HomeMy WebLinkAbout0702 2. '1'Aat, in ~xdrr rrk~rc fully tu prutetii ~he st~uriiy uf Ihi+ rm~rtgagt. Ihr mu~tgagur, t~~erthrr w~th. :uwl in adJitiun tu, the manthl~
payments under ~he tcrm~ of thr n~Nr .rcurrJ h~rehy, un thr tint Jay uf t:+uh munth uoul th~ +aiJ ~wtr lully paiJ, w~ll pay to thr
marigaget the fulluw•ing.um,:
lal An amount wfficient t~~ provide the holdrr htru?f weth fuoJ~ tu pay thr ntxt mar~gagt insu~ance premium if thn mst~ument and
tAt note .ecured hereby a~r inwred, ~x a monthly charge lin lieu c~f a mortgage in~urance {x~miuml if thry are hrld by the
Secrctary of Housing and Urban Devclopmrnt, as foll.iws:
111 If and w tang ac saiJ nute of even date arni thi+ ~m~rumtnl are inwrctii a~ arc reinsurnl u~xler ~he provisiuns uf the
National Hau~ing Act, an amount xuf'ficient to accumulate in the hamis ~f the holde~ one 111 month prior to its due date the
annual m~xlgage insurance premium, in urJer ~u pruviJe +uch hulJzr with funds tu pay ~uch prtmium to the Secrcta~y of
Houcing and llrt+an lhvetopment punu:~nt to ~he Nntiunal Housing Act, as amrndrJ, aixf :+pplwablt Regulations
thereunde~; or
111) If and w lang said note of even Jate anJ thi+ instrument are held by the SecrNary af Huu.ing ancf Urban [kvelopment,
a munthly charge fin Geu of mung:~ge imuranre p?emium) which shaU be in an artxwnt rqual to onr-twelfth 11112) of
onahalf (b~:1 ptr crntum of the average outstarxfing b;~lance due on the nute cumputed withuut taking inta account
delinquencie. ur {+~epa~ment+;
Ib) A sum equal to t~ie ground rents~ ~f any, next Jue, ~lus 1ht prrmiums tAat will next becomc due anci payable on policies of fire
and other hatard imura~x:e covering the nw~tgageil prope~ty, plus taxes anJ assessm~nts ne!~~ due on 1he m.xtgagcd properry lall
as estimated by thc nwrtgageel lcss all ~ums already paid the~efor dividod by the numbcr ~if months to clapse before one month
pri~r to the date when such ground rents, prem~ums, taxes, am1 asses~ments will becume delinquen~, ~uch cums to be hrld by
mor~dagee in trust t~ pay wiJ ground rents, ~xemiums, ~ues, and special as.u~sments; and
Icl All payments menlioned in the two prceeding subsections of this paragraph and a!! payments ta be madt urnler the note xcured
hereby shall be ~ddeJ together anJ Ihe aggregate amount ihereof shall be paid by the mortgagor ~ach month in a single payment
to bc applied by the mortgagec to the following itrms in ~hc order set forth:
111 premium charge+ under the contrac~ of imurance with the Secretary of Huuseng and Urhan Lkvelopment, or rnonthly
charge lin liau of mortgage insurance premiuml, as tAe case may be;
UI? grounJ rent~, taxe., a.sessmcnts, fire, anJ uthrr hacard insutance premiums;
(I111 interest un the nae srcuretit hereby; anJ
11 V> emorliialion of ~he principal ~f said note.
Any d~ticie~xy in Ihc anwunt uf such aggregate munthly paymcnt ,hall, uolr,. made guud by Ih~ murtgagix priur tu the due datr of
the n~xt ~uch paymenl, cumuWte an rvent uf default unJer ~hi~ murtgag~. The murtgagre may~ cuUrct a"latr ~h;~rge" not to excrrd twu
cents 12c1 fi~r rach Jullar IS11 uf r:x:h pay+nenl mure than 6ftrrn I IS1 Jays in arrears to cov~r the extra rxprn~ im•ol~c~l in hanJling
del~nquent payments.
3. That if the tWal uf Ihe payment~ madr ny in~ murtgagur under Ih1 of paragraph 2 prrcrJing .hall euerJ thr amcwnt uf the
payrt~ents :ktually m:~lr hy the murtgagre. Gu gruund rent~. taies anJ a*.evments and inaurance premium~, the c:~sc may be, sucF
exctss at the option of the matgagee, shall, be crcdited un subsoquent payments to be made by the mortgagor, or refunded to the
nwrtgagur. If, huwever, the mun~hly paymrnt. maJe by thr murtgagor under IA1 vf paragr~ph 2 prcti:eJing ~h~ll nut be sufficient to pay
gruunct rentx, tatr~ anJ a~.c~+mrnt. anJ insurance premiums, as the c:ur roay be, when the ~•rme shall brcume due anJ payable, then the
rtwrtgagor shaU pay to the mur~gagre any amuunt n~cuary to maAr up the Jrficie~xy, on ~x t+efure Ihe datt when payment of such
ground rents, taxe+, assessmen4s, ur in~urance premiunu .hall be Jue. If at any time ihe murtgag~N shaN ~rnafer to ~he murtgegre in
accordance~ with thr pruvisium of !he nule ~rcurrJ hercby, full paymrnt oF lhe entire irxiebtrJneu representeJ the~eby, the mortgagee
~hall, in computing th~ amuunt uf ~uch indebtedn~s, crc~fit w the accuunt of the m~xtgag~x all payments made under the provisions of lu i
uf paragraph 2 hereof whicA thr murtgagee h-rs nut becume obligatcYl to pay to the Serretary ui N~using •rnd UrAan Development arxl any
balance rcmaineng in the funJ~ :xcumulatrJ under 1he pruvi.iuns of Ibl uf.aid par.~graph 2. If thrre ~hall tx a Jefault urxlrr any of the
pr~~vision~ of thi~ m~x~gage, rcyulting in a pubiic ,ale uf thr prrmitie. covered hrrrby, or if ~hr m~xtgagrr :t~~yuire~ the pruprny utherwix
~her default, the murtgagee .hall apply, nt the time uf th~ cummrncemrnt uf .urh pr~xeeding~ ~x -rt the t~mr Ihr proprrty i~ othervrise
:uquired. the balarke Ihrn remaining in the fund~ eccumulatr.i undrr (b~ uf paragraph 2 prneding as a creJit againat thr amuunt of
principal ihen remai~ing unpaiJ unJer +aid nutr and ~hall pn~perly adju~t any paymems N~hich ,hall havr t+ern nk~Je under f~~l uf ~aid
paragraph.
a_ That he u~ll pay all t.?teti. a+~c,~mentti. w;itrr r~tr,. and uthrr g.~v~rnmrntal or munic~pal chargr.. fine~, ur imFx~,itiun+. fur which
prov~siun ha~ nut brrn made hrreinhefurr, a~d ~n drfault th~r~ti~f thr murtgagee may pay tne ~ame; and lhat he Niil prumptt~• delivrr tAe
official re+ceiph therefor w the murtK~Kre
S. That hr Nill permit. cummit, ur tiufl~er no Na.tr. impairmcM, ~x drteriuratiun uf .aid pn~rty ur any p~rt therr~.f; a~x1 in the a vrnt
uf thc failure of the murtgagur to keep thr builJing. un ~aid premi~r, anJ Iho~e t~~ I+r erctited un »iJ premi~rti. ur impruvemeatx therrun.
in gW~ repa~r, the nw~tgagee may make su~h repain a~ in ii. discrrtivn it may Jerm necc~,:?ry fcx the proper prrservauon thercof. and
thr full anwunt of each anJ every ~uch paymenl thal) be immediately due anJ payable. :~tx1 tihall t+e secureal by the lien uf this riwrtgage.
h. That ht ail) pay all and singular the c~xt~, chargec. arxl expensec, including reacunable lawyer ti fees, a~J c~xts of at+stracts of title,
mcurreJ or paid at any time by the mongagee becausa uf the failure on the part of' the mortgsgor promptly ~nd fully to perform the
agrerments arn! covenantt of ~aid prumn~ury note anJ thi~ murtgage. and wid c~xt~. chargrs. anJ expensr~ ,hall be immediately Jue and
paysblr anJ ahall t?e ~ured by thr lirn uf thi~ murtgage.
7. I~hat hc wiN keep thr improvrments rx~w txi~ling ur hereafler ereclaxl on the nxxtgaged pruperty, imureJ a. may t?e reyu~reJ frum
t~me to Ume by the mortgagrr aga~n.t lo~s by fire anJ u~her hatards, c~ulaticy, ~nd cuntingencicti in ,uch arix~unt. anJ fur +uch prrKxl~ a~
may be rrquir~l by mortgager, and Nill pay promptly. Nhrn Jue, aoy.premiums un wch insurrr?crf~x payment of whi.-h pruvi,~an ha+not
b~en made hereinbeforc. All insuranct shall be earried in companies approved by mortgagee and the policies aod renewals thereof shall
he hrlJ by murtgagee and h~~~e :~uached theretu Irn~ pay;~ble cl~u.e~ ~n favor of anJ in f~xm acceptable tu thr rtxxtgagCe. In event uf lusti
hr w~ll give immeJ~ate not~cr by mail to mortgaget, arn1 rrwrtgagre mey make pnxif of lo+~ if rx?t madr promptly hy m~xigagor. :~rx! each
~ntiuran~:e curnpany conc;rrord herrby aulhurizeJ ~nJ Jir~ted tu make payment for wch lu+s directly tu mortgagee intit~aJ .rf to
murlgagur arxi mortgagee juintly, xnd ~he imurance prcxeeJs. or any part there~f, may t+e applied by rrxxlgagee at its option either to the
reductiun ~~f Ihe indebtctilne» hrrrby u~urrd ~~r tu ~he re.t~xat~.m ur rrpair uf the pru~rty Jam~grd. In evertt e~f forcYl~»ure of ~hi.
rrrortgagr or uthrr tramfrr uf hUe to ihe murtgagrJ pr~e?ty m extingui~hmrnt o[ the indtMnlne~~ utiureJ hrreby, all right. tide, anJ
interext uf•thr murtgagur in anJ tu any insuranct policir~ then in furce tih•rll patti to the purcha+er ~x grantre.
8. That the mortg~gee may. at any timr {+ending a tiui~ upo~ this morlgage, apply to the court having jur~.J~ctiun thereuf fur thr
appo+ntmrnt uf a recrivrr. and wnc ~ourt shall forlhwith appuint a rn:eiver of the premixs co~ered hrreby all anJ .ingular, including all
and tiingular ~he irkumr, prufitti. ~„ue,, anJ rrvenurs from wha~rver wurce derived, each ar?d every i?f v~hich, it heing riprr+sly
; unJer~tu.,J, is herehy murtgagr.f ai iF~pec~ficall~• tirt fi~nh and dr~crihed ~n the granting and habendum clautie+ herrvf. anJ +~xh reteivrr
; +hal) have :J! ~he Fruad and rifctitive furn~i.~n, ~nJ pi~wrr~ in anyW i.e rntru,trJ hy a court to a«
ce~~er. anJ ,uch upEx?intm~nt ~hall br
E maJe by tiuch cuurt a~ ~n aJmitted ~~yu~ty anJ a mattrr of ahx~lutr nght ~u ,a~d murtgagre. anJ w itM~ut rrferrrkr [u Ihe adc~yu~cy ur
in;~deyuacy uf the valur uf thr prup~ny murtgagui or to thr wlverxy or ~nsoivency af ,aiJ me?rtgagur or ihe Jrfendrntw an~l Ihat .u~h
rents, prufit~, mcome, ~»u~y. :~nJ revenur> >hall t?e applied hy ~uch recerver according tu thr lirn of thi~ murtgage and the pracuce uf wch
~ court. In the evem of any Jefeult un ~he part uf the murtgagiir hrreuodcr, thr murtgagor ~gre~ tu pay t~~ thr murtgagec on demanJ a~ a
reaconable monthly rcntal for the premite~ an amuunt at ieact rquivalent to one-twelRh t 1/1:? uf the a~tregate uf the t~rrlvr~ mcmthly
f mstallments payable in Ihe tben current year plus the actual amuunt of t~e annual laxrs, a,tiessmtnts. watrr ratrs. and inwrance premiums
fur cuch y~ar not coverrJ by the afure~aid munthly p:~yment~.
9. "That lu) in the evem uf any hrcach uf this m~xtgsge or Jefault un thr part ~~f thr rtx~rtgagur_ ur Ih! in the ~vrnt th~t any of ~aiJ
.um. uf money herem refcrred to t+e ni~t prompd~• and fully pa~d withuut JrmanJ ur nut~cc, or 1~ 1 in thc c~rnt th.u rach :~nJ rvrr~ thc
~tipulat~un.. agrremcM~. ~unJit~~m~. and cuvenants of taiJ nute anJ th~ti m~xtgaga, are no~ dul~, prompll}, a~d full~ prrfiumr~: thrn m
r~thrr ur any such evtnt. 1he wid aggregate sum mrouunrJ in caiJ notr thrn rrmamig unpaiJ, W hh inter~,t arrru~d tu that tim~. anJ all
rnunry+ ~cturrd brreby. .hall t~ecome ll1l~ AR~I ~1A)3Ml' (~x~hN ith. ~~r thrr~:dt~r. e~ thr ~K?ti~~n af ~aid m~rrtgager. a, iull~ anJ cumplctelp a~
i if all of thr w~d ~um. of rrxmey were ~u~ginall> vipulatrJ tu be pa~J ~~n wch Jay. an~th~ng in ..nJ nuir ur in thi. nx+ngagr to Ihr cuntrary
rwtwhh,tanJing; anJ thcreup~n or thoreafter, at the optiun of said mortgage~. w~thoan nuure or drm:inil. w~t l:~a ~,r in eyu~ty. mey be
pn~,ecut~til „ ~f all nwnry~ ,ctiurcvf hrreby had maturctii priur Io rt. ~mtilul~un. Ihe murtgagee may f.xcclu.e Ih„ fflllfl~Li1(Ll'. :l1 IU the
.~rtx~unt ,o drelxreJ Jae .~nJ payaMc. and thr ~:~~J premi.r. ~hall tti v~W ~u .rti~fq and pay ~hr ,amr tugrther with c~»t.. c~pcmrs, anJ
albwancec. tn ~ax uf parUat foreclu~ure ~~f thi~ mrrrtgaKr. thr murtg~geJ prrm~~r~ +hall he w~ld ,uhjaYt h~ thr cunt~nuing I~rn u( this
: murtgagr fur the amuunt ~~f thc drht nut thrn duc anJ unp.ud- In .uch ~.~,e thr pn~v~.iun. uf ~hi, paragraph ma~ a~ain t+e ava~IrJ i~f
' thtreafter frum timc tu Gme h~ ~hr murtgager.
IQ. t hat the nwrtg.~g.rr N~11 g~vc ~mmrJiatr nutirr by m~~l to thr murlgagrc uf any iumryan:r. tramfrr. ~ir changr uf ownrnhip uf
the prrmitic~.
I 1. fhat nu wa~~er ~.f em :utienant horc~n.pr uf th: ~~bl~gauan ,e~urrJ hcreh~ ~hall at :uiq ume thrreallrr br hrld [o tx a Ka~vrr uf
the trrm. hrrcuf ~x uf thr nutr K~ur~J her4hy. _
1~. fhat ~f the nwrtgagur drf:wlt i~'n an~1i?t d~.c,~v~nane~ ur agrcementt euntamed hercm, ix in wiJ nute, thrn thr murtgagre may
perfurm th~ sanx, anJ all r~penJuurcti~(~~1~-latlins rersuSub(r attatnc,y's fac~l m:?Jr t~y thr m.~~tgagrc m w Juing ~hall Jraw intrrrst at the
rate xt f~xlh in the rwtr .ecurcJ hrrcby, aAd'tZp~l1 t+e repayafihfMrpld~ale+y :~nd wilhoul dcmand hy the rtwrtgagur tu the rrwrtgagce, snJ.
tugetAer w~th interest anJ cu.t~ accru~ng thereun. thall t~e ~ecureJ Yy,~h~ ~wrtga~e.
~'oaK Z~~ ~cF 7~2
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