HomeMy WebLinkAbout0862 ~nac. ~n uruzr murc ~w~y tc~ prcitctit !hr ~r~unry ut th~ti mutt~;.~gr. ~hr mui~X.~~ar. tugr~nr~ wun. :~r.u ~n auwi~~~~~ i~.. ~nc
paymrnn undtr ~hr te~m~ ul th~ n.ar ~~tiu~cJ hr~rh~, un th. tin~ .1.,~ .~1 ea~h munth until thr +aid nutr IIIII)' ~1:lIlI, MIII (~:1)' IU ihr
murtgagcc ~Ae ti~ItuN~ng wm~~
~al An anx~unl wtfkirnt to provide the hutdrr herrof Nith fund. to pay the nrxl mor~gagt imurance prrmium i(thi~ ~n~irumrnt and
the n.~tr secured herrhy are imurrd, ~x a momhly chaige i~n litu ~?f a m~xtgage imurance {xrmium) ~1 they are hrlJ by thc
1e~re~:try oi Housing and Urban ikvrlupmrnt, as foUow~:
(11 If and w lung ac ~aid nute of even Ja1r anJ ~his ~nstrument are ~nsur~J o~ are reimurctil undrr thr nruvi~iun~ ot~ the
Natiunal Housi~g Acl, an amuunt wfiicient ta accumulate m ~he hands oi the hulder une 111 month {xiur to its Jue Jate the
annual mur~gage-imuranct premium, in urdrr tu proviJr wch holder wnh fund~ tu pay wrh prrnuum ~u thr Sct;rciary uf
Hausing and Urb~n l~vetopmrnt pur,uan~ to ~he ?~atiunal Hc~u~eng :~ct, r~ amrnJrJ, anJ applkablr Rrgula~~um
thereunder, or
111) If and so long a> >uiJ note uf eve~ Jate aixi this in~trumrnt are hrW by the Secretary of Hou.ing anJ l~~t+an Ikvetupment,
a nwnthly charge tin lieu ot a murtg~ga in.ur:~~~r prrmiunU whe~h .hall Ar ~n an ~ms~unt ryual tu unr•twrlfth ~I/121 of
une-hulf 1%`~ 1 per centum of the average uut~ta~xi~ng balarn:e due un the outr wmputnl N•ithout taAing into a.~cuu~t
delinqurncie~ ur prrpsyments:
tb1 A wm ryual to the grournl rcnts, if arty, next Juz, plus ihe prrmiumc ihat wil! nex~ brcomr due aixi payable un policies of fire
and ulher haz~Pd insutaACt C~ti~efing [h8 i~W~tgSgeA p~uptrty, plus taxes and assrssmrnt. nrit Jur un ~hr mixtgaged propertp lall
as astimated by the mongagte) Iws all sums already paid theref~ix dividt~! by the numbar uf m~nths to rtapx before one month
prior w ihe date when such gruurxl rents, premiums, taxes, anJ :n~e~smrnts will t+ecume delinyurnt, iuch tiums to t+n c~ld by
nxirdagee in trust tu pay .aid ground rents, prcmiums, taxes, and ~pecial ~~,ments; and
Ic) Alt payments mentioned in the two proceding subsections ot this parag~aph and all payments tu be made uneier the rtote securrJ
hrreby +hall be edJeJ toge~hr~ anJ the aggregate amount thtreuf ~hall be paid by ~he nxxtgagor rach munth in a single psynxnt
to tK applird by the martgagze tu the fullowing items in the orJer sit forlh:
tll premium charge+ under the contract of insurance with the Secrrtary of Hausing and Urban l)eveMprr~rnt, ur rrn~nthly
charge len lieo uf mcx~gage ~nsurance pramiuml, as thr case may be;
l I11 grounJ reoty taxe~, assrurt~ents, fire, arxi othrr hacard in+uran~;e premium~;
U 111 int~rrs~ on thr note ,ecurctii hereby; and .
UV) amorlir:uion of the principal of wid notc.
:\ny driiciency ~n the anwunt uf ,uch a~regaie munthly pa~mcnt .hall, unlr.~ m:?Je g.Hx1 b~ ~hr mortgab~K priur t~i th~ Jur datr uf
the nt~t ,uch paymrnt, cun+~itut~ ~n ~vent uf default unJrr thi. murtgagr. fhc murtgagee may wtt~tit a~ latr ~hsrgr" nut W r~cr~yl twu
crnts 12c? far ~ach ~kdlar 1511 uf c:a;h p:~ymrnt morr than fiftr~n ~ays in arrr:u, t~~ cuvrr the e~tra t~~em~ im•uh~ti! in ha~Jling
drlinyuent paymenl+.
z. "~hat if the tol•al of th~ p;tymrnt~ made by the murtgagur unJer Ihl uf paragraph 2 prctieJ~ng ~hall cur:J thr anwunt .~F the
paymrnts a~tually m:x1e by the n~urtgagrr, fur gruunJ rcnt+. la~~~ anJ a»rument~ ~nJ inwran:e premium~, aa thr ~ax may be, ~uct~
excess at the optiua of the mortgagee, shall, be c~editnl on sub6equent payments to be made by the mortgagor, or refundcd w the
murtgagor. If, huw~vnr, thc nwnthly paymenu m:rl~ by thc murtgagur under 1h1 of parsgraph 2 pr«e~ing ~hall n~t be sufficient tu p~y
gruunc! rent~, tst~~ ;~rxl ;~,.x-++mrnt+ anJ imur•rncr prrm~um., a, tbc c;?se m:iy br, when the wme ~hall t?r.ume Juc ~nJ pay:~bk, then the
m~xlgugor +hall pay W thr mungagrr any amuunt n~ticvary tu maAr up the deFiciency, un :x t+eforc the Jatc Nhrn pa~mrnt of wch
grourxl rrnts, taxr+, aa~ssments, ur inwrancr pr~mium~ ~hall (?r Ju~. (f at any Iimr 1he murtgagax shall tr~xier w thr murtg:~grr in
:+cwrJance with the provi?iun+ uf thr nute ~rcureJ hercby, full papmem uf the rnt~rc irxiebt~lnc~s rrpr~yenteJ therrby, the murtgagrC
+hall, in cumputing 1he xmuunt of wch indeMrdne~.~. crc~lit tu Ihr accuunt u( the mixtgag.x all payment, maJc under the pruvuium of lul
uf pa~agraph 2 hereof which the mortgagrr hs~ nut l~cumr ubligatrJ t« pay w thr Sc~.retary uf Huusing anJ l:rban Dr~•rluprrnnt a~xl any
hala~ce rem~ining in thr fund. arrumulatr.l urxier Ihr pruviuum uf I hi uf .aid paragraph 2. If therc ~h:Jl hr a drfault unJer :my uf the
pr.~~i,iuns of this murtgag~. re,ulting in a puhlic ,alr uf thr pr~mi~~-, ~over~~l hereby. ur if th~ m.xtg:igre a~'yuire~ thr pruprrty uthrr~?i~e
aftrr Jefaul~, the murtgager .hall appl~. at Ihe timr uf thr cummrnc~mrnt uf .u~h pnkerJing. ur at thr ~imr thr pruperty utherNise
:xyu~rrJ, thc bal~rke thrn remaining in the fund, actumul:?trJ unJrr ~h~ uf paragraph prrcrJing a, a ~rrJ~t agaimt the amuunt of
principal then rtme~ning unpaid urxlrr ,~id nule anJ ,hall pro~rly aJjust any pa}~ments which shall have i+rrn madr tmder Iu1 ut~ .aid
{+aragraph.
-i. rhut br uill pa~ all t~~c~. a"e~timrnt., ~at~r rau~. anJ oth~r gu~rrnmrmal ur municipal rhargr,. tinr,. ur im~x~.uiom, fur ~.h~th
pruv~.iun ha+ nut tken maJe hrrr~ntnfore, and in drlault thrr~v~f ~hr murtgaKrr ma~ pay the ,amr: and ~hat hr w~ll prumptl~ drlnrr the
utlicial rct:~ipt~ lherrti~r tu thc muttgag~c.
t. "I hat h~ Nill permh. rummil. ur ,ufl~~r nu.+a,~r. impaument. ur.lrtenui:u~un ~,f.a~d pr.~rty ur an~~ p:~rt ~h~reuf: and ~n th< <.rm
ut Ihr failure of thr nwrtgagor tu lrrp thr build~ng~ un wid premis~, and the~u tu he er~YtrJ .m +aiJ prrmi~r., i~r impro~rment~ thrrcun.
in g~xx1 repair, the mortgagee may make sueh repair~ as in it+ diceretinn ~t msy drem nc~r~,ary fix th~ pr~~rr prr+tnatiun thrrcuL and
thr futl anxwnl of each and ever~ wch payment .hall hr immediately due and payable, anJ shall be xtiur~~l by the lien of thi. m~~rtga~.r.
6. l hat he N~II pay all anJ ,ingular thr ant,, char~r., anJ e~prnxy, including rcasunable Irwyrr'+ fee~, 3nJ ~ust~ of :,b,tracts uf ~idr,
inrurrrJ ur paid at :?ny timr hy thr murtgagen c~tiautr uf thr failure un the part of thr nxxtga~tur ~romptl~ and fully to prrfi~rm the
agrremrn?, arxi .uvrnant~ ~~C wiJ prumi..ury nu~c anJ thi. murtgagr. and ,a~d c~xls. chargr+. arxt r~pemcy ~hall t+e imm~d~atrly Jut and
pa~aMc anJ ~hall t+r ucurcJ b~ the lirn of thic m~xtgagr.
l hat hr KiII {~Cl'(1 II1C' ~mpr~«rm~nt. nuu eii~tingor here~Rer errcte.! un Ihr mungagrJ propert~. imur~J as ma~ tx r~~yuir~rl frum
ume tu umr h~ thr rtx~rtgager against Ic».~ by firr :+nd uthtr ha[arJs, casulaeiec. anJ cuntingencie, in .uch arrn~un~, anJ ta~ ,u~h prriuJ. a~
ma~ br rrymr~~f hy murtgagre, ~nJ ~ ill pay prumptly, when due, any prrmium. un such insurance fur paymrnt ~~f ~~hkh pr.~~ ~~iun ha. nut
been made here~nbefore. All insurance shatl be carricd in compaoies approved by mortgagee and the policies anJ renewals thereof shall
hr helJ hy murtgage~ and h~vr atta~h~-J th~retu t~n~ payaMe d~u,c~ ~n fa~or uf and in fixm accrp~ahle ~a ~he rtx~rtgagec. ln c~~n1 uf lo~s
he will give immediate notice b~• mail to murtgagee, and murtgagte may maAe pnwf uf lin, if ~x~t madr prumpU~ hy mungagur. anJ rach
~n,ur;~rn;e companq c.~ocernrd is hereby author~r.ed and dirnlrJ w m~ke pa~•mrnt For ,uch lons dirrcU} tu m.~ngagee inctead uf tu
nw~rtg:igur anJ murtgagrr juinlly. and thr inruran~e pr.keeJ,. ur an~ part th~r~r~f. m;~>' t?~ :~phed h} nwrtgagrr at it, optiun cilhrr tu the
rrJuctiun uf the indcbtrdnr„ hrrrh} ,rcurrJ ur to thr rr,t.Kauun ur rrps~r of thr pru~xrly Jam:~grJ. In r~ent uf ti~r«I~nurc uf th~ti
rrh~rtgngr ur uther fr.~n,frr of tidr to !hr morlgagrJ pn~ierty in rvtinguithmrnt uf the irxlehtealnr,. xtiurcd hrrrh~. :~II ngh~. titlr. and
~nterr~t uf thc murtg:~gor ~n anJ tu anp inzurance polic~e. then in force ,hall pas~ to thr purcha+er ur grame~.
x. I hat ihr rtx~rtgagrr ma~_ at any timr penJing a>uit upun thiti murtgagr, apply to !he cuurt having ~un..i~rtiun thrrruf ti~r ihr
epExuntmrnt uf a rc~eivcr. .inJ wch iuurt .hal1 Gxthwiih ap~x~~nt a rrceivcr of the premi,e. co~rred hrrch~ ;ill :~nd ,~ngular. ~n:luJiog all
nnd .ingular ~he ~n.umr. prufit., i~.ue.. anJ revrnue~ fn,m whatever wurce Jenved, each arni evrr~ ~~f Khi.h, it t+r~ng r~pre.~l}
under.tu.x1. herrhy murt~agr.t a. ~f .pciitic:Jlt .rt (arlh anJ deknt~ctil in the gra~Ung anJ hat~rndum clau.r, hrrcuf. anJ ~tkA receiver
,ha!! ha~r ell !hr bruaJ .enJ c1~~-~t~~r funcU~~m .~nd p~~Nerti ~n ~nyu ~~e rntru~ted b} a cuurt tu a rece~~er. ~nd .uch appu~ntment .hall t+e
maJe hj wch cuurt a~ an :~dnutlyd ~~yurt~ anJ a m~tter .~ti at~.~~lutr right tu ~aid rtu~rtgagrr. and HittKwt refrrer?.r t~~ the aJrquacy ur
inadeyuacy uf the ~alur uf thr pr~~prrt~ murteagrJ cx lo the wlvency or ~n~utvrncy uf ~aid rrkxtg~gur ~~r thr drfrn~rnt~. ~nd that +uch
rrnh, profib, mcumr, i~w~y, anJ rrcrnu~~ ,hall t,~ applieJ hy .uch receiver accurJ~ng tu the lirn uf th~~ murtgagr anJ thr pracU~e ~if ~uch
, :uurt. In the cvent uf aoy Jefauh un thr part uf thc rtx+rtg:~gur herrunJrr. thr murtgagor agrr~~ tu pay tu thr murtgagrc un drmand a~ e
rea+unaMr m~~nthty rental fi~r the prcmi~e~ an amuunt at leatit rqurvalem tu ~~ne-tNetRh f 1/12t uf the aggrrgatr ~~f the (M~IL't rrk~nthly
1011'd~~filCAh PAy:1~1~C In IjlC IllCO l'UfIC?Il Vt37 P~l1t (fIC aClU:l~ :itilUUllf Of IfIC aflllUa~ 1dAC1. a.~1tS1fIlCDlti. M~BICf f:IIY~.:fO~ IfIt4iAfll'l ~1fC(tl1U1775
fur .uch y~ar not cuvrn~J hy thc rfarttia~d munthly p~~ mcnt,.
9. fhat (ul in Ihr r~rnt uf an~ br~ach uf thi~ murtgag~ ur d~faul~ un thr p;~rt uf th. ~x~rtgagor. ~~r 1ht +n thr r~cnt ~h:tt anc ~~f ..~~J
.umc ~~f muney bere~n referr~til F+~ n~~t prompU~ and fullp paid without dem.~nd u- ~uurr. ur Irl in thr r~rnt th:~t e:ich and evrn thr
+upulstiun.. agrrrment~. cunJw~~n.. anJ covenant+ uf eaiJ nae anJ th~t mixtgagr, :ur nut dul~. prumpUy. and iully prrfurm~d: thrn m -
eithrr ur ,~n~ ,uch crenl. thc +a~d a~rrgate ~um mrnUunrJ in ~a~J nutr ~h~~ remain~g unpa~d. w~th intrrr.t acrrurd to th:u t~m~. arxl a1!
' munr~, ,riured herehy. ~hal) he:~~me dur anJ pa}ahk forthH hh. ~~r ~hrrraftrr. at thc ~~+tiun uf,aiJ m~atgagr~. a. fully and ~omplc[cly a~
~f all ot the ~a~J wmc of nx~ney .+ere ung~nalh ,tipulatrd tu tk paiJ ~m .uch .la~, emth~ng in .a~J nut~ ur in th~. nr~rtg:~gr t~~ Ihr :un~rary
notMith~~anJ~ng; anJ thereup~~n ur thrrt~ttrr. at the optiun uf.aiJ m.+r~ga~rr. Ki~h~rut nutire ur drm:+nJ..uit at !aN ur ~n rytn~~, ntay be
pru,rcutrJ „ if all rrx~ne~•ti ,e~ure.i hrreh~ haJ mawnd pnur ta it. in.Uwti~~n. 1 he mixtgagrr ma~ tixril~~.r th~. rtxttt~aEc. t~~ the
arn~~unt .i~ JttlareJ due rnd pa}ahle. and thr ,aid prrmi.e~ .hall hr wld tu ti:iti~f~ aoJ pa~~ thr ,amr t~~grther ~ith cu~t,. t~prnk~, and
alluwance.. In ca~e uf part~al tiirecl~~wrr uf th~~ m~irtgage, th~ nwrtgagrJ pr~m~.e~ .h~ll hr vdJ .ub~ecl te~ 1he runt~nu~ng lirn af this
irn~rtgage ~ur [hr ~muunt thc Jrbt nut thrn Jur :~oJ u~pa~d. In ~uch i:nr Ihr pr~~vi.iunti uf thi, par,graph may a~ta~n ht a~:ulrJ of
therraflrr Frum timc tu lime by wi orlEagcr.
I(1. 1 h:~t Ihc nwrtgagtir rt ~l~~mcJ~atr nuticr by mail tu thr rrxrrtg~gee o( ~n~ w~.e~arnr. ~r.en.fer, u~ ~ha~gr ~~f ~~wnenh~p uf
thr prrmi.r._ . • .
1 1. iha~ nu waivrr of bt?5 ceyr~a~ fuJeln or uf ~he ~~hligatwn ~ctiurcJ herebq ~h~ll at an~ timr thrreufter he held tu tn a w~ner uf
lhe trrm, hcrcuf.x of the nott'Rewred heC~Ay..
I.'. fhat if the rtx~rtgagur default in aArpf'the cu~enaMs ur agrrem~nt~ cunta~nrd htrein. ur ~n ~aid rx~te, then the m~xtgager may
perfurm the ~ame. arxl all e~penJnure~ ~ incluJing reaSOnaWe aUorney', t~ee~1 ma~r hy thc m~xtg;~gcc in x~ duing +hall dr:~w interrst at the
rate cet f~xth in the nulr xcureJ hrreby. anJ ~haM f+o repay~bfe ~mmrdiately and wvthuut Jrma~d hy the morlgagur to Ihe rrx~rtgagee, and.
wgether w~th interest :+nJ ccnt+;~cru~ng thereon. ,ha~l bt iecurell by thi+ mortgage.
~~RK ~O3 ~A~ 86~
i ~
5 . s , ~
; ~
r~n~`~.
'
- _ ~
- - • ~ . =