HomeMy WebLinkAbout0530 2. That. in ordt~ mrre lully tu prula~t the ~rcunty ut Ih~~ murtY.~}a. lhC I1NNt~.~Uf. (~~rlllCE Nah, anJ ~n :?.1d~uun tu. lhr nk~nt~l~
paymfnts undet lht 1e~m. uf thr nutr .r~urrJ hcrchy, un ~hr li~cl Jay uf e:kh~ nwnth unul ~he +:~~d n.~te i~ fully pa~J, wdl pay tu ~hr
mu~tea~ee thr fulloM~ng+um.:
(al An amount wf'ficirnt tu proviJe ~he hulJtr he~eof v~~th (unJ~ tu pay tiu noxt mix~~IK ~~w~'nce premwm if ~hia in~uumcnl anJ
tfie rn?te sewrcd ht~eby are ~ncu~rJ. .x a month'y chaee lio I~eu a( a m.utQasc ~ncuranct ~xenuum! i( they are held by 1he
Scc~etuy of Hou~nY and U~I+an [k~rlc~+mcnl, a5 folk~wx:
(1) if a::d so luna as .:+id rtaie of evtn :1Hir a~xi Ih~s ~nc~rumertt ue inwrcd or arc rcimureJ u~xle~ ~he arovn~um u( ~he
Naliot?a~ Huusine Acl, ao amouot sulTKien~ u~ a~umulate ~n ~he hx~nis of the holderw?e l ~ 1 ownth pciur to its due Jaie the
ahnuil fno~lga6~ irtmufanCe premi~m. ~n ~x.irr ~o p~uvi~ .uch hulJer with fun~ls tu peY ~uch p~rmium t~? thc tiecretary
Housing s?nd Urban [kvelopmrnt pu~.uant tv the National Huu~ins Act, as amrrnlcJ, anJ applicabl~ Rrgulatiom
thereunder; cx
(11) t[ and su li~ng a~ +aid notc ~~f even dale a~x1 thia instrumrm are htld by the Secrctuy of H~w.in~ and Urban (kvelopmen~.
a munlhly chargt lin heu uf a Nortgage inturance prrmium) NhicA ~hall bc in an amuun~ equal to unr-~Nelf~h I lf 1'_? of
one-hrlf l~l per crntum of the ave~age uutatunJing bal:?nct due on the note cumputtrf with~wt tiA~ng iotu •rcc.wnt
Jelinquencisy.x pripaYmenis;
(b3 A wm equal tu the gruu~l rent+, if a~y, next dur, plus tht prrmiums tha~ will ncxt become due and payaDlr on policies c~f fire
'~;od other haTard in.urance cuvcring the mortgaBtd prvpertY• P~us taues and a~set~ents nesi due on lT?e mottgagrd propertY 1+~~
u atimated by the•mortgager) less all sums already paid tAetef~x dividod by the numbt~ ot months to elyp?t bsfore one nwnth
pr.cx w the ~late wheo sucA ~roun~ rents. p~ePuyms. ~a~?t~. a~d a~°enls will became delinyuent. such ~ums w be held by
mor!saeoe in'tn:st w paY s~?id 6round rents, prcmiums. taxr~, and special ~me,'s: and a~w b~ mtde unlei the note ,~curai
(c) A~~ WYmeots mentioned in tht twoo p~eceding subacctiuns of this pat~raph WY~
~~by sh~1~ be adckd to{~t1xr and ~SB~Cgate am~wnt ~hereof shall be paid bY.l~ ~'«Bagor each month in a single payment
to be apP~itd bY ~~tgagee ta ~M follow i~g itrun in Ihe ordt: set fonh~
(I) premium chargec undcr the contract of insurance v~ith the Set~etary of Housing and Urban Oevek~pment, or rtwnthly
charge lin lieu of m.xtgage insurance pr~miuml, as the case may be; ' ~
ground rents, tax~s, :.ssessments, fire, a~xl ahe~ haz+rJ in~urance prcmiums;
(111) interest on the ~ote ucured hercby; and
(IV) aRwrtization oi'the principal uf said note.
Any deficiency in lhe ~rtw~~~ ~'f ,u~;h ag~regate nwnthly payment .hall, unle~s made g~xxl hy thc m.utgag~tt priur ta the dur Jatt of
the next such payment. cun~titutc ::n evtnt of default unJtr thi~ murigagt. The m~xtgagre may ~ollect ' iatr charge nut tu rxctrd ~vvo
cents 12e1 for each ~fullar IS11 uf e:kh payment mure tAan fiftrtn lIS) days in :urrar~ tu cover thr extra ex{xn,e involvc-~f in handling
del~nquent payments. -
3. That if the Wtal of the paymrnts maJt by thr rtxxtgago~ unJer (A1 of paragraph 2 prn;tding ~hall eacerd thr •rm~wnt u the
paymtnts actually made by ~he m~x~gagee, fcx ground rents, ~a~e. a~xl asses~mcnts and insur::ncr premiums, a~ thr essr may be, suct.
excess at the optioa of the mixtgagce, ~hall, be credited on wbso9uent paymenu to be made by the mortgagor, or refunded to the
mortgagor. It. huweve~, thr m:~nthly paym~~t~ m:?de by thr rtK?~tgagor unJer I6) of para~aph = p~eceding shall not be ~ufFicient to pay
gn~und rents, taxes arn1 a*.~mrnts anJ imurance premwmc, a+ ihr ca~e may b~. Mnen t1?e ~me shall bccume due aex! payable. lhrn the
rtwrtgagar shall pay to thr murtg:igre any amuunt nec~wr~ tu mal,r up the deficirm:y, on or t+ef~xr thr .latr when payrrnnt of +uch
grournl rents, tazes. aist+~m~nt+, ~?r in,urarke prem~unu shall br Jue. If ~at any time Iht m~xlgrg~x ~haU tcnJrr to the mwtgagee in
aca~rJance with the pruviaum of the nwe secured hereby, full payment of the entire ~rK1^btednesx repre~enteJ iherrby, the murtgaget
shall, in computing the amuunt uf ~uch irntebtctifneas, crnfit to the account of ~he m~xtgagor all paymtnts made urnler the pruvisiuns of lal
uf paragraph 2 hereof which ~he mcxtgagce has not becume obligatcvl tu pay tu th~ Sccr:tary of Nauing and Urb:?n Dzvelopment and any
balance remaining in the funJs :xcumulat~ti u+uier the provisiu~ uf (bl uf said paragraph 2. If Iheie sha1~ be e ckfault unJer any of the •
pruvi~ions of this mixtgage, resulting in a puDlic sale of thr {xemises covered hercby, or if the m~tgage~ aoquires th~ proprrty otherwice
afte~ Jefaul[, the mixtgagrr .hall ~pply. at the time ~~f the commrncrment of such proce~iings or at the time the property is uthrrwisr
acquiretl, the balance thr~ remaining in 1he fun~k accumulatrJ under /hl of paragraph 2 precali~B a~ a credit again~~ the :~muunt of
principal then remaining unpaid umlrr +aiJ note a~x1 shall pru~rly :Kljuct any payments which shall have been ~u~dr under {u) of +aid
~+aragraph.
4. That he w~ll pay all taaec. -r»t+.m~nts. watrr ratts, anJ wher guvcrnmental or municipat charges. fines. or impositiom, for which
provi~ion has not been madr hertinbelore, and in default ~hercti~f thr mvrtgagee m:~y pay the wmt: and that he wil: prom{?tly dtlivrr the
otficial rceeipts therefor to the m~utgagee.
S. That he will pcrmit. commit. ur ~ufTtr ~x~ wacte, impairmrnt, ix dettrioralion of said proprrty or any part thcrcof; arn1 in thr evtnl
uf ihe failure of the mortgagor to ieep the bui!dings on said prcmises and thost tu bt erocted ~~n sa~J premia~s, or improvements.ther~on.
~n giwd repair, the mortgagre cnay make ~uch rcpairs as in its dixretion it may deem necessary for the proper preservation thertof, •rnJ
the full amount of cach and rvery such payment shall be imrt~liately due arn1 papable, and shall be sttured by the lien of this mortgage.
6. That he will pay all srxl siagular the caats, chuges, ami expen~s, including reasonable lawyei s kes, and cQsts of~abstracts of tide.
incurrod or paiQ at any time by ~he i~xtgagee t?ecau:e of the failure on Ihe part of the murtgagor promptty and fully to perform the
agreements and covcnants of vid p:umiscory note and this mextgage. and sa~J costs. charges, anJ expensrs shall t+e immediately due ar.d
'i payable and shall be securtd by tht lien of this mortgage.
~ 7_ That he will ktep Ihe improvtments tww uiuting ur hereatter erceteci on the mortgageJ pro{xrty, imure~! a~ mav t~e requira~i from
f time W time by the mortgagee against Imc by firc and ether hatarda. caiufaties. arx! cuntiabenciec in ~uch artk~unt~ :~nd fi~r xnh perKxls as
~ may be required by mortgagee, and wili phy prompt{y, when Jue. any E?remiuou on such iruurance fix payment of which pruv~sion ha+ not
been made hereinbefora All iawrance shall be ca~ri~d ia companies approved by mextgagee and the poiicies and rrnewals thereof shall
~ tx hekl by mortgagre anJ have attach~f thercto locc payable etaucrc in fav~r of ar.d in fixm acceptable to the rtx~rtgapee. In event uf luss
he v?i11 give immediate notice b~ m~ii -r: m~xtgagee, rnJ murtgagee may make prcwf of loss if not made prompdy by m~xtgagor, arxf each
insurarn:e company concerned is here+~y authuriud and dirocted to makc paymnnl for weh lixt direcNp to mortgegee imtead uf to
murtgagor atxl mixtgagr~ juinUy. aud tLe in~ur:uue procrC~ts. ~x any part therwf. may t?c r+pplied by nwrtgagce at its op~~un e~ther to thr
r~iuction ~~f the itxlebi~lnccs hereby securrJ ur to !he restoration ix repair of the property dam•rgrJ. In c~~ent of farttlrnure of this
mortgage or other tran~fer of tiUe to tFi~ mortgaged property in estingui~hment of the indet+tedness xtiureJ hcreby. all right. title. and
intrrest of the martgagor in and to any insurance policie~ then in force ~hall pass to thc rurchaser .x grantre.
S. That the mortgagre may. -rt any time pe[K1iag a ~uit upun this murtgage..apply to the ce~urt having }urixl~ctiurt Ihereof for the
:?ppointment of a receiver. and such court shall fcxthwith ap{wint a reeeiver of the premixs covereJ ~e. °by a!I anJ vngular, including all
and singular the incomc, profits. issues. ar~J rcvenuts from whatever source derived, each a~x1 every of which. it being exprc.sly
understuoJ, is hereby nx~rtgag~xl a~ if specificalfy srt forth and Jescriba! in the granling and habendum clauses hereof. :u~d stnh receiver
chall have all the broaJ am~ rR~rtive functium and pow~e~ in anyw ice entru~ted by a court to a rec::i~er, and s~xh appuintment ,hall be
maJe by such court ac an admittrd equity and a matter uf abx~lute right to sa~d Rwrtgagee, anJ w~ithuut referrrx:r to thr adeyuacy or
inadequacy of the value uf ~he pru{?erty mor:gagrJ ur to ~hr wlvency or in~olvr~y of said murtRaBor ur the detenJcnt.. anat that wch
rents, profits, incuma:, is,urs, anJ rcvrnues ~ha[l be apptieJ M' +uch receiver accordmg to the hrn of thi~ rmxtgagc and the praciice of wch
court. In Ihe event of any ~efault un the part of the rtuirtgagun c~reunJer_ the rrxxtgagor agrees to pay a~ the murtgagee on demand a~ a
reawnablr monthly rental for the premises an •rmuunt at least ryuiralcnl 10 ~ne-tw•elfth 11/121 of thc aglCr~gale of Ihe tweh•e rnunthl~•
instatlments payable in the then current year plus the actual amount of thr annual taxes. a+cessmrnts. w•rter rates. anJ inwrance premiums
for such year not coverevl by the aforc~aid munthly paymrnt+.
9. That (u) in the event uf any breach of thi+ murtgage or Jefauh on thr part uf thc rtw~rtg.+gor. ur Ih1 in the r~cnt lhat an~~ uf ~aiJ :
sum~ of mon~y hrrein refrrr~tif tu hr not prompdy and fully paid without Jrmand i~r niKice. ur Ir) m the evcnt tha~ rach :uxl evcry thr ,
,lipulatiorts. agreementc. curtJition.. anJ covenants of tiaid nWr a~J this m~xtgagr, are not July. prcimptly. and futly perfi~rmeJ: thrn in ~
either or any wch evrnt, the wiJ aggrega~r wm mention~d m~aiJ note ~hen remainig unpaid, w itF~ intcre~t accrurJ tu that timr. arxi all }
mc~nry. xcured hereby, shall t+ecome Jue ~nJ payable fixthwith. ix therea(ter. at the o(?t:un of ti:+~d mur!2:+gee_ :n fully and iomptetrl~ a+ :
if all of the ~aiJ tiumc of money Nerc originally .tipulatrd to Fx paiJ un >uch Jay, anythinb in wiJ ~.~tr ~~r ~n :hi. rrn~rtgagr tu thr cuntrary
~ notwithtitanding; and thereupon or thereafter. at the optioa of ,aid rtwrtgage~. ~vitrout not~Ee or demanJ. ~uit at law ..r in equity. n~y be
pro,ecute~i a+ if all muneys ~rcurrJ hereby haJ mawretl priur to it+ imtituti.:n. The nwrtg:?gee ma~~ foreclu~c th~s ax~rigage. a~ to the
atrn~unt u~ declared duc anJ payaMe. anJ Ihe .aid prcmite..hall M: wIJ ie~ +ati~fy •rnd pay the ~:sme tugcther w~ith cmt,. etpense.. and
aUuwanc~~s. In ca~ ut parUal f~xeclu.ure of thi~ mortga~r. the m~xtgageJ premi,es ~hall he .oid ,uhj~~c~ tu the ~unUnuing lirn ut th~s
rrxxtgagr fcx the amuum ~~f the Jeht not thrn Jue anJ unp:ud. 1~ .uch cs.r thr pruvisium uf thi. par:+Kraph m.+) aga~n be a.~ailcd of
therealter from time to timr ht thc mortgag~e.
10. fhat thr rtx~rtgagc~r ill givc immrdiatr nu~icc by mail ~o thr rnurtgag~c of ~ny cunvr~arnr. uan.fcr. or .hangr ~~f uwnenhip uf
the premities.
~ i. rn~~ N.~~~r~ ~~r :inY a~~'co:+nt hercin i~r uf thr uhligatiun .~YUr~Y! hereby ~hall at any time [herc:~ft~r be helJ tu br a wa~.cr of
the term. hereuf ur uf the notc ~ured hereby.
12. fhat if 1he rix~rlgagur Jefault ~n any of 1he co~~rnanl. or agrermcntti conlainrd herem. ~x m+aid note, thert thr murtgagee may
~ perfi~rm 1hc sar•se. arn1 all r~pcndilures ~ ~ncfsding rcau~naMc attoraey's fee~l madc hy the m~~rtgagre in w du~ng .hall Jraw intcrest rt the
rate ut fcxth in the note xcurrd hcreby. rnJ tihall be repayahlc imm~d~atcly aoJ w~thout demanJ hy 1he mortgagor to the murtgagec. and.
together with interesl anJ cu~ts accru~ag thercon, tihall F~e se~urrd by thi~ mixtgage- O~ ~
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