HomeMy WebLinkAbout0926 v. .u. u..~ ~~~u.~u n~~~~.~, vu n~~~ ua~ u~ ~u~n ' _ . r • "
muri~.~gr~ thr f.~Uu~~ng,um~:
lal An anwunl ,ufti.:irnt lu pruviJe ~hr holder htreuf w?~h funJs tu pay thr nrtit murtgagr inw~unct prrmium if this inatrument anJ
thr notr .ecu~rJ herrb~ ara ia.urrJ, ~x a monlhly ~harge I~n li~u i~f a mor~g:~ge in~u~ence premium) if they ure held by the
~rcrcta~y uf Hausing and Urban Develupment, aa folluws:
11) If and w lung as w~J note uf tven date aixi this ~n~t~umra art imurc~l or are r~inaurc~! unJtr the Drovisiuns of tht
Natiunal Huu~ing Act, an amuunt sufTir~ent to accumulate ~n thr hanJs of the hulJer onr Ii) munth priur W its due date thr
annual nwngage inyuran~:e premium, in urdar to pruviJr ~uch holder with fund. to pay wch pramium tu tf?r ktiretary af
Nau~ing and Urban [kvtlopmr~t punu~nt to Ihr Natiunal Huu.ing Act, as amrnd~J, anJ applicable Rrgulauons
thereunJc~; ur
1111 If and so long a~ said note of evrn date arni thi~ instrument arc held by thz Scr:retnry of Huuung aod Urban ikvrtopment,
a monthly chargr lin lieu ui a mortga~e imurunce {xemiuml which chalt t+e in an :imewnt rqual to uRe-tweltth 11/12) uf
unr-half 1!a) prr ezn~um of the average uutstarxiing halance Jue un tha nute computeJ without taking into avcount
delinquencies or {ucpayments;
Ibl A wm equal to the grournf rents, if any, next due, ptu~ tAe prrmiums that w~ll next btcome due aixi payable on polkies uf fire
and other hazard insn?eneaco~king thc mortgaged-pr~pery+, plus taxes and assossments next duc on the mo~tgaged p~operry ~all
as estimated by the nwrtgagee) less all sums already paid thercf~ divided by the number of months to elapse betore one month
priur to the date when such ground rents, prcm~ums, taxes, and a~escmrnts wi!! becumt delinquen4 such sums to be heW by
erxx~gagee in trust to pay said ground rents, premiums, taxes, and ~pecial asse~cments; and
(c) All paymenu mentioned in the two pretieding subsrctions of this paragraph and aU paymeots to be made under the nofe•secureJ
hereby shall be added tugether and the aggrtgate amount thereof shal! be paid by !he morlgagur each montA in a single payment
to be app6ed by_the mortg3gce to the f~lluw~ing itertu in the order ut forth:
IU premium chargcc unJer the contract of insurance with the Sccrctary of Housing and Urban Deveiopment, u~ monthly
charge lin heu of mortga~e inwrance premeuml, as 1ht cax map bc:
1111 g~uund rentc, tax~s, ai~essments, fire, arxl other hazard inwrance premiums;
11111 interest on ~he note secured hereby; and
11 V? amortizauon of the princ~pal of said note.
-iny defkierky m tht antount of +uch aggreg~te m~inlhly payment ~hall, unl~h~ maJe go~K1 by the mcxtgagcx priur to the dut date of
the ne~t wch payment, con,tiwte an evrnt of default unJer lhic mortgage. ~fhe m~xtgagee may collect a"late charge" not to rxcred two
cznts 12c? fur each ~k~llar ~SI1 of each payment more than fifteen (151 day~ in arre:u, to cover the extra e~pen.r invoh~ctii in harxiling
drlinyurnt paymznis.
3. Thal if the total of the p•rymrntc maJe by the mortgagor uader IFI of paragraph 2 precrding ~hall exceed thr anwunt of the
paymint~ actuall}• maJe hy the m~xtgagee. for grounJ rent,, taxet and a+secsments anJ in~ur~nce prrm~amti, a~ the ca.r may be. ~uct.
eacess at thr option of the mortgagee, sAaU, be credited on su~soquent payments to be made by the mortgagor, or refunded to the
mortgagur. If, huwever, the monthly papmrntc maclc by the mongagor under 161 of paragraph 2 preceding +hall n~~t t?e cufficitnt to pay
grournl rrnt~, ta~ec arn1 a.cecsmentti and in,urance premiums, a~ the case may t+~. N hen ~he same ~hall t+ecome due aixi payablr, then the
rtwrtgagur +hall pay ta the mortgagee any amuunt necescary to make up Ihe Jeficiency, on ~x t?rfore the date when payment of such
grounei rent,, taxec, accec.me~tc, or insurance premi~ms shsll t+e Jur. If at an} ume thr m~xtgagcx shalf tencier to the mortgagre in
accurdance wilh thr provisions of the nute srcurrd hereb}•, fidl payment of the rntire indrbtctiin~~s represented therehy. ~he mortgagee
shall, in cumpu~ing the am~~unt of tuch indebt~Yines~, crreiit to the accuunt o[the mortgag~ aU payme~ts made under the provisions of la?
of p:+ragraph = hereof w hich tht murtgagee has nut t,zcome obligated to pay to the Secretary of Nousing and Urban Deveiopment anci any
t+alance remaining in the fundc xcumulatrei under the provisiom of 1/./ of .aid paragraph 2. If there shall he a default umier any of the
provisium uf thic m.xtgage, resuUing in a public ~ale of the premi~eti cuvered hercby, ur if the murtgagre acyuire+ the property uthrrw is~
after defaul~, ~he m~xtgagee shull apply, at the timr uf the cummrncemznt of wch pnkeeding, ur at the timr the property i. utherNisr
ncyu~rctif, the balance then rrmaining in the funJs ~crumetL~tad ~unJer ~hJ uf paragraph 2 pmcrd~ng :?s a crcYlit ag~imt thr amuunt of
princip~l then remaining unpaid under ,aiJ note anJ ~h•rl) propetly adju~t any payments which shall have btcn made under lu) of caid
paragrsph.
4. Ihat he will pa} all taxcw, a~.r.anunt+. water rate.. :~nJ ~~ther guvernmental ~v municip•rl charge., finr~. ur impi~~iuom. for uhich
provi,iun ha+ nut t~rn maJr here~nbcfore, and in default thercY~f the murtgagrr map p:~y thr ,ame: and that hc N ill promptly delivrr the
official rctiripts thrrrfur tu the mortgagrr.
S. That hr w~ill permi~, cummit, ur .utTer ~u u a~te, impairmeni, .u Jrtenurntiun ~~f .aid property or am~ part thereof; anJ in the event
of the failurr of th~ nwrtgagur w keep the builJings on wid premisrs and thu+r tu be rrrrled un .aiJ prrmicec. .x improvemenn th~reon.
~n go~xi rapair, ~he mur~gagee m:sy make wch repain as in iK discrction it may Jerm necrssary for ~he proper presrrvation ~hrreof. and
the fult amount oiexh anJ every such payment shall be immc~iiately due and payable. and shall t+e s~urtd by the lieo af this murtgage.
6. That hr will pay all and singular the ccxts. chargc+, anJ expenses, irx:luJing rrawnable lawyer's fees, and costs of abstcaets of tiUr.
incurrc-~f or paiJ st any time b~ the rtx~rtgngrr t+cti:ause of the f~ilure on the part uf the r?wrtgagor promptiy anJ fully to ~r(orm 1he
agreement. ~rtJ coti•enant~ of ~iJ promi..ury nut~ and this murlgagr. and ~:~id cint~, charges, arxi expenccy ~hall be immediately due anJ
payable a~J .hall be .ecureJ by the lien uf thi, mortgage.
7. fhat he will kerp ~he improvemrnts r~ow existing or hereaQer ercwttJ un the mortgagrd pruperty. insureJ ac may he requ~rcY1 from
time to time by thr rtx?rtgagee :ega~nct loss by fire and other har.ards, ca~ulaties, anJ contingenci~~ in .uch anx~untti ~nd fi~r ~uch peri~xls as
may i?e requirni hy mortgagee, and will pay prumpUy, whrn due, any premiumc i~n ~uch insurance fix paymrnt of which provision has not
been made hereinbefa-e. All insurance shall be carriad in companies approvtd by mortgagee and the policia and renewals t~ereof shall
t+e htW by murtg:~gee a~d havr ~tiacheJ Ihereto l~xc pryable dxuses in favur of anJ in form accepteble tu the mortgagre. In event of loss
he w~ll give immediate nutice by mail to mortgagee, arx! mortgagee ma~ male prcwf uflo+s if rwt made prompUy by mortg:~gor, arxl rach
insurance company rnncrrned is hereby authorized and directed to make payment fi~r wch ti~s Jirectly to rtx~rtg:~gee instrad of to
morigagor and m~xtgaga~ jointly, anJ the insurance proceeds. or any part Ihercof, may l~ applied by mortgagee at its option either to thr
reductiun uf the ~nJrbtrdnr.~ hereb} tic~ure~l or tu the rest~xatiun or repair uf the property JamageJ. lo e~ent uf fore~liriure uf th~c
mortgage or other tr~mier uf ~iUr t~~ the murtg~ged Fs~~rty in extinbuishment uf the ~ndrbtrJnrsc ut:ureJ hrrth}•. aN reght, tiUe. nnd
interetit of ihr m~xtgagor in .,nJ tu am insurance p~dicies then in force shall pacs to the purchaser or grantee.
x. That thr rtx~rtgagre may. at any time p~nJing a wit ujxm this mortgage, apply to the court ha~ing jurivlictiun thereof for 1he
appuintment nf rrceiver. and ,uch cuurt +hrll forthw ith appoint a re~eiver of the premise. coverrJ hereby all ~rxi tiingular, errcluJing ~II
~nJ ~ingular Ihr irxumr, profit+. ~titiue+, unJ revenueti from ahatever wurce derivrd, each and every of which. is t+e~ng eapressly
unJ~ntou.i, i. hrreby murtgag~tii a~ if specifically ~rt forth and described in the granting aod habendum clautie, her~y~f. and ~uch re:t~ver
tiI18II I13Y~ :III IFIC hf~):11J :l(1lI C~RIIYC' funct~un. ~nd puwer~ m any~vrise entru~ted by a cuurt ro a rrceiti~er. anJ .uch ~ppuiniment .hall be
m:~dr by ~uch .~~un a, an aJmilteJ ryui~~ and ~ matter uf at~x~lute right to sa~J mortgagee. and w ith.wt rrferrncr tu the adeyua~~ ur
~naJryuacy uf tAe ~alur uf the pruprrt~ murtgag~~l ~x to the wlvency ur mwlvcncy of tiaid rtx~rlgagur ur the JefenJrnt,, and th:~t ,uch
rems. prafits, incume. i.~ucy, arxl re~enur, ~hall t+e apptied b~• wch receivrr accurJing tu the hen uf thi~ rrwrtgagr :~nd ~he practice ut ,uch
court. !n the event uf any~ default un Ihr part uf thr murtgagor hereun~rr, tht murtgagur agrecy ti~ p~~ to the murtFagee un demand as a
reasonab~e monthly rrntat for the premices an amuunt at least eyuivalent to one-twelfth 11(121 of the aggregate of the tw~tve monthty
inslallrteents payable in thr then current year plus the 3ctual amuunt uf the annual taxes. :~tisevmrnts, w ater rates, and insurance prrm~ums
fur ~uch yrar not iu~ercvi hy the af~x~aiJ munthly paymentti.
9_ ~hat lu) in Ihe r~ent uf any t+reach af thic mortgage or default un the part uf the mortgag~~r, cx Ihl in the event that any i~f ~aid
sum. of munry herein refrrreJ tu t+e not promptly and fully paid without Jrmand.?r n~~tire. ~~r ~e 1 in thr ~vent :hai rarh anJ csrn Ihe
stipula~iuns. agrrrment.. c~,nd~uun.. anJ cuva;n;~n1~ of sa~J nWe anJ Ihi~ murtgage, ~re not Juh. prumptly, anJ fully perturmcJ: thrn in
eithrr ur an~ ,~Kh evrnt. ~hr .:ud a~regate ~um mrntionrJ in ,aid rote then r~mainig unpaiJ. H~th in~rre.t accrueJ to ~hat ume, anJ ~II
rn~me~~ ~e:ured hereby, ahall t+ecome due and payahle farthwith. or thereaftrr. at thc ~~ti~m uf ,a~d murtg:egec. ac fully anJ cumplrtely as
~f all of thr ~aiJ sumti uf rrw~ney werr un~:~nsll~ ,tipulateJ tu hr pa~J ~~n wch Ja~. .~n~ thing ~n .a~J nutr or in thi. rtx~rtgagc tu the ~~mtrar~
nutN ~[h~tan~ing: and thereu~~n ~~r thereaflCr. al the opUun uf ~aid murigagre. ~Nhuut n.~UCe ur drmanJ. w~t aI IaN ur in ryuity. ma~ hr
pnnr:utrJ a~ ~t alt em~ney~ ~ctiur~d herehy h~J m~turctil priur tu ~h m~titutiun. Ihe rtwrtg~gee m~~ f~xe.l~~.e thi. rrx.rtgagr. ati to C:
arrw>unt so declared due ~nd payablr, anJ the ~a~J premi.e. .hall t+e wW ti. ~ati~f~ anJ pa) the ,:~me t.~grther with cu.t.. r~~xntes. ~nJ
allawancr,. In ~e~e ~~f parlial forr~l~xure o~ Ihi~ rtlu~lg.?gr, the m~xtgaged prertziuti +h~ll br wld ~uhj~`ct [o thr continuing I~en u~ lh~s
rrn~rtgage fur thr .~muunt uf 1he Jeht nat thrn Jur .~nJ unpai~l. In w~h c3.e thr prv~t,i~~n. uf Ihi~ paragr:eph mas ag.,~n hc av:,ilyd of
thrrr~ftrr from umr tu hme hy Ihe murtg~gre.
10. 1hal thr nH,rt~agi~r ~+dl givr immediate n~~~i.c h} mail tu Ihr murtgagr~ uF an~ rumr~anc~. ~r~m(cr_ i~r ~h~ngr uf uwnir~hip ~if '
lhc prrm~cr.. ;
1 I. I ha~ nu ..:u.rr .,f an~ w~rn:~nt hrrr~n ur ~~f the ~ihliRatiun ,c~:ureJ b~reb~ ~h.~li a1 .~ny ume thrreaft~r lx heW ti, I1C :1 N.l1YCf U~
thr tcrm~ hrrcuf ~u uf the n.nc.c:urrd hrreb~.
I'. f hat if thr rmirtgag~~r Jcfautt ~n anp ~~f thr ~.nrn.~nn .+r :~grrrmrn~. r~~ntaincd hcrr~n. ur in wid rk~te. thrn the murtg:.grr may
perfurm the wme. arx! all e+~penJ~wrr. ~~nclud~ng rea.unablr auurnc~', fee~1 madr hy Ihr m~x~gagre in w duing ahall draw interect •at the
rate ~tt kxlh in ihe rurie +ecur~J hcreby. and ,hall t+e rrpa~ ahlr ~mmeJ~ately and N ith~+ut JemanJ by the rrwrtgagi~r to the rtx~rtgagee, anJ.
togtther w~th ~nterest anJ cixh accruing therrun, thall he ucureJ h} thic mi~rtg~ge.
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