HomeMy WebLinkAbout1901 . e ~ t ~ t ~1 . ~
? ~
2. lha1. o~i~ waxs frlly w paep Ws ~asrray d ~hn nwrt~a~e. ?Ae m~xt~K. 1.~etAe~ NuA. ~~1 ~e ~IJ~tw?o 1u, the nr~n~Al~
P~y~ewa We urwis d Mt wwc ia+cuned Auel~. u~ the 6n~ JaY d ew-A moM~ w~ul 1Ae ~ax1 aute a fully paKt. ~dl paY w the
~qa~et t~c fulk?w~y wms:
lal I?~ snwu~t wfllaent w provide tMt w~~ Mt~of'Mid~ (u~ w P~y Nw ue~et ~t~ ~earsaa prem~um ~f th~s iawua~au aad
the aole ~ecrred Mrsb~r ue iuswed, or s a~oatA~y cbar~e lie IKw d a naryare i~anc~ pnm~um! if iher are Aeld bp tAe
Seae+aty d Howia~ and Urba~ Osvelo~p~ent. ~s fdbws:
111 If aad no lo~ as said nooe d even date ~nd th~s ~~wrumeet are is?wed ar are aiawrod uader ~he nrovbiaa d tbe
Nuioad Housia~ Aet. aw amowN wtricie~t w aocumutate ia tAe handa d tM holdx oae t 11 n~onth ptior w iu dw d~ae ths
an~wl n~ortsa~e iawnuoe ptemiwn, in arder to provide auch h~er vrith Wn3c ta pay sucA premium to the Secretary o~
Housin~ and Utbui Developtnent purwant to the Natiaul Houa~n~ Ac1. as amemled. and spplicabk Re~ulations
tbenundet: or
ll ll It and ~ lon~ u said note d even date and this insuument are held b~r Ihe Secretary of Housin~ and U~ Development.
a monthly char~e lia lieu of a awitp~e inwrance promium) whicA shall be in an amou~l oQual w one-twelfih t1112) of
w~e-half 1~1 per aeotum of the avenjs outataadin~ bo.lance due oo the note computed,yvjtbwtkhhins into aaoua~
delinque~i~s or prcpaymenu: .
/bl A wrn equa! to U~e ~rou~d ro~ts. it aay. next due, plus the prsmiums that ~vill ne:t beoome due aed parable on policia of Rrs
and other haaard i~urance coverin~"tiit inori~ied Pro~e7Cy, plu~ tues and assKSments aaet due pn the mortsased properip (all
ss euia~ated by t!?e mortp~ee) las all sums atresdy paid thaefor dividod b~r tde number of months to elapa before one mwnh
prior w tbe dste wheo wch aound ~ents, prem~ums. tues. and assesame~ts will become de~i~quent, such sums to be held by
mort~sjet in tnut w pay said tround rents. premiums. taua, and spxial assessments: and
le) AI~ P~Ymeats meationed in tLe tw~o praoedins subsectiops of this pari~~ph add all payments to be made uoder the rate secured
hercby shsll be addod to~ether and the agaegate amouat tlx~ea[ shall be Qaid by the mortasmr esch munth in a sinsle paYmeat
a~e appue~ bjr the mortt,ajee to the fdbwins items in the order set forth:
(U premium chuses under the co~vact of i~aurance with the Secrctary ot Hauins ud Urban Devebpment, or monthly
cha~e (ia lieu of mortpde iasurance premium~ ~s tl~e case msq be;
(Iq ~round rems. taxa. assasmeats. fire. and other hazard iasura~ce p~emiums;
lllq interest on the note secured hereby; and
(1~ amortiution of the principal of said note.
Any deficiency ia the amount of such aggregate monthly payment shall. unless made ~ood by the mortgagor prior to the due date of
the next such payment, constitute an event of defauU under this mortgage. The mortgagee may colloct a"late charge" not to excecd two
cena l2e) fo~ ach dollu (SI) of exh Paymcnt mora than 6ftcen (IS) days in arrears to cover the extra expeose invutvod in handlin~
delinquent paymenis.
3. That if the total of tl~e payments made by the mon~agor under (b) of paragraph 2 preceding shall exceed the amount of the
payments actually made by the mortgagee, for ground rents, taxes and asxssments and insurance premiums, as the case may be. suct.
eues at 1he aption of the mo~ee, sAall. be aedited oa wbaequeat paymenta to be a~ade_by the mort`agor. or nfunded to the
mortga~or. If, hovrever. the monthly paymenu made by the mongagor under lb) of paragraph 2 preceding shall not be sufficient to pay
ground rents, taxes and assess~oents and inwrance premiums. as the case may be, when the same shall become due and payable. then the
mortgagor shall pay to the mortgagce any amount naessary to make up the de6ciency, on or before the date when payment of such
grouad rents, taxes, assessments, or inwrance premiums shall be due. If at any time. ~he mortgagor shall tender to the mortgagee in
accorda~ce with the provisions of the note xcured hereby, full payment of the entire indebtodness represented thereby. the mortga~ee
shall, in computing the amount of wch indebtodness, credit to the aocount of the mortgagor all payments made under the p~ovisio~ of (a)
of paragapt~ 2 hereoiwhich the mortgagee has not become obligatod to pay to the Secrctary of Housing and Urban Devebpmeiit and any ~
balance rcmaining in the funds accumutatad under the provisions of (6) of said paragraph 2. If therc shall be a default under any of the
provisions of lhis martgage. resulting in a public sale of tht premises covered hereby, or if the motigagee aoquires the property otherwix
after default, the mortgagee shall~apply, at the time of the commencement of such proceedings or at the time the property is otherwise
acquired, the bala>>ce then remaining in the funds accumulated under 1b) of paragraph 2 preceding u a credit against the amount of
principai then remaining unpaid under said note and shall propcrly adjust any payments w.bich st?~II have beea tnade under l0) of said
ParaBraPh-
4. That he will pay all taxa, acussments, watcr rates, and aher governmental or municipal charges, 6nes, or imposilions. for which
provision hac not been made hereinbefore, and in d~fault thereof the mortgagee may pay the iamr, and that he will prompUy dd~•~: the
official receipts thercfor to the mortgagee. `
S. That he will permit, commit, or wffer no waste, impairmcnt, or deterioration of said property or any part theroof: and 'm the event
of the failure of the morigagor to keep the buildings on said premises and thox to be erected on said premises, or improvements thereon,
in good rcpair thp ~nortgaget rnay make such repairs as in its dixretion it may deem necessary for the proper preservation thereof, and
the full amas,M o€each and every such payment shall be immediately due and payable, aad shall be socurod by the lien of this mo[tgage_
6. That he will~ay all anil singular the costs, charges, and eaper?ses. including reasonable lawyer s fecs, an8 costs of abstractsof tiUe,
incurred or paud`at atry time Dy thE morigagee bocause of the failure on the part of the mortgagor promptly and fully to perform the
agreements and covenants of said promissory note and this mortgage, and said casts, charges, and expcnxs shall be immediately due and
payable and shall be secured by the fien of this mortgage.
7. That he will iceep the improvements now existing or hereafter erectod on the mortgaged property, insured as may be roquirod from
timc to time by the mortgagee against loss by fire and other hazards, cawlatia, and contin8encies in such amounu and for such pcriods as
may be requircd by mortgagee, and will pay promptly, when due, any premiu~ on such iewrance for paym~ent of which provision has not
! beeo a~ade hereinbdore. All iawrance shall be carried in companies approved by morfga~ee and t6e policies and renewals thereof shall
E be htld by mortgagee and have attached thereto lass payable clausa in favor of and in farm aoceptable to the mortgagee. In event of loss
E he will give immediate notice by mail to mortgagce. and mortgagee may mske proof of loss if not made prompUy by mortgagor, and each
~ insuranee company concerned is hereby authoriud and dir~cted to make payment for such loss directly to mortgagee instead of to
mortga~or and mortQage~lointly. at~ the inwrance proceeds, or any part thereof, may be applied by mortgagee at its option either to the
E reduction of the indzbtedness hereby secured or to the restoration or npair of~the property damaged. In event of foralosare of this
€ mortgage or other transfer of title to the matgaged property in extinguishment of the indebtedness socurcd hereby, all right, title, and
interest of the mortgagor in and to any inwrance pdicies thrn in force shall Pus to the purchaser or grantee.
8. "il~at the mortgagee may, at any time pending a suit upon this mortgage, apply to the court haviag jurisdiction thereof for the
appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covued hereby all and singular, including all
and singular the income, profits, issues. and reveques from whaterer source derived, each and every of which, it being uprasly
understood, is hereby mortgagod as if specifically set [orth and describod in the ~ianting and habendum clauses heroof, and such receiver
shall have all the broad and effoctive functions and poweri in amnvise entrusted by Y court to a rcceiver, and such appointment shall be
made by such court as an admiEied oquity and a matter of absolute right to said morigagee, and without reference to the adaquacy or
inadpquacy of the value of the property mortgadad ar to the solvency o~ insdvarcy of said mongagor or the defendents, and that such
rents, p~o6ts, income; issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the~ractice of wch
court. In the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a
~ reasonable moathly rcnt~l f~r the premises an amount at least cquivalent to one-twelflh 11/12) of the aggregate of the twelve monthly
installments payabk in the tha~ currcnt year plus the actual amount of the annual tues, ~ments, water rates. and inswance premiurt~s
for such year not covered by the aforesaid monthly payments.
9. That (a) in the event of any breach of this mortgage or default on the part of the mortgagor, or (b) in the event that any of said
w~ of money herei~r teferred to be not promptly and fully paid without demand or notice, or (c) in the event that each and every the
stipulations, agreements, conditions, and wvenants of said nate and this matgagq are not duly, promptly, and fully performed: then in
~ either or any such event, the said aagesate wm mentioned in said note then remainig unpaid, with interest accrucd to that time, and all
moneys socured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fully and completely as
~ if all otthe said wms of rtwney were originally stipulated to be paid on wch day, anything in said note or in this mortgage to the contrary
~ notwithstarding; and thereupon or thereafter, at the optan of said mort~ee, without notice or demand. suit at law or in equity, may be
~ prosauted u if all moneys sacured hereby had matured prior to its instiwtion. The mortgagee may foralose this mortgage, as to the
amount so declared due and payable, and the said premises shall be sold to satisfy and pay ibe same together with oosts. expenses, arrd
~ albwances. In case of partial forecbsure of this mortgage, the morigaged premises shall be sold subject to the continuing lien of this
mortgage for the amount of the debt not then due and uopaid. In such case the provisions of this paragraph may again be availed of
thereafter from time to time by the mortgaaee.
~ 10. That the mortgagor will give immediate notice by mail to thc mortgagee ot any cunveyance, transfer, or change of owncrship of ,
the premises.
I 1. That no waiver of any covenant herein or of the obligation socured hereby shall at any time thereaftu be held w be a waiver of
the terms heroof or of the nWe secured hereby_
~ 12. That if the morigagor default in any of the covenants or agtements contained herein, or in said note, then the mortja~ee may
perform the same. and all cxpenditura 1 including reasonable attorney's feal made by the mortgagee in so dang shall draw interest at the
nte set fanh in the oote secured hereby. and sl~all be rcpayable immediately and without demand by the mort`a`or w the mort~a~ee. and,
tc~eiher with intaest and costs acauins thereon, shall be secured by this mott~e.
. . < ~ .
~ bo0+c~ ~ -
Y;,a ~ } ; ~ - - ~ ~
~ ~ . ~ ~