HomeMy WebLinkAbout0851 Ihat. m urdrr m~~rr (ully lu pruttct Ihr ~r~unly u( t~~~ murid..~;r. ihr aiu~~~.~tiur. iugrihrr w iih..~uJ ~n .~JJiU~~n Iu.1Ar m~~nthl~ pay mrnt~
unJrr Ihr tarm. ut ihr nutr ~tcurrd hrrcb~ . un ~hr ti~~l Ja~ u( ra:h mun~h unul thr .~iJ ~~u~r (ul{y paiJ. will pay w Iht murig:~~;ee Iha (ulluw .
ing,um.:
lal An amuunt wlhcicn~ w pru~iJ~ ihr h~ddrr hrrru( wiih (unJ. to p:~y Ihr nt~1 murl~;.~gr imur.~nrr prrmium ~f th~. in.trumrnt .md ihc
n.~te ,tcurrJ Arreb~ :~rr in.ureJ. ur a munthl~ char~;r lin liru uf a mung:~gr in.ueanci pirouuml ~t Ihe~ arr hrlJ by thr ~~crrtar~ u(
Huu.ins snJ Urh:~n Ik~rl~~pmrnt a~ fullow~:
111 If anJ w lung a~ .aiJ nutr u( rvrn Jair anJ Ihi+ imlrumrnt :ur in.urrJ ur arc rrimurrd undrr the pruvi,ium u( thr IVatiun:J
• Nou~ing Art. an amounl .utTirian~ tu arrumulate in tht h~nJ..~( ~hr hulder ~+ne 111 monlh prior tu ih dur Jatc thr .~nnu:~l murl-
~aKe imurancr prtmium. in urJtr to pro~iJe .uch hulder witA (unJ+ tu pay wrh premium tu thr trcrr~ary u( H~w.in~; :~nJ
Urhan IkvCl~~pment pur.uant tu thr Nalional Huu~ing Ar1. a~ am~nJrJ. anJ applicabk Re~;ulatium IhrrrunJer. r~
IIU If anJ .i~ long a+ .aiJ nuir ut r~rn Jate and thic imtrumrnt :+re Aeld hy Ihe Serretary ot Nuucin~ :mJ Urban Ikvtlupmrnt, a
munlhly charge lin liru uf a murt~,a~r in+uranee premiuml Mhich ~hall t+e in an amuunt eyu~l ti~ unr•IMrlfth 11! 1'1 of unr-h:Jt
111'1 {xr rrnwm ut thr avrrage uu~.~anJing R,lanrr Jur un thr ~utr cumputeJ withuu~ taking into a:cuunt Jrlinyurnrie+ ~~r
prrpayments:
Ihl A.um cyu:d tu Ihr gruund rent~, i( any. neu d~e. plu. ihr prcmium. that wi0 ne.`t hecumr Jur anJ payahlr un {x~licir~ fitt anJ
o~her haiard inwrance c.?vrring ~he morlgageJ pn~~+rrh', plu. ta~ec and ac~e~~mrnlc ne~t due on thr murlgaFed pru~rry lall a. t,li-
matrJ by the murtgagtellr.. all wm. alreaJy paiJ thercfor diviJrJ hy tht numher uf muntFtM to tlapcr t+rfure unr mumh priur Iu thr
date ~ hen ~uCh gruund rrnt~, prtmium~. 1a~t~. and a~~e~~ment~ will hecume Jelinquent, wch ~um~ IA I+e hrlJ by murlgagee in tn~~l
w pay .aid Kwwx1 renls. premiun?~. Ia~e~, anJ ~~+erial ac~t..mcmc; anJ -
Icl :111 paymen~. menti~~neJ in Ihe two prereding.ub.ectiumui Ihi~ paragraph a~d all p:+yments tu he madr unJer thr noir.rcureJ hrre-
hy .hall he aJJrJ t~~gCthrr :~nd the a~regatt :?moun! Ihercof tihalt t?r paid by the morlga~;or each munlh in a+ingk pa~ m~ nt lo hr ap-
plied h~~ the murtg:?Frt to thr (ullow ing item+ in Ihe orJer ctt forlh:
UI premium charge. under ~ht contract o( imuranrr with thr tir~rct~ry of Huusing anJ Urh:~n Ik~~lupmrnt, ur munthty rhargr
lin liru uf mungagr imuranre premiuml. a~ Ihr r:+.e may t+e:
IIU grou~xl rcnt~. t:?~es. a..es+ment.. fire. :+nJ uther hatarJ imurance prrmiumti:
1111 intcrcst un the note .ecured hereby: and
IIV 1 amurtitatioo ot Ihe principal ~~f ~aid no1e. -
Any Jeficiency in Ihr amuunt uf such a~rrgate monthly p:+y ment .hall. unle~s made g~xx1 hy the marty,abur priur ti? thr Jur Jate thr ne~1
wch payment, cun~titWe an rvtnt ot default unJer lhis murtgage. Tht mongager may cullecl a"lale rharge" not tu e~reeJ two rrnt. l'cl (or
rach dollar ISI I ut rach paymrnt more than fiftren 1ISI day. in -rrrear. to co~er the e~tra exptnse imolvtd in hanJli~g JelinyueM payment..
i. That it Ifx tutal of the p:+yments madr by the morlgagor under Ibl o( paragraph = preceding shall eareeJ the amount ~~f 1he payment~
artoally maJe by the mortgagre. for ground rrnt~. taxe+ anJ a.ce~~ment. and inwrance premiumc, a~ tht cace may be. such e~ce~~ al the up-
tiun of ~he murt~,agee. tihall. bt rreJitrJ on wb+~yurnt payment~ to bt maJe by the morlgagur, or refundtd ro tht mortgagur. IL M~wever. Ihc
mon~hly pa~•ment+ maJe by th~ mortgagor under Ibl o( p•rragraph' preceding.hall nut t+e sufficien~ to pay gruu~xl rents_ taxe~ anJ ac~e»ment.
and imurance prrmium,. ati the ca~e may lx. when Ihe samr ~h:+ll brcome due and ~+•ryable. thrn IF?t mottgagot shall pay to the murtgagee any
:~muunt nececsan• to m~1;e up 1he drficien~y. on or t+rfore the Jate when paymcnt of wch gruund rents. ta~e+. acussments. or imurance prem-
ium. ~hall t~e Jue. It al :~n~ limz Ihe mortgagur ~hatl tender to ~he munga~ee in xcorJance with the provi+iom ot the nute >ecured hereby. full
paymrnt ot the entirc inJehtrJn~.ti rcpretientrd therchy. the mung:~gee +hail, in computing the amount of +uch inJeblrJness_ creJit to Ihe ac-
cuunl of thr murtgagur :dl payment~ maJe unJer Ihe provi~iunc uf la) ot paragraph'_ hereof which tht morlgager has not ber.?mr obtip,atrd to
~+:~y t~~ 1he Serretary o( H~w~ing aoJ Urban Devrlopmznt and any balanc~ remaining in the turnis accumulated u~Jer the pro~~i,iom .~f Ibl u(
wid paraitraph'_. If ttxre ~hall he a default under any ot Ihe provisiun~ of this mortpage. resulting in a puMic ~:+le of thr prrmi.r. rovered here-
by, or if Itx murtg~gce acquires tlx property otherwise afler Je(ault, the murtgagez shall apply, at the time a~f the commencrment .~t wrh pr.~-
ceedin~ts or ai ttx time the property is utherw ix :~cyoired. the t+alance Ihen remaining in the funds accumulated wxfer 1 M of paragr~ph ? prercd ~
ing as a creJi~ against the amount of principal then remaining unpaid under said note and shall pruperly •rdjust any paymenls which ~hall have
txen made under 1 al ot said para~uaph.
4. That hr will pay aU ta~e~. ati.t+.ment+_ water rate~ anJ olhrr governmental or municipal ch:~rge~. finr~. or impositiom. tor which pro-
~i.iun ha. rx?t hrrn m~Jr hereinhe(ure. :+nJ in Jtf.~ult thrreof Ihe mortgager ma~ p:+y ~he ,ame: anJ that hr will prompUp drli~rr the uHicial
receipt. lherefor ~u the murtgagee.
S. 'iltat he will permit_ commit. ur wlier no W a+t~. impairmen~. i~r delerioralion o( tiaid pro{xrty or any p:+rt ~hereof: anJ in the evenl of Ihe
faifure ot the morl~gor w keep the buiWing~ on uuJ premitie~ anJ Iho.e to t+e erecteJ on wiJ premi~e+_ or impmvements tFeereon. in gaxl re-
' pair. the mortg:~ze may m:~kz wch repairti a+ in itc di~cretion it may deem necetcary (or the proper pre~erv:~tiun there~~t. and ~he full amuuM ut -
' each and e~ en• +urh paymint shall be immeJi~tely due and payable_ :md +hrll br ~ecurcd by Ihe lien of thic murtp,age.
~ 6. That he M ill pay, aU anJ singul~r the costc_ charge~. and t~pences. inrluJing reasonabk law~yer'~ fee~, and cc?sIc o( ab~tracts of titk. in-
~ :urreJ ur paiJ at any time hy the mortgagee because of the failure on the pari of 1he mortgagor promptly :~nJ fully to perform tht agrtement~
; anJ ~ovrnanu o( c~iJ promissory note anJ thi. mortgage. and said co~Is, chargec. and expenses zhall F?e immeJi~tety due anJ payahk and ~hall
t t+e .ecured hy th~ lien of thi~ morlgage.
~ 7. "fhat he will Aeep thr improvrmrnn m~w e~i,ting or herec~tter erccted on the mortgaged pro~+erty. inwred a. may h~ reyuirrJ frum ume
s tu ~ime h} thr mortFa~:ec ~gaimt lu.~ hp hre and uther ha~arJ~. ~•r.u-rltie~. anJ cuntingencie. in wch amuunt, •rnd (ur ,uch prri.xl. a. may Fx
fi
rcyuired b~• mortgagee_ anJ will pa~ prompdy. when due. :~m premium~ on ,uch in.uranre ti~r paymenl ot which provi.iun ha~ not heen maJr
hereinheture- All imurance .hall t+r carried in comp::nie~ appro~tJ hy mortga~ee aod the ~x~lirie~ anJ renew ~l+ ~hereo( shall t+e heW b~ murtga-
gee anJ ha~e attached thereti. lutis pa}•ahk clau~e~ in iavor of anJ in (orm acceptahle to 1he mortgagee. In event u( k~+c he will ~ive immediate -
~ notire hy mail to martEagee. :inJ mortgagee may make pruaf of loss if n~H maJe promplly by mort~gar. and e•rch imurance company rim-
cemed i~ hereby :wthuriteJ and JirecteJ to make payment for wch lo~s directl~~ to mc~rtp.agee imtead of to mori~gor anJ mortgagee jointly.
` and the io.urao~r r.xred~. ur an ~ art thereof _ ma t?e a iied by murt a ee at it+ o tion eilher to the r~Juction of thr indehteJnes~ herehy
p > P' Y DP 8' B P
.rcured oria the re~~~~r:~tiun ur repair of the property Jamag~J. In event of tiueclo.ure uf ihi~ mort~Fe .x uthrr lramfer of titte to the murt-
gageJ pru~rl~ in e~tinguishmznt u( the inJrhteJne~..rcureJ hereby. all right, tiUe. and intere~t uf the mortFagur in anJ to any in~urance Mdi-
cie~ then in furcr .hall pac~ w the purchatier or Erantee.
R. fhat it thr premi.ec. ~x any part Ihercut. hr cunJrmne~i under any M~wer ot eminent Jomain. or acyuireJ for a public u+e. the dama~e..
pmceeJ,. anJ tl?e con.ideration (or wch acyui.itioo. tu the r~tent of Ihe full amount of inJebtednesc u~+c~n ~hi~ ~tortgage. anJ the I~iote tiecureJ
herehy rzmaining unpaiJ. are hereb} :+.~ignrJ by Ihe ~t~~rlgagur to the Morty,agec anJ chall be paid forthwith to the Aturtg:+gee to be applicd b~
it on acc.wnt of thr irxlrhtene+..ecured hereby_ uhether Jue or not.
y. "lhat the mor~gagee ma~~. :~t any timr E+endin~: a~uit u~x~n Ihi. mi~rtgage_ apply to Ibe coun having juri~Jictiun lhereof for the ap~x~inl-
ment of a recei~er. anJ .unc ~ourt tihall forthw ith ~ppoint receiver o( the premice~ covered hereby ~II and ~ingular_ including all and ~ingular
~ the inrome. profit~. i+~ur~. :~nJ revenue~ from Mh~tever ~ource derivrd. each anJ every of which. it heing erprecsly unJent~xxl. i, herrhy
mortg:~geJ a. if .pecificsll}..tt (orth and JeuriF?eJ in the gr•rnting anJ habe~dum clau.es hercuf. anJ +uch recriver .hall have :+11 Ihe bro:id and
~ etlectivr tunctionc and M~wer. in aoywiu entru.leJ by a court tu a receiver. anJ ~uch appoimment chall he made by ~uch roun a~ an aJmitled
~ eyuity anJ matter o( ah~olute right to SaiJ morlg:+gee_ anJ w ilhrut referencr to the adequacy or inadeyuacy of the value of the pro{+ert~ murt-
~.~grJ „r tu the .~~hrnc~ or im~~hroc~ nf ,:siJ murtg:~g~~r ur thr Jefendant.. anJ Ih:~t .uc rrnt~. profit.. inu.me_ i..ue.. :~nJ re~zour, .h:~ll F.e
applieJ h~• wch receiver accurJing a. thr lirn o( thi~ mortgage artJ the ~ractice of tiuch cou In the evenrof any de(:+uH on the part i~f Ihe murt-
- ga~or hereunJer. the murtgag~~r :igrec. to pay ti~ Ihe morlgagee un Jemand ac a rea~onahle rf'ionthly rental fi~r the premi~ec an amount al lea.t
~ ryui~:+lrnt tu one-twel(th I Ill_'? of Ihe a~reFate ot tht twel~~e monthly installments payabk in the Ihen curre~t year plus the acwal amount uf
thr annual ta~e~. ati+e~~mrnt~. water rate~. anJ imurance prrmium~ for wch year not co~ered by the :~tixe~aiJ monthly pa} ment~.
10 "fhat 1 al in the e~ em o( :my hreach af thi. murtgage ur Jefault on the part o( the mortgagor. or 1 M in the e~~ent th:+t an~~ ot tiaid wm~ of
maaet herein refer~eJ lo t+e not prumptly and fully paiS withuut Jem~nd or notice. or Icl in the e~ent that e:+ch and r~•er~• ~he ~tipul:itiun..
~
:~grremrnt.. conJitiun+. :+nJ c~~venant~ of ~aid ~ule :+nJ thi. murtgaEe. are not July. prompdy. :mJ (ully per(ormeJ: then in eithrr ur an~ wch
r~: evcnt. the ,:~iJ aE~regatr .um menlionrJ in .aiJ note thrn rem:~ining unpaid. wilh interecl arcrueJ to that 1ime. anJ all muney+.ecureJ hereby_
~ .h:+ll hecume Jue and p-r~~abk torthw ith. or Iherea(ter. at the uption of said mortgagee. a~ tully and completel~ a. if all of Ihc .~iJ wmt u( mun-
~ ey Nere originaUy ~IipufateJ I~~ he p:~iJ un .uch day. anything in wiJ mNe ur in this mortgage to tF?e contrary notwith~tanJing: and therruEx~n iK
~3 thrreaf~er. at the uplion of +aid mortgagee. w ithuut notice or demanJ. wi~ :d law• or in equily. may ix pro~ecuteJ a. i( all mune} ~ cecured here-
~ by haJ rri:uureJ prior tu it. in.titu~ion. Thr mort~agee m:~y toreclo~e Ihic mor~gaKe_ to the amuunt w declareJ Jur and payrble. anJ the .aiJ
premi~e~ .hall be .old w ~a~i,f~ and pay the ,ame ~ogether w ith ru.ts. e~prnx•. and allow:~nce,. In cace ot partial (oreclowrc of this murtgage.
thr marl~ageJ premi.es ,hall he ~uIJ tiub~ect a~ the continuing lien thi. mortgaFr (or Ihe amount ot Ihe debt not then due :~nJ unpaiJ. In >uch
~
ra~e tht pru~ i.ion~ o( thiti para~:raph ma~ agam hr ailcJ of ~hercattcr (rom time tr time by the martgagee.
~ 11. That Ihe mortg~g~~r will ci~r immrdiate nulice h} mail to Ihe murlgagee i~f any conveyance_ transfer. or change o( oNnenhip o( the
~ premi.ec.
~5 I'. "Ih:u no waiver o( :my cu~enant herrin or of the obligation secureJ hereby ~ha{I at any time therea(ter he helJ to be a waiver i~f Ihe
term. hereo( i~r of the n~~te ~ecureJ hrrehy.
E: ~16 PNr~ 851~ ~~~~6 wrf ~~.7
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