HomeMy WebLinkAbout1021 "I hat. in urdtr murc (ull~ tu prultrt tht ~ecunt~ u( Ihi~ m~rt~agr. ~hr mu~~gagu~. tugr~hrr N ith. ~nJ in aJJ~d.m w. dtt ~punthl) p;~> rncnt~ .
unJtr Ihe ~rrm. ut the ~u~e .rrurrJ hrrrby. un thr tir.~ Jay c~( rarh munth uniil th~ ..~iJ nutr i. fuliy paiJ. Nitl p,~y to thr mor/~r~ thr (uHaw•
ing .u m.:
Ia1 An amuum ~ut6ritnt tu pru~ida ~ht huWrr hrreut wi~h (unJ~ to pay thr nr~t murtgage in.ur:~ncr premium if Ihi~ imtrumtnl :~nJ ihr
nute .tcured hrrcby are inwrrJ. ~~r a mun~hly rharge lin liru ut a murtgasr imurance prcmiuml if thn~ are he1J by ihe tircrrtar~ uf
H~w~ing and Uthao Ikvrlupmrnt fu11uN
ill It anJ tiu lung a. +aid nutr o( t~rn Ja~e :mJ Ihi. in+trumcnt ~re in,ureJ or arc rrin~urcJ unJer Ihe pr.~~i,i~~m of ~hr I~atiunal
. Nuu~ing Act. an amount +uflricient tu acrumulate in the hanJ. u( the hulder unr 111 moMh priur to ih Jue Jatr ~hr annual murl-
g:?ge in.uranrr prrmium, in ~xJtr to pro~iJt s~rh holder wi~h funJ~ lu pay wrh prcmium u? the Srrrr~•rry u( Huu.ing anJ
Urban ikvrlupmant ~r.u:~qt tu ~he Natiunal Huucing Arl. a~ ameoded, and applicabk Re~;ulation+ therrunder: ur
IIU It unJ ~o long a~ +aiJ nutt o( even Ja~e and thi. inctrumenl ate heW hy the Sccre~ary of H~*using :mJ U~1+:m Ikvelupmrm. a
munthly charga lin liru o( •r murlgage inwr:,nce premiuml w•hich chall t+e in an amount eyual t.~ unr-twrlf~h 1111'1 ut une-half
l ll'_1 pe~ cenwm ut thr average ou~stanJinK halance Jue un thr nWe rompWeJ witM?ul taking intu account Jelinyurnrie, ur
prepaymanu:
Ihl A wm eyu:~l tu Ihe ground rent~, it any, next Jut. pluc Ihr prCmiums that will nt~t btcume Jut and p:+yable on {+~dicie~ ot firt and
otl?ar h•riard inauranct cavering the martgaglvl property, plu. u~~ec anJ ac~es~ment~ ne~~ Jue un ~he mongageJ properly lall a~ e.ti-
malyd by Ihe mortgagtel kc~ utl wmc alteady p:?iJ Ihrrcfur JiviJtJ hy Ihe numt+er o( manth+ to elapct hetorc ~~oe mi~mh prior ta Ihe
Jale Nhe~i wch gruunJ rtnh. prrmiumti, ta~e.. and a~ses~ment+ will txcome delinyuent, w~h wms to he heW by murtgagte in tru~l
to pay wid gruunJ rcnts. prtmium~. taxe~. anJ ~{+tci:~l a~st~smenlc: and
(r1 ??II paym~nts mentioneJ in ~ht ~N~~ preceding ~uh~ections ~~f thi. pnragraph ~nJ atl paymrnh ~o tx maJr undrr the nwr .rcurcd here-
b~ shall he aJdtd 1~~tther anJ Iht aggregate •rmuunt thtreuf tihall he paid by Ihe mortgagur each munlh in a~inkk pa~•mtnl tu t+e ap-
plird by ihr mortp,:+gra to the fullowing item~ in ~he urder ~N torth:
UI premium eharge. unJer thr contr•rrt uf in,urance with 1he Srcretary uf Housing anJ Urhan [kvelopmen~, ur monthly chargr
(in lieu o( mon~t insurance premium). as the ra,e may t+e:
111) gruurxf rentc, tazes. as~a~~ments. fire. -rnJ other h~zard incurance premiums:
1111 interc~t on the note ucureJ hercby: anJ
IIVI amurtitatiun u( tht principal of tiaid ~ote. • -
Any defi~iency in tht amount of wch ap~regate munthly payme~t ~hall. unle+s maJr g~wd by the mung:?gor priur w thr due date of the next
~uch payment. conctiwte an event o( def•rult wxler this murt~e. Thz mort~gee may collect a"late charge" nW tu e~rted tw•u cent~ 1'_cl f~r
earh dotlar IS11 ut e•rch paymcnt more lhan fitte~n 1151 Jrys in arrears toru~er the e~tra e~pense involveJ in hanJling delinquent paymints.
t. 'Iliat ii ~t?e tot•rl ot the payment+ madt by the murtgagur under Ib) ot parabraph 2 preceJing shall exceed the •rmuunt of ~he payme~t.
actually made by the mortgagee. tor grounJ ~ent~. ta~e~ and at.es.ment. anJ inwrance premiums, •rs the c~se may Ix. wch e~cess ~t the op-
tiun of 1he murtgagee. shall. he creJittJ un ~ubuyuznl p:+yments to be maJe by the murlgagor, uc re(unJed to the mortg:,bor. IL however. thr ,
monthly payments maJe by the mortp,agor under 1 b) of paragraph 2 preceding shall not be sufTicient to pay gruurxi rents, taxec and asxssments 1
anJ inwrance prtmiums, a+ Iht cast mry t~. when tht wme shall becumt Jue and payabk. then the morlgagor shall pay tu Ihe murtgagce any , ~
amount nece.wry to makr up 1hr deficiency. on ur betore the Jatr when payment of such grounJ rents. taxes, acsessme~ts. ot inwrance prem-
iumc chall he Jue. It at any time the mortg:qtor shall te~der to the mongagee in xcurJance with ihe provisions of the note secureJ hereby. tul!
paymem o( tt~e entire ir?dehteJnesc rcpre.ented Iherehy. ~he mongagee .hall. in computing Ihe amount ut such i~Jebtedness. credit ~o the ac-
ruunt ut the mor~gagor all paymrnts m~de unJer the pru.i.ion~ ot I:U uf paragraph 2 hereof which the mortgagee has nw become obliga(ed to
~wy tu the Serretary uf H~wcing anJ Urhan (~vrlopment anJ any twlancr remaining in the funds accumulateJ under the pruvisions o( (b) o(
~aid paragraph 2. It there shall he a def~ult urxfer any ot the provisions ot this mortgage. resulting in a public sale ot the premi.e~ co~errJ herr-
by. or it tFx mongagee acquires the property oihe~wise atter de(ault, ttx mongagee chall apply. at tix time ot the commencrment uf wch pra-
cetdings or al the time ttx property is wtxrv~•ise acquired, the balance ihen remaining in ~he tunds accumulated u~xter 1 bl of paragr•rph ? preced-
ing as a credit ag:+inst the amount of principal then remaining unpaid urnier ~aid note and shall properly adjust any payments which :hall h:,ve
been made urxler 1 a) of said parag~aph.
d. "Ihat he will p~y :JI taaes. a.se«mrnt.. w ater ra~e~ and other governmrntal or municipa) charge~. fint,. or impo+itions. (or which pro-
vi+iu~ ha~ not ttien made hrreinbrfure. anJ in Jef:iult Iherci~( 1he mung:~~re m.~y pay Ihe .ame: and th:~l h~ will prumpU} Jrli~er lhf u1Tii~:tl
receipt. therrf~~r w tht murtgagee. ~
5. That he will p~rmit, commit, or ~uticr no w a~tr. impairment_ ur de~eriuratian a( said property ur aoy part thereo(: anJ in the event of thr
f•rilurc uf tht mortgagor tu keep the buiWing. on said premise~ aoJ tho,e to br erectrd on wiJ premi~e.. or improvemrnt~ thereon. in guuJ re-
pair. thr mortgagee may m:?ke wch rep:+irs •rc en itt discretion it may derm nrcesiary for Ihe proper pre,ervation ~hereu(_ anJ thr tull amuunt of ~ '
ra~h anJ every ~urh payment ~hall be immeJiately due and payabk. and shrll be +ecureJ by the lien of thi~ mortg:+ge. _ ~ _
6. That he w ill pay all arxl +ingular Ihe cosls, chargec, and expeases. incluJing fca~aahk lawycr's tees. aad cosls of abstracts of titk. in-
currrJ or paiJ at any time hy Ihe mortgagee because o( the failure un Ihe p:+rt of 1he mortg:+gor promplly and fully to pertorm Ihe agrtrmenls
anJ rovenanu nt ,aiJ promi~wry notr and thi~ mortp,age. anJ +aiJ costc, chargec. and etper.sec shall be immediately dur anJ payahlranJ .hall
' hr ~ccureJ by the lien o( thi. morlp,:~te. •
i
; That br will keep the improvrment. now e~i~ting ur hrreatler erecteJ on the murtgag~l property, in,urrJ a~ may hr reyuireJ lrom time
j ~o time by thr mortgagee ~gain.t lo~s by fire and ixher hatarJ._ ca~ualties. anJ contingencies in wch am~~unt, and for cuch peri~Hl~ a. may tx
i reyuireJ h}~ mort~gee. :mJ w ill pa~• prumpd~ . when Jue. any prrmium~ on wch in.urance tor payment at w hich provi~io~ ha~ not Fx~n made
` hereint+e(ore. All imuranre .h:Jl be carried in rompanie, appruveJ by mortgagre anJ the policies anJ renew al. Ihereot shal! be heW b} mort~:a-
~
gee anJ hav~ attacheJ Ihrretu lo« p:~~ahk clauces in (avor ot anJ in lorm acceplaNk to the mortgagee. In event of lo~s he will give immediate
~ notice by mail to mortgagee. anJ mungagte may make pnx~( otJo~s if not maJe prompUy by morlg:+gor. •rnJ each inwrance compan~• ron-
~ cerned is hereby authi~ri~eJ anJ Jirected to mal~r pa~ment for +uch lo~s dirccUy to mortgagee insteaJ of ro mortgagor and mortp,aKee jointly.
~ anJ the in+ur:~nce pn.reed._ ur any part Ihereo(, may~ he applic-~1 hy mortgagee at il~ oplic?n either to the reduction of Iht indebteJnec~ hereby-
.ecureJ tx ti. the re.luratiun or repair ot thr property damagrd. In event of turecbwre ot thic mortg:?ge or other transfer of IiOe to the mort-
~ g:~grJ prupert~ ~n e~tingui.hment ot the indebtedne.. ~ecureJ herehy. all right. title. anJ intere~t of the mortgagor in anJ to any imurance M~li-
cie~ then in force +hall p:~„ u~ the purcha.er or gran~ee.
. "R?at if the premi~ec. or any part Iherco(_ tx cundrmned under an~ puwer o( eminent Jomain_ or acquirrd fu~ a puhlic u~e. tFx Jam.~ge~.
pnxeeJ~. anJ the concideratiun (or such :Kyui.itiun. to Ihe c~1em uf the tull amuum o( inJeMeJne~~ uEwn thi, Murt~ge. and lhe Nu1c .ecured
~ hereby remaining unpaid. are hereby a~tiigneJ hy the \turt~gor to the Mongagee anJ +hall tx paiJ torthwith tu the Mort~gte to t+e :+pplied by "
~ it un xr..unt of Ihe mdehtent+ti cecureJ herehy. w hether Jut or not.
~ y. That the mortgagee may, at any timr ~xnJing a.uit up~m thic murtgage. apply t~~ the court hav~ng juri.Jictiun thereof (or the ap{x~int-
~ ment of a rectiver. anJ wch c~wrt ~hrll torthw ith appoint a receiver uf the premiuti covered hercby a{I anJ tiingular. incluJing all anJ cingular ~
the income. profitc, i~.ue~_ anJ revenue~ (rum whalever .ource deriveJ. each and every o( which. it heing e~pres+ly undent~x.J. i. hereby
~ murtgaEeJ rc if ,pecifically ~et furth and de~criheJ in Ihe granting and hatxndum clautiec hereof. anJ tiuch receiver shrll have all the hruaJ anJ
- rliective (unctiuns and M~wer~ in anywiu entruucJ by a c~~urt to a receiver. :md wch appoinlment shall l?e made by wch court a. an admined
} ryuit~ anJ matter u( abtiolute right to .aiJ mortg:~get. anJ w ithuut rc(erence to ~hr aJequacy or inadeyu•rcy of thc ralue uf the pr.ipert~ murt-
g:+grJ ur tu ~he .uhcnry ur ima~~•ency ~~f .:iiJ m~~r~~;agor ~~r ~he Jctend:+nt~. :mJ Ihat wrh rentc_ profit~. in~umr. i.we.. anJ re~rnue..hall hr
= ~pplieJ bp wch rerei~er according tu the lien of thi. mortgage and the practice o( wch c~wrt. In the event of any Jefault un the part ot the mort-
° g.~gon c~reunder_ the murtgagor agree+ to pay tu Ihe mi.rti;aeee un demand ac a rea~onable monthly rental /or the prrmi~es an ~mount at ka.t
cyuivalent to une-twelfth 1111?t of Ihe :~~:reFate ut the twelve munthly inuallme~tti payahk in the the~ carrent year pluti the ~clual amount of
~ the annual la~es. a,tie~sment~. water rat~~. anJ imur:mce premiumt for .uch year not covercJ by the a(uresaiJ monthly paymeniti.
~Y 111. "fhat lal in the event o( any hrrarh of Ihi. morig:~ge or defaul~ un the part of the m~xtgagor. or 16) in the ev~nt that any of .~iJ .um~ uf
maney herein reterreJ ~o he not prumptl~ anJ fuUy p:~iJ with.w~ demand ur no~ice. ar Icl in ihe event that each and e~•ery ~he .tipulatiun..
; aEreemrnh. a~nJition~. and cu~enant~ uf .aid nutr and ~hi. murtga~:e. are not July, pmmplly. anJ (ully prrformeJ: then in eilher or any wch
- ~~ent. the .aiJ aggrr~:atr .um mentiunrd in.aiJ no~e ~hrn remaining unpaid. wilh intere.t accrued to that time. :mJ alI muney..ecured hereb~ .
.h:dl heromr dur and pnyahle forthwith. or ~hcrraf~er. a~ Ihr op~ion ut ~aiJ m~~rtgager_ a. fully anJ completel~ if all o( Ihc.:wid wm~ o( mun-
f~ MCfI' ~1f1(`~III:III)~ \I1~1UI:ited to he paiJ un .uch Jay. :mylhing in ~:~id nolr ur in ~his murtga~:e to the cunlrary nolw~ilh~tanJing: and thereuMm or
u therrafter. at the uption ~~f ,aiJ m~xtg:~gre. withuut nolicr ur Jem:~nJ. ~uit at law or in eyui~y_ may br pro~ecu~rd a, i( all muney~ ~ecureJ here-
s hy h:~d maturrd priar ~u it. in.tiluli~m. Thr mc~rt~aYCC m:~y furrclo~e thi. mur~gagr. a~ to ~he amount u.~ Jecl:~reJ Jue and payable. and the ~aiJ
premi.e..hall hc ~oIJ tu .a~i~f~ anJ p:+~ the .:~me tugether w ith ant~. e~~n~ec.:~nJ allow:~~ce,. In ca~e of partial fureck~+ure of ~hi~ mortga~:e.
the mort ~ i eJ remi.e. .hall he wIJ .ub ecl tu the cuminuin • lien of thi. mun e(ur Ihe amu~mt of the Jebt not then Jue anJ un .+iJ. In wch
1-~ B D 1 6 t~ F P~
ra~e ~hr pro~i.iom of Ihi~ para~;raph m;~~ ai:~in he a~ailcJ ~~t thrrrafter fmm Iime totime hy Ihe mortgrgee.
~ 11. That Ihe mortgagur will Fi~c unmrJiatc notice h} mail t~. ~he mortg.~ger o( any conveyance. transfer. or change ofiowner~hip of thr
prcmiuc.
I_'. Th:~l no wai~er ~~f .+ny c~~~enant herem or Ihe oblig:di~~n ,ecurcJ hrreh~ ,hal: at any time therea(ter he heW to he a~+aivrr ut the
term. hereo( ur of the no~e.rrureJ hereh~. ~j k ~~0~~
~~0~ ~~5 ~A •
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