HomeMy WebLinkAbout2247 1 h,~l, m uiJ~r lizure tul! lu ~1~~1a:! II~C u(il u~ lh~~ nlull ~r. Ihr mu~l ~~ut. ti+ •c~hrr w~~h. .~nJ ~n ~dJiuui, ~u ~hc m.~nihi~
) t > 1. 6 ti• 6 pa~;nrM~
undc~ ihr lerm. ui thr m~tr ,ccur~J hr~~h> . un thr lint J~~ r.~~h m~~nth untd ~t~r ..~iJ nu~r i. (uU) p.~~d. Nill p.~y ~h~ mun~;.~~:~r th~ (uU~~w-
ing ,um~:
I:u :~n.~awunt ,udicant tu pru~i~lr ~hr h.~Wrr htreuf w~~h fund. w p.,> ihr nr~1 nu~r~~;agr imur:~n.r pr~mium i( thi. in.~rumrnt anJ Ihr '
n.~tr ~rrurcJ hrrrh~ :ur in.urcd. ur mun~hl~ ~h.ugr lin G~u of a m~~tt~;~gr imwanc~ prrmiuml i! th~~ arc hrlJ hy !hr St~r~1.u} u( ~
Nuu~ing~nd Urhan Ik~rlupmrnt a~ (uUuN~:
11? If anJ long a~ .aid nul~ of rvrn Ja1C :uiJ th~. imtrumrnl :ur in>urrd ur are rrinwrrJ undtr !hr pruv~.iun~ u( th~ Natiun:J
H~x~.in~; ~ir~. an amuunt ,ulfirirnt Iu ac~umula~r in the hanJ. uf ~hr hulder unr 111 mun~h pri.~r t~~ i~~ due date ~hr annual murt-
gege inwranir premium. in urJrr to pr.~~ide .urh hulJtr with tund~ to pay .uch prtmium w Iht tircrrtary ut Huu.ing :~nJ
Ufi:m lk~ tlapmcnl pur.uan~ tu ~hr Natiunal H~xi.ing Act. a~ amrnJrJ, and appiic•rble Rtgulatiun. thrrcundcr, ur
ItU If and ~u lang ~:uJ notr of even J~tt :+nJ ihi. in~trumrm :ur held hy ~he tiecrrtary uf Huu.ing anJ Urbun Ik~rlupmrn~. a
mtinlhly ch:uge lin lieu o( c~ murtg:~ge imurancr premiuml Nhich .hall t+r io an amuunl ryu:d tu unr-~wrl(~h I I/III ~~f unr-halt ~
111'1 ~+r~ crnwm u( the averrge uul.trnJ~og halanre dur oo Ihe ~utr rumputrJ without tal,ing mtu a:wunt Jrlinyurn~ie. „r
pr~paymrnh:
thl A.um eyu:~l tu the gruunJ rem., if any. nt~1 dur. plu+ Ihr prrmium~ that will ne~t t+cc~~ine Jue anJ payahlr un M~li~ir~ ut hrr anJ
uth~r h~~ard in.ur.~nc~ cucerin~ the mi~tt~:agrd proprrly, p1u.la~e. anJ a~.es+ment+ ne~t Jue un ~hr m.,r~gagrJ prupen~• lall a. t+li-
matrd by Ihr mar~gageel Ir.. all .um, alrta~ paiJ Ihrrc(ur Ji~ idrJ h~~ tAe numhtr u[ month. ~o tL•~p.e beturc unr munth prior to the
~.~tr N htn au~h gruunJ rrnt.. prcmium.. ta~t.. :md a..r~ementc well t?rcome Jrlinyu~nl. .uch .ums to hr hrlJ 1?y m~~rlgagrr in tru.t
!u p~,y wiJ gruunJ renh. prrmium~, ta~e+. and +pecial a~~e~~mrm.; ~nJ
Ic1 :\II paymrm, menliuntJ in tfie Iwo precrJing wb.rctium of thi~ paragraph ~nd all paymrnh to ht maJr un.lrr ~hr not~ ~erurrJ hrrc-
by +hall tx aJdrJ togt~her and the al;Eeregate amuunt ~hereof ,hall he p~iJ hy thr murtgagor rach month irt a.inglr paymrm !o F+r ap-
ptit~ by tt~r mortg;~ger tu the fullawertg etem. iR the urder ce1 (urth:
IU premium charges unJrr ~hr c.?nvact ut inwrance with the tircretary ut N.w.ing:md lJtban I~~elupmrnt. ur mumhly chargr
lin liru ~~t mungage in.urancz prrmium). •r. the ca~e may tx:
IIU gruunJ reot~. ta~r~. a~+e~~menl~. fire. anJatArr hacard inwrancr premium~;
(111 intere.t iin Iite nute cecured herehy::md
IIYI amortitatiun uf Ihr principal o(,•riJ note.
Any defirienry in thr amount of ~uch :?~regate munthly pa~ ment ~hall, unlr+~ ma~fe g.wd by the mon~.agor priur tu thr Jue datr of the nttil
.uch papment. con.titut~ an event of defrul~ unJrr thi+ mortg~ge. Thr mor~gagre may cullect a"late ch~rge" nut to e~ceeJ two ~rnt. (=e1 tor
tach dollar ISI ) af each p:~yment mure th•rn htteeo I ISI dayti in arrears tu cuver thr e~lra e~pense involved in FwnJling drlinyutnf payment+.
Tha~ it thc total of the payments maJt by ihr mortgagor wxier lb) o( p~ragraph 2 prcceJing .h~ll e~ceeJ the amoum of Ihz paymenu
a~tually maJr by the murt~get. tor grour?d rent~, ta~t~ :mJ a~~e+~ment~ anJ iowranre premiums, a+ thr ca.e may t~. wrh excesti at the op-
tioo uf the murtg~get..h~lt. t?t crrJiteJ un ~ubseyuznt ~yment. ~a be m~Je by the mongagor. or refunJrd to ~he mun~;agur. If. hvwever. ~he
monthly ~wymrntx m:~de by thr murtgagor un.ier 1 bl of parrgreph 3 prcceJing ~h~ll nW be sufficient to pay gruutxi rents. ta~e~ :+nd assecsment~
and inwrance prrmium.. a, the ra~e may be. when the ~ame xhall becume dur anJ payabk, then ~he mortgagur .hall pay to the murtgagre any
amount n~te~tiary ti~ ma{:e up tt?e deficiency, on or befure the date w hrn payment uf curh Leruund renls. tr~e~. a+ie++menis. or insurance prem-
iums chall hr Jue. !f at an~~ timt Ihe mortg~gor >hall tendtr to Ihe mortg:~~;ee in xcurJance with the provi~iun~ ut the note +ecureJ hereby_ tull
p:i~ ment u( the entirr indebtednts. reprecenteJ therel+y. Ihe murtga~ee .h;~ll, in romputing 1he amount uf ~uch indehteJ~ecc, creJi~ t~~ the ao-
°count ~~f the murtgagor all p:~ymtnts made un~lrr the provi~iam i~f la1 i~t par:~graph ? hereuf which thz martg~gee h:~~ not t~cume oblegated to
p:+y t~ the Secretary uf H~nising anJ Urban I~evelopment ~nd aoy halanre ~rmaining in the fu~x1~ accumul:ited under 1hr provi~ium ot Ibl of
wed puagraph 2. I(11xre ~hall tx a default urnler any ot tFx pr~~visionti o( this mortg,age. retiulting in a puMir sale of ttx premi.r~ ~overeJ here-
by. or if the murtgagee acyuires Itx property utherwise :~tter default, the mortgagee shall apply, at the time of thr ~ummencement uf wch pru-
cecdings or at ~tx time ~he property is ottxrM ise acquired. tlx halance Ihen remaining in the furxis acrumulateJ urxler Ih1 uf parc~graph' preceJ-
ing as a credit against the amuunt of prir~cipa! then tem:~ining un~id under ,aid note and ~hall properly adjutit any paymeots W hirh ~Fwll havr
bern msde urxicr 1 r) of s•rid patagraph.
4. Tha! he aill pay aU tates. a~tir,.ment,. watrr rate. anJ uther go~ernment:d ur municipal ch:~rge.. fine~. or imM~,itiun., for which pro-
~i.iun ha. nut htrn maJr hrrrinhefore. :~nd in Jefault thrreaf Ihe munuigr~ m:~~ pay the ~am~; anJ that hr Kitl prump?It drli~er thr ut6ci:d
recript. theretor t~~ the murtE.~gre.
S. "ihat hr w ill permil_ commit. or >~tTe~ no wa~te. impairment_ i~r Jetrriuration of +aid property or an~ ~rt lherrot; and in the event ut the
failure of thr mortg:~or to ?;eep the huiWing~ on wid premi.r~ :mJ thotir tu he erectrJ on ~id premi~ec. or impruvement. thereon. in g~hxi re-
pair. lhe mortgagee may make w~h rrpair. a~ in its diccretiun i1 may Jerm nrces~ary for tha: proper prc«rvatinn thereof, anJ the tull ~miwnt uf
exh anJ erery wch paymtnt ~hrU be immeJi:dely due and pa~ able. anJ .hall F~ .ecured hy the lien of thic mortg:?ge.
b. That he will pap all and singular the eo~tc. charges. anJ e~pe~se~, including rea.u~ahle lawyer'c feec, and co.t~ uf ab~tract~ of tille. in-
curred or paid :~1 any time by the murtgagee because of the tailure oa the p:~rt of the mi~rtgagor prompth anJ fully tc. ~rform the .~greement~
and covenants o( caiJ promi,cory natr anJ this mortgage. anJ .:wiJ co~ts. ch:~rgr~. and r~~x n+e+,hall t+e immeJiately Jur anJ pa~ ~ble and ~hall
hr ~ecured by the lien o( thi. mortFage. ~
7. Th~t he w i11 keep thr imptovement~ noN r~i~lin~: or hrrea(ter ere~teJ un the murtg:~grd pruprny, imured a~ ma~ i?e requireJ from time
to lime by Ihe mortgagee again~t k»t by fire :inJ olher h:~~~rd~. cawattie~, an3 runtingen~ir~ in wrh amuunt. anJ !ur wch ~riixl. a. may F~e
reyuireJ by martgagee_ aad wil! pay prumptly_ when Jue. an~ premium+ an .uch in.urance fur pa~•ment of w hich pru~ i,iun ha~ not t.zcn m~de
hereinbefore. All imurance ~h:dl be carried in comp,~nie. ~ppru~ed hy munE:~gre :mJ Ihr ~x?licie. anJ renewal. thereuf +hall t+e hrld b} mort~-
gee and ha~ e:~tu~cheJ thereto lo.~ pa~ able clau~r~ in Li~ ur ~,f and in form arceptahle to the mortgagee. In evem u( lu.~ he w ill gi~e immeJiate
. notice ht• mail to mongaFcc. :md murtgager may make pr~af of lo~s if no1 maJe ptompUy by murtg.~ur. and eacb in,urance.campany con-
! cerned i. hereby au~horirnJ •rnd directeJ tu make payment fur wch loss JirerUy to mortgagee inste~d of to mortgagi~r anJ mungagee joinUy.
! anJ the inwr.~nce pn~ceed,. ur :~ny part thereof. may he applied by mortE,as;ee at nti op~ion either to the reduction o( the inJebteJne.. hereby
~ ~ecured i~r tu the re~turatiun ur repair uf Ihe properly d.~magrJ. (n event ~~f f~~re~luwre uf thi~ mortg~ge or i~~her transfer of title to the mort-
gagrJ prupert~ in r~tingui~hment uf thr inJebtedne~~ secured hrrehy_ all right. ~itle. and inter~tt uf the mortga~:or in anJ tu any in,urance puli-
i cies ~hen io torce ~hall pa« ~o ~he purcha.rr or ~ramet.
f K. "rhat if the premi~e~. or anp p~rt IherroL he rundrmnrJ under any ~~wer uf eminent domain. or acyuired for puhlic u.e_ the damage~.
~ procrcd.. anJ the con,ider~tion fur cuch acyui.ition. to the r~tem of the full amuunt uf indrhtrdnr~~ u{xm thi. ~turtgage_ anJ thc Notz .ecureJ
hereby remaining unpaiJ. are hereby ~~+egncJ by ttee ~turig:~gar tu the ~furtgagec ~nd .hatl F,e paid forthw ith to Ihe '~lurtgagee to f.e applieJ hy
` it on account o( the inJehtene., ~ecured hereby. whrther Jue ur not.
! N- That the mon e ee may. at any time
g g pe~ding a wit uMm thiti mon~a~e. apply to the cuurt having juri.diction thereof for ihe :~~+point-
g ment of a rereiver, and tiuch c~wrt ~hall forthwilh appi~int a rrceirer of the premitr~ r.~~ered herebp a!! and ringular, including all anJ .ingular
the income. prufih. i~,ue~. anJ re~enue. frum wh~terer suurre Jerived_ each and even uf which, it t+eing e~pre~~l~ under,t~x~d. is herehp
i mortgageJ ac i( ~pecificall~ .et for~h anJ de.rrihed in the gran~ing and hat+enJum clau~eti hereot. :~oJ ~urh recriver ~hall hrve all Ihe hruaJ and
` edeclire Funclium and M~wer~ in anywi.e entru~~eJ b~• a court tu a receiver. :mJ wch appointmrnt .hatl hr m:~Je hy wnc ~ourt a. an aJmittrJ
i
? equitp anJ a maltcr of ab.ututr right to wiJ mortgagee. :,~J w i~hout refere~ce 1~~ the aJeyuary or inadequxy „t thr ~alue ot the propert~ mart-
g:~ctJ ur Iu thr wlvrn~~ or imohrnc~ of .:~iJ murtg~gur ur the detenJam.. a~d that .uch renlti. prufih_ incume. i..ue~. and revrnur. ~h:dl Fx
applieJ h~ wch recei~er a~a~rJing to the lien o( thi, murtgage anJ ~he practice af wch cuurt. In 1he evem o(.my de(ault ~~n ~he part of the mort-
gagor hereunJer_ ~he murtgagor agreec tu pay to the murtga~ec on demand as a reawnahle monthly rental fur the premities an amount at kau
eyui~atent ti~ e~ne-~wrlfth 1111?t of ~he a~;~:regatr of thr tNel~e munlhly io.i:dlment+ payahle in ~he then curtent ~ear plu. the actu:~l :,moum of
the annu:d ta~ec. ati.eti~ments. w~ter rate,. anJ imurane~ premium. for wch year not rovereJ by the a(orewid momhly paymem~.
:O. 'I hat (al in the event of any hreach of thi, mortgagr ur Jefauk on tbe part ot the murtga~,or. or 1 h) in ~he event thal any uf .aid cum, of
mune~ hrrein reterreJ to he not prumplf~ and full~ paiJ withuut demanJ ur notire. or lil in the rtent th~t earh anJ e~ery !he tilipulatiun~_
~ .~~:reement., conJitiun~. anJ cuvenant. nf .:~iJ n~~te :inJ thi~ mvrt~:age, are not dulp. promptly. and fullr performeJ: then in either or am wch
~ tvem. the .:~id.+~:egatr .um meMiuneJ in .:~iJ note Ihen remaining unpaiJ. with interetl accrued 1~ Ihat time. anJ :~II mune}~~ SecureJ hereh~.
.h.~ll hecome Jue and p:ryahk forthw ith. ~x thcrea(ter. a1 the opliun of tiaiJ mort~agee. a~ fulh and romplcteh a. if atl of ~he ,aid ~ums of mun-
ry were orr~inalh• .IipulaleJ t~~ he p:iid on ~uch Jay_ anqthing irt wiJ rte~te or en thi~ morig:~~e to the contrary notwi~h+tunJing: anJ ihereupon or
' thereafter. at the optiun ~~f tiaid mort~agee. wi~h~N~t notice ur Jemand. wit al law or in eyuity. may t~ pro.eruteJ a. if all money~ ~ecureJ here-
hy haJ maturrJ prior ~o it. in.titutiun. The mor~gatee m:~y f~,reclose thi. mortgage_ a~ to the :~muunt w declareJ due anJ pay~ble. anJ thz tiaid
premi~r..h:~ll he ~old to .:,ti~(y anJ pay the .:~mr tu~ether w ith cu.t~. e~~?en,e~. and .~Iluw;inrrs. in ca~e o( p•rrtial (orertu~ure of thi~ mortgaee.
the m~~rtg:iged premise. ~hafl he .u1J .uhjrrt to the continui~glien uf thi. mo?~g.~ge for the amuum of the debt not ~hen Jue anJ unpaiJ. In wch
~c:i~e the prnvi.ion. of ~hi~ par:~~:r~ph m:+~ :~~.ain he availed o( thcrea(ter (rum time t~, ~ime hy the morlgaFee.
I I. Th:+t ~he morlgagur will give immeJi:~te notice h~ mail to (he mortgagee i~f any cunvey:mce. transfer, or rh:~nge of ownenhip of ~he
prcmi~e~.
i'. "ihat no w~i~er uf am• tucenant herein or i~f the nhligatiun tircured hcrehy~ ~hall at any time thereafter tx held ro t,e a w:~iver ot the
; icrm, hrreu( ur af Ihe nule .ecured herch~
' • 3GCK ~~9 PAGr
d_,. ~ . ; ~ '