HomeMy WebLinkAbout0960 fh:it. in urd~r nw~rr full> tu prut~t~ thr u.urii~ ~~f thi~ murtga~e. thr m~,rtgag~~r, tu~;rthrr ~~hh. :~nd in a.lihti~+n tu, thr nx~nthl~
p.~~ mrn1. undtr Ih~ ttrm. uf thr nutr .r~urcd ha~rh~. un thr fii.t Ja~ uf rach m.~nlh until Ihr .:ud nut~ lully paid. ~~~II pa~• tu th~
m.~i~g:i~;rr U~r fulluwing,um. • '
1a1 ~n anw~unt .uffirirnt ~o provide thr hoW~r herr.if with funJs tc~ pay ~he n«t mortgage inwra~cr prrmium if thi. imtrumrnt and
thc n~~ie ~~u~ed hereby a~e inwrcYl, ~ a munthl~• chargr lin liru uf a rtx~rtgagt imurunce prrmiuml if lhey are hrW hy the
Srcr~tary of Housing and U~ban De.•rlopmen~, as folluws:
UI If and w long as saiJ note of even da~c anJ ~his in~t~ument art in.ureJ ~x are ~rinsureJ under the p~ovicium of thr
i~ational Housing Acl, an amount suRcie~t to accumulate in ~he hanJc of the FwlJer uoe 11) momh prior to ~IC due dale thr
annual rtwrtgage insurance premium, in orJrr tu pruv~de xxh hulder wilh funJ+ to pa)' wch premium tu the Secretary u!
Huusing anu Urt+:+n ikvelopmrnt punuant tu thr National Nuwing .~ct, as amrndeJ, a~x1 applKable RegulaUUns
thercundrr; or
IIU If and so long a~ wiJ note of even Jate arxl Ihis i~.trt?mrnt are hrW h~• thr Secretary of Huwing arxl Urh:?n (~velupmrnt.
a monthly charge lin lieu uf a mortgage imur:,nce premiuml which .hall 1~ in an a~rx~unt eyual to unr-twrlfth 11112) uf
onr-half 1'~i 1~r centum uf thr average out,ta~xling balance due uo the note compuled withoW taAing into a~:uunt
drlinquencirs or prepayments;
Ibl q sum ryual to the grourx! rertu, if any, next due, plw the premium~ thal w~ll next t+rcome Jur arxi payable on policies uf fire
and ulher hatarJ insurance ruvering the mortgagtd ~x~~rty, pluc taxes and at+ecsment+ next due un the mcutgaged property lall
as estimated by the mortgagee) lecs aU sums already paid therefor diviJc~i by the number of months to elapse before one month
prior to the date when such gn~utxl rents, prem~ums, taxes, and a~sc~+mrnt~ will becume delinquent, ,uch sum~ <<~ n~ia ny
martg:~gee in trust to pay saiJ gruunJ rents, premiums, taxes, anJ speciat as.e+smrnts; anJ
Ic1 All payments mentioned in the tw•o preceding sub~ecliuns of this paragraph anJ all paymenu to be made uncier the note secured
hereby ~hall bt ~dded together anJ Ihe aggregatr amuum thereof shall t+r paid Dp the murtgagor each munth in a single payment
to t+e applied by Ihr morlgagee tu the full~~wing items in the urder set forth:
111 premium ch:srge. under the cuntract uf imur:~tne N•i1h the Secretar~~ uf Nousing anJ lUrban Ikvelopment, ur nxmthly
charge (in lieu c~f m~xtgage insurance premium?, a~ the case may hr:
1111 ground rents, taxes, a+se~~ments, fire, arxf other Aazard insurunce prrmium+;
1111) interest on the nute secured hereby; anJ
IIV? amortization ~~Cthe principal of said note.
:~ny deticienc>• in the amuun~ uf <u.h a~;gregate munthly p:~yment .hall, unl~.~ made guid by ~ht murtgagor priur to Ihr Ju~ datr uf
th~ ne~t wch payment. constitutr an ~~•ent uf Jefatdt undcr thi~ murlgage. l hr murtgagee map roll~~t a'~late chargr" nut tu c~crrJ twu
c~nh 12c1 fi~r each Jollar IS11 ~,f each pa~ment mure than fifteen ~ 151 Jays in arr~ar~ lu co~'er th~ extra c~pcm~ in~•uhed in han~ling
~elinquent paymcmc_
fhat if the total uf the paymentc maJr hy thr mortgagur unJcr 161 iif paragr:?ph prr~:rJing .hall ~~«<d thr anwunt uf thr
payments :+rtuall~• made by thr mortgaeer. iur gruund rent~. tax~~ and ac.e.~mentc anJ iowr.~nre prrmium._ a~ thr ~acr may he, ~uch
excess at the option of the mortgagee; shall, be credited on subsequent payments to be made by the mortgagor, or refunded to the
rrx~rig:igor. If, ho~rever, the mumhly ~?aym~mc maJe h~ the mortgagur under Ihl of psr.igraph ~ pr~rding .hal~ not t+c ,ufficient t~~ pa)
gruund rem.. ta~rs anJ a.u~+meM..anJ in`uranre premium~, ac thr ta+e may t+~. Nhen Ihe s:?mr tihall brcume duc and pa~~able, then thr
nxutgagor .hall pay to the mortgagce :fny amuunt ncZ~~~:~r} tu maAc up the Jefi~i~?xy. on ~x befure th~ Jatr Nhen pa~ mrnt uf ,uch
g~uund rent,. taxc~, assr~cmrnt~. or imur~nce premiumti .h:Jl t+e Juc. li' at am~ timr the m~xt~agur ~hall ternier to the mortgagee in
a~curdance with the provi~ianc of Ihe notr ~rcured herehy, full p:~ymrn! of lhe entirr irxleht~tiinecc repre~ented ~he~eby, the nx?rtgagee
.hall. in a~mputing the amount ut wrh indeht~Yine~c, creJit ti. the account of the mi~rtgagix all paym~nts madr under thr pn~~itiionc i,f Iu1
uf paragraph 2 hereof which the mortgagee has nol t+ecomr obligat~~l ti~ pa~~ w the tiecretary of Houcin~, arxf l'rb~~ De~etoprtx.nt and am
halance remaining in the fuoJti accumulated under the pro~i.iom .~f Ih/ uf ,aid paragr:~ph If thrr~ ~hall t+r a default urxlrr any uf the
pn~vi,ium uf thi. murtgage, r~~ulting in a publir ,:~Ic vf th~ prrmi~r+c.rvercd hrreby. or if th~ m~xtga?;~r :?.yuuc, th~ pruprrty u~hrr~ci.r
:?ftrr def:~ult. the murtgaEee +hall ~pply. at thr timr uf thr cummrncemcnt ~~f .uch pnxerding+ or :~t tfir time thr pru~xr~~ i. uthrrN iu
:icyuireJ. the halance thrn remaineng in thr fund+ a~cumulat~ti) under ~bi uf par~graph prrc~tiling a~ a~red~t ag:umt th~ amuunt uf
principal t~~rn r~maining unpaiJ unJer caid notr and shall pruprrly adjust any paymrnh which +hall have t+een maJr unJ~r 1u1 uf wid
F1:If:lt.'f:lF1~1. ~
I hat hr ~ill pay all tate., a~~r..menh. ~~atrr ratr+. anJ uth~r gov~rnmrnt:J i~r municipai ch:ugr.. tinr~. ur im~x~,rtwn.. fur ..hich
pru~~i+t~~n ha, nut t+ern m~dc hereinhrfare, and m default Ihcrcuf Ih~ murlgagre ma} pay thr .amc: and th:~t h~ ~ill pr~~mptl~ J~livrr thr
ufticial r~^~eipt+ thrr~fur to the mortg~gre.
fhat he ~ill permit. cummit. ur ,utl~cr no ~.a,tr. ~mp:urmrnt. or Jrtrrioratiun uf.:ud pruExrty or an~• part th~r~y~f: anJ in ~hr rvrnt
uf the Failur~ uf thr murtgagur tu krrp th~ builJing. un .aid prrmi,r~ anJ ~hu.r tu he ~recteJ un ~aid pr~mi.~._ ur impruv~mrnh thercon_
in g~xx1 rep~ir. the ?n~xtgagee may make .uch rcpain ac in it. di.crrtion it m:?y drem nc-~~ti.:wr~ for thr pr~~+er prctienatian thrreu(. anJ
~hr full am.wni of each and evrry wch paymrnt ~hall hc immnliatrly Jue and payahle. anJ .hall t?e K-cur~~i hy thr lirn uf thiti mortgagr.
6. ~hat he Nill pay all and .ingular thr r~xts. charge,, anJ rxprn,r~. including r~aconable la~~~yrr'. fe~~,. :mJ ~uu+of ah.tracts uf ti~l~:
incurr~Yi ~~r paid at an~ time b~~ the mortg:~ger be~.~u~e uf th~ failure un Ihr part of thr murtgagur p~umptl~ and fulh• to p~rfixm the
i
~ agrrrmrnt. anJ co~enants uf s:~iJ prumi+.un nute anJ thi. murtgagr. anJ .aiJ c~nt.. ch:u~r.. :~nd r~p~m~~ .h_JI t+~ immediattl} due anJ
p~~ahlr and ,hall t+r ~cti:urcd M the lien ~~f thi~ mortgage.
~ 7. That he u ill lrrp thr improvemenh n~~w r~i~ting or hereaftrr erectrd on thr murtg:~g~Yl pruprrty. ~murrJ a. may t+r rcyuirctil frum
~ timr tu time hy the rrx,rlgagte again+t lu.. by fire anJ uthrr hacarJc. ca~ulatiec. :md contingcrx~~~ m wch amuunt. and fiir ~uch periud~ a~
may ha rryuired by murtgagrr. ~nJ will pay prumptl}•. ~hen Jue_ any premiums un.uch insura~ce fur p~~~ment uf.~hhh pru~i,~un ha. nut
been made hereinbefore. 411 insurance shall be carried in companies approved by mortgagee and the policies arxl renew~als thereof shall
hr held by murtgagee anJ have attachctii thercto I~~.s pa~able clauscy in favor ul anJ in form ac.rpt:~hle tu the rix,rtgagrr. In c~~ent uf lu„
he will gi~~~ immeJiatr nuticr by mail to mortgager, anJ mortgag~c m~y make prix.f uf I~i.~ if rx~t maJr prumpth by murtgagi~r. and rach
imuranre rompany ~oncerned is hereby authorized anJ Jirc~ted to make p:+}ment fix ~uch I~x~ Jirc~th• to nwrtgaget in,teaJ uf tu
nw~rtgagur anJ mi~rtg:~ere juintl~, anJ th~ m.ur.inci pnR~ed~. ~~r an~ part ther~Y~f. may he applieJ h} nwrtg:~grc at ih uptiun ~ilh~r to tht
rrJuctiun uf thr inJrhtednr~ti hrrrhy ~«urc~f or tu thr rc+tora~iun ur repai~ uf Ihe prupcrl~ Jamagrd. In evrnt uf furrclu~ure uf thi.
murtgagr ur ~~thcr tran~frr ~~f uNe to thr mortgagcJ pn~?erh~ in rxtingui+hmem uf thr inJrhtrJne„ u~ured h~reh~. :dl right. tiU~. anJ
intrrr~t uf thr murtgakur in anJ tu ao~ in~uraace pulicie~ then in fi~rce +hall pacti to the purchaur or granter.
8. '~h.it i( th~ pr~n~isc., or an~• part thereo(, be cundemn~•d und~r an~~ poaFr nf emin~nt dumain. ~~r a. quirr~! ior a publir u~c,
thr dam,~~~., pro~ ~~~l., and th~ con.id~~ration {or suc'~ a~•yuisition. to the c~xt~~nt uf thc (ull :unount of ind~•Lt~~dn~•~~ uFxrn thi~
\lortea~t•,.in~1~h~\otr xecure•d ht-rrba r~maininc unpaid.ar~~ hrn~bv a.sign~~! b~ th~• \lurtgaeor totha~ ~I~~rtea~~~~• .~nd .hall L~~ paid
f+~rth~. ith tu th~~ ~tott~.?s~~~ to 5e appl~e•d bc it un a~~~•uunt of th<~ indc~Mt~Jne~ti .~•rur~d h~re•b~, ~.hether due• or not.
9. Tha~ the nwrtgagee may. :~t an~ time ~+ending a.uit uEx~n thi. murtea~e. appl>' tc~ the cuurt ha~ing juri.J~ctiun thereuf f~x the
~p~x~intmrnl uf a rcYeiver. anJ wch cuurt ,hall f~xthH ith appoint a receivcr of the prrmixs covereJ hrrchy :ill anJ ,ingular. in~luJing all
~nJ .ingular the incume. prufit,, i.wc,. and rcvenur. frum Mhatever wurce Jeri~•ed. r:uh :mJ e~•ery uf ~hich. it t+eing rxpre~.h
unJer~tuu.1. iti herrby murtgagrd a~ if .pctiiticall~ ut furth anJ drkriheJ in the granting :inJ hat+rnJum clau,c~ hereuf. aod +uch rccei~rr
~hall have all the bruaJ anJ effi~tive functi~~nti .~nJ pi~aen in anyai~e entrutited by a cuurt to a receiver, anJ ,uch appuintment .haU tx
maJr hy ,uch court as an aJmitteJ cyuity and a matter uf ~bx~lute right to ~aiJ rtxxtgagee. anJ Nithuin refrrern:r to th~ aJeyuacy ur
inadeyuac~ uf thr ~alue uf the proprrt} murtgage~l ur to thc wl~•erxy or intiolvrne}• ~~f tiaiJ mortgagor ur the Jefrndenh. and that wch
~ rent+. pr~~fit~. +ncomc. i~wc~. and re~enure shall t+e applied by such receiver accurding to thr lien of thi, murtgage :?nJ ~he practice •~f such
~ cuurt_ In the ecent of any default on the p.ut of ~he mortgagor hrreunder, thr mortgag~~r agree+ to pay t~~ thr murtgagrr un Jemand a.
' rra~anahlr munthl} rental far the premises an amuunt at lea+t eyuivalent tu unr-INelfth i III?? uf the :?ggrcg:~tr uf ~h~ twelve rtx~nthly
~ ~mtallmrnt~ pa~~~ble in the Ihen current year pluti the actual amuunt of the ~nnual taxe~, a«~~~mrnt.. w;rter ratr,. anJ imurance prrmium,
~ for wch year nut cu~~ereJ by the afore.aid munthly paymrnh.
~
~ ~p, 7h:it lul in the event ~~f any hreach uf this murtgage ur Jefault un thr par~ uf thr rtx~rtgagur. ur Ih1 in thc r~en~ ?h~t am uf tiaiJ
~ cum, uf m~~nr~ herein referr~l tu h~ not promptly :+nJ fully paid Kithout Jrmand ur nutice. ur 1<~1 in thr eveni that e.ich anJ e~ery the
,upulatiun,, agreements, cunJitiun.. an.l covenantc of .a~J n~.te anJ thic murtFagr. arr nut duly. prumpUy, and fully p~rfi~rmeJ: thrn ~n
rhher ur an} ,uch r~~ent. the .aid :iggregate .um mrn~ionrJ in ~aid note then remainig unpaid_ ~ ilh interest accrurd ti~ that timr. ~nJ all
rtx~ney~ .ecureJ hereh~. ~hall t+ecume Jur and pa}aMe fur~hH ith. ~~r thereafter. al thc ~rption uf .aid mur~gage~. fuUy :~nJ c~~mpletel} a,
~ if all .~f the +aiJ .um~ uf nwnr~• W ere i~nginalh ~tipulatrJ tu t~ paiJ on weh day. :;n~thi~g in ,aiJ n~~tr or in thic nx~rtgag~ t~~ the comrary
nutN ith,tanding: and therruExm ur thereafter. at the upuon uf .aiJ mortg:+gee. without nuticr ~~r JemanJ. wit at law ar in cyuily. ma~ he
~ pru~ecuted as if all rrkmeys tctiured hereh~ haJ maturcYi prior lo it~ insliwtiun. Ihc rtx~rtgag« may fureclu,e thi~ murtgage, a~ to thr
~ arrx~unt ~o JeclareJ due and pay3hle. and the saiJ premice~ +hall be wIJ to catisf} anJ pay the wme tugether with cu.1~. erpen~eti. :inJ
~ :?UuNanceti. In ca+e of partial foreclu.ure uf this murtgagr, thr m~x~F~geJ prrmi~e..hall be wld ,ubjecl to the cuntinuing lirn i.f Ihis
murtgage fur ~he amuunt of the Jeht not Ihen dur and unpaiJ. In ~uch cx.e the pr~~vi~ii.m uf thi+ par•rKraph may aga~n he a~~ilrJ af
thereaftrr from timc ~u time by the neortgagee.
11. ~hat the rtx~rtgagor will give immeJiate nutice by mail ta the m~~rtgager of an~ ~omeyance, lran~fer, or change uf uwnenhip uf
~ 1h~ prrmisc~. .
~ 12. Ihat nu wan~rr ~~f am roven.~nt herrin or uf the obligation .ecureJ hcreby .hall at any time thrreaftrn c~ hrW tu be a~ai~rr uf
~ the term. here~.f or of the nute secureJ herrh}.
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