HomeMy WebLinkAbout0831 2. 1hal, in urclar itx~r~ fully tu prul~til Ih~ uiunt} ut th~~ nxntga~r, thr n~urlg.~g~~r. tugclhrt whl?, anJ m aJdiuun tu. ihr nx+n~hly.
p:?~m~nl~ unJtr lhC I~rm~ uf 1h~ nul~ .~~ur~til hrrrhy. un ~hr fir~t ~t:~y uf rach munth until thc ~:u.l ttutC t~ fully p:ud. N~l! (~.iy !u Iht
murtg:?grr thr fulluaing.un~.: •
!a) An anwunt wffi~ient w proviJe thr holJer htrrof witA funJ~ tu pay the next rtx?rlgage irtmurance pr~mium if thi+ imtrument and
the tnuC atcurrd hrreby art insu~rJ, ix a munthly chargr lin I~eu o(' a rtwrtgage insuraixe prrmium) if they are hrld by the '
Sr::~etary of Huusing anJ Urban Develupmrnt, as fulluws: .
11) If and w lung as ~iJ rwtr of ev~n ilatc a~xi this imtrument arc insur~i or arc reinsurcd urxler the provisium uf ~he
National Huwing Act, an amount SutTicient to ac~:umulair in the hnnds of the twlde~ one ! I l nwnth prior to its due date lhe
annual nwrtgagt inw~arne prrmium, in orJrr to pn~vide such holder with funJs ta Ewy s~ch prrmium tu the tie~retary of
Housing and•Urban [kvelopment pursuaM to thr Natiunal Huusing Ac~, as amrndrd, aixl applicable Regula~iuos
thereunJtr, ur
f1U tf and w tuag as wid ~ute uf even Jate arni Ihis inslrument are helJ hy the Secretary of Houcing :.rxi Urban Develupment,
a munthly charge lin lieu uf a marlgage insurance premium) wh~ch ~hall br in an amuunt eyual to one-tNNfth 111121 of i
~~n~-half 1~1 per centum of the average ouutanJing batance Jue on the note computcYl wiehoul taking into aaounl
delinyurncies o~ prepaymrnts; ;
Ibl A~um equal ta the grounJ rcnts, if ~ny, nrxt due, plu~ the premiums that will next brcume due arxf payable on policies oP fire ?
and uther hazarJ insurance euvering ~he mortgageci praprrty, ptus taxrs and a~,escments next due on ~he m~xtgageJ property (all -
as estimated by the mortgagre) less all sums al~eady paid therefor divideJ by the numbrr of months to elapse befort one month ~
priur to the date when such ground rents, premwms, taxes, snd asses~ments will t+ecome delinquent, sucfi xums to be held b~°
mortgagee in trust to pay said grcwnJ rents, premiums, taaes, and spec~al asseasmrnts; anJ t
(c1 All payments menlionesi in the two p~n:eding suMections of this paragraph arxl all payments ta be maJe under the note secured
hereby .hall be added together :?nd the aggrega~r amuunt ~hereof shall be paid by tht mc~rtgagor each month in a single paymrnt
to be applicd 6y the mortgagee to the futk?w ing items in the urder +e! forlh:
11) premium charges undrr the cuntract uf iawrance with the Secretary of Huusing and Urt+an Dev~lopmrnl, or munthly
charge lin lieu of mortgage insurance premiuml. as the case may be;
1111 ground rents, taxes, asses~ments, fire, arnl other har.ard insurarke premiums:
111U interest on the nate secured hereby; arxi
IIV? amortization of the prirx;ipal of said nae. "
Any Jefici~~x;y in the amoont oi.uch aggregate monthly payment +haft, unt~~s maJe ~;~x~e! by the mortKagw priur tu the Jue date of
the aext such payment, co~.titute an event i~f Jrfauh undrr ~hi~ mortgage. "fhr mong:+gee may .:ull~~:t a~~latr charge" not to rxcerJ two
c~nts 12c1 fi.r each Jullar ~SI? uf r:?ch p.~yment mixr than hflctin ~ I51 day, in arrr.us to covrr the e~tra expen~ invulvrd in hanJling
~lelinquent payments.
3. That ef the tota) oF the pa}•mentc m:+Je h~~ ?he mortg~g~~r under Ih? at par~graph ~ precrdin~ ~h:il{ e~cerd thr arnoun~ of the
paymentc actu:tll~• made by the murlgagre, f~x gruund rents. ta~c~ anJ a.~e~~mrnt~ and in,ura~xe premium., ac thr case may be, such
exc~ss at the option of the mortgagee. shall, be credited on subscquent payments to be made by the mortgagor, or refundod to the
rrx~rtgagor. !f, howrver, the rrn~nthl~• p:?ymcnt~ madc by thr murtg:?gur under iM of paragr:~ph 2 prrceding shall not he :ufiicient 1~? pay.
gruund rent~. taxe~ and a~x-~~mrnt. and imura~~e premiums. a. thr case may h~, whtn the wme ~h~ll hrcume due anJ payable, ~hen thr a
tm~rtgagor ~haU pay to ihe mi.~tgagrr an~ amuunt nrrec~,tn~ tu m~kr up the Jeficier?cy. un ~x t+ifurr thr Jatr Whcn payment of such ~
gruurxf rents, taxr+. a~~+~ment~. or imuran~:r premiumti ,hall tx Jue_ If at am time the m~xtgagor shall tetxier to the mortgagce in
:xrurdance Hith Ihe provi,ion+ uf thc nute utur~d hereby. full pa}•ment uf' thr rntirr inJct+tctilness repr~~rnted thercby. the rtwrtg~gee ;
tih:dl, in computing ~he amuunt of surh indChtrJne.~, rrr.lit to the actount of ihe mortgag~x all payments made ander the provisionc uf 1u1
uf par~graph 2 bereof Khich Ihe murtgagrr h:?~ nat t+ecumr obligatcvi to pa~ to the Secre~ary uf Housing and Urban Development anJ any
bal:~rx:e remaining in the funds :+~cumulat~•J under ~hc pru~~i~ium uf lb/ uf ~aiJ parsgr:~h If thrre tihall be a ~icfault urxier any uf the
pruv~tiiunc of thi+ mortgage. rrcultinF in a puhlie ~alc of the prrmece. coverc-~f herehy, or if the m~xtgagee acqui~e, the pruprrty otherw i.~
~fter JtL•~ult_ the mcxtgager ~hall appl~, ;rt the ~imr uf Ihr ~ommrncrmem uf .uch pr.xeeJing, .x at thr timr the propert}~ i. atherw
;kyuirc~i, thr halance.then rcmaini~g in thr funJ~ xcumulatrJ under ibJ uf par~graph 2 preceJing ac a credit against thr :+mount uf
prin~ipal then rema~ning unpaid undcr .aid nute :enJ .h;ill pru~xrh .iJju,t :?m• papment. ~hich ~halt have t+ern nYade unJrr lul of wid
paragraph. ;
J. ~hat hr Hll pay :?II taxtti. a~~rti.m~nt.. Hatrr r.~t~•.. and ~Nher gu~~ernm~ntal or municipal charges, fines, or ima~s~lions. for Nhich ~
pru~i.iun has nut brrn m~dc herrinhrfure, and in drfault thrrruf Ihe mizrtgage~ may pay thr sanx: and that he will promptly Jelivcr thr
uftici:?1 receipt, thrre(or to the mort~:agce
5. `fhat he will permit. cummi~, ur wffrr no wa,t~, impairmrnt. ur deteriuratiun uf.aiJ prupxrty ur ~ny part therruf: anJ in the e~cnt
uf thr F.~iture uf the rtxutgagur to Arep the builJings on ~id prtmiscs and those to he rrected on ca~d premisc~, or imprvvrments therc~m. _
~n g.~.x1 rrpair, thr mortgagee m:~y~ male wch rrpeirs as in it~ discretiun it may Jrem neti~~,sar~~ for the proper prexr.atiun thercof, :~r.J -
the full .?nwunt .~f rach and cvery tiuch pay ment ,ha(1 he imm.xiiatet~- Juc and ~+ay ablr, anJ .hal! t+e x~urc~i h~~ the lien of this mortgage.
6. Th~t hr NiN pay a!! ~rx! ~ingular the c~xts. chargc~s. anJ e~penses. including rea~unahlr IaNyer's fer,, anJ costs of ah~tracts uf tiUe.
incu?r~til ur p:iiJ at an}• time h~ the murtgaeen c~tiawe uf thr failure on the part ~~f the murtg:,gi~r prumpU~ snd full~• to ~rfi~rm the ~
agrermrnt. and cu~cnants uf wi~l prumi.wry nutr anJ thi~ murtgage, anJ SaiJ cu~tti. rharge.. and e~pentc~ ,hal! t~ immeJiatel}• dur ~nJ
p:syahle anJ +hall he cc~ured by~ the lien uf thic mortgsgt. _
ihat he ~i11 keep the improvemem+ noM exi.ting ~r henafter erected un the mortgaged pruperty, imured as may t+e tc~yuir~tii frum
Iimc tu time bq 1hr nwrtgagee ~g:~inst (u,ti by fire anJ other hacarJti. ~a~utati~y. :ind cunt~nerrk~r, in .uch .imuunts anJ fur ,u~h peri.~+ a. -
m~y he rcqmrrd hy morlg~gec. and wilt pa~• prumptl~. u h~n Jue, any premium. on ,uch inwran~c fur payment uf Hhich_ provision ha~ nut .
been made hereinbefore. All insurance shall br carried in companies approved by mongagee and the policies and renewals thereof shatl
hr helJ hy murtg:+grr and h~ve attached theretu I~n~ patahte rlaus~•, in favor uf and in fvrm acirptahle ~a the rTU~rtgagee. In ev~nt ~f los.
hr w~ll give immrdiatc nuti~e hy mail ta murtgagee. arxl murtgagee may make pru.~iuf lu.~ if rH~t madr prumptl~ by mixtc~gur, and ~ach
~muranir cumpam~ concerned i~ hereb~~ authoritrJ anJ directed to ma{:r pa}m~m fur wch 1~»> Jirectl~ to nwrtgagee intit~ad uf to
nx~rtgagur anJ murtgagre jointfy. anJ the inturancr prc?ceedc, or any pan tjiereuf. may hr ap~lirJ h~ rn„rtgager at it. uptiun either Io the
rrJucti~ro ~~f the indebt~tilnes,~ hCrebp s¢CUrCd or to the restcxatiun or repair uf the propertp J:~magrd. In rvrnt uf fi~re~lu~ure uf thi~
nwrtgage ur ulher tramfer of title ti. the mu~tgac~J pn~{+ert~ in e~tingui~hmem of thr indehtrdnr.. ,e.urrJ hrrch~•. atl rieht, tittr. :~~d
int~rr~t ~~f the mung~gur in anJ tu any imu~anrr pulir~c~+ then in fi~rce ~hall pa.s tu thr purcha+er iu grante~.
~
~I~:~t i( ~hr premises, or uo~~ part thereo(, be condrmnt•d under any poti.~r of cminent domain, or acquired (or a publir u~e,
~ -the ~iamage~, proceeds, .ind thP ~•on~idcration (or ~uch acqui~ition, to the exterot of the full amount of indi•bt«~dni•.s upon thi.
l 1lortea~~, and the \ote secured hereb~~ remainiue unpeid, en• hetrG~ assieneJ bt the 11ort~.i~or tv thc 1lurtg~r~~r~ .ind ~haU br Fwid
lorthxith to thr 11ort~a,e~~ to Le applic•d t~v it un accounl of the indehtednP~s si~e~ured h~rebv, ..he+h~~r due or not.
9. 'I~hat thr Rk1flE,:l~.l'C map, at ~ny timr {knding a,uit u~~n thi, murtgagr, spply to thc cuurt havinc jurixiictiun thcreuf fi?r the
~ ap~win~mrnt af a rc~:ci~•rr, and wch cuurt ,hall furti~w i~h apEx~int a recr~~~er af the premi.e+ cu~ered herehy :,11 arxi singular. including all
t and singular th~ ~nc:ome. pruhh. issue~, anJ re~'rnue~ from Mhatc~~cr wurce derivrJ, each and ever}~ uf whieh. it heing expreti~ly
unJrnt~xxl, i+ hereh} mortgageYi :~ti if rMti-itically ~et furth and deuribctif in the g~anting anJ h,~tnndum clauti~~ hereof. and ,uch r~eiver -
; ~hall have all the broad and efTective functiunti and poKen in anya_i~e entructed by a court ti~ a receiver. and ~uch apEx~intment ~hall b~:
E maJe hy ruch coun av an aJmitted eyuity anJ a matter of at»olute right to wid mortgagee. and withuui reference to the aSeyuacy or ~
; ina~ryuacy i~f Ihe value uf the property mortgage~l ur tu the wlvrncy or insolvenc}~ of said morigagur or i4r Jefendent,. anJ that cuch
~ rrntc, profits, inc~~me_ i5~uc~. and re~enue> >hatl br applird by ~uch rerei~er according to thc lirn of this mortgage ~rui the practice of wch ~
ruiuL the evem of any default ~~n the part of the mortgagor hereunder, the mortgsgor agrec~ to pay to thr mvrtgagee ~~n demanJ as a
rra,onable monthly ren~al f~~r thc prem~tic. an amount at least oqui~•alent to une-twelfth 11112) of the :+ggregate of the tweh~e rtx.nthty ~
intitallmrnts payab(e in tF~r then current ycar plu~ the a~tual amount uf the :~nnual tate.. a..c,sment,. W atcr rate.. anJ imurance premiums ~
fur wch yr•rr n~.t co~erc~l by the afore.aiJ monthly paymcnis. -
i (p, ihat lu) in ~he event o! any Frrach uf thiti mortg:?ge ur Jcfauh on the pxrt of the m~rtgagur. ur Ih1 in the eveot that any of wid '
' wms of money herein referrrJ to he not promptly and fully paid withc~ut demand or notice. ur fr? in the e~•ent th:~t eacb anJ every the ;
~tipulaiions. agreements, ci~nJitions. ~nd covenants of tiaiJ n~KC anJ this mortgage, are not duly. prompUy. anJ fully performeJ: then in
either ur any wch event. the wid :~p,grrgate sum mentiuned in ,aid nute then remainig unpaiJ, w ith interc~t accrued to that time. and all
` m.meys xtiurrJ hereby. .hall becume du~ and peyaMr forthw ith. ur thereaftrr. at the option of caiJ murtgagee. as fully and completely as
= if a!I of the wid +ums vf money ~+ere uriginall~ ~tipulateJ to t+e pa~J un ~urh Ja~, snylhing in wid nute ur in this morigage to Ihe cuntrary
- ~otw ithtitanding: and thereupon or thereafter_ at the optiun uf ,aid mortgagee. ithuut nutice or JemanJ. wit at taw• or in equity. may br
pn~ucuteJ a. if all rm.ney+ +ecurrJ hereby had matured prior tu it~ imtitution. The rtwrtgagee may foreclase Ibi~ morlgage. a~ to the -
arrx~unt co JeclareJ Jue and psyahle. and thc wid premiscti shall he x~W to satisf~ anJ pay the tiame tugether wilh ants, expens~s. and
alluuances_ In case of partial foreclu.ure of thiti murtg~ge. thr mortg:+geJ premite~ ,hall t+r wW .ubject to the cuntinuing iien of this
murtg~ge for the amount uf the debi ni.t then Jue arxl unpaid. In ~uch caee the pro~•isiom of this paragraph may aga~n be availyd of
thereaGer from time to Iime b}' the mortgagre.
E I l. Tha1 the mortgagor w ill give immtdiate nuticr by mail tu thr mortgagee uf any comcyance, transfer, or change of ownership of
the premi~.
!2, 7hat ni~ waivrr uf any co~cnant herein ~~r uf thc ubligation ~e~ured hcrrhy chall at any time thereafter be held to t?e a waiver of
; the termc herevf or of the nute tiecureJ herebv.
' r r ~rt PAGE Y3Vll
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