HomeMy WebLinkAbout0624 Ih:~t. ~o.~rd~r mu~r (ully h~ pr~~trct thr ~~cunty ut th~, m.~ng.~gr. thc n~.~~i~,~Y.~:. wgrthcr w~Ih..~nJ in rd~~u~~n t~~.lhrn?~ntMly p.~ydttnl+
unJtt lhr Irrio. ~~f tht nolt ~r:urcJ hrrcb) .~vi tht li~.l Jay ra~h mu~?~h unul ~hr .a~J nuir i. (ull~ p~~d. will pay w il~e ~~e.nil.~a ~r (~~i?uM-
~ng wm+:
1~1 :\n .unuunt .utti.irm tu pr~~~~dc thr hulJrr hrreuf wiih funda tu p~y thr nc~l rnu~tg~~;r in~uran.e prrmium ii thi. im~rumrnt .~nJ thr
nalr .r:ur~d hcrrh~ arr in.urrJ. u~ a mu~ilhly .Aargr lin I~~u u( a mutlgagC imur.~ncc prrmiu~~l it ~fic~ arc h~IJ t.~ 1hr lccrrlan
Huu.ing anJ Urhan Ik~rl.~pn~eoi u. fulluw.:
111 1~ and ~o lung a. ~aiJ niur ut r~rn Ja1t :u~J Ihi~ imtrumtnl arc in,u~rJ ur ~rr trimurrJ unJtr ttx pnr~ ~,iun. u( Ih: Nauunel
H~w~in~ A~t.:~n :uiwum wtfi~ ~rn1 tu accumulate in ~hr hanJ~ ~f tht hulJrr unt 11) munM priur to i~. J?~r ~atr ~hr annual murl-
gagr inwra~~t prrmium. in urJrr to pru~ide wrh M+Idtr wi~h (unJ, lu pa~ wch p~emium tu tl?e Srcrctary of Hut»ing anJ
Urb:m Ik~~lo~mrnl punu:tnt tu Ihr Natiunai Hou+ing Acl, u~ amendtJ. and applicabk Regulatiun~ thrtrunJtr, ur
Illi It anJ .u lung a~ .aiJ nole i+t r~en Jate anJ ~hi. in~trumeM art hrW hy the tiecre~ary o( N~w.ing rnJ Urban IkvrlupmeM. a
muniAly chargr 1in heu o( a mungage ~muranr~ prcmiuml which +hall hr sn an ~mounl equal to une-tN~l(tb 11l121 ot une-Iwl(
t It'1 {+~r crmum ut thr avrr.~be uuhtanJiog balancr dur un thr nutr rumputrJ wiih~wt taking intu ~rtuunt drlinyucnric. ~~r
pf~pa) m~~h:
Ih1 wm ryual w Ihr gru~n~ rent+. i( any. nev Jur. plu~ It?e pr~mium~ thal wiU nezt hecumr due anJ pa~ahle un M~Gcir+ u( fi~~ ~nd
othrr hatard imur:~nce covering the mung~gad proprrty, plu. tatizs anJ a.ce~.me~K net~ Jue on the mor~gaged properly lall a+ e~ti-
ma1rJ hy ~he murtgagr~ 1 It+~ all ~um~ :~IrcaJy paiJ ~hc~r(ur Ji~ idrd by thr number uf monlh~ tu claps~ heforc une month prior lo Ihe
~atr when .uch gruunJ rent~, premium~. tar~~. anJ a~.r~~mem~ will txrome drlmyurnt. ~uch +ums tu hr helJ by murtgaget io trucl
w pay ,aiJ gruunJ re~t~. prrmium~. taus, anJ .pr~,~al a.~e.,mentc: and
1. ~:111 p~> mcn~~ mr~uuntJ in tht ~wo prcceding wh.rctiun. uf thi, p~r.~graph anJ :,II pay mrntti tu hr maJe under the no~e ~ecurrd here-
by .hall he :~Jded t~+~elhtr anJ the a~,regatr :~mount thcreof .hall hr paiJ by (hr mungagur rach munlh in a.~ngk pa) mem 1.r ap-
plirJ hy Iht murt~gtt tu ihe follow ing ilrm~ in Ihe urJer ~ct (i~rth:
(1) premium char~;t+ urxler Ihr c~mtrac~ u( imuran~t N ith the Seerrlary of Huu.ing anJ Urban Ik~~elupment. or monihl~ chargr
lin lieu uf murtr~gt inwrenre premiuml. a~ the ca.e may hr:
11U gruunJ rent.. taus, a+.e+~menls, firc. anJ wher hatard in~ur~nce prrmium~:
Illl intertst on thr nute .ecureJ hercby::+nd
11~'l amurtitati.?n uf Ihe prirnipal uf wiJ nole.
Any d~ficiency in ~he amuun~ uf iuch aggreg~tt monthly paymrnt +hall, unle.. made g.wNl by 1hr murtgngur priuc Io thr Ju~ Jatr ~?f thr nt~t
w~h paymtnt. cumlitutr an event of defauh wxler thi~ mongagr- The murtgegre may cullrct a"latr charge" not to t~ceed twu crnl~ 1'~I (or
each dullar IS11 ut each payment more than fittern 1 I SI day. in arrean to cover Ihe e~tr•r r~~+en~ invi~lved in h:mJling deiinyuent paymrn~..
3. That i( the lotat uf Ihe payments made by the mongrgur under Ib) of paragraph prerrdinb ,h:?11 e~ceeJ the amount of thr p.~>mrnt~
xtuslly madt by the mortFaget. for grou~xi rent+. ta~e+ anJ a~.e«menh anJ inwraacr prrmium~. u. thr r~.r ma} he. wch e~ce.s at ttie op-
~iun af the murtg~ger..hall, tx creditrd on suh,ryutnt ~aymcnts to he maJr hy ~he mur~gagur. ~x refundrJ to the mun~gur. It, howevrr. Ihe
manthly paymeM~ madr by Ihr morl~gor unJer ( b? of par.~gtaph ' preccJing +hall nW ht +ufli:ient w pay grouMl rents, taxes :,nd a~.rs,mrnts
;md imur~ncr prrmium+. a~ tF?~ c~.c may be. when the .ame ~hall heci~me Jue and payahk. ihrn the murtgagur shall pay ro the murtgagee any
.~muunt nece..ary tu makr up Ihe ~eficiency. un or t+etorr tht da~e w hen paymenl of ,u~h gwunJ rentc. ta~e~. :~+se~+ment.. ar inwrance prem-
iums.hall f~ Jue. It at arsy timr ~he murt~g~~r.hall tendrr t~~ the mortgagec in:~ecurdance with the p~uvisionc uf thr note ucured hercby. lull
pa~ ment ut tht eolire inJrbtrdnr~. repre.enttd therehy. Ihr murtg:igee ,hall. in rompoting the amoum ~~f wch inJehtedness. rredit ta the ac-
c~wnt of thr mur~~gur all paqment~ maJe unJrr Ihe pru•.i.iam uf I:N u( paragraph' hcrrof which the mungagee hac not hecome ubligatecl to
pay to the Sccrctary o( Nou+ing anJ Urban ik~~elupmrnt and any h:+lan~r rrmaining in the (wxls~aa~umuiated undrr thr provisi~?m ot Ibl of
,aid paragraph'. tf ttxre shall t+e a de(ault un.ier any ot ttx provisions of this mortgage. resu~iqg in a puMie sale of the prrmi.e. co~rred here-
b~•, or i( the mortgagee acquircs the property otherwisa aRer def•ru4, the mortf;agee ~h:+ll apply, ~t'Ihe time ot the:commencrment .~f wch pru-
ceedings or at the time ~he property is utixrwise acyuireJ. tTx t?alance then remaining in the turxls aecumul+tedundl~r ! b) of prragr~ph _ prereJ-
ing as rrtdit against ihe amvunt ot prir?~ipal lhen remaioing unpaid urxitr +:+id note and ~hall ~+rqpe~ly ad,jast any payme~ls whirh ih:+ll have
heen made urxier 1 al ot +•rid paragraph. - - ~
a. ~rh:,~ he..~~n ~~y :JI laxe+. a~~e~~mcnl~, wslcr rate~ anJ other governmental or muni~i{ul chargt~. fin~s. ur im{wsitiuns. for which pru-
vi~i~m ha, nul txcn m;~Je hrrcinhefore. anJ in dr(ault Ihereu( the mort~:a~er may p:~p thr .amr: :~nd th:~t he will {KqmpllXdeliver Ihe utfici:J
reccipt. thrre(ur tht murt~;aFrr. ~ ;
5_ That lir w ill {+ermii. rommit. or ,uticr nu N a.le. impairmcnt. ur Jttcrioratiun x~f tiaid pruperty'or any part thereo(: ~nd intF~ event Ihr ;
taifure o( the r.iurtgagor to kcrp Ihe buil~iing~ un viid premitic, and tho.e to tx erectrd on ~id prrmix~. or impn~vemenlc thrreon. in ~,~xi re- !
~ir. the murtgagee ma~ maAr surh rep~ir, a~ in ih dixretion it may Jerm nrceu:~ry for the proper prz~enation Ihrre~~f _ and tke (uli amou~t uf ~
rach ~nd evrr~ wrh payment chall t~ immrdi:uely due anJ payahle. anJ ~hall F?t cecureJ by the licn of thit murtg:~e. ~
6. That he w ill pay all and ~ingular tt?e cost~. chargec. and e~~+ense.. incluJing reasonabk lawyer's fres. :~nd co~h ot ah~tractc of title. in- !
~urrcd or p~iJ a1 •rny time M• the mort~gee t~cau~e of tht tailure on thr p-rrt of the murtgagor prompU~• and (ully W perform the agreemenh
and c~~venanh of said promi,~on• rw~r :+nd thiti martgage. and eaid costs, chargec. anJ e~penses shall t+e immediatety due :+nJ pay~bk •rnd shall
he ~ecureJ by tht lien~( Ihi~ murtp.age. _
Tha1 hc ~ ill keep Ihe improvementt now e~i~tin~ or herea(ter erected un the mur~gag~d propeny. inwreJ as m:~y hr rrquirrJ irom time
~ tu ~ime by Ihe murtgag~e again~~ lu.s by firc anJ other h:~card~, cawaltie~. and cuntingencie~ in wch amuuntti and for wch ~ri~xls a~ may hr
~ requireJ hy murtgaKCt. :+nd will pay prompdy_ whrn Jue. any premium~ un wch inwrance for payment of which provi~ion ha~ oot heen made
; herrinhetare. .ali imurance ~hall t?e carried in companies appruved by mongagee :+nd the policies ~nJ renewalti thereof ~hall be held b} mortg:r
~ Fre and h~vr attachrd therrto loc~ p:~yable claucec in f•rvor o( anJ in (orm acceptabk to the mortg:~gee. In e~ent of lo~s he w ill give immeuiate
~ notier hy mail Ii~ murt~;:~gre. anJ mortgagee may make pr~t o( b+~ if nW made promptly by mongagor. and each inwrance company con-
cerned iti hereby :w~horized anJ Jirec~ed to ma{:e payment tor such bss direcdy to mongagre instead ui to monp.agor and mortgrgee joindy.
~nJ the in.urancr pnxred+. ur any part thereof_ may tx applied by mortgagee :+t its ~ptiun eith~r to the reduction of the indebtrdness hereby
~ xrureJ ~~r to thc rr+tur:~tiun ur repair of Ihe propetty d:?maged. In even~ ot forcelosurr u( Ihiti mortgage or ~~~her tramfer u( title to thr mort-
~ gaged pruperty in e~tingui.hment <?f ~he indehteJnec+ ~ecured hereby_ all right, title. and intere5t of IFrc mortg:+g~~r in and ~o an} inwrance {wli-
cie+ then in torcr .hall pa,c to the purchatier or granter.
~ 8. "Ihat if tht premi~es. or any part thereof. he cundemnrJ unJer any ~x~w er ot tminem Jomain, or ac~uired for a public ux. the damage+.
proreeJ~. a~J Ihe consiJeration for such ncqu~.ition. [o the e~tent of the full amuuM ~ef irxlebtedne.~ upun thi~ hlortgagr. and Ihe ivole secured
hereby rrmaining unpaiu. are hcreby atitiigned by thc Atartgagor a~ the'.1lortg:?gee and ~h:+ll he paid forthwith 1o the Mort~gee to t+e:+pplied by
it on account uf the indebtenesc ~ecured herehp. whether Jue or not.
9. That Ihe mortgagee may. at :~ny timr penJing a.uit upon thi~ mortgage. apply to the c~wn ha~•ing juriuiiction ~hereof tor the appoint-
~ mem o( a receiver. and sunc ~~wn cha11 tonhw~ith appoint a receiver ot the premius covered hereby atl anJ tiingular. inclading all and singular
the incume. profits. is.ues. and revenur~ frum whatever cource derivc~l. each anJ every of whirh. it heing etipre~~ty unJentcwJ. is hereby
~ murt~:;~eJ ati if ~pecifically ~N torth anJ JescrilxJ in ~he granting anJ h•rbenJum clauses hereot. and such receiver ~hall have aU tF~e broad and ±
eHective furn:tiuns anJ pow ers in anywise entrustrJ by a cuurl to a receiver. and such appointmeot +h:~ll be maJe by wch ccwn as an admitted ~
~ equily and a mattrr of ahwlute right to .aid mongagee. anJ with~•ut reference 1o thr adequacy or inadeyuacy of the value a~f the properry mort- ;
~;agrJ or to the ~ol~enry or imol~~nc} ut .:~id mun~gor or Ihr defendam~_ anJ ~hat wch rent~. profit~. incume. i+.ue.. :mJ rtvenurc .hail be ;
~ applied bp ~ucb rective~ accorJing to ~hc lien o( thic mortgagr and the practice of such cewrt. In the e~ent of any Jefault on the part of the mort- ~
~ dagor hereunder. the mixtgagor agrrec ti. p•ry to the mortgagce un drmaoJ ac a reasonabk monthly renlal (or lhe premixs an amount at kast
~ eyui~:ilen1 ti. unc-twelith 11J1?I ot Ihe a~regate uf Ihe lwch•e monthly imtallments payable in the then current year plus the :+cwal amount of ~
~ thc annuaf tare.. a+~escmenta, water rate~. anJ intiurance premium~ tor wch year not covereJ by the afore~.iid monthly pr~ ment+. <
~ 10. 71iat la? in the e~~em o( any brerch ot Ihi~ murtp,age or Jefauil an the part of the mort~gor. or Ib) in 1he event th:~t any ~it saiJ .um, of ~
~1 m~~ney herein referred to he nW promp~ly and (ully paiJ without demaod or notice. or Icl in the event ~hat each •rnd every the ~lipulations.
~ a~rcrmrntti. cunJitions. :~nd cocenant, o( +rid note anJ 1hi~ mun e. are no1 Jul rom tl anJ tull rtormeJ: then in either ur any wch }
~ ~ L~B Y• P P Y•' Y{'~
~ evem. the .aiJ aggregale wm mentioned in ~id nate then remaining unpaid. with interest accrueJ Io that time. and all money+.ecured h~teby_ ~
~ .hall t~rcome due anJ pay:+hle fonhwith. ur Ihereatter. at the optiun ot saiJ mortgagee. as tully anJ completely ac if all o( the SaiJ sum~ ~t mom ~
~ ry aere originally titipulateJ ~o t~ paid un wch Jay. anything in sai~ nvtr or in Ihis mortgaee to Ihe contrary notwith+landing: •rnJ Ihereupon or =
~ therrafter, :,t the oplii~n o( saio mortgagee. with~xit noiice ar Jemand. wit at law or in equity. may tx prosecuteJ as if :dl money~ cecured herr- ~
~ hy haJ mawreJ prior to its imlitwion. The m~+rtgagee m•ry torecbse !his mong:sge. as Io the :+moun~ w declarrd due anJ payabk. anJ the said 3
premi~e~ .hall t+e ~oW to ~atitify and pay the tiame ti~ether w~ith co~t~. e~peme.. and aUo~ances. In ca~e of partial toreck?sure o( Ihis morigage. ¢
t
~ Ihe mortgageJ premisec ~hall tx a.IJ .ubjrct a. tbe c~~ntinuing lien o( thi~ murtg:~ge for !hr amount of tht deM not then due and unpaid. In cuch ~ ~
cace the pruvi~ions o( thi~ par~graph m:~y again he availeJ o! thcrcatter trom time to Iime by ~he mort~gee.
11. TMat Ihe mongagor will give immedi~te notice hy mail to the mortgagce of any comeyance. tram(er. or change o( ownership ot Ihe
premises.
1'. "fhat no waivcr ot any cuven•rnt herein or of 1he ~~bli~tion ~ture4 Aer~y tihall at any time thereafter fx held to tx a waiver of the
~ Ierme hereot or of tM note ~ecureJ hrrehy.
_ 247 ~ 624
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