HomeMy WebLinkAbout1312 lha~. in urJr~ nhuc iulh tu prut~tit thr,~•.ui~ty ~~1 thi, nwit~;a~;r. iha nx~ri~;a~ur, t.~g~tlur ~~U~. an.l in a~duiun ~u. thr nNm~hh
~•em~nt. unJrr Ih~ t«m~ ~~f thc nut~ ~C~UftYI IIaI~I~)'. UO i~IC ft~.t Ja~ .~f ra~h nt~,nth unul thr ..uJ n.~tr i~ ti~U~ p:~i~l. u~l~ pa) lu Ih~
~ti~.~~lg~grr Ihr f'ulluwing ,um.:
lal An anwunt sufficicnt tu proviJr thc huldrn c~rrof with fund, to pay thr n~~t m~~r~gagr inwranc~ p~~mium if thi. in.trumrnl anJ
thr nate securrd hrreby art imureJ, ~x a mun~hly chargr tin lieu uf a nx~rtgaga ~murarne pr~m~urn) if thcy are held by the
tircretary of Nousing and Urban Ikvclupmrnt, :?s fuUow,:
(1) If and so long as saiJ oule o( evrn Jatr anJ ihis imtrument arr insurrJ ur are rcin~urrd undr~ the provi~iuns uf tht
National Huusing Ac1, an amount wtTici~nt to accumulatr io ~he hand~ uf thr huldrr une 111 munth priur tu its due ~at~ ~hr
annual martgagr in+urancr prem~um, ~n urd« lu pruvi~r wch hulJer witA fund. t~~ pay ~uch prenuum tu tbr Srcretary ~if
Hou~ing and Urban ikvel~~+me~t pur.uant tu the ti~tional Nuu.ing Act, as aniendrd, u~x1 appl:.abt: 4tegulauun.
thrreunJrr, ur
Utl If and x~ long aftiuidnol! uf r~rn Jate x~nl thi. in~trumrm are hcW b~ ~hr tiecrr~ar} o( Huu~ing und Urhan ikvtlupmrnt,
e rtxmthly chargc lin li~u uf a m~xtgagr inwrancr prrmiuml Mhich ~hall t+r in an amuunt ryual w unr-Meitth f ill?1 uf
une-half 1':l prr cenwm of tht a~~ragC uut,tanJing balarxr dur i~n the nute cumputni withuut taAing imo acc~~unt
delinyuencies or prap~yment+:
lb) A+um equal to the ground r~nt~, if any, next due, plu~ the premium~ that will nex~ become due and pay;~ble un palic.ir~ uf ~~r
~t.~c taxe+ anJ aueumrnt~ next dut on the mort a ed r rt lall
aixf other haza~u ~n~u~..~„.~ .:..:::,.e :e~e_:. : • B 6 P W~ Y
as estimated by the mor~gagee) less all wm~ alrrady paid thercfor dividrd by the num~+er of mo~th+ to elapse befi.re one month
prior to the date when sueh grourxl rent,, prcmwmc, taxe~. and acsrc~ments N•ilt bnomr dehnqurnt, auch .um. to be heW by
mc~rtgagee ~n t~uc~ tn ~a~~ ~aiJ eraund rents, prtmium~, taxr~, and sprcial :u;ei.ments; anu
Ic) All payments mentioned i~ the two precrding .ubse~uuns oi ihi~ p;uagraph and all p:+y~ments to t+e m:iJe urxler the note secured
hereby ~hall be addrd togethrr and the aggregatr amuunt thercof ~hall lx paiJ by the m~~rtgagor each month in a,ingtc paymcnt
to t+e applieJ by Ihe mortgagee to the folluw ing itrm+ in the urder set furih:
11) premium chargts under the contract ot insura»ce Nith the Secrrtary uf Housing and Urban Dtvelupment, or rtx~nthly
charge lin liru ot m~xlgage insurance premiuml. a+ the r.i.e may br;
111) gre~und rents, taxe+, ~+sestimcnt., firr, and other hatard i~,urance premium~;
U11) interest un the nole secur~~i hereby; and
11~'1 amortization o( the principal of vtid note.
:1ny defiiitncy in ~he anwunt uf ,uch :~ggrcg:?tr munthly pay rttent .h;i!!, un)r., m.iJr buixi h~ thr mor~g:+gur priur tu ihr due d:ae r~f
[hr n~tt suCh p:tynteol, tun,titule an e~•~ot ut J~fault undrr ~hi. murtg:~g~. l hr murtgagc~ may CuII~Yt a"lat~ ~h:~fge~~ nul to r~CeeJ !Mo
r~nt, i2c1 for cach dull:u 1~11 uf r~~h p:~~mcnt mure ihan tiftc~n ~151 Jay. i~ arrcar, to covcr the c~tra ~xprmr i~a•oRcY1 in hcindling
drlinquent p~yments.
i. 'fhat ef the total u1 the papm~nt+ ma~lr h~ thr murtg:igur un.ler Ih~ uf para~r,~ph pr~Yr~ing ~hall r~c«d thr anwunt ul the
pa~•mrnt~ actuall} madr h~ the murtgagr~, f.~r gruunJ rent,, ta~e+ and a»~+~mrnt+ and imuran~r premium.. a~ thr ~~u may hr. w.h
excess at the option of the mwtgager, shail, be credited on subse+quent paymenis to be made by the mortgagor, or refundai to the
nx~rlgagur. If, huwtvrr. Ihr nwnthh p:qmcn~. niaJr h~ th~ murtgagor undrr ~h1 uf parsgr~ph pr~ticJing ,hcill n.~t t+~ .ufficicnt t~~ pay
~ruunJ rent., t:?xr. ;~n.l e„e+,mrnt, an~ imuranc~ prrinium,. a. the .:?.r may hc. h~n tht ,ame ,hall brcurtt~ duc :+nJ pay:ihle, then thr
nx~rtgagor +hall p~~ tu thr mortgag« any anwunt nctit..ar~ tu rnalr up the drlic~enc~~. un ur tklurc the .latr u hen pa~ m~nt uf .uch
Lruund rent.. ~:~~L.. ~,sr„mrat,, ur ~mur.~n~~ prrmium, ~hall he due. Iti at an~ timc thc murtgagur ~haU tend~r tu thc mu~tgag~e ~n
ac~~~rJan~t N~th the pruv~~~~~n~ ut~ the nutr ~«ur~d h~rrby. tull pavment uf th< <ntirc inJrbt~Yinc„ rrpre.rnted therrb~, thr rix~rtgagre
.hall. in computing thr amuunt uf wch mdrht~tilrie,~. crrdit tu ~hr a~cuunt uf thr murtgagur all paymrntti maJe undtr the provi.ium of Iu1
~~I p.+ragr.~ph ~ hrreuf Nfiich the murtgagrr ha~ nut brc~~me obligat~~a1 tu pa~ to the Sr~retary uf Huu,in~ and l~rban Uevelopmem and an)
hal:in.r remainin~z in thr fund. :~ccumul:~trd un.lrr th~ pn~~i~ium uf IFI uf .aiJ p:uagraph If thrr~ .h.+ll hr a Jrf:~ult wuier .im t~f thr
pru~ ~,i~~m ~,f thi, murtgagr: rr,ulang ~n p++hl~c ,:elr ~~f thr pr~m~~« cu~cred hrrehy. ur d thr m~.rt~;:~g« :icyuirr, thr pruprrt} uthrrN i~r
:ilt~r dr2ault, the murtgager ,hall apph. .it thr timr ~~f the wmmrn~rmrnt uf .uch pnkrrding+ i~r at tht t~me lhr pri~pert} uthrr~ iu
acyuireJ, the halarke ~hrn remaining m ihr IunJ. ac~umula~r.l unJrr ih~ of p,uagraph prcti~Yl~m a. a~redit aga~mt thr amuum arf '
pnncipal thrn rrniaining urtpaiJ undrr .:~iil nuir anJ ,h:~ll pr~,prrl~ adju,t .im pa~mcnh which ,h.ell hav~ hren mxdr und~r ~ul of +:tiJ
par.~gr:~ph.
-3. lhat he will pay all taxr.. a~,r,~m~nt,. «.+trr ratr., an~l uthcr gu~rr~m~nt:~l ur muntcipal charLr.. tinr,. ~~r im~~~itiun.. f~~r ~.hich
pr.,~i,iun ha~ nut hrrn maak herrinheti~rr. .~nd in ~Iriault thr~rut thr murtg:tcrr ma~ pa~ th~ ,:~mr: ~nd that he ~~ill prumptl~ dtli~rr thr
uffici:J rctiript. thercfor to thc mur~gagrr_
I hat hr a ill p~rmit. cummit. ur +utl~~r nu ti?a,tr. ~mp~irmcnt. ur Jrtrriuratiun of .:,id pruExrty ur anp prrt Ihrrruf; and in th~ e~rnt
of th~ failure uf thr mortgagur t~~ ieep the huildme~ un,aid premi~e. and tha,~ to he ~rrcteJ un ,aid prcmi.~~. ur improvement. thrrrun.
~n ~:.w~ repair_ ihe nx~rteagee ma~ make such rYpain a, in tts ditcrrtiun i1 may d«m nctir.,ary fur the proper presen•ation ther~uE and
ihr full anwunt uf ra~h and every ,uch paymrnt tih:~tl he im~ncJiutctt Ju~ .~nd p:t~ahlr. anJ ~hall hr ~a~urr~ h~~ the lirn ut thi, nwrtg~gr.
h. ~h~t he Hil! pa) a!! anJ ~ingular thc crntti. chargc~. anJ e~pemr.. ~n~hiding rea~~mahl~ I.i~.yrr'~ frt,. :~nd ~ustc i~f sh~trs~isof tiUe.
~~curntii ur naiJ at any time hy the mi~rlgagre hecautie ~.f the failure on the p.tn ~~f thr m~~rtea~;.~r pr~~mptt~ anJ full~ ta~p~rform the
agrermrnh and covenants of s:ud prum~~~ury nute anJ [hi. murtc:~gr, anJ +a~J cu.t., .harzr~. and r~prm~, ,h.dl hc immt.liat~ly dur and
pac:+hle and ,hal1 t~ ,ecureJ hy the lien uf thi, murtgage. . • -
. fhat he ~ ilt kecp the impruvcment, n~~N r~i.ting ur h~reafter rrectrJ on th~ m.,rte~g~J pruprrtc. im~~rrd :~r ma} t+~ rcqu~t?ec! irum .
Ume tu Umr by the rnurtgaeir ag:iimt io~s h} fire and uthrr h.?~ard+. ~a,iel;eUc~+. :~nal :c~ntingrn~ir. ih .u~h amuunt. and f~x .uch perioJ~ a~ -
m:+~ he reyuired by murtgagee. and will pay promp~ly. when.iue. any p~rmium~ un u~ch in,ur.+n:~ fur pa~nsrnt uf whi:h Eu-u"vis~~Mi~1~s~ot
6een made hereinbefore. All insurance shall be carrie+l in companies approved by mortgagee and the pulicies and renewa{S thereof shall -
hr held hy murtga~tec anJ havr attache.i th~rctu 1~~., pa}:~hlr ilau~c~ in fa~ur u! ami in f~.rm acceptahlr to th~ nxxtg.:~~~. Ip eYC11[ of Iuss
he ill ghc immrJiate noticr hy mail to m~~rtgag~e, arxl murtgagce may makt pr~~,f uf lo.~ if n~~t maJe pr~~mpth hy mortg:?gur. and each '
imur.in~r cumpany iiincerned i~ h~reh~ authun~~d :mJ Jir~ltrJ to make pa~m~nt f~~r .uch I~~~~ .lir~ctl} tu murtgagre irotexd ~~f !o
nH~rl;.igur and murtgagrr juintt~. :,nd thr in,urancc pci~eech. ur am p:+rt there~~t: m:i~ he .~pplicd h~ murtL.~~~r at itc opUUn tithcr tu the •
rc~uci~un of the indehtrdne~ti hereh~ ~rcurnl or t~ the rr,turaU.m ur rrp;ur ~~f th~ prapert~ Jaiuegr~l. In t~rnt uf furecl~~+urr uf this
murtgage ur uthrr tran.fer of title tu the m~:rt~agrJ pn~{+crt~ in extingwshmcat .~f ~he in.lrhtr.inr~. ,~tiurc.l hrrrhp. all right. title. anJ
~ntrrr.t „f thr murtFagur in anJ to anq insurancr puliciec ihen in furtr +hall p~sti tu the purcha.er ~~r gr,~nt~e.
8. ~fhnt if the premise•v, or anc part lhercrof, be ~ unde~nmr.i au~irr ana• pu~crr ~~t ~~~;in~•nt ~t~uuain, ur ac~~uir~~i tor a public u.~•,
thr ~iaa:e.i_t•. }~rocee~d~, .~nd th~ ~~m~id~~e.ttinn (r~r .uc h ac qui:itiun, to thr~ f•~~rnt ~~f :h. full atr.uun[ oi in~ic~L~.~dn~•... uFwn ti:i~
\lurt€a_~~,an~ith~-\~~te- xecur.~d hcre~h~ r:~n:,~iniu° unpaid.ar~~ hrr~•he a~~irrtr~} t~~ the• \l,~rt,.eror toth:• V~,rts~~~•r ami .h.iil ht• pai~i
forth~.~ith tu thrr ~}nTtQ,~¢CP to Le applie•d b~~ it un accnunt oi th~• indebteJnc°.s s~~~ ur~d h.~r~•t.c, t.hrtiie•r du~• ur not.
9. Chat the murtgage~ m.ty_ st an} timr p~nd~nE .uit uM~n thi~ murl~agr. appl~ t~~ the ~~~urt ha~ing junulicu~m thrr ~f fi~~ thr
apfx~~ntmrm of a re:e~crr. and ,u~h cuurt .hall f~~rthw i1h ap~~int a rrceit•er of the premi.r+ a»~red hrreh} all aad .ingutar, in~uding all
and ,ingul.~r thr irtii~m~. pri~til+. i,~uet. :~nJ revenur. fmm uhatrv~r x~urcc drriveJ. ~ach .~nd e.er~ ~~f .~hirh. it hr~nL e~prr„I~
und~ntuuJ. iti hrrrh~ murtgagrd a~ if ~p~litiially .ct furth and dr~crit+cd in thc granting and h:itkn~um ~Lw~e. hrreof. and ,u:h r~~iciv~r
,h:Jl h:~~r all thc bruad anJ ef(~titic~ functium anJ poK~r, in amw i.e entru.trd h~ a cuur~ [u a rrcei~er. anJ .uch appuintment ,h:dl hc
m:~~r h} wrh .~uirt a~ an .~dmittrd ~t~uit~ and a maner uf ahx~lute riFht tu ~aid mortgagee_ and ithuut r~ferencr tu thr adrquacy ur
, in:~dryuacy uf thr valur uf the prupert} m~~ttgagetl ix tu the tiolvrncy i~r imol~enc} of +aiJ rtx~rtga~;or ur the defendenh. and that +uch
rrnt.. pr~~fit., in~umr. i..ur,, anJ rrvenur> >h:Jl tk applieJ hy wch re:e~ti•er airorJinc tu the lirn uf ttfi~ murtgage and thr practitr ul tiu.h
:~uirt. In thr event of .~m' d~fault ~~n thc p3n uf the m~~rtgagar hereunJer. th~ nu~rtgagor agrec, tu pa~ tu the murtgager un demand a. a
r~a,unahle munthly rental fi~r ttie premi~eti an amuunt at ka~t equ~valent ti~ une-twelRh ~ I/(.I a1 the agFregatr uf thr turl~r r?xrothl~
imt.ellmrnts p:~yable in the then current ~car plus thr actu:J :+moun~ ~~f ihe annual taaeti. a+,e+.mcnt.. ~,,trr ralr~. anJ imur.in~t premium~
fi~r ~txh year nut ruvercYl hy the ato~e~:~id monthl} pa~ment,.
l0. That in the e~ent i~f anp brcach uf this murtgage ur Je(auh oa thr part uf the rrH~rtg:~g~,r. ur Ih) in 1hc ~~•rnt lhat am uf.aid
.um~ uf muncy hcrein referreJ to be n~~t pri~mptl} and futly paid Hithuut drmanJ ur neqicc. ur !e l+n thr evrnt th:?t r~ih and r~ery thr
.tipulatic~n+, :~grrementti, cunJitiom. and cu~enan» uf .aid nute aAJ thi~ murtgag~. :ire not dul}•, pmmptly. and fully performeJ: thca in
rither ur an~ ,uch c~ent, thr tiaiJ atgrcgatr ~um mrntiuneJ in ~:uJ nutc then rrmainig unp:+iJ. ~ ith int~r~yt accrueJ tu that timr, anJ all
rmm~y~ xiureJ hcrch}. ~hall hecumc due and pat:~hle furthw i[h. ~~r thereaftrr. at thr o(+ti~~n uf .a~J m~~rtgagre. ac fulh an~ ~ompktel} a.
if alt of the ~aid .umti at monrp v+cr~ i~ncinall~ ~upulatrd 1~~ hr pa~J un ~uch day, an}th~n~ ~n ,:ud r.~~te ur in thi. mortg:~gc to thc :nntrar}
nuttiithtitanding: anJ therru~~n or thrnaktrr. at the uptiun oC,aiJ murtg.~eer. with~wt n~~ticr ~x drmanJ. ~uit at law ur in rqinty. ma~ br
pru.ecwrJ a1 if all money, ~ctiur~tii hrrchy h:~J mxwre.f prior t~ it, instituue~n. The mortgager may forecl~~,e thir rn~utcage. a~ t~~ thc
amuunt ~o Jeclared Jue and payahle. :~nd the .aiJ prrmi,r~ shall hr .~dd tu ~ati~fy anJ pay the .am~ tugrther with ~rntti. r~(?~nscti. and
alluwance~. In ~:+~e .~f partial fureclu.ure ~~f thi. mortgage, the murtgageJ premi~rti ,hall be .uld ,uhject to the continu~ng lien uf this
nk~rlgage fur the amount of the deht not ~hrn Jur :md unpaiJ. In ,u~h ~a~e the pruvi.ium ~~f thi~ par~graph may ag~in tk a~ail~J uf
therr:~fter Gum time tu time bp the mortg:~gCe.
1l. ~That the rtx~rtg:~gi~r ~~II g~vr immrdi:+tc nuticr hy mail tu thr m~~rtgagre ~~f an} .~~me~ance. tran~fer. or change uf uKner.hip e~f
thc prcmi~r~.
lhal n~~ H:iircr ~if any~ ~u~~enant herein ar ~~f thr ohligatiun ~e:urcJ herehy tih~ll at am time thrreafter be hrld to he a Natver uf
the ~crm. hrreuf ~x uf thr n~~tr ~ecurrd herrh~. ~ Q,~~~ ~ ~ , -
s
BOOK r~~E 8 7
saak ~~c~€