HomeMy WebLinkAbout1008 ' 1 ha~. in anlrr mu~r (ulh prutrct ihr .r:unl~ ~~f t~~~ mung.,~;~. Iht iuuii~;.i~;.~r. t.•gr~hrr M i~h..u?J ~n aJJiUun tu. Ihr n~nnihl~ p.~~ mrnl~
unJrr thr trrm. u( ~hr nutr .r~utaJ ha~rhy. ao Ihc tir~t J.~~ u( r~~h nwnth unul Ihr..iid nutr i. (ull~ paiJ. w~ll p.~p tu thr muc~~:.,~;cc Ihr fulluN-
~n~; .um~:
lal ,-~n amuunt ~ulTiiicol tu pru~idr lhr h~~ldrr hrrcut wiih (unJ. tu pa~ Ihr nr~t mutlga~;r ~muranrr prrmium i1 ~hi. m.~~umrn~ .~nd Ih~
nutr .rcurrJ hr~rh~ :ur u~.ured. ur munihly rhar~;r un liru u( ~ mur~~;a~r in.uranr~ prrnpun?1 i( Ihr~ :ur hrlJ h~ ihr lrcirtar~ u(
. Huu.ing anJ t'rban ik~ rlupmrnl (ulh~w.:
111 It anJ .u lung a. +aiJ ~iute u( r~~~~ J.~Ir anJ Ihi~ ut~trumrnt .ur in.u~cJ ur :~rr rcimutrd unJtr thr pnwi.ivm u( Ihr tiau.~n.d
H.Ki.h~~; Art. an amuum .uffir~rnt 1.~ arcumul.~tr i~ ItK hand. uf Ihr huldrr unr 1 I I muMh priur lu it. dur date th~ annu:J murt-
ga~;r imurantr p~rmium, in utJrr 1o pru~iJr w~h hulJ~r with funJ. tu pay .u~h prcmium tu ihc tir.rt~ar~ u( Nuu.ing anJ
l~rha~ Ik~rlupmcnt pur.uanl tu Ih< Naliun:~l Huu~in~ Act. a.:,mrnJrJ. :~nd :~pplirahk Rrdulatium ~t?CrrunJrr. ~~r
1111 If anJ w lung a~ .aiJ nutt uf r~cn da~r ~nJ ~hi. imuumrn~ arc helJ hy 1ht tircrctary at H~w~ing anJ lhban Ik~rlupmrnt. a
m.~nthly chrrgt lin litu ut a murt~;.~~ imuran~t p~cmiuml Nhich ch:dl 1?r in :~n ana~unt,tyu:~l ta unr-~Hrlhh I lf 13! uf unt•h:~lf
11!'_1 ptr crntum uf ~hr a~cragr uuh~andin~ halan~r dur :,n Ilx nwr ~umputrJ wilhuut lal.in~; inta acruunt drlinyurnrir. „r
p~rpa~ meot~: .
Ihl ~.um ryual tu Iht eruunJ rrnh. any. nr~~ .lur. plu~ 1hr prrmium. ~hat ++ill nr~t tx~.umr Jur and pa~ahlr un pulicir. of tirr and .
uthrr ha~ard imutan~r ~uvrring thr murtgag~J pruMr~y. pluc 1a~rti :md a..r..men~. nr~t d?~r on tl?r m~~rig;~grJ prupcrty lall a~ e.ti-
m~trd b~ the mun~grr! k++ :dl ~um. alreaJy {+aid ~hrrrtur J~~ iJrJ by th~ numhrr uf munth.lo cl.~p~e t+etorr une muath prior to ~hr
Jate whed cuch gruurxl rrnt~. prem~um,. I:~~r.. anJ a,~~~.mrnh w ill hr.omr Jrhnyu~iu. ~u.h wm~ ta t+e heW h~ murt~:agrc io tru.t
lo pay wiJ gruunJ rrnl~. pr~mium.. 1a~i..:~nJ .prc~~l •r~.r,.~nrn~.: anJ
1~ 1 All pa~ ment+ mentiunrJ in ihc ; rrcrding.ub.rctiunti u( Ihi~ paragraph anJ :JI pa~ mrnt~ t.~ t+c maJr unJrr the nute ~ecurrJ h~r~-
by .hall he added tugether anJ ~hr :+~;l;rr~:atr :~muunllhrrruf +h:dl t?r paid hy th~ m.~rlgagur each munth in a~ingle pa~ mrnl to hr ap-
plitJ by thr mur~gager tu tht (ollou ing it~m~ in Ihc urJar .rt funh:
111 prrmium ch:ugc~ u~xler thr cumracl u( inwrancr w ith thr Srcrrtary ut Huu.ing anJ Urhan ikvrlopmrnt, or munthly rhargr
lin liru ut mung~gr imurance prrmiuml. a. ~ht r:~+~ map hr:
(II) ground rrnl,. ta~e.. a~+r~.mtntti. firc. and uther hairrd in.urancr premium.:
1111 interr~t un ~ht ni~te u~ureJ hrr~h~
;:md '
UV) amortitatiun uf Ihe principal uf ~aiJ note.
:\n~ Jeficiency in the amount u( ~uch :~rc~:~t~ munthly pa~ mrnt .hall. unlr.. madr g~xKl hy ~he mungagur prior to thr Jur d~te ut thc ne~t
wch pa~ ment, cu~~titute an evem ut default under thi~ m.~rtgagr. 'Ihe mur~~;agte may cuUrcl a"1~~~ chargr" nut tu e~~ecJ twu rent. ;?c) tur
rach Jullar ISI l nf ra~h paymtnt more than fi(tren 11 ~1 d:ry. in arrear. tu ~uver 1ht r~tr;~ r~prn.e imol~ rd in hanJling Jrlinyurnt pa~ menh.
3. 7hat if the total ot thr pa~mrM+ made b~ thr mort~;agur undrr 1h1 uf paragr~ph ' prr«Jing ~h.Jl e~reed 1h~ amuunt uf Ihe paymrntti
artually mada by ~he mortg~grr. for grourni rent., ta~r~ and a..e+.mrnt. anJ in.ur:mcr prcn?ium.. ~hr ~a.e may t+e. .uch e~ce~. a~ the up-
tion uf the mortg;tget, ~hall. lx rreJit~f un wb~yurnt pa~ mrnt~ tv hr m~Je h~ the m~~ng,ag~~r. ur re(undrd to ~he mungagur. If. huwe~er. the
monthly paymCnt~ made by the mortgagor urnirr 1 h) ot par:+gr:+ph ? prec~ding .hall n..t hr ~ut6cirnt tu pay ground rent~. taus anJ acsescmentc
anJ inwr~nce premiums. at the ra+r may ix. whcn thr .ame .hall btcumr duc and pa> ahle. then tFx mortgagor ~hall pay t~~ the murtgagee any
amaunt ~ectccary to make up thr Jefirienr}•. un ur txfore the d:str N hrn p.+~ mrn~ ~~f ,u~h grounJ rent.. t~tiec. ascessment~. inwrance prem-
iumti chall he Jue. f( •rt any time the mor~g~gur ,hall ttnder to Ihr murtgager in arcotJ:~nrr with ihr provieions of the note cecured hereby. full
paymenl of the cntire indehtcJn~., rrpre+entrJ thereby. thr m~~ngag~c .hall. in c~~n~puting Ihe amount ot curh indrMeJnes~. rrtJit ti. Ihe ac-
count o( the mortgagor all pa~ mrnt, maJr unJer ~ht pr.» i~ium u( ~ a) ~~i paragraph ' hrre~~( w hirh the m~xtg:?gee has not txtiome ohligatrJ to
~vy to the Secret:+r}• of Huu.ing and Urban I~vrlupment ~nd any balanr~ rrmainin~; in ~he tu~J. accumula~ed unJer thr pro~•i+iuns of (M uf
,aid paragraph'. If there shall be a Je(ault under any of !he pruvisiom of Ihic m.?rty:~ge, resulti~ in a public ~ale ot thr premi~r. ro~ ered herr-
by, or it Ihe mortgagee acyuires the pruperty otherw ise af~er default, tlx mor~~gee shall apply. at the time of the commrn~cmrnt u( ,u~h pr.~- •
ceeding. or at the time tht pruperty i. utherw iu acyuireJ. the balance then remaining in the fu~s arcumulated urxier Ib)of par:?graph' preced-
ing a credit :+gainsl the amount uf p~incipal then remaining unpaid utxler said nutt and .hall ptuper{y aJjast ~ny paymenK N hich ~h~ll have
hetn made urxler 1 a) of wid paragraph.
-3. "Th:d he will pay :JI ta~r.. a..e+~mrnh. Kat~r ratrs anJ .~the~ Euvrrnmental ur municipal charges. tinr~. ur imp~xitiun.. tor which pru-
~•iciun ha. not been maJr herrint.iturr. anJ in Jefault thereof the mur~~agce may pay thc tiame; and lh:u he will prnmptl~ Jeli~~r thr a16ci:d
rereipt. theref~.r to the mungagtr.
5. That he w ill permil. commit_ or .utier no w a,te. imp:~irment. ur Jetrriorati~~n o( .aid property or anp Mn thereo(: anJ in the e~ ent of Ihr
failure uf the mortgrgor to keep tbr huilJings i~n wiJ premi~e~ and Ihu.r to F+z erected on caiJ premi.e~. or impro~emem~ ~hereon. in g~K~J rc-
pair. the mortg:+gee may make wrh repain a. in it, JiscrNion ii may deem necr..an tor the pri~per pre+ervalion lhrre~~f. anJ Ihc full amuunt uf
rach anJ every ,uch paymem shall F,~ immedi:ueip due anJ payahk_ and ,hall he ,ecurzJ by thr lien oE thi, martgage.
6. That he will pay all anJ ~ingular the cu~t~. charge,. anJ e~{+en~e~_ incluJing rea~onable lawyer's feec. anJ c.»ts ot ah~trart~ of title. in-
~~~~.rd or ~aiJ at any time by tlx mortgagee hetauu of th~ (ailure on the pan ot the m~~rtgrgor pr~~mptly and tully ~o ~+trfurm the agreement+
and covenant~ of w?iJ promi+,or~ nute anJ thiti murlgage. and ,aid ro~t~. charFt~_ anJ e~peme+.hall he immedfately due anJ payahle anil sh~ll
he secured by the lien of thiti mortga~r.
7. That hr will krep the improvement~ now e~i.tingor herta(ter erect~vl on the mortgaged property. imureJ a. ma~ t+~ reyuireJ from time
t~. time b~ the murlgagee .4.aincl Io~~ b)• fire anJ ~~Iher ha~arJ.. c:+~u:dtie.. anJ cuntingencies in wch amuunt~ and for such ~rial.:~~ m~~ h~
! reyuired hy mortgeger. :mJ w ill pay promptly. Nhen Jue. any pr~mium. ~~n wch incuranre for paymenl u( whi~h pru~ i.ion Fw+ oot t+ren maJe
t
~ hereinhefi?rc_ All inwranrr,hall i.e carrirJ in rompanie~ appro~ed hy mart~gee :,nJ the pulicie~ anJ renewal. thereo( ~hall be held M• mar~~a-
~ ~:et anJ hr~e attachtJ Ihercto I~~~~ pa}•able clauce. in (acor of and in tarm acceptabk to the mortg:~gee. In e~ent o( lu~~ hc will gi~~e immeJi~tr
nutice b)• mail to mongagte. anJ mortragee may make pr~wf o( locs if n~x maJe pramptly hy mortgagor. anJ earh in,urance c~~mpan~• con-
` cerneJ i, herehy authurited anJ directed tb make payment for wch bss JirecUy to mortp,agee imtead at Iu mortgagur a~J mort~;:?gee juinUy.
anJ ~he in.ur:~nrz pr.xeeJt. or :,ny p:~rl thereo(, may t+e applirJ by morlg;~grr :+t it~ uption e~ther to the redurlion uf the inJebteJne., hereby
s ,ecured ur tu ~he re~taratiun or repair .?t the pruperty dama~eJ. In evem o( fi.rerluwre of thi~ mongage or other tran.fer ot tillr to the murt-
~i gagrJ pro~rrty in r~tingui.hment nf Ihe inJehtrJne.. srcureJ hrrehy. all righl. title. anJ intere.t uf the murtgagor in anil to any~ in.ur:mc~ M~li-
€ ciec ~hen in [oree .hall pa+. tu the purcha.er or gr:~ntre.
E R. fhal it the prrmi~ec_ or any part thereut. hr cunJemnrd unJer an} ~~w er rminent domain. or acquireJ for a public u+c. thr Jam:~ge..
~ prurrcJ~. and the con~iJrralion tar .uch aryui.itiun. to Ihe e~tent o( thc fult amuunt uf inJehteJne~~ u~m thiti ~1ort~:aee. anJ the Nute .ecurcJ
~ herrhy rem:~ining unpaid. are hrrrb~ ati~igned bc 1he ~1ort~;agor tu thc ~turtg:~gce anJ ~hall t?e paiJ (orthN ith to the !11urt~gee tu t+e appli~d h}
' it un arcount o( the inJebtene~+.~currJ hereb whe~her Jue ur no~.
H y.
§ y. That thr m~~rtgagee may. at am timr {~nJing a wit uFx~?s thi. m~~rtgage. applq t~~ the court having juri.Jicti~~n thereuf tor the appoint-
~ ment u( a receiver.. and wnc ~ourt shall forthw~ith ~ppuint a receicer i~t Ihe premicec covereJ herehy all and .ingular. including all and ~incular
~he inc~~me_ prufit~. i.,ue.. anJ revenue+ frum Nh:drver cource deriveJ_ each and evrry i~( which. it tx~ng e~pre.,ly unJer.texxi. i~ hrreby
~ m~~rtg:~grd ii ,perificallp ~et torih and JruribeJ in Ihr g:antiiig anJ hat?rndum clauu~ herei~[. and weh receiver shall ha~e all the hrord anJ
s etlr~ti~e function. and puwer+ in anywi,e enlru.trJ h~ a c~iun Io a rrceiver. anJ wch ap~x~intmeot tih:Jl t+e maJe hy ~unc ~~.urt an aJmitteJ
~ equit~ and a matter of ah.olute right ~u wid mortgagre. and with~wi refere~cc to tl?e adeyuacy or in:afequ:n~ uf iht value of ~hr propeny mun-
~ g,~~;~d ~~r tu ~hr .~+I~rnry or inwhrn~~ of .:~iJ murt~:atur ix the JefenJ.~nt,. anJ that wch rent.. profih, incomr. i..ue~_ :md rc~enur. .half he
~
applied h~ .uch receiver accorJing to ~he lien ot Ihi~ mortg:+ke and Ihe prartice of +uch awrt. In 1he event o( any det:~ufl un the pan uf the mort-
gagur hereunder. tF?e murtgagor agree. tu pat tu the murtg:tgee u~ d~m:~nd ac a reacon;~hle monthly rental (or the premi.e, an amuunt at least
eyui~:dent to une-iwelfth 11; I?1 uf the acgre~ate uf Ihe tw~he m~~nthl~ in.t:~lfinent. p~yahk in the then current year plu. thc a~tual :~muunt u( .
' the annual t.+ve~. ati+e.smenh. w:~trr ratr.. anJ imurance premium. for wch ~~ear not cu~ered t~y the ~(ure.aiJ monlhly paymenh.
~ tll. That I:q in thr evem i~t am~ bre•rch uf Ihi. murtgagr or deLw11 ~~n the part of Ihe murtc~gur. .x 1 M:n the rvent th:u anp uf v~iJ wm. ot
~ m~~ney herein refrrred ta hr not pre~mptll :inJ full} p:~iJ withixit JemanJ or nutice. or Icl in the ~vrnt that each .mJ e~rn Ihe ,tip~lation..
$ :~~;rrcment+. r~~nJitiom. anJ rovrnant. af .aiJ no~e anJ thi. murtg:~Fe. are nol July. prampUy. anJ (ully pcrformcJ: ihen in cithrr ~~r any wch
~ e~~m. Ihe .aiJ a~;~rrr~:rte wm mentiuncJ in .:~iJ nutr Ihen remaining unpaid. with intrre~t :~crrued to that time. anJ all mone~•~ .ecureJ hereh~.
~ .hall hrcume Jue ~nd pa~.shle (orthw ilh. vr Iherr:~(ter. at the optiun ot tidiJ murtgagee. (ull~ anJ rompletel~ a. it .dl of the ,aiJ wm. u( mun-
r~ were originally ~tipulatrd to t?e p:~iJ ~~n .uch Jay. anything in xiid ootr or in thi~ mortp,a~e ta the contrary notw ilhtilanJing: anJ therruM~n ur
thereafter. :d the uptiun o( .aiJ m~~rtgaEer. withuut notice ~~r Jem.+nJ..uit at taa or in eyuity. ma~ he pru.ecuteJ a. if ,JI money. ~ecured here-
_ hp had matureJ pnor to il. in.titutiun. "fhr mor~E.~~:~e may fureclu~e thi. mortgage. a. to the amount .o Jeclared due anJ pa~ah{e. and 1he raiJ
> premi~e~ ~hall he ~uld to.:,ti.fy :~nd p:w thr .:~m~ tu~ether wiih co~t~. c~pense•. anJ alluw:~ace.. In ca~e o( p~rtial foreclu~ure of thi~ mt~rt~:age.
; ~he murlg~FeJ premi~e~ .hall t+e .old ~uhiect t~~ thr coniinuih~: lien of thi~ murtEagr tur the :~moum of thr debt ~ut IF?en Jue anJ unpaiJ. In wrh
~
r.ne the pru~ i,ion. u: thi~ para~:raph may a~:ain hr a. ailcJ therea(ter fri,m time a. time hp the mortgagce.
I I. That the mortgagor will ~i~e immrJiate notice hy mail t~. thr mur~Ea~:ee of any cunve~ance. tran.(er. ur changz u( ownenhip of the
~
premi.e~.
^ 1?. "fhat no wai~er of :~ny cu~en:uit herein ar at the ohli~::yUun ~eciqrJ herehy .hall at any time thrreaf~er t~e hr1J ti~ he a waiver of ~he
term~ hereof or i.( the notc ~ecur~J herch~ .
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