HomeMy WebLinkAbout0473 lhc~l, in urdet nx~rr full) lu prut~til Ihr ~riunly ~~t Ih~? nlurl~;age. thr mu~tg.~gur, lugclher ~+ilh, a~xl ~n .~~td~liun l~~. ~hr nk~nthl)
p.~~mr~N. und~r Ihr trrm, uf Ihr nulr .~tiur~til hrrrhy. .m ~hr fiia day ul r:~ch ownth unl~l thr ,:ud rnur (uU~ p:ud. M~II pay tu thr
mu~t~;agr~ Iha fidluwi~g ~um~' .
taf =in ;~nx~unt .uffirirn~ tu proviJr ~hC hulJrr herruf Ni~h fundc tu pay Ihe nrxt nxingage imurancr prcmium if thi~ in,~rua~ent anJ
Ihr nutr sr~urrd hrtrby art in.urrd, ur a mi~nthly charge Iin liru of a mortgagr imurance premium) ii they are hrlJ by thr
tiecrcta~y of Ni~u~ing and Urban Dcvrlapmrnt, as fu~laN•s: ~
U! If and w long as ~aid n~~~e of evrn date and thic imtrument :ue insurrci or are rcinsured u~xler the arovi.ionx i~f the -
Nativnal Huusing Act, an amount 'sutTicient to accumulate in the handc uf the fxilder une (11 munth prior to its due Jate thr
annual mortgage inw~anct premium, in urdrr tu providr +uch hulJer with funJ~ tu pay .uch premium tu Ihc tiecretary of
Huusing and l!rl+an llevelu{+mrnl pursuant to IAr National Huu~~ng Act, as anxnJeJ, anJ applwahlr Itrgulutiun.
the~eundsr; ur
111) It' anJ w lung a~ said nutr uf evrn date anci this instrumrnt are held hy rhe Sc~:retary of Hou.ing anJ U?ban I~evelopme~t.
a nx~nthly rharge Iin lieu i~f a mor~gage inaurance ~xrmiuml which .h;~ll t+r in an am.~unt ryual to one-twelfth III12) ot
one•half 1~~ 1 per centum uf thr avrragr uut+t~~xl~ng b:~larx;~ dur un lhr note camputetii w~ithout taking into acxoun~
definyuencies ar prepaymentc;
Ib1 A sum equal ta thr grourxl rrnts, if any, next due, plus the prrmiums that will next brcome due arnl payable on policirs of fire
and uthrr hatarJ insurarn,e cuvering Ihz mortgagcYl {xoptrly, plus taxes and asse.,mcnts ~ext duc un Ih~ m~xtgaged property 1a11
as es~imalcRtby the mortgageei less aN sums already paid thcrefor dividrd by Ihe number uf munths lo elapce befure one month
pri.x to the Jate when such grourni rents, prrm~ums, taxes, anJ :use„menu will becume drlinyucnt, tuch tiums to t+e held by
mortgagee in trust to puy ~aid grounJ rents, premiums, taxes, anJ special as,c~.mcnts; and
(ci All payments mentioned in the two preceding cubsecliuns of' Ihis paragraph and atl payments to ~e made urnier the note :ecuraf
hrreby shall be added togNher and the aggregatr ~mi~unt thereof shall be paid by che rtxxlgsgur exh munth in.a single pa~~rr~nt
tu be applied by the murtgag~e to the folluwing items in Ihe order ~et forth:
Itl prrmium ch~rge+ nndar ~hr cuntract uf insurance with the Srcre~ary of Hou~ing and ltrt+an Development, or monthly
charge Iin lieu of mortgage insurance premiuml. as Ihe case may t~;
U11 ground rents, taxe~, :usessments, fire, aod uther hai:uJ inwrance {xcmiums;
(Itl~ interrst on the note se~urtJ hrr~by; :~nJ
IIV) amortit,~tiun uf thr prin~:ipal of saiJ note.
Any drfxir~x:~• in the amount uf su~h :?ggrcgatr nwnthly paymrnt +hall, unl~~+t ma~e gu.xl by thr m.xtg.~gur priur w thr due date uf
the nr~t .uch paymtnt, comtitutr an rv~nt uf Jrf:~ult unJrr thi~ me~rtgage. !hr murtgagre m:iy cuU~~t a`lale charge" nut tu e~cr~d iao
cents 12e1 for each ~k~llar ISI1 of rach p~ymrnt murr than fiftcen 11 ~1 days in arre;u~ tu cuvrr the r~tra t~pen,e in~~ulved in hanJling
d~linqurnt payments.
3. ~fhat if the totat uf thr paymrnt. made by tht rnurtgagor u~xlrr Ih) of paragrapb 2 pr~reJing .hall e~cc~~1 th~ am~wnt uf thr
p:~ymcots xtually maJe by the mixtg~gre, fur gruund rrnt.. ta~rs anJ as~e»mrnt~ xnd in~~~r.~n~:r premium.. ati thr ~ax m~y be, such
excess at the option of the mortgagee, shall, be credited oo suDsequent payments to be made by the mortgagor, or refunded to the
murtgagor_ If, hoNever, the rrkmthly paynnn~+ m:x1e by tht nwr~gagor unJrr Ih1 uf parag~:~ph 2 prrceJing ,hall not br ~uffici4nt tu pay
gruunJ rent~, taxe~ and a+ses,ment+ anJ imuranc~ prrmiums, as Ihe case may 1.r, Nhen 1h~ ,ame ~hall bc~umr due :~nd payable, ~hrn ihe
rnurtg;igi?r ~hxll pa}~ ai ~he mu~igag~e any amuunt nect,+ary tu maAe up thr .trficiencq, un ix t+~fore [he Jate wh~n p:~qmrnt of ,urh
g~uurxl rrnt~. 1axr+. a+x~+ments, ur imurartce prrmeums ,hall tx Jur. !f at any time the m~xtg~gur shall ?cnJer tu thr murtgager in
a~.cardance Nith the provisium uf thr note srcurrd herrby, full paymcnt of the entirr ind~M~vlncy~ rrpr~~,c:nted therrby, thr rtxxtgager
+h:+ll, in cumputing the amuunt uf .uch indrbtctilnr». creJ~t to 1hr accuunt af the murlgagur aU payment+ made under the pruri,iuns uf Iu?
uf paragraph 2 hereot which the murtgagee has nut berome obligated tu pay tv thc Se.:retary uf Huu,~ng anJ Urban Dc~~~lupment and any
hal:~ncr remaining in thr funda accumul:~t~Yf undrr thr pruvi.~um uf Ibl uf ,aid paragraph 2. If thrrr ~hall tk a dcG•w{t urnlcr any uf thr
pm~~,~um of thi. m~utgage. rrsutling in a puhlic ,al~ of the premi~r. cover~tii hrrrhy, or if the mixtg:+grr acyuirc~ the property uthrr~i.r
atirr Jcfauli, the mortgager ~hall appl). at th~ limr uf the:omm~ncemem uf ~u.h pnkerdin~;~ ur at ~he timr thr pm~xrt~ i~ ulhrr~ice
acyuired, thc balancr ~hen remain~ng in thc fund, arcumulat~tif unJrr ~h~ uf paragraph ~ pre~r~~ng a+ cr~.lit agaimt thc amnum uf
pnnripal then rcmaining unpaiJ under .:uJ nut~ :~nJ .hatl pn~periy adjuct any p:~yment, uhich ~haN havr heen m:ede eindcr Iu1 of viiJ
par~graph. ~
I Fl~f Flt MCII ~J)' :III 1SCC'ti. a~x~~menh, walrr rat~y. anJ othrr govrrnmrnt:J ur muni.:ipal tharge~_ tinrti. ur im{w»itions. fur which
pt+~~i.iun has not been m:~dr hrreint+rfi.re, and in def:?ult thrrcY~f the m~utgagi~ m:~y p:fy thr +amr; anJ that hc will prumpU~ Jrli~cr Ihe
ufticial rctiript~ Iherefur tu the murtgager.
5. f hat hr will permit, rommit. ur ~utTer nu ~~,te, impairmrnt. ~x drtrriuratiun of ~aid pn.prny ur any parl thrreuf; and in the evrnt ~
uf thr fa~lure uf thr murtgagor [o lerp thr baitJings on wiJ prrmiu. artd th~ne to be ercrtrd un said premix,_ i~r improvements ther~on.
in g~xxl rep~ir, thr ~rx~rt~agrc ma~• m:?kr ,uch rep:+ir~ :t, in it. di.cr~tiun n may derm nec~-„ar~ f~x tha pr..~xr prc,rn•atiun thrreuf, and
th~ lull a~rx~unt uf each and every ,uih pa~•mrnt ~h:tll t+r immrdiatrly Jur and pa~ ahlr, and ~hall br Ktiur~til bq thc Iirn uf ~hiti nwrtgabr.
h. ~f hat h~ ill pay all anJ ,~ngulu thr rentc. ch~rges. and ezpenu~. ~acluJing re~wnable la~+yer'~ f«ti. :~nd coct~ of ab~tract+ uf till~.
incurr~til ur paiJ ;?t any time by the murtgagee t.nause uf the f:~ilure on the part uf thr m.xtkagur prumptly anJ fully 1o perfi~rm the
agrerment. anJ cuvenanic of ~iJ promi„ur~~ nutr and Ihi~ murtgagr, and ~sid cmt+, chargc.. anJ expena^c ,halt t+e immrdiately ~ue aaJ
pay aM~ anJ ~h:~ll tn ~rcureJ by the liert of thi, murtgsge. -
7. "~hat hr will I~eep the impruvem~nt. nuw ~~i,ting u~~rraftrr rr«t~ti1 un thr murtgageJ pru~xrty. imurrd a~ may t+~ reyuircyl Gom
timr t~~ hme b~ the nwrtgagee agaimt I~n~ hv fire and uther hat:+rd,, c;i~ulaues, and cuntingena ir. in wch artxwnu anJ fi~r wch periinls as -
may F~e reyuirrat h}~ murtgagee, and HJ) pay prumptly, when Jue, any pnmium~ on wch inwrance fiK payment of Which provicion h,~s nut
been made hereint+efore. All insu~ance shall be carried in companies approved by mortgagee and the policies a~xi renewals thereoCshall
hr hrld by murt~agre •rnJ h:~ve att:~cheJ thereto li»~ payable clause, in favur uf and in fixm acceptahle to thr rrwrtg:~ger. In r~•ent of los~
he w+N givr inimeJiatr rtuiKr hy mai! to murtgagre_ anJ murtg~gce may make pnwf uf lu~, ~f rn~t maJe prumptly M~ m~xtgagor, and each
m,urancr rumpany conerrneJ i~ hereb~~ authoriccJ anJ dirc~teJ to make payment for xuch 1~~,. Jirectly tu nx~rtgagee imtcaJ uf to
nwrtgagur snJ murtgagee juindy. anJ the in~urance pmceeds. or any part therc~~t: may he appfieJ M1} murlgager at its optiun either to the
rrJuc!iun uf thr indehtc~iae.~ nr~~ny x*~:urctil ur to the re+turativn ~x repair uf the pruperty damag~J. In c~~em uf furedusure of this
murtgag~ .~r other tramfer of ti~le tu the murtgagrd pn~rty~ in extinguishment of the inJeMcYinc~s, ,rcurrJ hereby, all right. title, and
intrreu uf thr murtgagur in and lu any imur.?nce policies then in force ,haii pa~c to the purchaser ~~r grantee.
~(hat ii ~hr prrmi~c~, or anv pari theren(, bP cc.nd~~rnnFd under .i(i}' ~ONPf OI emenr•n! domain, or a~ i~uirr~i (or a public use,
th~• Jant~~r~ roceed., and the c~nsiJ~•~a~iun (or Su~ h:~cyt~isitiun, to the ~st~-nt of thi~ (ull amount of ind~~btrdnrs. upon this
\lurt~:~~.~,an~e\ote .ec-ur~•d hereb~• rPm,iinin~ unp~id,ar~• herc~b~ a.si~ned b. ~h~~ ~t~~r~~a~nr to~he 11ortQae~•f-,ind ~hali bF• paid
furthti.ith t~~ th~• .11ort~a~c•~~ to be applie•~! bc it un ount of thc inJe•btednrs. sr~ ured he•rc•ba, N•hether duc~ ur not.
9. ~fhat thr murtgagrr may. :~t any ~ime prnding a~uit u~m ihiti mortgage, apply ti~ the c~~urt having junxlictiun thcreof for the
ap~~intmrnt uf rctirivrr. and tiuch caurt .hatl f~xthw ith appuint a r~~ceiver uf the premi.e~ cuvereJ herrhy all arxi .ingular. including aN
~nJ ~ingular thc incum~. prufit.. i~.ue+. ~nd re~•enure from whatever x~u~ce derivcd. each :inJ evrry uf which, it being ~xps~ti~ly
undercti,~xi, ic hereby mortgage~i ati if SEx-cifi~ally set forth anJ dew:nhcti! in the granting and hatxndum clautic-+ hereYif. and wch reeervrr
~hall have all the bruaJ and effective functions anJ puwers in anyN isr entru~teJ by a court tu a receiver, and wch appuintment sh-all be
maJe by tiuch ruurt ati :,n ~Jmitted c~yuity ~nd ~ matter of ahwlute right tu s:~iJ rrwrtgagee, anJ wilhout reference tu thr aJrquacy ur
-inadeyu:+cy of the value uf the prope~ty mortgag~~i or tu the .ulverxy or intiolvency .~f saiJ r?x~rt~agur ur the defendents. and that such
rrntc. profitc, inec~mr. i~.uec_ a?xl re~enue~ tihall t+e applied hy such receiver aecording to the lien of thi~ rtxmgage and the practiee of wch
c+~urt. In the rvrnt uf ~ny Jefault vn Ihe pari of the rtx?rtgagur hereundrr, the murtgagur agrerc ti~ pap t~. the m~~rtgager on demand ati a
rca~~~nablc munthl~ rental for Ihe premise+ an amuunt at lrast ~•yui~alent tu onc-twrlfth 1 II121 uf thr aggregate uf thr tNelve rtx~nlhl~~
imtallment, payablc in the then current year plu~ the a~tual sm~~unt uf thr annuat ta~e,. a~se~~menlti, water ratcc~ anJ in,ur:,nre prrmium,
fi,r tiuch year not c<nered b~• the afore~aid munihly p•rymentc.
!0. That Ici) in the rvent of any hreach ~~f thi~ mongcige or Jefault un Ihe part uf the murtgagur. or Ih? in the event that any uf wiJ
wms of muney herein referreJ tu be not promptly anJ fully paiJ Nithuut Jem~nJ or notice. ur 1~ ) in ~hc event that rxh and e~•ety the
,tipulations. agreemeois. conditiun~. and cuvrnant+ of u+id note and thic mextgage, are not duly, prumptly. and fully perfurmeJ: then in
either ar anp wch event, ~he ~aiJ agsregate wm mentionrd in,aiJ note Ihen remainig unpaid. with intere.t accrueJ to that time, and all
rrx~ney~ secureJ hereb~•, sh;~ll txcomr Jue and payahle fixthw ith. or thereafter. :~t the option uf ~aid mur~gagee, a+ fu(ly anJ cumpletel~ ati
~f all uf the tiaiJ wmc uf rn~meq were originall} titipulateJ Io he paiJ on wch day_ any~hin~ in said nutc or in thi. nwrtgage to ~he contra~y
nutwilh~tanding: anJ thereupon ur thereaftrr. at Ihe uptiun nf wiJ rtx~rigag~e, withuut rwtice or Jemarxi, suit at IaK ~~r in cquit~•, may tx
pnnxcuted a. if all rrwney~ scYUreJ herehy haJ matured prior lo it, institution. Thr murtgagee may Gxedu.e thi, rtx~rtgagr, a~ to thr
arrx~unt ~o Jeclared Jue and p•ry:+hle. ~nJ the wiJ prrmices chall t+e colJ t~~ ~atisfy and pay the wme tugether Nith antti, cxpeme~, and
alluwaaceti. In ca.e uf panial foseclo.ure uf ~hi~ mur~g~ge, the murtgageJ premi~eti shall be wld .uhj~tit tu thc cunt~nuing lien af this
rnurtgage fur ~hc amuunt of the deht nW then duc anJ unp:~id. In ,u~h ca.c the provi,iuns uf thiti paragraph may again be a~ail~d uf
therea(ter frum time tu time hy the murtR~K«-
1 l. ~hat tAe nx~rtgagor W ill grve immeJiate notice by mail to ~he mortgagee of any conveyarnr, tran~fer, or change uf uwner.hip uf
1he premi~ch.
I2. ~f ha! no Naiver ut' any c~~venant Iterein ~ir ~~f the obligatiun scYUred hereby ~hall at aoy Umc Ihere:?fter tx helJ to tti a waiver iif
the term~ herruf ur uf thr nute ~ccureJ herehv.
~ eDex 2~ Par.i 4~