HomeMy WebLinkAbout0609 2. I hat. in urder mu~a (ully tu prute~~ ~At +ecuniy ut thi. mong:y~r. ~he murtd.~gu~. tu~r~Arr N i~h. :.nJ in:?Jdu~un ~a. ~hr munihl~ p.~~ u~. nt~
unJt~ ~ht 1rrm. u( the nute +tcurrJ herchy. un Ihe tir~l Jay of rach muoth un1i1 Ihr .a~d nult i~ (ully pa~J. will pry w Ihr murtgrgrr Ihr t.~ll~~w -
ing ~um~:
1a1 An amuunt ,utTiciem w pru~ iJe the holder hrreut wi~h IunJ. tu pay the net~ murtgake imurancr prrm~um i( ihi. im~rurnrnt ;~nJ tht
nule ,ecurrJ hrreby a~r in~ureJ, o~ a mumhly ch~rge lin 6eu o( a murlgrgt ~n.ur~nce premiuml i( thry arr hrW hy ~hr tir. ~ri,u y ut .
Nuu~~nKand Urban Lkvelupmrnt a~ (olluws:
111 If anJ w lunb a. ~aid note u( evcn J:+te aoJ tAi~ in.trumrnt are insureJ ur arc rcinwreJ under ihr prt~~~s~u~t. ut ~hr ti.,1?unal
N~~u~ing Ac~, an amuunl +ulTic~ent ~a accumul~te in ~hc hand~ uf tAe hulJer one 111 month priu~ tu i~. dur Jatr ihr annu.~l murt-
~gt insurance premium, in orJer to pro~iJe wch hulder wilh (und+ tu pay wch premium tu the tirrretary ot H~~u.ing and
Urhan Ikvrlupment punuant to the National Hau~ing Ac1. a. amendrd. and applicabk Regulatiun. thrreunJcr, ur ~
1111 if anJ ca long ac s~iJ n~ue ot even Jatt and lhi~ im~rument arc held hy tht Secrelary of Huucing :~nJ l!rhan 1)evtlupmrnt, a '
monlhly charge iin litu o( a motlKage imur.~nct prrmiuml whirh shull hr in an amount cqu:~l ~o onr-iwrl(th l lll'1 i~( ~~ne-half
11!'? pe~ cenwm ot thr •ave~age ou?,taoding balancr dut on thr nu~e computed wiihuut takin~; intu aca,unt Jrlinyurncit~ ur
prcpay mrnts;
Ih) .um eyual tu the gruurxl rrnt~, if anp. er~1 Jua. plu+ thr prrmium, tha~ Nill ntat hecume Jur a~d pa~ablr un M~licir~ u( firr :ind ~
uthrr h:vard imur.~ncr ruvtring Iht morl~,ageJ prap~r~y, plu. ~a~e~ anJ a,.e,.mentc ne~t due on tAe mung:~geJ pwperty lall a~ r.ti-
matrd hy the morl~;abetl ks~ all sums alreaJy paid ~hrrct~n di~ iJrJ hy thr numt+er u( munlh. tu rlapce t~r(urr ont munth prior t~~ thr
Ja~e when cuch gruunJ renls, premiums, tatt~, anJ a~st~sment~ w ell hecvme dtlinqutnt, +urh ~umc tu he held hy murtgagtt in Irust
to pay +aid grounJ rents, premiumz. taaes. and special astectimenl~; and
Icl All paymenl: men~ionrd in the two preceding wbuctium u( thi+ p•rragraph anJ all payments to t+e made unJer thr note cerurrd here-
by ~hall tx aJJeJ u~ge~her anJ tht a~regatt amuunt Ihereuf .hall t+e paid hy tht morlgagor rach munth in a~ingle p~pmrnt to t?~ ap-
piied by the mortg:+gee ro the folk?wing rtrm~ in the orJer ui furlh:
111 premium ch~rbe~ under the contract ot inwrance with the Secrotary of Hou~ing and Urb.m lkvelopment, ur monthly charge
(in lieu u( mortgage inwrance ptemium?. a~ ~he ca~e may he;
(!11 grou~xi rents, tatrs. asse»ments. fire. and other hazarJ insuranre premiums:
f111 intere~t on the nutt xecursd hereby; and
IIVI amortization of the principal of ~aid note.
Any deficiency in the amount o( wch :+g,gregate monthly payment shrll, untess made g~~.xl by the mort~gor prior to the Ju~ datt uf the neat
wCh payment, constitute an event of Jefault u~er this mortg:~ge. The murtg~gee may cvNect •r "latr rharge" nu~ tu eureJ two ccnt. l_'cl fur
each do!!ar IS!! of each {+ayment more ~han fitteen I ISI day+ in arrran to cuver ~he e~tra e~penx invoh~ed in h:?ndling delinyuznt payment~.
3. 71iat if the total ot Ihe payments made by the morlgagor urxier lbl ot paragraph ' preceding shall r~ceed the amount of the paymcnt~
actually maSe by the mortgagee, tor gruurxl renls, taze+ and a.ses+ment~ and inwranee premium.. a~ ~he cate may hr. +uch exres~ at the op-
tion of the mu~tg~gee. ~halt. t?e c~editeJ on wbsequent paymen~s tu be maJe by ~Fx mortgagor, or rrtundeJ ta the mortg:~or If, howrver. ~he
munthly payments made by the mortgagur under Ib) ot par•rgraph'_ prcceJiog.hall n~~t t+e xufTic~ent to pry~ grou~xi rents, taies and a~ses~ment+
and inwrance premiums. Ihe case may Ix, when lhe same sh•rll txcomr Jue and pay~bk. then the murtbagor shall pay to the mortgagee any
a~qoun! neceswry to make up the deficieocy. un or befure Ihe Jate whrn payment of wcA ground rrnt~, i;~~e+, asie~~mrnls, or insurance prem-
i~ms chall he due. If at ~n~~ time the mort~gor sh~ll tender to Ihe murtgagce in accordance w ith the pru~ i~ion~ of the note ~ecured hereb~~. full
payment uf the rntir~ inJebttJnecc represenled thereby_ the murtgaget ~hall. in cumpuling thr am~~unt ot .uch indehteJnec~, credit to the aa
count a( the mort~gor all paymentc made under the provi~iom ot 1a? o( paragraph ' hereu( whirh thr mort~agce ha~ not t+ecome obligated to
pay to the Seeretar~• uf Howing and 146an De~~elopment ~rtJ ~ny b:il:~nce rrmaining in !he funJ~ accumulated under thr provisium of IM of
said paragraph 2. If ttxre shall tx a default under any of the pruvisions ot thic mortgage, rewtting in a public s:de of tix premi.z~ cuvcred here-
by, or if the mortPagee acquires the property otlxrwise after default, the mortgagee shall apply. at the time of the commrncemrm at wrh pru-
ceedings or at the time tFx property is i~therwice acquired. Ifx balance then remaining in the fund~ accumutated under 1h)ut para~tr:~ph' preced-
ing as a credit against the amuunt of prirtcipa! then rem~ineng unpaid under said nole and shall properly adjust a~~ payments which shall have
heen mede undtr 1 a) ot said paragraph.
~i. That hr will pay all tares. a.~es~ment., water ratr> and uther go.emmental or municipal ch:~rge.. fine~. ur impu~itiun.. (ur which pro-
vi.iun ha~ ni~t ~rn m;~de hrreinhe(urr. and in Jrfault thrreuf the murt~a~:rr may pay ihe ~amr. anJ th:u hr Nill pmuiptt~ Jeti~~er the othcial
receipt~ thereior ti~ thc murt~::~~ee.
S. That he w ill prrmit. rummit. ~~r ~utter no w~~te. imp~irment. or deterioralion o( ~aid pruperty ur any part thereof: and in ihe rvenl of thr
frilure uf the mortga~:vr to keep the huiWing~ un taiJ premi~e, :md Ihme ~u tx erected on ~aid premicec. ur improoemeril. thercon. in giwd re-
pair. the murtgagee may make cuch repain a~ in its diuretiun it may Jeem necessary for the proper preurvatiun thcreof_ anJ the full amuunt ot
rach and cti~erq .uch pa~ ment ~hal! t~ immcJi~trly due anJ pay:+bk. anJ ,hall he strureJ by thc lieo of Ihi~ mort~g~.
h. That he w ill p:~y all anJ ~ingular the costs. chargec. and e~pense.. including reawnable lawyer'~ tee~_ anJ co~r, uf aAstractc ~ii titte. in-
rurrrd or paid at anq time by the mortgagee lxcauu o( the failure on Ihc part of thr mort~gor promptly :~nd fuliy t~. pertorm the agreements
~nd cuvenant~ of .aid promi~tiory notr anJ this mortgace. and s~id co~t~. chargec. and eipen+e. ~hall hr immediately Jue and payaMe anJ tihall
he .ecured by the lien of Ihit r.~unttage.
7. Tha~ he will krrp ~he imprnvrment. now e~i~ting ur hereatter erected un Ihe mortgagrJ propcr~} . inwreJ may he reyuired fr.~m Ume
to time hy the murtga~ee ag:~imt I.nc by fire and other h•rtard~. caw:illir~. and contingrncie. in wch amuunt~ and for +uch perioJs a~ may tx
required b}- mortgager_ and aill pay promptly. when dur. any premium. on .uch in~uranre for payment ut ahich pru~i~ion ha+ not been made
hereint,etore. Ail inwrance ~h:+ll he carried in companies approved hy mortgagee and ~he policie~ anJ renewal. therco( shall be held by mortge-
ger and have attacheJ thereto loc~ pryabk clauxs in fa~or of anJ in (orm acceplahk tu ~he mortgagee. In e~ent of lo.. he w•ilt give immeJiate
nolice bv mail to m..rtgagee. and mortgagee may make proof of ios~ if nM made prort?pdy by mortR~gur. ~nd each imuraoce company ran-
rerned is hereby aWhorered and Jirectrd to make payment tor cuch lo~c direcUy to mortgagee inctead of ro mortgagur and mortgagee jointly,
anJ thc inwr•rnce pr~xeed~. ur ~ny part thereof. may bc applied by mortgagee at its option ei~her to the reduction of the inJehledoess hereby
ucurrd or to the re~toratiun or repair o( tt~e property damaRed. In event ot foreclowte uf lhis m~trtgagt or other tran+[er of title to the murt-
~ gageJ propert~ in euinguithmrnt of the indebtednecti cecareJ hereby. all right, tidt. artd inierect of the mortle:~g~~r in anJ ~o any inwrance poli-
i cets then in force sh~ll pa~~ to the purcbacer nr grantee.
8. 'Iliat if the premiuc. ur anq part thereoL 1x condemned under sm~ M~wer ot eminem Jomain. or acquireJ fur ~ puhlic u~e. the Jamage..
proceeds. and the comideration (or cuch acqui~itiun. to thr e~tent uf ~he full ~mvunl of indehtcdnr,. uM~n ~hi. Morlgage. anJ the Nute ~ecured
~ hereby remaining unpaid. are hereby a~signeJ by tt~e Mortgagor to the Murip,agee and shal! tx p~id (orlbwith to Ihe Mortgagee to tx applied by
i~ un acruum i~t the indehtene~s secured hereby. whether Jue or not.
; y. That ~he mart~gce may. at ~ny time pending a wit upon thi. murt~age. appl~• tu Ihe court h:~~•ing juriuiictiun ~hereof tor the apFx~int-
~ ment o( a receiver, and such court shall forthwith appoint a receiver o( ihe premice~ cuvered hereby aN and ~ingutar. inrludinR al! and ~ingular
the income. profit~..i.tiue~. and rev~nut~ lrom whatever tiaurce derived. each rnd e~ery of whirh. it heing erpre~tilt undentood. is hereby
murtgaged a. if ~pecifi~ally tiet forth and deceritxd in the granting anJ hahendum clauses hereof. and .uch receiver shall have •rll the hroaJ and
etTective functiun, ~nd ~x~wen in anywiu entrusted by a court lo a receiv~r. and such appuintment shall he made M wch court a~ a~ admilted
~ eyuity anJ a matter o( abwlute right to ,aid mortEtagee. and withuut reference ta the aJequacy or inaJequacy of ~he ~ alue of the pruperty mort-
Eagrd ur ta ~he wlvency or in,ulvrnc~ nf .:~id murtgagor or the defend~nt~. and thrt .uch reni~, profit~. income. i..ue•. and re~~enue. .hall tx
applied hy wch receiver,according to ~he lien of thic mortgage and the p~actice of such court. In the event of any def~ult un the part of the mort-
K~R~r hereunder. the mortgagor agree~ to pay to the murlgagee on demand ac a reationahle monthly ren~al for Iht premitiec an amuunt at kast
~ equivalent t~~ one-tweltth 1 ti 1?t of thc a~rcgate af the twelvr monthly inst:~Nmentc pay~hk en the thtn current year plu~ tht acroal amount ot
tF?e annual 1aae+. a~~eesmtnu. water ratec. and insurance premiumc (or wch year not covered by the a(orecaid monthly pay ments.
I0. That lal in the event uf any breach oi thi~ mortgage or defauh on the part of the mortgagor. or 1 bl in Ibe event that any of said sumti ot
munep herrin re(erreJ to he not promptly e~d tully paiJ withcwt dem:,nd or notice. or ~cl in the event that each anJ eaer~• the ctipulationti.
a~:reement~. cundition~. anJ cuvenant~ of ~aid note anJ Ihic morlgage. are not duly. promplly. and fully per(ormeJ: then i~ either or any wch
event_ the ~aid a~rcgate .um mentiuned in tiaid note then remaining unpaid. with intere~t accrued to that ~ime. and all muneys secured hercby.
.hall hecom~ Jue and p~~able (c~rthwilh. ur thereatter. at the option o( ~aid mongagee. ac (ully and compktely a~ if all uf the .aid sum~ of mon-
ey were origin:illy ~tipul~ted to he paW on wch Jay. anylhing in caid niNr or in thic mortgage to the contrar} notw ith~~anJing: a~d thertupon or
~ therea(ter. at the option of .aid mortgagee. witbcwt nWice nt demanJ. .uit at law or in equity _ may be pro~ecuted a~ if all muneys secured here-
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i bp h~d m.siured ptior io iic in~tilutioo_ The mortgagte may forccMce Ihi~ mortga¢t, as to 1he amount k~ declared dut and payabk- and the x~id
premi.e~ ~hall t,e ,oW to.atisfy and pay the ~ame togelher with coct~. etpence.. and alii~wancec In cast of partial foreclo~ure of this morigage.
! the murib:~gtd premi~e~ ~hall t+e tiold wbject ~o the continuing tien of thi~ mortgage for Ihe ~mount oi tht drht rwt then due and unpaiJ. !n such
~ r~~e 1he provi.iun~ of thi~ para~;raph mer again he a~ailcd ot Ihcreafter from Iime to time hy thc mort~tagce.
11. That Ihe mortFagor will ~i~e immediate ~otice by mail to ~he mtutgagce ~~f anp conveyance, trans(er, or change of ~~wnersh~p ut the
premi.ec.
I'. Tbat no w~iver of an~ covenant hercin or ot ~he obligation cerureJ herebp sh:~ll a~ any time tbereafter he helJ ~o i+e a waiver o( the.
; term. hereot or of 1he note .tcured hcrehy ~r~o
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