HomeMy WebLinkAbout2049 ~ }
~ '4 ~ . ~ ' ' ~ . ?
2. That, i~ i?rJrr nw~C fully tu prot~~t tht ~rcunty uf thi~ mu~tgagr. ihe murtg.~b.~r. lugrlher with. ~nJ in :uld~Uun tu, thr nx~n~hl>
pe~mrnt~ unJt~ thr t~rm~ uf thr nutr .r<uird hCrchy, un thr fint Jay uf ca.h nwnth until th~ .a~~ i~.~tc i+ full~ pr~J. N~II pa~ tu Ihr
nwrtgagrr tht fullu~+~ng sunly:
la) An anx?unt wffi~:ient tu p~ovide tht ~oldrr hercuf w~th funJ+ a? paY the nrxt rrx~rtgage ~murancc prcm~um ii th~. imtru~ient anJ
the note se~urrd hrrcby e~t ~murcJ, cx a mun~hly charge lin liru ul a rtx~rtgage ~nwraix:e prcm~uml if thr~ are hrW by ~hr
tiecretary of tlous~ng snd Urban ikvclupment, as folluw•~:
111 If aoJ x~ long as tiaid twte of evro Jatr anJ this ~n~trumen! are ~murc~l ur arc reimurrJ undcr ~ht pruvia~un~ ~+f the
Nat~anal Nc~using /1ct, an amount wfficirnt to accumulate ~n the hanJs uf the holder une I11 m~~nth prior to ~t+Jue d~tc the
~nnual mortgagr imurancr premium, in ordrr tu pruvidr ~u~h huWer wi~h fund~ tu pay wch prcm~um tu tAr tic~~rtary uf
Nc~using and Urb:in Ikvelc?pment pur,uanl t?. thc hatiunaF Nou~~ng Act, ati xm~ndrJ, ar.d applkahlr Rrgulauun.
~hr~runJrr, or '
1111 If and to long a+ ti:+iJ notr uf tven d:+te arni thi. ~nstrument are heki by the Secrttary of Hou.~ng a~xl Urh:.n l~velupmenl,
a munthly ehargt lin litu uf a mur~g:~ge inwr~nrr prrmiuml Nhich +hall t+e in sn anK~unt cqual w une-twrlfth 11112) of
une-half (~•~1 pe~ centum ui ~he averagr uutatan~iing b:,l:+ncr Jue on the note cumputrJ without taAing into aauunt
delinyurncie~ ur prepayments;
Ib1 A wm ryual to the gi~~und reats, IF :~Ry, next Jue, plus the premiums lhat will next btcome due arxl payable on policies of fire
arxi other hazard insurance covering the r?x~r~gage~i property, plw taxc~ ar?d assesssmtnts ne~t dur un thr mur~gagrd pruprrry lall
a~ esumated by thr murtgageel letis all sums alrrsdy paid theref~x divided by the numher uf mumh~ to rlap+e t+efore one munth
pri~x to the date when such ground rents, premiums, taYts, and assessments will becume delinqu~nt, such ~ums to be held b~•
m~~rtgagee in trust to pay said ground rents, premiums, taxts, anJ special a~,r~+ments; and
Ic) Ail payments mentioned in the tv?•o preceding subsectioas ot this paragraph arnl all payments W br made uruirr thr note ,ecurcJ
hereby shall tx aJdcri together and the aggregate amaunt thereof shall be paid by the mortgagor each month in a single pay mem
to br :?pplird by the mortgagee to lhe folluwing items in the order set forth:
IU premium charges under the contract of inw~ance with the Secretary af Nousing and Urhan ikvelopment, or rtxinthly
charge (in iiru uf mortgage insurance premium), as thc cax may be; ~
IU1 ground rents, taxr~, assessments, fire, and other harard imurance ~xemiums;
11111 interett on thz nute srcured hereby; and
IIV) amortiiation of thz principal of said note_
:\ny Jefirierkp in the amuunt uf ~uch aggrrgate munthly pa~ ment .hall, unles~ made go~xi by Ihe mortgagur priur to tht Sue datr of
thr ncxt wch paym~nt, comtitwr an evrnt uf default undrr thic murtgage. 7'he mongagee may collc-~t a"late charge'~ nut tu excrrd two
cents 12c) for rach ~k~llar ISI? uf r.+ch pa~ment more th.?n fiftren I IS1 Jays in arrean to cu~~rr the extra exFxnse inrulvrJ in handling
J~linyurnt paymenU. .
3. "ihat if thr tutxl of the payment+ m:~Je by the mortgagor unJer Ibl of paragraph 2 prc~eding shall t~ceed 1hr artx~unt af the
paymenh xtually madr hy the mortgager, fur grounJ rents, tax~ and as~t~~menis and inwrark~ premiumti, a~ thr cax may br, ~ucF.
excess at the option of the murtgagee, shall, be credited on subsequent paymrnts to be made by the mortgagor, or refunded to the
rtwrtgagor. If, huwever, the munthly paymrnts mmir by the mortgagor unJer ~6) of paragraph 2 preceding shall not t+e ~ufficient to pay
grounJ rents, taxes and a~sestiments and insurance premiums, as the ~ase may be. Nhen the same shall hecome due and payable, the~ the
mortgagor chall pay to the mortgagre any amount neces.,ary to make up the deficiency. on cx before the datr when payment of cuch
gruund rents, taxrs, asses~ments, ur insuranct premiums shall be dur. If at any timr the m~xtgagor shall tenJer to the mor~gag~e in
acrnrJance with the provisiuns of the note xecured hereby, full payment of the entirr indebtedness representrd thtreby, the mortgagee
shall, in computing ~he amount of +uch indebteelness, eredit ~u the account of the m~xtgag~x all payments made urxler the provisions of la)
of paragraph 2 hereof which the mortgagee has not become ubligateJ to pay to the Secretary of Nousing and tirban Developmerit and any
balance remaining in the funds accumulateci u~uler ~he provisions of Ih/ of said paragraph 2. If there shall be a default urxier any of the ~
provi~ions of this mixtgage, resulting in a public sale uf thr premiscw covrred hereby, or if the m~xlgagre ac.quires the pr~?erry otherW ise ~
after default, the mortgagee shall apply, at the time of 1he commencement of wch pnxeeJings or at the time the property is otherNise
acquired, the balance then remaining in the funds accumulated under Ih/ of para6raph 2 preculing as a credit against the amuunt of ;
principal then remaining unpaiJ under tiaid note and shall properly adjust any payments which sh~ll have been made under lu) of tiaid
paragraph.
J. That he will pay all taxes. a~tie~smenh. water ratrti. and uther guveenmrntal ur municip3l charge+, fine~, or impositions, for which
provision has not tren made hereint?efore, •rnd in default thrreof Ihe murtgagec may p:~y the samr; and thst hr ~ill prompdy Jeliver the
o(ficial receipts therefor to the mortgagee. ~
5. That he will permit, commit, or cutTer nu Nsste, impairment. ur Jeteriuratiun oi tiaid property or any p~rt ~hereuf; a~xf in the evtnt
of the failure of the mortgagor to keep the bu~lding+ un wid premises anJ thotie to bz erected on ~aid premi+es, or improvementt therron, ;
in g~xx1 repair, the nwrtgagee may make such repairs as in its discretion it may deem necessary [or the proper pre~rvst~un thereof. and
the full amuunt of each anJ every such payment shall be immeciiately due anJ payable, and shall be xcureii by the lirn uf this rtwrtgage.
6. That he will pay all and singular the costs, charges, arni eapenses, including reasonable lawyer s fees. and costs of aburacts of title,
incurred or paid at any time by the mortgagee because of the failurt on the part of the mortgagor promptly anJ fully to perform the ~
4 agreemrnts anJ cov~nants of said promi~tiory note anJ thic murtg~ge, and saiJ costs. charges. ar?J expenses shall be immediatdy due and ?
payable and shall be secureJ by the lien of thiti mortgage_
7. "That he will keep thr improvemrnts now existing or hereafter erected un the murtgaged pruperty, inwred as may t+r rcquireri from
time to time by the rrwrtgagee against loss by fire and other hazards, casulaties, and contingerkies in such artx~unts and fi~r ~uch peri~is as
j may lx requirrd by mor[gagee, and will pay promptly, when Jue, any premiumc on such insurance for payment of which provi,ion has not
; been made hereinbefore. All insurance shall be carriod in compania approved by mortgagee and the policies and renewals thereof shalt
i be held by mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the rrwrtgagee. In rvent of loss
~ he wi11 give immediate nutice by mail to mortgagee, anJ mortgagee may make prouf of loss if rrot made promptly by mortgagor, arxl each
~ insurance company wncerneJ is hereby authorized and Jirected to ma?e payment fur such I~s JirecUy tv rtwrtgager insteaJ of to
mortgagur and murtgagee jointly. and the intiurance proc~ed~, o~ any part thereof. may be applied b~• mortgageeat itc opuon either to the
~ reduc~ion of the indebtedness hereby ~ureii or to the restoration or repair of the property damaged. In event of fore.:lixurc u( ~his
} mortgage or uther 1ran~fer of title to the mortgageJ pn~erty in extinguisF?ment uf the inJeFtednetic +ecured hereby. ali nght. title. and
` interest uf the murtgngor in and tu any inwrance pphcie~ then in force shall paati to the purchaser ur grantee.
~ K. ~ihat the mur~g~gee may. at any time penJing a suil upon this mungage. apply tu the ~~~urt having jurndKtiun thereuf f~~r the
~ uppointmrnt uf •r rcre~ver, ancl such court shall forthwith appoint a receiver of the premises coverrJ herehy all anJ .ingular, incluJing :~II
; and ~ingular the mcomr, profits, usues, anJ revenues from whatever wurce Jerived, ea~h anJ ~vrry of wh~ch. it t+ring r~prr~+ly
" undent.xxl. i+ hereb~ murtgagni a~ if ~pecificslly set (orth :?nd Jescrit+eJ in the granting and hatxnJum clau,rti hereuf. anJ ,u~h rctieiver
~
shall have all the bruad :inJ efTective functions and poW en in anyW ise entru+ted t+y a court to a recei~er. and tiuch appu~ntment .hall be
~ made by ~u~h eourt a~ an a~miueJ ~~yuity and a mattrr uf abx~lutt right tu ,aiJ nx.rtgager. anJ withuut refertrxc lo Ihe aJcyuacy or
~ inadeqnacy of the value uF the pruprrty mortgag~rl or to the x?Ivency ur insulcency of ~aid rtx~rlgagur ur Ihe delenJent.. arxi that ,uch
~
~ renis, profits. incume. ~+~ur.. anJ revcnue, ~hall he applied hy +uch recrivrr eccurJing to Ihe lien uf thi~ m~~rtgage arnl the prart~rr uf ~uch
r courL In the event of any default uo Ihe part uf Ihc rtx?rtgagur hrreunJer, the murtgagor agree. tc~ p:+y 1u th~ nwrtgagee ~~n drmand ati a
reasonable monthly rental for thr premise~ an amuunt at least ryu~~alent ti~ one-twelfth 11/121 of thc aggegatr of thc twelve monthly
~ installments payable in the Ihrn current year plus the actual amc~um uf the annual taxe~. acse~smrnt~, water ratr~, •rnd inwrance premwms
for ~txh tcar not covered by thr afore~aiJ monthly paymentti.
9. That lul in Ihe evrnt c~f any breach uf thic mortgage or Jefautr un the par~ uf thc rt?artgag~~r. ~x (hl in the event thal any ~~f .aid
sum~ uf muney herein referred tu br not promptly anJ fully paiJ withuut JemanJ ur n~~tice. ur I~~1 in thc e~rnl that ca~h and «rn the
- cUpulatium, agrremcnt~. a~nJ~tium. .~nJ ~uvenants of tiaid note anJ Ihi~ m~x~gage. are nut duly. prumptly. and fully perfurm~J: then in
- rhher ur an~~ 4uch event, IFIt 1f111I :l'~fCKSIt wm menliuned in +~iJ note then re~a~ni~; unpaiJ, whh intere~t accrued tu thal time. snd all
rrx~nry..etiurcd hereby. chall txcome due anJ paysble funhw•ith. or thereaftrr. at the uptiun uf ~aid mortgager. a. tully and complrtrly
if aU of the caid sumti of money Kere originally ~tipulatrd to tx~ paid un wch Ja~. an}th~ng ~n w~d ~ute ~~r ~n th~. rrx~rtgagr tu the c~~ntrar)
rwtw ith,t~nJing: anJ th~reupun ur thereafter, at the uption of wiJ mortgagee. withuut notice or J~m:~nd. ,uit :+1 law' ur ~n cyw[y. ntay t~e
pnnrcutrd a+ d all rtxinry+ s~ti:ur~~1 hereby had matured prior to itc in~titution. The rtx?rtgagre ma} fure~lu~e th~~ nu~rtgage. e~ to the
artkiunt w declared due and payable. :?nd ~he said premi~e~ ,hall he wld ta ~ati.fy anJ pay the wmr Iugetfier w~ith cu,t+. ~xpenses. and
alluwancrti. In c~tir uf parti~l foreclinurr af thi~ murtgage. the murtg~grd premise~ ~hall he wIJ ~ubj~~t to Ih. curUnuing lien ~~f Ih~s
rrartgage fur the ~muunl uf thr deM nut Ihen due :mJ unpaiJ. In ~uch ca~e the pru~i~ium uf thi~ paragraph m:iy ~g:+~n hr a~aileJ of
- there~fter from time tu time hy thr murtg~gre.
° 10. ~hat ihr Rlllflt;:~~(Uf M III KIVt IOl(11t1I1:llC ~IO(Il'£ Il)' R131I l0 lI1C fOUf(b'S~ZC U~ anr cum~ry':~nie. trantifcr, ur chang~ uf uwncr~hip of
the premneti.
1 I. fhat no wa~ver uf any i~~v~nam herein ur af the ohligaliun ~ecureJ hereb} tihall at an~ time there~fter hr hrW tu be a Hai~er of
the term~ hereof .x uf thr nute ~ecured h~rehy.
1?. That if the murtgagur Jefault in any uf the cuvenantc ur agrermenh conta~neJ here~n, or in ~aid note. Iheo the mixtgager may
perform the same, arxi all expenJiturr, iincluJing rea.onable auorney'~ fec~l maJr hy lhe murtgagre in w duing ~hall draw intere~t at the
rate cet fcxth in the note secureJ hereby, and ~hall be repayable tnunediately and KUhuut Jemand hy the mortgagor to 1he rtwrtgaget, and. '
tugether with interest and c~nts accruing thereon, tihall be seCUfed 6y Ih~s murtgage.
g QK200 ~2048
. . - _ - I r., - -
r~ - -