HomeMy WebLinkAbout4872 3. -(hat. ~n urJtr rtwre C~dlp tu prutctit thr ~t~urilv uf Ihi~ nturtgage. Iht murtg:~gur. tu~;~thrt Nuh. and in ,idduwn 1~~, thr nw~n~hh
pa>mant+ unJrr the terma uf ihr n.~te +rcur~Yi her~hy. .,n ~he fir.t day uf rach munth unlil ~ht ,:uJ oule i, lull~ pa~d. H~II pay to thr
murt~,agrr thr fulluW ing ~ums:
(a) An umount sufficirnt to provide tht huider hercuf a~ith furtJs to pay the nrxt mur~gage ~murancr premium if thi. ins~rument and
Iht notr securtd hertby a~t insu~ed, or a monthly charge lin lieu of n mortgage insurance p~rmiuml if thry arr heW by tht
Secret~ry ui Housing and Urban Devtlopment, as folluw~s:
IU If and so long as said note of even date and this ens~rumenl are insured or arc reincurrd under the provi~k~ns uf the
National Housing Act, an amount sufFicient to accumulate in ~he Aands of the holJer one 11) month pr~or to its due date ihe
annual mortgage insurance premium, in order to praviJe such huldet with funds to pay~ +ueh prrmium t~ thr 1c~rrlary af
Nousing and Urb:in [k~•elupment pursusnt to the National Nowing Acl. as amrnJeJ, anJ applecable Rrgulauum
thereunder, or
111) If anJ w long as said note ~~f even date anJ ~his instrument are heW by the Sec~etary of H~~using an.i Grban [~vrtupmrnt,
a rt~nthly charge tin lieu af a mortgage insurance premium) which shall br in an amuunt equal to one-twelfth I I1121 of
one-half lS~) per centum of the averagr outstanJing balance due an the oole computeal without taAing into a~cuum
delinquencies or prepayments;
(bl :l wm equal to the grourxl rents, if any, next dua, plus the premiums thal will next become Jue and payable o~ policies of fire
and other hazard insurarice covering thi' rtioTCgagtil ptope~ty, pluc taxes and ac:cssments next due on the m~?rtgagcd properry lall
as estimatcd by the mortgagce) less all sums already paid therefor dividetii by tht number ot months to elap~e before ane munth
prior t~ the daie whert such ground rents, prem~ums, taxes, a~xl asses~ments will become delinyurnt, such ,ums ta be held b~~
rtwrtgagee in trust to pay said ground rrnts, premiums, taxes, and special as~r,smenu: anJ
Ic) All payments mentiooed in the two preceding s~bsections of this paragraph artd al! payments !o be made under the note secured
hereby shal! be adJai togelhrr and Ihe aggregate amount thereof'shall be paiJ by the rnortgagor each month in a single payment
tv be applied by the martgagee to ~he f~~llowing items in the order srt funh:
U) premium charges under ihe contract of imurance Kith the Secretary of Housing and Urba~ Uevelopmenl, ur munthly
eharge lin lieu of mortgage insurance premiuml, as the case may be;
111) ground rents, taxes, assessments. fire, anJ oth~r hazard insurance premiums;
U111 interest on the note secured hereby; anJ
11 V) amortizatian of the principal of said notr.
Any deficiency in the amount ol-,uch aggrrgatr munthly payment ~hall, unlr+. made gu~xl hy the murt~.~gur pri.~r to the dur Jate uf
the ~e~t such payment, cuns~iwte an event uf default undtr this morigage. fhe murtgag« may coil~~.t a~~iat~ ~h:if~'C OOI l0 CRCCCII !NO
eents (2c) for rach ck~llar fSl! of each pa~men~ mure ~han 6fteen t15) Ja~s ~n arrears tu ~uver the ~~tra ~x{xnu in~vhrd in handling
del~nquent payment~.
3. That if the total of the payment+ made by Ihr morlgagor unJzr Ib) of parag~aph 2 prc~-~dinc .hall excreJ the anx~um ~~f the
payments xtually macie by the mongagee. fur ground rrnts, tases and acsesimrnts and insuran~r p~r:niums. a~ the .ax may be, such
excess at the option of the mortgagee, shall, be credited on subsequent payments to be made by the morigagor, or refunded to tht
mortgagor. If, however, the monthly pa~•ments maJe b~ the murtgagur unJer IbI of paragraph ~ prr.eding ~hal! nut be +ufficirnt tu pay
ground rent., taies anil assessmems and imurance prcmiums. :!s the ca~e may tx, ~hen thr wme ~h~ll bea~me ~iue :~nJ payable, thrn the
rm~rtgagor shall pay to the mortgagre any amount nece.~an to mal,e up the Jrficiency, un ur tkfore thc datr when payment uf ~uch
~erourxi rents, taxn, ascesiments, or insurance prrmiums ,hall be Jue. If at any- timr the mortgagur shaU tenJr~ w thr murtgagee in
acc~~rJanct with the provision~ uf the note .ecureJ hercby. full paymrnt of the entire inJebt~vines., rcpretirnteJ thereby, the nwrlg:~grr
shall. in computing the amount of such indebtrdnrss, cre~iit tu thr acc~~unt of the murtgag.x ~11 pa>~menh made unJer thr provisions uf Iul
uf paragraph 2 hereof uhich the mortgagez has not t+ecume obligatrJ to pay to the Se*rretary of Huming :~nd U~ban Devrlopment .?nd any
balance remaining in the funJs accumul~trd undcr the pro~i.iom uf (h~ uf ~aiJ paraeraph 2. If ther~ .hall hr a.Irf;iult urxler an~~ of thc
pruvi,iuns of this m~utgage, resulting in a put?lic +ale uf the premisrs coveretil her~by. or if the murtg;~gee a~yuireti the pruprrty uth~rai,e
after default. the mortgagee zhall apply, at Ihe time uf the commerx:ement uf ,uch pnkeeding~ or at thc time ~he prulsrrty is uthera i;e
acyuire~f, the balance then remaining in the fund~ sccumulat~d under Ib~ l1f F1;lf:l~f3~1F1 prtc~tiiing a, s credil aga~mt the amuunt uf
principal t~?en rem:+ining unpaid undrr ,aid nute anJ ,hall pro~rl} adju~l :~n~ payment. ~.hich .hall ha~•e t+~en maJe unJrr Io? of .:iiei
paragraph.
4. That he vnll pa~ all ~a~~~. a.ties,ment.. Nattr rate+, and .~~her guvernmenlal or municipal charFr., fin~., ur imp.~,itium. f~~r .+hich
provisiun has not t~en mad~ her~inheCure, anJ in d~fault thereuf the murtgagee ma} pa} the .amr: anJ that hr ~~ill prumptt~ drii~~r the
official receipts therrfur to the mortgagee.
S. That he wiU perm~t. cummit. or wller no ~atice, impai~ment. or deterioration of said pruperty or any part thrrc-~~f: and in thr evrnt
of the failure of the mortgagor to kerp the 6uiWings on ,~id premise~ and tho.e tu t?e ~rected on ,aid prrmises. ur impro~~ementti thgreun.
in giwd repair, the mor[gager ma~ male such ~r~+airs a+ in its Jiccretiun it m:~y Jrrm nctic,tian for the pruper pre~ervatiun ther:ut. unJ
tha full arn~~unt of each anJ ever} ,uch payment shall I+r immecliatrly due and payable, arxi shall be.cyured by the lien of thiti mortgagr.
6. That he W ill pap all anJ ~inguiar ~hr custs. charges, arni e~prns~_ incl~ding rracunable lawyer'S 1'e~, anJ cost, of ahstracts uf titl~.
incurrr~i or paid at aay time b} the murtgagre t+ecau.e uf the failure un the p.irt uf Ihe murtgagor promptl~~ and fully to ~rfi~rm the
agreements and covenants of ,aiJ prumi„ury n~~te anJ thi, m~.rtgage, and s:tid c~rts, ch~rg~c_ and e~pen.~•. ,hall br immediately due and
payable and shall be secured by ihc lien of this mortgagr.
7_ That he ailt keep the impruvemenh now exi+tingor her~after erectrci un the murtgaged pruperty. imured a. ma}~ t+r rryuir~tii from
, time to time b} the mortgagre againsi I~+s b~• fire and uthe~ ha~anis. casulati~c. and conlingerkic~ in wch anwunh a~d fi~r wch perioJt ati
; ma}• be requirctil by murtgagee. and will pay prompdy, when Jue, any premiums on tiuch insurance for payrr~~t of K•hich pru~~i,ian hs. not
been made hereinb~fore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall
tk held by mortgagee anJ h~ve auachc~l theretu 1~~ payable clause+ in fa~ur of and in fwm ac.:eptable to the rtx~rtg.?gee. In e~'ertt of Iuss
hc w ill give immrdiate noticr hq mail to murtgagee_ and mortgagee ma~ make pnx.f of lo~s if ex~t maJe prompdy by mc~rtgagor_ anJ each
~ ~n~urance comp:~ny cvn~erned i~ htrehy authorizeJ and dirrcted to make payment for .u~h I~xs direc0y tu nwrtgagce imtead ut tu
murtgagor and murtgagee jointly, and the incurance prixceds. or any pan thercY~f. may t+e applieJ by rtwrtgagre at it. up~ion enhrr to thr
reJuction of the inJebteJnr+~ hereby ,ecurrJ or to the restura~ion or repair uf the proprrt~ JamageJ. In r~~rnt uf fore~lu.i~re uf this
murtgage ur other tran+fer uf title tv !he mortgagrd prt~er?~ in extinguishment uf Ihe indehtedne.c ~ecureJ herehy, all right. tiUe. and
~ interest uf Ihe mortgagor in and to any insurance policies then in force shall pacc iu the purchaur ur granter.
` 8. That i( the premis~s, or an~ part thereof, be condemned under any powPr ol eminent do:nain, c~r ac,~uir~•~i (ur a public u.e,
~ the dam.~~es, Proceed:, and the eonsideretion {or such acquicition, to the ezt.~nt of the full amount of indrLtr~ine.s uEwn this
; \lort~a~e,andthe\ote~ ~ecured herei,~~ remainin~ uapaid,are herebc a.vigned b~ the \lort~agor tothe~ 1lortr;,ge•.~ and shall b~ paid
E torth~.ith to the~ \lort~aRee to be applit•d bc it on account ot the indebtPdnes~ secured h~reh~, ahether due ur not.
~ 9. That the murtgagee map, at an} time prnding a wit upcm thes murtgage. appl~ to Ihe a~urt having juriuliction thercuf fur the
3 apEx~inlmrnt of a receiver, snJ auch cou~t shall forthu ith app.~int a receiver oi the premisrs cu~•ered hereby all arxl singular. including all
~ :~nd singular the incumt. prufits, is.urc, anJ revenucw from whate~er x~urce deri~eJ, rach :~nd ecrr~ uf which. it t+ein~ rxprr,sl}
understo~~, is herehy mortgageci as if specifically +rt forth cinJ Jc~crihc~i in the granting and hat+endum clau~e~ hrreuf. and ,uch receiver
sh:~ll have all the broaJ a~d effective functivns and powert in anywi~e entrusted by a court tu ~ rrceiver, and such appuirttment .hall t+e
made by Such cuurt as an admitted equity anJ a matter uf ahwlute right ta saiJ mortgagee. and w ithuut refererxr tu the adryuacy or
inadequacy of the calue of the property murtgagetii ~x to the x~l.•erxy or insoh•ency of ,aid nwrtgagor ur the defenJent~. ar.d that such
€ rents. profits, income. issues, anJ revenuec shall t+e applied by such receiver according to the lien of this murtgage anJ the pracdce of ~uch
; cuurt. In the e~~ent uf any default on the p•art uf the rm~rtgagor hereutxier. the mortgagor agree, tu pay to the mortgagee un Jemand as a
rea.onable monthlp rental for the premises an amuent at Irau eyui~~alent tu une-tNelfth ~ 1/1'? uf the aggrrgatr uf the twelvr rtxinthly
inttallments pa~ablr in thr then currrnt year plus the actual :+mount of the annual tazes. ~titie~.mrnh_ water rat~,.:?nd imurance prcmium.
i for such year not covered by the aforesaid monthly paymentc
?p. That la) in the event of any breach ~~f this m~tgage ur drfauk on the part uf the rrx~rtFaRur. or 1h) in Ihr evLnt th:?t any i~f ~a~J
sums o! muney hetein referred to t+e not prompUy anJ fully paid without demand ur notice. ur li~) in thc r~cnt th:?t ra~h :?nd r~•en the
stipulations, agrcements. condition~. and cuvenants of.aiJ ni~te and this murtgage. arc nut duly. prumptly. and fufly perfi~rmed: thrn in
~ e~ther or any such eveM. the ~aid aggreg~te .um mentiuned in ~aiJ note then remainig uopaiJ, uilh intere+t arcrued to Ihat time. and all
j rrn~ney+ sc-~ ured hereby, shall t+ecume Jue and payshle furth~ ith. ur thereafter. at thr uptiun uP.aiJ murtgagee. a~ fully and completel~ ati
if all uf the wid wm~ uf rtxmey W ere ari~tinall} .upulated t.~ he paid ~~n wch Jay. :~mthing in ~aiJ nute ur in th~ti rtx~rtgagr tu the contrarp
~ notw ithstanding: and therrupon or thereafter. at the uptiun of.~id murtgagre. aithuut notice or JrmanJ. .uit ut IaK ar in ryuily, msy F+e
~ pru~e.uted as if alt rnuney, secureai hereh~~ had mawrc~l priur to ~t~ imtitution. The mortg~Rer ma} fore~l~,se ~his nx~rt~age. a, to ~he
artw~unt so drelared du~ and payahlr. anJ the wiJ prcmi~ shall be wW to satisfy anJ pa} the ~ame tugether with cu~tc, rt~xn+es. anJ
~ a(luwances. in cax ~~f partiai furectv~ure uf thic murtg~gr. the murtgagrJ premi.et ,hall he wW .uhject to thr cont~nwng lien i~f thi~
; rtxxtgagr for th~ amuunl of the JeM not the~ due anJ unpa~J. In wch ca~e the pro.nium of thi. paragraph may :~gain hC' :1~:1IIt'lI of
thrreafter frum ~ime to cime b~ thr mortg~gre.
t I. That the rrH~rtgag~~r a ilt g;~r immrJiatr nuticr hy mail tu the mor~gagee uf :in~ conveyance. tran~fer. ur change of ~~Nner.hip uf
the premi~..
12 That nu N;~iver uf any cu~enant hrrein ~~r uf thr obligation ticYUred hereh~ ~hall at :~nr time thrre:dter hr held t~~ hr a Kai~er of
; the term. hereof ur irf the nute .rrured herehy.
' ~ ~f 209 ~~65
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