HomeMy WebLinkAbout0973 'fhat. in urJtr murt fully lu piutrrl Iht .rcuri~~ ut Ihi, muri~;age. ~hr mungagur. t~~~rlher w ith. anJ in adJiuun tu. Ihc munlhly p.~~ mrnt.
unJc~ ~hr tr~m. of Ihe nulz .rrurrJ hrrcby. un tlx tir.t da~ uf rarh munth umil th~ .aiJ n~~~r i, tullq p.~iJ. witl pay tu thr mur~~grr 1hr (ullaw-
in~ ,um~:
lal An amuunt .utli~irol lu pm~iJr thr huldrr hrrru( wilh (unJ~ li? pay Iht nt~1 murlg:~r imurance prrmium if thi, im~rumrnt ~nd Iht
nu~r .ecureJ hereb~• arr inwreJ. ur a munihly rhargr lin lieu u( a mortg:~e ~mur:?nce premiuml if thty are he1J hy thr SerrNary u(
H~a~.ing anJ Urban ikvrlopmtnt a. (u11uN c:
IU If anJ co IonK a~ .aiJ nWt uf even Ja~r and thi+ imUUmrnt are iowrrd ur arc rrinwrrJ undtr 1hr pruvi.iun+ of Ihr Natiun:J
Huu~ing Ac~. an amoum wtficirnt lu arcumulrlr in ~he nanJ~ ui 1ht huldt~ unr 111 monlh p~iur tu i1~ due Jate ~he annual murt-
~t inwr~nra premium. in order to pruviJt +uch h~ildrr Nith funJ~ ~u pay ~uch premium to the tiecretary uf H~w+ing anJ
Urban Developmrnt pur.uant t~.Ihe Nalional H.wsing Act. ac amended. aod a~+plicabk Rrgulatiune IAereunJer:.u ;
1111 If :md si? lung a~ caW nule ot even Jatt artJ thi~ inurumem are helJ hy Ihe Se~retary of H~w~ing anJ Urban Ikvtlopmrnt, a ;
momhly charge Un lieu ot a mortg:?ge imuranre premium) which sh~ll he in an amaunt eyual ro onatweltth 111121 ot une-ha!( ~
1 I!'1 per renwm of thr average uuhlanJing halance Jue un tht note rumputtJ w ithiwl taking into arr~wm delinyuenrits or i
prepaymrnt~; ?
Ih1 A wm equal to the gruunJ rtnH, it :+ny. ne~l Jue. pluc the premiums Iha~ w ill nev t+rcumr Jue and payabk ~~n pulicie~ ~~t fire anJ ;
wher hararJ inwrancr covering the murt~eJ propeny. plu. ta~e+ anJ a.ses~ments net~ due on the mortgalteJ property 1~11 a~ esti-
m•rteJ by Iha mor[gageel k+c -rll wm~ already p:~iJ there(or divided by the numt+er of monthc 1a elap.e txtorc one munth prior ta ~he ,
Jatt w hen wch guunJ ren~s. premiumc, ta~es, anJ a»t+sments will t+e~:omt dtlinquent. such wms to Ix heW by mortgagte in tnnt ;
lo pay +aiJ grouixl re~t~, prrmiums, tarr~, uod ~pecia) a~se+~meatc: anJ i
Icl All payment~ mtntioneJ in Ihr ~wo prccediog.ubuctium of Ihiti paraKraph anJ aIl paymenh ~o hc made uixitr the note tierureJ here-
hy +halll+e aJdrJ togethe[ anJ thr aggrtgate amuunl thereof +h~ll be p:?iJ by the mortgag~r each monlh in a+ingk payment to tx ap- ~
p1irJ hy the m~rtgager to the tollawing item~ in 1he order set tarth: ~
111 premium rharges wxler Ihe contrarl of incurance wilh the Secrctary of Houung anJ Urban Ikvelopmenl, or monthly chargt
lin lieu ot mortgage inwrancr premiuml. a. the cace may he:
1111 ~traunJ rentc, ta~e+, a»r~~ments, fire. and Wher haza~d inwrance premium~: ~
1111 intrreu on thz note secured hereby: anJ
IIVI amortiiation of the principat of said nae. ~
Any deficiency in the amount o( surh rggrtgale monlhly payment tihall. unlass made g~xx1 by the mortp,agor prior to ~he dur date of the nert ~
wch payment. ew?~titute an evem ot default wxler this mort~e. The mortgagee may collect a"late charge" not to exceed two cent~ 12c) tor. ~
~ach dulfar ISI I of each payment more than fitteen 11 Jays in arre•rrs Io cover the extra expense involved in handling delinquem payments. i
3. That i( ~he ~otal o( the paymtm. maJr by the mottgagor unJer (b) of paragraph'_ preceJing shall excecd the amount of the payments ~
xtually maJe by the mortgaget. (or ground rent~, tatts a~x1 astiessmtnts and insurance premiums. a~ the case may bt. wch e~cess ii the loan is
cuneat, at the option o( t6e mortgagor, shall, be credited on subsequent payments to be made by the mottgagot. w re(unded to the ~
mortgagor. I(, however. the monthly payments made by the mortgagor under (e) o( paragraph 2 preceding shall not be snt(icient to ~
pay ground rents, texes and assesxments and insarance premiums, as the case may be. w6ea t6e same s6a11 become due and pay- -
able, t6en t6e mortgagor shall pay to the mortgagee any amou~t nece~sary to make up t6e de(iciency, on or beiore the date when
payment ot snch ground teats, ta:es, assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender
to the mortgagee in accordance witb the provisious of the note secured heteby, (ull payment ot the eotire indebtedness represent-
ed thereby, the mortgagee s6a11, in computioR the amount of cuch indebtedness. credit :o t6e accouut ot the mortgagor all payments /
made under the provisions o( o( paragraph 2 hareo( w6ich the mortgagee has not become obligated to pay to the Secretary o(
Housing and Urban Developmeot and any balance remaining io the (uads accumulated under t6e provisions of (b) o( said
patagteph 2. if there shal) be a de(ault under any o( the provisions o( this mortgage. tesulting in a public sale at t6e premises ~
covered hereby, or if t6e mortgagee acquires the property otherwise alter deiault, the mortgagee shall apply, the the time o( the a
commencemeat of such proceedings or at the time the property is othen.ise acquirPd, the balance then remaining in the fuads
accumolated under (8) o( paragraph 2 preceding as a credit against the amount o[ principal theo remainiag unpaid under said note ~
aud shall properly adjust any payments which shall have been made under o( said paragraph.
a
4. Tiiat he w ill pay all ta~e~. a~+eccments. water rates. and othrr ~:overnmental or municipal chargec. fines. or imp~xitions. tor which pro- ~
~i.ion ha. not heen maJe hereint+efore. and in Jef:wlt Ihrreut the m~~rtgagee may pay the ~ame: and Ihat he will prumpdy deliver lix official
, rcceipt~ lhrrefor ti. the murlgagee.
; 5. That he w ill permit. commit. or wHer oo wacte. impairmeat. or de~criuration nf saiJ pr~perty .x any part thereof: anJ in the event ot the
failure of the mort~agor to keep tht buiWin~:~ un .:wiJ premicec and tho.r to t+r crecteJ ~?n wid premisec, or improvementti Ihereun. in ~~oJ re-
j pair. the mur~gagee may makr wrh repain ~ti in itc Jicerelion it may deem oeeecsary tor Ihe proper prccen~ation thereuf. and the tull amount ot ~
rach and ever~• ~uch payment tihall tx immediatety~ Jue :mJ pa~ abk_ and ~hall tx securrd hy ~he lie~ o( thiti mi~rtgage-
i b. 'iliat he vrill p~y all anJ +ingulat the cotitc_ charge.. anJ e~~+ensec. includinF rrasonabk lawyer's (ee~_ anJ co~ts uf ah~tractc of title_ in-
~ curred or paid at any time by the mort~gec hecau~r of the (ailurr on Ihe part of the mort~tor prompUy snJ tuUy to perform the agreementc t
{ and cavenantc ut wiJ pri~mi~.ory ~x.~e and thic m~?rtgage. :+nd ~~id cou.. charg~t. anJ tspenuc chall t+r immediatety due anJ payabk and shall i
f be tiecurcd hy Ihr lien of this murlgage. }
~ That he M ill keep the impruvrme~t. now e~i.ting ur hereafter erecteJ ort the morlgagrd property. inwreJ a+ may t+e required frum time ~
~u time hy ~hr mongagee ag:~imt lu+. h~ firr enJ othrr ha~arJ+. ~:+,ualtieti. and contingenciec in wch amounb and fur ~uch ~ri.xf~ a. may be i
~ required by morlgrgee. and will p:i~ prompth . Khen Jue. ~ny premium. on wrh in~uranct (or payment ot which provi.ion hac not t+een madc '
~ hereintxfore. All iowrance shall t+r carried in a~mpanie~ appro~ed h~ mungagee anJ the M~liri~~ and renewah Ihereof tihall he heW M~ mortga-
~ gre and hav~ attachtd thereto lo.~ payahte clau.e. in ta~or of and in (~~rm accrptabk tu the mortgagee. In e~ent of locs he will give immediate
; notice b} mail to mortg:~gee_ and morigagee ma~ make pnH~( uf lu~s if not made prompUy by mortgagor. and each inwrance rompany rnn-
cerned ic hereby authorited and directed to make payment tur wch Mcs direcUy to mortgagee instead of to mortgagor and mortgagee j~~inUy. i
~nJ Ihe in.ur:+nce pruceedc, or any p~rt thercof. may t+e applied by mortgagre at it~ option either to the rtJuction of Ihe indeMednecc hereby ;
~rcureJ or to the re+t.?ration ur repair of ihe property damageJ. In evem of forecbwrc ot Ihic mongage ur uther Iraac(e~ of litk tu the mort- f
p,ageJ pruperty in e~tingui~hment of ttx indehteJne~+ cecurcJ hrreby_ all right. titk. and intereU uf the mortgagor in and to any insurance puli-
cie~ then in (orcr shall pas~ to tht purchaser or Rrantee. ~ ~
~
8. Th•r~ i( Ihe premisec_ or any p~rt thrrryt. t~e conJemnrJ unJer any power of eminent domain. cx acquired fur a public use. the damage~. ~
proreed,. and the cansiJeration (or cuch :kyui.itiun. to the e~trnt ut the full amuunt af inJehteJnrc~ upon thi. ~lortgagr. anJ the I~ote +ecured
hrrehy remaining un{wid. are bereb~ a..igneJ b~ the ~turty~~zor ~o thr ~lurtgagee anJ .hall he paid (orthaith to the Mor~gagee ti~ br epplieJ b~ ;
it.~n accoum at ~he inJehtrne~~.ecured hercby. whe~F?er dur ur not.
v. That tFu murt~gec may.. ~t rm time pending a cuit uRxm this mortgage. :+pply to Ihe awrt having juri>Jirtion thereof for Ihr ap{x~im- ~
mem uf a rrrei~•er. anJ wch cuun ~hall f~~rthwith appoint a receiver ot the premisec covereJ hereMy :+11 and +ingalar. incluJing all anJ ~ingular
~ the incumr_ prufitc. i.,uec. aod revenueti (rum N•hatev~r .ource drriveJ. each and ever~ of which. it heing e~pres.ly under+tarJ. i. herehy
martgageJ -r. it +~+ecificall} ~et (orth anJ Je.crihed in ~hr granting :md habenJum cl:?u.e~ herec~(. :mJ .uch receiver ~hall havr :~II the hroaJ anJ
? etTerti~e functiun. and ~wwen in amwi~e entru~trJ b~ a cuurt to a rcreiver. :~nJ tuch ap~.in~ment .h:?II t+e maJe b} .uch ~our~ a. an aJmiueJ
~ equity and matter ut ahwlute rigM to +aiJ mortgager. and w ithoul re(erence to the :~deyuacy or inadtquacy o( the value of thr proper~p mort-
~
~ g,~:eJ or to the .ulvency ur im~~lvenc~ af c:~id mortg.~gor ~u the de(enJanl~. and Ih:d wrb rentti. prufit.. miomr. ~~we+. anJ revrnur~ ~hnlt be
~ applied hy ~uch receiver according to ~he lien ~?f thi. murtgage ~nd Ihe practice o( wch c~wrt. In the e~~enl o( any default un Ihe par~ ot the m~rt-
; gagon c~reunder_ the muttg:qtur agrce~ la pay tu the murt~Fre on demand a. a rea~onabk munthl~• remal (or the premite, an amount at kact
~ ryui~•alem to one-~weltth 1 fl12) o( Ihe ap~regat~ uf tFn tNehe monlhly in.tallmentti payahle in the then current ~~ear plue the actual ami~unt of
~ ~he ~nnual ta~e.. a~se»ment.. water r.~tec. and in.ur.~nce premiums (u~ .uch yrar not covrrcd by the afore~aid monthly pa~ ment~.
~ 11! Tha~ la) in Ihr e~~ent of any brr:~ch uf thi. mortgage or Jefault oo ~be prrt ot the mortga~:ur. or Ih1 io Ihe event Ihat an~ of .aiJ .um. uf :
munry herrin reter.eJ to be not prumpth :~nJ full~ paiJ withuut Jema~J ur nolicr. ur ~cl in thr c~rnt that each and ever~ the ~~ipulrtium.
~ :,greement.. condi1ium. and a~ven;mt. uf .~id nu~r ~nJ Ihi~ mnrtgagr. are nul Jul~~. prnmpU~. and fulh pertormeJ: then in either or any wch ~
~ e~ent_ the .aid a~~rega~e ~um memi~med in.aiJ note Ihen remamingunpaid. with int~re~t :+ccrued t~~ tha~ time. and all mune~•..ecured herehy_ ~
~ .hall hecume due anJ pa~ ahk torthw i1h. ur therrafler. at the uptii~n ut .aid morlgagee. ac fully and cumpletely a+ if all of ~he .aid .um~ of mon- ~
~ c} were originall} ~IipulaleJ 1o he paid un wch day. :mythin~ in ..~iJ n~.~e or in thi. mur~gage ti~ the iuntrary rx~lw ilh~tanding: and IhereuEx~~ ~x ~
there.dler. ~I Ihe uptiun o( .aid murtgagre. w hhuut notice or demanJ. wit at law or in equity. may hr pro.eculed as i( all munty~ xcured here-
~ hy had m::tureJ prior 1~~ it. imtilutiun. "Ihr m~~r~~;agce m:~y furerlu+r ihi. mortFaec. a. to 'hc amount u~ declarrJ Juc anJ pa~ abk. anJ the .aid
~ premix..hall he ~u1J to.ali.(y ~od pay the.ame tnKether ..ith cu.t~. e~penaes. anJ allou:irt~r~. In ca~e ~~f pa~tial foreclowrc o( thi~ mortgagt.
~ Ihe mvn~:?FeJ premi.e+ ~h.Jl Mr ~uld ~uhject t~~ the cummum~; lien af thi~ murtgacr for Ihe :~mrunt ~~f 1he Jeht not then Jue and unpaid. In wch
' ca~t thr pro~ i~ion~ ~~f Ih~. para~;raph ma~ .~~ain Fr :~.:~ikJ ot Ihercatter trom time to ~ime h~ the mur~~:agtt.
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