HomeMy WebLinkAbout2165 lhat, m urder murr full> iu pru~~yl Ihr .«unty ui th~~ mur~ga~r. thr mu~~~aKu~. t.~gr~hri wuh. .ui~l ~n :~~I.hU.~n w. the ~n~~nthl~
paymrnh unJr~ ~he trrm. ~~I thr nutr .~tiu~ctil hrirhq. un thr hi,~ J.~y ut rach nwnth unul ~hr ..uJ nu~r tull~ pa~J. HiU p:~~ tu thr
rtxulgagrr ihr ti~lluN~ng.um~:
lal An aax~unt ,uffx:irnt tu pruviJe ~ht holdrr htreof with fund. 1u pay ~ht nr~?t murtgage ~murancr prcmium ~f ih~. ~n.trumrnt and
thr nule securrd he~rby art ~nwrcd, ~x a munlhly chargr lin liru ~~f a nx~rtg:~gr ~nwranre prcm~uml ii Ihry srt hrld by thr
tircrctary of Houc~ng unJ l'rhan [kvrlupment, as fo11uN~: •
111 If anJ w Ic~ng a. .a~J nute ul' even Jate arxl ihic imtrument art inwteJ ~x arc rrimurrJ unJr~ the urovisu~n+ ul~ ~he
Natiun~l Howing Act, en amount ~utTic~ent to a~tiumulatr in tht hands of tht holder one l 11 munih pr~ur. tu ~t~ dur date thr
~nnual rrn~rtgagr imurancr premium, in urJtr tu pruviJe ui.:h hulJrr wuh funJ. tu pay +uch prem~um tu 1he lrcretary uf
Nousiug and Urhan l)rvelupment punuant tu thr Nauunal Huu.ing A.t, a. am~nJrJ, arxl ~pplwablr R~gulau~~m
thrreunJer, ur
1111 If and xw long a. ~aid nate uf even Jn~r and th~~ i~~trumrnt are htW hy thr tiecrctary of Huu,ing arxi Urban l~vel~~pment,
a nx~nthly chargr lin I~ru uf a murtgagt imur:~ncr prrnuuml Nhich ,hall br in :~n amuunl ~qu~l tu onr-iNtlfth I U121 of
unr-half 1! z 1 prr centum uf the ;~vcrage uut~tanJing balan~e Jue un thr nute com~+utrJ withuut taking into accuunt
delinyuencir. or prepaymenh;
Ib) A~um equal to 1he grourxf rrnts, if any, neat dur, plus Iht {x~miumc that wiil next become'due arni payablr ori policies ~~f fire
and other haza[d insurarxr ~uvering ~he rtx~rtgagc~l pruprny, plus taxes :~nJ atseccmen~, nrxt Jue un the mortgagtd property iall
as estimated by the murtgsgrel less all sums alreaJy paid th~refor dividzd by the numbrr of munths to elap~e befurr oae munth
priur to the date when ~u~h ~rourn1 rents, premwms, taxe~, and ai+c~.ments will t+ecumr delinyuent, ~uch ~ums to be held hy
mcx~dagee in Irust ta pay said ground rentt, premium~, taxcs, and sptcial a~~r»n~rn~~; ~nd
Ic) All payments mentiuned in the two preceding sutnrctions of this paragraph and alt paymrnts u~ t+e msde urxier ~he nute secureJ
hereby shall be adJeJ tugether nnd thr aggrrgate amuunt ~hereuf +h:?11 be paid by the murtg:?gor rach month in a~ingle payment
to be appGrJ by lhe murtgagee to the following itemt m thr urder ~et forth:
111 prcmium charge. undrr the contract uf imur:tnce with the Serretary of Housing ~nd Urtwn L~velopmrnt, or rtx~nthly
charge (in lieu ot mortgage insurence premiuml. the case may be;
(111 ground rent+, taxr~, :we~sments, fire, anJ other hatard imurxncr premiums;
~111) intere~t on the aote .rcured hrrtby; anJ
IIV) amortitation of the Exincipal of ~aid note.
Any Jrfxiency in thr amuunt uf w~h a~regate munthly pa~ment ,hall, unlr+. m~de gu.xi hy thr murtg:~gur priur tu th~ Jue .l:~tr uf
the nrxt ,uch prymrnt, cun+ututr ~n r~cnt uf Jef:?ull undrr thi, mungagr. 1 he murtgagee ma~ cull~tit a lat~ chargr'~ nut tu ra~~~J tNu
cents 12c1 for tach Jullar IS11 uf ~ach p~~m~m mure than fiftrrn 11t? da~+ ~n arrran tu ~uvrr the e~tra r~~xnx ~multirJ in hanJling
Jtl~nyuent paymrnts.
3. That if thr ~utal uf thc pa~mrnt~ made hy thr murtgagur under Ibl uf paragraph prr:cd~ng ,hall c~~eed the anx~un~ ~~f the
pnyments acwaUy maJe ny the murtbagrr, fur brounJ rentw ta~ra and a~+r~,mrnt~ anJ ~n+urark~ prem~um~, a~ thr ia~r may be. ~u~t.
excess at the option of the mortgagee, shall, be credited on wbsequent payments tu be maJc by the rtwrtgagor, or refu~ded to the
rtwrtgsgur. If, huwevrr, the nwnthly payment. m:wle by the mungagur under ibl uf paragraph Z pr~vrJiog ~hall nut b~: wfficiCnt tu pay
bruunJ rents, taxrs anJ a~+r»ment+ and in~ur~ncr premium+, a, thr esse ma~• lx, whrn the wme ~hall brcome Jue arxl payable, thtn the
mortgagur ahall pay w thr murtgager ~ny rmuunt ~~tir~~ary tu make up the defxierky. un .x hrfore 1hr Jate ahrn paymeM uf wch
grouixl rents, Iaxr~, a~~r~.mrnt~, ur ~nsur•rnce prrmium+ ~hall tx due. If at any time 1he murtgagur ~haU trndrr to the murlgagte in
accorJance with the pruvi,ium of thc notr securrd hereby, full paymrnt of the entire irxiebtrJnr+s reprc~nted thereby, the mortgagre
+hall, in compuUng the amount of ~uch indebtetiine+s, crnlit to the accuunt ut~ the mortgagor all payment~ madr unJer the provisiuns uf Iu1
uf paragraph 2 hereof which the mortgagee has nol t+ecome obligatrd tu pay to the Secrctary uf Housing and Urban Development arxl any
fialance remaining in the fund~ accumulateJ urxier the pruvi,iun. uf Ih~ of ~aid paragraph 2. IC ~hrre tihall t+e a def~ult under :~ny of thr
provi~ions of this m~xlgage. rr+ulting in a public +alr uf the premi~cy ~uvrretil hereby, ur if the m~utg~gee a~yuire, the pn?perty ~~therw icr
after defaull, the m~xtgagrr .h~ll apply, at thr timr uf thr c<~mmencrmrnt uf,uch pnxerdings or at the time the proprrty ic utherwi~e
acquirrJ. the bat~nce thrn rema~ning ~n the fund. accumul~trJ unJer rh~ .~f peragraph ? precrd~ng a. a credit agaimt thr amuunt uf
principal then remaining unpaid under ,aiJ nutr and ~hall proprrl~ adju~t am paymrnt~ ~hich +halt ha~r hrrn made unJrr I~i) uf viiJ
paragraph.
a. ~hat he will pay all Iaxch. a~~evmrntc, watrr r~te+. anJ uthrr gu~•~rnmtntal ur muni.ipal ch:?rge., tinr~. ur ~m{x~sitium, fur Nhich
pruv~sion has nut been madr hereinbrfore. ~nd m defsult thrr~~f the murtgager may pay th~ ~amr: and iha~ he w~ll prumpU~• d~livrr the
ufficial receipts therefor to the murtgagre.
j 5. l~hat he will permit. commit. or .ufl'rr no ~a.te. imp~irmrnt. ur Jrteriuration of,aid pru~rty or :~ny part thrreof; and in the event
uf the failure uf the murtgagur tu Aerp the builJing+ un wiJ prrmitiel ~nd thu~e to be erected on ~aiJ premik+. ur ~mpruvement~ thrrron.
in guud repair, the mortbagre may ma~.e wch rep:~~n a, in it, diticreuun it may deem necec.ary for the pn.prr pr~,ervation therruf. and
thr full anwunt of each and e~~ery such payment shall br immediately due anJ payable, arxl,hall be uxurcYi bp the lien of this rtxtttgage.
6. That he v?ill pay all ~nJ .ingular the c~cts, charges, anJ expense~, ~ncluding reawnable IaMyer's fers. anJ custs of aMtracts of tiUe.
~ mcurrrd or paid at any time hy the rtwrtgagee hecause of ~he failure un the part of the rtx~rtgagur promptly snd fully to ~rform the
agreements and emenanh of said promissory note and ihis mortgage. anJ ~aiJ cc»ts. charges, arx! rcpenses shall be immedialely dur and
€ payablc and shall t~e tiecureJ hy the lien of thiti mixtguge.
7. ~hat he will Aeep the improvement+ nuw exi~ting ur hereaf~er erctit~Yi on the murtgageJ pruprrly. imurrJ may be rryuire.i from
~ timr tu time by the mortgaFer against Icx+ by fire and uther ha~arJs, ca~ulatiec, anJ con~ingencies in ~uch ~m.~un~~ ~nd f~~r tiuch prri~xls as
s ma~• br reqwred by mortgagec. and will pay promptly, w•hen due, any premiums on such insurance for pa~ ment uf w hkh provi,ion hac not
` been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall
~ br hrlJ by mortgagee anJ have attathcYl thrrrio I~t payahle clau,e+ in fa~~or uf and in fixm acceptable to the rix~rtgagee. Irs event of luss
he will give immrdiate nu~ice hy m:~il tu murtgagee, ~rxi murt~,agre ma~ ma?r priwf of I~+s if txN made prumptly by m~xtgsgur. and ea~h
~ imurarke company wnccrnt~ is hereby auth.~rired and directed to make paymem for such loss direc0y to mortgager ~mtr~J uf to
y r?x~rtgagur arxl mortgagee ju~nUy. :,nJ thr m~urance pr~erdt. ur any part thereuf, may be applied by rtwrtgagre at ib upUun ~ hher to the
reduction of the inJebtrJne.~ hrrehy .ecured .?r to Ihe re+turatiun ~~r repair uf thr property J:~maged. In event of fi~r~duwre uf thi,
mor~gagr or u~her trsmfrr uf tidr tu thr mortgageJ pn~ert} in i~tingui~hment nf the ~ndehteJnr~, ~eiurrd hrreby. ali nght, Utlr, and
' intereu uf thr murtgagor in anJ ~u any ~mnrance puliciea then in turcr ~hall pa~s tu thr purcha~rr ~x gr.~ntrr.
~ K. ~Mut the mart a¢er m:~y. at an ume rnJi s~uit u~n th~~ murt a r, a 1 to the cuurt ha~in • un..l~~uan thrrruf f~~r the
K } P ~?K Fx 8 8 PP Y 6 1
:~p~x~intment uf a rctiei~~rr. anJ ,uch ~ourt chrll forthw ith apEx~int a recei~•er of the premises covered hrreh} aII :,n.l .ingul~r, in.luJing all
; and ~ingular the incumr. prnfih, i~tiue~. enJ revenues from whatever uzurcr Jrnved, each arxi evrr} ~~f wh~ch. i~ heing exprc.~l~
~ unJertitixxl. herrby mortgagrJ a+ if ~pcti:ifi:ally set fo~th anJ Jrsxnbirf in Ihe granling and habenJum ~lau.e, hereuf, anJ ,uch recriver
' .hall hrvr all thr bru~J anJ rffec~~cr funrtiom anJ puw~r. in an~w„r e~~ru.teJ by a court lu a rrceiver. :~nd ,uch appu~nunrnt .hall t+r
m:~dc hy ~uch ~uurt at an aJm~lt~d ryuit~ anJ a m~ttrr ~~f ahv~lutr richt t~>>aiJ nwrtgagrr. :+nJ ~+ithuut rrf~rrnce to th~ aJcyua.) ur
~nsdryuacy of the valur uf the prup~rt~ m~~r~gagrd ~x to thr wlvrnc>• or imulv~ncy of ,aid murtgage,r e~r Ihr JefrnJrnt~. anJ that .u~h
rent~, profit,. mcome. ~*.ur,. anJ revrnue~ ~hall he ~pplirJ h~ ~uih rr~e~~~er :~c~urd~ng tu thr licn uf ~hi. murtgagr anJ thr pra~Ure uf ~u~h
~ cuurt. In the rvent uf any Jefaul~ un thr part uf thr rtxrrtgagur hereunJrr. the murtgagur agrrcw lo pag tn thr murtgagee un JemanJ a~ a
rea.unable momMy rental for the premi,es an amuunl :?t I~a~t ~quivatent !o one-tuelfth 1 i(121 of the aggrrga+te uf Ihe twelvc rnunthly
~ installments pay able in the then current year plus Ihe actual ~mount of Ihe annual taxc~, a«essmenh_ water ratr+_ anJ inwrance prcmiums
" for ~inh ye-sr nut cuverrJ by th~ afure~a~J munihl~ patment+.
; 9. Th:~t I~+) in Ihe rvrnt uf :?n~ Freach uf Ihi? mortgagr ur Jrf:iuh un thi par~ uf the rm~rtgagur. ur Ihl in the rvrnt that anp af wiJ
- wm. of muney htrein reterreJ tu hc not promptly and fulh paiJ withuut Jrmand ur n~~ucr. ur 1 in thr <<ent th:it r.~ih anJ rvrry ~hr
,tipulatiun.. agrermrnt.. c~~nJ~t~un.. :~nJ covenants of ~afJ ncNe anJ thit murtgagr. are nut Juh, pr~~mptl}. an~ futl} prr(~~rmrJ: th~n ~n
rithrr ur an~~ ~u~h rvcnl. the ~aid agbregale wm mentionrJ in +aid n~~te thrn remainig unp:ud. w~th ~ntrrr.t ac~rucJ t~~ thai umc. .~nJ all
rtxmcy, .~tiur~d h~rrh~. .hall herumr dur anJ payahlr f~~rthw hh. ~x thereaft~r. at thr ~~+uun uf ,a~J murtgagrr. a~ fully and ~urnpletely a~
if a~l of the w+id wm~ of mone~ ~ere ar~g~nalh tiupulaled tu he paid ~~n tiuch da~. :~n~Ihing in ~a~~ nute ur ~n thi~ nx~rlgagr tu thr ~untrary
notwuh+tan~ing: anJ therru~~n ur ~hereafter, at thr upuun uf.aiJ mi~rtgager. withuut nut~ce ur Jenr.~nd. ,uit a~ law ur in ryuity. m:~y t+e
pru+e~utrJ a~ if all rTx~nry~ ~rcureJ herehy had matureJ priur to it~ im~itutiun. fhe murlgagrr ma} f~ireclo.r ths~ rtx~rtgag~. the
_ artx~unt ,o drelareJ Jue anJ pa~aMe, anJ thr ,:uJ premi.« ~hall be u.IJ t~~ .ati~f~ and pay Ihe ~ame tugrther with cirt+, etpemeti. anJ
" alluwancr~. In ~~x uf p:~rtr~! furecl~~~ure uf ~hi, murtgag~. thr murtg~grJ prrmi~c~ .hall hr wW ,uh~rc~ t~~ thr ~c~ntinuing lie~ uf Ihi4
~ rix~rtgagr fur 1he am~~unt ~~f thr cirht n~~t thrn dur .~nJ unpaiJ. In ~uch ~n.r thr pm~i.wm ~~f thiti p:uagrxph ma~ aga~n hr a~~ilrJ uf
therraftrr from t~mr tu timr h~ thr murtgager.
10. fh~t thr rrxirtg.~gur w itl givr imm~J~atr nuu~r hy ma~l w ~he murtgagrr uf an~ ~umr}:incr. tran.fcr. ~~r changr uf uwnrnh~p ~~f
the prrm~se~.
- I 1. fhat nu wanrr uf any :.~~rnant hrre~n ur uf th~ uhligatiun ~ctiurrd h~reh} .hall at am t~me thereaftrr hr heW to br a Haivtr uf
Ihc trrm, hrreuf ur uf the nu~e ~r~ur~J hrrehy.
- 12. fhat if thr rrx~rtg:~~;~~r default in an~ i~f thr cuvrn:~m~ ~~r agrermenh r~intainrJ hirein. ur i~ ,~iJ nutr, then the mixtgager may
perform thr s•rmr, anJ all r~prnJ~turr~ i incluJing rra+u~~hlr auurnry'~ f~r~l m~Jr hy the murtgagee ~n w duing +hall d~aw intrretit at the
- rale tiet forth in thr rxrie +ecurrd herrbq. anJ ~h:+lf t+r repayable immctil~ately and H ~lhuut drmanJ h} the rtxxtgagur to the rtwrtgagee, anJ.
tugether with interest anJ :u~t~ accru~ng thereun. ~hall be secureJ hy thi. murtgage.
eocK 20U r,~c~ 2164
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