HomeMy WebLinkAbout0494 ` l hat. m urJrr murr fuUy t~~ prutr~t ~hr .rcurit~ u( ihu m.~nEagc. thr murt~a~ut. t~.grihr~ N~th..~nJ in ~.IJiti,~n to. thr m~~nthl~ p.~~ me~h
unJrr ih~ trrm, ~~f ~hr nulr .r~urcd hrrrh~•. un tt?t hn~ d.~~ rach nwnih until ~he ~ai~ nutr i~ tully paid. will p.?~ ~o thr muriK.+grr thr (ulluw
ing.um~: • ~ !
1:~? :\n .~mruni ,utticicnt 1~~ pra~ idr ihr h~,IJrr hrrru( with (unJ, tu pay Ihr nrv murtgagr ~nwran.r premium i( ~hi. in.uumrm .~nJ Iht
n~~lr .rrurcP ubrrhy arr ~n.inrd. ur munthl~ ihargr Iin liru u( a mw~ga~;r in.ur.~n.c prcm~uml it 1he~ art hrlJ h~ thr 1r.tctar~ o(
Huu.ing anJ Urhan Ikvelupmrot a, fuUuw.: •
111 If :~nJ .u lung a..aiJ mur uf cvrn dalr .~nJ 1hi. in.Irumrnt arr imwrJ ur :ur rcinwreJ undrr ~hr pru~ i.i.,n. ~~t thr !vatiunel
. Fluu~io~::lrt. an am~~Nnl +ulfirirnt tu a:cumulatr in ~ht hand. uf Ihc huldrr unr 111 munth prior tu i~. Jur d:~Ir ~hr annu:d muri-
~;a~e in.u~anct pt~mium, in urJrr tu pru~idc ~u~h h~~lder Nith (und~ to pay wch prcmium to tht Srcrr~ary of Nuu.in~; :,nJ
l'rh:m I~~e~opmrM pur.uant tu ihr I~atiunal Nuucing Act, a, amrnJtJ. anJ applicahlt Rtgulaliom Ihrrrunde~: or
1111 (t anJ .i~ lung a~ .aid ~i~te r~rn Jatr :~nd th~. imuumrnt are htld hy Ihe tircrrlary af Niw,ing anJ Urban Ikvtlopmen~. a; r.
munthly ~harge lin litu of •r murtg~gr imuran~e premiuni? whi~h .h:dl tx in an amuunt eyu~l to unr-~wrltth 111121 ut one-half +
11;'1 prr crntum u( the avrr.~gr uuhtanding h:~L~ncr Jue un lhe m~le cumpwcd without taking into :~r~aunl Jrli~yurncie, or
prtpaymentx;
11.1 ,um ~yu:J tu ~hr gr.~unJ rrnt,. if any. nr~t due. plu. the prrmium, ~hat w~ll next hecumr due anJ pa~ahk un {+~~licit~ uf tire anJ
~~th~r h:varJ imur:~nre ruvering thr mur~~;agcJ pruperty. plu. ~a~e.:~od a~~e~.mrntc ne~t due on ~he mort~a~;ed pruperly lall a~ t+li-
m.nrJ hy thc mur~g:+getl k.. ~II ~um. :Jrcady paiJ therrfur Ji~ iJrJ by the numfxr uf munth. w elap~e Fuforc une mu~th prii~r to the
J.ae Nhen .uch gtuuixl rrnt.. premium.. ~a~e~.:~nJ a~.e~~mtot~ aill I~ecome delinyutnt. wch .umc tu t+e held by mungagee in tru+t
tu pay ,aiJ gruunJ renl+, premiumc. ta~e~. anJ .~eci~l a.~e~~men~.: anJ
1~ 1 All p:~~ mem, mentiunrJ in thr ~wu prrcrding wb,ectium uf thi~ paragraph anJ :JI paymrnt. tu he made undrr thr nutr ,ecureJ hrre-
h~ .h~ll ht aJded tugtlhcr :~nJ ~tx a~;~.regatr :,mount Ihereuf chall t+t paid by thr murtgagor rach mon~h in a.i~glc pa~ ment tu t+r ap-
plieJ b)' lhe murtgagtr lu Ihe falluwing ilem. in lhr urJer .~t (orth: -
IU premium chargr~ unJer thr contract uf imur:+nte N•ith tl?e Stcrtt~?y uf Huwing anJ Urban [kv~lopmrnt. ur mon~hly charge
lin lieu of murtgage in.ur.~nct premiuml, a. the ca~r may tx:
1111 grounJ renh. ta~r~. a~~e.+mtnl+. firt. anJ othtr har:ud imurance prcmium.:
1111 imerz.t un thr nute.ecurrJ hereby: and
11~'1 amurtitation uf thr principal uf ~~id nu~e.
:\n~ drtici~n~y in Ihe amour.t of wch a~regale mon~hly pa> ment .hall. unlr+~ maJr g~wJ by the mortgagur priur lu th~ dur dalr ot the ne~t i
.uch p:~~ment. comliwte an e~ent ~>t detault undrr Ihi, mortg~ge. The mortgagee m.~~~ culkc~ a"late chargr'~ not tu i~crrJ h~o c~nh I'c) fur
r:~rh dullar 1511 of rach payment more than fiftren 1 I51 Jay. in arrear. to cuvrr the e~tra r~~xn.e im ulveil in hanJling drli~yu~nt p:~ymenh.
s That i( ~hr total of thr paymeM~ m:~Je by the murtgagor under Ib) of par.~graph ' pr~:edi~g .h:Jl e~creJ thr :~mi~unt uf ~hr pa) mrnls
actu.~lly made by thr mortgager. for grounJ rentx. ta~e. anJ a~,e~~mint~ anJ imur:?nce prcmium,. a~ the ca.r m:~~ he. .uch etcr+. at the op-
tiun ut Ihr mortgagee. ~hall. E~r crediteJ un.ubtieyuent pa~~m~nt~ tu t~c maJe by ~he mu~1~,~gor. ur refund~J tu 1he mvrlgag~~r. I(. huwe.rr. the
monthly {uymcn~. m:~de h~ tFx mortgagor unJer ! F! af p:~r.~graph ' prccrJing .h;~ll nut hr wtficient to pay KrounJ rents, taze~ anJ a~sc~,ment.
and imur:~nre prcmium~. a. the ca~r may tx. when the .ame ~hall become Jur and pa~ahle. then the mortg~sut ~h:?U pay io the murtg:~g~r :jry
amuunt n«r~tiary~ t~~ ma1.e up thr Jeficirncy. un or t+rtorr the Jate N hen pa~ ment ot ,uch gr.~unJ remc. t:+rr.. a~.e.~mrntc. or imurance prem-
ium..hall tx Jue. If ~t an~ time the mortgagor +haU trnder a. thr mortgager in arcorJ~nce uith the provi,i.~n~ uf the note +erured herehy. full
paymcm uf the ~ntire indebtedne~~ reprtsrnted therehy. the mortgakee .hall. in computing the amuunt uf wch indrbtedne~.. credit to thr ac-
cuunt o( the mortg:?gor all pa~ mcntc maJe urxlrr the pru~ i.iom u( (:~1 ut paracraph ' hereut which th~ murtgagee ha~ not hecome ubligateJ to
pay Io the Secretary of Hou~ing and Urb:~n ikvelupment ~nJ any hn~ancr rcmaining in the funJ~ arcumulateJ unJer the provi+ion. of Ih1 ot
wiJ paragraph'_. I( there shall ix a detault urxier any of the provision~of thiti mortgage. resulting in a puMic sale ot ~h~ premi.e~ ~u~ereJ herr-
hy. or if Itx murtg:+gee acyuires Ihe property ~~therw ise after Je(ault, ttx mortgagee shall apply. at the timt o( tht comm~ncrmrm uf .uch p~a-
ceedingc ur at Ihe lime the pruperty ic utherw ice acyuired. IFx ba{ance then remaining in the funds aecumulated urxler 1 bl prr~graph prereJ-
i~ as a crcJit against tFx amuunt of prine:ipal then remaining unpaiJ under s:uJ note arxi shall properly adjust :~n~ p~~ ment~ w hich .hall have
t+een made urxier 1 al of said paragraph.
~3. 'I?i~t he wiU pay :dl t:~~e~. a.~e~~men1~. Hatrr r.ar, :mJ uther govrrnmental or municipal chargec. hne.. or impu~itiuns. for which pro-
~i~i~~n h:~~ nut t+trn m:~Jr hrreinlxfure. anJ in de(ault thcrcu( Ihe murtg.~gre may psy thr ~:~mt: :~nu Ihat he w~ll prumpU~ Jrli~er the ut6~i:+1
' receipt~ there(~~~ tu the murt~:a~er.
~ That he uill permit, ~~~mrnit_ ur wti~r nu ua,tr. imp.iirmrnl. ~x Jeteriuration uf .aiJ pruperly ur any part ther~of: and in !hr e~ent uf the
4 failure u( Ihc murtgagur tu kee~ Ihe huilJin~;. on +aiJ prcmi,e. and thu.~ t.~ t+e rrectrJ un .aid premi.e,. or impro~ement. thereun. in g.wJ rr-
q pair. the mortgager may make ,uch repair~ a~ in it. di~cre~iun it m:~~ deem nece~wry for the prvper preserva~ion ~hereof. and the (ull amuunt o!
~ each ~nJ every ,urh p:?} ment ~hall he immeJiatel} Jue anJ pay ablr. anJ ~hall he ucurrJ h~ thc lien ~~f thi, mortgage.
i 6. "Ili:~t he will pay all and ~in~:ular the cost._ chargr~. :mJ e~prn~eti_ incluJin~: rra~onahlr law yer'~ fre.. anJ co~ts ot ah,tract~ ot tille. in-
# curred ur eiJ'at an • time b~ the murt ~a ee brcauu u(1he failurc on the n o( the mort ~or rom tl ~ and (ull • tu erfurm the a•reemen~,
~ P' Y S bR P~ bb P P y ) P 6
and covenant~ of +aid promi„ixy note :+nd Ihie murtgage. and +aiJ co~ts. charge~. anJ e~{+ence, shall hr immeJiatel} due anJ payable and ~hall
~ t~e tie~ureJ by the lien of Ihi~ murt~;age. _
~ 7. "~ha~ he K•ill keep the impruvement. oow e~i~ting or herea(~er erzcteJ on the mortg:~~;rd property. imurrJ a~ mar tk rryuind irum time
to time hy the mortgagce :~g~inct lo„ by fire anJ other h~,tarJs. ~awaltie.. anJ contingenrir. in wrh :~mount+ and for w~h Mri~x1~ a. ma~ hr
requireJ hy murtgagee. aad will pay promptly. whrn Jur. am premium. un .uch inwrance for paymem of Nhich provi.i.~n ha~ not t+een m:~de
hercint+efore. All imuran~r .h:Jl be ~arrirJ in rumpanie. appruveJ b~ murtgagre and the ~x~licie, and renew:+h thereof ,h:Jl t~ hrld by miulca-
i
~ gre aad havr :~uscheJ thereto lix~ pa}:~ble clau+e~ in favor ot anJ in form :~cceptable to ~he mortgagee. In e~ent of 1~~.. he witl gi~e immeJi~te
~ nuti~e hy mail to murtg:~ge~. and mortgagee ma~• make pruuf of lo~c if out made promp~ly hy mortgagor. :md each inwrance ~ompam• cun-
cerned i~ herehy authuri~eJ :inJ Jirected tu make payment for wch k~tti direcdy lo morteagee imtead of n~ mortgagor anJ mort~gee joinUy~.
and the in.ur:ince pn.ceeJ~. ur am pan therrof. may t+e applied b~~ m~~rtga~,ee at itti uptiun eithrr to the redu~tion of the indrbttJnz.. hereb~~
z .ecured or t~~ Ihe rr.~~~ra~iun ur repair of the property Jamaged. In event ~.f (.+reclo~ure uf thi~ murtga~:e ur uther tran~(er of title t~~ the mort-
u gageJ pruperi~ in e~~in~wtihment of the inJehtedntti~ +ecured hrreh~. all right. tiUe. :md inlrre~I uf Ihr mi~rtgag~~r in anJ to an~ incuranre p~~li-
~ cie~ thert in furce .hall pa,. to the purcha~er or granttr.
~ x. "fhat i( ~hc premise.. or :my part thereuf. t+e a~nJcmned under any Ex~Ner o( eminrnl u.~~~~~in. ur aryuireJ for publir u.e_ ?he Jam;~?;e,.
proreed~. and the cun.ideratiortfur.uch ~rqui.it~un. tu thr e~trnt uf the (ul! amount of indehtedne~. upun thi. ~tortgage. and the Nutr .rrureJ
~
~ htrehy remainin~ unpaid. are hereby ati+igncJ hy the ~lortgagor lo the !?turtgagee and .h:dl be p~id (onhw ith to the ~lurtgagte tu he applicJ h)
~ it on account o( Ihe inJehteneti~ ~ecureJ herehy. Khether Jur or nat.
9. That the mortgagee m•ry. at :~ny lime pendia~ a wit upon thi~ mortga~e. apply to Ihe court havinF juri~dictiun Ihereof tor the appuinl-
~ ment ot receiver. and wch court thall fi~rthvvith appoint a receiver of Ihe prernice~ covered hereby all anJ singular. includinE all and ~ingular
Ihe incumr. prufil~. ~~.ue~. anJ revenueti from whatever .ource derived. each and even~ of which. it beiog e~pre.~ly undertit~x.d. i+ hereh~
mortg~geJ a. i( .ptcificalh ~et turth and Jeuribed in the granting and habendum clauses herrof.:mJ ~uch receiver ~h:~ll have :,II ~he hro:~d anJ
ettecti~r (uncli~~m and power~ in anywi~e entru~led hy a court to a receiver. and xurh ~ppuintm~m ~h:~n ?•C msa~ ny wch ruurt ati an admilteJ
eyuit~ anJ a m.dter of ah~ulWe right tu tiaiJ murtgagee_ anJ withuut re(erence to the ~Jeyuacy ur inaJey~ac~ ot the value uf Ihe property mur~-
'~:ti
_ L.,Led „r to the .uh rncy or im~~h~ncy u( .:~iJ murtga~or or Ihe Jefendantc. :~nJ that .uch rent.. profilc. incume. i„ue.. :mJ re. enur~ .h:~11 he
applied b} wch receiver accorJing to thr lirn of thi. mortgage anJ Ihe practice of wch court. In the e~•ent of anp default rn the par~ ot the mort-
gagor hereunJer. the murtgagor :igree, ta p.~y to the murtgagee on dem~nd ac a rea~ooabk monlhly rental fvr the premi.e. an ~muunt at leatit
eyuivalent to une-Iwrl(th 1111'1 uf the aggre~~te of the ~Nelve monthly imt.+llmentc pay•rhle in thz then current ~ear plu. the actual amuunt of
the annual ta~e~. a~~e~timenh. uater ratr+. :+nd inwrance premium, (or ~uch year n~t covereJ b~ the afare.aiJ monthly payment..
'i-S .
10. That lal m the r~en1 uf am hreach of thi. mortg:~ge or dcf~ult on the part of the mortgagor. or 1 h? in the e~ent thet an~ of .aiJ wm. of
mune~ herrin referred ta he nuI promptl} and fully paid withuul dem:~nJ or ni~lirc. or Icl in the even~ tha~ e:~ch anJ every ~he .tipul:~tion..
`y~ a~rermenh. .onditiun~. :~nd cu~enanh of .siJ ~o~e anJ thi. mortgage. :~re aot July. prumptly. anJ (ully ~+erturmeJ: then in either ur any .uch
r~em. the .:+iJ aggrrg:~tr .um mrntiunrJ in .:+iJ note then rem~ining unp~id. with interest accrued lo that timr. :mJ :JI moneq..ec~reJ hereby.
,hall hecome due anJ p:~yahle (urthw ith. ur ~herra(ter. r~ the uption ~f ~aiJ murtgagee. a. fully anJ cumpletel~ i( alf of the ~aiJ wm~ i~t mon-
e} were originaUy ~tipul~ird to he paid un wch J:+y. an~thing in ~aid nWe or in this mortgagr to the cuntrary notwith.t:~nding: anJ thereu{x~n or
Iherca(ter. at the uption ~~f ,aiJ mortgager. w ilhout notire ~~r demand. .uit a1 law ur in equily. may hr pro.erutrd a~ if all muney~ ~ecureJ here-
h~ had mawred prior to it. imtitutiun. The murtg:+gez may fureclo~e thi~ mortgagr. a~ to the amuunt so Jeclared Jue anJ pay able. and the ~aid
_ premi.e. ~hall he ~uIJ t~~.ati.(y anJ p:~} Ihc ~ame tugether with cocts. expenxs. and alluwanreti. In case uf p~rtial forecluwre ot thi~ mortgage.
ihe morlgaged premi.e. ~hall he .uIJ whjc~t ta thc conUnuinx lien of this mortgage for Ihe amuun~ o( ~he debt nut IKen Jue anJ unpaid. In ~uch
~a~t the pro~itiion+of thi~ paragraph ma~ a~ain hr availed ~~f thereafter trom time ti~ lime by the mortgagee.
I I. That the murlga~;ar will gne immeJi.~tr n~~tice h~ m.+il tu the m~~ngagee o( anp comeyance. tramfer. or change u( ownership of the
premi.e~.
I? That no wai~er uf any c~~vrnan~ hercin ur of the ohliEation .ecured herehy thall at any time lhereafter t+e held lo be n N81ver uf the
ierm. hereof or uf the note .ecured hereh} . c~
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` ~ 800R 2J7 P~CE
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