HomeMy WebLinkAbout0798 "(ha~. m u~Jrr murr tuUy tu prultct tht .rcurity ut ihi~ mung;yte, tht mungasur. Wgr~hrr w~th. and in aJJiUun tu, the mamhl~ p.~~ mrn1~
unJrr thr ~r~m. u( ~hr oate .rruaJ hrrrby, on ~he fir~1 Jay ut cach mumh un1i1 the ~aid nott i~ (ully p:+iJ, KIII PJ)' W IFIC IIIUf I~;J6'Cd IIIC IUIIUM -
ing ,~~m~:
lal An amuunl wflirirnt to pru~ iJr the huldrr herruf w ilh funJ~ to pay thc nr~l mungagr imu~ance premium it ~hi. in.trumrnt :~MI ~1?~ ~
~utr .ecu~rJ hrrrby arc inwrrJ..~r a munthly char~t lin liru ot a mortgage in.urance prrmiuml i( they :ue held hy ~he tircrelary ut
Hou+ingunJ Urban ik~rlupmrol a. fulluw.: ~
UI If and .a lanK a~ ~aiJ nulr ~~t t~an Jatt and Ihi+ in~trument arr in.urrJ ur are reinsurrd umlzr Ihe pruvi~ion~ ut the N:~tiunal
~ Huy+ing l~ct. an amuupt .ufl9citnt to:KCUmula~e i~tht hanJs ~i( thr huWer one 111 month ~uior t~~ it+due Jalr ~hr annual mort- ~
ga~et in~u~ance premium, in orJer u~ pm~iJe .uch hulJe~ wilh funJ~ ta pay wch premium lo the Srrrrlary of Huu.ing anJ
U~n l~vrlopmSm purpu•rnt jo Ihe Nati~~nal Huu+ing Acl, ac amendeJ. :+nd applicabk Regul:?tion. IhereunJer. ~~r ,
IIU If aad long a. +aiJ niNr uf rven date nnJ thi~ imuumrnl are he1J hy the lecretary ut H~w.ing and llrba~ I~velupment, a '
munthly ~hargr lin liru u( a mungage ins~rranct pre~iuml whu:h ah:?11 be in :uti amoual equal t~~ una-Iwrltth 11~1210( one•h:+lt
11/21 par cenlum u( thr ave~age aut~~anding b:~l~nce due un Ihe n~Ne cumpWeJ w itlrout taking intu accuunl Jrlinyucncir+ or
Mtpa~~ments: . ~
Ih) A+um ryu:J tu ~hr ~ruund rznt,~ if any. ~e~t Jue, plu. the premiums ihat w11 nrxt become dur •rnJ payabk un pulicies ot firc anJ
o~her haiarJ in.uranc~ ruvering 1ha murt~gtJ proputy, pluc t•rxes anJ acers~mrMc ne~l due un 1he morlb.qteJ propeny lall ac t+li-
ma~eJ by the mortg:~gcel k.. all tum~ already paiJ ~hrrrtur JiviJrJ by Ihe numt+er uf month. to elapce t+etora one month priur 1o Ihe
date when such gtuurnl rent~. premium+. tatiec, anJ a.s~s~ments will t?ercune JelinqueM, such sums la be held by mu~tg~gee in tru~t
. to pay wiJ gruurul rcnt~. premium~. ta~e~, anJ .peri~) a+~r+smentc; atxl -
Ic1 All payment+ menlionrJ in the twu prcreding whuctiuns uf Ihi~ paragraph anJ all paymentc tu tx made under Iht note tecu~ed here-
by shall he aJdcJ tugr~her anJ thr aE;gregate amuunt ~herco( ~h:~ll tx paid by the mottg:?gor each mcmth in a~ingk payment to t+e ap-
p1ieJ by the mon~grr to the (ullow ing item~ in the urJer sel furth:
UI premium rharge~ under thr contract of imurance with the Secrctary of Hcwsinb anJ Urban [kvelopment. or munthly charge
lin liru ~~f murtg:~e insuranre premium?. a. ~he ca,e may tx:
1111 grounJ rents, ta~es. a~.e+.mcnts, fire, and other ha~ard in~urance premiums: ~
1111 intere~t oa the n~~te ~ecureJ ~errhy; and
11V~ amortitation u( the principal ot wid note.
Any drficiency in Ihe amount ai wch :~reg•rte monlhly {?ayment ,hall. unksa madr g~xx1 by ihe mi~rtgagor priur ta Ihe dut Jatr ot thr nex~
such payment, cvnstiwte an event uf Jetault urnler thi~ mortg:~e. 'R~t morlgagee may colkct a"late ch:+rge" rn~! to excted tw•o rent+ i2c) for
each dollar ISI1 of each paymem more than fitteen 1 I~1 Jay, in :urears to cover the ~~tra e~pcnse im~~h•eJ in twnJling delinquent payments.
3. That it the total of the p•rymems maJe h~• the murtg:?gor unJer Ib) nt par•rgraph ' preceJing shall exceeJ Ihe amuunt uf ~he paymrn~s
actually maJe by the murtgaset, fur grounJ renls, ta~r~ and a~se.~meot+ anJ insurance premiums. as the case may be, wch euess at the op-
tion af thr mortgagee, shall. he rrediteJ un wbxyurnt p•ryment~ tu t+r maJc by the mortgag~K, or ~etunJed to Ihe mortgagor. If, however, the
monthly payments made by the mortgagor unJer 161 ot paragraph 2 preceJing .hall nW be wtficient to pay gt~wxi rents, laxts :~nJ asucsmenh ~
and insurrnce premiums, as the case may tx. wheo ~he same shall hecome due and pa~~able. then 1he mortgagor shall pay to the mortgaget •rny
amuunt nece~sary to make up the leficiency. on or befare 1he Jate when ~+aymenl uf such gruunJ rcnts. t3~es, assessment+, or inwrance prem- ;
iums ~hall t+e Jue. If al any time the murl~or ~hall tenJer to Ihe mortg:+gce in xcorJance with the provisions of the note securcd herehy. (ull
paymrnt uf tf?r entire inJebtc-~1nr~s rrpresented thtreby. the murlg;?grr shall, in c~~mputing ~he amount ut weh uxlebtedness. cmdi~ to the ac-
cuum ot the mort~or all paymentc madt unJrr the proviciom of lal of paragraph 2 herco( which the mongagce has not become obli~teJ to
pay t~~ the Secrctary o( H~w.ing and Urb:~n ikvelopmrnt anJ aoy t~lance remainiog in the fu~xis accumulatni unJer the provisions ot 1 b) of
~aid para~u-aph 2_ It tlxre chall lx •r Jefault under any of the pruvisions ot Ihis mortg.~te, resulting in a public sale of the premi.e. ruvered here -
, by. ~x if thc mort~gee acquirec tlx property ollxrwise atter default, the mortgagee shall apply. at the time of tF~e commencemrnl af ~u~h pru-
credings or at the ~ime the property is otherw ix acyuireJ, the balani.-e then remaining in ~he furds accumulated under ( M of paragraph 2 prered-
ing a+ a credit against the amount of ptinripal then remaini~ unpaid under said note arxi shall properly adjust any paymenls which shall have
txen made under la) of said paragraph.
d. That he wifl p:~y aU t•r~e~. a~~r~,ments. water rate~ and other go~•ernmental ur municipal charge~. fines. ~x impositions. for w hich pro-
vi~ion ha~ not hrtn madr hereinhetore. anJ in Jefault thereof the monFagee may p:~y the .amr: and that he will promptly Jrliver 1he otficial
rereiph therefor to the morlFagee.
S_ That he will permil_ commit. or wtTer nu wacte. impairment, ur detefioration ut wid property or any part therc~t: ~nd in the event ot Ihe
tailurc ~~f the mortgagor ta keep the huiWing~ on v~iJ premise~ and thoce to tx erected on s•riJ premix~. or improvemem~ thereun. in ~.xxl re-
p~ir. the mortgagee may make wch rzpain a~ in itc Ji.cretio~ it may deem necessary fur the proper prexervation thereof. anJ lhe (ull amount o(
each anJ every such payment shall I+e immediately Jue anJ p•ryabk. and ~hall be secured by Ihe iien o( this mortgaite.
6: 'That he will pay all :~nJ .ingular the cuch. charge~. and etipences, including reasonabk lawyer's tets, and costs o( abstracts uf title. in-
rurred or paiJ at any time by the morlgagee t+erauu ot the (ailurc on the part of the mortgag~?r prompUy and tully to pertorm the agreement~
and covenants uf said promiseory note and thit mort~ge. anJ ,aid co~tti. chargec. anJ expenses shaU tx immediately Jue anJ peyable and shall
1+e secureJ by the lien of this mongagc.
7. That he w iR keep the improveme~t~ nuw e~icting or here:dter ererteJ on Ihe morty,ageJ property, inwreJ a~ may be required frum lime
to time b~ th~ mortgagee against M~s by fire :mJ other har~rJ~. ca.ualtie.. anJ comingencic+ in +uch amuunt~ anJ for wch perials as m;~y be
required hy mortgagee. •rnd will p-r~~ promplly. when due. ~ny prrmium. oo ,uch imuranre tor p~~~mept of which provi~ion Iw~ nol heen made
hereinhetore. All inwrance .hall t+e carried in companit+ appruveJ by mort~gee unJ Ihe ~xdiciec and reoewalt lhercof ~h•rll be held by mong•r-
gee and ha~•e :utached thereto bsE payabk clauus in favor o('anJ in form acceptabk to Ihe murtgagte. M event of iosc he will give immtdiate
~i nutire by mail to morl~gee. and mortgagee moy make pnwt o( lucs it not made promptly by mortgagor, and each inwrance cumpany con-
; cerneJ it hereby authorized and JirecteJ to make payment (or ~uch loss direcQy ro murtg:qtre instead of to monp,agor and mortg•rgee joinUy.
I anJ the inwranra proceedt_ or any part thertot. may tx appfied l+y mortgagce at its option either to the reduction of the indebtedne+s hereby
! cecured or to the resturation or rep3ir oi the property Jamaged. In event bt torecbsure uf th~ morlgage or o~her tramter of litle to the mort-
~ gagcd propert~ in r~tinguithment ot the indebteJnes+ cecured hereby. all right. liUe, anJ interest of the mortgagor in arid to an~• imurance poli-
cic. then in furce ~hall pa.c to the purcha~~r ur grrntee. .
~That i( the premitiec. or am parl ~hrreof. be cundrmneJ unJrr any M?wer i?t rmioent Jomain_ or acquireJ tor a public ux. the Jamage..
proceeJs. anJ the cunsider:~tiun for such :wyui~ition. ~o the e~trnt of the (ull anwunt ot indebteJness u~xin this ~1or~~ge. and Ihe Note ucureJ
~ hereby rem•rining unpsiJ. are hereby a~~ignrd by the 111urt~gur tu the !?lortgagee and shall be paid (orthwilh to the Mart~gee ta t+e applied by
it on xcount of the inJebtenesc .ecureJ hereby. whether due .?r n~~ _
! 9. Tl~a1 the morlgagee may. •r1 any time pending a wit upon this mortg:+ge. apply ta the court having juriulictiun thereot (or tht app~iint- _
~ ment of a receiver, ;mJ ~urh awn ~hall forthwilh appoint a receiver of the premiu~ covered hereby all aad singular. including all and singular
~ the incume. profits. i~wes. and revenue~ from whate~•er source JeriveJ. each and every of w•hich. it being expre~+ly unJeruixxl. is herehy
~ mortgaged ac if cpecitically ce~ forth anJ JescribeJ in ~he granting and hat+enJum clauses hereo(. anJ weh receiver ~hail have all Ihe bro•rd anJ
F eticctive (unctions anJ powen in anywi~e entrusteJ by a soun to a receiver. ~nd such appointment ~hall tx made Ay such coun a~ an aJmined
~ equity and •r mauer a( •rbwlute right ro c~id murt~gee. and with~wt reference to IF?t adequxy ur inaJeyuacy ~~f Ihe value o( the properly murt-
~ ~::~ged ur to the +ohrnry ur in.i~hrney ot'~aid mortga~ur or the Jefendant~. and that cuch rents. profitc, ine~~me. i..uec:
anJ rrvenue, .h:dl he
applied liy ,uch rcceiver according to tht Gen of this mortgage anJ tlx practice ot wch awrt. In the event of any Jefault on ihe part of Ihe mort-
i gagor hereunder. the mortpagor agreeti to pay to ~he mortgagee on demanJ as a reasorrabk monthly rental for the premises an amount at kas~
~ equi~•alent to one-Iwrl(lh 11(I'_1 u( the aggregrle o( the twelve momhly imtallments payabk in the then currenl year plus Ihe actual amount of
~ 1be annual ta~ec. ac~e~timents. water rate~. •rnd iosurance premiumc for such yrar nat eovered by the afurecaid monlhly payments.
~ 10. That lal in the e~~ent i~t any breach.~f thi~ mortgagc or Je(auh un the p•rrt of the mort~gor. or I6) in the event Ihat any o( ,aid wmc of
f money herein rcterred to be not promptly and fully ~iJ without demanJ or notice. or tc) in the evem ~hat each anJ every the ~tipulatiun~_
~ agreement~. rnnditionc. and covenants of ~~id note and lhis mortgage. are not July_ promptly. ~nd tully E+ertormeJ: then in either or any wch
~ even~. Ihe saiJ a~regate cum mentiuneJ in .aid note Iheo remaining unpaiJ. wilh interest accrucd to lhat time. anJ all money~ xcured bereby.
F ~hall hccome Jue •rnJ payabk forthwith. or therea(ler. at ~he option uf tiaiJ mortg:qtee. as fully and complettly ac if all of the wiJ wms of mon-
~ ty were originally ~IipulateJ to he p:~id on wch Jay. anything in caiJ nole ur in this mort~ge to ~he rontr:+ry nolwith~tanding: anJ therrupon ix
; lherea(ter_ at Ihe oplion o( caid mortgagee. with.wt rwtice or demand. .uit a1 law or in eyuity. m-ry tx prosecuted ac if :dl moneys uecureJ here-
~ by haJ m~~ured pri~u to il~ im~itution. The mortgagee may foreclose this mort~ge. ac to the amount u~ declared due rnd pay~bk. and the said
~ premi~ec chall t+e .oIJ lo Wli.(y anJ {+•ry ~he +ame t~~e~her with co~ts. e~pense~. and allowances. In c~se ot parlial foreckisurt ot 1hi~ mortp,age.
i Ihe mortgageJ premi~e< <halllx +oW whjert ia the con~inuing lien o( thi~ mnrtgage (or Ihe amount of ~he deM na then Jue and unpaid. In wch
; cace the provisionc of thi~ paragraph may again be •r~ aileJ ot Iherea(ter from time to time by the morlgagee.
~ 1{. That the mortt:agur will Fivt ~mmediate notice by m~il to tlte mortgagee of any conveyance. tramfer. or change ot uwnetship of the
s premisec.
` 1?. Tha1 no w:~iver o( any covenant hercin or ~~f the vhligation xcurcd hereby ~hall at any limt Iherea(ter be held to tx a waiver of IMe
a term~ hereof ur uf the note ~ecured hereby. ~ ~~p
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~ Bo~K ~44 PACE ~~7p
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