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HomeMy WebLinkAbout2132 ~ I ha~. in urdrr more (u~ly tu prutrct thc .rcurny u( thi. m.~n`age. the m.~rt~.y~ur. tugrthrr w~th, anJ in aJJ~uun tu Iht m~~nlht~ p:~~ mrnt~ unJer tht letm~ at Ihe note ~tcurrJ hrrthy. un thr fir~t J.y ut rach munlh until ~hC ~aid n~Ne i~ (uUy paid. w~ll pay w Iht muilg.~~;rr thc (utluM- in~.um~: i<•1 An:~muunl .ulTicient tu ~ru~iJr 1hr h~~Wer i~creu( with fut?dc ti~ pay thc neal muilgagr imurancr pttmium if Ihi. imuumrn~ anJ thr nwr +ccurrd hrrchy art in.ureJ. i?r a monthlp ch:~rge lin liru u( a mun~age imuranrr prcmiuml i( thty arr he1J hy ~hc 1Cl'fC1:1O' UI N.w+ins anJ Ufian Ikvrlupmrnl a. fuUuw c • 111 U anJ .u lung a~ caiJ nute ot even Jatr anJ Ihi~ imtrumtnt are in~urtJ ur a~t teinwreJ unde~ thr prw•i+ium u( ~he Na~iunal Houung Ac~. ~n amuum ~ufl~icie~~ 1o acrumul•rte in the hanJ~ ut the hol~ler unr 111 munth priur to i~+ Jur Jalr thr annual murt- ~ gage inwrance premium. in urdrr tci pruvide such h~~Wer wilh tunJ~ t~? pa~ wch prrmium to Ihe tiecrc~ary, uf H.K~.ing anJ Urhan (kvelupmcnt pur~u•rnt to Iht Natiunrl Hou~ing Act. as amended. anJ applicable Regulatiun. IhereunJrr, ~x 111) If anJ co'lung a~ wid~nutr ut e~en dale and this inslrumenl are heW by ~he Secretary af Housing and Urban (kvelupment. a monthly charge lin litu o( a murlg:~e imurance premium) which shall be in an amount eyual lu onr-twrl(~h 111121 uf onr-hal( 1 U~1 per cenwm uf the average uutctanJing balanre Jue on the nwe cumputrJ wiihout taking imu accuunt drlioyuenrie~ ur prepaymrntc; Ihl A.um ryual to Ihr grouod rrnh. it any, nr~1 Jut. pluc tht premiums that M•ill nett t+tcume dur~and pay~Me un M,lirit, u( lirr und t uther hatard inwranct cu~•ering tht mortgagrd proprrty. plus tases and asce~~ments next Jue un the m~xlgaged pruperty I:JI a~ ec~i- mated by Ihe murlgagrel k~~ all sum~ alreaJy p•riJ tl~ercfor Jivided by the numtxr uf munth~ to elapce txtorc unt munlh prior ~u the dale w~hen ~uch gu?urxf ren~~. premiumc. ~ares. anJ •r,se..menls will txcome Jelinyuent. ,urh .umc 1~~ I+e heW b~ mung:~gre in tru.t to pay w~J grounJ rems, prrmium~, ta~cs, and +prcial asie+~mrnts; and ic1 All paymenh mentioard in the two preceding whsections of Ihi~ Mragraph and all paymentt h~ be m:~Jt unJer thr nute ~ecured here- by ~hall ix addeJ t~~ether and ~he a~~gregatr amount thereof ahall be paid by the mo~t~or each munth in .inglr payment lo tx ap- plied by tht mongagre to the tultuwing item~ in the urder ~et forth: lll premium charge. u~xier the cuo~ract ut incurance with ~hr Secrc~ary of H~w.ing anJ Urhan Ikvrlupment, ur monlhlp rharge (in lieu ot mortgage imurance premium). a~ the cace may tx: . Ilh groun~l rents, ~axec. a.c~s~ments, firr, anJ other hazard imurance prrmiums; (111 intercxt on the note +ecureJ hercby: and IIV 1 amurtitation of 1he princip:?I of wiJ aote. Any Jrficiency in ~he amuunl of wch :~,tregatr morithly payment ~hall, unle+~ made g~~x1 hy the mortgagar priur ~o the dur d:Nr of Ihe ne~1 wch payment, romlitute an evtm detault unJer thiti mungage. "Il~t mortg:~ee may cull~rt a"latz charge" nw to r~ceed two cent+;2r1 tor ~ each dollrr ISI) of each payment more than fifteen 1151 days in •arrear. tu cuver ~he e~tra r~pen~e involved in handlin~ Jelinyuent payment,. i. "Chat i( the total of 1hr payments made by thr mortg~gur un~rr ~ni ~~i ~1d{:I~iAF)II = 4~I1'lCUlllb ~i~aii cwC~Cu ~w~ 7 u~~u,u .u u.~ ~,::j actually made by the mortgagee. [ur grourxi re~ts. ta~r. ~nJ a~te+sment. and insurance premium~. the ca.e may t+e, wch e~c~sti at the up- tion oi the mongagee_ shall_ be creJited on wbsequrnt paymemc to be maJe by the mongagor. or rc(unJcd t~• thr mor~gagor. If. huwe~er. the monthly payments made by the morlgagor under IM of paragraph' preceJing tihall oot bt sufTicient tu p:~y ground tent., taie. anJ ac~zs+ments 3nd inwrance pcemiums. as the case may tx. whzn 1ht wme shall become Jue anJ payable. lhen the mortgagor shal! pay to the murtgagee any amount ~ece~sary to makt up the Jzficirncy, i~n ~x.t+etore tht date Nhrn p:?yment of tiurh grourxl rents.l:~~e~. :+tsescments, or incurance prem- ; iums ~hall tx due. tf at any time the mon~gor ~hail te~Jer to the m~~rtgagre in accorJance wi~h the provision~ of the note secured hereby_ full i p•ryment ut the entirc indebte.iness represented therehy. Ihe mortga~;~e ~hall, in computing the amount uf wch inJebtedness. creJit to the ~c- ; count uf 1he mortgagor all paymentx made unJer the provisions of la! uf paragraph'_ hereof which ~he m.~r~gagee has no1 become obligated t.i ; pay tu the Secrctary uf Hiw.ing anJ lhban (kvelopmcnt and any b:danre remaining in the tund~ acrumulateJ onder the provi~iuns u( Ib) ot ~ said paragraph 2_ It thcre shall t?e a default under any of the provisions ot this mottg:?ge, resulting in a public sak of the premi.r. ruvereJ here- ~ by, or it ttx mortgagte acquires the property otherwise after Jetault, the mort~gee shall apply. at the time of the commrncement uf .u.h pru- ceedings or at the time the properry is otherwice acquired. th¢ F?alance Ihen rrmaining in the funds aceumulated uixier ( b) ot paraEeraph ? preceJ- ing as a credit against the amount ot p~irx:ipal then remaining unpaid urxier caid note and shall properly adjust any payments which ,hall have been made under 1 a) ot said paragraph. = 4. That he will pay all taxeti. :+s~eticment+. water ratec anJ uther gu~ ernmenta) or municipaf charges. finec. ix impo~itiunti. for which pru- ` vi~iun ha+ nW lxen maJe hercinhetore. .~nJ in default lhereo( ~he mortga~rr may pay the ~amr: anJ Ih:u he wil{ prumplly Jrlivtr the utfi~ia{ receipt.lhrrefur to the murtgagee. . S. That ht will permit. commit. or wtfer no wa+te. impairmenL or deteriuration uf ,aiJ propeny or any p:?n ~hereuf: anJ in Ihe event uf thr taifure ot the mortg:+gor to keep ~he building~ on wid premities anJ tho~e to t?e erected on wiJ prrmisec, or impru~ ement. thereon. in g~K~d re- pair. ~he mortgagee may make such repair~ a~ in itc discretion it may deem necescary tor tht proper precervation thereof. and Ihe full ~muunt of ; each ~nJ every such payment ~hall be immediately Jue anJ payable. and shall t?e secured hy Ih~ lien ot thi~ mortgage. ~ ; 6. 71iat he will pay all anJ singular the cos~s. chargn. and expenses. including reasanabk lawyer's tees_ and costs uf abstractc of tide. in- z E curred ur paid at any timt by the mortg:+gre t?ec•rutie ot the tailure on the part o( the mortp.agor promptly and tully tu perform the agreemenb ~ I ~ and cuvenanis of caid promissi~ry note anJ thic murt~ge. and s•rid co~ts. charge~. anJ tx~xn~ec shall he immediately due anJ payable and shall ~ br secured by the lie~ uf thi~ mort~rge. ~ 7. "ihat he w~ill keep the improvement~ nuw e~i,ting or here:~fter erecteJ on the mortgaged properly. i~,ureJ a~ mey he rrquireJ trom time - # to time by the murlgagee againu luss hy fire anJ o~her ha~ard.. cawaltie,. and contingencsec in wrh amount~ aoJ for +uch periodti may he i reyuireJ by murt~ee. and will pay prompUy. whcn due. any premium~ un wch imur~nre for paymem of which provision hati not heen maJe } hereinhr(ure. All in~uranct tihall t?e carrieJ in a~mpanie~ approveJ hy mor~gagee and the M~licie~ and renewalti thereot ihall be held by mortga- ~ gec and have attached ~hereto loct payabk clausec in favor of and in torm acceptabk to the murtgagee. In event of lo~s he will give immediate ~ OOIICC Ily' fOJ1I IO mortgagee. and morty,agee may make prcwf of locs i( r,ot maJe prompUy by mortg:tgor. and each insurance company cun- ~ crrnrJ i~ htreby :mthurized and dirccted to make payment tor such bss direcUy to mongagee in<<ead o! to mortgagor anJ rteortgagee joinUy. ~ and thc inwrance pnxreds. or any part thereot, may be ~pplied hy mortg:?gee a~ its optiun either to the reduction of the inJebtedne~s hercby ~currJ or t~. the re~toratiun or repair of the proptrty Jam~ged. In event u[ foreclusure of this mortgage or ather transfer o( tide to the mort- s y.:~ged property in extinguishment of ~he inJebt~Jne~~ •ecureJ herehy. all right. tiNe. and i~teres~ ot the mortgagur in ~nu to :~ny insurance Rx~li- ~ cies theo in force ~hall p:~s~ ta the purcha~er or grantre. ~ 8. 'fhat i( the premius. or any ~rt Ihereuf. F+t ~onJemneJ under any puwer ot tminent Jomain. or acquired for a public use. Ihe Jamage.. : ~ prixeeJ~. and Ihe con~idrration fur such aryuitiition. to the e~tent of Ihe lull amount ot indebteJnecti upun thi. ~tort~gt. anJ the (~ote .ecured ~ hereby remaining unpaiJ. are hcreby acsigneJ by 1he Mortgagor to Ihe :~to::y.agee anJ shall be paiJ (orthwith to the Murt~gee to be applied by : s it un account ut the indebtene~c tiecured hereby_ whether Jue or not. y s '1. Thal Ihe mortp,agee may, at any time pending a~uit upun ~hi, martg:~ge_ apply to the court having jurisJiction thereof far the app.~int- ' ~ ment o( a rcceiver, and such court shall forthw ith appoim a rcceiver ot the premices covered hereby all and singular. including all and singular ; the inc.~me. profits, i~wes. anJ revrnues frorte whatever ~outce deriveJ_ each and e~•ery of N~hich. it heing etpressly uoJerstixxf. i~ hereby = ~ mortgaged i( specificslly .et (orth and detcribeJ in the granting •rnd habendum cl:~uses hereof. and ,uch receiver shall have ~U ~he hroad and ~ etTective funrtion~ and po~er~ in anywi~e enlrusteJ by a coun to a receiver. •rnd such appointment shall be made hy ~uch ccwrt an aJmitled ~ equi~y and a m~tter of ab~olute right to ~aid mortg:+gee. :~nJ without referenre to Ihe adeyuacy or inadequacy of the value of the properly mort- ~ ~.aEed or lo the ~ulvency or in.olvenry of .aiJ murtg:~gur ~~r the JefenJant~. :+~J that wch rent., profit~. incume. i~.ue~. and revenue~ tihall be ~ _ applied b~~ .uch receiver according to the lien of Ihic mu~g~~:t anJ the practice of such c~wn. Ih the event of any Jefault on the part o( the murt- ~ ~rgur hereunJcr. the mortgagor agrees to pay to the mongage~ on demand as a rtasunabk monthly rental tor ttx premises an •rmount at lea~t - equivalent to une-tweltth 1111?1 of the a~reg•r1e of Ihe (welve munthly intt•rllmenet payable in the then current year plus Ihe actual amount of ~ ~ Ihe annual tares_ a~se~~mem~_ water rates. enJ imur•rnce premiums (or tiuch year not rnvereJ hy the afore.aid monthly payments. ~ :=g c - 10. That lal in thc event ot any bre:~ch of Ihi~ mur~gage or defauh on the part oi the mort~gor_ or 16) in Ihe event that any o( ~aid ~umti of ~ ~n mun~y here~n re(erred to he not prompUy and fuily paid with~wi Jemand or nutice. or (cl in the event that earh and every the .tipulations. ~ ~ agrc~men~~_ cunJitiom. anJ covenants o( tiaiJ n~~le anJ Ihi~ mortgage. are not Juty. promptly. anJ fully performed: then in either or any wch ~ event.lhe .:~id a~regatr .um mentioneJ in.:wiJ note Ihen remaining unpaiJ. wilh interest accrued to lhat ~ime. and all moneys secured hereby. .hall t+ecomr due anJ pay:+ble forthwith. or thereafter. at the optiun ef c-rid mortgagee. as fully and completely as if all o( the wid sums of mon- ~ j ey were ori~inally ctipulateJ t~. tx paid on ,uch Jay. anything in said nute or in ~his morlgage to the contrary notwith.~andinR; :~nd thereupon or } y# s~,e thereaher, at Ihe oplion o( tiaid mortgagee. with.wt nolice or demand. ~uit at law or in eyuity. may be prosecuteJ a+ if all money~ .ecured here- hy had mawred priur ti~ il+ inuitulion. The mortEagee may foreclotie this mortgage. as to Ihe :+mount so declareJ due :+nJ payab{t. and the saiJ ~ ~ premi+e< <hall tx +~~IJ :o ~atic(y and pay 1he ~ame U~e~her wi~h co,tc. e~pences. anJ allowances. In case of partial foreclosure u( this morlKagt. ~ Ihe morlgag~J premi~eti thall t+e wIJ whject to thz continuing lien of thi~ mortgage tor 1he amount oi Ihe debt not then Jue and unpaid. In wch ~ i'; cace the rovicions o( this ~ra ra h ma i•ain hc a~aileJ o( therea(ter (rom time lo time b Ihe mort ee. D P' F P y: b Y F-dB ~ 11. That the mortgagor wi0 g~~e immediate notice by mail to the mortgagce ot any conveyance. Irans(er. or change ot ownership of the =7 premiu~. ~ - I?. That no waiver o( rny coven:~nt herein or of Ihe ohli~tion tiecured herehy .hall at any time therea(ter tx held to he a Naiver o( the a = . termc hereot or of the note ucured herehy. _ ' ~ eaoK 237 PAGE 2130 - ~ - ; . . . .„„7 ~,T~ . . . . . _ . . ;S . , . .