HomeMy WebLinkAbout0685 2. Ihal. in urJr~ nk,rc I~dly tu prulrc~ ~h~ ucur~ly uf Ihi~ nw~tgag~. Ihr m~aib.~g~~r, tu6~th~r wilh, and in a~iditiun tu. ~hr nN,nthl~
pa~mcnh undrr thr trrm. ul thr nutr .rcui~til hr?rhy, un thr lirsl dap of r.~~h n?unth un~il th~ .:~iJ n~ar i. fully p:~iJ. Hi!! p.~y tu Ihr
nw~igagrr thr fi~lluwm6,um,:
lal An am~~unt wfficicnl tu proviJr Ihe holdrn c~rruf Nith funds tu pay thr nrxt murtgagc insu~ancr prrmium if thi~ in+tn~mr~~ :~nJ
lhr ~ote securrJ hereby arc insureJ, or a munthly chargn un liru ~~f a mortgage iaw~a~xe premium) if thry arr hr1J by the
Secrc~ary of Haus~nQ anJ Urban Lkvrlupmrn~, as fulluws:
111 If and w lung as seid no~t of ev~n Jate and Ihis imtrument :u~ i~~urrd or arc reimurcYl unJe~ the provi,ium uf ~h~
National Nousing Act, an amount su(licient tu accumutate in tht h•rnds uf the FwlJer une 11) month prior to its due date thr
unnua! owrtgage in~urance premium, m order to provi~lr .uch hulder with funJs tu pay wch premium to thr Secretary uf
Housing and Urhan Drvelupment pursuant t~~ 1ht Natiunal Huusing Acl, as amtrxleJ, arxl epplicable Rrgulat~om
thereunJer, or
• 11U If and w I~~ng as wid rwte of'rvrn dale •rnJ this instrumrnt are hrld by the Srcrctary of Huus~ng rrxf Urban [kvelopmrnl,
a monthly charge lin liru uf a mungagr in.u~ance premium) which shall be in an aawunt eyual w one-twelflh 11112) of
une-half 1?~1 per cenwm uf 1he aver.~ge outstarxiing t+alance Ju~ on the note compuird without taking into acrount
delinyuencies or prepayments:
IA1 A sum equal to lhe grournl rent~, if any, ncxt Jue, plus th~ premiums that w~ll neat be~ume duc and payable an policirs of fire
anJ other haiard insuranct coveri~g the mungagrJ pruperty, plus taxcs and atces+ments nrxt Jur on the morlgaged property lall
as eseimatrd by the mortgaget) less all wms alrrady paid therefar diviJed by the number ot months to elapse before one munth
p~ior to the date wAen such grou~xf rents, prem~ums, taxes, and asx~~menls will bctiome delinqurnt, such .um~ ta be held by
nwrtg3gee in lrust to pay said ground rents, premiums, tasc~a, and ~pecia) asspsmtnts; and
1~> Ap payments mentioned in thr twu preceding subsections of this parag~aph atxl all paymenlx to be made urxfer the note x~;ureJ
hereby shall be aJJed tugrther and thc aggregatr amuunt thereof shall be paid by the mortgagor each month in a single payment
ta be applitd by the mortgagee to the fullowing etems in the order set turth:
111 prnmium charge~ unJer the cuntract uf imurance with the Srcre~ary of Huwing and Urt+an Ikvelopment, ur rtwnthly
cha~ge lin lieu of mortgage inwrance premiuml, a~ the case may t+e:
I lli grcwnJ rent~, taxe., a.ccescment~, fire, and other haiard insurance premiums;
Illl) interrst un tht nae secu~ed hereby; and
IIV? amortizatian of ~he principal uf saiJ note.
:\ny drfi~icncy in the anx~unt of .uch a~rcgc~tr munlhly p:~~•mrnt ,hatl, untrc~ maJr giK?cl hy Ihr mcKtgagur preor to tht .luc dalr uf
the nrtt ~urh p•rym~:nt, cumtitutr an evrnl of Jefault under thic murlgugr. 'fhe mortgugee may rull~tit "latr ch:+rgr'~ nul tu rzerrJ tNu
c~nts 12c) fi~r rach ik~llar ~511 u( e;Kh paymem mure than fifteen 1151 Jay. in arrcar~ to covrr the eztra e~prnu imolvc~l in hanJling
d~linyurnt p•ayment~.
rhat if Ihe total uf thc paymrnt~ madc hy the murtgagur undrr !h1 of paragraph prctirJeng ,hall excrrd thr :~muunt uf the
payments a~tually madr hy the murtgager. fur grounJ rentc, t~rc~ and a~.eomrnts anJ in+urarke premium~, as the casr may t+z, tueh
excess at the option of the mortgagee, ~hall, be credited on subeeyue~t Qayments !o be made by the morlgagor, or refundtd to the
rrx~rtgagur. If. huwevrr, the munthlp paymrnt~ ma~lr by ih~ mi~~tg:?gur under Ibl of p~ragr~ph ~ precrding chall nut hr cufficient tu pay
gruunJ renis, lax~~ and atice~~mc~h anJ imurancr prcmium.. ati ~hr ca.r may tk, whe~ the s:~mr chall hrcume Jue anJ p~yable, thrn the
rrn~rtgagur ,hail p~y to the murtgagrr any amuunt nec~~.:~ry tv maAe up the tICflC~tflCy. oR ur txf~~rr Ihe date Mhrn paymrnt of wch
gruund r~nt+, t:?xe.. ,?~u,~mrnh, or in.urance prrmiu~m ~hall be due. If :d any timc the m~xtgagur shal) trnJcr t~~ the murtgagee in
accurJance ~+ith the provi.ium uf ~h~ nute .rcurrJ hereb}~. fuU paymtnl uf thr rnlire indebteclne~c representrd therrby, the nxxtgagee
.h:ill. in cumputing the amuunt uf ~uch indeht~-~ineti~, crrdit tu thr accuunt of the m~xtgagur a!! paymenu m•rJe under the prori,iunc of Iul
uf paragraph : hcrcuf which thc murtgagee ha~ nui be~umt uhligat~d to pay to thc S~retary• uf H~~ucing anJ l'rban l~velopment arxt any
halancr rrmaining in the fund~ accumulated under Ihe pmvi,ium .~f Ih~ of caiJ paragraph 2. IF therc shall t+c a default under any of ~hr
provi~ium uf thi. murtg~gr, r~KUlting m:~ publir .alr uf the premi.c~ c<>venYi hercby, ur if thr m~xtgager :~ryuirr, th~ pn~rrty~ uthrrw itir
a(ter Jefault. Ihe mortgagee tihall apply. at thr timr of the cumm~n:rmem uf,uci? pnkredings ur at thr timr th~ pruprrt~ utherwi.r
:Kyuirral, the balance thrn rrm.~ining in thr 1'unJ~ ;?ccumulatr.i unJrr 1bJ uf par,~gr:iph 2 pr~Yr.ling a~ a ~n~etit :~ga~mt th~ .~muunt uf
pnnripal then rrm~ming unpaid unJer .aid nute artJ .h:,ll pruprrl~ .~dju~~ any payment, which +hall havr hrrn maJr unJrr lu? of ,aid
parabraph.
.~1. !ha! hr will pay ;JI tax~-~, a"i~;mrnl~. w:lltf f:tlC~. JfIII othrr gu~•rrnmcntai ur municipal ~h:ugcti_ finr+. ur im(xnitium. for which
pru~~i,iun hac rtot Frtert maJe hrrrinhrfu?r, ~nd in J~1,,u1~ therruf th~ murtgagrr may pay thr ,ame: and that hr witl prumptly drGvrr thr
ufticrd reti;riph th~rcfix ta the murl~agr~.
5_ I hat he u ill prrmit. commit, or ,ut~fer no wactr, iryipairment, or Jrtrriuration uf .nid pruprrty ur any part thrrcuf; ~nai m the ~ vtnt
~rf the failure ~rf thr murtgagor tu irep Ihr bwlJing, un ~aiJ prcmiu~ and thus~ w I+~ erectrd on .aid premi~et, ur impruvem~nt+ Ihrrrun,
m b~xxi rrp~ir, thr nwrtgagee m~~• m:~{,~ ~uch repair. in it, diticretiun it may deem nece.san fcx the proper preten•atic,n thereof. and
thr full anx~unt uf rach and every tuch paymrnt ~hall Me immrdiatrly dur ::nJ payaMr, and .hall tx .ecure~l by the licn of thi+ mortgagr.
6. That hr wi1! pay a11 and ~ingular ~hr ~~rh. charg~~. anJ cxprm~y, irkluJinK rca~unahlr law~rr'. [ec,, anJ cuu~ of ah,tr.ict. uf titlr.
incurrctl ur paid at any time hy thr murtgagrn c~-~aux uf thc failure ~n thr part ul the rrh~rtgagur prumpdy anJ fully tu ~xrfvrm the
a~rc~rment~ and c~~vrnant~ of caid prumi~cun~ note anJ thi~ murtg:~ge, aad ~aiJ cixh. ~h:irgr~ arnt rxpencec tihall be immrdi:~tely Jar anJ
pa}'ablr and ,hal! hr u-cured by Ihe lien of thi~ mortgage.
7. That hr aill krep the impruvrmrnts n~~w c~i,t~ng vr herraftcr errct~d u~ thr murtgagrd pruprrty, in,urrd a. may tk rryuirrJ frum
timr tu timr hy th~ nwrtgagee againc~ fos, hy fire anJ uthrr hac.ird~. ca~ulatir~. ;md contingenrie+ in .uch :~muunt. anJ fi~r ~uch pcri<xl+a.
lil:ll" IK` R`(~WfCII hy' fDlNlgagee, anJ will pay promptly, w~hen due, any premiurtn un ,uch in,ur;~rce fur pa~ nu nt oi ~s~hkh pru~•i,~on ha, nut
txen rrwde hercinbefore. All insurance shall be carried in companies approved hy mortgagee and the policies atxl renewals thereof shall
he h~ld by murtgagre and ha~•e attachetl Ih~rcio 1~~ payablr ctaux-, in favor uf anJ in f~~rm ac~rpe~hle !~i the rnurtgagce. In evrnt uf lu++
hr ~+ill gi~r immrdiatr nutice hy mail tu m~irtgagcc. ~nJ murtg~gee map make pnN~f c.f lu.. if r?~~~ m:~dr prumptl} h~ murtgagur. :~nJ ra~h
imurance cumpan} coneerned it hereby :iWhoriied c~nd directed to make paymcnt for +uch I~nc dirrctly tu rrx~rtg-sgee ~mtcaJ uf to
nwrtgagur :~nJ m~xtgagee joindy, and the ~murance pnnreds, ex any part therc~~t. rrr:iy br xpplird b~ m~urgag~r at it. up1i~>n rithrr tu thr
rcJucU~~n ~~f thr indcbtcJnr~~ hrrchy ~itiur~^J ur tu thc rc~turation ur repair u( thr prupcrt~ ~lama~rd. In r~'tnt ,i( fi~rctilu~urc ~~f thit
m~~rtgagr ur uthrr Iramfcr of titl~ tu thc murtgagrJ pr~~rrty in rxtingui,hmrnt ~+f ~hr mJrM~Jn~.~ .~:urcJ hcreh~, all ri~ht, tiUr. and
inter~~t uf th~ murtgag~x in anJ to any insurance puliri~ti then ip forcr +h:Jl pa» tu ~hr purch.~.cr ur gr.~mrc.
8. 'Ihat if th~• pr<~mice~, ur an) p.ut th~•reof, be cundrmned und~r uny po~.•er c~t eminrnt d~,nr.~in. ~~r quu~~~i fur a puLli~ u~~~,
tln• dam.i~~~., ~ro~ ced~, and the ~ unsidrration for .a h acyui.itiun, to thc eat~•ot of th~~ full .uu~,unt oi ind~•I•t~•dnr~s u~wn thi.
11~~rt~:~~~•,.~ndt~r•~olC SCCUtt'f~ FlCfCI~v r~~n~a?nine unpai~l,arr her~Lc a~si~ned b~~ the• Sfurtr.i~ur tnth~~ ~t~~rt~a~rr ,ind .hal1 br p:ii,f
f~,rth~.i~h i~, th~~ 11r,rt~ae~~~ to be :~pj~liFd bv it on acrount uf th~ indebtedn~ss sec•ured h~-mf~~, t,h~•~h~~r du~• or nut.
9. Tha~ the murtgagr~ m:~y. ~t any umr p~nJing wit u~x~n thiti mortgagr. apply tu [he cuurt ha~ing junxlictiiin Ihereof fur thr
app+mtmrot uf r~tiei~~r. :inJ .uch cuur~ .hall fexth~ ith ap~~int a recerver of the premi.r, cu~ered hereb} aH :~rni .~ngular. irkluJing all
~nJ ~ingular thr inrurne, prufits_ nsuec. and revrnurti frum Mf1JlCVCf ,ourer deri~•ed, earh arxf evrry .~f which. it heing rtpre,.ly
unJrntuuJ, i~ herehy murtgageJ a~ if +~xtiih~ally ~rt furth anJ Jrxritk~l in the gr~nting and hahenJum clau~c~ hrrruL anJ ~uch rrcei~~cr
.hall havr all thr broad anJ effective functiunc :~nJ powe~~ in anyw ice rntrusteJ hy a rc~urt to ~ rrcriver. anJ such ap~x~inlment ~hall tx
madc hy ~u~h court a~ an aJmittrd ~~yuily and a matter of alxolute right to said mortgagee, and vrittwut refererxe ta the aJequacy or
inadryuacy uf the v:tlue of thr p~uperty murtgagcYi ~K to thr ~ulverx:y or imolvency of said nwrtgagur or the defenJent.. anJ that +uch
rcnt,. prufil.. mcume_ iti~ur~. anJ revcnur~ shalt t+r applieJ by wch receiver according tu the lirrt of thi~ meirtgage and the practi~e ~~f web
ruurt. In the rvent of any det':sult ~m the part of thc murtgagor hereunder, thc mortgagor agree~ to pay t~~ the murtgager un drmanJ a, a
rr.»unahle munthly rrntal fur the premiu~ an am„unt at least eyuiv.ilent to onr-tv~elfih 111121 of the aggrrgate of the Iwehr rtw~nthly
in~t~llmrnt, payable in the then current year plu~ thr actual amuunt uf thr a~nual taYe,. a.ze.+ment+. w~ter ~ate..:ind in~ur:~nce prrmium~
fur such ye~r nut covered by the aforetiaiJ munthly pa}ment..
10. fhat lu) in Ihr cvent uf any brra~h of thi~ murtgage or dcfault un 1he part uf Ihe mortgagur, iu (h1 in the event that anp of ~:~iJ
~umc of muney herein~referred to be nut prumptly anJ fully paid without demand or nutice, cu ~r1 in thr e~~~nt that rach cinJ r.~rry~ thr
.~ipulali~m~, agreements. condilions, and covenant~ uf ,aid nutr ~nJ this mixtgage, arr nut July. prumpUy. anJ fully prrfiirmrJ: then ~n
rithrr ur any ,uch evrm. ~he .~iJ aggrcgatc wm mentiuneJ in ,aiJ nutr then remainig unpaid, w ith intere~t accrued to that Ume. and all
m~~nr}ti ~ecured hrreby. ,hall ~a~mr due and pa~ahlr forth~ i~h. ur.thereaflcr, at thr ~vptiun uf wiJ miKtgaRre, ati fully ~nd c<~mple~el~ a~
if a!I of the ,aid ~umc of mon~y were origin~lly ctipulateJ tii hr p.iiJ un wch Jay. anything in ~aiJ note ur ~n thi+ mortgage ta the cvnlrary
nu~with~tenJing; anJ thcrcu~x~n ur thereaRer, at the uptiun uf ti:+iJ mortgagrt, ahhuut noticr ix dem:~nJ, ~uil :it !aw ur in cyuity. may (x
pr~nrcuted ati if all nxmeyt +ecured hereby had matureYl priur to it~ imtituiiun. The rm~rtgagee may fcNCClu~e this morlgage. a~ Eo thr
ame~unt w Je~tarrJ due and payable. and the w~J premiscs shall he x~ld t~~.alicfy and pay~ the ~amr tugether with cint~, et~eme~. anJ
alluuanceti. In cau of partia) fixeclmure of this murtgage. the murtgagrJ premi~e~ ~hall tx wld whject to the n~ntiouing lien uf thiti
rtx~rlgage for the :~mount of the debt not then Jue and unp:~iJ. in wch ca~e the provici~rm of thic paragraph may again he ati•aileJ ~~f
Ihcrcafler from timc Iu time hy the mortgagce.
I 1. Thai the mortgagur will give immediate noti~e by mail tu the murtgagee uf a~y conveyance. Ir~nsfer, or change oF owner,hip of
thc prcmi~e,.
12. ~t hat ~o w~aiver of any coven:?nt herein t~r i.f the uhligatiun secureJ hcreh} ,hall at any hme thercafter br hrld to t+r a waivrr of
the trrmti hercof ur uf the rn~te ~ecureJ herehy.
600K ~1U ~+1t:f 6C7~
t i ~
4~ ~-s. y _ '1
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