HomeMy WebLinkAbout2016 ( hat. m urdrr ~n.~t~ full~ tu pr.~ta~t 1hr .~:unt~ uf thi~ murt~agr. tha murt~:igur. lugrthrr H uh. :~:xl in :i~i~luiun lu, ihr nw~n~Al~
pa> uirnh undrr thr t:~m~ .~f thr n.H~ .r~urcd hrrch~, un the~tit~l ~Li~ i~i ra~h nwnth ur.Ul ~hr ..ud nut~ luti> p:u~i. «iil p:~y tu thr
u~.ut~;.~g~~ th~ fi~li.~~~ing.um.
la? :1n am.wnt ,uffi~~irnt to pru~~iJe thr huWrr hrrraf with fund. io pay ihe next mung~igr in~urance prcmium if ~hi, imtrumrM and
the nutz .rcurrd hartby src insureJ, ~x a monthl~ charse Iin licu ui a rnortgage in~urancr prrmiuml if Ihry arr hrld hy ~hr
Se~re~a~y uf Housing and tlrban Devrlupmtnt, 15 ~OIIUKS:
111 !f anJ w long as saiJ nute uf rvtn datr and this ins~rume~t art imurrd or are rrimunvf undtr lhe p~uvi.ium af the
National Houaing Act, an amouot sutTcient w accumulate in the hanJs of the hulder une 1 t 1 m~~nth prior ti~ itx dui date ihe
annual mortgage insuranre pfemium, in ~uJr~ to pruvide .uch halJrr with fund. tu pay wch premium i.. thr ~ctiretary uf
Huu~~ng and Urban l~~alupmtnt pur~ua~~ tu the :~aUunal Nuu.ing :\ct, a. amrnded, arx! applKablr Rrgulauun+
Ihereunder, or
ttl) If and w lung as ~iJ nute uf e~•rn Jatr an.i this imtrumrnt are hrld b>• the ScYretary ui Hnu+ing arxl Urhan Ikvrlopmrnl.
a nwnthly charge lin liru uf s murtgage m~urancr Mrm~uml Nh~~h .hall tx ~n an anx~unt ryual to unr-tNrlfeh ~Ifl_1 .~f
one-half 1"z) {+er cinwm uf the aver:?ge outstarxiing h:rlance due un the nute iumputcvl w~thuut taling ~nto accuun~
drlinqurncits w prrpuymrnt.;
Ih) A~um eyual t:~ ?h~ ~rounJ rents, if any, nex~ due, plu. the prrmium. that will ncxt txcume dur anJ pa~~able an policie~ uf fire
and uthrr halard imurancr rovering the nxirigagc~ pT~~perty, plus ta~r. an~ a.+tir~.mcnt. nr~t dur un thr m~~rtgagrd pruperty lall
a~ rstimated by thr mortgageal tess all sums already paid ~herefur dividrJ by the numt+er uf munth. to elap~e t+rfure une munih
priur to the Jate ahCn such gruurxl rents, p~rmwmc, ta~cs, and a.,r„ment+ will b«ume Jelinyucnt. +uch ~um+ ~o he hrlJ by
mortgagzt in trust to ~y .aid ground rrnts, prrmiums, ta~rs. and ,~ial a..e..ment.; ~nJ
Ici All paymrr.ts mentioned in the tH•o preceding cut+sectium uf thii paragraph anJ all payment. to be made urxier the note ucureJ
hrreb~ ~h•rll be adJeJ together and the aggrcgate an~uunt thereof.hall tx paid b}• the m.~rt~;a~or rx~h munth in a~inglr pa}•mrnl
tu br appl~ed by the mortgagee tu ~he follo~ ing itrm+ m thz urder set fur[h:
t11 premium rharges under the cuntract uf in,urance Wi~h the Sccretary uf Huu.ing anci !'rban Ihvrlupment. or rttunthl~
~harge lin lieu uf m~xtg~ge insurance prrmium), a. the case ma~~ t+~:
111) gruund renta taxes, as~ecsments, firc, and uthrr hacarJ inwc:~ncr premium+;
Nltl inttrrst ure the note securcJ hereby: anJ
11~'1 artwrtication of the principal uf sxid note.
Any deticiency in the artxwnt uf ,wh :+ggrcgatr monthly pa~'mrnt .hall, unlr,. maJe ~u~xl hy thr nwrt~:~gur priur tu th~ .lur d:+tr ~r!
the ne~t sueh p:ipment, cun.titutr :~n rcrnt vf detault undrr this mun~:~ge. I hr murtgagr~ ma~ :ull~tit a~~L~tr charg~" ~~.t to r~~~cJ tHu
cents t2cl for each dullar ISt~ of each paym~m morr ihan fiftren 115~ da}~ in :urear~ to cu~rr thr ~~Ira rx~xn.e in~uhcd in hanJling
Srlinyuent paymentc.
3. That if the tutat .rf the pa}~mtnts m:~de b~~ thr murlgagur unJer ~hl of paraFraph pr«~J~ng ,hall ~~~crd thr anw~unt uf th~
pa~ments actually made hy the m.xtgag~e. fur gruund ~e~t~, tares arxi a~.r..mrntt and in.ur~rkc premium._ a, tAr ~.ix may br,,uch
excess at the option of the morigagee, shall, be credited nn subsequent payment~ to be made by the mortgagor, or refurtdecl to the
rm~rtgagor. :f. hoNever, the m~mthl~~ pa~ mentc madr h} ~hc mortgagur undrr tbl uf paragr~ph 2 pr~l~Jing .hall not t+r ~ufhcient tu pay
gruurxl rrnt~_ ta~es an~ assessm~nts and in+urance prcmiums, as the ca~e may t.~. ~vhen the ~mr ~h~ll hc~um~ Jur and payable, then thr
mortgagur tihall px~ to the murtgager any amount nc~essan tu mak~ up the Jrfi.irnc}~, un ~K hrti~r~ th~ J:ur hrn pa} mrnt uf ,urh
gruund rrnts. taxr~_ as.c~smtnts. or imurance prem~ums ~hall t+r Jue. U at am time thr m~xtg:~gur +hall trnder tu th~ mortgagr~ in
accurJancr with the provisions uf the nute .ccureJ hereM•. full paymrnt of the tntirr indrhteelne.~ rrpr«ente~ thereb~, the nwrtgaget
.hall, in cumputing the amuunt af.uch indrhtrJnew., cre.iit to the accou~t of the mortgagor all paymcnu m~Je under ~he pruvi~ium ~~f ~u)
uf p~ragraph 2 hrreof which ~hr mortg~gee ha~ not t+ecume ubficated to pay tu the Sc~retan• uf Hau~ing anJ l rb;?n Drvelupment anJ any
baL•ince remaining in the iunds accum!~latrd undrr thr pru~i,iom uf ~h~ ~,f ,aiJ p:ua~raph If th~rc ,hall h~ a drfault undrr am uf thr
prov„i„m of Ihic mortguge, nyutting in a puhlic ,at< <~f the prrmi«y ~in~r~d herehy', ur if the m~xiga~;cr acyuir~, thr pruprr~ti uthrn~ nr
:?!'ter Jef:wlt. the m~~rtgagre +hall :~pply, at the time vt' the c~~mmenc~mrnt uf .uch pnkerd~ng. ~~r at thr timc thr prup~rl~ i, uth~n~ iu
a.quirctii, thr balance thrn remaining in the funJ~ ac~umulattJ un~rr ~F~ of paracraph 2 precrding a. a.rrdit agaimt thr amuunt uf
prin~ipal then remaining unpaiJ under .aid note and ~hall pro~rl~ ~djuct am paym~ntc Hhieh ~hal! have hern ma~~ undrr lu) uf ~:~id
paragraph.
~i. That hr will pa~ all tax~~:, a~c~„mrntc. Hater rate.. and uther g~~vernmental ur municipal charge,, tinr,..,r ~mFx~,itium. fix ~.hich
pru~i.iun has nut hren maJr hertint+rfurc, anJ in Jrf~i~lt therct~f the murtgagrr ma~ pa~• !h~ ..~me: :,nd ~hat br will p~umpUy drlivrr Ihe
i~llici:J rr.ripts therefur to tht murtgager. '
fhat he Nill permit, commit. ur .uffer no Ha,te, impairment, or Jeterioratiun uf ,aiJ pn~?erty ur any p:+rt thrr~.~f; and in thr r~rnt
.~f thr failure uf ~hr mortgagur lu Aeep the building+ on a~id premises and thi~.r to be ~rc~ted on .;??d prrmik,, ur impru~rmrnt. thcrrun.
in g.x~1 repaer. the mcvtgagee may make +uch repain as in it~ dis~rrtiun it m:~y de.m necec.ar}• for thr pnmrr pr~~erva~iun thrr~uf. anJ
the full ar?x~unt of each anJ every wch pa~ mem .hall hr immc-~liatri}~ Jue anJ payable, and .hatl t.~ u~curcYi hy the tien uf thi. rtx~rtgagr.
6. That he ~ill pay alt and ~ingular the a~.ts. charge+. anJ ri~n.r,. incluJing rea~un:ihlc la~yer', fr~~. ~nJ ~ust, af ahtitract~ i~f tiU~.
inc. .~yl or paid at am ume b~ the morigagee becausr ~~f the failure un ~'~c part uf th~ murtg~gur prampU~ anJ tull~ t„ perti?rm thr
agreemenh anJ ~ovenantc uf said pr~mi~sor~~ note :?nd ~his mortgage, and s:?iJ e.nn, charge,_ and ~tp~mc~ ~hall tx imm~diateh~ Jue artd
pal ahlr anJ .halt be ~ecured by the lizn of this m~utgage.
Th-st he w ill keep the improvrments nuw er~stinF ur hrreaftcr erecteal on the murtgageJ pruprrt}~, imurcJ as may hr rrquirc~l frum
time to time b}• the mortgagre against luss b~• firc and uther t?atard~. ca~ulatirs. anJ contingencie. in ,uch art~.~unt~ :~nd fe~r ~u~h peri~nl~ a.
may .~r requirc~i b} mv~t~~gee, ~nd Kill pa~ prumpth..?hrn Jue. any prrmiumc on wch imur:mce fur pa~mrn' uf ~~hich pru~i~iun hati nut
been maJe hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall
hr helJ b~ murtg:~gee and harr attache~i theretu lu~s pa~able .lauses ~n fa~ur uf and in form ;~c~rptatNr tu thr rtx~rtg~gc !rt event uf lu+.
;r hr a iH gice immeJiatr notice hy mail tu marlgager. arxi murtgagee ma} make prewf ~~t Ims if nol maJc pmmpth b~ murtgagor. anJ rach
imurancr cumpsnq c~~n~erned is hereh~ authoriced and dirnted to male payment for ~ueh lucc dircclly tu murt¢agee imt~aJ ~~t~ to
murtgagur anJ murtgagee juintly, and the ~nsurance pruceedc. ur am~ part thrree~f. ma} tx applicJ hy mcrrtEager :~t +h uptiuo either tu th~
i rrduction uf the indebtrJnrc~ htreh~ s~:urni ur to the re~Wratiun or. repair uf ~hr prupcrty damageJ. In ~vent ~,f G,r~clu,urc ~~f this
' m..rtgagr ur uther [ransier uf tiUe tu the murtgageJ pruperty~ in e~tin~euishment uf the inJrbteJnc-.. ~r~ured hrreh}. all right, title, anJ
I intere.t uf Ihe m.xtgagur in :ind tu an~ in~urance policies then in force tihall pa*c tu the purcha~er or grantre.
~ 8. Tf~at i( thc- premises, or an~- part therrof, be condemned uader an~ po~.~r o( rminrnt dumain. ~~r .n ~#uire•~i (ur a public use•,
~ the dama~e., pruceeds, anJ the eon~ideration For such arquisition, to the ext~mt o( the full .in~„unt ind~•ht~•dnr~s upun this
\iortga~e,andthe\ute se~ured hereUv remainins unpaid,are hcre6~~ assi^ned b~ the• 11ort~.i~or tothr \Inrt~a~~~~• :~nd ~hall b~ paid
~ forth~.ith to th~~ 1}ort¢aeee to be apptic•d b~~ it on accoant uf thr inJrbtr~ln~~~ .~•rurrd horrh~. ~.hc•th~•r due ~~r not.
~ 9. That the murtgagee m:?y. at any time prnSing a tiuit u{x~n lhi~ mortgagr. apply t~. the cuurt ha~ing jurixlictiun thereaf for the
E ~ ~~ntment of a receivec. and cuch coun shall forthH ith a
• PIx ppuint a receiver of the premi~cw a~verrd hereh~ all anJ .ingular. including all
[ anJ .ingular thr inrome. profits. i+~ues, a~d revenues frum whate~•er wurrr deri~~eJ. each anJ evrr~ of which. it txing ~rprescly
i undcrstuo.i. ic hereby mortgagrd as if,pecificall} set furth anJ Jeurit+ni in the granting and hahendum dau~r. hercuL anJ .uch recei~~er
.hall ha~•e all Me bruad a~xi effective functions and powrrs in anyw ise entructed by a coun to a receiver, anJ ~u~-h appcLi~tment ,hall trr
msJe by ,uch ruurt as an admitted eyuity aod a mattrr uf at.wlute right to s•rid mortgagee. and H ithuut retererne tu th~ JIIC(~U:II') or
~ inaJequac~ uf thr value of the proper[y mortgagctii ur tu thr wlvency ur insoh~enc~• of .aid m.~rtgagur nr the defrnJrnt~: anJ that ~uch
! rents, profits. income. issues, anJ revenues shall l+e applied b~ cuch recei~er according to ihe lien uf thic rrx~rtgage and the practice of ,uch
~ cuurt. In the r~ent of an} default on the part of the nwrtgagor hereunder. the mortgagor agrec~ ta pay to the m~,rt~agee on demand a,
reatiunahle monthly rental for the premises an amuunt at least equi~~alent to one-twelfth 11l12? of the :~ggrrgatc of the t~rlve munthly
m.tallments payahle in the then current year pluti the actu:~l amount of the annual ta~ec. a~tc~.mrnt~_ ~ater ratrti. and imurance prrmium~
fur such qrar not cocereJ by the aforrsaid monthly payments.
10. That la) in the event of any breach of this mortgage ur det'3ult on the part uf lhe nu~rtgagor. ur Ih1 in thc event Ihat any uf ~aid
sums of money herein referred to be not prompdy and fullq paiJ without demanJ ur nulir~, ur (r) in thc r~ent that ~ach and rven thr
~tipulatiunc, agreemenrs. wnditions, and u~venants of said note and ihis murtg~ge. .~re nvt Jeily. prumpUy. and fully perfi~rmeJ: then in
ehher ur an} wch rvent. the said aggregate sum mentioned in saiJ n~.te then remainig unpaiJ, wilh intere~t .~ccrued to that timr. anJ all
~ nx~neys sc~ured hereh~~. ~hall t+~cume Jue ~nd pa~able furthw ith. ur thereafter. at Ihe optian uf ,aid mur~gager. a~ fuil} anJ complrtely ac
if all of the ~aid sumc of nwney µere originally stipulateJ to t+e paed on such Ja~. ~n~~hing in +:iid nute ur in thic rtx~rtg:~gr to the cantrary
notw iths~anJing; and thereupun or thereafter, at the uptivn of said mortgagee. w ithuut nutice or dcmand. ,uit at law ur in equity. ma} tx
; prosecute.l as if all moneys secured hereb}~ had maturrd prior to it+ institution. ~he mortgagee m:iy forrclu,r ~hi~ rrx~rtgag~, sti tu the
; amuunt so declared ~ue and payable, and the said prrmicec shall be wld to s:~lisfy and pay the s;?me ti~Fether with a.~t~. rtpenses_ anJ
` ~IloWances. In case of parti~l iorecl.iwre of this mortgage. the mortgageJ premi~es ~hall be wIJ ,ubject tu thr cununuing lien uf this
rtxxtgage for the amuunt of the deM not ihen due and unpaiJ. In su~h ca~e the provi.ium of this paragr~ph may- again br a~z~iled uf
thereafter from time to time hy the mortg:,gee.
I 1. That the r?wrtgagur will give immediate ni~ticr by mail to the mortgagee i.f any con~ryancr. tran~fe~. or change uf uNner~hip ~.f
the premi~.
12. ~hat no aairer of an}~ cvvertant herein or of ihe vbligatiun secured herehp shall at any time thereafter t+e he1J to be a Kaiver i~f
the terms hereof or of the note secureJ hereby.
g~k~ 20~ ~A~ 2Ui6
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