HomeMy WebLinkAbout1168 v 2. 'Thrt. in urJer murr full~ to prutrct ~he ururity u( ~hi~ mo?tg,y~e. Ihr murtgadur, t~~rlhrr witA, anJ in aJJitiun w. ~hr m~~n~hly p:+yments
u~der tht ttrm, ~~t the nute ~ceured hereby. on thr fir~t day of t~ch munlh until the ~•rid nwe ic (ully paid, will ~y to Ihe mun~;.~grr tFir (ollow•
ing.umc:
la) .An amuun~ wfricirnt tu pru~i~k Ihe hulJar hrrru( with funJ. ta pay Ihe nrr~ mun~e imurance prrmium it ~hi. in.uumtnl :~nJ Iht
n«1r ~trured herehy art inwreJ. or a mun~hly ~hargr lin liru ot a murtgagc inwranre premiuml it they arc heW by Ihr Secrtt:uy of
Nou.inganJ Urb•rn ikvtlopmenta+tulluw~:
11) If anJ u~ iung a~ saiJ nalt uf evtn Jalt anJ thi~ imuumtot ate in~ured or are rcinsured unJer Ihe pruvi,iuo~ ot tl?e Natiunal
~ , ~ F,~uu>jns Act. an amount wfficient lo accumulate in the hanJs ut ~he h~~IJer ane 1 U month pria to i1s dur datr 1he annual mort- , ~
y,:?ge~inwrance p~emium, in wJer tu pruvide wrh hulder with iunJc ~o pay wch premium tu the Secretary of H~w.ing anJ i
Urban Ikvel~ipmcnt purcuant to ~he National Nousing Act, a~ ame~ded, artd applicabk Regulation~ thereandes; ar *
111) If anJ w bng ~c wid nwe of e~•en Jale and thic in~uument are held by ~he kerc~ary af HcwUng and Urt~an [kvelupment. a
mantAly rharge lin ficu ~f a mortgage imuran~;e p~rmiumLN Airh ~h~ll be in ao amonnt eqaal.lo one-tweU~h 111121 of one-half ;
(If-'1 pe~ ~e~tum a( the average wsulrnJing t~a{an~~e dut un the nute cumF:~ted wilMwt taking intu account Jelinquenciec ot `
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~ prepaymrnt~:- ~ ~ ~ ~ • • ~
Ibl A~u~n equ•rl lu IAt grounJ rrnt+, if any. nett Jut, plu~ lhr prcmium~ Ih•rt will nett becume Jut anJ payabk on policies ot firt and ~
ather haz•rrd imurance cuvering the mortb~agal property, plus ta~es and assessmtnts next due on Ihe morlgageJ property (all as esti-
mateJ hy thr m~~rtbaget) kss all sums ahe~dyp•rid the~eti~r divided by the number ot-~?la~Ms to e{apse betore one month prio~ lo the ~
d:+:e when weJ~ ~ruunJ rcnts, premiumc. ta~ec. anJ a.ceti~ments will lxcome delinquent. wth sums Ia be held by mortgagte in ttust
to pay said Sround rents, premiums, taxea, and .pecial a~se~sments; anJ
lc! All payme~ts mentionai in tlx two preceJing ~uhsectium of this pa~agraph and'll payments to be made under the note ucurcJ ~ere-
by ~hall be aJJeJ togethe~ anJ the a~ereg•rte amuunt thtreof shall he paiJ by the murtgago~ each month i~ a~ingk payment 1a be ap-
plied by Ihe martgagte to the tulbw ing itrmx in the urJer ut farth:
111 premium rhargeti unJer tlx contract ot imuranre with Ihe ~retary ot Huusing anJ Urb:?n [kvtlupment. ur mon~htp charge
Ien lieu uf mortgage insuranct premium{, as the caxe may be:
1111 ground rents, ta~cs, asscssments, firt, and o~her h•rzarJ insurance premiums:
1111 interest un the nWe securcd hereby: and ~
lIV1 amurt+zation o( the ptincipal of s~id note.
Any Jeficiency in the amount of such aggrcgate munlhly payment chall, unkcc made g~wd by the mortgagor priur to the due date ut ttx neat
wch p:+yment. c~~mtiwte an event uf dtfault unJer this mortgagr. The mortgssee may c~~Htct a"late charge" nw to escttd ~wo centc 1-'c! fur
each duflar 131) of each p:?yment more Man fittten l15) days in :~rrears lo cave~ ~he extra e~peme imolveJ in handling Jelinyucnt payment~.
That i( the total of the payments made by the mortg:.g~x u+xfer lb) of paragraph prcccding cha{I e~ceed the amount of the Fayments
xwally made by ~he mortgagee. for gruund renu. tatie, anJ,acsessmrnts end insur.+nce premiume, ac the ca.e roey be. .uch e~cec~ at the op-
tiun of the mortgagce. ~hull. be creJiteJ on autMeyuem papments ro t+e maJe by the mortg:+gor. ~~r re(u~xlcd tu Ihe mortgsgor. If. however. Ilx
munlh{y paymenSs made by the mungagor under Ib) of parabraph 2 preceding shall no1 be suffirient to pay grounJ renlc, taxes and a~sessments
and inwrance prrmium~. ac the case m•ry t+e. ahrn ~he ~ame shall bcrome Jue a~J payabk. then the mongagor shall pay to the mortgagec any
amount oere+wry ~o make up the deficiency. on or before thr Jate when ~wyment of such grourxl rent~. taies, assessments_ or insurance prem-
iums ,hafl lx Jue. I[ et any lime ttrc mongagor xhall tender to ~hr mongagee in accordance with the provisiuns of 1he nolc securcd hereby. full
paymeat ot thc entire inJebteJne,s representevl thereby. tfie mortgager ~ha11, in rnmputing the amount uf wch indehtedness. credit to the ac-
count of the mortp,:+gor afl payments made under the pru~•i.i.~ns of 1:+) of paragr•rph Z hereot which the murtgagee ha+ not txcome obligated to
pay lo the Secretary u( H~wsing and Ufi•rn Uevtlopmrnt and any t+:il~nre remaining in tf~e funels accumulated undtr the provixions of Ib1 of
said paragraph 2. 1f tfiere shall be a deiault under any ot the provisions ot this mortgage, resulting m a public sak ot It?e premi.e~ cuvered htre-
by, or if the mortgagee acquires the p~ope[ty othe~veise after de[ault. lhe murtgagee sha11 apply, at the time of tF~e commrncement uf wch pru-
cceJings or at the time the property is ott~erv~~ise acquired, tlx balance then rrmaining in the funds accumulated under 1 b) ot paragraph preced- ~
ing as a credit against the amoum of principal then remainiog unpaid under saiJ note and shall pr~perly adjust any payments which sh:+ll h•r~e
been made under ( a) ot said paragxaph.
J. That ht x~ill pay all taxes, a«ec~me~ts. w~ater rates. and olher ~c.vernmental or municip•rl chargts. fines. ur imputii~ion~. iar which pro-
vi.iun h:?c n~q beeo m~Je hereinhefore_ ~nJ in Jefault thereo( the murt~::~gee may pay ~he ~ame: anJ that he wilt promptl~• detivec thr utficial
receipt. lhrretor to ~he murlgrgee. ~
5. That ht wilt permii. commit. or suticr no wacte_ impairment. or dtterioration ot saiJ property or any pan thereot: and in the event of the
failurc ot the mongagor to keep ~he buiWingc on wiJ premiuc and thou to he ercctcd on said premises, or improvement~ thereon. in gaxl re- ~
pair. the monp,agee may make wch repairs ati in its discretion it may dcem,nece«ary tor Ihe proper preservation thereof. and thr full amount ot
cach and every wch payment shall tx immediatcly Jue and payabk. anJ +hall t~e xcured by the lien af this mort~ge.
, 6. 'fhat he will Qay all and singular the costs. charges. and expenxs. including reasonabk lawyer'c fees, and cosls o( abstracts of title. in-
curreJ or paid at any ~ime l~y the mortgagee because ot the faibre on the pan of the mortgagor promptly and [ully to perform the agreements i
and covenants ot said promissory nute and this mortyage. and said costs. charges, and expenses shall t?e immediately doe and payable anJ sh~U ;
tx secured by the lien ut this mung~te. _
7. 'ilial he wil) I~eep the improvements nuw e~ictirtg ur hereafter erected on the morigaged property. inwred as may be reyuired irom Iime
to time by the mortgagee against loss by fire anJ other hazards. cacualties, and contingentiec in wch amountx and for wrh t+etiocl~ a~ may he f
1
required 6y mortgagee_ and will pay prumpUy. when Jue. any premiumc on such insurance for paymcnt uf which provision hac no1 txen m•rJe
hereinbetore_ Atl inwranre shaf{ tx carried in cumpaniFs approved by mort~tee and the policiec and renewa{s thereof shall t?e he1J by mortga-
gee and have attaclxJ therzto bss payabk clauus in favw of and in form acceptabk to the mortgagee. In event of {oss ho wiN give immediate
naire by mail to mortgagee, and inortgagee iAay makt proof o~ Iocs i( not made promptly by mongagot, and e~.h in~urance c~mpany con-
cerned is hereby awhorized and Jirected ~o make payment for sucb bss directly to mortgagee insttad ot to morip,agor •rnd mortgagee jvinUy.
and the inwrance ~+rocceds, or a~y part thereuf: may lx applieA by mortgagee at its option eilher to the reduction ot ~he iodebtedness hereby ~
secured or to tAe resturation or repalr of the property damaged. In event ot t~recbsure of~his moctgage oi other transter ot titk to ~he mon- _
gageJ pr..peny~ in e~tinguishment of the indebtedness secured hereby. all right, title, and interest uf the mortg:.gur in anJ to any insurance poli- ~
cies then in force shall pass to the purchacer or grantee. ~
8. "I'hat if Ihe premises, or any pan thereo[. be condemned uixler any pov?er of eminent dumain. or acquired fur a public use. ~he damages.
procerJs, and tFx c~~nsiJaa~ion for such acquisilian. to Ihe e~tent of the full amount of indehtednesc upon thi+ Mortg:?ge_ and the Nute s~cured
' hereby remaining unpaid. are hereby assigneJ ny thc l~fortgagor to the Mortgagee and shall be paiJ fonhwith tu ~he Morigaget to be applied by
it on account ot the indebteness secured hercby. whe~her Jue ur not.
9_ Thal the mortgagee may. at any lime pending a suit upon thic mongage. apply to the court haviag jurisdiction thereof for tfie appoint-
, meot ot a receiver. and such court shall fonhwith ap~int a receiver oi the premius covered hereby a!I and sin~eular, ineluding all and singular
the income. profits_ issues. md revenucs R~~m whatever suurct derived. each and every of which. it Rxing exprcssly urxlenuwJ. is hereby
, mort~ged a~ if s~?ecifically set torth anJ describni in Ihe granling and babendum clauses htreof. and such receiv6r shall Mav} all the broad and
dicctive (unctiuns and {x~wers in anywise entrusteJ by~ court toa recei~er. and such ap~soint~tlent shaU be_made by wch couct a~an admiucd
equity and •r matter of abwlute right to said morlgagee, and with~wt rcferenrt to tF~e adequxy or in.dequacy of the value ~f the property mon-
gageS or ti~ tht ~oher?cy or inwlvency of ~aid mortgagor or tlie defrndant~. and thal wCh rer~tc, prQfits: incume. it~utsi anJ revenue~ ~hall tx
applied by such receiver according to the lien of this mongage and the prac?ice of such court. {n tix event of any default on the pan oi the mort- ~
gagor hereunder_ the mortgagor agrces to pay to~F~e mortQagee on demand as a reasonabk monthly rental for Ihe premius an amount at kast `
zquivalent to one-Iwclfth 11/1210( Ihe a~tregate of Ihe twelve monthly installments payable in the tben currenl year plus Ihe aCtual amount of
tt?c a~nuel ~a~ec. atist~sments. water rate~. and inwrance premiumc for wch year not covered by the aforesaid monlhly payments. j
l0. That Ia1 in the event of any txeach of thi. mortgage ar de(ault on the part ot the mortgagor. or {b) in the eveat that rny of said wms of 1
money herein referred lo tx nol promptly aod fully paiJ witMwl demand~or notice. or Ic) in Ihe evenl that each and every the +tipulations.
aFrerments. conJitions. and c~?venant~ of caid no~e a~d thic mon~te. are nut July. promptly. and fufly performed: then in ei~her or any wch
e~ent. the ~aid a~tregate sum mentioned in .aiJ note then remaining unpaid. with interest accrued to ~hat ~ime. and all mont>~~ secured hereby.
~hall hecome due and payahk furthwi~h. or thercafler. at the uption of said mortgagte. as (ully and compktely at if all ot the ~aid sums ot mon-
cy were uriginally titipulatcJ ~o hc paid un wrh day. anything in said note or in this mortgage to the contrary nWwithstanJing: and thereupon or ~
tihereatter. a~ the option of said mongagee. Ni~h~wt notice or demand. wit a1 law or in equily_ may bt prosecuted as if all moneys secured here-
by had matured prior to itc instiwtion. The murt?agee may torecbse this motigage. as to tt~e amoum so declared dut and payabk_ and the saiJ :
premice~ +hall be +016 to .atisfy anJ pay the .ame togelher with costs. espen~es. and allowancec. In case of partial foreclosure ot this murtgage.
the mortgaged premities sball be wW whjec~ to the cominuing lien of Ihis mort~e for the amuunt o( Ihe debt not then due and unpaid. (n wch
cau tfie provi~iom of this paragraph may ag•ain he avaikJ of thereafter irom lime to time by the m~rtgagte. %
I 1. Tha1 the mort~tagor will give immeJi~te notict by mail t~ the mortgagee o( aoy custiveyance. lran~ter. or change of ow•nership of the '
premict~.
1?. That rto waiver of any covenant herein cx of the oblip,atian ucured hereby tihall at any time thereafter bt htld to be a waiver oi ~he
. termc hereot~c+r ot the note u+:used hereby. , • r} R~,3g 1166
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