HomeMy WebLinkAbout1921 ~ ' ai t .
~ 2. ll+at. in ~xder nw~C fully tu {HUicrt tbc +r.urity .~t ~Ai, nxxteagt. ~nr ax?r~Y.~gur. tulccth~Y w~~h. a~xf m:cJdr.a~n ~t~. ~h~ nk~ntAl~.
payrtxnts unJ.K the trrms of the ~.?tr ~rcunri hcrei~y. un thr fint Jay uf t:kh nH~ntA uo~il !hr ..~iJ nutr fidly p.~~J, M~II p:ry to thr
nwng:tett thr fulluwing wmc:
(a) An amuunt wfricirnt tu provi~k tAe hdde~ hertuf with futkis tu pay the tuxt mon~axge insurance p~tmium if ~his imtrum ~nt anJ .
the nute secured hereby are ~ns~.-.~1. or a monthly ct.u~e lin lieu af a murtgage insurance prtmiuml ii they are #?eld by the
Sccrttary uf Housin~ arni U~baa Devtlopmtnt, as foll.~v?~s:
ll) If aaJ so (o~ u~aid notaof cven 3a!e arxl this imlrument are imurcd or arc ~einsureJ unJer the Drovi~ions oi tM
Natioaal Housins Act. an anwunt wfTicie~t to aecumulate in the harnix of the Iwldcr one l ~ ~ month prior to its due date the
annual mortga~e insurance premium, ia cxJer to pruvi~k suc.h holder witA fun~L. w pay +uch p~omium to the Secrztary ~~f
Nousins and Urban Devtlopmcn[ pursuant ta ~l~e National Nuusing Act. :u amr~xled. anJ applkable Regulatiuns
the~eumier cx
IIU If anJ w lung as said note o(evrn t'.:te arn1 this imtrumam are hcld by tAe Secrctary of Housin~ and l:rban Devcbp~nent.
a c?wnthly charge lin lieu of a mortgage insurance {xrmium) which shall be in an amount equal ta one-tv?•elf~h l 1112) of
one-half l~) per centum oi the ave~aae outstacKling balatke Jue oo the ~ott computcrl wi~huut taking into a~ount
delinquencies or prepaymants;
(b? A wm equal tu the grournl rents, if a~y, next due, ptus the premiums that wi11 next btcome Jue erxf p~yable on policies of fire
and other h:uarJ insutance covering tAe mortgaBtJ ptoprrtY• Pluc ta~es a~x1 assessmtnts neat duc on tt?c murtgageJ property lall
as estimatcd by the mortgaaee) less a~~ sums al~eadY Pa'd therefor div~~lod by the numbcr of months to elapse befo~e une month
prior to the date when such gr~wnd rents, prem~u~, taaes, and asstssmtnts will become delinyuent, such sum~ to t+e held by
mortgaget in trust w pay said Sround rents, premiums, taxcs, a~d spccial assessmenu: and
lcl AI! payments mc~tioncd iu the two pteceding sut~scetiorn of this puagraph aoJ all payments to be made under the note secured
hereby shall be aJdcd togelNer and tMr aggrtgatz amuunt thereof shall be paid by the m~xlgagor rxh rtwnth in a single paymcnt
tu be applied by the rtwrtgagte to the folbw ing itrms ~n the urder sct f~xth:
(1) premium charges un~rr the tontract of irourance with thr Secrotary• of Housing and lirban [kvrbpment, or.munthty
charge (in lieu of matgage insurance {xemiuml, as the case may be;
UI) ground rcnts, taxes, assessments. fire, and aher harar4 .nwrance premiums: .
(111) inte~e~ on the note sccured hereb~; anJ
(IV ) am~xtiiatiun of the ~in:ipal of said note.
Any drficiency in tht amcwnt of such ap,~errgate moMhly payment shall, unless made gaxxl by the m.xtgagur priur t~~ thr Jur Jate ut
tht n~xt such payment, constitute an rve~t uf drfault under this mvrtgaga The mottsagte may cullect a"latr chargt ~ not w e~ce~~f tv?•u
centc 12c1 fo~ each duilar (S11 of exh payment more than fiftern 1151 Ja~•s in arrrars to co~e~ the ratra et~nst invulveJ in handling
delinqueM paymcnts. .
That if the total oi the paymcnts made by ~hr mongagor u~xler IF~1 uf paragr;~ph ? prctied~ng .hall excrrd the amuuot of thr
payments aetually made by the m.x~gagte. f.x grcwnd rcnts, ta~es and acxY~mcntc anJ im..:arwr prrmium., a~ ~he case may be, such
excess at the option of the mongaaee, shall, be creditcd on wbaequen~ WY~p~s to be made by the mo::gagor, or rcfunded to the
mur.gagor. If, huwever, the nxmthly {+ayment. maJr hy !he ma~ngagor unJer Ihl of paragraph 2 pr~edmg shall nat be +uffic~ent to pay
gruurni rent~. ta~es a~xi as.as+ments and in.urancr prrmiums, ss the case may be, v?hen tl:e s:ime shall becumr due anJ payable, thrn thr
nxxtgagor ,hall pay to the mortgagre any •rm~wnt ne~res+ary tu makt up the Jeficirncy. on ~ brlorc !he ~late Nhen pa)~nent of +uch
gruunJ rcnt., latt+, acscssmtnts. ~x ~murance prrm~umc chall bt due. If at any time the m~tgag~x chall terxlrr tu the murtgager in
x~wrJanet v?ith the provisi~inc of thr nwe se~urctil hereby. full paymrnt of the tntire irxlebtti3nec~ reprt+enttd therrby, thr rtx~rtgagee
chall, in ~romputing the amuunt of such inJtbt~ttne~c. crnlit t~~ the accuant of the mortgag~x all paymrnts made under the provi~iuns of (ul
of paragraph'_ hereof which the mcmgagre hac nut becomr ot+l~gatcvf ta pay to the Secrrtary of Housing aixi Url~:+n DeveMprnzn~ arni any
twlance remaining in the funds xcumulatttil urxler thr provisionc uf Ib~ of ~aid paragraph 2. If thue +hall ba~ a default urxler any uf the
pravi~K~nc ut thic mixtgage, rnulting in a public salr of thr prrmi+c~s cu~rrrJ hrrcby, or if the m~x~gagee aoyuirt~ thr pr.~{xrty othcrwicr
aftrr default. thr matgagee shall apply. at the time of the c.~mmrncemrnt of such proceeding+ cx at the time tf?~: pri~prrn i. ~~therwi~r
acquirtd. the balan:.e thrn rrmainmg in thr funih xcuR:~latrd under Ib? of paragr•rph 2{xctirdirig a. ~ crctilit :~ga~mt the amount of
princ~pal t~~rn rcmaining unp-aiJ urxler wiJ nole arni +hall pru~rly adj~st any pa~rnrnts uhich +hall ha~r hr~n rteaJ~ undrr lu1 .~f wid
paragraph.
1. ~hat he v?ill pay all taxe+. a~us~ments. uater r•rtrs. anJ ~uher govrrnmental or munic~pal ~hargc~. fine.. ex ~mp.niuum. fur Nhi.h
provi.iun hac not t+een m:?de hcrr~nt+rfi~re. and in default therct?f th~ mwtgagre may pay thr .:wmr: and that he Hill prumptly Jrli~~er .hr
ut'ficial rc:eiptc theretor tu the murtgsgre.
5. That he v?ill perm~l. commit. ur wffrr na M astr. ~mpairmrnt, or de~erioration of said pn.perty ur any part therroC: anJ in the event
uf the failu~e ~~f the rtwrtgagor to trrp the buildings un saiJ prem~us and Ihose to bt erected on +aid premistc. or improvrr~nnt~ lhcreon.
~n g~wd repair. the mortgagre m-ry make +~?h rrpairs as in its diuretiun it ma)' Jrem ntczswry f~ thr pruprr presrrvation ~hereof. and
the full am~wnt of exh anJ every wch papmrnt shall he immediately dut a~xi payable. arxt shall be securnl by the lien uf this ~rwrtgage.
, 6. That he will pay all and singular thr cocts. chargec. anJ e~penses. including reawnable law~yer s feec~ anC~ _cxts of aMtracts af tide,
incurrzrf or paiJ at an} time by shr m.xtgagrr hrcausr of thr failurc on the part uf the rrx~rtgagur prumptly and fullp to perform the
agrte:ntnts arn1 cu~~enants of ,aid prumi+,.xy notr and thi~ murtgagr. anJ said co~ts. ch•rrges. arx! r~ptnsr, ~hall tx immediatel~- dur and
f payable an3 shall be secured by Ihr lien ol' this murtgage.
7. That he w•ill reep the improv~mrnts ~ww• c~~sting or hereaftrr erecttd ~m the nwrtgaged property. ~nsured a. may be rrquired fram
time to time b~ the nwrigagee against lus~ t+y fire a~xl othtr haiar~ls. caculatiec. am1 contingen:ies in such amuunts anJ fur +u~h p~riuJs as
may be required by mortgagee. anJ will pay ptomptly. when Juc. any premiums on wch imurance for payment of ~.hich pruvitiion has not
~ been made hereinbefae. All inwrance sha~l be carried in companies apprrnred by mortgagee and the policies and renewals thereof shall
be hekl by m~xtgag~r and have attacheJ thereto Iosc p•ryable clausts in fa~or of anJ in form acceptable tu ~hr mortcagre. In rvrnt of toss
he v~i{I gi~t immedirte n~Kict by mail to morigagce. arxt murtgager may make proaf of lixs if rx~t m+de pnrmpUy by m~xtgagor. anJ each
in:urance cumpany concrrned is hercby xuthorited and dire~teJ to ma?e papmer.~ fi~r ~uch I~nt dirtctly to mortgagee instrad uf tu
mc~rtg-rgor a:x1 m~xlgager jointly, anJ th~ inwranet proceeais. or any part Ihereof, may be applirJ bp rtwrtgagtr at its option either to tht
rcYfuctiun of the indebt~~lneic hrrebp securesl or to the restoralion or repai~ of the property damaged. In evrnt uf foreckrure of this
nx~rtgage or other tramfer uf tiUe to tht m~xtgaged properly in e~tinguishment uf tht ir?deMeaines~ cr~urcY1 hercny. aii rignt. tilir, and
interi~t of the m~rtgag~x in arn1 to any insurance p~~licits then in furce shall pass to the purchaser ur grantee_
R. That it t6e premises, or an~- part thereo(, be coodemned under any pov.er of eminent domaio, or acquired tot a public u.e.
the dama~es. proceeds, and t6e consideration [or such acquisition. to the extent of the (ull amount of ind~~Ltedness upun this
~lortga~te.andthe\ote secured b~reh~ remaiuiaR unpaid,are hereby assigaed by the ~lo:tgagor tot6e ~lortragec- an~1 shall be paid
furthNith to the ~1ortRa~eF to be applied b~ it on account c( the iadeMedoess secured i~ereby, W-hether due or not.
9. That the rrMxtga~cee ma~. at any time pen.iing a suit upun this rnartgage. apply to the cuuri having juricdiction thereof f~x the
appuintment of a recei~•er. a~xi such court shall forthwith ;Qpuint a r~cei~a of the premiset coverrJ her~by all anat singular, incluJing •rll
arxl singular the irkome. prufit~. ~icucs. anJ rrvCnucs from Nhatevcr source derivtd. each anJ every of v~hich, it being eapressly
understaxl, is hereby mortgaged a~ if cprcifically set forth and Jeuribed in the granting and habeoJum dauses herrnf, anJ such recei~•er _
shall have all the broad and efiettive functions a~u powtrs ie any~W ise enirusted by a court to a recei~er, and such ap{wintment shall tx
ma~le by such cuurt as an aJmitteJ equity anJ a matter of at+wlute : ight to said mortgagee, and w ithuut reference to the adequacy or -
in~dequacy of the value af the ^roperty mortEaged or lo the wlvency or insolv~nc~~ of said mortgagor or the defeodent~, and that tuch
~ents, profits, income. issues. and re~enues shall tx applied t+y such receiver according to the lien of thit mu~ tgage and the practice of such
wurt_ In the evcnt of any drfault on the part of the mortgagor hereuncfe~_ thr trxrrtgagor agre~~ to pay to thc m~xtgagec on Jemand as a
rrawnable munthly rental for thr premises an amuunt at Itast oquivalent to une-twclfth 1U~21 of the aggrrgate vf the tNClve monthly
imtallments payable in 1he thtn cu«ent year plus the actual artxwnt of the annual taxes. a~szssments. Mater r•rtes, anJ inwrance premiurrt.
for such year not covered by the aforecaid munthly pay ments_
~p, That lul in the event of any breach ~d this mortgagc or default on the part of the rtwrtgagor, ~x Ib) in the event that any of +aid
sums of money herein teferrerl to tx not prumptly and fully paid with~wt JemanJ or nMice, or Ir? in the e~~ent ~hat cxh •rr.J e~~en the
stipulations. agreements. cor.Jitions, and co~enantc of said n~Ae and this mortgaRe. are nw ~uly. prumpUy, and fully perfurmed: ~h~.n in
e~ther or any such evrnt. the said ap,Etrrgate sum meitioned in +aiu nute then remainig unpaid. with interest accrueJ to that time. ancl alt
moneys secureel hrreby. wall become due anJ payable forthw ith. or thereafter. at ihe option of caiJ m~xtg:+gee. as fully and completely ati
if all of the said sums of money were originally stipulated to tx paid un wch .iay. an~ihing in ~aid note or in thic rrnxtgage to the contrary
notW ithxtanding: and thereupon ~x thereaRcr_ at the uplion of SaiJ rtwrtgagce. without r~tice or dema~xt. suit at lav~ or in equity_ may br
pnnecuted a~ if all moneys secureJ herchy_ h:N1 matureJ prior tu ib irWitution_ The mcxtgagec may faeclose thi, m~xtgage, as to tfie
arrxwnt so declared due arJ payabie, and the said premises shall be soW to satisfy and Qay the same togNher with c:»ts, et{+ermes. ar~
allowances. In case of partial foreclosure of ~his matgage, the m~xtgaged premise~ shall he sold suhject to the cuntiauing lien of this
nwngage fix the amount of tht deM nut Ihen Jue anJ unpaiJ. In such sacr the provisions of this pzragraph may again be availeYl of
thertafter from timc ~o time try the mortgagec.
l l. That the rrn~rtitagor vcill give immeJiate notice by mail ~o the mortgagte of an~~ cunveyance. transfer, or change of uwnership af
the premises.
12. That no vraivcr of •rny rnvcnam hcrcin ~x of the ublig~tion securctil hcveby shall at any t~mc thtreafler be heW W t?e a waiver of
the tcrmi bercof or of the :wtc sccurcd heret+y. Q R~~
~ ~ 60t~ic P~IGi
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