HomeMy WebLinkAbout1484 Ifia~, in ~KJrr n~~rc fully tu pruti~t ~hr .r.u~~ty uf thi. mur~g.~~r, thr mu~:saka?r, a~Kr~hr~ N~th. :.nJ in aJd~uun w. ~hr nx~mhl>.
pa~ imnt. unJn thr ~rrm. ~?f thr nutr .rcurrd hr~rby, un thr firV .Ia~ uf r:hh nwnih untit Ihr .ai~l izutr fully pa~J, w•~II pay tu ~hr
nw~rt~:y~rr thr tulluwing.um~~
lal A~ amuunt wfficitnt tu pruviJr ttx hulJtr herru( wi~A funls Iu pay the nrst mor~ea~e in~1
u:~ncr premium if ~Aic imtrumant and
~he nute secureJ hereby arc insu~c~1, ~x a mun~hly char~e lin liru of a morteage imurs~~Ce (+remiuml.if they arr hrld by thr
ticti~etsry uf Huusin~ and Ur~an Devrlupment, as fu1k~M•s:
It1 If anJ so lun~ as said twte of ovr~ date arn1 th~s imtrumenl :ut irt~u~e~1 or arc rcincurtd u~xier lhe provi.iuns of thr
Natio~al Nousin; Act, an amounl suflicieot to accumulate in the hands oi the holde~ one 11) manth pr~or to i:i ~iue Jate thi
annual mort~a~ee insurancc prtmium, in .xikr ta pru~iJe +uch hdder w~th funJs to pay wch premium to :t~r ~rct~ry o(
Huusin~ aad Utb:?n Develupmtnt punuant to the Natiuoal tiuu~ing Act, as amende~l, arx! ~pplkable Regulations
tAe~eunJtr, or
111) If anJ w lung as said note of tvcn Jaie anJ thic imtrumenl are htkl by the Secrr~ary of Hou~ing a~x! Urt?ae Ik~eluprtKnt,
a monthly cAa~ge lin lieu of a mortgagr insurance p~tmium) vvhich .hall t+t in an am~wnt equal to onr-tv?elflh 111121 of
onahalf I~S1 pe~ cenwm oi the ave~agr autstarnfing bnlarne due un the noto computrd wnhout takinY int~ aavunt
delinquencie. ~ prepaymrnu:
Ibl A wm equal ~o the gtound rrnts, if any. nrxt due, pius the prrmiums ~hat will next bra~me Jur eeKi payable on policirs uf fire
arn1 olhrr h:uard insurance covering tha mortgagrJ pr~~+erry, plus taxes an~1 a{xasmeots ncxt due on tAe mortgaged property tall
as estimated by the mortgageel les~ all sums al~eady paid therrfor divided by the ~umbtr ai rtwnths to elapse beforc one month
p~i~ to tht Jate whon such around rcnts, prrmiuou, turs, and ~~+essments will become delinyuen~, su~:h wms ta be hrW by
mortgagee in trust to pay ssid grew~J rents, prrmiums, taxes, anJ special a~?essments: and
Ic) Ali psyments mentioned in the tw~o prectding ~ul~sections of this parag~aph and all payme~ts to be made under the nc~te xcurn!
hereby shall be added to6elher and the ap,~rrg•rtr amount tht~eaf shall be paid by the nwrtga~u~ rach month in a single payment
to be applied by the ax~rlgagee to the foltov?ing items in the urde~ ut forth:
(1) premium charges un~ler ~hr contract of ir~,uranct with the k~retary of Hou+ing and lUrban Derebprt~ent, or munthly
charge lin lieu of mortgage insurance premium), as the cax may be: ' -
(11) grounJ rents, taxts. assessmea~s. fire, arn1 othrr harard inwrance premiums;
1111) interest on :he ~ote ucured hereby; and '
lIV ) amortitation ot the principal of said nwe.
Any deficirncy in the anwunt of such aryerc~ate rrKmthty payment shall, unlc5c made b~Kxl by thr m~xtgag~x pnc~r to 1hr Jue Jate uf
thr ne~t such payrnent, constitutr an rvrnt of Jrfault u~xier thic murtgagr. '~hr m~xtgagre may c~~llrct a~latr charge" nw tu ~~crrJ ~Nu
crnts 12e1 for each Jollar (S11 of exh paymrnt morc than hftren ~ IS1 day. in arrc:u~ tu cu~rr thr extra rxpenx inv~,l.•rJ in handling
delinquent paymentc.
3. That if the totxl of thr payments maJe by the mortgagur unJrr Ibl of paragraph 2 precrJing .hall c~cr~J thr anwuM uf the
pa~~mentc xtually ma~lr by ~he m.x~gagtr, fur grounJ rcnts. taxt~ a~x1 a_+.rs~mrntc anJ insurancr premium+, a+ thr easr may be. .uch
excess at the option of the mortgagtt, shall, t+e c~edited on subsequent payments to be made by the mortgagor, or refunded to the
~~~~R~R~~~• ~f, however, the munthly paymtnt. maJr by Ihe rtx~rtgagur under Ibl uf paragraph 2 prtcrding shall nut be ~ufficitat to pay
~;ruunJ rentc, ta~e~ anJ as.c~smrn~+ and incurancr prrmium~, as the ca~ may Ix, w•h~n ~he samr ~hall t+cYUmr Jue anJ payable. ~hen thr
murtgagur .hall pay to tht murtgagrr •rny amiwnt ne+c~~cary tu ma?e up the Jeti:irncy. on ~x t?eforc thr JaR Nhen p~ymrnt uf wch
urou. ~ rrnt+, taxr+, asx~cmenls. ~x insursrkr premiums shall t+e dut. If at ~ny time the m~tgagix sl?all trrnlrr ta the mortgagre ~n
;x;carJance with the provisiuns of ~hr note .~YUrrd hrrtby, iull paymrnt uf the entire i~xfebt~dne+~ rcpre+rntrd therrby, the nx~rtgager
.hall, in cumputing the amount of wch inJebtctilor~., crr~lit to Ihe aciuunt of the mo: tgag~x all paymrntc maJe unJer the pruvisiun+ of lu?
~~i paragr~ph 2 hereof v?Aich the m~xtgaget hac nut t+ecomt ohligetaYt to pay to tht Secrctary of Hou~ing anJ Urban Dev~loprmm~t snJ any
halancr rcm.iining in tht funJ~ accumulatrJ unJer the provi.iuns of (b~ of +aid paragraph 2_ !f th~rt shall br d~fault umler nny of thr
pru~i,iuns of thic m~xtgage, rr+uiting in a public wlr uf the premisr+cu~•en~1 hrreby. ur if the mextbagtr acyuirec thr p~~~+erl}~ othr~Nix
:+frer d~Cault. thr mortgagre ,hall apply, at ~he timr uf thr rumm~ncrment uf .uch pnxe~Jing..x at the timr thr pru~rt~• ic uthcrKi~r
;Kquir~til, thr halsnce then remaining ~n thr funJs •rccumulat~vl under /h~ ~~f par,~g~aph 2 pr~ti:axl~ng a. a~rc~lit agaimt thr amuunt of
principal thrn remaining unpaid undc~ .aid nutr arxl +hall pru•+erl}~ aJju.~ ~ny papmrntc ..:~E:h .hall har-c hrrn mad~ undcr lul 01 +aid
paragraph.
-t. 'I hat hr wdl pay aU t~xc~_ a~~r»mrnh. wat~r rah~+. and uther guvernmental ur municipal ~harg~~.. tinc~ ur imFx~sition~. fur Nhich
pruv~siun has nut bten maJ~ hrrcint+efure, and ~n drfault ther~ti~f thr mixtgagrr may pay thc .amr: and that hr hill pn~mptly Jrlivcr the
ofticial rctript; therefor to tht mortgagec. s
5. That hr will permit, cummit. ur sulTer no waur. impairment. cx deteriuratic~n of saiJ pn?prrty or any part Iher~.f: arxt ~vrnt
uf the failure uf the mortgagor to keep the buildinb-. i~n said pr~mi~ and ~hr.e tu t+c ercYted un said premice., .x impruveme~.ts thereon.
in g.xxi repsir, the rtwrtgag~ may makr ~uch repain a+ ~n it~ diurctiun it may Jrrm :iece_~ary fix thr prup~:r prrxr~ation thereuL and
thr full amouni uf exh and every .ach payment .hall hc immr.liatrly Jur anJ pa~ablr, a~xf +hall t+~ x~urcd by the lien of this mortg~ge.
6. fhat he will p:+y all anJ ~ingular Ihe c.ntc. charFe,. :md ~~{+rn.r,. inclu~ling re:~,unablr lawyer's frr,. and ~ostc of ah~tracls of titlr_
incurre~l or paiJ at any timr by thr rrx~rtgagrr t~au.r uf the faiiure on tnr p:u1 uf i. : mortgagur promptly anJ fully to Exrform the
agreem.nts arn1 emenants of s:iid promi~.wry note anJ this murtgagr. -snJ ~aiJ cartit._ chargeti. anJ cxpen+rs tihall t+r immeJial~h• Jue and _
payablr and +haU be cecured by the lien of thic m~xtgage.
! "That hr N~11 keep the impruvement+ n~~.s etisting or hereafter rrrct~Y! un thc murragrJ~ra~rrrty, insured as rr~•y l+e reyuired irom
timr to time by the nwrtgagee against lo~i ty fire ar•+ ~uher hatard~. ca~ul•rtic5. anJ comingrnciec in cuch am.wnts and for su~:h peri~nl+ ac
may t?r requirrJ b} murtgagn, and Nill pay prumptly. ~hcn dur. any prrmium~ un.uch insurance f~x p~yrrxnt of which provisiun has not
bcen made hereinbefore_ All insurance shali be carriod in companies approved by mortgagee and thc policies and renewals thrreof shall
t~ he1J by m~mgagee anJ have atiachrJ thercto I~x: payable clautieti in favur uf :,nJ in f~xm ac:eptable to the rrwrtgagee. In event of loss
hr H ill si~•e imme.fiat~ M~tice by mail tu mortgagre, arni rtwrtgaare may make pruuf of I.nc if n~N made promptly hy m~xtFsgor, ~nai each
imur-rrue cumpan} ccicerned i. hereh~ -~horir.ed anJ direct:d t~ make pa~•mrnt for wch I«s Jiretidy to nx?rtgager imtrad uf to
nxxtcagor aad mixtgagre joindy. anJ thc nwraore proceeds, or : ~y pan thereof, may he applied b}• mortgagre at it, optiun rither w the
reduction of tht indebtedness hereby se~cure:f or to tAe rtstoralion ex repair uf' the proper~y Jamag~d. In evrnt uf forrclusur~ of this
rm,r~gagr ur uthrr tramfer of tide to the mortgagrd pn~+rrly in rttingui~hmrnt uf the in.iebtedn~~ss x1ur~-J hrreb}~. all right. tiUr. and
intercst ot thr mortgasur irs and to an}~ ~muranc~ ~x~licies Ihen in furce ,hal! pst~ to the purchaxr ~x grantr~.
8. That if thr prrmises, ur an~~ part thereo(, be cond~mned under aay power o~ i•mipent domain, or ai•qnir~d for a put,~ic u~e,
the dama_F~., proreeds, and thr consideratinn (or r.uch acqui~ition, to th~ ~xtent o( the full amount af ind~•btFdne~ss upun this
\lort~r..~~•,.~nd~he\ote secured hereb~• n. iining unpaid,arr hereby assi~ned b~• the ~IortgaRor wthe Vortgage•~ and shall be p~id
p torth~~ith to thr \lort~a~ee to bc appiird b~• it nn account o( the indebt~~da~sti si•cureJ hPreh~-, ..~he~her due or not.
6 9. Tha~ thr murtgagee may, at any time prnJing a,uit upun this mortg~ge, apply to the court having juri.Jiclion therruf for the
~ ap~x~ir?~mrnt of a rtceiver. and suctr~ourl +haU forthN ith apFx~int a receivcr of the premix~c covered herehy :dl and singular. irkluding all
arxl singular Ihe incomr. profita. ~+.wrs. and revenuec from whate~•er wurcr deri~•rJ, each anJ rvrry of which. il being expressl}•
undent~xxl. is hereby mortgageJ ati if ~~ificall~~ xt furth and Jrx~ibed in the granting and habenJum clausec herrof. anJ .uch rctieiver
~hall havt aU the broad and e(fective functions anJ powen in anywise enwsleJ by a court u~ a receivrr, and such appointment ~hall t+e
maJr by +uch court ac an admitleJ equity and a matter ~f atnulute right to wid rtwngagee. :~nJ wittk?ut refrrerxe to the aJequacy ur
inasiequacy of the ~•alue of :hr propert~ m~•rtgaged ~x to Ihe x~lvency ar incolvrrtcy of said rtwrtgagur i~r the Jefrndentt and th•rt ~uch
rents. profits. income. i~surt. arxl revenues ~hall be applied t+y such receiver accorJing to Ihe lien of thic rtx?rtgage anJ the practice of such
c~~urt. In the e~•ent of any 4efault un the part of the mortgagor here~mdrr, the murtgaEor agreec to pay to Ihe m~xigag.e on deman~ a. a
re:~tunahlc monthly rcnlal for the prem~ses •rn amuunt- at Ira~t a.~yuivalent to one-twelflh 11/12? of the aggregate of the ~welve monthly
mst:~llments payable in the then current year plus th~ xtual amount uf Ihe annual taxes. a~~eti,mentc. ~a1er ratc~. anJ ~~wrance premiumt
~ for such ytar not covered by the afcxesaid monthly payments. }
~p. That tn? in the event of any breach of this m~xtgage ar defauh un Ihe part of the rtwrlgagor. ix Ih) in ihe event that sny uf wiJ '
sumc of money herein refrrred !o be not prumptly and ~uily paid without demand or notice. or Ic) in the r~ent that each snd r~ery tAe
~ .tipulations, agreements, conditions, and co~~enants of said note anJ this m.xtg•rgr, are not dulv_ promptly, arxf fully perforrt~eJ: Ihen in
~ either or any such event. the u:d aggregatz sum mentioncd in ,aid rn~te then remainig unpaiJ. N ith interect accrueJ to that lime, anJ all
mone~~ SecureJ hereby. thall txcom~ due and pay~ahle fur~bNith, or therrafter. at the option of said mextbagee. as fully anJ com~letely a~
if all of the said sum~ of rt?oney vicere orig~naliy ~tipulated to Fx p•rid on such J•ry, anything in wiJ note ~~r in this mortgage t~~ the contrary
notW ith~tar~ciina: anJ thcrru~m os thcrraficr, at the op~iun of said mortRagre. with~wl rk.tice or JemanJ. ,uit at law or in equiry. may tx
pnxecuteJ ac if all moneys secured hereby haJ matureJ prKir to its instiWtion. The rrwirtgagre may foreck?ce this mortgagr, as to the
artx~unt so declared due and payable_ anJ the said premises ~hall be sold to catisfy anJ pay the same t~ether with ca.ts. e~pensrs. and
allowance~. In cace of partial kxeck?sure of thic mortgage. the m~xtgaged premicc~ ~hall he wld wbject to the continuing lien of thic
rrn~rtgage for the amount of thr debt not then Jue anJ unpaiJ. In such ca~e the provi,ions of this paragraph may again be a~•ailed uf
thereafter from time to time 1?y Ihc morlRagee.
_ i I. That the mortgagi~r w ill give immediate not~ce by mail to thr rrn.rtgagee uf an~• cunveyarxe, transfer, or change of oanerrhip of
thc premises. _
.12. That no waivrr of •rny covenant herein o~ o( the obligation ~czu~eJ hereb~ ~hall at any time thereafeer t+e helJ te~ be a waiver of
the termc hereof ~x of thr rx~te ucured herchy. d R ~ p
BO~K~++G~ PACE~~O~
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