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HomeMy WebLinkAbout2100 . ~ 7.. Ihat. ~n ~KJcr ox~rc fuUy tu prutcvl thr.~~:unty u( ~hi+ mixtp~g~, tha nxalKeYur, t.•~rth~r ~Nh. a~xt ~n adJ~u.~n t.~. th~ nr~n~hl~ pa~mtn~~ unJtr thr ~e~m~ af thc n.~tr ~r?urtJ hr«by. .~n 1ht fint J~y uf r:Kh mun~h unt~l Ihr ~a~.l nutr lully paid. Ndl p:,y ~u ~hr nx~rtg:~re ~he f.?qav?in~ .umr (a) .'1n amount wfficient tu pruviJe Ihe huloer hertuf v?ith funds to pay tht ntat mort~a6e ~~surance p:cmium if ih~~ in+trwnrn~ and lhe nu~t stcurat hereby are insured, or a ma?ntAly charge li~ lieu uf a rtk~rtgaee insurance {xrmiuml ~f they are h~ld by tht 4ecrctary of Huusin~ arn1 Urban Devzlopm~nt, as f.~lk~ws: 111 If aod w looa u said rwte d even datc arnf ihis iru~rument :ue in~yccd o~.ara~ as~Dsurrd under ihe provi+iom ot the Natiunal N~ws~n~ Act, a~ amount wfY'~cient to accumulatc in the hands of tfit 1w1d1''r ont l ~1 m~'nih pr~cx to its dua dr.te ~he annual mortga~e insurance premium, in ardt~ to p~ov~Je such hdJer with funJs tu {+:+y +u~:h p~emium u~ thr Secrctary uf Huusin= a~nl U~bso Dtvelopment pursuanl t~~ the Naticuial Houung Act, as amrnJcd, a~x1 applkable Rrgulaauoc thcreundtr: or 1111 Ii and so long as sxid nute of eveo Jate a~1 this ins~rument are heW t+y the Secrc~ary of Hou~ing anJ Urt+an [kvrl~~pment. a awnthly charge lin lieu .~f a mortgagt i~suranct prtmiuml which ~hall be in an artxwnt ryual to one-tw•rlfth 111121 uf OM-IWI~ ~ ceotum ut the averagc uutstarnlme balance due on the note compwerl v?•ithuut taking into aocuun~ Jtlinqutncies or prepaymrnts; lb) A sum equal to the ground rents, if any, ntxt dut, plus the premiums that will neal bccume due an~l payabl g g po~ ies of fire and other hazard inw~ance cuvering the mor~gaged properry, plus taza and assessment~ next due on the mort n ed opetty lall as estimated by tt?e mortga6eel kss alt3ums alreaJy paid thereEor divided by the number of months to elapse betore one man~h pri~x to ~ht Jate whea such 6round renu, prem~ums, taxas, aml assessmen~s v?ill become delinquent, such sum~ to bt hald by mortaagee in trust w pay said S~ound rents, premiums, taxes, and special assessments: anJ (c) A11 paymenu mentioned in the tw~o preceding subsections of thu paragraph arn1 all payments to be ma~ie urnler the nate secureii he~eby sAa11 be added toEt~her aad the aggregate amount thereof sAall be paid by thc mor:gagor tach month in a singk payment to be applied by the mort8a8ee to the fdlov?ing itams in thr order set [orth: Il? Premium chargts under the cuntract of insuranct with the Sec~etary of Housing and Urban Ikvclupment, or monthly charge lin lieu ot m~xtgage insurance premium), as the case may be; - ~11) ground rrnts, taxes. usestmenu. fue, and uther hazard inwrance prCmiums; interest oo the nde securcd hertby; arnl IIV) anwrti~ation of the principal of saiJ note_ ?~ny deficiency in the amount uf su~h aggrrgatr monthly payment shall, unless maJe gu.xl by thr murtgagax priu~ tu thr dur date uf the ne~t such payment. constiwte an rvent u( default unJer this murtgage. The m~xtgagee may cull~t a"latr char~e" nut w zxrnvl ivro cents 12c1 for each dollar IS11 of exh pa~ment murt ~han tifteen 1151 Jays in arrtan tu covtr tht ratra r~prrnt involvrd in h:.«xlling drlinquent ments~ - 3. lha~ f tht total of the paymrntc maJe by the mortgagor utKler Ib) of paragraph 2 prr~tding chall rxcreJ Ih~ anx~unt of the payments xtually mafe by the m~tgag~. f~K grounJ rents, taxrs arxi asseicments and insurancr premiums, a~ thr ~as~ may be. such excess at the option of tAe mortga8ee. shall, be credited on wbaaquent paymcnts to be made by the mortgagor. or refunded co the mortga~.r_ If, hov?tvar, tht monthly payrt~tnts maJr b)~ the mortgagor under Ih) ~if paragraph 2 preceding shall oot bt +ufTicient to pa)' ~rournf rent~. ta~ts and ac~ssmrnts and imuranct premiums, a, the cax may bt. Nhen thr s:+mt shall brcomt due anJ p:?yable, then thr murtg:+gor ,hall pay to the murtgagzr anY am~~unt necc~sar~~ to make up the J~fxiency. on or t+efurc thr Jatr Nhen paymcnt of w~h gr.~unJ rents. taxrc, asx~sments. ~x imurancr prrR.:ams ~hall be Jue. IC at any time ehe m~xtgag~x sh•rU trndrr to thr mortgagre in xconfancr with the provisions of the notr securcd hereby. full paYment of the en~irc inJebtedness rrpr~ntrd ~hrreby, the murtgager ,hs!!. er. ^^i~uling the amaun~ of ~uch irnleturJnec~, crr.lit w the account c~f the murtgag~ a{I payments made under the pruvi~ions uf Iul uf paragraph 2 herrof which tht mortgaBee has nat t+ecume ot+ligatecl to pay to tht Secretary ~f H~~using and Urbxn Utveiopmtnt a~n1 any balance remaining in the fun.ls accumulatni urxltr the provi.ions of l6) of said paragraph 2. If ihrrc shall br a default u~xirr any of thr pruvisions of thi+ m~xtgage. resulting in a public salr of the premises c.~verrd hercby, or if the mortgagce acquirec thr pro{xrty otherN ist afttr default. the mixtgagee shall apply. at ~he time uf the cummencement of +uch pnxeeJing+ .x at thr time the pro~xrty it uthrrw ne xyuired. the bala~nr then remaining in thr fun~k atcumulat~til under Ibl uf ParaR~aph 2 precrJing ac a credit ag:~in.t thr amuunt of pnncipal t~~en rrmaining unpaid u~xi~r wiJ nott arxl .hall proprrly adjust any paymtnt~ Nhich +hall ha~~ t?ecn maJe unJrr lu) uf .aid paragraph. - That ht will pa~~ all t•ries. a~~r++mrnt~_ watrr ~atr+. arxl .~thrr go~•rrnmental ur municipal chargr+. tinrs. ur ~mpu.itiun., fur Nhich prov~cion has not t~ren maJr herrint+rfi~re. ~nd in drfault thrr~y~f thr m.utgagce may pay thc 5:!(i1C: :1IIl~ [F1Jl IIC NIII ~?fU(i1~11I)' ~ICIIYtf lllt' uffic~al rneipts therefor tu thr mongagrc. 5_ ~fhat he ~ill F?rrmit. cummit. or .ut7rr nu w:?.tr. imp~irment. ur drterioratiun uf wid pn~rrty ix any p~rt thereuL• anJ in thr r~~en! uf thr failure uf thr murlgagur to Aeep the builJingti un wid prrmisrs and those to br r~ecttd on .aiJ prrmisrti. .x impruvrmcntc thereun. in g~xxi repair. ~ht rtwrtgagee m~~ maLr wch repain a. in it. Jiscretiun it may deem necr~sry f~x the proptr prexrvatiun thereoL anJ the full arrwunt uf r:~..h and every such paymrnt thall be immctiii•rtelp due and payablr, arxf 1haf1 be xtiurtd by the lien of thi+ mortgagr- 6. That hr wili pay all :?rx1 singular the ca~su, charg~~ anJ rx~nses. incluJing reacon:+ble lawyer s fees, aod cacts of at+stracts uf tiUr. in~urrrd or paid at :~ny time by the mort~~-e bclau~ of the failure on the part uf the murtgagur promptly and fully to perform the agreemrnt~ anel co~~enantc of wid prumi.uxy nute anJ thic murtgagr. ::na SaiJ ccxts, charges. ~rxl «pens~'~ ~hall bc imm~Jiately due and pa~ablr anJ shall t+t x-iured by thr lien .tf thi~ m~utgacr. ' 7. That hr will kerp the improvemrmc now• existing on c~rtafter erected on the mortgagrJ pru~xrty_ imured as map br requirrd frum ( time to ume by ~he mortgagre against loss by firc and other hazards. c:uulaties. ~nJ continge!kies in wch arm~unn and for wch peri.xl~ a. may tx requirctil by~ mortgager. anJ w ill pay promptly. w hen due. any premiums on ,uch insuranct for payment of Nhich provi.~on ha+ nut ~ t+een made hercinbefae. All insurance shall be carried in companies approved by mortgagee and the policies and renewals thereof shall t+e he1J by m~rtg~gze arxf havr attached therzto Ivss payable clauses in favor of anJ in fcxm accrptahle to the murtg:.grr_ In rvrnt of I~x, he w ill g~ve immeJiate noticr by mail lu m~xtgagee, ar.d murtgagee may makr p~i~?f of I~ns if nut maJe PwmpUy by m+xtg•rgur, arxl each ~ inwrarke compan~- concerntd is hereby authoriztJ anJ Jire~led to make paymrnt for such Icx~ dir~-ctl~~ tu rrx~rtga¢ee imteaJ uf to m.~rtgagur anaf m.xtgagee joinuy. and the insurance proceeJs. or any part thereof, may be applird h~• cnitttga¢cti ai its upt~u~ eithtr to the rcdu~:tii.n of the irufebtrdne+s hereby ~ctiured ur l0 1he rest~xation ur repair uf th~ praperty JamageJ. In rvent of fore~lu.ure of thi. murtgagr vr other [ramfer of titlr to the mortgagcJ pr~rty in rxtinguishmrni vf the i~xiebt~~ine.s xYUred hereby. aIl right, tiUc. and ~ntrrest uf thr mortgag~x in and to any imurance policirs thrn in force shall pact to the purch:?ser or granter. 8. That if the pre-mises, or aa}• part thereo(, be condemneo under an}' power o( eminent docnain, or acquir~d tor a public use, the damages, procee~ls. and the consideration {or such acquisition, to the extent o( the full amount of iO~PbIC~IOP~S upon this :lortgage, and theXote SecureJ hereby temaining unpaid, arr hereb?• assigned b} the )Iort~aRor to the ~lort~agce .~nd shall be p.~id !orth~.ith to the• ~IortRaRec to be applied b~ it on account o( the indebtednes~ secured h~reb}, whether due ur aot. 9. That the rtwrtgagee may. at any time penJing a suit u{x~n this mortgagr. apply to the cour~ ha~ing juri~fictiun thereof for thr appvintmcnt of a re:eiver_ and +uch cuurt ,hall f~xthwith appuint a receiver of the prtmisec co~~ered hereby all arni singular, incluJing all and singul:~r the iniome. prufih. i+sues, anJ revenues from ahatt~er source deriveJ. each anJ every uf which. it t+eing expre.sly underst~w.1. is herrby mortgabed as if speci&ally set forth and Jetcritx-~! in the grarting and habendum ctaus~s hereuf. and .uch receiver shatf have all tht broaJ and effective functions and puwers in anywise entrusted by a court to a receiver, and xuch appuintment shall be madr bq suih ceurt as an admitteJ aquiq and a matter of abwlute right saiJ mortgagre. anJ withuut refrrcnce w the adequac}~ ur inaJequacy of the value of the pro~+erty murigag~~i cx to Ihr tiol~ency +~r insolvency of caid nx~rtgaFor or the defendent~. arxt that wch rrnts. profits_ income, issues. and revenutti ~hall br :+ppfied by such receiver xcording to the lien of this mortgage and the practice of ~uch :ourt_ In thc tvent of an~• default un the part of the mortgagor hereunder. the mortgagar agreo to pay tv the murtgagee ~~n Jem•rnd a. a reasonai+le monthly rrntal for the premises an amount at ieast equi~•alent to one-twelfth ~ 1112) of the aggregate of ~he t.+elve rtwmthly ~ imtallmeots paysbfe in the ihrn current year plus Ihe actual atrx~unt of thr annual taxes. as~smeni,. wat~r rate~. and in.urance premium+ for sikh ycar not covcred by the afur~saiJ monthly payments- ~ ~p, That la) in the event of any txeach of this m~xtgage or dctault on thr part vf the rn~xtgagur. or Ihl in the cvent that any of ~iJ ~ surttc of money herein referreJ to be nw promptly anJ fully paid without JemanJ or notice. ir_ ~.a_ia.~he event :hat each anJ rvery the - stipulations. agreemen~s. conJitions. and cuv~nantc ~f saiJ note anJ tt?is mortgage. are not July, promptly. anJ fully perfi~rmeKf: thrrt in e~ther or any suih event. the said ap,E,eregate tum mentioned in said r.ate then remainig unpaiJ. a•ith intere~t accrued to that timr. arxi all rr~neys stcareJ hereby. +hall t?ecomc due and payable f~xthw~Ih, or lhereafter, at thc op~ion of said mortgagee. as fully and completely a~ if all of the said wm; of money were originally stipulatr~l to t+e paiJ on wch day. anything in ~aid note ~~r in this morigagr w the contrarp notwithstanJing: and thereupun or thereafter. at Ihe option uf ~aid rtxxtgaEee. without notice ex demand_ suit at law• or in equity. may be prosecuted as if all rrwney; SecureJ hereby had matureJ priur to its institution. Thc nxxtgagee m•ry fixeclou this mortgage. as to thc amount so declarcd due anJ payable, and the saiJ premises shall be sold to satisfy anJ pay the wme together w~ith ant~. expences, anJ allowances. In case of partial Gxeclmure uf 1hi~ mortgage. the mixtgaged premise~ shall br st~IJ ~ubject to the continuing lien of Ihi~ murtgage for the amount of the Jebt not then Jue arxl unpaiJ. In wch cace the provisiuns of this paragraph may again t?e availeJ of thertafter frum time to time M~ the murtgagee. I1. That the mortgagor ill gi~e immeJiate nutice by mail to the mortgagee of an}~ com~eyarke, transfer, or change of ownenh~p of the prcmises. ~ I2, That no waiver ot any co~en•rnt here~n or of the ubligation securrJ hereby shall at •rny time thereaRer t+e held to t?e a w~i~~er of Ihe terms hercof ur of the note tiecured hereby. aCRf `A~f ~~lR) _ _ _ .~y _ - - -.g z : r,~ ~ , . ~ ~ ~ ~ . _ - _ ' _ _ .