HomeMy WebLinkAbout1886 ~ i ~ ~ ~ ; ~ ?
2, ll~at. ordet wiore tul~y ~a prwoc~ tAe ~e~?~rNY d~I~w w~o~tsasc. tAe ~t~ap~, ayetha ~~~k. and ~w ~ddwaw so~ t~e wiwcAl~
MY~h the ~e~s d We aolc ~~ed Aercly. w~ tUc fir~t dat u( ad~ Mo~wA w~ul tMe ss~/ ~utc n irN~ N~d. .~N ~ a tAe
~1pis~e the tollow~u~ sunn:
(s) A~ aw~owa ~r(~ues~ to Rovde tAe hddet Aaeot wNA twd~ a pay tlie wtst ~ort~ye ua~ra~oe ~reww~ if ti~? ~wca a~
tAe note ~ecrre0 haeby are ar a~owWr c~ri ~i~ f~w d a wor~ye ~~wa~os Rcw~~~t it tM~r are AeN dp Nie
Secret~vY d Housin~ snd Urbae ~evNapNeat, ~ tdlo.r~: ~
ll) It aad ao lo~ as sa~d uote d evca date aad tbis ~w~uti~ are ~~wrei at arr ~a~w~e~d u~4cr cAe irora~om d eLe
NuioMl Htwsia~ l~ct. aa amowt tu(fic~an a ~oc~w~ulMe u d~e ~a~da d tMe iw{der owe l 11 prar ~o ia drt da~e We
snaual mortsa~e insuranoe pren?iua~, ie order ~o prov~de wca bolde~ with iw~ds w p~y wci~ ptsmiuia to tl~e Saraary ot
llousia~ and Urban Developmenl pursuam to the Natloeal Haaia~ Ac~. ss sa~ewi~d. fui spplicabk Re~ubtwas
tl~a~nda; at -
111) If aud ~ la~ as ssitt note d evea d~te and eAis instrun~a are beld A~r the Seaetary ot Hoesiu~ and Urb~a DeveloPmest,
• a+owtlily~r~e lin licu d a mortsase i~wraact premiuaU which sha11 ~e i~ aa amoupt eqral b one-tw~elfth (1/12) of
oae-balf l~'i 1 per ceatum of the avera~e outsuadia~ Erlaoce due ea iAe Aae oom~wed without tatin~ iaa aacount
delinqueacia or prepaymeot~;
A wm e~ua! to the ~round rents. d aay. acxt due, plus 1lKpremirms tAat wiU ~eat beooa~e due and papable aa policia of line
and o~Mt eaverin~ t1~e n~ott~d propertl
. P~ i~ awi~ents aeut due oo the a~ati~l~ DroPah? (all
ss atimsied by tAe mortp~ee) las all wms alrqdy paid t6ecdor divided b~l the ~uaber d aiouths to,el~pse befoce awe moeW
pfioc t~o We da4s wbea su~A srou~d reats. PnnuuAa. taxes. and asa~smeas w~71 beoo~ne deunqueut. wcA wms to be held by
' ~ao~t~ee ~u ~tus[~~ MY said ~rotted rents. M'an~ums. taxrs. aed special a~asaxots: aod
lc) All para~nts mrntaned in the two preadins wb~eaioas u~ tRis p~r+p~ a~d aY pa~ b be m~de u~der ~hs ~ate ~ec~od
Aeteby ahall be sd~dod W~ether and the a~preptt amount thered sdall be paid bp tbe awrtja~or each moath ia a s~o~le PaYment
w Ae aQplied ¢~r the mort~a~ee a ahe tdlow;~ items;n the orde~ set fath:
(l) p~+iam' eharta u~der the coavact of i~ranoe with the Sauelary of Housiua and Urbaa Devebproeat, or mooWy ,
chartt (ia lieu of mat~e ins~anoe praniumk as the case map ba - ,
(Iq ~rouad reats, taxa. ass~smcnts. fire. and other Iw,ard iawranoe premiumx
lllq inurest on the nde securod he~eby; and
Q~ a~t~ortiuGon of the principal of said note.
~ Any deficieecy in the amount of sucA aggregate moathlY paYment shall, udess made ~ood by the monaagor prior to the due date of
the nea! wch paymen~ constiwte an event of default under this mongage. The mortga~ee may cdloct a`late charte" nat to excecd two
cents 12c) for each dollu IS11 of cach paymeat more than fiftcen ~IS) days in arrears to cover the extra expense involved in handlia~
delinquent payments.
3. That if the toul of tl?e payments made by the mongagor uade~ lb) of pua~aph 2 prcceding shall exceed the amount of the
paYmtnts actually n~ade by the moctgaaee, for gnwnd rents, uxes and assessmen~s and iawraace premiums, as [he case may be. suct.
e~oas at t6e aptan of the mortpiee. slutl. be creditod aa subsi+9uent W~aots to be made b~r tbe mortia~o~. or rduodod to t6e
mortgs~or. lf. however, the monthlY paYments made by the mortga~or under (b) of parasraph 2 pracedina shall not be wfficient to paY
ground rents. taxes and assessments and insurance pnmiums. as the case may be. w6en the sa~ne shall beaome due and payabie. tdrn the
morts,a~or sAall pay to ehe mortgaaee any amoum necesury to make up the deficiency, on a beforc the date when payment of wch
gound rents. ta~ees, asaessments, or insuraace praniums shall be due. If at any time tde matpgor shall teuder to the a~ort~ee in
acoordanoe with tho provisia~s of the note securod hereby. tuq payment d the entire irdcbtedeas represented thcreby, the a~ort~a~ee
shatl, in oomputins the amou~t of wcA indeMedaess~ uedit to the aocouot of tbe mortpgor a!I payments made under the provisioas d ia)
of puajnph 2 haeof which the mortgagee hu oot beoome obligatad to pay w the Soaetary af ltausins and Urbva Dovebpmait and any
balance rcmaining in the funds accumulatod under the provisions of (b) of said paragaph Z tf therc shall be a default udlcr airy of the
provisions of this mortgagc, rewlti~g in a public salt of the premisa covered hercby, or it the martgagee aoquires the propcrty otherwise
after ddault, the morigagee shall apply. at the time of the commencement of wch proceedinss a at the time the PropertY is ahenwise
atquird~ the b~laace then remaioisy. u? the f~nds accuwuiatod unda-(b; a[ pua~ I~recodios .~ts.a uodit agai~ut the amount of
Principa! then rcmaining unpaid under said nott and shall properly adjust any payments ich shall fiave been made under (a) of said
Pa~aBr~Ph-
4. That he will pay all taxes, assescments, watcr ntes, and aher governmental or menicipal char~es. 8aes. ar impoeitions, tor which
provision has noi been made hereinbefore, and in default theroof the mortgaastte may pay tho same: and that he wi11 proeiptly deliver the
otficial rcceipts thertfor to the mortgagee_ -
S. That he will permit, commit, or wtTer ~x+ waue, impairmen~ or deterioruion vf said properiy or any pari lbereof; and in tbe eva~t
of the tailure of the mortgagor to teep the buitdings on said premises and ttase to be erocted on said premises, or impravemenes Ibaoon.
in Rood repair.lhe mpdaaBee maY mRke y~j;h ~epairs as i0 its discr4tion i~ may decm nocessary for thc propet presavaooa thercof, and
the fup amount o7eac7~ and every such payment shalf bt irntnediatelyAre and payaM~ ard sha!! be xcurad by the litn of this mortgase.
6. That h6 w~ PaY a11 and sieguyr ihe cosis. clar~ss. aid etpensas. iodYdins r+aso~abiElarryq~ fees. aad~casts oE~xts of title. -
incurrod or Pai~ ri.any tiR~e bY the ~wrtsa8ee bBcaase d thatailurcoo tbe pari d the ~joort~or p~oa~ptly~od ~rm the
agroements and covenants of said promissory note and this morigaat, and saed costs, charaa. and expenses shalf 6e i nte y due and
payable and shall be secured by the lien of this mortgage.
7. That he will keep the improvemeuts rq~r t~cistip6or herpfttr ertcted on d~e ~wortpsed ProperiY. insured as may be required from
time to timo by the mortgagee against lass br fire and otba hu.ards, eawlaties, and eontin~encies in wch amounts and for wch periods as
may be requirod by mortgagee. and will paY pranptlr, when d}~e. any premiums on such i~urancs fa payment d which provision has oot
bcen msde bereinbdaoe. All insuranoe :hall be earriad in oomp~nies aPP~a~'d bp ~orty~ee aod t6e pditiei sod rroewsk thaeof shatl
be held by morigagee and have attachod thercto loss payable clauses-in favor af aod in fam aoceptable to the mortsa~cti. In event of loss
~e wil) ~'we pamodiau noticp by mail to mortga,Qoe, and mortgagee may make prod of 1ass if not made promptly by mortgasor• and each
insurance cort~pany'concernedis hereby authorizod an~l drected to malte paymeni for such ioss dirocdy to mort~a instad d' to
mo~r-ud mortgaaee jointly, aod the iewtraate poceeds. or a~l~ pir€ thereof. etay be appJwdb~r~w~ort~ee at its optiowsit6er~o the
rsduction of the indebtedness hereby taurad or to the rataation or repvir. d the property dama6ed. In event of forecbwrc d this
mortgage or othcr Iransfer of title w.the pyxt~d praptrtY jp yetin~uis~p~eM.d the indo6tedness secured hereby. aN ri6h~ title, and
interest of the mortga6or irt ard to anj? instlrance p~lic,'ies t1{en in torce ~hjilt paas w the p~achaser or granta_
8. That the mortgagee may. at pnY-time pe~di~ a wiR upoo thit~ a~oftaa~e; apply W tbe couti having jurisdiction tMvcof for the
appointment of a raceiver, and such court ahall fathwith-appoint a itc~iveraf tbe pranises coverad herobr all ard singulu, encluding al!
and singular the income. profits, iswts, and revenua from whateqer source derived; each,aod evtry:of which, it beins upressly
underswod. is hereby mortgagcd as if spec,titfwlty set forth and described in the gantio6 aed labeebuw~ dauses bercoi and wch receiver
shall have all the broad and etTective funetions and powers in anywise entrusted by a court to a receirer. and wch appointment shal! be
made by such court az an admittcd equity and a matter of absolute right to said mort6aaet, and withoui refereoce to tht adequacy or
inadeAuaCy ~f the value of the propeny mortga6ed or to ihe solventy or insdvency d said mortba6or or ihe defendents,. and that such
rents, profits, iocome. iswes, and revenues shalf be applied by such receiver xcordi~ to the lirn of this mort~e and ihe prxtice d such
court. In the event of any default on the pari of the mongagor hereunder, the mortga~or asrees to pay to the mortgasee on demand as a
nezsonable monthly rental for the premixs an amount at least aquivalent to one-twreifth (1/I2) d the asgesate of the twNve monthty
installmentt paysble in the then current year plus the actuai amount d the annual tases. ~rwents, .vater ntes~ and inwrance premiuuts
for such year not covered by the aforesaid monthly payments
9. That (a) in the event of any breach of tha mortgase or default on th~ part of the mortEag~or, a(b) in the evcnt that arty of said
wats d moAay heJein rderred to be not promptly and fufly paid without demand or ndice. a(c) in the evrn[ lhat tacl~ an~ every tbe
stipulateons, agreements, conditions, and covenants of said nde and this martsa~e, are not duly, promptly. and fully pertormod: then in
either or any such event, tht uid a~a[! we~ meatianed ia said pole then remainia unpaid, with interest accrued to that timc, and all
moneys socurod hereby, shatl become due and payable torthwith, or thereafter, at the oQtion of said mortgagee, as fully and compktely u
if all of the said sums of money were originally.stipulated to be paid on wch day. anythins in said nae or in this mort;age to the contrary
notwithstanding: arn1 tbereupoa or theteafta. at the,optioo of s~d wortpsoe, rrAraut notice or demand. wit at law or in equity. may be
proaocuted as if all moneys securod hereby had maturad prior w_its insiitution. The moriy~,oe may fatclose Ihi~ ~nort~e. as b the
amount so declued due and payable, and the said premises slwll be sold to satisfy and paq tl~e same toaether w~ith ~asts. expenses., and
albwances. In case of partial forec{osure of this mort6age, the mat~ed premises shall be sold wbject to the wntinuic~ tirn of this
rtqrtgage tor the amount of tht debt not then due and unpaid. In wch case the provisions d this pu~raph may asain be availed of
tbaeafter from time to time by the mortgagee_
t0. That tht mortgagar will give immediate notice by ~nail to tbe mortaa~ee d aoy convey~nce. transter. a chanse d ownership o(
lhe premises_
I 1. That no waiver of any covcnant herein or of the obligation socured hasby shall at any time thaeafter be heid b be a waivu d
the terms hertd or of tht note secured hereby
12. That if the mortgagar dcfault in any of the coveeants or agccmenu conuincd lxrcin. or ia said note. tbrn tbe mort~aµe may
perform the same. aad all eapcndilures 1 including rezsonabic utorney's feal made by tht mat~ee in so doiws sball draw~ ~nterest at the
rate set fotth in the note secured hereby, and shall be repayable immodiatefy and without demand bY the mort~a~or w tbe mor~a~ee, aod,
to~ether with iataest and :osts xcruins thereon. shall be sli~Mr~ld by t?+ inort~e-
.
~ : a~~ ~18$4
~
~~~c~ r : . . -
~ ~ ~ } - ~ ~ ~=<:r~'~
~ ~~~~~~~x~~~~~