HomeMy WebLinkAbout2334 ~Iha1. m ardrr murr tull~ iu piu?rc~ ihr ~r~urn~ uf ~hi. m~~r1`agt. ~hr murtg:,;or, togrth~r Nhh, anJ in adJitiun t~~. 1hr mon~ht> p~~mrnt.
unJrr ~hr trrm..~( the nutc .trurrJ hrrrhy. un th~ fir~1 d.~y of r.~ih manth unul thr .aiJ nutr i. (ully paiJ. Nill pay tu thr m~~n~;:~~;rr thr fuUuw - .
ing.um~: ,
Ial An am.~unt wlli~irn~ to pr~~.i.le ~hc h~~ldrr hrreu( Nith tunJ~ tu pa}• the ne~t murtgagr imur.mcr prrmium i( thi. imltumrnt .~nd iht
nutr .ccurrJ herch~ :ur in.urrJ. ur u m~~nihly charga lin licu u( u murl6age imurancr prrmiuml i( iAcy arc hrlJ hp tht tir~reau~ uf
Iluu~ing anJ Urban Ik~elupm~m a~ (ulluw~:
(11 If :~nJ ,u lung tiaiJ n~~le u( c~rn Jatc and ~hi. imirumrnt are inwrrJ or :ur rcinwrrd unJer tha pruvi.iun~ u( ~hr N:~tiun:J ~
. Howing Act. an amuunt .ufTirirol to a~cumulatr in Ihe hanJ. ut ~he hulJer une 111 munth prior tu i1+Jue date thr annual murt- -
gage in.urancC prrmwm, in ordrr tu pru~iJe wch ht~IJer with funJ. tu pay ~uch prrmium Io the Serretary u( Huu.ing and
Urban [kvelupmenl pur.uan~ tu thz Natiunal H.x~,ink Ac~. a. amenJeJ. anJ applicabk Regulation+therrunder. or
IIU I( anJ .o lun~; :i. ,aiJ nalr uf rven Jatr anJ thi~ in,~run?cnt are hzld by Ihe Secrctary uf Hausing •rnJ Urban Ikvelopment. a
monthly rhar~e lin lieu ot a murlg.?ge imur.mrr premiuml which .hall tx in ao amuunt equal tu une-Iwel(th l I11'1 of one-half
l l!'_1 {+tr rrntum of 1h~ a~er,~ge uuuwnding halance Jur un ~he nute cumputed wilhuut taking inlo arcaunt delinquencie. or
prcpa~ mrnh: ~
~hl :1 ~um ryual to ~he grounJ re~~.. it any. m~t Jur. plu. Ihe premium~ lhal will nr~t t+ecome due artd payahle un pulicirs of i~~e anJ
athrr ha~arJ imurancr covrring th~ murtga~;ed property, plu. tarec anJ a~~es~mr~~c nett due on the mortg:~geJ property lall a. ecti- ~
ma~rd by thc mangageel lr+. all .um+ ah~ady paiJ thrrcfor Ji~ idtd hy the oumher o( monthti ~o elap.e t+efi~rt ont momh prior to Ihe
Jate H hen s~h groutxl ren~+. prcmiums. ~a~r.. unJ a~~e~~mentc will herume delinquent. weh ~umc ti~ t+e hrlJ by mortg:?gee in trust
to pa~ .aiJ gn~unJ rem~. premium~. Wtes. anJ s{+eciul :?+~rs~memti: and
. 1c1 AU paymrnt. mentiuneJ in the 1w•u preceJing.ub~clium o( thi+ p~r:?graph anJ :dl pa~ mrnts tu t+r made undet the nute ~ecured herc-
b~ .hall Ix aJded toge~her anJ tht a~reg:?tr :~mount thereot ~hall tx paiJ by Ihe mortgagor each munlh in a~ingle pay ment tu hc ap-
plicJ hy Ihe murlgager tu the fullow ing itemc in the orJer ~et forth: -
11) premium charge. unJer the comract of in,urance Ni~h the Secretary ot H~w,ing anJ Urhan Ikvrlopmrnt. ~x monihly ch:~r~e
lin liru of mixtgage insurance premiuml. a+ the rase may be:
111) gruu~x! rentc, ta~r~, a~ses~ment+, fire. anJ uthtr h:uarJ inwranre premiums;
111! interect im 1he nute .rcured hereby: and
(IV? amortirrtion uf the principal ot,aiJ note.
Any deficiency in the ~muunt of wch aggrega~e m~~nlhly payment sh~ll, unles~ m:ide g~xxi b~• the mortgagur prior lo the duc date u( the nr~t
~uch paymrnt. cun.tiwte un event o( de(ault urxler thic mortgage. The mortgagee may collect "late charge" not tu r~c~eJ tN•o crnt. ('_r) fur
each Jullar IS1? o( each payment morc than fifteen I IS) Jay~ in arrears to cover tht eYtra e~pemr im~olvrd in hanJling drlinqu~nt payment~.
That it the total ot tha pu~~ments maJe by the mong~gor under IM of par.~graph ' preceJing ,hall e~cred ~he amoan~ of the paymrnh
a.tu:?Ily made by the murtgagee. tor grou~xl rent~. ta~es and a~cr+~ment~ and in.urancc premium~. as the catie may he. +uch e~ress at the op-
tion i~i Ihc mortgagee. ~hall. t+e credited on ~ubsequent payments to be made by Ihe murtg.~gor, ur rrfundeJ to Ihe mortb:+gor. I(. huwever. the
munthly payme~l, m:iJe by tlx mungagur unJer Ib) ot p:+ragraph ? prerrding .hall not t+c wffi~ient tu pay grounJ rents, taae+ and a+.e.~meots
and in~urancr premiums_ a~ the ca~e map he. when Ihe samc chall txcome due and payabk. Ihen the mortg~gor ~hall pay to Ihe mortgagee any
amount necz.,ar~- to make up thr deticiency. un ur l~torr thc date w~hen p~ymrnt uf wch gn~unJ rents. tares. ac~essmentc. or incur.ince prem-
iums ~hall t~r Jue. It at any timr Ihe mortgagor ,hall tender to the mortgagee in xcorJance N ilh ~he provisium of the aote secured hereby. full
pa~•mrnt ut ~he entire indeblcJne~c repre+ented therehy. the murtgagee shall. in computing the amuunt i~t tiuch inJebteJness, crrJit to the ac-
c~wnt of Ihe mortgagor all payment~ maJe undrr Ihe pru~ i.iunc of 1:+10( par~gr.~ph ? hereuf which the mort~gee hac not hecomt obligated to
pay to the Secrelary o( Hou~inF anJ Urban [~velupment anJ aay Ivl~nce remaining in the fundc accumul•rteJ under the provi~ions of lh) of
wid paragraph'. It tt?ere shall he a Jetault urnitr any of the provisinns i?t this mortg:?ge, resulting in a puMic sate of Ihe premi.e. ravereJ hrre- ~
by. or if the morlgagee acquires 1he properry utherw ise after default, ttx mortgagce shall ~pply. at the time of tt?e commencrment uf wch pru-
reedings ~~r a1 the time the properry is atherwise acquired, tlx balance then remaining in ttx (unds ~ccumulated urxler ( b) of par~graph'_ preced-
ing •r~ a credit against the amuunt of prirxipal ihen remaining unpaid under said note and shall propedy~ ~djust any payments whirh shall ha~•e
heen made uixler la) o( said paragraph.
J. 'Rial he will pay atl t:i~e~. :n~e~.mrot~. Nc+ter rate+ anJ uther governmental or municipal ch~rge.. fines. ur impo.itionc. f.~r which pro-
si.ion ha~ nul t?trn m;~de herrint+efurc, anJ in drfault iherruf Ihe murtg:~~:ee may p:~~ the .:~mr: anJ that hc will prumpUy drli~•er the utlirial
rtceipl~ theretor 1~? Ihe murtgagee.
5. That he will permit, cixnmit. or,utter no wa~te. impairment. or deterioration of .~iJ propeny or any ~wrt thereof: and in the event ~~f ~he
failure ot ~he mi~rtgagor 1i~ keep Ihe builJing~ oo wiJ premise~ and tlw~r lo t+e erecteJ on wiJ premi~e+. ur improvement~ ~hereon. in g~wJ rt-
pair. Ihe mort~;agee may make ~uch cep~in a~ in its diceretiun it may de~m nececsary for ebe proper preservatiun Ihere.~f. :md ~hr (ull am.~unt uf
each anJ every wch paymrnt ~hall l~ immediatety Jue anJ payable_ and ~hall be ~ecured by the lien uf this mortgage.
6. That he wilf pay all anJ ~ingular the costs, charges, and expenseti. incluJing rea~onable laa yer's tees_ and cosh ot •rb:tracts uf tiUe. in-
curred or paid ~t :~ny ~ime by the mortgagee t+ecau~e uf the failure on the part of the mortgagor promptty anJ (ully to per7orm the agreements
and covenant+.?f ~aiJ promi~tiory note and this mottgage. and said coatc. chrrgec, and etpeme~ shall he immedi~tely due and payable and shall
'i be secured by the lien at Ihi~ mortgage.
! 7. Tha~ he will kerp the impruvements now e~ititing or her~after erected on the mortga~eJ property, inwred a+ may br reyuired frum time ,
i to time by the mortgagee ~gainst losc by fire and uther h:uards. c;~waltie,. and conti~encies in ,uch amuunt, anJ fur ,uch prriod~ a~ m:~~- he
! required hy mortgagee. and will pay promptly_ when due. any premium. i~n such imurance (or paymem u( which pr~~vi~ion has not txen m:~de
~ hereinf+efore. :11! inwrancr .h.Jl be carrird in companies appro~eJ by m~xt~gee anJ the ps~licie~ anJ renew~l~ lhereut ~hall be heW by murtg:+-
~ gee :~nd have attached thereto locc p•ryabk clau~e. in (:+vor of and in f~~rm aeceptable to the mortgager. In e~•rm o( Ioti+ he will give immeJi:+te
~ notice hy m:,il to mi~rtgagee. anJ mortgagee m.iy make pnx~f uf loss it not maJe prompUy bq monp,agor, and each insurance comp•rny con- -
~ rerned ic herehy .,uthuriteJ anJ directed to m•rke payment tur such loss directh• to mon~gee ia~lead of to mortp,agur :~nJ mortgagee jointly.
~ anJ the inwrance pn.ceed~. or any part lhereof. may t?e applied by mortg;~gee at its ~~ption either to Ihe rcductioa of the indebtedne~s herehy
~ ~cureJ or ro Ihe re~toratiun or repair ot Ihe pri~perty damaged. In event of foreclusure o( thic mortgage or other trantifer of title to thr mort-
~ ~geJ propert} in r~tingui,hment of the indeh~eJnzs. ~ecured hereby. •rll right. title. a~J intere~t ~t the mortgagor in and to any incurrnce {x~li-
ciec thea in torce shall pa,~ ro the purcha~er or granlee.
8. "Il~at if the premis~. or any part thereuL t+e condemned under any M~wer of eminent domain. or acquired for a public uu. Ihr Jamage..
~ proceeJti. and the consideration for weh acqui,ition, lo Ihe e~tent of ~he fult ami~unt of inJebteJne., u~xin thi+ \tortgage. and the T~otr ~rcured
hereby cemaining unpaiJ. are herebp a~+igneJ by ~he ~lortgagor tu the Mort~gee and sh:~ll be paid (orthwith to the ~tortgager to tx: applied by
it on accuunt of the inJebteoe~~.ecured herehy. whether Jue or not_
9. Th:~t the mortg~gee may. at any ~ime pending a wit up.m ~hi4 mortgage. apply to the coun havi?tg juri~dictiun thereof f~~r the appoint-
mem of a reeeiv~r. :inJ such court shall fonhwith appoint a receiver of Ihe premices covered herehy all and cingular. incluJing all and tiingular
~he incume. profitti. iccues. and revrnueti from whatever si~urce deriveJ. each :+nd every oi which. ii t+eing e~pre«ly urxienl~~d. iti herehy
~ mortgaged :iti if .pecifically .et (orth and deccriheJ in the gran~ing :inJ hatxnJum cl.+uses hereof. :+nJ wch receiver chall have all the broad and ~
~ eti~rtive furtctions anJ powen in anywiu entru~teJ by a cuun t~ a receiver. and ~uch appointmem ~hall he maJe b~ wch court an aJmiueJ i
~
~ equity and a matter u( ab.olute right to ,:,id murt~gee.:+nJ N ithuut refecence to the adequ~c~ or inadeyuacy of ~he ~•:~lue ot the property murt- ~
~ g.~geJ ar to thr .~~Ivenrq or imol~•cncy of ..~iJ mortgagur or the JetenJantc. a~d that wch rentc. prufit~. income, i~we.. anJ revenue..haU be ~
~ applied by wch receiver according to Ihe lien u( thi~ mongage anJ the praclice ot wch coun. In lhe e~~rnt of any Jet~ult on the part oi the mort-
= gagur hereunder. the mi~ngagur agree. to pay to the mortgagee on demanJ ac a reawnable monthly renlal for the premi~e~ an amount at least
eyui~~lent to one-twelfth 11I1'1 ot Ihe a~regate of Ihe Iwelve monthly imtallments payable in the lhen current year plu~ the actual amuun~ of
the annual tareti. a+ce~.ments. water r~teti. anJ inwrance premiumc for such year not co~~ereJ by the afore~aiJ monthly payment..
fll. That la) in Ihe evem of any breach i~f Ihi+ murtgage or Jefault on Ihe part of the murtgagor. i~r 1 bl in ~he event that any of .aid .ums of ~
~ money hereio re(erreJ to br not promptly and fully paid withoot demand ur notice. or Irl in ihe event that each :~nJ e~•ery the ~tipulationti.
~ a~;reementti. runditionc. and c~~venant, of .aiJ note anJ thi. mortgage. are no~ duly. prump~ly. and fully ~xrformed: thrn in eitber or any wch
~ event. the ~~iJ a~rrgate wm men~ionrd in .aiJ nute then remaining unpaid. with intere~t :+ccrued to Ihat lime. and all money~ .ecured herehy. _
s;
~a .h:+ll hecome Jue and pa}•ahle (orthw ith. ur Iherea(ter. al the optioo of said mortgagee. •rs fuUy and cumpleteh a. if all of ~he ~aiJ ,umc uf m~.n- J
~ e wrre ori ~inally ~ti ulateJ to he ~id un ~uch Ja m thin in wiJ oote or in this morl a~e to the rontrar notwith.~andin and thereu m or
~ b P P~ Y•~ Y B F b Y F~' M
~ thcrrafler. at the option ~~f ~aid murtgagee. w ithuW nutice or demanJ. ,uit at law or in equity. may be pro~ecweJ a~ if all money+ ~ecured here-
hy haJ matured priur Io it~ in.titulii~n. Thr murtgagee may (orcclose thi~ mortgage. :n to the amoun~ ~o drelareJ due :mJ p~yable. aoJ the s:~id ~
~ remi.e~ thall he ~oW tu .ati.f mJ ~ Ihe .ame 1~ ~ether with costs. e~ meti. and alloaanceti. In case of artial toreclowre of this miirt ~a e. '
~ P P~ Y 'E- P' b" R
~g Ihe mungageJ premi~e> >h:dl be ~oIJ +ubjert to the rontinuing lien o(1hi~ mortgrge tor the amount of the JeM not ~hen Jur and unpriJ. In wch
ca~e tht provi.ionc of thi~ ~.;fi8j.'f:l~lfi fil:lY :t~.:~in he a~ ai1eJ of thereafter (rom time to ~ime by the mortg:+gee.
1 I. That the mong:~gur wil! gi~e immrJiale notice by mail to the mort~gee o( any conveyance. transter. or change of uwnership uf ~he
premitie~.
I'. That rx? waiver ot any cnvenant herein or of tht ublig:+tion .ecureJ hercby shall at any time thereatter t+e held to tx a waiver o! the
' !ermc herco( or ot the note ~ecurcd herehy. ~
~ ~ sooK 2~$ PACt ~3~~
~ ~
~ ~
' • < ~
" p,~ s-,-x~,~~ - ~
-