HomeMy WebLinkAbout1848 I hal, in ixJe~ murr fully 1a prut~tit thr .ccurity uf th~~ nx~rlgaKr, thr murlbagur, wgtthrr with. :~~Kt in adJiuun ~u, thr nwnihlp
pa> ment. undr~ thr terms uf thr notc ~rcur~vl hrrchy, un ~hr fir~t day uf c:Kh nwntA un~il thr ~iJ nutr i. fully paiJ, wiU pay tu th~
nwr~g~grr thr fi?Iluwing wm.: .
1a) An amount sufficicnt to provide the holder hereof with funJs to pay the next mortgage inauranca premium if this imirument anJ
the note xcured hereby are insurrd, ~x a munthly charge lin lieu of a mortgage insurance premium) if ihey are helJ by thr
Secretary of Housing and Urban Drvelopment. as follows:
11) If and so fong as said nMe of e~en date and tAis instrume~t are insured or are reinsurtd under ihe provisions uf the
National Nousing Act, an amount suflicient to aaumulate in the hands af the holder unt (11 month priur to it~ due date Ihe
aonua) mortgage insurance premium, in cxde~ to provide such hoWer with funds to pay wch premium ta thr Secretary of
Housing anJ Urban Developmcnt pursuant to Ihe Nalional Nuusing Act, as amended, and applicable Regulatiuns
the~eunJer, or
lll) If and so lung as saiJ note of tven Jate anJ this in+trumrnt are hrW by the Secretary of Housing and Urt+an [kvelopment,
a monthly charge lin lieu of a m~xtgage insurance premium) which shall be in an amount equal to one-twelfth 11112) of
une-half (y4) pe~ centum of the average outstarxling balance due on the note computed without taking into account
delinquencies ~x prepayment~;
Ib) A sum equal to the ground rents, if any, nexl due, plus the premiums that will next become due anJ payable on polic.ies of fire
arni othe~ hazard in~urance covering thr mortgaged property, plus tattes and assessmentz next due on the mortgaged property lall
as estimated by the mo~tgagee) less all sums already paid therefor divided by the numbtr of mooths to elapse before one month
prior to the date when such ground rents, prrmroms, taxes, and assessments will become delinyuent, wch ium~ to be held by _
mortgagee in trust to pay said g~ound ~ents, premiums, taxes, and special assessments; and
(c? All payments mentioned in the two preceding subsections of this paragraph and all payments to be made uncier the note aecured
hereby shall be added together and the aggrrgate amuunt thereof shall be paiJ by the mortgagor each month in a single payment
to be applied by the mortgagee to the follov? ing items in the order set forth:
(I) premium cha~ges under the contract of insurance wilh the Secretary of Housing and Urban Development, ur monthly
charge lin lieu of mortgage insurance premium). as the case may be;
!11) ground rents, taxes, acsessments, fire, and o~her hazard insurance prrmiums;
(Ilt) interest on the note secured hereby; and
(IY) amortization of the principal of said note.
Any Jeficie~x:y in the anwunt af wch :+bgregate munthly payment shall, unle~s made go~xi by the murtgagor prior to the due date of
the next such peyment, ~onstitute an tvent of Jrfault undrr this murtgagr. The mortgagee may collect a°late charge" not to exceeJ two
cents 12c1 for each Jollar ISI1 uf rach payme~t more than fiReen t1S) days in arrears to cover the ectra expense involve-~! in handling
delinquent p•ryments_ .
3. That if the total of the payments maJe by the mortgagur under Ib) of paragraph 2 prctirJing shall rxcrrd thr unwunt of the
pryment~ actu:~lly m:x1e by the mixlgagee, fur ground rents, taxes and assessments and insuran:e premiums, as the case may be, such
excess at the oplion of the mortgagee, shall, be credited on wbs~uent payments to be made by the mortgagor, or refunded to the
murtgagor_ If, how•ever, thr monthty paymentc made by thc murtgagur und~r Ih1 of paragraph 2 prec~ding ~hall not be sufficient to pay
grouixi rents, taxe+ anJ a-+ses~mrnts and irt,urance premiums, as thr case may be. Nhen ihe same shall bnome due a?u1 payable, then the
rtxxtgagur shall pay to the murtgagec any amount n~~wry to make up the deficierx:y. on or before the date when payment of ~uch
grourxl rent~, taxes, asses~mentt, or insuran.:e premiums shall be due. If at any time the m~xtgagor shall te~xier to the murtgagce in
xcurJaoce with the provisions of thr note ~ecured hzreb~. full payment of the entire indebtniness repre.ented thereby, the mortgagee
.hall. in computing the amount of such indebtedness, crc~lit to the accuunt of ihe mortgag~x all paymen~s made under the pro~•isions of Irr)
uC p:uagraph 2 hereof which Ihe mortgagre has not became obligate~l to psy to the Secretary of Housing anJ l;rban Dtvelopmznt a~xl any
balance remaining in the fundc accumulatc-~i under the pruvi+i~~ns of Ih) oi said paragraph 2. If there shull t~e a dcfault under any of the -
pruvi,ium of this m~xtgagr, re,ulting in a publi~ lalr uf the premisrs coveretif hrreby, or if the mortgagre a.~yuireti thc proprrly utherwi~e
after default, the martgagee shall apply, at thr time of the commen~:ement of wch proceedings ~x at the time the propert~• is utherwise
;wyuir~~i. the balance then remaining in thr fund+ xcumulated under 1hl uf paragr:+ph ~ precrJing ati credit agaimt ihr amuunt of
principal then remaining unpaid unJer .aiJ ~otr :ind +hail pruperly aJjutit any paymrnts which ~hall have bren m:+de under la) uf wid
paragraph.
J. "That he will pay all taxec, a~u-~.ment+, uatrr rates, and uther guvernmeatal or municipal chargcti, fines, or imExnitions, fur which
pruvi+ion ha~ not t+een madr hereint+cforc, anJ in default thrreui thr mvrtgagce may pay thr ,ame: anJ that he will prurnptly delivrr Ihc
ulficial rrteiph therefor to the mongagee.
5. That hr ~ill permit, cummit, or suffer rw waste, impsirment, ur deterioration of said pre>perry ~x any part there~f; arxl in the event
uf thr failure of the mortgagor to keep Ihe buildings on said premisec and th~~e to be erected on said prcmises, or improvementti thercon,
,n g.~.ni rep:?ir. the mortgagee may make such re~irs a. in its Jisrretion it may deem neces~ary for the proper preservation thereuf, and
' the full anwunt of each anJ rvery such paymrnt shall br immcvliately due anJ pay~Me, and .hall be x~ureJ by the lien ott6is rtwrtgage.
I 6. "That he will pay xll and ~ingular the costs, charges, ~rx1 expensr,, including rcasunahle la~per's fees, and custs of abstracts of ti0e.
~ incurrrd or aid at any time by the mort a ee t+ecaus~ oi the tailure ~n the art uf the rn~xt a or rom 11 • and full • tu rform the
i p• g g P~ R R P P) } Pe
agreements arxi covenants of said promicsory note and this mortgage, and saiJ ~u+h. ch:.rge,. arn! cxprnses shall t~e immedislely Jar •rnd
4 payable and shall oe secureJ by th~ lien of this mortgage.
; 7. That he will kcep the improvcments now etisting or hereafter erected on the mortgaged pro~+er~y, inwred a~ may he requir~i from
~ t~me ta !ime hy the mongagee against loss by fire arxl uther hazards, casulaties. anJ cuntingen~ies in ~uch amounts anJ Cor wrh peri~xls as
may t+e rrquireJ by mortgagee, and will pay prompdy. when due, any prrmiums un wch in~ur:+rne fcx payment of which pruvisiun has not
~ bcen made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall ~
hc hrW by mortgagee and have attacheJ thereto loss payable clauses ip favor of and in form acctptable to the mortgagee. In event of loss
t hr will give immediate notice by mail to mortgagee. and mortgagee may make prcx?f of Iv.s if rx~t made prumpUy by mortgagor, ~rx! each
~ intiurarke company concerned is hereby authurized and directed to make pa~•mcnt fur cuch lu+s direcUy to rrwrtgagee instead uf to
~ nwrtgagur and murtgagee juin0y, anJ the imurance pr~eeds, or any part thereof. may t+e -spplirJ h~ nwrtgagre at its option either to the
~ rrduction of Ihe indebtedness hereby secorecl or to Ihe retitoratiun or repair of the propert~~ damageJ. In rveM of foreclusure of this
~ murigage or other transfer of tiUe to lhe mortgaged property in extinguishment of the indehtednr« ~ecureJ hereby, all right. title. and
interest uf the mortgagor in arxl to any insuran~e policies then in furce shall pass to the pureha,er or grantee.
8. "That i( the premises, or an)- part thereo(, be condemned under any po~cer o( eminent domain, or acyuircd for a publie use,
thr dama~cs, proceeds, and the con~ideration for such acqui~ition, to the extent o( the (ul! amour.t of indebtedness upon thi.
\1ort~a~e,andthe\ote secured herebv remaininQ unpaid,arr hereby assi~ned b~• the \1ort~a~or tothe ~lortQarce and shall bc paid
(orth~ ith to th~ \1ortQa~ee to bc appticd b~• it on account o( the indebtedness se~ ured herPb.-, ti.hether duc or not.
9. That the rrwrtgagee may: at any time pending a suit upun ihis mortgage, apply to the courl having juri~iictiun thereof for the
ap~x~intment of a receiver, and wch court shall forthwith appuint a receiver of the premises co~~ered hereby all artd singular. including sll
~ aod singular the incomr. profits, is~uec, anJ revenues from Nhatever wurce derived. each anJ every of which, it being ezpressly
understo . is er~mor(gagr-Ii 'aS-tT's'~"i,t~51Tq"~Ct"faTtti"arrd-tteSrnbeditrthegrantin8~a*?d-t+abrnd~~R*r~ne~+r+~?~rr.+f<++?d•'a+'.!~'rc~ciur
~ shall h~ve aU the broad anJ efTeciive functionc and pow•ers in -rnywise entrusted by a court to a receiver. :?nd such ap{wintment shall be
made by such court as an admitted equity and a matter of atxolutt right to said mortgagee, and without reference to the adequacy or
~ inadequacy of the value of the property mortgaged or to the solvency or insolvency of said mortgagor ur the defenJents anci that ~uch
~ rents, profits, income. iscues, arxi revenoes shall be applied by such receiver accorJing to the lien of ihis mortgage anJ the practice of such
~ court. In the event of any default on the part of the rtwrtgagor hereunder, the mortgagur agrees to pay to the mortgagee on demand as a
reasunable monthly rental for the premises an amount at least equivalent to one-tw~elfth 11/~21 of the ap,gregrte of the tw~elve monthly F
installment~ payable in the then current year plas the actual amount of the annual taxes. atisessmeNs. µater rates, anJ inwrance premiums ~
for such year not covereJ by the afixesaid monthly payments.
~p, That (u) in thc event of any breach of this mortgage ur de(ault on the part of the mortg:~gur, or (h) in the event Ihat any of .aid
~ sums uf money herein referreJ to t?e not prampdy and fully paid wilhout demand or notice. or Icl in the event that each arxi every the
~ stipulations, agreements, conditions, and covenants of s~id note anJ this mortgage. are not duty. promptty, and fully performed: then in
~ either or any ~uch event, the said aggregate rum mentioned in saiJ note then remainig unpaiJ, with imerect accrued to that time, and all
x muneys secured hereby. shall becume due and payable fonhw ith. or thereafter. at the option of said m~xtgagee, as fully anJ completely as
s=
g if all of Ihe said wms of money w~ere cxiginally stipulated to be paid on such day, anything in wid note or in this rrwrtgage to t e contrary
$ notwithstanJing: and lhereupun or thereafter, at the uption of saiJ mortgagee, v~ithout rx+tice or Jem•rrx1, wit at law or in equity. may be
prosecutecl as if alt moneys cecured hereby had maturecl prior to its mstitution. The mortgagee may foreelose this mortgrge, as to the
arru~unt so declared due anJ payable, and the said premises shal) be wld lo satisfy and pay the same together with costs. expenses, and
~ allowances. In case of partial foreclosure uf this mortgage, the murtgaged premises shall be sold subject to the continuing lien of this
~ mortgage for the amount of the debt no~ then Jue and unpaid. In such case the provisions of this paragraph may again be availcJ of
~ thereafter from time to time by the mortgagee.
e~a
~ I I. That the mortgagor will give immeJiate notice by mail to the mortgagee of any conveyance, transfer, or change of ownership of
~ the premises.
12, That no waiver of any covenant herein or of the obligation secured hereby shall at any time ihereafter t?e heW to be a waiver o[
~ the termc hereof cx ot the note SecureJ hereby.
~ gooX 2~8 Fac~ 184?
~ -
. - -
~ - , ~
~
- ~ ~
~ - ° - - . ~