HomeMy WebLinkAbout1247 ' Ih.~~. in.n~r~ murr fuil~ p~~~tr:llhc ,rcunty u( th~. mor~~;.~gr. IAr murtK~g.~r, t~~bcthrr auh..~nd a~J~uun tu. thr m~~~lhlr p.+1 menl,
' u~~Jrr ~hr trrm. u( thr ou~r .rcurrJ hrrcb~ . un ~hi tir.i da~ u! rarh „~.~„~h un~~i ~he .:,id n.ac fuu~ w~u ~:~y ~o ~hr m„?~~;ag~c Ihr (uU~,N-
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~a1 An amuuot wNicirm tu pruu~lc thr h~~ldrr Arrruf wilh (w~J. lu pay ~Ae nr~l murt~;agr ~nwten~r prcmium i( Ihi~ in.trumrnl anJ iht '
nuir .r~urcd hrrchy .~rr in.wr.L ur m.~n~hl~ char~;r 1in licu ut a murtKa~r imuran~c prcmiuml thry :~rc hrld hy tlia Srtirrt.uy ~
Huu~ing anJ l~ rban I~r~ rlupmrnt f~~ll~~w .
~R1 ailu ~~i i~iiit, ~wis iiui~ ~'.iC u.::~ .:.^.~u :.^,`.::::MC::C 11C :.^.tll.'Ct~ U! a!r fC!R~Uftt ilR~~CI !f!f (~lOVlH~~R~ f~1e` NPfll~u~:~~
~ Huuain~ Acl, an amuuol suthcir~t 10 ~c~umulatr ~n Ihe ha~J~ u( thr hulJtr unz 111 m~~nth priur t.~ i~. Jur J:,~r ~hr annual murt-
gage ~n.urance prrmium. in ~uJ~! ta pru~iJt wch huWrt w~th (unJ+ tu pay weh prrmium tu the tircrctary o( Nuu.ing and '
l)rhan Ik~ rlupmeM pur.uant w thr Natiunrl Huucing Act. a~ amenJeJ, and applicabk Kegulrtion. thereundrr. ur '
IIU I( and ~o lung a~ ~aid nulr t.t e~rn Jate and thi~ inurument are Aeld by ~he tiecretary oi Huu+ing :mJ Urban Ikvelupmtn~. a
monthl~ ch~rgr lin I+ru u( a morl~gr in+urance premiuml which ~h:Jl tx in ;m amuunl eq~l t~ unr-twrltth 111121 u( ~+nr halt
11!'1 {x~ ctmum u( lhr avtragr uut,~anJing balaocr dur un the nuu cumputeJ wi~huu~ t~lin~; imu a~cuuot J~Gnyurn~ir~ ur
~(C~f:ly'OlC(ll~:
Ihl A.um ryual tu thr gruund rcnt~. if any. nr~1 Ju~. plu+ Iht prrmium+ that will ne~t htcumr Jur anJ payahle ~~n M~ticir~ uf hrc and
uther har.ud i~.ucmcc ravrring the munga~;rJ prupert~~. plus tare, anJ as~r~~mem~ ne~t Jue un thr murlga~;rJ proparty u+ii r,ii-
mairJ by ~he murtgaKcel le~~ all .umti alrraJy pa~J Ihtrr(or JiviJrd hy the numhrr o( munth~ to rlapce t+e(orr unt monlh priat tu th~
' .!:.:t. ~...1 a~ara~mrnlc ~r1II IM: nmr .IrGnuuenl_ w~h cumc m he heW by murte:LLee in In~~t
. . . ~ . .
to pay .•riJ gwunJ renh, prrmiums. W~r.. anJ .pt~ial a~ceti+mrnt~: and
1c 1 AU p~ymtnt~ mentiuniJ in thr Iwu prrccding.ub.rcuun. ut Ihi~ par~graph and :+11 paymenl, t~~ br madr unJer the nu~r .tcurrJ hrrt-
by chall tie ~dJeJ tugethrr anJ thr :+l;~;rrg:ar :,muunt therr~~( ~hall t+e p:+iJ by the muny,agor e~rh munth in a+ingk paYmrnl ~u hr ap-
p1irJ by 1hr m~~rtgagee tu thr tullow ing item~ in Ihe urder ~et forth:
fll premium chargr~ unJrr thr ~untr.~ct of iu~ur:~nce with Iht Srcretary uf Nuu.ing anJ Urb:+n Ik~rlupment. ur mun~hl~ rhargr
lin liru ut murt~::,gr inwrance prrmiuml, a~ thc ~a.r may br; ~
!IU grounJ ren~s, ta~e+. a~~r+.mrnts. hre, and ~~thrr haaard in.urance premium,:
(111 interest oo Ihe oote ~ecureJ herchy: aod
IIVI amortirntiuo ot thr prinripal wiJ oute.
Any dcti~iency in the amount ot such a~,rcgatr munthly pa~ mrnt .h:dl, unlr~c maJr g.wd by thr murtg:,gor pnor to the dur Jutr of ~he ne~t
cuch payment. constitute an evrnt of default unJer thiti mu?t~gr. Thr mungagre may ~ulltct a"late rh:+rgc" nui tu e~creJ twu crnl. i'_cl f~~r
rach do~~ar ISI1 of each p:+yment more than fitttcn 1151 dsy~ in arrcar; ~u ~u~ zr the ettra r~{+en~t involveJ io hanJling Jelinyucol paymrnt..
3. That it the wtal of ~ht paymtnt, madr by the mortg,:~g~~r under 1 hl of par~graph preceding ~hall C~cetd 1he ~mount ut the pa~ mrnt.
actually made by the mongagee_ for gruunJ rent~. ta~r~ anJ a.,r~+ment, anJ in,urance premiums, as the ra~r may t+r, such etc~~~ at ihe .~p-
~ion of the mortg:?get. shall, be creditrd un.ub.ryurnt paymem. tu bc madc hy Ihr murlgagi~r. or r~(undeJ to 1he murtgagur. If, huw~ver. ihe
munthty pvyments made by the mortg~bor unJer 161 of p:+r~graph ' precedinb ,h~ll not hr wlTicirnt w pay ground re~ts, ta~es and a5se~smtnt~
and insuranet prenlums. ati the ca~e ma~ 1~. when the .ame ~hall t+erome duc a~J payablr. then the mortgagor shall pay to Ihe mortgagze any
amuunt nece~sary ta maAe up Iht drtiriency. un .~r hefore Ihe date M heo paymrnl of ~uch gounJ rent+. taus, a~ses~mentt. or insurance prem-
iums ~h:+ll be Jue. If et any timr the mor~gagur .hall tender to ~he murtgagee in accurd:mcr with the provi~ions of the nWe ~ecured hereby. tull
paymrm ot the rmirr inJebteJne., representeJ thrreh). the murtg:~gte ~hall. in cnmputing the amount of such inJeMrJnecc. credit to the aa
count of the mortgaFur all paymrnt, madr under ~he pruvi.ium of 1 a? ~~f paragraph ? hereo( whirh the mortgager ha+ not t?ecome ubligatrd to
pay to ~he Secrrtary uf Hou+ing anJ Urhan l~vrlopmrnt anJ an~ t+:dancr rrmaining in Ihr tund~ accumulateJ under the provision~ ~~f 1 M of
.aid paragraph I( tFxre ,hall h~ a detault urxler any ut the pruvisions uf thic mortgage, re~ulting in a puMic ~ak ~~f the premi.r. r~~~ ereJ hrrr-
by, ur if the mottgagee acquirec the property o~herw ice atter detault. the mortg~gce shall apply. ~t the time ot tFx cummrnc~mrnt uf wrh pr.~-
' ceeding~ ur at tF~ time thr praperly ic utixrw i~e :+cyuired. It?e halance then remaining in the turnis accumulatrd urxier 16) ot paragraph' preced-
ing a+ a credit ag:~imt the amuur.t uf p~incip~l Ihen remaining unpaid under said nule and shall properly adjust any p~ymtnts which ~h~ll have
txen made onder Ia1 of ~aid paragraph.
1. That he wilt pay aU ta~r~. a..e~.mrnh. waler rnte. ;~nJ uiher governmental ur municipal chargeti. finec. ur ~mpo.itiun.. for whirh pru-
vi,ion ha. ~ut hern made hrrr~nhr(arc. anJ in del:~ult Ihcreuf the murtg:~cec m:~} p:~y the ,:+me: ~nJ that he will prumpth drfi.rr thr ufTici:d
receiph ~herefur ~u th~ murt~aere. •
"fh:+t he will ~xrmit. commit. or wl(er no wa.tr_ imp:~irment. ~x deteriuration i.( .aiJ pro{+erty ur any part thereuf:::nJ in the rvcnl of thc
failurc of the mortKa~~tt ti~ krep Ihe huiWin~. an .aiJ prcmi~r~ :+nJ 1hu~e t~ hc erected an ~aid premi.e~. or impru~ement~ thrrean. in ~~ti~J rr-
pair. 1he murtgager may m:~ke wrh rrp:iin a. in ih Ji~rretiun it m:~~ deem nrce~,ary (or the pruper precen:+tion thereuf. :~nd the full amuunl o(
each anJ ever} cuch pay mrnt shall tx immeJiatrly due and payable. and ,hatl hr ~ecureJ b~~ the lien uf thi~ morty,agr.
~ 6. "1-hat he will pay all a~d .ingular the c~st~. charges. rnd ea~+en,e~. inrlading reacunablr lawy~er'. tee+. anJ co~~~ u( ab~tractti o( title. in-
~
curreJ ur paid at any time by the murlg:~gre hec~u.e ot Ihe tailure on the part o( 1he murtgagvr prompdy :md fully tu perk~rm the .~~.reements
i and roven~nts of wid pmmic.ory note anJ Ih~s mortgage. and ~aid co+t.. charge.. rnJ e~{+en.e~ ~hall t.z immeJi:~trly Jue and payable anJ ~hall
i t+e ~rcured by the leen of thi~ mor~gage.
` 7. "Th:~t he Kill I.eep Ihe impru~rmenh now e~i,ting or hrreaftrr erected ~~n ~hr m~~ngaged pruMr~~ . imureJ may tx reyuired (rom timr
'r
to timr h}• the murtg:,gee :~gain,t lo.. h~• fire :ind uther harard.. ca.~c+ltie.. and conungencie. in .uch amuunt~ anJ fur ~urh ptrialti a~ may be
requireJ h} murt~:agre. anJ wiU p:~y prumptly_ when dur. an~ premium. un wch imurance !or payment u( which provi.iun h:+c not heen made
hereint~fore .All incuranre .h:Jl hr ~:~rrirJ in rump:~nie. appruveJ h~ mortgagrc anJ the ~dicie, :mJ renewal. thrreu( ~hall be heW b~ mortga-
~ gre and have attacheJ thereto lo.ti p:~yahte clau,e. in (avor ot and in torm .~rceptahle to Ihe murtgagee. In e~ent o( lus~ he Nill gi~e immediate
~ nutire M mail to mortgagee. and mnrt~;aKee may make pro~~( of lu~s if not made promptly by-mortgagor. and e:+ch inwrance compam con-
~ cemed i~ hereh~ :wthuriteJ and direrttJ to make pay ment far wch I~»> JirecUY to murtgagee imtrad u( to murtgagur ~nd mortgagee joinUy_
and the inwr.~nce pr~xerd~. ur any parl ~hereuf _ may he applied hy murtgagre at it~ uption eilher to the reductiun o( the inJebtedness herehy
_ .erurcd ur ta ~he re.toratian .x repair of the property Jamaged. In evelit of (oreclo+ure o( thit mortgage or other lranti(er ot title to the mort-
~ ~.~ged pruper~~ m t~lingui~hmrnt u( Ihr indehteJne~~ +ecurrd hereby.:+tl right. titlr. and i~trre+t of the mortga~;ur in anJ to :~ny in~urance puli-
; cieti lhen in furce ~hall pa..1o the purcha~er ur granlee.
2 Ch:it if the premiset. or any part thereuf. tx c~~nJemned under am {+~~wer of eminent Jumain. i~r acyuirrJ for a public u.e. the dam:~ge~.
~ ' prureeJc. anJ the rumiden+tiun (or wch aryui,itian_ tu the e~tent uf the full amuunt of inJeMeJne~~ u~xro thi~ ~Iurig;+Er. anJ tht \ule ~ecured
~
h~reM rem:~ining unpaiJ. are herrby :~+.ig~rd b> the ~t~~rtga~:ur to thr ~tort~gre :mJ .h:dl be paid furthwith to the ~furtgagee to be applied hy
~ it on atcuunt u( the indehlene.ti eecured hrrehy. Nhethrr Jue ur nut.
~ 9. That Ihe mort~:agte m:ny. :d :~nt timc penJin~ a wi1 u~x~n Ihi~ m~~rlgaEe. ~pply t~~ ~hr cuurt ha~ in~; juri.dictiun ~hereuf for the appuin~-
- mrnt of a receiver. and wch ce~urt .h:Jl f~~rthwith app~~int a receiver of the premice~ covereJ hereM all and .ingular. including all anJ .ingular
s 1he income. prufits, i~weti. and re~enue. frum ..hatever .aurce derivrd_ each anJ every uf which. it t+eing r~pre~sly undent~wJ. i~ h~reby
murtg:~rJ a~ if ti~citic:~lh ~et furth snJ de~rriheJ in ~he cranting and habenJum clawes hereo(. anJ .uch receiver ch.Jl ha~e all the hruaJ anJ
~ e~tecti~r furkliun~ and puwerti in anyw~~ enlru+ted by a cuurl t~~ a receiver. and cuch appoin~mem ~h:dl t+c maJe h~ wch court a~ an ~dmitltJ
= ryuity aiid a matter o( ah~ulule nght to +aiJ murtg;~gee. anJ M nhuut reterrnce to 1hc aJeyuary or inaJeyuary of thr ~ alue of ~hr property murt-
~:agrJ or to Ihe ~ul~rnc~ ur imuhenc~ nt .aiJ murtga~;ur or the defend:~nt.. and Ihat wrh rem~. prafit.. incumr. i..ur.. and rr~enue..h:Jl hr
applird h} ,uch recriver rccorJing tu the lien uf thil mortgace and the practice of such a~urt. In the eveM of any JeLwlt un the part uf the murt-
~:agur hereunder_ the murtgagor :~~rre~ ta p:~~ t.. the muri~;a~er ~~n drmand a~ a rea.unahle momhly rental (~~r ~he premi.es an amaunt at le:~~t
= ryui.aknt tu unr-twrlfth 1 I~ 1'_1 at thr aggreg~~e of the Iwehe munthly in~~:dlmcnt. pa~ahle in the ~ben cur~ent ~ear plu. thr :+ctual amuunt ot
thr annual ta~e.. a~.e~~mr~h. w:der r.~te.. anJ inwrance prcmium, for.uch year nut cu~ered hy~ the ature.aid munlhl~ paymem~.
- I11. h:H Un in tne e~em OI an)' ntC:~i~l i~( i~li~ inu~i~;.tgr u~ Sr~auii v~i i~ir E~eii J~ i~'i2 i?~~~iiEa~;~ti. a:i ii i iz i~i f'.i~.i i~:;i _.:f •,..:e~.
m~mr~ herrin referreJ t~~ t+c n~H promptl~ anJ (ully p:~id withuu~ JemanJ ur nut~re. ~u Ir? in the c~rnt that rach anJ e~ery'1hr titipul:~tiun..
agrramenh. cundi~ium. anJ ru~~nant~ .:~id nute and lhi. mart~:aEe. :+re nut Jul}~. promp~h. anJ full} performeJ: thrn in either or an~ wch
r~ent. the .aiJ aggregate wm mrntionrd ~n .nid nule then remaining unpaid. with intere.t arcrurd tu ~hat time. cmd :+II m~~ney..ecured herehy.
_ ~hall t+tr~~mr Jur .~nd p~yahlr fi,nhNith. ur therr:~her.:~t the uptiun vf ~aiJ morlgagee. a~ (ully anJ romplet~ly a. if all uf ~he .aiJ .um, mun-
ry were i~ri~:inall~ .tipul:~IrJ to tx p:,id un wch J:+y. anything in wid n~Ne ur in this mortgage to Ihe ronlr.~r~ noiN ith~tanding: anJ thrreupon or
~hereafter.:d thr option ,aiJ muri~.~~:rr. N~thuut nuticr ur JemanJ..uit at I:~w ur in eyuit~. may he pro.ecutrJ it:~Il money..ecurrJ here-
:°Y hy hnd maturrJ priar to in imtitutii~n !he mur~Ea~rr m:ry furerlou thi~ murtgage. a. to ~he amuunt u~ JeclarrJ due anJ pa~ ahle. anJ ~he .aiJ
; prrmiti~, ,hall be.uW to •.~ti,t_ and pa} the .amz t.,gether wilh cotil~. e~pen~e~. and aUowance~. In ca~e o( p:.rual foreclu~~re uf thi. mortgaFe.
the m~~n~:.~geJ prrmi~« ,h:,ll he .uld .uh~ert t~~ the cuntinuing lien c~f thi. mortgage tur the am~~unt of Ihe deht nut then Jur anJ unpaiJ. In .uch
:a.e the pr~~~ i.ium ot thi, par.~~:r.~ph m:~~ e~.:nn hr :~vailed.~f thereafler irom time t~~ time h~ the murlg:~gze.
- I1. 'That ~he mortg:~g~~r will gi~e ~mmrJi:~tr nuticr hy mail to the mortgagee of an~ cume~ance. tram(er. or change o( uwnrnhip uf ~he
- premictc.
I' Th:it ~u wai~er uf any co~en.,n1 herein ~~r of thr uhii~:ation ~ecurrd herehy .hafl at any time Iherea(ter he helJ to he a waiver of thr •
- trrm. hcreof ur ~~f Ihr nute .ecured hr~eh} ~ '
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