HomeMy WebLinkAbout3760 ~ha~, in urdrr rtwre full~ tu prutn:~ thr .r~ur~ly .~f thi. mort~;;~gr, thr mur~g.~~;ur, tu~:r~hrr ~a~t1i. :~nd in ad.l~ti.m tu, thr nk~nthl~
p:~~mrnt. un.ier the terms of thr nu~r .ctiurr~ htr~hy, un thr tii.t d;~> ~~i ra.h mumh unhl Ih~ .:,id nutr i. lully p;uJ, N~1! pa> w thr
mun~,.~grc thr fi,UuW ing .umc:
' (a) An amount sufficicnt ti~ pruviJr IF?e huldtr herruf wiih [unds tu pay thr rtrxt m~utgage in+urance prrmium iC thi. imtrament and
thr nott .rcured Aerehy are insu~rJ, ~x a montAly charge lin lieu of a rrxirtbagr inwr.~nce prrmium) ii thry ar~ heW by thr
Srcretarp of Nousing and Urb~n [k~elopmenl, as follows:
UI If and w long as said nute i~f e~•en date anJ this ins~rumrnt are i~eurrd or are rrimnrec! urnier ~he provi,it~m uf tha
National Housing Act, an amount suflicirm to accumulate in thr hands of' the hulder one 11) munth prior ~u its due Jate the
annual nwrtg•rge inaurance preaiium, ~n ordtr to pn~viJt wch huldar w•i~h funJ. tu p~y wch prcmium tu ~he Secret:iry uf
Housing and Urban Devzlopm~nt pur.uan~ tu ~hr Natiunal Nou~ing Acl, :+s amrndrd, anJ applkshlr Regulat~un,
thzreunder, ur
111) If and w lung ~s wid notr uf rvcn date and thic in+trumrnt are hrlJ by th~ Secretary of Nou.ing and Urban [~~~~lupmrn~,
a muothly chargr lin litu uf a mor~gage in+urancc prrmiunU Nhi~h ~hatl t+r in an amuunt ~yucil to e~nt-taelfth 11/121 uf
..nr_half 1 ner cenwm af the average ouhlantl~ng bal~tp-e dur un the nute cumputtd H~thout taAing ~ntu accuuot
delinquencirc or prtpaymrnts; _
Ibl A sum equal to the grournl rents, if an~~, next due, plu, the ~xemium~ that will nrxt brcumr due snJ payable un ~ilKies ~>f firr
anc! o[her hatard insutarice caveFirig th?7~a3B~get1'proprny. plus ~a~c~ a~d as;e.cmrnt. ne~~ dur un thc mongagrd properly lall
as estimated by the mortgaget) less all sums already paid therefor dividc~f by the numbrr uf months to el:~pse t+efore ung munth
priu~ to the Jate whe~ such Eround rents, premiums, ta~ts, and ati.r..mrnh H iN bcwumr delinyurnt, such .am~ tu F~r hrlJ by
rrwrtgagee in trust to pay ~aid gruunJ renu, premiums, ~axes, and sptcial ~,.c~sment~; and
1c1 All payments mrntioned in the two precrding subsections of this paragraph and ul) payments to t+r made under the note secureJ
hereby shall br added together and the aggrrgatr amount thcrrof ~Aall br pa~d by thr n~ortgagur ~ach mun~h in a~ingle payment
W be appli~d by 1he mortgager to the folluw ing itemti ~n the urJer tet furth:
11) premium chargr. undrr the contrsct uf imurance with the Secretary uf Hou~ing and l'rban fkvrlupment, or nx~nthl}
charge lin lieu of mortgag~ iosurance premiuml. as the cace may t+r;
1!!) ground rents, taxes, assessments, firt, and other haiard in~urancr prrnuums;
11111 interest on the note secured hereby; and
I IY? amortiration of ~he principal uf ~aid nute.
Any Jefnirnc}• in tAe arm~uni uf .urh .iggrc~;atr munthly paymrnt ,ha1L unlr„ mud~ ~;u~nl h~ thr m~~rt~:~~;ur pr~ur tu thr dur Jatr uf
the nr~t ~uch payment. cumtitute an e~~ent uf deiaul~ under thh murigagr. I hr murtga~~e ma~ ~ull~tit a la~r charge" nut tu e~~rrJ t~~~r
cents ~?c? fi~r each Jullar IS11 of exch payment murr than fiftern 1151 da}+ in arr~an tu cu~rr thr e~tr.t ~iprn.r in~uhrd m h~ndling
Jeli~uent pat~menh.
3. That if the tutal uf the paymrnt~ madr by the mortgagur un.irr ihl oi p3r.igr,~ph = p~~~rdii~~ ,h.~ll ~~.~r:5 ;~c 3iiiilJS:i :~2 c!:r
pa~ment. actuully made by the mureg:igee, far ground rents, ta~e. and a..rt,mrnt, and in~ur,ukr prrmium+, a. the.au may he. ,uch
excess at the option of the mortgagee, shall, be credited on sut~sequent payments to be made by the mortgagor, or refunded to the F
murtgagor. If, however, the munthly paymcnt~ m:?de hy the mortg:,gor u~der Ih1 uf par.~graph 2 prr.r.ling ,I~all nut tk suffeci~m ta p:?~
gruund rentt, taxe~ and ascts~ments and in.urance pr~miumc, ;?ti tt?~ ca~e am:i} hr. whrn ihe wmr .hall hrcumr Jur arxl payahlr, Ihrn th~
nh.rtgagor shal! pay tu Iht mortgagce any am.~unt ne~eswn tu m:il~ up thr drticiencq, un ur h~fare thr datc ~ hen pa~ mrnt uf .uch
gruunJ rrnt~, taxes, a..essmcnts, or imuranct prem~ums shall be due. If at an} time the miNtgagur ,hall ten.lrr tu the mi~rtgagec in
acaxJance whh the proviaions ut~ thr nute ~ecurtd hereby, full p~y~mrnt of thc rntirr indeM~~ln~~„ rrprr,~ntrJ thrrehp, thr rt?urtg;?grr
.ha1L in computing the amuum of such indehtnines., :rctilit to the .~ccuunt uf thr murtg.:gur all pa~ mrnn madr unJer ~hr pruvi+ium uf f~~t
uf pa~agraph 2 hereof which the murtgaget has nut hrcome obligatcti! to pay to ~he tiecretary uf Nuu.ing arxl l. rban Dr~~rtupment an~ am
bal:~nce remaining in the funJ~ ~icumutate~i under thr pro~ i.ivm uf ~h~ uf ,a+~l paragraph If therr tihall hr a.I~faul~ un.lrr any ~~f ~h~
pro~iciuns of thiti mortgage, resulting io a puhlit ,ale uf thr prcmi~iy ~u~rrctil hrrehy. ur if thr m~utg:t~r~ acyuirc. thc pruprrt~ ath~rNi~r
aftrr dcfault. the mortgagee shxll appl~, at the tim~ of ~hr ~ommrnrement uf w.h pr~weeding~ ur at thr timr ~he pru~rt~ i. uthrr~i~e
acyuir~~i, the ba~~nce thrn remaiaing in thr fundc ac~umulateJ einder ~h~ uf paragraph precrdmg a. a credit again.t thr am~~unt al
principal thrn rrmaining unpa~d under ,aiJ nutr and ,h:dl pruperh adju,t an~ pa}menl, whirh ~h:~ll t~a~r hrn m:~dr un.ter lu/ ~~f vu~
paragraph.
J. fhat he wilt pa} :+II ta~~~. a.,c.,mrnt~. H:eter r:itc,. anJ othrr guvrrnmental ~~r munic~p:il ~h:,r~:r._ tin•.. ur intFx~tiiU.~m. f~~r ~~hich
pru~i,iun ha, not been made hereinhrfurr. and in default thereuf 1hr murtgag« m:+~ pa~ thc ,:im~: and Ihai h< <+ill prumpth Jrli~rr thr
.rf6cial rw;eipt. thrrefor to the martgagzr. -
5. 1-hat he Kill prrmit, cummit, or wf~'er nu wa,tr, impairm~nl. ur drtrriur~ti~n rf ~a~d prupert} ur any p:~r~ thrrcuf: and in th~ r.~nt
~~f the failure of the mur[gagor to I;eep the buildingc on ,aid premi~e..~nd thu.r Iu t+e trertrd un .aid prcmik~, ur impru~rmrnt. thrrrun.
in gixxl repair, the rrxxtgagee ma~• ma?e .uch rep.+irs ac in itti discretiun i~ may drem nec~~~ar~ for thr proprr pre~rnaU~~n Iherruf. anJ
the full amuunt rd rach and even~ such pay ment shall be immc~ii:+tel~ dur anJ payable, an~ shall he x~urrJ by thr I~en uf th~~ nxvtg~gr.
6. ~ha~ hr ~ ill pay all and tiingi~lar thr cu~tc. ~hargrs. a~d e~prn,e~. including rra.~~nahk la~~tcr'~ frcy. anJ ~ost~ nt ah~Iract~ uf tidr.
inc. .rJ ur paiJ at sn} time b~ thr murtgagee hcz:~u~~ of th~ failurc un •'~r p.~rt ~~f thr murtL:~ge~r prcrmptlti c~nd iull~ tu prrli~rm thr
agreemrntc and cu~~enanu of said promis.ury nute anJ this murtgage. and caid c~nt., charic,. and r~prnx~. ~hall F.r imm~.fi:arly Jur anJ
, p:?~ahle and.hall be sr~ured by the lien of thiti mortgage. •
fhat he wi!I krrp the impro.ements ~ow exi~ting ur hereatter_erectrai..n thr murtg~gcil pruprrty, in~urrJ a. m.n hr rryuirrJ fn~m
time tu time h~ the mortgager against lixs hy fttr anJ other hazards. c,?.ulatirt. and cuntingencies in wch anwunt~ and fur ~u~h periud. a.
ma}~ requirr.i hy mortg~ger. anJ w ill pa} prumpih. H hrn Jue, any premium. un w~h imur.~ncr t~ur paymrn• .if w hich pruvi~iun ha. reut
been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the ~olecies and renewals thereof shall
hr held by murteagee anJ have atta~hcYl theretu lim pa~ able clau,c~ in fa~ur uf anJ in fcxm acccpiuhlr to the nwrtgage In ~~ent of lu~.
he u i11 givr immrJiatr nutice bp mail tu mortgagre. anJ murtgagee may make pruuf ~~f loss if rn~t madr prumptl~ hy murtgagur. anJ rach
' ~n.urarke company :uncerned is hereh~• authorited and Jirected to make pa}ment for such t~n. ~irriUy tu mnrtg~ger ~mtrad uf t~.
! nwrlgagur and murtgagee juindy. and ihr imurance pr.xrrd.. or :~ny part ther~Y~f. ma} I.r applirJ hy nx~rtgag~-~ at it~ uptiun cither t~~ Ihr
reductiun uf the indebtrJnr+. herebp .~~ureai ur to the re,tor:~tiun ur rcpair uf the pruprrty ~am:+g~.l. In r~~nt ~~f for~clu,ure uf th~.
; murtgage ur uther tran,fer of lide tu the mortgaFed prc~rrty in e~tingui.hmrnt uf the indehtrJne.ti ,~~:urrJ herrh~. all right. IiNr. and
tntrre+t of the murtg:?g~,r in anJ to any intiuran~e policie. then in force ~hall pasc tu the purchaser ur grant~e.
N. That if th~• pr~~mises, or an~~ part therf~of, be condrmned under any poNer u( rminrnt d~~:uain. ~~r a~ quiror. ior public u~r.
` thP dama~e., proceeds. rnd the con~ideration Eor .uch a~:quis?tion, to thc: ~ztc•nt of ~he~ fuil amount o( indrbtrdn~•.+ u~,n thi~
i ~IurtRa~~•,:~ndth~\ote secured herebr r~mainin^ un~~aid,cirr h~>ceb~• a~~ien~d kn~ thr ~lort~aeor io~he \lurtrare~~ and shall b~• p.~id
Eorth~~ ith tn thc• UortRa~~ F to be applied b~ it un acrount of the• indrhtrdn~•s. .~•i nrrd h~~rc~bc, ~,hethc+~ du~ ur nut.
~ 9. ~That the murtg~gee ma}. at c~ny time prnJin~ a,uit uFx,n thn murtg.~g~.~appl} ti~ thr ~ourt hacing jurixlntiun lhercof t~~r the
~ appuintment oi a receiver. :~nd ~ueh cueut .h.ill forthw ith appuint a recci~er uf ~hr prrmi~~+ cu~~~rrJ her~h} :~ll arxl .ingul:~r. including all
` anJ singular the income. prufih. i,~ues. and re~•enur~ from whatever .~wrcc dericrJ. rach anJ e~cn ~~f which, it he~ng ~~prr++ly
understouJ, is herehy mortgag~Y1 ati if .pe~ificall~ tiet fi~rth and de~crit+e.i in Ihe granting anJ hahrnJum ~lauic~ hereul. anJ ~uih rc~e~?rr
~ ~hall h:eve al! the hroad and effectiti~e functiunc :ind powrr, in anyw~.e entru~ted by a court tn a rrceiver. :~nJ ,uch appuintmrnt tihall br
made by~ ,uch ciiurt as an admitted equil} and a mau~r uf ah,r~lute nght tu ~aiJ murtgager. anJ w ithuut referrrxe Iu thr aJryu:~~~ or
~ ~nadc~yuac~• uf the value uf the prvperty mortgagc~l ur lu the wh~rn~y~ i~r imul~rncy uf tiaid mortgagur ur thr defrndentti, and th~! ~uch
; rrnts, pro6tc, incume_ i.tiues. aaJ revenur~ ~h~ll he applitd hy cuch receiver accurding to ~he lien of th„ mort~age arxi the practice ~~f .uch
t ~uurt. In thr e~•ent uf any default on the part of ~he mortg:?gur hereunJer, the mortgagur a~ree. ti~ pay tu Ihr murtgagrr un demand a+ a
- rr;~.unable mumhh rental for the premfse, an am~~unt at lea~t eyu~~alcnt tu unrtwrlflh I IJ12~ uf thr :~ggrrgate uf thc t.~ehc rrw~nthl~
imtallment? p~~able in !he then currrnt yrar plua the a~tual amuum uf Ihc annual t.i~r~_ a..et.mrnt~. ~.;nrr r:itr., and imur.~nc~ prrmium.
fur such yrar nut cuvered by the xfure~aid momhh payment..
10. ~hat lu) in the evenl ~~f any brra~h uf thi~ ~nurtgaF~ ur Jefauh an 1he p~rt ~d thr rtx~rtge~~.r, ~~r th? ~n thc ev~nt th.~t ~n~ ~~f ~:iid
sums of money hrre~n referreJ to he not pnmtptly aeJ tully paid withuut Jemand.ur nuticc, ur Icl in th~ rrrnt that each and r~er~ the
,tipulauum, agreements. conJitiun~. and cu~~enant. ~~f ,aiJ nute anJ ihis mortg:~ge. are nut duly, prumptl~. and fidl} p~rfi~rmed: thrn in
rither ur an~ ~uch evrnt, the .aiJ aggr~gate tium m~;?uuned in ,aid nut~ Ihen remainig unpaid. «•ith intere.t arcrueJ io that Iimr, atld all
rrx~ne~. ~rcureJ herehy, shall hrcome due .enJ payablr furthw iih. ~~r Ihere:?fter. at th~ upt~~m ~~f .:ud martg:~ger. a, futl~ anJ ~umplitely a~
_ ~f all uf the wiJ wm. uf mune~• Nere .~riginally~ ~tipulateJ tu he paid un .u~h Qa}. anlthiag in .aiJ nutr ur in thi. n~,rtgagr tu th~ cuntran
nut~ith,landing: aod thereu~~n or theresfter. at the uptiun i,f.aid murtgagc~. whh~,ut nuticr ~~r Jem:ind. ~uit at IaN ur en ryurty. ma~ hr
pr~ne~utrJ a~ if a}I rmmry> >ctured herehy had matureJ priur W ~tti imtitut~un. fhr murtgage~ ma~ f~~rr~ln~e 1hi. m~~rtgagc. tu the
- ~rtwunt ~o Jeclared Jue anJ payable, and the wid premises .hall he u~IJ tu ,ati~f~ and pa~ the k~mr tugether with cu.t,, rtpense~. a~i~
_ ~Il.,wancrti. In cax uf partial fureclu~ure uf thi~ murtgage. ihe murtgaged prem~.~..h:,fl be wld ,?~hjctit to thr cuntenuing Grn ~~f this
nwrtKage for the amuunt uf the deht nut thrn Juc anJ unp~id. In w~h ~a.e thr pm~i.iun~ uf this parsgrapn may again he a.:~ilrJ uf
thereafter from time to timc hy the m~~rtgagee.
; 1l. That the nx,rtgagor ill gi~e immedr.~tr nut~cc h} mail t~i thr mcirtgager uf .~ny ~un~r~~nce. tramfer, ur changr uf uwner,bip „f
the premise+.
; 12, ihal no vraiver uf an~ awenant here~n .~r uf thr uhligation u-.:urrJ hereh~ ~h.ill at any timc th~re:~ftrr he heW t~, hr a wai~er uf
; lhe lerm~ hereof or of lhr n~~Ie cecurrd herrh}. ~ R
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