnt of any breach of this mortgagc ur defauft un Ihr part of the mortgagor. .~r Ih? in the event that any of ~:siJ }
wm. ~~f money herein referr~tii tu be not prompd}~ and fullv paid wilhout drmand ur nuu~~. or (r1 in thc event lhal each ~nJ evrry the
stipul:~tiun.. agrermcnt+, runJitium. and cuvensnls of .aiJ nWe and th~s m~xtgage. arr not duly. promptly. arxl fully perfixmeJ: then in
eithrr ~~r any .~xh event, thc s-rid a~regate sum mentioned ~n saiJ nute thcn remainig unp:~id. u ith interrst accrued to lhat tim~. :?nJ all
mune~...ecured hrreb~~. ,hall t+c~umr dur anJ payable f~~rthw ith..x thereafter. at the ~~+tinn of ~s~d mixtgagre. a+ fufl~• and complrtely ac
if all of the said ~um~ of nwney werc uriginall~ ,upulaled tu t+r pai.l ~+n wzh Jay. anyth~ng ~n ~aid nute or in thic rrrxtg~g~ to the contrary
nutN ith.tanding; and thereuEw~n ur therwftc~. rt th~ uptiurt uf ~a~d nwrtgagee, w ith.wt n~~ucr or demand. ~uit :i1 I:~w ur in equrty. ma~ tn
pro~ecutrJ a~ if all rtx~ney~ .ctiureYi hereby haJ maturrJ priur tu ~tti imlitut~on. "fhr mortgagee m~} Cixeclux thiti rrH~rtgagr. a~. t~. the
arrw~unt ~a declarcd due and payable. and the said prrm~.cw ,halt i?e w~IJ to ~atisfy and pay the wmr tugether with ants. ripenties_ and
alluwance.. In ca~r ~~f part~al f~~tc.lu,ure ~~f thic murtg.~ge, the murtgaged pr~mitirc ~hall t+e u~IJ wbj~tit t.~ the rontinwng I~en uf this
rrk~rtgagr fur Ihr amuunt uf thr dcbt no1 then dur and unpaid. In ~uch ca.e ~hr pru~i.~um uf thi~ p:?ragraph may :~gain he av:~ileJ of
there~fler frum time t~. timc h} Ihr murtgag~e. ~
10. 1 hat the rtw~rtgagur w ill give immeJiat~ nutice by mail tu the rrx~rtgager uf ~ny cunveyarxr. tramfrr, ur chan~e pi uMOtrsl~ip of
the premiu.. ~
I 1. fhat no Nai~•tr uf any cuvrnanl herein ur uf the i~bligatiun ~ecurcyl hereby tihall at any Ume therrafter t+e heW to t?e a wairer of
the term. hrreof ix of the nute ~ecured hcrehy.
I~_ ~f181 1~ lI1C Rh~fl~d(LU! ~IC~:lUII in any of the covenanis ur agreement~ runtainrJ hrrein. or in said nute, then the morigagee may
perform thr same, anJ alt expendi~ures 1 irkiuding reuonable atturney"~ feea) made by thr m~xtgagee in w duing shall Jraw interest at the
rate ut forth in thc note ~ecureJ hereby, and shall be rcpayable immediately and without Jemand by the mortgagor to the mortgagee, and.
tugether veith interesl anJ c~nts accrumg thereon, shall be secured by this mortgage.
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° BOOK~W PAGE~O~~
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