HomeMy WebLinkAbout0712 1 hal, in .xdC~ nwrc full~ to prutcYt thr .r~ur~ty uf ~h~~ rtu,rtg.~gr. ~hc ~~~uilg.ig.ir. lugrthtr ~?uh. .~n.i ~n aa.tiu~~n iu, inr nr~n~n~~
paymrnt. unJer thr term~ uf thr nulr .~urctil hr~rhy, un thr fin~ Jay uf rach munlA until ih~ ~.~id nut~ i~ futlq pa~~l. H~II p~y to thr
nwrtg~~rr ~hr tidluwing wm~:
lal An xmount wffk~enl tu pruvide the huiJrr hertuf with IunJ+ tu pay ~hr next rtxirtgage imurance pr~m~um if ~h~. instrument anJ
the ~u~te ucw~1 herrby are in+urrd. munthly chargt lin litu uf tn~ir~gagr in+u~arx;e prrmiuml ~f ~hzy art hzld by ~hr
~ Stcrctary of Housing anJ Urban [kvelupmrn~, as taUows:
tl) If and sa lung as ,aid nute of rven date aixl ~his imtrumtnt are i~sured or are rcinsured un~ier ihe pr~~vi~ium of thz
National Hou~ing Ac1, an amount sufticieM to accumulale in the hands of tht holdt~ une 111 month priur to its due date the
annual awrtgagc imurance p:emium, in ur.ler tu proviJr ,u~h hold~r with funJ~ a~ pay wch prcmium to thr titc;rrtary of
Housing and Urtwn I~vrk~pmrnt purouunt tu thr National Hou~~ng Act, a~ amrndrd, anJ applkablr Rrgul:~~ium
ehereunder; or
1111 If and sn long as wid note uf even dute and thi~ inslrument are held by ~he Secrctary of Housing aixi l'rl+an Dtvrtupment,
a monthly charge I~n lieu uf a murtg;~ge in.uranre prrmium) which shall br in an arrx?unt equal ti~ une-tWr)fth 11/121 ~~f
one-half !ti~) per cenwm of the average uutstsrnling brl:+nct due on the note compui~i without taking intu au~:uunt
delinyuencit~ ur prepaym~nts;
Ib) A wm equal to the grourni rcnts, if aay, next dur, plus the premiums that will next become due and payable on policies of firc
arni o~her hazard insuranc.e coveringthe rtk~rtgaged ptoprrry, plus taxes nnd as~essmenu next due un the m~xtgaged prope~ty tall
as estimated by the rrwrtgager) less aU sums a1r~aJy paid thercfor divided by the numb~r of months to etapsr before ont munth
prior to che date whrn ~u~h gruund rents, premiums, ~axes, arni :usessments wil! become delinquenl. ~uch ,um~ to t?r hrld by
mor~sagee io tru~t ta pay saiJ ground rents, prrmiums, taxex, and spec~al as~es+ments; and
Ic1 All payments mentioned in the two p~eceding subsections of this paragraph anel all payments to be madt un~ier the note secured
hrreby shall br adJrd tugethrr artJ ~he aggregate amoum thrrr~f'shaU be paid by the mortgagor rach munth ~n a single paymCnt
to be applirJ by the murtgagre to the fulluw ing ~temi in thr urder ~et forth:
~11 premium ch~rgr. under the cuntract of insurance with the Secretary of Howing and Urban Develupment, or rtx~nthty
charge (in lieu of mixtgage insurance premium). as Ihe case may t~:
(111 ~grou~xl rents, taae~, aaxti+ments, firc, anJ uther hac:ud insuran~e premiums;
11111 interest on the nwe +rcurrd hereby; and
(IV) amortization of the principal of said note.
Any Jeliciency in ~be anwunt uf ,uch abbreg:+t~ munthl~ pa~ mrnt +hall. unlr.~ maJr gu.x) hy th~ nturlgagiu priur tu th~ due Jale uf
the nr~t ,uch payrt?rnt, cun.utw~ an r.rnt uf drfault undrr ~hi~ martgag~. I hc piurtgagre niay ~ullrct a' lat~ ~hargr" not tu t~c~rd tMu
centa 12c1 for rach Jullar IS11 0l' ~:~:h p:~~mcnt murr thart fiftr~n t I51 ~a~~ ~n urrran w cuvrr Ihr exlra taEx:mr involvctil in hanJl~ng
Jrlirx~urnt p~yment~.
~~hat if the total uf thr p;?~mrnh madr by the murtgagur under Ihl uf parrgrsph 2 prec~ding ,h:+ll e~rt~J thr anwum .~T thr
paymenb :riwally m:u1e tiy th~ m.utgngrr, fur gruund rrnt~, t~ar+ rrxl :s~+~~ment~ and in.urarkr prrm~um+, aa the cssr may t~, auct.
excess at the oplion of the morigagee, shall, be crtdited on subsequent payments to be made by the mortgagur, or rcfundcr! to tht
murigagor. If, huwe~•er, tht munthly payment~ m:xlc by the murtgagur under Ib1 of psragraph 2 prcv:cding +hall nut br +ufficient tu pay
gruutxt rent~, taxe~ arW atiu~,mrnt~ anJ irourrncr prrmium., a+ ihe ~asr may br, when Ihe k?me ~hall t+tcomc Jur anJ payable, then thr
mortgagur ~t?all pay to thr murtgag~r any am.wnt nati~~,ary tu malr up the Jefi~itn~y, on .x txturc thr Jatr Nhrn paymrnt ut~,u~h
gruunJ rents, taxc~, aasrssment~, ur inwr:~nce prrmium~ ,h•rll t+r dur. If :+t any time th~ m~xtgagor shalt lerxlrr tu th~ murtgag~r in
accurdance K~ith the prov~siun. uf the nute ~rcurrd hrreb}, fu!! paymrn~ uf thr entire inJet?t~vlnr~s rrprr+enl~d thereby, the murtgagee
ahall, in cumputing the smuunt uf ,uch indeblctlnr~~, cred~t tu lhe accuunt of the m~utgagur ali paymrnu maJr undrr the pruvi~iuna uf Iu)
uf parag~aph 2 hereof which chr mortgagee has nut b~-cumr ubligstrJ tu pay to Ihe k-~ret~ry of Huu~ing anJ l'rbsn i~vrlupment ~nd any
h~lancr remaining in the fund~ :xcumalateYl under ~hr pruvi,iunc uf ih~ uf +aiJ paragraph 3. If Ihrrr .h:dl h~ a drf:wlt unJer un~~ af the
provi~iuns ~if thic m.xtg~ge, re~ulUng in a puhlic ,.~Ir uf thr prrmises wvcrrJ hereby, or if the m.xtgager acyuire. thr pruprrty u~hrrw i~
:+Iter Jefault. thc murtgager +hall apply. at the umr ~~f thc cammencemrnt uf wch pnkerding. ur at thr timr th~ pruprrt} i. u~herw~+r
:kyu~reJ, the bal~nce thrn rema~rting in thr fund+ arcumulat~Yl undrr ih1 of paragraph 2 pre~eding a+ a ~-tcdit agam+t Ih~ amuunt uf
principal th~n remaining unpaid under ~aid nutr and .hall prup~rly adju,t an~ p.i~•mrnt. whrch .hal! ha~r t+ern made unurr I,i1 of wiJ
paragraph
J. 1 hat he w~ll pay all ta~ay, as~r„mr~b, watrr ratc~+, anJ uth~r gu~rrnm~n~al or municipal ~harge.. finr.. ur ~m~x~,iuun.. f~~r tihich
pru~i,iun ha~ nut hrrn maJr herrint+efurc, anJ in default thrnY~f the murtgag~c ma~ pay thr ,ame: and th:u hr ~~II prumptl~ delivrr the
ufticial re~e~ph thcrefor tu th~ murtgag~r.
5. I hat he wi!! ~rmit. ~ummit, ur ,ufl~rr nu ..:~,tr. ~mpa~rmrht. ~K drtrnur.WUn uf ~aiJ pru~xrh ur any part thrreuf: and in ~he rvrnt
uf ~hr failure uf thr murtgagur a~ Ae~p thr huilding~ un .:uJ pr~murs and thu~e tu hr rrrcteJ un .:uJ prrm~,rti, ur imprav~mrm. thrr~un.
in g.rxi r~pa~r. thr murtgagee ma~ ma{.i ,uch rep:ur. a. ~n i~. di,cretion it ma~ J~rm nn~~,ary fe~r thr pruprr pre.~-rvauun ~hrreuf. and
the full amuunt of each :~nJ every such paymen[.h:ill hr ~mmcyliatily dur and payuMr, anJ ~hall t+r.cYUrrJ by thr lirn uf thi, rtxxtgag~.
6. 7 ha~ hc will pay all and ~ingular the cu~tti_ chargr~, atxi eaprnzr+, in~lud~ng rcawnablr lawyer'~ fer+, anJ cust~ ul~ aMtracts uf tiUe.
incurrctil ar paid at any timc b~ thr murtgagee hc~ainr uf thr failure un the part uf the rnurtg~gor prumpUy aod fully to ~xrform thr
agreements anJ c.~venants of caid promi»ory note and thi~ mortgage. and +aiJ ccntc, chargrs. and expen~r..hall t+r immediately due and
pryablr anJ ~hall be ~e~ureJ hy the lirn uf thi~ murtgagr.
7. 1 h:u hr ~ ill L,eep the ~mpmvrment~ nu~ rxi~ting un c~r~after errctrJ un thc nwrtg:+gcYl pruperly. ~murrJ a, ma~ hr rryu~rid frum
tin~r w timr hy thr nwrtgagrr again.t I~x~ hy fire and other hazards, casulatirc, and cuntingenc~e. in wch .~nx~unh anJ ti~r ,uch prnuJ~ a~
may hr rryuirr.l hy mortgage~. and will pay prumpUy. when Jue. any premiums on such insu~ancr fur pa~ mrnt uf ~h~ch pru~ niun ha~ nut
been made hereinbefore. All insurarke shati be carriod in companies approved by mongagee and the policios anJ renewals thereof shall
1~ hrl~ by murtgage~ and have ~~~a~hrJ thrreta I~x, p;~~ahle ~lau~e. in favur uf anJ in fcxm ac~rptahle t~~ thr rm?rtgagre. In r~rnt uf I~~s~
he w ill g~v~ immcJialr nuLCr hy m:+il tu mortgage~, anJ murtgag~r may male ~?~ix~~ o( I~n~ i( M~t Olad~ promptlq hy murlg:+gur. :?nJ ~sch
inwrarke company concerneJ is hrrrbq authuri~eJ and dirctited tu make payment t'~~r .urh 1~~+, Jurc~ly nwrtgagrr ~mtrad ~~t to
murtgagur and murtgagee~~nnth, anJ Ihe imurancr prixrrJs. ur any part thrr~Y~f, mey be applieJ hy ~rx~ngagrr at u, upuun euher tu Ihr
reJuctii~n ~~f thr ~ndeMrJor,. herrhy c~tiureel ur t~~ thr rc~+t~Kaliun ix rrpair uf the pruperty damageJ. In evrnt ~~f li~re.kr+urr ~~f thi~
rn~xtgagr ~x uthrr tramfrr u( hltr tu the murtg:ig~d pruprrt~ in rie~n~e~tihmrnt uP the inJeMrJn~~, u~iurrd hrreh~. all right, t~tlr_ anJ
~ntrre,t uf thr murtgagi~r m.+nd t~~ am m~uran~~e p~~licie. th~n in forcr.hall pa.s to tAr purchs~er ur gr,~ntrr.
K. fhet the murlgagee may. at any ~ime pending a,uit upon th~~ murtgage, rppf~ tu the .:uu~t har~ng ~un+aiicti~~n chrr~uf tur thr
appu~ntmem ~~f a rrcervrr, anJ .u:h ruurt ,hall forthN nh ~ppiin~ ~ rctiriver uf Ihe premnex cuvrred herrh~ all anJ .~ngular, including all
anJ .~ngular the incomr. prutit,. ~.,ur~, and rt~•enuc~ frum whatever ,i~urce Jen~•cd. each arni even• ~~I Nh~~h_ ~t he~n~, r~prc„I~
; unJer.axxi, n hrrchy murtgagcyl a. rt,pcY~h;~Uy tiet furth snd dc~xnbtJ in ~he granUn~e and hatkndum ctau.c. hereuf. anJ .u:h rc~rivrr
+hait ha~r aN thr bru~d anJ ~ffc~t~~r fun~trum anJ puHrr~ in amw nc rntru~leJ hy a ri~urt tu ~ re~e~vrr. anJ .u~h appu~ntmrnt ~h:~ll t+r
made by ,urh a~un a~ an aJmiurd ryu~t} anJ a m:,uer uf ah,.dute nght to ,aid murtgagrr. and w i?huut refrr~n~e ta thr aJ~~yuac~ ur
madryuacy uf ~hr ~alur ~~f thr proprrt~ mt~r~gagrJ ix tu thr wlvency ~~r imol~ency of ~a~J rtH~rtg~gur ~~r thr .ieirndrnt~, and that .uch
; rent~, prufit~, ~ncume, u.ur+. .~nJ rr.rnur..hall br applieai M wcA rrir~vrr ac~~~rdmg t~~ thr h~n uf th~. nx~rtgagr and~thr prach~r uf wch
3 court_ In thr r~ent uf any Jrfault un thc part uf thr nwrtgagur hrrrunJer, thr murtga~ur ~grrr, tu pa~ tu thr murtgagrr un Jrmand a. a
t rea.~~nahle m~~nthl~ rental for the prcmi,ec •rn amaunt at Ira~t rqu~~alrm to one-tw~clflh 11/i'1 of the aggrrgatr of thr tNel~r rrk~nthly
installmratti pay:~ble ~n thr ~hen current ye:+r plus the acw.~l amuum i~f the anm~al tazc~. a~~eti.mentc. v?atrr rateti. aod io.uran:r premiums
fur wth yrar nul cuvered h~ thc alurew~d m~nthly pa)mem+.
9. ~hat lu) in the rvem i~f ~m hrra~h vf thi. m~xtgagr or Jci:mh un thr part ~~f thr rrw~rtgag~,r. ~ir th? m thc «rnt th:rt ;~m uf .aid
~ .ume c~f ine~nry herein reierreai tu he nw prumpUy anJ fully p~~d ~+ithuut ~rmand ~,r nuucr. „r 1~ 1 ~n the <<rnt that r:~.h .~n.l r~rn the
+Upulahiin.. ;i~rr~ment~_ :..nJiUom. and covrnant~ uf ,aiJ nwc ~nd ~hic murtgagr, are nu1 Jul}. pr~~mptl~_ .~nJ fulh p~rG~rmrd: thr~ in
rtth~ r ur an~ .uch event. ~hr .a~d a~rrg~te ,um mcntiuneJ m,:ud nu~r thrn rrmain~g unpa~d. ~ ith ~ntrrr,t ;~rrrurJ tu th:~t t~mr. arnl .J!
rtumry..r~urrd hrreh~. .h.~!! hcc~~mr due anJ payablc f~x~bw i~h. ur thrreafter. at the ~~?u~m uf .a~d m~~rtgagi~. full~ anJ ~umplrtrl} a.
~f all ~,f thr ~:+id wms c.f rrw,ne~ werc ~~nginall~ ~Upulatrd tu hr pa~d un ~u~h Jay. .~n~ th~nK in .:ud n~,tr .,r m th~. nx~rlg~gr tu thr ~~~rsu.u?
tx~tN ~Ih.tanUing: anJ thrrru{w~n ur Ihereafter. at the opliun uf caiJ nx~rtgagcr. withoul rxit~cr ~+r Jrman~l..int :~t Liw <+r m eyu~t~. ma~ be
pru+r~utcYl a. if ~II nwne~, ~~ZUrrJ herrby haJ malureJ pri~~r tu it~ imt~twwn. Ihr murtgegre ma~ fure~lu.r I~IN Ith~f[t;agt. a+ tu thr
anx~unt ~o declared Jue and pa~ahir. :~nd thr w~d prrm~~e..hall t+e W~W t~~,a~itif} anJ pa~ thc wmr tu~rther with a~~n. r~{+~nK~. and
all„w:1n:r.. In l:l~ U~ ~;1fll:/I fUffIIU~UfC ul Ihi+ m~~rtgagr. Iht murtgagrd prtm~+r~ .halt hr Kd~! .uhjc~t t~~ the wnu~u~ng I~cn ~~f th~~
rTx~rtg.igr fiw thr amuum uf thr JrM nut thrn Juc and unp~iJ. In .u~h ~:~,r thr pm~~.~.rm ~~f th~. p:~r.~Eiaph ~na> ag~~n F~t :N:IIII'l~ „f
thrr~altrr frum time ~u umr by ~hr murtgagre. ~
Il! I hat thr nwrtg:~g~,r w dl g~~r immedr,~te nuUCr h~ m.ul 1u Ihr nx~rtgagee uf ant ~ume~.inir. tran.tcr. ~rr changr uf uwnrr~h~p uf
the prenti~r~. _ .
1 1 ihat nu waiver ~~f :iny to?tnaet hrrem ur uf ~hr ublig:i~wn .~~iurcJ hrreh} .hall :~t ~n} Ume therrrfter bc hrlJ tu tx a.+ai~er uf
i;.
the term~ hrreuf ur uf ~he nule stcupeif hcccby.
; 12. ~hat ~f tbe rrx.rt~;a~oi d~(rtsli in a~y of the w~eoanR or agrrrmrnh cun~:unrd hrrrin. ur ~n ,aiJ notr, then the m~Ktgagee may
€ perfurm the wme. ar?d all expetni~wr~ (includln~ reasonsble au~~rnep'~ fees~ maJe hy thr murtgagec ~n ~u do~ng ~hall drav~ interetit ai the
rate ~et f~xth ia the rx~te ~ecured herehy. arid sha{I be rcpayabie immeJiately anJ wiehuut Jem:~nJ h~ the rrwrtgagur to the mortgagre. anJ.
wgether w~th ~nlrresl and cu~t~ a:cruing thereon, shal{ be xcyred by this murtgage.
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