HomeMy WebLinkAbout1064 2. 'Il~:~t. in ordtt murt (ully 1u prutecl the ~ecunty u(1hi~ mu~~~:y~e. ~he m.ulg.qca~, a~c~Arr w i1A..uiJ in ...IJ~~ivu tu. Iht m:~othl~ M~ mcnt.
umkr the trrm. o( IAe nute .trurrd Aerehy. uo tlx fir~~ Jay ot ca:A :~untA untillhe.aiJ n.Ka i. tully paiJ, wiU p~~ a~ ~Ar mu~tg~Kcr ihr fuU~~w-
init +ums:
lal An am.wnt ~ulTicitnt tu pro.iJe the huWc~ Arteut witA (wi.l. w E?ay ilK nr~~ munK:~e inw~..o:r p~cm~um i( ~hi. ~n.~ru~rnt ~nJ ~hr
note ~ecurcJ hrrehy :ur inwrcJ. ~K a muntAly ch:~r~r 1in licu ut a mur~K:~r inwwn~t ptemium) if ~Ac~ .uc htW b~ tht tircrrla~y
Nuusiry; anJ U~ lkvrk,pmcm a. tulluw~:
11? It and w lung a~ uiJ nWe o( tvrn date artJ tAi. in.tru~nrn~ :ue in.urrJ ~x are rrinwttJ urnfer the pro~ i.iun. ut thr National
Nou~ing Art. an amoun~ ,utricitnl a~ accumutrte in thc hanJ. o( Ihe hulder unt 111 munth {ui~K 1u il. Jue Jatr ~Ix ~nnu•rl mun-
gage in.urance premium, in orJe~ ti~ praviJe .w:h Iwhier w~i~h tunJs ia pay ~ucA Mrmium u~ ~ne Serretary .~t H~wung anJ
Urb:?n ikvrlupmrnl {+ur,uant tu the Nuiun:.l Fluuvnie•Act. •a+amenJeJ. and applicat+k Reguletiun~ ~hcreunJer, ~u
~ l111 It anJ au lunit a~ +aiJ outt uf even ilate ami tbi+ in.tn~menl :ue he1J by ~ht Snrrlary ot H.w.ing anJ t%rtwn ikvtlupmenl. a
munthly clwtgt Iin liru uf a mortg:~e inw~ance prrmiuml whkA ,h:Jl t+e in ao amuun~ equeJ tu one-twelhA t 1!12~ at une-Fwlt
111'_I per rentum ut tMr avcra~e :wh~:u~Ji~ balan~r duc un Ihe nwe rwnputtJ wilMwt taking into accuun~ Jrlinyucncie. ar
~epaymrntc;
IA1 A cum equal t~~ Ihe grouml rents, it any. nesl due. plus the premiumc that vrill nexl he~:umc due anJ pa)•-rbk on ~~li~iec af fire rnJ
.uhe~ hazud inwnnce covering tAe mortgagtJ propcny, plu. ta~?es anJ aase~~meols nett due un ~he murtp,;qen1 prupr?ty 1:+11 ac t.ti-
mateJ by the mortg:~getl ks. aU wmc alrrauy {uid thcretor dividtJ by the number u( montM w elap.e txturr unc munth priur tu lht
d•rte N~htn such gruuml rcnts. prrmiums, ta~rs, and a~secsment+ w ill becume Jclinyutnt, ~uch .um~ u or hrW hy murtgrgrr in tn~~t
u~ pay vriJ gwunJ rcnts, premiums. ta~cs. anJ ~pecial a~ses+mtms; and
, Ic1 AU paymeatc mentionat in ~he two prcceJing wl+secliw?s ot this par•rgraph anJ aU paymenK t.~ bc madr unJe~ ~he notr .tcurcd hrre-
by chall t+e adJcJ togethe~ and the aggrcgale •rmount Ihereuf ~hall he paid by the murt~w tach munth in a.ingk paymrnt tu t?c ap-
plial by the mongagee to ~he folhiMing items in the.xJertet (orth:
111 premium chargrc unJer the c~lract of inwranre w i1h the SecrNary ot Ha~.ing and U~n Ikvrlupmrnt, ~u munthly rh:?rgr
(in licu o( mortgage inwr•rnce premiuml, as ~he cace may tx;
1111 grourwl r~nls, u~es. asseccments. firc, anJ other h:uard imurance prcmiume:
1111 interest on the nwe ucured hertby: and
IIVI :unortization ot the principal ot saiJ note.
Any deficiency in ~he amount ot .uch :~gregate monthly p:?yment ,hall, unksc made g«xi by Ihe murtgagor pri.u to ~he due Jate ut the oe~~
wch paymen~, canstitute an event ot defauk unJer this mort~ge. The mortg•rgre may rollect a"I.ite clwrge" nut ~o raceed two cent~ 12c) tor
earh Jollar ISI) ot rach p•ryment more than fifteen ( IS) days in arreatc to rover ~he e~tra txpensr im•olved in hanJling Jelinquent ~+aymentc.
That i( Ihe tWal at the payments made hy the mortgag~x under (b) o( par:,graph 2 precnfing ~h~ll e~cced the -rmount o~ the pryment~
xtually made by ihe murtgaget. tor grounJ rents, ta~ec and a.st~smtntc and in,uranrr premiumc, a~ the case may t?t. wch t~rec+ at the up-
tion ut Ihe morlgagee. shall, he creditnl c?n sut?uquent ~yment. tu t+e made by the mortgaKur, or rctunJtd [u the mortg:~or. I(. huw•tver. ~he
munthly paymentc made by the mortgagw urnler ( M o( p•rragraph ? precaling chall nM t+e wtTicient to pay grounJ renlc. taxr~ :+nd a~ses~mrnt.
anJ inwrance premiums. as the r•rse may tx. when ~he vme shall txromr Jue •rnd payabk. then lix mun~ur shall pa~~ a. the murtg:~te any
amount nece~wry ta make up the deficiency. un or txf~xt the da~e whrn {+ayment of such luuunJ rentc. ta~es. a~~e..men~., or inwrancr prem-
iums shall be due. lf at any time the mungagor sha111en~kr to tM mortgagee in xcordance with the provisions ot thr nute .erurrJ herrby. full
E+ayment oi iht entire inJebtednecc rcprccrntrJ Ihereby, the m.xtg:+gee +h•rll, in c~~mputing the amuum .+t wch inJcbteJne... credit to the a.-
cuum uf the mortg:~ot all p:+yment~ made u~xfer the provi.ium ot la) ot psr:~rrph'_ 1?rreof which the mortg:~ce ha~ nut htrumr ~~t?ligatni to
p•ry to 1he SecrNary uf H~wvng arxl Urt+•rn Ikvetopmtnt and any halance remaining in tlx (unJ+ •rccumulateJ urnler ~he pru~•i.ii?nx of Ih) of
~id parap,raph 2. It tlxrc shall tx a detault urnler any of the provisiuns of lhis mortgage. resulting in a puMic wk of ~hr premi.t. covereJ here-
by..x if Ihe murtgegee acquues the propetry Wlxrwiu atter detault, the mortgagee shall apply. at 1he time ot the commenccment ~?f wch pro-
ceedings or at the time th~ property is otherw•ix acquired, tix t?alance then rcm~ining in the furxls arcumulateJ wxler Ib)ot patagr•rph'_ prcced-
ing as a crcdet against thc amount of priixip~l tlxn remaining un~id under said note and shail properly adjust any payments Mhirh shall h:+v~
lxen made under la) u[ said paragnph.
4. That he w•iU pay all laxes. as,c~cmrntc. rater ratrs, and othet governmental or municipal charge~. finrs. or imM~~i~ion~, for which pr.~-
ci,ion Fw. ni~t hccn made hrreinlxtore. and ia.kfauh Iher~o! 1he mongagrr may pay thc ~amr. aod Ihat hr wiU prumpd~• Jrlivrs the .~Ificial
rtcriptc thcre(or to 11~ murtp~grr.
lTat he will permit. cummit. ur ~utTcr m~ w-r~te. impairmenl. or JCterioratiun af ,a~J pruprr~p or ~m part thereuf: anJ in ~ht rvrnt uf the
tailure uf the mi~rt~or to keep the 1wiWingc on .aid premices -rnd Ihase ta t+e erected un vid prcmi,r.. or improvrmrnt. thrreun. in g~wJ ce-
~+;~ir. the me~rtg-rgcr may make such repair, sc in itc dikretK~ it may deem nc-~es.ary for tht pruper pre.rnatiun lhercu(. ~nd thr tull am~wm ut
tarh anJ every ,uch payment sFwlf tx imr.~ediatrly due and payabk_ and sh:Jl t?r sctured by the lien ot thi. mort~ge.
6. 77iat he will pay all and sin~dar Ihr cocts, chargts. and e~{+encec. inrluding reacunabk 1-rw•yei c Eet~. and costc o( •rb,tractc of titk. i~-
curred or paid at any time by Ilx murtgagee because ut IF?e t•rilure ~?n the part ot the mort~cagur prumptly and tully to {xrfarm Ihe agreementc
~ and cuvcnanis of wiJ promiszory nute a~x! ~his mortgage. and .:+iJ co~tc. chargec. and e~{~en+ec ~hall be immrdiately due enJ p:+yabk aoJ ~hall
i tx sccurcd by thr licn ot this mo~t~Ce_
~ i. That Ix will keep tht improvcme~its ru.w exi,ting or hereafter etecled on Ihe murtgagctil proprrty. imureJ a. ma~ tx rryuircd from ~ime
~ tu timr by the mortgagee :+g:+in~t k~~+ by fire anJ other h:~•rrd.. ra.ualtiri_ and runtingrnc~r~ in wrh amount.:mJ for wch prri.xl. a. ma~ he
i requirzd by rt:urtg:+gce. and will p•ry prompUy_ when Jue_ :u~y premium~ ur. ~uch inwr-rncr tnr paymrnt of which provi~iun hr~ nut txen maJr
d hereintxfore. All imurance.hall hecarrird in ri?mpanie~ •rpprovevl hy mort~ge^_ aoJ ~he {x~licie. anJ renrwak therru(,hall tx hrW hy murtg:r
gee anJ hav~ attached ltxreto Mcs payabk clauus in favor o( anJ in fnrm acceptabk to the murlgagre. In evrnt af lu.. he w ill give immediatr
~.x~ce ny m~il tu mortgagee. and mot~g~tee may make proof of bss if nol maJt promptly by mongagor_ anJ each in+urance rompar.y c.~n-
ctrntJ is htrehy authofiteJ antl JirecleJ lu makc paynte~~i iar su:h :o>s d•.:r:::y ta ^:^;:~rz :.^.s!t_•,J ••t r~. m~vteaeu~ and mortt~eee iuinth .
and the inwrance pnxeeds. or any part thereoi. may tx applied hy ~rorlgagec at it. uption either Io the reJuction u( the io~iehtrdne+ti herehy
~ secwed or t~~ the reu~•r~tion .u repair o( ttK property d:~irtageJ. In cvent of ture~k~wrc uf thi. mortgagt or othcr ~ram(er of titk lo the mort-
p,aged property in extinguishmcnt o( the indcbteJncsc serurrJ hcrtby_ all r:ght.litk. anJ intercs~ of thc mur~g:qt.K i~ :~r.J t.~ an~ in~urance {x~ii-
- cies lhen in torce shall pass to the purcha.er or gr•rntet.
8. That i( the premius. or any ~art thereof. he c~mdemneJ umltr any ~~MCr of emi~ens dum•rin. ix :Kquirrd (or a pahlic wr_ the Jamage..
procseds. and the consideration for such :wyuisitiun. to ~he e~tent of the full rmounc ot inJebteJne~. u~wn thi~ Nurtga~;r. anJ the Nwe xcureJ
fxrehy remaining unpaid. are hereby a~signed by Ihe Mong:~or to the A1ort~gre ~nd.h~ll tx paid forthMi~h tu the'~turtg:,gre to he •rpplirJ by
i~ c~n acccwot ot ttrc indebteness secured hereby. whether due or na.
9. That the mortgagee may. at any lime ~+ending a cuit upon Itii~ marigage. apply to the ciwr having juriuiiction thereuf tor the appoint-
ment ef a rcceiver. and wch cuutl shall torthwith appoin~ a receive~ ot ~he premi~es co~•ereJ herrby •rll •rnd ~ingular_ ir!cluJing all anJ .ingular
the income. profits. is~uec. and revenue~ (rom whalever source urrivai_ ~ach and evtry of which. it bting eapressty cnderstooJ, i~ herehy
murt~e3 as if specifically set tortA anJ deccriheJ io th~ granting anJ hat.roJum clausec hercof. anJ wch rccci~•rr ~hall have all Ihe bruaJ anJ
diective (unctionc and powers in anywiu entrusted by a court to a receiver_ ~nd wch apM.intmrnt ~hall t+e maJe by wch r~wrt a~ ao admitted
equity and a matter o( ahwlute ~ip,ht lo caiJ murtgagee. anJ witMwt referencc to Ihe adcquxy ~x io:Mleyu~)~ of the ~rlur ot the pro{+crty mun-
~ gaced ~~r to ~he wh•ency or in.olveney o( ~aid mortgagcx or the defrn~ant.. anJ th•rt iuch rrntc. prufitc. income, i.:ue~. and rr~rnue~ •h:~ll ne
a~plied hy tuch receiver according 1o the lien oi this mortgage anJ thc practice ot such court. In the e~•em o( any Jrfault on the pan of the mort-
~tor hercurxler, the mart~or agreec to pay to thr mortgagee on JcmanJ a~ a re•r~onabk manthly rental tor tlx premititc an amuunt at ka~t
~ a~uivalent to one-tw•elfth 111121 uf the ap,~egate ot Ihc tweh•e monthly in~1a11meMs payahk in Itx theo ~vrrent year plu. lhe actu:J amount ot
the annual taxes. a~cc~.mrntc. watet rates. and in~urance premsum. tur wrh yzar ~ot rm~creJ by the atorewid monthly paymcnts.
~ 10. "Il~at (al in the e~~cnt at any txcach o( this mortgagc or de(ault ~in thc part ot Ihe mortg-rgor. or ( bl in the event tFw1 any ot ~aid wm~ of
~ muney herein referred to tx n~H promptly anJ lully p:+id withuul Jemaod ot n~Nice. ot ~cl in the eveni that each and every the stipula~ions_
agreements. conditions. and covenantc o! ~aid note anJ th~s mortgrge_ are not July. promptly. and (ully {xrformeJ: then in ~ither or any wch
event. the said a~tegate sum mentN~ned in wid n~He then remainingunpaiJ. with intercst accrucJ to that time. and all mooeyc ~ecured herebp.
' ~~iall txcomc due anJ payabk (orthwith. or thcrcattcr. at tix option of said mottgagee, a~ tully anJ rompktcly as it •rll ot Ihe wid .um~ o! mun-
ry were originally stipulateJ to tx paid on such Jay. anything in wiJ nv~e or in ~hie mortgrge to 1ix cuntrary nwwith.tanJing: anJ thereu{x~n ix
' therca(ter. a~ Ihe option o( caid mortp,agee. witMwt nolice sr Jemarni..uit at law or in equity. may he pro.ecuted ac if all muneyti ucureJ hera
by had mawred priur to it~ institution. The mcxtgagee may (orcdocc lhic murtgage. ac to Ihe amount u~ Jeclared duc and payabk. and Ihe said
~+remises chall tx ~o1J to +atis[y •rnJ pay Ihe c:wme I~~etther :th cosl~. e~pencec. and ~Ilowancet. In cace of parlial (otetbwrt o( this mort~gt_
" the mortgagal prcmise~ shall tx .old whjcct to Ihc continuing licn o( Ihi~ mort~e for ~hc ami?unt of tlx dcbi not then duc and unprid. 1~ wch
cau 1he pro~isions of thic p-rragraph may again tx avaikJ ~~f thcreattcr hom time ~o time t~y the mortg,:qcee_
~29 F:~~~ 1064 -
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