HomeMy WebLinkAbout2097 2. (hal. ~n urdc~ nw,rc fully tu pr.~t~vt ehr ~rcunty uf thn mu~~gagr. the murtg.~~or, tugethrr w~~h, a~til in adJhiun tu, tht nwi~thl~.
paymcnt. un.ler Ihr lrrm. uf thr aut~ ,.zur~til hcrchy, un thr tir~t .lay uf rach mumh unul thr .aiJ n.~tr i~ fully paiJ. Nill pay w thr
~wrtgagrr ihr li~lluw~ng,um+:
Ia1 ~n anwunt .uffk~en~ tu p~uwJe ihr huWer hercuf wilh funJs tu p~?y thr nr~?t nwrigage insurance prrmium if th~~ in~trumrnt snJ
the notr srcureJ h~rcby are insureJ. or a nwnthly cha~ge lin lieu ~~f a morigage inw~anc:r prrmium) if they are he1J by the
Srcretary ui Huu~~ng anJ Urbao fkvrlupmrnl, :u fu11uN+:
IU Ii anJ x~ long :?s wiJ nute M' evrn date :?nd this in.trument :ue imur~Yl ur are rc~nwrtJ unJrr the a~o~'i,iuns uf the
Nauunal Nuusing Act, an umuunt wil`icirnt w accumulat~ in ~he hand~ of thr huWe~ une l 11 rtwnlh p iur to its due datr the
annual nwrtgagr in~urance {xrmium, in ordrr tu pruvide +uch hulder wuh funJ. tu pay wch prrmium tu thr Se~retarY of
-Hou,ing and U~ban [kvelupmen~ punuant ta ihr Natiunal Hou~ing Act, as amrndcd, anJ appl~c:~blr Rrgulatiuos
lhereunJer;ur ~
IIU If nnd w lung at +aid note of evrn date anJ ~his imtrumem are he1J by the Secrctary uf Housing acKt Urban Dtvelopment,
a nx?nthly chargr lin Gru uf a mortgagr insur:+n~e (xcmium) uhich ~h~ll t+e m an am.~unt equa~ to une-tNrlflh 111121 of
une-half i)~r cen~um uf lhe ;?vrrage uul~ta~xl~ng twlat?ct due un the nutr computcyi without takmg into socuunt
delinquencies or prCpaymrnts;
Ib) A+um equal to thr gruurxi rrnts, if any, next due, plus the premiums that will next t+ecome due and payable un policies of fire
a~x1 other Aazard ittsuruner c~~vering-tb~r ewci~~xi pruprrt~', plus Iaxt~ and as~etisment~ nexl ~ur on 1ht morlgagtJ properly (all
as estimated by Ihe nwrtgagee) less all sums already paid therefor divid~l by the numt+er al' months to elapst beforc ane month
prior to the date v?hen~such grournf rcnts, prem~ums, taxes, and ascessments will become delinyurnt, such sums to be helJ by
mortgagee in ~rust to pay said gruund rents, premiums, taxes, and spccial at~evments: anJ
~c) All payments m~ntioned in the twu preceding subsections of this paragraph a~x1 all payments w.be maie uncler the note securrd
hereby shall be addeci toge~her and thr aggregate amoun~ thereof.hall t+e p:+id by the rtx~rtgagur each month in a single paymrnt
tu be applied by the mortgagee tu the following item~ in the arder set forth:
IU premium charges under the cuntract of irourance with ~he Secretary of Huusing and Urban Devrlopment, or manthly
charge lin lieu of mortgage insura~e premiuml, as the case may be:
1111 ground rtnts, taxes, a_+crssmcnts, fire, and other hatard in,urance premiums;
11111 interest un the nu~e secured hereby; and
11~'1 artxx~ization of the principal of saiJ note.
~ny defkirnc~ in the artx~unt of wch a~regate m~,nthty payment ,ha1L unle,. ma.le gu~xf hy the m~xtgag~ prior to thr due date of
Ihe ne~! ~uch paymrnt, ~umtitute an ~vent of default under thi~ mor~gage. fhr mortgagee may cotl~~t a"late charge" not to exceed two
crnts 12c1 fix cach Jollar IS11 of each psyment more than fifteen 1151 da~-s ~n arrean to cover thr ~rtr~ eaprnse invuh~i in handling
delinyue~t payme~h_ .
i. That if the tutal of the payments maJe by thr murtgagur unJer (h? of paragraph preceding ~hall exceed ~hr :~rrxwnt of the
paymenh actuall~ m:ule M the murtgagee, fix ground rents, taae+ anJ :LC~rc.menh and insurancr premiumc, a~ the cax may t?e, sucF.
excess at the option ot the mortgagee, shall, be credited on subaequent payments to be made by the mortgagor, or refunded to the
mortgagur. If, huwever. the nwnthly payments mxle by the mortgagvr under Ib1 of paragruph 2 preceding ,hall not be sufficient to pay
grounJ rent~, tates and a~+et~mrnt~ ar.J insurance premiums, as the casr m~y t+e, when the same ,hall became due arxl payable, thrn the
murtgagur ,hall pay to 1hr mortgsger any atm~unt nr~etsary to makr up the defxiency. i~n ~x t+efore the date when payment of +uch
grourxi renh, ta~eti, a~+r.smrnts, or insurance premiums +hall hr Jue. If at sny time the mortgag~x shall tenJer to the mungagee in
accordance Nith the provisionc uf the note sccureJ hereby. full paymenl of the tntire i~xlebte~lness represented thereby, the mortgagee
shall, in cumputing the :?muunt uf ~uch irxiebteatnrt~, cre-~fit ~o the a.-cuunt uf the mortgag.x all payments made unJer the provisions of (u)
uf paragraph ? hereof which thr mortgagre hac not t+rcome obligated to pry tu the Serretary of Housing and l;rban Development and any
b:?lancr remaining in the funds :x:umulatetil under the pruvisiun+ of Ib/ of ~aid paragraph 2. If there shall t+e a default under any i~f the
provi+ium of thi~ m~xtgage. re~ulung in ~ public ~alr o[ thc prrmi.r+ coverctil t?errby, ur if the mQrtg;~gee auquires the pfuperty utherwise
after default, the mixtgagee +hall spply, at the time uf the cummrrxemem of wch prcxee.iings or st ~he time tfie propetty is otheM ise
acqu~ratil. the balance ~hrn remaining in the funJs accumulat~^J under /h~ i~f paragraph 2 prKey~iing as S tredit a6sinst the amount of
principal then remaining unpaiJ undrr ,aid note and chall pru~+erly adju.t an} payment~s W~hich shall'habe bern m~de undEr (~1 df wid
paragraph. . . . -
J. That hr uill pay all ta~r., a~sr++ment~. Hater r~te., and uthrr gu~~ernmrntel ~~r municipal charges. fines, or inlpusition~, for w~ich
provi,iun ha~ not t~rn made her~int~efure, anJ in default thrreuf thr murtgagre may pay the tiame: and that he Nill promplly drliver the
official rrcriph Iherefor to thr murtgagee.
fhat hr will permit, c~~mmit. or wPfrr no Na~te, impairment, or Jeteriuratiun of wid proprrty or any part thereof; arxl in the event
ui thc failurr of thc murtgagor tu kcep the builJing~ un ~aiJ premise~ anJ those tu br rrnted un s•rid prem~srs. ur impruvementc ihrrcon.
~n go~xi repair, the mortgagee may make wch repairs as in its Jiscretion it may drem neccw+ary fcx the pn?per prrsen•atiun thereoL anJ
the full amount of each and every such payment shall be immediately due anJ payable, and ~hall be~ecured by the lien uf this rtartgage.
6. That he will pay all anJ singut:~r the c~xts, charges, anJ expenses, incluJing rca~onuble lawyer's fec~. :~nd costs uf abstracts of title.
incurrcci ur paid at any time by the mortgagee txti:ause of the failure on the part of the moRgagor prompdy and fulty to perform thr
agrrements arxi covenants of wid promi+sory note ~nd thi~ murtg•rge. and +aid ant~. charges. arxl eapense. shall be immediately Jue and
pay3ble and shall be +~cureJ by the lien o( thi~ mortgage.
7_ fhat he Nill keep the improvements now exi~ting or hereafler erected un ihe murtgageal properiy_ inwred as may t+e requircYl from
~ time tu time by the murtgagrr against loss by fire arxl other hazardc, casulaties, anJ conlingencir+ in +uch amuunts ~nd for such prri~wls as
j may t~ requirnl by murtgagee, and will pay promptly, wheo due, any premiums on such Insurance for payment uf whKh provi~ion hati not
i been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the polic~es and renewals thereof shall
~ he held by mortgagee a~d have auache~i thereto I~uti payable :lausn in favor of anJ in form acceptable to thr rtwrtg:~gee. In event of loss
~ he will give immeJiate notice by mail to mortgagee, arxi mortgagee may make proof of IoU if not made prompUy by mortgagor. an.i each
! insurance Company concerned is hereby authorized and directeJ to make payment for such loss Jirectly to mortgagee insteaJ of to •
~ rrwrtg~gor anJ mortg~gee juintly, anJ thr imurance pnxeeJs. or any part thercti~f. may be applied hy mortgagee at its option either to the
~ reductiun uf the inJebtealne~c hereby ~ecureJ e~r to the rrtitora~ion or repair uf Ihe pruprrty Jamaged. In event of furecli»ure of thn
€ mortgage or other tramfer ~~f tetle to tFie mortgeged property in extinguishment of the indebtednrss u~urr.i hrreby, all right. title. ~nJ
~ interetit of the mortgagur in :~nd tu any insur~nce p~~licies then in force shall pass to the purch:uer or grantee.
~ R. I~hat the rt?urtgagee m~y, at any time pending a tuit upon this mortgage. apply to the cuuri having junxficliun thereof fur the
s appuintment of a rcYeiv~r, anJ such court shall forthw~ilh appoint a receiver of the premises cuvered hereb~ all arxi tiingular. including all
anJ ~ingular Ihe income, pmfit~. i+~ues, and revenues from whatever source derived. each and e~•~ry of which, it t+eing expressly
underst~xxl. hrreby mortgageal :is ~f ,p~ifically set forth :~nd ~ie+cribeJ in the gr~nting and h:~t~enJum clauu~ hereof. ~nd tuch recei~er
SF1:1II Il'3Vt all the bruaJ a~d effective t'unctiun~ and pow~en i~ .inpw i.e entru+teJ by a court tu a receiver. and such appointmenl ~hall be
~ made by wch court a~ an aJmittrJ equ~ty ~nd a matter of ahu~lute right ta s~id martgagee. and wi~lwut rrferener to ihe aJrquacv or
~ inadequ~cy of the valuc of the propert~ m~~rtgaged ~x to the wlvency or imolvency of ,:~iJ mortgagor or thr Jefendents, arni that such
r~nts, profits. ina~me. ~s+uc~. :+nd revenue~ ,hall be :+pplied by wch receiver according to the fien ~~f this rtxirtgage anJ thr practice uf such
~ court. In the evenl uf any default on the part of the m.~rtgsgur hercunder, the murtgagor agrec+ to pay to the mortgager on Jemand as a
reasonable monthly rental for Ihe premises an amounl at least rquivalrnt to one-twelfth I II121 of the aggregate of the twelve monthly
~ installmenti payable in the then current ycar plus the actual :~mount uf the 3nnuat taxes, a+ses.timent~. M:~ter rates. and insurance premiumti
for ~uch year not covereJ hy th~ aforesaid monthly paymentti.
~ 9. "fhat Iu) in the event of an~ breaeh of this mcxtgage or Jefault un the part af the trn~rtgagor. ex Ih) in Ihe event Ihat any uf caid .
~ Sums o( m~~ney herein referrrJ t~~ t+c not prompily aod fully paiJ without JemanJ ur notice. ur 1~ 1 m thr r~ent that each anJ rver~~ the '
~upulatium. agreement.. conditiun., anJ cuvenants of ~aid note anJ thi+ mu~tgage, are nut duly. promptlp. and fully ~?erfi~rmrJ: thrn in
~ either or :my .uch event, the said aggregate sum mentiooed in said nute then remainig unpaid. with intere.t accrued to Iha~ time. ~nd al{
rtxmr~~ ~riurrd hercby. .hall hecome due anJ payaMe furthwith. or thrrrafler. a~ the optiun uf tinid murtgager. as fully anJ ~umpletely at
~ if all of the +aiJ wm. uf rrx~ney were unginall~ .tipulateJ tu he paid on wch Jay. anything in wiJ nute cx in th~~ rm~r~g;~ge tu thc cuntrary ~
nutw~thstanJing: anJ thereupun ur there~fler. at thc uptiun af ~aiJ mortgagec. K~lhuut nutice ur JertwnJ..uit at law or in ~qwty. ma~• be ~
pn»ecuteJ a~ if all muneyt secured herehy had maturni prior to it~ imtitution. fhe rtu~rtgagee may furrclu~e Ih~? rtx~rtgagr. a~ tu the ;
c artwunt co Jtclared due ~nd payable, anJ !he .aiJ prem~ses ~hal) be ~oIJ to catitify and pay tbe .ame tugether with antc, ~tpemes. and
u alluwancr.. In ~:~tie uf part~:~l fureclu,ure of thi. mur~gage. the mur~gagcd premisrti .hall be x~ld wbjrct to the cuntinuing lien of this
'r- mortga6r for thr amuunt uf thr drM nu~ then due and unpa~J. In ~uch ca~r thr pruvi.i~~m of thi~ paragr:~ph may again he av~ileJ of
~ thereafter Rum t~me tu time b~~ the mortgaKe~-
~ 10. I hat the nx~rtgag.~r w ill gi~r immeJiate n~~ucr by mail to the murtgagee ui any cumeyarx.r, tramfrr. ur change of owner~hip of
~ ~hr prrm~~~.
I 1. I hat nu wai~•er ~~f any ~uvenant herein nr of thr ubligatiun ,rcurcP ubrehy ,h-r!I at any ume there~fter tx heW tu t~ a Na~ver of
~ the term~ herei~t .x uf thr nute secured herrhp.
12. That if thc murtgagur defauh in any uf ~hr anen:inh or agreemcnt~ wntaineJ herein. ur in ~iJ note, then Ihe mixtgagee may
~ perfurm thc tiame, atxl all expend~wrc~+ 1 ~n~luJing rea~un~bl~ attorney. fce~l made by the m~xtgagee in x~ Joing shalt draw interest at the
~a rate set forlh in tfie rx~te srcurcd herehy_ and ~hall t?e repayable immeJiately and w ithout demand by the mortgagor to the mort~agee, and.
~ together wi~h interest anJ custs accru~ng thereun. shall t?e ~ecured by this mortgage.
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