HomeMy WebLinkAbout2088 ~I h.~t. in ~~rdtr m.~rc (ully t.~ pr.~tect the .r: uru~ u( th~. mun~:agt. tAC m~~ng~u~. w~;r~hrr w uh, and in adJiu:~n Io. the tn~,pll~~ p~) mrnl~ ;
unJrr tht term~ uf thr ~~tdr .r~urrd hc~tby, un Ihr hr.1 Ja~ af r:+.h munlh unul ~hr .~iJ natr i~ tuU~ p.~iJ. Mill pay tu ~he muritt.~Ej th~ tuliuw•~ '
~ng uum:
lal An am~unt .ulfirirnt tu pro~iJi ~hc h.~IJrr hrrru( wi~h tw?J. t~~ pay ~he ne~1 murtg:~~;e in.uranrr prrmium it tAi. in.trumrn~ :mJ ihr
n.~te .rcurtP ubtrb~ :ur in.urcJ. ~a a munthly .hargr lin liru ut a mung.~gr inwtance prcmiuml i( thry arr hrlJ hy ~hr tircrr~:u~ uf
Hw~~ing ~nJ UrAan Ikvelupmrnl a. (ulluw~:
IU It and ~u lung a..aiJ nutr o( rv~n Jatr anJ ~hi. in,trumrnt arz inwreJ or ~rr reimurrJ unJc~ th~ pro<i.iun. o( ihr [~atiun:~l
~ Ffiw.in~ ~cl, an amuunt ~ufficirn~ ~u accumula~e in ~he hanJ+ ut IF?e h~~IJt~ anr 111 mun~h priur tu ih due datr the annu:d m~~r i-
gagc inwrance premium. in ~KJcr lu p~o~iJe .uch hulJrr wiih fund. lu pay ~uch prtmium to thr tie~rel~r~ u( Huu.~n~ anJ
Urbr~i Uevrlup~rnt ~rwapt to 1he National N~w+ing Acl. a~ amendeJ. :+nd applicabk Ktgulatiun. ihercunJrr. u~
IIU It and ~o long a. .aid n.~~e of eveo Jate ~nd this in+trument are heW by 1he ,l'errctary i~f Hou~~n~; anJ lhhan Ikvrl~~pmrnt.
manthly charge I+n liru o( a martgage imuranct premiuw! whichshall t+e in an amaunt equal ~o une-tw~ I(~h 111121 u( una•hul(
11f_'1 ptr ctnwm ~.t 1ht avzragr ~wt+~anJing ba~ance due un thr nute cumputed without ~aking intu a.~~wm delinyuencit~ ur
{urp:~y mznls: • • '
IA1 A wm ryu:d t.. the gruunJ rcnt,, i( ~ny. neat Jur. pluc Ihr prrmiums ~hat wi~! netl_becume Jue anJ payahle un ~x~li:ir~ uf fire anJ ~
ather ha~arJ inwr~nre r~~vering tht mur~gageJ properly. pluc ta~es and a~~e~.menls nr~l Jue on thr mortgagrJ proprrry fall ac e.li-
mateJ by ~he mongagtel kcc all sumc alrcaJy paiJ thrretor Jivided by the numher oi months to rlapce he(ure une munth prior to ~he
Jatr~when ~~xh 1truunJ renh. prtmiums. 1a~e.. •rnd a~.e+~mtots will t?e:ume Jrlinqurnt, wch wm~ tu he held hy m.~rlgag~r in uu+t
to pay wid gr~~unJ rznt~. ~?remiums, ta~ec, anJ .peci•rl a~~rs~menu; anJ _
Ic1 All payment~ mtntiunrd in Ihe two preceJing wbuctiunti ot thi~ p•rragraph anJ all paymtnt+tu hr maJr undrr ~hr nutr .r~ur~J hrre-
h~ .h:Jl hc aJdrd ti~;rlher ;md the a~;rrgalt amuunt Ihereut ~hall 1?r paiJ by thr murtgagor each munth in a.inglr p.~~ mem to t+e ap-
plirJ by thr murt~grr to ~hc (ulloN ing uem, in Ihe urJtr set totth:
IU pren~ium ch:~r~e~ unJr~ ~hr ~untract uf imur.~nre with the S~crr~ary uf Nou.i~ig and l`rh,m lh~rlupmrm, or m.~nthly rharge
Iin liru uf mortg-rgz inwranre premiuml. a.lt?e rasr may he:
IIU grouoJ rem~..tatic~, a..r++mrnt+, firr. and othrr hazarJ insurance premium.:
Illt intzrest on the note ucured hereby: anJ
tIV) amurtitrtion of thr principal uf wid nutc.
Any J~hciency in thr amount of wch :~regate monthly ~+ayment ~h:dl, unles~ madr g.wJ hy the mur~gagur prior to the due date ut ~he ne~t
wch paymant, constitute an ~~rn~ of Jefault unJer thi. mortgage. The mortgagee may culket a"I~te ch:~rgr" nu~ to e~creJ two rents;?c! fur
each dollar ISI) uf rach paymrnt mare th•rn fifteen 1151 Jay, in arrears to rover the ertra e~prnse iovulveJ in h:~ndling Jelinyuent p:iym~nh.
i. That i( tht tutal uf thr payment. m;~dt by ihr mortgagor unJtr Ib1 u( paragraph ' prtceJing ,hall etceeJ thr amuunt of tt~ payment.
:Kwall~~ maJe by Ilx mortgagec~ tur ground rent., ta~e~ anJ ac.e~smen~. and incuranre premium.. ac ~he c:+.r m:~y he, wch etiee+~ a~ ~hr op-
lion of 1ht murtgagee. ~h~ll. tr rreJitrJ un whseyurnt paymrnt~ tu br maJe hy tht mortgagur. or refunJrd tu the mortgagur. If. huwevrr. thr
monthly p:~yments made by ~hr mortgatior unde~ 161 uf paragr•rph 2 preceJing .hall not hr ~utficient tu pay ground rents, ta~es anJ :~sus,ment+
anJ imuranrr premiums, a.1he ca~e may tx. when thr wme shall ixcomz Jue anJ payable. then ~he m~~rtKagor shall pap to the rrc?tgagre an}•
amuunt nece.+•rry t~~ make up the Jtficitnry. un or t+efore the Jatr N hen ~yment ot such grounJ rents. tates. assr~sments, u~ inwran« prem-
iums thall t+e Jue. If at any time the mortgagor +h•r111enJtr to the m~xtgage~ in xcordanre with the provisions ot the note secure•: hrreby, full
payment ut th~ entire indebtedne~. reprt~ented thereby. IFx murtg:~grr ~hall, in computing the amuunt of such indeMc-cinex. crrJit to the :~c-
cuunt u( the murtgag~~r all payments made undrr the provi~ionc oi 1:+1 oi paragraph 2 hereof which the mortgagce has not t?ecumr obli~~eJ ta
pay to ~he Srrrtt•rry uf H~w.ing and Urban Ikvelopmeot anJ :~ny balance remaining in the tu~xts aceumul:~ted under the pru~itiium of IM uf
wid paragraph'_. It ~here ,h~ll t+e a Jetault u~xier any o( the provicions of this mortgage. resultir?g in a public wle of thr premi.t. ru~ errJ herr-
hy. ur if the mortgaget aryuirec ~he proptrty utherwist atter detault. the mortErsgte shall apply, a1 tlx time o[ tFx cummenrrmrnt ut ,uch pr..-
ccedings or al the time the p~operty i. uthtrw iu acquired, the balance Ihen remaining in tFx fu~xls accumulated urxler 1 bl ot paraE raph'_ preced-
ing a. a credil against the amount of p~irxip•rl then remainirqt unpaiJ undtr said ~wtt and shall properly adju~t an~• ~?ayments Nhich ~hall have
heen made u~xfer 1 al ot said paragraph.
-f. ~FIJI I1C KtII (1:Iy JII IJ\l\. J1Gt1~fOC111~, M:fIC( fJICS anJ other governmemat or nunicipal charge.. fineti_ or imputiitiun.. fur which pr~.-
vi~iun ha~ not F+ren maJr hrrcinhrfarr, and in Jefault therrot Ihe mortgager may pay the ,amr: :md Iha! he will prumptl~ dcliver Ihe utficial
rrreip(~ therefor to thr m~+rtgagre.
That he will permit. ri~mmil. or wt{er no w a.te. impairment, ar Jeterioratiun ut .:~id pruperty ur any part thereaf; :~nd in ~he evrnt uf the
failurc of the mortgagor tu keep the huilJing, un wiJ premi.e+ ~nJ those to he ererlrJ on taid premi+e.. or impru~emrnt~ tF?ereon. in ~:.wJ re-
pair. the mortg:+gez may makr wrh repair~ a~ in i1. dixretion it ma}~ deem nece~.:+ry (or the proper preun:~tiun thereuf. anJ thr (ull amuiint ot
, e~ch :~nd every wch paymrnt .hall 1?r immediately due anJ payahle_ •rnJ ,hal! tx secured hy the lien "of Ihis mor~g:?ge.
6_ 71~at he will {w~• aIl and .ingular the co.ts. charKe~. anJ e~ptmet. incluJing rra+onable lawyer's tee~. ~nJ rosts i?( ah~tracls of titlr. in-
' cuneJ or paiJ a~ any time b}~ the mortgagee t+ecau.~ ot Ihe (ailare on the part ot the monp,agor promptly anJ (ully to perturm the agreement,
and ro~eoants of wid prumi~cor~~ ni~te and thic murtga~te. anJ caiJ cu.ts. chargts, and expenses shall t+e immeJiately due anJ payrble and .hall
lie .ecureJ by Ihe hen o( lhi~ mortgaFe.
7. That hr will kecp the impr.~~•ement, nuw e~i.~ingor hereatter erected on Ihe mortgaged property. inwreJ a~ ma} ht rcyuired frum time
to lime hy the murtgager again.t I.~., h~~ firc aoJ uther hatards, ra.ualtie., anJ contingenciec in wrh amuum, and for ,uch prriixi~ a. may hr
requireJ by r.:;xlE:agee. anJ wiif pay prumptly. ahtn due. -rny premiumti on wch imur~nre (or paymenl of which provi.iun ha~ oot hecn maJe
€ hereinfxf~~re. All imurance .hall br carried in cumpanir~ approveJ by mortgagee and the ~wlicie~ and renew ~l. thereoi ~hall t+e held by mortga-
j gee anJ have altached ~hereta I.~ti. pa~~able dau~e~ in favor of aod in (orm acceptabk ti? the mortg~gee. In event ot lu.~ he aili give immediate
~ notice b~ mail t.~ morlgagee. enJ mortpagee may mal:e pwof of bss i( notKnade prumptiy by mort~gor. and each incur~nce ci~mpanp con-
! cerneJ i. hrrehy authuriced ~nd JisecteEi t~. make paymeqt tor .urh k»~ JirecUy to mortgrgee inste:nl of to mortgagor .~nJ mortgagee joinUy.
~ a~J the inwrancr pnxrrJs, or any part thertof. may he applieei h~• mortgagee at itc optiun either to the reJuction o( the inelebteJneti~ herebp
cecured or to ~hc re~toration or repair of the property Jam:~ged__In event o( forecbsure a( this mortgage or wher tran~ter ot title to Ihe mort-
e ~geJ pruperty in r~tingui~hment uf the indehtednes~ ~cureJ herehy, a11 right. tiUe. and interest of the morlga~tor in •rnd to any imurance ~x?li-
t cie+ then in torct ~hall pas~ to the purclwser or grantee.
p 8. "Iliat i( the premises. ix any part thereot_ he cundrmneJ under am ~~wrr of eminent Jomain. or acyuired for a publir use. lhe damageti.
~ pn?nreJ.. anJ the ~onsideration tor cuch acyui~ition. thr e~tem ~~f the full amo~;:it of indebteJnecc uEwn Ihi, ~lortgage. ~nd the tiote serureJ
~ hereby remaining unpaid. are hrreby a~+igncJ by the ~tort~gor tv ~he Mort~gee anJ +h:Jl tx paiJ (orthwith 1o ttx Mort~gee to t?e applied by
4 it on acccwnt ot the indebteot...ecured hereby. whrther due or not.
~ 9. That the mor~~gee may~. at any timt penJing a wi~ u~x~n lhis mi~r~gage. apply t~. the cuurt having juri.Jiction there~~f fur Ihe appuint-
~ ment o( a receiver. and wch axsrt chall fonhwith apFx~int a receiver of tt~e premitirs co~:ereJ hereby all anJ singular, incluJing :~II and tiingular
~ Ihe income_ prufit~. iswec, anJ reve~ut~ trom whatever source JeriveJ. each and every of which. it heing t~pre.~ly unJentixxl. iti hereby
~ murtg~grJ a~ if ~perific•rlly xl forth and deuritxd in the granting and hat?enJum clauses hereof. .~nJ wch receiver shall have all the broaJ anJ
~ cNec~ive (unctiun, anJ {x~wers in anywise entru~ted b~ a wurt to a rer2i~er_ and such appoiritment ~hall t+e maJe by wch cuun a. an admitted
equity anJ a mauer of ahwlute right to ~aid murtg:+gee. anJ without refrrence to the aJequac~° or inadeyuxy o( thr ~ alue o( the property mort-
~ ~:aged ur 1~t ihe ~ol~enc~ ur inwhrncy of ~aid murtgagor ur the Jc(enJant.. and Ihal wch renh. profit~_ in.omr. i.wr~. anS re~enue~ .hall he
` :~pplied hy wch recei~er according to the lien of this mortF~e and the practice ot ~uch ccwrt. In Ihe evem o( any de(ault un the p:ut u( the murt-
~ ~gor htreunJer. the murtgagor aFrez. ~o pay a~ Ihe mi.Ag~gte on Jem:ind as a rea~onabk mi~nthly remal (or the premi+e. an amount at Eea,t
' equivalent to one-twelfth 1111?1 of tbe ~pyerecate of ihe twelve muniMy im~alimentti pa~~able in the then current cear piu~ thr attual amounl of
~ the annual ta~es, a.ce~~mrn1~_ water ratr.. and imurance premium~ (ur wch }ear n~N cu~ereJ hy the afu:etiaid munthly ~wymem~.
~ 10. Th~t Ia? in the evrnt uf any hrearh af thi. mort~gc ur Jefaul~ on the part of Ihe mortg:~gr.r_ or Ihl in the e~•ent that any of ,aiJ wm~ o(
~
: monry hrrein re(erreJ tu he no~ promp~lp :md fuDy paiJ wi~hout demand ix n~tice. or (rl in the event th:~t each anJ rvery Ihe +tipulatiunc.
r agreement,. conJitium, and rovrmmh of ~aiJ note and Ihi~ mortf;age. are not duly_ prompdy. and fully perturmeJ: then in either or any .uch
; r~ent. the ~aiJ a~regate wm mentioned in.:~iJ nott then remaining unpaid. with in~erec~ ;xcrued to ~hat time. and all muney~ ~ecureJ hereby.
~ .hall hrrume Jue :~nd payahle forthwi~h. ur ~hereafter. :~t the upiion of said mongagee. a~ tully anJ cumpletelp :+c if .~11 ot the .aiJ .umti ~~t mun-
g ey were ori~:inalh .tipul:?teJ t~~ I+e paiJ un wch Jay. anything in wiJ note or in ~his mortg:?ge to the comrary n~awi~h.tanJing: :~nd thereuEwn ur
x lhere:~(Itr. at Ihe option ~~f .aiJ murtg:+gee. with~wt no~ice ur Jemand..uit at law or in equity. may he pru~ecuted a~ i( all money~ ~ecureJ here-
~ by haJ matur~J prior to it~ imliwtion. The mortgagre may (oreclo.e this mortgage. a~ Iv Ihe amount u~ Jeclared due and payabte. snd the ~aiJ
a premi.e~ ~h:~ll be wIJ to ~ati.fy anJ pay lhe.rme u~grther with co.t~. e~pen~es. anJ alluwance~. In catie of p.~nial toreclowre of thi. murtgage.
~ ~hr murtgaged premise~ tih:+ll be ~aIJ .ubjert to the coolinuing lien of thiti mortg.?ge for the amoum of the deM aot thrn Juc anJ unpaid. In tiuch
~ cax Iht pravicionc of Ihiti par.~graph ma~ a~:ain br a~ aikd ot thereaGer from time ~o ~ime by ~he mortgagee.
t 11. That ~he mon or Nill i.e immrdiate notice b~ mail to the mort a ee ot an ronve ance. tramter. or chan e of owner.hi uf the
~ [G+R F ) F" 8 > Y K P
~ premicec.
~ I?. That ao waiver ~~f an~ covenant herein or of the obligalion .ecureJ hereM ~hrll at ~ny lime thereatter be helJ to be a waiver of the
' termti hcreof or ot Ihe note xcured herehp.
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