HomeMy WebLinkAbout3809 ~hat, in ur~er nwre fulh tu ~fiNt'~l Ih~ ~tCUfll)' i~~ lhl? I11ufl~.t~C, l~l~ IUJfI~;a~uf. IUg~lhcf MU~I. :111~1 in ad.liuun ~u. thr OkH1lh~~
pa>m~nt. unJtr thr te~m. of thr nute ,~tiur~rl hrrrh~. un thr fi~,t .lay ul r:nh nwnth unul Ihr ,:ud nutc i. fidi~ p:uil. Hill pa~ tu Ihr
murtgagrr thr fi~ltua ing .um~:
la) An amuunt ~ufficient w pru~~idr thr hulJtr hereaf ~itA funds ta pay the next nwrtgagt ~murancz prrm~um if ~hi~ ~natrument :+rtJ
the nute srcu~ed hereby arc insurrJ, ut a m~~nihly charge lin lieu of a nwrtgage ~muranca prrmium) if thry arr held by the ~
Secretary uf Hausiog and Urban Devrtopment, as fuUuws:
(1) IP and so long as said ~wte of t~•en date :+mi this instrument are incureJ ~~r are reinsure.i unJtr thr provi~~uns oi tht
National Housing Ac~, an amount sui'ficient ta accumulate in the hands of'the hutdtr one ( I l month prior to its due Jate thr
a~nual murtgagr insurance prrmium, ~n orJrr ta pru~~iJe such huldar w•ith funJ+ tu pay .ach premium tu the Secretsry of
Hou~ing an~1 Urban Uevelupment pu~~uant t~~ thr Natiunal Huwing Act, as amrrxird, aixi applicable Rrpulatiun.
thrreundz~; or
1111 If
and so long as said notr of rven Jate aixl this in.trumrnt art hrld hy thr Secrrtary of Hou.ing arxf l:rban I~velupment.
a rrn?nthly charge lin lieu of a mortgagr imurance premiuml which ~h:ill br in an amount eyual tu onr•twrlfth 111121 oi
one-half pe~ centum uf tht avrragt ouutarniing balance Jur un the note computctii without tuking into aocuunt
delinyuencicy ~ ~^~ntc•
Ibl A sum ryual to thr gr.~u~xt renn, if any, nex~ du~, plus Ihe prrmiums that will nrxt becume Jur arnf payable on polk~es ut Are -
anJ o~her hazard insurancr coveri~fgttfe~mt?rtgageqt proprrry, plus ta~es and at~eumenh nrxt due un the mortgnged property (all
as ostimated by tht mortgagee) less a!1 sums already paiJ thercfor diviJc~i by the numb~r of mun~hs to elapse befi~rr unr monlh
prior ta the Jata when such gruurxl renu, prcm~ums, tsxrs, a?xl ass~,ments witl bctium~ Jelinqurnt. +uch ,um~ t.~ t+t held by
rtwrtgagee in trust to pay said grounJ rems, premiums, taxes, and spec,~at asse~sments; ~nd
Ic) Alt payments mentioned in the 1w•o preceding sutnections of this parag~aph a~x1 all payments to t?e madt under the note secured
hereby ,hall !+t adJc-~1 together and Ihe aggregstr amount thereof sh:~l) be paid by the nx~rtgagar rach munth in a single payment
to 1+e applied bp the rtwrtgagee t~~ thr fulluW ing itrms in tha: ordrr ~et forth'
IU premium charges under the c~~ntract of inwrance with the Secretary of Huu.ing and Urbrn Drvrlopmrnt, ur rt?unthly
charge lin lieu of mcxtgage insurance premiuml. as thr case may t+e;
IIU grounJ rents, taxcc, asse»ments, fire, and other haiard insurance premiums:
1111) interrst on the note secur~vi hereby; and
IIV) amortizatiun of the principal of saiJ note.
Any Jeficienc~• in the artnwnt uf .uch aggregate mun~hl~ payment shall. unl~-,s ma~e g.~~xl hy thr n~urtgagur priur tu thr du~ Jate uf
the next such p:~yment, comtilute art event of def:udt urxltr thiti m~Nigage. Ibe murtbagre may cullr~t a-latr charge" nut tu ~~cecd tau
cents 12c1 for ea~h ~Ilar ISI1 uf rach paym~nt mure than tiftrrn 1151 .la~~ in arrran w cu~er the e~tra ~xExn,e ~nvulvrd in handling
Jrlinyutnt payments.
3. ~1'hat if the total of the p;+ym+:ni. msJr br the morlR.+KOr under Ih) of par:sgraph ~ pre~~Jing .h:ill r~~eed ~hr anwunt of the
pa}•mrnts xtuallr maJe by the mixtgagee, f~x gruun~ rentc. tare, an~f as,e.timenh and insuran~r prrm~um~. :is the ~ax may [+r. suc~
eacess at the option of !he mwtgagee, shall, be credited un suMoquent payments to be maJe by the mortgagar, or refunded to the
mortgagor. If, hoHrver, the rrx~nthly payment. made b~ the mortgagor under Ih1 ~,f parabraph = pr~rding ~hall not tx sufhcient tu pay
groutxf renls, ta~~ and ac~~ment~ anJ in.urance prcmiums, the c:~~e may t+e. when the same .hall t+rcume due an~ payable, then the
nwrtga¢or shall pay tu the mortgagee any amoum ncticy+ar~ tu mak~ up thc drticierny. on ~x brfure ~hr Jatr ahen paym~nt uf,uch
¢roural rcnt., taxe., .isse.smem+, ur imurar?~r premiums ~hall t~ due. If at am time the m~xtgag.x ~haU lendrr tu the murtg;?gee ~n
acrurJance with the provisions c~f the note ~ecur~d hereby, fu{I payment of the rntire i~xiebtealne~ti reprc+ented therehy, the nwrtgsgee
+hall, in compWing the amount of such indebtetilnr,~. crcYlit ta the account ~~f (he mortgagix all pa} mentt made unJer thr pruvi~iuns uf iul
uf paragraph 2 hereof Nhich Ihe mortg:~gee hac not become obligateJ to-pa~ to the ktiretary of Housing and l'rban Drvrlapment and am
halance remaining in the fund, accumulatrai under the pr~n•isium uf I hJ of ~:~id paragr.iph It thrre .h:dl t+r a drfault undcr am ~~f ihr
p~avi,ium uf thi. murtgage. r~~ulting in a puhlic ,alr uf thr prcmi~~ cu~rriti htrcb}', ur if th~ mortgagre acyuirt~ the pnN?erty othrrN icr
aftrr drf,iult, the mortg~gre ,hall apply. at ~hr timc .~f thr cummeniemrnt uf .u~h pnxeeding, ~x at thc timr the properh i, uther« i~t
a~yuired, the balance then remaining in thc fu~d~ a:tumuL•~t~Y1 unJer ~h~ uf par.~graph prectJing a+ a credit againtit the amuunt uf
principal mrn rtmsining unp:tid un~tr ,aiJ nut~ :tn.i .h:il~ pr~~~rl}- ad~a,t an~ pa}mrnt. khich 1ft:lll f13\'t hren maJe under lu) uf ~ai~i
par~graph.
J. fhat he ~i11 pay a4 taxew. a~ce~.mrnt., ~~atrr ratc~, and ~~ther gu~~rrnmrntal ~~r munieipal eharge.. fine~, ur imFx~,itium. fur which
pru~•i+iun ha~ nut hern made hereinhcti~re. anJ ~n default thrr~v~f thr murtgagr~ ma) pa}• thr ~:~mcs: and tha~ he »i!t pr~~mpth uriivr? ~nr
uthcial r~eipts therefor to the mortgagre. •
S. ~~hat he w ill permit, cummit. ur ~ufl~er nu a,t~. impairm~nt, ur Jetrrioratiun uf ~:?iJ pr.~rtp ur any part ther~uf: and in thr ~vrnt
of ~he failure of the mortgagur to {.~rp thr huil~ings un .aid premi~cc and thoce to he crreted on ~aiJ prrmix~+, ur im~ru~rment, thrreun.
in ga~J repair, the nwrtgagre may ma{,r wch rrpairs a~ in it. Ji~cretiun it ma} derm nc~c~,ary for ~he pnq+rr prekrva~iun th~reut~. and
the full artwunt uf cach and evrn• such payment shall t+e immediateh due anJ pa~~ablz_ arxl ~hall tx xtiurrcl by the lirn of thi. murtgage.
6. That he will pay all and tiingutar thr re»n, ch~r~~~. ~nd ri~xrt~c~, including reawnabir lau~rr'~ fe~~, and cutt~ uf aMtracts uf title_
incurrecl ur paid at any time by thr murtgagre tx.~au.e uf thr failure un thr part uf the nx~rtgagur prump~h and Cully tu perfurm thr
:~greement~ arxl co~enants of saiei promi~.ary nute anJ this murtgage, and +aid ru,t~. charge., arxl c~pem~~, ,hall be immediatrt~ dur ;~nd
payable and tihsli t+e.ecured by the licn uf this ntcxtg:~gr.
7. That he will I.eep the impruvemrnt. nu~ e~i~ting ur hrrea(ter erectc~i un thr mungagrJ prnpert~•. imurrd a. may be reyuirrd from
time to time by thr rtw~tgagee againtt Iex~ hy fire :~nd other hatardc. ~a.ula~i~ti. and contingcncies in wch a~rxwnh anJ fi~r wch prriudti as
may he reqoireJ by murtgagee, :inJ ui11 pav prumpth•. whrn Jur. any premium. un,uch insuranre fur paym~nt uf whi~h pr~~vi,ion haa not
been made hereinbef~xe_ All insurance shall be carried in companies approved by mo~tgagee anJ the policies and renew•als thereof shall
t+r h~ld b}• mortgagee anJ hcne attache~l lheretu lix~ pa~able clau~e~ in f:~~or uf anJ in furm accrptable to the murtgager. In e~~nt uf lu.~
he w ill givr immeJiatr notice b! mail to mortgagee, and mortgagee may make pnx~f of Icn, if rn~t made promptly h} m.xtgagur. anJ ea:h
imurarke company coneerned i~ hereb~ authorized anJ directed tu make payment for wch to+s JirrcU} tu m.xtgager imte;iJ uf lo
nwrtgagor and murtgag~e juiml~, anJ thr imurancr pnxeeds, ur any part thercY~f, m:?}• he apptird M murtg~gre at it~ upliun rith~r tu thr
rrJuetiun of the indebteJnesc hereb~ .~-~ur~tl ur tu ~he ntilur:~tiun or repair uf thr property damaged. In e~~nt uf forecl~i.urc uf thi~
n~~rtgage or other tran+fer .~F title to thr m~xtgagrd pr~~+erty in cxtinguitihment uf thr indehtrdne.~ utiurrd hrreh~, ;JI right. tiUr, and
interest uf thr murtg,igor in and to any imurance puHcies thcn in fixce ~h311 pas~ tu the purcha~r ur gr.?ntee.
R. "I~h~t if th~ pn~m~ces, or anv part thFreof, be cundrmned under an~ poNer uf en~inrnt dumain. e~r ,e~ yuir~~i for a public u~c,
the dama,:~~, procee;l~, and the cunsidr~ration for wc h acyuisition, to the eztent o[ the (ul! :~mount of ind~•btr~:nc•ss upvn thi~
\lurt~ag.~,.~ndthe\otc• secured herr~hc remainin~ unpaid,ar~ here-b~- a~~i~ned bc the ~1ort€aeur rothc ~1~~rtca~rr and .hall 6~ p,~id
f~rth~.ith tu th~ \lorteaee-e to b~ applir~l h~ it un ac cuunt uf the~ indebtrJne~~. ~:r~~urrd hrrebc, ~.hethcr du~ ur not.
9. That the murtgagre m:+y. at any time pendin~ a tiuil u~~n this mortg:~ge_ appl~ to the cuurt ha~~ing junuficti.m thereof fur thr
appuintmtnt uf a receiver. and wch cuurs ~hall forthH ith appuint a recei~~er vf the prem~,es coverrd hrreh~ all arxi .ingular, incfuding ali
anJ ~ingu(ar the in~umr_ prufit.. isw~w, anJ rr~enue~ frum uhatr~~er uwrce deri~-rd, ea~h and rver~ ~~f uh~ch. ~t heing e~pre~+l)
understu~xi, i~ hereby martgaged a~ if,~ificallq ,rt forth and deurit+ctil in the granting ~nd habendum clautir, hrreuf. :md ~uth rctiei~cr
shall have all Ihe hroad anJ effeclive functii~nc anJ puwen in anyW i~e entrusted by a court to a recei~•er. and such appuintment shalt be
m~dr b~ such iourt at :?n aJmittrd ryu~t~ .~nd a mattrr uf at±~ulute right tu ~aiJ murlgagrr, anJ wi~hout referen~e tu the adeyuacp or
inaJequacy~ of ~he value uf the property murtgaged .x to thr .ulvrncp ur imuhency uf ,aid rtx~rtgag~~r ur the JefenJrntc. anJ that ,uch
r~ntc. pn~fits, income. is,uc~. arxl revrnuc~ .hall t+r applied b~• tiuch receiver according to the lien of thi. mortgage and the practice of cuch
cuurt. In the evrnt of any Jefault on the part of !he rtxxtgagor hereunder. the mortgagur agrec~ to p~r the m~xtgager ~,n demanJ a
rea.un:?hlr munthly rental for the prrmise, an amuunt :~t Ira,t eyuival~nt to une-twclfth ~ 111'_? ~~f thr aggregate of the twelvr rrx~nthly
in.tallment~ pa~able in the then current yrar plus the actual amuunt ~~f ~hr annual t:ixe~. a.~e,timcnts, water ratr,. :md imuran.c prem~um.
for ~urh }rar not ro~•erc~1 by the afores~W munlhly pa~mcnt..
]0. That Iu) in the event of any breach of this mortgace or default un the part uf thr nwrtgagur. .x Ih) in ~he e~cnt Ihat am uf .a~d
sumt of mune~ htrein referreJ tu he not prumptly :ind fully paid withoul demand or ni~tice. ur li ) in thr c~ent Ihat rach and c.rn thr
titipulation~, agrcement~. cunJitionc, anJ co~enantc of tiaid nute anJ thic mortgage, are nut deely, prompth, and fuily perlormrJ: thrn ~n
ei~her ur any ~uch ~vent. the wiJ aggrc~atr ~um ment~uned in ~aid nute then rema~nig unpaid. aith intrre.t accrurJ ti. that dme. a~d ell
nxrmy, ,~urerl herehy. ,hall tkc~~rt~ due and pa~~61c ForthN ith_ ur therrafter, ;~t the i~ptii~n uf ,aiJ m~+rtg~eee, a~ fully ~nJ comp(eirfy a,
if alt of the wid.umc uf rtx~ne~ ~ere unginaNy .tipulated to t+c patJ on .uch d~y~. ;anpthing in .aiJ note ur in this murtgagr tu the tontrar} -
nutNith~tanJing; and thereup.m ur thercafter, at thr uptiun of.aid marlgag~e, Nhhwu nutice ur demanJ, w~t at laa or in ~yusty. ma~ br
! pr~necuted a~ if all muney~ +e~urrd hereb} hxd matur~ti priur ~u it~ instiwtiun. fhe mortgag~c ma~ G•reclu.e thi. rtx~rtgagt. a~ tu thr
artx,unt su Jeclarrd due anJ payablr. anJ the w~d prrmi+eti ~hall be u~lJ t~, ~ausfy anJ p:iy the uime tugether with c~nh. e~pe~~e~. anJ
allu~ance.. In ta~e uf partial fure~lu~ure uf thi~ murtgag~, thc m~~rtgagcJ prrmise~ chall hr Kild wbject t~~ thr cunlinwng lien uf this
rnurtRagc for the amount uf thc d~ht not thrn dur :~nd unpa~d. In wch ca~r 1hc pru~i~iun, uf thi~ paragraph may aga~n t~ a~aitrJ of
~hereafter frum time a, Nmc h} thr murtga¢re.
11. That the rrx~rtgag,.r w~II gi~e imm~diate n~~ti.r b~ m;?il i~~ the murtgager nf ;im cunve>a~e, tranafer, ur ch~nge uf uwner~hip ~~f
ihe premi~e~.
; lY. Ih~t no aaicrr ~rf am rocen;int herr~n ~~r ~~f thr ~~hlag;eii.m secureJ herrt+y ,haU .~t am time ihrreaftrr he held tu tx a waicer of
! the term. her~Y~f or vf thc nu~,ecureJ herrh}.
St~GK ~V~7 PAGf 804
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