HomeMy WebLinkAbout0222 u~wlcr ~hr term. ut ~he n.titc .ccu~rJ hr~rh~ ..M ~Ae hy.t do~ ut ra:h mumh unut thc ~a~d ~t.•te i~ 1 Wly {u~~. M m r:~Y iu inc ~xas.
~ng ~um~: , .
1~1 ~n am~wnl wtfi:ient a~ pru~~Ja ~hc nwJer hr~r.•f Ni~h fu~H1~ ta p.~y thc nr~1 ~iurtg:~c in.uran.e psrmu~n~ i~ th~~ imlrun~rnt .~nJ thr
nutr .c~utrd hraby a~c :murtJ. ur •r m~~n~h:y ch.~rkr lin licu .?f -r m.~n~;agr in.utan~t prrmiuml ii ~hry arc hclJ by thr Sr.~ri:u)
Nuu.in~ anJ Urb~n tk~ ch+pmrnt a. tuliuw.:
1( and w Iw~s a. +a~J n:,tr of rvrn d~tr anJ ~hi~ in.trumrnt are inwrrJ .?r are rt~nwicJ unJer ~he pmv~vun+ ut ~hc tia~i.u~al
N~xi.ing Acl. an am. un~ ~~~thc+enl t~~ arc~mulrtr i~~ tht hand. uf tAe hulJtr unt 1 h munth p~iur to it. Jue J~tr ~ht an~u~r.l murl- -
g;yK ~n.uran.c prcmium, in .xdt~ tu pn~~iJt ~uch M.IJrr with fu~xl~ w pay .urh prrmium lu ~At Serrctary uf li.K~~~ng :~nJ
Utban ikvtlupmrr.t punu~nt !u tht N~ti.Nial H~w~ing A~1, ac amenJrd.:?nJ applirabk Regul:?tiuo~ Ihertun~r, iu ~
(111 I( anJ lan& ac said nwe ut tven Jatc anJ thi. inctrumrn~ are heW hy tAr Stcrctary ~?t H.?u~ing r~d l'rtun Ikvrlap:nrnl. a
monthly charge lio lieu uf a mu~tp,agt inwrance premiuml whKh +hall he in ~n amuunt eyual iu ~.nr~w•rU~h ±Ill?1.~t one•half
I If21 ptr ctolum ot tt~e avtrage ~x~htanJing halanct due un Ihe nWt cumpute~ witMwt tal.ing inlo accuunl Jtliayurn.~c~ ut
prrpayment~;
~hl A.um eyual tu the ground rent+, it any. ne~1 Jut. plu~ Ihr prcmium+ Ihat Mill next btr.~me Jut and payahk un ~~liricc u( firr and
uthcr ha~ard imutanrr ro~e~ing the murtg:+geJ praper~y. plu. ~a~e. and a«ec~m~~t. Re~t Jue.~n the murt~ed pn?perty 1al1 a. t,ti-
. mattil by ~he mung:.geel kcs ali .um. alrcaJy {+aiJ ~hr~rtu~ Ji~ ideJ by ~hr numl+er ot munth, ~a elapce Ixtorc .~nc mumh priur a~ tlx
J.dr when wch ground ren1~. premium~. ta~tc, anJ a.~ec~mcntc will t+ecumt Jtlinyutnt. wch wms 1a tx held hy mortgaget in Iru~l
tu pay wiJ gwunJ reM~. prem~umc. ta~es, anJ +pecial a~~eti,mcoh: an.1
Icl All paymeMs me~tiunnt in thr tMO precaling.ubuctiun? ot thi. paragraph anJ ali pay mrn~~ tu ht madt unJer thr noli .ecurcd hrrt-
by ;hall t+e adJrd li.gtl8t~ a~d tht aggrcdatr amuu~t thetruf .hall he p:~id b~~ 1he mu~~~agot each munth in a,inglt p~~ mtnt a. t?r ap.
p1icJ by the morlgagtt tu lht (olluwing item~ in tht orJer ,et fotlh:
11; premium clurges utwter the cuntracl ot inwranrt with ~ht Secrtla~y uf H~w~ie~banJ Urb:+n De~'elopmnM. ~u monlhly chatgc
tin lieu ot mortgage inwrao.:e prerteiuml. as the rase may be:
IU1 grourni ren~s,laxes. az.essments. fire, anJ uther h:uard inwcancr premiums:
1111 intrrcs~ ~?n Ihe nae ucureJ herchy: a~xf
ilYl amortization u: 'nt ptinripal ot ~aid nWC.
Any JtficitncY in Ihr amuunt ot wth aggregale munthl~ {uyment +hall. unkss made g~.xl b~ tht murl~gor priix to tht Jue Jatr ot tht n~~t
.uch paymrnt. ~Y,mtiwte an event of detault unde~ thi+ monp,:+ge. "Il~e mortgagee may ~.?Ilect a"late rharge" out tu e~crrJ tw•o cent. l_el (o~
rach Jullar 1511 ot each paymtnt mu~e ttwn fitteen 1 I Sl Jay+ in arrcar~ t~~ cover the e~tra e~pen~t involved in h:+nd!~ng delinyurnt paymenh.
~ i. That i( the twal of the paYmenu madr by the murt~tur un.ter Ibl at paragraph 2 prtctding shall excted lhe amoum uf the paymenh
acw•rlly maJt by the mortgagee, tor grounJ rtnls, lare+ ansl a.st~smer.h ~nd imuranre prtmiums, as ~he cac~ may be. wrh e~~e~c •rt the up-
tion uf ~ha murtg:?gee. ~hall. !+e crcditeJ on wbsequent payment. tu t~e maJe by ~he murtg•rgix. or refwxleJ to the mortgagor. It_ howtvrr, thr
monthly paymcn~s m-rJc hy tht morlgagor under 1bl ot paragraph 2 prcrnfing ~hall not tx sutfic~enl to pay grounJ rems. taxe~ and •rssessmrntc
anJ inwranre premiums. as the casa may t+r. vvhen thr ~me chall t+ecome due and payabk.lhen ~he mort~or sh:+ll pay to ~Me murtg-rgee any
amoum ntre~~a~y to make up lhe dtficien~y. uo or heturc the datr when p:+ymtnt of wch ~uunJ rintt. taaes, a+ses~ments. or imurance prem-
ium, .hali t+e du.-. If at any time 1he mortgag.~r +haU tender to the mungaget in xcurdanct M ith the provisionc ot the note secured hereby. full .
paymrnl o( Ihe r~tirt irxiebtcJnes. repre.emtJ therehy, the mi~rtgaFrr .hall. in cumpWing 1he amuunt.~t ~urh irnkbtedness. rredil lo the ac-
c.Hmt ut 1he mortg:+~tor all p-ryment~ m-rJe undtr tht pruvi.i~.m of tal ~~t paragraph 2 hertot which 1he mortp,:?grr ha~ n~~t txcome ohligateJ Ie~
pay ~o tht kcretary of H~wsinR and Urban Devtlupmrnt and any t.dancr rcm•rimng in the funJs accumu{ated urnitr the pro~i.ium ot Ib) of
~aid patagraph 3. I( tircte shall he a defauU under any ot Ihe provixiunc ~?f lhis mort~tagt. 'esulting in a puMic sak ot thr prrmi~e~ ru~ rrtJ hrre-
by, or it tlx mortgrgee acquircs the ~+ro4+erty Wtxtw•ist a(ter defaull. itx murt~zagee shaH •rpply. at tlx time the rommcncemr~t of +uch pru-
ceedingc or at Ihe time thr property is ~~thrM ise acquued, tlx h~fance tlxn rem:?ining in ttx turnls accumulated under 1 b) ot p•rragraph' preced-
ing ac a credit atwinst the amuunt ot principal ttxn remaining unp:,iJ under taid nute a~xf ~hali properly aJjuct any payment~. which ~hall h:+~•e
t?een made urnler la) ot said paragraph.
4. That he Nill pay all ta~es_ -r~.e~smenn. ~ater ratrs ar,d athrr gu~rrnmental or municipal rharLC~_ fint.. or impu.itiun.. la~r Mhich pru-
~i.~on ha. nut I+ern maJe hereinhrforr. and in drtauU Ihrrrot thr m~~rt~;aert may pav thc ~amr: and 1ha1 he will promptl~ Jrli~e: Ux .•tfici:d
receipt. ~here(~~r to 1he m~?rtga~.re_
Thai he will permit. c~mmit_ or wHr~ rsa wa~te. imp:~irmcnt. ur Jttrriuration of ~:~+ro~xrty or any {+ar1 thereot: and in !he eYrr.t of thc
f~ilurc of ~hr mort~;agur to Aeep tht baildiog~ un wid prcmi.e, and tho~e to Ix erecttd un caiiT, remists. or improvrmeot~ thrrcon. in giw~ rc-
p;,ir. ~ht murlEagce ma~ maAr ~uch repairc as in its JisLrction it m~~~ drrm nect«:~ry for ~he pruper pre~ervation thc~e~~f . and ~h~ full amuum ~~f
c.rch aru! etr~y~ .+uch pa}•ment ~ha)} ht immrdialtly dnr •rM! }+av abk. and .hal! br .e~u~ed b~• tt?e titn of thi. more~gr.
~ h. That hr w i(1 pay all a~J singular the rwts. charges. anJ e~pen~rc. incluJing re~~on•rbk law yer ~ iee~. ~rn1 c~~,l. ut :~h,titactic ot 1~1k _ in-
currrd ur paiJ at aoy timr by tt?e mortgagee txcause of 1he (ailure un ~he part ut the murtgagor promptly and fully tR ~rform thr agrermrnt.
and ra~ rr:antc ut.aid prumi..ory n.Ne and this murt~ge. anJ +aed co~h- chargr._ and e~prn~s,h-rll he immediattly due anJ pa~ able ~nd ~hall
he .ecurcd by thc lien of thi. m~rrtg:~ge.
` "fhat hc will keep thr impra.~~mrnt. nua r~isting rn c~reafter erecteJ i~n the mur~ga~;rd proprrt~. in.ure;~ ma) hr reyuirrd fror.~ time
~ to time by the murtgrgrr ag~imt ti~++ hy fire and other ha~ard~. caw:dtie.. anJ runtin~:enrir~ in .uch amount, anJ fur w~h ~encxf. a. mar t+t
rcyuired by mortEagrr. anJ w~ll pa~ prompth•_ whrn due. any prrmium. on .u~h inwrance fur paymem .~f which pruvi.iun ha~ nut txrn madr
herrinhefurr. :\If .:awrancc +h hr c.:rritd in comp:~r.ie~ approvrJ b~ mort~.a~ee :~nd thr {+~~licie, and renewal. thcreof ~hall hr helJ h~ mur~Ea-
~re aod havr :at~ched thrrrt.~ lo., p:,~abk clau.e. in ta~or o( anJ in form acceptabk lo thc mort~:+gee. In event of lo.~ he will gi~~e immediate
nuticr M mail to murigagrr. and m.utga¢ee may make pnx~( ::t lu.~ it no~ made prumpdy hy mort~:+gor. and rarh in.urance company cun-
rrrne.l i+ hereb~ authori~:J and Jirected to makr paym~nt fur wch bct direcdy to murt~gee instead ot to mon~gor aod murtgagrr joind~ .
~ and the in~ur~ncc procced~. ur any~ part Ihereot. may t±e applieJ by morty~gee at its ~ption either [o the reductiun of the iodehtedne.~ hzreh~
cecured ~~r to the rr+torau.~n ot repair ot ~he property damagzJ. In e~ em of foreclowre ot this mort~e or ~~ther lramter i~( tille tu thr m~~rt-
gaged pr.~~rty m e~tin~rui.hment ot the indet~tedne.. czcureJ hrrehy. al! rigfit_ titlr. and intercct uf the murtgagar i~ and to any inwran.e puli-
~ cie. lhrn in (~~rce ehaU pa+~ ta tht purchr~er ur grantet.
R. (hat i( the premi.r~. ~x any ~+art thcreuf . he rondemnrJ unJer ~m pawer ~~f rminent Jumain. or •rcqu~reJ for a publir u+e. the Jama~:e..
praxeeJ+. and Ihe roncideratiun for .urh :wyui~itiun. to the c~tem ot Ihe full amuuM uf inJehttdnr~~ u{+un thi~ \lortgage. anJ the [~utr ~ecured
hrrcb~ rtmaining unpaid. arc hcreby a+.igncd by ~hr \lar~~::+gur to the :11ort~gee :mJ ~h:+ll tx paiJ totthNith to the ~lartgagrt to t+r applicd by
it un acc.wnt o( the inJtbtene.. +ecured hereby. whethcr Jur or nut.
9. Th•rt the mortg:?grr m•ry. sl any timc {+tnJing ~.uit u{x~n thi. mortg:ige. ;~pply ti. the c~wrt h:+ving jurixlirtii~n ihereof fur thc a~+~x~int-
mrnt u( a rereiver. and .uch c.wrt ~hall furthwith -rpM~iot a receiver o( thr premi.ec ci~~~ered hereM• all anJ ~ingular. incluJing all and ~inFular
~he income. profih. i..ues_ anJ cevenur+ trom Khatever ~aurce JerivrJ. eacb •rnd e~ery uf which. it being e~prr~~ly urxfer.t~rxl. i. herrhy
murtE:aFeJ ac if ~pecifically ut torth and Je~crilxd in the cranting and hatxnJum clauuc hcreot. anJ .uch receiver ~hall have afl ~he broad and
eHective furxuun. ~nJ pow~rti in anywi~ eotrusteJ b~ a cuurt to •r rec~iver. anJ +uch ~p~x~intmen~ ~hall hr made b~ .unc ~oun a. an aJmitteJ
' tquity and a matter ot abwluu ~ight to .aiJ m~xtgngec. anJ withuut refcrenre to thr :,deyurc~• or inaJcquary of tt?r ~ alue af Ihe proN~rty mort-
gagcd ur tu thc .~,ht~:~ or imulvrn~~ o( .•iJ murtgagor ur tht Se(enJam.. anJ ~hat wrh rrnt~. profits_ incumr. i..ue.. :mJ rev~nur• .hall t+e
~ appli~J hy wch receiver accnrding to Ihe ~cr. ut thic mongage and the practice of .uch c~wrt. In the e~ent ot any defauU on the part of Ihe mi.rt-
~ g,~go: here~!nder. the murtgag~.r agree. o pa~ to the murtga~:re un JemanJ a~ a rea+onahk monthly rental for Ihe prcmi~e~ an -rmount at ka.t
~ eyui~alenl :o ~~nr-Iwe!!th 1111'? r.i ~hr iZ;E:rcEate of the twrhe muMhl~ in~txllmrnt. payahk in the Ihen currenl cear plu. lhe rrturl amount of 3
~ tbe annual t~~e~. a~~ec~men!~ w~ter rate~. anJ inwr:mce prrmium~ for wch ye.+r no! covered hy the atore:aid monthl}~ p:~ym~nts.
~ lo. That lal in tt?e e~em n( any brcach of thi~ mc~rtg:+gc i~r Je(ault un tht p:~rt of the miTrtgngor. ar I hi in the eve~t thst :m~ o` ~aiJ .um. o(
monc~ hcrein rrferred t~. he not pr~~mpth and (ully paiJ withiwt demanJ ur notice_ ur Ir1 in lhe e~ent that e:~rh aaJ r~~ry the ~tipulati.~n..
~ agrermenh. cundition.. :~nJ c~~~en:~nt. ut .aiS nute anJ thi. mortgage. are r.~.~ duty_ prumptl~. ~nd Sullti~ ~r.`armrJ: thrn in eithrr ur any ~uch
c~•ent. the ~:~id a~rcEate ~um mentu~nrd ~n ~iJ nott thrn remaining uopaid. w ith interc.~ :KCS~rd t~. that time. :uiJ :iii mone} ~.ecured herehy.
.hall hrromc Jue anJ pa} ahk furthwsth. ~x therrafter. at the option o( wid mort~te_ a~ fully anJ ci~mpletely if all of Ihc .:wid wm~ of mor.-
ry were .~rigin.dl} ~tipulated 1o br paid.'n wrh day_ anything in .:+iJ n~Ne ur in ~hic mort~ge to the comrary outwith.~anJing: and IhercuM~n ~~r
- thereafter. at ~hr oplian of ~aid mort~:age~. wi~hout n~~tice or Jcm:,nJ..uit :~t I:fw lN 10 CqU1tV. :11a)' ~t ~fU~tCU1ztI 3~ 1~ all moncyc.ecured here-
hy h.Kf matureJ priur tu it~ imtitutian. "(he murlgagee may (~~reclo.e 1hi. mort~;:+gt. •r. ti. the amount w Jeclared due :+nd pry :bk. and ~he .riJ
rremi~r..hall ht .uld to.ati~(~ anJ pay the •:~mr t~~:rlher aith c~~cl,. e~prme..:inJ alf..w:mrcc. In ca.e o( partial (oreclowre of 1hi~ mortgage.
ir mur~g:+geJ premi~e. ~hall he ,uIJ .uh~ect to Ihe cuntinuing lieo oi thi. mortga~e t~~r thr :+monnt of the dehl nia lhen due anJ unpaid_ tn such
ca.c ~he p~ovi.iom o( Ihi, p:,r:~graph ma~ :~~:ain he a~ailyd u( therea(ter (r~~m time Ir timr hy tht m~~rlgag,~t.
~ 7h;,t ~f?e mue~gagur wiil gi~r immrdi:~te nuticr h~ mai'to tht mott~tagee :~t any~ runve~:.nce. IramFet. ~.r cnange ~~f ownenh~p uf the
premice:.
I'. '(bat no waiver ot any cuvcnant hrtcin or of the ah~iga~ion .rcurcJ hereby +hrll at any timOe R`ea(ter hr heW to he w:~i~~er .~l itx
ttrm~ hereo( or of tht n~NC ~ecureJ hcrch~ BOOK ~
V PACE ~ 2 2
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