HomeMy WebLinkAbout2155 2. Iha~. ~n .~r~r~ i~k~re fuli~ tu p~ut~tit Ihr .r~unty uf thi~ m.ui~;.~~;r. ~hr m.~i~g:~~,u~. t.~grthrr with, aiiJ in addwu~ ~u, the nMmthl~
pa~m~nt. undr~ 1hr tcrni~ ul ~hr nutr .c~u~rJ hrrchy, un 1hr finl ~le~ ~~t ra:h m~~nlh unUl 1hr ,.uJ nutr i. (ulty pa~d. ~~~II p.~y tu iht
mur~~agrr ~hr Ii~IluN~ng wm, ~
Ial :\n anx~uot .uftic~cnt tu pruvidc thr h:~IJ~~ Arrruf auh tun~. tu pay the n~±cl ~nuitg~~t ~muran~r pr~mwm ~f th~. imuumrnt and
thr nulr +~«ueJ hrrrb~ are ~nsurrJ, ~x a muntAly chargr lin I~eu uf a murtgegr in~uran~t prrnuuml ~I thr~ are hrlJ by thr
tircretary of Nou.~ng and Urban l~velupment, 4~ ~~1IIUN]:
Ih li and w lung a. +:iid nut~ of even date ~rn1 th~s imtrumrnl :ur ~nwrrJ ur arr r~imurrd undrr thr n«~~~~~~~~~~ thr
NaUUnal Nou~~ng Act, an amuunt wtticicnt w accumula~e in thr hanJ, of the hulder unr ( U munth pr~ur tu ai dur datr the
annual murtgage imurarxr premium, in urJrr to pruvidr .uch huldrr wuh funJ~ lu pay ,uch prem~um tu thr titcrrtary of
Hou,~ng and l'rban l~vek~pmrnt punuant tu Ihr !~:~uu~al Huu,~ng .act, a~ amrnd~J. anJ ~pplkahlr R~gulauum
ihtreunJer; ur '
1111 If and u~ long a..eid nate ut t~•en datt arkl ~hn insvum~nl are hrlJ by thz Secretary ~~f Nuu.~nb anJ Urban ikvrk~pmrnl,
a rrn~nthly chargr I~n i~ru uf a murtgage ~n.ur:?ncr prrmiuml wh~rh ~hall hr in an anawnt ryual tu un~-t~rlfth 11/121 uf
un~-half 1' z) prr cr~~um of thr avrragr uut+larxl~ng hal~ncr du~ un ~hr nute .umputrd wiihuut taA~ng intu accuunt
drlinyurncir~ ur prrpaymrnt,;
Ih1 A ~um ryual tu Ihe gruurni rrnt.. ~t~ any, nt>t dur, plus thr Fxrmium. that.w~ll next t+ta~me due anJ pa~~able on ~x~ircir, of fire
arxl uther ha~arJ ~murancr ~uvrring the nwrtgagrd {xuprrty, plw ta~:. and :u.r~smrnt. nr~t dur .~n the mungagrd property ~all
a~ estim:.leJ by thr muttgager) Ir,s ~11 ~ums alrtad) pa~J ther~fur di~~drd by the numt+rr uf munth~ to elap,r t+efurc onr m.~nth
pnur tu the Ja~r Nhen +u.h gruurxi rents, premium~, ta±ecs, and a.+~y~ment~ wi!1 becumr delinyuent, such +um~ to br held h~
m~xtgagee in treict w pay tiaid gruund rents, premium.. taxeti, and ~~c~~l ~..r+.mrnt,; anJ
Icl All payments mtntioned in the twu prtcrding wbsectiom of th~s peragraph urxl all pa~ment~ tu t+e mrde undrr the nutt ~rcurrJ
h~reby .hall he :idJeJ tugethrr and Ihe a~rrgate amuunt therruf ,hall he paid hy thr mortgagur rach munth .ingle pa) ment
to br applied by the mortgagrr tu thr fullu~ ing item~ in the urder ,et forth:
IU premium chargt. undrr thr cuntract uf inwrance with the ~cret:~ry of Housmg and Urhan IkvrlopmenL ur nx~n~hl~
chargr Un Gru ~f m~xlgage insurancr prem~uml, a~ the cax may hr;
(IU gruund rent., taxr.. a»e~timent,, firr. anJ uther ha[ard ~murark~ prrmiumti:
11111 inlerc~t on the nutr ucureyl hereby; and
IIVI :~mortization of Ihe pritx:ipal ofsaid nute.
:\ny dcfxi~n~y ~n ~hr :+nwunt ~~f ,uch :~ggrrgatr monthl} p:+ymrnt .ha1L unlc~~ ma~c gu~d M the m~~rtLagur pnur 1u tht dur J:~~r uf
lhC n~\l ,uch paymrnt. ~umtitutr :,n r~rnt u( da(:iUll und~r Ihi~ (17iNtgagC. 1 h~ pw~lgagre may ~ulhtit a'I:~IC Chafgc~~ ~i~i tu C\~«~1 tw0
crnt. 12c? tur ~a~h dull:~r ISI i uf r~.h pa}m~M mure than fiflrrn 1151 .tay. in arrcan tu ra~~r thr ~~tr.~ r~prm~ in~ulvrd in h:~ndling
drlinyurnt paym~ntti.
3. fhat if the total ~~f tha pa}ment. m:~de h~ thr mortgabur unJcr ih1 uf paragraph ? prrcrding .h:~ll r~rrrd thr :uix~unt uf the
p:~ymcnt~ actually maJc by thr murtg.~grr. f~~r gruunJ rent+_ la~t, and a~+u.~mrnh anJ inwran:c pr~mium,. :u thr cak may br, ~uct. ~
excess a1 the optio~ of the murtgagee, shall, be creJited on subsequent payments to be made by the mortgagor, or refunJed to the
murtgagur. If, huwe~cr, thc m:~nlhly pa~mtnh made hy thc murtgagor undrr ~hl uf paragaph 2 prcticdmg .hall n.~t hr ~ufhcient tu pay
grounJ rents, ta~r+ and a»~,~mrnt~ anJ imursnce premiums, thr ~aer m~y he. ~hrn the ~am~ ~hal) becumr dur aod payable. ~hen the
r~x~rldagur tihall pay tu the murtgagrr an~ ami~unt nrcrc.~ry tu male up Ihr .leficiencp. on .x tkfi?re tht Jate when paymrnt ~~f ~uch
grourxl rent+. tax~~, a~k»mrnt+, or imur.+nce premium. sh:,ll he Jur. If at anr timr ~he murtgagur +h:~ll tender to Ihe muribager in
acwrJancr with the pruve~ium of the note +rcured hrreby, full pa~~ment uf thr entire indeMeJn~~w~ reprrcrntrJ ehereby, the r?x~rtgagee
shall, in computinb thr ~m~~unt of,uch indebRVlnr», cr~iit t~. thr accuunt uf the mortgag.x all paymcntti maJe unJer the pro~i.ion~ uf lul
uf paragraph 2 htreuf which thr m~xtgagre hati not t+~come ubligated tu pay tu the Secrrtary uf Huuting ~rxf l'rben Devrluprna:nt ~nd any
balance rrmaining in the funJti accumulated under the provi.ionc of Ihl uf.sid pa~agraph If thtre ,hall he a default under any uf the
pru~•i+~~~m i~f thi, murtgagr. re.ulting in public .alr of thr prcmiti~~ covrreJ herrhy. or if the m~xtgagre ~cyuire~ Ihe pro~xrt~ uthcrN isr
after Jefault, the murtgagre .hall apply. :+t the Umr of thr commrneemrnt uf ~uch pnkerding~ or at thr timr thr pruprrt~ i. uthrrwise
xqu~retil. the balance then remain~ng in the fundti accumulatcvi under ih? uf paragraph 2 prrcadmg ati a credit agaimt Ihc ~mount uf
principal then r~maining unpaid undrr +a~d note and sh~ll pruprrly adju~t are~ paymenh which ,hall ha~~r he~n madr unJrr lu/ uf wid
paragraPh- .
4. That he will pay all taztc. atces~mcnt~. waler rate~, and uther buvernmental or munieipal chargc~. finr,. ur impu.~uum, fur ~h~eh
pruviiiun hati nut t+een made her~~ntxfurr, and in drfault thenrif thr murtgegrr may pay th~ ~ame: and thxt h~ ~ill prump~h drlivrr the
offici3l rctiripts thercfur tu thr murtgagee.
That he K~ill permi4 ~ummit. ur ~ut7rr nu Na~lr. ~mpairmrnL ur d~lrnuraUun uf.~iJ pru~xrty ur any part thercuf: anJ ~n the r~ent
uf the failure of the murtgagur tu I,erp thr buiWing. un ,aid premnr~ anJ ~hu.r to br ere~ted un s:~id pr~mi.ec. ur impru~~rmrnt~ ~hrreun,
~n gouJ repair, Ihe rn~rtgagre may make s~ch repai~ :~s in rts'Jiurrtiun it msp d~rm nc~eti,ary for th~ pn.prr prrxr~suon thereuf. :ind
I Ihe full anwunt uf each snJ every such paymrnt shall t~e immecl~ately Jue ~nd payable, and shall t+e xYUre~! by the lien of thi. mortgagr.
j F. That he aill pay ~II anJ .ingular the custs, charges, and exprn.c~, including re:~,on~hlr I:~w yer's fee~. and cost~ of ab,tracts of t~tie,
i ~ncurrcd or paid at any time by the mortgager tx-~auu of 1he failure un the part uf the nx~rtgagur promptly and fully' to perfurm thY
`f 3grremrnts anJ a~~'enanh uf ~aiJ prumi+tiury nutr anJ Ihi+ murtgagr, and ~aiJ c~rtti. charge~. arxl rxpensn ~hall t+r immediately Jue anJ
' p~y:~ble anJ 5h.J1 br cecured by the lien of thi+ mcxtgege.
~ 7. That he will keep the improvrmenh nuw exiuing or hereafler rrectrJ un the murtgageJ pru{xrty_ in,urrd a~ mag h~ rryuirc.i fram
i umr tu timr by thr mortgagee against I~ns by fire and uther hazardc. ca.ulaties, and cun~ingerk~e+ in ~uch amuunh anJ far ,uch peraxl~ a+
may tx requ~rc~f by mortgager, and wi11 pay promptly, w~hcn due. any premiums on such inwrance for pa~ mrot uf .+hi~h provuwn ha~ not
's, been made hereinbefore. All insurance shall be carried in companies approved by mortgagce and the policies ancl renew•als thereof shall
' t+e hrld hy murtgagrr and have att:~~heJ thereto lusc pay~ble clau+r+ in tavix uf and in form acceptahle tu th~ murtti~gre. In eva nt uf lutc
~ he w ill give immcdiate notice by mail tu murtgagee. and mortgagce may m~le pr«?f of lu,ti ~f nut made prumptly~ by murtgagur, and rach
imurarke company cuncernrd is hrreby au~hurized and directed to mal.e payment for wch loss directly to rrH~rtgage~ imtead uf tu
nwrtgagur :~nd murtgagre ju~nth. enJ ~hr imuranc~ pr~w~rd.. ur am part therei,t. ma~ he appli~J h~ rnurttiagrr :?t ~h uptiun rilhtr ti~ thr
' reJuctwn .~f tht ~nJeht~tilne.~ hereh~ ~ecurcYl or to the rr.t~xaU.~n ur repair of the prupert~ Jamaged. Ire r~rnt uf G+rcclu.ure uf thi+
` mur~Kagr ur uther tr.in+frr uf title to the mortgageJ pn~{+crty in r~tinguishment ~~f the indehtcYfnrss wturrd hrrrh~, all right. tidr. anJ
; ~ntere,t ~d the mnrtgagur in :inJ tu :in} in.urance puli~ic~ lhrn in G~r~r ~hall pa» l~, Ihr pur~h:i,rr ur grantrr.
; it. 1 hat thr murtgage~ m~y. at an~ timr Exnding a,wt upun thn mortgage. appl~ to the ~ourt h:~~~ng Juri,~ict~~,n thrre.~f C~~i ihe
3 ap{x~intmcnt uf a rri~iver_ anJ ~uch court .haN f~xthw ith apM~int a receher uf th~ premi~r+ cu~ereJ hrreh} al! :~nJ .ingular. irnlud~ng all
C
~ ~nd ~ingular Ihr ~ncumr. pru6t,. ~..ue~. and revrnue~ fmm Hhatrv~r wurce dcn~rJ. ~ach :~nJ evrn uf wh~~h. it F+r~ng r~pr«tily
~ undrr,tu.xi, i+ h~r~M nwregagerl a, if ~~itically ~rt forth anJ Jrunbe~l ~n the granUng anJ hat+rnJum clau~es hrrcui. enil ,u~h rrce~ver
u ~hall havr :~U thr Fruad anJ cffc~t~~~ functiun.:~nd puwer~ in an}~i~r rntru.teJ hy a c~~urt t„ a rr~r~~cr. :~nd tiu.h appomtmrnt ,h~ll br
~ mad~ hy ,u~h c~~ur1 .n .~o aJmittrd eyuit~ .~n~l a matter nf ah,.,lute n~;ht tu .aiJ murtgagcr. and w rth.~ut reference t~~ Ihr adryua:y ur
, ~nadeytiacy ot Ihe ~:+lur ~~f the pruperty mu:tgag~Y1 ur tu thr udvenc~ ur imulvrnc~ uf .aid m.rrtgagur ~~r th~ defcndrnt,. an~ that ,u:h
; rent,. prutin_ mcum~. n.ur.. and rrvenur. ,h:Jl he applirJ b} ,uch rrte~ver :~ccurding tu the I~en uf thi. mortgag~ an~l thr praiti~c of wCh
court. In the e~•ent ~~f am' defauh un thr part uf Ihe murlgagur hrreunder. thr murtg:~g~~r :igr~r. tu pa~ t~~ thr nu~rlgagrr un drm:~nd a~ a
rea,~enehle rn~~nthl}• rrntal for thr premi.e~ .~n .~muunt at lea.t ryui~:Jcnt to one-twelfth ~ 1~12~ of thc aggrtgatr of thr ~welv~ monthly
;3 ~mtallmrnt, papaM~ in thr then current yrar plu~ 1he actua{ amuunt thc annu:~l taac+, ~.~c~~mrnh, w.~ter ratr~. anJ inwrani~ prcmium~
for .uch qr:ir not ~uvrrr.l hy thc afurr,aiJ munthly paqm~nt~.
' 9. I h:it lu) in the e~•~nt ~~f an~ hrcach uf thi, m~~rtg:~~;~ ur dcf:u~h un thr part ~~f the r?xirt~ag~~r. ~~r Ihl in Ihe e~rnt th:~t any ~~f tiaid
tium. uf muney herein referr.yi to hr nut prumpUy anJ fully p.~iJ N~th~.ut Jrmand ur nuUCr. ~~r Irl ~n thr ~~rnt that rach .~nd rerr~ thr
,a ~Upulah~~n.. agrermrnt,. r~~ndiuun.. anJ wvcnant~ of ,3id n~R~ anJ th~+ murlg~gc. are nut dul~. pr„rnptl~. anJ full~ prrf~,rmrd: thrn ~n
euhrr ~~r .~m ,uch r~~nt. the ~aid aggrcgatr ,um menUunrd in ,aiJ nute then rem:uniL unp:ud. N uh ir.trrr.t accrur~ tu that timr. :~nd all
- rrwmr~..rrured herrby. ,h:~li hec~~me due :~nd payahlr furthw ith. ~~r thercaftrr. at thr ~~pU~~n ~,f ..ti~l murtg.~g~r. a. lull~ anJ c~,m~letrh
- ~f all ~.f the wiJ ~t~mti of rtx~ney Nerc c~ri~inallp ~Upul:~trd to hr p:uJ un ,u~h dci~_ .m}thmE ~n .a~J ~i~tt ~~r thi~ nx~r~g.~gr t~, thc r~,ntrary
- nulw~th,t:~nding: rnJ thereupun ur Ihereaftrr. nt Ihe ~~puun uf,a~J murtgag«. whhuut n~,uce ur J~m:~nd..~nt at law ~~r in ryuUy. m:~} be
- pru~rcutrd a~ if all money~ ~~tiur~Yl herehy h:~d maturrd pri~~r t~~ il. in+thutiun. 1 he murtg.~grr m:n t„rril~,~r th~~ m~~rt~.~g~. a+ t~, thr
arrk~unt ,~T JrclarrJ Jue and payahlr. anJ the ~aiJ prrmi.r~ .h:+ll hr .~~Id u, ,:~ti~f~ and pay the .amr tukether auh c.~.t.. r~prn.e~. and
all~~Nanrr.. In :ax ut part~al furr~lu.urr ~~f thi. murt~:ige. Ihc m~,rt~.~grd prim~,~~ .h:ill h~ u,IJ ,uh~rct tu 1hr wntmuin~ Grn ~,f thi~
rtx,rtgagr fur thr .~muunt ~,f thc drht ~ut then Jur and wip:ud. In .uch ~:~.r ihr pmcnwm .~f th~. p:~r.~g~:~{~h ma~ :~gain t+~ :~~.ulyd uf
= lhere:dirr fn~m Umr t~~ umr h~ th~ murt~;:~grr.
- 10. I h:~t ihr nN~rl~:ai.~r ..ill ~:nr ~mmrd~atr nut~~r h} mail tu the murigager uf an~ :umr~ancr. tr.in~frr_ ~,r :h:~ngr uf ~~wnrr.h~p ut
lhe prenu~e~.
- I 1. I hat n~, wanrr ~~f an} :u~cnant hrrrm ur uf thr ~•hligati~~n ~erurrd hrreh~ .hall at t~rnr thrrrattrn c~ hrlJ tu h~ Ha~~rr uf
thc trrm, hrrruf ~~r uf thr ni~tc +r~urrd hrrrhy.
~ 12. I hal d thc mu~ tgat~~r Jrfault i~ .~n~ uf thr c~nrnanh ur agrr~m~nh c~~nt:unr~l herr~n. ur in ,a~J nutr. thcn the murtg.~gre ma~
- perfurm tfir ,amc, arxl .ill rip~nJitun~ i in~lu.ting r~a.un~blr atturoey~~ fee~1 maJr h~ thr mun~;.igre in w Juing ,hall dra~ intcr~,t :~t the
_ rate tiet furth ~n the rn~tc ~ecurrJ hereh}. ~nJ.hall hr repayable immaliatel} anJ w~thuut drmanJ hy thc rtxttlgagur tu thr murtgagce, and.
"z tugr~her w~th ~nterect :~nJ cu~t~ accrwng thereon. ~hall he ~ecureJ hy thn murtgagr.
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