HomeMy WebLinkAbout0229 1 h.U. in.aJr~ ni.a~ (ull~ tu pr~~trrl Ih~ .tcunly u( thi, ~~i~,ng..gi. ~hc m.~r~E.~g~~~. w~:~~hrr w~th..~nJ in ad.hUun tu. 1hr izuutth~~ pa~u~cnl+
undrr ihr lr~m~ uf ihr m~tr .rcurrJ hr~rb~ . on Ihr fii.~ Ja~ u( r:~iA munth until thr ..~~J nutr (ull~ p~~J. w p.~~ ~u ~hr n~urtgager ~l~r InU~~w.
~n~:.um.'
I:U An.~muunt wlficirm ta pr.~~iJr thr h.,l.lrr hrrru( with (unJ. ~u pa~ 1h~ nr~l murtg.~~;r in.ur.~n:r pirmium i( ~hi. in~lrumrnl .m~l thr
nu~r .rcur~d hrrrh~ arr imurrd. ~+r a rounthl~ ~har~;r lin licu u( mung:~~:r imur.~nrr prrmiunu d ~hr~ :~rr hriJ hq thr ]r.ret.u~ a(
N~w~i~~g and Urhan ik~riapmcnt a. (ulluw~:
IU It anJ ,u lung a, ,aid nutt u( evrn Jatr anJ thi. in~uumrn~ arc in,urrJ ur arc «inwrrJ unJCr ~hr pru~ i,iun. u( thr \:,li.~n.d
' Huu.ing Ar1.:m ~muunt .ufTiricnt to ac~umul:+tr in tAe hand. ui ihr hulJer uor 111 munlh priur 1:~ it~ dur J:~Ir ~hr :~m?u:d m~~rt-
~~ge in.uranrr prrmium, in urdt~ w pru.iJt ~uch hulJer N~Ih funJ. tu p~y .uch prrmium tu ~hr tirrrr~ar~ ut Nuu.mg anJ
l!rb:m Ikvrlupment pur~u~nt 1u Ihr N~tion:~l Huu~in~ Act. a~ amtnJeJ. anJ applicahk Rrgulaliun, IhrtrunJrr. ur
1111 tt :mJ ,o lung a. .aiJ nulr uf e~ro datr and ~hi, imtrumrnt :~rr he1J hy Ihe tie«elar~• ot Huu+ing and ltrhan Ikvrlupmrnt. a
munthly chargr lin liru u( •r murtgagr in+uranre prrmium! whirh ahall t+e in ao amuunt eyu:J tu unr•twal(th 1111'1 uf unt-half
11!_'1 ptr ~totum .~f Ihr a~rrage uut,tandiag h:J:~ncr dur ~~n thr nu~r rumputeJ wilhuul l.~I.in~; intu ar:ounl d~linyurni~r. ar
prrpa> mrot+:
Iht A~um Cyual tu ~he gruund rrntti. if any. nerl Jue. plu~ thr pr~mium. that will ne~t brcume Jue a~d payahlr un ~x~lirir. ut firr :~nJ
~~~her hatard imura~re ru~rrin~;lhr mu~tgaged prupiny, plu~ ta~e~ anJ a~~r~~mrnt~ nr~t Jur un the murtg~Eed pru~xrty lall a. r.h-
:natrJ by thr murt~;agrel le.. :dl .um~ :JrraJy paeJ Ihrrefur Ji?iJrJ hy Ihe numher u( munth~ to rlapcr hetorc unr mun~h priur t~. ~h~
Jatr N hro +u~h gruunJ rrnt.. prrmium.. ~a~e.. :~nJ a~.e~~ment~ w ill t+ecume Jelinyuent. ,urh .umc tu hr hrW hy murtg~grr in ~ru,t
t~~ pay wid groun.l rrnl~, promium~_ ta~t~. and +prcial a~~r.~mtnlc; and
frl Atl paymnnt, mentiunctil in the Iwu prcceJing ~uh.rcti~~n. u( thi~ par:~grrph and all pa~-ment~ to tx maJa unJ~r Ihe nut~ .ecurcd hrrc-
by .h:?II I+r aJJrJ t~~griher :~nJ Ihr a~errgate :~muunt thrrcut ~h:~ll hr p:?iJ hy ihe murtgagor carh mumh in .inglr pa~ mrnt to hr ap-
p1irJ by iht murtgagrt to tht tulluwing iltm. io Iht order xet torth:
IU prrmium chargr, uoJer the cuntract uf in.uran.e with thr Srcrcwry uf Huu~ing and Uthan IX~rlupm~nt, r+r lwunthly chargr
lin lieu uf murt~;agt in,urance premiuml. •r~ thr ra.r may ht;
1111 gruurxi rrm., ta~e+. a~+e,~ments. h~e. anJ uther ha~arJ inwranrr premium,:
1111 interest un the not~ ~ecurtil htrrby: anJ
11 V) amur~iratiun of lhe principa) of .aid nute.
Any Jeficirncy in ~hr ~muuM a?( ~uch aggregate munthly pa~mrnt .hall. unle~+ m~Jr g.xxi h}• 1he murt~gur prior to thr due dale o( thr nc~t
wch paym~nt, cun~titute an rvrnt o[ de(ault unAer Ihi~ mungagr. l hr mongagee may cullect a"latt ch~rgr" nu1 tu r~ceed twu ~en1.1'cl (or
rach Jullar ISI1 at each payment morc than fiftern 11~1 day+ in arrran iu cover the r~tra e~pen.r imolvrd in hanJling delinyuent pay~ment,.
3. "Ihat if the total of the pa~ ment~ made by tl~ murtg•rgor under Ih1 of par~graph ' preceding tibaU exceeJ ~hz amoum of ~he pa~•mrnt.
:Ktually maJe by the mortgag~e. for grounJ rentc. ~a~e~ ;mJ a.~e..ment. and in.urrnce premiumti. a~ Ihe caae may l~e. wrh e~ce~ti at ~hr ap-
tion uf ~he mortg:~gee. ,hall, t+e creJitrJ un .ubtieyuent payment+ 1u be made by ~hr mortgagor. ur retunded to ~he murt~go~. If. huwe~•er. thc
monthly p:?~ ment. made by the mortgagar unJer 1 bl of paragraph ' preceQing ,hrll no~ he wfTicien~ w pay grourxl rent~. taxe+ anJ ~cses~menl. `
.,nd inwranre prrmiums. a~ thr ca~e ma~• hr, w hen the samt .hall becume Jue anJ p~yablr. then Ihe mongagor ~hall pap lo the murt~.agee an~
:/fllU11111 IMCC1\;If)~ IP (O;l{~C Uj11F1t,dlll'IZ11Cy, un ~x I~tore thc Jat~ N~htn paymcnt of wch groun~tent~. ta~e~. a~+e.~mem~. ur imurance prem-
ium,.hall t,e Jue. If a1 an~ time the mort~;agor.haU teodtr tothe mor~gagee in xc~xJance with the pruvision<<~f the note.ecureJ hereb~•. full
pay mrm ot the rmirc inJehlrJnr~. rrpre~zntrd therrby_ the mortga~re ~hall, in compWeng Ihe ~muun! of .uch inJebtedne,c. creJit to the ac-
c.wnt of the mort~;agor .J! paymrnt~ made unJer tht pnwi~ion. uf 1~1 ot paragraph'_ hereof which Ihr murtgaRer has not t+ec.~me obligateJ tu
{~ay tu the Secret~ry ot Huu.ing anJ l'rban l~velupment anJ any balance remaining in the tunds accumulated under thr pruvi.iunc of I M of ' -
wid par•rgraph Ii there ~h:+ll t+e a Jef:+ud under any of the provisium.~f this murt~ge, resultingin a puhlic sak of ~he premi.e. cu~rrrd herr-
hy, ur if Ihe mortgagee arquires the pr~~perry otherw~ise after defauli. the murlgagee shall apply, at the timt of the commencrmrm ut ,uch pro-
ccedertgs or at the time the properly is otherw ise acquired, tlx twlance then remaining in the tuods accumulsted under 1 b) uf paragraph'_ preced-
ing as a credit against the amount ot principal then remaining unpaid u~xler said nute and shall propetly adjust any {~aymznt> which ,hall have
heen madt u~K1er 1 a1 of said paragraph.
4. That he N ill pay all ta~e+. a,.e..mrot.. w ater r.~te~ artJ other ~:u~~ernmrnta! ur muuiripa! charge~, fine+. ur imp~~,itiun,. for w hich pro-
.i.iun ha~ n~a hrrn m~Jr hrrrinbrfurr_ anJ m Je(ault thereu( 1he murtgagee ma~ pay thr ,amr: and Ih:u he uill prumpth dcli~rr the othcial
rrcriph Ihrrctor tu the murt~agrt. ~
S. Th:~t hr will ~rmit. commil_ ur ,udrr no w a~te. impairmrm. or de~e~ioration of caid property ur ;inr part thrreuf: ;~nJ in the e~rnt o( Ihr
f:,iiurc uf the murtgagi~r to krep 1he twikiing~ on •aiJ premi~es and thu+e ~o F+e erec~rd un wid premicec_ ex impruvemrnt. thrreon. in g~kxl re-
pair_ the mortgxgee may make wrh r~pain as in it~ discretion it m~y Jeem nectssary fur the pro~+er pre~en:uiun Ihereut. ~nJ Ih~ full amuum of
each anJ r~ ery ,urh paymMt ,hall t+e immeJiately Jue and payabk. and shall he cecured by tht lie~ ot lhi~ mortgage.
6_ 'fhal he will p•ry all and ~ingular the co.ts. chargec. and e~penses, including reasonsbk !aN yer'~ fee~. ~nd ro~tti ot ahti~r:~c1. of tiUe. in--
curreJ or paid at any lime by the mortgagee hec~use of the (ailure on Ihe part af the mortgagar prompth~ anJ (ully to per(otm the agreemzm.
anJ rovenant~ uf tiaiJ promia~ory nute and this murlg•rge, anJ ~aid ro+t~, charge,. anJ etipen~e~ chall he immediately due :~nJ pryahle :+nJ .hall
t+~ ~ecureJ hy Ihe lien of this mortgage.
7. -(~hat he witf keep thr impru~•~m~nt~ naw e~i~tingur herrafter erected on the mortgaged propertp, in,ureJ„ may tk reyuired from time
ta time hy ~he murtgagee agaimt lo„ h~ fire anJ uthrr ha~aN.. caw.~ltie.. and cantingrncir~ in ,uch amauni. and (ur .urh ~ri~xi. a+ ma~ he
reyuirrd by mort~:agee. anJ will pap prompUy . w hen Jue. am premium~ on ,uch inwranre for payment u( which pruvitii~~n ha~ ni~t t+~eo madr
hereintxfurc_ :1i1 imur.~nrr ~h:d! I,e carri~l in cumpanies appru~ eJ by mortga~tee and the {x~licir~ and ~eneK ah thcreof tihall he helJ b} murtg;~-
ger anJ hat~e :~ttacheJ thrretu lo~~ pa~abM rlau.r~ in tavor of anJ in furm :~cceplable to ~he mongaget. In event uf loti, he will gi~~r immediate
nutice by mail to murtg~eee. aoJ mottg:?~tee may make proof af lu.~ if not maJe promptly by mortgagor. rnd each inwrante company con-
rerneJ is herehy :wthuri~eJ :+nJ JirecteJ to make payment for ~uch lo~s directly tu mortgagee imteaJ of to mongagor anJ murtg:,gee jointh•.
and the imuranre pnxeed.. ur any p;~rt thereot. m:~y t~ applirJ hy~ murtgagee at it< <?~iion either to Ihe reJucteon of the indeblednes+ hrrehy
.ecured or tu thr rr.turation or repair af ~be pru~+ert~ JamacrJ. In e~~em ot fureclowre of thi~ mortg:+ge or uther Iran~ter u( title to ihe mort-
g:+geJ pruper~~ in r~tingui.hmrnt uf Ihe inJrhtedne...eeured hrrrb}•. alt right. ~itle. anJ intere.t of the murtgagor in anJ to an~ inwrance ~~li-
' cie~ then in furce ~hall pa.~ to 1hr purcha~~r or gr.~ntee.
~
X. "fhat if the premi,eti. or any part thtrcof. hr cunJzmnrJ unJer ant~ ~~wer of eminrnt Jumaio. or acyuired f~u puhlir u.e. ~he Jamage..
~ pruceeds. anJ Ihe c~~nsiJera~ion for wch acyui.itiun. ta thr e~trnt of the full amoum o( inJehtedne.~ u~wn thi~ ~I~r.tgaee. anJ the I~ute ~ecured
! hereby remuining unpaid. are hereby ;u~i~neJ hy the \1ort~agot tu the ~lortg~gee and shall br paiJ (onhw ith lu Ihr \totl~gee to t~ applicd h}
f i1 un arcount.~t thr inJrhtenes~,ecurrJ hereby. whether Jue ur not.
` y. That the murtEaFer may. at any time pendin~ a wit u{x~n thi. mortga~r. apply ro thc ruurt having juri~Jictiun thereot for the appoint-
~ meM of a receicer, anJ +uch court ,hall (orlhwith ~ppoint receiver of the premi~e~ covered hereby all and singular. incluJing all and cingul:~r
the inc~~me. profir~. i..ue~. :mJ revenue~ frum whatever ,~~urce JeriveJ. earh and every of which. it heing r~pres.ly unJentixxl. i. hrreh~~
murtgagrJ if .E±eci6call~~ ut fonh :md de~cribrd in Ihe cranting anJ h:?txndum clausec herei~f. anJ ~uch receiver .hal! have all the bro:~d :~nJ
' rttectire lunctiort. anJ power~ in ~nyNi.e entru~ted hy a c~wrt to receiver. and wch appointment .h:,ll he maJe hy .unc ~oun a~ an admiurJ
` ryuil~ anJ a matte~ of ab.ulutr right tu .aiJ mor~gagee_ anJ without reference to the aJeyuacy or inaJequ:ky o( the ~ alue of Ihe proprrty murt-
_ ~:..~:rJ ar tu the .ul~enc~ ur in.uhrnc~ uf .aiJ murtgatiur ur 1hr detrnJ:~nh. anJ that .uch r~m.. pri~fit.. inrume. ic.ut.. anJ re~rnur..h:Jl he
upplieJ by wch receiver :iccorJing to the lien of thi. mi+rtg:~ge and the practire ot wch court. In the event of am• Jefauh ~m thr part nf ttx murt-
gagur hereunJer. tbe m~~rl~x~.~x agree. to pay to ihe mutlgagee un Jemand ac a reawnahk momhly rrntal tor :he prcmi~e~ ~n amuunt at le:~.t
- eyui~;Jent to one-~Ke1(th 1111?1 uf the :~~regate ut ~he twelve monthly inctallments payabk in Ihe then current year plu~ Ihe actual amuunt o(
the annual ta~e~. a.~e,~ment~. watrr rate~. anJ imur.~nc~ premium~ for wch year not co~ered hy Ihe afure.aid mantht~~ pay ment~.
III. That fal in the r~-ent „f ao~~ bre:+ch ~~t ~hi. mvrt~:~~e ur defauit un the p.~rt o! the murtgagor. or 1 h1 in the e~ ent that any of ,aid .um~ .~t
muney hrrrin refrrreJ t~~ Fu ~ut promptly ~oJ fully paiJ wiihaut Jem:mJ ur nu~ire. ~~r Ir1 in the e~ent Iha~ each anJ every ~he .tipulatiun..
.~Lreement~. canditivm. anJ .i~~eoant. of wiJ nute and Ihi~ m~~rtg:~~te. are not Juh•. promptly. anJ tulh• perfurmeJ: then in eilher ur an~ .uch
r~rn~. the .aid ag~regate .um mend~~neJ in +aiJ nutr then remaining unpaiJ. with intere~t arrrued tc~ that time. :~nd all monev.•ecered hereh~.
.haH hrrum~ dur anJ payahk forthwi~h. ur therea(ter. a! Ihe option of ~~id mortg:?Fer. a~ full~ anJ a~mplrtrh it:dl uf Ihr wid wm. of man-
r~ wrrr origin:dly ~IipulateJ ta he paid ~m wrh J~y. an~•thing in v~iJ notr ur in this mortgaKe to ~he cuntr.~n• nutw i1h.l:mJing: and thcreuExm ur
there:~(1er. at the optiun u( ~aiJ mortg;~~ee_ with~~ul ni~ticr.~r Jrm:~nd_ .uit at law or in eyuity. may tx pri+~ecuteJ if all mune~ ~~rcured here-
_ hp haJ matured priur la it~ imutution. 7he murt~;.~gec map forertu.r thi. mortgage, a. to Ihe amuunt w dec!•rreJ due anJ pa~able. anJ the ,aid
' preme.e, .hall br ,uld Io.ati,fy anJ pay Ihe ,ame tuge~her N ith co.t~. e~~n.e.. :,nd alluw:mce~. I~ cace uf par~ial forecluwre ut thi~ monEage.
_ the mortgcigeJ premi~e~ .hall tx ~old ~ohjrrt to ~he con~inuing lien af ~hi~ mongage fur ~he amount oi the Jeht nut ~hen due anJ unpaid. In tiuch
~ ra,e Ihe pro~ i.~~.m ot Ihi. p:~r.~~;raph may a~::un hr a.:~i1~J i~f Iher~ahrr in.m ~ime to timc hy the m~xtgagee.
i
I1. Thal ~he mortgagor wiH gi~e tmmrd~:ae notice h} m:,il ~u thc mort~;a~er ol .,ny ~omey:mce. tram(er. ur ~h:?nge of awner.hip ot thr
~ premius.
1'. "Cha~ ni~ Nai~rr of any cu~rn:~m herein ~~r uf Ihe obGgatton tiecureJ herehy ~hall at any Iime ~hereafter he he1J tu he :i wai~~er i.f the
_ term~ hcreo( or uf the ~iae .ccureJ hcrchy.
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