HomeMy WebLinkAbout0950 fhal, m urJ~r nx~rr fullp tu prul~tit ~h~ .r:uru~• „t~ thi. murtgagr. ~hr murtE.~gur, tugrlhrr ~i~h. ::n~l in aJd~tiun thr nx~nihl~
pa~ mrnh un~rr thr trrm, uf th~ nutr ,rcur~til hrrehy, un 1hr tir.~ ila~ ~~f ra.h munth unul ~hr .:u.l nutr lully p:ud. ~~II pay tu tha .
I11U1'1~,`,:lb'l'~ lfll ~U~~UNiflb' ~UOh' •
la1 An anx~unt ~uffi~:ien1 ta provide the hulder hereuf M~ith funJ. t~~ pay the nrx~ mortgage ~murance prrmium itthi. imtrumen~ .inJ
Ihe nute +ecurcd hereby ara inwrcJ, ur a munlhly chargr lin liru uf a mortgage imur:~rn:e prrmiuml if thry arr hrlJ hy Ihr
tiecretary uf Huusing and Urban Devrlupment, a~ fullovvs:
11) If anJ w I~~ng :?s wid note uf even Jate ~nd Ihis insuument are insured or are rcin.urrd urxier the pruvi.i.~m uf thr
National Huusing Act, an amount sufficienl t~~ accumulate in 1he hanJs of the holder ~~ne 111 mon~h ~xiar u~ its due ~•rte the
annual mortgage in~ur:~rn.e prrmium, in arder tu pr~~~ide such huWer with fund. tu pay +uch premium to thr ti~tirrtary uf
Nousing and Urban (hvclupmrnt pursuant tu ~hr NaUunal Huwing Act, a. amrndeJ, arxi rpplicablr Rrgulatiun.
thr~eunder; or
1111 If and w long as wid nute of rvr~ Jatr anJ Ihi+ imlrumrnt are heW by Ihe Sccretarp of N~~wing anJ llrh;~n [kv~lupmrnt,
a nwnthly charge lin liru uf a murtgade imur:.nce premiuml Nhich .hall t+r in an amuunt ryual tu on~-tNClfth I I1121 ut'
one-half 1'f=1 per cenwm of the average uutstanding balance Jue on the note cumputrJ withow taking intu a~~:ount
delinquencies or prepa~•mrnt.;
Ibl A sum equ:+l to the grounJ rcnt~, if any, next Jue, plus the premium~ that will nrxt t+rcume due anJ pay~ble un policie. uf firr
and other hazard inwrance covering thr m~irtgagcvl property, plus taxes and ;usrtsmrnh nrx~ due on ~he mixtg~grd properry lall
as e+timated by the mortgageel less all sums already paid therefor dividrd by the number o! months to elapae t?efore one month
prior to the date whrn such grounJ rents, premiums, taxes, and asse,+ments Nill bcYOme Jelinquenl, sinh tums a~ t+r held hy
mortgagee in trust to pay said gmund rents, {xemiums, wxes, anJ special ac~rssments; and
1c1 All payments mentioned in the tw~o preceding subsections of this paragraph and all payments to be m~dt urxier the note ~cured
hereby shall tx added together and the aggregate amount ~hereof shall br paid hy the mortgagor each month in a single paymrnt
to t+e applieJ by the mortgagre to Ihr following items in the orJer set forth:
111 premium cha~gr+ uader tt?e cumract of imuranre with the Secretary of Huusing and Urtwn [~velopment, or rtx~Mhly
charge lin lieu of mixtgage insurance premium), as the case may t+~;
UI) ground ren~s, tax~, assessments, fire, anJ othcr hacard insurance prcmiums;
1111) in~erest on the note u~:ur~~i hereby; anJ
11V) amoriization ~~f ~he principal uf said note.
:\ny Jeficirnc~~ in the arrx?~mt uf ~u~h ~gKregate monthly paymrnt shall, unlc~s maJe gu~xl by ihr murtgagor priur to thr du~ Jatr ol
the ne~t wch payment, con.titutr an rvenl ot Jefault undcr this murtgxge. fhe mor~gagee may coll~~:t a"I:~l~ chargr" nut a? c~cerJ tNu
centc 1?e! for each ~k~llar ISt1 of r:hh pa~~m~nt murr than fif~een 11~1 da}s in arrcan to cuver thr r~tra ~x~rn.e imolvrJ in han~ling
~rlinqutnt paymenl..
3. That if the total of the paymenu made hy 1he mortgagor under Ihl of p3ragraph ' preceding ,hall r~:eeJ th~ anxwm uf thr
payment. a~tually made by the m~xtgagre, fur grounJ rrnt~. ta~r+ and ac.nsments anJ insuran:e premium.. :u the ~a.r may t~, ~uch
excoss at the option of the mortgagee, shall, be credited on subsequent payments to be made by the mortgagor, or refundal to the
rrx.rtgagor. If. however, thr monthly paymrnts m:xi~ hy Ihe mortgagur under Ihl of paragraph 2 prc-~eJing ~hall nut tk .uffirirnt to pay
gruund rent~. ta~e. aix! as~tzsmenK and imurance prrmium+, ac the case may t+e. when the iame ch.?II ixcume due arxi pap:+hlt. then thr
murtgagor .hall pay to the mi~rtg~gre am~ amuunt nctirstian to mak~ up the defiriency. .~n ix t+eCure the datc Hhen pa)'mrnl of w~h
gruurxi rent,. ~~tic.. as.es~mrnts. ~u imuranre premium. .h:,U he due. If at ~n~~ time the m~xtoag~x shall trnJrr tu thr murtgagce in
accurJancr with the provisii~n~ of thc nute +rcureJ hereby, fuU payment of the entire indebtrJness rcpr~~cented ~hereby. the nxxtgager
~hall. in compuung Ihe amuunt of tiuch inJehtcvinr.~. crctlit lo thr account of the mortgag~x all paymenh maJe under the pruvniuns of lu?
uf paragraph 2 hereof which ihe murlgager ha~ nut t+ecome obligat~~d to pay to Ihe S~relary of Nuusing arxi l,rtvn Develupm~~t anJ any
balance remsining in the funJs accumulatr.l unJer thr pruvi.ion. i~f Ib? uf .aid paragr.~ph 2. 1( there ~hall tk a drtault under any ~~f thr
provi~iuns uf thi, mortgage. rr,ulting in a pablic ,:dr uf the pr~mi~r. cuverrd h~rehy. ur if thr m~utgag~e acyuire, thr pr~~prrty uthrr.. i.~
afler default. the murtgagee +haN sppl~, at the time uf thr cumme?nement uf wch pnxeedin~w ur at th~ timr the pru~xrt~ i, uth~r~~i~e
atquirtti. the balancr then remaining in thr tunJs ac~umulatc~l under ~b~ of paragraph = prctic-~ling ati a ctedit :igaimt thr amuunt uf
principal t~~en remaining unpaiJ under .aid n.,tr and .hall pru~rly aJjust an}• payment~ ~chich .h:Jl ha~r he~n madc undrr lul af ,:ud
(1iLf:1~,'f:iF1~1. . .
J. I~h:u he HiU p:+~ all tax~~,. a+,r..mrnt.. W:ner ratr.. and other gu~•rrnmental ur muni~~pal ch~rgcti. tinr,. ur im{x~,iuan.. fur ~.hich •
pru~~i+iun ha, nut tk~n made h~r~inh~fore, and in Jrfault therr.~( the mur~gag~e may p:~~ Ih~ ~amc: a~d that hc ~+ill prumpth Jrli~~r ihr
ufficial rcceipt. th~refur tu thr murtgag~e.
5. fhat he will prrmit, cummit. or +ufl~rr nu ~~a.te, imp:~irment, or drterioratiun uf.aid pru~rt~ ur an} part th~rcY~f: :?nd in th~ r~rnt
uf the failure uf the murtgagor tu {.erp thr htulJing~ ~~n ~aiJ premises and thu,e tu he crc~ted un .aid prrmi,r.. or impru~~cm~nt, ~hrrcun.
in go.xl rep:~ir. ~h~ nx~rtgagee ma~ ma1.e ~uch rrpain a~ in it+ discretiun it ma}~ deem ncti:essar~ for the proper pre~n~ation therruf. and
the full arrwunt of ~ach :~nd ever} wch p:?ymrnt ,h:tll t+r immc~ieatrly dur and pa~able. and ~hall t+~ xtuntil by thr lirn uf thi. rtx~rtgag~.
b. That he will pa~ :JI anJ ,inguL•u the ~.rt,. ~harge.. anJ r~pentie,. incluJing rea,unablr L•iw~~er'ti fe~~. and cuct~ af aMtract. uf t~tlr.
in:urrrd ur paid at any time by the murtgagrr hrcau~~ uf th~ failurr un thr part uf thr rmirt~,aeur prumptl} anJ full~ tu perfiirm the
agreemenls ~nJ co~•enantc uf ,aid prumi„un nute and thi~ mortgage, and ~aiJ c~xt.. charge.. anJ cxpem~~ ,hlll t+r imm~dr.rtrh dur :md
pa}able and .hall he ~ecurrd b~ the lirn uf thi, nwrtcagr.
7. "fhat he will lrep Ihe improvrmcnt~ nuH exi.ting or hereafter erectc~l i~n the mortga~rJ pruprrty. inwred a. m:t~ tk r~~yinrrJ frum
• and ~untin rtxie~ in w~h artxiunt, and fur +uch periu.k a~
timr tu timr h~• the rtx~rtg~gee :~gainct I~rc by fire anJ other hazards. ca ulaurs. g
map br`rcyuircJ by martgagre_ and will pay promptly, ahen due, any premium+on sach insurance fix payrmnt i~f uhhh pr„~•i.iun h.~, nut
been made hereinbefore_ All insurance shall be carried in companies approved by mortgagee and the policies arni renewals thereof shall
t+r hrld b~ murtgagee and ha~~e alt:~ched theretu lixti pa}'ablt ~lau~cti in favur of ~nJ in furm :uceptaM~ tu the rtx~rtg.?ge~. In evrm of I~~c.
hr w ill give immedi:+te nutice h~ mail to murtgagee. a?xi mortgagee may maAe pnwf of loti+ if rw~t made prumptly~ b~ murtg.~gur. anJ ~arh
~nsurance company~ concerned ic hereby autha?rizeJ anJ JirecteJ to make payment fur such I~~s dircYdy~ tu rra~r~gsgec imtc~J uf tu
~ rrn~rtgagur anJ murtg:~g~r iu~ntl~. and the ~n.ur:tnce pnxreds. ar any part thercY~f. ma~ be applied hy rrx~rtgager at itc ~,ption rithcr ti~ thr
reJucuun uf the indrM~Jne~+ hrrrhy ~ecured ar ti~ the rr~turatiun ur repair of the prupert~ daniag~J. In ec~n~ uf Gx~clu.urc nf thi.
mvrtgage ur uther tramfer uf title to the mortgaged pn~rrt~• in extingui,hment of the indehtednesti ~ctiureJ her~hy. :JI right, titl~_ and
intrrctit of thr murtgagur in and tu eny insura~ce pulicie+ Ihen in force shall patti tu the purchaxr ur grantcc.
8. Th.~t i( th~• pn~misrs, ur any part thereof, be cundemned under an~• po~.er of eniinent domain, ur acquim~~ lur a puhlic u~~•.
th~~ dam:ioe., Pro~~~eds, and ih~~ cunsideration [or suc~h a~qui.ition, to the extent uf the full :~cuuunt o( in~i~•hti~~ln~•.. uFwn thi.
~lort~aR~,and~t~e\ott• secured hc~r~b~• r~maininR unpai~i,arc~ hen•bc assi¢neJ b~~ the \Inrt~aRor tuthc~ 11urt_ate•~• ,~nd shall be~ pai~1
forth~.ith tu thr \lort~ase~ to be applif~d bc it on acc•ount of th~~ indeMedne~s se~~•ur~d hrreb~, ~.he~he~r dac~ ur not.
9. That thr mo~tgagee may. at an~ time prnJing a.uit u~~n thi~ m~~rtgage_ :?ppl~ tu the cuurt ha~ing jurird~ctian Ihrrcuf for th~
appuintmrnt of a rcYCiver. and wch court shall furthH ith appuint a receiver of the premisc~ cuvercd hrreh~ all and ,ingular. incluJing alf
anJ .ingular the incomr. prufitti. i,sur., and revrnurti fn~m Whatever wurce derived. each anJ e~ery uf which. it being rxpre.sly
unJerstoixi. is herehy mortgageJ ati if ~pctiifi:all} ,rt fi~rth :~nd Jeurit+eJ in the granting and hat+rnJum clau~r. hrreof. anJ ~iN:h rerri~rr
sh~ll havr all the broad anJ effective functianti anJ pi~wrn in anyW i+e entrusted by a cuurt to a receiver, anJ sinh appuintment .hall br
made ny ,~~n ~o~<< a~ an admitteS equit~• and a matter of ahwlute right tu said mortgager. and Nithout refere?xe tu thc :1lll'QU7C} ur
inadeyuac~• of the ~alue uf the pruperty murtgaged ur tu the u~h•ency or incohrncp of saiJ rtxirtgagur ur the Jcfendrnt,. anJ that ~uch
rcntc, profiu. income. i~suc~, and revenun shall t+e applied t+y such recei~•er according to Ihe lien of ~hi. mortgage and the praciice of ,uch
~ ruurt. In the e~~ent of any Jefault on the part of the rrn~rtgagor hereunJer. the murigagor agrc~ t~. pay tu the murtcagee un demand a~ a
~ reawnabie munthl~ rental fi.r the premises an ~mount at least rquivalent to-one-twelfth 11/~'-1 ~.f Ihe aggrrgate ~~f th~ twet~c m~~mhl}
imtallmentc pa~ahle in thr then current year pl~c the actual amount of the annual taxrc_ a~ce+timentc. w;~trr rate~. anJ in.urance prrmium.
fur stkh year nut covered by the afore~:?iJ munthly payments.
~p, That lu) in ihe event of any hreach uf this mongage ~~r default on the part uf thr mortgagur. ~x Ib? in thc r~ent that an~ ~~f ~a~J
sums of monry herein referre~i to be not promptly anJ fully paid without demand or nuUte. or Ic1 in 1hr evrnt that ~ach an.l c~•er~~ thr
.tipul~uon~. agreemenls, conJition., and covenant~ of said note anJ this murtgagr. are not July. prumptly. and fuU~ perfurmrd: thrn in
e~ther or :~ny ~uch e~~rot, thr caiJ :+egregate sum mentioned in ,aid note then remainig unpaid. uith interrct accrueJ to that timr. •rnJ all
m~mey~ .c~ureJ hrrehy. .hall tkcume Jur :+nd payahle furthw ith. ur thereafter, at the option of saiJ murtgagee. as fulh and completel~ a.
if all of the said .um~ of rtx~ne~ Nere originally titipulateJ t~~ be paid un .uch Jay. an~~hing in .aiJ note ur in thi~ nxxtgag~ ta the cuntrar~
' nutw ithstanding: and thcreu~~n or ~hereafter. at thr upliun uf ,aid mortgagee. W ithuu~ rx~tice or Jemand. suit :~t IaH ur in eyuity. ma} hr
~ pru~ecuted as if all rtx~neys ~ecured hereby had mawr~til prior to it~ institutiun. ~(he morlFag~t ma)' f~xeclo~e Ihi~ rtx~rigagc. a~ to 1hc
~ armwnt so declared due and paqahle, and the ~aid premices shall be SoW to ~atisf} and pay the ~:+me tugether with c..~ts, r~penx+. anJ
alluwances. In cax uf partial foreclocure of this rportgage. the murtgaged premius tihall be +oIJ wbjrct tu the cuniinuing lirn ~~f this
m.xtgage for the ~muunt uf the JeM not then due ancf unpriJ. In wch ca~e the p~ovisiuns of this paragraph may :~gain he a~:~ilcJ uf
thereafler from umr to ume h~~ the mortgagee.
11. fhat the rtx~rtgage~r ~ ill gi~•e immediate notice by mail to the mortgagee i~f any com~ey~arxe. transfer, or changr uf oaner~h~p ~~f
the premises.
12, ~Ihat nu Nai~rr uf any co~enant herein ur uf thr vhligatiun secureJ hereby shall al any time thercafter be helJ tu be a wai~er uf
lhe lermt hereof ~~r of the aute ~ecurrd hcrrhp.
~'~,RK ~05 ~A~E 950
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