HomeMy WebLinkAbout0489 ' I h:d, in urJtr murr (ull~ tu prutrct ~ht +tcurily u( thi~ murtg.~~;e. thr mur~g.,~.u. wgr~hrr ~ uh. .~nJ in :~~Idiuun n~ ihr m~mthh p.~~ mcnt,
undcr ~hr ~rrm. u( ihr nulr .rrurrJ hrreby, un th~ tir~l Ja~ racA mun~h un~il thr ~a~d nutr tully p.uJ. wdl pay tu thr muiik.~~;rr thr full.~~-
ing wm.: .
t:~l :\n amuunt ~ultir~em in pn,~iJe Ihr hulder hrrra( with funJ. tu pay Ihr nt~1 murt~.~~.r ~n,ur.~n~r prrmiwu it ihi. i~~.~~umci~~ :~nJ ihc
nult ,rcured hcrchy arr imurrJ. ur a munthly :h:~rgr lin liru o( a mungagr in.ur.~nc~ prcmuunl i( Ihty arc hrld M ~hr tir.rrt.~~~ uf
Nuu,ing anJ l'rban (h~rlupmrnt u+ fuUuw+:
111 If :~nd +u I~~n~; a. ~aiJ nutr u( r~~n Jatr and thi. imlrumrnl arr inwred ur arc rei~wreJ unJrr th~ p~uv„iun, ~~t ~hr hah~~n,d
Huu.ing Act. an amuun~ .utficient lu arcumul:,~r in th~ hanJ. ~hr h.~IJrr unr I 11 mumh pri~~r tu ~t~ dur J.~te th~ annu:J murt-
~;agr imuranrr prrmium, in orJtr lu pro.idr wch holJrr with tund. w pay ~u~h pr~mium to thc tircrctary Huu.~n~; anJ .
t'rhan 1)r~rlupmrnt pur.u:~~t tu the Natiun:~l Huu.in~; Ac1. a~ amenJed. anJ :+p~iic:~hlr Rrtiui;~~i~+~,. thrrruhdcr. ur
I lh I( anJ +u lung ~aid nute uf tvrn Ja~e and ihi. in`trumcn~ arc hrlJ hy ~he ticcrctary ut He~u.in~ :md t'rh:~n I~tvrlopmrnt. :i
mun~hty rhargr lin liru o~ a monky:c in.ur.~n~e premiuml which ~hatl tx in :m amuunt cyuul tu unr-tNClfth f li I'1 ut un~ •h:df i
11f'1 prr rentum uf 1ht a~tragt uw~lanJing tulance Jue un thr nulr cumpWrd with~~ut taking int~~ :~cc.~un~ drl~nyurnr~a+ i~r ~
,
prcpaymrnt~;
Ih? :1 .um ryuat tu the ~;ruund rrnt.. it any, nt~t dur. plu. thr prrmium. that Mill nr~t hrcume dur anJ payahle ~~n ~x~hcir. u( tirr :~nd
othcr haiard io~ur:mre cu~rring the murtgageJ praprny. plu. tatt. and :~~~e.,mrnt~ oe~t Jue ~~n the murlgaFcJ proprn~ lall a, r.~i-
maltJ hp 1he murtg:~~;rrl le~, :dl wm+ alrcaJy {uiJ Ihrrc(ur di~idrd by the numhrr a( month. w el:~pce fx(urr unr mon~h prinr t.. thr .
date when such gruunJ rrnt,, prrmium~. t:~~e.. and a.~e~~mrnt~ will btcume drlinyucm. ,uch wm~ tu be held by murt~;:~gee in tru,t
tu pay .aiJ grounJ reoh. prrmium~, tr~r~. and,prcial a+~~~+mrnt.; aud
1rJ ,~II paymrm~ mentioned in the twu prrceJing wh.ecliun, u( thi~ paragr.~ph and aU payment~ tu hr m:~Je unJrr the note ~rcurrd hrrr-
hy .h:Jl be aJJed tug~ther and the aggrr~,atr ~mount thereof .h:dl br paid by Ih~ morlg.+gor tach munth in a~ingle paymrnl Iu hr ap-
pGeJ b~ Iht murtgagee tu 1he (ullow i~g item~ in the urdrr +et f.ulh:
111 pr~mium ~harge. under the comract uf inwrance aith ~ht Secre~•rrp of Huu~ing anJ Urban IXvtlupment, ur mun~hly rhargr
Iin liru uf murtgage inwrancr premiuml. a.1hr ca+r may he: ~
IIU grounJ rent., la~e.. a"e..ment~. fire.:~r.d ~~thtr h:~rarJ insuranre prem~um~:
1111 intere.t un thr nute ~ecurrd herthy: anJ
11 V 1 amonization ot the prinripal uf ~aid nute.
An~ Jeticiency in the amount uf wch a~regatr munthl~ pa~ ment ~halL unlr" maJr ~;~xKl h~ Ihr murtgagur priur tu the dur d:s1~ ut ~hc nr~t
.a~h pa~ mrnt, cunstiluce an event uf def~ult under Ihi. m~~rlgage. The murt~;agre nr~)' cullecl "falt ~hargr" not to r~rreJ two rrnt. 1 tur
rach Jull:u t~l ) o( rach {+aymrnl more than fifteen 1151 day~ in arrcar. tu cuver thr e~tra r~pensr imul~~eJ in hanJlin~; Jelinyuent pa~ menh.
s. "~hat i( the total i~( Ihe payments made by t1x mortgagor under IM u( par~gr.~ph prc«Jing ~h:Jl e~cerJ ~hr amount of thr pa} ment+
:Il'IU:lIIy' fI1:11IC t/y' iF1C Ii1U~~~jARI'C. IUf E',fOU(1lI fCIII~, I:l\C\ :IOII a.~e~~mcnh anJ inwrance prrmium.. ac the r.+~e may hr_ .uch e~ce~~ ~t the op-
tiun ~~f lhr morlgager. shall, t~ crtJitrJ .~n ,uh~eyuent payment~ to he maJr h} the murtg~gur. ur refunded to the murt~agur. If. huNrver. the
Ullli~ii~i u~cuQi Tia~f i~" 2uG : : Sf.^.i~,.: ~ . . 1 • 1-•••• •1~~:~ LS`: ~ ~::K!i.,.nt t.~ nai ~r~~~~n.1 rent~.. t:,r~.:~nd ac.e..ment~
~ ~y ~ ~~,uE,a. ~.u..:'~'.:.'.N ~......b . ~
anJ in~uranre premiums. a~ the ca~e m:~y br. when Ihc ~:?me sh:dl becume dur anJ pa~ ahlr. then the mungagor ch:dl pay ro the mortgagee :in~
~muunt nece~tiary to make up the deficiency. un or beture the datr H hrn p:~ymrnt of wch gruund ren1,. t:i~es_ a.se~~mrntc. ur imur:ince ptem-
ium. ,hall t+~ Jue. U at any time the mur~g:~gur .hall tenJer t~. Ihe m~~rtga~;re in accurJance ~ i~h the pruvi~iuns of tht note cecured herehy. full
p:?ymem u( the emirr inJebtrdne,ti repre~en~ed thereby. the murt~;:~gee .hall. in computing thr amuuM of wch inJebteJnres. rredit to thr ac-
count uf the mor~gagur :~II pa~ mrn~. m:~de under the pro~ i,ium u( I al of paragraph ' hercof w hirh the mortgagre ha~ not txcume uhli~ateJ to
~y t.. the tierre~ary of Huu.ing anJ l~rhan Ikvelopment and any balance remaining in tl?e (unJ~ accumulated under the provi.ium ~~f 1 M o(
~aid paragraph 2. If Iherr ~hall t+e a def:+ult unJer any ut the pn~visions of thi~ murt~;:+ge. rewltin~t in a public sale ot thr premi.c. c~~~rrrJ herr-
by, ar if Ihe mortg:~gee acyuirec the prupert~ atherw ise after detault, the mortKagee sball apply. at the time of the cummen«mrm uf .u~h pr~~-
ceedings ur at Ihe time the property i~ otherw icr a~yuired, the halance ~hen remaining in the furxls accumulated unJer 1 h) of par:~~;r.~ph' prered-
ing a. a creJ6: against the amuum of p~incip:J then remaining unpsiJ under said note and shall properly adjust any paymenit whi~h .hall have
txen made unJer 1 a1 ot s~id paragraph.
a. That he will pay :dl ~a~e.. a~.c~~mrnt~. water r.~tet :md o[hrr guvernment•rl ur municip.+l char~;es. fint._ ur impucition~, far N hirh pru-
i vi~i~m ha+ nut t*~en madr her'ciahr(ure. and i~ Jrf:mli thrrru( the mortga~:rr ma~ p:i} the ~ame_ anJ that he wiU prumptl~ drli~er ~hr .~8i:i:J
~ rerripl. th~rrfur tu thr murt~;atire.
` 5. That he will permit. cummit. or ,u8er no W a,te. imp.~irmrnt_ ur Je~eriorati.~n uf .aid prupeny or any part thereof: and in the r~ent uf th~
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failure uf ~he mortgagor to kerp thc huildin~:. un wid pr~mi.e+ :~nJ tha.r to be rrec~rd on .:wiJ premi.e~. or improvemem~ thereun. in ~.x+d rr-
~ iir, the mur~ ~ee ma make wrh re .~ir. in it, Ji.cretii~n it may drem nrce~.ary fur the ro r re~rrvatiun thzreof. anJ the full amuunt ~~f
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earh anJ e~•ery such pa~ mem ~hall he immediately Jue :+nd pay:~ble. and .hall he ~ecureJ by the lien of 1hi~ mortgaFe.
~ f~. That he w ill pay all :~nd +in~;ular ~he ro~t~. cherge.. anJ etpenee~. inrluJing rea.onable lawyer'. (eeti. and co~h of aMtracts of titte. in-
~ curreJ or p~id at any time by the m.~ng:~gee txc:w.e of th~ L~ilure on the p~rt of the mortgagor promptly and (ull~ to perfi~rm the a~reemenl.
} and co~ enant~ of ,aid promiti~ory note ~nJ thi. mort~.age. :inJ ,aiJ cu~t.. charge.. and e~prn.e~ .hall t+e immediately Jue :md p:~}aMe and ,hall
be se~ureJ hy the lien of thiti martgage.
~ "Ihat he w ill ~.eep the impro~cmen~, nuw e~i,tin~; ur hrrr:dter rreitrJ on th~ murlgageJ pruperty. imured a. may t~e reyuired (rum time
~ tu time by the murtg:~~:rr again.t lu.ti hy~ firc anJ uther h:~tarJ,. ca,ualur~. and rontin~encit, in ,uch amuunh .inJ (ur ~uch periixl~ a~ ma~ tK
reyuired M• mur?g~gre. anJ Hill pa} promptly. whe~ Jue. :~ny prrmium. on .uch in.urancr for p:~~ mrnt of whirh pm~ i.iun h~. nut hern mede
~ hereintxfore All inu~r:mce,hall hr ~arriaJ in cump:mie~ approv~d hy murtgagee a~J the putirir~ :~nJ rrnewal~ Ihereu( ~h~ll be he1J h~ murt~a-
~ gee .~nJ have attacheJ thereto lo.c pay:~hle clau~e~ in favor uf anJ ia tixm accept:~hle to the mortga~:ee. In e~ent of lo.~ he w ill gi~e immrdiatr
~ nutire b?~ mail tu mort~agea and murt~gee may rriake pruof of lo,c i( not maJe promptly hy mortgagor. and tach in,urance comp:,ny can-
~erneJ i~ herehy authurized anJ directed to make payment for ~uch lo~s direcUy t~? mungagre insteaJ ot to murtgagor and martgagee juintly~.
s anJ the inwr.~n:e pr.Kred+, or an} part therruf. may he applied by mortgagee at it< uptiun either lo the redu~tiun ot the inJebteJne,. herrh}
" trcured or to Ihe re,turatiun ur repair u( ~he propert~ d:~mageJ. In event o( forerluwre of thi. mi.rtgage or uther tramfer uf tidr t~~ the m.~rt-
~ ~ eJ ro ert~ in e~tin ui~hmrnt uf the indrhtrdnr...ecured hereh all ri •ht.liUe. anJ intere,t uf thr murt ~ or in and to an imur~nre uli-
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~ rieti ~hen in fur.c ,h~ll past tu the purcha,er u: ~r,intee.
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~ S. "fhat if the premi.ec. or :~ny part thereuf. hr cunJemnrd under :iny M~w rr u( rminent Jumain. ar acyuired (i~r a publir u,e. the damace..
~ pnxeed._ .+nJ Ihe cunsideration for wch a.yui.itio4. t~~ the e~trm of the full :~muunt uf ind~htedne.. u~~n thi. ~tort~:age_ c+nJ the {~ote .ecured
~ herehy rrmaining unpaiJ. are hereh} :~.tiigned hy the ~lortg:~gor tu the ~lurtgag~e anJ ~hall be p~iJ (orthwith to the ~lortg.agte to t~r applied b}
it un xcount o( the indeMene~s ~ecured herehy. whether dur or not.
" '1. That the mortgagee may. at any time pending a.uit uFx~n ~hi. m~~rtg:~ge. apply to the c~~urt having juri~dictiun Ihereof for Ihe appoint-
s mem af ~ receiver. anJ wch court ~h:~ll forthwith appoint receiver of the pr~mises covereJ hereby all and .ingular. ~~cludin~ :JI and tiin~:ular
the incume. profit~. i~wet. and revenur. irom wh~te~er ,ourre JeriveJ_ each a~J every of whirh. it F+eing e~pre..lp under.to.~d. i~ herehy
~ murtgaged a. ii tipecificall} ,et forth :+nJ Jr~rrihrJ in the graming anJ habenJum clau~e~ hereuf. and such receiver .hall h~ve all the bruaS anJ
" etiertive (unc~iun~ anJ puwer~ in anywi~e rn~ru.teJ by a cuurt tu c, recri~er. and ~uch appuintment .hall be made h~ wnc ~uurt a. :~n aJmittrd
equity ~nJ a matter i.t ah,olute right to .aiJ mortgag~e.:?nd without reference to the aJeyuac~~ ur inadeyuar~ u( the ~ alue of the propeny murt-
~aeed ur tu the .ol~~ency ~~r in~uhr~~~ uf .aiJ mi~r~gagur ~~r the JefrnJant~. and tfiat wrh rent.. prufit~. inc~,me. i.~~~~,. :md rr~enur. ,h.Jl hr
applied hy wch receiver accorJing to the lien of thi~ mort~;aFe and the practire o( wch raurt. In the event of any Jef.wlt un ~he part of the mort-
gagor hereunder. the mur:gagor agrer. to pay to Ihe m~~rtg.~~:ee un Jemand a~ a ttewnable monthl}~ reni:d (or the premi.e+ an amuunt al leatit
eyuiv;ilent to unr-tweltth 11lI'1 uf the ag~:re~:a!e o( thr IHel~r monthly in~tailmentc pa~able in the then current ~e:ir plu.Ihe a.tual amount of
the annual ta~e~. a~,e„mentti. wcder rate~. ~nd in.uranre premium~ tor wrh penr not rovereJ hy the atore.aiJ munthly paymenl..
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~ I0. That ~a1 in thr r~ rnt of any hre:~ch of thi. murtg.+~r ur default on Ihr p:+n of the murtgagor. or I hl in the event that c~m .aiJ .umti ~~f
m~~ney herein referreJ to he not promptl} anJ full~ paiJ Kith~wt d~mand or nutice. or lcl in Ihe e~ent ;hat r:~ch .~nd every the .tipuLdiun~.
_ .~greemrm.. ronJition.. and c~~venanh ot .aid n~~tr and lhiti mort~age. :~re not duly. prumptly. and fully performeJ: then in either ur an} tiuch
event. Ihe ~:,id aggregate .um mentiuned in .:iid nute then remaining unpaiJ. wilh imere.t accrueJ ro Ih:+t timr. anJ :dl munry..ecured hereb} .
.hall hecome Jue and payahle furthH ith. ur therrafter. at the uption uf ~aiJ muttgagee. a~ futly a~J cumpletel~' :i. if :JI of the ~aiJ cum, uf mun-
- ry were ori~;inally ~tipulatrJ ti~ he paid on .uch Jay. anything in .aid nole ~x in Ihis mor~g~~;~ tu the cantrary nutW ~Ih+i~nding: anJ thcreu~x~o ot
thereafler. al the uptiun u( ,:~id m~~rtg:~gee. withuut nuticc ur dema~d. wit ut law ar in equity. may he pru~ecWrd a, i( all mune~~ tie~ured here-
" hy haJ malureJ priur tu it. imtitutivn !he m~~rt~.~gre m.~~ fureclo.e th:. mart~age. a~ to the amuunt ,u declared Jue ~nJ payable. anJ the ~aid
premi,r, .h:Jl he ~uIJ to tiali~f~ anJ pay Ihe .;~me Iogelher w ith cu~I~. e~pen~e~. and alluw ence~ In ca~e of p~rti-rl forcclu~ure of thi~ mortgage.
Ihe murtg:+ged premi~e~ .h:Jl he .uIJ .ubject tu the cuntinuing lien of ~hi. m~~rtgage (or the ~mi~unt uf the Jebt nut thrn Jue and unpaiJ. In .uch
ca~e thr pro~ i,ion~ o( thiti par:~~;raph may again t~e a~ailed of thereatter frum timc t~~ time hy the martg:~~:ee.
11. '(~hat Ihe murl~~:~gur will ?:ive immeJi:nr nutice hy m.iil lo the mortE:iEee of :~n~ cumeqance. Iran~fer. or rhange uf uwnership uf the
premitieti.
- I'_. 'ihal no w:~i~•er of anp c~~venant herein i~r ~~f Ihe ohligation .ecured herehy ~haU at an~ time therea(ter he he1J to be a waiver of the
i~ term~ hcre~~( or ~.f the note ~ecured herehy.
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