HomeMy WebLinkAbout1797 2. 1hat, in urdr~ ~rx~~r fuily tu pru~~ti1 ihc,rawily uf ~hi. murlba~c. lhr iuurigagur. tugr~hrr Nuh. and ~n :iJd~tiuo tu. Ihr nwnthl).
pa~m~nl, unJtr thr tarm~ uf thr nu~~ ~~~ur~d htrchy, un the fir~t J•ry ~•f r:~.h munth until ihr .:ud nutr i. fully pa~d, w~ll p~~ tu Ihr
muilgadrC lhr fulluwiRg ~um~: _
1a1 .An amuunt suffic:iCnt tu prov~Jr thr holde~ he~rof wilh funds tu puy the next mortgage imuran~e prrm~um if this imt~umc~t and
the nutr ~ecurrd herrby sre insu~rJ, or a munthly cAsrge lin liru of a mortgage inwra~xe premium) if they are held by the
Sn:~eta~y uf Hou~ing an~ Urban DtvClupmrnt, as folluws: '
(Il If anJ w lung as saiJ rwtr ui even date anJ this instrument are insured or are reinsured under ~he provisiom ot the
. National Houaing Act, an amount su(ficient a~ accumulate in the hands of the t?o1Jrr o~?e l I) month prior to its due date the
annual rrwngage insur~nee premium, in wde~ to provide such holJer with funds to pay wch prrmium to the Srcretary of
Nuusing anJ Urban Develupmcnt pursuanl tu Iht National Nuusing Act, as atnendeJ, arxl applicable kegulatiuns ~
thereunder, vr
~
111) If anJ w long as wid note of eve~ Jatr a~xl thic initrumcot a~e hrld by 1he Secreta~y of Nousing anJ Urban [kv~lupmenl,
a mw~thly cha~ge lin lieu of a murlgage insurance premiuml which shall be io an amount equal to onr-twelfth 11112) ot +
on~-half l'f4 ) per centum of the ave~age outstanding balance dua un the nate computal withuut taking into acaount
Jelinyuencies or prepaymtnts;
(b? A sum equal to ihe grourxi rents, if nny, next due, plus the premiums that will nezt become due arn1 payable on policies of fire
a~xl other hazarJ insurat~cc cuvering the rtwrtgage~l ~operry, plus taaes and assessmena next due on the m~tgaged p~operry (all
a~ eslimated by the mongageel less all sums already paid therefor divided by ~ht numbcr of months to elapse before one month ;
priur to the date whro sucA grounJ rents, prem~ums, taxes, and ass~smen4s will become delinquen~, such ~ums to be held by
mortgagct in irust to pay sxiJ gruunJ rents, premiums, taxes, and special a~uitiments; and
lcl All payments mentioned in the two preceding subsections of this paragraph aixl all payments to be made under the note ~ecured
hrreby shall bc adJed together and the aggregate amount thereof shall be paid by Ihe rtwrtgago~ each month in a single payment
to be applicd by the mongegee to the fv11oN ing items in thc arder ~t forth:
11) premium charges unJer the contract ui insursnce w~ith the Secretary of Howing and Urban Development, or nwnthly
charge (in lieu of mortgage insurance premium), as ~he case may l+e: >
Ili) ground rents, taxes, asse~tments, fire, and othrr hazard insurance prrmiums; ~
1111) intercst un the note secur~l hereby; and
IlY) amorlization of the principal af said note.
Any deficiency in the anx~um of uKh aggregate m~mthly payment shall, u~t~~s made g~xx1 by the mort~agw prior to the duc datr of
ihr next such payment, comtitute an event of default undrr thi~ m~xtgagr. 'I hr mextgagee may collcYe a"latr charge" nol to exceed twu
crnts f2cl for ea~h dollar ISII of r:xh paymtnt more than fifteen 11~1 days in arrran to cover the extra expe~se inveh~ed in h:.ndling
delinquent payments.
3_ That if the total of the paymrntc made by thr martgagur under th) of paragr~ph : prc~eJing sha!! excerJ Ihe anwunt uf thc
psyments aciuatly maJr by Ihe mixtgagec, fix grounJ rent~, taxes arxl cisses~memc anJ insurance premium~, as the ~asr may be, such
excess at the option of the mortgagee, shall, be creciited on subs0quent paymenu to be made by the mortgagor, or refunded to the
rtxxtgagor. If, however, the munthly paymenn madr hy the murtgag~ir under fh) of paragraph 2 prctieding +hall not be sufficient to pay
gruurtd rerttc. taxe, arni a~sa~++ments and inwrance pr~miums, as the case may tx. w~hen the wme shall t+rcome due a~x1 payable, then the
rm?rtgagur SfISII P:fV l0 the fI1Pi1Q8$lC :lll)' :IIIIUUOI Il~l:fSiitO~ to make up the defx:icn:y, on ~x befure 1hr Jate when payment of such
gruunJ rcnts. taxes, ac,ec~ments, or imurancr premium~ ;hall be due. If at art} ~imr the morlgagor sh:~~l tenJer to the murtgagee in
:KCVrdance Niih the provisiom of thr note «~urcd herrby, full payment of the entire inJebtc~in~s representrd thereby, the rrwrtgagee
,hal1, in computing the :?muimt of tiuch irtdebtetilne.., eredit ta ihe account of the mortgag~x afl paymems made under the pro~•isiuns of (ul
~~f parafiraph 2 hrreof which the mortgagrr has not hecome obligated lo pa~ to the Snretary uf Hou+ing and l;rban Dtvelopment arn! any
halanrr remaining in the funJt accumuL•itcJ under th~ pruviiium uf Ib! uf ~aiJ paragr:q?h 2. If thrre ~hall t+e a default unJer anV of the
pruvi,ium of thi~ mungage. resulting m a public ,-sk of th~ prcmi,ec ~u~•ercd hereby, or if the m~xtgagee s.~yuirc~ the pn~ert}• otherwise
after drfault, thc mortgagce ~hatt appl}~. at thr timr uf the cvmmencrmrnt of tiuch pnxeedfngs ur at the time the pruperty i. utherwic~
:rcyu~reJ. the balancr then remaining in the fund, xccumulatctl undcr ih~ of paragr~ph 2 prn~vling as a credit ag~intit the amuun~ of
pnncipal then rrm:?ining unpaiJ under ,aid nutr anJ tihall pruprrl~• aJju~t any paymrnh Nhich .hall have brrn made un~~r 1u) uf wid
paragraph.
~3. 1 hat he Nill pa} all tax~, assr~`ment~. ~alrr ratc~, and uther garernmrntal or municipal chargr~, fi~es. ur im~x»iliunc, for uhich
pru~i,iun ha~ not bren made hereinbefore. ~nd in default ther~Y~f the mortgager may pay the ~amc: and that he will promptly drlivrr the
uftic~al receiph therefi~r to the morigager. ~
5. I~ha~ hr Mill permit, eummit, ur ,uficr no ~ca.tr, impairment. ur drteriuratiun of lxid prupertp ur ;my part thrreuf; anJ in the evrni
uf thr failure uf th~ mortgagur to kcep Ihe builJing, on said premi,et and thusr to he erecteJ on saiJ premi~es. or impruvcment. thcreun.
~n g~xx1 repxir, thr rtwrtgeger may maAe ~uch repairs „ in itti Ji,crctiun i1 may Jerm nec~~+~ar} fur 1he proper prexn•ation thereof, and
the full attwum uf each anJ every wch p3yment .hall he imme~iiat~ly due and payablr. a~xl,hall br ~ureJ by the lien of thi~ rtxxtgage.
6. That hr w ill pa~~ all and ~ingular the cexts, chsrgc-ti. and e~e~xn,e., including rea~onahlr ?awyer s fees. artd evsts of abctrarts uf ti~le,
incurrral <~r paiJ at any time by thr mortgagre bc~aux uf the failure un the parl uf ~he rm.rtg~gur pri~mptly :~nJ iully to perform the
xgreem~oh and :ovenants of tiaiJ promi»or~~ note snd this mortgage. anJ said cosh. ~harge.. atxi expences shall be immediately due anJ
~,:?y:~ni~ ;?~a ,n:?II tx szcured by the lien uf this mortgage.
7. -~h;~t he uill Aeep the impruvrment~ rn~w rti~ting ur hereafter er~tcd un the murtgagrJ propertp, incurrJ a~ may br rrquire~l from
timr t.~ time b~~ the rtx~rtgagee agaimt lu.+ b}• fir~ and other hacards, caculatie+_ anJ cunti~igenci~+ in ~u~h anwunt~ and fi~r .uch peri~ls as
mat tk requirrJ hy mortgagee. anJ Nill p:~y promptly. when due. any prrmiumt on,uch imur~n~r For payn~ent uf whkh pruvi~ion has not
been made hercinbefore. AI! insurance shall be carrieei in companies approved by mortgagee and the policies and renewals thereof shall
I+c hrW hy~ m~~r~gagee and have atta~hed thereto lu~ti pa~ablc clauses in favor ul anJ in furm ac:rptahlr t~~ the m..~rtgagce. In evrnt uf iucti
hr w ill gic~ immeJiate notice by mail t~~ murtgagee. anJ mortg:~gee msy make pr~xdof lo.ti if rx~t m:~de prumpth b} inortg~gur_ anJ each
~mur,~rkr cumpany concerned i, hereby awhori~ed and directed to makr payment for wch I~KC dirrcth u~ murtgager intiteaJ uf to
rrx~ngagur and m~xtgagee jointly, and the insurance pruczeds. or any part thcreof. ma~~ be applird M• m~~rtaagr~ at ih.~ptiun rither to thr
rc~uctiun ut the indebteYinr.~ hrreh~ ~~tiur~~l .~r tu the re,tura~iun ur repair nf thr pruprrty d.unagrJ. In r~rnt uf f~~reck~.ure uf thi,
murlgace ur uther tramfer of title tu thr murtgagrJ pn~+erty in e~tinguitihm~nl ~.f thr m.irhtr.lne.. ucured herehy, all r.ght. title. and
interc~t uf the murigagor in and to an~ imurance pulicies then in force ~hall pa» tn the purcha.~r ur gr.mtre.
R. ~~hat i( the premises, or an~• part thc~rroi, h~ cundemned under any po~~rr u( ~•minent don;.~in, ur ai quir~•~! for a public a:r,
the dama~e~, F~roceed., and the ~•onsi~icr.ition (or surh a~•quisition, to the ext~~nt o( ~he full amount of inde>L~~•dn~~ss upon this
\I~~n~.~g~•, and thc \ote secured herPLv rem.ii~inC unpaid, arP herebc av~iRne~ b~ thf• ~1urt€a~or to the ~l~rt~a~~f• and shall be paid
Eor~h..ich th~• \fort~a~ee to be applie•d b~ it on accuunt ut thr indctrtedness s~~currd 'n~•mbc, ~.he>thrr du~ ur not.
9. "fhat th~r murtga~ce may, at am timr pending a,uit u~m thi~ martga~r. apply to the caun ha~ing jurixiictiun there~~f for the
apM~intmrnt of retieivrr. and ,uch cuur~ ,hall forthwith appuint a re~:eiver uf the premi+e~ covereJ hercb~ :,II anJ ,ingular. including all
~nJ ,ingular the in~ume. proht~, i,~ues. and re~rnun from whatrve~ k~urce Jerivrd. earh .md every uf which. et being cxpre+.l~~
unJcr~toud, is hereby mortg:~ged a~ if c~ritically ut forth ~nd Jrscritx~l in the granting and halknJum clau.~~, hereof, and wch ~ecerver
.h.ill have aU the broad and effective funetium and powers in ~nyw•iu entru~ted by a court to a receiver, xnd +uch appointmem shall t~
made hy such court as an admitted equity and a matter uf ubwlute right to said mortg:tgee. anJ withuut rrfereoce to ihe aJequacy or
ina.leyuacy of the ~•alue of thr prope~ty mvrtgagctl ur lu Ihe soh•ency or insolvency uf ~aid mortgagor ur the defendent~ anJ that ~uch -
rcnth. prufiu. incomr. iti.ue._ snd revenu~~ tihall be applied by .uch receiver according to the lien of this murtgage and the practice of such
cuurt. In th~ event uf am~ d~fault un the part uf the mortgagor hereanJer. the mortgagor agrec~ to pay to thr mortgagre on demand as a
rratiu~ablr maothly rrntal for !he premises an amuunt at leatit eyuivalent to one-taelfth 11(121 of the aggregate of the lwrlve rtwnthly
imt.~llment, payahle in the then curreni year pluc the :~ctual amuunt uf thr annual ta~rt. a.cr++meatc. w~ter rate., and insurance premiums
fur ~uch y~ar nut cu~~ered by the afcx~-;aid munlhl} paymenh.
Ip. That la? in the evcnt of ~ny breach uf thi~ mortgagr ur Jef.~ult on thr part of the rtxirtgagur, or Ih) in thc event that any of ~aid
wm~ of monry herein referrzJ to t?r not prumptly anJ fully paiJ withuut demand or notice, or Ic~l in the rvent that each and every the
~tipulatii~m. agreement,, conJiliom, and cuven:~nl~ of said notc .ind thit mortgage, are not duty, prompNq, arxl fuHy prrfi~rmed: then in
either ur any tckh rvent. the wfd a~treg:ele ,um mentionrd in +aiJ nute Ihen rrmainig unpaiJ. with intercwt accrued ti. ~hat time, and all
rrx~ney> ccYUrcti1 hrrehy. .hall brcome Jue anJ payahte forthW ith, or thereaft~r, at Ihe ~~tion of ,aiJ murtgagce. a~ fully and comptrtely a~
. a.:__ - ~++~,.+...,o.~ rn thv ~_nntrarv
d all of the ,:?id ~um~ of nwnry were ~r~ginaiiy ctipuiateu ~o ix p~i~i un ~uci~ .;aj_ S~~y~~~~~~K ;:;d.d . ...r,.r- -
notwithtitanding: and thereu{x~n vr lhere~ftrr. a~ the c>pl~on of ~aid rtxirtgagee, withuut rx~ticr ~x JemanJ. suit at law or in equily. may be
prusecuteJ as if all moneys secured hereby had matur~~i prior tu its institution. The murtgagee ma~~ foreclo~e this mcxtgage, as to the
artx~unt tio JeclareJ due and payable, and thc tiaid prrmice> >hall be wW to .atisfy an~l pay thc ~ame tvgether aith axt~, expenxs. anJ '
aUuKances. In c~~e of partea) fortclosure of Ibic murtgrge. the murtgaged premices ~hall be wld wbject to the continuing lien of this
rtx~rtgage for the amount of the debi not then Jue and unpaid. In tiuch ra~e thc provisiunti of this paragraph may ag3in be availrJ of
thercaRer from time to time by the mor~gagee.
I1. "fhat the rtx~rtg:cgi~r aip give immeJiate ni+ticr by mail ~u the tnortgagce of any conveyarxe, transfer. or change of ownership of
1he prcmiseti.
12. -I hat no waiver uf ~ny covenaot hcrein or of the ohligation tiecureel herebS~ ~haU at any Iime thereafter he held ta he a waiver ot
thc tcrmr herc~~f ~~r uf the nutc tierureJ herchy_
- s°oox 2~5 rAt;f 1~4
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