HomeMy WebLinkAbout1451 2. ~I~hal, i~ .x.kr mure fully a~ p~utt~t the ucuruy uf ~hi. murtg~gr. ~A~ m.+rt~:?gu~, tugrthc~ M~1h, aixl in a.lJiu.•n tu, thc ox~nthl~
paymants unJer thc te~mc .?f the notr ~ecurnt hereby, .?n ~hr fir.t Jay ut' ,:xh nwn~n unul ihc .:?iJ nu~c ~t f'ully pa~d. Nill pay ~o the
mang:~r~ th~ fuNuw ing .un~s~
1.:1 r!n am~wnt wffwieni tu p~uviJe ~M holJtr hermf with fund. tu {?av the nrxt mor~~agr inw~anre prcmium if thi. in,trunx:nt and
Iha rK~te ucurrd htcrby are inwrrd, or s m~nthly charge Iin lieu ~~I' ttartgage imuraeke prrm~uml if th.y arc hrlJ bY ~he
tiecrr~xry of Nousi~g anJ L~ban [kvelopment, :IS fPIIOM'1:
111 If and x~ lun~ as wiJ nute ~~f evcn date and this ~nstrument :ue inw~ed ur arc rcimu~rd unJe~ ~hr p~u~i.~un+ uf ~bt
Natiarwl Housing Act, an an~ount w~cient ta accumulalt in the hancl~ of the hulJer ont 11) nwnth {x~ur to its due drtt the
311f1USI III~)flgAg~ ~ncuranre Exrmium, in ~xJrr to pru~~Jr ~u:h hiddt~ w~ih lundi l~~ pay ~~i~h prenuum tu thr titcrcau~ of
Huus~ng and Urt+an ikvrlu~+mrnt pu~wam to tA~ Na~wnal Huu.~ng A~i, a+ amrnJrJ, a~wi appl~c~blr R~bul:.i~un~
I~ICfCUIN~tf; Of
IIU If and x~ lo~~g a~ wid note uf e~tn date arn1 this in~trum~ni arc held by thr Stcretary of Nuu,?ng an.f l;rhan Ikvrlupmrnt,
a munihly cAurge ~m I~ru uf a m~xtgage imur.mct E+rrmiuml whi~h .hall t?e ~n an em.ount ryual tn unr-twrlfth Ilfl'_1 .~f
une-half (4~) pe~ ce~wm of the avera~r out.tan~ling balancr dur un th~ nute cumputnl Nuh.wt ~al.ing ~ntu :+.ti~wnt
dtlinqurncits u~ prrpaymr~ts;
lb) A.um tyual tu the guurnf rent~, d any, next dur, plu~ the Sxrmium. that will orxt txcumr dur ~r.d payable un M~Iwie. uf fire
arxl other har.ard iniu.ance covering Ihe mortgaged proF+eny. plus taxes and ac.tasmcnt~ nrzt dur un thr m~xtsagrJ prc~erry lall
as eaiimatecl by tht mortgagte) less atl sums already puid therafor drvidrd by tht number uf months to elapsr before ont m~.nth
priur tu the date vrhen wch grournl rents, prem~ums, taxes, an~1 a+~cs~ments will becume JeGnyucnt. ~uch wm~ to t+r hrW b~
mortgagte in trust to pay sa~d grounJ rent+, premium:., ta:.~s, anJ +pecial a.~c~~mrnt+: and
(cl All payme~ts mentioned in the two prc~ceding subse.:tio~u oi this pxra6rsph and all payments to t+e made urxirr the nc:te xcurril
hereby .hall t+a added togtthe~ znd ttx aggregate amourtt thrrcuf shall be paid by ihe rtKxtgrgor r:+ch month in a~inglr paynxnt
to hr applird by the m.~rtgage~ to the f~dlowing i:ems ~n thr ordt~ ~rt forth:
!11 premium charge. un~t~ thr contract of insurance u•ith the k~retary af Hvu,ing and Urt+an ik~elop~rxnt, or rtwanthly
cha~gr (in lieu of mortgagt incurancr premiuml. as the ca~e may be; .
111? g~vunJ rrnt~, taxcy, as~ssmcnts, fuc, arni othtr hazarJ in~uranrn.e prrmium~;
11111 interc~t on the nwr ~urtP ubreby; and
tIV) amortization c~f the principal of said notr.
Any dCfk~rncy in thr :,nx~unt uf +uch aggregstr munth~} paymrn: .hall, unlc„ madr ga..xl by the m.Ktgag.K pi iur tu thr Ju~ J~tr uf
thr ntxt wch paymrnt, cum~itutr an r~~nt uf drf:.ult unJr~ th~~ nwrtg:?gr_ 1 he m~x~gagr~ may ~uilctil a~~latr .harbi' nut to 1wu
cents 12c) for rarh Jullar 1511 of e:~h pa~mrnt murr than 6ft~rn 1151 da~~ m arrc:u, tu ~uvcr Ih< <~tra tapa~nx ~m•.~h~~d ~n hanJ:~r?g
delinyurnt payairnts.
3. ~fhat ~f tht wtal uf thr p:+pm~nt. made b~ tht m.??tgagur under Ib1 of paragraph 2 pr~YrJing .hall ~~~r~d ~h~ anwun~ ui thr
p:?Ym~nh :n:tu:dly m:rilc by thr m~Ktgagrr, tix gruunJ rrnt~, ta~r+ and .u.~vm~ntt and ~nwran~r preouuma the ~a~r may bt. ,ucR
excess at the option of the mortgagee, xhall, l+e credit~l on wtu~quent payments to be made by the mortgagor, or refunded to the
mortgagor. If, huwrver, thc m.~nthly paymcnh m:nk b~ th~ murtgagur unJcr ~b1 ~>f p:ua~aph 2 pr~ti:rding +hall nui br +ufticirr.t ii~ pay
gruu~xl rrnt+. ta~r+ anai :~.x-~timrnt. and imurancr pr~miumc, ac th< <ase may br, ~~hrn the .:ime .hall t+c~un~e du~ anJ payablr, th~n thr
murtg:?gur .hall pay tu thr murtgag~ti :~ny amuuni r,~t~~.,arq tu maAc up thr Jrtic~ency, un ~x hriarc thr datc ~~htn papm~nt uf wch
brounJ ra:nt+, ta~~~. as~runxnts, ur ~n~urarkr prens~um~ +hall t?r dur. If at any tim~ thr martgagax +hall trnJ~r w the murtga~~r m
• xcurJance with thr pruviuun. uf thr ?tutr .r.ai~d hrrrhy. full paymrnt of Ihr ~nurc ~n.lrbtrJn~S+ re~xr+tntrd therrby, the murtgagee
shall, in computing thc amuunt uf,uth inJrbrttinr~.. ~r~tfit tu th~ accuu~t uf thr murtgagor all paymrot+ r:*adc wxler Ihr pro~~sium uf lul
~.f parag~aph 2 h~rruf ~~hich Ihe m~xlgager ha. nut t+rcumr obligatrd to pr~ w the Sctirrlary of Housing anif Lrbrn l~~•rluprtxnt anJ any
halancr r~maining in the funJ. a~tumulatrd undcr the pruv~,ium uf IbJ of .aid p:~r.~tiraph If lhrrc ~hall t+x a d~t:wlt urxler :~m .~f thr _
pruvi.iun. uf thi. m~xtgagr. rc~ulting in a puhGc +alr of thr prcmi.t. cuver~Yl hrr~b}. ur if thr mixtg:~g~r a~yu~rc+ tfir p~i~xrt~ .•theru ~~t
aftrr d~faull, thr murt~abr~ .hall appl~, at thr um~ uf thr cummcncemrnt uf wch pr~x«d~ng~ ~x at th~ timr t!?e p~u~xrt~ i. ~~thrr~~i~e
:~quir~til, the bal•rrkc then remaining in Ihe fund. accumulatc-~i under /h~ of p•sragraph ? precrding ac a crrd~t a~a~n.t thr amuunt uf
principal thrn rcmaining unpaid undrr .:wid notr anJ +haU prupcrly aJju~t any pa~ment. whi~h +hall have hrcn made undt~ ~~r1 of .aiJ
paragraph.
3. lh:it hr Nill pa: :s!! ta~r+. a~+r.~mcnh. w:drr rat~~. anJ whrr guvrrnmrntal .~r municip:,t charg~-.. hnc+. cu im~xxition+. fur Khi~h
pruvi,ion hs, nut t+rrn madn c~rrintkti~rr. :mJ in Jrfauli therruf thr murtg:~~:rr m:+} pay ihc .amr. anJ thal he N•ill promptiy~ Jrliv~r thr
~~fficial rctript~ thrrcfur tar Ihe m~~rtg:~g~r.
5_ fhat he Nill prrm~t. commit. ur .utltr nn ~+a,te. impairmrn~..~r drtrri~~r~ti.~n ~~i.aid pruperiy ~u any p::st.th~r~af: anJ in tht evrnt
uf thr fadure uf the m~?rt~;agor t~~ i.rcp thc huiWing+ un ,aid pr~mi,~y and thu.r tu t+r rr~titrd un .a~d pr~mice,. ~x impr.~vrmrnt. th~rc~~n.
~n g~wJ rrpair, ti~r nwrtgagre m+y ma?e .uch rrpsirs ai ~n it. diticretiun it may dr~m nr:c,.ary fur the pr~r~xr prrKnauun thrrruL and
thr full arm~?mt of rxh and evrry ,u~h p:~} ment ~haU he immediatel~• Jue and pa~abt~, and ~h:sll l.r .ctiurcd by th~ I~rn uf thi, nx~n~a~~.
6_ That he w i11 pay :dl anJ cingular the co+ts, charges. a?xi e~~xncrc. ic?cluJin~ rra,~~naMe tawy er
~ fr~~s. and coch of ah~tract+af t~dr.
i ~ncurred or paid at a~y time by ihe mong•reea btcau+r-of the failurr on the part of the mortgagor prumpUy and f~dly to perfi•rm the
I agre~meot. anJ ~uvraanh uf ,:~~d prumi~,urc nwe and thi. m~~rtgage. anJ ~aiJ ~i~h. chargr~. arxl r~pcn~r. ,h:Jl tk imm~di~trh Jur and
~ p~yablr anJ .hall t+~ .ecurrJ hy thc h~n .~f 1hi~ murtgage_
~ 7_ I~hat hr Hill lrcp thr ~mpru~rmentc nuw .r~i~ting on c~rcafler erectral un ~he mortgaged pr.~Fxrt~. imurcJ ~t ma~ t+~ rrywr~vt frum
time U~ umr h~ thr nH:rtgag~c acaimt I~xs by hrc and othrr hazare~_ cawlatie~. arni contingencie+ m~u.h a~we~nh and f~~r .uch prnuJ~ a.
~ ma~ t+r rcyuirc~3 h} m.xtg:~ger. and ..dl pay prompUy. W h~n Jur. any prcmium+ un.uch imuranc~ Eur pa~ mrnt uf whi:h pr~~. ~.wn h.?~ nut
~ been ;nade hereinbef~e_ All insurance shall be carried in companies approved by mortgagte and the policies and renewal~ ~hercof shall
be he1J b~ mi~rtgagrr and ha~e :~tta~hrat Ihrre[o I~ns pa~ahlr clauc~~ in fa~ur of anJ in fixm a~crptable tu thr rtx~ngagrr. In ~~~rm uf lusti
he w iU ~ive immrJ~atr noticr b~~ mail tu murtgagee, anJ mortgager map make pn.of of lu+. if nut m:+dr prumpth hy m~utg~g.~r_ :~n.i rach
imurance rumpany cuncerord i~ hrrrb~ authuri<<d anJ directrJ tu ma?r payment for ,uch luu Jir~titl~• tu murtb:?gre in~traJ uf tu
nx~rtgab~~r anJ miKtgagee}oinlly. :+nd the in.urancr pnxceJ~. or any p~rt thrrcti~f. may ht applieP ub mortg:igre at ih upti~~n tithrr to thr
reJuctiun uf thr inJrbtrdn~~~ hrrehy +~ti:ur~y1 ur t~? Ihe rr.tur•sti~~n ~x rrpair uf the pru~errt~ dam:~grJ_ In .crnt uf f.~r«I~~wrr uf thic
rtxxlg:lgr or uthrr tramfer uf titlr tu thr mortga¢~d pn~pertj in extingui~hment of the inJrbtednr.. .~YUrrd hrr:h~. aU nght, ti~lr. .inJ
intcre.t of ~hr m~~rtgagix in anJ to an} msurance p~~~~~;r. thrn ~n force ±hall pa.. tu thr purchs~er ix gr.~mr~.
S_ fhat thr nx?rt~agrc may, at any timr pcnJing a wit upun thi, murtbagc, apply t~~ thc cuurs `ia~ing jun.Pub~.~n ~hrrcuf fur thc
sppuintmr~t i~f a r~z~i~~r. anJ ~uch rourt ~hall f~xthwi~h ap{+uint a ~ccrivcr of thc premi,~~. covrreJ h~~rb~ ,~il ,u~.i ~IU~UI.t4, I(Klllt{lil~ d~I
arni ~~ng:d~r thr in.~~mr, p:ufit~, i~yuc~. and re~cnues from N'F1HItV~f sciurce deriveai. each anJ evrn~ ~~f Nh~.h. il t+~int r~pr~+~h
un3entuiwl, i~ h~rrb~ murtgageai a~ if cpeti~fi~all~ kt ferrth :~nJ dc~rit?eJ m the ~r.~nung anJ hat+~nilum ilau.r. hrrn~f. ~nJ .u:h rctic~~er
.hall ha~~r aU the hruad :~nd rffctiuva- ~unctiun. anS p~~~~rr+ in anywice rnlru~trJ bp a cuurt tu a recei~er. :mJ ,u:h :~pExantmrni ,hall t+c
maJr by wch cuurt an :~JmiUCd c~yuitc anJ a. m~ttrr ~rF ahw~lutr right to ~;~id murtgagre. ~nd w ithuut ~rirrrrk~ 1~~ ,hr .~J~~yua~y ur
~nadryua:y uf Iht ~:~lu~ uf th~ ~roFxrt~ mortgrgcl ur ~o thr wlverny or m~olv~ncy of.:uJ rtx~rtuagur ~~r thr defendrn~._ and that ~uiF.
rent+. pruhts, incumc. ~~w~w, :~nd rc~rnucs ~hall br appi~rd h~ w~h rr~~iv~r a:curJin~, ~o thr tirn uf th~~ m~~rtg~gr ~nd thc pracdcr.~f.uch
court. In thc ~~~ent uf an~~ JeG~uU un the part uf the nw~rtgagun c~r~unJer. Ihe murt~:~gur :~grcc pa~ tu thc murtgagrr ~~n dem:md a~ a
rta.•~nahle monthl~ rental for the premi~r. an amuunt at lea.t ~qui.alcnt to une-twelfth ~I/121 rP the aggrr~atr of the tNrl~•c rrK.r.thly
~ installmcnts pa~able in thr thcn currtnt year plus [he aclual amuunt uf the annual ta~?eti. a»es~mentc~ water r:~te~_ ~nd imurance prrm~urtu
~ for.uch yrar notcu~rrcYl by th~ afurc~aiJ munthly paymrnh.
9. ~hat lu) in thr evrnl uf :~ny hrrach uf thi~ murt~agr ur dcfauh un thr part ..f thr nk~rtgag~~r. ur iM m thr c~~m 1h.rt :~m ~~f +.~iJ
~ ,um. of monct hcrrin rrfrrr~Yl t~~ t+~ n~~t prumptl} and full~~ pai.f without dcmnnJ ur ?ut~cr. ur Irl m thr ~~~rnt th:it ~e:h and ~v~n thr
+ ,upulatusn.. :,gr~rmrnt.. iund~l~~.n.. .~nd co~•enants u: ~a~J nuti anJ ihi+ murlg•rgr. arr nu~ July- prumptly. arxl iully prrG.rmril: ~hrn :n
a rithrr ~~r an} .u.h r<<nt. thr +aid aegregate wm mrntiunrJ ~n ,aiJ n.~te thrn rcmain~c unpniJ. ~ ith int~rc.t accrurJ t~~ th:~l hmr. :~nd all
rrx~ney~ KcurrJ hrrrh~. .h:ill hecumt dur and payable fixthw:th. or thereaftcr. at the up,ion of ~a~d murtg:~g~e. ati tull~ anJ :~~mplrtel} a~
i~ if all of the +aid wm~ uf rtxme Hrre uri •inall ,ti uL~trd to Fn ~id ~~n .u~h Jay, an th~n ~ in .aid n.~te ur ~n thi. rrx~riga c t~. the .untrer
Y b ) P P~ ? b F >
~ nutw~thstanJing: anJ thereuMin ur therrafter, al the option uf .aid rrHxtgagcr. ~~i+h~rut nuu:c ~~r Jrmand_ .u~t at law ~tt in ryun~. ma~ he
i prux:uteJ a~ if :~II ~tx~dcy~ ~~YUrcYI hcrchv had maturctil pri~~r t~~ rt. imUtWwn. fhr murtgagrr m:n furecl~~.r th~~ nw~rt~..~~r. a~ lo thc
r anxsunt ui dccl~rcd Jur and pa~ahlr. anJ Ihr .aiJ premi~cy ,hall t*r w~W tu .atitif} and pa} thr wmr t~.grthrr with c~~~t._ c~~n.c~. and
~ alli,wancr~. In :a.~ of ~art~.J f~xrct~~.urr of thi~ m~~rt~::igr. the m~xtc:~grd p-rmi.r, .h:tll hc x~ld ,uh~rct t~~ thr c~~ntiniun~: ii~n „f thi~
`j rtxttlg:?ge Gx thr amuurt ~~f th~ dcht nut thcn Jue anJ unpai~. In ,uch ~e.r ihr pru~:,i~~m ~~f ~hi~ paraer.~ph mac ag:un tx .naikJ uf
~ thereaRer fr~~m timr tu t~mr n} the mu:tg.iert.
10. l hal thc riH~rtgag~~r w ill gn~r ~mmr ~iatr n.shir ny m:?d tu thc mi~rtgagce uf am ~umr~ancr. tr.?n.frr. ur ihan~~ .~f ~~unrt,hip ~.f
~ thc prcmi~e..
~ 11. fh~t n~. ~a~crr i~f any :i~~rn:~nt herein .~r uf ~hr uhhgat~~~n .~rurrJ tirrrM ,h~ll at am timr thrrc.~flcr bn c~W tu t~ a N,~ncr ut
~ thc tcrm~ hrrcuf nr uf thr n~~tr ~e~u:•~J herehy.
12. 7 hat if Ihe :n~~r~~t:~gur J~G~uit ~n :~m• uf the :u.cna~t~ ~~r ,,crermrnt.:~mtainrJ hercin. ur ~o wid rx~t~_ lhen thr m~xt~~grc rn~}
F' rform thr wme_ anJ all tx nJiturc~ 1 ~n~luJm • r~a~unaMe alU~rne}-. fre.l rnaJr h} thr murt v m w du~n ~hali draN interetit at the
a r~ x.
rate xt fc.rth in the r~te.ecureJ hrreby.:mJ.hall t+e rrpapable immrJiateiy anJ wrth~~ut Jemand hy the nwrtgagur to the rtHirtgsgee, and.
tvgether v?hh interest and ax:s arcruing thereun. shall t+r tiecur~d by th~s murtgrgc.
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