HomeMy WebLinkAbout1003 ` Ihai, m urdtr murr lull~ t~~ prutert tht ~r~uril~ ut Ih?~ muriga`t. Ihr m.ai~egur. tubrthrr v?i~h.:~nJ in aJJh~un lu, thc m.~n~hl~ p.,~ mrM~
unJrr tht ~rrm. uf 1hr nutc .r.urcJ hrrrhy. un thr hr+t Ja~ uf rach mo~~h until thr +aiJ nutr i~ (ully p.11tI. NIII (1d)' lU TA! IIIUf 1~.1~CC lI1C ~UIIUM'•
-in~,um~:
la1 An amuunt .utfi~irn~ pru~iJr Iha h~,ldrr hrreuf with tunJ. 1~~ p:~~ thr nr~t mu~lg.,Kr ~n.u~.~n;r prcmium i( thi, ~n.~rumrm .mJ ~hr
nutr ~rcurrJ hrrrhp art in.urrJ. ur a munthly ch:~rgr lin I~ru ut u mungagr ~n.ur.~n.c prrmiwnl i( ~ht~ arr hrlJ h~ ih. Srrret:~~~ ~~f •
N~~u.ing anJ Urban Ikvrlupmrnl a~ folluw~: .
111 anJ .i~ I~~ng ~..aiJ nute u( r~ro Ja~r .~nJ Ihi. in.l~umrnt are imuttd ur are rtimuirJ unJzr Ihr pru~ i.ium u( thr N.~ti~~n:d
. U.x~.ing Acl, an amuunl .ulfi~irnllu accumulale in ~hr hanJ~ u! Ihe huWtr unt 111 month priut 1u il. dur J:~tr ~hr .~nnual murt-
~;,ge imurancc prrmium, in .?rdar 1o prc?~iJr ~urA huWer wi~h tund. lu pay wch premium ta the StcrC~ary af Nuu.ing anJ
t~rban Ikvelupmrnt pur,uant lo ~hr Naliunal Nuu~ing Act. a. amenJtd. and applicabk Regulutiom thrrcunJrr, ur ~
1111 I( anJ w lung a~ wid nute of r~eo Jatt ~nJ thi~ imtrumtnt a~r hrlJ by 1ht Secrelary af H~w.ing end Urban Ikvrlupmrnt, a
munthly chargt lin licu ot a murt~agt in~iuanre prrmiuml w~hich ~hall t?c m an amuunt equal lo onr-INrI(Ih 111121 af i?ne-Iwl( .
i 1121 prr rrntum u( thr avrra~e out,tanJing halancr Jue un the m~te rumputtJ M ith~wt taking inw arc~wnt drlinyurnrir+ ur
prrp:~) mrnh:
Ih! A.um ryual tu iht gruu~f rr~~x. it an}•, nr~~ Jue. plu. thr prrmium, that will nezl txcome Jue anJ payahk un pulici~+ uf fire and
othcr h:~r.uJ in.uraoce ci~vering 1he murt~;ag~til prupttly. plu+ Iaticti :+nJ ati~t~+menl~ nt~1 Jue ~?n Ihr mortgaFrJ prope~.~ lall a~ e~li•' ,
m:~trJ hy the mun~gcrl kc~ alt sum. al~raJy p:+id thc~ef~~r Ji~ idrJ hy the numt+er u( m~~n~M tu elap~e he(~xe ~~nt montA prior Ia ~F?a
J:~t~ hzn .uch ~;n~urni rentc, premium~. ta~t+. and a..e..ment~ will hec~~me delinyuent. ,uch wms to t+e hrW by mortgagee in trust
tu pay wiJ gwunJ rents. premiums. ta~t.. •raJ ~ptrial aa~C„m~nK::~nJ
tc1 -11! pay mrn1. mentiunrJ in Ihe twu prtctding.ub~ectium uf thi, parag~aph anJ :~II paymtnt. tu I.r maJe unJer tt~t notr .ecureJ here-
b~~ .hall hr ~JdrJ togeihrr anJ the a~regale amuunt therei?f ~hall t~e paid by Iht murtgagu~ each munlh in a~ingk p~y mrnl to he ap-
p1i~J by Ihr murtg~grz tu ~he toll~~wing item. in the urder .rt torlh:
IU premium rharge~ un~ier thr cuntrac~ ut in,urancr Nith the Secretary uf Hix~~ing and Urlun Ik~tlupment. ur munlhl~ chargt
Ii~ lieu uf murtg:+ge inwronre premiuml. a, thc ra~r may t+e: .
1111 grounJ rrnh. ta~e., ati+r~~ments, fire_ and uthrr hatarJ imur.~nce premium~;
1111 intere+t un tht nute ~ccured hereby: and
(1 V 1 amunita~ion ut the priricipal ut ~aiJ note.
.\n~ defiriency in the amuunt o( .u~h a~;regate monlhly payment ~hall. unle~~ maJe ~,~xxl by the murtgagor priur tu thr Jur Jatr ut Ilx oev
.uch {+ay meM. conctiwte an evtnt o( Jefault undtr Ihi+ mi?rtgage. Tht murtgagr~ may cullert a"late charge" not tu rsreed twu tem~ 1_'c) for
e:+.h J~~II.~r ISI ? of earh payment mure than fi(tern 115) Jay~ in arrear. to cover the r~tra r~~+rn,r in.•ul.•eJ in haoJling drlinyucnt paymrnh.
"~hat i( the lul~l uf the paymrntc maJe by Ihe murtgakor under 4A1 of paragraph ' prcceding ~hall txreeJ Ihr amoum ot thr payments
a:tually m~Je hy thr morty,agee. fa~ gwunJ rentc. ta~e~ :~nJ a+.essment~ anJ imurance prcmium~, a. ~he ca.e m:~~ i+t. +uch erce+, al the op-
tion of the miutg~gre. ~hall_ br crrJitrJ on mb~eyucnt paymenh to ht maJe hy the mortgagur. ur re(urulrJ tu the mortgagor. 1(. huwc~~er. the
munthly p•ry menl. maJc by Ihe mor~gagur under lM of paragraph 2 preceJing ,hal) nut t+e cutTicient tu pay ~round rrnis, tate. anJ ac.ec~mrntc
and imuranre prrmium.. a~ thr ~a.e may F,e_ when the .ame ,hall t+e~ume Jue anJ p•ry~bk. then tF~r mung:~gur .hall p:~y to ~he murtgagee any
amuun~ nece~+ary tu make up the Jefirirncy..m ~a hetorc the date Nhen {+ayment ot wch gruurxi rents. ta~e~. a..e.cmenis_ or inwrancr prem-
iumc ~h:dl t+e dut. If at any temr Ihe mortgagur ~hall tenJrr to thr murtgager in xcurdanre wi~h the provisiuns ~~t thr note secured hereby. tull
~wymrt~t uf ~he entire indebteJne.. ~epresented Iherehy. the murtg:~ger .hall. in romputing the :~mount o( .uch indebteJaes~, creJit to the ac-
c.wm uf the murt~gor all paym~nt, made under the pra~ i,ions uf 1~? of paragra~+h 2 hereof which the martg~gee ha, not hecome ~t+liy,:~teJ to
pry lo the Scrretary of Hou~ing anJ Urhan Developmrnt and any halancr remaining in the tunds accumulatrd unJer thc provisions ~if 1 M ot
wid paragraph If tFKre ~h•rll be Jetault under any ot ttx provisions of thi+ mortg•rFe, resulting in a public sak ot ~he prrmi.e~ .wrred hire-
ty~, ur if the murtg:?gee arquirec the property othera iu after def~ult, the murtgagte shall ~pply, at the time ot tht com~tncement u( .u~h pr.~-
ceeJings or a11he timr ttx property is othtrw ix acquired, the t+alance then remaining in the tunds accumulated u~xier ( b) of paragraph ~ preeed-
ing as a~redit a~inst t1x amoum ot principal then remaining unpaid under said ni.te and shall properly adjust any payments which chall have
txen maJr urnler la) of wid paragraph_
That hr w ill pay aU ta~e~. a~~e~+menl~. w ater ratc~ anJ other gurrromtnt:J or municipal chargec. fine~. or impo+itionc. for which pro-
vi.iun ha. nut hrrn m:~Jr hereintnforr_ anJ in Jefault there~~f the murtFagee may pa~ thr .ame: :mJ th:it he w ill prump~l~ Jelivcr thr ufticial
recript, therefar to the murtgagrr.
That he will permit. rommit. ur wtier ~o w;~tite. impairment. ix deterioration uf +aiJ property or am• pan Ihereof: and in Ih~ evenl ut the
failure ut Ihe mortga~;or tu keep the building~ i.n wiJ premises artJ tho,e to t+r erected un wid premisr~. ur improvrmem. thereon, in g.xHi re-
pair. thr mortg:~gee may mrke ~uch repair~ a+ in its di~cretion it may Jerm nececcary tor 1he proper pre~en•ation thereo(. anJ the (ull amount of
each :mJ every ~uch payme~t .hall hr immediately due anJ payabk. and ~hal! be securrd by the lirn of Ihi~ mortgagr.
6. That he will ~+ay all anJ +ingul:~r the rocts_ chargec, anJ e~pensex, including reasonabk lawyer'c (ee~. anJ cust. of ab.tracts of tide_ in-
. currrd ur paid at any time by the mortgagee txcausc of the f:~ilurc on the part of 1he mortleagor promptly and (ully tii ptrtorm the agreements
anJ co~~enants of caid promi,cor}• note and thi~ mortp.age. and .aiJ rocts. chargec. anJ e+.penus tihall t+r immediately Jue ard p:+yable anJ tihall
be ~ecured bq the lien ot this mortgage. •
7. That hr will keep the improvements riow e~i~ling or hrrcafter ererteJ on tt?e mort~aged property. in.ureJ a~ ma~ hr required fram time
u~ time by Ihe mortgagce agaimt bti~ by fire ~nJ other hazarJs. casu•rlties. and cuntingenciex in such amuunh and for ~uch ~+eri~xi+„ mr~ hr
,i requirrd hy mi~rtgagee. •rod will pay prompUy. when dur. any premiumc on wch imur:+nce for paymeni uf which provi+ion ha~ not t+een maJe
E f?ereint+e(ure. All in.uranre ~hall be carrieJ in cumpanie+ -rpproved by mnrt~ge~ anJ the pulicie~ and reaewatti there~~i ,hall he hrld b~ murtg:~-
; grr :+nJ have att~chrJ thereto ~ocs payahle clauses in tavor ot anJ in form acceptable to the mortgagee. In e~•ent of loc~ he w ill gi~e immrdi:+le
E nutice by mail tu mortg:+gee. ~nJ mortg:~ee may make prouf of Incs if na made promptly by mort~tor_ anJ each in.urrnce comp•rny ron-
j cerneJ i, hrreM• authorir.ed :+nd ilirected to make paymeot (ur +uch k»s JirecUy to mortgagee imterd of to mortgagor anJ murtgagee jointly.
E 3nJ the inwra~ce pnxerds. or any F+art thereof. may t~e applied hy mongagee at itc option either to the redurtion of the indeMeJne~c herehy
cecureJ or tu Ihe re~turation or repair ot the property damageJ. In event of toreclo+ure of thi~ murt~ge ur uther tran+(er of title to the murt-
's gaKed pruperl~ in e~lingui~hmem o( Ihe indebteJnes~ secureJ hercby. all right, title. :+nd interett of the mortg:~gor in anJ to an~ inturance poli-
3 cie, then in force ~hall pa~c to the purch:~tier or grantec.
~ x_ "fhat if the premicts. or any part lhereof. hr condemneJ unJer any power o( eminent Jumain. or acyuired for a public u~e. the dama~e..
~ proczeJs, anJ the ronsiJrration (or such :nyui,ition.lo the e~trnt of the full amuunt of indehteJne~. u~xm thiti ~torlgaga and the No1r crcur~d
~ hereby remaining unpaiJ. are hereby a~~igneJ by thr Atortgagor Io the blixtgagee anJ .hall be paiJ forthw~ith to the Alortgagee to be :+pplied by
it on arcuunt of ~he irxleMenetis secured hereby, whether due or not.
~ `i. 77iat the mort~gee may. at any time penJing a suit upon thi. mortgagr. apply to the coun having jurisdicti~n therco( for the appoint-
~ ment o( receiver. anJ wch c~wn shall forthw ith apM~int a reeeiver o( the premicec covered hereby all anJ singular, incluJing all and singular
~ the income_ prohtti. i~wr~. and re~enue~ from whatever source JeriveJ. each and every of which. it lxing e~pre~~ly unJerct~xHf. i~ hereby
7 m~~rtgageJ a. if <<+ecifically ~e~ (~~nh and de+critx-d in the granting anJ hat~rnJum clauses hereof. and ,uch rec~iver shall have all the bn~ad and
~ etirctive functions anJ M~werc in anyw ise emrus~ed b~• a cix?rt to a receiver_ anJ such appuintment ~hali ix m:~da ny~ .uch cuun an admittrJ
~ ryuity anJ a mauer of ah.~~lute righ~ to vrid morty~gee. anJ vrithoul reference to the :+deyuxp or inadequacy ot the valur o( the pri~perty mart-
~ ~::~ged nr tu the ~ulvency or im~~lvrncy of ~aiJ m~~rtg:+gur or tht defendantc, aad that wch rent+. prufit~_ incume. i..ue.. and rrvenue..h:dl he
applied h} wch receiver acc~xding to lhe lien of Ihis mort~wge and the practice of such eourt. In the e~ ent of ~ny default un the part ~if the mort-
- y:~gur hereunJer_ the mortgaror a~ree~ to pay to the mortga~,ee on demrnd ac a reaconahle monthly rental for 1he premi~e+ an rmount at kast =
eyui~alent to une-twelfth 11?1210( ihe a~gre~,ate o( the twelve munlhly imtallmtn[s p:iyabk in ihe then current year plu~ ihr actual amount of x
~ Ihe annual ta~c~. aticet+ment.. water rateti. anJ imurartce premium+ (or ~uch year not covered by the a(ore.aiJ monthly p~ymtnt+.
~ 111_ Th:?t la~ in the eoent o( aoy hrrarF'i~i thi~ mortgage ur defaud on the pan of the mortgagor. or 1 bl in the e~em ~hat any ut .aid .ums of
mone~ herein referreJ to he nut prumptly :~nd fully paiJ withiwt demanJ or nutice. or Ir~ in ~he erent that each anJ ever~ the ~lipulati~~n~.
agreement~. runJitionc. and cm•en~nh o[ .~id ni?te anJ thiti monp,age. •rre not July_ promp~ly. and fully ~rformed: Ihen in either or any wch
e~en1. Ihe wiJ a~f;rtgate .um menti~meJ in .:wiJ nute ~heo remaining unpaiJ. with interesl accrued ~o th:+t time_ and all moneys secureJ hereby.
~ ~h~ll herome Jue and payahle forlhw ith. or Iherea(ler. at the optiun of said mortgagee. a> fully and cumpktely ac if all ut the ~aid ~um~ of mon-
:y werz ~~ri~;in:~Uy ~tipulated to he paiJ on wch J.ry. anything in wid nae or ~n this mortpage tu the conlrary no~with.taaJing: ~nd thereuRwn or
3 thrreafter. at the optiun of ~aid murtga~ee. wi~hout nutice or dem:+nd. ~uit at I:+w or in equity. may he pro.ecuted a~ i( all money~ ~tcured hrre-
~ h~ baJ maturrd prior to itc imtiwtion. "Ihe morlgaEee maq (orcclo~e thi. mortgage. •r~ to 1he ~mounl W JeclareJ due and payehlt. and the ~aiJ
~ premi.e..hall he solJ to ~.~ti.ty anJ pay the ~ame togethrr with costc. e~pen.es. anJ aII~~Nanceti. In ca~e of partial torecluwre of thi~ mortt;age.
' the mortga~eJ premitie..hall be ,uld ,uhject tu thr amtinuing lien i~t Ihi~ m~~rtgaRe (ur Ihe amaum of Iht debt not then due and unp:~id. In wch
~
~ ratie the provi~ion~ of thi. paragrrph may ag:+in he a~ aileJ o( therea(ter from timr to timc by ~he morlp.agee.
~ I 1. Th•rt Ihe murtgagor +?iU Eive immrJiate notice by mail to the morlgagee u( a~y~ com•eyance. tram(er. or change oi owner~hip ot the
~ premi4e~.
'fh:u no waiver of any covenant herein or ot the oh6~rlion ucured hereby ~hall at any time ~herea(ter t~e heW to be a Nai~rr of Ihe
i~ term~ hereot or o( the oole cecured herchy.
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