HomeMy WebLinkAbout3751 ; . • ,
' ~ -
t, ~ .
That, m ardtr mur~ fulh tu prut«t ~hr xcurm ~~f thi~ murtga~r, thc mor~ga~;ur. ~ugrthrr with, aiiJ in add~~iun t~,. ~hr nw,nthl~
paymrat~ unJtr th~ trnn. uf thc nut~ .ctiurctl hrrch~. ~~n ~hr Anl tlay uf r:uh munth umil thr •:~id n~~tr n fully p:uJ. ~~ill pat tu thr
nwn~;ab~r lhr fulluwing wm.:
1.?1 An anwunt .ufficiant w proviJe thr hulder hereuf witA funds to pay the nr~t m~xtgagr in~urancr p~rmium itthi. im~rumtnt an~!
the nutr ~cu~rd htrcby are ~nsured, or a monthly chargr tin lere~ of a nx~ngage inwran:e pr~mium! if thty a~e htld by ~ht
Sctirctary uf Huusing a~J Urban Dtvelopment, as folluw~c:
111 If 3nd w lung as said nute uf even Jatr and this instrumrnt are imurc~f or are reimurrd undrr the n~uvisium uf the
Nauonai iiousing Act, an anivu~~i ~uR~iciit te~ a.;,::r.:::la;: ir. :he hands af'!hr teolder ~~ne 11? month prior t~ its dut date the
annual murtgag~ insurancc premium, in urJer tu proviJe wch holdrr wi~h fund+ tu pay .uch premium eo thr S~tiretary uf
Howing and U~ban Ikvelupmrnt pursuant tu the Nat~urtal Housing Act, a. amrnJ~d, anJ applicable Rrgulauunc
thertunde~; ur
IIU li and w long as saiJ m~tr ~~t evrn Jatr and thi, imt~umrm are hrld by the Secretary of Howing and Urhan Development.
a nx~nthly ehargr lin liru ui mortgage insurancr prrmiuml which ~hall be in an anxwnt ryual to une-twrlGh 11lI21 of
. ..r'a'
C~i«-:cd~i i~:i '..G....... ^i 5!._- °^!!~•~a.ulin~o, F+~~laru-r Ju~ ~m IhB n~~lB CU711DUIl't~ K7l~lUUl I:fklpK ItllO 3CCOU01
delinqurncie~ ur prepayments;
1b1 A wm eyual to the gruunJ re~u, if any,,~rxt ~iue,~lu. the Ex~wm, that wiU next txcome due and pa~able un polkiec uf fire
anJ uther har~~d in+urartce cuverirtg !he nwrtgagr~f pruperty, pltu taxes anJ a»rc~mrnt~ next dur on lhe m~xtgaged property IaU
a~ estimatrd by the mortgageel less all sums al~tady paid the~rfor dividrd by the number of munths to elapse ?+rfore une month
priur to ~he date when wch growxl rents, prem~um~, taxes, and asse,sments wi11 becumr drliaqurnt, tuch .um. to hr helJ by
rtwrtgagc~ in ~rust w pay said gruund rems, prrmium~. taxes, and sprcial as.ei.mrnts; anJ
Icl .111 payments mentioned in the two preceding sutKCCtions of Ihis paragraph and all paymentc to be made urnler thr note srcured
h~reb~• .hall be addeJ together and the aggrrgate amuunt thrreof shall br p:?iJ hy thr murtgagor each me~nth in a~ingle payn~ot
to t?r applied by the mortgagee•to the follow ing items in the urJer ~et forth:
1U ptemium charges under the contra~t of imur~nce with thr Secre~ary uf Huu.iog anJ tlrban [kvrlopmrnt, ur munthly
charge lin lieu of mortgage insurance premiuml, as the ca~e may t+e;
1!1) grounJ rent~, tates, auessments, fire. and uiher hazard insurance prem~unu;
11111 interest un the note secur~~f hereby; a~d
UV) amurtizatiun of thr principal uf said nutC.
.any deficirn~}' in the atmfunt uf such aggrrgate munthlY pa)'menl ~hall, unlr,+ maJr gueKi hy thr murtgagur p~ iur t~~ thc dur date uf
thc ne~t .uch payment. comtitutr an ~~ent of .Irfault unJer ihi~ m~~rtgage. I~he murtgagtr may cullrrt :i ~~lat~ ~h:~rgc° nut tu rtre~d tNu
~rntt 12c1 for each dullar ISI? of e:~h papmrnt mure than fitirrn 115? da~~ in :urr;u+ tu co~rr the t~tra rxExm~ ~mol~rJ in h:~ndling
Jelinquent payment~.
z. "fhat if Ihe tutal uf thr paymrnt~ maJe by tht mortgagor under ~hl of par~graph 2 pr~~ieding ,hall r~cced thr amaum uf th~
pa~ mrnh actuall~• maJe by the mur~gag~e, fur grounJ rrnts_ ta~et and ac.e.~mtntn anQ imurarur prrmium., a. thr ~atir map t+r. .uch
eacess at the option of tht mortgag~e, shall, be credited on su~sequent payments to be made by the mortgagor, or refunded to the
nx.r~gsgor. If, huwevrr. Ihe m~mthl~~ paymrm~ m:?dc b~ the murtgagur under IA) of paragraph 2 prc-~rJing ~hall not tk ~ufficirm to pa~
~ruunJ rertt~, la~e+:~nd as.t~im~ntc anJ imur;?nce pr~mium~, ac thr cace m:~)' br, when the wm~ shall txcume Jur ar?d pay:~blr, thrn thr
rrx~rtg:?gor +ha!! ~+ay ti~ the mortga~~r an>• am~~unt n~~~,ar> tu makr up the drficienc}. un ~N 1+~forr th~ Ja~r ~hrn pa~ ment uf .urh
cruund rent~. t:~rr., ac~tstmentc, or imurarke prrmium..h:dl t~ dur. If at an~ time the m~xtgagor shall t~nJrr tu th. murt~xgre ~n
accordancr with the priiviciom of thr note ~ecurcd herehy, fufl paym~nt of the rndre ~nJebtctinc~~ repre~ent~d thrrrht. thr rrx~rtgugee
.h:e!!, in rumputing thr amuunt uf ~uch indebt~tiine.., crc.Iit ta the :?ccount of the murtg:~gix atl paymenh madr undcr Ihe pru~nium ut ~u?
.~f par.~eraph ~ hereof which the mortgagre ha~ not t+ecome obligatcJ tc, psy to the Se~retan• uf Nuus~ng and l'rban D~v~lupment anJ an}~
h,Janc~ remaining in the funJ, accumulatrd undrr thc pruvi+ium ~+f Ih/ uf ~ai~t par:~gr.~ph 2. If thrrc +h:Jl hr a JetauR un~er am~ of thi
pn~s ~.i~~m of Ihi~ miKtg~gr. r~yuhing in a puMic +:d~ af thr prcmi.c~ ~uvrr~tif hrrehy, ur if thr n~urtgagcr a~yuir~~ th~ pruprrt~ ulhrr~
:~f~er drfault, thr murtgagee ,hall appl~. at the timr ~,f the cummenrrmcnt uf .uch pr.xrrding. ur at th~~ t~mr thr proprrt~ i, ~,thcrw i~~
.i,yuireJ. the balan~r `then remaining in thr ti~nd, ac~umuL~t~~al un.!er rh,r ut~ paragr:iph ' precrJ~ng a. a crr.lit ag:~imt thr .im~.unt uf
~nmipal then rrma~ninF unpaid under ~aid nutr anJ ~hall pr.~perly adju~t an~ p:i}'m~n15 Nhich ,hall ha~r t.~rn madr undrr Iul ~d',:ud
paragraph.
. That h~ will p:?~ .JI I:?~iti. a~.r..mrnt.. w~tcr rat~~. :u~d .~thtr gc»crr?mrn[.~I ur munic~pal rhargr,. finr,. ~>r im~~,itinn,. I~,r ~~hi:h -
pru~i.ion ha~ nut he~n maJe hereint+rf~~rc, and in drfaul~ ~hcrcY~f the murtgag~r may pa~ the ~:~mr: and th;it hc Hill pmmptl~ ~1rl~~~r th~
u~~hc~:J ntiript, thcrefur to the murtgagrr.
fhat hr will ~xrmi~, cc~mmit, ur sufV'rr no u.?ste, imp:~irn~rnt, or ~eienoration of ,aid proExrty or any p~rt 1hrrc~~f: :~nd ~n th~ rv~nt
~~f thr failure uf thr m~~rt~;agur tu Arep the buildings un wiJ prrmi~r~ :?nd thu~e to h< <r~~ted un ~:ud premi,~~, ur impru~~m~nt. th~rrun.
in gixxl r~pair. thr nx~rlgagee m:i~ ma~.e wch repair~ a~ in it. Ji.rrction ii ma~ Jeem nctir.,ar}~ Cur the pri+per prrKr~atiun lhereuf, ;~nd
the fiill :~nh~unt of ~nh anJ e~•ery +uch payment +ha!! he immcYiiately dur anJ papahle, anJ ~ha!! he u~ur~d hy th~ I~rn af thi+ nx,rtg~gr.
b. fhat hr uil~ pa~ all an.i .ingular the a~.ts. charges. and e~pr~se,. including re:tsunable law~rr's irc~, and cu~t. of :~b,tract~ uf title,
inc. .~tii or paid at any time by the mortg:tger tx-~,~u.e uf the failure un •'ir part uf the nwrtg:~gur prumptl~ anJ fulk tu ~xrfurm thr
abr~rm~nt, an.i ruven:ints of wiJ promi..ury noir and th~. murtgag~. and ,aid ru+n. ch:ugr~, am1 ttpen,c~ ,h:~ll he ~mmrdiateh duc and
pa~ able :ind ~hall t+e sccured by the lirn uf this murtgage,
That he uill kerp Ihe improvements nuw rYi~ung ~x hereaftrr erectrJ un thr murtgagrd pru{~ertp, imureJ may h~ rryuired frum
t~mr tu tima h}~ the nwrte:~gre ag:?emt lu.~ by fire and uthrr ha~ardc, r.~,iulaticy. and ~untingc~xieti in wch nrtx~unt, :~oJ fur ,uch pericxk
may ~,e requircd by murt~,agee, anJ w ill pa~ prumptly. Hhen dur. any premium, on wch intiurance fix pa} men' uf hich provi~iun ha+ nut
been made hereinbefore. All insura~e shall be carried in companies approved by mortgagee and the policies and renewats thereof shall
hc hrld b~ mortgagee anJ h:~ve :~tiached therctu lu++ payablr clause~ in favur uf and in forni accepf~hle to thr nx~rt~ag~ In cvent tif lus.
he ill gi~~ immrJiate ni.ticc hy mail to m~,rtgagre. anJ murtgagee ma~ m:~l;r pnwf ~,f I~titi. if nut madr prumpth h~ m..r~~,agor. anJ rach
imurarwe cumpany cuncernrd i~ herch~• authurized anJ directed to m:~ke payment for such lin~ dirertlp to nwrtgagre imteaJ e~f tu
nx~rtgagur :ind murigagre juindy. and thr insur:~n:c pr~xreJs. or any part thereof, ma~ be applied by murt~agre at ~ts ~,ptiun either 4~ ~he
rcduciiun uf thr indebteJne., hereh~ ,~~;uretf ur to thr rr~turatiun ur repair ut' ~he proprrt}• ~:~mag~d. In r~em of f~~reclu,ure uf !hi.
nx~rtgage ur ulhrr tramfer of tiUe tu the murtg;ig~d pn~ert~ in extinguitihmrnt af Ihe indchtedne,~ .ctiurrJ hrrrhy, all right. title. :~n.;
irttere.t uf thr murtgagur en anJ tu any imurancr policies then in force shall pa., tu the purchacrr ur erantre.
~i~.it i( the prrmis~., or an~- part thc-rro(, be cundcmn~-d under anv po~.~r of eminrnt d~,;uain, ~u a.quir~d t~~r a publi~ u.r,
tht~ damao~~, proc ee~i~, and the consid~~ration [or such acquisition, to the ~xtt•nt of thr~ full c~cu~~unt u( in~lrLt~•~in~•~~ uFx,n thi.
tl~~rlRa~~,an,IthF\otc sccured hercGt- r~~m~inin~ unpaid,;?r~• her~•trv a~signc~d b}' thr llurtga~nr tothe~ Vnrt~a;~•~• .~n;1 ~hall b~• p.~i~l
[urth~.ith to th~• ~1ortQa:e~ to be applird b~ it un a~count of th~• indehtednc~s~ .rrured herf•b~, ~.h~~the~r du~• ur not.
9. Tt~a1 the mortgagcr m:~y. ;~t an~ time pending a.uit u~xin thi~ murtgagr. apply to the cuurt having juri.al~ctiun thrr~oi ti~r thc
ap~x~intmrnt of a rrcei~~er. and .urh ~i~urt ,h:J! forthwvth ap~~im a receiver uf thr premi,e~ cu~~ered h~rehy all and +ingular. including aU
:ind .ingular the inr~+mr. prufit.. is,ue.. anJ rc~r~ue~ frum ~ha~r~er u~ur:r deri~-rd, each and everp uf which. it t+~ing r~prr.tily
un.lrr,tu.Ki, i~ herehy murtgagrJ a. if ~4x-citi:alh ,et furth ~nJ Jexnt+ed in thr granting and habendum clau,~~ hereuf. and .uch rerr~~~r
~hall have alt the hre~aJ and effective functium :1RlI ~pHtfS 1!1 S10)'N7tiC C'OIflJ51~lI ~1y' :l CUO~I IO a!Cl'CIVC`~. itflll such J~jNll(11fi1Cf1I ,hall t+~
maJr b>• such court a~ an :?JmittrJ z~quity and a mattrr uf uhx~lutr right to ,aiJ mortgagee. anJ withuut refcrenee w the ad~~yua~~ i~r
io:~d~-yuacy uf the value of the pruperty m.~rtgagrd ur tv thr u~h~ency or imolvrncy of ~aid morlgagur ur the defrnJrnt.. anJ that ,u~h
rentc, profits. incomr. i.~ueti. and re~rnue~.hxN be ~pplied hy ,uch receiver according to Ibe lien of thi. murtgage anJ the practice of tiuch
cuurt. In the e~en[ uf any Jefaiilt on the part uf the mongagor hereunder. the mortgagur agreec to pay t~~ ~hr m~~rtgagec un dem:~nd ati a
rea..~nable mon?hly rental for the premi~r, an amuunt a1 Irast eyuicalent tu one-tNelfth ~(/1'_1 uf thr aggregate uf thr twcl~r munthly
in.t:illmentti pa}ahtr in the thrn ~urrent yc~r plu, the a~tual amuunt uf the annual ta~~w. ;?~uti~mcnh. w;~trr r.ii~., and imur.~n.c prcmium~
f.~r,u~h }ear nut cu~errd by the afure.aiJ monthly payment..
10. That lu) in the event of an}• breach uf thi~ murtgagr ~~r Jefault .~n ihr part uf thr m~~rtg.igur. ur Ih? in the r~cnt that ~ny of ,aiJ
,ums of mone} hrrein referred to F+e ni~t promptly and full} p~iJ w~thout Jrmand or nuticr. ur 1 in Ihe rcrnt th:~t rach :~nJ e~rr~ the
.tipul~tiun+. agrccmenn, ~on~itium. and co~•rnant+ uf said note and thi. murtgage, arc nut duly. prumptly. anJ FuII~ prrf~~rmeJ: thrn in
rither or an}~ wch evenl, ~he ~aiJ .+ggrig~te .um mrntiunrd in .~id n~~te then rcmainig unpaid. Hi1h intere,t accrurd ta that timr. and :~II
rrx~ne~, xtiur~d hrrrh~. .h:?N t+ecume duc :~nd payable f~~rthu ith, ur thereafter, at the opti~m uf +aid murtg:igec. full~ and :~~mpletel~ a.
if all uf the uid +um. uf muney were ariginafl~ titipulated ~i, h~ paid ~,n wrh ds}. amthing in ,aid note ~~r in thi, rrn.rtg:~gr ti~ thc cuntrary
nutwrth~tanJing: anJ thereuFxm ur thertaftrr. at Ihe uption ~~f,.uJ murtgaFe~. withuut nolire ur Jem:~nd..~ut at la.. „r ~n eyuity. m.~~ hc
pru.reuteJ a~ i(ail nHrney~ cc~urc~l hereh} haJ niatureti priur tu it~ in~Utuliun. ihr nwrtg~ger mai fnreclu~e Ihi. mi~rt~t:ig~, ati ta thr
anxwnt w Jeclared Jur anJ payable_ :~nd the .aiJ premisec shall be wW to satisfy snJ pay thc .ame tugcther .+ith cu.t~, c~pcnu>. :uid
:~lluwance~. In catir i~f partial foreclo,ure i.f thi. m~~rtg:~gr. the murtg~grJ pr~mi.e, .hall he wld ~ubj~-ct tu the tuntinuing (irn uf this
rrn~rtgage tor thr amuant uf thr Jeht n~~t thrn Jue :~ni! unp~~J. In ~urh ra.e the provi~ium nf thi~ p:u~graph may again he :i~aikd uf
therrafter frum time to timr hy the munK~K«•
11. fhat the rtu~rtgagur w ill give immrJiate nudcc hy mail to ~he marlgager „f .~n~ con.r~ance. tramfer. ur change ~~f uwnenhip of
thr premiae~.
12, l hat no wai~er uf any a.vrnant herem ur uf thr uhligation socured hereby ,b:,ll at an~ timc thcrraftrr he hcld tu he a~aiver uf
thr term~ hereof or of thr n~~te ~ecureJ hereh~, e R ~
~
• _
_ ~ _ _
. ~ ~ - ~
_