HomeMy WebLinkAbout1427 lha~, in urdrr murr fuliy to ptutrct thr.tc~ri:y ~?f thi~ aw~tgagt. Ihe nwrtgabur, a~tr~hr~ ~•-~th. anJ in :uklitiun a~, thr ~~~.~n~hly
p::~nxM~ unJrr th~ Irr~nt uf lht aule .tcu~a~l hirchy, an ~hr firct Jay ~•f r:Kh nwuih urtUl thr .a~d nutr i~ fully paiJ. M•~U ~+:~y ta the
nh~~tga~re Ihr [ulluwing wmr.
(al :1n am~~unt wfTicient to Qruv~Je the holdet hc~tof with furnls io p:?y lhe next rtxxtgage msurance prrmium if Ihic imtrunxnt anJ
tlr~ nutr xcureJ hercby a~e inaurtd, ax a monthly charge lin liru at a mortgaQe insurance prem~um) if thry ue hcld by ~he
kcretary of HuusinY a~.d U~ban Dtvelop~ntnt, as folbw~s:
U? ff and w lun~ as sai~J nole o( evrn date and thi; instrurtxnt ~e insured or are reinsurc~! u~xier the Drovis~uns of the
National Housing Acl, aa amount sufiicient to accumulate in ~he hands ot ~he hotdet one l I) month prior to iu due date the
annu•r! morteage ia+urance prtmium, in ~der tu p~ovidr ~uch Au1Jrr with funds a~ pay ~uch prrmium tu tht ticcrctary oi
Huusin~ anJ Urban Ikvelopmrnt pursuant t~~ tha Natiunal Huusing Art, a~ amrrxieJ, arn1 •rpF..~~blt Regulatiu~s
thareurnfer ~ ~
IIU If and so_lo~e :u said note of evrn date anJ tl?is imtrument are htki by the Secretary uf Hou+ing arn! Urban [kveloprtxnt,
a rrwnthly charge lin iiru ~~f a m~xlgage insurancr prrmiuml which .h311 bt in an rmuunt cyual to one-tw~rlph 11f121 of
ont-half l~i! pe~ centum u[ the nveragr outstarnfing bulxnce due un the nute compute.! witAout ~a?ing ~ntu aecuunt
delinyurncits x prtpayments;
Ib) A+um equal to the gnwnJ rents, if any, nrxt dur, plus tht premiums that will next becoma dut a~x3 payable pn policies of 6rc
and olhe~ hazard iniurance co~tring lfie mortgaged property, plus taxes :u~d aisessmentc nrxt dur on ~he murtgaged properry lall
. as cs~imYtrd by the rwrtgagce) lecs all sums already paid therefor dividod by tt~e numbcr of nwnths to clapx tKfore onr montt
preot to the date when such gound reats, premiums, 4v~es. and assesvnents will become delinquent, such sums to I+r hzld by
mortgagee i~ irust to pay said 8counJ rents, premiums. Iaxas, and special assessments; and
(c) All payments mentioned in the two preceding subxctions of this paragraph and a!1 paymenta to be macle u~xler !he note ~ecured
he~eby shal! bt adda! togttht~ and the aggrrgate amou~t thereof shall be paid by Ihe mortgagor each n:onth in a singfe payn~nt
t~ be applied by the mortgagte !o tM foll~w•ing items in the ordtr set forth=
11) ~ premium charges unde~ the contract of intiurance vvith the Srcretary of Housing and Urban [kvelupmtnt, or monthly
charge (in lieu of mort~age irtsura~ce prtmiuml, as the case may be;
IIU ground rcnts, taxes, assessmenu, fire, and uther hazarJ insuranc~ Qremiums;
(111) interest on the note securat hrreby; aixi
IIV) amortizatio~ ui tAe principal of said nwe.
Any defi~iency in the amount of ~uch :~reEtate munthly payment shall, unlcys maJe guaJ by the mixtgag~x priur 10 lhr duc Jate of
thr next xuch paymrnt, constitute sn evtnt of default under this mortgage_ Tht mu~tgagee may collert a°late chargt' nut w e~crc-~1 tN.i
cents 12c/ for ~ach ~11ar 1511 of e:ich payment murc than fiftren I IS1 Jays in arrc:u~ t~~ c~~vtr lhr extra rxpcnx i~~ulvc~l in handling
delinquent payments. _
3. That if Ihe total of the paymrnu made by the m~~ngagor under Ib! of paragraph 2 prc-~rdi~g .hall rxceed the armwnt uf the
payments xtuaqy m~ir by the mcxtgagre, for gmund rents, ta~es arxi acu~smenta anJ in+urarke premiums. as thr ~ax may be, auch
excess at the option of the mortgagee, shall, be credited on wbsequent paymenu to be•made by the mortgagor, or refunded to tht
mortgagor. If. howaver. Ihe monthly payments made by the mongagor under Ihl of paragraph 2 pre~rJing shall no1 br sufficient w p~y
grounJ rents, taxes anJ assessmrn~s and insur;.~cr premiums, :~s thr ca~e may be, w•hen the same shall brcume dur anJ payable, Ihcn the
mortgagor chall pay to the mortgagee any anx~unt necessary to maAe up ~hr Jefiriency. un ~x t?efure tht .late when paymrnt uf wch
ground rents, taies, assessments, or imurance premiums shall be due. If at any tin~r the m~tgagvr ~hall te~xfer to the murtgagr~ in
accarJancr wsth 1he provisions c~f thr note secured hereby, full payment of the entire inJebtnlnev reprcyentrJ thereby. the murtgagrr
sball, in compudng ~he amount of such inJrt+trdnrs~, cre.iit to the account of thr m~tgagor all payments maJe urnier the prov~siom uf lu)
uf paragraph 2 htreo(which the mortgagee has not t?rcomt ohligateJ to pay to the Secretary uf Huusing ~rx1 lirban L~tveloprncnt and any
balancr remaining in the funds accumulate.i urxier ~he pruvisions uf Ib1 i~f said p:+ragr~ph 2. If thrre shall t+e a Jrfault urni~r any uf the
pn~visiuns of this matgage. rtsulting ~n a public sale of the premises covered herrby, or if thr mortgagre aoquirr, thr pra~+rrty othrrw ise
aRer default, the mortgagee shall apply, at the timr of the commencemrnt of' cuch proceeJing~ ~x at the time the propeny i. ~~thrrw i~r
:kquire~i. the halanct then remaini~g in thr funds ac.um~latr~t under (h/ i~f paragraph prec~~lcng a. a ~reJit against thr amuunt uf
principal then remaining unpaeJ under ~aiJ note a?x! shall properly adju~t an~~ paymenu Whi~h .hall ha~•e ~rn madr under lal of caiJ
Fiaragraph. _
-l. That he Will pay al{ laxes. a~te+.menh. water rate+. anJ iHher gave~nmemal or municipal charg~~_ fincs, iu im{xniUom. for which
provisiun hac not t+ern made hereinbefort, ~nd in Jefault thrrruf thr murtgagre may pay thr wmt: and that hr will prumptly Jeli~rr thr
ufficia{ receipt+ therefor to the mortgagc~.
S. 7'hat he ~ill permii, commit_ or sutftr no wa+te, impairmenl, ~x dr~rrioratiun of.aid pr~~rty ur any part thrrcy~f: and in Ihr evrnt
af the failure ~f Ihe nwrtgagor tu keep the hui~dinga un ~iJ premius and thu+e tu br rrctiteJ un caiJ premix~. iK impruvemrnts lhrreon.
in good repair, the mortgagre may makt such rcQain ac in itt discretiun it may derm nctir~~ry for thr pruper pres~~valiun th~reoC snd
th4 !ul1 amount of exh and every such payment ~hall hr immediately due an~1 payable, and shall be securnl by the lien of ~hi. nwrtgage.
6. That he will pay all enJ singular the costs, chargrs, and txperues. including reawnable law~er'~ fe~, aed custs of ab~tractt of ~itle.
encurrctl or paid at :~ny timr hy the mortgakee t~ause of the failure on the part oi' the mortgagor prompUy anJ fully to perfixm thr
agrtements arxi covenants of s:iid promiswry note and this mo~tgagr, and said cwts, charges. anJ e~prnsh .hall f+z immtJiately~ due anJ
I p:iyable and chall be u~urrd by !he litn of Ihis mortgage_
7. That hr w•ill keep the impro~ements nuw txisting ur hereaftcr crected on the murtgagrd property, imnrrd :~s ma}• tx requirrd irum
~ time to time by the nwrtgagee against I~xs by fire araf uther hazards, casulatits. :u?J contingencies in such amu~nt> anJ fur .uch pr. iod, as
; may be rrquirecl by mortgagee. 3nd will pay prompQy. w hen due. an} premiums on wch insur~na.t fcx paymrm uf w hich proviciun has not
j been macle hereiabefora All insurance shall be ca~ied in companies approved by mor:gagee and the policics and renewals thereof shall
~ t+e held by mortgagre and have attacheri thereto 1~»s payable clauses in favor of and in fcxm acceptablr tu the mur~gage~_ In e~•ent of lus,
~ he w•ill gi~e immuliate notiee b~ mail to mcxtgagee. arn1 mortgagee may make proof of locc if nat made pmmpUy b}• m~xtgsgor. anJ cach
imur~nrt comp:~ny concerned is hereby authorized and di~ected to make payment for such luss JirecUy to rtxxtgagee imtrad uf to
rrx~rtgagor anJ m~xtgagee j~~intly, arni ~he insurance proceeds. or any part thern~f, may be applicKi by rn~rtgagrc at its optii~n eithrr tu thr
r~Juctiun i~f the indebteeinrc~ hereby secured or tn the restoration oc r~+air of the propcrty damaged. In e~•ent of fore~fuwrc of this
~rx~rtgagr or othrr transfer of tille to the mortgageJ property in ectinguishmem of the icxlehtednes~ +~YU~~Yi hereby_ ~dl right. titlr_ and
intere~t of the m~xtgagor in and to any insurance policirs then in farce shall pasc to the p~rchasrr ur grantc~.
8. That if the Qre-mises, or an~• patt thereof, be condemned under aa}• poNer of ~•rainent domain, or a~quir~d (or a public usr.
the damages, procceds, aad the coesideration !or such acquisition. to the e~tent o( t5e (ull anount of indrbtedness upon this
~lortgage,and:he\otc secured hereM- remaining unpaid.are hereb~- assiqned by the )tort~a~or to~he 11ort~~t•f- and shall bc p:+id
iorih..ieh io iht• ~1ortRaRee to be applied b~• it un account o( the indeMrJness securrd he-reb~-, t.hether due or not.
9. That the murtgagee may. at an~• timr pe~Jing a wii up~m .his mortgage, apply to the court having jurixlictiun thereof for the
appuintment of a receivtr. and such court chall forthwith appuint a re~eiver uf tbe premises cu~•ereJ hereby all anti cinKular, iccluding all
•rnJ +ingular the income. profits. iswrs..and r~venues from whatever wurce derivrJ, each rnd every of' which, it t+eing expre+sly
underst~xxl. is hereby mortgaged as if specifically set fi~tlh and described in the granting and habenJum dauses hereuf, anJ ~urh rtceiver
chall have all ihe broad and e(fective functiuns anJ povicers in anywise entrusled by a court to a receiver. anJ xuch appointment ~hall t~
m:aJe by such court as an admitted equity and a matter of abwlute right to saiJ mortgagee, anJ w~thout reference to the aJeyuacy or
inaJeq~acy uf the value of the proper~y mortgaged ~x t~~ Ihe wlvency or insolvency of .aid mu~tgagor or the Jefendent~, ~nc1 that wch
~ rrnts. profits, income. issuts. and revenues chrll t+r applied hy ~uch receiver according to the lien of lhis mortgage and the practice of such
cuurt. In Ihe c~•ent of any Jefault on the part of the mortgagor hereunde~. the mortgagor agrees to pa?• to the murtgagec un -~emand as a
re:~wnable monthly rental for the premises an amount at Irast equi~•alent to one-tw~clfth 11~121 of the aggregate of the tweh•r rrrinthly
in~tallments payable in the then current year plus the actual amount vf the annual taaes, a~~essmer.t~ vrater rates~ and inwrance premiurt»
for such year not cuverrd by the aforesaid munthly payments. "
~ ~p, That In) in the event of any txcach vf this mortgage ur default on the part of the nx?rtgagur. ~x (h1 in the e~~ent that any of ~aiJ
~ sums of money hereire referrctii to lx not promptly~ and fully paid without Jemand or ndice, or (c) in the cvent that each and evrry ~he
,Upulat:ons. agreements, cunJit~ons. anJ covenants of said n~we and this mcxtgage. -rre ~ot July, promptly, arxl fully perfi~rrr~J: then in
cithcr or any such event. ?hr said aggregate sum mentioned in saiJ note Ihen remainig unpaid. Ni1h interest accrued to that time, and all
~
muneys securc-~i hereb}~, shall become due and payahle forthw ith. ~x therrafter, at the option of ~aiJ mixtgagee. as fully anJ completely as
~ if all of the said ~um<_ of money w~ere originally ~lipulated to be paiJ on wch Jay. anything in said note or ~n thi~ rr~rtgagr to Ihe contrary
~ notw ith~tarnling: anJ thereupon or thereafter. at Ihe option of zaid rtwrtgagee, without notice or Jem~nd. wit at law c.r in equity. may hr
~ prose~:uted ac if a!I mone3~~ utiureJ i~ereby haJ maturc~i prior to i4s institution. The rtwrtgagee ma~ fore.l~ne lhis rtwrt~age. as to the
amwunt .o dcclared Jue anJ payable, and tF~e caiJ premises ~hall i~e sold ta satisfy snJ pay the tiame together with art.. ~apenses. anJ
~ •rlluwances. In case uf partial foreclocure of this murtgage, the m~xtgaged aremicec chall he v~W wbjctit to 1he continuing lien of this
~ rrx~rtaage fcx th~ am~~unt of the debt oot then due and unpaiJ. In +uch cate the provisiuns of this paragraph may aga~n I~C :IVJIICII of
thereafter from timc to time t+y the mortgagee_
1 l. That the mort~tagur w ill give immediate notice hy mail tu the rtwrtgagre i~f any com•eyance, transfer, or change of urtiner~hip of
~ the premius.
~ 12. That no waiver uf any covenant herein or of the ohiigation secured hereby shall at any time thercafter t+e held k. be a waiver of
the terms hrreof or of Ihe nc~te xcurnl hereby.
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