HomeMy WebLinkAbout1936 2. That, in.xJt~ nxur fully to prut.~:i ~ht actiurity uf thi~ mu~tgage. thr m.?rtg~gu~, tugcthc~ Nnh, arn! in aJJu~un a~, thr munthly
payment~ ua.#tr tht ttrms uf ~hr r.utr +ctiurrP ubrrhy. un ~he firc~ ~lay r:kh munth u~~il thr .:~id notr fully paiJ, ~ill pay to tht
nxirtgagrt 1hr fu!luwine ~ums:
tsl ~n am~wnt wffi~;irnt tu pruvi~ie the hulde~ hereot w~~h funds w p:iy ~hc nea~ m~xtea~ mw~anca prem~um if this in~trument and
~he notr xcurcd Rcreby arc ~rtsu~ecl, ~ a munihty char~e lin lieu ui a mong:~ype insurance prcmi~ml if thry are hrld by tht
Secrrtary aP Housin~ a~xi U~t?~n Oevelupmtnt. us t~ibw~s:
111 lf and w lon~ as said nutc o( e~en date ~nd this instrunx~u arr insureai or are rc~re~rird u~rier ~he arovi~iuns of the
National Huusin~ Act, an amount sul~icient to aCCUmulate in IA¢ hands ot the Iwldtr onc l1) ma~tA ptior to its due date tAt
annual mu~cga~t inwrance prcmium, in onitr to provide xuch hc:~ r with (unJs w pay ~ucA premium to tht Sctirctary uf
Huusing and U~bao Developmrnt pursuant to tht Nationaf Huu~ing Act, :?s amended, srni app.i~:ablt Rrgulatiunx
thereunJer,cx
111) 1f and w I.~ng :~s said note uf cvrn Jate arni this ~mtrumrot arc hek! by thr Secretary of Hausin~ a~l U~ban Developme~t,
a ~nunthly charge lin litu af a m~xtgsge insuraice premiuml which ~hatl t+e in aa amcwnt tyual to unt-twelAh I 1112) uf
one-half i''~ 1 per centum uf tht avcrng~ uutstarniing balance dut un the note cumputttl w•ithuut ta\ing into aocount
dtlinyuenc~es cx prapaymrnts;
lb) A sum eyual to the g~uurnl re~ts, ii any, next due, p:us the premiums that wiH nrx~ becumr dut arni payable on poli.:ies ot firc
an:! uthrr h~card insu~arx:r cuvering thr murigageii prope~ty, plus taxcs and assecsments r.,xt dut on the m~tgaged property Iall
as estimated by the mortgagte) less all sums already paid thereftx dividtd by the numMer of muntha to elapse t~e(ore one mcrotA
priur to the date when such gruunJ rrnts. premwms, taxes, and 3sszs,mtnu w•ill becume Jelinquent. such su~m to be h~eW by
mortg~grr in trust to pay said ground rents, premiw: s, taxrs, and ~pecial asse~sments: and
(cl AI! payments mentioned in the tv?~o praediag subsectiuns of this paragraph and at! paymeats to t~e macie unde~ the cwte securai
hertby shall bc added togethe~ a~d the ag~egatr amuunt thertof st?all be paiJ by Ihe mortgagor cach month in a single payment
to be applitd by the mortgagce to thc folluv? ing itrms in the urder stt [oith:
Iq premium chargts undar the contract of insuranct witA the ~cretary of Housing and Urhan Devrlopment, or mvnthly
chargt lin lieu of mortgage inswance prtmium), a~ the cau may be:
(11) ground rentw taxes, as~rssments, fire, arn1 othcr hazard insurance premiums:
(lil) intzrest on the ~ote securcd htr~by; 3a1
lIV) amortization utthe priocipal otsaid reott.
~ny drficiency in tha artwunt of ,uch uyrgrtgate munthly payment shall, unl~v m~~k g.xx1 by thr n~..rtgagur priur to the due dstr af
the neit such payment, co~slitute an event of drfault undrr this m~xtgagr_ The murtgagtr may cull~t a"late charge" not W~xcrrd twu
cents 12e) for eacA Jollar IS11 oi exh payment murr lhan tifttrn t t t) Jays in :u~r:us to cov~r thr r.rtra expensr invulvc~l ~n harxlling
dtlinqutnt payments.
3. "i'hat if the t.~tal af the paymrnts maJt by the mortg:~ur uoder Ih1 oi paragraph 2 precrding .hall tx~erd thr amount of thr
payments aetually made by the mortgager, fix graund rrnts, taces and acu~cmrnts a~xl iniurance premiums. :u the ~ase may bz, such
excess at the c~ption of the mortgagee, shall. be credited on subsoquent payments to be made by the mortgagor, or refunded to thc
nwrtgagor_ If. howtver, the monthly payments made bp the rt?ortgagor under !bl of paragraph 2 prctird~ng ~hall not br sufficirnt to P:~y
grrunJ rrntc, ta~es and ascrssmants anJ inwrance premiums, :.s the rase may be, whrn the ~mr shall t+~omr Jue aixi pay~blr, then the
rtwrtgagor shal! pay tu ~h~ mixt¢agce any amaunt nere~sary t~~ male up the Jrfwir~x:y, on .x 1?efarc thr Jate when payment of wch
grou~xf rrntc. taxes, asse~~ments, cx inwrance prrmiums shall be due. If at any time the riortgagur ~t?all t~nJer to thr mortg:+gec in
xcordance with the provisionc d thr note utiurcd hertby, full paymen! of the rntire inJeb~~-~inr~s rcpre+rnted ther~by, thr nwrtgagee
thall, ert romputing Iha amount of such i~xiebtednect. credit to thr accuunt oC the mortgag~x all payment~ maJe urxier the pruvi~ions of Iul
uf parag~aph 2 hercof which the mortgagce has not t+ecome obligat~l to pay to the Secrelary of Huu.ing anJ Urban Develupmtnt anJ any
balancr rrmafning in the funds xcumulate~l under thr pruvi+euns of Ih~ ot saiJ p~ragraph 2. If lhere ~hall t+r a default urxfer any af thr
prvvisiuns of lbis m~tgage, rauhing in a public sak of thc premi~~ covere~f hereby, or if thr murtgagec acquirt~ thr pr~~?rrt~• otherW i.r
after Jefau~t, the mortgagee ~hall apply, at lha time uf thr wmmencrmem v.uh prucrrdingc ~x at Ihe time thr pri~~riy ic uthrrwix
xquire~t, the balance then remaining in the funds accumulatzd u~der tb) uf p:uagraph 2 precrJing ac a crc~lit abaintt tht artx~unt of
principal then remaining unpaiJ utnler said note arxi ~hall properly adjutit any payment. which +hall ha-:r lx~n m:xle undrr lu) ~~f ~iJ
paragraph.
J. "fhat he will pay all taacy, ass;-~sments. Nater rrtc~s, arnf ~Hher governmental ur municipal char~:r,, fine+, ~x imp~nitions, far which,
pruvision has not lkrn made hercint~rfort, anJ in default thtrcY~f thr murtgagn may pay th~ wme; and that he will promptl~- deliver the
uf6cial receipt+ therrfor to the mortgager.
5. 'i~hat he w•ill permit. con~mit. or .uflbr no N•as~e. impairment. or dcteriurati.~n uf ~aid prc~prrty or any part ~hereof; arxi in ~hr event
uf th~ failure uf thr mo~tgagor w l,rep the building+ un ~id prem~sec and thuu to t+r erectcKf on wid premises. ax impr~~vements thrr~on.
in g~wd repair, thr mortgagte may make ~uch repairs a, in its Jiuretion it may Jrrm necessary for ihr pmper prcsrrvation thrreof. and
the full amuunt of exh anJ every such payment shalt ce immrafiate{y Ju~ and pa~ able, arxl shall l~ ~cureJ hy the lien of thi, mortgagr.
6. That he will pay ull and singular the axts, c:harges, arni expense., iruluJing rcawnablc lawyer's f~. ~nd costc of aMtracts uf tide.
incurrrd or paid at any time by th~ mortgagee because of the failure an thr part of the rrwrig:~gur prumpUy and fully to perfurm thc
agreemer,ts and covenants uf aaiJ promissory nott and this mvrtgage, and sai~1 coats. charges, anJ exprnx~s +hall br immealiately Juc and
pa~•able anJ chall be secureJ b~• the lien of this mixtgagr.
7. That he wi11 keep the improvements ~~w exicting or hereafttr erected on the mextRaged propen~, insur~i ac may t?e requirc~l from
time to lime by~ ~he nwrtgagee againsi luss by fire :+naf other harards. ca~ulati~~c. and cuntingencicc in such amounts and fi~r wch peri.xic as
may be rrquir~.i by m~xtgagee, and w~ill pay promp~ly. ~hen due. any premiums on ~uch insura~.;e fiu pa~ ment uf.ahich provi.ion ha. rtut
been made hereinbefore. All i~uurance shail be carriad in compania approved by mortgagee and the policies and renewals thercot shall
t+t held by mortgagee rnd have attached therctu luss payable clauses in favur of and in form acceptable tu the mortgagee_ In evcnt of linc
he w i11 give immediate rwtice by mail to m~ntgagee, arxl rtxxtgagee may make pnK~f of loss if not mxJe promptty by rn~xtgagcu, ~rxi rach
insurance company cancerned is hereby~ authuricrd anJ directed to make payment fur such I~nc dir~titly to m~xtgagce inc~ead uf tu
rtwrtgagor anJ mor~gagee juintly, aod the inwrance procreds. or any part thercY~f, may he :?pplieJ hy nwrtgagee at its option cither tu the
reducth?n of the indeb:edness ~eret+y se~ured or to the restoration ar repair oi' the property damagrd. tn ~vent of foreclosure ~~f ihi+
murtgage or other Iran,fer of tiUe to the m~xtgaged pruperty ia r~tingui.hme~t of Ihe indrb~edr.e+~ xYUr~tif hereby. aU right, title. anJ
intrrest uf the mixtgagor in and to any inwrance policirs then in Wrce ~hal1 pacs to the purcha+er ~x erantcr_
8. 'f~at if the premises, ur an~• part thereo(~ be condemaed undet any paN~er uf eminent domain, or arquire~~ ior a pubiic use.
ehe damages, procPeds, and the coosideration [or such arquisstion. to the extent o( the tul! arnoURt of indrbtednetis upoo ~hic
11ortRage,aaJthe\ote securrd herebv remaining unpaid,are herebti acsigned 5~ the ~1ortRaRor tothc ~Iort~~eP and shall be paid
(orth~. ith to the ~lottRa~ee to be applied b~• it on accuunt o( thr indebtrdnes~ secured hr~rehc, a.hether due or not,
, 9. That thc rn~irtgagee may. at any time pending a tiuit upon this mortgage, apply~ to the cuurt having juriufiction thereuf for the
ap{~~intment of a receiver. and such court ,hall forthwith appoint a receiver of the prrmises cuvereJ hrreby all ancl cingular. irnludinF all
I anJ Singular lhe income. prufits. issues, rnJ rev~nues from whatever sc>urce deri:red. each a~xf every of which, it f~eing rxpreasly~
undertit~xxl. is hereby mortgaged as if cpecifi:a((y set forth anJ describ~d in the granting and habenJum cl•ruces hertof. anJ wch retieiver
shaN have all the hroad artd effective functions and powera in anywise entrusted by a court tu a receiver, anJ ~uch appointment shall be
msde by wch coutt as an aJmitted equity , n~l a matter of ahwlute right to said mortgagee, anJ wittx~ut reference to the adequacy or
inadequacy of Ihe value of thr property mortgageJ or tc: the solvency or incdvency vf ,aiJ rrwr~gagor ur lhe defenJentc. anci that +uch
rents, profits. income. issues, and revenues shall t+e applied by such rereiver according to the lien of this nx~r:gaee arxl the practice of such
cuurt_ in the event of any default un the pan of th~ mortgagor hereurxle~. the rtwrtgagor agrees to pay to the mortgagec on dcmand as a
rea~on<~hlr m.,nthl} rental fo~ the premises an amount at least equi~•alent to orte-tx•rlfth I 1/12! of ~he aggrcga[~ of the lvreh~r nwnthly
imtxllmrms paya~!P in the thrn cur~.nt year plu; the actual ~mount of the annual ~a~e~ a,se~:mensc. uater rstes, and inwr:mce premiums
for ,ix,h ~::z: not covered by the afcxe~niJ munthly payments_
~p. That lal in the event of any breach of this mortg•rge or default un the part of the rrartgagur. ~x Ih) in the rtient th;?t any of wid
cums of muney herein refcrred to 1+e not promptl~ and fully paid without JemanJ ur noticr. ~x 1~ 1 ~n thc cvcnt that cach :~rx1 every the
~tipulations. agreements, conditians. and cuvenant~ i~f wid nWe and this mixtgage, are not duly, prompUy, anJ futly perfurmed: lhen ~n
ei~her ix any such et.nt, thr wid ap,gregate sum mentioned in tiaid note then remainag unpaid. witb interest accrueJ Io that timr, asxl all
mvne}~s secureJ hereby. ~hall become Jue anJ payaMe fwlhK~ith. ~x Ihereafter. at the optiun of saiJ m.:rtgager_ as fully anJ compktely a~
~f all of the ~iJ wm+ oi nxmey were originallp ~UpulateJ Io t?e paid un such day. anytfiing in ~aid nut~ ur in thi~ rtx~ttgage to the contrary
notM i~h,tanJmg: and ~hereupon ~x ther.after. at 1he option of said rrwrtgagee. N ithout ~.ticr vr demarxl. wit at law or in equity. may t+r
pzosecuted ac if all rrxme~~s ~ecared hereby bad matureal prior to its irutiwtivn. The mortgagee may f~xtcli~se Ihiv rtk~rtgage. ac to Ihe
artx~unt so declared due and pay~able, and the said premisn shal) be cold ta ,atisfy and pay the +ame together with ai.ts. e~penses. and
allowances. In case of p•rrtial foreclocure of this mortgage. lhr mex~gageJ premi.c~ .hall he K.IJ +ubjrci to thr conlinur.ig lien ef this
mortgaEe for ~he amuunl of the drbt nu~ then due asxl unpaid. In such case the provi.iuns of lhis p:uagraph ma~~ again be avail~-Ef af
Iher~afltr from time to time by the morigagee.
11. That ~he mortgagur w ill gi~•r i:*imed~ate notice by maii ta the mc~rtgagee of any conve~ance. transfer. or change uf owr~er~hip of
the prtmius.
{ 2, Thot nv vaaiver uf any covrnant hrrein or of the obligatiun securctil hetehy .hall at :+ny time thereafter he heid to t+e a wai~~er of
the tetms hereof cx of the rate sccureJ herehy_
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