HomeMy WebLinkAbout0841 'Ihr1. ~n ~xJer mure (uU~ lu pnHryt tAr +r.unt~ u( th~. murt~sye. 1ht mort~.y~ut. t~~rlhct with, a~J ~n.wlJ~uun tu. lbe munthly ~u~mrnl.
unJe~ Ihr term~ u( thc nute ~ccurtd he~ehy, un ~h. fir.i J~y ul rach mumh unul Ihc +.iJ nwr (uUy paiJ, w ill tu Ihc murt~.y~cr ~Ix t~~liuw •
uiY .uma: ~
lat An amuunt ~uffiiaol Iu pruviJt Iht huWen c~rc.?f Mith (u~?~1. tu pry Ihr nr~1 mo~~K:y~r ~muran:r prrm~um Ih~~ m.lrumrm anJ tht
n.xe ~erurcd herehy are inwrrd. ~x a mumhly ~Aar~e Un Ircu u( a munr:?~c ~mur~nce prcmwml ~I thry +rc heW hy ~fie tiecretar~ u(
Huu?iny and U~tun Ik~tlopment a~ (~~Uuw~:
111 I( tnJ lun~ wid nute ut t~~tn Jatt and th~~ io.lrumem are inwrcJ ur ~re rrinwrcJ urxter 1he pr~~~ i.iun. u( the tiat~un:~l
H.w+ing Acl, an amuu~t wlTic~rn~ w arcumulate ~n ihr hanJ. u( the huWer uoe 111 munth pnw tu ih Juc Jaic the •rnnu.l mun-
g:~e inwrance prcmium, in u?Jer ~a pruvide +uch M~IJrt with funJ~ lu p•ry wch prrmium lu IAt Sec~e~ary ut Nuuvng anJ "
Urt+an [kvetapment purnuan~ tu the Natiunel H~w.in~t Arl, e~ amernkd. and applicabk Regulati~?n} Ihe~eunJer. or
liil ii ano so luna as wM1 note ai evee ~iaie and thi+ imlrumenl ue hcW hy lhe kcre~ary ot Hiwcing anJ Utt~an IkvtlopmeM. a
munthly cAarge Iin lieu uf a murtgage inwrance premiuml MhicA ehall t+e io an amuun~ equal to uoe•twel(lh 111121 ot o~e-halt
(1121 pe? renlum ot the aven~te ouh~anJin~ Iwlaoce Jue un the note computeJ wilh~w~ taking im~~ accuum delinyuencie. ur
prepay ment+:
Ibl A~um e~ual lo Iht gnwnJ rent~. it any_ ne~l due. plu~ the prrmium~ thal wil) netl hecome due arxl payahk on {x?ficie~ uf fire anJ
~uher hararJ imurance r~~venng thr mungagrd p~opcrty, plu. ~au+ and •r~u~.men~~ ne~l Jut on ~he murtgaged pru{+arty lall r. e+ti-
matcJ by ihe m~.:tga~eel ks+ all .um. alrcaJy {+.iJ therctur Ji~~nied by the numt+er uf munlhti to elapce heiorc ~~nc munth pricu to the
date when ouch ~trourni rents. premiums, ta~es, and r~se+cmenl~ will txcome JetinqucM, wch snm~ to t+e heW by mon~te~ce ~n tru~t
to pay wid gruund rents, premiums, ta~es, anJ ~pecial a~x~+ments; ~nJ
Ic! All paymenh mentio~tJ in Ihe two prcceJing.uh~ecliunc uf Ihi~ paragraph and all paymenl~ lu he m~de under ~he n~Hr ~ecurcd htre-
by +hall lx ~ddcJ tugetAer anJ the aggregate amounl thereot shall tx paid by the murtg:~.x each munth in a~ingle paym~n~ ~o be ap-
plicJ hy ~he morty~a~ee 1u Ihe tolbw ing items in the urJer u~ farlh:
UI p~emium char~ea unJer the cW?tract u( inwrance with tlx Sctiretary of Nuusing anJ Urban ikvrlupment. ~K munthly ctwrgr
i~n 6eu uf mongage ~nwrance premwml, a. ~he r•ru m•ry tx:
1111 grounJ renh, ta~e~, a.uc.mentt, fire. +oJ Wher hat•ard inwr~nce premium~; •
1111 interes~ on thr nut~ ucured herehy;.nd
IIVI amorti~ation of Ihe pri~x:ipal ot wiJ nwe.
Aoy Jefiritncy in the amuunl of w~h a~regatr inunthly payment +hall, unle~s made g~wJ by the mort~ur priur t~~i~l~l~~j~~
.uch paymeM, comtiwte an event oi default unJer thi~ murt~gt. llx mart~ee may c~~llect a"latt chargt" nw t~xcee ~j ts 1 t r
rach Joll•rr IS110( each p~yment murt Ihen fifteen 1 I SI day, in airran to cover the estra e~pen,e involved in hanJling Jeli~yuent paymen s.
'll?•a1 i( lhc_tulal ~it Iht paymenh made by Ihe mortgagur under Ib1 u( paragraph 2 prcceding ~hall erceed the amuum of 1ht paymcm,
a. Wally maJe by the murtgagee. tor grounJ rcnt~, ta~e~ a~x1 as~t+~ment+ and insutance premiums, as the case may tx. tuch exces~. at tht op-
tion of the murtg:utce, chsll. be credite~l on wb~eyuent payments lo tx made by the murtgegw. or returxled to the morlgagor. IL huwever. thr
munlhly payment~ made by the morlKagot u~xter Ib! ut paragrapA 2 preceding shall oot be wtTicient to pay guunJ rents, taxea and ~sx+~ment~
anJ imurance premiums. a~ 1he ca~e may be. when the wme ~hall t~e~ume Jut •anJ payat+k. Ihen the mortgagor chall pxy to Ihe mongagee an~
~ amount necec~ary tamake up the deficiency, on or t+efurc the Jate when payment of wch ~owx1 rent~.laae~. a~~e++men1~. ~x inwrance prem-
~um. +h•rll ht due. I( at any time 1he mortgagur .hall tender to 1he murtg:qeee in xcordance w•ith the provi~ium of the nute eecured Aerchy, tu~l
~+ayment ot Ilx entire inJebteJne« rcpre~rnte.i thereby. tFx murt~ee shall, in computing Ilx amount of wch inJehteJnte~. rrtdit to the ac-
c.~un1 ot the murtb:~ur all paymenls made unJer tlx pruvi~iom u( la) ot paragraph : hereot which Ihe murtgagee has nM hecame ~GgateJ to
p:+y to the Secretary o( Niw~ing anJ Urban I~vrl~pment aRd any 1~:+lance remaining in Ihe (undc accumulated under the prov~~ionc o( IM of
wid paragraph'_. It therc ~hall tx a d~fault urxler any ot Ihe provisiom of Ihis mor~gage, resul~irqe in a puMic sale ot ~he premiuti covereJ here-
by, or if the mort~wgee acquitec the property otherv~•ist afler detault, the mort~ee shall apply, at the time ot lF~e cummencemen~ of ~uch pru-
ccedings ot at the time tlx pralperry is otherw ise acquired. tlx balanct then remaining in the tunds accumulated under 1 b) of paragraph' preced-
ing as a rredit against the amount ot prirn.ipal then remaining unpaid under caid nute and shall ptoperly adjust any payments which chall hevt
been made under 1 a) of said paragraph.
~l. That (x will pay -rll la~t~. a~+e~.menh_ water r.~tr.. :~nJ uther guvernmental or municipal rharge.. fine+. or im~x?~i~ium. (ur which pru-
~i~ion ha. not hern mrJc htrr~nl+rfore. anJ in dct~ult thcrru( thr murtgagee mry pay ~he ~amt: and thal he Mill prumpll~ drl~~rr the utlicial
reczipi. lhcrcfur W tht murlg:qtet. .
S. That he will permit, rommit. ur cut~rr no w~aste. impairment, or Jr~eriura~iun ot ~•riJ prupcrt~ or any part therrot: and in the ev~nt uf Ihe
(ailure ot Ihe murtg:~~x to ktep the buiWings on caid premice~ and tho~t tu be erecttd un wiJ premiset, or improvement. lhetec?n. in ~xi re-
pair. th~ mort~tee may make •nch repain ac in i~ti dixretion it may dtem nececsary !or ~he proper~preserva~ion thereof. anJ the tell am~~um of .
rach and e~ery wch payment shall tx immediately anJ p:+yable, anJ shall tx secured by the tienu( thi~ murtYege.
6. Tt~at he wilt pay ~11 anJ singular the costs, chergec. and e~penxs, including reasunabk lawyer's (ee~. and custs o( •rb~tracK of title. in-
curreJ ~r paid at any lime by tlx mortgaget t?ecauu ot tht (aiturc on the part ot the mortgagor prc?mpUy and tully to petform t~e agreemenh
and coven•rntc of tiaid promissory note and this mort~te. and tiaid cocts, charges. ~nd ezpenus shall be immediately due and payabk and 'shall
he xcured by tFlt tien oi Ihis mortp,agt. -
~ 7. ~w he wiN keep the impro'vemenh now esisting or hereaf ter erected on ~he mortgaged property, io.ureJ ac may tx reyuircJ twm ume
tu ~ime hy tFie mongagte againsl b~. by fire anJ wher h~iarJ~, c:?wdties_ and conprysencieti in such amount~ anJ tor ,uch {xri.xf. a~ ma~ he
' reyuired by mortgagee. anJ will pay prumplly_ when due. any pr~mium~ un wcA inwranre fnr payment of which provi~iun h•r. no1 txen maJe
hrreintxtore. All inwranre +hall he carrirJ in cqmpanic. appru~ed by murtg:qtee -rnd the pulicie. anJ reneNal~ thereo( ,hall Fx helJ by murt~;a-
gec and havr attrchrJ Ihereto loc~ payabk clauu~ in (avor ot and in form acceptabk lu the mortgagee. In evem o( lo.. he w ill give ~mmeJi:,te
~ nwire by mail to mon~tee_ and mortgagte may make proot of loti~ if not madr prompUy by mortR:?gur_ anJ earh imur~nct cumpany con-
~ cemed is hereby suthorirsri roJ direcled W make paymeot fur such bss direcdy tu mortgagce instead ut t~~ mortp,agor and mortPagce joimly.
~ ~nd tht inwrance prixteds, ur any part thereu(. may be applied by mortgaget at it~ op~ion eiiher to Ihe reducliun of ~hc indebtzJnc,c hereh}
€ ~ecured or tu the rcstoration or repair of the pruperry damageJ. In evenl of torecbwre of this mort~te or otlxr tran~(er .~f titk to the mort-
~ gaged property in e~tinguishment o( the inJebtedne~. ~tcureJ hereby_ all rigt?t. titk. and intercc~ ot the mortg:?gor in and tu any m.urance ~di-
~ ciec lhen in (orce shall pasc ta tht purehaser ur granlee.
8. 71~at it the premixe+. or any p~ert lhereof. he cundemneJ unJer any ~x?wer ot eminent Jumain. or acyuireJ (ur a public u.t. thr dama~;e..
procceds. and Ihe consideration (or wch xyui~iliun. tu the e~tent of the tull amuunt ot inJebteJnr.~ u~x?n thiti ~lortg.~c.:+nd tF~e lvule secured
hereby remaining unpaid. are hereby a~~igntJ by tt?e Murtgagor to the 11urt~agee and +hall !?e paiJ (urthw ith to the Murtgagec tu he applicd hy
i~ on account o( Ihe irxlebtenesc ~eeured hereby. whether duc or not.
4. 'I?~at the murtgagee may. at any lime pending a~uit upon Ihi~ mort~ge. •rpply Io Ihe eourt having juricJiclion therrof tor the appoini-
ment p( a rectiver. and such coun ~hall forthwith ap~int a rcceiver o( the premice~ cavered hereb} all and .ingular. including all and ,ingul:~r
~ht income. profits. iscues. anJ re~enues (rom whatever xuurce Jerived. eaeh and every o( which. it being t~pre~sly unJenlixHl. i~ htrehy
m~rtgaged ai it specifically ut forth ancf Jescribed io the granting anJ haF+endum clauus hereo(. •rnJ wch receiver .hall have all ~he hruad anJ
etfectivt tunctions and powers in anywiu e~truutd h}• a court to a receiver. anJ such appointmem chall tx maJe by wch ciwn a~ an aJmiueJ
equity and a malter of absolute tight to wid mortgagee_ :+nd wi~hcwt rc(erence to the aJequacy or inadeyuacy of Ihr value o( the pruperty mort-
gaged ur lu ~he wl~•rncy or inwlvency of said mortgagor or the defendantc. an~i Ihat wch rrnt.. prufit~. incume. i..ur., and revenue+ .h:dl r.e
~ applitd hy such receiver according to the lien o( Ihis mottg:?ge anJ tht practice of wch cwrt_ In Ihe event of any Je(ault un thc part of the mort-
~ gagun c~rcuruler. the mortgagur agree+ to pay tu thc mortprgce on demanJ a~ a reatunafik monthly rFinal (or the premi~es an amuunt at lea~t .
~ eyui~alent to one-tweltlh 111121 of the agtuegate of Ihe twelve monthly imtallment~ payabk in the theo curcem year plus Ihe acWal amuunt
tlx annual tasec, atiee~~mentc. water rates. and inwrance premiums (or wch year not cor•ered by 1he a(ore~aid munthly paymentc
: 10_ That (a) in the event o( any hreach of thiti mortgage or Je(aull on ~he part of Ihc mortgagur. ur ! b) in the evem that rny ot .rid .um. o(
muney herein rc(erreu to tx nut prompUy and tuUy paid without demand or notice, or !cl in the event Iha~ wch and every the ~tipulauon..
:~rtementc, conditiom. anJ covenam~ o( wid nole anJ Ihi~ mortg;?ge. are reot duly. promptly. anJ fuUy {xrformed: then in either or any wch
~ event. the ~aiJ aggregate wm mentioned in wiJ n~xe then remaining unpaid. with interest accrueJ lo thal time. anJ rll muney~+ecureJ herehy_
x .hall t?ecome due a~J payabk (orthMith. or Iherea(~er. a1 the oplion u( said mortgagte. as (ully anJ cumpletely a~ if all o( the vriJ wm~ o( mun-
~ ey werc origin~lly ctipulaled to Ix paid on wch day. anything in wiJ note or in thi~ mort~te to the contrary rwtwith~~anJing; and thereuM~n or
~ Ihereafter. at the option o( .aid mortgagee. v?ithiwt rwtice or demand. wit a~ law or in eyuily. may be pru~ecuteJ a+ if all muntyti xcureJ here-
" hy ha! ma~ureJ prior to its in~litution "(he mortgagee may toreck»e thiti mortgage, a. ~o ~he amuunt w declated due anJ payabk. rnd Ihe .aid
~ premises shall be wld to ~a~ia(y anJ pay the ~ame I~telher with ant~. expen~e~. and allowanccc. In rau of partial (orecbsurc o( Ihi~ murlgage.
~ dx mortgagai premi~e. chall t+c +old .ubject to the conhauing lien of thi~ mortgage tor Ihe amount o( Ilx debi not Ihen duc anJ unpaid. In such
cate the provisium of thi~ paragraph may again hc avaikd of thereatter trom time to Iimc by the morlgagtt.
~
~ eoRKz7~ ~cE1y _ soo~z7~ ~ 8~
48
- ..3~ _ ~'y.:
:xt