HomeMy WebLinkAbout2447 That. ~n urder ~nurc fully tu pr.~tatit lhc ~~u~Hy ul ~hu mwtsagr, thr nwnbagur. ~ugrihrr with. arxl in adJ~uun w. thr nw~nthl~
paymrnt. under the tCrms uf thr nut~ ,r~u~rJ herehy, un thr tir.t Ja~ ul r:~~h mumh umil ~hr ,;ud ~x~~r fully paiJ, wll pay tu tA~
nwrtgage~ ~hr fidluNing,unn:
la) An anwunt sufficient u~ provide the huldrr hCreol' w~~h iunJ~ to pay the nrxt nx?rtgagt ~n~urancr prcmium if thi. in,trument anJ
thr nate securrd hertby are in+ur~i, ix a munthly charge lin liru of a Awr~g.~ge in~urance prrmiuml if thry :ur hriJ by thn
Srcrctary uf Housing anJ Urban Divelopmcnl, :u fulluws:
tl) 1[ and w long as ~aid note of even Jale anJ lhis imuument are inwrtJ ur are rc~rourcJ unJrr the pruvi~ium of thr
Natiunal Housing Act, an amount ~ulTicient tu accumulate in thr han~i uf the hulde~ une 11? mu~th priur to its dut date the
annual nwrtgage insurance premium, in ~der to p~uviJr ~uch huldtr with fund+ to pay wCh prcm~um ta ~hr k~r~tary uf
Housing and Urb:?n Developmem purwant tu the Nauunal Nuusing Act, as atncndrJ, anJ applKablr Rrgulauum
thereunder, ~x , ~
U11 If and w long as saiJ nate of even tlale and this instrumrnt are held by the Secretary of Hou.ing anJ Urban ikvelopment.
a nwnthly charge lin lieu ot a m~~ngage inwrancr prrmiuml ~hich ~hall t+r in an arn~wnt ryual tu une-twelfth 111121 uf
unr-hal! 1'h) p~r centum uf iht avrragr oulstarxlmg balanCe dur u~ ~he note cumputrJ Kithuut t3Aing ir.tu a:cuunl
drlinquencies or prepayments;
Ibl A stltn rqual to the gruund rentc, if any, next Jue, plus the prrmiums that will next ber~me due and payable un pol~cies ot fire
and othe~ hazard insurance wvering the mortgag~l properry, plus ~axc~s and assessmrnts next dur on thr m.xtg~ged pruperty lall
a~ eslimuted by the mortga~ee) Icss all sums alre~dy paid therefor Jivided by the number of munths to elapse txforc one month
prior ta the dste when such grou~xl rents, premiums, taxes, anJ asse+.mrnts will become drlinqurnt, such sums to be hrW by
rn~rtgagce in trust w pay saiJ grcwnd rents, premiums, tanes, and ~pecial :ux-»ments; and
~c) All payments mentiuned in tht two pr~ceding subsrction~ ot this paragraph and.all payments to bt made urxicr the nvtr stcured
hereby +hall be added togethe~ and the aggrrgate amuunt thercof'+hall be paid by the rrx~rtgagur rach month in a single pa~~nxnt
to be applied by the mortgagre to the folloN ing items in ~he urder set forth:
Ili premium charge. under ~he contraci of in,urance with the Secrctary of Hou~~ng and Urt+an l~vebpme~t, or monthly
charge lin lizu uf m~xtgage insur•rnce premium), a+ the ca~e may t+e:
(111 graund rents, taxrs, auevments, fire, and olher hacard i~~urance premiums;
t1111 interest on the note securerl hereby; and
IIV) arn~rtization of the principal of said note.
An~ JtfKiency in the amuunt ~~f ~uch aggrrgate monlhly p:~ymrnt ~hall, unle,+ maJe g~xxl h~ Ihe mortgag~u priur tu ~hr Jue J:ur of
the next ~uch payment. cumutute an rvcnt uf default imdrr thi, mortgag~. I~hr murtgagre may ~ullrct a~~late :h:~rge" not to ercreJ two
.:enu ~'_t) fur e:+ch Jollar IS11 uf rach payment more Ihan fiftern I ISI Jay~ ~n arrear, to cuvrr the rxt~a e~~xnu invuheJ in handling
Jelinyurnt paymenu.
3_ That if the tutal uf thr pa~mrnts maJe by thr murtgagur unJrr Ihl uf paragraph 2 prcy:rding.hall etcrrd the anx~unl ~~f the
paymrnt~ a.tuaUy ma:ie hy the mcxtg~g~e, fur gruunJ rents, ta~e+ and a.+e.+ment~ anJ imuran:e prrmium~, a> IFIC l':lK may be. +uct~
ezcess at the option of the mortgagee, shall, be credited on subsequent payments to be made by the mortgagor, or refurtded to the
nx~rtgagor. If, huwevrr, the rm~nthly paymenl. m:K1r by the murtgagor undCr Ibl uf paragraph 2 prcticJing .h:ill niu t+e .uffirient t~~ pay
grounJ rent+. laxc~ anJ atiu-»mrnt~ anJ imurancr premiums, as the case may tx. Hhen the wmr ~haU b~cum~ Jut and payahlt. then the
rtxxtg:?gur .hall pay tu thr murtgagre any amuunt na:~y~ary to make up the drficie?xy. un ~x heforr the Jate wAen payrnent of ~uch
grourxl rcnt+, tax~y, a~~»menls, ur inwrance premiums chall hr Jur. If at any timr the m.xtgagur ~hall trrxfer tu the mortg:~gee in
:ucordance with thr pro~~i+ium of the nute cttureJ hereby, full p:~ymcnt uf the entirr indeAtcrlnr~ti rrpn~ntrd thereby, the mungagce
shall, in a~mputing the amuunt uf cuch inJebtevlne~+, creeiit to the account of the mortgagix all payment~ maJe unJer the pro~•i.ions of lal
of prragraph 2 hercof ?~hich Ihr martgagee ha+ not hrcume obligat~d tu pay to the Secretary of Hou~ing arxl t'rban Development and any
balancr remaining in ihe fund~ accumulatcvi under Ihc proriciom uf (b1 uf +aid paragtaph If there .hall t+r a Jefault urxier any of Ihe
, pruv~seum of thi, m~xtgage. rewlting in a public +alr uf the premiu~ cu~•rred hereby, or if thr mixtgagrr acquircw the prupert~ uthcrN ix
aRer default, ihr mortgagee ~hall apply, at the time of Ihe cummen~ement uf wch pr~xeeding~ or at the limr thr pru~xrt} n u~h~rH i~e
acquired. Ihe hal~ace thrn remaining in the funds accumulated under ~h? of p~ragraph 2 preteding ac u Credil agaiMt !hc amuunt uf
principal thrn rrm:~ining unpaid unJer .aiJ nut~ :md ~hall pruperlq a~ju~t an~ paymrntti ~hich ~hull havr hr~n m:+de unJer lul .~f wid
paragr:~ph.
-3. l hat he Nill p:q all 1:~~«. :+.tie.~mrnt., water ratc~, anJ uthrr govrrnmrntal or municip~l ~h3rge.. fin~,, ur imp.~~i~iun.. fur ..hich
pruv~,iun hs~ nut bern made htreinhrfura, and in def:?ult thrr~Y~f Ihe murtg.~grc ma~ pay thr .ame: and that ht N~II prurt?pth Jrli~er the
ut'FiC~al rrc~ipl~ theretur tu lhr murtgagr~.
E 5. That he will prrmu. wmmit. ur wffer nu Na.te, impairment. ~x det~riuratiun ut~,:~iJ pn~rt~ or any part ~hereuf; and in thc erent
i uf the failure of the murtgagor to keep thr buiWingti on ~aid premi~rti and thu,r tu b~ crr~ted un ~ai~ prrmix-s, ur ~mpru~~rmentti thereun.
in g~~d r~p:sir. 1he mortgagee may make such repairs as in iIs di.cretion it may drem necessary for lhe proper preservation Iherei~C and
f thr futl arrwunt of each and e~•ery such payment shall he immediately due arni payablc, and shall be secured by the lien of this murtgagr.
~ 6. Th~t he Mill p~?~ all anJ tiingular ~hr anu, chargr.. anJ ~x~em~y. includ~ng rca~unable I:~wyrr'~ fe~. anJ cost, ~if ah.trac~+ of title.
~ mcurral ur paid at any umr b} th~ murtbagrr bc-~au.r of ~he failurc un Ihe part uf thr nwrtgagur prompdy ~nd fuUy to perti~rm the
, agrermenb atxi cuven:~nt~ of u~~J promiti~or~~ not~ anJ thi+ murlgagr. anJ said custs, charges, a~xi eYpensn ,hall hr immeJiatrly Jue and
j payahle and ~hall be xrcurrd b} the lien of this mextgage.
~ 7. That hc w ill Ae~p the ~mpru~•ement. nuw existing or hereafter crect~Y1 on the murtgaged pruperty. ~nwred a. may tx requirrd frum
E ume to time by ~hr m.irtgag~e ~gaintt los~ by fire and other hazards, ca~ulaties, anJ contingcncies in .uch artx~unt~ anJ fur ,u~h periud~ as
may t+r required b~~ murtgagee. and will pe~• prompUy, when due, an}~ premiums on wch iruurance for paymem uf whkh pruvi.iun ha~ not
been made hereinbefore. All insurance shall be carriod in companies approved by mortgagee and the policies and renew•als thereof shall
; be held by niurtgagee anJ h~ve attacheJ therrto luss payable claute. in favor of and in form acceptabk tu the rtxxtgager. In ~vrnt of loss
~ he w ill give immediate nutice by mail to mortgagee, and mortgagee may make prouf of I~xs if nut maJe promptly bp murtgagt~r. :?nJ each
inwrarkt company con.rrneJ is hereby_ authorized and dirceted to make payment for ~uch loss directly to rtx?rtgagee instead uf to
~ murtgagur anJ murtgager jainUy, and thr intiurancr pnxeed~, or anp psrt thercY~f. may hr applird by rtx~rlga~trr at its optiun eithrr tu the
reductiun uf the indebtrdnr~~ hrreb~ ~ctiurc~l or tu Ihe re.tr~ratiun ur repair uf thr property damaged. In event of fure~lu.ure uf thir
mortgage or other transfrr of title ti~ ~he mortgageJ pr~~erty in ~xting~ishment of the indehtrdnr.~ urured hereM, ali nght. t~dr. :~nd
~ interest uf the murtgagor in :?nd to any insurance policies then in force shall pass to ihe purehaser or grantre.
tt. fhat the murtgagee may, at any tirrte pending a wit upon this mortguge, apply to the cuu~t ha~•mg jurixiictiun thrrcuf for the
~ appointment of a receivrr. anJ ~uch co~rt shal) forthw ith appoint a receiver of the premi~es covered herebp all anJ ungular. incluJing all
~ and tingular thr incume. prufits. isues, and revenues from whatever soarce derived, each anJ every of which. it hring e~prrssly
~ under,to~xl. is hereby murtgage.i a~ if specifically Set forth and descritxYi in the granting and habendpm clauses hercti~L and ,uch recei~er
~ ~hall havc :~II the broaJ anJ rffectivr functiom and puwer+ in anyw ise entrusted by a court to a receiver. and such appoinlment shall be
made by such court ati an admitted eyuity and a matter of ahx~lute right to said mortgagee, and without reference to the adeyuacy or
~nadequacy of the value of the property mongagrd or to the solvency or inwtvency uf said rrwrtgagor or the Jefendents, arxi shat such
~ rents, profits, inee~me, issues, and revenues shall be applieJ by_tuch receiver according to the lien of this ?nortgage and the practice of such
~ court. In the event of any defauh on the part of the rtwrtgagor hereunder, the mortgagor agrees to pay to the mortgagee on dcmanJ as a
reasonable monthty rental for the premises an amuunt at least equivalent to one-twelfth 11/121 of the aggregate of the twelve monthly
installments payable in the then currenl year plus the actual amount ~~f the annual taxes, assessments, water rates, and insurance premiums
for such year nc~t covereJ by the aforesaid monthly payments_ ~
~ 9. Tha1 In) in the event ~f any breach of ~his mortgage or default on the part of the mortgagor, or (h) in the event that any of said
sums of money herein referreJ to be na prompUy and fully paid w~ithout Jemand or notice. or 1~-) in the event that rach anJ everp ihe
:3 sUpulatiun~, agrermentt, conJiuunc_ and cuvenants of ~aid nule anJ this murtgage, are nW duly, prumpUy, anJ fully performrJ: then in
either ur eny wch evrnt, the said.aggregate surq mentiuned in said note then remainig unpaid, with interc~t accrueJ to that time. and all
rtxme~. x-~ureJ hereby, shall becume due and payable fcxthN ith. or Iher~after. at the option uf tiaiJ m~xtgager. as fully anJ comptctely as
if all of the ~aiJ sums of rtwney were ~~nginally StipulateJ to be paiJ on ~uch Jay, anything ~n wiJ notr or in thi~ rtxxtgage t~~ the conlrary
notwithtitanding: and thereup~u~ or thereaRer, at thr optiun of sa~d mortgagee, w~thuut rwUCr or demarnl. wit at law or in eywty, m:sy be
pru~ecuted a~ ~f all rm~ney~ secureJ hereby had matureJ prior tu its in~titution. The nwrtgagee may kKrclo~e thi~ rm~rlg~Ke, as to the
arrx~om +o declareJ due and payahle. and the ~a~d premises ~halt be u~IJ to catisfy and pay thr ~:+rt?e tugethrr wiih co~ti. rYpenses. and
= allor~anc~~. In ~a,r of parhal forecio,ure of ~hi~ murtgage, the murtgagrJ premi4es .hall he wlJ +ubjecl to the cont~nuing Iirn uf this
- rtxrrtgagc fi~r the :+muunt iif Ihe deht nuI thrn Jue anJ unp~iJ. In wth tatie thr pruvi~~i~m af thi~ paragraph may again tx availeJ of
- lhereafter frum time to timr hy the mortgagrc.
10. Th~t lhe murtgngur w ~II gi~c immediate nuuce by mril tu thr rmirtgagec uf any cumeyan~e, tramfrr, ur change of uwner+h~p uf
the prrmi.eti.
%j I I. fh:~t no wa~ver uf an~ cuvenant herein or of the i~hlig~Uun tiecurrJ hereb} shall at any ume thrreafter he held tu hr a warvrr of
thr term~ hereuf ur uf Ihc nutr ~ecured hereb~.
12_ I~ha1 if thr m~~rtgagur drfault m any of thr cuvrnantc or agreemenh c.~ntained hrrein. ~ in saiJ nute, then the murtg:+gre m~y
perform the wme. arxl all exprnJiture, i including rea~unabte auurney'~ fee.1 madr by thr m~~rlgagrr in x~ duing Shall Jraw interetit •rt the
- rate set forth in the r?ote cecured hereby. ~nJ .hall be repayabl4 ~m~eciia~ely •rnd w ithout demanJ by the nwrtgagur lo the murtgagee, and.
wgether w~th interest anJ c~~sts accruing ~hereon. shall t+e secrred by this morlgage.
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