HomeMy WebLinkAbout0334 2. ???at. in order mott fully ~u p?weci Ihe ucurily ut thi~ murtgage. Ihe mungagur. I~~ether wi1A. :~nJ in ~JJiU~~ii ti~. thc m.~nlhly pa~ mrnt.
unJer tAe lerms uf ihe nwe ..-cured htreby, un thc 6~~t day of earA munth until ~he.•riJ n~ue i. tully paid. Mill pry lu ihr murt~:~gce thr foOuW -
ing .ums: .
(a! An amount sufftcient io pruviJt 1he IwWrn c~reuf with twxlc to ~+ay thr nest mortE;.~gi io.ur.~ncr prrm~um ~t Ihi~ imlrua~rnl anJ Ihr
note ucu~af hereby are inwrcd. ~~r •r monthly chargr lin lieu ut a mur~~ge inwranre prcmwml it thc~ arc ArIJ by ~hc tie.:rN•rry u(
Hawsing snd Utt+an [kvelopmenl as fullaws~
Ib I( and w lung a~ s.iJ nute ot even date •rnd lhis insln~ment arc inwrcd or art reinwrcd unJer the pn~ti-i+ium o( the Natiunal
N~wcing Act, an amounl sutTicienl t~~ ac~umulate in ~he hanJa ut the hulder une 1 I) munth priur Ia i~. dur Jatr thr annual murt-
- gage insurance premium, in orJer 1u proviJe such M?IJc~ with funJ~ to pay +uch premium tu the ticrre~aty o( N~w~~ng anJ
Urban [kvelopment pursuanl to the Nuliun:?1 Hou~ing Act, as amtnJed. anJ applic~bk Rebula~iun} thr~runJer; ur
1111 It anJ w Iung as said nWe u( even date and Ihia in~tn~men~ are heW by ~hr Srrretary o( Huu.ing :mJ Urb:m Ucvelopmtnl. a
mu~thly charge lin lieu ot a mortgage inwranre premiuml Nhich ~hall tx in an amuu~t eyual tu ~~nt-tNeltth 111121 uf unrhatf
( l/2) per ceowm of the ave~age ~~ut~lanJing t+alan~-e due on the note cumpwed withawt IaMing iniu acc~wnt drlinyuencies or
prepaymenis;
Ibl A sum equal to the ~roumi rents, it any, nexl due, plus the premiumsibataiiYtie~t herumr Jue :~nJ pa~~bk ~on pulirir. uf firr and
W htr h:varJ insurance covering the murtgagayt pruperty, plus taxes •rrxf ac~ts~mr~~s nral due un the murt~grd properry lall a~ r+ti-
ma~eJ by the mortgagee) k~s all.um~ alreaJy paid ~hcrefar diviJeJ by ~he numt+er of mo~th~ tu el:?p~r hetorr unr munth priur tu tAe
date when xurh gruwxi rents, premiums, lrres, anJ a+~es+ment~ will btcume delinyuent, ~uch +um~ ~u be hrlJ tiy murtg:~rr in trust
tu pay said ground rents, premium~. ta~es, •rnd +ptrial a~.e~smznts; and
Icl All payment+ mentioned in the two preceding cuhuclians ot this paragraph and all paymente t.i he maJe unJer ~he nute ,ecureJ here-
by shall tx ~iJeJ t.~gNhrr :~rn! the ~~rrdatc ~mount ~hereot shall tx ~id hy the murlgagur e~ch munlh in ~~ingk payment to tx ap-
plini by Ihe mongagct to the fallow•ing items in the order set torth:
IU premium charges under tbe contr~ct uf inturance wilh Ihe Sccrelary ot Houcing anJ Urhan I~~elupmrm. ~ir monthly charge
lin lieu o( mortgage insurance premium), as Ihe cace may tx:
Ilfl grou~xi rents, tazes, assecsmenls, fire, and othtr hazard insurance premiums;
1111 intercst on the note cecured hereby; and
11 V? amortiiation of tht principal of said nole.
Any deficiency in the amuunt of sucb aggregate momhly payment ~hall, unk~s maJe g~xxi by the murtgagor prior Io the due date of the ne~t
such paymem, ronctitWe an Cvent oi detault unJer Ihic mor~gage. 'Ii~e mortg:?gee may c~~lleet a"late charge" ra,t tu eiceed two cenls 12e) for
r-rch dollar IS11 of each payment mure than fiftecn I IS1 day~ in arrearc 1o rover lhe e~tra rx{+ence involved in hanJling delinyuent payments.
That it the t~tal o( the payments maJe by the mortgageu urufer (bl ot paragraph 2 prtceding ~halt ercecd tht amount of tht payment.
actually made by the monp,agte, for grounJ rtntc. ~astc •r~xl acsr~smenu anJ imuranee premium~. a~ the cace m~}~ ht. cuch e~cres at the op-
liun oi the mortgaget, shall, he crcditetil on subcequen~ payments to tx made by the mort~gur. ur rctunded t.~ the mortgagor. It, huwever, thr %
monlhly paymeMs madt by the mortgagor under Ib) uf paragraph 2 prtczding ~hall nw he sufficient to pay grounJ rents, taxes :+nd •rssessment~ #
and insurance premiumc, a~ 1Fx crse may tx. wAen ~he same shall become Jue and payable. then the mortgsgor shall pay to the martg:~tee any
amount oecrscary lu mal;e up the deficienc>~. a~ or t+etore the Jate w~he~ f+•ryment of such itrourni rentc. tarrc. a~ses~mrnt.. or insurance pr~m-
iums shall be Jue. 1! at any time the~mortp,:.gor .hall tender ti~ the mongagrr in accordance with tht provitiunc o( the nute ~ecureJ herehy, full
~+ayment ot the entire indebteJnec. represented ~herehy, thr mongagce shall. in romputing ~he amuunt of such indebteJne+,. creJit to the :1:-
c.wnt of the mun~t.?gur all paymrnt. made urxltr the pru~ i~ium uf la) ot paragraph 3 herrut which the murtg:qtee ha, not tKCUme ub6y.atrJ t~~
pap to the Secrc~ary u( N.~u.in~ and l'rb;~n Ikrtlupment •rnJ •rny Fv?lance remaining in the furxlti accumulateJ unifer the pruvi~ium at IM of g
,aiJ paragr•rph 2. I( there +hall he a Jefault under any u( ~he provisiuns ot ~his mortgage, resuiting in a puMic +ale ot tF~ premi~ec c~~~ereJ here- ~
by, ~x it ttx murt~gee as4uirec the property ulherw i.e after de(ault, Ihe mottgagee shall apply. at the timt of tht commeixemen~ uf ,uch pr~~-
ceedings ur at the pme ~he propeny is otherw ise acyuired, the halance ~hen remaining in ttx tunds accumulated under 16) uf paragraph 2 preced-
ing as a credit aEwinst the amount ot princiDal then r.mafti~ unpaiJ under said note and shall praperly e~~ust ~ny papments ahich ~Fwll have
txen made under 1 a) oi said par~graoh i
a. That he will pay all taxes, a~ce~~ment.. waler rates, and other governmental or municipal charges, fines. or impo.uiunc. (or which pro- ~
vi,iun h:+~ nut heen m:~Jr herrintxfurr. •rnd in dcfaull Ihereui tht miulgaKre may pa~ thc .:imc: :~nd lhat he will promptly Jrli~er thr ~~tfircd i
recript~ thcretur ro thr murt~gre. "
5. That he w~i0 rmit. commit. ~x suHer no w•a~~e. im ~irment. ur deterioration ~~f .a~d ru ert • or .~n !
~ P" p p y y pan thrreof: end in thr even~ ot ihe
failurr of the mongagor to keep tht huiWings on wid premiu~ anJ thuse to hc erec~ed on u~iJ premi.e+, ar improvemtnt. thereon. in gixxl rt- £
pair, the mortgagee may make such repain as io it+ discretion it may Jeem necr~wry tor thr pro~r pre~en ~tiuo ihrreof. and ihe (ull amount uf ~
each and every such payment shall t+e immtdiatcly Jue and payabk_ and .hall be .ecurrd h} the lien o( this mortgage. , ~
6. That he w~ill pay all and singular the costs. chargeti. anJ eypensec, incluJing reawn:~hlt lawyer'c frec, and costs of ab.tracts of titk. in- i
cutred or p:iiJ at any timt by the mortgagte because ot the (ailurc un the part of thr mortL.,gor promptly and (ully to prrform the agreemrnts ;
and covenant~o( wid prumiscory note and this mortgage, and ,aid coctc, charge.. anJ e~prr..e+.hall tx immedia~dy Jue and payabk anJ .h~ll
t+e secured by the lien of this mortgage.
7_ That he will keep the impruvement+ now existing or hereafter erecteJ on the murtg;~gcd prope~ty. imurrd a. may hr reyuired (rum time
to time by the mortgagee against bsti by fire anJ other hafardc. ca.u:,lties. :?nJ cuntin~~nrie+ in wch amuun~.:,nJ tur .urh prrio.l. a+ m:ay he
rrquired hy mort~agee. rnd will pay promptly. when Jue, any premium. on .uch in.urance for payment af whirh pru~ i.iun har nut heen maJr
hereint?tfore. .All imurance ~h~ll tx rarrird in companie~ appruveJ by murtg..gre anJ the txrlicie. anJ reneN:~l. thrrr~~f ~hall t.z helJ by murt~a ;
gee and have a(IacheJ thereto bsc payabir ctau.e+ in favor ot anJ in turm arceptahlr to the murtg~gre. In e~ent ~~f 1~~„ hr w ill give immeJi:u~
notict Ay mail to mortgagte. and mortgagee may make proof of loss if ~ot made promplty by mort~or. and exh insurance company cun- ~
cerned ix hereby authwitrd and directed to make payment for wch k»~ JirecUy tu mort~gee i~~tead of to mortg~gor anJ mi~rtgagee joindy. ?
and the insuranct proceedc. or any part thereof, may tx applieJ by murtgagce at eis o~ti~~n ei~her to the redurliun of the indehtednes~ hereby
j cecurrd or to the restoratiun or repair of Ihe propeny~ damaged. In event uf (urecbwre of this morl~e or other trrn~(er i?f titk to the mort- -
~ g:+geJ property in extin~,vishmem of the indebteJness secured hereby, all right, title. and interest of tF?e mortg.}Eor in and t~~ :~ny imurance pc~li- ~
i cies then in force shall pxss to the purcha~er or grantee. :
! 8. Thu iithe premises_ or any part thereof. tx cunJemned under any ~x~wer uf eminenl domain. ex acquirrd fur publii use. Ihe Jam:~~;es. ~
~ proceed~. a~d the consiJeralion for such xyui+ition. to the ettent of the full .~muum ~~f indebteJne~~ u~m thi~ Slurtgage. anJ the Note +ecured _
F hereby cemeining unpaid, are hereby a,signeJ by Ihe Morlgagor ~o Itte tilurtgagee ~nJ ~hall he paid furthw ith to thc h1orl~agce to he ~pplieJ h~ t
it on account of the iodebtenecs secured hereby. whether due ur not. s
'1. Thal the mortgagce may. at any time pending a cuit upon this mortg:,ge. apply to the roart having jun~didi~~n thereof tor Ihe np~x~int-
~ ment of a receiver. and such court shall forthwith appoint a rcceiver o( the premi~es ro~ered hereb~• ail and ~ingular, in~luding :dl :~nd +ingular ;
the income. profits. issues. anJ revenueti (rom whalever suurce demeJ. each rnJ evety ut which, it heing e~pre~sly urxieru~x~d. is herehy
murtgaged as if specifically ~et forth aad dexribcel in the gr~nting anJ hahenJum clauses hereof. and wrh recei~er .hall ha~e all the broad anJ '
~ eBective function~ and Ex~Ner. in anywice eretrucleJ by a cewrt 1~~ a receivrr_ :,nJ wch appuinlment ~h.ill be m~de hy wnc ~uun a. an admitlrJ
t equity anJ a matter of ahu~lute right to ~aid morig:~ce.:+nJ withiwt referrnre tu the adequary or inaJequac} u( Ihe ~ a~ue of thr pmperty mort- t
gagrd ur tu the sul~•enry or inu~lvrncy o( ,:~iJ mortgagor ur the defendnnt.. anJ Ihat tiuch rentc, pr~~fitc. inrome_ i~we~. .~nJ rr~enue~ ~hall nc
applied by such receiver according to the lien u( ~hiti mur~gage and the practice ut wch cuurt. In the evem uf any defau4 on Ihe pan of the mon-
; gagor hereun~ier, the mort~gor sgrees to pay to the mortg:?get ~~n dcm:~nd :~s a rea.onable monthly~ rental fur the premi~r+ an :~muunt at lea~t
' equi~altnt to one-tw~lfth II/12) of the aggregatc o( the lwtl~~e monthly imlallment~ payable in 1he lhen current ~~ear plu~ the artual amounl ot
~ the annual u~xes, a~cessments. water rate~, arui inwrance premium~ fur wrh ~ear not covered by the afore~aiJ monthly paymentc.
10. 'itiat Ia1 in tht event of any breach of Ihi~ mortg.~ge or JeL•~u{t ~ro the p:,n u( Ihc mort~agor. or 1 h) in the e~eot th:~t any i~t ~aid ~um, o(
money herein rettrred to he not promptly and tully paiJ withcwt dem:~nJ ur rotice. or Ic) in Ihe event Ihat rach anJ e~try the slipul•rliuns.
agreements. condiliens, anJ covenant~ of caid note and lhic mort~ge. are nW duly. promplly. .+nJ fully ptr(urmeJ: then in eilher or an~~ ,uch t
event. lhe ~aid aggregate tum mentioned in wid no~e Ihen remaining uopaiJ, with interest accrued to ~hal limr. :~nd all money, -ecureJ herehy. '
~hall txcome duc anJ a abk forthwith. ur thereafter. at IF~t o tiun of said mort
p' y p ga~tee, as tully anJ completcl~ ~ti if :JI o( the wid wma of mun- ;
ey were originally titipulateJ lo be paiJ on ~uch Jay. anything in wid note or in thic mongage to the contrrr~• notw ithtitanding: anJ thereupun ur ~
! therca(1er. at 1he option ot tiaiJ mortgagce. w ithout rx~tice or dem:~nJ. wh at law or in equiiy. may he pro.ecuted a~ if all muney~ secured here- `
by Fwd matured prior to it~ institution. Tht morlp,ag~e may furecloce thi~ mortgage. ac to IF~e amuunt .o declareJ due and pay~bk. anJ the +aid ~
premises ~hall be co1J Io cati~fy anJ pay the ~ame t~tether with co~h. c~~xme., anJ altuxancet. In ca~e of p~rtial tore~lutiure oi thi~ mort~ge. ~
ttx mortgaged premise .~h~ll lie ~oIJ wh~ect to the cuntinuing lie~ o( thi~ murtg:~ge for the amuum ot Ihe debt not then Jue and unpaid. In ~uch ~
case tht provisions of this paragraph may again be av~ikJ of thcreafter from time to timc by the mort~grt.
rQFK~~~ P,tG~ 3~4
' : _ ~
f~~ ~ ~ " -
~~_-~T;~~'~
~_~„w;k . _ _ :r y
,w' -~±:;Y~$~..