HomeMy WebLinkAbout2093 ` 1 h:~t. m u~Jrr murt full~ tu pr.Ntci Ihe ~r~w~t~ uf ~h~. murtg.,~r. Ihr mun~~gur. Ivgcihrr Nuh. a~J in :K1Jiliun Io. IhEmanl~i) paymqrHt i`
unJrr thr tr~m. u( th~ nult .rcurrJ herrby. on Ihr tint:l~~ ut racA nu• :fh inH~l 1hr•~iJ nutr i. full~ p:uJ. w~U p•ry Iulhe mtHtg~tOt Ihr (ullo~r-
mg .u m.:
lal An amuunt .ut6iirnl tu pru~ iJr tht hulJer httruf Ni1h (und. lu pey ihr nr~l mun~;,~ge in.ur.~n~r prtmium i( 1hi~ in~uwnrnl :mJ Ihe
nut~ .rcurrd htrch~ arc inwr~d. w:~ munlhl~ chargr Un Gru ut a murtgagr imuran~r prrmiunu if th~> are hrlJ hy lht lrrrrlar> u(
Huu.in~; and Urhan !k~ rlupmrnt tull.~w
111 It anJ lung a..aiJ nulr uf r~~n Ja~c :~nJ thi, imtrumrnt are inwrcJ ur arr rrin,urrJ unJc~ the pruvi.ion~ ot the IVatiun:d
. Nuu~ing Act. an ~ muunl wtficitnt tu ~ccumulatr in 1hr ha~~J. ut thr ~uWrr uat 1 I1 month priur Iu il. dur Jatr Ihc annu:d murl-
~gr in.uranre prrmium, in urJcr u? pro~iJr .uch h~?IJc~ wi~h funJ. t~~ p~y .uch prrmium ~u thr titcrr~ary ut Huu.in~; ;i~J~
Urhan (k~elupment {wr~uaot 10 lhe N•rtiun•rl Hiw+ing Act, a~ amenJtd. anJ applicahk Rrgulatiun. ~hereunJer, or
" 1 I11 If anJ ~u la~nK a. wiJ nutr ot cvrn da~r :mJ ~hi. inilrumrnt are hcW hy thr tiecretary ot H~xi.ing :mJ Urban Ikvrlupm~ nt. a ~
munthly charge lin liw ut a mortbage inwranre prcmiuml 1~hi~p ~hall he in an amiwnl ry~al tu unr-INClfth 11(1?I of unc-h:J(
~ 11t21 {+ar cenlum o( Ihr •rveraga uutti~anding t+:dancr Jua on Il~r notr cumputrJ with.xu I;ikin~ inlu arcuunl J~linyucn.ir. ur
prr{+a~ mrnla: ~ ~
Ihl A.um equ~t tu Ihr grounJ rrnh. i( any. ne~t due. plu~ Ihr prrmiumc Iha~ will n~~t herume Jue anJ p:~~~hlt un M~licir. ut tirc anJ
olhrr h:~iarJ in.urance ruvrrin~; tAr mortgagrd properly, pluc latec and ac~t~~menl~ ne~1 dur on ~he murlgageJ pruperly I:dl r~li-
mattd h~ Ihe mun~;agre) k~~ ~11.ums alrtaJy pniJ Iherc(or Ji~iJeJ hy the numher uf momhc t~~ rlapsr t+tturr one manth pnur tu Ihr
Jate NHen wrA'gruunJ rcm.. prcmium,. tau., and a~,r~.menl~ will hecume delin~uem. .~irh wms lu he hrW hy mungagec in uu.t
tu pay wiJ gruund ~rnh, prrmiums. ta~e+. anJ ~perial a»e~timents; anJ
Icl All p•rymrnt, mentiunrJ in the two prrreJinb.ub.zction~ i~f thi~ pa~agraph and all payment. t~~ be maJr undrr thr nutr .zcurrJ her~-
by .hall !x aJJeJ tugethrr and thr at;y,rrgate amuum Q?ereuf ,hs!! tx paid ;h: aeongagur e:+rh mun~h in :~.ingk payment tu t+c ap- _
p1irJ by thr murtgagee to the tolluwing ~tem, in ~he ordrr ~r~ forth: `
!II prrmium charge~ unJrr the cuntract o! imurancr with thr lrcret:uy ut H~wvng and l-rb:m i)r~•rlupmrnt. or munthl~ char~;e
lin liru uf murtgage inwrance prrmium?. •r~ the ca+r may F?r;
1111 grounJ rtnh, ta~e~, a»es.mrnts. fira and athtr hatard imurance premium,;
1111 interr,t on the note ~rcureJ hereby; end
IIV 1 amoni~atiun ot Ihr principal uf .aid note.
Any drficirncy in thr am~~unt of wch a~;regatr mun~hly p;?ymrnt shaU, unle,+ made g.~xl by thr mangagor prior tu thr due d;ur of thr ne~t
wch paymrnt, con+~itute an event ot detault unJer thi~ mungagr. 'fhe m.irtgagee may cullrc~ a"latz rhargr" not lo e~cteJ twu rrnt, ~?cl tor
each Jullar IS110( each pa~ ment morc than fitlern I ISI days in arrtar. tu cuve~ the r~tra r~~ me imuh eJ in hanJling delinyuent paymrm,.
l• "il?a1 i( the total oi the paymrnts maJe by the morigagor urxlrr IM of parag~aph ? prertding ~hall t~ctrJ thr amuunt ot the pr~•men~.
:Kiually madr by the murtgagee. (or gmund rent~_ ta~r~ anJ a~.e..menh anJ insuranre premium.. a+ thr ra.r ma~ t+e. +uch e~c~~s :d thc op-
liun uf thr murt~gea. ~hall. be rreJiteJ on tiub~eyuenl {~:~yments tu t~e made by the mor~gagor, ur rr(undeJ tu 1he murtgagar. I(, huwevrr, the
monthly paymrnh made by thr mung:~bur u~xier 1 hl ot paragraph 3 prrreJing .hall nW hr +utTicienl to pay grounJ rent~, taxe~ :~nd ascecsment.
anJ inwranre psemium~. as the cace may bt. w hen the wme ~hall t+rcvme Jut arn1 a ahlr. thrn Ihe murt •a or shall `
; P' ) ~ g pay ta thr mort~;agec an~
amuunt nt~e„ary to make up thrdeficiency. un ur txfurr 1he Jaic he~ payment of.uch t;rourtd rcnt.. ta~e., assessments. or inwran.c prem-
~ ium. +hall tx Jue. It at any tim~ the murtgagor ,fiall tenJer to Ihe murtg;~gee in accorJance w•ith the pruvicions of the note serured hereM _ full '
paymrM i+f the entire i~xtebteJne~. repr~tzmeJ thrreby. Iht murtgugee ~hall. in computing the amount of tipch indebteJne+~. creJit to the ac-
~oun! uf the morlgagor all {+a~ mem~ maJe undrr Ihr pru~ i.~on. of I:i) of paragraph hereo( which the mong•rgte has n~H herome ublig:~trJ tu
i Fuy to the Srcretary ut Nuu,ing ~nd UrAan Ikvelupmenl anJ any t+alancr remaining in Iht turxl~ accumulated unJer the provi~ion. of 161 of
wiJ par.~graph It there chall ht a Jefault urnier any ot tFx provision~ of this mottgage, resulting in a puMic ~ale uf tF~ premi.e...+vcreJ herr-
hy, ur if the murt~gee acquirec thr property otlxrwice atter default, the mortgagee shall apply, at the time of Ihe commencement .uch pr.~-
ctedengc ur at ~he lime Ihe pru{+erty is utherwice acyuireJ. the t+alance lhen rem•rining in tFrc funds accumutated under 1 M of paragraph' prered-
ing a, a creJit against the amount ui p~irxipal then remaining unpaid under said rn?te and shall pruperly adjus~ any payme~ts which sh:Jl have
txen made urxier ! a) uf +aid paragraph.
~l. "~hat he will p:,y ;JI Ia~e,. a.~e~~mrnt.. water rate~ and a~~her gu~~ernmemai or municipal ch.~r~:es. finr., or impo,iiium. fur which pru-
~i~ion h:n rzut i+crn maJr hr~rinF.ef~+re. :mJ in Jrf:w4 thrreuf the mort~;acrr may p~y Ihr .:~mr::md th:~t he will ~romptly drliver thr utfirial
receipt. thrrrtur to Ihe murtgagre.
That he w ill prrmit. commit. or wtTer no w a,1r. impairment. ur Jctrrioration ot .aiJ pruperly ur any {wrt 1F?ereuf: a~J in Ihe evem ot the
failure of tht mortgagur t~~ Aeep thr buiWing~ un +aiJ pr~mi~r. ~nJ tho.e to he ereclrJ un v~id premi,e.. .x impruvement~ thereon. in g.wu1 r~- s
pair. thr mortgc~gee m~y m.~i.~ ;urh rrpair~ in its Jiuretiun it may Jeem nere.~ary for the proper prexn ation thereot_ anJ ihe full amuunt uf
ea~h anJ e.en~ wcb ~yment ,hall t?~ immediately Jur and p~yable_ a~J +hall be +ecureJ hy the lien ~~t this mortp.age_
b. l hat he w ill pay ~II anJ ~in~,olar the co~ts. chargec. anJ e~penstc. incluJing rcawnabk t•rwyer's fees. and cu~h of ab~tract~ ot titlr. in-
curr~J ur paiJ a1 any time h~• Ihr mi~rtp:~ee t+ecauce of Ihe failure on the pan of the mong~Kor prompdy and fully to ptrform the agreemenh
•r~d ~.?~enant~ of ~aid promic~ory rwte ~nd thiti morlgage. •rnJ ~aiJ coch. charges, •rnd e~peo~es,h•rll he immedialrl~ due and payable anJ shall
be.ecurcJ h~~ the lien of thi~ mortgage_
i. That he w ill krep the improvemrnt~ now e~i~ting ur hercafler erectrd on the morigaged property_ imured a. may he reyuireJ trum timr
to time hy thr mortg:~gee agaiml Iotic by fire and uther haiardc, ra~uahie~. and co~tingencie+ in wrh amount~ anJ for .uch ~+eriuJ.:~. may he
rryuired h~ mungage~. ;,nJ will p:ey promptly. when due. any premium~ un ,~~cb intiurrnce for payment ot whirh provi.iun ha~ not hern m:,Je
hereint+rfort. All in~uraoce ~hall he carried in companies appruveJ hy mort~Fre and Ihe ~x~licies anJ renewah Ihereof ~hall 1~ helJ b}• mortga-
gee and have anached Ihereto lo~. payabk clau~e~ in (a~ or of anJ in form arceplahle tu the m~~rt~gee. In evrm of fo.c he w•ill give immrJiate
r?otire by mail to mortgagre. and murtgagee m~~ make pruof of locs if ~o1'mrde pramptly h0 murtg:~eor, and each in~urance rumpany con-
. cerneJ is htreby autharixd and Jirec~ed to make-payment fot wch lotis directly to monp,agee inxfead ot to murtgagur anJ mortgagee joiml>•.
and ~he imurance pnxredt. ur am• part thereuf. may be applicd hy mortgagee at it~ opti~in either to the reductiun of ~he inJehteJne.~ hereby
~ecured ur so thc re~turatiun or repair i?f ~he pro~+eny d:~mageJ. In e~•ent of torecbsure of this mortgage or other Iran~fer uf title to Ihe mort- '
~ gagrJ propert~ in r~tingui,hment ~~f thr inJebtednes~ secureJ hercby, all ri~;ht. title, a~J interest o( the mostga~eur in anJ w any inwrance ~xdi-
~ cieti thcn in (orce +hall pa~c to the purcha~er or grantee. ~
x. ('hal i( the premi~ec. or ;my part thereo(. hr conJemneJ unJer an}~ M~wer i.t eminent Jomain. ar arquireJ for a public use. the J~magr..
~ pune~dc_ and the cun~iJrr.dion tier .uch :fiyui~ition, to the e;tent of the (ull amoun~ o( indrhtrdne.~ u~x~n thi+ Mortgage. and the \ote ~ecureJ
~ hereby remaining unpaiJ. are hereby a.~ignrJ b~ the !?tort~gur 1o the ~t~~rtg:?gte and ~hall be paiJ forthw ith to the ,tort~gee to bc applied by
it on accuum of the indehtenec~ .ecureJ hereb~•. whether Jue or not.
~ That Ihe mort~;:~gre m:iy. ~t any time penJing a wi1 u{wn lhi. mortga~:r. apply lo Ihe ruurt h~ving juriufirliun Ihereut for the appoint-
~ ment ~~f a receiver. anJ .uch court ~hall (orthwi~h appoint r reeeiver o! the premicec covereJ hercby all and cin~tul•rr_ including all and ~in~ular •
; the incume. prufit+. i.tiue~. and revenur~ (rom vchatrver .iwrce JerivrJ. e:~ch anJ every ut which. it heing e~pres~ly undrntaxl. i. he~rh~
y mort~ageJ a~ i(.pecifirally ~t forth anJ Je+criheJ in thr Er:~nling anJ hahendum cl~u~es hereo(, anJ wch receiver ~hall have all the bruad anJ •
etTcrtive (uru~ium anJ {+ower, in anyu i~e eotrusteJ by a cuurt to i ceceiver_ anJ wch appointmem ~hall t+e maJe F2y wch court a. an admiltrJ ;
; equity anJ a mruer ~.f :~hwlute rigM ~o ~aiJ mort~ee. anJ wi!huut reference to Ihe aJeyu:xy or in:Nlequacy uf tt?e value u( th~ property mort- e
; ~.:i~:eJ or 1a thr .uhenry ~a in.uivrnry uf .aid murt~;:~~or ~x tt~ dcfrnJanl.. :md that .urh rent.. prufit.. incume. i.we.. anJ re~rnur..h:~ll t~e ~
_ applied by wch recei~•er according ti~ the lien nf Ihi. mort~:rge anJ the practire ot wnc ~.wrt. In the event of any Jefault i~n the part «f the murt- -
` g:+gor htreunder. the mortgrKur aEree~ 1~~ pay Ihe monf;:~get un JemanJ a~ a rea~on~blr monthly rent:d for Ihe premi~cs an amuunt at least
_ eyui~alent ti~ one-twelflh 1 I/l't ot thr a~;rrgate of 1he ~weive mumhl~ in,tal{mems payabk in Ihr Ihen rurrenl year plu~ the actual amounl of t
' the annual la~e., a.~eti~mem.. water r,de.. anJ in.urance prem~umc fur wch year nut covered by the a(uretiaiJ monthly p;~ymenh. ~
f
_ I0. '~hat la1 in the evenl uf any hreach ~.f Ihi. mortF:~ge or JeL•mh un the part uf ~he mi~n~.agor_ or Ih) in the event Ihat an~~ u( caid ~um. i~f
_ munry herein refrrreJ t~. he not prompily~ and fuUy paiJ without Jrm.~nJ ur nutire. ur Ir) in Ihe e~ent that earh and every 1he +IipuL~lion..
- :igrecmentti. runJitiun.. anJ c~~~enanli i.( .aiJ nute anJ Ihi. mortg:~ge. :~re nol duly. promplly. anJ fulfy performeJ: then in rither ur any wch ,~~t
E e~ent. the v~iJ ae~:regate wm mentiunrJ in ,aiJ nute Ihrn remaininF unpaiJ. w i1h intere~t acctued to that time_ :mJ all muney~ ,ecureJ hereby_ ~
_ .h:Jl hecome Jue :~nJ pay:iMe forlhwith. ur ~hereafler. al the option of saiJ morl~agee. a~ (ullp anJ cumpletely a~ if all o( Iht ,aiJ ~um~ i~t mun- ~
r~ were originall~ .tipulaleJ 1u he p:~id un wrh Jay_ .mything in wiJ note or in this murt~ge lo Ihe contrary notwilh~landing: :mJ tbereu{+on or '
: therea(ter. at the i~ptiun of ,aid mort~:agee. w iihuut n.~tice or dtm~nd. wit at law ~?r in equity. may t,e procecuted -r~ i( :dl money. ucureJ here-
s hy had ma~ureJ prior t~~ ih imtitutiun. "!h~ mor~Eagee may fureclo~t thi~ murt~ge. a. to Ihe amount su declared Jue and pa~able. anJ Ihe tiaid
premix~ ~hail he wIJ t~~ ~a~i.fy and pat thr .:~mr Ii~;ether wi~h ci»I~. e~pen~e~. anJ alluw ance.. In ca~e u( p~rtial (i~reck~sure of thi. mongage.
the mortgageJ premi.e..hatl hr ,~~Id tiuh~ect to Ihe amtinuinF lien uf thi~ mi~ngage fur the amuunt of Ihe JeM niN ihrn Jue anJ unpaiJ. In wch
_ ~•a~ Ihe pruvi~ions o( thic p.~racraph may a~:ain t~e a~ailed ot ~here:s(ler from time to timc h~~ ~he murly,agec. "
f s
: I1. That the mon~~tur will give immeJiate n~ilice hy mail lu Ihe murtgagee ut an~ rum•e~ance. uanefer. or change of owner~hip of the ~
: premius.
~
- , I'. That ~o wriver ~?f any roven:~nt herein ar of Ihe uhliga~iun cerured hereh} ~h:dl a~ any timc therea(ter be helJ ~a he a Naiver of the ~
term~ hercof or i?t Ihe note ~ecurcd herch~ . ~
. x
~ ~~ox ~39 PACE 2087 `
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