HomeMy WebLinkAbout0675 1 h:?t. ~n urJrr nxar full)' tu pi~Natil ~hr .r:unty ul~ IM. m.~rtga~~. Ih~ mu~tg.,g~~r. tugrthrt N~Ih. :,nd in :~ddiuuo 1~., thr nx~~uhlt
p.~~mrnt~ un.lrr thr tr~~m ~~f ~hr nulr .~tiu~~.i h.irh~, un thr tint ~:i~ oi r:~:h nwnth unli! thr .ald n~>tr fully p:,ul. N~II p.,> tu Ihr
n~uilg:~b~e thr full~~Ning .t~im~
la) .An anwunt wfficirnt to pruviJr ~hr fiuldrr hrrcuf Mith fund. t.~ pay the ncat rtxxtgagi imu~an~e prrmium if thi~ im~rumrm and
the nutr ~rcured hereby ~rr imurrJ, ot a monthly charge lin liru of a mar~Kag~ imur.uxe prrmiu~~~) if ~hry arn c~ld hy thr
Sc~retary uf Howing and Urban [krelupmcnt, as foUow.:
111 If and w lung as ~id note uf evrn Jate anJ thi~ imtrument are insure~l or arc reinwrc~f unJrr Ihr prov~+~om of the
National Housing Act, 3n amount sufTicient to accumulata in Ihe hands of Ihe twWer une 111 month priur to ita due date the
annuul r~wrtgage ipsurance ~xemium, in urJrr lu pruviJe ~uch h~~lder with funJ~ tu pay ,uch premium tu ihr tir.;rrt~ry uf
Housing and Urban Drvelopmenl pursuant tu Iha Natiunal Huusing Acl, a+ amrnJrJ, anJ applicable Rzgulauun~
' therrunder; w
UI? If anJ w lung'~. +:~iJ notr uf e~en J:?te anJ this ina~rumrnl are heW b~ ~he S~crrtary of Nuusing arxf Urtwn I~velupment.
a~nonthly charge Iin liru of u murtgagr inaurance premium) which +hall t?r in an arrxwnt equal to onr-iwrlfth I I1121 uf
une-half 1'~i 1 per centum uf the average uut,tanJing baiancr due un ~hr note cumputctii wilhvW Iaking intu a~uuni
delinyuencies or prepaymrnu;
(hl A sum equal to the grnund rents, i! any, ncxt due, pluc the ~rmiumc lhal will. ncxl brc.~mr due asxl payable un polKie~ of fire
and ~~~her hazsrd in+uranct cuvering Ihe murtgagivl pr.fperty, plu< taze~ :~rxi aciet~ments nrxt due un ihe m~xtgageJ property (all
a, estimated by thc mortgagee) lecc aU sums already paiJ therefor divided by the number of months to elapsr before one montA~
prior tu the Jatr whrn such grounJ rcnis, prem~umc, taxes~ u~xi as_x-s_,ments will becumc delinyuem, such wm+ to t,r hetd by
murtgagee in trust w pay s:+id gruunJ rents, prrmium~, t~xes, anJ .pecial :mes,menu: anJ . •
Ic) All payments mentioned in the tw•o preceding suMec~ions of this paragraph and all payment. to be made under the note ucured
hereby .hall t~e adJ~i tuge~her and ~he aggregate amuunt thereof ~hall be p~id by 1hr Rx~ngagor each mu~th in ~ s~ngtr {+ayment
to be applitd hy the rtxxt6aaee to the f~~lbwing ilem~ m Ihr urdei sr1 furth:
11) pr~rnium cha~gts under the cuntract o[ imurance Nith the tierretary~ of Huusing and Urban Ikvelupmrnt, ur monchly
chargc Iin lieu of m~xtgagr inwrance premium), a~ Ihe case may lx:
(11t graund rent~, taxes, a~se~sments, 5re, and u~her haiarJ imur:~nce prrmium~:
11111 interest on ~he note xcureJ hereby: and
11~'1 amortitation uf the principal of s:?iJ nutc.
:~ny defxirn~y in the anwunt uf ~uch ¢~ggregate ~tR.nthiq paymrnt ~hatf, unlchc maJr gikxl hy the miu~g.~g~N prft~r Iu thr Juc ~atr uf
thr nti! sueh paymrnl, comt~tute an rvrm uf drfault under this mortgagr. fhe mu~t~agrr may collcti~ ~ lat~ rhar~r" nut tu rue~J t~u
crnt~ ~2c1 fi~r rarh ~k~llar IS11 uf r:n;h pa~•ment mure than fifteen I ISI day~ in arrean tu cuvrr thr rttra ex~xn~r invulv~~i in ha~dling
.Irl~~qurnc paymcnt;.
Th:~t if ~hr tolal uf the payment~ maJe hy the m~~rtgagur under ~h1 of par:?gr:tph = prrcrJing .hall e~creJ Ihr urrx~unt ~~f the
paymrntc actually madr ~y the morlgaRre. f~+r ground re~t.. ta~e. and a.ticc,mcnh and m+ur.irwr premium+. .~ti thr ..ase may be, wch
excess at the option of the mortgagee, shall, be credited on subsequent payments to be made by the mortgagor, or refunded to the
nx?rtgaGi~r. If, hoH~cver, the rtx~nlhl~• paymcnh m.~dt hy Ihe murtgagor under th? i~f paragraph 2 pr~ti:ediog ~hall nut br ~uftic~rnt tu p~y
gruunJ rcn!.. Ia~r~ a~xf a.x+~mrntc :~nJ im~uanc~ premiumti, thr cace may t+r. when thc ,:?me ~hall l+ecume dur and payablr, then thr
murtg:+gur ~halt pa~• to the murtg;~get :~n} .unnunt ne.-c~.+:~r~ tu make up thr drticierky, on w tkfurc thr datr whrn pu~mrnt of ~uch
~ruun.f rent,, Cisc,, attie,sment,. ~a in.urarxe prrmiums ,hall t+e du~. If at any timc the mixtgagor shall tender to thc morlgagre in
a«~~rJanre with the provniom ui thc nut~ Kc~urd hrr~by, full paymrnt uf the enure indebtedne+s reprc~nted therrby, the ~rx~rtgagrc
.h:dl, in ~umputing thr amuunt of,uch irnleht~tlne+., cretilit to the .iccvunt of thr mixtgagcx all papmentc madt unde~ the pruvi~iuns uf Iu?
ut p.uagraph : hereof which the mortgagee ha. not F+ecome ubligatrd tu p:~y tu thr titcretary uf Hou~ing and Urban Uevelopmertt a~x! an}• '
b~la~ce rcrtwining in the fund~ :ucumuL~trJ unJcr thr pn~vi.iom ~~f Ib/ uC,aiJ paragraph 2. (f ihere ,hall hr a Jct;wlt arHhr ;~ny uf the
prv~:+ions of th~c mortgage, rc~ult~rsg in a public cale of th~ premicrc coverecl hereb}. or if thr mcxtgagee acyuires ~hr pru~xrt~ ~~thrr~
aflrr J~fault. thc murtgagee ,h.Jl appl~. :it th~ um~ of thr ~ummenr~mrnt ~~f .uch pnke~dink~ ~x at Ihr ~ime thr pruprrty i, uthrr~ne
:KyuirrJ, thc halancc than remaining m thc funJ. ;,.~umul:aeJ undrr ~h? uf pc~r.~graph 2 prrcrdinR a~ a:rcJit aga~mt thr :~muunt uf
pnncipal thcn rrmaining unpaid undrr ,a~J nutr anJ ,hall prnprrly aJju~t any pa~m~nt~ ~~hich .h:~il ha~n c~rn maJr undrr Iu1 uf wiJ
p.,ragraph.
1. 1 h:u hr will p~~ ull taxr.. :i~~~„mcnt.. N:?~er ratr,, and ~•thrr gu~~rnmrntat ur muni:ipal ch:irgr,. finc~. ur intFxi.itiom. Cur uh~~h
pru~•~.ivii ha, nvt hern maJ~ hrrcinb~fucr. and in Jrfauh th~rr~,f thr m~~rtgagrc m;~y p:~y th~ v~mr: anJ ~hat hr Nill pr~~mpth Jrlivrr thc
ui~ic~:~l r~c~ipt~ thez~fur tu thr murlg:~gcc.
7 hat hr will permh. commU. ~ulirr n„ N;~,tr. ~mp:urmrn~. ur .Itti~i~xatiun ~~f.:~id pru~rtc u: :~n~ p:ut thrrruf: :~nJ in thr c~en~
ut thr failure uf Ihr rrH~rtgagur to k~ep the hufldings un caid premi+rs and thu.~e to br rr~tited un wid prcm~,c>, ur ~mpruvrmrnt~ therru~.
in g~r.J rrpair, the murtgagee m:~y m:?Ae such r~pain in n, di,cretiun h maq Jerm ntY~.,ar} tur thr prupcr prexn•at~un thcreuf, and
lh~ full anwunt uf r5~h and every~ ~uch paymcnt ~ha(1 tk immrJiatch~ Ju~ .md pacahlr. :?nJ chaN hr x~urrd by ihe licn uf thi+ trx~rtgagr.
h. Tha~ he will pa}• :ilt ~nd singular the cuats, charFe,, anJ expencc'~, including rea~~~nahle laaytr'c fees. and cast~ of abstracA uf utl~.
incurrctil or paid at ~nq tiinr b•; th~ murtgagrr hecau~c ut" thc f;uli~rc un th~ part uf thr m~ntgagur pr~~mptl~ anJ fullt tu prrti~rm thr
acrrrmrnt~ ~nd cwrn~nu uf ,;iid prumia,ur~ not~ and this murtgag~, and ~a~J cu+t~. cA.uge,. a~Td rxprmc~ +hall F+~ immcJi.,trlp Jur :md
pay.~nic :,na +h:Jl he cec~red hy the lien of thi~ mortgage.
7. 7 hat hc will kcep Ih~ impmvemcnt~ n~~w• e~i~ting ur hereal~rr ~rr~t~d un Ihr m~~rtg:~gr~f pruperty. ii»urrJ a, ma) t+c.rtGturcJ fre~m
t~m~ tu t~me b~ the murtgagee aga~mt i~r~ hy firr and uthrr hatard.. r.~,ulat~r.. :~nJ cun;in~rrti ir~ tn .u,h am~~iinh .~nd G~r +uih prri~~d~
m:,~ hcreyuircYl b~ murtg~g~e, and tiill pa~ prumptl~, uhrn due. any premium,.~n,u~h inwr:~nc~ F~x p;~~mrnt uiHhich pn»i~i~~n ha~ nut
been made hereinbefore. All insurance shall be carrieal in companies approveJ by mortgagee and the puliciec anJ renev~als thereof ~hatl
he hcld h~ murtgagre and ha~~e attachr~i thrrctu t~n~ p:~rehtr el.~u+r. in liivoz ut ,~nJ in f~,rm :ec.rpt.~hlc tu ihr rrH~rlg:sge~. In «rm uf 1~,~,
he ~ill g~~r immediatc nuticr by m~~l lu m.xtgagrr. arxl rrwttgagre ma~ mak~ pr~M,( ul l~»~ if n~,t m:~Jr pr~,mpth hy murtc;~gur. an.l rarh
imur.~ncc ~umpany ~onccrncd iti hcreh~ :~uthori~rd anJ dir~Yt~d tr. m:~l~ paym~nt fur ~uch i~~.. d~rc~Uy t„ nx~rtgagrc imtra~t ~~f tu
nw~ngag.x anJ mortgaEre juintty, anJ the irtcur~r.cr proceed+. or any part lherei~f, may {~r appbrJ h~• r?„~ng:~eee ;a it~ optii~n either to thr
r~Juc~i~+n ~if the indcbt~~lnr.. hereh~ i~tiur~tl ur Ia ih~ r~~t~xatiun ur rrpair ~~f the pruprrt} ~I.~m.iLrJ. In r~rnt uf fureclu.urr ~~1 thi+
m~~rts:age ur uther tr~n.fer uf tiUe to thr murtKaged pr~rprrt~ in ~~tingni~hmrm uf thr in~ich~~dnr~~ -.r~ureJ h~rch~. :ill richt. titlr. ,~n~l
intrr~~t :~f thr murtgagur in anu tu any imur.~ncr pul~cir~ thrn in furcr +h.il! pa+~ ti~ t}tr purch:l~~r ur ir:~ntct. ~
H. 7'h:~t if rhe• pr.~mi,e•., or .zn} part the~rrof, br rundrmni~d undrr .in.~ po~.~v ~~f ~~ri:inrnt ,i~~:::,ein, „r •~uir~~,t tor a publi; u.~~.
thi~ d.ima~ev, proceed.. and the ~~on~ideration [or ~u~ h acquisition. to th~- ~•xt~•nt nf th~• full :~::.uunt ind~•bt,• {ne•sti upun tl~i.
\lurt_a~c,andtheilotc secured 6e•rc•hv re~n,~inine unpaid,arr hereb} a.~iFnc•~1 bc th~• t!~~rtre_ne to thr llort~~r~~.• ai~d .hall be• peid
L~rth..ith tu th~~ Uort~,~~~.~ to be~ aaplird be it nn ount u( the~ indeht~~~lne~...~~~ ur}•~! h~•rrb~, iehc•th~~r ~luc~ ur nut.
9. 'I h:~t the mortgagee ma~. :~t :~m um~ prnding a.uit u~xm thi, mortg:~gr. :~ppl~~ t~~ the cuurt h:~~ in~; jt~r~ulict~~~n Ihrrcuf fur the
ap~nntment ~:f a r~tieiv~r. :~nJ .uch cuurt .hall f~xthwith ap~x~int a re~eirrr uf the premi+eti curerrJ hcrrh~ ;J! ;irxi .ineular_ in~luJing :~U
.~nd ,~ngular Ihr inc~~mr. prutit,. ~..ur~. ~and rrvcnu~w frum wh:~tc~•rr wur~e dcriv~J. rach and rver~ uf whrch. it heing rsprr;~ly
unJcrtituixl, it hcrcb~• murtgag~~J a. if ~~x~c ificall} ~~t f..rth :~nd d~~crih~d in thr granting and h;~t+rodum cL•iusc~ hrrcof. anJ wch rcr~iv~r
~hall have a11 the hro:~d ~nd eff~~tive functium ;~nd pc~wen in amaiu rntru,ted by a court tu ~ receiver. and cwch ap~~intment ~ball tn
m.~dL hy ~ucb coun a~ ~n aJmitteJ equny anJ a matt~r of atn.~lute right to tiaid mortgagre. aad w ith.~ut referrnce tu th~ ~deyu~cy ur
ina~lryuacy uf [hr value uf thr pniperty mi~rigag~J ur to thr u~lvcni~ or insulven~y ~~f tiaiJ rrxxtgagur ur the defendentw anJ Ihat ~uch
rcnt.. pmfit.. ~ncumr. i.,urc, and rrvenurs ~hall t+~ :?pptird b}• ~uch receiver accorJing to ~hr lien af thi~ mor~gagr and Ihe pracuce of ~uch
ruurt. !n thr evrnt ~~f an~~ Jefault un the pan uf the mortgago~ hereunJrr. the murtgagor agrrc~ tu p~y tu the murtgagec un JemanJ a. ~
rrawnahlr munthly renlal fur the premises an amuunt a~ Ieati~ ryuiv~lrnt ti~ une-twcltth 11/I?1 of the aggregatc of the IHChr m;mthl}
in.tal(mrnh payable in Ihe then current ycar plus thr auual amuunt uf the annu~l t:ize.. a,~cw~mrnt~, e~atrr ra1r,. and in,ur:~nre premium~
f~u .uch }rar nut :uvered by the aforc~aiJ munthly paymenh.
10. I hat tul in the event of any brrach of thi. murtgage ur defauh un thc part ~.f thc rtx~rtgag~~r, ur Ih) in the rvent that am uf wid
~um, of munr~~ hcrrin referreel to be not prumptly and fully paid without demanJ or notice. cx f~ i in thr r~ent that e;ech anJ e1en~ thc
.1ipulaleuns, agreemr~l+, conJitionti. arnl ce~venant~ of ,aiJ n~Hr :mJ thi~ murtgage. are not duly, prumptly. and fully performeJ: lhen in
ehher ur an~ tiuch e~~rnt. the +aiJ aggregute ~um mentiunrd in ,aiJ nute then remaiaig unpaid. w ith intere.t aicrucJ lo thal t~me, and atl
rrx~nry~ x~ured herr~+~•. ~hall brcume Jue anJ payaMe furthw ith. ur thrrra(t~r. at the opticrn uf ,aid m~xtgagee. s~ fu!!y anJ completely a,
~f all of the wiJ ~umc of rrwne~ ~~rre ~ttig~nc~lh~ ~tipulated to t+e p:iiJ on ~urh Jay, anything in 1aiJ nute ur in Ihi~ nwrtgage ti~ the contrary
nutw ilh~tanJing: and therrup~n or thrreafler. at Ihe ~,ptiun uf ,aid rtxirtgagce. without notice ur Jemand. wit :,t law• ur i~ cyuit~•. map t+e
pnhecuted a~ if all rm>ney~ .ecure.f hereby had m:uur~Yl prior tu it~ instiwtion. Thc rtx~rlgagce ma~• foreclo.e the~ rre~xlgag~, ac tu thc
.irrH~unt w decl:urd Jue and payable. and th~ ~aiJ premities tihall t~e u~W to satitifq anJ pay the vme together with co~t,. e~~rnceti. anJ
allowancr~. 1~ ~.~~e of partial Forecloture of this mortgage. the morlgagrJ premi,e~ tihall t+e ~~IJ ,ubj~tit tu Ihe continuing lirn uf ~his
rtxrrtgagr for thc amuunt of the Jeht noi Ifien due anJ unpaid. In ~uch ra.e thr pru~e.iunc ~.f thi. paragraph may aga~n ba: a~•a~leJ of
thercahcr from timc to timr by the morlgagee.
I 1. -I~hat 1tie rtwirtga~ur w~ll gi~•e immeJiate n~~tic~ by maii t~~ the mortgagee of any cumeyance. tran~fer, or change of i~Nner.h~p uf
thr prrm~tic~.
12, t hat no ~ai~~rr of any cu~enant herein or of Ihe ohligatiun ~ctiured hereM ~hall at any Iime thereafter Fn held to t+e a~arver of
thr trrm. hrre.~f or uf thc nutr ucurrJ hcrehy.
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