HomeMy WebLinkAbout1416 i L ' ~ ~r ~ I ~
2. 1 hat, ~n ~TrJ~r nx~rr fully w prut~-~i ~ht .r~ur~ly uf IA~+ murtg.~gr, Ihr murlgagur, lugcth~r with, a~xl in aJ~Gt~un tu, thr nx~nth~q
payn~nt~ unJer ~hr term. uf thr nutr ~~yur~d hrrehy, un th~ (irst Jay ui ~a:h munth unu) the +.ud nutr i~ fully paiJ, will pay tu lht
nwrtgagrr ~hr fulluN ing ,um,:
lal An artwunt +uffi~ient tu proviJe ~ht huWer hereM~ wilh funJa to pay the nrx~ nwrtgage ~murancr prem~um if thi~ in~trumrnt :?nJ
the nutr se~ured hrrrby are inwrrJ, ur a monthly ~harge Un liru of a murtsagc in~urance prrm~uml if ~hry arc Aeld by ~ht
Stcretary of Huusing and Urbao Devzlopment, as full.?w~:
(1) If and ui long as +aiJ note of' even Jate anJ ~his i:r+rumrnt arr imurrd o~ are rcinwred u~xier the Druviaiun~ uf the
National Huwing Act, an amuunt sufficient to accumwatr in lhe hanJ~ uf ~he IwlJrr unt 1 l) munth priu~ w iu due date the
annual nwr~gagr ~nwrarn:e premium, in ordar u~ pruvi~ir ~uch huWrr with funds to pay such prcmium to thr tircrctary of
Housing anJ Urban ikvtlopmenl pursu:+nt tu thr Na~iunal Huu.mg Ac1. as amtnJed, a~x1 appli~a:+le Rrgulatiuns
thereunder, cu
111) If and ui long as caiJ note i~f rven date anJ ~hi+ instrument are heki by thr Secrctary of Nou»ng arxl Urban ikvrlupmrnt,
a munthly chsrgr lin lieu uf a murtbagt ~muruncr prcmium) Nh~ch +hall br in an amuunt ryual to unr-tNrlGh 1 U121 of
onr-half l'il per rentum uf the average out~taixling t+alancr Jur un the no~e cumputrJ N•ithuut taking intu account
delinyurncies or ~epayments;
Ib1 A sum equal ~o the gruunil renu, if any, nrxt dur, plus the premiums that will nez~ become due aixi payable on policies uf fire
• a~x1 uther hatarJ inwr;?nce tuvz~ing the mongagcYl pr~rty, ptus taxcti and a~.e~sments nrxt Jur un the mortg•rgrd proprrty 1a11
a~ eatimated by the mortgagee) less all sums a{rrady paid theref~x dividc~i by the number of month~ 1o ela~?s~ befure une munth
prior to the datr when wch ground rents, prem~ums, taxes, anJ a.ccecsments w~ll l+ecome delinyuenl, such cumti to hr hrld by
mortgagee in tru+t to pay said grounJ rents, premiums, tax~x, and special as~ei~ments: and
Ic? All payments mentwneJ io the twu preceding subsections oi'this paragrapA and all p:?yments w be male wxlrr thr nute xcureJ
hereby shrll be addc~! together and the aggrrgate am~~unt there~~f shall be paid by the rtwrtgagor ~ach month in a.ingle paym~nt
tu be applied by the murtgagee tu ~he fullowing item~ in the urder set forth:
111 premium charget under the contrsct of in,urarx:e with the Secretary of Housing and Urt+an ikvelopment, or monthly
charge lin liru uf m~xtgage in~urance prtmium?, a~ the w~ may t+t;
1111 ground rent+, tatet, as,rumrots. fire, and other hazard insurarx:e premiums;
UII1 ir.terrst on the note xecured hercby; and
IIV) amortization of the principal af said note.
_ ~ny Jetiiiency in thr anwum uf ,uch aggrrga~e manthly p:+> mcnt .hall, unlc~~ made g.xxi hy ~hr m.~rtgag.?r prK~r tu thr dur dalr uf
the ne~t wch payment. ~umtitute an event of drf:tult unJrr thi~ murtgagr. l hr mortgagee may collctii a°late ~harge" nat ta erceeJ two
cent, !2cl fur rxh ~k?Itar ~511 uf ~:+ch payment mure than tiftern 11~1 da~~c in arrearc to cuver the r~tra rxpenu involvrd in ha~xiling
delinyurn~ paymcnts.
3. ~that if ihe tut.d uf thr paymrnt. maJe b~ thr murtgagur unJrr Ibl i~f paragraph 2 pnYrd~og chall cxreed thr arm?unt of th~
psymrnt~ actuall~ made hy the m~xtgagre. fur ground rrnh. ta~cY anJ a~ces.mrnt~ enJ ~muran~r prcmium,, a~ the ca~r may t+r, sucF,
excess at the option uf the mortgagee, ~hall, be credited un subsequent payments to be made by the mortgagor, or refunded to the
nx~rtgagor. If, huNe~~er, the inunthly pa~mrnt~ m:x1c hy ~he murigagor under IFI uf paragr:~ph 2 prrceding ~hall not t+e ,ufficient t.~ pa}•
gruunJ rrnt.. t:~~e~ aod a~ucsmrnt+ anJ in.urance prtmiumc, a. the casr may t+r, when the wme ~hall t+ecume Jue arn! payabl~. then the
rtx~rtgagur tihall pay tu thr mortg:igre any amuunt nc~.~t:~ry tu makr up the defici~ncy. un ix before the date when payment ~~f wch
gruund rents, ta~e., a~x+.mrnt+, ur imurarx:e premium~ ~hall t+r dur. If at any timr th~ m~xtgagur +halt tenJ~r tu thc murigagre in
xcorJan.e Nith thr pruvi.iun+ uf thr nute ~ecurcd herehy, full paymrnt of Ihe r~tire ~ndebtctiln~YS rrprruot~J thrreby. thr rtx~rtgagee
shall, in wmputing th~ amuunt i~f wch irxlebt~~lnc~s, rreJil to the sttuunt uf the mortg;~g~x all payment+ maJr unJer the provi~ions of lu?
uf paragraph 2 hereuf Khich the mortgager has not tkcome iibligat~Yl to pay to the Secrelary of Hou~ing and l'rhan Developrttent anJ any
bslance remaining in thr funds accumulatrJ unJer ihr pru~~icionc ~~f Ih1 uf ~aid p:~ragraph 2. If Ihere shall t+e a Jefa~dt under any of the .
pruvi~iom uf thi~ mortgage. r~tiulting in a puhli~ ~ale ul thr prem~u~ ~uvrrctii hrreby. ur if Ihr m~?rtgagr~ aoywre~ thr pri~rrty UIIICEN IX
after default, thc murtgagte +fiall apph~, at the tim~ af the cummrn.rmrnt ul wch pnxrrding~ ur at thr time the pruperty i~ uther~ ~tie
:riquin~J, thr baLin~r th~o remain~ng in ~he t~und, a:~umul~t~~i undcr Ih~ uf paragraph prrccYfmg a~ a credit :+gain.t thr amuunt of
pnncip:+l Ihrn rrm:?~nmg unpaiJ unJrr ~aid nutr and ~hall pru~xrly a~ju.t an~ pa}mrn~, which ,hall ha~~r tkcn maJr undrr lul of wiJ
F1:1f:lE;f:l(1~1. ~ . .
J. I h:~t hr will pa) all t:t~~y. aur+.minh_ ~at~r rat~~.. and ~~ther govaromrnlal ur municipal chargc+, fin~., ur ~m~x~~iuun,, t~~r Nhich
provniun ha~ nul tktn maJr hercint+rfurr. and in Jrl~uh ihrrcuf Ih~ murtgagrr may pay thr +ame: anJ Ihat he Nill pr~~mptly deli~~r thr
official r«cipt~ thrrCfur tis th~ murtgabrr.
5. I~hat he N ill ~rmh, commit. ur .ufl'er no ~:i,tr. ~mpairmrn~. ur dctrn.~rat~un uf .aid pn~rty ur any p~rt thereuf; anJ m thr ev~nt
uf the fa~lura uf th~ murtg~gor tu kecp the hinlJing~ on ~aiJ prrmi.r.:?nd thuu tu bt rrntrJ un ~:~~d prcmiu-~. ur impruvrment. thrrrun.
in giMxi r~pair, thr nwrtgager ma~ mal,e ,uch repair. a~ in it. Ji.crctiun it msy drem nc~r.wr} for the pruprr pre~rnatiun thereof. :inJ
the full anwunt uf rach and evrn +uch pa}'ment ,h:?11 t+e immcvli:U~l~ dur and p~~ aM~. arxi .hall t+r cetiurc~el by the lien of ihi. rtx~rtgsge.
6. ~hat he w ill pay all and ~ingulsr thr cu~b. charg~•+. anJ erprncc~, including rea~an~hlr law~er'c fer.. anJ costs of aMtracts uf t~Ue.
! incurrraf ur paid at any time b~ thr mu~tgagee t+ecauu uf thr failurr un thr part uf th~ morlgagur prumptly and fully to ~rfi~rm the
agreemrnt. anJ cuvenant. uf ~aiJ pr.~mi~~ory nut~ anJ thi, murtgage_ and .aid c~rtc. ~hargr., aru! expc:me+ +hall t+e immeJiately Jue and
payaMc and +hall be ~eeureJ b}' the lirn uf thiti murt6~K~-
; 7. fhat he w~ll i.eep the improvements rww exi.ting ur hereafter rrectcd on Ihe rrwrtgagtd prupeny, mtured as may tx r~~yu~nYi frum
~ hme to time by thr murtgagce againtit lu~~ M~ hr~ anJ uth~r hatard~. ca.ul~tie+. :+nd cuntingrr?tic-ti in ~u~h atrk?unt~ :+nJ for ~uih periixls a~
( ma~~ tx requ~rrJ hy mortgager. :~nd will pay promptly. Nhr~ due. any prem~um. un wch imurance for papmrnt .~f Mhith pravic~un ha, not
been made hereinbefore. All insurance shall be carriai in companies approved by mortgagee and the policies and renewals thereof shall
be heW hy murtgagee snJ have att~chcYi there~o lin, pa}:~hle clausr. in fa~ur uf ~nJ in form acceptable tu thr murtgagee. In rvent uf luss
~ he w ill give immeJiate n~~ticr by mail to murtgagee. arxf m~trtgager ma~• mal:e pr~~f of luss if rx~t maJe prumptly by mortgagur, arxl each
; insurarke company cunterneJ ic hereby authoriced anJ diretiteJ to makr payment fur ,uch Ivss Jirectly t~~ rtiwrtgager inste~d uf to
~ murtgagor and murtgagre juinth. and the imurancr pnkeeJ~. ur any part thrrrof, may t+e a{+plied by rtx~rtgagee at hs option either to the
' reJuctiun uf thr indebtednes~ hrrebp u-~u~ed or tu thr retit~xation ix repair of the pru~?erty damaged. In rvent of fortckxure of this
; rtwrigage or other transfer of title tu the murtgagrJ pruperty in extinguishmeM of the indebtrdness utiur~Y) hereby. :~II right, tide. and
~ intere~t of the mortgrgor in arul tu any imurance polic~es then in force shall pass to the purchaser or grantee.
; 8. "~hat the mu~tgagee may, at any time pending a suit upon this murtgage, apply to the court having ~uriuliction thereot fur the
~ appointmrnt of a receiver, and such court shall forthwith appoint a receiver of the premises covernl hereby all atK1 singular. irKluding al!
~ ancl ,ingular the income, prufits, issues, and revenues from whatever souree derived, each and every of which, it being e~preuly
s undentu~xl, is hereby mortgaged as if specifically set forth and Jescrit?ec! in the granting anJ habendum clauses hereof, and such recerver
fi shall h~ve all the broaJ and effective functions and powerl 6n anywise entrusted by a court to a re~:eiver. and such appointment shall be
~ made by wch court as an aJmitteJ equity and a matter of ahwlute right to said mortgagee. and witFwut reference tu ihe aJequacy or
~ madeyuacy uf the value of the property mortgage~i ~x to the wlvency or insolveacy of said mortgagor ur the defendents, and that such
K rents. profits. income, iawes, arxi revenues shall be applied by such receiver according to the lien of this mortgage aixl the practice of such
s court. In the event of any default on the p:~rt of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a
reasonable monthly rental for the premius an amuunt at least equivalcnt to one-twelfth 11/121 of the aggrcgate of the twelve monthly
installments payable in the then current year plus the actual amount uf the annual taxes, assessments, waler rates, and insurance premiums
1 for such year not covered by the aforesaid monthly payments.
9. "That lu) in the event of any breach of this mongage or default un the part of ihe mortgagur. or Ih) in the event that any of said
* sums of money herein referreJ to br not prompUy and fully paid without demand or notice. ur Ir) in the event that each ancl every the
~ stipulatiuns, agreements. conditions. arxl covenants of said nwe and this m~xtgagt, are not duly, prompUy, and fully performed: then in
~ either or any such event. the sai~i aggregale sum mentiuneJ in said note then remainig unpaid, w•i~h interest accrueJ to that time. arxl all
rtwnry~ ~ccured hereby, shall t?ecome due and payable forthwith, or thereafter. at the opUun of ~aid mortgagre, as fully ~nd complrtely as
- if all of the wid sums of money were onginally stipulated to t+e paid on ~uch Jay. anything in said note or in this nx~rig:+ge to the contrary
notwithtitanJing; anJ thereupon or therzafter, at the op~ion of said mortgagee, w•rthout nutice or Jemarxf. ~uit at law~ or in eyuity. may be
pnnecuteci as if all rrwney> >ecured hereby had matureJ prior to ~t~ institution. Thc rtx~rtgagee may f~xeclux th~ti rtwrtgage. as to the
- amewm ui declareJ due and payable. and the xaid premicrti ~hall be x~W to catisfy and pay the wme tugether with cost., expemes. and
= allowancr~. In ca~ uf partial foreclinure of this murtgagr, the mortgagrd premi~es ~hall be xild .ubject l~~ Ihe continuing Iien i~f this
rtxxtgage fur the amount uf the Jebt not ~hen Jue anJ unpa~d. In ,uch catie the ptuvi~ium of thi~ paragraph ma~ aga~n be availeJ of
thereafter frum ume tn timr by thr mortg~gee.
10. ~hat ~he rrH~rtgagur w ill gh~r immediale nutice by mail to the murtgagec uf any cunveyarke. transftr. or change uf uwnrnhip of
- Ihe premitie~.
1 I. That no waiver uf any covenant herc~n ur uf the uhligation tiecured herehy shall at any hme chereafter t+e held tu hr a wai~•er of
the term~ hereuf ur uf thr not~ ucureJ hereby~.
:i 12_ I hat if the rtx~rtgag~~r Jefault in any ~~f the covenants or agreements cuntaineJ herein. cx in said rxrte, then the murtgagee may
perform the ~ame, arxl all expcnJiturei IincluJing reasunable auorney'c fees? maJe by the m~xtgagee in w doing shall dr:~w• intcrest at the
rate set forth in the note secured hereby, and shall be repayable immecliately and withuut demand by Ihe morlgagor to the rtwrtgagee, and,
= together with interesl and c~nts accruing Ihereon, shall be secured by this mottgage.
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