HomeMy WebLinkAbout2965 lhat, in u~drr nx~rr full~ t~~ prut~tit th~ .rcun~~ ui thi. mar~~::ig~. thr murtg.~g.~r, tug~~hrr ~nh. :~n~l i~ .uiJiti~~n tu. tAr nx~mhl~
pa) m~nh un~rr ~hr trrm. ~~i Ihr n.ar ,a~untii hrrrh~. u~ Ih~ finl J.~y uf r:~~h munlh until lhe ,:uJ nut~ fi~lh pa~J. ~~~II pa~ tu thr
nwrlg.~g~r thr fulluNing,um~
Ial An ~nx~unt ~uffic~enl tu prov~Je thr hulder hercuf Nith funJ~ t~~ pay the n~~t mortgagr inwrance prem~um if ~hi+ imt~umem anJ
thr nute ~~ureJ hrreby arr inwreJ. .x a munthl~• chargr lin lieu of a munbage imurance prrmiuml if thay arc hrlJ b~• the
St~rctary of Huusing anJ UrAan Drvelupmrnt. JS ~UIIUN'\:
:iQl~ 50 ~Oflg :i5 ~:111~ note of rven Jatt and thi+ imtrumenl :ifC IflsUft`l~ Of :1~t ftIfISUfCI~ u~xter ~he provi.iunc uf the
Natianal Housing Act, an amuunt suflicirnl to •rccumulatr in the Aands of Ihe hulder .~ne 11) month ~x+or to its due date the
annual murtgage imurance prtmium, in ~~rJer to proviJr .uch holdrr w~ith funJ. tu pay ~uch premium tu tht Secrrtary of
Huusiog and Urban ikvtlopmenl punuant tu the National Nuwing act, a~ amrndeJ, anJ ap~lic~ble Rrgulauum
thrreundtr, ~x
1111 If anJ w lung a~ ~iJ nute uf e~en date arnl thic imtrumrnt arc hrld b~• thc S~tirctary uf Huu.ing arni Urt~an Ikvrlopment,
a nwnthly charge lin liru of a marlgage inwranc~ premiuml whi~h ~hall t+~ ~n sn :?nwunt eyu:~l to unr•tHelfth 111121 of
one-half 1'~:l ~r centum of the a~erage uut,teixling belance Jue un the no~e computrd w~ithout taking intu a~YUUnt
Jrlinyuenc~es u~ p~epa) mrnt.;
Ib) A wm equal to the gruurxi rents, ii any, nrx~ due, plus the prrmium. that w•ill next t+~cume due a~J payablr un policie~ uf fire
~nd c~iAcr ha~ard imarance awrrin; th~ ~xirtgaReil pru{i~~ty, plu~ tares and 1.~rssmrnt. ~ext ~ue on thr murtgaged pro~rty lall
~s e+timatrd by the mortgageel less all sums alrrady paed therefor dividcYl by the number uf months to elapx before one month
prior tu the date when such gruurni rents, prem~ums, ~atie~, arxi ss~r+.mcnu ~ill becumr delinyuent. ~~rch sums to t+e hrld by
m~~rtgager in trusl to pay ~aiJ gr.~und rents, premiumc. iaxr~, anJ.pecial ss.e~,ment~: and
Ic1 All payments mentioned in thr tw-o preceJing cutxections ai this paragraph and 'all payments to be made undrr the note secured
her~by shall t+r ~d~d tugether and the aggrcgatr amuunt thereof shall t+r paid by the nwrtgagor rach monlh ~n a single payment
tu be applieJby the mortg;~gee [u thr fo11oN ing itertu in the order ,et furth:
111 premium chargrs under the cuntract uf imur~nce with the Secrctary of Hou~ing anJ Urban [k~elopment, or munthly
chargr tin liru ~~f mortgage insurance premiuml, a, the ca~e may t+e;
1111 graund rents, taxzs, a~seccmtnts, fire, and othrr hatard inwrancr premiums:
11111 interest on the nute securcYi hereby; anJ
ll\'1 amurtication uf tht principal uf wid nute. .
Any Jeti~irncy in the :~muunt uf .uch agcreg:ue munthly paymrnt shall, unl~~+ made guud by thr m.Ktgagur priur tu thr Jur datr ot
the ne~t .uch paymen~. concUtulr an evrnt of drlaidt under this mortgage. fhr murtgagre may cull~rt a~!ate ~harge" nui to ~~.:eeJ ~wu
ceNS i2c1 fi~r tach clrillar IS11 of ra~h pa~mrnt murc than hftren 115) Ja~ti in arrcan to co~~r the ~~tra r~~xme invulveJ in hsndling
drlinqutnt pa)ment..
3. That if ~he total uf the paym~ni. maJr h}• the mortgagor unJer Ih) O~ ~1:1f7~L(:1(1F1 prc~rding ~hall ~xcrcJ the artw~unt ot the
paymrnh attuatly made b~• the murtgagrc. fur g~uunJ rrntc, ta~e~ anJ a~~e+,m~nt+ and imur:ince pramiums. :u the ~a,e may br, ~uch
eaccss a1 the option of the mortgagce, shall, be credited on subsequent payments to be made by the mortgagor, or refunded to the
nx,rtgagur. If. howcvrr, ihe rtxmthly p:~ymtnh m:x1r b~ the mungagi~r unJer ihl of paragraph 2 prcvrding .hall not t~ wfficient to pa}
grourxi rent., ta~~ anu a~~rt~m~nt+ and ~mur:~nre prrmiumti, thr racr may t+e. when the ~:?mc +h:~ll become due anJ payablr, thrn thr
mortgagur .hall pay to the murtg:~grr am am~~unt ncre++ar} tu malr up the defic~~ncy. un .x brtore Ihe date whrn paymrnt uf ,u~h
gruisn~l rent+. taxe,. asse+sment.. or in.uraoce premmm. ,hall ht Jur. If at am- time the m~xtgagur shall t~rufer tu the mortgagre in
~c~urdan~t ~~ilh the provicion. of thc note .ecurrd hrrchy_ full payment af thr rntire indebictitness reprcyenteJ ~herrby, the axxtgagee
.h:dt. in computing the amuunt ot .uch indebtrdnr+.. iredit tu the account of the mortgag~x all payments maJe under Iht pruvisiuns uf !ul
of paragxph hereof which the mortgag~e hac nut tkcome ohligated t~~ pay tu the Se~retary uf Huusing and Urb~n Devrlupment arxl an~
halancr remaining in the fund. ac~umulaR-J under Iht pru~itiiun~ ~~f Ih~ uf.aid pa~agraph 2. If there ~hall t+r a Jrf:~ult under am• ~~f the
pmvi.ion. of ~hi~ mortgage. rr~uhing in puhlic ~alr uf the premi.e. cuverc.f hrrehy. or if the m.xtg3grc :u-yuirt+ th~ pn~+ert~ ~uher« i~e
after Jcfault. Ihe murtgsger .hal! apply, at ~hr ~imr uf thr cummrncrmrm uf .u~h pnkectiling~ ur at thr time the pr.,prrn i, utherw ix
a.yuiretil. thr halan.c Ih~n rrmaining in the fund~ ac~umielstcYl under i6/ uf paragraph pre~~tiling a~ .i crcd~t ag:umt thr amuunt ut
principal taen rem~ining unpaid under .aid notr anJ chall pr~~perly adjuct .iny paymentt whi~h chali have t+~en nra.le unJrr lul uf .:wi:
paragraph.
~i. That hr ~ill pa} all ta~t~. a~~e~~mtnt+. H:ster r:~t~ti, anJ uthrr gu~•ernmrntal or municipal chargr.. finr~. ur im~x~,iuun.. for ~.hich
pruvi,iun has nut brrn mad~ herrintkfurr. anJ in Jefault thereuf ~hr m~~rtg:~grr may pay thr .amr: anJ Iha~ h~ ~i11 prun~tl~ delivrr the
olhcial rc:eipt~ Iherrfof tu lhr mixigag2r.
That he w ill pcrmit. cammit. or ~uffer nu N:ute, impairment, or deterioration of saici property or any part thercuf: anJ in thc e~•ent
of thr failure of the mortgagur tu keep thr buildings un ~i~ premix~ and thuse to t+~ er~yted un ~aiJ pr~mi~es. ur impro~rment~ thereun.
' in g~wJ repair. the nwrtgag~c ma~ makr +uch repair~ a+ in itti Ji.crctiun it m•~>• deem nece~.an~ for ~he pruper pre.tnatiun thereuf. anJ
~ ihe fuii arrx~unt uf e:~ch and ~~en such payment shall t+e immeJiately due anJ payxble. anJ.hall tx ~ecur~f hy the lien uf thi+ rm~rtgage_
~ n. That he w ill pay all and ,~~gular th~ c~nts. charce,. and e~pen.cy. incl~Jing rra,unablr laN} cr ~ fee~. anJ cost~ of ah,tractc uf ti~le.
~ incurrctil or paiJ at :+n} time hy the murtgage~ bctiau~~ uf the failure un thr part of thr rrn~rtgagur prumpUy and fulh tu prrform the
~ agreements and covrnant. af wid prumi~con+ nole :ind this murtgage_ and +aid cmtc, eharg~., and r~p~mcw ,hall t+r immrd~ately dur .~nd
~ pa} ~ble and .hall be ~ecurrd h} the lien uf this m~xytage.
7_ That he w ill krrp the impruvemrnt, nuw r~i~ting ur hereafter errcteJ un the rrx~rtgaged pruprrty. imur~J a. may hr reyuireJ frum
~ time tu time by ihe mortgagrr againct lu~, b!~ fire :md uth~r harardr, ca~ulatic~. :md contingencin in cuch amoum~ and (ur .u~h periuJc a~
~ may he reywred hy m.~rtgagtr, and N~II pay prumptl}. ~h~n due. an}• premiumc on.uch imurancr for payment of ~+hich pn.~i~ion h;~s out ~
' been made hereinbefore. All insurance shaU be carried in companies approved by mortgagee and the policies and renewals thereof shall
~ hr held by murtgager and havr attacheJ thereto loss payable ~lauses in favur uf anJ in form acceptable tu thr rtx~rtgagee. In e~~rnt uf lu~.
he will give immediate nuti~e h~• mail to mortgagrr. ~nd murtgagee may make pr~wf of lo.. if rK~t made pramptl~ by~ mun~ag.~r. and rach
imurarwe cumpany ~onc~rnrJ ic hereby authorized anJ directed to make payment for such losc Jirrctly ta mortgager intit~aJ uf 1u
rnurtgagor and mixtgagre jointl~. and the imuran~r pnxcidc. ~ir xny part thercY~f, ma} tx: applied b~ murtgager at il~ uptiun eilhrr to tht
rrductiun of the indebtrJne., h~rehy sctiurcYl or to the re.turatiun ur rrp:~ir of the prupc~rty JamageJ. In event uf fixecl~~+ure of thi+
~ rm.rtg.igc iu ~~ther tran.frr uf tillr tu Ihe murtgag~J prupcrty in e~tingui+hment ~~t the indehteJnr+. ~ecurrd hrreh~. alt ~ight. titlr. and
_ intere~t of Ihe martgagur in and tu any insurance policies then in force ~hall pass to the purchaser or grantee.
~ 7~hat if ~hf- pr~•mi~~•., or an: part thereof, be condemned under aay poNer of err?inent ~lo~nain. or acquir~~i tur a public u~e,
thf• dam.iQe~, pro~ eed., and the ~unsid~ration (or such acqui~itiua, to the extNnt o[ the (u!I .~~nount ~f indc~btedn~•tis uFwn this
11ort~a~c~,.~ndthe\oti~ ~ecured h~rnc~ rPmainine unpaid,xr~ herebv a~signed bt~ the• ~Iort~.~gor tnthe ~Inrt~an~~c• and shall be paid
forih~. iih iht• ~1ort~act•c to br applii~d bv it un a~•count o( t6r indehtc•dm~~s si•~ ured h~n•h~, ~.h~cher dur or not.
9. That thr mortgagre may. xt an} ume pending a~iit uExin tfii~ murtgage. appl} to the awrt having jurisdiction thereaf fur the
~ appuirttmem af a rece~~er. and tiuch cuurt .hall fcxthN ith appuint a receiver uf the premiseti cuvereJ herehy all arxi +ingular, incluJing rll
arxl .ingular the incumr. profitti. i,.ue.. anJ re~enuc~ frum ~hatr~•er wurce derivcd, each anJ r~~~ry uf which. it t+ring rxpressly
~ under,tocxl. ic hereby mortgaged as if specihcally xt furth anJ deuritx-J in the granting and ha~nJum clau~es hereuf, and su~h recei~er
~ shall have all the hruad :+nd effective functium anJ powers in an~•N iu entrusted by a court to a rer~iver. and ~uch appuintment ~hall t~e
~ maJr by ~uch court a~ an admitteJ eyuity anJ a m:~tter of atnulute rigttt.~u wiJ mortgagee, and w ithuut refererxe to thc aduqu~cy or
i~aJtquac~ uf the valur uf the property mortgagrJ ur tu the x~h~ency' or imoh•rncy of said mortgagor or the defendentc. aRd th~t ~uch
~ rrnts. profits. incomr, is,ues, and re~~enues ~hall F~e applied by wch recriver accorJing ta the lieo of thiti mortgage a'~ixi the practice of wch
~ cuurt. In Ihe event of any def:~ult on the part of the trWrtgagur hereunder. the murtgagor agrec. to pay tu the murtgagee on JemanJ xc a
rra~onable mon~hly rental for the prrmises a~ amount at least rquiv~lent to une-tNelfth 11/121 of the aggregate of the twelve rtx~nthly
imtallments payable in the lhen current year plus the actual amuunt of the annual taie.. a~sc~timents. water rat~.. anJ in.uranre prem~ums
,yr; for wch ~ear not cm•ered bp the aforesaid monthly payments.
~p, "That 1~~) in the event of any brcach of this mortgage ar default on the part uf thc rtxtttgagur, ur (h) in the e~~ent that any uf wiJ
~ sum~ of money !~erein referreJ t~~ be not prompth anJ fully paiJ without JemanJ or nutiie_ ~.r Icl i^ ~hr event that each and e~~er~ the
~iipulatiom. agreemenh, conJitions. anJ covenant< <~f SaiJ nott anJ this mortFagr. aie nut July, promptly. and fully performed: then in
eithrr or any~ ~uch event. the caiJ ~~ytregatr,um mentiuned in saiJ noce then remainig unpai~l. with intere~! accr!~eJ to that timr, and all
muney+ ~tcureJ herehy. .hall t+rtomr due anJ payable furthu ith. ur thrreaftrr. at the option of ,aiJ mortgagec. as full} and cumpletely ati
if :?II of the wid ,umti of rnoney Nrre originally stipulatrd tu t+r p:+id an wch Jsy. any~hing in ,aid nole ur in thi~ mortg:ige a, the contrarp
notwithtitanding: anJ thereupan ur thereafter. at the uplion uf wtiJ m~~rtgagee. wilhuut nuticr or JemanJ. ~uit at I~w ur in equity. ma} br
pru,erutc^J a. if all nxmey~s x~ured herebp haJ maturetl priur W its irotrtution. fhe mortgager may foredu~e thi. murtgagr, as to the
:'`i am~~unt co declareJ due and pa}able. and the saiJ premises shall be u?Id t~> >atisfy anJ pay the same tugether with cuch. rxpenses. and
*ti aU~~Nance~_ !n c:+se uf parual fored~nure of Ihiti mort~age, thr murtgaged ~remi.e> >hall be suld wbject tu the cuntinuing lien of this
:r~ rrn~rtgage for the amount uf the deM not then due anJ unp~iJ. In ,u~h ca~r Ihr pruvitiium ~~f this paragraph may ~grin be availyd uf
thereafter from umr to timc hy the murtgagre.
l l. That the mort a ur ~ ill ~~e immrJiate notice b mail to the murt ~ ee .~f an~~ cunve ance, transfer, or chan e of uwnerchi of
F~~ g~ g g• y K 8 Y K P
~F the premi,e..
12. I hat no waner of any ~uvenant herrm or uf the obligation secured hereby +hall at any time thrrcafler he held to be a wai~er ~~f
thc lrrmc hercaf or of the nute .e~urcJ herehy.
~ ~~o~ 208 ~E2~~64
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