HomeMy WebLinkAbout2674 2. IAat. ~n urder nw~rr fuU~ w pr~t~tit thc xcuruy uf tA~~ muitgagr, thr mur~g.~gur, tugrthrr M~th. a~xl in a~iJ~tiun tu, thr nx~nthl~
p;~ymrnt. undt~ thr ttrm~ uf the nutc ~~tiur~ti) he~ehy, uo the finl Jay of t:wh munth untd thr .aiJ nutr i~ (ully paiJ, w~ll pap w thr
nwrt~~g« ~hr fulluwing ~um,: _ .
lal An anwunt wfficient tu pruv~Je the h1~l~r he~ev~f with funJs w pay thr nrxt mo~~gaYe ~n.urancc prrm~um if ~his m~trument anJ
tht note securcd hereby are ~nwrrd, ~x a monihly charge lin liru e~f a awrtgrge in~uran~:e prrm~um) iC thry are held by the
tiectetary of Hau~~ng anJ Urban Develupnxnt, as fulk?NS: -
111 If anJ x~ long as +a~J ~x?te of ev~n Jate arni Ihis inat~umtnl are ~mur~1 0~ are ~~in~u~rd utxler the pruvuiuns uf the
Nauonal Huu~ing A~t, an amuunt wfFicienl tu accumulytt in tht hinds of the IwWer unr ( U month priur to its due date the
annual nwrlgage in~urarx:e premium, ~n urdtr to p~oviJe ~uch hulJtr wi~h fundc tu pa~~ ,uch premium ~a the Secrttary of
Nousing and U~t+an [kvelopmrnl pur.uant to thC Nauunal Huusing Act, a.~ amrndeJ, a?Kf rpplKable Rrgulatium .
thareunder, ar
1111 If and so long a~ saiJ note of' evan date aod thi+ ~nstrumrnt aze held by 1he Sccretary of Huusing and Urban Lkvelopment,
a munthly charge lin lieu uf a mortgage in.uran~e ~µmiuml which .hell he m:tn amiwnl rqual to unr-twelfth IU12) of
unr-half 1'41 per ccntum ui thr averagr uw~tauAing tvl:uxe Jue on the nott computrd wnhout taking into awount
dtlinquencir~ ur prrpaymenls;
Ib) A sum cyual to the gr.~unJ rcnts, if any, nex~ Jur, plus the prrmiurtn that will nezt be~:ome due arni payable un policies of fire
aqd oth~ hacarJ iruurance wver~ng th~ martgagcd propcrty, plus lexri anJ assessmemc nr~t du~ un the mortgaged pruperty (all
as e~timatzd by the rtwrtgagee) less aU surtu alr~ady paid theref~x divided by the numt?er of months to elapse before one month
prior to the date when such g~ourxf rentx, prem~ums, taxes, arxl ass~ments will become delinyuent, such sums to be held by
mortgagee in trust w pay ~aiJ ground renu, premiums, taxrs, and spa:ial as,et,ment~; anJ
~c~ All payments mentioned in the tw~ precading subsections of this puagraph arxi all paymenu ~o be maJe urnler the note sewrrJ
hrreby shall t+e adJrd wgrthe~ and the aggrrgate amount thereot shall be paid by the mortgagor each month in a~ingle payment
w t+e applied by ~he murtgagee ro th~ folloN ing item. in the order set forth:
111 premiu~ri Charges undrr ~he contract of insurance with the Secretary of Huusing and Urt+:in ikvebpment, or rtxinthly
charge !in lieu uf m~xtgage insuranct premium), as the cax may t+e; ~
(11) gruund rcnt~, taxes.:usei+ments, fire, and other hazard imura~mr premiums;
U11) interr+t ~~n the ~ae scti:ureii hereby; and '
(IV) amortiration of the principal of wid note.
Any urficiency ~n Ihc anwum uf tiuch aggrtgate rrnmthly payment ~hall, unle~, m:?de gu.x1 by the m~xtgag~x priur to the Jut d:ri~ uf
the netit ~uch payrmnt, ~.~n.~itute an zv~n1 0l Jefault undr~ ~hi~ mortgagc. The puxtgager may cullc~t a"late charge° not to ~xcred two
cent~ 12c1 for each J~dlar l~l l of rach pa~ment mure th:~n fifttrn !1~1 day~ in arrear+ to cover the ~xtra rxprnce imulvrd in handling
Jzlinyuent paymentti.
3. Th~t if Ihr tutal uf the payment+ made hy the m.?rtgagor under thl of paragraph 2 pr~tiad~ng ,hall etcred the am~wnt uf the
payment~ actually msde by the mortgagrr, f~x gruund renu, tatc+ and a,+e~.ments anJ imuran~e pr~mium., ac the cax may br, such.
excess at the option of the mortgager, shall, be crcdited on subsequent payments to be made by the mortgagor, or refundcd to the
mortgagor. If, huwtver, Ihe m.mthly.paymrnts m:x1r by 1he murtgagur undrr Ih? of paragraph 2 preceding shall not t+e sufficicnt to psy
grounJ rrntc, taxe. and a~x~.ment, •rnd in.urance prcmiumc. a~ thr ~ase may br, when the wme ~hall t+~~~me Jue anJ payable. theo Ihe
~nortgagor th~ll pay to ~he mortgagce an~ amount necr+wry t~~ make up the ~efx,iency, on cx t+efi~re the datt w~hen paym~:nt of wch
grourxl rents, ts~n, asse~ment~, or insurance premiums sh:dl tx dur. If at any time ~he m~xtgsgur ~F1:1II ICMICf (0 thr murtgagre in
accordanrr wi~h the provi,ium uf the note +ctiur~d herehy, full p:?yment uf thc entirc indebtc~iness reprr~nted thereby. the murtgagee
shall, in cumputing the amount of wch irxitbte~lnesti, ~redit to the accuunt iif thr mortgagor all payments made unJtr the pro~~isions uf lul
of par~graph 2 hereof Khich the mortgagra has not t+ecomr obligatrd lu pay~ to thr Sc~.retary of Housins and Urt+an Development and any
halance remaining io the funds accumul~ted under the provixions of (b~ uf said paragraph 2. If there shall t+e a default under an~~ of the ;
pruvi~iom of thi+ mortgage, mu4ing in a public .ale of the prrmi.rt cuvrred hrreby, or if the mixtgager :?~yuirt~ the prop~rt}• utherw icr
after default, ihe nwrtgagre .hall apph. .i~ thr t~me ot~ Ihr commencrmcnt uf ,uch pr.keeJ~nb. ur at the timr thr pro~trt~ i+ utherw ~.r
~quirc-~f. thr halarke ~hrn remaining in thr funJ, rccumulatcYt under ~b? uf paragraph 2 prec~tiling as a crrdit ag~inst thr amuunt uf
principal thrn remaining unpaiJ undrr wiJ nut~ anil +hall pri~prrly aJju.t ~n~ pa~m~nh ~hirh ~hall ha~~r been made under la) of said
paragraph. . r ~ _ ~ _
~3. fh:+t hc Nill pay all tau~.. a,sr~,ment.. ~ater ratr~. anJ uth~r govrrnmrntal ur municipal cherg~. fine~. or imposiliuns, for wfiich
provi,iun ha. nut t+r~n made hrreint+cfur~, anJ m default thcrcuf thr mu~IK~grr may pay thc ~aM`e; and that he w~l ptomptly deliver the
official rctripts thrrefur to the murtgagrr_ ,
5. That he will permit. ~ummit, ur ~utl~er nu wa,te. impairmrnt, iK Jetrriorat~un uf .aid pruperty ex ~~iy part therrof; anJ in Ihe rvrnt
ot thr failure uf the nwrtgagur lu lerp thr buiW~ng+ un ,aiJ premiu, and thu.e tu be crrctrJ on ,aid prrmi.cs..x imExuvemrntc thereo~. _
in g~xxi repair. th~ nxxtgagre m:?~ malc .uch rcpain a. in it, di.crrtion it may deem nnr~.ary for th~ pn~r prr~natiun thercuf. and !
the full ar?tuunl uf ~:~ch anJ e~ery tiu~h pa~mrot ~hall be ~mm~diatrly due anJ payablr, unJ +hall t+e +r~ured by the lien uf thi, mortgage. ~
6. That hr w ill paq all anJ ~inKular thr cu,t+, chargc,, and r~~xnccy, in~luJing rea~unable I.iwprr's fee.. and ~~xt~ of aMlracK uf title,
mcurrctii ur p~iJ st any timr b~ the murtgagee bcY~we uf thr failure un thr part uf the nwrtgagur promptly and fully to perfi~rm the
agrerments arxi covenants uf said promissory note anJ Ih~s murtgage, and said costs, eharges, drxl expenses shall be ~mmediatel~ Jur and
j pa~able and ,hall be se~urrd by the lien of thi+ mortgaRe•
7. fhat he will keep ~he impru~rments now e~isting.u herrafter rrect~til un thr mortgaged pruprrl>. inwrcd as may tk rryu~rctl from
i ume tu ~ime h} the nwrtgagee ag:~~nct lu.ti by firr anJ other ha~ard~, c.t.ulatir.. anJ cuntingrrki~ in ,uch anx~unt, :md fur wch periuJs ati
~ may t+e rrquireJ by mortgagee, and will pay prumpUy, when Jue. any premium~ un wch imursnce fix payment of which pru~i,ion ha. not
~ been madc hereinbefore. All insurance shall be carriod in companies approved by mortgagee and thc policies and renewals thereof shall
~ f?e heW by martg~ger and h~~•e attachetif theretu lixs pay~ble :lau~cw in farur uf and in form acceptahle to the rtwrtgagre. In even~ of lus~
t he will give immedia[e noticr by mail tu murtg~gee, arxl mortgagee may make prer~f of lo~s if not made prompUy by mixtgagur. anJ each
! insurarke company concerneJ is hereby autfiun~eJ and d~rected tu make paymenl fur ~u~h I~ns dirttdy to nwrigager instead uf tu
€ rtwrt a or and mort a ze ointl anJ thr insurance rcxerJs. or an • art thereof, may be a lied b nxxt a ee at it~ u tiun either tu the
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~ roduction of the inclebtedness F~ereb~ secured or to ~he restcxation or repair of the property damaged. In event of forecl~uure of thi,
mortg:~ge or other transfer of title to the mortgaged property in extinguishment of the irxi~bteJness secural hereby, all right, t~tlr_ anJ
interest of the murtgagor in and tu any insursnce policies then in force shall pass tu the Purchaser or grantee.
R_ fhat the murtgagee may, al any Ume pending a suii upon thic mortgage, apply to the court having jurixliction thereof for the
± appointment of a receiver, and such court shall forthwith appoint a receiver of the prem~ses covered hereby all and singular, including all
F and singular the irrcome, profit~, issues, and revenues from whatever source deriveJ. each and every of which, it Ixirtg expressly
~ understu~xl, is hereby mortgagetil :?s if specifually set forth anJ describeci in the granting and habendum clauses hercof, and such receiver
~ shall have all the broad and etl'ective functiom and powen in anywise entrusted by a court to a receiver, and such appointment shall be
made by such court a. 3n admrtted equity anJ a matter of atnolute right to caiJ murtgsgee, and witlwut refererke to the adequacy or
- inaJeqaacp of the value uf thr property mortgagtd or to the solvency or ~nsolvency uf said mortgagor or the defendentt. and Ihat such
rents, profits, incume. ~stiues, and revenues shall br applird by such receiver according to the lien of this nwrtgage and the practice of such -
_ court. In the event of any default on the part of the mortgagor hereunJer, ihe mortgagor agrees to pay to the mortgagee on demand as a
fi reasonable monthly rental for the premises an amounl at least equivalent to one-twelfth 11112) of the aggregate of the twelve monthly
{ installments payable in the then current yrar plus the acwal amount of the annual taxes, assessments, water rates, and insurat?ce premiums
~
= for such year not covered by Ihe aforesaid monlhly payments.
~ 9. That (o) in thr event of any breach of this mortgage or default un lhc part of the nwrtgagor. or (h? in the event that any of said
sums of money herein referreY! to be not promptly and fully paid w•ithout demanJ ur notice, or Ir) in the event that rach and every the
~ slipulauons, agrcemrnts. conditionc, anJ covtnants of said note anJ this mortgage. are not July, prompUy, ar?d fully perforrr?ed: then in
i either ~r any such event, the +aid aggregate sum mentiuped in tiaiJ nute then remainig unpaiJ, w ith interrst accrued to that time. and all
rrnmey, xcured hereby. chall become due and payable furthw ith. ur thereafter. at the ~tiun of .aid murtgagee. as fully and completrly es
~ if all of the .aid sums of money were origi~ally ~tipulated to t~e paid on ~uch day_ anrthing in ,aiJ note ur in thic rtxirtgage to the rnntrary
- notwith.tanJ~ng; and thereupon or lhereafter. at the optiun of wiJ mortg;~gee, withuut nutice ur Jemsnd. wit at law or in cquity, may be `
~ prosecutrJ as if all rrx~nry+ secured hereby had mawretii pnor to its institutiun. 7he murtgagee mry fcxetluse thic rrx~rtgage. tu the
; arrWUnt w declareJ due and payable, snd the saiJ prrmi~r. shall t~e wIJ to catisf} and pay the wme wgether wilh c~stti. ex~enses. and
allowance+. In casr of p:?rtial foreclusure uf this morlgage. the murtgaged premi~es ~h~l! be wld wbject to ~he cominuing lien uf this
mortgage for the rmourt uf Ihr JeM n~~t then due anJ u~paiJ. In .uch ca~e thr provi.ium uf thi. paragraph may aga~n he a~adrJ of
- thereafter frum time t~. tirne by the murtgager.
10. That thc rtxxtgagur ~ ill grve immeJi~tr notice by mail tv the rtwrtgagrr of any cum•eyarxe, tramfer, or changr uf uwnerthip of
° Ihe premices.
~ 1 I. I hat nu wah~er uf am co~rnant herein ur uf the ubGgation cecured hereh} ~h:~ll a~ any time thrre~fter be he1J t~~ he a waiver of
the term. hereof ur of the note ~ecured hereby.
12. ~hat if Ihe m.xtgagur Jefrult in any of thr covenants or agreemenls cuntainz-J herein. or in wid rwite, Ihen the murtgagee may
= perform thc same, arxi all expendilures lincluding reawnable attorney's fees) made by the m~xtgagec in w Joing shatl dr•rw interest at the
_ rate set forth in the note ~ured hereby. :~nJ shall t?e repayable immediatdy and without Jemand by the mortgagur to the rtwrtgagee, and.
r together with interest and cotit~ accruing thereun, shall t+e xcured by lhis mortgage.
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