HomeMy WebLinkAbout2102 2. I hat, in urJer awre full~ to prutect the ~cunty oi thi~ mu~tgagt, thr murlgagur. tugethrr Nith, anJ in ~dJ~t~on tu. ~hr munthly
paymcnt~ under the trrm~ uf thr nutr ~r~u~~til h-rrcby, un tAe fint Ja~ ~a:h munth unul the .a~d o.~tr i~ fully p.uJ, N~II pay tu thr
murtgagrc thr fuUuw~ng,un~.:
1a) An ~muunl suffi~:~ent w pruv~de the hulJtr hrrcwf v?ith funJs w pay ~he neat a~ungage insu~ance prem~um Nthis imtrumrnt and
Ihe nott xcureJ herrby are insureJ, ~x a munthly chur~t l~n hru uf a rtwngagt imuran:e prrmium) i( thty are heW by the
tin;~etary uf N~~using and U~ban Develupment, as folk~NS:
111 If and x~ long as saiJ niHe of even date anci th~s in,trumtnt are in~ureJ ur are rrinsurtd unJe~ the provisiuns of the ,
Nau~~nal Howing Act, an amount sutt`icient to exumulate ~n the hanJs of the huldrr une (1) month prio~ to its due Jate the ;
annual mortgage inwranct prcmium, in ordrr ta pruvi~ ~uch hulder with funds to pay ,uch premium to the Se~:retary of
Nausin` and Urban [kvelopmrnt pur+uam 1u thr Natiunal Hou+ing Act, as amrrxlyd, arx! applicable Regulduuns
thereunde~: o~ `
1111 If anJ so long a~ said note of even date a~x1 this instrument are heki by thr Sttirctary of Housing arxl Urban Develupment, z
a nwnlhly charge I~n liru uf a mortgage inturance premiuml which ~hall t?e in u~ artaunt equal to one-twrlfth Illl_') of ~
ont-half 1`•~1 per crntum of the avrrage c~utsta~xl~ng balanct due un thr nutt computetl wilhuut lakmg ~nto a~tiuunt
Jelinyuencies or prtpayments;
Ibl A sum ~qual to the gromxi rent~, if any, next Jue, plu~ the premiums that will next become due and payable on policies of fire
arx! other hazard imurance toverina Nx nxxtEaged properly, plw taxes and assessments n~x~ due on the mcxtgaged p~ope~ty lall
as e~timated by the mortgagt~) Iris all ~ums already paid therefor divided by the number o( months tu tlapse be[ore one month
prior to tAe date when such ground rents, prem~ums, taxes, und assessments will become delinquent, such sums to be he1J by
n~ngagee in trust to {+ay said gnwnd ronts, premiums,laxes, and special a~.t~sments; and
(c) All payments mentionrd in the twu preceding subsrctions of this paragraph and all payments to be male under the note sccureJ
hereb~ ~hall b~ aJdtJ togrther anJ the aggregate amuunt thercof +hall be paid by the mortgagor each month in a single pa~nxnt t
to t?r applied by the martgagre to the fuUowing items in the order set forth: '
IU premium charge. under th~ comract of in.urance w~th Ihe Secre~ary of Hous~ng and Urban [kvelopment, or monthly ;
charge lin lieu of mortgage insurance premium), as the .;ase may be;
111? ground rent., taxes, a~e~sments, fire, and other haz:~rJ imurancr ~emiums;
11111 intercs~ un the ncNe secured hereby; and
(IYI amortization of the prirn:ipal of said note.
:~ny Jefiricnry m ~he 3nwunt of wth ap,grrgate monthly pa~•mrnt ,halL unlrsc m:~de gixxi by the mcxtgagor priur to thr due date of
the ne~t ~uch paymrn~, c.~nstitute ao rvent of default under th~c mortgagc. fhe m~~rtgagee may collc~t a~~late charge' n~it to cxcerd two
cents 12c) fur r:+ch ~k?Ilar IS11 of ~xh p;~ymeM more than fiflern 1151 ~ay~ in arrear. to cove~ tht rxtra ex{+en+r invulved in hanJling
J~linyurm payments_
That if the tutal of the payments made b~ the mortgagor unJer IA1 of paragraph 2 preceding shall exceed the anwunt of the
payments actually made hy the m.xtgagee, far grcnmd rent~, taxet anJ ascrs~ments anJ in,u~.+nce p~~miums, a+ the casr may be, suc~.
excess at the option of the mortgagce, shall, be credited un suMequent payments to be made by the mortgagor, or rcfunded to the
mortgagvr. If. huwever, thc nxmthly pa~ments made hy the mortgagor under Ihl of paragraph 2 preceding +hall not be sufficient to pay
grounJ rent., taxec arxf a.tet,ments anJ insurance premium~, as tha casr may t+z. Hhen the ~ame ~h~ll t+ecome dut arxl payable. then the
rtx~rtgagur .hall pay tu the mortgagee an}• ~mount necestary to make up the defKiency. un ~x t+rfore the date when payrr~rnt of such
grourxi rent+. taxes, a~~cc+ments, or insurancc premiums ~hall t.~ duc. If at an~ time the mcxtgagor shall tendrr to the mortgag~e in
accordance with thr pro'visions of thr m~te cecurrd hereby, full payment of the entire indebtedn~c represented thereby, thr mortgagee
shall. in cumputing the umount of such indehtctiness, crrciit to the account uf the m~x~gagor all payments maJe under the prnvisionc otlal
of paragraph 2 hereof v?hich the mortgagee has not 1+ecome obligat~Yi to pay to the Secretary of Housing anJ Urban Developmerit ami any ,
balance remaining in the tunds xcumulated under the provicion~ of (hl of +aid paragra~+h 2. If there shall t+e a default urnler an~~ of the ;
pruvisium oF th~c mortgage, rc~ulting in a public .ale uf the premiseti cu~•erctii hereby. or if the rtxxtgagee acquires the pr~+erly otherwise
aiter JefauU. Ihe m~x~gager +hall appl~. at the time uf thr cummrncement of .uch pnxe~ding+ cx at the time the prope~ty is utherwise
a~qu~r~~1, Ihe bal:?ncr then remaining in the funJ. aceumulatctif under Ih~ of par.?gr:?ph 2 preccYfing sti a crrdil agaimt the ~mount of
principal then rcmaining unpaiJ undcr +aiJ nutr arxl ,h~tl pru~xrly adju~t am~ pa~~ment. Nhich shall have been mad~ undcr (u) of ,aid
paragraph.
d. "fh:~t he Nill pay all laxet. ac,es+menta. ..ater rat~, and ~Kher governmental or municipal charges, fines, a impu'srtivn,. Fur W hich
provi~~un hati not hren m:~d~ hereinbrti~re. ~nd in Jefault the«y~f thr murtgagee may pay thr same: and th~t he will prompUy deliver the
official rctieipt, therefor w thc murlgagre.
5. ~hat hr will permit..ummit. i~r ,ut7rr nu ws,tr. impairmrnt, ~K Jrteriurstiun uf w~J p~uperty or any~ part thereof: :?nd in thr event
of the f3ilure uf the mortgagur lo keep Ihe bwl~ing~ uri tiaiJ premitie~ anJ thutie a. t+r rrcYteJ ~~n ~aid premices, cx improvrments thereun. ,
in g~xxi repair, tt~ rrxirtgagre may ma?e such repain as ~n ~ts discretion it may Jeem necessary for the proper preserva~ion thereof. and
the full amuunt of e:K:h :~nd every such payment shall be immediately Jue and payable, and shall be ururcJ by the lien of Ihis mortgage_
6. "~hat he will pay all anJ singular the ccxts. charges, artd ezperors. including reasonahle lawyer
s fees. anJ costs of atxtracts of title,
incurrctii ur paid at any time by the rtwrtgagee becaute of the faifure on the p:ut of the nwrtg~gor prumptly and fully to perform the
agreements aixf covenantc nf tiaid prumi+~ory nute and thi~ mortgage. and said cucts, charges, arxi expenses ~hall t+e immediately due and
payable anJ chall t+e tiecured by the lien of this murtgage. ~
~ 7. 7hat he will kerp the ~mprovement~ now• existing or hertafter erected on the mortgageJ property, inwred as may be reyuircri from
time to time by the rtx~rtgagee against loss by fire and other hacards. casulaties, and contingencits in wch amount~ anJ fi~r such periixls as
; may ix reyuirrJ by murtgsgee, and will pay prumpUy. when due, any premiums un such insurance for p3yment of w hich provision has not
! been made hereinbefore. All insurance shall be carriod in companies approved by mortgagee and the policies and renewals thereof shall
~ be held by m~xigagee anJ h~~~r attache-~i thrrrtu I~~ payablr clautiec in f~vor of and in form scceptable to the mortgager. In evem of loss
` he will gi.•e immediate notice by mail ~o mongagee, nrxi murtgagee may make proof uf I~sa if not made promptly by mcxtgagor, snJ each
~ insurarxe company concerneJ ic hereby :~uthorited and JirrcteJ to ma?e payment fur wch Ivss JirecUy to murtgag~e imlraJ of to
E mortgagor anJ mortgagee juintly. and ~he inwrancc pnxeeds. or any part thereof. ma~• be applieJ by mortgagee at +ts option ri~her to the
~ reductiun uf the inJebtrJne,ti hereby x~urrJ or to the resturatiun ur repair of the propert~ JamageJ. In evrnt vf forecknure uf this
g mortgage ur uther tramfer of tide to the m~xtgagcd property imett~nguishmeat af the irxiebtedness x*~ur~~i hereby. all right. ti~le, and
~ intere.t of the mortg3gor in anJ tu any inwrance policiec then in force ~hall patti (u ihe purcha~r or grantee.
~ R. That the rrx?rt~~gee m~~. at any time penJing a suit upon this mortgage, apply to the court having jurixiicti~n thereof for lhe
~ appointmcnt uf a rc~eiver, and such court shall (.xthwith appoint a receiver of the Exemises covered hereby all anJ ,ingular, irn:luding all
ancl +ingul~r the incumr. profit., i~sues, and revenues Gom whalevur wurce dtrived, e•rch and every of w•hich, it being expressly
undent~xxf. iti herehy mortgagrJ as if ,pecifically tet forth and deticri~xJ in the granting and hahendum clauses hereof. anJ siKh receiver
shall have all ~he hruad :+nJ et7ective functioos ~nd puwers in anyw-i,e entru.ted by a court tu a receiver, and such appointment ~hall be
maJe b} ,uch ~uurt x, an ~JmittrJ ~~yuit~ anJ a matter of aMulute right to said mortgagre. and wilhout referrrxe to the adequacy or
in~deyuac) ut the value uf the pruprrty ~nurtgageJ ~x tu the sulvency or insolvgnc
~~aid rrntttgagor or the defendents, and that ~uch
rents, profitc, income, i~sue,. anJ rev~nue~ ~hall t?e applieJ hy wch receiver aecorJing to the lirn of this morigage enJ the practice of ~uch
~ court. In the event of ~ny default ~~n thr part of thr nx~rtgagur herrunder. the murtgagor agrec. to pay to the mortgagee c~n demand as a
reaconable monthly rental for Ihe premices an amuunt at least equi.•alent to one-twelfth 11/121 of the aggregate of the tw•tlve momhly
~ installmrnt~ payable in 1he then current year plus the acwal •rmuunt of the annual texes, acses+menta water rates and insurance premiums
~ f~~r .uch year nul cuvereJ by the ~forrsaiJ monthly paymentc.
~ 9. That ta) in the evrnt uf an}~ txeach of this mortgage or defauh on the part uf the rtxxtgaFor, or Ih~ in the event tha: any of caid ~
~ wm. uF money herein refecieYi to t+e not promptly and fully paid withuut JemanJ ur nutice. or Ir1 in the event that rach anJ every~ the
~ uipulauum. :?greemrnts, cund~uum, and cuvrnants of said note and this mortgage, are nut July, prompdp. anJ fully performeJ: lhen in
~ eithrr ur an} .uch event, the ~id :+ggreg:+te sum mentioned in ~aiJ nWe then remainig unpaiJ. w i~h inten~t accrued w that time. anJ all
= rtwnry~ .ecured hereby. ~hall become due and payable torthw ith. or thereafter, at thr optiun of said m~xtgager, as full~ and comp~etely as
if all of the c:i~d .um~ of mcmey were originally +tipulateJ tu F~r paid un wch Jay. an} ihing in u~iJ nute i~r i~ thi~ rnixlga~e to the amtrary
notwithtitanding: anJ thereup~m nr thereafter. at the option of.aiJ mortga~ee, withuut rwtice or demand. ~uit at law ur in cyuity. nw~ br
~ pnnrcuted ati if all rtx~ney~ ~e~ureJ herrbp haJ maturral pri~~r to itc institutiun. The rtx~rtgagee may forrclutie th~s mortgage. a~ to Ihe
~ artn~unt co JeclareJ due and payablr_ anJ the tiaiJ premi~ec ~hall tx x~IJ to tiati~fy anJ pay the .ame tugelher with ecxts, rtpences. anJ
- alluw:ince+. In ca+r .~f partial foreclusure of thi~ mortgagr. the martgaged prem~,rs .hall hz x~ld wbject t~~ the conunwng lien ~~f this
~ mcxtgagr fur the amount uf the Jeb~ nut then Jue and unpa~d. In .uch ~atie the pruvi,ions uf ~his paragraph maq again he SvailrJ of
Ihereafter from timr to time by the murtgagee.
~ 10. l hat the mortgago~ N ill gh•e immrd~.~t~ noticr by m•ril to the rtwrigagee uf any cumeyance. tran+frr. ur ch-rnge uf uwner~hip of
the premicr..
~ 11. l hat nu wa~~er uf an~ cuven•rnt herr
n cx~of lhr vhligatiun ti~~cureJ hrreby .hall :~t an~• time thereafler t+e hcld to t+e a Marvcr of
thr tcrm. hrreof ur of thc rx~t~ ~rcureJ herr.¢y. ' •
~ 12. fhat if the nx~rtgag~~r Jrfauk in any uf Ihe covenant~ or agreemenh runr.~inrJ herein. ur in +aid nute, then the mortgagee may
~ perform th~ ~ame, anJ all ~xpenJiwres {inctuding reasonable attornty's feesl rnaJr hy the m~xtgagec in w duing ~hall draN interest at the
~ rate ut forth in the rwte secured hereby, and shal) be rep~yrable immeJiately anJ without Jemand hy the mortgagor to the rtwrtgagee, anJ.
together with interest and costs accruing thereon, shall he seeiired by lhis mort~age.
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