HomeMy WebLinkAbout2107 2. 1 hat. ~n ~xJar murr IuU~~ tu prutctit Ihr ~rcunty ui th~, ~nuri~.~gr. thr n?u~iKa~.~~, t~~gri6rr N~th. .uHl ~n .~~I.t~t~.~n tu. th~ n~.~nthl~
p;igmrnt. unJrr the tcrm~ of thr nutr .~tur~vl hrrrhy. un ihr fini ~ay uf raih munlh unul thr ,:ud n~~tr lully pa~d, wQl pay tu thr
nx~rtgagrr thr lulluwing wm~~
Ia1 An am~wnt sufficirnt to proviJe the huiJrr hrrrof wi~h fund. ~u pay thr nrit rtxxtgagr insurance prem~um if thi. im~rument anJ
Ihe nole securcd hereby are ~mure~l. ix monlhly chargt lin litu of a mortgage inwran~e prrm~uml ~f they arr hrid by thr
Stcrctary of Noucing and Urban Dcvrlopman~, ~l)IIUNS:
11) If and w long a. .ai~l n~ue of even data anJ thi~ ~mtrumrm are inwrcvi or are rcimurr.i unJer thc nr~wu~um uf ~he
National Housing Act, an amuunt wfl~~cien~ ta a~xumulate in ~he han~i.ti of ~he Milder unr I l) month prior to it+due da~e the
annual rtwr~gage imuranct przmium. ~n urdrr to pruvi.lr .uch hulJer with funJ. to pay wch prenuum tu lhr tircrclary uf
Housing anJ Urban ikvelc~mrnt pursuanl tu Ihe Nauunal Nuusing Ac~, a~ atrnnJeJ, anJ applicable Nrgulatiun+
thrreunder; or
IIU If and so long a. said note ~~f evrn date and thi. inctrumr~~ are he1J b~• thr Secretary of N~w,ing :~~xi Urban [kvelupment,
a monthly charge lin liru uf a murtgage in.ur.~ncc prrmiuml Nh~ch ,hall t+r in rn anwunt eyual u~ one-tNelfth 111121 of
unr-half (y~) per cenwm uf thr avr~agr .~ut.~anJ~ng b:~larxe Jur un the nute wmputrJ v?•~thuut taking inw aaount
Jrlinquencin ~x {xrpaymentc;
Ih> A wm eyurl to the grournl rtnt+, if any, ncxt Jue, plus thr premiums that will neal l+ea~me due arxi payable on policies of fire
and other hazard insura?H:e coveririg fhe mi~itgag~~7 F+ioperiy, plus taxes and asse.~meni, next due on the mortgaged property lall
as eslimated by the rtwrlgagte) Ir~s all wrtu alresdy paid theretor d~vided by the numt+~r uf months to elapsz before one munth
p~ior tu the date whnn ~uch gruurnl rents, prem~um., taxes, arxl :~~~~sment~ will become Jelinyuent, tiuch ~um+ tu t+e hrld by
mor~~agee in trust to pay +aid ground rent~, premiums, taxe~, and +pecial a»e~.~ments: and
Icl A11 payments mentioned in the tw~o prceeding subscctions of' this paragraph and all payments to be made urxier the note srcur~J
hereby shall be udded tugether and the aggregrte amuun~ ~hereof +hall be paid by thr mortgagur r:~ch munth in a~inglr paymrnt
to br applicd by the mortgagee to the fulluM ing i~rms in the order s~t forth:
111 premium cha~gea unJer ~he cuntrac~ of insurance with the Secretary of Houcing and Urban l~velopment, or rtx~nthly
charge (in lieu oi mo~tgage insurance premiuml, as the case may be; -
1111 ground rents, ~axc~, a~e~+menu, firc, and othrr h:usrJ in,urance {xemiums;
1111) interrst on the nwe secureJ heraby; and
(IVI amortization af thr principal of said note.
Any dCM:iency m the artwunt 11I~ )UCFI :llj~~C~:/IC munthly pay mcnt ,hall, unl~~~ maJe gu.xl hy ~h~ m~xtgagur priur tu !hr Jur d~t~ uf
the next wch paym~nt, ~unsututr :+n rv~nt uf drfault unJer thi+ mur~gag~. I h~ murtg:~grr may cullctit a~~latr ~harg~" nul tu ~ue~d twu
cents 12c1 fur rnch Jollar ISI I oi ~:nh pa>mrnt murc ~han hG«n 1151 Ja), ~n arrcar~ tu cu~~cr thr ritra r~~xnx in~uhctil ~n hanJl~ng
del~nyuent p:~ymtnts.
3. l~hat if the total uf the pa~mcnla made hy thr murig.+gur unJer ~h1 uf paragraph prc~:rJ~ng .hall rx«cd ~hr an~.~unt uf the
paymrnb actually maJr by theF, ~gagee, far grounJ reat~, ta~r. anJ at~ri+mrnt, ~nd imurancr prcmwm+. a. the .ax m~y be, wct.
excess at tht option of the ~ce, shall, be credited on subsequent payments to be made by the mortgagor, or refunderi to the
nwrtgagur_ If, howev~r, the montAly _payments m:ut~ by the murlg~gur unJrr Ihl uf paragraph 2 prr~~ding +hall not t+r ~uffici~nt tu pay
grou~xl rents. ts~rs arxl :u+r~timtMs and inwrancc premium,. a, 1hr cax may bt. N hen thr wmr ,hall becumr dut and payablr, thrn thr
trktttgagor shall pay to the murtgager any amuunt n~ti~~+:+ry ta ma{,c up Ihe Jeticirrn:y. un .x l+rfurr Ih~ dat~ ~hen payrrxnl ut~ ~u~h
grourxl rents, taxcy, asx*~ments, ~x imurance prem~um, ,hall lx: du~. If at any time th~ murtgagur shall terxi~r tu the murtgagrr in
accordance with the pruvisiom of ihc nutr u~urcJ herehy, full p~ymrnt u[ Ihe entirc irxlebtrJnr+~ repre~~ntrd Iherrby. thr nwrlg.?gee
~hatl, m cumputing ~he amount uf ~uch indrbl~Ylne~~. cr~tlit tu th~ atcuu~t uf th~ mortgagur all payment+ nia~e unJar the pruvi~ions utlu)
uf paragraph 2 hercof which 1he mortgagee h~s not becume ublib~tr.1 tu pay tu Ihe Secretary uf Hou~ing anJ lirban lhvelupment and any
hal~nce remaining in Ihr funJ~ ac~umulalc~i unJer thr provi.ium uf Ih~ uf ~aiJ par:~graph 2. If ther~ .hall hc a defaul~ urnicr any uf the
pruvi+iom of thic m~xtg:~gz, rc~+ulting in a public ,alr uf ~hr pr~mi~~~+cuver~tl hrrrby. or if thr m~xtg:igcc aa;yu~rr, thr pr~~{+rrly uthrrH~~r
after default. Ihe mixtgagre ,hall apply. al thr timr uf the cummrniemrnt .~f .uch pnxred~ng~ ur at the t~mr thr pn~prrt~ i. ulhrrw ~c~
:xyuirrJ. the balance Ihrn remaining in thr funJ. ~ccumulated undrr th? ut~ p:xragr.?ph 2 pr~ti~til~ng a ~rrJit ag:un.t the amuunt c~f
pnnc~pal then rrmaining unpaid unJer .a~d note and tihall pruperly adjua any paymeoi. which ~hall havc t+ren m:idr unJrr Iu1 uf wiJ
paragraph.
-1. ~hat hr Nill pay all ta~e+. a+~~,+mrnt+, w:~trr rat~~. :md uther guv~rnmen~al ur mumcip:J ~harg~~. tinr+, ur ~m~~,~u.~n~. fur ~hich
pr.?vi,iun h;u nut t+rcn m:~Jn c~re~nt+rfurr, anJ ~n dcf.wlt thcr~ti~f ~hr murtgagr~ may pay thr ,am~: and that hr will prumptly drl~vrr th~
official rcti:ciph thrrrfur tu thr murtgag~e.
5. fhat hr Mill permit. cummit, ur wfl~er no N:~itr. impairmrnt. ur Jrtrriur~tiun uf +aiJ pruprrt~• or any part Ihrrcut: arni in thr tvent
uf the failure u( the rrn?rtgsgor to kerp the builJing~ on s:~iJ prcmi.e~ and tho~ to be ~rctiteJ.un ~a~d prrmiu:~. ur ~mprut~rmentti therrun.
in g<xxi repair, thr mortgagee may maAe wch repairs as in itti discrction it m:iy deem aece+wry for the pn?per prexn~ation thereoG and
the full amount uf each anJ even~ such payment ,hall be immediately due artd payable, arxf shall t~e secured by the lirn uf this mortgage.
b. -~hat he wili psy all and .ingular thr runt~. charg~.. anJ expemcw. including rescunablr lawyer', fee,, and cu~t~ of aMtractc uf litlr.
~ncu~rctl ur pa~d at any time by the murlgaRZ~ h~:~use uf tht failurr on thr part uf the nxtttgagor prumptly and full~ tu prrturm the
agreemem~ ~nJ covenants of ~aid prumi~sury nute 3nd thiti nwrtgagr. and wid cus~i. charges, arxi exprm~. +hall t+e immed~atrly dur anJ
paysblr and ,hall tx +ecured t+y thc IKn uf this mixtgagr.
7_ That he will ?eep the impruv~ments'Tww exicting ur hrreaftrr erecleri un the rtwrtg3geJ pruprrty_ ~n,ureJ ati ma~ hr r~-yuirrJ frum
time tu time by the rtwrtgagee again.t Ivss by fire and other hazards, cawtaties, and contingencics en such :~r?xwnt~ anJ for .u~h prriuJ~ a,
j may t+e rryuir~i by mortgagre. :+nJ will pay prumptly. whrn Jur, any premiumc un wch in,urance for pa} mem uf hich pru~~niun ha. nut
been madt hcreinbefore. All insurance shall be carried in cumpanies approved by mortgagce and the policies arxi renewals thereof shall
j hr held by mortgagee a~J have attachni theretu losc payable clau~r. in favor of anJ in form accrptahle to thr ~rtwrtgagee. In event uf la~.
~ he K ill givr immrdiate notece by mail w mortgagee, anJ mor~gagee may male pr~~f of loss if nut made prumpUy by mortgagor, anJ each
~
i imurarxr cumpany concerneJ i+ her~b~ authurized and Jirc~ted tu mal,e p•ryment for wch I~r~ dirr~tly ~u nwrtgag~e in~t~ad uf
~ rrn~rtgagur and mixtgagre juindy, and thc in~urance pnxrrd~. ~~r any pan therrof. may 1x applieJ hy rrx~rtgager :~t in option eithrr w thr
~ reJuction uf the indebt~-Jnr~. herrh}• secured or ~o the re~toration ur repair uf the property J.~mageJ. In rvrnt uf furecl~hure u( thi~
mortgage ur o~hrr tramfer uf tide tu ~he m~xtgaged propert7• ~n rxtingui~hment of the inJebtednc~. .~tiurrJ hcrrby. all right, utlr. :?nd
interetit of thr mixtgagur in anJ tu an}• in.ur:~nce Ex~Iicies then in furcr ~hall pat. tu the purcha.er ur grantee.
~ 8. "fhat Ihe mortgagee may, at any time pending a suit uExin thi. mortgage. apply to the cuurt ha~ing juri.dictiun thereof for the
~ appuintmrnt uf a recriver. and ,uch cuurt shall forthw iih appuint a receiver of the premices covered hereby a11 and singular, including all
~ and .ingular the incume, prutit+. i~.ue~, anJ revenues frum Hhatever wune JeriveJ. each :~nJ every of which_ it being rxpressly
unJer~t.xxi, i. hrreby murtgageJ a~ if .~ifi:ally ~et fi~rth and J~~crit.rJ in thr granting anJ habcndum 41au+rs hrrcti?f. and ~uch re~eiver
~hall hav~ all Ihe bru~d anJ efliti:ti~e functium anJ puwer. ~n an~w~.r entru,trJ b~ a cuurt tu a recei~er. .~nd cu~h apEx~imment ~hall be
made by wch cuurt as an :?JmitteJ eyuit~ snJ a matter uf abx~luie right to ~aid nwrtgagee. and w ithuut referenre to thr .~dryuac~ or
inadeyuacy of Ihe value uf thr pru~rtq mixtgagctil or to the u~lv~ncy or in+olvrncy of caid rtxirtgagur .~r the JefrnJentti anJ that ,uch
rents, profiu, incume, iUUr~. :~nJ re~~enur~ tih~ll be applieJ hy wch receh•er accurding to the lien uf thiti mvrtgage anJ Ihr practicr uf wch
wurt. In the event of •rny Jefault un the part uf the rtx~rtgagur herrundrr. thr murtg~gur agrce, to pay tu ~hr murtgagre un demand as a
reasonable monthly rental for the premi+es an amount at Iract equivalent to one-twelflh 11/121 of the ~ggregate of the tweh•c rtx~nihly
~ imtallmeotc payable ~n Ihe Ihen curtent year plus the actunl amoum of the annual taxe~ ac~ec.ment~. water rate~. and imurance premiums
~ for ,w:h yrar not c~~~rre~1 hy th~ :+furrtiaiJ munthly paymcntti.
9. That !u) in the rvrnt uf any breach of thi+ mortgagr or drfault un the part uf the rtkxlg:+gur. or fh? in thr r~rn1 that .~m uf ~aiJ
~ ~umc of muney herein referrcYi tu t+e ~ot prompdy and fully paid uithout Jemand or nutice. ur 1~ ? in the errnt that each ~nJ r~rn thr
~upul~tiuns, agreement~, cundi~ium. and covenantti uf ~aid nae anJ this mortgage. are not Julp, pr.~mptly. anJ full~ perform~J: then in
~ r~thrr ur any ~uCh rvrnt. ~hr ,aiJ aggregate wm mentioned in said nute then remainig unpaiJ. ~ith intrrr.t accrurJ ta that um~. :~nd all
rtx~ney+ srcureJ hrrcby. ,hall hec~~me Jue and payable furthN ith. or thereafler. :st thr ~~tian ~~f ~aiJ mixlg~gre. a+ fully anJ complrtrl~ a+
if all of the said wms of rtxmey ..ere uriginally ,tipulatrJ tu tn paid un .uch da~. amthing in ,aiJ nutr ur ~n thi+ nxutgagr to the wntr.uy
not~ ~thstanJing: and thercupun ur thereafter, at the uption of saiJ murtgagee. M ithout notice or demand. .~it law ur in eyuity. m~~ t+e
a prutiecuteJ ati if all nwnc~ti +~:ureJ hrreby haJ matureJ pri~~r to it~ in,titutiun. "(~he rrwrlgagee may fur~clu~e th~ti m~~rtgage. a~ tu the
~ artx~unt ~o Jeclared Jue anJ p:+y~hle. anJ the ,aiJ premi~e. tihalt he wld t~> >aticfy and pa~ thr +amr tuge~hcr with cutin, e~penx+. ~nJ
alluwancr~. In casr uf parual fureclowre uf thi, mortgage. the murtgaged premi,r~ .hall t+e ,.~W ~uhje.:t tu the cuntinuing I~en uf this
rtw~rtgage fur the amuunt uf the Jeht nut then Jur :~nJ unpaiJ. In ~uch ca.e thr pru~~.~um uf thi, paragraph m:~~ aga~n t+e avc~ilrJ ~~f
~ ~herrafter from time to lime by the mortgager.
~ I11. That Ihe m~tttgagur w i11 give imm~di:~tr nuucr by rpail W Ihr nwrtgagee uf anp cum~ey.ukr. tramfrr. ur ~hangt of uwnrr~hip uf
~ thr prem~,eti.
~ I I. "fhat no waivrr uf any iovenant herein or ~~f thr uhligatiun ~c~urrJ hrreb~~ .hall al any t~me thc~eafter tx held tu he a Naivrr uf
' the terms hereaf or uf the note cecurcJ hercby.
~ ~ z. rna~ ~r ~n~ ~~~~Ragur drfault in an} uf thr ~uvrnantti ur agrrrmrnl, cuntainrJ hcrr~n. or in ~aid nute. then the murtgagec may
perfurm the wme. arxl all rxpenJ~ture+~incluJing res,un.iblr aUorne~~. fee+l maJe hy thr m~xtgager in x~ do~ng ~hall Jraw interrat a1 the
~ rate set forth in the rwtr secureJ hereby, anJ tihall t~ r~payable imm~Yiiately anJ withuut demand by~ the Rwrtgagur to thr rtwrtgagee, and.
~ tugether whh interest and ants accruing thereon. ~hall t+e secureJ by this mixtgage.
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