HomeMy WebLinkAbout2622 2. fh:+t. ~n ur~lrr nx~rr lully tu p~utc~~ thr ~rcur~ly uf th~~ ow~~Kagr. ~ht u~~nt~.~gu~. tugrthCr w7!h. a~x! in a~liiiun t0. thr nw~uthly
paymrnu undcr thr trrm. uf thr nutr .r~und hrrehy, un ~hr fin~ Jay ul c:Kh munih unul thr w~J Ik~IC t~ fUIIy Q31tI. NIII ~a) to thr
fltOflQ:Ld'CC 1~11' ~VIIUNiild' ~lllll~~.
1-r) An ui~wunt ~ullic~rnt w piuv~Je ~hr h~~IJtr hrrruf w~th funJ+ to pay thr n~st rtwr~ga~t inwrancr ptemium if Ihi~ instrunxnl ond
thr nute ~rcurrJ hereb~ are ~murrJ, a~ a munlAly char~e un lieu uf a mur~ga~ ?nwra~xr p~rmium) ~f thry art hrld by the
Srcrctary of Nuu+ing rnJ l:~Dan Oe~clupmen~, aa fuiluw~:
IU If anJ k~ lung :u sa~d nott uf tvrn Jate anJ ~his ~n~uument arc inw~eJ ur are rt~murc~l unJer the Drovi.ium uf the
Natiunal Huu~~n~ Act. an amuunt sui'ficient ta atcumule~e ~n lhc ha~d+ of the holder oae 11) munth prior to its due date the
annual nwngege ~rt+u~an~:c prrmium. in urdc~ ~o pruvi~k ~uch hu1JeF wilh fun~t+ to paY .uch prrmium u~ the ~cre~ary of
Huu~mg •and Urbe~ Ikvrlupmnnt pur~uanl w thr Natiooal Nuu.ing Act. a+ amrnJrd, at?d applicable Rrgulauuns
thereundcr; ur
11!) If anJ w lung a. ca~J note of even Ja~e arn! thn in~trumrnt are heW by the kcrc~uy uf Hou~ing a~x1 Urban Develupment,
a nx~nthly ch~rgr ~~n lieu ~~f a nwrtgagr inwranc:e premiuml Nh~ch ~hsll I+r an anwunl rqu:?1 tu onr-twelfth Ilfl2) of ,
unr-half z 1 per centum uf t1?e aver~gr ciuts~arnling balaoce dur un the ~ute cumputal wi~hout taking ~nto aocouM
delinquencits or prepaymentc;
Ibl A+um ryual tu tha gruurxl rents, ~f any, next due, plu+ ihe premiums that will nex~ become Jut and peyabl~ on polKirs of 6re
a~xl uthtr h:+eard in~urana:e cuvenog the murt~ay~l pr~rtri P~us taxes and as.es~m~nts next due on the m~tgagrJ properry lall
a~ r,umattd hy the rtx~rtgagrr) le~~ all wms alrraJy paid the~efor divided by the numbe~ of months to elapse before one month
prior to the date when wch gruurnf rentti, premiums, taxes. und as~asments will t+ecome delinquent, cuch sum~ to be held by
murtgagee in trust to pay wid grounJ rents, premiums. taxes, and ~peciat asse~.ments: and
~c) Atl p:+yments mrntiuncd in the lNO preceding ~ubsecuons of this parugraph and sll payments w be maJe u~xie~ the g te~y ~red
htreby ~hall t~e addcti! tu~eether and the aggregate amount thereof +hall Ue paid by the mixtgagor each month in a,in Ir ment
to br applitd 5y the mortgagee to the following items in the order ~et farth:
l1) premium charge~ unJer thr conuact of in+urance with tha tiecretan• of Howing and Urban Devcluprmnt, or munthly
charge lin liru uf murtgage insurance premium>, ac the w~ may be;
111? graund renn, ~a~e~. a..~~.mrnts, fire, anJ other hararJ insurancc premiumc:
(111? intere~t un ~he nott cecured hereby; am1
11 V 1 amortiration of the princip:il .~f said nwe_
:~ny dehcier?ry in the anx~unt of tiurh :?Fgreg:~te monlhly payment ~ha1L unl~y+ maJe g~x~ by ~he mur~g:~gcx prior to the Jue date of
thr ne~t .uch payn?ent. cumtitute an r~•tnt uf defaul~ under th~~ mortgagr. "I he mextgagze may coll~t a"late charge° not to rxceed two
cents 1'cl fur rach ~k~llar IS1~ uf ca.h Pa)ment more ihan tiflern IIt~ da~•. in arrear, to covrr Ihe estra expence involved in handling
Jrlinyurnt ?ymcnt+.
Tha1` if the t~~tal of lhr paym~nt. made by the mongagor under ~hi of raragraph 2 prttirding ~hall cxceed the ~nx~um of the
paymrnh actually made hy the murlgagee. for grounJ rent~, ta~r+ anJ ati~eti~ment. and imurarwe premiwm. as ~hr ca+r may be, wct.
excess ~t ~he option of the mortgagee, shaU, be.credited on subsequent payments to be made by the mortgagor, or rcfunded to the
murtgugor. lf. ho.~ever, the nwnthly paymen~~ made h~~ ~he martgagor unJrr Ih1 of paragraph 2 preceJing +hall not be sufficient to pay
grounci renl+. tares anJ a.~rc+mentt and inwrance premiums. a~ the cat~ may t+e. Nhen the wmr .hall hecome due arxi payable, then the
mortgagur shall pay tu the mortgagee any amc~unt neceti~ary to make up the defirienc)'. un cx before thC Jate when payment c?f such
grounJ rentti, t~tc~. a~u~+ments, ur in~urance premium+ ~hall txx dur. If at any time ihe m~xtgag.x ]I1AII ICIriIC'f IP l~ll' murtgagee in
accorJanrr Mith the provi~ionc of ~he n~~te iecured hereby, full paymem of the rmire irxieMcYlnn~ repre+ented thereby. the mnrtgagee
shall, in compuling lhe am.iunt of wch indebt~~lnecc, crrJit to the ac.ount af the mortgag~x all payment+ made untler the provisions of la)
of paragruph 2 hereof which Ihr murtgagee ha~ not t+ecome ot+ligat~tif 1o pay t~? the Se~retary oi Housing anJ Urban [kvelopmerit arxi any
balance remaining in the fu~Js :+ccumulat~Yi under the pr.~vi~ions of Ih~ of .aid paragraph If lherc thall be a default urxler any of the
pruvisium uf thi~ mortgage. rewlting in a p~blic .:de uf thc premise+ covend hereby, ur if the mortgager acquires the pn~rty whera ~u
after Jefault, the m~xtgagre shall apply, at the time of the cumrr~ncemrnt of' wch pnxc~dings ~x at the lime the pruperty n o~herwise
acquireJ, the balarxe thrn r~maining in tne fund~ accumufatctil undcr IM1~ uf paragraph 2 prec~tiling as a crtdit again+t the :~muunt of
principal then rrm.~ining unpaid und~r ~aiJ notr anJ .hall pruprrly aJju~~ :~n~ payment+ Nhich shall have bren made un~er (u) uf said
paragraph.
I fl:tl F1t N~III (1:1)~ :~I~ ~:1!LC1. :1111'11llll'fll1. Nater ratc~. and o~her gu~•ernmrntal ur municipa! charges. fine~, ex impmi~ions, for which
pruvi,iun ha. nut hrn maJr hercinhrti~rr. and in Jrlaidl thrr~uf th~ mortg:?gr~ may pa)~ the same; and Ihat he Nill promptly delivrr the
official recriph therefur to the murtgage~.
5. ~hat hr ~ill permil. rommit. ur +uffer nu H:?~tr, impairm~nt. nr deteriurati~~n of +riJ praprRy ur ~ny part thereof; sr?J in the cvent
uf thr failure uf th~ mortgagur ta kr~p thr huilJing. ur. ~~J prrmi~c~ .~nd 1hu+e tu be rrctiteJ on said premi~+, or impruv~mentc thereon.
in g~xhi repair. th~ nx~rtgage~ may ma{,e ~uch rcpair+ a~ in ih d~.cretiun it may Jeem nece~+~ry fw the pn~per preservaliun thereoL and
the full am.wm of ea.h and ever} wch payment ,hall be immrJiatcly due and pay:+blc, and shall be xtiur~~l by the lien of this mortgage.
6. "fhat hc will pa~• all and ~ingular thr c~xts, charges. and expc:rKC~. including reawnable lawyer's fe~. anJ costs of atxtracts uf title,
mcurred or paiJ at any time by the mortgagee becausr of the failure on the part o( the mortgagur prompUy and fully lo perform th~
agreement~ artd cuvenants of ~id ~romiuwy nute anJ lhi~ murtgage, end said casts, chargts. arxl exp~nses shall l+e immediately Jue and
i psy:+blr and ~hal{ be +~cured by the lien uf thil morlgagr.
t 7. fhat he ~~il) keep the.improvements now existing or hereafler era.~tctil on thc murtgag~Y1 pruprrty, in~ureJ ati may he «~quircYl from
k tim~ tu t~me by the rtwrtgagee against locs hy fire anJ other fia~ardti, c:?+ulati~~. anJ contingenc~e+ in ~uch amuunh and fi~r such prriWls ~s
~
I msy tk reyuired by murtgager, and w~ill pay prompdy, wh~n due. any pnmium. on wch intiurance f~x paymrnt of whkh pruvi~iun a. nol
~ been made hereinbefore_ All insurance shall be carriod in companies approved by mortgagee and the policics and renewals thereof shall
~ be hrlJ h}~ murtgagee and have attachctif therew loss. payable clauses in favor of and in f~xm acceptahle to the rtw~rtgagee_ In evrnt of loss
s he will give immcdiate nut~ce by mail ~u n~urtgagec. anal murtgagee may m:~ke pnx?f of lo,s if rx?t madr prumptiy by murtg:+gor. and each
insurance cumpany cuncerned i. hereb~• authurized and directcd to make paym~nt for wch I~n+ Jirectly tu mcxtgagee imtead of w
mortgagor :,nd mortgagee joinUy, anJ the inr-urance proceed~, or any part thereof. may t+e applied by rtx~rtgagec at its option tither to the
reJuction uf the indebteJnes~ herehy secura.^d or ro thc restcxation cx repair of the property Jamaged. In evem of forcYl~ure uf this
a morigage or othrr transfer of ~idc to the murtgaged property in eztingui~hment of the inJebt~~lness xtiun~l herchy. all right_ title. and
~ntere~t vf thr murtgagur in anJ to any inwrance policies Ihen i~ force ~hall pac~ to thr purcha.~er ur granter.
8. fhat the nwrtgag« may, at an~• ume pending a tiuit uExm thiti mortgagc. spply to the court ha~ing juriufictiun thereuf for the
sppuintnirnt uf a recriver. anJ ,uch court shall fcxthw•ith app.~int a receivrr of the premises covered hereby all anJ singulsr. including all
arxi ~ingular the incom~, profit,. ~~wes, and revenues from N~hate~~er wurce deriveJ. each arxl every of which. it t+eing exprresly
under+aHx1. i+ hrreby mortgaged a+ if spr-cifically set forth anJ descrit+~~1 in the granting and habendum clause~ her~~f. •rnd +uch recei~•er
shall havr all th~ txoad anJ etTective functiuns aad pow•en in anywitie entrusteJ hy a court tu a rrceiver. and such appuintment tihall be
maJe hy tiuch court a. an aJmitted equin anJ a matter uf .+bx~lut~ right to .aiJ nx+rtgagee. and uittx?ut reference to the sJeyuacy or
inadrquacy uf the v:+lur uf thr proprrty murtg~ge~l cx to the wh~ency ur in~ulvrncy uf ~aid rtx~rtgagor ur the Jefendentw :+nd thal ,uch
rents. prufitti. inc~~me. i»ue~. and revrnue++hall tx applied by surh receiver according to the lie~ of this rtntttgage anJ the practice of,uch
court. ln the event of any default un the part of the rm~rtgagor hereunJer. the murigagor agree~ to pay to the mortgrger on drmanJ as a
reasonahlr monthly rental for the premise+ an amuunt at least eyuivalent to one-twelfth lU~21 of the aggregate of the tw~elve munthly
installmtntti payable in thr thcn current year plus thr actual amount uf the: annual tax~~s, a.~estimcnts, w~trr r~tes. :+nd insurance premiums
for siK:h yrar not co~•rreJ hy the aforr•:+iJ munthly payments.
9. That lul in the tvent uf any hreach of thic mextgage or Jefault on thr part of the mortgagur. ~u Ih) in the e~~ent that any of said
,umti of m~~ne~• herein referrcYl tu he not pri~mptly •rnd fully pa~d wrthuut demand ~~r nutice, ur Ir) in thr cvent that rach anJ ev~n Ihe
~ supulatinm. :~grrrment.. c~~nditium. :,nd cuv~nant~ of ,aiJ note anJ thi~ murtgagr. arr no~ July, prumpUy, arxi tufl~• performeJ: thev in
- eithrr ~tt ~n~ wch e~cnt. Ihe .:,id :~gbreg:+te ~um mentionrd m~aid nute then rem~inig unpaid. N itb intcre.t accrurJ to that timc. anJ all
rtx~nry~ xcureJ hercby. ~hall Fkcome Jur and payahle forthwilh. ~~r thereaft~r. .it thr .~{+tiun ul +aiJ murtgager. a~ fuU} and complrtely as .
if all of thr +aid ~um, uf nx~ney .vere urigin:illy ,tipulatcJ t~~ br p:~id un ,uch da~. an~thing in ~aiJ nute ~~r in lhiti rtxxtgage to the ~unirary ~
~ nutw ith~t~nding: and thcr~upun ur thereuR~r. :~t th~ uption uf .aid murtgagee. withuut n~~~ice ~,r JrmanJ. ,uit at law ur ia cyu~ty. ma~ t~
prmccutrd a~ if all rtxmcys.rcured h~rehy haJ matureJ prior tu it~ imthutiun. fhr m~rrlgagee may f~xeclu.e this m~~r~gagr, ati to the
amuunl ,u JeclareJ due :,nJ payable. :md thr wiJ premitir. ,hall h~ w~ld tu ,au~f} and pay the +:+me tugr~her with antti. et~xn~es. and
alloµan~a~. In cau ut parual f~~re~l~nur~ uf thi~ murtgage. the murtg:+grJ prrmi.r~ .hall he wld .ubject tu the iununuing I~en u( [hic
~ mortgagc fur thr antuuM uf Ihc dcM nut thrn du~ and unpaid. In ~u~h ca~r IhC pru~~i`iom uf lh~~ p:u:tgrsph ma}' ag:i~n hr availeJ of
IhereaQer frum umr to umr h~ thc murig:~F~c. •
10. ~h:~t Um na~rtga4ur ~ ill g~ce immrJr~t~ nuuct by mail tu thc murtgagrr ul any cumey:+nrr. tramf~r. ur changr of owner~h~p of
~ thr prcmne,.
1 1. I hat nu .~a~~er ~~f :~n~ cuvensnt hrrrin ur uf thr ubligatinn .r~urraf hereh~ ,hall crt an~ t~mr thrr~aA~r he helJ a~ tx':? wai~er ~~f
~ th~ t~rm~ herruf ~~r uf ihe nutc ucured hereh~.
~ 1 fh~t if the m~~rtgagur drfault in :~ny uf Ihe cuvenant~ or :?greement, cunt,unrJ hercin. ur in ~:ud note• thrn Ihe mixtgager may
~ perf~xm the +amc, arxi aU rxp~ nditur~~ +incluJing reawnahlr attorne~'ti fee~~ madr hy thr murtgagrc in w duing .hall draw interest ~t the
~ rate ut forth in the nolr tircurcd hrrchy. .ind tihall hc repryable immediately anJ w ithout Jcmand b}~ the nxxtgagor to the mortgagee. and.
wgether with int~rest anJ c~nts xcruing thereon. shall t~ ~cured by thi~ murtgage.
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