HomeMy WebLinkAbout1456 2. lAal. ~n ~Jr~ nwte fuily tu Mutctil thr ~t:wtty uf Ih~~ mu~.CaYt. Iha nx?~t~agur. ti?grtt,er M~~h. ~~xl in adJui.~n w, the nr~nihl~
~~m_nts unJrr th. ~CfQU W II1C nu~r .r~;urr.i he~aby, .?n thc tint Jry ul r;scA nwn~h ~mtd [hr ..~id ~xar lully p.~~J, Mdl p~y w lht
nxutgag~~r l~r fulluwing.uaw= •
Ial An amounl wt~icieo~ to provide ~hr A.~I~k~ herouf wuh fu~nh tu p:?y ~Ae ncat rtKUtgage ~nu,rance prem~um ~ich~. ~mtru~,icni srnf
~At notr x~ureP ubrtby ert ~murcYl, u~ a monthly charge lin Geu ui a mor~eegt imurarnt prcm~uml if ~hey ~rr held by the
kcretary of tivu~ing and llrt+an Dtvelui.~:.~~t. :~s futluwti:
tll If and so lu~g as wid nutt ai even Jatr ar.d this in~trument are in~urrJ u~ •rrc ~~in~urc~1 wxler thz pr~~hiuna uf ~he
Natianal Huu~ing Act, an amounl sufC~icien~ tu aocumulate ~n the handa uf ~he hulJrr v~e 11? munth priur to its due date 1i~r
annual mang:+ge inwrancr {xtm~um, in ~xdrr w p~uv~~k .uch huldtr wuh Eunih tu pay such prrnuum tu ihr tircrctary uf
Housing and U~Dan [kvelopmcnt purwant tu thr Natiursal Huu~ing r~Cl. anxnJrJ, anJ applKable Rrgulatwns
thereunder, or
111) If and so long a~ .aid ni~te of' evrn date and ~hic inurumrm are htW by Iha Secretary at Hou~ing anJ Urban ikvrlupmrnt.
a monthly chatge tin I~ru uf a murtgagr msuranct ~~m~uml wh~ch ,hsll be in an ~nxwnt ryual to unatMtlflh 111121 of
un~-haii t~'s) per cenwm of tht ilYCfJ$C uuut~nJing b:?~an~r due un tAt nute cumput~til wuhuut ~al.i~g into aa~wnt
delinquencitx or prepaymer~tr,
!b) A wm rqual to thc gruunJ rentw if any, ncxt dur, plu~ the premiums that witl next becomt dne a~.: payablr on policies of fire
and othe~ haza~d insurancr wvering the aw~tgagctil pr~~[y, plus taxr+ and acst~sm~nt~ nert due .~n tht murtgagrd property lall
rs es:imate~ by the mo~tgagce) Itss all sums alreaJy paiJ lherefix ~vide~l by the numher of months to rl~poe brfurc unc month
pri~x to the date when such grour?d ~ents, prrm~ums, ~aaes, arni :wrnmrnts w•i11 t?ecume delinquent, such sumc ta be heW by
rtwr~dagee in trust to pay saiJ g~~wnJ rents, premiums, taxes, and special assessmenu: anJ
Ic! All payments mentionni in the t~w~o p~eceding subsectiuns of thu paragraph and aU payments to be ma~1e under tht note securcd
hertby shall be added tugethrr :+nd the aggrcgatr amoun~ thcrtof shall bt pnid by the nwrtgagar t:uh muoth io a,~ngle papmcnt
w br applied by the m.utgagrr to thr fullowing i~em+ in ~hr ur.lcr ~rt forth:
(I1 ptemium cha~g~s undrr thr cuntrac~ of imurance w•ith tl~e Secrctary of Housing a~d Urt?an Devetopment, oi nx~mhly
charge lin lieu of mortgage insurance premium). as the case may be;
(111 ground rents, tazes, asse~rt~nts, fire, a~x1 uthr~ hazard imurance przmiumx;
~111) interrst on the nac ~ccurcd hertby; :~nd
(IV) amortization of the principal af wiJ note.
Any drfkierky in thr a~nuunt uf ~uch aMn~atr mu~thly payment .hafL unhv maJe g~xKl b~ tha m.xtgag~x priur tu the duc datr uf
the nea~ +uch p:+ynxnl, cumututr an rvrnt uf drG?ult unaicr thi. murtg:~r. fh~ m~xtgagtr may l'UIICtii :i "I3tt charge" nul tu etcrrd ~wu
crnts 12c1 ~ur rach dullar ISI) uf rxh paym~nt ~iure Ihan fittr~n 1151 Ja~~ ~n arrr:u~ tu cuver the raCr~ rxprn.x in~uhtd in handling
~fel~nyutnl paymrnts.
3. 'I'hat if thr total uf the p:?ymrnh ma~k by thr murtgagu~ unJrr 161 of parrgraph ? pr~titding .hall e~crad thr am~wnt nf thr
paymcot~ a~tuallp madr by 1hr m~x~gagrr, fur gruund rcnt~, t~~c~ a~xl a.xvm~nt~ and in.uran~r prcm~um+, a+ the ~a~e may bt. ~ttct.
exceis at the option of tl~e mortgagce, shall, be credited un subsequent payraena to br made by the rrartgagor, or rcfundaf to the
mortgagor. If, huwevrr, the nwnthly paymrntti m:~1~ by thr neur~gagur unJrr Ihl uf paragraph 2 pr~Y~ding .hall nut tn wt~icient to p:iy
grousxi renu, ta~~ and as.,easment. and i~wrancr pr~mium.. a. thr raK ma} be. Hhrn the +:?me ~hall t?rcume Ju~ and pa~able, then thr
nwrtg:~ur ~hall pay to the murtgage~ any amuunt nrca.~wry tu ma1;c up ~hr dePwi~nty. on ~x t+rfu~e thr Jat~ whrn paymtm of ,uch
gruun~! rrnt~. taxes. :?ax~~nxnis, u~ imurance pr~mium> >hall br Jur. If at any umr thc mur.gagur ~hall trrxler tu th~ murtgager in
:kcurJance with the pru~i~iom uf thr note x~ured hrrcb~, full p•rymrnt uf ~he ent~rt inJrMrJn~y rtprr+ent~d Iherrby, the nwrtgagct
.hall, in rumputing the :unuunl ~if ~uth irnlrt?trJn~S.., cr~~dit tu th~ acc.:unt uf thr mortgag~x all payment~ made under thc pruvi.ions uf lal
of p~ragraph 2 h~reof whi~:h Ihr mortgagtr ha~ not t?ecumr ~~tigatrJ to pay ti~ thr Srcretary of Hou~ing :irxl Urban [3rrelopnxnl an.l any
halance rrrn::ining in the funJ+ :~cumul;~tcYi und~r th~ pru~i~ium o~ (b) uf ti:~id paragr:Mh 2. If therc .hall t?e Jrfauh urxltr am uf the
prw~.~om of thi~ mixtgagt, r~•+ulun~ in a public ,alr of thr premi.e+~ovrr~Yl hereh~•. ur ~f ~hc murtgagtc aryuirr, tht pr~~prrty otnrrwi.r
stier Jrf;sult, the murtgag~c ~hall a~+{+ly. ~t thr tim~ of the cumm~nc~ment uf +iKh pnkerdmg~ .N at Ihe time thr pn~prrto i. uthrr~ ix
aiquir~til. Ihc balar.i:r then rrmaining in th~ funJ. accumulrtctil undcr rhl .~1 paragr:,ph 2 prc~cYling a. a trrd~t again,t th~ amuunt uf
principal thrn rrmaining unpaiJ undcr ,:;id n.~tr anJ +hall pro~rl~ adju.t any paymcnh which .hall havr tkrn maJr und~r 1~r1 ot .aid
paragraph.
-l. "~hat hc will p~y all ta~r.. a..r.,mrnt,. w:dcr r~ic+_ :mJ uth~r guvrrnmrntal .sr municipal chargc+. finr.. ~x ~m~x~,iuun.. fur uhuh
pru~niun h.i. nut hrc~ made hrreiot4turr. and in d~l:,ult thrr~ti~f thr mur~gxgr~ ma~ pay thc .ame: and that hr u:11 pn~mptly drl~~~r thr
otlicial r~rript. thrrcfur w Ih~ mur[gagre.
fhal he uill permit, cummit, ur.uffrr ni~ ~a~lr, imp:~irmr_nt, ur Jttcriuratiun uf.aiJ pruprrty ur an~ part thrrr~.f: arxl ~n th«vent
,~f thr t:uture of ihc murtgagur tu ~.trp !hr huilJinL~ un wid prrmi~r+ anJ thu.r ti? t+~ rr~-ctrd ~~n ,a~d prcmnr+_ .u ~mpr.~~~mrnt~ Ihrreon.
~n gix~ repair, the rtwrtbagee m:iy make such repairs as m it~ ducrrtiun it ma~ deem nctir,wry f~r, the pn~r pra~rrvaUon thrreuf. anJ
thr full amuunt of each and ever~ ~uch paymrnt ,hall br immrdiat~l~• Jur and pa~ablr, arxi ,hall ~x ~xurcYl by the licn uf thi. rrxir~gag~.
b. That he will pay all and tingular the c.xts. charge~, arxl czpenses_ including reasnnable law~er c(eec. and custs of at?stract~ uf title,
~ncurretil or paid at any time by the mortgagcr brcause uf thr failure on the {~art of the mortgagur promptly anJ fully to perfurm the
:+grrrm~nt, a~xf covrn~nts uf .aid prumi„ory nut~ and thi+ m~~rtgace. anJ wid co.ts. charge~. arni e~pen.~~++hall t+e imm~Jiatrly Jue anJ
pa~ ablc and ~hal) t+r ucu~eJ by the I~~n of thi~ rnortgsgr. _
fha~ hr Nill krep ~he ~mpruvcmenh nuW e~i.ting or hrrreft~r erc~t•~l un th~ rtx~rtgagc~! pm~rt~_ imurrd a~ may t+r reyuir~til trom
~ t~mr tu timc h~~ thc rmzrtgagce ag~inct lix, hy fire arxl uthrr ha~ar~h_ c~tiulaticc. and ~unting~rkir. in ,u. h:~mo~nt+ anJ f~.r ~uch prri~..i, a.
t may hr r~~uir~til hy murtgagee, anJ Mill pay prompUy. Nhen due, an~ prtmium. un such insurance fcx payrmn~ uf.+hich pruvi,~un h:?. not
~ heen made hereinbefcxe_ All insurance shall be wrriad in companies approved by mortgagee and the policies anJ renev?als thereof shall
~ hr hrld by mur(sagrr anJ have auachc~l thrreto I~n~ pa~able ~laux~ in fa~ur uf anJ in f~xm accepisblt to th~ rrx~rtg:;gc~. In event of los~
he w ill gi~•r ~mmediate noticr by mai{ to mortgagee, arxi murtgagre may make pnx~f of lo+s if ~wt made promptl~ M murtga~ur, arxl rach
~ ~murance company concerned is hrreby authurizeJ arJ directed to makr payment for wch luss dirrcdy to mortgagee in,teaJ uf to
~ nwrtgagur ar?~ mixtgagcr juintly. anJ th~ in.urancr pnkerJ~. or any part therax~L may t~ appl~eJ by r?x~rtgagrr at it~ uptiun rither t~~ thr
:rduitiun uf the ind~btrJnr~+ hereb~ utiur~-~I ur to thr rt.turatiun ur ~epair uf the prupart~~ d~magcJ. In rvrnt uf C~Ke~luwrc uf thi~
& nwrtgagc ur uthcr tramfer of title to thr murlgagrd prc~xrty in extingui~hment of the indrhte~nc~c utiurr~ her~h~_ ali nght. i~de. anJ
~ interr,t uf thr murtgagor in arxl to any imura~cr p~.licirs then in forc~ shall pass tu the purcha,er ur grante~.
~ 1t. fh:~t thr nwrtg-sgee may. at any time prrnlir.g a+uit upon Ihis murtgagr, appl~ tu tFe cuurt ha~~ing jiuixi~cUUn therei~f for the
.,p~x~intmem i.f a rctieivrr, and tuch iourt chall forth.a ith apFx~int a recei~•rr of the prem~~r. ca~rred hrrch~ atl arxl .ingular. ~nclud~ng sii
:,nJ ~~ngular thr incum~, prufits, i.+uc~, anJ rever.uts from ~+hatever wurce deri~•rJ. each anJ r~cr~~ uf which_ i~ t+eing r~pr~ti+ly
undent~rxi. u herrby mortgag~tl a~ if ,~xtiifi~:dl~ .rt ti,rth ~nd dc~crst+tJ in thr granting and haba:ndum clawr, h~rcuf. and w~h rctirivrr
~hall ha~•~ all thr bruad anJ a(fcrhvr fun:tiur~~ anJ puwtr~ in :~mwi~r rntru+[rd by a~uurt t~~ a rcticnrr. and .ikh ap~?immrnt .hall t+e
maJe by ~uch ~uurt a+ a~ admittrd ~~yuit~ :~nd a matter at+v~lutc right tu .aiJ nwrtg:+ger anJ wi~huu! rrfrrcncr tu Ihr ad~~yuac}' ur
inad~.~ua~~~ uf th< <alue .~f the pruprrn murtgagrci ~x ~o the wlvenry ur inwlvency of ~s~d rrx.rtcagur ur the drfendrnt., anJ th~t wch
icnh. prufiu, incumr, ii,uc~., anal revrnu~ti,hall be apphrJ b~ ,uch rrcr~ver accorJing ti~ the I~en uf th~. martgagr anJ th~ F:acticr of wch
~u~ut. In tht event uf any Jef:~ult un 16e part of Ihr mortgagur hereunJrr, th~ murtgagur ~grec~ to pay to th~ murtgagrr ~~n Jem~nd :is a
rea,onable monthly rertal for the premi,ec an amuunt at le~.t ryuivalent 10 ~~ne-tw•elfth I1/~'1 0~ the a~greg:.te i+f the twrh•e ~rxmthly
~ in~tallmenh p:+yablr in the then current year plus thr acwal amuunt of ~he annual ~a~et. a~+e~sments. water rate+. and =murance premiums
Cur .inh yr:~r not cuvrred by the afurr.sid munthl~ paymenl~.
~ 9. "fhal Iu) in the evrnt uf aa~ hre;~ch nf ~hi, murtga~e ur drfault un the p:?rt af 1hr nwrt~.fguL ~x Ih1 in 1hr ~~rnl Ihrt an}~ ~~f .aid
~ .um~ .~f munry herein refrrr~d ~o hr nut prompdy anJ fully p:~iJ withuut Jrm.~nJ ur nuticr. ur Ii l ~n th~ rvcnt thet r:uh ana~ c~rn the
_ .tirulatium. agrremrr.t~. conditnrn+. :~nd cove~;~nt. ~~f ,aiJ nWr anJ th~t m~.rtg:;g~. arr nut July, prompt:y. arxi fully ~xrfurmed: thrn ~n
r~th~r or any tiuch rvcnt. Ihr vuJ :?ggrrgate ~um mratiunrJ in ~a~d nutr thcn rtma~nig unpaid. ailh inirrc~t accrurJ tu that t~m,. arxi :JI
~ rn~~nr}..~cured hcreby. ,hall t+ecumr Juc :ind payaMc forthw rth, ur thrrrafter, at thc upUun of ~id miKtgagrc. fully anJ ~~~mplctrl~ as
if all af ~he wid ~umc uf rtx~ne~• were uriginall}• ~tipulated to he paid on .uch day. amthing in saiJ nutr ur in th~. nx~rtgag~ h. thr :o~trary•
~ nu1W uh~t.+n~iag: and thrreupun or thereaftrr, a[ the optiun uf said murtgag~r. withuut n~~ticr ur Jemarxl. wil at taH ur ~n ryuit}. ma~ br
x pr~.~c.uted a~ if all rru~ney~ sr.;urrJ hrrrhy h.~d matured pr~~~r to ih imtrtutiun. Ihc nwrtgagec ma} forrrlu.e th~~ rtx~ngagr. a~ to the
:~rtx~unt .o declared Jue and pay:~hle. ~nJ thr wiJ premi~rti ~hall tn vild to .ati>f~ :~nJ pay the wrm tuecther with co.h. ~~peme~_ an~i
? :~Il~~w: nce.. In case uf partcd fureclu~ure ~~f thi~ murtcagr_ Ihe muttgaR~J prem~~~~ ~hall be wW ~abjr~t Iu thr .unUnuing I~rn uf this
~ rtxrrtgagc Fur the amount of the Jebt not thrn Jur :ind unpaid. In .uch ca~e th~ pr~ni.ium ~~f thi~ parag:aph ma} again hl' SIV:IIItIJ of
~ thcrraft~r from time to time t+y the mortg::ber_
~ 10. 'I~hal the tTxxtgagur wil! gi~r immeJiate nut~ce by mait w ~he rte~~rtg~gee uf an~~ c~~me~ar?cr. tr.~mf~r. ur ch:+ngr uf ownrr.hip uf
the premix~+.
I 1. I hat nu waiver of any cavenanl herein ur ~~f 1h~ uhligaUOn ~~tiurcd hereM ~hall at am time thrr~after be helJ tu tw waiver of
~ thr term. hercuf or ot the :x~te se~u:~til hcrchy.
I2. fhat If I~IC fllllflg:/$Of IICf:IUII in any of the ci~~•enant~ ur agrermrnt. ~un~.unrd hrrr~n. or ~n s:?id nute. lhen the mortgagre may~
perfc~rm the wme. at?J rll e~~xnditur~~ IincluJing rea~unaMr auurnry'. ire>1 maJc h~ thc m~xtFagrr in wr Juing ~h:.ll d:aw intere~t at the
_ rate ~et forih in the nntr ucurcJ hereF.y, anJ .hall f?e repa~aFle imm~~liately and withuut JrmanJ by the rrartbagor to 1he rt~rtgagee, anJ.
~ tvgether with interest :+nJ cmt~ xcruing thereon, shall I+e cecared by ~hic m~xtgagc.
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