HomeMy WebLinkAbout1000 :'IA~t. in u~Jtr morr (~dly tu pruit:t I~t .r:utu~ uf thi, mun~~e. ihr murt~;.,gu~. iu~;r~hr~ w;lh..wd in aJJuiun ~b. thr munthh p.~~mrnt~
undrr ihe ttrm. ihr nwr +rcurcd hrrtby. un ihr fi~.t day uf ca~h m~~n1A until thr +aiJ nu~r i. fully pa~d. Nill pay li~ thr murl~,~grr 1hr (~dluw-
ing.um~:
lu) An a+nuunt +ulfirirnt tu pru~iJr tAe hulJrn c~rrut Ni~h IunJ. to pay ih~ nr~l mur~g~gt in+uran~r premium i( thi~ im~rumrnl ;~nJ Ihe
nutr ~e~urrJ hrreby arr imurrd. ut a mumhly ~harKr lin firu uf a mu~~g~~;c in.uran~r prrmium? i( ~ht~ arr htld b~ thr tirctr~:~ry u(
Huu+ing anJ Uthan ik~ rlupm~m (~dluw~~
(li (f anJ .o lu~g a~ .aiJ nute ~i( r~ rn datr anJ thi~ in~trumtot :ert imurrJ ur aie ~rin.urtJ undtr ~ht pru~ i.ium ~~f thr Natiair.J
Huu~ing Acl, an amuunt wffiri~nt tu accumul:+tt in thc haoJ+ ut Ihe huWtr ui~r 11? mumh prior to ih Jur Ja1r 1ht annual murl-
gagr in+ur.mrr premium. in ~xJrr ~o proviJe wch holJrr with (unJ~ tu pay wch p~cmium w thr Srcrriary uf Nuu.ing :u~J
Urb;m Ikvelupmtnl pur~uan~ to Ihe Nalionat Niw~ing ArI. a+ amenJed, anJ applicaAk Regul:,tiun. thercunder, ur
f 111 li anJ .u long a~ zaiJ nutr ut evrn Jatr anJ this in~trumrnt art hrld hy 1he titc~rtary at H~w~ing ;mJ Urhan (kvtlupmtM, a
mumhly charge 1in lieu ot a mortgarte in.urunre premiuml which .h:+ll lit in an amouni•ryual Iu unr•t~rlfth 1 UI?).~( onr-hal(
l l!'_1 {+cr ~enwm ot tht avrrage uut.~anJing b:~tan~e due un the notr compwrd Ni~hou~ laking int.~ a~cuunl drlinyurncic~ or
prepa~ mrnh:
lb) A,um ryual tu ~he gruunJ rrnt.. if any, n~~t Jur. plu. thr prrmiume that will nr.t hrcume due and pa~ahlr un {+alicir~ ut lire and
utF?cr hararJ imu~ance covrnng ~he mortgaged pruprny. piu. ~axes aou •r..r..mrui. uc.i .~uc ..n ~i~c ~x..~,~.: ~:~..F.,.;; ;..,E :.;i
ma1tJ hy Ihr murlgageel le~~ all wm~ alrraJy paid therefur dividrJ by 1he numl,rr of munth, ~u et~p~e t+efore une munth pri~~r to ~ht
date when aurh gr~rurx! rent,. prrmeum., t;ne+, and a.ca+~ments will txcome delinyur~t. +uch .um. tu t+e helJ hy mungagre in tru~t
to pay wiJ grouixi rents, p~emiums, t•r~es, anJ sprcial asse»ments anJ
Icl All paymrnlc mentiun~vl in Ihe two precrJing subsectioni o( this paragr:,ph anJ ~II paymems 1o t+z madr unJer the n~~te ~ecured here-
hy shall tx :nided tuge~her and the ay~;rrgate amount thereuf .haH he paiJ hy th~ murtg:?gor rach munth io a~iogle paymtol tu t+c ap-
plirJ by tha mortgrgre 1~~ the toUowing i1em. in the urder cet forth:
11) premium ch:ugts unJer the con~ract ot inwranre with the Secrrtary ot Huusing a~d Urban Ik~elopmen~, ur munlhly charge
1in 6ai o( murl~ge emuran~e premiuml, a~ the c~at may be;
(111 truuoJ rant~, ta~e., asse+.mentc. fire. and uthrr hatard inwranrt premium+:
IUI interect un ~he nute atcurcJ hereby:3nJ
IIV) amortizatiun uf the principal of .aiJ nute.
Aoy Jeficitncy in the amount ot ~uch a~rebatr mon~hly payment ~hall, uni~~~ madr giKKl by th~ murlgagor pria?r tv thr Jur datt o( thr nr~l,
surh pay ment, constitute an tvrnt of Je[•rult unJer this mung:,gr. The m.x~gagee may cullecta "late charge" not to evcred tNU crnt~ i''cl for
each dollar ISU oi each paymrnt mure th~n fitteen 1151 day+ in arrcar. tu cuver the ~xtra r~~+rn.e involveJ in hanJling drlinyuent paymem..
That it the to1a1 ot 1he payment+ made by thz murtgagur under 1 b) uf paragraph preceJi~g ~haU cxreed the :+muunt uf ~he pa~ ment.
~ctua!!y made by the martgagee. for grounJ renh. ~:,~r~ and a..ectimrnt, :~nJ in+ur~ncr premium., a. !he cr.r m.~p t+e. wcb e~re+s at the up-
tion ot Ihe inortgagee, shall, be cr~JitrJ un ~uh+eyuent paymrnh ro t+e made by the mor~gagur. ur rrfunJed t.~ ~he mongagoi. If. huwe~rr. the
momhly payments maJe b~• thr m~xlgag~x u~dzr (b) ot paragraph 2 precrding ~hall nW t+e wtTicient t.~ pay ground rents, taxe~ and a~.es~ment+
anJ in~uranre prrmiums, as the c•rce ma~~ tx. NAeo thr same ,hall tiecomr due anJ payabk. ~hen the monb:~gor ~hall pay to the mortgrgee .~ny
amount nerec~ary w make up thr defiriency, vn ur t+rfore Ihe datr Nhen p:eyment vf wch grourxi rent~. taxes. ;~ssec,ments. or in,urance prem-
iumc shall be dut_ It at any timr the mo~tgagor ~hall tender t~~ thr mortg:,gee in xrordance with ~hc provisions of the note secured hereby. full
payment o t r entiie ~n e~
e ne,~ rrpre~enZe~71h~t2ts~th~mtmgagce-tfiall; inrc~mputingihr-n~ncwni-a~t- -~redii_tn_lh•~
cuunt of the mort~gor all paymrntc maJe urxler 1hr proviciunc of (ai of paragraph Z hercof whirh tht mortg~ger h:~s not beeome ubligated tu
{?ay to the Srcrrtary ut Haw~ing anJ Urhan I~vclupmrnt anJ :my balanc~ rem.~ining in Ihe furnls •rccumulaled under the proviciun~ of 1 b) of
.aiJ paragraph 2. It ttKre shall tx a detault uixier aoy uf the provisions of this mortgaga resulting in a public sele uf the premi.ec ~uvered here-
by, or it Ihe mortgagee •rcquirrc t1x property utherwice afte~ default. the mortgagoe shall apply, at eht time of the c~~mmencemrn~ .~f wch pro-
ceedings or at the time the properry is o~herw ice acyuireJ, the balance then remaining in tFx furwis accumulated under ! M of par~graph'_ preced-
ing as a rrede~ against the amount of piir?cipal then remaining unpaiJ urxler said note a~xi shaU properly adjust any paymrnts which .hall have
been made under 1 a) ot said paragraph.
J. That he wiU pay a!I t-r~e., a~,e~cmrntc_ water ratec and iither govrrnmenlal or munieipal eharg~s, finr+. ur imFwcitiuns. for which pro-
~i.iun ha. nut Ixen maJe herrinhef~~re, and in de(auh thereof the murtgagre may p:~y the ~amt::mJ that he wiN promplly Uri~vrr tnr uiiiciJi
rtcript, therefor to the murtgager.
5. That he will permit. rommil. or .uder no wa.tr. impairmcnt. ur Jeterioration of ~aiJ pruprrty or any p~rt thereot: anJ in the evrm ~.f thc
(ailure uf Ihe mortgagi~r to keep thr huiWin~~ an viid prrmises anJ those to he erecled on ~aid premi+~~, or impruvement. th~re.~n. in guuJ re-
p:+ir. the mortg:~ee may make wch rep~ir~ a~ in its di~cretion i1 may Jeem neces~ary for 1he proper pre~en aliun thrreof _ anJ Ihe (ull amuuM u(
each a~J every ,uch paymrm ~hall he immeJiately due anJ payabk. anJ shall tx secured hy the lien of thiti mortgage.
b. That he w•ill pay a11 anJ singul•rr the co~n. ch:uge~. anJ e~pense,. inrluding reasonabk lawyer', feec. and co~ts uf ab~lrach uf title. in-
curred or paid at any time by the murtEwgee becau.e uf the faiture on the parc of the mortgagar prompda and fully t~i perform the agreement~
artd cuvenant~ of caid prumi.~ory rtote and this mortg:,ge, und ~aid costs. rharge.. anJ e~pensec .hall he immeJiately due and payahle and ~hall
t?e ~ecured bp thc lien of this mortp,agc. ~
7. That he w ill keep the improvrment. now e~i~ting ur her~af~er rrecled on the mon~gtd properly. inwred a. m:+y hc rryuirrd from ~ime
to time by tNe-mort~gee agaiost io,s M• fire anJ uthrr hatarJs. ca~ualties. anJ cuntingencies in weh amountc :md for .ueh {~rial. a+ may t~
reyuired by mnrlgager. and will pay promrUy_ when Jue. any premiums on ,uch in.urance (or paymem uf w•hich pruvicion Iw. not bee~ maJe
f~ereinbefure. All imurance ~hall t+e carrird in companies approve~ b1+~mortgagee and Ihe {H~licie, ;mJ renewah thereot shall he he1J b~ mortg:+-
gee anJ have •rlt~hed lhereto Msc p•ryahk clauce~ in (~vor o( a~d in fi?rm acceptabk lo ~he mortgagte- In event of la+s he a ilt give immediate
' nMice hy mail to mortgagee. :+nJ mortg:tgee m•ry mrke pnwt af loss ii not m~Je promptly h~ mortgagar. anJ each insurance company ci~n-
! cerned is hereby autho~zed and dircctzJ to make payment tor such bss directly to mongagee instead of to mortgagor and mongagee juimly.
f anJ the insurance proeeeds. or any pan thereot. may be :+pplieJ by mortp,agee at its option either to the rcduction of the indebtednesti herebv
E sec~ed or to tF?e restur~tiun or repair of the property JamageJ. In evenl of f~recluwre u( this mortgage ur other tr~nsfer ol titk to the murt-
~ gaged propert~ in e~tinguishment iif the indeblednecc serured hcreby. all right. titfe. aoJ interest ut Ihe mortgagur in and to an~• inwr:+nce puli-
cies then in furce tihall pasti to 1he purcha~er ~x gramre_
~ _ .
~ R. "fhrt if,the premises. or any part ~hereuf. he condemneJ under any M~wer o( eminent Jomnin. or acyui~ed for a public u.e. tF?e Jama~e..
; proceeJc. anJ ~he con~ideration for wch acyui~ition, to the etitrat uf the full amaum of iadehteJne+~ uEx~n ihi. Mortg:,ge, anJ ~he Note .ecureJ
heteby remaining unpaid. are hercby as~igneJ hy thr Mortgagur t~ the Atort~;•rget anJ ~hall be paid (onhN ith tu the Mortgagee to tx applied by
f it o~ account at the indebtcne« ~ecureJ herebp. whether due ~?r not.
y. Tha~ the mortgagee may. at any time ~+rnJing a wit upi~n thi, murtgage. apply to the coun having juriuiiction thereof for the appoint-
~ mrot of a receiver. anJ ~uch c~wn shall forthw•ith appoint a receiver of the premisec covered heteby all and cingulnr. including •rH and .ingul~r
; the income. profitc. ic,ue~. anJ reveour~ frum ahatever ,ource derived. each :+nd e~ery ot which. it t+ring e~tipre~sly urxlent~K~J. i~ hereby
~ mor~g:~geJ as if specifically ~et forth aaJ JescribrJ in the granting anJ habenJum clauses hereof. and ~uch recei~~er shall have all the broaJ and
E ettecti~e (unctions and M~werti in a~yNice entru,ted by -r coun to a receiver. and wrh ap~intment ,hall t+e maJr b~• wch e~wrt an :~JmitteJ
eyuity artJ :i matter of ~bwlutr right io wid mottgagee. and withiwt rcference to It~e:+dtiqu:x y or in:rilequacy u( the value of the property mort-
F;ageJ ur to the ,ul~enc~~ ~~r imul~~enc~~ a( ,aiJ mortg:~gor ur Ihe JefenJ:~nt,. anJ that wch rent.. prufil.. incume_ i..ur~. :~nd re~cnue~ ,h:Jl t+e
applied hy .uch receiver accorJing 1o the lien of this mortg•rge and Ihe practice of such roun. In the event vt any default on the pan of the mort-
g:+gor hereurxler. thc mortgagor agree~ to pay ~o the mor~~;agee on demanJ a~ a reasooahk monthly rental fi~r the premi,e, an amvunt at least
equi~alent to one-tuelfth 11/I?) oJ tlie a~reXate of it?e t?.elvr momhly imtallmcnt~ payabk io the then current year plu~ the actual amount of
€ the annual tate.. as~e.smen~s, water rate.. anJ inwrance premiums tor such year not covered hy the afore,aid manthly payment~.
III. That lal in the event of any hreach of thi, mon~ge or Jefault on the p•rrt of the murt~gur. or 1 M in Ihe e~ent that am~ of +aiJ ~um~ of
i money tnrein referred a~ f,e not prumptly a~J fuUp paiJ w~ithewt demand or notice. or (cl irt the event thaF e.~ch and every Ihe +tipulatii~n~.
agreement.. cunditionc_ and ruvenanh o( ~aiJ nute and thic mortg:?ge. are not July. promplly. anJ (u0y performeJ: then in either or any wch i
r~tnt. the ~aid a~:~;regate .um mentiuneJ in wid note then remaining unpaiJ, with intere~t accrued to th.~t time. :~nd :JI moneys ~ecureJ hereby_
_ ,h:Jl h~:cume due anJ pa~ abk forthwi~h. or ~hereaiter. at the option uf ,aiJ murtgagee. a~ futl~• and compietely a~ if ali of the ,aid.um. of mon-
ey wrrr originalty ~tipulateJ to he p~iJ on .uch dc~y. anything in said nott or in this mortgage tn ~F~e comrary no~with.~anding: and thereu~xm or
; thereafler. at Ihe uplian of S~iJ mortgager. with~ku nolice or demanJ. suit at taw• or in equity. may tx pro+ecuted as if all money~ ~ecured here-
~ hy haJ m:~tured prior lo it~ in~litwiun. The mortgagee may foreclose this mvrtg:?ge. as tu the amouM u~ Jeclared due and pay~hte. anJ Ihe ~aid
premi~e~ ~h~ll he sold to +alhfy and pay 1he ~ame ti~elhe~ with costs. eapenus. anJ alfow:~ncec. In ca~e of partial forerb~ure ot this mortgage.
the murtgageJ premise. chall l,e .oW whjec~ tu the cominuing lien nf tbis mortgage fur ~he amouot of the debt not then Jue anJ unpaid. In wch
cace the pro~~icionc of Ihic p.~ragr~ph may aiain t?e availrJ o(lhereafter from time to time by the mortgaget.
11. 'fliat Ihe mort~gor will give immediate notice by mail to ~he mortgagee of any com~ey:mce. tran~ter. or change of ov?ner~hip of the
premius.
~ I?. That ni~ waiver uf any covenant herein or of ~he ohlipation tiecureJ hereby ~hall at any time thereafter be helJ to t+e a uaiver o( the
< termt hereof or of the note xcureJ herchy.
~ Boax2~8 ~ 999
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