HomeMy WebLinkAbout4877 lhal, in urJr~ m.xr full~ tu pr.~t~~t Ihe ~«untp uf thi~ murtga~;c, thr rnvrtg.ig.~r, tugrthr~ Niih. anJ in .tJ.I~U+~n t~~. ~hr nw~nthh
paymrnt. un~rr ihr Irrm, uf th~ nutc •rturatif hcrrh~. un thr tint day ut ~a~h niunth until thr .aid ~utr lull>~ p:ud. H~II pu~ thc
nwrlgager the folluuing.um.
lal An amuunt suffxirnt t~ provide the hulder hrreuf with funJs a~ pay the nrtt rsx?rtgage imurance prrmium if thi. imvumen~ anJ
thr nutr ~rcurrd hereby are insured, or a mumhly cAarge lin lieu i~f a rtwrtg~ge imurance premiuml if ~he) are heW by the
tiecretary of Huusing and U~hsn (kvelupmrnt, as fulloNC:
111 If and w long as aaid nott of tvrn date and thi~ instrumrnt arc ensured or are reinsurc~i unJe~ ~he provi.i.~ns uf ~hr
Nationa! Huusing Act, an amount suf~icieot lo accumulate in the hands af'the holder une 111 munth pr~or to us due Jate the
annual mortgage imuraix;e premium, in urdrr to pruvi~ ,uch hulder with fund. tu p;ey ,uch prrmium tu thr ~c*~rrtary uf
Huusing and Lrban [~velupmrnt punuant to the Nationat Hou.ing .act, anxndrd, arxi applkahl~ Rrgulat~un.
thereunder; ur
1111 If and w I.~ng as ~a~d nute uf evrn da~e a~uf Ihis inctrument are held t+y the Secretar~• of Huu.ing arxf Urhan l~rvrlupment.
a nx~nthly chargr lin lieu uf a mortg~ge imuranc~ prrmiuml which ~hull t+r irt an anwunt tyual to unr-tNrlt~th 111121 of
ane-half 1'~=1 per cenwm oi the a~•erage ouutarxiing balancr due un the nute computc~l wuhnut taAmg ~ntu ~ccuunt
drlinyuencits ~x prepaymenu; '
~b) A+um equal to the gruurxi rents, if rny, nrx~ dur, plus the premium~ th~~ will next F~cume Jur anJ payablr un policiec uf fire
and other hazard msurance covrriog ~he mortgage~7 pro'peity, plus taaes and :~~us~mem. next dur on ~he mungag~d proprrty lall
as estimated by the mortgagee) less all sums already paid therefur divideJ by the number uf months to elapse brfure onr munth
prior to the date when such gruu~xl rrnts, prrmwms, taxes, and assrs~ments will becumr Jelinyuent, ~uch .um. to be hrld by
mortgagee in trust to pay said ground rents, premium+, ta~rc, and special assrs,mrnts: anJ
Icl All paymenu men•ioned in the tw~o preceding xulxcctions of this paragraph aod all payments to be made urxier Ihe note xecured
hereby shail be addeJ tugether and the aggregate amount thereof ~hall br pa~d by the murtgagur each munth ~n a+ingle payment
to be applird by the m~xtgagce to the f~~UoN ing items in the orJer srt forth:
11) premium charges under 1ht contract of ~nwrance with the Secrctary of Nuucing anJ t'rban Drveluprr~nt, or rtx~nthly
charge (in lieu of mortgage insurance premium), as the case may br:
111) ground rents, taxes, acse~~ments, fire, a~xi uther hac:ud insur~ncr prem~ums;
IIIU interest on the note securctil hereby; anJ
UVi artwrtitatiun otihr principal uf ~aid nae.
Any drfxiency in 1he am~wnt uf wch ag~rrgatr munthly paym~nt +hall, unlr.. made guuJ hy th~ murt~;:~~;ur pri.~~ w thc du~ Ja~r uf
the ne~t cuch paymrnt, eonctitute an event uf deLwlt nndrr ~hi+ mortga~te. The murtg:~g~e may .ult~~s a~latr charge" nut tu ~~r~rd tHu
centc 12c1 for each Jullar (SI I of
each paymrnt murc th~n fit~tetn f 151 Ja~~ in :ure:u~ tu ruver ~he eatra rx{xm~ in~ul~~ti1 in handl~ng
drlinquent paymtnu.
~That if the tutal of th~ paymrnt. made by the mvrtgag.x undez Ih1 of par:~graph ~ prc.rding ,h:+ll r~cre~i th~ anwunt .+f' the
paymeats actua(ly made by the m~xtgagrr. fur groun~ rrnt+. t~~e. aod a~+e~.men~. anJ ~n~urarke prrmiu~n,. ;u thc ~a.e may t?e. such
eacess at the option of the mortgagee, sha~l, b~ credited on subsequent payment~ to be made by the mortgagor, or refunded to the
morlgagor. If, houe~•er, the monthly paymenh made b} th~ murtgagor under IFI uf paragraph 2 prrceding ~h:+ll nut hr ,ufficirnt tu pay~
gruunJ rentti, t:?~e~ and as,essm~nts anJ ina~r;~n~r prem~um.. as the e:~se may t+r. +?hen thr samr shall t+e~omr Jue and pa}•able, then thr
nx~rtgagor shall pay to the mortgagre ~ny amount ncti:r+~ary tu male up the J~ticirn~:y, on ~x hcforc thr ~atc .+hrn pa~ mrnt uf .u~h
grourxl rrnt~. taxcti. a~,es~m~nt,. ~x imurance premiums ,hall t+r dur. If at :~m ume the m~xtgagur .hall trrxlrr tu thr murtgagre in
ac.orJaoct with Ihe provisio~s af thr note ~ecured hrreby. full payment of Ihe enUrr ~ndebtctiinec. reprc~ntrd thercby. thr murtgagee
.h:+ll. in cumputing the amuunt uf ~uch indebtctiines~,.redit 1u the accuunt uf the murtgagax all payment, made under the provisiuns uf 1u~
uf paragraph hereof which the mortgager has nut hecome ohUgatnl tu pa~~ to the Sccreiary of Hou~in~ a~J t rban I)rvrlopment :~nd an~
hala~ce rcmaining in the fund~ accumulaictl unJer the pruvi.~un+ uf Ih~ uf +aid paragn~ph 2. If Iherr ~hall he a dei~ull urxlrr an~ uf the
pru~~i.iun~ of lhiti murtgage. re~ulting in puhlic .:Je uf thr premu~~ cu.rr~vi hrrcb~. ur iC thr nuut~.agr~ acyuir~. th~ pruperty uth.r~ i.e
aftrr default, the morl~agee ~h:?II ~pply, at thr umr uf thn :ummencrm~nt of .uch pnkeeding+ ur :u thr t~me the pmprrt~ uthrn+i,r
a~quir~til. thr hatance thrn rrmaining in the fund. accumul:~t~~i under ih~ uf parabr:~ph : pre:rdmF .rrdit again,t th~ amuunt ut
pnne~pal t~irn rrmaining unpaid undcr ~c~id nutr ~nd ~hall pruperh adju.t any pa}~mentc which .hall ha~e he~n madr unJrr Iul uf ~;?i~':
{~.?ragraph.
-i. ~h:u hN uil! pay :~I! taxc~, a~~r,.mrnt,. ~+.~trr rat~.. :ind ~,ther ginernmrntal or muni~ipal .h:~rge.. finc.. ur imp.~,idun._ fur ..h~ch
pru~i,iun h~ti nol t+ern maJr h~rrinh~fure, anJ in drf:t~dt therii~f thr m~~rtg:~crr maj p:~~ thr ,am~; and th:rt he will prumpU~ drli~rr th~
ufficial rec~ipl~ Ihercfur to the mti~tgagee.
5. fhst he will perm~t. rommit, ur suttrr n~~ ~~a~te. impairmenl, or Jeterioratiun oisaid property or .~oy part thrreuf: and in ~hr e~rni
uf thr failurr uF thr murt~;agur to I;cep thr huiWing, un wid premiu-~ anJ thux to br erctited on ~aid premi+c.. or impr.~~rm~nt. thereun.
in gaxl repair. the nx~rtgager may ma{,e w:h r~pairc a~ ~n ~t+dicer~Lun ~t map urrm nea~~„a~~ iv+ fiic p~..j:r~ F:.::c~: t`cz,c:'. K^.~
thr fuN ~rrx?unt of e:ech anJ rver}• cuch paymrM ,hall he imm~tiiately Jue and payahle. arxi tih:~ll br ~etiured h~• thr lien of~thi. nwrlgage.
6. Th.~t he w ill pay all ~nJ singular the c~nts, charges, anJ expense,, mcluJing reasunable lawyer'~ fr~•,. and :osh of ahstracts uf tide.
~n~urrctil ur paid-~!~ an} hmr hy ~hr m~~rtgagrr h~tiaux ~~f the failure ~~n thr part uf thr nwrtg:~gar prumptl~ an.f fully tu perform the
:igreemcntc and ~u?rnantc uf ,aiJ prum~~,un nutr :?nd thi~ murt~age, and ~aiJ ~o,h. ~harge,. :unl rtiprme. ,hall h~ ~mm~diatrly due anJ
, pe}able ~nd shall t+e .e~ureJ by ehe lirn of this mortgage.
I hat hr W ill i.tep the imPm~~eme~ts nuw exi,ting ur hereafter rrc~:teai on the murtgagrd pruprrt~. in~urrJ at m:i>~ tx rcyuir~~i G.~m
time tu lime b} thc m~~rtgagre ~gains~ I~n~ b} fire :~nd uther harard~.:;?.ul.+tie.. anJ cuntingrn~ies in ~uch amuunh :~nd G~r +uch peri~wh
may t+e reyuircYl by murtg:~gre, and «ill pay promptl~, when S~~e. any premium. un ~uch ~murance fur payment ~~f Nhkh pruvitii~~n ha. n~~t
been made hereinbefore. All insurance shall be carrieci in companies approved by mortgagee and the policies and renewals thereof shall
be held M murtgagr~ and have :itta:hcyl Ihcreli~ I~xs pa~:tble cluutic~ in favor uf and in fixm aeceptahlr t~. thr rrwrtgagcr. In event ~~f lu„
hr u iIl g~vr imm~diate nourr by mail tu murtgagre. anJ mortgagee may makr priwf uf k~.s if rK.i madc promptly by murlg.~g~~r. an.1 ra:h
~murance cump~ny cun.rrned i~ herrbp authc~rirrd anJ Jireeted to make payment tor ~urh I~M, dire.tl} tu murtgager ~mtrad uf to
nwrtg:~gur anJ mortgagtc juinUy, :tnd the insurance proceed~, ur any part ther~f. ma~ t+e appfied by rrx~rtgagr~ at ih ~~ptiun ei~her to thr
redu~tiun uf the indehtc~ine.. hereh~ ,ctiurc~l ur ti~ the rr~turation ur repair .~f the pruprrt~~ dam:igeJ. In rvcnt ~~f f~~re:lu.urr uf thic
martcage ur ulhrr tramfcr uf tide tu the murtga~~~ pn~erty irt e.~tingui,hment uf the inJcMrJn~~. ~ciureJ herrh}, all right, ti11c. :ind
~nter~.t uf the m~~~tgagur ~n and to any in,ur:ince pulicie. thrn in fi~rce shall pa~~ ~u the purcha.rr ur gr:inter.
R. 'l~hnt it the• pn~misc•s, or :~n~' patt thereo~, bP ~ondemn~d undet anti ~w~crr ~~f eminent d~~rua~n, or a; ~~nir~~i tur .i publi. u.i~,
' th~ dam.~_e., pro~~~rd:, .~nd the consid~•ration for ~urh acquisition, to the extent o[ th~~ full arnount of indrbt.•dn~•:. uEwn s6i.
~ ~lort~a~.-..io~Ith~•\otr src•ured hetebc rrmaining unpaid,arr here6~ assigned Lv the ~I~~rtg.ieor toth~~ ~lurt„~~~~r .~n~t .hall h~• paid
' (orth~.ith t~~ th~~ \lortrar~~• to be appliE•d bc it un account of th~• indc•htrdn~~~ ur~d hcri•bc, ~~hr•:hrr duc~ ur not.
~ 9. ~Phat th~ murtgagre may, at :im t~mr pend~ng ,u~t uFx~n thi. murtgagr. appl} to th~ caurt hn~~~ng junuli~tinn thrre~,f f~x the
ap~~intment of a reeeiti•er, and tiuch cuurt ,h:~U t~orthH ith app.~int a receiver of the premi,rs c.»ered hrrrh} all and ~ingul:u. incluJing all
an.i tiingul:u the income, prufit,, i.we,. and rrvenur~ from Wh~tever x~urce deri~•ed. rach anJ r.rn ~~f uh~ch. it hrine e~prr~.ty
under~tiu~J. ic herehy murtgagetil a. if,pecifi:ally ~rt furth and JeknheJ in thr granting .,nJ hahenJum ~l.~u.r, hereuf, and ,uch rctirivrr
.h~!! have a!! the hroaJ anJ effectivc functiom :~nd powrr~ in any~ i,e entru.teJ by a court tu a rr~eiver. and wch appu~ntment ~h:,ll be
madr by ,uch cuurt ati an admitteJ eyuit} anJ a maa~r uf :,hwlute right tu ,aiJ murtgage~, and w nhuut referetxe tu thr aJeyua~~ or
ina.lryuac} uf lhe ~slue ~~f ihr pn>perty murtg.igrJ ur t~~ th~ wlv~n~y or imul~•rncy uf ,aid rm>rtgagvr ur Ihe JefenJentti. anJ that .uch
rrnt~, pmfit~, income. i~.ues. :~nd re~•enuc~ ~hall t+e applied by ~uch receiver according tn ~he lien of thiti murtg;ige and thr practice of wch
:uun. In the evem „f any defauh on the part uf the mungagor hereunJer. the murtgagur :igree~ t~i pa~ t~~ the martgagec un demand a+ a
rr,i~unable munthl} remai fi~r the premtsr~ an tunuunt at ~ra~t ryui~alent tu unr-twrlfth ~ 1/!?1 uf the .~ggrrgalr uf the t~rrh~ rrh~nthl~
in.tallmcnlti pa~ahle in Ihe thrn curr~nt yrar plus ~he actual amuunt vf the annual t:?xr,. a..r~~ment.. water r:+tr+_ a~J ~murance prcm~um~
f~~r +uch ycar not cuvcreJ hy thc af~~resaid monthf} pay mcntti.
10. 7hat I~i? in ihe event ~,f any hreach vf thi~ murlgagc ur default un thc p;~rt uf th~ murtgagur. ~~r th1 ~n thr erent thal :~n~ uf +:~~J
.umti uf munc} hrrrin refrrrrJ to be not prumptly anJ fully p~id w~thuut demanJ ur nuuce. ur Irl ~n the e~rnt that ea:h and c.rn thr
+tipuladum. agrrem~nh. conditi~~m. anJ tu~enanh uf .aid nutc :~nd thi. mi~rtgage. art noI Jul}. promptly. and full~ perfi~rmrJ: then in
rither ur an~ .uch e~•ent, th~ ~aiJ ;iggrrg:ite .um mrntionrJ in ,aiJ nute then rrmainig unpaid. a ith intrre.t accrueJ to that timc, and all
m.~ne~. xcurrJ herrhi. .h:~ll tk~~~me Jur and pa~:~Mr f~~rthw ith. ~~r therrafter. at ~hr ~Muun uf tia~J murtga~ee. fulh :~nd complctel} a,
if all „f thr ~aid ,um. uf muneq wrrc ~~nti~nall~ ~tipul:atrJ t~. F.i paid un ~uch day. an~thin~ in .aid ~utc ~~r in thi, nw~rtga¢e t~~ the cumrarr
nutH ~thtir.~nding: :,nJ thereuFx~n ur thereaticr, at the ~~ptiun uf .ai~ mortgager, ~ uhuut n~~ticr ur Jem.~nJ. .uit at law ,~r in ~qurt?, m:~} he
pru.rtuted a. if JI! rrK~nr}'+ ,ctiureJ hrrrhy had maturral pnur tu il~ intitfwuon. The m~~rtgagre ma~ fure:l~,x th~~ rtx~rtgag~. a. to thr
anwunt ,u de~lareJ due and p:~~,~hlr. anJ thr .si~l prrmitiec ,hall t+e u~W tn ~ali~f~ and p:t~ lhr .ame t~~grther with ~n,t.. r~pcn.r~. .~nJ
alluw.~ne~~. In ~~~e ~~i partial f~xed~~~urr uf thi~ inurtg:ige, the m~,rtgagrd premi.e. ~hal! hr K~Id ,uhjctit tu the c~~nsinwng lirn ~,f thi~
mortg~ge fvr ihr arnuum nf the Jeh1 m~i thrn dur an~ unpaid. In ~u.h c:nr thr pru~i.i~,n. uf thi~ p:ir:?graph ma~ agam tx a~:ulrJ .,f
thereafter from time t~, ume h~ thr murtgaEre.
1:. fhat thr nr~rtEa~~~r N~II gh~ immrJi:ur n~~t~~e hy mail tu the murt~;agr~ ui .~n< <unrr~~rnc. tramfer, ur chang~ U( /1Mpl'~1FlIF1 U~
thr premi.ec.
, 12. l hat nu Ka~~er ~~t an~ .nvenant hcr~m ~~r ~,f thr uhl~g:awn .~~:urrJ hrrrh~ .hall at am ume thercaRrn c~ hrl~l t„ hc a wai.cr af
the term. herruf ~~r uf thr n~~tr ~rcureJ herrh~.
600K ~ve~ PAGi
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