HomeMy WebLinkAbout0844 7h:~1. in urJrr nx~rt fuq~ to pn+lert ?hc ,rcunty uf Ihi. mu~tgagr. Ihr mu~tg.~dur. tug~~hr~ ~~nh. :uxl in adJ~uun ti+, ~hr munthly
paymrnh undc~ the trrm~ of thr nutr +r~urrd hrr~hy. ~~n ~hr fir~t .lay ul rach ~n~,nth unti) th~ ..~id n~~1r lully p:~iil. NIII ~:l)' IU Ihr
mungagre ~hr fi~IloW ing .umc . .
iai An :tmuunt ~uff'x:irnt tu provide the hulJer hrreuf with tund~ tu pay the nrxt martgage imurance prrmium if thic imtrumtnt anJ `
the note sccured hereby arc insur~J, ix a monthly charge lin lieu of a mortgagc insurarxe prrmiuml if they arc hrW by the
1ey;retary uf Housing and Urban Development, as fotlows: '
(l) 1f and so lung as said note ot even date and this instrument are insurrJ or aro reinsurcJ uixier ~he M~vi~iuns uf the
National Nousing Act, an amount suff`icient to accumulate in Ihe hands of the holder one (1? month prior to its due datt the
annual mortgage insurance premium, in urder w pn~vidr euch huldtr with tunJs tu pay ~uch premium tu the Secrctary of
Nuusing anJ Urban ikvdu~men~ pursuant tu ~he Natiunal Huu,ing Act, as amrnJrJ, anJ applKablr Regulaiium
thrrrundcr; or '
1111 If ~nJ w long a~ said nutr oC even date a?xt thi~ ins~rument are hrlJ hy the Secretary of Huu~~ng arxl Urban I~vrlop,~?ent. '
a rrwntAly charge (in liru of a mortgage insurancr premiuml wh~ch .hat~ tk ~n ~n amuunt ryual to ane-tN~elGh 11112) of
onahalf 1'h1 per centum of ~he average uutstanciing bal~nce dur un the nute computrd wi~huut ta?ing into accuunt
delinqurncies or prepaymrnts;
Ib/ A ium equal to the grouncl rents, if any, next Jur, ~+lus the premiums ihat will nex~ t+ecome due anii payable un Ewlicics of fire
and other hatard insurance covering the murtaaged property, plus taxes anJ aucysments next due on the mcxtgage~i Froperty (alt
ac estimated by the mortgagee) less all sums atready paid therefor divided by Ihe number of munths to elspse before one month
prior to the date when such grou~l rents, prrm?ums, taxes, and assessmrnts will become delinquent, such sums ta Ue he1J by
nwrtgagee in trust to pay said ground rents, prrmiums, taxes, anJ special aase~~mrnts; and
Ic1 All payments mentioned in 1he tw~o preceding subsections of this paragnph and all paymentt to be made u~xier the note secured
hereby shall be added toRether and the aggregate amuum thrreoi'shali be paiJ by the murtgagor each month in a single paymrnt
to t~ applird by thc mortgagee to the fotlow~ing it~ms in the orJer set fonh:
premium charges under the coMract ot +murance u•ith the Secrctary uf Housing and Urban ikveiopment, or monthly
charge (in lieu of mortgage insurance premium), as the cax may be;
111) ground ~ents, taxes, auessments, fire, and other hacarJ insurance premiums;
(tll) interest on the note secured hereby; and
11V) amortization oCthe principal uf said note.
Any deficiency in the amaunt uf wch aggregatr munthly paymrnt shall, unlc.s maJe gual hy the murtg~gur priur to the Jur Jetr of
the next such payment, constitute :~n rvent of drf:wlt under this mortgage. Thr m~rtgagee may culleYt :i '~late charge" nut tu exccrJ Mo
cents 12c! for eanc ~lollar ISI I of each payment mort than ht~teen I151 Jays ~n arrrars tu cover thr etitra rxprn+c involveJ in hanJling
Jelinque~t payments.
3. That if the total of the payments made by the martg~gor uncler Ih) of paragraph 2 prrc~ding .hall rxceeJ the arm~unt uf the
paymems acwally made by ~he mortgagee, fur ground rents, taxn anJ assessmenl~ anJ inwr:+rne pr~miumw .~s the ~asr may be, such
excess at the option of the mortgagee, shall, be credited on sub~equent payments to bt made by the mortgagor, or refundcd to the
rtwrlgagor. If, how~ever, the m~mthty payments macie hy the mortgagor under !hl uf paragr:?ph 2 pre~eJing ~h~ll not tk sufficicnt to pay
gruund reMs, tatiec arxi a~sessmrnts and ~nsurance prcm~ums, as the case may tx, when the~,:?mr sh:dl becume due anJ payablr, then the
nu~rtgagur chaU pay to the mortgagee any arrxwnt nctie~sary to make up tha ~eh~:irncy. un ix tkf~ire the Jate when paymrnt of wch
grourxl rents. taxes, asscs~ments, or insurance premiums shall be due. !f at any time the mcxtgag~x ~haU teixler tu the murtgagee in
accorJance with the provisiom of the note ucured hereby, full payment of the ent~re indebt~tilne~, reprc.enteJ thereby, the murtgagee
~hall, in computing the amount of such i~xleMednes.~, cr~rlit to the account of the murtgagor alt payments madr unJer thr pruvisions uf lu)
uf paragraph 2 hereof which the mortgaRee has not hecome ohligated to pay w Ihe Secretary of Huusing and Urb~n Developnxnt and any
balance remaining in Ihe funds accumulated unJer the provicions of Ih) of said paragraph 2. If there shall be a default uncier any of Ihe
provisions of this mortgage, resulting in a publi~ cale uf the premice, cuvereil h~rrhy, ur if the m~wtgag« acquirrs the p~~~rty ulherui~
aftrr defsult, the mortgagee ,hall apply, at the time uf the cummencemrnt uf wch pmceeding, or at the timr the pruprrt~~ ic utherwi,z
:~yuirctil, ihe balst?ce then remaining in thr funds accumulateJ under tb~ uf paragrapf~ ? prec~^ding a. c~ credit agaimt the amount af
principal then rrmaining unpaiJ under ,aiJ note .inJ ~halt pruperl7 a~iutit an~• paymrntc ahich ~t1:lII I1:tVC been made unJrr Iu) of saiJ
paragraph.
4. That he ~ill pay all taxes, assessments, watcr ratc-~, and u~hrr guvernmental ur municipal ~hxrge,, fines. ~~r im~x~sitiun.. fur which
pruvi,ion hati not heen made hereinf+rfi.re, anJ in dcfaidt thcr~y~f thr murtg:~gre m;~y p;i~ ihe .;imr: and ~ha1 he Ui1! prumpd~~ Jrlivrr the
otficia! rer:eipts therrfor to ~he mortgagce.
5. ~~hat hr will prrmil, cummit. ur wPFer nu ua.te, impairmrnt, ur deterioratiun uf ~aid pr~~prrty ur any par~ th~r~i~f: and in 1he event
uf the failure uf the mortgagor to keep the buildings un s:,iJ premiseti and thoxe to be rre~trd un saiJ premix,, or impru~cmenn thercun.
in g~l repair, the mortgagee map make ~uch repairs ;~ti in iu di~cretion it may Je~m necr~wry for the pn~per pre~trvatiun thereuf, anJ
the full armiunt of each and evzry• such payment shall t~e immediately due and pspablc, anJ tihall t?e +ec.ured by the lien uf thic mortgag~
6. ~That hr will pay all and singutar ~he costs, charg~~, and etpenses, incluJing rcasonable lauyer's fees. and costs of atxtracts of title,
encurrc~i or p:~iJ at a~y time by ihe mortgagee br~suu of the failure un thc part of ~he rrwrtg•sgor promptlp• anJ fully tu perform the
; agreement+ and covenant~ of said prumitsory nute :~nJ thiti murlgagr. anJ ~ai~f c.nt~. ~hargr., arxl exp~n,cti ~hsll t+e imme~iatcly Jue an~
pa~ able and shatl be secured by the iitn ~f this mortgage.
7. 7~hat he will keep the impro~•ements now• existing ur hereafter errcteJ un the murtgaged pn~perty. inwred a~ may be requircYi from
time to time by the mortgagee against luss by fire anJ other h~z:.rss, ca~uf~ties, and contingerkir. in ~uch a~rx~unt~ anJ for titr:h perioits as
may he requirc-~i by mortgagee, and wiN pay prar:~ptly. Hhen due, any premiumc on,uch in~uranre fur payme~t uf which provition has not
bcen made hereinbefore. All insurance shall be carried in companies approved by mortgagee and the policies anci renewals thereof shall
, br held by murtgag~e and have attached thereto Ic»s payable clauses in favur of anJ in form acceptabte tc. the rnurtgagee. In event of loss
he M ilt gi~~r immediate notice by mai! tv murtgagee, and murtgagee may muke pnwf of los~ if rwt made prompUy by m~xtgabor. arxl each
~ insurance a~mpany concerned is hereby authorited and directeJ to mal.e payment for such lixs directly to mortgagee imtead uf to
` nx~rigagur anJ morigagee jointly, and ihe inturance prcx:eeds, or any part thercrof, may be appiird b~ murtgagr~ at its option either ta !he
reJuction uf thr indebtrclnesc hereby cecure~i or !u the reswralion ur repair uf the property damageJ. In ~vent uf forrelosure of this
murtgsge or uther iransfer of title to the mortgageJ pruperty in catinguishment of the indebtrdn~~~ ,~YUrcJ hcreby. all right. title. and
interc+t of the mortgagor in and to any insurance policirs then in furce shall pasc to thr purchaser o~ grant~e.
s 8. That i( the premises, or anp part thereof, be conden~ned under any poNer o( emineat do~i~ain, or ar~uir~d for a public use,
; the dama~es, proceeds. and the consideration (or such a~quisition, to the eztent of th~• full arnount of indrbtedne~s upon this
~1ortRag~,andthe\ote secured herebp remaining unpaid,are hereb~• assigned bc thF ~1ort~a~or toth~ 1(ort~a~t•e and shail be paid
forth~ith to th~ ~1ortRa~ee to be applied by~ it on account o( ihe indebtedness se•cured hrrebv, ~.hether due or not.
9. That the mortgagee may, at any time perxiing a tiuit uEwn this mortgage_ 3pply to the cuurt having jurixiiction thereof for the
~pp~intment of a rrceiver, anJ such cuurt +hall furthw ith apFwint a receiver of the premicet coverrd herehy~ all and ~ingular, including all
; anJ singular the inrome, profits, ~s~urs, and revrnu~~c from whatever wurcr deriv~d, ea~h anJ e~~ery of w•hich_ it being exprexly
unJersw~l. is hereby morigageJ a~ if specifically ~et forth anJ dc~u:riheJ in the granting an~i hat~ndum clau~e; hereoL and such rrceiver
~ shall have all the broad and effective functions and powers ir. anywisr entrusted by a court ~o a receiver, and ~uch appointment shaN be
maJe by such court as an admitted equity and a matter of abx?lute right to said mortgagee. and Nithout reference tu the adequacy ur
in:~Jequaq of the value of the property mnrtgaged or to Ihe wlvency or insolvency of .:+iJ rtwrtgagor ur the defendents and that ~uch
E rents. pmfits, income. issues, and revenurs shall tx applied bp ,uch receiver accurJing to ihe lien of thi~ mortgage anJ the practice of,uch
court. (n the event of an~• Jefauft on the part of the mortgagur hereunder, the murtg~gur :~grees tu pay to the mvrtgagee un demanJ ati a
- reawnable monlhly rental for the premi+es an amount at least rquivalent to one-twelfth f 1/121 of the ay~rcgate of the tweh~e rtx~nthly
i installments pspable in the then current year plus the actual amuunt of the annual t:ixec, a~ce~timemc. w•rter rate~. and insurancc prrmiunt~
' fiir su~:h year not covered by the aFixesaid monthly payments.
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I0. That In) in the event of any breach uf this morig:~ge or default un thc part of thc rrx~rtgagur. ~x 1h) in the event th.it any of ~id
sums of money herein referreai to be not promptly and fully psid without demand ur notice. or (r) in the event that each anJ evcry the
~ stipulations, agreements, conditions. and covenant~ of saiJ nate and this mortgage, arr not July, prumptly. anJ fully ~erformeJ; then in
eithe~ or any suth event. the taid aggregate sum mentioneJ in said note Ihen remc+inig unpaid, with interest accrued to that time. and all
rtxmeys ~ecured hereby, shall t+ecume Jue anJ payaMr furthw ith, or thereaRer. at thr uptiun of,aiJ mortgagee, as futly .inJ completely a~
, if all of the said sum~ of rtxme~~ were originaily atipulated to he paid un wch day. a:eylhing in ~id note i~r in this rtxirtgage to the c~~mrary
3 nolwithstanJing: anJ thereup~m ur thereafter, at the option uf wiJ mi~rtgagee. withi~ut nutice or demarxl. suit at law ur in equity. may be
prusecuted as if all rtwneys securetil hereby had mawrcvl prior to its institutiun. fhe murtgagre may f~xecl~~se thi~ tMMgage, as tu thc
_ artwunt so declareJ Jue anJ payable, anJ the .~id premises shall tre wIJ to salisfy anJ pay the ~ame together aith antc. expensec. and
:~Ilowances. In c:++e of partial fureclowre of thiti murigage, the mortgaFed premius chall be wIJ ~ubject to the continuinR lien uf thic
Rx~rtgage R?r the amount of the Jeht not then due anJ unpaid. In cuch ca~e thr pruvitiium of 1i~is paragraph may again be availeci uf
` thereafter from Gme to time by the mortgagee.
' 11. That ihe mortgagor will give immediate notice hy mail to the murtgagee ~~f any conveyance, tramfer, or change uf owner~hip i~f
the premises.
12. That no Naiver of any covenant herein or ~~i the obligaliun uYUred hereby ~h~ll at any time therrafter he heW to Ix a wai~•cr uf
the terms hereof or of 1hr note secured herehy.
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