HomeMy WebLinkAbout1903 . ~ . r .v~....«~a a.~a .a~u~~a~ an ~n~~ u:~.~~r.~t;~. ~ni i.~.t,.~t,..~....~..~.. . _ _ _
{~a)mcnl~ uil~la4 Iha it~ql+ ~~f`ha~lutt u1ur~Y1 hrr~M. un ihr hr~l ~I.~y ~+t r.~~'A m~~nlh unhl tht ,.u~l ~.~lc lull} paid, w~ll p:~) !u Ih~
muit~~g~a Ifii R~II~~v~~ng ~unl~Y ~
(~1 An :+nwunt «ffi~irn~ tu pruviJt thr h~~ldrr hrrcv?f wnh fund. to pap thr neu nH~r~gubr in.uran.r prrmium J th?. ~mtrumrm :+~id
~hr n.nt .~currd harchy ~rc imureJ, ~x u munthh chargr ~in liru uf a m~xtga~e ~n~yr:~rn:e premium) ~f thry sre nrid ny ~ne
Sc~rctary uf Hou~i~g anJ llrban [kvCfupmrnt, a. foUuK~:
t!) li anJ x? lung as wiJ nulr ~~t' evrn J~te arxi ~hic in.uumcM arr ~m~rrJ ur arr rein+urrd unJcr ~h~ nrovuwm uf the
Natiunal Nuu.ing .~et, an amoum wlicirnt to acrumulatr in thr hand. ~~'thr hulder unr 1 U manth pnor to its due Jate the
anoual mungagr in.urance ~+rrtnium; In erJrr tu pn~~iJ~ +uih tirl.trr with fued. tu pay .urh premium ~o ih~ tircratary uf
Nuu~ing anJ Urban Drvrlupmcnt pur,uant tu thc l~.~t~.n~al Il~~u.~~g A~t, amendrJ, anJ applicable Rrgulati.~m
thrrrun~ler, ur
1111 If .~nd v~ I.~ng a..:iid nutr uf rvrn date anJ thi. ~mlrumcnt urn c~tJ hy thr titcrttary of Nc~u.inK :crxi !'rban Urvrlupmr~»,
munthly charsr (in lieu ut a murtg:~gr ~n+uran:~ prrm~um) Nhi~h ,l~.~I{ t~r ~n an anwun~ ryu.~l unr-tNrlfth IU131 uf
une-h..lf l! = 1 prr ccutum uf thr averagc .~uhtanJ~~g t+al:,nc~ Jur .~n ~lir nutr wnzputctii N~ihuut taA~ng intu :~~.~unt
drlinyurncir. ~x prtpeymrnt~;
fb? A,um ryual w ~hr grounJ ~ea~~. ~I any, next Jur, plu. the premium, thui will nrxt txcomr due and payable on ~x~licie~ uf fire
arxi othrr ha~ard imurance c.~vering lhe mo~tg~grd F?roprrty, plu. taxr. :~nJ a~ce,sment~ nr~t dur un thr m~Ktgag~~1 prc~+trty Iall
a, e~timated by Ihe murlgagrr) I~s+ all ~ums alrrady p:.iJ thrrrfw div~~cd hy the numhrr uf munths tu elup~ hrfurr une munth
pr~or to ~he ~i:itr whcn ~uch gc.~un~1 rcnts, premium+, lnxr~, arxl s»r.,mrnt. will t+r:um~ Jelinyuent, ,uch ~um~ to he h~IJ M
mor~gagee in trust t.~ pay +aiJ ground rents, premiumc, taxra, and ~prc~al a.~r~+mran; and
Ic) AII paymtnts ment~uned in tAe two prrceding suMectiuac of Ihi~ p:uagraph and 311 payments to t+e made undrr the hote srcureJ
her~hy ,hall br aJJrJ tug~ther and ~he aggr~gatr amuum thrreuf .h~l) br paid h~~ the murtgagur r:~h month in a~~~gl~ pa~ ni~nt
w hr applird by thr mur~gagee tu thr faUuH ing itrm, in thr ordtr srt furth
t11 premium chargrti unde~ the corttract ~f imuranrt wiih ~he Sccre~ary .~f Huu~ing and Urban f~velopntrnt, or nr~nthl~
charge 1in lieu of mcxtgage msurancr prrm~um), a+ the ca.r may tx;
1111 grounJ renn, t:~xes. :useutnent~, fire, anJ othrr har.arJ ~n~urancr prrniium~;
(Ilil ~ntrrc~t on thr notr+ecurc~l herrby; and
IIY) nmoriit;?tion uf tht ~+irintipal of said nute.
An~ Jrlk~~n.y thc :~nwunt ul wch ~ggregatr nwnthly pa~m~~t ~h.Jl, unl~., maJr guuJ h~ thr murtg:~gur priui tu thr ~ur datc uf
the nr~t ,u~h pa~ nxnt, cun.utut~ an ~~cm uf Jrlault unJrr thi~ m~~rtgagr. 1 hr murt~agc~ m.~y ~ullc~it a~latr CIiA(bC ~ OUI lU ~\l'CC~I 1NU
crn[s ~2c1 f.~r rach ~killar ISI )~?t r:xh pa~ ment mure th:~n fiftrrn ~ 151 ~a~. in :ur~ar. to :ovrr the eatra ~~~n.~ ~muh~wi in han.lliug
Jelinyuent paymenh.
Z. lhat ~f the tutal uf thr paymrnt. madc hy ~hr murtga~ur unJrr th? c~! p:u:~gr.iph ~ pr~crJ~ng .hal1 r~rrrd thr amuunt ~~f th~
pa~mrnt+ ar~uail~ m.Klr b~ thr murtg~grr, fur gr.~unJ r~~t~, ta~~-+ and a.~«.uicnt, anJ ~murairr prem~um+, a~ thr ~ax may b~. ~u~t.
excesi at the uptiun uf the mortgagee, shall, br credited un subsequent payments to be made by the rrwrtgagor, or refunded to the
murtgagur. If, huwever, thr nwn~hly paym~nh maJ~ hy th~ mi~rtg~gur un~cr ~h? uf p:~r:~gtaph 2 pr~tirJing ,hall ~wt tx wfhcicnt tu pa~
~ruurxl rcnt,, ta~e~ a~xl ;.,x„m~nt~ anJ in.ur,inc~ pr~nuum., a~ thr w,r nu~~ h. Nh~n ~h~ wmr .h~U brcumc dur an~ payabl~, thrn th~
nwrtgagor .hall pa) tu the martgagrr uny amuunt nitir„an t~. ma1.r up thr Jr!kirn:>. un ~K t.~furr the d:u~ Nhen paynxnl uf .urh
~ruund rent., ~u~r.. x,x..m~nh. ur insuran~:e prrrn~unt, ,h:dl bc Jur. ~t any umc thc mungagiH ~h:?II tcn~rr to thr murtg:?g~r ~n
accurdan~r N~1h th~ pru~n~un. uf thr nutr utiur~d h~reby. full pa~mr~t uf thr rnuer inJtMrJn~~. repre.en~rJ th~r~by, the nx~r~~agrr
,h~ll, in cumputing the amuunt uf ~uch irxlebtcvlne,.. trr.i~t t.? thc :,~cuunt of thc murtgag.K all paymrnt~ maJr under Ihe pruvi,ium uf ~e~1
.~f paragr:+ph ~ hrr~uf w h~ch th~ morlgagc~a has nut hr~u+nr ubli~airal to pay tu thr Srcrrtrry uf Huwing and l;rhan Dcv~lupmcni and any
hala~ce rrm:uning in thr fund. ~ctumulat~~l unJrr th. pn~~i.u~m uf Ii~~ ~,1 .a~d p:~ragraph If thrrc.hall h~ a dct:iuh undrr an~ uf thr
~ro~i.iun+ uf thi, murtgagr. rc.ulting in a pubL~ ~ali uf thr pr~mi.r. cu~~r~yl h~rrhy. ur if ihr m~xtgagrr aoyu~rr. thr pr.iprrt)' uth~r~ttk
.~tter J~fault. th~ martg:igr~ .h:Jl apph, at the i~ntr ~+1 thr cummrii.rm.~nt ~~f ,uch pnRCtJing, u~ at ~hr ~im~ thr prupart~ i. uth~n~ik
.~~yuir~tif. thc halan:e thcn remaining in thr fund. :~~~umula~rd unJ~r rhi uf p~ragraph ~ prrr~di~g a, a crcd~t aga~mt thr am~~unt uf i
pnncipal then rem:~ining unpaid utxier .ai~ nutc and shall pru~+xrly aJju~t am peyments whi~h ~halt have bern ni:~d~ undrr I~rt uf,a~d
p:~racraph. '
-1, lh::l hc ~~JI pa) all 1:~~~ti..i..~~.mrnt,. ~:~t~r rat~h. :in~l ~~thir go~~rn~mnr,~l or muni:~pul ~har~;i.. tin~~, ur ~m~xr~iU~rm. (ur ~~h~ch
pr.~vn~un ha. nut tkrn m:~dr hrre~~hat:ire, and in drt:«d1 ~hrrcuf thr m„rt,.~ir< <ii.t~ pe~ thr .am~: an~i that hr Kitt prumptlt drl~crr thr
~~f4~~a) rc~~ipi. th~rrli~r tu thr m~~rtgaga~.
~hat hr w~ll ~+crput, c~,mmit. ur,utlrr nu ~~a.tr. imp:unprm. ~~r ~lrtinur.~ti~~n uf,.ud pruprrty or an} part thcrr.~l: und ~n Ihr rcrnt '
.~f the failutC of Ihe nwrtF:~gor fu A~~p thc building. ~m ,:iid p~rmn~~ anJ thu~r tu h~ rre~tid un ,aiJ prrmi~e~, ur nnpru~'ert~rnh ~hrrcun.
~n gi~exl repair. tt~ ux~rlga~ee may mak~ ~u~h rrpeirn a. in itc di.cretion il ma> ~ferm nete+s:iry fur thr propa:r prr+trvation therruf, :~nJ
the full a~n..unt of rach anJ r~ery ,uch payFn~wt ~h:~l! t?e immrJiatrly Ju~ ami p:tt.+blr. anJ ~hall t+~ ~ur~~e1 hy 1hr lirn uf this rm~rtgag~.
~ 6. That he w dl pa) all and ~ingular thc ~u~I~. ~h.irg~~. :trx1 rrp~m~ti. including rra~un:tM~ laa yer ~ fee~, and ~uct~ uf :tb~tr:uh uf E~Ur.
~nrurr~tl ur p:~iJ a1 any timr h~ thr murtgagr~ Ik-::w.c ~~f thr failure un thr pan .~i thr murtgag.~r prumptly and fulh ta prrfurm thr
.~grcrmrnt, ~nd cu~rnant. ut .aid p;umi..ur~ nut~ :~nd thi. nu,n~.~gr. anJ .aiJ :~nt._ ~hcuge~, anJ r~pemr~ +hall tx ~mmeJiatel~ dur anJ
pa~aM~ :~n.l .hall hr ~r~ur~d h~ th~ 1«n.rf t6is murlgagr. _
i fh:~t hr will A«p thc improvrmcnh now e~i,ung ur hereaftrr ~rzct~Yf on tfie murtgagrd pruperty. imurrJ u~ ma~ t+r rryu~rr~1 Crum
, tim~ tu tim~ M• thr nx~rtgagrr ~gaintt In,. by fire and o~her haiarah, ca.ul:itirs, anJ i,antingencie~ in ,u~h anwum~ anJ fi~r ,uch periuJ. a.
may t+e rryuirrJ b~ mortg:~gcr. ~nJ wiU pa~ promptly. wHrn dur. any premfuen~ on such ~nsurarne f~x payment uf whech pru~i.~un ha, nut
been maJe here~nbefore. All imurance shall be carriod in companies approved by mortgagee and the policies and renewals thereof shall
h~ heW M• murtgagcc anS havr attathid thereto I~n~ pa~ablr cluu~cti ~n fac.ir of and in furm atcrptahlc tu th~ murtgagr~. In rv~•nt uf Iutit
, hr w ilt gi.e immrdiat~ nutice hy m,~il t~ mortgagre. and mortgagre m:?y make pr<x~f uf ler.. if nut maJe prumptl? M morlgagor. :inJ each
:mufanct Curtlpan)~ .COnCCfqrd is hereby authortzed and direCleJ to malr payment fvr ,uch !.m Jirectl~ to murtgagee insteail of tu
nwrtg;ig~~r and m.Htga~t~ juintl~. .~nd th~ imurance pnkrcJ~. ~~r :tn~• p;irt thrr~.~f, m.~y n~ s~~,i,~a n. nr~r~gagrr at it. uptiun rithrr tu thr
r~du~l~~in ~i( thr indrMedn~,~ htrrh} utiur~Yl ur tu the reslarr.~ttun ur ~epair ul thr prupcr!}' damagrJ. !n c?inl ~+1 ~ur«lu~u~~ ~~f ~hi~
rn~~rt~;ag~ ur uth« tramfir uf tide tu thc m~irtgageJ prc~erty in trling~uchmcnt uf thr inJrhtrJnr., .~tiurrd hrrch~. ;JI r~gh~. Utlr. :~nd
~nterr,t uf ~hr m~xtgagur in an~l to any ~nwrance policits thrn in forcr ~hall pa~a to the pur~h~r ur gramr~.
fhat ~he mur[g:?gr~ rtti.n. at aay time penJing a~urt u~n {h» m~r~gagr, apply tu !he .uurt h:~~~nc 1un..licn„n th~reui t~~r the
npFx~inumnt uf a rr~eher. :~nJ wch court shall fMthw•ith appoint a re:eiver ~~f the premius CovereJ hereby ;~II a~xi .ingular. includ~n. all
.~nJ .ingular th~ incumr. prufitti. i..ue~, and reve~u~ frum whate~rr cource de~ived, ~ach ~rxi c~~rry uf ahich, il txing r~pre„h
undtntu~xi. hrrrh~ mi~rtga¢~et :n i(~pr.~fic.~lly ~rt ti~rth arzJ de.crihed ~n thr granting anJ hahrnJum rlauu~ hrreuf. anJ +ikh r~tirner
,h~ll h:?~r :~If the hru:td anJ rllr.:t~~r function. ao~l puwrr. in :~mw i.r rnlru,t~d h~ a~i,urt tu rrceiver. :~nd ,uch appuintmrnt ,h:~l! be
m:td~ h} w~h ~uurt a~ an aJmitteJ ~~yurt} and :t m:~1l~r ut ahv~lutc nghl tu tia~J nwrtgagrc. and wrthuut r~firrrk~ Iu thr adi'yuac) ur
inadequ~cq of thr a~tur uf ihr pr.~prrty muri~:agc~1 i?r tu the wh~en~y ur in+alvrncy «f ~a~d murlgagur ur ~hr ~lrfendtnt~. and Ihat .uch
rent+. prufit,. ~nwme. i.w~~. ~nd revrnu~-..h:?II hc :ippiir~l h} ~uch rc~ri~cr a.curJin~ tu th~ li~n uf thi~ murtg:+ge and thr pr.~~uce uf ,uch
court. In the ~ven1 uf :~ny Jeiaul~ i~n thr part uf Ih~ rtxirtgag~~n c~riunJrr. thr murtgagur agrr~~. tu pay tu th~ murtgager un Jemand s. a
rta.onablr munthly~ rrnt.~l for the premi.e+ an ~muunt :~t lea.t e~qui~alrnl tu unr-~welfth 11/121 ~~f the aggr~gatr of thc twcl~•r nx~n~hly
mctallmenn payable in the then carrem year plus the actual amuum of lhe annual taze.. a«es.mentc. water ratr., ~nd imuranee premiums
f~~r +tkh yrar o~~l cu~'erral hy thr :tfixr+aid munthly p:?qmenls.
y. fhat fu1 Ifi [flc CYCRt ~~f anp hrea~h ~>f thi. murt~31;C Uf l~tfJU~l UD If1C J~:~~I ~~f I~IC I1R~ftfl:fZ7,Ul. Of III lflc r~rnt that :~IIY uf ~.Ill~
.unr of munr~ herein referr~~t tu hr nut prompdy and fully paiJ with~~ut drm:~nd ~~r nuure, iir !i 1~n thr c~rn~ ~h.~t ~ach and r~~n the
+upuLiuun.. :~grrrrnrnt., ~~mdit~um. and covenant. of ~aiJ n.xr and this mur~gage. ~re not Jut~, pr~~mpti~. :~nd fully perti~rmed: then ~n
rrther ur am wrh etirnt, ~he ~atd ag~gate sum mentivn~d in saiJ note thcn remainig w~p:~id, w ith intrrr.t accru~d ti~ that timr. and all
rtx~ne?.,rcureJ herrh~..h:Jl hrcumr dur anil pa~aMc furthw~th. ~~r thereafter, at thr u~ti.~n uf wid murtg:~g«. a+fidl~ and cumplrtriy a,
if aH of thc ,aid ~um. i,f rrk•ne~ .arre ui iginally ,tipulatrJ to hr pa~d un ~uch Jay. :~mthi~g ~n .:w~J nole ~er in th~. nh~rtgagc tu the iur.trart
nc~tw rth,taneling: anJ therru~xin or thertafter, at thr upleon of +aid mortga$rr, withuut notic~ or demc~nd. ,uh at law ur in ryurt~. m:» hc
pru.rcutr~ as if all nwne}, ,~ZUr~til hrrebp h:~d matur~d pnur tu its in.titutiun. The mortgagee m:~~ lix«lu,e thn m~~rtgage. ati tu the
:~rnnunt .~i d~cl:ired dae anJ pa}ahlr. and Ih~ ,:uJ premi~~w ~hall tk u~ld t~~ .ali~fy anJ pat the wmr tugether aith «Ntti. cxprn~cs, a~~d
slluwancr.. M.:~~r uf p:ut~a! lurcclu.ure uf thi~ m~~rlg:~ge. thr m~.rtg:~grJ prrm~tie~ ~h:ill be .uld whjr~;t tu Ihr ~untinuing lien uf this
nwrtgagr for th~ :~m~~um uf ~hr Jrht nut thrn dur and unp.u.l. In wch :a~c thr pr~~en~~,m ~.f thi, par.igraph m.~y again hr ava~kJ uf
therc:+ftcr frum timr t~~ Umr h~ Ihr murlkagcr.
111. fh:N the murt~:a~;ur w~l) ~ne ~mmaJi:~tr n~~urr hy n~:~il tu the rtx~rtbagre uf a~iy ~umry:uxr. tr:~mtrr. i~r ch:+nce of uwner.hip ul
thc prrm~u..
I 1. 1 hat nu W a~vrr nf an} rucrnam herrin ~ir ~~f the ~~htigat~un ~~tiurrJ hrrrby~ ~hatl a~ an~ [imc thrre~fter he hcW tu be a w.~iv~r uf
the term. here~~f ur uf the nutr ~rcurrJ hrrehv.
12. That if thc nx~rtgagur drf;~uU in any uf thr co~cn:~nt. ~~r :~grermrnt. cuntainr~ hrrr~n. or in wiJ nute, thrn thc murtg~ger may
perform the same. :+rui all r~pendi~ure~ i including rra.unaMc att~,rnr}'. frr.1 maJc hy thr m~ktg:,gre ~n u? doeng ~hall Jraw interest at the
rate ~et forlh in the rwte ,rcured hereby. :?n:1 .hall bc rcpay.+ble immeJ~ately anJ without Jemand by the rrwrtgagur to the nx?rtgagee, and,
togethtr with interest and cinl~ accrui~g thereun, ,hall he ~ecured by Ihi~ murtgagr.
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