HomeMy WebLinkAbout0786 l hat. ~n ordcr mure fully lu pru1tC11hc.e:urity ~~f Ihi. murtguge. tht murig.~gur. tugether w~th. anJ 6n aJdiu.ni to. the muuihly {uY mcnh
urxler the term~ uf Ihe nutt ucureJ hertby. a? the firot dap uf rach munth until ~ht.aiJ nole is fully paiJ, will pay tu ~hr murtgagr~ 1hr tuUuw-
ing cumc:
la) An amount ,ufficicnl t.. pru~iJ~ 1he hulJer hnrtuf with tunJ. tu pay ~Mr nt~t mur~~ge imurun~r pramium ~t ~hi~ in.lrumrnt ;,nJ the
nute ~erurcd hercby :ut in.ureJ, o~:+ mun~hiy rhar~e (in I~eu a( ~ mon~ge inwr~ncr prrm~uml i( lhzy arc heW hy Ihr S~cretary u!
Fiai~ink anJ Urban ikvrlupmrnt a~ fofluw~s:
11) I( :,nd .o lung .aiJ n~~te ut e~en ~la~t anJ ~his in~lrumrnt arc inwrrd or arc rrinwrtJ unJer Ihc p~ovi,iunc ot Uic N:~ti.~oal'
Huu.ing Ac1. an amuunt wfR~ ient 1~~ accumula~te in ~he hand+ ot the huWer une 111 munth priur to itx Jue dnte 1hr an~ual ~»url-
. ~ ~ gagr in.urance prtmium, in urJt~ tu proviJc such holdet with tunJc t~~ pay wch premium lo Ihe Stcrctary uf N~~u~ing anJ -
Urban Ikvrlopment {xu,uunl to tAe Nationat Nousing Ac1. as amcnded, and applicabk Regula!ium thercwxler: ur ~
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1111 1[ and .o l~ng'~. y~id n.Me t~f ~~rn d~tr anJ Ihi. in~~rumrnt s~re heW hy 1he tierre~ary o( Housing and U~an [kvelupme~l. a ~
. _ munthl) cttu~;e lin liru u( a mun~.y;e ~mutance pJCm+um? whi~h sAall t+t in an rmouot equa! to unatwtl(Ih 1U12) u( une-half .
' (1!') prr ~'~rntum o( thr avera~e aut~t~nJing halanre Jue un 1he nutt ~umputrd wiMout taking inlo accuunt Jelinquencies ur ~ ,
prepa~ mrnh; . . . ~
~ Ihl A.um eyual tu Iht gruund rrnh_ i! any. o~~t Jur. plu~ ~Ae prcmiumi ~Iwt will netl becumr due anJ p~yabk .~n {wlitirs o( hre -rnJ ~
othcr ha~arJ im~uanct covering the mungaged pro~?erty. ptw ta~es a~x! asscuments nc*t.due un the murtgeged propeny IaU ~s esli- ~ -
ma~.J by tht murigage~l kss all ~um+ alre:?Jy pai~f ~F.crefur di~idrd by Ihe numt+er uf months tu elapse I+etu~a une month prear 1a the.
J:~te wlkn ~uclryruunJ rcntc, premium~, ta~e~. anJ a.~ecsmenu will become Jclinquent, wch sums to be 1?ekl by muny;~ee in ttu~t
to pa~~ wiJ grrunJ rrn[.. prrm~um~. ta~r,. aod ~prcial a.se.sment~: anJ •
1~ ) All payment~ mentiuneJ in Ihe tw o prtrrJing ~uburtiom of this p~r:~graph -rnJ 5!I paymenh te bc made undcr the oute cecureJ herc- ;
by .hall ht •rJJcJ tt~gtlAer and Ihe a~rtgatt amuunt thrrro( .hall t+e paiJ by the murlgagor earh monlh in a+ingk paymtnt t~~ be ap- f
plic~l by tht moil~ee to lhe following itcm. in tht ~rJer set (unh: ~
111 premium clwrgr~ urxler thr~~mtr:kt ut imurance with 1he Secretary ot Huu+ing anJ Urban Ik.~elupmenl. or mun~hly charge
lin lieu o( mortgaFe inwranrc p~emium).:~~ the c•r~r m•ry t+e: ~
1111 ground rentc, ta~e.. a~u+.meots. fire. anJ uther hazard insurar,ee premiumc:
1111 in[ercst on ~he n~ue uc~red heteby: aaJ
IIVI amonizatio~ of the prineipal u( sajJ nute. '
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Any Jeficieex:y in the amuunt of wch aggtegate monthly paymrnt shall, unless maJe g~x?J by the mortg•rgor prinr ~o the due Jatr of thr nett ~
,u~h payme~t. comtitute an event of default uMler thi~ mortgage. ?he murtgagce may culfect a"late clwrge" rwt t~~ errerJ ~ao ctnts 1'c1 for
rach Joll•rr (S11 ot each payment more ~han fi~teen I ISI day. in :~rrears to caver the etitra e~{+enu involved i~ handling delinquent payments.
That if the tatal ot the paymrms m:xfe by the mony,agar ur?der (b) ot paragraph ' prcceJing ~hall exceeJ Ihe amounl at the payments
acwally madt by thr m~m6aget. for grauixt remti, lr~es a~?d a~~e+smen~s •rnJ inwrarxe premiam~, •rs 1hr case may !x, such e~.cesc at Ihe op-
tion of Ihe mongagee. ~halt, t?e creJi~cJ un wb+eyuenl payments tu be m•rde by tlx martgagor, or retunJed to the mortgagor. If. huw•ever, the
monthly paymentc maJe hy Ihe m~.r~g:~or under (M o( p.+ragraph ? preceJing .hall not he wtTiiitnt 1o pay ~roum1 rents, taxes and a.,eti.ment~
:md incurance premium~. :?c the ca,e may be. when the same .hal! hecome Jue and payabk. then the moh~or shall pay to Ihe mortg:?gee •rny
a:nount neces~ary to make up the Jefrciency. on ~x t+rforc ~he date when payment ot ~u~-h ~uurn1 ranti.laxec. assessments. or insuranre prem-
iums.hall t+e uue. It at any timr the mor~gagor ~h:~l! tenJer lo the mortg:~ee in xcordance w•ith tht provisions of ttx note sscureJ hereby. lull
payment of the entire inJtblydne~~ rcprecrnt~J Ihrrci?y. thr mortgagee .hall. in computing the amount of wrh indebtedness. credit to ~he ac- ~
cuunl o( Ihe mortgagor all p-r~ menh made under the pruvi.iunc i~f lal of paragraph 2 hereof which the morlgagte has not btcom. d+ligated t~ ~
pay ta the S~cret~ry uf H~w+ing •rnd Urban ikvelopment anJ any balance remaining in Ihe funJc accumulated under the provi~ions of Ib) of ~
~aid paragraph'. It there shalF tx a Jefault under any of the provisions uf this mort~e, resulti~ in a put+lic salt ot tlx premi.rs r.~ti•errJ here-
by, ur it 1he mortgagee aequ'ues the property otherwiu atter det~ult, tht mottl;agte shall apply, at tht t:nie ot lhe cummzncemenl uf +uch pr.~- ~
eer.Jings or at the time the property is otherMise acquired. ttx t+alance ttxn remaining in the furxis •rrcumuiated under (b)of paral;raph 2 prered- ~
ing as a creJit a~ainst the amount af prirxipal then remaining unpaiJ under .aid ~wtt and thall properly adjust any paymcnts w~hi~:h stwFl have =
lxen madt under la) of said paragaph.
J. That he will pay all ~~~e+. a++z~~menh. N ater r~te~ and othrr go~ernmental c?r munkipal ch:uge~. fine>. or impositiuns. for which pro- -
vicion lu~ no1 bcrn made hcrrinhr(ure. and in d~(~ult therruf the mor~gagee may pay the .:wm~; ~rtJ thal he Nilt promptl~• Jeli.rr ttr. «flicial . f
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receipt+ theretor to the-mongagee.
S.-?h~t he veill pCrmit. ~wfimit. or sutlrr ni~ w~+te. impairment, ur Jeterioration of saiJ property or any {+an thereof: and in Ihe event of Ihe
failure of the mon~or tokeep the twilJingc on wid premises and thu~e to be erccted un .aid premixs. ur improvemcnt~ thcreun. in g.xxi ~r-
pair. the moriga6e~ q1:tiy m•rke ~uch rep:~in as in il~ Jiscretiun it may Jeem necessary tor the proper preservatiun therco(. and Ihe fuli :~muunt o( -
tach and every sueh ~.1qmEnt ~hall fx immediatdy due and payabk. and ~hail tx cecureJ by ~he lien uf this mong•rge. •
6. That he w~iq p~y: a11 and singular the costs, chargcc. and eapenses. including reawnabk tawyer's tees, ~nd costs of : bstracts of tide. io-
curred cx paici al any time by the murtgagee because ~~f the failure u~ the part uf the mortgagor promptly and fully to pertorm the agrerments ;
and covenants of said promicsory note :+nJ Ihi~ murt~ge. anJ ~aiJ costs. charges, and e~penses +hall t+e immediately due and payabk and shall ~
''I be secured by thelien d this m~~rtg:qte. ~
, 7. That hr w•ill F.eep the improvtments n~.w e~i~ting or here•r(ter erected on 1he mortgaged properly_ inwred a~ may tx rcquired lrom timz ~
~ to Iime by the mortgager against k~cc by fire anJ uiher hatard~. cacualtie~. anJ conlingencies in wch amounts and (or wch periixf~ as may he
~ required by mortgaget. and v~ iU pay prumptly _ when due. any premiums on such insurance tor p~yment o( wAich provitiion Iws not been made
~ hereint+efore. All inwrance +hall be carrieJ in cumpanies approved hy mortgaget anJ Ihe puliciec anJ renew~lc ttaerepf shall tx held by mon~a-
~ gee and bave auacheJ thrreto loss pa~~~bk clauus in favor o( and in torm accrptaMe tu the mortgagee-_ In event uf kns he will give immeJiale
~ nutice by mail !o mortgagee. and mortg:+gte may ~nal:e eroof of los~ if not mai~e promptly by mortgagor. and tach inwranee company con- _
~ cerned ic hercby authorizrd arni directed to make payment tor tiuch loss~8irecdy to mortgagee inslead of to mortgagur rnJ murtgagee jointly_ ~
~ and the incuraoce procezJs. o[ any pari thereof. may be applied bg mortgagee at its option either to the reduction of the inJebtedness hereby ~
~ ~ecured or tu the rectoration o: repair of,the propeStY damageJ. In event,ot (orccbsure ot this mAngage or Qthes traos(er o( titk to the mort-
gageJ propert~ in extinguishment ot the inJchted'ness secured hereby. :,II rigt?t. titk. and intereit ot the mrrtgagor in and to any insurance poli- *
cice then in torce shall pas~ to thc purchacer or grantce. ~
8. "(hat if the premius. or any p~art Ihereof. he condemneJ under any ~wwer ot eminent domain. or acquired fur a public ux. the Jamage~. +j
proceeJs. and the consider-rtio~ (or wch acQuisition. to ~he crtent of the (ull am~wm uf indebtcdnesc upon thi. Mongage. and the i~ote secured ~
hcreby rem•rining unpaiJ. are heteby assigned by 1he ~lurtgagor to Ihe Nort~gee anJ sha0 be paid torihwith ti~ the Nottgaget to be applied by i
it on account of the indebteness ucured hercby. whether Jue or aot. '
9. 'ihat the mortgagee may. at rny time, pending a suit upon this mort~ge. apply to the coun having jurisdictiun tlxreof for Ihe appoint- ~
ment of a receive~ anJ such court shalt fonhw~ith appc#~t a receiver of the premius covered hereby all and singular. inc~uding all and sinieular
~he income. profi~s. issue~. and revenues frum whatever source JeriveJ. each and every of w~hich, it being expre~sly understood. is hereby
mortgaQcd •rs it ipecific~lly set torth anJ describnf in the Yrantinp and habendum clauses hereot. and such receiver shall have •rll the broad and
ettectivt functiun~ :u~J puwef~ iq anywise entru,te~i by~a coun tua receiver. and such appointment shall be maJe by wch c~wrt as •rn :Nimittcri 't
~ eyuity and a matter of abscilute right to +aiJ mortgagee. anJ wiihout reference to Itrc adequacy or inaJequacy of the ~•alue of the propcrty mon-
~ g:+ged ur tu tht solvency or inc~,h•ency ut .aid mortgagor ~~r the detendant~. •rnd lhat sech rems, profits. incume. is,ur~_ and revenue~ chal( tx
-y applied by wrh receiver according tci Ihe 6en i.t this mortEi:?ge and the practice o( such court. lo Ihe evtiriot any defauh on the ~+art ot the mort-
~ ~gor hereunJer. thc morgegor agree~ to pay to the mortgagte on demanJ as a reasonabk monthly reatal for the premi,e~ an am~wr~t-at aeast
~ equiwrlent 10 onrtwel(th 11! 1'_1 of the aF;greRate of the Iwelve monthly inslallments payabk in tht then ~vrrent year plua the actual amaunl ut
~ iht annual ta~es. acussmtnit. water rrtec. •rnJ imurrnce premium~ for such ycar not covered by the afores•rid monthly payments. ;
~ 10 That lal in Ihe event ot any breachot ~hi~ mortgage or detault on the pan ot the murtgagor. or Ib) in the event tha~ any of saiJ sum~ uf i
~ money hcrein referred to be ni.~ prompdy anJ (ully paid w~ithout demand or naice. or Ic) in the event that each and rvery the stipula~ions_ ~
~ agreementc_ conJition~. anJ covenants of wiJ nute and thic rnortgage. are n~x duly. prumptly. and fully per(ormed: then in either or any wch
~ event. the saiJ a~regate wm mentio??eJ in.aiJ note ~hen remaining unpaiJ. wi~h interc~t accrued to tbat time. and all muneys ~ecured hereby.
~hall txcome due aod payahle fotthwi~h. or .hereafter. at Iht ~ption uf wiJ mortgagee. as fu0y anJ completely a~ if all ot the said sums ot mon-
~ ey were ori~einally stipulated to be paid on wch Jay. anything in said ~de or in this moripagt tu the contrarq notwilhztanJing: and thereupon or
thereaf~er. at the optiun of said mongaKee. with.wt notice or demanJ. suit at law• or in equity_ may tx proeecuttd as if aii moneyc secureJ here-
hy haJ m:+tureJ prior 1o it~ imtitutiun. The martgagee may torccbx this mortg-rge_ as to 1he amaunl so declared due and payabk. ~nd the said
premixs ~hall he soW to.alisfy anJ pay Ihe same tc~tether with cixts_ expenuc. and allowances. (n case of panial foreclosure o( this mongage.
~he mortp,aFed premice. chall be suW wttjqc~ lu the continuing lien of thic mortgage for the amount of the debt not Ihen dut and unpaid. In such
cace the provi~iuns of thi~ p:+r~gr9ph may again he availed o( ~hereaf!er from time to ~ime by the mongtagee.
I1. That the mon~g~x well give immedi~te nMice by mail tu Ihe mortg,agee of any comeyance. Irans(er. or change of ownership of 1he _
premises. ~
~ 1?. Tha~ no waiver of any coreoant hertin or of the obligation ucured hereby shall at rny lime therea(ter bt held to be a waiver ot the
~ term~ hereof or of ti?e note securcd hereby.
' $Lt~~~~~ F~L / W ~ ~ i~/ ~I,~l..~f.~'~
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