HomeMy WebLinkAbout0680 3. Ihal, in urJe~ nw~re fully tu prut~tit Ihc.rrutity uf ~hi. mur~g:~gr. 1hr nwrig:idur. ~.~grthrr N~1h. arxl in aJJiuun ~u, Ihc nr~n~hl~
paymrm. undtr Ihe term. .?f Ihr nulr .~tiur~vl hrrrhy. un thr fint ~lay of r:kh munth unlil Ihc .:ud nut~ i~ fully paiJ, wJl p.?y w thr
mw tbagc~ thr fulluwing ~um.:
lal An amuunt wffi~:ient to provide ~hr huWer hrrruf wnh funJs tu pay thr nrxt awrtgage in~ur~nce prcmium i! thix instrumrnt and
the note secured hereby are insured, ~x a munthly charge Iin lieu of a nx~ngage insurance prtmium) if Ihey a~e held by ~hr
Sr.:rrtary of
Housing and Urban Development, as folluws:
11) I( and w long as saiJ note of even Jatt anJ this instrument :ue insural or sre rcimured urxler thr pruvi+ions of the
Nationaf Hausing /1c1, an smcwnt sufl`icienl to accumulatr in the hanJs ~~f Ihe hoWr~ o~e 1 I I month prio~ to its due date 1he
annual mortgage inwrance premium, in orJer to proviJe such holJe~ with funJs to pay wch premium ta the Secretary of
Housing anJ Urt~an L)evetopment punuant tu !he National Huwing Act, a~ amrndrJ, a~xi applKable Itegulsuon~
Ihereunder; cx
1111 If anJ w lang ~s +aiJ nutr uf even date and this instrumrnt art hrlJ by ~he Secretary of Huu+ing anJ Urt+an [~velopmrnt,
a monthly charge lin lieu of a m~xtgage imurance premiuml which shall be io an amount ryu•rt tu unc-twrlfth 11112) uf
une-half 1'%:) per cenlum of the average uutstanJing balance Jue on Ihe nate computnl w•ilhout ~aking into account
drlinqucncies or prepaymcnt+;
Ibl A sum equal to the gruu~xl rents, if any, nexl dur, plus the ~emiums ~ha1 will nCxt brcome due and pay:+ble on poticirs of firr
and u~her haeard inwrance covering ~he nwrtgagcd property, plux taxr+ and accesxments next due on the murtgaged pr~rty lall
ac ectimated by the mortgagee) ias all sums already paid therefor divided by the number of montAs to elapse befure une manth
priur to the date when such ground rents, prtmwms, taxes, anJ asses~mentx v?•itl become delinyuent, such sums to br held by
rtwr~gagee in Irust to pay said ground rents, premiums, tsxes, and special assessments; and
Ic1 All payments m~ntioned in ~h~ tw~o preceding subsections ot this paragraph arxf all payments to be made uixier the note ~ecured
hrreby shall be udded togethrr and the aggrrgatr amount thereof shall be paiJ by the rtxxtgaga~ each month in a single payment
ta ba applied by 1he mortgagee to the following iterm in the orJer set forth:
11) prcmium eharges unJer the cuntract of iatiurance with the Secrctary of Housing and Urban Develupment, or rtwnthly
charge lin lieu of m~xtgage insur:?ncr premiuml. a+ ~he cast may t+e;
1111 ground rents, taxec, a~~rscments, fire, and other hazard insurance premiumc;
11111 interest on the note ucurrd hereby; and
IIYI arrwrtizatiun of 1he principal of said nole_
:\ny deficiency in the amuunt of ~u~h aggreg:Ue munthly paymrnt thall, unlr~. maJe go.xi hy Ihe mortgagor priur to thr due date uf
thr ntrt ~uch paymrnt, constiwte an rvcnt of Jrfault unJrr thi~ m~xtgage. ~~hr m~xlgagee may cull~t a"late charge" not to c?~cerd tw•u
centti 12e1 fur each Jollar ISI ) of earh paymrnt more th:?n fiftern ~ I51 days in .urran to cover the extra expenu involved in hanJling
Jelinyuenl paymentti. .
z. Th~t if the tutal uf thr paymm~t+ maJr by the murtgagur unJer Ibl of par~graph 2 pr~~cJing ~hall e~crrJ Ihr artwunt of the
payments :Ktu~lly maJr by the m~xtgagre, fur gruund renh, tare+ anJ aoe»ment~ ~nJ inwrarkc premium._ at the ~acr may bc. such
excess at the option of the mortgagee, shall, be creditnf on subsequent payments to be made by the mortgagor, or refunded to the
murtgagur. If, huwever, thr munthly paymrnts m.nlr by the murtgagor under Ih?of paragraph'_ precrding ~h.~ll not t~e sufficicnt ~u pay
gruund rems, ta~es anJ asse~~ment. and insurance pr~miumc. the case may br. when the s:?me shaU hecume Jue anJ payable, thrn the
nwrtgagur shall pay to the morlgag~e ~ny amuunt necr~sary tu maAe up the dcfi~;irnc~•, un ~x hrfor~ the Jate Nhrn p:~yrt?ent ot ,uch
gruureJ r~nh, tn~cs, a.cc.timentti, ur in.uranc~ prrmium. .hall tx due. If at any time the murtgagur shall trrxler to the mortgagee in
ac~urJancr Nith thr pruvitiion+ uf thr notr ~rcurrd hereby, full paymrm uf the entire iixlebtninecc reprc~nted thereby, the rtwrtgagee
,hail, in cumpuling the amuunt uf ~uch indrbt~tifnr~c, crctilii tu the accuunt uf thr mortgag~u all paymemti made unJer the provicions ut lul
uf par.tgr~ph'_ hereuf which thr mortg:~gre ha~ n~~t t+rcume obligahd to p:+y to the Secret:+ry uf Housing anJ l'rban Develupment anJ any
b;Jancr rem•rining in the funds :~ccumulat~tii under the pruvisiom of Ih? of said p:?ragraph If there shall t+e a defaull urnler any uf the
pruv~+ium of thi~ mcutgage, rr,uhing in a publi~ ~alr uf the prrmi.~~ cuvrred hrreby, ur if the mortgager acyuirr~ th~ property otherwi~r
aftrr drfault, thr murtgagee ,hali apph•. at Ihe timr uf th~ commencemrnt of.u~h pnxeedin~ ur at Ihr tirnr the pru~rtq otherMise
:KyuireJ, thc halar?ce then remaining in thr funJ~ a~cumulatctif unJer rhl uf paragraph 2 prec«iing a+ a creJit agaimt the amuunt of
prin:ipa! thrn rrmainiog unpaid under .aiJ nutr and shall pruperly adju~t any paymentc Nhich ,hall havr hern m:iJe undrr lu) uf ~iJ
paragraph.
4. That hr will p:q• all taxes, a.+e,.m~nt.. watrr r.itr,. a~d ~~ther governmrn~al or municipal chargr._ finec, ur ~mExniuom. fur ~hich
pruvi~iur. ha~ not hecn maJe hereint.~fure. anJ in d~f~ult thercr.f thc m~rtg~grr ma~ pay thc ~ame: anJ thal hr ~~II prumpely Jrliver thr
uRicial rctripts therefur to lhe m~~rtgagee.
5_ fhal he H ill permii, cummit, or .uffrr nu ~~a~tr. impairmenl, or Jeteriuratiun uf ~aiJ pruperiy or any part therrof: anJ in the eccm
uf thr failure uf the mortgagor t~~ keep the building. on k~iJ prcmi~eti and tFx~ce to t+e erected on caid premi+es. or improvement`thereun,
in g~~xl rrpair. thr rrwrtgagee may make such r~pairs as in it. discretion it may deem neir~tar~• for the proper pre+crvation thrrcof. anJ
the ftdl artxwnt uf rxh and ever~• wch paymrnt ~hall t+r immr.fiatcly Jue anJ payable, and ~hall tk xtiurrd bp the lie~ of thiti rrmrtgage.
6. That hr Hill pay all anJ tiingular thr cu~h, chargc~, anJ e~pemr,. in~lud~ng rea~unahle la~yrr'. frr,. and cust+of ahstracts of title.
incurr~d or p:?iJ at any time by Ihe mur~gag~e lxtiausr of the failure on thr part uf the murtgagor prompdy and futly to prrform thr
xgreement+ arni covenants of s:i~d promi++ixy note and thiti murtgage, and ~aid c~~+h. chargec, arxl r~pemc~ .hall lte immeJiately Ju. :~nd
' payablr and .hall he secured by ~he li~n of th+. m~xtgagr.
! 7. "That he N~II keep the improvement+ noa e~i~ti~g or hereafter ertct~tii un thr murtgagral pru~xrty, inwred a. ma~~ hr rcyuir~~l frum
' tim~ tu timr hy~ thr mortgager against lir. by fire and other hacnrds, c:~wlaties. and cuntin~rncie, ~n ,uch anwunt. and fitt ~uch prriuJ~ a+
~ may t+e requ~reJ by mortgagee. and ~ill p;iy prumpth...h~n Jue, any prrmium..m.urh imurance Gx paymrnt uf wh~ch pruvi~iu~ ha. nut
~ been made hereinbefore. All insurance shall be carried in companies approveJ by mortgagee and the pu!icies and renew•als thereof shall
3 t+c heW hy mur[ ~ ee anJ ha~~e attached thereto Irn~ ~?ble dau~e~ in favor of anJ in f~Nm acer taMt tu !hr nH~rt ~a te. In event ui to~,
K~ 8 p• P b 8
j he will givr immrJiate rwiice by mail tu mortgagee. and morlgagee may make pn~f uf loc~ if rr~t maJ~ prumpUy by mcxtgagur. and za.h
~ ~murance a~mpany concerneJ i, hcreby :+uthurit.cJ anJ JirectrJ to makr paymrnt fur wch I~n, Jirr~tl~~ tu nwrlgagr~ im~rad uf tu
nwrtgagiir and marlgagee jointly. and thr in~urance pr~~cedti. ur anp part thercti~f. may h~ applirJ hti nr~rt~agcr .it u+ ~~ptiun cithrr tu Ihr
~ rrducti~~n uf the inJrhtrJne.. herrh} uYUr~tii ur w thr r~~turatiun or repair rl thr pr.~prrty J:+magrJ. In c~~nt uf fureckrur~ ut 1hi:
' murtg;,g~ i~r uther transfer e.f title to the m~~rtgagrJ pruperty in ~xtingui~hment uf the indrhtrdnr.~ .rcur~d hrrrh}, ;il1 right. titlr_ :+nJ
~ imrrcu uf ~h~ murtgagur in and tu an~ inturance po:icie~ thcn in force shall p:?~+ ro lhe pi~rch:~tier ur gr.mtrr.
~ R. "I~h:~t i! thr• premises, ur anp part th~•reoi, b~ cunde~mn~•d under an~ poher of eminent d~::;~ain, or ,~c~#uir~~i tor a puLlic~ u.e•.
~ the• d:tm.~~e~., pro~eed., rnJ th~ ~-~~nsiderati:.n for such arqui~ition, to the e~temt o( thc• (ull a:uount o( inde•Lt~~dnr.. upun thi.
~ 11~~rte,~e!•,:~nd th~• \o~e securro hereby remainin~ unpaid, are hereb}' assil:ned bc th~• \lort~a~or tu the ~lortgarr~~ .ind ~hall L~ F~.~id
fur~h~.i~h ~o thf• ~1ortRa~~~e to be appli~•~i hv it un acc•uunt uf thr indebtedne~~ ~~~~~ure•d h~reb~, ~.hrth~~r due or not.
4 9. That the murtgagce may_ al anq time prnJing a~uit u~xm ~hi, mortgage. apply tu the cuurt ha~ing jurixiictiun thrre.~f fur the
~ apEx~immem uf a recriver, anJ wch ruurt ~hall forthwith appuint a receiver of the premix-~ covered hereby ;JI anJ .ingul~r. including all
~ and tiingular the incomr, prufib. uyuce, and revenurc frum uhatrver y~urce Jerirrd, each arxl every uf Nhich, it t+ring expre~~l~
undentuoJ, i~ hrreby morlgagrJ a~ if ~Ex~ificall~ set funh and Jc~criheJ in the granting anJ hatxndum clau~e+ herc-~~f. and ~uch recriver
.hall have all the broaJ and effrctive functiunt anJ puNen in anywice entrusted by a court to receiver. end wch appointment ~hall br
~ maJe hy wch court a+ an admitteJ equity and a matter of ahx~lute right to wid mortgagee. and witF?~wt reference to the aJeyuac)• ur
~
~ in:+Jeyuacy of the value uf Ihe property mortgagrJ ur to the wlvern:y or ins~~vency of saiJ rtx~rtgagur or the defendent+. and that wch
~ « nt,. pmfit~, incomr. issues, anJ revenu~~ shall t+~ app~ied by +uch receiver according to the lien of thic murtgage and the practice of such
~ wuri. In the e~•rnt of any Jef:,ul1 un thr part of the rrx~rtgagor hereunder. the nx~rtgagur agrees to pay tu thr murtgage~ un drmanJ ati a
- rea,unabte mi~nthly rcntal for thr premi,rc an amount at lea~t equivalent to one-twelfth 1I/I21 of the aggregate of the tweh~e rtx~mhly
`z imt:+llments payable in the then current year plus the acwal amount af ~he annual taxeti, a~sc~~ment,. water rate+. anJ imurance premiumti
fur .uch year not covered by 1he aforesaiJ munthly p:~yments.
~ ~p, That lul iq the event of any breach uf thi. r~iortgage or defauli on the part of the murtgagar. ix Ih1 in Ihe event that an~~ of wiJ
~um, of money herein referred to be not promptly and fully paid withuut Jrmand ur notice. ~x Ic) in the eveni ~hat each and every thr
titipulations, agreements. conJitions. ~nJ covenant+ of ~aiJ nutc anJ thic murtgage. are ne.t duly. prumpQy. arxl fuUy perfixmeJ: then in
either ur any ~uch event, the wiJ ~ggreeate wm mcntionrd in .aiJ notr ~hen remainig unpaid. w ith intere.t accrueJ tu that timr. anJ all
rrnmey+ ~ecurrd hercby, tihall t~ecume Jue anJ psyahlr furlhH ith. or thereafler, at the uptiun uf +a~J m.Ktgagee, as (ully and completrlv a+
~
if ~II uf the ziid sums uf rTx~ney were originally stipulated to he paid un wch Jay, anything in caiJ nute or io thi~ murl~age to ~he contrary
nutw ith~tanJing: and thereupon or thereafler, at the optiun of ~aiJ nxxtgagee, without rwtice or dcmand. +uit al law• or in rquity. may lx
~ pr~necuteJ ac if all moneys secureJ herebv had maturcti prior to its in~titution. The murtgager may fixeclute Ihis rtx?rtgage. :~s to the
~ amuunt ~o JeclareJ Jue and payable, and the wiJ premi~eti ~hall be x~IJ to tiati~ly and pay the ~:?me tugethe~ with c~nu. expences. anJ
?2:
~Ilowances. In c:?~e of partial foreclo,ure uf this mortgage. the morigaged prrmi~e, tihall be wIJ .uhject to the continuing lien of this
nwrtgage for the amuunt of the JeM nvt then Juc and unpaiJ. In ~uch c:stie the pro~•i~ion+ uf Ihis paragraph may again he availed o(
thrrraUer from time to lime by the mortgagee_
I 1. That the mextgagur w ill givc immeJiate notice hy mail tu the mortgagee uf any conveyance, trantifer, or change of ownertihip of
the premise~_
~~y 12, That no waiver of any cuvenant herein or uf the ~~hligatiun tiecurni herebp ~hall at any time Ihereafter he hrlJ to tx a waiver of
~ the terms hereof ~x of the note securcJ herehy.
~ 8~~~~16 ~~~E 680
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