HomeMy WebLinkAbout2160 2. (hat. ~n ur~rr nw~rc full~ lu pnH~til Ih~ .u~unt) ~~1 Ih~~ m~~rlg.~~;t. ihr nw~~~e~;ur. 1u~;c~ha~ wuh. .~n.f in aii.liti~~n w. lh~ nw~nihl~
pa~nttnt. un.kr thr trim. uf thr n.~tr ,r~u~cd hrrrh?. .~n Ihr tii,~ .1.~> ~~1 ra:h nn~ntli unt~l thc ,a~~l nut~ i. lull~ p.u.L Nill p.:~ tu ~hr
murlg.~gcr lhr ~i~lluw~ng ~unl~
~al An ~niuunl wfticirnt tu pru~ulr Q~r huldrr hrrruf M~th funJ, w pa~ ihr nc~t nwitgagr inwr.~n~r piruuun~ ~f thn in,uum~nt anJ
thr nutr .r~urcJ hrreh~ a~a inwrrd, ~x a munthly ~hargr Un tiru ul a m.~~tg:~~e ~mu~an:~ prrm~um) il thr~ a~r hrid M thr
1c~rrtary uf Huu.~ng unJ l:tban [kvrlupment. :u t~~~lluw+: ~
l11 If anJ w lung a~ .aid nutr ~~t rvcn Jatt arxl thi~ in.~rumrnl :ur in.urcJ ur arc roin~urtd unJrr thr`pruvniun~ uf th~
Nau~~~al Huw~ng Act, an :~m.~um sut't~cient w accumulatr in thr h:,nd. ut the huldtr unc 111 munth pnur ~u i~, due date ~hr
annu:~~ murtgagr ~mur.tn~r p~rmium, ~n .~rdcr tu pru~~dr .u:h huld~r wi~h fun.h ta pay ,uch prrmium tu ~hr ti~crriary uf
Hou,ing anJ lirban Ik~•elopment punuanl t.~ thr Natiunal Huu.ing :\Cl, a+ anttndrJ, arxl appli~ablr Rrgui~uun+
thereunJer, ur '
11U 11 and x~ lung a..:wid nu~e .+f rvrn date arni th~~ ~nurum~nt are hrld hy tha Scv:rc~ar~~ ~~f Huu+~nK arxl l rban ikvelupn~rnt.
a monthly chargc ~~n I~ru „f a nu~rtgagr imura~cc prrm+um? ~h~ch .hall hr ~n an anwunt ryual tu unr~tirlith i 1!12~ ut
une-h:+ll ~ 1~xr :rntum ul thr a~rrag~ uut.lanJing h:Jan:r .lur un thr nute cumputcJ w~th~~ut t.iA~ng mt~• ac«~um
Jelinyurncirti or prepaymrnts;
Ibl A.um ryual ro thr gn~u?x1 rent~. ~f any, ne~t dur, plu+ Ihe ~xrmium. th:~t w~ll nr~t t+ecome Jur anJ payablr un Ewl~c~? uf firc
and uther hatard ~n~uranrr cu~enng th~ nu~rtgagrd pru~?ert~, plu~ ia~~s and aa+r~+mrnt. ne~t Jur un th~ mi~rtgagcJ pruprrty 1a11
r.timatrd by thr murtgagrrl le~, all wm~ alrrsJy paid therefor Jividtd hy the numhrr uf munth~ tu rlap.e t+~forr une munth
pri~~r w the d~te ~~hrn cuch gourxl rrnb, prem~umc, taxrs, anJ a~~r.sments will hecumc Jelinyurnt, such +um~ to t?r held by
nw~rtgagee in trust ta pay .aiJ grcwnJ rents; premiums, taxr~, anJ ~pc~ial :i..r~.mrnt.: anJ
Icl All payments menliuneJ ~n the tvru prneJing subsect~uns uf thi~ psragr:+ph and all payments tu be maJr urxirr thr nutr ~rc~reJ
hrrehy +hall hr adJrd tugrthrr and thr aggregate amuunt ih~re~~f .hall t+r paid b~ thr nwrtgagor rach month in ~ingle {+a} mrnt
tu t+~ :+ppl~ed by ihr murtga6ce tu thr fu11oN ing item. in thr urder .et for~h:
111 premium charge. under the contrac~ ~~f ~MUf:flliC wqh ~he ScYretar~ ot Nuus~ng ~nd lirban l~vrlupment. ur nx+nthh
charge Im liru uf mor~g:+gr m~urancr prrmiunU, a~ thr ca,r ma~ t+r;
~ 111 gruunJ rcnt+, tsxe~, a~.e++menu, firr, anJ othrr h~~arJ inwrancr premiumc;
11111 intrre,t an the note ~ecured herehy; anJ
IIYI amorur:uiun of the princ~pal i~f s:uJ note.
1ny drfi~irn.y in 1h~ amuum ~~f wch ;~ggr~g:~tc mon~hl~ pa~mrnt ,hall, unlr., ma.lr go~xl by the mart~aEur pnur 1~. th< <lur date of
thr ne~t .u~h pa~mrnt. :~,m~itute an rvem ~,f ~iefault unJtr th~~ m~.itc.~gr. fhr mun~agee may cullnt a"I:~tr ~h:irge° nat t~~ r~ceeJ ~NC~
:rn~ti ~_c) fur aach dutlar ~511 of ~:+~h pa~mcni nu,rt th:in tiftern 11~f Ja~. ~n arrear. to cuver tht ~rtra r~~x~,~ invu~~rd in h:~n~lling
Jtlinyurnt paymrnt,.
Z. ~Ihat it thr t~~t:tl .~f thr paymrntc madr by thr murtg~gur unJcr ~hl <.f para~raph ~ pnti«Gnc +hall ~~cerd thr :~nx~unt uf th~
paymrnt~ acw~ll~~ madc h~ th~ murtg~gr~. fur gruunJ rentt, taxcw an~ a..rt,mrnl. anJ in.uran:~ prrmium., a. thr ~a.r m:+q t+r. .uct.
excess at the option of the mortgager, shall, be credited on subsequent payments to t+e made by the mortgagor, or refunded to thc
rrn~rtgagur. If, huHrvrr. thr munthly pa~ meotc made b~• the murtg.igur unJer ih1 of par.?graph 2 prc:~ding +hatl not be ~ufficitnt te~ pay
gruund rcntti, taxe~ anJ :t..c,.mrnt. anJ imurance prcmium.. a+ the cau may he, whcn thc wmr .hall herome Jue :+nd payaMe. then thr
rtx~rtg:~bor ~h.tll pa~• tu thc murtgage~ any amuunt nctic~tiary to make up the Jeficirncy. un ix t+efore the Jate Nhen payment of ~uch
gruund rrnt+, t:ixr~, atik,.ment~, ur in,urancr premiums .hall hc Jue. If at :~n~ timr thr m~Klgagur ~hall trnJer tu tht murtgagre in
accurdancr ..ith the pru.i~ium of the nutr cecured hrreby, full paymem uf the entire ~ndrbtctiin~~+s reprc~rntrd therehq, the mortgager
tihall, in cumputing th~ amuunt of +uch indeht~lne~+, crrJit tu the account of the meutgag~x all pa~~ment~ maJe unJer the pruvi,iom of ~al
of paragr~ph 2 hereof whirh the mortg~gee has not becomc obligat~yi t.~ p:~y to the Se~retary of Housing a~d l'rban De~rlopment anJ an}
balance remaining in the funds a~cumulated unJer the proviciom ~~f Ih? af ~aid paragraph 2. If then ~halt t+r a default under any of the
pruv~~ium uf thi~ m~utgsge. re,ulting in a public ~at~ of the prrmitirs c~~~ent1 herrhy. ur if Ihr murtgagre acquirrs the prupert~ uthrrM ~u
after JrfauA. th~ mort~~ger .hall appl}~. at the time of the cummencemrnt uf .u:h pnxerding. ~x at thc time the pruprrty ~..~thrr..~.r
xquirrJ. th~ balancr then rema~ning in thr fund~ accumulatrJ under rh? uf paragraph ? preceding a. a crrJ~t agaimt th~ amuunt of
princ~pal ~hrn rem:~imng unpaiJ under ,aiJ nute and shall pruExrl~ aJ~?ut eny payment, which chall havr bern nwdr un~rr 1«) uf .a~J
paragrsph.
3. Ihat hr Will p:q all ta.~~~.:?~~~~,ment~. tiat~r ratr~. and ~qhrr gu~rrnmental.~r municip:J charg~,. tinr.. ur impu,iuun.. fur .~h~ch
provi,inn ha~ n.~t brrn ma~t hrr~int+efore, ~nd in defauli Ihrrruf thr murtgagre m:ic pxy Ihr .amr: anJ tha~ he ~ill prun~tlc drlnrr ~he
official rec~ iph thrrrfur tu the murtg.~Fe~.
5. "fhat hr will permit, cumm~t, ur ~utTer nu wa,te, imp:urmrnt, ur drten~~ratiun uf ~aid pruprrtq or any part ~he~rol; and in thr e~rnt
uf thr f~~lurr of the mortgagor to keep the buildings on +aiJ premisea anJ thcKe to t?e erccteJ un .aiJ prrmi,e,, or ~mpruvement+ thrrcon.
m g~xxf repair, the mortgagee may make such repairs ac ~n its di,cretiun it may deem necessary for the pruper prrservatiun there.~(, anJ
thr full ~m.~unt uf rach and e~rry ,uch payment sh~U t~ immc~lialely due and payablr, and shall t+r securctii b~ the lien uf thi~ mortgagr.
l hat he w ill pay all and .ingular thr axtc, charges, anJ e~pemec. inrluJ~ng reau~nahle lawy~er'c fees. and costs of ahctracts uf tiUc.
~ incurrctil ~~r pc~iJ at an~ timc b~ thr murtgagrc t+c~:wcr .~f thr failurc un thr part uf Ihe rrk~rtgagur pr~~mpU}• and full~• tu pcrfurm thr
agrerment~ anJ cu~~enant~ ot ,aiJ pmmi~.urp nutr anJ Ihi~ murtgab~. and ~aiJ cv+h. charg~~. and rxpeme~ +hall t+e immrdiatrl} dur and
~ payahlr rnd .hall br ,rcurrd h~ thr lien uf th~~ mortgagr.
; 7. That he will keep ~he impruvemrnts nuw etiisting ur hereafter erected on the rtx~rtgagrJ pruperty, imure.l a, ma~ tn n~ywr~tii frum
; Umr a~ time hy the murtgagee against Icxs hy fire and other hazards, casulat~rs, and cuntingencie. in ,uch am~wnlti anJ iur w:h prr~~~d~ :~ti
I may he rry?ured by mi~rtgag~r. and will pay prumptly, when Jue, any premiums un such insurance Cur payrt~nt uf which pn.~i,iun h~, nut
been made hereinbefae. All insurance shall be carriod in companies approved by mortgagee and the policies anJ renewals thereof shall
f be held hy mortgagee and h:?vr ~ttaihtd thereto I~n, payahle clau.r. m favi.r of anJ ~n furm accept:ihle t~~ thr nwrtgager. In c.~nt uf lu,.
; he Nill g~vr immrdiatr nutite h}~ mail tu murtgagrr, anJ murtgagre may make pnwf uf lo„ if not made prumptly hy murlgagur. ar.J rach
~ imur~rxe :umpany concerneJ hrreby authurizrd anJ diretiteJ to mal~ peymrnt fur wch lu~+ Jirectlq to rrnxtgag~e in.t~aJ uf to
; rtwrlgag~~r ~o~ mortgagrr iuinUy. :,nJ ~he ~n~ur.incr pr.xred,. ur an~ part there~.~f. ma~ t~r applird by murtgagce at it~ upt~un rrthr~ ti~ the
` reducuun ~~F thc indebtednec~ hereh~~ tictit~rrci i~r ti, the rc~ti~ratiun ur rep:~ir uf the propert} damaged In rvem of f~rrrcl~~.urc ~~f thi.
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nx~rtgage ur ~~thrr tr.~n.fer ~~t utlr t~~ thr niurtgagad pn~rrt~ ~n r~t~ngui,hmrnt uf thr indehtrdnr.~ .e.ureJ hrrchg. .~II right. t~tlr. .+nd
~nterr~t uf thr murtg:tgur in .~nd tu .~n} imur:lnce pulicie+ th~n ~n forie ~hall p:?+~ t~~ the purcha~er ur grantre.
~ K. I hat thr mur~gaE~r m:~~. at ;iny t~mr pending ~.uit u(x~n thi~ murtgaEe. apph to thr c~~urt ha~ing ~un~.l~iUun thrrrul t~~r thr
; apFx~inlmrm ~~f a rriri~cr. an~ ~uch cuurl .hall fcxthNith :~p~x~int a re:ri~er o(the premice~ coverrd hereb~ all :~nd ~ingular. ~rxluJing all
and ~in~ular th~ in~u~nr. prufit.. ~,sues. anJ revrnuet frum whatrver wurce Jrn~cJ. ea~h •rnJ e~rrp o( wh~:h. ~t hring r~prc,~l}
~ under.tu~xl. herch~ murlgnee~ a+ ~f .pei ihcall~ ~r~ forth ~nJ drxnbc~.i in the granung anJ habenJum clau~~~ hrrcuf. and wrh rc~e~ver
~ ~hall he~~ all thr hruad an~ rtf~-~ti.r funct~om and puwer~ in anyN i.e entrusteJ hy a euurt to a receiver. •rnd ,u~h sppumtm~nt ,h~ll hr
~ mad~ b~' ~uah ~uun ;~n :~Jneittr~ eyiut} und a m:dt~r uf ~t~~lut~ nght t~> >:u~ mortgagre. :~nJ ~ithout referrnie Iu Ihr c~dryua:~ ~~r
a ~naJ~~yua~~-.~f the valur ~~f the p~uparl~ nu~r~gaged ur W lha ~ul~'erri) ur ~nwl~eslc) ~~f w~J nx~rtgag~~r ~~r thr drtendenh. anJ that ~u~h
rcnt., pn~fit.. incumr, i»ue~. ~nJ revenur..h:Jl tk appli~J h} wch rr.ri~er ac~urding t~~ th~ I~rn uf thi. m~~rtg.~ge anJ thr pracucr uf wch
°y cuurt. In the rvem ut :~m• drfauh „n Ihe part uf thr murtgagur hrrruntkr. thr rni~rt~;agur egree. ti~ p:i~ tu thr murtgegr~ un drmand a
rea+onahle munthly rrntal ti~r Ihe prtm~ce~ an amuunt at Ica,t eyurvalent tu one-twrlfth I II12~ of thr aggrtgate o( the ~wtlve nxmthh
~mtallment, pa~ablr in th~ thrn :urr~nt yrar plus thc a~tual amuunt uf thr annu:~l ta~e~, a.+r..ment.. watrr ratr~. anJ ~murancr premium.
for.uch year n~H c.~~rrrJ h} th~ af~xr,.i~d mnnthly pa~mcnt,.
3 y. I Il"A~ IU~ in thr rcrnt ~~f .~n}• hrcath of thic murtgagc or Jrfault Ihr part ~~f Ihc rrxxtgacur. ur 1hl in thc r~~enr that an~~ ~~f .aiJ
~ ~um~ ~~f munry herr~n relrrrrJ t~~ ha no1 prumpUy anJ fully paid ~~th~~ut drmand ~~r n~~tirt ~~r ir~ in Ihr r~rn~ th:~t raih ,~nd r~rr~ thr
~ ~t~puLihi~m. agreemrnt,. :~~n~frti~~n.. end cuv~nant~ uf ~a~d nutr anJ Ihn murtb~g~. a~~ nut ~uh_ pr„mptly. and fulh prrli,rmrJ: thrn in
= r~thrr „r ,;ny wch c~•rnt, Ihr w~J .~ggreg:+tr wm mrnuoneJ ~n ~aiJ n~~ir thrn rrmainig ~mp:uJ. ~+~th iMrre~t a:crurd t~+ that Umr, enJ all
± rrkmr~~ ~e:ureJ hrrrh~. .h.~ll hecnmr dur .~~d ~:~y:,ni~ forthwith. „r Ihere:+f~rr. .~I th~ .~pUun .~f,aiJ murt~;agr~. fully :~nJ iumplrtrh a~
if all ~~F thr ,:ud +um~ uf rrxin~y tirrc ~.r~gm:~lh .t~puLittJ t~~ hr p.uJ un .uch da~. .~n}thing in .;ud n~~tr ur m th~~ nx~rtgeg~ t~~ thr c~mtr.~n
- nutw ~ih.tan.ling: and thrr~u~~n ur thrr~aflcr, at ~hc uptiun uf ,e~J nx~rtg:igrr, wrthuui nuticr .~r Jrmand. ,uit I:lw ~~r ryu~h, m.~~ he
prinrcuir~l .iti if al) m~~nr}. ,ecureJ herehy h:~J maturcYl pnor to itti imtitutiun. ~fhe rn.,rt~;agrr ma~ iurr.lu.e Ihi~ murt~;a~:~. a~ t~~ thr
- am~~un1 Jecl:~red ~Iue :~nd pa}:~hlr. and thr ti:~id prem~.r, ,hall hr w~tJ t~~ .ali.f~ :~nJ pay thr wme tugrther with c~~.t:. r~prme~. and
- :~IIuN:~nir~. In ~a.r ~,f p:uti.J t~,rr.l~„urr ~,f thi~ murtgagr. thr m~~rt~ag~~ prrmi.rti .h:Jl he vilJ .uh~ert t~~ thr ~unu~uing I~rn ~,f thi,
rrx~rig.~gr (~+r thr anuumt uf ~hr Jcht n~~t th~n dur end unpa~.!. In .uch :a.r thi pn~~~.um, u( ihi. para~raph ma~ eg:un hc a~:ulyd nf
_ lherr:dtrr frum hmr ti. Iimr ht thr mn~~g.igir. _
- I11 fhat thr nt~,rtt.~~:,~r ill L:~r immcJ~:~t~ n~~ti.r h~ mail tu thc rrnalgagrr uf anp iumr~an.r. tr.~mfrr. ur chnn~;r ut ~.Hn~r.tup uf
- 1hc prrm~~c~.
- I I I h.~t na a:~~~e~ .~f am .~ncnant hirr~n ~~r th~ ~.hl~gatiun ~rcured hcrch: .h.sll :d :iny Umr thrrr.~ftrr h~ hrlJ ti~ tk ~~.u~rr „f
thr t~rm, hcre~~f ur ~rf thr n~~tr,r:urrJ hrrrh~.
= I~. 1 hat if thr rn~~rtge~:ui ~Ir(ault in .~m „f ~hr cw~nanh i,r .~~rrrmrnh cunt.unr.l hrrein. ~~r in ,aiJ nut~. then Iht mixl~.:~g~a ma~
= perform Ihc wme. ~nd all rvprnduurr. ~ m.lu.iin~ rra~un.iM~ atiurnr} frr.~ madr h} thr mi~rtgc~ge~ in x, du~ng +hall dr:iu intere~t :~t thr
= rate cet furth in the note .ecurrd hrr~h}. :~nJ .hall F+e ~~payaMr immitil~ately ;~nd with~~ut demanJ h} the rrxxtgagor to ~hr mortgagre, anJ.
4i tugrthrr w~th interest and cn.t~ :~icru~ng thrreun. ~hall he ~ecureJ hy thi~ murlgsge.
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