HomeMy WebLinkAbout2021 2. That. in urdrr nx+rr fully tu pna~~t Ihr .~curit~~ uf Ihi. murtg:~gr. Ih~• mu~~gagur, tugrlher w~Ih. :ux1 ~n :~.ldiuun tu. ihr nwnthly
paymrt~ts unJrr Ihr Ie~ms t>f ihe nutt ~~tiw~d hrrrhy. ~~n thc fir~t ~L~) uf carh munlh until !hr .a~J n~~l~ i~ fully pa~J, a~ll pay tu thr
mungagre ihe full~?Ning ~um.~
la) An ~muunt suffxient to provide ~ht hoWcr he~~~f with fundc ta pay the next murtgagc ~mur:~nce prrmium if thic in~trumcnt anJ
the note secured hereby are insural, cx a monthly charge lin li~u of a mortgage insuranc~ prrmiuml if thry are held by the '
Srcretary of Houcing and Urb~n Ikvelopment, .15 ~OIIUN'S: ~
111 If and w long as said ~wte ot even date anJ this inttrument are insurrd ur are rrin~ured unJer the nrovisiun+ uf the
National Housing Act. an amount sufl'iciem to accumulata in lhe hands of the huWtr one 11) month pric~r to itti due date the
annual mortgage insurance {xemium, in orJrr ta pruvi~k tiuch h~~ldtr whh funds to pay ~uch prnmium tu the Secrrt~ry
Hou~ing and Urb:?n [kvelopment pur~u•rnt to the National Nousing Ac~, ss anxrxied, arxf applicabla RegulaUuns
~hereund~r, or `
1111 If and +o long at +aid note of even date ancl Ihis instcument are hrW by the Srcrrtary of Huusing arxi Urban [kvelupment.
a monthly cha~ge lin lieu uf a m~xtgage in,urancr premium) which ~hall be rn an artwunt rqual w~~nr-~weltth 11112) of
unr-halt 1 j i) pet centum of the avrrage uut+tarniing t+alance due ~~n thr note computr~i Nithuut taAing inlo accuunt
delinyurncies or ~uep:tyments;
Ibl A sum equal tu the grourxt rent+, if any, next due, plus thr prrmiums that wiU nexi brwme dur a~xi payable on ~+olrcies of fire
arx! other hatard insurance covering 1he rtwrlgageJ property, plus taxes and acu~.mcnts netit due on the m~x~g:~grJ p~operty lall
as esumated by the mortgagee) less all sums already Qaid therefor divideci by t6e number of months to eiapse hefore one month
priur to the date when such gruuncl rents, prem~ums, taxes, and asstssments wiU txcortx delinyurnt, ~~xh ~um~ to t~ held by
murtgagee in trust to pay said gruund rent~, premiums, taxes, and special uu~cme~ts; and
Ic) All payments mentioned in the two preceding subsections of this paragraph and all paymrnts to be made urxier the nute ~ecured
hrreby shall b~ addecl tugether anJ the aggtegate ~mount Ihertof,hall be paiJ by the murtgagor each month in a single payment
w t~ applied by the mortgagce to the following items in the orJer set forth:
ll) premium charges under the contrac~ of insurance with the Secretary uf tiousing and Urban ikveloprt~nt, or rtwnthly
chargt (in lieu of mortgag~ insurance premium). :u ~he ca~ may bt;
111) gruund rents, taxes, sste+~,mentc. fire, and olhrr haiarJ imurance premiumti;
UIU interest on the note securc~l hereby; and
(I~') amurtitation of the ~xincipa! of saiJ note.
Any Jeticierky in the artwunt uf ~uch aggrcgate munthly paymcnt ~ha1L unlr+c maJe ~;o~xl b~ th~ murtgagur prwr w thr du~ datr uf
lhr next such payment, cunstiwte an evrnt uf ~rfault undrr thi, murtgage. "fhe murtgagrt may cull~tit ~°latr charg~" nut tu ~xcerd tKu
cenls l~c) for each ~lullar IS11 ul r:nh paym~nl mure ~h:~n fifteen 115? day~ in arr~:us ~u cur~r thc e~tr~ c~}xmr invulvctii in hanJling
delinyuen! paymrnts.
3. ~fhat if the wtal uf 1he paymrnts made hy th~ murlgrgor urnlrr Gbl of paragraph ~ prc~rJing shall cxcr~J thr anx~unt uf thr
paymcnh :~ctually madr by Ihe m.xtgag~r, fur gruund renn, taxc~ and a.,r.+mrnh and ~n+uran~e prem~um., a+ ~hr ~ase may t+e, such
excess at the option of the mongagee, shall, be credited on subsequent payments to be rtade by the mortgagor, ur refunded to the
~rn~rtgagor. If, huwever, the nwnthly paymrnt~ m:?Jr hy 1he mungagur under Ihl uf paragrapF? prrcrJing ,haN nut tk ~ufti~irnt tu p:~~~
gru~rxl rc~ts, ta~e~ and a.,ses+mcnt, anJ imuranrr prrntium~. ihe casr may hr. Nh~n the wme ~h~ll be~umt ~ur anJ p:ey:,hlr, theo thr
nwrtgagur +hall pay w the murtgagee any amount netic~~ary tu male up the Jetic~ency, un ~~r bcf~xe th~ Jate whrn paymrnt of ,uch
grou?x1 reRt+. laxes, a~u~~ment~. ur imuranre premiums ,hall t~e dur. If a! any time ihe murtgagur ~hall tcnctrr tu thr murtgagee in
a~corJance with the provisiunc uf the nute ~ecured hereby, fu!! paymrnt uf the entire imleMninr,ti repr~~+enteJ therrby, ihe rtxmgagre
.hxll. in computing the amoum of ~uch inJrbtrJnet~. crrJit to the accuunt uf the murtgag~x all payments madr under thr provi,ium uf lul
uf p.uagraph 2 hereuf ~hich the murtgag~e has not txcumr uhligatr.i tu pa~ tu thr Sr~rctary of Huu,ing :ind ~~rhan lhvetopm:nt anJ any
haiance remaining in the iunJs accumulatc~i under the pn»•i.i~~n~ ol' Il+~ of .aid paragraph 2. If thrre .hall t+e a det~ault under an~• uf the
provi~ium of thi~ m~xigage_ rc,ulting in a puhlic ,al~ of th~ premixy:uvert^J her~by, ur if the murtgager acyuireti th~ pruperty uthrrwise
after del~ault. the m~xtbagee .hall apply, at the time uF thr cummencement of .uch pnxerdingc or :~t the time the pru~rty iti e~therwi,e
xquirctii. thr b~larnr thrn rrmaening in thr fi~nJ+ a~cumul~tcYl under ~hl of paracraph : prc~~tiling a~ a creJit agaimt ~he amuunt of
principal ~ncn remaining unpaiJ under .:~iJ note and ,h:Jl pru~erl} :~dju.t any p:?yment. which tihall ha~r tkrn madr under I.i) of wid
paragr.~ph.
-i. That he will pa}' all ta.;c~s. a~~e~~mcntti. ~+at~r ral~~. :~nJ uther guvrrnrnental ur municip•rl charge~, tine~. ur imEx»itiuns, for Hhich
pruvi,iun h:ic nut txen made hereint+efure. and in default thera~f ~hr murtgag~r may pay the ~amr; :inJ that he will prumpth~ deliver Ihe
uffiiial receipts lhereCor ti~ the morigagee.
5. "That he wil! permit. cummit. ur ,ut~fer nn w~ste. i~npairment. ur Jetenoratiort of c:.iJ pr~~+rrty ~x ~ny part th~reuf; an.i in the e~cnt
uf ihe failure uf the mortgagor to krep the building. un +aiJ prrmi,es anJ thuse to hc rrct.ted un ~aiJ premi.c~. ur impro~rmcnt~ thereun,
in gixxl repair. the rtxxtgagee may maRe wch repair~ ac in it~ diticrrtiort it may dcrm ne.~~~+.an for the pr~~?er prr~er~atiun thereof. and
' th~ full artx~unt ut'r:nh anJ e~er~ wch pa}mrnt ,h:~ll I+c immrJ~:uely Jur ~nd pay:ihle. unJ .hall t+c uvur~d b~ the lirn of thi. mortK,K~•
6. That he Hill pay all anJ ,ingul-rr thr c.»ts. charges. :~nd e~pa nu,. includi~~~ rca,onaMe IaH~er', fr~~. and cu~t. of ab.tr.i~ts uf tiUe.
incurreai or paid at any time by the murtgagee h~~auu uf ~he faiturc un thr part uf thr r~x~rtgagur pr~~mpUy anJ fully ti~ p~rfixm Ihe
agreemrnts ~nd cos•enants of wiJ pri~misti.~ry nute and thit murtgagc_ and wid co+t.. charge.. and ~~prn~r~ ~hall he immcJ~ateh due ~nd
pa}ahle and shall he xcureJ hy the lien uf this mortgagr. ~
7. That he will kecp 1he impruv~menK nuK c~i~t~ng ur her~;~fter ~rect~tl un ihe mvrigagrd pru~rrty. imurcJ •s+ may t+r reyuirc~l frum
t~me to time hy ~he riwrtgagre against lo,s hy fire and othe~ haiard,, catiulatic~c. 3nd continEencie. in ~uch arrx,unt> :md fi~r wch periuJti ati
may t+e requireal hy murtg~ger. :~nJ w ill pay ¢rumptly. wh~n Ju~. any premium~ on wch in.ur.mcr fur p:?} mrnt vf.+F~Kh pr~~~i.iun ha~ nut
f been made hereinbefore. AIf insurance shait be carrirci in campanies approved by mortgagee and the policies arxi renewals thereof shall
; hr hrlJ b} murtgagee anJ havc attachrJ thercto lu» payable cl.wse~ in favur of and in f~um a~~cpt•shle to th~ nxxt~age~. In evcnt of lu~~
! hr w ill gi~~e ~mmediate notice by m~il to mortgagce, anJ mortgagee may make prex~f of lo~c if not made prvmp~iy hy mortgag.~r, :+nJ each
i~.urar~.r company ~oncerneJ is hrrehy authoriZed and dirc~ted to make paymrnt fur tiuch li~,~ dirc.tly tu rtxirtgaeee io~trad uf tu
~ nwrtg:~gur ~nd murtgagee jointly_ aaJ thr imuranr~ pr~xrtJ,. ur any part tAcrc~~t. ma~' tx ~pphid h~ nx~rtg:?grt .~i its uptiun either ti~ the
~ rrJurti~~n uf thr indebtedne~s hereh~ ~ccurcYl ur to thr r~titur.~tiun ur repair of th~ pruperty d;~maged. in r~en~ ~~f f~~reclu~ure .~f thi.
; murtgagr or uther tramfcr af tide tu the m~~rtgagrd pre~ert~ in e.+ctinguitihmens of the indehtednrt~ ~ccurrd herch~. ;JI right. tnl~. and
inlrre.t uf the mixtgag~x in and to any insur~ncr pulicir~ ihen in force shall pa~s tu the purch:?ser or granter.
t A. ~I~h.it if thr premises, ur an~ patt thereof, be condrmn~~d under an~~ po~e~~r o( en~inent domain. :~r :u qui:~~n lor a~~ublic u~c•,
thc- dama~c~~, procc~-d., and ch~ ~~un~id~•ration for .a h a~qui.itiun, to the ~xt.•nt of th<• !u!! ,i7nuuRl of indrh~r•dn~~sti u~x,n this
~lort~a~~,an~l~h~~o~e secured he-ri-L~• r~:uainin~ unp<~id.:?r.~ h~~r~h~ ax.i~;n~d Lc th~• \I~~rt~a~or to~he \I~~rt~a~rc• .m~i .hall hr ~~.~i~1
~ tor~h~. ith c~~ thr \lort~a~c<• to bc applic~d b~ it on a~ count of thc~ indc~ht~dn~~~ urr•d hrn-f~y, ..he~hc•r duc or rot.
? 9. That the murtg.igee m:+~_ .~t :~ny time penJing a wit u~xm thi~ murtgagr. :~pply to the cuurt having jurixlictii.n thereof t~x the
~ ~p~x~irtlment oE a rrcri~rr. anJ +uch cuurt ~hall furthw ~th ap~~int a? receiver uf the premi~e~ covrred hrrehy ;dl c~nd ,ingular. irxtuding all
and singular thr irxi~me, pmfit,. i;,uec, ~nd revenur, frum ~hatrver wurce deri~~rJ. eath ~nJ ~ven uf which. it heing c~prt.si}•
_ unJertituuJ. is hereby murtgageJ if +peti ificall~ ui fixlh and dr~critx~J in the granting aod halw:nJum clau,r+ h~rc~~f, and .u~:h receiver
} ~h~!! h.iv~ al! thr bruaJ and effetitive functium .fRII ~1UN'Cfl in :1q~NISC CI1l~U~II'tI by d COUfI l0 3 fClCl~'l'f. :IOII lUCFI 3P~OIOIRII'Ol .hall he
maJe hy ;uch cuun as an aJmitteJ ~~yuit~ ~nJ a matter uf ah,ulute right tu +;~iJ rtu~rtgagee, and w ilhuut refercnce tu the aJequacy ur
inaJeyuacy of the vafue uf the pmprrty miirtgsged ~x to the tiolvency or imolvency ~~f .aiJ murtgagor ar the defendentc. and that ~uch
« nts, prufit+. income. ~..urti. ~nJ revenueti ~haU t+e spplieJ by wch recei~er acc~,rding to the lien of thi. murtgage :~nd the pr~ctice uf ~uch
cuurt. In the e~ent uf am default un the part of the murlRagor hereunJer. the morlg~gur agre~~ to pa}' to lhe murtgagee on drmanJ a~ a
rea~unahle munt6ly rentai for the premiseti an amuunt at Iratit eyuiti•Jlertt to one-tuelfth 11/12) uf the aggregate of the twrlve rrnmthly
imtallments payahle in the then current year plu~ Ihe actual artwunt uf thr annual taxr,. :?s~rti~m~nt~, w:?ter r,~t~,, and inwrancr prcmium~
~ fur such year not covereJ by the aforr.aiJ mi~nthly paymentti.
3 10. fhat (a) in the event of any breath uf ?his mortg:?ge ~~r default on the part of the mortgagor, or Ih) in !he evcnt that any of ~aid
,um. uf muaey herein referrc~l W be not pr~~mpily and fully paid wilh~~u~ demanJ or nulice, ur Ir? in the event thal rach and ev~ry the
; ~tipulationc. agreeme~ts. conditiun:, anJ rnvrnc?nt~ uf tiaid nute and thic mortg~gr, arc not July. prumptly. anJ fully perfi~rmeJ: then in
~ either or any ~uch event. the wid ~~gre~tatr sum mentiuneJ i~ ,aiJ nate then rem3inig unpaid. w ith enteres~ atcrued t~~ that time. arxi all
3 muneq~ +ecured hereby_ ~hal) t+ra~me due anJ pay~~hle f~xthwith, ur thereafter. at the ~~tiun of ,aiJ mortgagec. as fullp snd cumpleteiy a~
if all uf Ihe v?id .ums uf money were uriginally titipulatrJ to tk paid un ~uch Jay, amthing in .aiJ nute ur in thi~ rtx~rtgage tu the cunt~ary
n~~twithstanding; anJ thereupim ur thereaQer. ~t the uptiun u( tiaiJ mortg~gce, withuW nutice or Jrmand. ,uit at I~w ur in ryuity, may br
pro~rcuted a~ if ail rrx~ney~ tinured hereh} had matur~ll prior to its in.tiwtion. Thr murtgagee may furrcl~~ce thi, rtx~rt~,agr. a~ to Ihe
amount tiu declareJ Jue anJ payable, anJ lhc tiaiJ premi~eti tihall be v~IJ tu .ati~fy and pa} thr wme tugether with ~otit.. etipeme~_ anJ
alluHance~. In catie uf p:?rt~al fureclu~ure ~~f thi~ mortgagr, the murtgaged premi~e~ rhall t+e w1J ~uh~ect tu the cuntinuing lien uf ~his
rtx~rtgage for the amuunt uf the Jebt nut then due arni unpaiJ. In wch cace the provniun. of thiti paragraph may again t+e :~~ailyd of
thercafter frum ~ime Iv time by the mortgager.
11. -~hat the mortgagor N ill give immediatr n~uicr hy mail te? the mortgagee nf any ronve~arxe. transfer. ur change of uwnership uf
~ the premi~rs.
~ 12. ihat no waivcr uf any a.venan~ herein ur uf the uhGgatiun tic.;urrJ herehy tihall at any time therraflcr he held to tk a wai~-er of
the termti hereuf or nf Ihr n~~te tiecurrd h~rthy.
i
~ f:`~ 223 FAGE ~42~. ,