HomeMy WebLinkAbout5862 2. lhat. ~n u~Jer awrr luliy ~o pmtctit ~he +ecur~ty uf thi~ murt~,agr, th~ mu~ib:~gur. tu~;rihr~ ~iih. and in a.l~hiun tu, thr m.~nthly
psymrntt unJrr ~he trrm+ uf thr nu~r +r.:u~~til hrrchy, un thr tinl day ul ~a~h m~~nlh unul thr ~:,id nutr IliNy p~iJ, wil) pay to thr
murlgagrr ~he IulluNing ~um~:
lal An amounl suffxirnl tu pro~~iJe the AulJrr hareof wilh funJ~ tu pay the nrx~ rtwr~gagt imurance premium il~thi. imtrument and
thr nate secured herehy are ~n~urrJ, ~x a monthly chargr tin lieu uf a r~wrtgage in.urarne prrmiuml if thry are hrlJ by the
ti~~crctary.~f Housing and Urban Development, as faUuw,:
111 (f 3nd so long as »iJ note of rven date arn1 thi+ in.trument are insured or are rcinwred urxirr the n~ovi~~uns ul the
National Housing Ac~, an amount suii'icient to accumulate in the hanJs of Ihe ho1Je~ one 11) month prior to its due date tht
annual rtwrtgagr imurance prcmium. ~n utJc~r ti~ pruviJ~ ~u~h huldtr w~ith funJ~ w pay ,u~h prrm~um to ~hr Srcrrtary uf
Housing and Urban Developmrnt punuant tu thr Na~iunal Nuuvng Act, as amendeJ, anJ applicable RegulaU~m
theceundtr, or
1111 If and w long a..aid nutr uf rven date .?nd thi, imtrumrnt are held by the Secretary of Hou,ing anJ Urban Developmrm,
a monlhly charge lin liru uf a mortgagr imuran.:r p~~miuml ~hich shall l~ in an amuunt ryual to unr-tHelfth I lfl~l u(
une-half t'~ 1 per cenwm of the averagr uuwtanding b:~la?x:e Juz un thr nute comp~trJ withuut tak~ng intu ak~wnt
Jeiinyuencir~ or prepaymrnu;
Ib) A sum equal tu thr grourxl rents, if any, nrr~ due, pluc the prrmiums that will next become due arxi pay~ble i~n ~licies of fire
aad other hazard insurance covenng the mortgaged propeny, plus ~axes anJ assessmrnt, nrxt .tue on the m.xtgaged properry lal~
a~ estimattd by the nwrtgager) less all wms already paiJ tht~ef~ divided by the numt?rr of munth~ to elapse before une munth
priur to the date whrn wch gn~u:ri rents, prem~um+, taxes, anJ :u,e,+mcnt~ w~ill become delinyuent, auch tiumc ta t+r held by
mor+dagee in trust to pay ~aid grounJ rents, ~xemiums, ta~es, and spctiisl a~u~cment+; and
Ic1 All payments mentioned in the two preceding subscctions of this paragraph and all payments to be maJe urxlrr the note secured
hereby shall be addal tugrther :+nJ thr aggregate amuunt Ihereof +hall br peid by the mortgugur rach month in a~mglt payment
W t~e epplieJ by the morlgagee to thr folluw ing itrms in thr ordrr se~ furth:
111 premium charges unJer thr contract uf ~murane~ wHh the Secretary ot Huu+~ng and Urban ikvelopment, or rtx.nthly
chargt lin licu of mixtgage insurance premium). as the cace may br;
11U ground rents, tax~s, a~~~.cmena, fire, and uther hazard in~urance premium~;
U11) interest on thr n~~te srcur~d hereby; and
11V) amortiza~ion of the principal of said note.
:~ny deficirMy in thr :~nwunt uf ,u~h a~regate munthly pa~ m~ni .h~ll, unk,i maJr gu.K1 hy thr murtgagur priur tu thc du~ datr uf
thr ne~l ~u~h payrrant, cun~titutr an ivrnt uf JrfauU under thi, murtdag~. Th~ murlgagrr map ~utlc-~t ~~latr ih~rg~'~ nut tu e~~c~J tuu
cents 12c1 fur ea~h Jullar ISI I uf ~a.:h pa~ment morc th:?n fiCtrrn 1151 da~~ in arrean tu cuv~r Ih~ r~tr~ e~{xm~ in~ulvrd in ha~dl~ng
Jelinquent paymentw
3. fhat if the tutal uf thr ~~mrnh maJe by thr murlgagur unJrr Ih) uf p~ragraph : prc~rJing .hall c~cr~d the anwunt uf the .
paymrnt~ actuaUy made by the murtgagr~, fur gruund r~nt~, ta~~~+ anJ a*~r~..mrnt+ and ~murarx;e premium~, a~ the wx: niay bt. ~ucF.
excess at the option of the mortgagee, ~hall, be credited on subsequent payments to be made by the mortgagor, or refundai ta the
nwrtg~gur. If, huwever, tht nwnthly paymentti m:u1c b~• thr murtgagor unJrr ~bl uf paragraph 2 pr~ticding ,hall not tx~ +uffic~rnt to pay
graunJ rcnt~, ta~r+ anJ a»e»m~nt+ and irourancr premium~, a~ thr :a~e ma~ br. Nhrn thr ~amr ,h:~ll be~um~ Ju~ and pa~abk, then thr
nwrtgagor +hall pay tu the murtgagre ~ny ~muunt netir~,ar~ to m:il,e up thr defkierx:y, on ur h~furr thr d.u~ whrn paymrnt uf ,urh
grounJ r~nts, tax~~. a+~r~imenls. ur inwrance prem~ums +hall b~ du~. If at an~ time the m~xtgagur tihall tender tu Ihe murtgag~e in
:a:curdsnce with the pruvi~ium ul thr nutc uYUreJ hereb}, full paymrn~ uf the rntirc ~ndrMe.ine~~ rrprrxnt~d ~hertby. the nxxtgagee
sbaU, in cumputing the amuunt uf,uch inJrbR-dne~+, crralit tu thr a:~uum uf the m.~ngagor all payment~ made under th~ pru~itiium of lul
uf paragraph ~ hereof which thr murtgagee ha~ not becomc ubligateJ tu pa~~ w tht Secretary uf Huusing :+nd l'~ban Drv~lupment anJ any
halan~e remaining in thr funJ~ accumulatc~l under the pruvi.~um uf Ih~ uf ,aiJ parc~graph If there ~hall tk a drfi~ult under any uf thc
pruvi,iun. uf thi~ mixtgagr. rc~ulung in a pubtie sale of the pr~mi,cy cuvrrrJ he~chy, ur if Ihe mortgage~ arywrr+ thr pruperty uthtr~ ix
altrr default, the mixtgagre ~h.Jl apply, at the time ut thr comm~ncrmrnt ui',uch pru.;reJing~ ur at the timr ihc pr.~prrt~ i..~thrrw~u
;i.:yu~rcJ, the b:~lancr th~n rcmaining in thr fund+ ac~umulat~d und~r ih) of par.~graph 2 pr~crding ati cr~uit agaimt thr amuunt of
pnn~ipal thcn r~maining unp:~id undrr ,:uJ nutr and .hall prupcrly aJju.t any paym~nt~ tih~ch .hall ha~r t+rrn m:~dr und~r 1u1 uf ,:ud
p.?ragraph.
J. fhat hc ~ill pa~ all t:~.~c.. a,.c„mrou. ~~:acr ra1r+. :~nJ ~,thrr guerrnmrntal ~~r municip:il ch:irgc.. tinc.. ur imFx~,itium. tur Hhich
pro~i,iun h:,, nut heen ma~~ hrrcint+cfurr.:~nd ~n Jrf:wlt lh~ny~f th~ m~utgag~~ ma~ pap 1hr ~amr; :~nJ th:~t h~ tiill pr.~~nptly ~~li~rr thc
uffi~ial rctiriph Iherefur to thr mortgag~e.
S. I hat ht will permit. cummit. or wtTer no wastr, impairm~nt. ~K drteriuratiun uf ~~J propert~° c~r an~ p~rt th~r«~F. :~nd in th~ rvcnt
uf the failure uf thr murtgagur t~~ Aerp the building~ un .aid premi~r, and thu,e tu t+r er~tited un .aiJ premi.r,. ~~r impr~wemrnt, thrreun.
in g~xxl rrpair. th~ m..rtgagee may make wch rep:~irs a~ in it~ di.cretion it ma~• deem ne~es~ar}~ for thr pruper pre.en~don ~hcrruf, anJ
thr full anx~unt of rach anJ evrry such payment shall be ~mmedi:del~• Jue and payable. and shall b~ secured hy the li~n uf th~~ rtxirtgage.
6. I hat hr ti ill pay all an~l ,ingular the cusu, chargea, and ~~penx~. including rca~unable lawy~r'+ fecy, and cu~t. uf ah,tract~ uf tide,
~ incurreJ ur paid at any timr hy the mortgageL hec3u~e uf 1he failurr un tht part of Ihe rtH~r!gagur prumptlc :~nJ fully tu perfurm the
agrcrm~nh anJ covrnantti ui ,:tid prum~.,urv n~rtr cmJ thi+ in~xtg~tir. anJ ~aid ~.nh. ~hargr.. :uxi e~prn,ar ,h,Jl he immedi~tely Jue •rnJ
i p~yaMr :tnd ~hall t+r ticcur~J hy thc he~ uf thi+ m~tgagr.
~ That hr will i;e~p th~ impru~•cmrnt, nuH t~i.ting ur h~re:ifter ~re~t~d un thr murtgagrd pruprrly. ~mureJ a~ ma} F+t reyuirral frum
um~ t~~ timr h~ thr mortg:~grr against Irn~ by fire anJ ulher hazards, ca~uL•~un, and cuntingern~e. in ,uch amuunt~ and fi~r +uth period~ a~
may t~ reyuireJ hy mortgagrr. ~nd will pa} prumpU)', whcn dur, any prcmiums un such insur.~nce for pa} mrnt uf which pruvi,iun has not
~ been made hereinbefore. All inxurance shall be carried in compani~.c approved by mortgagee and the policies arxi renew~als thereof shall
? hr hrlJ h~• murtgager and h:~vr auached ther~tu I~n~ pa}aMc ~lau~c~ in favur u( anJ in furm :1l'ICPI'3f1I~ tu thc m.~rtgagre. In event af lusa
he Nill giv~ ~mmrdia~e nutice hy mail tu mongagee. anJ murlgagee ma~• makr pnwf uf loti~ if rxit madr promplly by murlgagur, and rach
i imier~rkr cumpany cuncrrneJ is hereby authorizeJ and Jirected to make payment for wch lo,~ direeU~ t,~ murtgagee imtraJ uf to
~ rrx~rtgagur anJ morlgagrr j~~~nti}. :?nd the ~murance pnwreJ+. ur any part ~hrrrof, may be spp6eJ by nk~rtgag~r ai ~t, c.ption rhher tu the
= reJuc~i~~n uf the ind~htednr.~ hrrehy ,ecur~Y1 ~~r ti~ thc rc~turatiun or repair uf the pruprrtp dam:~g~J. In c~rm ~~f furcclo~ure uf th~c
~
~ murtgagc ~~r uthrr tr,m.f~r uf titl~ tu the murtgaged pr.~?rrty in r~tingw~hment uf thr ind~hlrJn~+~ xYUrrJ hrrrh~. c~ll r~ght. tide, and
? intrre+t uf ihr murtgagur ~n and to any insurance policies then in f~ttcr shall pat, tu th~ purcha.er ~~r granti~.
K. fhat the mortgagcr ma}, at any timr pcnding a~uit upun thi~ murtgage. apply to the cuurl havinc jun.Jictiun thereof for the
~ apExrint~iirnt uf a rc~eiver. and ,uch court shall furthwith spEx~int a rece~~•er ~~f ~he premi,e. cuverrJ hrreb~ :,It ~nJ .ingular, including all
° anJ .~ngular thr in~urnr. pr~~fit~, icu~cw_ an~ revenue~ frum whatever u~urce derived. each :+nJ every uf uhich. it hring ~~prr~sly
~ undr:+tuuJ. i. herch~ m~xigagrJ ~f ,pctiitieally set forth and dexnh~xl in the gr:~nting and habendum il:~u.e. hrreuf. :~nd ~uth re~ri~~er
~ ~h~ll ha~•e all ~hr hruaJ an~ eff~~iti~•r functiun, and pnHer, in any~i.r emru.trd h~ a cuurt ~u a rrcr~vrr. anJ .uch appu~n~ment ,hall br
" madr hy ,uch awrt an .~~m~urd ~~yuit~ c+nd a m.~uer ~~f :~h,t,lutr nght tu .aiJ mortgagce. and ~ ith~,ut rrfererkr tu thr adeyuacy ur
~ m:idryuac~ uf Ihr v:ilur uf thr ~~„~«~y murtgageel or to the wlvency ur imohrncy uf ~:iid rtx~rtga~:ur ~~r Ihr Jefrn~rnt,. :mJ th:~t ~uch
rrnt~, prufits. in~umr. it~ue+, and rev~nur„hall tk app6rJ b~ ,uih rr~ri~cr accurd~ng tu the li~n uf thi. m~~rtgagr an~l th~ prxti~r ~~f,uch
- cuurl. In the r~~ent uf any JrGu~lt ~~n thr part uf Ihr murtgagur hrreun~er. thr murtgagr~ agrcr~ lu pa~ tn Ihr murt~.agrc un demanJ a~ a
~ rea,unahle monthl~ rental for thr prcmi.e. an :~mount a~ Ira~t cyu~valent tu unr-t~clfth 11/I'_1 ~~f thc aggr~ga~r af the twrive rmmthly
~ ~n.tallmrnh payahle ~n the then current year plus thr actual amuunt of ~he ~nreual taMC~. at~e,~ment~. ~.uer r.ite~. and imurancr prem~ums
~ f~~r .uch ~car nut cuvered by thr afuretiaiJ mumhly paymrni~.
~ 9. fh:~t lul in Ihe rvint „1':?n} hrcath nf thiti mortg:~ge ~,r J~fauh un thr p:~rt uf thr rtH~rigag~,r. i~r Ihl thr ~vent th:u :~n~ uf ,aiJ
`r wm. ~~F munry herein refrrrc~l be nut pr~~mptly .md fulh~ paiJ withe~ut drm:~n.l ~~r nuti:r. ~~r Irl in thr ~~rnt that rach an.i r.rr~ ihe
~Upulaliun.. agrrrmrnt.. cund~uun.. anJ co~•cnantc af ~aiJ n~Ne and Ih~~ mnrtgagr. ar~ nut di~l~. pn,mptl~. :~n~f fully pcrti~rmr~t th~~ in
~ ~hhrr ur an} ,uch rvrnt. thr .:uJ aggr~gate wm mentiun~J ~n +aiJ nutc thcn rrmainig unp~~J. ith intrrr~t :~r:ru~d t~~ that um~. anJ all
" m.~nr~. tiecurcd herehy. .huN hrcumr due and pa}•aMe furthH ith. ~~r thrreaftrr. :~t thr ~~ption uf ,:~id murtgag~e. a, full} :ind iumpl~trl} a~
- if all of the ~id wm~ uf rrHmey ~ere ungin:~lly ~tipulat~J tu hr p:ud ~rn wch J:?~. :mtthin~ in .:uJ nut~ ~~r ~n thi~ nwrlga~:r tu the :.~ntrar~
notwrthtitanJing: and Iher~upun ur thrreafter. at the uptiun of .aiJ m~irtgage~. ~ithuut n~~ti~~ ur Jrmand. .iut ;N I:~w ~.r ~n cyuit~. m:n t+c
pru.r.utrJ a~ if all nwnry, .~tureJ h~r~hy haJ mature~ pri~~r t~, u, in+utuu~m. (hc murlgagr~ ma} furrclu,r th~, m~~llg:~s:r. a~ tu the
_ amuunt ,u JcdarrJ due :~nd p:~}ablr. :~nJ thr ,:ud premi«~ .hall tx kdJ t~..ati.l~ and pay thc ,arnc t~,gcthrr ~~ith aKh. ~~prn.«. :~nJ
~ :~Il~~w:mcr~. In ca~e ~~f partr.~l fi,re~l~»ure ui Ihi~ m~~rtga~;r. the mi~rtga~~d prcnti~r~ ~h:Jl he udd ~uh~~ti~ 1~~ thr cunUnwng I~r~ uf Ihiti
- rrn~rtcag~ G~r the amuunt ~,f thr drht nut thrn dur and unp.uJ In wih c.t+e thr pru~i.i~,m ~~f thi, p:u:~erc~ph m:n :i~;ain hr availyd uf
thrrc.~Grr frum limr t~i limc h~ th~ m~xlg~gr~.
I11. I hat the nH~rlga~:~,r w ~II gnr immr~ialr n„tiir h~ mail tu Ihc murtgage~ ~~f any cumr~an.c. tr:~n~f~r. ur ~h:~nge uf ~iwnenn~p uf
the prem~~r+.
11. that n~~ Na~vcr .~f any :u~~nant hrr~~n ~~r ~~f thr ~rhli~aU~m ~a~iureJ hrrehy .halt at :~ny umr thrrraftcr hr hrlJ tu t1C :1 Ndl~l'~ Uf
lhe trrm. hercuf ur ~.f thr nul~ .r~i~reJ hrrrh~.
- 12. fhal if Ihr rrx~rtgag~~r Jrf:wlt ~n am ~~f thr :u~rnant. or aercrm~nh a~ntainrJ herrin. ~~r in wid nutr. Ihen the murtdager maq
~~4 perfurm the ,amr. arxl all c~prnJuurr. ~ ~ncluJing rra.~~nahlc nuurne}'~ f~i.1 madr hy Ihr m~~r igag~r ~n w Juing ~hali Jraw ~n~er~~t :~t the
rale +e1 furth m the nute ~rcur~J hrreh~, anJ ~hali he rcpa}ahle immrdi~tel~ and whh~~ut drmanJ hy thr nwrtgagor tu the rtx~rtg~gee, anJ,
' together w~th intrrr~t ~nd cu~l~ accru~ng thereun. .hall he utureJ h~ Ihi. m~~rt~a~,e.
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