HomeMy WebLinkAbout2125 1 h:~~, in u~Jrr mu~r tully w prutecl thr .~cuiit} ut thi~ mu~tgagc, the mung:y;ur, tu~riher v.i~h, anJ m aJ~iu~~n tu, thr manthl~ p.~~ mcnt.
unJtr ~hr term~ u( tha note ,ecured hrreby. un thr tint da~ u( aach mumh unul Ihr ~aiJ nutt i~ (ully pa~d. w~ll pay ~u tht mur~~;.~grc thr (~~U~~N-
ing.um~- ~ •
lal An ;~moun~ .uffic+rn~ ~o praviJi ~he h~dJrr here~~f with fund. to pay Ihe oe~1 m~.n~:~ge in.ur:~nce prrm~um if thi. in.vumrnl anJ Ihr •
nutr .ccurrP ubrthy art imurrd, or a munlhly chargt lin liru u( a mur~gagt imur.mcr prtmiuml i( they are hrlJ by ~hr tit~rr~ary u( -
Nou~ing ~nJ Urban !k~ rlupmrnt a~ (ullow~: ~
l11 It and w lung a~ caiJ notr u( t~rn J~tr anJ thi+ in.trumtnt art in.urcJ ~~r arc rrimured uoJer the pru~i.ium u! ~he ,V:,uun:J
Nuwing Act, an amuunl .utTicient 1o attumuiate in the han~~ oi ihe huiuer onr i f 1 munlh prior io it~ Jur J~ie the annual murt-
gage in.u~ance premi~im, in urJrr ~u p~o.iJe such IwWer with (un~i~ tr pay wch premium t~~ ~he Secrrt:~ry ot Huu.ing anJ
Urhan Lk~rlopment pur+uan~ tu the Natiunal Housing Ac1, a. amenJed. anJ applir.ibk Regul:~tiom Ihrreurxier, ur
1111 It and so lung :~s saiJ notc of e~~en J:+~e and ~hic inurumrnt are held by ~he tircretary ot H~w~ing anJ Urban I~vtlupmrnt. a
munthly charge lin lieu ot a murtgage insurance premiuml whKh shall be in an amuunt ryual to unr•iwrlfth 1 UI?t ot ~~ne-haU ~ ~
(11'1 pe~ centum o( Ihe ,verage outtlanding b:~lance due on lhe note computeJ wilh~nU laking ialu ac~uunt Jrlinyurncie~ ur
prep~yments: . .
Ibl A.um rqual 1o tht graunJ rentc, if any. netit dur. pluc Iht premiums Ihat will nexl hecume Jue and pay:+hk uo puliri~~ uf fire anJ ~
o~Aer hazarJ iowrance cuvering ~he murt~grd propeny, plus taaes and asse~+ments ne~?t Jue on the mortgagetil prc+perty lal! a~ e~li-
i
matrJ by the mongageel k..:,ll ~umc alrraJy p•rid therefor JiviJeJ by the numhrr a( mumh. tu el~pse tx(ore one month pri~~r ~o thr
Jale when ~uch teround rents. prrmiumc. ta~es.:~nd a«r~smenl. will become delinquent. wch wms to be held b~• mungagce in tru+t
t~~ pay saiJ gruund renls. prcmiums, taxe+. aixl special acse+,mcnts; anJ
Ic) All p•ryment. mentioneJ in the two preceding,ubsectiuns of ~hi~ paragraph xnJ all paymenb tu be made utxler the note ucureJ hrrr-
hy shall t+e aJJed t~telher and ~he a~rrgate amuunt thereof ~hall t+e paiJ by ~he mortgagor r.~ch momh in a.ingle payment to t?e ap-
plied by the mong:~gee ~o the folluwing itemc in ~hz urJer ~t~ turth:
(11 premium chargrs under the contracl ut incurance with tha Secret•ary of Huu~ing anJ Urb~n l~vrlupmenl. or manthly chargr
Iin litu of mortgage insurancr premium), as Ihr cace may be;
1111 ground renis, tares. a+ses+ment+, fire. and othrr hazarJ imurancr premium~:
Ilil intereu on the nate secureJ hereby; and
,IIVI amortization of the prirnipal uf ~aid nute.
Any defiritncy in the amount ut such aggregate m~~nthl~~ payment ~halL unles~ maJe g~wJ by Ihe mortgagur priur to the Jue Jate o( Ihe nett
such prymrnt, cunstiwte an evenl o( default uixler this mortgage. The murt~ee may colltct ~"late ~harge" out tu r~~eeJ two cent. i'r1 tor
ea~ h dollrr ISI) of t:+ch payment more than fifteen I ISI Jayc in ~rrear. to cover Iht extra e~pense imolveJ in h~nJling delinyuent paymentc.
i. That if the total uf the payments maJe by the mortgagor unJrr IM of paragraph'_ prcrrJing chall exceed ~he ~mount ot ~he p:+yment, ~
t
xtually maJe by the mon~gee. (ur grourxl re~[s, ta~e~ aod a~~e~timrnh anJ insurance. premiums. ac Ihe cace may he. wch e~cesc at tF?e op- '
tion o( the murtgagee, shall, be credited on ~ubcequent pa~•menrs to br m:iJe by the murl~,agur, or refurxled to Ihe murtgagor. It. however. Ihe ~
monthly payments maJe by the mortg:.gor unJtr 16) ot paragraph' preceding shall not I+e sotTicient tu pay ground rents, taxes and accessmentc j
and i~surance premiums. as ~he c~se ma~~ t+e. whtn ~he same shall becume due anJ payable. ~hen the murtgrgor shall pay to the mor~gagee any
amount necessary to makt up the Jeficiency. un or betore ~he date whrn payment of such ground rent~_ t~xes. assessments. or insurance prem-
iums chall he due. If at any time the murtgagor ~hall tender to the mortgagee in xcorJance with the pruvisions o( the note secured hereby_ full
paymenl o( Ihe entire indebteJne+s reprr~enteJ thereby, the murty,:+gte ~hall. in romputing the amount of such inJebtedness, credit tu the ac-
cuunt ot the mortgagor all p~ymentc maJe undrr the provi.iun~ ot la? ut p:~ragraph ? hereof w~hich tha mongagee has not lxcome ohligated to
p:?y Io the Secretary of Housing anJ Urfian Ikvelopment anJ any balance remaioing in the furxls accumulated uixier Ihe provi~ions ot (h) of i
~aid p~ragraph 2. I[ therc shall be a default under ~ny of tFx provisions of this mortgagt. rewlting in a public sak of the premi.e. ru~ rred here- i
by, ur it the mo~tgagee acquires the property otherwice after defaull, ttx mortgagee shall apply. at the time of the cummrnctment uf ,urh pr.+-
cetdings or at the time the property is otlxrw ise acquired. tfx ?ralance then remaining in the funds accumulated urnier 1 b) of paragraph' preceJ- ;
ing as a credit against the amount ot principat then remaining unpaid under said note and shall properly adjust any payments which shall ha~•e ~
been made u~xier (a) of said paragraph. `
4. That he will pay aU [axes_ aisestments. watcr r:~tes anJ uther governmental or municipal charE;es. fines, or imM.sitions. for which pro- ~
~i~iun h:~~ not t+een maJr hrreinhefore. and in Je(ault thereof the mung:~gee may pay the same: aod that he wiU promplly deliver ~hr ot?icial t
receipt. thercfor tu the mortgagee. •
S. That he will permit. commit. or sutier no was~e. impairment. or J~terioration ~~f tiaiJ property or any part ~hercof: anJ in ~he evrnt i~t the
failure ot ~he mortgagor to keep tht builJing, o~ wiJ premi~es and thotie to he rreclrJ on wid premi~e+. or improvement, thereon. in giK.J re- ~
~ p:+ir. Ihe mortp,;?gee may make wch repairs a~ in itc Jiscretiun it may deem necessary (or the proper preserv-rtiun Ihereo(. anJ the full smaunt of S
~ each anJ every wch payment shall he immeJi•rtely due and payable. anJ ~hall t?e secureJ by the lien of thic mortgage.
~ 6. That Ix will pay all anJ singular the cuus. charges. and expenses_ incluJirtg reasonabk lawyer's (ees_ and custs ~.f abueact~ ot titk_ in- '
~ curred or paid at any time by the mittt~gee hecause of th~ (ailure on the part of the mort~gor promptly and (ully to p-rf..~~i; the agreemenn ~
! and covenantc of ~aid prumicsory nute and this mort~;age. and ~aiJ ~ust~, charges, and rapence~ shall he immediately due ::~~J pep~ble anJ sh•rll ~
be cecured by the lien ot this mort~ge. .
~ 7. That he will keep the improvements now e~i~ting or hereatter errcted on thc mortp.aged proprrly. in,ured a. may t+c requireJ (rum lime
• to time by the mortgagee againct lot~ b~~ fire anJ other har•rrJc. cawalties, and comingencie~ in wch amuuM+ and for wch periaf~ ai may be
3
~ requireJ hy mortgagee. and wiU pay promptly. when due. any premiums un such insur•rnce for paymen~ of which pruvi~ion has not heen maJe
~ hereinbetore. All in+urance .hall be carried in companies approve~ by mortgagee and the ~licie~ anJ renew al+ thereof tihall be held M~ mortga-
~ ger anJ h:~vr atlached thereto lo.. pa~ abk clau~es in favor o( and in torm acceptabk to Ihe mortgagee- In event of locti he w ill give immediale
~ notice hy mail to mon~gee. :+nd mongagee may make prouf ot los+ if not maJe prampUy by mort~gor. anJ each insurance company con-
? cerneJ i. hereb~ authorired anJ Jircclal to make payment for wch lou directly ro mortgxgee instead o( to mortgagor and mortgagee jointly.
' and the inwranre pmceeJc. or any part thtreot, may t+e applied hy mortgagee at its option either to the reduction o( the indebteJnes. hereby
~ ucured or to the reuuration or repair ot the pruperty damageJ. In event uf fureclusure o( this murtgage or other tr~nsfer of litle !o Ihe mort-
g~ged propen~ in r~tingui~hment of tht indebtrdnesc secured herehy. aU right. tiUe. and interest o( Ihe morlgagur in anJ to any imurancs Ex?li-
~ cits Ihen in force tihall ~ss to tht purchaser or grantre. ,
8. '(~hat it the premises. or any part thereo(. t~ conJemneJ unJer any ~wer ot eminent Jom:~in. or acquired (or a puhlic u~e. the d.image+.
~ prixezJs. and the .onsider~tion for wch acqui.itiun. to the e~tent of the full amounl of indehteJne~s u~x~n thi, Mortgagr, anJ Ihe Note ~ecured
s3 hereby remaining unpaid. are hereby atsigneJ b~• the ~tort~gor to ~he Mortgagec anJ shall be p:~id (orthN ith to Ihe ~lortg:?gee to tx applied b~
~ it on account o( the inJebtenes~ cecured herehy. Nhelher Jue or nut.
r 9. That the mortpagee may. at any time pending a~uit upon this murtgage_ appty to the court having jurisJictiun there~~f for Ihe appoint-
ment ot a receiver. anJ wch court shall forthwith appaint a receiver o( the premisec covered herehy all and singutar. incluJing all and singular
the income. profit+. iti~ues, and revenues trom whatever source derived. earh and every at which. it E?eing e~p~es~ly unJer+t~xi. i~ hereby
~ mnr~gageJ at i( cprcific~lly set forth anJ deccritxJ in the granting and habendum clauses hereot. anJ wch receiver shall h~ve all the broad and
= eliective (unction. and puwers in anyw•ise entrutited by a court to a rcceiver. anJ tiuch appoiniment shall be maJe by such rourt ae an admiued
equity anJ a mauer of ab,olutc right to said mortgagee. and without referenre to 1he adequacy or in~Jeyuacy ot ~he ~•alue of Ihe propert~ murt-
Fs~ gageJ or to Ihe .~~h•rncy or imulvrncy .aiJ mortgagur or the detend.~nt~. anJ that ~uch rents, profi1~, incume. i.,ue~. :~nJ revenur~ .hall t~e
applied by such rccei~~er according to the lien of this murtg:~Fe and Ihe praclice of wch ccwrt. In the event ot any defauh on the part of the mort-
gagor hereunJrr_ the murtg:~gor agrecti to pay to the mortgagce un JemanJ ac a rea~onabk monthly rental for the premise~ an amuunt at least ;
- equivalent to one-tw~elfth 1 UI'1 uf the a~tregate of the Iwelve monthly inct•rllments payable ia lhe then current year plus the acwal amount uf ~
= Ihe anoual ta~ec. ac~eticmeots. water rate~. and intiurance premiumc for such year not covered by Ihe a(oresaid monthly paymenh. t
- 10. That Ia1 in the e~~ent o[ any brc:+ch ot ~hi. murtgage or detault un the part o( the mortgagor, or 1 h1 in the eve~t th:~t any uf ~aiJ wm~ of
:F~ m~~ney herein referred 1o be no~ prumpily anJ tully paid wi~h:wt dem~nd or no~ice. or Ic1 in ~he evcnt th•r1 each and every the .tipulaliom.
agreements. conJitions. anJ cuvenantc of ~aiJ note anJ thic mortgage. are not duly. promptly. anJ fully {xrtormed: Ihen in either or ao}~ wch
even~. the taiJ aggregate ~um mentioned in ~:~id nole Ihen remaining unpaid. with inferesl accrued to Ihrt time. anJ all moneys .ecureJ hereh~ .
- ~hall t+ecome Jue and payabk torthwith. or thereafter. a~ the opliun ot ~aid mortp,agee. as (ully and completely a~ if :~II ot the caid sum~ of mon- ~
- ey were originaUy titipulaled to tx paiJ on ,uch J:,y, anything in saiJ nate or in Ihis mortgage to Ihe contrar~ nwwith.tanding: and thereupon or
Ibereafler. a1 the i~ption of ~aiJ murtga~ee. wi~huut nutice or Jemand. wit al law or in equity. mry tx pro~ecuted a~ if all moneys ucureJ here-
= by haJ matureJ prior ti. it. in~iituliun. The mortgagee may foreclose Ihis morlyage. at to 1he amoum so Jeclared due and p3yable. anJ the ~aiJ
_ ~ premi~e~ ~hall be ~uld t~~.alisfy anJ pay the +ame together w ith coslc. e~penae~. anJ allowances. In ca~e of partial foreclowre o( this mortgagt. -
~°n the mortgageJ premi~e~ .hall he .oW +ubjec~ to the con~inuing lien ot this mortgage for ~he amount of the deM not then Jue anJ unpaid. In sach ~
r~ce Ihe provi~ions o(1hi~ para~r:+ph ma~ again bc a.:~ileJ ot Ihereatter (rom time to ~ime by the mungagee. ~
I1. That the morlgagor will gi~e immeJiate notice by mail to the mortgagee o( any com•ey~nce. tramfer. or rhange of owner~hip of the i
premice~. ;
- 1?. Tha~ no w:~iver of any co~en~nt herein or of the ohligatiun .€cureJ herehy .h~l! at any time lhersafter tx held to be a waiver of Ihe ~
term~ hereuf or o( Ihe nute ~ecured hereby. ~ ~O~ Aw~ ~n~~ t
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