HomeMy WebLinkAbout2553 lha1, in ui.ltr nx,rr (ull~ iu prat~Y1 Ihr ~rcunty ul tAi~ murtg:~~;~. thr nw~ig:~gur, tug~lhri H~Ih. and in ad~litwn 1~,. thr nKUithl~
paym~nn unJtr thr trrm~ ~~f Ihr nutr ,~tiu~rJ Arrrh~, un Ihr tin~ ~a~ u( rach m~~nth until thc ..~i.l ~utr i~ lully p:uJ. ~.~U pay tu ~hr
mur~~agrr Ihr fullu~~inb.um.:
lal An an•.ounl ~uffkient to provid~ the hulder hereuf with fu~J, to pay lht n~xl rtxxtg~gr inwrante premium if thi. imtrumcnt anJ
the note +ecUred hereby arr insured, ~x a mun~hly ch~rge Un lieu uf a murtgagr inwrarxr prrmium) if thry are hrlJ by the
Secrttary of Housing and Urban Develupmrn~, as follows:
(I1 If and w lung a~ said nutc uf cven date anJ this instrument are in.urrd or arc rrin.ur~Yf unJ~~ ~he pruvi~~um of ~he
Nalional Housing Act, an amount sufficient tu accumulate in 1he hanJs of the huWe~ one ( I) momh prior to its due datr Ihe
annual mortgage insurance premium, in ordrr to providr su~:h hulJer w~th funJ. to pay ~uch premium to 1hr Secretary uf
Housing and Urt+an Devek~pment pursuant !o thr Naliunal Howing Act, a+ anxnded, arxl applKable Regulatiun~
thereunJer; or
1111 If and w lung us .:+id note of even Jate anJ ~his instrument are hekl by the Secretary of Huu~ing and Urb~n ikveluprt~nt,
a nwnthly charge 1in lieu uf a murtgage in+urance prrmium) which +hall t?e in an anxwnt rqual to une-twrlfth IU121 ot
unc-half per centum uf the average uutxtanJing twlanct Jue on the not~ compuad without taAing into account
delinyuencies or prepaymrnn;
lb) A aum equal to the grournf rents, it any, next due, plus the prrmium~ thal w~ll ntxl becume dur and paysble on pulicit~ of fire
arn1 other hazard insurance covering thr mortga~~~f ~+roperty, plus taxrti ~nd ~~.e.~mrnu oext dut un the murlgagrd property lall
as estimated by the mortgageel less all sums atready pai~! therefor dividcd hy the number af months to elapsr brfore une month
prior to the Jate when such grourni rents, premwms, laaes, and asse++~nents will b~YUme delinyuent, ~uch wm+ to tx hrld by
mortgagee in trust to pay said grounJ rents, premiums, taxes, and special a~+cs~ments; and
le) All paymrnts mentioned in the two preceding subsections of this paragraph and all payment. to t?e made under the note secured
herrby shall be aJdrd togrther anJ Ihe aggr~gale amuuat thrreof shall be paid by the rrx~rtgagor exh month in a single payment
to be applied by the mortgagee to the following itemc in the ~~rder set forth:
U1 premium charges unJer the a~nlract of in+ur~n~e with the Secrctary of Huuting and Urt+xn Urvrlupment, ur munthly
chargr lin lieu of mixtgage imurarxe premium?, a+ the case may he;
1111 ground rcnts, taxes, a~~rssments, fire, ~nd other hazard insurance premiums;
(1111 interest on the note securni hereby; and
IIVI amurtization of the principal of said note.
Any Jeficiency in the am~wn~ ut ~u~h a~r~~;ate munthl~~ paymrnt .hall. unl~~s m:~de gu.x1 hp thr murtg:~g~~r priue tu the Jue datr uf
the next such payment. cun~titut~ an r~~m uf d~lault unJcr this mor~gage. I he mortg.~gre m:ty tullect "I:?tr rh:trgr" not tu «cerd tw~.
cents 12c1 f~r rsch ~Ilar 1511 of e:kh pa~ment mur~ than fiftern 1151 Jay+ in arrcars tu cover ~he rx~ra c~Mn~e im•ulve~i in hanJling
delinquent payments. _ ~
3. That if Ihe total of thr pa~'mcnt~ maJr bp thr mortgagur under 1b1 of paragraph 2 pre~rJinb .hall excrrJ the anwunt ~~f the
payments xtually made hy the m~xtgager, fur gruund rent.. taxr~ .irni a~~e+,mcnt+ anJ imur.?rxc prcmium.. ac thr ~au may be, tiu~h
excess at the option of the mortgagee, shall, be crediteii on subsequent payments to be made by the mortgagor, or refunded to the
rrx~rtgagor. If, however, the rtx~nthl~ pa}•ment~ made h}• Ihr mortgagor unJrr Ibl of par:?graph 2 pr~ticJing ~h.,ll nut t+r .utficient to pay
grounJ renh, t:4Ctti anJ x~,es~ment. anJ inwran~e prrmium.. a, th~ case m3y hc. ~hen thr wme ~hall be~umr dur and pap.~hle. ~hen thr
tm~rtgagur shall pay to the m.tttgagre :my amuunt nrcr..:uy tu ma{.c up the Jrft~i~~xy. un ~x hefure thr date wh~n pa)~mrnt uC ~uch
6rou~xl rentti, ta~~~. s.~c.sment,, ur imur:?ncc prrmiumti .h:dl t+e du~. If at anp time thr m~~rtgagar ~hsll trnJer tu 1h~ mortg:~ger in"
xc.~rdance with thc provi~ium uf the note secured herehy, full payment ~~f 1he entire indeMctiine» r~pr~~entrd therehy. the rtxutgagee
.hall. in computing the amuunt of ~uch inJrhtrdnc~., crr.lit to thc :?ccuunt uf thr mortgagix :JI pa} mrnt~ maJz undcr thr pruvi.ium uf (ul
uf paragrxph 2 hercof which the murtgagce ha~ not t~comr obligatirl to pay to thr Secretary of Huu~ing and l'rhan Dev~lupmcnt and sny
balance r~maining in the fund~ accumulat~Yi under ihe provitiit~m uf Ihl uf ~aiJ paragraph 2. If there tihall tk def:wh under any uf thr
pruvi.ium of this mortgagr, re+ulting in ~ puhli~ ,alc uf ~h~ prcm~~~y cuvereal hrrcby. ur if ihr murtgagrr acyuire~ th~ pnrprrt} otherH iu
aftrr Jrfault. the murtgxgce ~hall apply, at Ihe time of Ihe cummencement uf .u:h pruc«.1ing. ~~r :~t thr timr thr praprrt~ i+ o~hrrH i,r
xyuireJ. the balance then remaining in the funds accumulatrai unJer 16? uf par.~graph prec~~i~ng a creJit again,t thr :~muunt uf
principal taen rcmaining unpaiJ unJer +aiJ m~tr ~nd chall pruprrlp aJju~t any pa)mcnt~ Hhi~h .hall havc t+rrn m:~dr und~r ~u1 uf wid
paragraph.
a. ~hat he H~II p~y all taxes. a~.c~.mrniti. watrr ral~w, anJ uther g~~vernment:J ur mumc~pal .:hargr+. fint., or im~o~itium. fur whiih
pruvi~iun ha, nut lken made herei~t+eiore. anJ in d~t:tult thercuf thr m~~rtgage~ m.n• pay the .amr: ;+nil that hr ~ill prumpily drli~~~ lhe
ufficial rctieiptc th~refur to Ihe mortgag~e. "
5. l hat he Nill permit. ~ummit. ~~r ~ufTer nu ~.a,~e, imp:+irment. ur d~teriuratiun uf .aid pruperty ur an} pxrt thrrru(: and in Ihr e~ent
uf the failure uf the mortgagur to keep thr builJing~ on ~aid prem~tic~ anJ th~ne to hr ~rected .~n saiJ premi~~ti. ~x impnwrmrnt~ ther~un.
in g~xxl repair, ~he murtg~gee may maAe ~uch rep:~in a~ in it~ d~~crrtiun h ma) Jeem neces~ary f~x thr prupcr preservauun there~~f. and
the full amuum of rach anJ rvery ~uch paym~nt ~hall Ik immeJiatrl~ dur :~nd pa~ahlr. and ~hall he +c~~rcJ h~~ the lirn uf thi, rtxxtgage.
' 6. (hat hr H~II pay all and ~ingul~r thr cv~t~. ~hargr.. and r~pen+e,. incluuing rea,unahlr IaNy~r~. fe~~+. and ~u~h ut ah~lracts i~f tide.
; incurre~l or aid at any time b the mort •a er hecau+e uf the fail~re un the art i~f the murt a~ur rum tly anJ fullt tu rform thr
P' 1 L~ B P' K b P P ~
agreem~nts anJ covenants uf ,:?iJ promi++ury nu~e an~ thi~ murtgagr, and .:~id un~~. charge+. anJ crprm~~ +hall tk imme~~atrl~ Jur anJ
j psyablr and tih~ll Ik ~rcureJ h}' the lien uf thi+ m~xtba~r. _
E 7. "I hat he w ill lerp the improvement, nuN a ti.ung ur hrrc:lfler errctcYl ~~n 1hr m~~rtgagrJ pru~rt~. ~n.ur~J :n ma} t+r rryuircYi fmm
~ time to timr by Ihe murtgagre agaim~ I~m bp firr and ~,th~r h:v:uv~. ~a~ulatic~. anJ cuntingrncir~ in w~h amuunt~ and fi~r wch prnu~~ a,
f m~y be reyuired by murtg~gre. and uiU pa~ prumptly. N hen dur, any prrmiums on ,uch imur.~n~c fur pay mrnt uf ~ hich pruvivun ha~ not
~ been made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies arn1 renewals thereof ~hall
~ hr heW by mortg~gre and have attach~~i thereto I~~+ti pay.~hle clau~c~ in favor of and in form acceptahlr to the rrk~rtg:~cec. In rvrnt ~~f lo~~
~ he will gi~e immrJiate nutice by mail tu mortgagee, and murtgagee may maAe pnwf uf I~~rti if nut made prumpUy h~ murtgagor. :~n.f e~ch
imurark~ cumpany concerneJ i, hereh~ authuricrJ anJ Jir~YtrJ tu mal~ payment fur ~u~h I~r~ dirrctlp tu murtgag~r imte:id .~f tu
~ rrx~rtgagor and murtgagrr joiml~. anJ thr imuran~e pr~xriJti. ur am part th~rcti~f. ma~ hr applirJ fi} nx~rtgagrr a1 ~l~ opdun ~ ither tc~ ihe
~ rrduction of ~he inJebtctilnea~ herehg ~e~uretii or to Ihr «~toratiun ur repair of thr pnrperty ~am:~grd. In e~ent uf f~~r~ih„ure uf ~hiti
~ murtgagc ur uther tr~n+fcr uf tide tu the murtgagrd pn~rrty in rxUngui~hmrm i~f thc indchtrdnr.. .«urrd hereht. all right. ti[Ir. anJ
~ intere,t uf the murtgagor in and tu any imurance pu6cir+ then in furce ~h:dl pa,ti tu th~ purchairr or gr:+nter.
Th.?t if the premises, or an} part_thc•r~•oi. be- c•ond~•nm~•d under anv pati~~•r uf ~•e~inent d~~m.ein, ur ac yuirr~~ tor a pnblic u•e,
thF dama~P., proceed~, and thF ~on~idrrati~,n (or .uc h a~qui.itiun, to thr rct~~nt o( the full amuunt of in~i~•bte•dn~•~s ?pon this
\lortea~F,an~ith~~ote seeured h~rnc~ n~m.~inin~ unpaid.an• hrrrb~~ :~:.i~n~~d hc thr ~t~~rtr.ieor tothe \lurt~.~~e•~• an~l .hall L~- pnid
[~,r~h..i~h i~~ th~~ ~IortRaec~ tu bc applic~~l Lv it un a~~~•uunt u( thr indc•btF~~lnc•ss s~•~ urrJ he•n•f~~, ..hcihc•r dur ur not.
9. That thr murtgagee m:~y. at an} ume penJing a,uit u~~n thi~ murtgage. .ipplp to the cuurt having juri.afictiun thrreof For the
apEwintment uf a rrca iver. and u~ch cuurt ~hall forthw ith apEx~int a receiver of the premi~e~ cuvered hcrrhy all anJ ~ingular, incluJing all
and singular thc incume, pr.~fit.. n+u~w. ~nd revrnu~~ trum whate~~er .~~urce Jrn~rJ. each ~nJ every~ uf ~hich. it bc:ing rxpre~~ly
~ unJentooJ. it hereby murtgageYl a~ if ~p~tiifically ,~t furth anJ dcxrihrJ in Ihe granting .~nd habrnJum clauses hercof. :~nJ ~uch re~eiver
tihall have all thr hruad and effective fu~ctium anJ puwrr~ in anyw~~e ~ntru.ted hy a coart to a receiver. anJ wch :~ppuin~ment ,hall be
~ made by wch court :?5 an adm~tted e~quity and a matter ~~f ~txulute right to ~aid mortgagee, and w~ithuW reference to Ihc aJrqoacy or
inadeyu.uy of the valur uf the proprrty mortgagaxl ur ~u the x~h•ency ur imuh•rncy uf saiJ mcxlgag<~r ~.r thr Jefrndent~. and that tiuch
Y rents. profits, incume. iti,ues. anJ revrnue> >halt br applied hy wch rrceiver accurJing to thr lirn of thi, m~~rtgagr and the practicr of .uch
~ cuurt. In the event uf anp dcfault un the pan of thc murtg.~gur hereunifrr. thr mi~rtgagor ~grecti to pay ~u the murtg~ger un demand 3c a
r~asunshle munthh rental Cor ~he premiu~ an amuunt at Ica.t eyui~•alent to urte-twelfth 111~~1 of the aggregate uf Ihe t~~~lv~ nxmthh
in.tallmrnH payable in the then current year plu~ the actual amount of thr anoual ta~e>_ a..r.~mentti,Natrr rateti. and inwr.+ncr premiumti
for such yrar nut covered by the a(~~retiaiJ munthly paymrntti.
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~p, That lul in 1he event of any breach uf thi~ mort~age ~~r Jrfauh i~n th~ part uf the rm~rtgagur. ur Ih) in the event that an~• uf .aiJ
sumti of money herein referred to be not prompd} and fully paid withuut drm,~nd ur noticr. ur 1~~1 in thr c~•cnt th;~t ea~h and r~•rn~ the
,tipulations. agreements, wnditium. and a~~enant~ uf ti:ud nutr anJ thi~ mortga~r. are no1 duly. prumptly, ~nJ fully prrfurmcd: then m
either or any wch event, th~ caid aggregate wm mrntioneJ in .aiJ notc thrn rem:unig unpaiJ, with interr,t accrueJ to tha~ timr. anJ all
rtx~ney+ xcureJ hereb~. ~hall t~ecume due anJ payahle forth~ rth, ur thereafter. at the i~tiun uf ,aid murtg~gee, ac full}~ anJ ~omplelely a~
'~3 if atl of the ~aiJ sums of m.mey were uriginall}~ ~tipul:ued t~~ he paid un wch Jay. anything ~n .aid n~~te ur in thi~ rt?~xtgage tu the contrary
,notN ithtitanJing: and thereu~x~n or Iherrafter. at thr uptiun uf .:~iJ mortgagec. withuut nuticr ur JemanJ. .uit at IaK ur in eyuity. may be
~-i~ pru.ecuted a~ i: all rtwneys .ecureJ hereby had matur~~a! priur to rt. in+titution. l he rtx~r~gagee may f~x~-clu+e thi~ mortgagr. a~ to thr
z artx~unt tio deel~reJ Jue anJ payablr. anJ the .:+id premice~ tihall 1~ wW to ~ati~fy anJ pa~ the ~ame together with eo~t~. etipences. anJ
alluwanceti. In cax uf artial G.recl~nure uf thi, murt i e, ~he me~rt a ed remisel ~hall br x~td .uh~ect to the cuntinuin lien uf thi~
p K~ 8 B' B P J S
~ rrwrtgagr for the amoum of Ihe Jeht not then duc and unpaiJ. In ~uch cnse the prrni~iom ~~f this paragraph may again he availeJ uf
thereafler from time to time hy the mortgager. -
~ I l. That the mortgag~~r Nill givr immeJiate n~itice by m:~il tu thr nwrtgager uf an~• cun~•eyarxe. Iransfrr, or changr of ownerchip uf
f"'~
1he premi+es.
12. That no waiver of any ~ovrnant hercin ur ~~f the uhligatiun ti~-~ureJ hrrrh~ ,hc~ll at any timr thereafter tx helJ tu t+e a wai~•er of
the termti hereof or uf the nu~e ~rcureJ hereby.
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