HomeMy WebLinkAbout2597 u~iJtr Ih~ lr~m. of ihc n.~lr ~rcut~J hrirl~~ . un th~ tir.t Ja) u( c.,.h muiuh unul ~hr ..ud n~~lr (ull~ pa~d u~ll pa~ tu thr mutl~;a~;r~ ~rx ~au~~w
~n~ .um,: .
Ial An amuunt .ulhr~rn~ tu pn,~~Jr thr h~,IJrr hrrc~~( Nuh (unJ. lu pa~ Ihr nr~1 mur~E:~gr ~mur~n:r prcmuun i( ih~. in.lrun~rm anJ ~hc
nutr ~r~urrJ hrrrh) arr ~n.urrJ. ur a munlhly ~har~;r lui I~ru u( a m~ul~;.~~;c ~ii~ur.~~rt p~rmiunU thr~ :~r~ hrlJ h) thr tic.~cl:u~ u(
11.~u.inganJ Urban Ikvrlupmriit a. fu11uN~:
111 If anJ .u lun~; a..aiJ nutr u( rvrn Jalr :~nJ Ihi~ in,tnunrn~ are ~n,urcJ ur arc rr~nwrcJ unJtr ~hr pruv~.iun. o( ~hc \a1i.~n.~l
Huu.ing Art, an .~m~~unt .uflirirnt lu acrumulatr ~n Ihr hanJ~ u( IAr hulJrr unr 111 mun~h priur tu ~h dut Jalr thr anmr.d murt-
gagr inwran~r prrmwm. in.urdrr 1u pru~iJr .uch hulJer Ni~h (unJ. tu pa~ ~u~h prrm~um lu thr tirrrrtary uf Huu~~n~; anJ
lhhan ik~rl.~pmrm pur.uaot lu Ihr Natiun~l Huu.ing Art. a.:+mrndrJ, anJ applir.~blr Rrgula~iun. thrrcundrr, ur
1111 I( anJ +u lung a~ .aid nult u( evrn Jatr anJ thi~ in.uumrnt arr hrlJ hy Iht titrrNary ut Huu+in~; and Urh:~n Ik~rlopmrnl. a
m.mthly charge lin litu ui a murtgagr imur:mrc prrmiuml Nhirh .hall he in an amuunt rqual tu unr-lNrl(!h 1 UI'1 ~~f unc-h:J(
11!'1 per renwm of ~hr •rvrragr uut.t:md~ng Iwlanct Jur .~n thr nutr cumputeJ withuul tal,ing mtu :~ccuunl drlinyurn~ir~ ur
prrpaymrnl~:
• Ih) +um ryual tu ihe gruunJ rcn~.. if any. nr~t Jur, plu. ~hr prrmium. tha~ will nr~t hrromr dur anJ pavablr un p.~licir. uf lirr anJ
othrr hatard inwr.~nrr r~~vrring the murl~;~grJ pru~+trty. plu. r.~~~~ :md a..rc~m~nt. nr~t Jur on the mort~;aged pruptrtp I:JI a. ~,ti-
. ma~rJ b~ Ih~ m~xlg:~gtr1 k~+ all wm~ atrtaJy paiJ therrtur Ji~ iJ~J hy the numhrr uf munth. tu rlap.r hr(orc une munth priur tu ihr
da~e whrn .uch gtuunJ rrnh. premium~, ta~r~. anJ a~.r~~mem~ will become drlinyurn~. wch wm~ to br hrtd hy murl~;a~;er in truv
1u pay +aiJ grounJ trot~. prrmium~, ta~e~. and .prcial ati.e++mrnt~: anJ
Icl :\II paq mrnt~ mentiuorJ in thr tNU prertdin~.ub.r~tium ui Ihi~ paragraph and all pa~ mrnt~ tu t.z maJr ~~ndrr thr nutr ,r.urrJ hrrc-
h~ .hall t+r addrd t.+gr~her and the a~regatr :tmuunllhrrtu! ,hall tx p:~id by the murtga~;ur ~arh mumh in :~.in~lc paym~nt t~~ tx ap-
plird hy the mur~gagtC tu Ihr (ullow ing itrm~ i~ thc ordrr ~et furth: .
U1 premium char~;r. unJrr Ihr conlract of inwr:+n.e wilh ~ht Se~retarp uf Huu~ing and llrban Ik~rlupmrnl, ur munthl~ charge
lin lieu ot mortK:~e imuranct premiuml. a. the.au m:~y t~:
IIU grou~xl rent~. ta~rc. a+~essmrnt~, firc_ :mJ uth~r ha~arJ in~ur.mce premiums:
(I11 inter.ct un thr nwe urured hereby: and
IIV 1 rmonizauun uf ~he prirxip:+l o( ~aid nute.
r~ny drficienry in the amuunt ot +uch a~regate mun~hly ~+:+~•mrn~ .h:+ll. unle.~ maJe g~wJ by the mortgagor prior tu Ihr Jue Jatt o( ~hr nr~t
.uch paymrnl. con+tiwte an event uf detault unJer Ihis mangage_ 'fhe murtgaget may cullrcl a"L•?tr charge" nui ta c~cted tNU cent. I'rl tur
rach Jullar (SI1 of tach p:+yment morc than fiftren 1151 Jay~ in arrear. tu cu~rr thr r~tra r~{+~n+t im•i~IveJ in hanJling dtlinyuent pay ment~.
3. Tha1 i( the tutal of Ihe paymenh maJe by Ihe murtgagor uoJer I bl uf par.~graph 2 preceJing ~hall c~cerJ tht amoum u( the pa~ mtnl.
~cwally maJr hy tt?e mortgagee_ tor gruund rtnh. la~e~ rnJ :~~~e+~mrnt. and in~urance premium~. ac the ca~e may hr. wch e~re~+ a~ 1he up-
tiun uf the murtg:?gee. ,hall. br rreJitrJ un wbseyuen~ papmrnt~ to tx: maJe by thr morlg:+gar. ar rc(unded to Ihe murt~gur. It. huwever. the
munlhly paymeMti maJe by thr mortga~or unJer th) of p:+ragraph 2 preceJinb.hall nut he sufficient to pay FrounJ rents. ta~t~ and acse~sment.
and imur:?nce premium~. ac tht ra~r may t~e. when the wme shall becomr due anJ payable. then 1ht mortg:?gor shall pay to the mortg:igre any
amuunt nece~sary to make up the deficiency. on or be(ore the dat~ when payment ot ~uch p,rowxl rent~. t~+~es. assrscments, ur in~urance prem-
ium..hall hz Jue. If at any time the martgagor ~hall tenJer to the martgagec in :KCOrdance with the provi~ium of the note serured hereby. tull
{wyment u( the entirr inSebteJne+c rcpre~entrd therehy, the murtga~;ee .h:~ll. in cumputing the amuunt ot .uch inJebtrJne+~. rredit to thr ar-
couM ot the morl~gur all paymentc maJr under the pruvi+ion~ of lal uf paragr.~ph 2 hereof Nhich the mort~bee has nw hecumr ubligateJ lo
pay to Ihe Secre~ary of H.x~.ing and Urb:m Ik~•elopment anJ any t+alancr rrmaining in the funJ+ accumulateJ under the pr.~vi,ion~ uf f hl of
.aed paragraph'. I( there ~hall be a default unJer any of the provisium ot thic martgage. resultirqt in a public wlt the premi.e~ ~o~ rred htre-
hy, ur if the m~~rt~tagee acquires the property uttxrwise :+fter de(ault. Ihe murtgagze shall apply, at the time ot the commenc~~nrnt uf .urh pro-
ceedings ur ~t the time the properry is otherwiu acquired, the balance then remaining in the funds aerumulated urnier IM of prragr~ph' pre~c~l-
ing as a credil against the amount ot principal then rem~i~ing unpaid urnier tiaid nute and shall properly adjust any paymems w~hirh ,hall h:~ve
heen made urxier lal of said paragraph. _
a. That he w ill pa~ ~It ta~e+. a»e.timents. W rter rates and other gu~ ernment;J or municip:J char~e,. fin~.. ur ~mp~~.itium, tor ~ hirh pru-
~i.iun ha~ nut been madc herrini.rt.~re. anJ in dr(ault thrrcuf the murt~;~gre ma~ p.~~ thr ~amc::mJ that hr will prumpth drli~er ~hr utfiri;d
~ecripl. therefur tu thr murlgagee.
"Ihat he will permit_ rommit. or tiutTrr no waste. impairment. ur detrrioration of .aiJ proprr~~ ur anv part thereuf: anJ ~n thr r~ rnt af thr
failure of ~he mortgagi~r to keep tht huilJing~ on wiJ premi~es anJ tho~e ~u he erectrd on wid premi.e.. ur impruvement. thercun. in g~wx1 re-
pair. the mortgager may make wch rep•rin a> in ih Ji~creliun it may deem nrce..ary for ~he proper pre~rn~:~tiun therca(. :mJ Ihe (ull amnunt uf
ra.h and every such paymem shall be immediately. Jue anJ payable. anJ .h:Jl he ~ecureJ hy tht lien ot Ihi~ mortg:~gr-
I~F181 IIC N'III ~1:f)' :1U anJ ,ingul~r Ihe cocts. chargr~_ anJ e~pen~e,. induding rea~unabk law yer'c fee,. and ru~t. ot ah,tract, uf tiUe_ in-
curced or paid :+t any time by the mortgagee hecause o( the failure un the part of Ih~ mi~rtgagor promptly and (ulh to ~xrform Ihe agreement,
anJ c~~venanl. of wid promi,.ory notr anJ thi. rtronga~;e. ~nd ..~iJ cu~t.. char~;e~. anJ r~~xmec ~h~ll tx immediateh Jue .~nd payahlr anJ ~hall
t+e ~ecureJ by the licn o( thi. mortK:~ge.
"I'hat he will leep the impro~ement. nuw e~i.ting ar hereafter ere~teJ un the m~~rtgaced propeny. imureJ ma} tK rryuireJ ir~~m timc
to time by Ihe mortgager again.t lu,~ by fire :+nd u~her h:~iard,. r.iwaltie.. :~nJ cumingtncie. in wch amuunt.:~~J (ur .uch ~xri~Kl.:,, m:~~ he
~ reyuirrJ hy mortgagte. and wil! pa~ prumpth. when due. am premium, un ,urh in.ur:mc~ tor p:+ymenl uf whirh pro.i,ion h:~~ not hecn madc
E hrrrint+eh~re. :~II imur:mrr .hall t~r carri~J in companie, appru~ ed by morl~:agee an~! the ~xdiriet :~nJ renewak thrreof ~h:dl ht htld h~ murt~a-
i
gee :~nJ ha~~ auachrJ thereto lu„ pay;,hle claucec in fa~ur uf anJ in form aeeeptable to the mortgagee. In event o( lu.. hr will ~.ice immrdi:~~e
~ nu~irc hy mail to murtga~ec. :~nJ murtgager may make pr~w( of lu.ti if nul made prumpll~ hy mortp.~+gor_ and each imurance cumpany ~un-
~ cerneJ i. herehy authoriird and direrteJ tu make paymrnt fur wch lo~. directh to murtgagee in~te~d of ti~ murtp,:~ur anJ murlgagee ~uintly_
~ anJ Ihe inwrance pnxeeJti_ or an} part thereuf. may t.e applirJ by mortgagee :u iK option either to the reJurtiun v( ~he indehtedne+, hereby
~ .e~ureJ ur to the re+tor.~tiun ar repair uf 1hr property JamageJ. In rvent of forecluwre of thic murtg:~}:e or other Ir.~mfer uf tiUe to Ihr mort-
~ ga~:eJ prupert~ in e~tingui.hmrnt of the inJrhtrdne.~.ecureJ herehy_ :+11 right. tiUe. and intere.l of ihe mortgagur in and t~z am in.urance puli-
z rire ~hen in tur~c ~h•rll pa~~ to 1he purcha.er ur gran~ee.
~ ~fhat i( ~he premitie._ or any part therruf _ he cun.lrmned unJrr an~ pow er uf eminent Jom:~in. ur acyuired for publir u,e. the J:~mage+.
~ pnxteJti. anJ the cun~iJecation t~~r such acyui,ition. to ~he e~tem of the full amuunt of indchteJne„ u{x~n Ihi. \turtgagr. and the':~utr .rcured
~ hereby remaining un~iJ. are herehy ~..i~neJ by ~hr \1urt~;:~gor to the ~1lortga~eee anJ ~hall tx paid tonhwith to Ihe ~furtg.~gre tu be ~pplieJ by
~ it on .~rcount a( the inJehtr~e.~ +ecurcd hereby. w hether Jue ur nut.
9_ That ~he murtga~:ee may. at any limr pending a,uit u~x~n Ihi. murtgage. apply to the court having juri~dictiun Ihcreof for thr •r~+Fx~in1-
~ meot of a receiver. :~nd .uch cuurt .h~ll for~hwith app~~int a receiver o( the premi.eti coverrd hereby all anJ singular. incluJing :JI :~nd .ingular
~ the incume. prufil~. i.tiue~. :mJ re~enue~ trom whatever ~ource deriveJ. rach anJ e~•er}• of Nhich, it beinF e~pre»ly under~tixxi. iti hereM
~ mur1~:?geJ ati if ~pe~ifically .rl forth and de.criheJ in Ihr gr~n~iog and habenJum clau~s hereof. anJ cuch receiver ~hall have all the bru.~J and
~ etiective (unction. ~nd M~werti in anywi~e enlru~teJ hy a cuurt tu a receiver. :md ~uch appoinlment ~hall t+e maJe hy wch court a. :m admitted
~ eyuity anJ a malter of abwlute right to ~aiJ murtgagee. anJ without reference to the:~deyuar~ ur inadequacy of the ~alue of thr prupert~ muri-
~ u~grd or tu the ~ol~rnry ur inwl~rncy ~~f .aiJ m~~rtEagor ~~r ehe Je(enJant.. and Ihat wch rrnt.. profit.. income. i..u~.. :mJ re~enur..hall he
' ~ppli~d hy wch rectiver accurJing to ~he lien ot Ihi. murtgage anJ Ihe prac~ire of .uch a:urt. In the event uf any drfaul~ on the part o( the mon-
~ gagur hereunJer. tht murtgagor a~:ree~ tu p:it tu the murtFrgee on dem:and :i~ a rea,onahle manthly rental for ~he prrmi.e~ an amount :~t katil
~ eyuivalent t~~ une-Iwrlflh 11/1'_1 uf Ihe aggre~ate i~( the twelve monthly imt:dlment. pay:~hle in the t6en current year pluti the aclual :~muuM o(
ihr annu:J taie~. a+.r»ment~. w.+ter rateti. and imurance premium~ (ur ~uch year not covered hp the aG~rc.aiJ monlhly pa; menlc.
111. "Th:,t 1:~1 in the evem o( any hreach uf ~hi, murtgage or defauU on the part of the mortg:?gor. ur 1 hl in the e~~ent th.~1 :~m of .:iid ~um. ~~f
;n monry herein referreJ to hr ~~~t promptl~ anJ fully paiJ without JemanJ or noti~c. or Ir? in Ihe evrm ~ha~ rarh anJ r~cn~ Ihe .tipulatiun..
~ .~grrrmcntc. conditium. .+nd cu~enam. of ,aid nute and thi. murtgage. are not Juh . prumptly . and tully performeJ: then in ei~hrr or am .urh
r~ent. thc ~aiJ aE;E;re~:atr wm memionrJ in ~:~iJ nute thcn rrmaining unp~id. with intere~t ar~rurJ ~o th.+t time. anJ all money. ~ccured herrhy_
.h:Jl hecume Jue anJ pa}:~hle forlhwilh. ~~r thcreaflcr_ at the oplion of .aid murtgagee. a. fuUy anJ rumpletely i( all ~~f thc .:~iJ.um~ n( mon-
ry were originally NipuL~leJ tu hr paiJ un wrh da} . anything in wid nut~.a in Ihi~ murlgage ta ~hc rumrary notwith.t:,nding: :mJ thereuMm or
Ihrrr:~fter. .it the uption of .:~id mortgagee. Nilhoul nulicr or dem:~nJ. .uil at law ur i~ eyuit~ . ma}• F.c pm.ecutrJ i(:~II muney~ ~ecureJ herr-
` by haJ mawreJ prior to ih imtitutiun 7 hr morl~ager may foreclu.e Ihi. murtg:~ge. a~ to Ihe amotmt ~u Jeclared dur ~nJ payable. ~nd the ~aiJ
~
~ premi~e..h:dl he.~~(J to w~i~(} :mJ p.+q thr ,ame a~gc~hcr with cu.t~. e~{+rme~.:mJ alluw:incr~. In ca+e uf parlial furerl~~~ure uf Ihi~ murtgage.
the mor~gagrJ premi.e~ ~h:Jl F+r .old ,uhjert to Ihe ~untinuing lien thi. mur~g:i~e t~~r the :~muun~ o( the Jeht not then Jue :~nJ unpaid. In .urh
i"
ca.e Ihr pn~vi.ion~ of thi, p:~r.~graph ma~ :~ti:~in he :nailed o( thereattrr trom ~imr tu timr h~ thr murt~::~gee.
~ 11. Thal the murtgagur will gi~r immedi:+te nutice h} m:~il tu the murtgagec ut :~n} conve}cmce. tran~(er. ur change of uwner.hip of ~he
prrmi.e~.
I'. "lh:N no wai~~er ~~f :~m cnvenant herein ar u! the ~~hli~,ation .ecureJ hereb~• sh.dl at any lime Ihereatter he helJ ta he uaiver o( Ihe
~ tcrm~ hereof ur i~f thr n~~~e ~ecureJ hereh~ .
"f,~ 224 ~,~~E259~
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