HomeMy WebLinkAbout0707 2. TAat. ~o urJer rrx~rr futly tu prutcY~ tht.a~w-iry ul thi+ rrx~rtgagr. ~hr murtsagur, wbrthrr Huh. :uH1 ~n .u1Jiu.~n t.~. thr nk~nthi~
paymrnt~ under ~ht term~ uf thr nut~ ~rcurr~l Aerch~•. un iAe tir.t ~ay uf ra~:h munth unul thr .a~d n.~tr h lully paiJ, v~~ll p•sy to thr
~mxig;~grr thr fi~Uowing.um,:
(al .An amount +uffxitnt tu pruvide ~hr holdtr hrrcc~f w~lh funJ.lu pny ~ht next mortgage ~nsura~ce {?remium if thi. mstrument anJ
the nute secured hrrrby are ~murrd, ~x a munthly charge li~ I~ru ol' a mo~tgagt insurance prrmiuml if they are held by ~he
Secrewry of Housing and Urban Derel~~pmtnt, as follows:
111 If and sc~ tung a, .aid note ~~f even Jatr and this ~mtrumenl are insured or urt r.insured undor the arovis~uns ot the
National Hou.ing Act, an amuunt sutfic~ent tu arcumulate in the hanJ~ o[ the hotdtr une 1 I) month priur to its Jue date the
annual mungagt inw~ance premium, ~n u~Jrr ~o proviJe ,uch holJrr K~rth fund+ to pay wch prrmium to the Srcretary c~f
Housing and Urban l)rvetopment pur.uaM tu the Nahonal Hous~ng A~~, a~ amenJrJ, anJ applkable Rrgulauu~s
thereundcr; ar
1111 If an~ w lung ac wiJ note uf even dete and thi. instrumrnt are hrld by tht Secrctary of Hou~ing ~nd Urt+an Devclupment,
a monthty chargr tin Imu of a mor~gage ~muran~r prrmium) which ~hall be in an amuunt ryual to one-twelfth 111121 ~~f
unt-halC 1ti~) pe~ c~otum af thr avrragt uut~t~ixling t+alarx;e Jue un thr note cumputeef withuut taking intu aaount
delinquencies or prepayments;
Ibl A wm equal to lbg Y(p4Qd renu~if anX, nex~_dur,plus_the }xemiums that wiU nexibccome due arxi payablr on policies of fire
:?rnl otAer hazard imurarne cuvering the ~rxxtgrgc~l Exoptrty. plus taxes and aa,r~sment~ neat due on the m~xtgaged prope~ry (all
as estimated by the mortgagzCl less aU wrtu alrraJy paid thrrelor divideri by the number of months to elapse before or~ mwitb
priur to the date when such gruunJ rents, premiums, ta~es, anJ asses.+ments will become delinyuent, such sums to be held by
nx~rdagee in trust w pey ~aid ground rents, premiums, ta~ex, and speciat a~seisments; and
Ic) All payments mentioneJ in the two preceding subsectiuns of this paragraph anA all payments'to be made urxier the note sr~ureJ
hereby shall be adcled Iogrthrr and the aggregate amount thereuf shall be paid by the nwrtgagor each montb in a single paynxnt
tu be apptied~by the mortgagee ta the foUoWing urms in thr orJrr set forth: ~
111 premium charges under thr cumract of insuraace with the Secrctary of Hcwsing and Urban Development, or monihly
charge (in lieu uf mortgage insurance premiuml. as ~he cax may t+e;
111? ground rents, taxe+, a~se~+nxnt~, fire, and uther hacarJ in~urance premiums,
11111 interest on the nute ,ecorcvi hercby; anJ
(IV1 amortization of the principal of said note_
Any Jeficiency in the ~muunt uf wch aggregate munthly paymrnt ~h~ll, unlr.s madt gu~xl by the murtgabur priur w thr ~uc datt of
the next such payment, ~on,uwtt an event uf Jefa~h unJer th~s murtg:~ge. fhe murtgagte may collect a"latr ch:trge" not w etcrrd !wo
cents 12c1 fur ra~h Jultar ISt 1 uf r:w:h paymcm murr than fiftrrn t 15i J:+y. in,~~rrr:u~ tu cover the extr~ r~~+ensr ~nvulved i~ harxlling
Jelinquent payments.
3. Thal if Ihe total uf thr paymrnt~ made hy thr murigagor under (bl uf paragraph 2 pnYeJing ch:dl etreed thr anwun! uf 1he
payments 3ctually m:rile by thr mextgager, fiu grounJ rtnta, tairs and as~esament+ ~nJ in~urarn.e premium+, as the caar may be, sucF~
eaccess at the optiun of the mortgagee, shall, be credited on subsoquent payments to be made by the mo~tgagor, or refundod to the
murtgagor. IF, however, ihe tmmthly prymenh maJe by the mortgagur unJer tb1 of paragraph 2 pr~ti:eding shsll not be sufficicnt w pay
gruuixl rrnt>, tatr+ arnt a~+e*+ntrnt, and in+urancr premiums, as the ca+e may br, ti h~n the same .hall txcomc due arxl p•ryable, then lhe
murtgagor shall pay to the murtgagre any amount nrcr~wry tu maAe up the de&~ency, on ix I+rfor~ the datr Nhen paymrnt uf wch
grourxi ~rnts. ~ate+, aase~,ments. ~ inwrarh;t prem~ums ~hali br due. (f at any umt the murlgag~x ~hall irrxlrr to Ihe murtgaget in
xcordance weth the provisium uf ~hr nute s~currJ h~reby, full payment of the rnt~re irxiebtctiln~ss repr~~nted thereby, the murtgagee
~hall, in rumputing the amuunt of such indebtetilne+~, crrafit tu the accuunt uf thr mortgag~x nll payment~ madr under the provisions of (ul
uf paragraph 2 hereof which the mortgagee ha~ nut tkcume ubligatrel to p-sp t~? the Sceretary u( Hou~~ng art~i Urban Dtvrlupment and any
bxlance rrma~ning ~n the fund~ accumulatctii under the pruvi.ium of Ih~ ~?f ~aiJ paragraph 2. If thrre ~hall br a def:~ult unJer any i~f the
pruvisions uf thi~ murtgagr. «~ulting in a public .ale of th~ prrmi,e+ ~uvereYf hrreby. or if thr m.xtgagee acyuire~ thr pruperty otherw isr
after default, the mungagee ,hall apply. ~t Ihe time uf thr cummrncemrnt uf wch pr~xerd~ng+ ur :~t Ihr time the pruprrly is utherw isr
:+cyuireYl, thr baiance then rem:uning in thr fuod~ accumulatcYi under rh? of par:~graph 2 precrJing a. a crtdi! agaimt the amuunt ~if
principal ~hen remain~ng unpaid undrr .:wid nute and ~hall prupxrl~ aJiu.t any payment. Mhich shall ha~e hrrn madr unJer tul uf wid
paragraph.
J. Tha~ he will pay all taxc~. a+cetsmemc, .v;,ter ratec. anJ uther guvrrnmental or municipal ch3rges, finec, ~x im{x»itions. fur Nhich
provisiun h:~s not t+een madr hereinhr(ure, and in drf~ult thenti~f the m~x[gagec may pey the ,amr: :~nJ that hr N~tt prumptty Jrln~rr the
ufficial rr~eipts thercfix tu th~ murtg:~gcr.
S. "That he Nill pe~mit. cummit. ur wtTr~ n.~ Na,tr, impairm~nt, ur drteriuratiun uf ~aid pruptrty or any part thrreof; anJ in Ihr evrnt
uf thr failure of the murtgag.~r tu krep the hwlJing, un ~aid premik+ :ind thu,r tu t+r rrctited on said premiu~, ur improvements thereun,
in g~xKi repair, Ihe rrwrtgagee m:+y maAe ~urh repain a~ in ~ts discreliun ~1 may Jeem nrce,wry for the proper pre~rvation therrof, anJ
the full arrwunt of each and eveh~ wch payment shall t+c immcvlialely due snd payahle. and shall t+t securcyl by the lien uf this ~rxxigage.
6. That he will pa~ all snd .i~gulrr the custs, chargrc, rxpen~es, including reaconabte lawyer's fees, and costs of abstracis of title.
~ncurreJ or paid at any timr by the rtx~rtgagre becau~e of the faiture on the pert uf the rtwrtgagor p~umptly and fully to perfo~m the
agreementti arx! coven•rnts uf wiJ prumi*wry notr snJ thi~ murtgage, and +aid c~xt.. charges. a~x1 expem~ shall t+e immediately due anJ
payable anJ xhall t+e iecureJ by the lien uf Ihi. mortgagc.
7. "rhat he wiH kerp thr improvemrnts now exisung or here•rfter erectrd on the murtgageJ propert~. imureJ a+ may b~ rrywrc~i from
ume to umr by thr murtg:+gee ag~inst I~x~ by fire anJ other hatards_ ~wl~ti~5, ~nd ~omingertcitc in wch artx~unt, and fi~r such periixf+ ac
may br requ~reJ by mortgagrc, and will pay prompUy, wheo due. any premiums un such insurance fur paymcnt of whi~-h pn.vi.iun ha. nut
bccn made hereinbefore. All insurance shall be carried in comE+anies appioved by mortgagee and the policies and rznewals thereof shall
be held by morigagee and havr att~~hrd thrrcto lix~ oayable ~lau~c~s ~n favur of anJ m fexm acceptable to the rrxxtgagee. In event of los~
he N ill give immediate noiice by ma~l tu mortg:~gee, arxl murtgagee may make pnwf uf (u,~ if rat m:~de prumptly by mixigagur. anJ each
insurarke campany coacerned is hereby authurited and dircYted t.~ make payment for wch luts directly tu nwrtgagee in+teaJ uf to
~ murigagor a~xi mortgagee jointly. and the insurance proceed., or any part therrof, may be :tpplicJ by rtwrlgagre at its option rilhrr ta thr
~ rrJuctiun uf the indeMeJnes~ hereh} ~ctiur~Y1 or to the re~toratiun ix repair uf thr pruperty d~mageJ. In event uf furedu~ure uf thic
mortg~ge e~r other tran~frr of ti1lr lu the morlgaged property in r~tingw~hmrnt uf the inJrMrJnr~~ .~~urrd h~reb~, ali nght, Utlr. anJ
j interest uf thr murtgagur in anJ to any in~urance ~u~liciet then in force chaU pa~s tu the pur~ha~er or grantre.
E x. That the mortgagre may. at any t~mt ~e~xl~ng a suit up~~n thn mortgage, apply to the tourt ha~ing jun.J~c~iun thereuf fur thr
apFw~ntment uf a recei~•rr. :,nd ~uch cuurt shall furthwith appuint ~ rctieivzr of the premi+es covered herehy all and ~ingul:~r, inctuJing all
~ :~nd s~ngular the incumr. prutit,, i.~ues_ and revenues from w•hatever ~ource derived, each anJ every uf Nhich. it t+eing eaprestil~~
! under,t.rKl. i. hrrcby murtgagcd a+ if ~pecificrtly set forth anJ descrihrci in the granung anJ hal+enJ~m rlau.c~. hrrruf, anJ s~nh recrrver
' ,hall havz ;~II the bruad rnJ ~ffecn~•r functiom and powrr~ in an~w nr ratru,teJ by a ruurt tu a rece~ver. and wch appoin~ment tihrll he
i
~ maJc hy w~h ~uurt a+ an aJmut~d equrty and mauer uf abx~lutr right tu .a~J murtgagre. anJ w ithuut rrferrtxe to thr aJequacy ur
inadeyuacy uf the va~uc uF thr pruprrtr murtgagcai or lu thr a~ivrn~:y or insolvr~cy of ca~J murlgagvr ur thr JrfrnJrnts. ~nJ that +uch
! rcnu, prufit~, ~ncume, iitiur~, arxi revenur, ,hall he applied hy ~uch nceiver accurJing to ~hr lien of ~hi~ rtxttlgage arnf thr pracu~e of ~uch
; tuurt. In Ihe rvent vf any default un thr pan uf Ihr rtx?rtg.~g.+r hrreunJr~. the m~~rtgagur agreeti tu pa} tu the mortgagcr on uemand as a
~ reaconable monthly rental for the prem~ce~ an ;~muunt 3t le:+st c^qui~~alent to orte-tNe1Rh I IJl2! ~if thr aggregate of Ihe Iwtlve nx~nthly
m~tallmrnu payable ~n tbe ~hen ~.urrent yrar plu~ 1he actual amoum of the annual taxrs. ascec~mentc. water rate~, anJ insurance premiurt?~
for +uch ycar not cuverrd hy thc atur~~a~J mun~hly paym~nt~.
9. That lul in the e~rm of any' brrach of thi+ murtgagr ur .1rf~ult im the part ~rf ihe rrx~rtgagur. or 1h) ~n ~h~ rvrnt tha~ any~ ~~f .aid
~ ,umc of muney herein reterrerl to hr not promptly and futly paiJ ~ith~~ut drmand ~~r nuu.r. ur 1~ 1 ~n thc ev~nt th;a r:~ch :~nd ever} thr
? +t~pulauun.. agrcementc. eondmum. anJ covenant~ uf .aiJ n~xr •rnJ thic mixtgag~. are nat dul~. prumpUy. anJ fully prrfurmrJ: thrn in
rither ur ~nt un:h event. thc +aid aggregatc ~um mentiunrJ ~n,a~d notc thrn rem.un~g unpa~d...ith in~~reti~ a:crur.l t~~ th:+1 umr. ~nJ ~II
` rttun~y~ +eiurrJ brrebp. ~ha11 hrcumr Jur :~nJ pa~ aM~ f~~r~hw hh. ur thrrrafter. a1 thr ~•pUi~n ~~f wid murtga~:r~. a. full~ .ind completel~ a.
f if :~II of the w~J wm~ of rrxmry ~ere i~riKinally ,t~pulatrd ti. he paid ~~n wch da~. anyth~ng in wiJ note ur in thi. nxrrtgag~ tv th~ rontrary
notwith.tanJing: an~1 thrreupon or thrreafter. at the option of ~aid murtgager. without nuuce or demanJ..urt :11 I:IH ~~r in ~yuny, ma~ (x
y pn~+r?utrJ a~ if dll tixiney~ utiurrd hrrrhy had mawr~Yi pnur t~~ il~ ~mt~tutiun. fhc murlgagee ma} f~Necli~u th~~ s~x~rtg~ge. as tu Ihe
~ artHwnt .o JeclareJ due :md payahlr, ~nd Iht +a~J premi.e, .hall he vdJ tu .ati+f~ anJ pa~ tbr +ame luge~her w ith cu~t~. ~xpentir~. and
ell.~wance.. In cetir of partiai furecli~.ure of th~. m.~rig:~ge. the murtgagrJ premi.e, ~hall hr wld .ub~r~t t~i ~hr ~~~nt~nwng lirn uf thic
rrx~rtgagr !or ihe amuunt ~~f thr Jeht nut thrn duc and unpaid. In .uch ~a~e thr pra~i.i~~m uf thi, paragraph ma~ aga~n hr availrJ of
thereaftc~ frum hme lu ume ht Ihr mortgagee.
1O. fhat thr rrHxtgag~~r wJf give ~mmrJiatr rtotirr hy ma~l tir the nx~rt~aager ut an~ ~~~n~r~an~r. ~ramfrr. ur ~hangr af ~iwnrnhip uf
thr premnr.
1 I. That nu wa~~rr ~~f nn~ i~~venant hcrein ~~f thc uhligat~un ,etureJ hrreb~ .haU .u any Ume thereatter t+r hCIJ tu hc ~ N:?I~Cf UF
; Ihe term~ hrreuf ur of thr nutr .r.ur5c1 herehy.
~ t2. lhat if the r?N~rt~ag~~r defaul! in any Oi the cov~nant. ur .~gtrement~ cunta~ncJ herein. ur in ~aid nule. then thr mortgagee may
perform the samr. anJ all r~pen~itarestioeludu?g reasonable att6~ney'ti f~e~? msde b~ ~h~ mixtgagce ~n w Ju~ng shatl draw ~nterest at thr
~ rate xt forth in the nute .ccureJ hcr~by, ~nc! i¢all he ?epayable ~mmed~ately anJ~ithout d~maad by thr rtwrtg•rgur tu the rtwrtgagee, anJ.
f tugether with interrs~ anJ co,t~ accruir~g {~?ereun, shall bt secured bY tMs raortg~ge.
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