HomeMy WebLinkAbout0717 : l hat, in u~dtr murc fully pra~ctit ~he srcu~iiy .H ~hi, murigagr. Ih~ ~uurtgag~~r, t.~brth~r Hith. :uxt ~n a.IJit~un !o, t1~r nx~nthl~
paymen~c undrr thr trrm. ~~f thr notr +e~uirJ hr~rhy, .~o thr fir,~ d.~> uf rach mumh uni~l thr +:ud n.~~r fully paid, w~U p~y tu ~hr
m~~rtgugte thc f~?Iluwing sum~~
(a) An amounl sufficient t~i proviJe the hoWer hrrcof aith fund~ u~ pay the nazt ~wngage inw~ance premium ~f thi+ ~mtrumen~ anJ
the nute secured hereby art insurrd, cx a m~~ntAly charge ~in lieu af a murlgage inwranct prrmiuml ~f lhry a~e hrW by ~he
Srcrrt~ry of Housing and U~bun Devclupmtnt, a~ foUuv?c:
(I1 If and so long as ,aid nute of even date und this imtrum~nt are insu~eJ or arc rr~nsured urnier thr pruvisiuns of 1he
National Housing Act, an arrK~un! su~eient w accumulate in the hands of the hu1Je~ unt l11 month {xior to its due date the
annua) aw~tgage imurance prrmium, in urder to pruviJ~ ~uch hulder Vvilh (pnd~ tu pay such premium tu the lcti;rctary ~~f
Housing and Ur~an [~velopment purouant ta the National Housing. Ac~,.a~ amrnded, an.i applicablr Rrgulation~ 'A
Ihereunder, ex
1!U If anJ su Ivng as s;?id natr uf even d•rte arxl thi~ im~rument are heW by the Secretary of Hau+ing and Urbon [kvelopment,
a nwnthly chargr lin lieu uf a murtguge ~murance premiuml which shall be in an anx?un1 ryual to one-tKelfth 11l121 uf -
one-half (~1 per cenwm uf the average uut~tu~xiing belan~;t Jue un tht note cumpwc~l w~ithuut takiog intu aa:uum
d~linyurncies ix prepayment~; .
Ib) A wm equal to thr gr~u~xi_rents, if any: next due, plus ~he_premiums that will next became due anc! payabte on polKees aif 6re -
arxf olher harard insurance cov'ering the nxxigagr~l pru~rly, plus Iaxes and assessments neat due on the mortgaged property lall
as estimated by the mortQageel less all sur~u already paid the~cfor divided by the numbtr of months to elapa~ before one month
prior to the date when such ground rents, prom~ums, taxrs, arx! a,seuments w•ill bc~ome delinyuent, ~uch +umc to t+e held by
mor~dagee in trust to pay +aid ground rrnts, prrmiums, ~axes, and special asseumen4s; and ,
Ic) A11 payments mentioned in the two praeding subsections of this paragraph and all payments to be made un.itr the n~te secured •
hereby shall br aJdeJ togethe~ and thr ag~rgatr amount thercof'shall t+e paid by the rrn~rtgagor e3ch month in a single paymrnl
w be applied by the mortgagre to the foUawing items in the ord~r sel farth:
lll premium chargex under the contract of irourance with the Secretary of Housing ~nd l!rban Develupment, or nwnthl~
charge (in lieu of mortgage insurance premium?, as the cax may be;
itl) ground rents, taxes, assessments, firt. and ather hazard inwranc~ pr~miums;
llll) interest on th~ nae ~ured hereby; anti
IIVI amortization ofthe {xincipal of~aid note.
~ny delicitncy io tht artx~unt uf such a~rrg~tr nx~ntlely paymrnt .hall. unl~y~ maJe giHxl by ~hr murtgagur pr~ur tu the .lu~ Ja1e uf
the ne~t such paymeM, cumUtulr an r~rnt uf default under Ihiti murtgage_ l-hr murtgagee may cullr~t a~-I~te ch:+rge" ~ut li~ r~tetd two
cems ~2c1 fur rach ~Ilar IS11 of each pa~mrnt mure than fiftren 115! Jay~ ~n arr~ar~ w cuvrr thr eatra rxprn~ ~nvulv~*d ~n hanalling
Jel~nyurnt payments_
3. That if the total of the paymrnl~ maJr by the mortgagur under Ibl uf parsgraph 2 preceJinK sh:Jl r~c~ed thr aowunt uf Ihe
payments acwally maJe by thr m~xtgagre, f~x g~ound rrnt~, taxrs :+nJ a+ae~.,ment~ and inwran~r prcmium., a+ the casr may br. sur1.
excess at the option of the mortgagee, shaN, be credited on subsoquent payments to be made by the mortgagor, or rctunded to the
nw~tgagor. If, hawev~r, the mun~hly paymentt m~lt by the murtgagur under Ibl of paragraph 2 prc~eding ~hall nut be sufficient tu pay
gruurni rents, taxcs, anJ a~x~smenl+:+nJ in~urancr premiums, a~ thr esse may hr. wheo thr tiame tihall t?r~ume dur arnl payablr, lhen ~he =
rrwrtgagur shall pay to the mortgagre ~ny nmuuo~ neces~ary makr up the dehciet~cy, on .x bc:fore thr datr Nhen paymrnl uf wch
gruuixi rents, taxes, a~+mrots. .tt ~murance premiums ~hall br due. If at any time the m~xtgagor shaU trnJer w ~he mortKagee in
a.:corJancr vaith the provision. uf the nute s~cured harcby, full paym~nt uf the entire ind~htetilne+s repre+rnted ~hereby, the rrwrtgagee
tihall, ~n cumput~ng th~ amouet of such inJrbtrJn~~s. creaii~ to the account uf the mortgagur all p:+yments madr unJer the provi~ions uf Iu1 *
oi patagraph 2 hereuf which the murtgagee h~a not become obligated to pay to thr Se~retary uf Hou~ing ~rx1 l:rban Drvrlupment arxi any T
halancc remaining in the funJ~ :ncumulateJ urxfer thr p~uvi,iun+ uf (A~ uf caiJ paragr:+ph 2. If tMere ,hall F+r a drfault under any uf the ;
pruvisium of this mixtgage, r~~sulteng in a public ,ale of ~hr prcmi+~~ cuverc~i herehy, ur if thr m~xtgagrr ~cyuuc+ thr pruMrty uthrrw i~r
;,fter deiault. 1he m~xtgager shall ~pply. at the timr uf the cummencrmrnt uf ~uch pr~xeeJing. ur at the um~ the pruprrtp „uthrrNi.e `
ecqu~r~~1, the bal~r?ce then rema~nmg in 1he fund, accumul:~trJ under rb/ uf par~graph ~ prerctifing a. a cr~Jh ng:umt thr :?muum of Y
pnrtapsl thrn remaining unpaiJ under ,aid nute and shall pu~prrly 3dju+t any payment~ which ~hall ha~•c hrrn made unJ~r lu1 uf wid :
paragraph. ~ .
fhat hr Nll pay all tarr+, a~~r~.mrnh, wstrr rate,. and uthrr gucrrnmrnta! ur munitipal charge~, finr~. ~x im{x~~~Uum. fur ~~hich
pn>vi,iun has nu~ t+rrn maJr herrint+ciorr. anJ in def;wl~ thrreti~f the murlgagrr ma~ p:+y the .:imr; a~J that hr ~~il prumptl~ drGver th~ -
ufficial rctiripl+ thrrefur to the m.,rtg:?grr.
5. I hat hr w~ll permit, comm~t. or ,u17rr nu w a.t~, imp:urment. ~rr detrn~~rauun uf +a~J pr~~?rrty ur any part therri~f: anJ ~n Ihr rvrnt
a~f Ihe f~ilure of the ~rwrtgagor tu Arep thr building, un wiJ prrmi+r, and thu+e to t+r erectrd un ~aiJ prrmiu+. ur impruvrmrm. thrrrun,
m g~wd repair, the rnortgagee may m:+kr such repairs ac in its discrctiun it ma~• deem nec~~.ary far th~ proprr prrtierv:~tiun thrrrc~f, srtd
ihe full :~m~wm of each and every ,uch pay ment ~hall t.e immrefiately due and payable. and shall be secured by the lien of thi, nxmg~~e.
6. fhat he will pay all anJ ~ingular the cust+, charges, arxl e~penx5, including rt:?wnable lawyer'~ frr+, :+nd custs uf ab~tract~ uf tnir.
incurrcYl ~~r paid at any timr h~• the murtgagee txYautir uf the failurr uo the pan uf the rm~rtgagor promptty and fully to pxrfi~rm the
~grermrnt~ :~nJ rovenants uf ,a~d prumi~~ury notr ~nd thi. murtgage. and ~aid c~xt+, ~hnrges. atwl e~prn~r> >halt t+c ~mm~J~.+tely Jue anJ
~~>3ni~ :,~a +hall t+r ,e~ured b~ the lien of thi~ mortgage. .
7. I hat he will Aerp thr impruvemrnts now rxislingur hereaftrr ere~tc~1 on the murtgsged pru~xrt~, ~mured a~ may hr rryu~rrJ fr~tm
timr tu timr b~ the rrx~rtgagee :~gaimt Icrc by 6rc anJ other hatards, ca.ulaU~-s. and a~ntingerkie+ in ~u~h amount. anJ fur ~u~h prri~~1+
rnay hr rryuirrd by murtgager, anJ w•iU pay prumplh•, when dur, any prrmium< on wch insurance f~x payment uf whKh pru~ i,iun ha, nut
heen made horeinbefore. All insurance shall be carried in companies approved by mortgagee and the policies anJ renea•als thcrcof shaN
hr h~td fiy mortgagee anJ havr au:~~hetl thereto I~ns pr~sble dawc~+ in favur of anJ in fixm acceptable tu Ihc nx~rtg~gee. In e~rnt I~~s+
hr u ill give immediate nuticr by mail tc. mortRagee. an~1 murtgagee may make pri~of of lix. ~f nut maJr prumptly hy mortgagor. and rach
~murance compe~y cuncernrJ is hereby auihorized and direc~rd tu make payment for such locs J~rrcdy to nwrtgagee i~stead uf tu
in.irtgagur anJ mixtgager jumtly. :ind thr enwr~ncc pnxccJ~, ur an} part thrr~t~f. m:~y lk appl~ed h~ murtgager at rt~ optiun cither tu the
rrJucuun uf ~hr ~ndrMrJne.: hrrchy u-~urrJ ur tu the rr,toratiun .x r~pair of the pruprrty JamageJ. 1~ e~ent ~,f furccli~,~ire ut' lhi.
rrx?rtgagr ur uthrr tr~mfer uf uQr tu Ihe mongageJ pr~rprrty en extinkuichmem uf tht irxlrhtednr+s ~ctiurc~ hrrrh~. ,JI righ~. uUr, and
i ntrrrtit uf thr murtg~gar in ;inJ t~~ any in.urance ~dicie+ then in fixcr .hall pass tu Ihe purchaser or grantrr.
!t. I~hat the mortg~grr ma}. at :?n}~ hme penJing ,uit upun•thn murtgage. apply w the cuurt ha~~ng jur~+Jicli~in lhcrruf ti~r the
.~ppuintmrnt of a re~river_ and w~h cuurt .hall furthw uh :~ppoint a recrrver uf the prrmises cuvereJ her~b~ :~11 arxi .e~tgular, ukluJing rll
.~nd singular the irKOmr_ prufit.. ~,~ues. and rrvrnuet frnm whate~~tr wurce denvc~l. e~ch anJ ever~ uf which. ~t I+eing erprr.~ly
under,t~~xl. hrreby murtgag~Yi ~f ~pecifiiall~ .rt furth anJ Jc~rih~Yl ~n Ihe gr~nting and hahendum cl:iu~~'~ hrre~~f. and ,~kh rrcri~er
.hall hav~ all Ihr bruad anJ effr~~i~r fun~ti~~n. and p~~~rr~ in .~mN ix entru,teJ hy a ruurt tu ~ rece~vrr. and ~u~h appainlment ,hall t+r
i maJe hy wch cuurt a+ an aJr»uteJ e~yuit) and a malter uf ahv~lute ~igM to ~aid murtgager. anJ w ithuut rrferen~e tu thr adeyuac) ur
i inadryu:+cy uf the value uf thr proprrty murtgageJ ex to the u~lven~y or ~nwlvrncy of .aid nx~rtgagur ~~r thr Jrfrndrnt~. and that .uch
rrnl~. prufit~. mwmt, i~+ues, rnJ reveout~ ~h:dl hr apphed by ~uch receivcr accurJmg tu thr I~en uf th~. mungagr and !h~ prarl~~e nf wch
:uurt. In the evrrte uf any Jefault un thr part uf Ihe murtgagur h~reundrr. tht murtgagur agrccy tu pa) tu the murtgagrr un demanJ a. a
rea~unablr munthly rental fur the premi+e, an amuum at Irac~ ryui~alem ta une-twrlflh i 11121 uf the aggreg;~t~ uf the tw~l.•e rtw~nthly
f imtallment~ payable in the lhen current year pfus the aclual amuunt of the annual tai~~c, a~~essmente. water rale,, anJ imurance premiums
f~~r ,uch year nu~ cuvered by 1hr af.xr+a~J munthly payment~.
9. "fhal Iu1 in tAe evrnt uf .?ny bre:?ch of thn mortgagr ur drfault un th~ part ~~f 1hc nwrtga~ur. ur ~h1 m thr rcrnt thal am uf ~;ud
; ,um+ uf monr~ hercin rrferrrJ ti~ hr nut promp~ly and futly p~iJ Kith~~ut JrmanJ ur nuUCr, ur 1~ 1~n thr r~~nt th:~t rach and rvrn thr
~ .tipul:~t~un4, agrermtnt~. rundh~+mti. :?nd cuvenant. of caiJ note and Ih~c m~xtgagr. arr nat dul~. prump~h. and full~ prrt~~rm~J: then ~n
! r~thrr ur any such event, the saiJ aggrNgatr sum mentiuned in wid nute thrn r~ma~nig unpa~d. w ~th intrre.t accrurJ tu that hm~, and aii
rrw~nr~..ctiureJ hereby. .h~ll hr:ume dur and p~yaMr furthw ~th. .~r thrrr~fter_ at the i~ti~in oC,.ud murtiagre. a~ full~ and ~i~mplctely a~
if a!I uf thc wid ~ums of rtx~nry were unginall~ ~tipulat~J to t+r paid un .uch Jaj. amth~ng in .s~d n~u~ a~r tn Ih~~ nx~rtg:~gr t~~ thr cumr~ry
natw~thstanJing: and thereup.m ur thrreaftrr. at the ~.phon uf wiJ nwngatrr. ~~ih~~ut nuucr or demanii. .urt at law ur ~n eytn~y. rtwy t+r
pr~»e~u1rJ a~ ~f all muney+ x~uretl hrreb~ had matur~tit pnur t~~ ~t~ in+t~tuuon. fhr rrwrtgagrr m.i~ furc:luu thi~ murtgag~, a~ t~. the
~muun~ ,u Jrrlarrd due :~n~l payahle. and th~ wid premi~e~ ~hall hr wW tu ~autif~ and pay thr wmr tugrthrr with cu.t,, ~~Fxn.e.. ~nJ
AIIUNan:r~. In cax ~~f parUal furccl~nure uf th~~ murtgag~. lht m~~r~gaged prrmi,e+,hall bc wld wh~ctit t~~ the cunUnu~ng hen uf tA~s
rrx~rtgagr f~~r 1hr :~muunt uf Ihr JcM nut then dur .~nJ unpe~J. In ,uch cs~r thr pru~i,i~im ~,1 thi, p.~ra~raph may again hr a~adrJ of
thrrraftrr frum t~mr tu tim~ hy the mo~tgagec.
IU. I hat ~hc nx~rtgc~gur w ~tl givs ~mmcJi~~r nunc~ hy mail tu thr rrx~rtgagee ~?i an~ rumr~.~rkr. tran,irr. ur changr uf u..n~nh~p of
~he prrmue,.
; 1 1. fhal nu w:~nrr ..f any~~q.rn:int hereip ur oi ~he oMigatwn +ccurrd herrh} .h~~l at any timr thrreaftrr hr hrlJ to t+r a.?a~vrr uf
the term. hrreuf ex uf thr ruilr ~Yr~ hdlby,
` 12. fhal ~f the murtgaKur Jefa6lt iA any uf the tavenants or ~greement, cunt.~~nrJ herrin. ~x ~n .a~d rx~te. then the murtgagcc may
~ ptrfnrm Ihe seme. :?nJ all r~prnJhure. ~~n:luding reacor?ab~e attomey's fec~l maJr h~ thr m~Ktgagcr in ~u doing tihall draw mterest at tAe
` ratr .r1 fiuth in the rx~te ,rcureJ hrrrh~, anJ thall t,e repayablcimjnediate(y anJ w,thout Jemand by the rtwr~gagur w the mortgagee, and.
tugether w~th interest anJ ants aceru~ng thereun. ~ha~l t+e secured by thi~ Inortgage.
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