HomeMy WebLinkAbout0872 payment~ undrr the term. uf ihr nutr +~tiuntit hrrrhy, un ~hr flr~t Jay uf rs~h munth until the ..uJ nutr e. lelly p.~iJ, :?~ll pny 1.? ~hr
n~ortg:yjre ~hr li?Ilu~vmg ,um~~
la) .~1n amuunt .ufhcirnt tu provide thr huWer hr~rof w~th funJ. io pay the ne!a nx~rtgage ~murancz p~rmium if thi. m.trumrnt and
the nute ~ecured hereby ar~ ~nwrrJ, ix u mu~thly charge lin lieu ~~f :i nxxtgage insura~e prem~uml +f ihey are Arid by ~Ae
Secreta~y ot Hau+ing urtd Urb:~n [~velopmtint. ati f~~llowt:
UI U anJ x~ I~~ng a: ,aiJ m~te ~~f evrn Jate anJ thh imuumzn~ are ~nwred ur are rein~urrd unJr~ the pr.~v~~iua. uf the
Natiunal Nousing Act, an amuunt cuflicient 1o accumulate in the har?dc of the huldrr unr 111 month priur to i~~ Jue Jate the
annual rrxxtgagt emurance premium, ~n urJzr tu pruviJr wch hulJrr w•ith fund, tu pay +uch prrmium ~o thr tircretary of
Nousing and Urhan Ue~N~~mznt punuan~ ~o the tiatiunal Nouyng A~~, a. amrndrJ, aixl :,pplkablr R~gulati~ns
thereunder, or
tlll If and u~ long a. wiJ nutr uf rven da~e and ~hi+ instrument are heki by the Secrc~ary of Huu.ing a~xi Urban Oevrlopment,
a monthly charge lin I~eu uf s murtgage ~mur.~nce ~rmiuml Nhich ,hall t+e in an anx~unt eyual to anr-tNrlfth 111121 of
one-half 1'~ 1 per cenwm ol the ave~agr uut+tanJing b:itsncr Jue un the note cumputed without taking intu a~uun~
delinquencit. or prep:i>mam~;
Ibl A+um equal to the gruurxi rent+, if any, next Jue, plu~ the premiums that wiN nzx~ become duo arxl payable on poticies of fire
arxi other hazard ~murarkr r~ivering the nxirtgaged pro{i~rty, plus taxes and asstssment. nrxt dur on eht mcxtgaged property lall
as estimated by the ~twrtg:.gre) less aU suma already paid therefor div~ded by the number of months to elapse before one munth
prio~ to ~he date when wch grournl rents, premium+, ta~e~, ~nJ ;~ve+sments will becume Jelinyuent. ~uch wms to be held by
mc~~+dagee in trust to pay ,a~d ground rents, pr~miums, 1aza, and ~pec+al asseumertts; artd
te) All psyments mentionai in the iwo preceding sut+xctions of' this paragraph a~x1 all payments to be maJe under the note +rcureJ
herrby shall tx addeJ together anJ Ihe aggrrgatr amuunt thereof shall be paid by the mortgagur each munth in a singlr paymtnt
to bt applied by the murtgagrr ~u the fulluw ing item~ +n the orJer srt i~xth:
IU premium charges undrr thz cuntrac~ i~f in,urance with the Secrctary of H~~u+ing and Urtwn l~velopmenl, or monthly
charge lin lieu of m~tgage insurance premiuml, :u the case may be;
1111 grou~xi rent~, taxes, a,~r~srr~nts, fire, and other hat:uJ insurance prrmiums;
!!II) interest on the n~~te ~ecurrd her~by; and
U~') amortization of the principal of said note.
:1ny drfkiency ~n the amuunt ut~.u.h a~reg~te monthly p:.ymrnt ,hall, unirt+ made guuJ hy thr nuNtgagur priur tu the due da~r uf
the ne~t ,uch paymrm, con.titutc an event of Jefuult undrr thic mungagr. Thr mongager may cull~~it a~latr charsr" nut tu r~c~rJ twu
cents 12c1 fur esch dullar lSl ~ ot r:Kh pr~mrnt murc ~h~n fiftern 1151 Ja~, ~n arrrars tu c.~~er ~he e~tra rr~xn,r imu!v~tif in hanJling
JelinyuCnt payment~
3. Thet ~f !he lutal uF thr paymenb m~Jr by thr murtgagur undrr Ih1 uf pa~ag~aph ~ pr~~.rdmg .hall r~~~rd thr amuunt uf the
pay~mnt+ actually maJe by Ihr murtgagre. fur gruund rent> ta~r. and a,.evmrntt anJ ~muran:r prrm~um., a, the ca~r may be, wct.
eacess at the option of the mortgaget, shall, be credited on subsequent payments to bt made by the mortgagor, or refunded to the
nwrtgagur. !f, hov?•ever, 1hr rrwnthly paymrnt~ maJc b~~ Ihe moribag~x unJer ~b1 uf parrgraph 2 pn-crdi~g ~hall nut tx; wf'fi~ient W pay
gruurxi rents, t:?xes snd a,~e~+mrnh anJ ~n~urance premium+, a, the cax m3y t+r, Nhrn the vmr ,hall hrc.~me Jue anJ payabte, then the
rtx~rtgegur ~h:~ll pay tu the mortgagre :+ny amuunt n~tir~wi} tu m:~le up ehr Jrfic~zncy, un ~x t+rfurr thr Jatr Nhen payment uf ~uch
gruunJ rcms, t:+acw. a~+c~~mrnl+, or in,urancc premiums ~hall tk Jur. If at sn~ hmr the mwtgagur shaU terxlrr W thr murtgaget ~n
accordance with thr pruvisi~m uf the nute ~rcured hereby, full paym~m of thr enUrr ~ndcbtealnrss reprrsemeJ thercby, the murtg;+gee
~hall, in comput~ng the amuunt of su~h inJebtr.lnrtti, credit tu th~ account of ~hr mortg~giu all paymrns~ maJr under the provisions of (u)
of paragraph 2 hrreof whi~h ihr m~rtgagre ha~ nut t+~-come obligat~tii tu pay to the Sctirc~~ry• of Nuus~ng and Urban Drvelupma;nt arxi any
balance rrmaining in thr funJ, a~~umulatrd under the pri~vi.~om uf Ib? uf ~aid paragraph 2. If Ihrre ,hall t+r a Jrfault urxler any uf thr
pro~~i~iom of 1h~, murtgage. re.ulling in a pubtic .alr uf thc prrm~.c~ cuvercti! herrby. ur if thr m~Ntgagrr ~ryuire. the pn~+trty ~~thrrwi.r
:~ftrr default. the murtgagee .hall apply. a~ the Ume ut' thr cummcnrrntent uf w~h pnkreding, ur at the t~m~ the pruprrty i~ uthrrH ~cr
:?cquired. Ihe halance then rcmaining m thr fund~ a~cumuLited undcr 1hr uf p~ragraph prri~Jing a. a c~rdit again.t the amuunt uf
pnncip~l then rrm~~mng unpaid imdrr .a~d nutr and ~ha!! pruprrl~ .~Jju.t an~ payment, which ,hall hav~ tx~n made unJer lu) uf ,;?id
paragraph.
4. fhal he w~ll pa~ all t:?xe+, a~~e,~ment~. wut~r rat~~. :~nJ ~Hhrr gu~•ernmenlal ur mumc~pal charge., finr,, ~~r imM~~iuun.. fur Nhi~h
provision ha. not hrrn m:~dr hrre~nhrfurr, :end in Jrfault thrrcti~f thr murtgagrr ma~ pa~ th~ ,amr: and that hr w~ll prumptly del~~rr thr
offici:il rrcript. therefur tu thc m~~rtgagre. -
5. Th:it hr Mill prrm~t. ~ummh, ur.uffrr nu wa,tr. impainnc~t. ur detrnuraU;~n uf.:ud pru~xrt~ ur an} part thrnyif; anJ m ihrrvent
uf the failure uf thr rrnutg;sgu~ tu krrp thr bwlding~ un .aid prcm~.r+ anJ thu.r tu t+c rrctitrd un tia~d pr~m~tir.. ~u improvemenh ~hereun.
~n gooJ repair, the mortgagre may make sueh rrpairc m it+ ~ti,cretiun it ma}' deem nncy,:.ry for Ihr proprr prr~rrva~iun thrrcuf. and
the [ull amuunt of each and e~•ery such payment shall t.N immrd~ately Jue anJpayabl~, anJ ~hall br uti;urrd by thr lien uf ihi+ nwrtg~ge.
b. fhat hr wiN pay all ::nd ~~ngular the cu~t~, chargr+, and rtprn~e~, induding rra.unable law~er's fec~. snd c~~stsuf aMtraets uf ~itle.
incurred ur paid at any time b~~ thr mixtgagre t+ec~u~e uf the failure on the part uf the murtgagor promptl~ and (ullp to perform thr
agreements anJ cu~enant+ of tia~d prum~~.ury nutr and thn m~.rtgage. anJ +aid ccrn, chargr,. anJ rzprmr+ ,hall t•c emmrJ~~tely Jur and
p:~yable anJ ,hall t+e +rcurrd hy thr 6en uf th~s murtgagr.
, 7. Th•rt he w~ll keep thr impruvementc n.~w exi.ting or heresfter errcted un the mortgaged proprrty. ~mur~d a. ma~ he rcyuirctii frum
Ume tu time h~ the rrn~rtgagee againu lixs by fire and uther harards. casutatic~. anJ cuntingrncirti in ,uch ur?xaunh anJ ti~r w~h prriud~ a~
ma} be rrquircYf by murtgagre, and w~ll pay prompdy. when due. any prrmiums on wch imwam:e fur paymrnt ut~ whkh pmvi~iun ha. not
been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the polici~s and renewals thereof shall
be helJ by murtgagre and h:+ve attachrJ thr~rto I.n~ payablr cl~u~c~ in favur uf anJ ~n fe~rm acrrptahlr tu the rrx~rtgagrr. In ev~nt uf los~
he wiR eive immediatr not~ce by m:?il to murtgagee, arxi murtgagee may maLe priwf uf lu.t if nut madc ~«~~,~~t~ ny mixtgagur, anJ each
, ~nsurance company cuncerned is hereby authonud and d~rected to maAe payment fur auch I.rs direcUy tu murtgager ~mtrad uf tu
rnurtg3gur anJ m~xtgagee jo~ntl~~. :md thr imurance pnxreJ,. ur am part thrr~Y~f, m;n hr :+pphrd hy rrx~r!gagre at it~ uptiun eith~r t~~ thr
rrJu~uun ~~f the indrhtrJnr» herchy ,~tiurrd or lo thr re~tur.u~on ur rrpair uf thr pruperty Jamag~J. In r~'rnt ~d~ fure:lu.ure of thn
r?x~rlgage ur .uh~r tramfer of t~de a~ the mortgaged pn~?ert~ ~n e~tinguishmrnt uf the inJrMrdnr.~ .r~ur~~J hrrrh}, ali nghi, titlr. and
~nteretit uf th~ m~~rtgag.,r ~n ~nd tu any in,urance policie. thrn ~n (urcr shall pa+s to the purchacrr ur grantrc.
R. fhat thr m~~rtgagee ma~, at any umr prnding a cuit upun this mungage. appl~ tu the ~uurt ha~ing ~urnJ~itiun thrreuf far the
~pEx~intmrnt uf a rrce~~rr. and .uih cuurt ~hall f~xthw nh appui~t a rzceiver of the premiirs covered hereh~ all and .ingular. ~m:tudmg all
and .~ngular thr m.umr, prufih, ictiue,. and revenue~ fn~m whatever ,ource Jenved. each anJ every uf whirh. i~ heing cxpre+.ly
undrrsta~~l. iti htrehy m.~ngagrJ a~ ~f.pc~~ti~all~ cei furth .~nJ drunhc~i m th~ granting and hatxndum rlau+~r hereuf. :md ~uch rttenrr
.hall havr all !hr bruaJ anJ ct7ctt~ve fun:Uum anJ puwrr~ m:~n~w~~r rn~ru~tcd by a ~uurt t~~ a reir~~rr, and w~h appuintmrnt .hall bc
made h~ ,ueh cuurt a~ an a~mitt~d eyum and a msttrr uf ah.adut~ nght Iu ,aid nuntgagee, and u ilhuut refrrertcr tu thr adeyua~y ur
i ~neJ~-yuacy oE the value uf the prupert~ m~~rtgaged ix to thr wlverx:y or in~uh~cncy of ~:~~d rnurtga~ur .~r tht JefrnJrnt~, anJ thal wrh
; rent~, profits, incume, usue~. and rr~rnu~r ,h:~ll hr appl~~d h> ~uch rece~~~er ac:ording tu thr I~rn of thn murtgag~ anJ ~he {+rsc~i:r uf ~uch
cuurt. fn the evrn~ .,f any drfault un th~ part uf thr nwrtgagur hrrcunJrr, thr murtgagur agrerti io pay tu th~ murtgager .rn demand a. ~
rea~onrble mc~nthly rental for the prem~eec an amuunl :+t leact ryuivalent t~~ u~e-twelfth 11/121 ~f the aggregale uf Ihe twelv~ rrx~nthly
imtallments payable m the then . urrent qear plus the aciual :~muunt of thr aonual ~axcw. a~let,m~nt~. v.ater rates. anJ ~murance prem~um.
for ,uch yrar nut iuver~-~f by thr afurrwid monthly paymrnh.
9. 1'hat lu) in 1he tvrnt uf :~ny hrr:~.h of thi~ m.,rtg:~ge ur Jefauh ~~n thr part „f the rtr~rtgagor. ~x sh1 in thr e~rm th:~t any uf wid
wm~ i,f money herein referreJ t~, hr not promptly and fully p~uf Kilhi~ut drmand ur nuticr. „r ?~n thr r~cnt ~hat ra.h and rven thr
.hpui:~uun.. agrermrnt.. :i~nJitiun.. anJ curenant, ~?f ca~d niNe anJ thrn m~Ntgage. art nut July_ rrnrtiptlr. anJ futlq prrfurm~d: thrn ~n
' r~thrr ur am .uch evrnt, th~ ,a~J ~gKregate +um mcnt~~ned ~n,a~d nute Ihen rcmaimg unpaiJ, w~th ~ntrrr~t arcru~d tu that 1imr. anJ :~11
! rrHmrp..~~urrd hrrrby..h:Jl hec~~m~ Jur and pa}:~M~ Curth~arth. or thcrrafter. at thc ~~tiun uf.a~d murtgagrr, a~ tidl~ .~nd cumplctrt} ;i~
if all c~(lhe w?iJ ,um. c.f rtkmey were ~~ngmaHt .Upulatrd t~r t+r p:~id ~~n tiuch J.~?, anyth~ng in ~a~, q~~iC ur in thi. nH,ngegr 1~~ the ~antr:~n
notw~th~tanding; anJ thercu~xm ~ir thereafter..+t th~ i.puun af sa~J rtx.rtgagre. wnhuut nuucr ur demand. ,un at la~ ~a in ryu~t~. ma} tx
pr.~.ecut~J a, if all nwney. .<zurr.i hereM haJ maturrJ priur tu h. imt~i~Uun. 7 hr nx?rlgagrr ma} furrcl~~.r thi. m~~rtgagr. a~ a~ thr
artx~unt .o dr~lared Jur and pa}ahlc, anJ thr .a~d prrmi.r. ,hal! tx wW a~ ,a~hf~ anJ p:?~ Ihr ~~mr t~~grlher ~~th .u~t.. rtprncr~. and
allow~nce.. In .ax uf panial ture~lu,ure uf thi. m~~rtEa~r. thr martgaged prtm~u~ ,hall he v~ld wh~rct t~~ the i~~nUnwng I~en uf th~~
murtgagr fur thr amuunt of thr Jeht nat then due an~ unp.ud. In .uch r,~~~ thr pn,~„wm uf thn p;?ragr.~ph in:+~ agam t+~ ~cadrd uf
thercafter frum tirr~c tu t~me tip tihr murtgager.
10. fhat thr r?w~rtgagOr aill ~iv~mmrd~ate nourr by ma~l tu the murtg~gee :~t an~ c~~me}an:r. Iramfrr. ~~r changr of uwnenhip of
the premi.e..
t L fhat nu N:uvrr of a~ ~Jet~u hefqtn ~r ~~f thr uhl~gaUnn ~atiur~d hrrrh~ ,hall at :~m tim~ thrr~aflrr be h~IJ tu tx a waw~r uf
thr trrmti hrreof ur of thc nott x4 re~j hef~D~. •
12. i hat ~f the mur~~;agur dr{aull ~h any of ~qe cA~Fnant~ ~~r agrrem~nt. cuntaenrd hcrcin. ix ~n w~d nute. thrn ~hr m~Ktg:.grr may
perform the wmr, arxi all eiprnJhureS (iixluding re~wnaMe'~iturne>". fer~~ maJr h} thr murtg:~gee i~ w duing ~hall draw mterest at the
' rate ~et fixth in the rx~1r +ecurrJ hereby. aaJ shall be r~a~able ir~m~xl~atel~ anJ K rth~.ut JrmanJ hy the mur~gagor to the nwrtgager, anJ.
~ toge(her witb ~nterest and co,ts accruing ~hereun. ~ha11 bbsecUFed hy th~~ murtgage.
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' ~ . - BOOK ~03 P~f~f ~ (
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