HomeMy WebLinkAbout0702 2. That, in oTder more fully to prutat the ~ewnty of thi. mon~~~r. tht mun6.,~:.~r. tuFithrr Mith, anil ~n addiuun tu. ~hr rp~~nGl~~
paymentc uodrr the terms of the notr ~tcu~rd herchy, ~~n ~hc fitst d•ay uf rach month un+~! the >~iJ nute tully pa~J, w~ll pa~ tu thc
mo~tE.gee the folluwin~ sum.:
la) An artwun~ sufficitnt to providr ~he holJer hereof Ni~h fund~ ~o pay ~hr nc~t mortg.,gr imur:~nce prem~um ~f Ihic ~n+trumrm and
the nc~te uturcJ hercby are imurrd, or a monthl~• chu~ge lin licu ~~f a nwrtgage ~n.urarne prcmium) if ~hey a~c heW hy ~he
Stcrctary of Housing and Urban ikvelopmcnt, as fo11oN~:
(1) It and so long as sa~d nac of even datc and this instrument art ~n+urtJ ur are reinwrzd unde~ ihr provi~~uu. ui thr
National Hou+ing Act, an amounl suf'~iciem to .aumulale in the hands of the hoWer onc (11 month ~u~~~r ~o ii~ due J.:tr ihe
annual mungege inwrance premium. in ordrr to pra~~idr wch hoWrr wi~h funds to pa~ suth prcmium to the Secr~ian~ uf
Hou~ing and Urban Ikvrlopment purw:+nt t.~ dic ~ational Hou+ing Acl, ac ~mrndcd, arxl appl~cablc RrguL~ti~n.
~he~eunder, cx
(11) If :,nd v~ lung ~s ~aid note of evcn date nnd thic instruairnt are hr!d b~• ~h~ Srtre(ary of Hou~ing and Utban Devcl.~pmrnt,
a monthly charFr lin lieu of a morlgage inw~~ncr p~emium) which ~IWII be in :.n amuum eyu~l to une-~Mrlf~h 11;12) uf
one-half 1'~) per ccnwm ot the a~~eragt uutstanJing b:dance Jue un the note cumpu:rJ ~~~thout taling i~~~o accuunt
drlinyuencies ur p~epaymrnts;
(b) A+um rqual to thc grourxf reo~i, if ~ny. next due, plus the ~+remiuma thal v~ill nrxt txcomt Jur and p:ryablr ~~n ~wlicirc uf fire
and uther hazard inwrance covering ~he mortbabed pro{+erty, plus taxrs and a~~r~~mrn~s nc~t due on the mort~ageJ propr~ty 1at1
as estimated by thc mortgagrn) Icss all sums alre3dy paid therefur dividcd by thr numtkr ot muntM to elapx bcfo~r unc month
prior to ~he d~tc Mheo such ground rents, premiums, taxrs, ~nd ascessmrnis ~viti brcume delinquen~, such sum~ to be hrld hy
mortgagre in tru~t to p:+y wiJ ground rents, premiums,laxe~, and +peci:al a~~r~smcn~~: and
(c) All payments mentioned in ihe two preetding subazctiom of this paragraph :+nd all pnymenu to b~: maJe urxirr ~he notr ~rcurcJ
hercby ~hall he added toFethcr and the aggre~ate amount thertof ~hall t+i {~aid by thr murtbab~~r each muntl~ in ~ sinbl~ p:?~ mcnt
to be appli~d hy the mo~tgagre to the following itenu in th~ urder ~ct forth:
(1) prrmium charSes undrr the contract of imurance Hith the Secretar}• uf Housing and Urban Developm~n~, or nH~n:hly
charge tin licu otmortgage insurance p~emium), as the case muy t+e;
(11) ground rents, taxes, assessments, firc, and other ha2ard insurarx:e premiunu;
(111) intere~t on the note secured hereby; and
(IV) amortization of ~he principal of said notr.
Any Jrticienrn.y in the amount oi wch aggrcg:~te mon~hly payment ,h:,ll, unlr~t made goo~1 by ihr murtg~bur prior tu ~he duc d:,ir of
the next ~uch paynxnt, comtitute an rvrnt of detault under this mongagc. ~fhe mortgagre m:ty culltcl a"1'sie ch~rg~" nut to r~ce~d Iwu
cents l2c) fur each Jullar (SI) uf cach payment more than fiftcen t15) days in ~rrears ~u co~er thr rxtra ax~+rn~e incalv~~al in handfing
delinquent payment.. "
3. That if the total uf the payments made by the mortgagor under Ibl of p~rabraph 2 precrJing .h:;ll excred the ~nwunt of the
payments actually niade !+y Ihe morlgageq for gruund rents, Iate~ and a~sessmentc and insur:~nce premium., as the cata: may hC. w.F.
exceas at the option of the mortgngec-, shall, be credited on subsequent paymenGc to be made by the mortbagor~ or retunJed to O~e
nwrtFa~;ur. If, howcver, the rtwnthly paymcnu m:uir by th~ mort~agur undrr ~hl of paragraph 2 prc:tding ~hrll nut t+c wfficirnt to p:+y
Frou~id rent~, wxes and a.tessments and imurancc prrmiumt, a. ~hr ca.r may t+e. Nhrn thr same shall hccumc du~ ~nJ payablc, then tAc
mortgogor ~hal! pay t~• thc maxtbaEce aoy amount nrcet+ary to m~ke up thr dchcicrky. on or t+cfore the date ~~hen papment of .uch
groiuid rtnts, taxes, :++~r.~mentc, or in~urance premiums ~hall be Jue_ If at any time th~ mortgagor ~hall te~xl~r t~ thc mortgarec in
ac~ordancc wi~h thc pruvisiom of thc note ~~curtd herrby, full payment of ihr rniire indebtrJnr~, repre.rmed therrby, Ihc itwrttsbee
~hall, in cumput~ng the emuunl of:uch inJebt~ne~s, crrdit to thc accu~nt of the mor~gagur ~ll pa~•ment~ made under the pruvi,ion~ uf 4i1
uf p:,rs~raph 2 hereof ..hich 1hc murtgabrc has not t+eeome ubligaseJ tu pay to tht Srere~ary of Houcing and 1;rha~~ Development and :+ny
hatancr rrmaining in Ihe furxl~ accumulateJ vnder the pruvitiions of (h/ oi said p~raFraph 2. If ih~re ~hzll he a dei~ult under any of thc
psuvi.io~~s of this mortgage, ~r~ulting in a public salr of ~hr premises cavrrtJ hrreby, U~ 1~ lltc' TlUflgJ~'CC acquir~ the pruperty u~hrn~ ise ~
n;trr dcfautt, Ihc morl~ag~e ~hall ~pply. ~t the time uf ~he commencrmem of such pnx~edine, or at thc time thc property is olherN•ise
acyuirtd, the balance then rrmainin~ in the fun~ accumul~ted under ~h~ of p:,ragraph 2 ~rceeJing ac a credit abain~t the arnount uf
princip:,l Ih~n rem~ir.ing unp..;J undcr said nute and ~hall propcrly aJju~t :?ny pa}•m~nt, ~~hich ~h~ll ha~c brrn ma.lc undcr (n) of wid
, paragraph.
s. That hr ..~ili pa~• all ta~r~, acce..mrnts, water ral~~, and othrr govrrnmental or mun~cipal charcr., fines, ur imFx~:iti~~nc, for which
pruvi~i~~n fias not hcrn m:~de hereinhfore. and in d~tault thercoC th~ murtg:?g~r ~n:,y p~y thr samr: and that ht Ni11 promplly dcli~•er the
ofhci~l receipi~ Ihrrefcir to the murtga~ce. t
S_ Th~t he M ill permit, commit, or suffer no wa~tc, impairment, or drtrrioratiun of>aid proMrty or any prrt thertof; and in th~ event
~~f ~he failurc uf ~he m.,rtg~bor to F:eep the huildingc c~n ~ait1 premitrs and thu~c to he rrected .~n .aid pi~mi>e~, or impro~emer,ts thereon,
in g~x~d repair, thr m<~rtg::~ec may mak~ such rrpairs a~ in it~ Jnrrrtion ~t m:~~ deem neces»ry fur thc proper pre.ena~ion thcreof. ~nd
ihe ful) amuunl uf rach a~J cvery wch pa~ ment shatl he immrdiatriy due aiid payabte. anJ shall he ~ecu~cd by the IiCn of lhis m.tttgage.
6. That he N ill r::Y all and singular lhe Cmis, ch:~rges. ar,d expensri, includir.~ reatonablr la~cyer's fees, and costs of aMtracls uf 1':tle,
inwrred ur paiJ at any aimc by the mongagec bc.au,r of the failurr on the par~ of the m.xtgacur prumptly and fully to ~rform the
a~,rcemrniti ~nd cuvenai:tt of .::id p~omicsory n~~l~ nnd thit mo~tg::~e. ar.d said cmts, charge+.~anJ espenses.hall he immediaiely due and -
payahte and shatl tse ~ecurcd hy the lien of this mortga~e_
~ 7_ Th:+t he will kerp the improvemems nc,w• caisting or here~ft~r erec~ed on iht mortcaced pruper~y. insurrJ as mey t+e required fiom
~ time to i~m~ by the mort~:agee a~ainst Irns by tire and ~~lher haz:,~ dc. ta~ulaties, :snd contingtncirs ~n such arrwunts and fi~r wch periods ~s
may tx reyuircd by mortg~are, ~nd aill pay~ promptly, ~.hrn dur. an}• premiums un wch ir.wrance for payment of ahich pro~i~ion has ~ot
' bcen madc hereinbef.xe. All in~urance shalf be carried in comp~nies approved by mortgagee and the policies and reneKals thereof shall
~ he held by morttacee and ha~e attached ihereto lixs pay:,hle clau.es in tavor of and in farm acceplable to thr mortgager. In e~ent of lo~s
he will bi~~e immediatr notice hy mait to mortgaeze, anJ moTigacrc rnsy ma~.e proof of loss if not made prompUy bg m~xtgagor. and cach
~ imuranic comp:~ny conterned is hercby authorizeJ and directrd ro male pa~~ment for such 1~~ direcNy to nioriFasee insteaJ of tu
rtxxtFacor ar~J mortgagre jointl~, and the imurance proctedc, or am part Ihereof. may t+e applied by rrnxtgagee at its aption eithrr to the
rcducti~~n of tF:e inJebtednr,sherrFy srcured or to thr rcsturation or repair of the pruperty dama~cJ. In t~~ent of foreclosure of ~his
mortFage or o~her tr~mfer of li~le to the mortgazed propert~• in e>tinguitihmcnt of the indehtrdne.> >ecured hcreby, sll ri~ht, tiU~, and .
interecl of thc mortgacor in and to any in.Lrance policies then in force ~hall pass to the purchaser or grantee.
R. l hat the mort~a~ee may, at any time pcnding a suil u~xro this mortgage. apply tu the court haoing juri~diction thereof fix the
appointmen~ of a receivcr, xnJ ~uch coun .hell forthw ith appoint a rccei~~er of the prrmises covered herr~y :~II arxl singular_ incluJing alt
~nd singular the inconir, profits, i~.ues, and re~~enue~ fr~.m ~h:,tr.•er wurce drrived, nach ~nd tvery of µhich, it t?eing expre~sly
underctoo.i, is hcrehy mongagrci a~ ~f specifically set fonh and Jescrithd in the granting and hahrndum c{au~r~ hertof, and wch rrceiver
shatl have all the broad and effrclire functions and powers in am~~vi~r en.ru>1ed bp a co~rt to a receiver, and ~uch appointmem sha11 be
made b}• such a~url as an admilt~d ryuity and a matter ~f at~ul~nc right to ~aid morlFagre. and w•ithuut rcference to the adequacy or
inadeyuacy of the value of the proper+q mortgagcri ix to the sol~ency or imolvency of s:+id mortga~or or thc defrndents, and that wch
rcnts, profits, income. iswc~, anJ re~~enues ~hall he applied hy such recei~•zr according to the lien of thi. mort~age and the practice of ~uch
court_ In ~he e~•ent of ar.y drfauit on the p.ut of the r~x~rt~~g~r hrreundcr, thc mortgacor acrecs ~o pay to the mortbagrr on demand as a
reaconable monthh rcntal for the premi~ei an an~ount at Itast cqui~alcnt to one-twelith 11/12? of the :~egrega~e of thr tWClve rr?~nthly
~ enttailment~ payahle in Ihe thcn eurrent year plas the actual amount uf the annual taxec. as•essmentc water rates, and imurance premiums
~ for such ycar not covcred by ihe af~~re.aid monthh• paymcots.
~ 9_ That (a) in Ihe e~•ent ~~f any hreach uf lhic mortca~e or dtFault on the part of ~he mi~rl~agor, ur Ih) in the event that ~ny uf said
~um~ of money herein rcferr~-J to bc not promp~ly and fully paid withou~ demand nr ~otice, or (r) in the event Ihat ea~h and tvery thc
~lipulatiuns, agrrrment~, condi:i~ms, anJ covenaots of said nMe and this morlFace, are nut duly. promptly. and fully performed; ihen in
c~lher or any .uch event. ~he v~iJ a~regate sum mcntioned in ~aid nute thcn remain:g unpaid, w ith intere~t accrucd tu lh~t time. and all
* rrh~neyt secured hereby_ .hall t+~come duc and payable forthw i1h, or there:,ftrr, at 1hc o~tion of >aid mortgagee, as fully and rnrt:plctcly as
if all of ~he ~aid tum~ oC money aerr origfnalty siipulatrd to t+c p~iJ an .uch Jay_ anythin~ in ~aid note or in this rtwrtgage to ~he contrary
~
~ notN ithstanding; er~d thereu~xm or ihercafter, at thc uptiun of uid morlFagee. Mithout n~~u:e or demand, wit at laK• or in cyuity, may he
rMewtrd a~ if ~II mone}, tiocured hrreb haJ mawrrJ n~~r tu its inaitution. The rtx~rt aeee ma}~ forcclou: thi~ morl a~ e+ to thr
~ P Y P- R" _ F~
~ amount ~o dedared duc and payablc, and the said premises shall t?c lold to Satitify and pay Ihe s:ime together with co~ts, ea}xnus. and
alloK~ances. In ca~e of panial foreclcnurr of Ihis mortgaFe, the mortga~ed prcmiseti .hall be x~lJ suhject to the eontinuing lien of this
~ mortgage for thr ami~unt of Ihe deht not ihen dur anJ unpaid. In .uch casc the pro~i~iunc of thi~ paragraph may aFain t~e avail~d uf
~ thereaiter from time to time by ihe m~irtgagee.
~ 10. That the mortgegur will give immeJiate noticr by mail to the mortgacce of any conveyarke. Iransfer, or change of owner~hip of
~ thc premi«c.
1 I. That no wai~~er of any covenant hcrein or of thc obtigati<~n ticcureJ h~reby ~hall at am~ time thcrcaflrr be held tu ix n~~i~~er of
~h the termti hereof or of ~hc note ~rcurrd hrreby.
IZ. That if thr mortg~g~~r def•rull in any of thr a~~enants or acrcrments contained hcrein. or in ~a~d note. Ihen the mortFagee m.~y
~ pcrform th~ same, anJ al! eapenditurn !including ?ea~onahlc attorne~'ti fee~l made b~• tht mortgagce in w doing shall draw intere~t at the
rate ~ct forib in the r?ote secorcd hereby, anJ shall t+c repa~•able immediately and .+ithout dcmanJ by thc mortgagor 1o ihe mortFagrr, and.
logether w•~th interec~ and c~xt. accruinS thereon, ~hall be secured by this mortgage.
~ ~ ~ BUGM iGOB YACf 70z
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