HomeMy WebLinkAbout1911 ~ n u. ~n ~~rurr nwrr ~un~ tu pru~~i~ ~nz .aiu~rty ut In~~ m~at~..i~.a. th. ni,a~p.~~.~~. t.~~rthr~ with .u~J ut .~.1Jui.~n lu, th~ nr~i~ihl~
pa)mriet~ und<< tht ttnm u~ Ihr natt ,atiu~r.! hrrrh~, vn Ih~ ht~i Jay ~~f i.~~h nt.~ulh ~~ul~l~hr ..~~J iwlc lull\ p.uJ. wll pa~ t~~ Ihc
nwrlK.~gr~ IhrluUuwin~;.um.:
lal An anx~unt .ufficirnt to pruviJr Ihr huWrr hrrcof N~~h fund. t~. pa> ~hr nr~t nwr~g:~gt iu.urancr p~rm~um ~f tAi. im~rum~nt and
the nate ,ccurrJ hrrchy are imurcd, ix a munlhly chargr ~in Gru uf a murtgage ~murancr {xrm~uml it~ ~hay arn c~W Ay ~hr
SrcrctafY uf Nuu~ing anJ Urhan Ikvelopmenl, full~~w~:
111 If and K? lung a~ ,aiJ nott uf rvrn date anJ thi. in,trumcn~ arr ~n.urrJ ur arc re~nwreJ unJe~ tAr pru~i~ium uf thr
National Hou,ing Acl, an amuunt cuRic~rnt tu accumulalr in thr h~nd~ ut lhr holJer une 11) munth priur ta Uc dur datt thr
annual nwrtgage ~mur~rn:e premium. in urd~r tu p~uviJr .u~h h.~IJri w~il~ fund, tu pay .uch prrmwm tu thc Sr.:r~tar~ uf
Huuiing anJ Urh~n [kvrl:?pment pw,uam tu th~ Natiu~iat Nuu,~ng :\~t. a~ amtndeJ, arxl ~r~iwani~ R~ulauun~
thercu~Jer; ur
1111 If anJ .w lung as,aiJ notr uf ~vrn daie an.l ~hi. imtrumrnt are hrld hy thr tircretary of Huu,ing a~xl Urhan [)rvrlopmrnt.
mumhly charge lin liru ut~ a murtg.~gc ~n.i~rantr pr~~nium? ~ h~~h .Iiall hr in an anwunt ryu:~l tu unr-~Nrlfih 11/t .~f
unr-half 1'~ 1 prr crnlum u! thc avr~ag~ .~uut.~nd~ng tvilancc ~ut un thc nu~r cumputrd withuut tal.~ng ~~tu a~uunt
~rlinyurncic, or prcpaymenK;
Ih1 .a ~um eyual t~~ thr gruund renh, if any, nrx~ dur, plu. 1he prrmium. that will nr~t hrcomr due aixl payablr on ~x~lkir~ of fire
;~nd othrr hazarJ in,ururkc ruvering thr m.~ng~gcY! pruprrly, plux taxC~ and sa?c~sment~ nrx~ dur un the m~xtg~ged properry lall
a~ ~stimated by the rtwrtgagrel Ira~ all aurtu already pa~d thrrefo~ drv~dctii by thr numt+rr uf muntFu tu elap~r before une munth
prior to ihe date v?h~n wch gr~zurni renn, przmwms, taxr., arxl a.~e„mrnts will hctiume deGnyuent, such sums ta t?e helJ hy
mur~~agee in Irust to pay taid gmund reMs, premium+, ta~cw, and cperial a.+r.,mcm.: anJ
Icl All payments mentioned in Ihe two preceJ~ng sub+ections of thi~ paragraph and sll payments to t+e made urnier the note ,hurrJ
hcreby tihall t+r adJ~Yi tugethrr and the ay~regatr amoun~ thereuf .hsll be paid hp thr nw~rtgagor c:a:h munth ~n a~~nglr ps> nx~nt
to t+r applird by thc mur~gagee to ~he folluwing itrros in the arJer ,et furth~
11! prrmium ch•rrge. unJrr the cuntract ut insuranre with the tictiretary uf Huucing and Urban [kvrlopment, or m.~nthly
charga (in lieu of m~xtgage insurance prrmiuml, a+ the ca.e may be;
1111 gruimd rrnts, taxts, ;~ssei~ments, fire, anJ uthrr ha~arJ insuranct prrmium>;
U111 intrre+t on the nute secunYl hercby; and
lIV) amortitatian of the pnnripal of saiJ nute.
Any d~firierx-y in 1h~ .inwunt uf uich :Ib'b'fC(t:lll' nwnthl} papmrnt .hall. unl~„ maJr gu~x! by lh~ murtg.~gur priur w thr duc Jat~ u!
the ne~t ~uch pap~mnt, cun.titut~ an evcm uf Jefaull unJer thi~ murtbagr. 7 hr murtgaKrr ma~ cuUctit a lalr rha~gr" nut tu rur~J tNu
ccnts ~~C) ~Of CSl'II lIl)IIJf (SI1 uf ~:kh paymrnt murr than tift~rn 1151 day. in arrcar, tu cuvrr thr r~tra ~x~xn.~ invul~rd in hanJling
~clinyu~nt paymenU.
fhat it thr tu1a1 uf lhc paymenh maJc hy thr murtgagur unJ~r Ih? uf parabraph ' pr~ti~Jing ,h:~U ~~crrJ th~ anh~unt uf thr
pay mcnt~ :.ctuaUy maic b~ thr murtgagtt, fur grounJ rent~, tax~-, and a.~~Uin~na an.l in+ura~kr premiuma, a~ thr cax may br, ~uct~
zxcess at the option of the mortgagee, shall, be crc~iitc~l on subsoquent payments tu be made by the mortgagor, qr refundc-~i to the
nx~rtgagur. If, huwever, thr nwnthl} paymrnt+ m:ul~ b~ thc murt~agur undrr ~b) ui paragr:?ph 2 pr~lrJing ~hall nut t+~ ,ufficicnt tu pay
gruunJ rrntti, taxr+ ~nJ a,~r+.mrnt+ anJ inwrancr prem~um~, a. thr ca.r ma~ br. Nh~n thc wmc ~haU br~~me due anJ payable, th~n thc
murtgagur .hall pay tu Ihe murtgagrr any amuunt n~tir.~ar~ tu male up thr drfi.i~n:y, un ~x t+rti+rr thr datr when payment u(,uch
grourxl rrnt,, waar,, a„c»mrnts, ur in~urancr prcmium. ~hall be due. II at :~ny timr ~hr murtgagur ,haU trrxlrr tu ihr murtgagrr in
accordance N~th the pruvi.iun. oF th~ nole ~cYUred hrreby, full payment uf Ihr enurr inJtMctiln~~ repn5a:n~rJ iherthy, thr murtgagre
,hall, in cumputing th~ amuunt uf such inJebt~tilne~+, crr.lit tu thr ~ccuunt ut th~ murtgagiK all pa~menu maJ~ unJrr th~ pruv~sion~ uf WI
.~f paragraph 2 hrrruf ~hich ~h~ m~r~gagce ha~ nut t+ecumr obtiga~ctil w pay tu thr kYrel~ry uf Huu~ing ar?d l;rban lhvelupmeat arxl any
hrlnncc remain~ng in thr funJ, at~umul;itrJ under thr pruvi,iun. uf Ih~ uf .aiJ paragr.~ph 2. If ~hrrr .h:dl hr a drfaul~ urxier any uf Ihe
pruvi.iom uf thi~ m~xtgagc. rc-,ult~ng in pubhr sale uf th~ prrmi+c. cu~~r~tit hrrchy. ur if th~ m~Ktgager acyuire, thr prupert~• u~hrr~ix
:~ftrr Jrfault, Ihe mortgagee ~hall apply. at thr time of thr c~~mmencrm~m ul .uch pr~xeeJing~ ur at thr t~mr the pruprrty uth~r~~.r
acywre~i. tt?e balarxe thrn rrmaining in the funJs xccumulat~Y1 unJer Ih~ of paragraph 2 prec~iinE ac a cr~tiiil ag.~imt thr amuum uf
principal thrn rrmaining unp~iJ unJrr +aid ni~tr anJ +hall pru{xrl~ a.lju.t am paymrnts Hhi~h ,hall havc he~n m~.f: undrr 1~~1 uf ,:iid 3
par:+graph.
I hat he ~~iU p:iy all 1u~r.. a»r~,mcnt~. ~~atrr r.~t«. :~nd ulhrr go~rrnmrnt~l ur mumcip:J rhar~~.. tinr,. ur im~x~,iuun.. f~~r Hh~ch
pruvi.iun hac nut hern mc~d~ h~rr~nF+~t~.re. and in d~tault thrnv~f th~ murtgag~r ma~ pa~ thr ,emr: and that hr H~II prumptly Jcl~~~r thr
.~ffici:J r~eipt, therrfor to thr mortgagee. .
That hr Mill ~x:rmil, cummit, ur suffer nu w.i,tr. impairment, ~K Jrterior;,tiun uf.aid pruprrty or any p~rt th~reuf: and in Ihr r~rnt
«f thr failun of the murtgagor to Aeep !hr buildingc un caid premices and thoce to he rr~r~eci on said premitiec. ~r impruvement~ th~rcun.
in g.xKi repair, the mortgagee m:ty nu~ke ~ucA repain ;t~ in it, diccreti~~n it mey Jeem necrssary tor the pruper preservatiun thereof. :~nd
thr t~ull arrx~unt o( e:nh and ~vrr~ ,u~h paymcnt .hall tk imm~Yliatrly du~ and p.n aMr. anJ ~hall tk ~ured by thr lirn of th~s rrxxlgage.
b. t hat he will p~y all anJ ,mgul:~r thr cu~t.. chargr,. and r~prm~~. ~tkluJmg rca,unahle law~~r's f~rs. anJ ~~r~t> r~f ~h~Iratts uC titlr.
incurr~tl ur paiJ at an~ timr h} 1hr murtg~grc h~~:w.~ uf thr iailurc un th~ part of thr rtx?rtgagur prumptly .+nJ fuUy tu ~r(orm Ih~
agreemrnb and ~uvenanl, ut ,aid prumi~.urv n~.tr and thi~ murtgagr. and ~:11~I C~h(S. l'Fl:lfgt~ :lRIJ t\~1CIl~t~ ]FI:III f1C II11fIltlI1:1ICI)' IIUt :fI1lI
pa~ablr anJ .hall he,~curcd hg thc licn uf thi. murtgagr. .
7. 1 hat he W ill Aerp thr impruvrmrnts n~~w exititing ur herrafter erect~ti on thr murtgageil pn~perty, inwreJ a. ma} br r~ywrrJ from
timr tu ume b~ thr rrkutgagrr ag:,~mt lu~s by fire and uthrr ha~.ar3c, cawlatic~s, and cuntingetkies in wrh anx~unt. anJ fi~r ,uch Exri~~d~;~~
m~y he reywrrd by murlgage~, and .vill pay prumptly. ~rhen due, any pr~m~ums i~n such insurance for pa}•rnent of w hhh pro~ i~iun ha. not
been made hereinbefore. All in~urance shall be carried in companies approved by mortgagee and the policies a~x1 renewals thereof shall
~he hrld h}' murtgag« anJ ha~•e au:~ch~til therctu Im~ p:?yabk clau~e, in favur uf anJ in f.xm acccptahle tu ~hr nx~rtgagre. In e~em uf lu~.
hr w ill give immeJiate nutice h~ m:ul to mortgagee. and rn~rtga¢ee may m•rke pnwf of kr. if rn~t maJr prumptly by murtg~gur, anJ r~ch
in.urancr company cuncrrneJ hrreby authorized and Jirected to make payment fur wch luss JirecUy to rrwrtg~ee in~traJ of to
rix~rtgagur and morlg.~ger juintly. and thr inwrance pnxetJ+. or any part thtr~tiif. may tk applied by rnurtgag~c a1 it, option either tu thr
rrJueti~~n nf the inJrbtctifnr» hereh~ .cyure~i ar tu ~hr r~tit~xatiun ur r~pair of 1he pmprrty JamagrJ. In ~~~nt uf furrel~rure uf thi.
murtgagr ur uthrr tran.fcr uf [iUr tu thp mortgageJ prc~{?erly in extinguishmrnt uf th~ irtdebRYlnr» +r~urctl herrbg. ;tli ngh1. IiUr, anJ
intere,t ~~t thr murtgagor in anJ tu any imurance pulicie+ then in turce ,h:~Il paas to the purcha+er ur grantre.
tc. fhat thr murtgag~r m~p, at any time penJing a,uit u~x~n thi, mortgage. apply to Ihe cuur~ having jun.Jictiun thrr~uf fur thc
ep~~intm~m uf a rctieiver, and wch cuurt ~hall fcxthwilh appo~nt a rt~eiver of the premices covercd hereb}~ all anJ ~ingular. ~rxluJing all
and ,inguL~r th~ ~rxumr_ prufin. ntiues, and m~-enues from whatt~~er s.wrce deri~~eJ, eath and every uf Nhich. it being exprr~tih
unJrr,tuiKi. i, hrreb~ mc.rtgagctii a+ if ,~x-cifnall} cct tunh aoJ J~~crihrJ in thc granting :+nJ hat*cndum clau~cti hereut: and ~~kh rccri~rr
.hall havr :dl thr hru:~J anJ ~ff~tiuve func~iun. and po..er. in an~~ i,e entru.~eJ b~ a cuurt tu a rcceiver, and .uch ap~x~~ntment .h:Jl hr
m:?dr hy ~u~h ~uurt a~ an aJmiurd ryui~} anJ m:~tter uf ahv~lutr right t~~ ,:uJ murtgagrr, and withuut refrrer?ce tu th~ aJe~yuac~ ~~r
, inadequa~y of the valur uf thr prupeny murtg;?ged ~x tu the wlvency or i~»oh•ency uf saiJ rtw~tgagor ur the Jefrndrnt,. and that ~urh
rc~t~. profit~. incumr, iti+ucs. and r~venu~y ~h.Jt br applicJ by~ ~u~h receivcr xcorJing tu thc lien of thiti murtg:ige anJ thr prac~icr uf ~uch
cuur~. In thr evenl uf any Jrfault un thr part uf thr nx~rl~~gun c~r~unJrr. th~ mortgag~~r agree, to pa~ tu thr murtgager ~~n JrmanJ a, a
rea.unahle--monthly rental for the premiuc an ~mount at Iract ryuivalent tu une-twclfth d1112? of the aggregatr uf the tweh•e rrr.n~hly
inctallmrnts payablr ~n Ihe thrn current year plus the actual amuum of the annual tazec, actiecsment~. Nat~r rate~. and inwrance prrmiums
fur tiu~h ~•ear nut cuverc~l by the :~furr,aid manthl~• payment~. -
9. fh:~l 1~0 in thr evcnt uf an~ breach of ihi~ murtga~e ~~r JefauA un Ihe part uf the rrx~rtgagur. ur Ihl in ~hr e~ent ~hat an~ ~~f .aid
.umc of m.~n~y hercin rcferrcY! tu h~ not prompUy and fully paiJ withuut dcm;~nd or noticc. ur Ic'1 ~n thr rvrnt Ihat rarh :,nd cvrr~ thr
,upul~uum, agre~ment,. cundit~um, anJ co~•enants of ~aid ncxe anJ this m~xtgagr, are not duly, prumpt(y. and fully prrfurmcJ: thcn ~n ~
eithrr ~~r ang ~uch e~•eM, the said a~regate sum mentiune~i in ~aid rwte then r~m.unig unpaiJ. Nhh intrrcht accro~d t~~ that time. :~rxi all T~
rrx~nr~. ,rcureJ hcrehy. .hall t+ecumr Jue and pa~:+ble furthu ith. ur ~herrafl~r. at thr ~~Unn of wiJ mortgaKee, a, fully and ~umpi~trl~ ati ~
if a!1 of the tiaid ~umc ~?f mc.ney were urig~nail} ~Iipul.~trJ tu hc p:?id un ~uch day. :~mthing ~n .aiJ nulc ur i~ thi. nx~rtg.~ge tu the cuntriry ~
rx~tw ~~h.tanJ~ng: and thereuEx~n ur Iherratter, a! thc opuun of said tra~rtgagee, ~+hhuut nuucr ur JrmanJ, ~ui1 at law ur in rywt~. may be ~
proxcuteJ a+ if all nwneys s~u~eJ hrrrhy had mawr~~l priur to it. imtituuan. Ihr murlgsgec may f~xrclox Ihi~ murtgagr, a~ tu the ~
anx~unt ~n Jcclar~d duc :~nJ pa~ablr. ~nJ thr w~d premises chall hc wW to ~.~ti~fy anJ pay Ihe wmr t~~gclh~r with C~»ts. caprn~rs. anJ ~
:IIIUNa~ce~. lo ca~r uf p.irUal fureclu~ure ut~ thi~ mortgage_ the murlgagrJ premi~rti tihall be wIJ .uhj~til tu thr continuiog iieo uf ~hi~ ~
rtx~rtgag~ fur thr am~,un~ uf the dcht nut thrn Juc and unpaid. In +uch ca~r !hr pruci.~un+ u( 1hi~ paragraph may c~gain be availrJ uf
thercaft~r frum timc to t~me hy the m~~rigagee.
10. 1 hat thr rtx~rtg:~g~~r. w ~II gnr immeJiate nuti:r by mail w th~ rtx~rtgagte uf ~ny cumr~ance_ tramfer. ur ch:~nge of uwner.hip of -
lhe prrmi~r..
I I. T h~t nu w aiver uf :~n~ covrnant herein ur uf Ihr ubligaUun ured hereby~ ~hall at any Ume thrr~afler be heW to be a wai~•er of ~
the term. hrreuf or uf the nutc ~ecureJ hrreby.
12. I hat if the murtg.~gur defc?ult in any ut~ ihr cocenants ur agrermenn cun~:~ined hrrc~n. ~x in Said rxrte, then the m~xtgagee may
perfixm the same, arxf ~II e~pcndrture~ ~ incluJing rra.unahle auurney', fcc~l maJr by the murtgagce in w doing shall draw interest at the -
rate set forth in the rw~te .ecureJ hereby, and ,hall be repayahle immediately and w~thuut drmanJ by lhe mortgagor to the rtwrtgagee, and.
tugelher with interest anJ cints accruing thereon. .hall 1~ cecured by Ihis mortgage. s-
. ~
t
~ ~2~ ~i9i0
~ - _ =
~
~-k~ ba _ _
-~-.~~+Y~~~.~,r~,,.s~,~,....'~ `s''~``p~'`~'~ '~`t~s' '~~~"~`x
~ ~ t~~
~ ~-f~~ ~ ~~,._~~rz` ~ ~
-;r 7 'Y 5 r
r' 'u ~.,t ~ .-~r ~-'t; ~e ~.~-~„y~ ' _
~~1~r~s~"?~~r~T~s.s%a~„ 7. ~"+~"w
~rz'.°,'.,_