HomeMy WebLinkAbout4951 , '
That, in onlrr m.~~r fuUy t.~ prat~tit ~hr.r~urity ut'~hi. m.~ngag~. ~he murt6.~gor. lugrthrr wnh. ~rxl ~n :uld~tiun tu, thr munthly
pa~mrnt. un.ler thc trrm, uf thr nuir .r~urr.l hrrrh~. s,n thr Nr.l da~ ~~f rach munth until thr .a~d no~c fully paiJ. ~~ill pay lu ~hr
nwi ~~agrr th~ fuUuN inb .um.:
lal An anwunt ~uffi~irnt to provide thr haldrr hereuf with fund~ tu pay thr nea~ mc~r~gagr insurancr premium if ~hi. instrunxn~ anJ •
tht note stcurrd hereby a~e inwrtd, ur a munthly charge lin lieu of a mi~rtg:?gr imura~ce premiuml if the) art held by thr
tiecretary of Housing and Urban Devrlopment, as foUoN~:
111 IC and w lung as saiJ rn?te af evtn date and this inttrument are imureJ or arc rei~surrd urxirr Ihe pravisiunc of Ihe
Natiooal Hvusing Act, an amount s~.Ticient ta accumulatt in the hanJs of the holder ont 111 manth prior to its due datt the
snrtual nwrtgage imu~ance prrmium, i~ orJrr to proviJe wch holde~ w~ith funds to p~y cuch prem~um ~o the Srcretary uf
Huusing anJ Urtun [kvrlupment pur~uant tu the N:~hunal Nuus~ng Act, a, artKixled, anJ ~pplKable Ncgnlauuns
thrreunJer; cK
1111 If and so long as ~a~d noie of rven dste und thi~ imtrumrnt are he1J b~ th~ ~rcretary of Hou~~ng and L'rban [~vel~~pmrnt.
a monthly charge (in lieu u[ a murtgage inwrance premiuml which .halt t+r in an am.wnt ~yual to une-twelfth 1l/12) of
onahalf 1'~:l per centi+m of the avrrage outstarximg t+alance due on thr note computc~i withoul taAing into aaount
Jelinqurncies or prepaymrnu;
Ibl A sum zqual to the ~rounJ_rznts, if any, nrxt dur, plu, the prrmiums thal will nrxt became due arxi payablr un poliries .if fire
; M! ~~sher h?aard incurance CoverinF Ili~ murtgagc~7 pioperly, plus taxes and ac~es~mentc nrxt Jue un the mungagrd pro~rty lall
as estimated by the mortgagte) less all sums already paid theretor divideci i+y thr nuniDer o~ mar~:zu io ctapx txiaic u„~ ,:,u::~ ;
prior to the date when such grourxt rents, prem~ums, taxrs, and as,rs~mrnts will becume delinqurnt, s~xh ~ums to t+e held by
mortgagn in trust to pay wid ground rents, premiums, taxes, anJ special a~zrssments: and
1c) All payme~ts mentioned in ~he ta•o preceding subsections of thi~ paragraph and aU payments to be made und~r the note secured
hereby shall be added together anJ the agbrrgatc amuunt thereof +hall be pa~d b~ the rrxutgagor earh month in a single payment
to t?e applied by the martgagre w the fullow ing items in the orJer srt furth:
11) premium charges unJer thr contract uf insuran~e Ni1h the Srcrctarv of Hou~ing and Urban l~velopment, or m.mthty
chargr lin lieu of m~xtgage insurance premiuml, as the case may br;
1111 gound rents, taxes, assetsments, firr, and othcr hacard inwrance premiums;
tlll? interest on the note sn,urr~i hereby; anJ
IIV) amortizatiun of tAe principal ufsaiJ note.
Any de&iency in the am~wnt of sach .~ggregate m~nthl}~ payment ,hall, unl~~,s made ~uud by thr murts:~~.~~~ n~~~~< ~n~ a~~ d:~tr uf
the next suih payme~t, constitutr an ~vent of drf:tuU under this mortgage. I~he murtg:~ger may collrcl a~ latr charge ~ nut tu r~creJ tHu
cents 12c1 for rach Jollar IS11 of each payment m.~rt than fiftren ! iS1 days ~n arre:uti tu ro~tr the rxtra ex~mr imuh•eJ ~n handl~ng
drlinquent payments.
That if the total uf tht psyment. maJr hy the mortg;iRor unde~ 161 of paragraph pr~tirding .h:~ll ~~cecd thr ;~nwum uf the
payments actually made by the m~xtgsqrc. fur ground rems, ta~es and asa~sment~ anJ insurarnr prrmiums. ~s thr ~ase may t+e. such
ezcess at the optioe of the morigag~e, shall, be crzdited on subsequent payments to be made by the mortgagor, or refunded to the
mortga~~r. If, howrver. the munthly paymenl. m:xlr b~~ the murtgagur unJer thl uf para~traph 2 prctieding ~hall noi hr sufficient to pay
gruurxl renis, Iaxes and asus~mrntc and in.ur:?nce prcmiumw a~ thr cace may hr. when the same shal! t+c~ume due and payable. then the
rtuxtgagor shal! pay ti~ Ihe murlgagee anp amuunt ncti~~~a~y to malr up thr defx:iency. un ur I.efore the date Hhen paymrnt uf wch
grourul rent~. ta~rs, assr.sment., or in.urance premiums tihall be due. If at any lime the murtgagex shall tr~xler to ~he mortgager in
accordance N~ith the proviciom of the natz ucurrd herehy. full paymrnt c~' the entire indrbtctiinecc represented thereby. thr rtwrtgager
~h:Jl, irt computing 1be amount of tiuch inJ:bteJncws, cr~tilit to the account of the mortgag.x all paymentc made under the pruvisions uf lu?
.~f paragraph 2 herrof wh~ch the murtgagee ha~ nut hecome ~~bligated to pa~• to the Secretary• i~f Houcing anJ Urban Devrfupment and any
balance remaining in thr funJs ac~umula~~tii un~jer thr pru~i~~ona uf Iht uf +aid par.~graph 2. If thrre .hal! hr a Jefault nndrr xny of the
pruvisiun+ uf thi, murtgage, rr.ulting in a puhli~ sak uf the pnmiccy ~u~er~-~i hrrcb~, ur if thr murtga¢r~ acyuirc. th~ prop~r~y uthcn~ ix
after 3efauit, the murtgagrr .hail appi), :ii ihe time +~C the ~ummencrment nf ~u~h proceeJin~~ ~~r :it the time the prupert~ i~ utherw i>e
:~yuireJ, thr bal.?nce then remaining in thr fund~ aecifmulat~ti under ~b~ uf par:egraph prccc~ling a cr~~it ag;umt thr amuunt of
principal t,?en remaining unpaiJ unJer ,aid nutr and ~hall pruperly adju,t any p•ryment~ ..h?ch ,hall have t+ern made undcr 1~+1 of w~~;
paragraph.
4. That he Nili pay all ta~e~. a~~~,~m~nt., watrr ratr.. :inJ ~~ihrr guvernntrnta! or municipal chargc.. fine., ur imM~.itium_ fui ~~hich
pruvi+iun ha~ not tken made hereintkture. and in dcfault thrreuf thr m~~rtgagrr ma~ pay thr.amr: and that hr Nill prumptl} drli~rr the
~.fficial rctir~pt. therrfar to thr mortgag~e. .
5. "~hat he Ni11 permit. commit, ur.uffer nu a;,,te. impairment. or deteriuration of ~aid pru~xrt~ or ao~ part thereut; ~nJ in thr e~ent
uf ~he fa~lure of thr mortgagur to keep the huitding~ on .aid premises anJ those to hc ercYted i~n caid premise,. ur impru.rmentti therrun.
~n g~xxi rcpair. the mortgagee ma}• make such repairs a~ in it. discretiun it may Jeem nrcc~++zry f"w the pruper pre,rr~;~tion thrrcof'. nnd
the full amount uf rach and r~~~n~ +uch pay ment shall t+e immediately Jue an~ payahle. and .hall tk ~urrJ hy the lien uf thi. rtwrtgaKe-
6. That he will pay all anJ ~mgular thr ant~. charge.. :~nd etprn~r:, incluJing rra~onahle lawyer'ti fee,. anJ costc of ab,tracts of title.
incurred or paid at any time by thr murtga~re bctiau.e uf the f.~ilure un the part uf th~ murigagur prumpNy and fuNy to perfurm ehe
agreements and cu~~enants of .;~id prom~.wry nute and lhi~ mortg~egr, anJ ~aiJ cont., charge,. anJ c~pcme~ .hall t~r immeJi;ttrh~ ~ur ;ind
pa>able and tih~ll t~ ,ecurrd h~ thc lien uf thi+ murtgabr.
7. That he will lerp the impr~~~emenh ou~ rxi.~ing ur hereafter erc~tc~l on Ihe rthxtga¢ed proprrty. imurrd a. may he required frum
time to time hy the mortg~gee aga~mt loss h} fire and other ha~arJs. ca,ulaties. ;ind contingeocies in such amount, anJ fur w~h periud, a~
may he required by mortgagee. and will pa~ prumptl}~. Nhen Jur. any premiums on >uch imurancc for pa~ rncnt uf whi:h provi,iun ha. not
been made her~inbefore. All insurance shall be carried in companies approved by mortgagee and the policies anci renewals thereof shall
be he1J bp mortg:+gre and h:evr atta~hetif lhrrcto lixs payaMe clau~ec in favor of and in form a~ceptable to the rr?ortgage~. In e~ent uf los~
he will gi~e immrJiate n~~tic~ hy mail to mortgagee. and murtgagee may make pnxaf uf lo~s if not made prompU~• b~ n~ortgagur, anJ rach
~n,ursrke comp~n~ cuncrrneJ i. hereh~ awhurir.ed anJ ~irnted tu make paymrnt fi~r ~uch lens direct!} to murtgagee instcad uf to
rtM~rtg:~gur anJ m~~rtg:tgee jointly, .~nJ thr imur:~n~e prixeed~, ur am part thercti~f. ma~• hr applied M mortgagee :~l it, .~ptiun either tu thr
reJu~tiun uf 1h~ inJrhtrdnr,~ herehy ti~-~ur~d ur tu the r~~tur..ti~~n ur rep;str of thr property d;imag~d. In r~ent of fi~r«lu~ure uf thi~
murtgage ur uther tramfrr uf titlc to the mortgageJ pmperly in t~tinguishment uf thr inJehtedn~~+~ atiurrd hereFy, all right. tidr. anJ
~ntrre+t of thr m~xtg:~garr in and to ~ny in,uran~e pul~cir, then in furcr tihall pa~~ to the purchaser .x granter.
8. That it th~~ pr~•mi5es, ur any part thereof, be c~~ndrmned under an~~ po"er of eminent domain, or acquirF:t fur a publi~ u.~•,
the dama~es, pro~ eed~, and th~ con~iJ~ration for such a~qui~ition, to the extent o( thc full amount o[ indrLte•~in<•:s upon thi.
i 11ortRa2e,andthe\otr se~•ur~~d hereh~- remainin~ uap;eid,arr hereb~• a~si~ned h}~ the VurtRaRor tothe :lort:a~e~i• ,~nd .hall bt~ p.iid
! for~h~.ith to th~~ 11ort~aeee to be appliF•d b~~ it un ac•count uf thr ind~btrdn~~~~ scrured h~reb~, whether dur or not.
9. ~Il~at the murtg:~gre ma}', al an~ t~mc per.ding a.ui~ u~~n th~~ m~~rtgage. appl~ tu the cuurt ha~ ing jurivlictiun thereui f~~r the
appointment of a rr:ri~rr, and surh re~ur[ ,hall furthw ~th ap~wint a recriver uf the premises cuv~red h~reh~ all anJ singular. including all
~ :?nJ .ingular the inrume, pruht~, i~.ur,. and re~rnuec frum uhatever ux~rce .leri~ed. ~ach and rver} uf Which. i~ he~ng expre.~ly
` unJeruouJ. i~ hercby martgagcYl ati if.p~tiih~ally .rt furth anJ d~~riF+cJ in the granting a~J habe~dum clau,r~ hereuf. anJ .urh receiver
sha!! have a!! ~he hro.~d and ef'Fective furxtion~ an.! puuers in anywe~e entru+led by a court to a receiver, and such app.~intment ~hall be
maJe by w~h cuart a~ an admitted equity anJ a matter uf :+hwtute nght tu ~a~J mortgagee, anJ without refererxe tv the adeyuacy ur
~nadeyuac} uf Ihr ~alue uf the propert~• mortgagctii or tu thr wlvencp or imohency of,aid rix~rtgagur ur the defendent~. artd that .uch
rentti. profits. incomr. is,uec. and re~~enuec .hal! he applird by wrh receiver accorJing to the licn of thi~ mortgage anJ the practice of tiuch
cuurt. In the evem e,f any Jefault ~~n the pan of ihe m~~rtgagor hereunder. !hr murtgagur agrer, to pay t~. the mortgagee un Jemand a.
rra.unahle monthly rental fur the premix~ an amuunt at lea.t eyun:~lent to une-tNelfth (1/I'_~ of the aggrrgatr of thr ~welve rm~nthl~
imtalimentti pa} abtr in the thrn current year plu+ thc artua! amuum ~rf the :?nnu:il ta~es. a.~e,.m~nu. ~atrr r.~tc+, anJ ~mursace premium+
f~~r .ikh year not covered b~• the atorecaid moothly payment~.
)p. 7hat lu) in the event of any hreach uf thiti murtgagr ur default un the part uf thr rrN~rteag~~r. ~~r 1/+1 ~n thc e~rnt that any ~~f ,aid
~ums of money htrein referreai tu br not prampd~ and full~ paid withuu~ JrmanJ ur nutire. or Ic) in the e~ent that rach and even thc
~Iipulr[iuns_ agreements. conditions. and c~n~rnantti .~f ,aid note anJ thi~ murtgage, are not July, promptly. artd fully perfurmrd: then m
rithrr ur any ~uch event. lhe .aid aggregate wm mentionrJ in .aiJ note ihen remaini~ unpaid, w ith interect accrued 1~ th:it time. anJ alI
nx~ne}~• ~ra~red hereby. ,haN t+rwmr Jur aaJ p~}ahlr furth.+ ~th. nr thrreatter. at the uplinn of .aid murtgagre. a, fully and campletel~ a~
~f aU of the ,:~iJ ,umti uf a~.~ney were originall} .tipu!ateJ tu he paiJ u~ wch J~~, an~thing in ~~id note ur in thi~ rtx~r~g.~ge to the contrar}
nutM ~thuanJing: anJ thereup.m or thereafter. .n the uptiun ~~f .aid murtg~ger. ithout n~.ticr or JrmanJ, ,uit at law .ir in eyuity, ma~ br
pru~ecuted a, if afl munryl ~ecured herebt had matureYl priur lo itti institutiun The m~~rtgagee m~p fureclose tF.ic m~.rtgage, a~ tu the
arrx~unt su Jeclarcd Jue an~i pa}:~hlr. :?n~ the ,aiJ premite~ .hall t+e x~~d 1~~ s~ti,iy anJ p.+} ~he ~ame tugrther with a»t., e~prme~, ;~nJ
alluwance.. in cac~ i~f partial foreclo~ure i~f thi~ murtgaFe. Ihe murtgagrJ premi.e~ shall be wIJ ;ubjeci W the cuntinuing Grrt of this
rrx~rtgage for [hr amuunt uf the drht rn~t thrn Jue and +mp.uJ. In .uch ~au the pru~itiiunti uf thi~ paragraph may sg:?in be a~aileJ uf
thercafler from time to time h~~ thr murtgagee.
I1. Ihat thr nH~rtgagar w ill gi~e ~mmrdiat~ nutirr h~ m:~il tn thr murtgagee i~f an} ~umepance, tramfer. ur change of uwnership af
ihr premi~e..
12. I hat nu wai~~er uf a~y cu~rnant here~n ~~r „f thr uhligat~~~n ~c-~urrJ hereby ~hall at an} lime Ihcreafter he heW t~~ t+r a wai~er of
the term. hereof or of the n~~te ~r:ured herr~+c. `r •'`t
J
t~
_ . y
' , ~ . . . . -
_