HomeMy WebLinkAbout0395 ` Ih.d. in ~~idr~ m~ur ~ulh Iu p~~.tr.1 thr ,..wuy u) ilu. awil~;.~~r Ihc m~~~l'.~rn~ h~~;.ihri wuh .~nd ~n.~JdiUon Ihr ni,~nlhl~ p.~~iurul.
uuJrr 1hr Irnn. ul Iha nutc ~riw.J hr~rh~ un ~i~t lu.t Ja> ~~f r,ah m.~nih untyh~ .~iJ n.dr tulh p.u.l Ndi p,~~ ihc m~u1~.~~;rr Ihr I.~II~•w
~ng.um.
la1 ~n.~muun~ .ulh:~cnt ~u p~u~~Jc Ihr h~~ldr~ hcir.~l with (unJ. ~u p.~? Ihr i~r~~ m~~n~;.~~;r m.ur.~n.r prcmwm d ~h~, ~n.~rumrnl .~nd ~ht
nulr ~ccu~~J he~rh~ .~re in~utrJ. u~ a munlhl~ .h.uKr Un hru ut mue~~.~~;e m.ur~n.c prrm~umi d Iht> arc hrld h~ the Scc~clar) .~1
IhK~.ing a~:d l~rh~n 11r~rlupmcnl a. (ulluw~ '
Ih If .ui.f .u lung a~ ..,~J nu~r ut r.r~~ J.~~r .~nd ~hi. im~rumrm ~rt mwrrJ ui arr rr~murcJ unJrr thc pru~~.iun. u( ~hr \.~u.~n.J
Huu,ing Acl. an amuunl ~uffi. itn~ 1u r:cumul.~ir m ~hr hanJ~ ut ~ht Aul,cr oat 1 I rmunth pn~~r tu u. Jur Jatr thr annu.~l mu:l
k.+Ka IfiN~[.1RZC j~tCli3tUtR. ••r•lr~ ti~ pru~idr .uch hulJer w•~~h IunJ~ ~r pay w~h prrm~um lu ~he tiriirier~ ui II~Ki.~n~; .~nJ
U~han Ik~rlupmc~l purw.~m tu Ihr Nouuii.~l Huu.m~ Acl. a~ :~mrndcd. ~nJ apphc~hk Rrgul~ii.~m ihrrrundrr. ar
IU! If and long a~ .a~J nulr u( r~tn J:d~ :mJ ~h~. im~rumrnt arr hrlJ by ~hr tircrtiary u( Huu.~ng anJ Uthan Ikvelupmenl.
munlMy ~harge tin liru u! a murlg:~gr imurancr prrmiuml wh~:h ~hail he m an amuunt ryual to une-twtlt~h 1111!~ u( .~nc-hrl(
111:1 per cenlum o( ~he arrragr uul.tand~n~ Fvlan.e Jut uo tAe nutr cumputrJ w i~h~xi~ trl,~og ~mu ar~uuoi deGnyurnc~r. ur .
prepay menh:
Ib1 .um eyual w ~he `ruunJ rcnh. if any. ne~t Jua plu~'Ihe prrmium+ thal M~II ne~1 hec~Nne Jut ~nJ ~w~~hk ~~n {x~Gc~e+ ut fire and -
uthtr haiarJ ~nwrarKt ro~ering thr murtK.~gtJ pr~~prrly, plu~ lau~ ~nJ a.sc~~mrm~ nt~t Jue on IAe mu~tg.~cd p~u~+crly lall a. r.ti
matctif by Ihe mu~lg:yjcel k~. all .um~ al!r:~J~ ~+aiJ ~hercfur dirideJ hy the numher i?t munlM 1u tlep~e t+efure unc munth pnor 1o Ihr
Jate when wch giuulk! rent~, ptem~um.. ~au~. rnJ a+.e..ment+ witl I+e~ome Jelin~uent. .uch .um+ to 1+e AeW by mungrgce in Iru.1
to pay ~aiJ gruurni ren~~. premium.. tru~. and ,pec~al a..e~cment.: anJ ~
Ic) All payme~t~ mrntioneJ in tht 1w.~ preceding.ub.ectium uf thi. prragraph and all pay men~~ w he maJe utxlrr thc nWC ~ecurrJ hrre-
by ~hall tx adJcvl togtlhe~ anJ the a~teKate amoum lhercof ~hall t+e p+iJ by Ihe murtp,agot tach mumh ~n a~~ngk payme~t tu hr ap-
pGrJ by ~he mongagee to the (o1loMing item, io the order ~et (orth:
111 premium chargt+ unJtr 1he cuntraCl a! mwr•rn~e wi~h Ibe krretuy uf Nuuung and Urt+:~n Ik~clupmrnl, ur monthly .h~rgr
1in 6eu of mongage inwrance premiuml. a. the catie may Ix:
IUI grounJ rcnl.. ~asec, a,u~.meolti. fira and other hatard inwranre premium~: -
1111 in~ere~t on the nwe ~ecureJ Aereby: and
IIVI amortita~ion ~~t the principal ot tiaid note.
Any Jefniency in the amount c?f such eggregate mun~hly paymeM ~hall. unlesti made g~xxf by the mortp,agur pnor tu ~he due Jate ot the ne~~
~uch Myment, cooctitute ao event of detaull under ~hia murqwge. The martgagee may cullect a"late charge" nw ta eueeJ two cenh 12c1 fur
each dolla~ ISI I ot each payment more than fif~een 113) d~yc in arrerr. w cuve~ 1Me eatra erpenx invulvai in hanJling delinqurnt paymen~~.
z. That it the toul o( tht paymentti madt by the murtgagut uixter IM ot paragr•rph : prcrrding .hall e~ceeJ IAe amiwnl of ~he p•ryment~ -
aclwlly made by the murtgagee, for gruurnf renh. rr~et amf asses~me~ts and inwnnce premium~, a~ the ca.e mry he. ~uch e~ct~+ at the up• ~
tian ot ~he mortg:~gce. chall, t+E creJited un cuMequem paymentc tu he made by the mu?I~tagar. ~~r retuMie.i to the mongag~?r. It, huwever. the
munlhly payments maJe by the mortgagor unJer 1 b) o( pxragraph 2 preccJing .hall nw f+e wtTiciem to pay gruunJ renh. tates and ac~et~ment~
•rnd insurance premiums. ac the cau may tx, when the ume shall t+ecome due anJ payabk. then the mur~p,agur +A:JI p.y tu ihe martgagee any
amuunt neces~ary to make up the deficiency. un or l+efure 1he Jate when ~yment of wch ~Crournl renl~. la~e~, e,~e~~ment~. ~x imuranct prem-
ium~ shall t+e due. It at any time the mortgagar chaU tender tu the mort~eagee in xcordance wiih Ihe pruvi.iom o( Ihe nute xcored hereAy, tull
payment ot the entirt inJebtedne~s repreunted thereby. tlx motlgagee thall. in cumpuling Ihe amuunt of wrh irnichtcJnec., credit to the -rc-
counl ot the mortgagor all paymeMs madt urnler Iht provici~?ns ut lal of paraaraph 2 hereot which the monp,aget ba+ nw hccome ut+ligatcJ to
pxy to the SecrNary ot Hou~ing anJ Urt+an (kvek?pment and any halsnre remaining in tMe tur~J~ accumulateJ urwfer Ihe pruvi~iont o( Ih1 af
said paragraph 2. It there shall fx a default under any ot tFK provisiuns ot tltis mortg~ge. resul~ing in a put+lic ~ale of Ihe {+remiu~ cuvered hert-
by, ot if the mortgaget acquires 1h properiy otherWiat aher detault. Ihe mortgagee shall apply, at tlx time a?t 1ht commencemem u( ~uch pru-
reedings or at the time tAe propeny is olherwise acqu:r:d. the balance then rem~ining in the funds accumulated unJer ( b) ot paragraph prered-
ing a~ a crcdit against the amount ot principal then remaining unpaid under said note and .lull properly adjust any payments whii:b ~hall havc
been made under la) ot uid paragtaph. ,
4. Thet he wi~l ~+ay all uus, acces~ments. wa~er rate+_ •rod other gav.ernmental or municipal charge.. fioec. or impo~~tium_ tor which pro-
~i~iun ha+ out heen made hereintxtare. anJ in de(aull thercof ~ht morlp,agce may pay Ihe wmc: and Iha1 hc w~ll prumpti~ dehver thr utTicial
receiplc tAere(or to the mortgagee.
S. That he will permit, commit. or suHet no v~aste. impai~ment. ur deterioration o( wiJ property or any part thereof; and in Ihe evcnt of the
tailure ut tbe mortgagor to keep the huildings on said premiu+ am1 thoct to tx etectal on wid premix~. ix impruvemcnh thercon. in K.xwf re-
pair. the mongagee may make such repair~ as in its ditcretion i1 may dtem necet~ary for the proper preurvation thera~f. and ~he full am~wnt uf
each and every wch payment shatl be immeJia~ely due and payabk. and shall t+e securedfiy Ihe lirn of ~his mortga~te.
6. That hc will pay all and singular Iht cos~s, charge~. and expenx+, including reasonabk lawyer's (ees, and costs u( ab~~ract~ a( ~itk, in-
curred or paid at any timt by the mortgagtt txcaust ot the failure on the pan of tht mortgagor prompdy and fully to pertorm ~he agreements
and a~venants ot said promiscory note and this murtgage. and saiJ cosls, chuges, arxt expen~es shall be immedialely Jue and payabk :+nd ~hall
tx ~ecured by ttx lien ot this mongage-
7. That he will keep the improvemenu nuw e~i~ling on c~reafter erccted on the mortgagcJ pro{+erty. in~ureJ a+ m.~y t+r rcyuireJ trom umt
~o time by 1he mortgagee against bss by fite and olher hatard~. ca~uallies: anJ contingaxie~ in wch amuuntti •rnd tor wch periud.:+~ may he
tequired by mortgagee. and will pay promptly, when due. any premiuma on wcF~ inwrance tor paymen! ot which prov~~ion tuc mu heen made
hereinbefore. All inwrance shall be carried in cumpanies appruved by m~~rt~ce :+nd ~he policiet and renewals ~hercof ,hall hc hdd by monp,a-
~ gee anJ have a~txhed Ilxreto bst payabk clau~e~ in favor ot and in turm acceptabk lo Ihe mungagee. In event ot lo~+ he w ill give immed~ate
~ notice by mail lo mongagee, and mortgagee may make proof of locs if na maJe promptly by mortgagor, and each imur~nce company rnn-
cerned is hereby aulhorited and directed to make payment for tuch bs+ directly to mortg~gee ins~eaJ of to murlgagor arni mongagec j~Hntly.
and tlx inwrance procteds. or any part Ihercof. may tx applicd by mortgagee at it~ option eilAer to Ihe reduclion ot tbe in~iebteJneti~ hereby
secuted o? lo Iht re~loration or repair ot the property damageJ. In event of forecbsure o( this morl~e ot o~her tran~ter of titk lo Ihe murl-
gaged property in ettinguishmeM of the indebtednes~ secured hereby. aIl right, titk. am1 inteast o( the motlgagor in anJ tu any imurance puli-
cies then in force shall pass to the purchaser or gramee.
A. That if the premices, ot any pan lhereof. trc condemned under any ~x.wer a( eminent Jomain. ~x acquireJ tnr a public u~e. the damages.
procteds. and Iht consideralion (or suCh xquitilion. lo Ihe exlem of Ihe (ull amounl o( indebteJne+ti upon 1hi~ Mort~e. and tbe (hote ~ecured
hercby remaining unpaid. are hereby acsigned by the Mortgagor to Iht Mort~ct anJ +hall be paid torlhwilh t~~ thc ~1orlg:~ce to tx applied by
it on xcount of tht indebteness secured hcrcby. w•hetFier due or nd.
9. That Ihe mortgaget may, at ~ny limt pcnding a~uit upon thit mortgage. apply to Ihc courl having juriKliction thcrcot for ~he apM~in1-
mem ot a rcceiver. and wch coun .fiaU forthwilh ~ppoint a receiver ot the premius covered hereby all anJ +initular. irxluJing all anJ .~ngular
the income. profits. issues, and revenue~ from whatever u?urce derived, each and every ot which, it bcing expres~fy unJerstoai. i. hereby
mortgaged as if specifically set forth and describni in the granting and habendum clauxs hereof. and .uch receiver .hall have -rll ~he broad and
~ etTective functioos and powers in anyw~se enirusted by a court to a receiver. and such appointment .hall t+e madt by wch ccwrt a~ an aJmiaed
~ equity and a malter ot absolute right to said monga6ee_ ~r?d withou~ reference to ~he adequxy or inadequ:wy of the value ot the property~ m~~rt-
~ gaged or 1o Ihe solvency or imalve~cy ot +aid murlgagor ur the defend~nt~. and Ibat wch rent~. profitti. inci~me. i++ue~, anJ re~znue+ ~hall ne ,
~ applied by wch rectiver acewding to ~he lien of this mongege and the prutice af such court. In ~he even~ of any de(ault on !he par~ ot the mon- _
~ gagor hereunder, the mortgagor agrtes to pay to 1he mongagee on demand ac a rta~onat?k monthly rental for Ihe premius an amuunt at ka.t
~ equivaknt lo one-twelfth 11112) of the ag~regate of the ~welve monthly installments payabk in the ~Ixn current year plus the actual amount of
~ the annual taaes. as~estiments. water rates. and inwrance premiums for such year not covered by the aforesaid mon~hly p~yments,
10. "il?a11a) in the event of any brexh o! this mortgage ~r de(ault on ~he pan of Ihe mortgag~x. or 1 b) in the eveM that any o~ ~aid ~um~ of
~ money herein reterre0 to ix nd promplly and tully paid wi~hiwt demand or nwice. or Icl in the evenl ~hat each anJ every the +tipulation~.
~ agreements. conditions. end covenants ot said note and ~his mortgage. are na July. prumptly. anJ fully performcd: then in either or any wch
event. the said aggtegate sum mentioned in ~aid nole ~hen remaining unpaid. wilh intereti~ xcrued ~o that time. and all money~.ccured Ixreby.
~ shall become due and payabk torthwith. or Iheteafter. at 1he option of xaid mortsagee, n(ully and compleltly a~ if ~II o( thc ~aid wmc of mon-
ey were ariginally stipulated to tx paid on ~uch Jay. ~nylhing in wid ndc or in thi~ mort~ge to Ihe rontnry ~twith~tanding: and Ihercu~xin or
thereafter. at Ihe option ot said mongagtt. without notice ar demand. wit at law or in equity_ may Ix prosecmed a~ it all moneys ~ecured here-
by lud mawred prior tu ils instiwtion The morl~tagee may foreclost this mortgage. ac to ~he amuun~ so deciared Jue aod payabk. and ~he .aiJ
premises shall be soW to catis(y and pay Ibe ~.mt ~v~tether wilb costs. e~penxa. anJ allowances In cau o( parlial(oreck?~urt of thie murtgage.
the mortgaged premi~es tihatl be wld subject to tAe continuing lien ot lhis mortgage for Ihe amoum of Ihe debl r?ot then Jue a~xf unpa~d In wch
case the provisions of Ihis paragraph may ag~in tx avaikd ot tMerca(ler from ~imt to dme by ~he mortgagea ,
~26~ r~E 393 ~
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