HomeMy WebLinkAbout5868 2. l hat, m orJer mure fully tu pruic~t the +ecurity of thi~ munb.~gr. ~hr mur~g:lb'Uf. 1~~~(CIIII'f NI(~I. Jfkl in ;,~Jiti.•n tu, thr nwnihl~
p~ymenls unJrr ~he ternu uf thr nute ,c~;ur~~l hrrehy, un ih~ tini J:~y uf ~ach inunth unul ~hr +:ud nutr i. fully paid, will pny to thr
nxtttg:~gcr thr CuUu~ing,um.:
(al An anx~unt ,uffkient tu pro~~ tht hulJer hereu( Nnh fund. to pay thr nrxt mongagr ~n+urancr prrmium ~f ihi, imtr:ymrnt and
thr nate xcured her~by are ~ncureJ, or a munthly chargr lin lieu of' a rtx~rtgage ~nsurance {uemium) ~f thry arr htld by the
~~~creiary of Houung anJ Urban Develo~men~, as folluwc:
111 If and x~ long as +aid note of even Ja~e aixi ihis inctrumenl are ~nsurc~i or ar~ rein+ure~i urxler ~he p~uv~sium of thr
Natiunal Nousing Act, an amount sufTicitnt to accumulate ~n ~he hands of the hulJrr une 111 munlh pr~or to its due datr the
annual m.tttg•rge insuran~e prcmium, m urdr~ to proviJr .uch hulder with funds to pay ~uch premium tu th~ S~tiretary uf
Huusing and l~rban Develapmenl pur~uanl tu thr NaUunal Huu,~ng Act, a~ ar~xndeJ, anJ applicable Ktgul:~twn+
thereundcr; ar
IIU If anJ s~ long a~ v~id note uf cvrn J;~te arxi thi~ instrument are held hy the Secret~ry ot~ Hou,ing atxl Urban [kvelopmrnt,
a rtwnthly chargr ~in lieu uf murtgage ~rouranrr Mrmiuml Nhi~h .hall M in an amuunt ryual to unr-tNrlfth ~111'_1 of
une-half 1'21 prr crntum uf thr a~rragr uut,tanJing balancr dur un tht nott wmputed a~ithout ta?~ng mto a~uunt
drlinquenci~~ ur {urpa)'mentti;
Ihl A+um eyual to the grourxf rent+. ~I :~n~~, nert Jur, plu. the prcmiums thal will nex~ become due and payable on ~licirs of fire
anJ o~her hazard imure~x~ cuvering thr rtartgngrJ pn~+eny, plu, taxN+ and a~~essmrnu n~at du~ on the m~xtgageJ pr~erty lall
ati estimatnJ by the m.xtgagrel less :~II wm~ slready p:+~d therefur divided by the number of monihs to elapse befurr one month
priur w the date ..hrn such gruu~xf rrnts, prem~um., t:~xrs, and aa+cysment, Nill become drlinquent, such cumc to bn c~ld by
nwngagae in trust to pay said grounJ rcnts, premiums, taxrs, and special a.tie+.mrnh; and
1c) All paymeots mentioned in ~he two preceding ~ubsections of this puagraph and'all payments to be made u~xier the note xcured
hrreby +hall be aJdeJ tugtther and thr aggregate ~muunt thrreof +hall br p:?id by the mortgagor ea~h month in ~ aingl~ paqment
tu hr ~pplicd by lhe mortgagee to thr fulluwing it~ms ~n thr order ~rt furth:
11) premium chargr+ under thr contract ui in~urance with the Secretary of Huu~ing and Urbsn Devrl~~pment, or munthly
charge lin lieu of murtgage insurarxt prrmiuml, as the case may t~t;
1111 grounJ rent~, t:t?~et, ai+eument~, fire, ~nd other hatard inwrarn:r prrmiums;
1111) intercst on the nutr srcurc-~i hereby; and
(IVI artxxtiiaUOn of Ihe principal of ~aid note.
:\n~ Jefkirnc~ in thr anH,unt uf ~uch :1~;ftd':llt' momhly pa~m~nt ,halL unlr,. maJe gu~d b~ th~ murtgag~~r priur tu thr Ju~ d~tr uf
thr n~~t .uch p~~ nxnt. cumtitu~r an ~v~nt .~f Jrfault undrr thi~ murtgagr. fh~ mortg:,grr may cull~~it a~ latr ~hargt' nul w r~c«J tHu
crnt+ ~3~1 ti?r rach Jullar ~SII ui ra.h pa~m~nt murc than tili~cn I IS! d~y. ~n arr~:ir. tu ruvcr Ih~ ~~tra ~x~xmr invulv~Y1 in han.lGng
Jrlinyu~nt paymant+.
~hal ~f Ihr tutal uf tht p~)ntc'nt~ ntail~ h} th~ murlgabur unJ~r ~hl uf paragr~ph ' prcti~d~nF ~hall ~~~t~J ih~ :+nxiunt nf Ihc
paymcnt~ a~~ually madr b~ thr murtgagrc. fur gruunJ rint~. ta~~y an~ a,~r„mrnt, anJ imur~n:r prrmium.. :u thr ~ax ma~ b~. wct.
ezcess at the uptiun of the mortgagee, shall, be credited on subsequent payments to be made by ~he mortgagor, or refunJed tu the
nwrtg:+gur. If. huNrver, the nk~nthl~ p~~mrnh m:xJr hy the m~?rtgagur undrr Ih? ~~f par.~graph = pr~ti~ding ~hall nut b~ .uffi~i~nt to pay
gruunJ rrnb, ta«-~ and a.x,~m~nt, anJ inwrancr prrmiunu, a, thr c~,r ma~~ tk. Nhen th~ .:?m~ ,haU brcum~ duc arni pa~abl~. then thc
murlgagor ~hall pay to 1hc murtgagr~ any :~nt.~unt nr~r»ar~ to mak~ up Ihr Jrticirn~~, un ~x h~fur~ thc Jatr uh~n p:+~mcnt .~f ~uch
graunJ rtnu, ta~e,. a~u,smcnt~, ur imurancr prcmium> >hall tx~ dur. If at anq timr thr mixtgagur snall ~rnJ~r tu ~he murtg~g~r in
aceurdancr with the provi,iun, uf th~ nuta ~rcurrJ hcrehy. full paym~nt uf the ~ntirc in~~btc~ln~y, repr~yentrd thereb~, thc murtg~gre
~hall, in cumputing the anwum uf ~uch inJrbRrlnc++, crctilit tu tht a~cuunt uf thc mortgag~x alI paymrnts madr undcr thr pruvi~ioro uf lul
.~f p:+rabraph 2 hcreuf ~hich lh~ m~rtg~gcc h.u not hrcumr ubligateJ tu pay w tfir Secr~tar~• uf Huu+~ng and l:rb:?n Drvrlupment and ~ny
halan~e rcm:~ining io the funJ, a~~umulatcvl undrr Ih~ pruvi~ium uf Ihl uf s:i~d p:~r.~gtaph If th~rc ~hall t+e ~ Jclault unJer an~ uf the
pruvi,i~,n. uf thi. mor~g:igr. r~uJling in a puhlii ti:J~ uf lht prtnti~~y cuvir~d htreby. ur if tha m~xtgag~r a~yuir~~ lhi pruptrty olhtrw ~~i
aficr d~f:wlt. thr m.irt~:agr~ .hall apph. al tht tim~ uf Ihr ~umm~n~rmrm uf uich pr~xr~~ting. ur ~t thr ~im~ th~ pruptrt~ i~ .,thrr~~i+~
a~yuirc.l. th~ b:Janr~ ~hrn r~m.uning m th~ fund, a~cumul:u~ti1 unJ~r rhl ~~f par:~graph prrc~.l~ng ati a irrdit again.t Ihe amuunt of
pnnc~p:~l thrn rcmaining unpaid ureder ,a~J nulr anJ ~hall pru{+trly aJju.t am p:t~tnent~ Nhich .ha01 ha~~ Fkrn m:~J~ undrr 1~+1 uf wiJ
par:i~,r:~ph.
I h~t he ~~II pay all ta~~~c. as.rt.men~s. waler ralrti. an~ ulhrr gu~rrn~n~ntal .~r mun~cipal ~harge,, tinr,. ur ~mp.ti~iUun.. f~~r ~+hich
pru~i.iun ha~ nu~ t+~rn maJc h~reint±~ture, and in drfaidt thercof ~hr mur~~:~grr may pay thr »mr: an~ that hr w~ll prum,~th- drlivrr thr
utfic~al rrcript, therrf~~r tu thr murtgag~c.
I hat h~ ill prrmu, cummi~. ur ,ut7rr no tia.tr, unpairmrnt. ur Jeteriurauun uf ,a~d pru~rt~ ur an~ p.irt thrrcuf: anJ ~n thr r~rnt
uf thr I;ulurc ~~f ~h~ murtgagor tu leep the builJings on wid prem~,es xnd thuse to b~ errctc~l im +.~i.l prrmi,e.. ur ~mpn~~~mrnh ~hrrrun.
~n g~xxl rrpair, thr rtx~rtgag~r ma~ maLe ,uch repa~rs a~ in its Jncretiun it may Jeem nrcr~wry for thr prup~r pre.rnatiun thereuf. :,nJ
; ?hr full anx~unt of t:?:h anJ ever~ .uch payment .hall hr imm~~ii:~tely~ Jue and payablc, :~nJ .h~ll t~e ~e.:urrJ b}• the lirn o! th~. nx~rigage.
~ /l. I-Fl:ll ~1C' NIII (1:1\' dII anJ ~ingular the c~xtc, charge~.-anJ exFnncc~, i~cluJing rra.onable lawyer's feec, c~nJ cust. ul ah,tr.~cK of tiU~.
~ ~n:urr~d ~~r paid st an~ Umc by the mortgagre becaust of the failure on the part of the rtwrtgagur prompth and full~ to prrfurm the
i agre~mrnt. ~nJ cu~rnani~ uf .aiJ ~n~mi..ury nut~ ~nd thi. murt¢ag~. and ,aid c~~,t,. chargeti. srxf r~prm~ti ,hall be immedr~tel~ .lur .~nJ
i pat:~hlr and ~h;Jl b~ ~ecurcd h~ th~ lirn uf ~hi+ murtgagr.
( l hat hr ~ill ?,erp the impri~vement. nuw exi~ting or hrrcaRer rrr~tc~1 on thr mi~rtgageJ pruperty. in+urrd a~ m;~y hr rcyu~ntil frum
j t~me t~~ time h~ thz nwrtgagee aga~nst lus~ M• fire arxl uther haiards, casuL~ties, and cuntingrncir, in.u~h :~nN~unh anJ fur wch ptnuJ~ a,
= m.~} hr r~yuirc~l h~ mortgagre, .ind Nill p~~ prumptly. when dur, any premiumc un,uch in.urancr fur pa~m~nt uf Nhi.h pruvi~iun ha, nut
~ been made hereinbefore. All in+urance shall t?e carried in companies approved by mortgagee and the policies arni renewals thereof shall
~ he hrld ht murtgagt~ and ha~•r :dt.uh~~l ihrrrlu I~n~ pa~:~bl~ claux-t in fa~ur af and in furm accepuiMr tu the nx~rtg~grr. In «•rnt uf lu~~
~ hr w~II s:~~r immrJiatr notice hy ma~l tu mortgagrr. anJ mortg;~gee ma~ make pnwf of !ms il rx~~ m:+d~ prumptlp by murtg~gur. anJ rach
~ ~nwranc~ ~umpany cunicrn~d i~ hcrchy authuri[rd and dintitrd tu mal~ paymcnt fur .uch lu„ Jirectly t~+ nx~ngagec in.tcaJ ~~1 ta
nx~rtgag.~r :m~l m~xtgagre jomth. anJ the imur.mc~ pnxerd.. ur :m~~ part th~reof. ma} be appl~rJ hr nwrt?;agrc at it. uptiun ~iihrr tu the
rrJucti.m ~~f thr indehtednecc herrh~ ae~un~i or t~~ thc rcwt~~ration or repair c.f the propert~= damagrJ. In rv~nt ui furrclu,urr uf thiti
~ murtgagr or uthcr Iramfcr uf titlr tu thr mi~rtgagrd pruprrt~ in c~tingu~~hm~at ~~f thr indrht~tiln~+~ ~ctiured hrr~hy. ali nght. titlc. and
~ interr.t ~~f th~ murtgag~~r ~n anJ tu any inwr.~nce pu6cir~ thrn in fonr ~h:?II pa,a tu th~ pur~h.~+er or grante~.
~ r. fhat thr murtgagre may_ at :~m timr penJing a~uit u~m thi~ murtgagc. applq ~u the caurt ha~ing ~un~dittiun there~~f fur thr
~ apEx~intmrnt .~f a r«ri~tr, and ~uch a~urt ,hall forihwith ap~w~nt a receivrr of thr prcmi.r~ cu~~reJ h~reby all and ~ingular, including all
anJ .ingular thr ~ncumr, profit~. ~~su~y. and rrvrnu~ti from Hhatever source deriveJ, rach anJ e~cr~ ~~f which, ft txing r~pressly
n unJrr.tu~xi. i. hrr~M murtgagrd a~ if tipr~~tiiall) ut furlh .~nJ dtxntk~al ~n thr granting anJ hah~ndum clausc~ hereuf, :mJ .uch nYrrvrr
~ ,h:?II ha~~ :~11 the hru:~d c~nd ~f7ecti~r functi~~m and pi,~vrn in am~K•i,r entru,ted by a Courl tu a rtteiver. and such app~iintment ,h:ill t+e
made b~ ,u~h cuurt an a~mined eyuil~ :~nJ a mauer uf :sh,~~lu1r nghl t~> >aid murt~;ag~r. .~nd ~ ithout referrnce tu thr a~lryua~) ur
ina~i~yu:u~ ~~f thr ~:~lur ~~f thr pr~~pert~ mi~rtgag~til iK tu thr wlven~}' ur ~ro~h•rncy uf ~aid murt~aeur or ihr JefenJrnt.. ~rJ th.d ,uch
rent~. prutih. inc~~mr. i~,ur,. :~nd revrnurti,hxll hr appGrJ hy .uch reici~ur accixJin~ tu thr licn uf thi~ murtg:~ge and lhr prach~e nf ,uih
,j ~uurt. In the r~~cit uf am Jefauh i~n thr p:irt u( Ihr murt~:~gi,r hrreunder. the murtgag~~r :~grec~ tu pay tu the murtgagec un Jrm:~n~l a~ a
rea~~.nahle monthh rrntc~l f~~r thr prrmi.cr an :~moum :~i lea.t ryun:Jrnt t~~ une-twelfth 1111'_t uf thr agKregate of thr tweht rtx~nthly
- imtallmcnt. payatsle m thr then current yrar plu, the acwal amuunt a~ thc annu.!1 taae~. a+~e~~menh, ~+ater ratr~. anJ imuran~r prrmiumc
`~i f„r wch yrar not rc~verrd h~ thr :di,rr.a~J m„ntht~ paymrnt,. ~
9. 1 h:i~ ~ul in Ihr rv~nt uf an} hreach ~~f thi, murtg.~gr ~~r drfault ~~n thr p:trt uf thr m~~rtg:+g~~r. ~x Ihi in thr c~rn~ th.~t .~n} ~~f ,aid
wrn, ~,t m„nry herrin refcrrrJ tv be n~~t pr~~mptl~ anJ fulh• paid with~,ut .Irmand ur ni~tic~. ~x Irl ~n thc r~rnt that rarh and r~rn the
~t~puleUun.. .iirrem~nt.. iunJhiun,. .uiJ cu~cn~nb uf ,a~d nut. and thu mur~g.~g~. ar~ nut Jul}. prumpll}. ar.J full} prrti~rmrd: thrn in
- rilhrr ur .sm .uch rcem. Ih~ ,.u.l .i~ire~alr wm mrmiunrJ ~n .:~iJ rtule thrn rrm:uni~ unpaiJ, w ~1h int~rr.~ ac~rued that Umr, an~ :JI -
rrHmr~..r.urrd hrrrh~. ,h:~ll hr~.~nx du~ artel payable forthwi~h. or th~r~af~er. at the iK?ti~m of ~a~d murtgagrc. a~ full~ anJ wm~lrtri} a.
_ ~f all ~if Ihr w~J ~um~ uf rtH~ne~ ~rre ~~n~;~n:Jl} ~upul:rte~l t~~ he paid un ~uch d:~}'. :+n}Ihing in ,aiJ nutr ~,r in thi~ rnurlg.~g~ t~~ thr i~~ntrar)
- nu1N ith~L~n~ting; and therruEx~n or Ihrrrattrr. at the uption of ,aiJ morigagee. withuut noti~e ur demand. .iut at iaw ~~r in ryuit}, nte~ t+r
pn,~rculyd :i. if all munr~..itiurcJ hrrrh} h:iJ m:durrJ priur ~i, ih imtituuun. 1 hr nx~rtgagee ma) fu~r:l~~.r thi~ m~,rt~:~gr. :i, t~~ ihr
nrru~unt dcd:~reJ Ju~ anJ pa}ehlr, an~l thc .:uJ prrm~~rti ,hall hr wIJ t~~ ,atitifp anJ pa~ th~ .amr tuccthcr ~ilh tu.t.. r~prn~t~. .~nJ
~II~~N:~n.r.. In .:i.r ~~f partial furril~.~urr .~f th~. murtg.t~~. thr murtga~rd prrnii~r. ,h.~ll hc w~IJ ,uh~rct tu thr :unUnuing lirn ~~f thic
rrx~rlg:~gr fur thc :irnuur.t uf thr drht nul thrn Jur .~nJ unpai~l In ,uch Ihr pru~i.ium i~f thi~ r:~r:~gr.~ph m:~~ .~g.un hr .~~:iilyd ~~f
Ihcrr:~ftrr tn~m timc tu hme h~ thr mu~tca~~r.
111. I h:~t thr murtg:i~~,r w ill ~i~r immr.liatr nu~~_e h~ m.~~l t~~ Ihr m~~rlgagrc uf .~n~~ i~~mry.~ni~_ tr.imfcr. ur ch:~n~r ~,~.nrr.hip ~~f
~hr prrmi.r.
- I I. 1 hat n~~ H.u~rr ~.f an~ :~~~en:~nt hrrrin „r ~~i thr nhligati„n .r~ur~d hrreh~ ~h,Jl at am hmr thrr~~(tcr h~ hrlJ t~, tk H:~~~rr ~~f
[h~ tctm~ hrrt~~l ~x nl lhr nutr.ccurrd hrrrh~.
` I_'. f hat ~f Ih~ ~nurtg:~g„r drf:~u11 ~n :~m Ihr c„~rnanh ~~r :~gr~imcm.:~~nt:~~ncd hrrc~n. ix ~n ~aid n~itr. thcn thr murtg.~gce m:i~
perfurm 1hc ,amr. :+nd all rtExndhi~rr. ~ iniluJin~ rr:~.unahl~ an„Tnr~~. Icr~l m:~Je hy tht m~rrlg:~grr in duing ,hall Jr.~~ intetc~l at lhe
- -ate ~et furth in Ihe nutr ~cturrJ ~hrrch~. :~n~ ~n:Jl he repayahle ~mmrd~atel~ ~nd withuut demanJ by thr rtwrtgagur tu ihe nx~rtb~gre, anJ.
- Wg~lher wilh inleretil :~nJ cu+t~ accruing thcrcun. ~hall he.rcureJ by this martgagr.
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