HomeMy WebLinkAbout1447 '1 h~t. in orJtr mure (ully tu p~utrc~ ~he ucu~ity of ~hiti mun~:~e, lhr muttg.y~or. t.~rther M ith. ~nJ in aJJitiun to. Ihe mw?thl~ pa~ mrn~s ; ;
unJer ~hr trrm. ut tl?c nwC ~rcurtJ hrreby. on the fin~ Jay u( each ~nunth until the wiJ nute is tully pa~J. witl pay 1u 1hr morl~rt ~hr fullow -
ing .um.: '
1~l An amuunt wfTicicnl to pro~iJe thr Au1Jer hrrco( wilh funJ~ ta p:wy the netit murlgage insurancr p~rmium if Ihic inslrumrn~ and thr
n~ut .rrurtJ herrby ~rt imurtJ. ~x a munthly chatgr lin liru u( a morlgagt inwrancc prrmiuml it they are hrlJ hy Ihe tie.rrtar~ .~f
Nou~ing and UrFwn Ikvtlupmrnt a~ tulluws:
(1) It anJ u~ lung ac saiJ nWt ut rvrn Jate and this instrumr~t are inwred ur ~rt reinwred undrr 1he provi.iun. ut Ibe Pialiuoal •
~ . Huuyqg ~c~, an •rryuunt suiTicienl to acrumul:de in Ihe hanJs of Ihr h.~Wrr unr 111 month priur ~o il~ due Jatr thr annual murt-
~ge in.urance prrmium, in wder to pro~iJe wrh (alder wilh funJs to pay .uch premium tu Ihe Szcrctary u( Nuu~ing ~nJ
Urb;u~ lk~ih~pment putwaot 1o Ihe Naliooal Nousing Act. as ~mended. and applicabk Itegulaliun, thereunJer, ur
UI1 If and so IunY y~ saiJ oate of evrn Jate anJ this instrument are heW by the Secrctary of Houxing anJ Urban ikvelopment. •r ~
munthiy charRe (in litu of A miutgagt insurance p~emiuml which shall t+e in an amount equal ta one•~wrlfth I lf 121 of une-halt '
11121 pe~ centum ut tht average ~w1u•rnding I+al~nce duton tht note cumpuled wi~h~w1 laking into arc~wot drlinyurncic+ or
prcpaymen~s: ~ - - ~ ~ - - ~
Ib) A wm eyual Io the graund rco1s, it any, ne~t Jue, plu. the p~emiums that Mill nert_become Jue anJ payabk un pulicir~ ut tire anJ .
.~ther h:ua~J inwr,u~a cuverin~ Ihe, mu~tga~at pcoperly, plus 1aXes anJ a~~e+.ments ne~t dut on Iht mortgaged properry lall ecti-
mated by the m~rlgagte) kss aU sums alrtady paiJ lhercfor diviJeJ by the numt+er o( murith~ 1o elapse t+efore one munlh prior to the
Jate when wch groynJ ~ents, piemiums, taxes, and asxscme~ts will txcome delinqurnt. wch wmc to be heW by mor~g:~ee in Inn1
tu pay said ground rents, premiums, taxes, and special asxs~ments; anJ ,
(c) All payments mentionctil in the two prectding subxctio~s ut this parrgraph anJ all payment~ tu be made under ~he nae ucured h~re-
by shall be addcri togetht? and tht aggregate amount ~he~eof .hall be paiJ by the mortgag~x each month in a.i~gk payment to t+e :+p- ~
plied by 1he mo~tgagte to Ihe (ollowing itcros in the order ~et torth: ~j
(p p~emium charges uoder the contrect ot inwrance wi~h the Secretary ot N~wsing anJ Urb:?n [kvelupment, or monthly charge t
(in lieu ot morigage in~uranre premiuml. ac ~he c~se m:~y !x: -
(111 growxl renls, taxes. asse~cments, fira and whe~ h:+tard inwrance premiums;
1111 interes~ on the no~e secured hereby: and
IIV1 amurtization ot Ihe principal ut saiJ nWe.
- Any deficiency in Ilx amount of wch :~gregate muntMy {?aymznt ~hall, unkss maJr g~x?d by the m~ut~gor prior to thr Jue Jatr ot 1he ne~t
wch p•ryment. constitute an e~•tnt a( Jefault under this mortgage. The murtgugee may collect •r "latr charge" ~wt to exceed tw•o cents i2c1 tor
each Jollar IS I) ot each payment more Ihan fitteen 11 S) Jays in arrears to cover the eztr.~ r~pense imulveJ in handling delinyuent payments_
3. That if tl?e to1a1 at the payments made by the mortgagor under (bl ot paragraph 2 preceding ~hall e~ceed Ihe amuunt ot the paym~nts
actually made by the mongagee, tor ground renl~. ta~rs and r~sr+sment. anJ inwranre prrmiums, as tha ca~e may be. wch eticecs a1 1he op-
ti~x? of tAe mongagee. shall. be creJited on subsequeo~ payments to be made by ~hc mortgagor. ur rrfunJeJ to Ihe mortKagor. IL however. the
monthly payments made by Ihe mungagor under Ib) u( par:igraph ? preceding ~hall oW L+e suflicient tu pay growxt rents. laxes arxt assessmeats
and insurance premiums. as the case may t+e, when the same shall become ilue and pay•rbk, then the mortgagor sh:+ll pay to the mortg,:~gee any
amount necessary to make up Ihe deliciency. an or beture the date w•hen p•ryment ot such gruund rents. taxes. assessments, or insurance prem-
iumc shall be due. It at any time the mortga~cor shall tender to the mortgagce in accurdance w ith Ihe provisionx ot the note ucured hereby. tull
payment o( the entire inJebtedness represented thereby, the mort~gee shall, in compuling Ihe amount ot such indebtedness, creJit to the aa
count of the mongagor all paymcnts made under the provi+ions of la) of paragraph 2 hereof which Ihe mortgagee has oot becume ~~I+ligated to
pay to the Secretary of Nousing and Ufian Developmeot and any t~alance rem•rining in the fuixls accumulateJ under the provision+ of Ib) of ~
said paragraph 2. lf there shall bt a default under any of 1he provisioes o[ this mortgage, resulting in a puMic xale of ~F?e premi~es r~.~ ereJ here- ~
by, or it the mortgaget acquires the property oiherw~ise atter default, the mortgagee stwll apply, at the time of the cummenr~ment uf .uch pru-
ceedings or at the time tlx propeny is othetv?•ise acqu'ued, the balance then remuining in the funds accumulated under 16) of paragraph2 preced- ;
ing as a credit against the amount ot p~in~ipal then remaining unpaid urder xaid note and shall properly adjust any paymentx w~hich shall tuve ~
been made under 1 a) ot said paragraph.
4. Tha~ he v?il1 pay all taxes, a~secsments. water rates a~x1 other governmental ur municipal ch•rrgec. fines. or im~wsitionx. for w hich pro-
viciix~ hac nut Meeo made hereinbefure. anJ in defauh thereof the mur~~eagee may pay the came: and that he will prumplly delivrr 1he utficial
receipt~ therefor to the murtgagea ~
S_ That he will permit. commit_ or suHer no wacte. impairmtnt. or deterioration ot taid propeny or any pan thertuf: and in the event of Ihe ~
tailure of the mortga~tor to keep Ibe twiWin~n on wiJ premises a~x1 Ihose ~o f?e erected on said premisec. or improvement~ thereon, in ~xxi re-
pair, the mongagee may make such repain a~ in itt Jiccretion it may deem neces.ary for ~he proper preservation thereof, anA the full amount of ~
each and every wch payment shall t?e immediately due and payabk. anJ thall t~ secured by the lien of Ihis mortgage_ `
6. That he will all anJ sin ular the cusls, char es. anJ e~ j
pay ~ g g pen~es. including reasonabk lawyer's tees, anJ costs ot abstracts ot titk. in-
curred or paid at any time by the mongagre because uf thc failurc on ~he part of the murt~tor promptly and fully to perform the agreements 1
and covenants of wid promis~ory nute and this mongage. anJ saiJ costs. rharges, and e~penuc shall Ix immediately due and payabk and chall #
be ucured by the lien of lhis mortgage. ~
- "fhrt he will keep the improvemtntc nuw e~i+lingor hereafter erecteJ on the mortgaged property_ in,ureJ ac may t*e requireJ trom Iime i
tu time by ~he mong:~gee agaim~ loc~ by fire anJ uther hazard+. w,ualtiec. anJ comingencirc in such -rmounts anJ tor such periodti a~ may tx
required hy mortgagze. :+nd will pay promRNy_when Jue. ;my premium~ on such insuranre for payment af which provicion Fws nw heen made f
; hercinbefore. All imuranre shall be carried in companits appru~•ed by mort~gee anJ the policitti arxf renew:~ls thereoi shall ix held by mortga- ~
'i gee and have attached ~bereta locs payabk clauses in (avor ot and in form acceptabk to ~1ie mnrtg~gu. In event ot Iuss he w•i11 give immeJiate i
r notice by mail to mortp,:~ee. and mortgagee may make proot of losc i[ noC m~de prompUy by mottgagur. anJ each incurrnct company con- ~
! cerned is hereby authorizeJ and dirccted to make paymem for such bss directly ta mortZwgee instead ot to morlp,a~or anJ mongagee jointly. ~
f and the inwrartce pr~ceeds. or any part thereof_ma~be applied by mortgagee a1 itsop~ion either to IF~e redurtion of the indebteJness hcrcby ;
~ secured or ta the re~toration or repair o( tix~property damaged. In event of for~closurc ot t6is moM~te or other transfer ot lide to Ihe mort- ~
E gaged property in rxtinguishment of the indebtedness secureJ hereby_ all right. title, anJ interest o(1he mortgagor in and to any inwrance {w!i- ~
~ cies Ihen in tcttce sha8 pas~ to the purchaser or grantee.
~ S. "Il~al if Ihe remisec. or an ;
p y par! thereof. he conJemned unJer any powe~ of eminent domain. or acquired ior ~ public uu. ~he dama~e~_
pruceeJx. and the consideratio~ foc such acquisition. to tF?e extenl o( the full amount o( inJeMedness upon this Atorty,age. anJ the Nute ~ecured
{ hereby remaining unpaid. are hercby a:signal by the Mortgagur to the tUortgaget anJ shall be paid torthwith to the 111urtgagee to be applied by 3
~ it on xcount of the irxtebteness ucured hereby_ whe~her due.?r nat. '
9_ "ll~at the mongagee may. a1 any time pending a suit upon this mortgage. sppl y to tfit coun having juri~iictiun thereof for the appoint- s
~ ment of a receiver. and wch ccwrt shaU torthwith ap~int a receiver of tht premises covered hereby a)I and singular. itxluding all and singul:u '
the income. profits. issues. and revenaes frum wha~ever ~ource Jerived. each and every ot which_ it being e±cpresxly urxlerct~wJ. is hereby
mongaged as if cpecifica~ly set forth and deccribed in the granting and habendum clauxs hereot. and wch ~eceiver shall have all the braad and
~ etTective function+ dnJ powers in anYwise entrusteJ by a c~urt to a receiver, and tiuch eppointment ~hall be maJe hy such court ac an aJmitted
~ equity anJ a matter of absolute riFh1 to wid mortgagee. :u~d without refecence to the adequacy or in~ulequacy of thC ~•alue uf the property mort-
gageJ or io lhe .ohtn~y ur in~i~he~cy ofaaid mongagor or tht Je(endants. and that wch rentc. profitc. inrome_ i..ue~: and revenuzti .hall be
~ applied by such receiver according tu the lien ot ~his mortg:~e and the practice of sucli coun. ln the event of any de~fault oo the pan of the mort- ~
; gagor hertunder. thc mortp.agor agree~ t~~ pay to Ihe mort~ttt on demanJ as a rea~onabk monthly remal for the premise~ an amount at kast
equivalent to one-iwdith ( II121 of the a~regate ot the Ix~el.c munthly in.tallments payabk in the then current year plus the actual amuunt ui
' tlx an~ual taxes. as~essments. water rate~. and insur•rnce premiumc for such year nM covered by the aforesaiJ monthly paymenl~.
~ ~ 10- That la? in the event of rny breach of this mort~ge or de(auft un the part of Ihe mortgagor. or (b) in the event that an~~ of ~aiJ wms of
fi money herein re(erreJ to lx no~ promptly :,oJ fully paed wilh.wl demand or notice. or Irl in the event that earh and every thc slipulation.. ~
agreemems. condition,_ and covenantc of ~aiJ note anJ thic mongage. are nw duly. prompUy. and (ully performed_ ~hen in either or any wch ~
~ event. the ~aid a~ereEwte wm memi~~nrd in u~iJ nute theo remaining unpaiJ. wilh interest accrued to that time. anJ all muneys ~ecured hereby. ~
~ .hall become due anJ payahk torthw ith. or ~here:Jter. at Ihe option of said martgagee. as fully •rnJ completely as if •rll ot the .aiJ sums ot mon- ~
~ ey were originally ~tipulateJ t~i be paid on .uch Jay. anylhing in said nole or in this mortgage ro the contrary notwith,tanding: anJ Ihereu~xm or
~ thereafter_ at tlx uption o( caiJ mort~gee. wi~hout m~tice or demand. suit at law or in eyuity. m•ry t+e prucecuteJ a~ it :+II money+ urureJ here- ~
~ hy had matured prior to it~ in.tiwtion. The mongagee may forcctuce thic mortgage_ a~ to the •rmvunt w declareJ dut anJ payabk. and the said
~ premi~es shall be so1J to wtisfy and p-ry Ihe tiame I~ether with custs. e~pences. and aUowance~. (n case of parUa{ (orerbsure ot Ihic mortp.age. ~
~ tht morigaged premises shall tx ~old subject to Ihe continuing fien ot ihis mort~ge fi~r Ihe amount o(1he Jebt nW Ihen due and unpaid. In such
~ case tht provitions of thi~ paragraph may again be avaikJ of thertafter (rom time to time hy Ihe mortgagee_
~ 11. "i~hat Ihe mongagor will gi~e immeJi•rte nwice by mail to tlx mon~tet ot any comeyanct. Iransfer. or changt o( ownership of ihe
~ prcmisec.
~ 12. 7T~at no waiver of any cuvenant herein ~x of the obligation ~CUhd herc6~ shall at any time therca(ter tx held to t?e a waiver of the -
terms hereof or ot tbe note ucured herehy_ gOOK PAGE ~Z~ ~
y
~
-~k.G~„ '
~-~~r~~-~,~~~~s--~~_ ~-~s~-~-~ r*- -5~.~ ~-'~'s
~yr~r_ _
. - ~d : _ . . ~