HomeMy WebLinkAbout0921 2. "I~ha~, in ~xdtr nwrt fu11y to protnt the cecurity ~?f ~hi, m.x~sagr. ~hr nwrtdag~~r. tugrthrr Mun. :uH~ i~ .~.~.i~uun t.~, tnr ~wn~ni~
payment. under ~hr trrms of ~hr note .r~urcvl htrrhy, un ~hr Iir.1 Jay ~~f ea~h inunth until tht wid rx~tr n fuU)• p:ud. will p~y ta tfir
nwrtgagee thr lullnMing .umr. ~ ~
(al An arrn~uot +uffxieni tu pruviJe the hotdrr hera~f N•ith funds to pry ~he next rtwng:+gr insurance prem~um if thi~ inctrun~ot and
the note u~ured hrreby are inwred, cx a mont~ly chargt lin lieu of a rnortg:~ge insurante ~premiiim) ~f they are~hrld by Ihe
ticcrc~ary of Huwing and Urban Development, ~s fuUoW.~
11) It and w tung as ~aiJ note ~~f even date a~xf thic ~nstrument are imnred ar are rrin+ured under thr Drovi:iuns of lht
National Nou~ing Act, an amount wfficient to uucumulate in Ihe hand~ of the Ix~lder une 11) montA prio~ to rts dur Jate Ihe
rnnual mo~tgage insuranct premium, m urdrr tu pruviJ~ ~ikh hi~Wcr ~~th fundt ro pay wch prrnuum to the ~retary uf
Huusing nnd l;rban [~vtl.?pment pur+uaot tu thr Nuu~mal Nuwing ~ct, s. amenJrd, anJ ;?pplwable Rcgulat~uns
thrreundr~: ur
1111 If anJ v~ lung a~ .:~iJ nute .~f avrn date and ~hi. instrumcnt are hrW by thc Secretary of Howing arni Urban Developmrnt,
a moMhly chargr 1~n lieu a murtg~gr inwrance prtmiuml ~Ahi.h ,h:Jl br in an anxwnt ryual tu one-tweli~h 111121 of
u~r-half lszl per centum uf th~ averagt uul.itanJ~ng balarn:e Jut un tl~e note cumputtJ N~ith.wt ~ali~g inlo acauunt
Jelinyuencirs ur prepaymrnts;
(b) A sum equal to the gr~~urx1 rentti, if any, net~ dua, pluc the' pramium. that will nrxt become due ~rxi payable on policie+of firt
aix! uther hazanl-inwra~xe cuvenng the mcxtEaged propeny, plus laxcs and assessmentc nrxt dur on thr mungaged property (all
as estimated by the mortgageel less all sums already paid lhe~efor dividid by the number of mwuhs tu elapse before one mumh
e
pnor to the J~Ne when ~uch ground ren~i, promwms, taae+, and a.sec+mentt will become de!inquent, such wms to be heW by
mortg:~gee in trust to pay taid gn.und rents, premiums, taYCK; and ,pecial a.~+tsamena: and
Ic1 All payments meMioned in the two prxeding subuctions of this paragraph and aU paYments to t?e ma~fe under tht note secured
hrreby shall be added tugether and the aggregatr amount ~hereof shall be paiJ by thr mortgagur rach month in a singlr paymrnt
to be applieJ by the mortgagee to the following items in the order sat forth:
111 premium chargts under thr contract of irouranct with the Srcretary af Huu~ing and Urban [kvtlopment, or monthly
charge (in lieu of mortgaae insurance premiuml, as the case may br; •
(111 grounJ rrnt~, ta.~es, aise~sments, fire, arxi uther h~uard insurancr premiums;
(111) interest un the noce scti:urcvl hereby; and
(1~') anwrtization of the principal uf said nate.
Any drticiern:y in Ihe amouni uf wch a~reg~te m.mthly paymrnt .hall, unlew~ maJe guuJ by the m~xtgag.x priur tu the Jue date uf
the nr~t such paymrnt. cumtiwte an e~ent uf' drfauU un.ler thn mortgage. 7 hc murtKagre m~~ rullrrt a"late charge" nut tu e~cerJ twu
cents 12c1 far each Jullnr IS11 of rarh payment mure than tiftr~~ 1151 .la~~ ~n arre:u~ tu co~rr lhe extra ~a~nx in~ulvtJ ~n hanJling
drlinyutnt pay:~~enu.
3. That ~f the wtal ui thr pa~m~nt~ maJe by thr nwr~gagur urxler 161 of paragraph 2 pr~~tding +h.Jl ~~ce~d thr :+m~wnt af thr
p:~ymtnts actuall~ m~Je by thc mixlgagrr, for gruunJ rent~, tax~y anJ n~se~+mcnh and in~urance premiums, as thr .a~e m:~y br, wct.
excess at the option of the mortgagee, ~hall, be c~afited on subsequent payments to be made by the mortgagor, ur refunded to the
nwrtgaKor. If, huwrver. ~hr nwnthly pryment~ m:wlr by the murlg:~g~x under Ibl uf p~ragraph 2 prrced~ng ahall not be ~ufficicnt to pay
gruunJ rcnb, taxc~ a~xi a.+x~a.ment+:+nd iowrance prcm~um+. ac thc ca+e may be, wh~n thr wme shall brcome dut :~nd psyablr, thrn the
nwrtgagur ~hall pey to thr mortgagrr any amuunt nrce~sar~~ tu mal.r up the Jefni~nc~. on ~x lxfure the Jate when p•ryment uf .uch
gruunJ renh. taxc+. a~~»mrnts, or insurance premiums ahall be dur. If at any lime thr m~xtgagor shall trrxler to the m~~rtgagee ~n
accurdancr Nith the pruvisium .~f the nutr ~ureJ hereby, full paymen~ uf the rntire mJebtedne~. repr~~,ented thereby, the nwrtgagee
shall, in cumputing 1he amuunt uf such inJebtc~l~~. cr~iit to the accuunt uf the murtgagix all paymrnta madt unJer the prowsions uf Iu1
uf prragraph 2 hrreuf which tht murtgagre h~s not become obligutctil ta psy w thr S~retary of Nwuing arxi Urban Develapme~t a~xi any
b~lancr rrmaining in the funJ~ accunml:?tc~i under the pruvi.ium uf Ih~ ut ,aid par:~graph 2. If therr .hall tx a drfault urxlrr any uf thr
pruvi~iom of thi. mcxtgsge. rc~ulling in a public ~ak uf thr premitie+ cuver~til herchy, ur if th~ murtgag~e a~yu~ra~ the pruperty uthen+ i~
after Jefault. thr miutgagre .hall ~ppl~. at ihe timr ~~f thr cummrncrmcnt uf ~uch pnxeeJinb~ ~x at thc t~me the pruExr~y i~ uthrrH ~x
;xyuirrJ, thr f1:~I:1lKl thrn ra:maming in the fund+ accumulateJ unJer ihl uf paragraph prrcc~ling as a.;redi~ again~t th~ amuunt of
princi~l thrn rema~ning unpaiJ un.ler .aid nute anJ .h~ll pruFxrlp ~Jjwt any p~ymrnb uhich ~h:dl have hren m.+Je unJrr tul uf ti:+id
par:?graph. ~ ~
~3. That he w-ill pay all tax~-c, accet~mrnts, water rate.. anJ other go~trnmrnlal or municipal ~hargec. finr~. ~~r ~m~~~iuuns. fur ~~hich
provi,iun ha. nut t+een mad~ hereintkfurr. anJ in default thrr~~~f .he muttg:iec~ ma} pa~ thr .amr: and that hr ~i11 prun~tl~ drl~~cr thr
ufficial rctieipt. therrfor tu thr murtgagec.
5_ ~hat hr M~II ~rmh, cuinm~L ur ,utTrr nu a;~~te, imp~irmrnt. ~~r ~rtrrn~rauun uf .:iiJ pn~+erty ur any part ther~~f: anJ ~n thr r~ent
uf the fa~lurc uf thr mortgagur tu kerp thr huilJingti un ~aiJ premn~~ and thu.c tu be rrc~ted on tiaid prcmixs, or impruvrm~nt+ Ihercun.
in g~x~d rrpair. Ihe rrwirtgagee may mal;~ .uch repair, a. in ~I+ diu:retiun it m;n .lcem n~e+.ar~ fur the pn.~er pr~~er~auun therc~~f. and
the full anwunt of ~:~h and every w~h pa~ m~nt ,hall t?c immrdiatrl~ due and pa>`:~hle. and .hall t+e ~ured by thr lien uf th~~ nx~rtK~K~-
b. That he will paq all ~rx1 .ingular the cust~. charget. anJ expen,es. in~luding rr~sunablr la~yer's ~ee+. anJ cust+of ab+tractti of tiUe.
incurred or paid at ~ny time by the mcirtgagee t+ecauce of the failure on the patt of' the mortgagor prompdy anJ fully to pcrfi.rm ~he
agretments and co~~enants of said promiswry note and this mong~ge, and +:+id costc, chugez, arxl expenses ,hall be immeJiately dur anJ
payablr :~nJ sh•rll be xtiured by Ihr lien of thiti murtg~g~.
7. fhat he will A~ep the impru~emrnn now• rxn~inc ur herraiter erectctif un thr murtgaged pruperty. imureJ a. may Fk reyuire.l from
! time tu timr by the murtgager agsinst los~ by fire and uther hazardc. ca~ulaties, and contingenc~e+ in such amuunt~ anJ fur .uch p~nuJ~ ac
~ may ~ ny murt~tagee. anJ w~ll pay prumptly. when due, any premiums on such insur~rne for payrncnt uf w hich pru~niun ha~ oot
` been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the poticies and renewals thereof shall
! t~r hrld by mortgagce anJ havr attachetil thereta loc~ payable clausec m favur of and in fcxm acceptahle to the murtgabet. In event uf los+
E he N ill gi~e immrdiate nuu.;r b~ mail tu inurtgagee. ~rxi murtgagec may make pr.wf uf I~ns if ~x~t made prump0y by mongagur. anJ rarh
~nwrancr company wr?cernrJ hrrrby auth~xizrd nnd_J~rected to maAr paymrnt for w~h lu+. direYUy tu m.~rtgagee in.t~ad uf to
nwrtgagot and mortgag4r juintly, anJ the imur:?DCe pnxerl~, ur any part thercti~f, may t~e :+pplieJ by rrn?rtg:+gee at its uptiun e~th~r tu thr
re~l~ctiun e~f the indehtctilne~~ herrh~ ~tcurrJ or to the re~toratiun or rtpair af thc propertq JamageJ. In e~ent uf fureck?~urr uf thi~
nwrtg.+ge ur othrr tramfer of tidr a? ~h~ mortgageJ pn~?ert~ m e~tingui.hmrnt uf thr indeMeJnc~. xtiurrd hrrehy, ali nght. IiUc, an~
~ntere~~ uf the murtgag~~r in and tu an~ imuran~e polici~, thrn ~n force .hall pa.. tu the purcha~rr ur erantre.
~ K. 7hat the mi~rtgag~r m.i~. at any time penJing s~ suit upim this mortgag~. apply to Ihe cuurt ha~~ng jun+Jictiun thrrruf fur ~he
~ appaintmrnt uf a receiver. :,nJ ,uch c~~urt +hall forthw ith appuint e rn~iver of the prem~ses cu~'ereJ hereby all anJ .ingular, ~rnluJing all
~ :?nd .ingular thr ~nc~~mr. pr~ifit,. i~~ues. ~nd revenue+ fn~m whatever wurce derivrd, each anJ even• uf which. it hr~ng expre.sly
unJrntuuJ. hrrrb~ murtgag~til a~ if spec~fically sN forth and deseribal in the granling and hatfradum clattsc~ herrnf. anJ wch r~tir~~er
.hc~~l h:+~~e all ~hr hruaJ and rff~titice functiuns and powen in anywi+e entru~ted hy a court to a recei~cr. and ~urh appuimment .hall be
~ made hy .u:h court a~ an admiurJ ~~yuit} anJ a matter of aMulute right tu ~aid rtwrlgagee. :~nJ w ithuui rifercncc ta the adequacy or
~oadryuacy of the valur of thr pruprrl~ murtgagrd ix to the uilver?cy ~~r mwlvency of tiaiJ rrKxtFagur or the Jefcndent.. and that ,uch
rents, proht~, inc.rmc_ uw~~, anJ rrvenur~ .hall t+e applird b~ ,uch rzcriver accurding tu the lien uf thi~ nx~rtgage and thr practicc uf ~uch
court. In the c~•ent uf any d~L~ult uo thr part uf the rtx~rtgagur hrreunder. thc murtg:~gor :igrer+ ta pay~ tu thr mortgagrr un JemanJ as a ~
rea.~~n~hlr m~~nthly rental fi~r ~he p~emi.ec an am~~unt at leacl cquivalent to one-twelflh t II121 of the :iggrcgate of the twelvc rrx•nthly ?
im~allment. payable in the then current year plus the actual amuunt of ihe annual t:ue+. a.~essment.. water rate~. anJ imurance premiums
fur .ikh ~rsr nut cuvrretil hy the afcx~.aiJ munthly paymenb.
9. That lul ~o the evem i.f :,ny hrrach uf thi~ mortgage or Jefault an thr p:ut uf ihr rrx~rtg.~g~~r. ~~r ~h1 in thr rvrm that any uf .:iiJ
,um. uf muney hrrem referraYi to t+e n~.t promp~ly anJ fully paid without drm:~nd .~r nc~hre. ur 1~ 1 m Ihr r~r~t that carh anJ rvery the
.tipul.a~un.. agrerm~nt~, c~!i~dwum. enJ coven:~nts of ,aid nute anJ this murtgage. ar~ nu1 July. prumptl~. an.I fully prrfurmrJ: thrn m
~ ~~~hrr ur am .uch rvrnG the .a~J aggrtgate wm menuonrJ m said nutr then rema~n~g unpaid. N~th intere+t ac~ru~d R~ that ~imc. :+nd all
rrx~nry..ctiurcd herehy..hall heii~mr dur .inJ pay.~hle forthN ~Ih. ~x thrre:dtrr. at thc ~~+uur. uf ,a~d murtgagr~. a~ ful~~ :+nJ ri~mplrtel~ a~
- ~f al) of the .aid wmc uf rtK?ney Nere une~natl} ~Upulatrd In tx~ pc+iJ ~~n .u~h dn~. :~n~lh~ng in ~a~d ni~!e i~r ~n thi. nx~rtgagr the a~ntrar~
A nut~cith~tan.ling: anJ thtreupun ur thrr~alter, at thr upu~m uf ,a~d rrwrtgagre, w~th~~u1 notic~ or Jrm:?nd..iut :+t IaW ur ~n ry?uly. may hr
~s ~~n~cutr~l if all rm~nt ~+r~urc~1 herch~ had maturcd nur tu it~ in.tituti.?n. fhc rm~rt a c~ ma) f~xc~lu~r thi~ murl +•c tu thc
P Y P g" S" g: t, :
arrw~unt w Jtclared due and payable. ~nd the ~a~d pr~m~~r. ~hall t+r wld t~~ .atitify anJ pay the uimr tuFether with cu.t.. rt~xnsrs. and
all wen`: i•+. In c a t~al ~e'I ~ rr uf t~ m~xtgagr. thr murtgageJ premne. ,hall t~r .i~W ,uhj«t t~~ the c<~nunuing lien ~~f this
~ r~f~~i~~~~l~i~dur anJ unpa~d In w.h ca~r th~ pm~~~~um uf th~. pare_•r.~ph may a~,ain Fk a~a~lyd of
~ n~~Urr hy ma~l tu the murtgagee uf a~y cumr~.~rxr. tr.~n.fer. ur ch~nge of uwncr.hip i~f
~ ! ~
~ t . al no wai~
v_t~`i~f aTi>~n~ rr~n or thr ~+hligahun ~ecure.l hereh~ .hall at an~ umr ther~atter he hrlJ to tx 1tiJl~l'f UI
thr trrm+ herruf ~x of the m~tr ururrJ hrrrhy.
~ 12. That if Ihr rtx~ctgagur Jefault in :~ny uf thr :uv~nanh ~~r .~gre~mrnt+ cuntainr~l hrrein. .x ~n wiJ nute, then thr murtgegr~ may
~ perfurm thr wrtx, anJ all r~prndilurch 1~ncluding rrawn~hle au~~rney's (ee.l maJe b~ th~ m~xtgegrr ~n w du~ng ,haU draw ~nterc+t :+t the
~ rate trt forth in thr rn~te ~urrJ hereM. and tihall he repayable immodiatefy ~l~d with~~ut dcmand by the rtx~rtgagur to the rtxxtgagee, and.
WEjCl~1Cf KIIII ~nterest and c~n~~ ;~crwng thereun. chall t+e uwred by th~~ m~xtgagr.
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