HomeMy WebLinkAbout0093 _ 1 h.d. I~i wJt~ murc fu111 Iu prutr~ I lhc ~c. unty .~f th~. rnurt~;agc. thc muN~;.~~;.•r ~.~~;rihct wuh .,nJ ~n.,J~hhuu 1.~ Ihe munihh p.i> mrnt.
unJrr Ihc ttnn, ut tF?r nute .<.u~cJ hcrrh~ . un ihr tu.~ Jr~ ut r.~.h m.~i~ih unul ~hr .:~iJ uuir (ull~ p.uJ. N~II pa~ lu Ihr m.~r1~.~gr. thr (uII~~N
~ng wm~
~:~1 .an.~mou~t .uificKm w pr.?~„!c tht boWr~ hrrru( ri~h (unJ~ 1~~ pa~ ihc nt~l m.~i~~.~~;e m.ur~n:r prcrnwm i( th~. ~n.~nuncnt .ui~! ~hr
nutr .ccutaJ hcrcDy arr ~murcJ, ur a mun~hly :hargr un hru u( m~~r~g.?gt ~n.u~anrc prcmwm~ Ihcy art helJ hy tbr 1r.rrtar~
Nou.~ng and U~ban ikvelupmrnt a+ (ulla~w~. ~
IU I( and .o lung a~ .a~d nwe of evro Jatc anJ thi. ~m~rumrnt are inwrrJ or ar! rrinw~rJ unJer the pru~ ~.iun. at ~he N.,~~un.~t
~ Nuu.ing Acl, an am~wnt wfFic ~rnl t~~ ~ccumulatr m thr hanJ+ o! ~hr hulder une 111 munth pr~w to ih Jur J~tr ~hr .?nnual mvn-
x.+ge imurancr prem~um. ~n uNer i~~ pr.?.ide .u.h hulJer with funJ. to pay wrh p~cmium w tMe titcrrtary uf Hai.ing anJ `
Urhun Ikvelupmenl pur+uan~ tu ~Me Nr~i~mrl Nu~~ing Acl...~ amrnJeJ. anJ appGcabk Itegula~iun~ ~hrrcunJer, u~ '
111! U anJ .a long a~ ,aiJ n~ur uf eYCn Ja~r ~nJ thi. in.~rumen~ •rre heW hy the Sec~clary ~~f H~N~ung anJ t/rban ikvclopmcrtt. a }
munthfy chuge lin licu ol a mong.~Re imurrnce prcm~um) whkh sh•rll l+e in ~n am.wni equal tu une•tweU~h 1 tl l'1 u( unr-hrl(
1 U21 per cenWm ~it the average uut.landing Mlanre Jue i~n Ihe natt compuleJ M i~huu~ tak~ng intu nccount Jel~nyuenrie~ or ~
prepayments; ~
Ibl A+um cqual ta Ihe Qround rent+, if any. oeu dut. ptu+ the premium~ that will ne+~i hecome due anJ payahk un ~x?licit+ of fire and ~
~uher hatud mwr~nre cov~ring ~hr murlg:~rJ property, pluc ta~t+ -rnd a~~es~menl~ ne~t due on Ihe m~~rtgaged prupeny lall a+ e.ti- {
mateJ hy the mu?Igageel k~c all ~um~ •rlseady {+:~iJ ~herctor diviJed t?y the numt+er ot mon~h~ to elapu hetute une month p~iix to Ihe :
date wAeo such ground renb. {+remiumc, tatea. anJ a~sec.meots vrill l+ecome delinqueM, wch wm~ to t+e he1J by mangagce in tru.~ i
to pay ~aiJ gruunJ ronts, p~tmiums, ta~.-~, antl ~pecial a~~essments; anJ ° rt
~
Ic) All paymenh menliontJ in Ihe tw•u preceJing .ub~ecuom ot thi+ {+aragrrph -rnJ all paymenl~ to Ix maJe urnler Ihe note ucureJ here- :
by ~hall be aJdcd tugether anJ the aggreg•rte amuunl theteo( ~hall bt paiJ by the murtgaENx each munlh in a~ingk payment tu t+e ap- '
plinf by the mortgagee to the (ullowing itemc in Ihe urJer ?et torth: t
111 premeur?~ cba~ges unJer ~he cuntnct at inwrance wi~h ~hc Secretary ot Hiwsing anJ Urban ikvelopment. or momhly charge ~
lin lieu d mortgage iowrance premiuml, a~ Ihe rase may be; '
1111 groumf reo1~, taxeti. auescmenu. fite. anJ othcr hazard insurance premiums:
(111 interest nn ~he note secureJ herehy; and ~
UYl amortitation ot the principal ot saiJ oota
Any deficiency in IIK amounl o( wch aggregate monthly payment shall, unkss maJc goaf by the murtgagor ptior tu the Jue date of thr ne~?t ~ C~ ~
wch paymenl, constitute ao event ot default umler this murtgage. The mortgagee may cdlect a"late charge" ~w ~o ~..:«a four cents ~ 4#~ ~
fQr :Yxh doNar ISI) ot each payment more than 6/tecn 11 S) ~ys in ureus to cover the extra expenx involved in h:?ndling ~ielinQuent payments. 1
That if Iht tda) o( the payments made by ~he mortRagw under 161 ot paragraph ? preceJirqt ~h:.ll e~ceed Ihe emount ot IAe payment~ ~
xtually madc by the mong~gee, tor ground rents, la~e~ and assessments and insurance premiums. as thc case may !x. wch excess at the op-
lian of Ihc mohgagee, shall, tx crc~litnl on subsequent payments to be madt by tF+e mortgagw. w rcfunded to the murtg:~gur. If. Iwwever, Ihe t
monlhly p~ayments madt by the mortgagor under lb1 ot paragraph 2 preceding shall nw be sutfkient to pay grournl rents, taxcs and assessments ~
anJ inwrance premiums, as the case may be. when the same chall becomc Jue and payat+k. tAen the murtgagor ~hall pay to thc mortgagee any ~
amount necessary to make up lhc deficiency, on or 1+etore the date when payment of sucA grounJ rents, ta<es, accrs~ments. or imuram:e prem- ~
iums shail be due. It at any time the mortgagor shal! teoder to the mongagee in xcordanct with the provitiionc of the note ucured hereby. tull {
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p~ymtnt ot 1he entirc indebtednesc represented thereby, ~he mortgagee shall. in computing the amount of such indehtedne~s. credil to ~he ac- 3
count o( the mortgagor all payments made under Ihe provisions ot (al ot pa~agraph 2 hereot whkh the morigageo has na txcame ~hfigated to
pay to thc Secretary of Housing and Urban [kvelupmcnt and any t?alance remaening in ihe fwwls accumubled unJer the provisiuns ut Ibl o( ,
said paragnph 2. It therc shaU be a detault under any ot 1ix provisions ot this mortgagt, resultiig in a public sek of the premiu. c.~vered hcrc- ~
by, or it the mongagee acquires the ptoperty otherwise atter de(ault, the mortgagee shall apply, at thc time ot the commencement ot such pro- y
cetdin,gs or at the time the ptopeny is otherwise acquired, the balance then remaining in the tunds accumulated under Ib) ot paragtaph 2 prered-
ing u a credit against the amount of principal thert remaining unpaid utder said note and shall properly adjust any payments which shall have
been made under (s) of said paragraph.
4. That he will pay all laYes. assessments. watcr rates. and olher govcrnmental or municipal clwrges. fines. ~x impusitionx. (or which pro-
vition ha~ no1 heen made hereinbefore, and in detault thereof the mongegee may pay 1he +amr, and Ihat he wilt prumpUy Jetiver tht uffiria!
rccciptc tAerefur to tAe mort~agec.
S- That he will permil. commit, or sufter no waste. impairmenl, or deterioratwn of caid propeny or any pan Ihereot: and in tAe event ot tlx
tailure of the mottgagor to kcep the buildings on saiJ premius and those to be erecteJ on wiJ premises. or impravements thereon, in good re-
pair: the mongagee may make such repairs as in its discretion it may Jeem necessary for the proper preservation ihereui. anJ the full amount of
each and every wch payment shall be immcdiately due and payabk. and shall be securcd by tlx lien o( ~his mongage_
6. 'll~at he wil) pay all and singulu the costs, chuges, and expenses, including reasonabk lawyet's tecs, and costs of abstncts of titk. io-
curred or paid at any time by the mortgagee t+ecause ot the (ailure on the part of the mongagor prompUy and fulty to per(urm the agreements
aod covenants of uid promissory note and this mortgage, and said costs, charges, and expenxs shall be immediately due and payabk and shall
be secured by tFx lien ot lhis mortgaae.
7. That he will ketp the improvcmcnts now exivting or hereafter erected on ~he mortgagcd prupeny. inwreJ as may be required lrom time
to time by the mortgagee against bss by 6re and other huuds, casualtics. and conlingencies in wch amounts and for suth pereods a~ may he +
required by mortgagee, and will pay prompUy. when dae, any premiums on wch insurance for payment of which provisiun tia~ no~ fxen made
hereinbefore. All insunnce shall be carried in cumpanies approved by mortgagee and ~he policies and renewals thertof shall tx heW by mortga-
gee and have atuched thereto bss payabk clauu~ in tavor ot ~nJ in turm acceplabk to the mortgrgcc. In event of loc~ he w~ilt give immeJiate
notice by mail to mnngagee, and mortgagee may- makc proof ot luss if not made promptly hy morlgagor, and eacb inwrance company am-
ccrned is hereby authorized and directed to make payment tor such bss directly to mortgagee instead of to mongagor end mortgagee jantly.
and the inwr~nce procenls, or any part therco(. may be applicd by mortgagee at itx option cilher to tF~e reducliwn of the inJebtednes~ hereby
secured or lo the restontion or repair ot the property damaged. In cvent of (orecbsure of this mortgage or other transfer o( titk to ~he mort-
gaged propeny in exunguishmcnt of the indebtcdnc+s secured hereby, al! right, titk. and interest ot the mortgagor in and to any insurance poli-
cies then in force shall pass to the purchaser or gnntee.
8. 'Il~at if Ihe premises. or any pan thereo(, ix condemned under any power o( eminent domain. ar acquired for a public ux, tfx Jamage~.
proceeds, and the consideratan tor such acquisition, to tlx extont of Ihe fult amou~t of indebtedne.c upon thi~ ~lortgagt. end the NWe xcured
hereby rcmaining unpaid. arc hereby assegned by the Mongagor to the Murtg-rgee and shall Ix paiJ (orthwith tu ~he Nortg:?gee to tx applicd by
i~ on xcount ot the indebteness ucured hereby. whether due or nw. _
9. That the mortgagte may, at any time pending a suit upon Ihix mortgage. apply to the eourt having jurixiiction thcrcof tor the appoi~t-
ment of a receiver. and such court shaH fonhwi~h appoint a rcceivtr of the premisec covered hereby a!! and singular. including all and singular
the +ncome. profits. issues, and ~evenues from whatever source derived, each and every ot which. it txing expressly wxiers~ood. is hercby
mortgaged as if specifically set tortA and described in the graoting and habendum clauses hereof. and such receiver shall have all the broad and
eHective functions and powers in anywix entruued by a court to a receiver. and such appoiniment shall be maJe by such coun as an admi~ted
equity and a matter ot absalute right to said mortgagee. and without rcterence to the adequacy or inadequacy of the value ot the property mon-
gaged or to the solvency or insolvency of caid mortgagor or the defenJants, and that wch rem~. profits, income. i~wes. anJ revcoues ~hall ex
applied by wch receiver according to the lien ot this mongage and the practice ot xuch court. In the event ot any default on Ihe part ot the mon-
gagor hertunder, thc mong:~gor agrees to pay to the mortgagee on demand at a« asonabk monthly renta! tor the premises an amount at kast
equivaknt to ont-twelfth (11l2) ot the aggregsle of the twelve montbly installments payabk in Ihe Ihen current year plus Ihe actual amount ot
the annual taxes, assessments. water rates. and inwrance premiums tor such year not eovered by Ihe aforesaid monthly paymentc.
10_ Tha~ (a) in Ihe event of any breach oi this mortgage or Je[ault on the part of the mongagor. or (b) in the cvent that any ot said sums ot
money herein te(errea to be nd promptly and tuHy paid wilhout.demaod or notice. or (c) in the event Ibat eacb and cvery the stipulations.
agreements. condit'ans. and covenanls of said note and this mortgage. are not duly. promptly. and (utly pertormed: then in either or any ~och
event. the said aggrega~e sum mentioned in said nole lhen remaining unpaid. with interest accrued to that time. and all moneys secured hereby.
shall become due and payabk tonhwitb, or thereaftet. at the oplion of said mortgagee, as futly and compktely ac i( all of the +aid sums of mon-
ey were originalty stipulated to be paid oo such day. anything in said rwte or in this mur~gage to ~he con~rary notwithctanding; and thereupon or
Ihereafter. at the option ot said mortgagee. witMwt notice or demand. suit a~ law or in equity. may be prosecuted as if all moneys secured here-
by had matured prior to its iostitution. The morlgagce may (orecbu Ihis mongage. a. to Ihe amount w declared due and payabk. and the ~aid
premises shall be wW to ~atisty and pay the same tu~tether with cosls. expensec. anJ alk?wances. In cast ot partia! foreclosure ot this mortgage.
tlx mongaged premises sAalt t+e sold subjecl to the continuing lien of tbis mortgage tor Ihe amount o( the debt nW then due and unpaid. In .uch
case the provisions of Ihis parag~aph may again lx avaikd of thereafler from ~imt to time by the mortgagee. _
~ i ~6~ PAt,E
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