HomeMy WebLinkAbout4886 l~hn1. ~n o~dtr nx~rr full~ l~~ pmtc~l thr u~ur~ty uf thi~ mur~gagr. thr murtg:~~;~~r. tugrthrr ~~Uh. .~nd i~ .~.idiuun t~~. thr nw,n~hl~
~:1)~?ilCflb U11t~i7 I~IC !t[Ill~ U~ 1~1C IIUIt \CiUfC~ (1CfCh). UO lhC flf~l t~:f~ U` a.l~~l Illi~ul~~ uuli= if1~ -.::ia R:~:C :ti~!\ j-::t~. N!~~ {c.~) 1~~ I~lt`
murtdagre Ihr f.~lluwing .um,:
lal An amuunt ~ufficien~ to p~avide thr hoWe~ hercuf Kith funds to pay the ~rz~ m~u~g:,ge imurance premium il ~hi. imuument anJ
the n<~te szcurrd hereby are imur~i, or a monthly charge lin lieu of a rtx~nguge inwrarn:t prcm~uml if they arr hrld by the
Secretary of Hausing and llrban I~velopment, 3t fOIIJN'S:
11) If and so long as said n~~te of even date and this inctrument are incurrJ ur are rr~mu~td urxitr Ihe provi~ium uf the
Natianal Hausing Act, an amount suit"icient to accumulate in the hand. of the iwlJer one (11 mu~th prior tu its dut Jate the
annual martgage insurance prtmium, in order to pruvide +uch h~~Wer Nnh fund. to pay +uch premium to thr Secretary uf
Housing and Urban [~vNopment pursuant tu Me Natiuna! Houaing Ac~, :~c arrxnJrJ. arxi ;~pplkable itegulaliuns
thtrzunder; or
IIU If anJ w long as said note .~f evrn Jate arxl this instrument arr hrld by the Sctiretary of Housing anJ UrF~n fkvelopmeot,
a rtwnthly charge (in lieu of a mortgage insur~ncr p~rmwm) which .h:~l! !+e in an anx?unt ryual to une•Iwelflh 111121 uf
one-hslf 1'~ ) ptr cenwm of the averagc uuuWrnling balance dur un the nwe computrJ ~ithout taAing into aa:uunt
Jelinquencies or prepayments;
Ib) A+um equal to the grourx! rent~, if any, neat due, plus the premiums ihat u~iU next t+ecome due ant! payaDle on policies of fire
a~xf othrr hatarJ insurance covering thr px?r~gagad ~epa?y~, plus taxes and a~essmenu ~e~t dur un ~he m.xtgaged properry Isll
as estimated by tt?e mortgageel less all sums already paid therefor dividrd by the number uf munths tu elapsr br[ore une month
prior to the date when such grouncl rents, p~emiums, taxes, anJ :?sse~mrnts will becumr Jelinqurnt, such wms to be held by
rtwrtgagre in trust to pay said ground ~ents, pren~iums, taxes, and special ac+eccment~; and
Ic) A11 payments mentioned in the tw~o preccding subsections of this paragraph and all payments to be made urxier Ihe note sccured
hereby shall be addeJ togetAer and 1M aggTegate amount ~hrreof shall be pa~d hy the mortgagur e:?ch month in a~ingk payment
to t~e applied by the murtgagre to the following items in the order srt forth:
lU premium cAarges under the contract of imurance w~ith the Secretary• of Huusing and L'rban l~veloptnent, or nx~n~bly
charge (in lieu of inextgage insurarne premium). as the cuse may t+e;
111) gruund rents, iaxr~, avessmenu. fire, and other haiard imurance prrmiums;
tUU interest u~ the note ~ecurc~f hereby; and
(14'? amortization of the principal of said note.
Any Jrticienc>' m Iht amuunt of ~u~h agg~rgatr munthl~ paymrnt .hall, unlr,s maJr guud b~ th~ murt~ag~~r prior W thr duc datc uf
the next such paymrnt, constitute an rvrnt uf Jrfault unJtr this murtgage. "fhr murtgabce m:~~ ~utl~tit a"tat~ charg~" nut tu r~cerJ twu
cents 12e) for each dollar tSli uf each pa}mrnt more than 6firrn 1!S) da~s in arrr:u+ to cu~er Ihe r~ira ~~prns~ m~ulr~d in handling
Jelinquent payments.
i. That if the tutal uf thr {+ayment. made by thr murtgagur undtr Ih) ut~ par~graph ? prec~ding ,hatl r~~rrd thr :+nx~unt ~.f the
payments acwally made hy the murtgagee. fur gruunJ rrnts. taies am! as,ea,mrnt~ and in,urance pr~mium,. the ~ax may tx, ,uch
excess at the option of the mortgagee, shall, be c~edited on subsequent payment~ to be made by the mortgagor, or refunded to thc
m~xtgagvr. IG howrver, the monthly pa> ment. m:xfe by the murtg:~gur under Ibl of paragr3ph 2 pr~tieJing .h:?11 nut br +ufficirnt to p•rti•
gruund rent~, tatr~ :~n~t as~ssment+ and in,eerance prcmiun», a+ thc c:ise may E+e. Nhrn the wme +hall br~ume duc arxl pa~ablr, then thc
mortgagor shall pay to the mortg~gee any amuunt nrce++an tu maAe up the drficirncy, on ~K t~efurr thc d:ue whrn paymen~ uf .urh
ground rents. taan, as,ruments, or insurantr premiums ,h:~ll be Jue. If at any time the m~xtgagur ~hall tcndrr tu the murtgagec in
xcurJancr with the provisi<?m of thr rtvte xecurcd hereby. fuU paymenl uf the enure indeMednc~ reprt~entrd therchy, tht murtgaRer
~hxll, in computing the amuunt of ~uch inJrbt~lne~c, cre.fit to ~hr accuunt uf thr murtgag~ all payment+ maJr under the provi~ions uf 1u1
uf paragraph 2 herea! w~hich the mortgagee has not t~cumr ~lig:~tea1 to pay tu the Sccretary .~f Huming arui l'rbart Dtti~elopment .+nJ any
haianrr remaining in thr funds xcumulatcY! under thr pru~i~inns ui 1bJ uf .aid paragr~ph If thrrc ,halt t~ a default urxter anq uf th~
pr.+~isium ~~f thi~ murtgage, re,ulting in publi~ •:+Ir uf thr premise. c~~~ere~1 h~rchp, ur if thc m.xtg~ge~ a.yuirr. the pruprrh uth~rHi.e
after def:~ult, ihe mortgagre shall apph, at thr timr uf the tummencrmcnt uf ~u~h pr~~c~eJinu+ or ai the temr the pr.~pcrt? i+ uthen~ i+e
.~~yuireci, the b:?larxe then remaioing in thr fund, a~cumulat~~l under ih~ uf paragraph prrcr~ing s. ~ creJit agaimt thc amuunt uF
principal tarn remaining unpaid unJer .:,id nutr and ,h:?II pru~x~l~ adju.t an} payment~ which ~hall have f+een m,?Jr undrr l~~1 ~~f ~ai~i
paragr~ph.
-i. That he uill pa~ all taxes. ~+se~sment~. water rate~. anJ othrr guvernmrntal ur municipal charer.. hne.. ur im{x~,rtiun.. fur .~hi~h
pru~i~ion ha+ nut t+ern made hereint~efi~re, and in def:tult ther~ti.i the m~~rtgag~e may pay the ~;~me: anJ that hr will prumptl~ drli~~r 1h~
ufticial r~eipt, thrrefur to the m.~rtgagrr.
5. -That.hr Hill permit. rommit. or ~utler no ua.te, imp~~rmrnt, ~r detrrioratiun uf,aid prupert~ or :+n} part ihtreuf: anJ in thc rvrnt
uf the failure uf the morigagor to ?:eep the builJing~ on ~~id premius and thu~r to br e?c-~ted un .aid premixt, ur impru~emrnt. thereon.
in g.x~ rep:~~r. the rrx~rtgagee may make curh repair. a+ in in di~rretion it m:iy Jeem nctir.+sr? fo,th~ pn~rr prr.en~tiun ~herrof. and
thr full amount of cach anJ r~•ery such pa~ ment shall he immctiiiatel~~ dur and payable. and shall be +eeurrJ b~ ~he lien uf thiti ~x~r~gagr.
6. That he will p:~} all :~nd +ingular th~ ci»tc, chargrs. and etprn~es, irecluding rea~unable lawyrr's fe~~, and costti of ab~tracts ~~f tittr_
incurrcYi ~~r paiJ at any time b~ the mortgagrc tk~auce uf th~ failure .m the part uf ihe murtgagur prnmptly and fuUy tu perfurm the
egrrrment+ and cuvrn~ms af wid promi~cury~ note and thi~ murtga¢r, and saiJ ccxte, charge~. arxl rxpensc~ shall t+r immrJi:~trly dur and
pa~ able and .h:?II t+r sctiured hy the lie~ .~f thi. murtga~,e.
7. That he w ill keep the impru~em~nts nuw r~isting or here:~ftrr erecteel on the murt~agrd pru~rtp. imureJ a~ may t+~ rryuir~ti frum
umr tu ~ime hy Ihe rrx~rtgagee again~t I~xs by fire and uthrr hstards, casulaties, anJ cum~ngrncies in ~u~h anwunh anJ f~~r,uch period~ a~
m~~ be rrquirrd by murtgagee. anJ w ill pa~ promptly. ahen Jue. any premiums on ~uch imuranc~ f.>r pay roent uf N hi~h pru~ i.iun ha. not
been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and reneWals thereof shall
be helJ hy murtgagee and have aua~hed IherCtu I~nS p;~~~ble clau~c~s in favor of and in form ae:eptable tu the rtxxtgagee. In eve~l of Ivsc
he w ill give immeJiate nutice by mail tu murtgagre, arni mortgager ma~~ make pnx~f uf Io~s ef rx~t made prompd}• by murtg:~gor, and each
imurarne c~,mpan} conerrned is herehy authorized arsd direeted to make pa}ment fur .uch I~xti dirctitly tu murtgagre imt~ad c~t tu
nx~rtgagur and murtFag~e jointly, and the incurance pr~kreJs. or any part there~?f, r,iay be applird hy rtxxtgagrr at i1. uptiun rnher tu thr
reJuctitm uf the inJrMrdne» hereby stlurrJ ur to thr resluration or repair of the property dam:tged. tn <<rnt uf fure~lo+eerr of ihis
murtgage i~r othcr [ra~~fer i~f tidc ti~ the mortga¢ed ~+n~ert}~ in extinguishmem of the indehteJne+s ,c~ured hrreM. ali nght, titlr. :ind
intrr~~t ~~f th~ mortgagur in and to an~~ imurance polirre, then in force.hall pa+, tu thr pureha~rr ur crant~e.
8. ~fh.~t i( ~ht• pr~•mises. or an}• part thereo(, be condemned undet'any poNer oI emioent domain, nr a~ quir~d for a put~lic u.e,
the dama~es, proce~ed~, and the consideration (or such acyui~itiou, to the extPnt of thc~ ful! amount of indrhsr+ine~ss uFwn thi~
1 ~lort~age,:~mlthe\ote~ secured he•reb~ remaining unpaid,are hembc a.si~n~d bv the ~1ort~a~or tothe ~lurtda~~•r .md tihall hc~ p,~i~i
~ forth~.ith tu th~• ~1ort~aAer tn be applif~d b}• it on accouni of th~ indebtednes~ se~cur~d hFrehc, ~vheth~r du~ or not.
9. ~I~hat the nk~rlgager ma~•. at an~ time pending a~uit u~m thiti murtgagr. apph to th~ c~~ur1 ha~ing juri.Jictiun thereof for thr
ap~xrintmem uf a re~eiver. anJ cuch court ~hall forihwith ~ppoint a re~e~ver of the premiscy co~ered hereb} all and +ingular. incluJing all
anJ singular the incumr, prufit.. i~tiur~, and re~•enucw from whate~'er cource deriveJ. rach and ever}• uf whi~h. it heing espre.sly
unJertitoc~i. i~ herehy mortgagref a. if.pe~iti:ally ~r[ fi~rth and J~-.crihed in the granting anJ hatxndmn clau~e. hereuf. and ,uch receiver
shal! have a!I the hruad and ef[ective funcuom and puwers in :~n}N i~e entru.teJ by a cuurt to a recriver, and such appuintment ~hall be
madr by ,uch cuurt a+ an admitted ~~quit~ and a matter uf ah,ulut~ right tu ,aiJ mortgage~. and w ithuut refererke u~ ~he :1lICl~U3l'}' llf
inaJeyuacy of the value uf the propert~~ murtgagrJ ix tis the wlvenc~~ or in~olvency uf .aid murtgagur or the defendents. anJ that such
f rrn~s, pro6u. income. istues. and re~•enuet shall t+e applied by such receiver according to the lien of thi. mortgage anJ the practice of +uch
court. In the evem of any Jefault un the part uf the murtgagur hrreunJer_ the mortgag~r agrec. to pa~ ta thr murtgagre on drman~ a. a
rea.unable monthly rrntat fi~r the premises an amuunt at Irast eyui~alent to uae-twelfth i 1%12) of tbe :~ggrrgate of Ihr tweh~e rtx~nthl}
imta!lmrn~. papablc in the then current pear plus the actual amuunt of the annual tatec. a~se~.ments. Nater r:ueti. and inwr.ince prrmiumti
fur wch year nut covered hy the afores:~id monthh• pay ments.
~Q. "~hat lul in the event of any hreach uf thi~ m~~rtgage ur Jrfauit un the part uf thr rtxrrtgag~er. ur Ih? in the e~ent that any ~~f ~aiJ
wmti of muner hereen referrcti t.> b~ nut prumpllp and full~ paid withuut demanJ or noucc. ur 1r) in the e~ent that rach anJ cvrn ~he
+tipulatiun., agre~mentc, eondition.. and ec~venants uf c:~iJ notr anJ Ihic murtgage. are nut Jul~~. prumptly. anJ fully prrfi~rmed: th~n ~n
either or an} wch event, the +aid aggregate ~um mentiunrd in ,aiJ nore then remairtig unpaid, w~ih intere.t accrued tu that time. and all
monc}..ecured hrrrh~. .hall becume due anJ psy~ble furthH ith. ur therrafter. :~t the ~~+tiun of .aiJ mortgagre. „full} :tnJ ~umplrtcl} a.
if :~U uf thr ,aiJ ,um. uf muney were uriginalh .tipi~latrJ tu t+e paid ~~n .uch d:?y. ~n}thing in .aiJ nute ur in Ihi, rtxxtgagr tu th< <ontrar~
notw~th~tanJing: anJ therru~~n ur therraftrr, at the optiun ~~f.aid murtg~gee. withuut nutice ur drmand_ ~uit at law or in eyuily, ma} bc
pro.ecuted a~ if all muney. ~~ure.f hereh~ had maturrJ priur tu it~ inwtution. ~hr murtcager ma} f~xe~lu.e thi. nxu~gagr, a, to ihr
:~muunt ,o Jeclared Jue anJ payahlr. anJ thr .aiJ premisec ,hall t~e w1J t~~ +ati~f~ anJ pa~ the .:imr together wi~h co~t,, rtpeme~, and
alluwaocr,. In c:tu uf partial foreclotiure uf th~. murtgage. thr mortg:tgrd prrmi.e. .hali he u>1J ,uhj~tit tu the cuntinu~ng lirn ~.f this
rrx~rigagr for thr amnu~t uf 1h~ drht not then Jue and unpaid. In .uch ca.e the pro~i.i~mt uf thi. p:?ragraph maq again F1C :iYJ1IClI ~~f
; the~cafter frum time tu ume hy thr mtxtgagee.
1 1. ihat the nxtttgag~~r w~II gnr immediate n.~tice h} mail ar thr murtgaget uf an~ r~~me}ance. Iran.fer. or changr af ~~wnertihip uC
~ the premi~e~.
1`~, T hat no wa~cer uf a~} cu~rnant herrm ~~r ~~f the i~hligauun ~ecured herrhp ,h;tll at .in} time thereafter te heW ti~ tk a waivrr of
lhr term~ here~~f or ~~f ihe nutr.rcureJ herch~.
"~~R. ~U~? i~79
~ s_ _ ~ - , =
~ _ . . ~