HomeMy WebLinkAbout0273 Tbsl. in orJeo m~?re IuNy ~o prMaf Ihe ~ecuri~p Ihia matpytt, the aart : ~ . y ;
~a. ~qtelhet with. ami in,wWi~ian ~o. ~he n~~m~A. Mym.• n~. j
under ~Ae lermc of ~Ae nde secured ~er~hy. dn ~be Rrs~ daY c~f au h anwuh wuil ~be ~id nate ic fuMy puid. M iY ~y t~~ tllt mtKi~dqtlt 11~• 1.dti~w. i
inR wnrs: ?
taf An amM~el wAicieM to t.~viJe Ihe M+Wet hercaf wi~h furnh ro ~
P paY Ilre nexl nwn~e iewr~o.-e premium if tAi~ inurumrol anJ ~he
nae securcd Ae~eby ~re inuutd. cK s awn~T?h• rlwrRe lin lieu of x matl~ytt inwn~nce pteoiuml it Ihe~~ ue heW by Ihe Secre~:u> af t
Huuuryt ~nd ilriwn pevebpmem as folbr s:
11) I1 and ~n I~ as ~sid nde a! even du~t ~nd Ihis inc~rumen~ ste inwrtJ ar a~r reinwrn! uiwkr ~Ae p~uvi.ian~ of ~he Na~i~~n:d
llousinp Acl. an um~?uM wlUrienl ~a ~ccumulale in Iht Asods af Ihe M?Idt~ o+~e l l l monlh p~i.x la il. Jut Jale the anm~:d mui~-
~e insun~nce ~emium, in ixder Ia pra~iJe a~ch halder v?~ilh fundc ~o pay ~uch premium ~a ~he Sec~Nary ut H.w.in~ anJ
U~Aan DeveMpmen~ pur.u~n1 ta ~he Na~iona! HauU~ Acl, sc an~e+ided, and applic~bk Rt~uI:~~N?m ~hereunJer: ~w
(Ill If ~nd xa (andt sc caid oole of evee ~1ale +~ml lhi~ inslrumenl art hekl hy Ihe Secrtlary ~+f Hix~~in} :mJ ( t~Aan IX~ cN.pmrM.
, awnlhly chaqte ~in lieu ut a mon~;~e insu?unee premiuml whirh sFudl !+c in an umoum equal ti~ une•~uellih ~ 1/1'1 ~+i unc Ititl( ~
t 1/:1 per ceMum ot ~he ave~a~te cwts~a~xlinF h:dance Jue an the mwe ri~mpuled a•itMxu tal tnp inla ara~~w~n1 ~kl~nyua n.+r. u~
P«PaYments:
lA) A wm equsl to Iht ~aund rcntc, if ~ny, netl dut. ~+h~~ ~he premiums ~Fw~ Niq next become due :~nd pa~:~htr .u~ pulicir..~f firc :mJ ~
dAe~ hazatd inwrance coverinlt ~he mortgatted p~~~perty. pluc ~axes and ax~e~~memc nex~ dut ao ~hc rnu~~~agcd pru{+er1~~ lali e.1i• E
mated hy Ihe a~onRageN kc~ alt cumc at~eady paiJ ~herefar divided ~+y the numt+er ot mc~n~bc Io elap~e f+e~are une m~m~h pri~?r ~a ~hr ~
dale when wrli pound rentx. prtmiums, ~axes. •and a~ussments wip t+ecome dclinqucol. wch .um~ ~u t+c heh! by m~x~~;~ee in ~ru.t
~o pay wid erouMl reots. promiums. taxes. anJ specis~l s~sse:s~aents: anil
Icl All p~ymentc memi~ed in Iht two prccedin~e wMeclions ut Ihia par.~grrph arxl alt paymen~s lu he m:~Je unJer the oWe .t~ ureJ he~e-
hy ~h:~H he :Kided t~ether and Ihe a~ega~e ~moun~ ~Aereot shap be p+i~! by ~he mon~x ewh munth in a.ingle p+~Ymen1 io !+c ap-
plicd fiy ~he mort~apee ~o the ~olbwins items ie the o~der set (orth: ' . r. _
111 pi~ mium cAar~c~ onder the cootnict ot inwtance with the Secrtluy of Housing+nd Urb~n ikvtlpqnepl'..w moatbly'elA~tge"
~in lieu.~l uu~ii~c insu~~nce premium). u Ihe cue may be: .
11lf p~wnd ren~,. ~~~e+, asaes~men~s. firs. and dber hszud insurance prcmiumx;
1111 imere~l .in Iht mNe securcd herebr: aad
IIVI amottiialNM of Ihe ptincip.~l of said notl.
~lny deficiency io ~he amMint of wch ~tinesatt e~ontMY WYment sball. uoles~ nwde goo~d by ~t,o n,o?~or pr;cx ~o ~he dueda~e,ot ~he neX~
wch ~?:~ymenl..ti,nsri~ute an evrnl of detauN unde~ Ihis mon~aje, The monp~ee m~?y colkct a"late.char~ 'oa a esi,ee+J. (ow a~atw l4t) (or
each ~tlar (SI1 uf each {+ay menl nwrc ~h~n fitteen! IS) dayx in arrears to covu the extr~ expense invdved in IwmdGr?g Jelinqueat p+yments.
'1't~ if IAe tntal of ~he payments ma~k by Ihc mon~tor unJtr (61 ot parngtaph 2 precedin~ shall eacetd Ihe amouot of ~he ~ymen~~
actwtty m~k hy the mor~~ee, tor ground rea~c. tsxes a~! a.~essments arnt inwrance premiums. ac the case inay be, web eace.. it tLe loan is
~bltl`AI, ot t~e opti~ oI l6e worlp~pr, ab~11, be credited oa at~bseqaeot paywents to be n~ade by t4e mott6s6ot. ot.reEwded to ~`e
e?en~aaor. It. ho~rever, ~6~ Aon~by pay~aen~s oad~ b~r ~he mor~~agot ooder (s) oi para~rapb 2 prcedis6 sha~l aot be.srt(icicnt to
pa~ Rtooed t~ata. t+~aes and aaaeaseseata aad i~sorancc preminas. as t6e case iear be. w6eo t6c s~awre s1~s!) becoa~e dne aod pay-
abl~, IAe~ tMe aorlRaRor sh~Il pay to tlte raortaa~ee any amouat necessary• to aake op tbe dc(ictency. on er befo~c thc date whea
papm~nt oI xocb gronpd reals. t~xe~. esaeasmeatas. or insotqace prcmiums ahAl) be dne. If at any time ~he mortgaRor shall tend~r
Io ~Ae motlga~ee i~ accordauce wllb tbe proviaiooa of 1he note secartd hcreby. tull paymea~ of the eatire indebtednesc rcprescat-
ed ~her~bp. ~Me oortEasee ~~11, in caap~tiag the aasoant of sach indebtedness, credit to ~he accouo~ of Ihe iuwtga~or sl) payment~
mad~ uader i~~ ptoria~oea o( ot patsaraph Z hereof urbich ti~e mortgagee has not becorae obligated to pny to the Scere~ary of
Uou~inR ~nd Urba~ Uerelop~eoi ~nd oy balaace remsininR in the (nnds accumnlated onder the provisionx oi (e) of said
• paragrapA 2, lf there ~all be ~ de~ault oader aoy oi the provisioas of this mon6a~e. resaitiu~ ia e public xale of tl~e premisea
covcrcd I~erciry. or if the uott~a6ee acqotre~. tbe proprrtY othe~Kiae altcr default, ihe mortaaRe~ Sha]) APP~r, ~e tbe time of the
raamPnce~resl ol aocb proceedinas or at tbe time the ptoparty is o~6erv?•iae acquired, ~6e balaece then remainiaq in tbe fnoda
accomalated ~nder ~s~ of paraaraph 2 p?ecedin6 aa a credit aaaiosl ~he amoant of principe) then remsining uapaid eader said note
s~ad eha11 properly adjost ~ar payseats Mhlch shaU 6ave been msde ender of said paraRraph.
TAat he wiN pay all taxes. acussments. waler rales, and d her ~tovemmenlal or municipa! eF?arysex. fines. or impo~itionx. fot which pro-
viuan ha~ nd Metn m:xie hertinl+ef~xt. and in def;mh thcre~f Ihe murlgagee may ~y Ihe came: aod 1ha! ht e ill pr.~mp~ly Jeliver ~he ~?ITicial
' rereiM. ~herefix to ihe morl~cqeet. . -
t. _Tha1 Ae will permit. commil. or wBer no wasle. impairn~ent. or deterioratioo af xaid p~optrty or any part thereof: arwl in the eve~~ of the
faibre oi the inan~or ~u keep ~he Fwildi~s an said premises and ~Mne ~o be erec~ed on said premises, at improvemee~c there~~n, in ~xxxt re- ~
prir. the mon~qtee may m:~ke sucb rcpain as in itx discrctian it may deem aecessary tor tl~e proper precenatioe therc~~L anJ ~he tull am~x~m af ~
cach anJ every such {~ymeot shall be im~nedi:Nely due and payaMe. and shall be secu~ed by the litn of thic mat~t. f'
b. Tha1 he wiB pay all and sin~[utar Ihe costs. chsntes. and ezpe~ses. includirq~ nasonabk lawyer s ttes, and costs ot abs~ractc of litk. in- ~
curred w paid a1 any ~ime by the martgagee 6ecause of the failure on Ihe patt ot Ihe mortp~tar Momptty and TNfly to periorm the agrtemenlc
and covenants of said promicsory nole and tF~is monpage. and said costs. chuges. and expenses shall t+e immedia~ely due ami payabk and ~hall
tx ucured by thc lien of this mangaete. '
7. That he wiN ketp Iht improvementc now existing cn Nereatler erecttd on !ht morlp~ed properly inwrcJas m:~y 1~e required lram lime
~o ~ime by ~he mon~aieee agains~ bss by fve and aher hazardc, casuaNies. and contingencies in wch amewn~c and for cuch pe~iaf. a~ may 1+e
required by mortgaget. and wiH pay promp~ly. when due_ any premiums on wch insurance (or {+aymcn~ ot whkh provi~ic?n Iw. rn?~ heen ma.fe
he~einbetore. All inwrAnce sball be carried in compa~ies approvM by mon~ee and the poiieie< and ronewalc Ihereof .h:~ll !+c heW b~ monga-
~ee aod Ir~ve atlac?~+d ~hereto bss payaf?k clwses in favM oiand in lorm accep~al~k ~o Ihe man~cqeet. In evenl af k~s~ he will Eive immediate ~
ncNice by mail 1o mort~eet, and mort~et may make praof of kiss it no1 made pram{wly by mort~or. and each insurance company con-
cerned is hereby'au~horited and directed to make payment tor such bss direc~ly to mongagee inxtead af ta mortgagor and rrronp.agee jointly.
ana tNe insunnce proceeds, or any pan thercof, may be applied hy inort~ttt at it~ opticx~ eilher 1~ the reduc~ion ot ~he indeMedne~s hercby
xecurcd oi ~o ~ht rostora~ion w repair ot the property damaged. In evem ot forecbsurc af ~hix morlpage or o~her trensfer ot titk to the mon-
B~R~d propeny in eatirqtuisha~ent d ~he indeMedness secured hereby, all rigM. titk.~and intercct ot ~be manpagor in and to any inwr.mce p~~li-
_ cies ~hea in torce shall pass Io ~he purchaser or ~rantee.
K. Tha~ i! ihe premi;es. or aejr p~n tixreof, be condemned under any power o/ ar+inent domain. a xquired for a puMlic ux.lhe Jam~Fe~.
s psoceeds, and the cansidera~ian tor wch xqui~itioe, to 1he extent ot Ihe top amoum ot indebtedne~s up~n ~hic Mon~age. and ~hc Nwe .ecured
, hereby rcmainine unpaid. are hereby a~signed by Ihe Mortgagor ~o Iht Mort~tee and chall be paid torlhwilh to the Mon~Rte 1a t+e applitd hy
it on account o~ ~be indeMenes.s secured hercby. whettxr Aue or na.
9. 7'Ast the mat8agee a~ay. ~u any tia~e pendin~ a wit upon lbis mottgA~e. spply to Ihe coaA having jurisdiclion lhertof tor Ihs appninl-
mem of a receiver. and such couA shalf (ortbwith appoint a receiver of the premisec covered hcreby all nnd sin~oular. including all ami singu6-~r
the income• profits. iswes. and nvmues f?om whatever saurce derived, tsch and every ot which, it hting exprescly understood- i~ he~ehy
mart~aged as it spcc"dically se1 forlh and descrii+e~d in Ihe panting and habendum clau~ex Ixreof. and wch rectirer shal! havr •r111t~e hrnad and
elTtelive /anetioas and powera in anywise enlrusted by a court to a ~eceiver. and xuch appointmem xhall he ma~k hy wch ciwrl as an aJmiued ~
equily aad s aulter ot abxolute rislN Io srid mort~er. and without nterence to the adequacy or inadequxy oi ~he value af the propeny man-
~ed ar lo !he solvencr ar iro~olve~acy of said mon~ or Ihe defendants, and ~ha~ wch rcms, prufi~s. incame. iscue.. anJ rcvenue~ .hall F+e
applied by such recciver accordins to ~he lien of this mortga~e ard tAe pru~ice ot such court. !n ~Ae eveet o/ any dtiauh on the part ot ~he mon-
p.agor hereunder, tAe mort~or ~reos to pay to ~he mortpEee on demand as a reasonable monthy rental for the premixec an am~wnt a~ ka~t
equivaknt to ane-twelith l IH2) ot Ihe a~repte ot the lwetve monlhnr imstallments payabk in the then currem year plus ~he actual amouM ot
~he an~ taxes, assessmems. wster rata. and inwrance premiums ta wcb year nd covercd by the aforeaaid moath{y payments.
10. T:a1(a1 in tl~e tvent of any breach d ~his mort~e or detauh on Urc paq of the mon~w. or 11d in ~be event that ~ny af said ~um~ at
money henin rofsned to be no1 promqty snd fuNy paid wi~hout demand or notice. or (c) in ~he evem ~ha~ cach arwi every the x~ipul~iN~n..
agreemen~s. conditions. snd coveaantx ot saiA nwe ~nd ~his mort~p,te. are np dul~r- promp~ly. and tuqy pe?formed: ~hea io ei~her or any wrh
evem. the xaid a~repte wm mentionW in ssid nott thrn tenfainin~ unpaed. with ia~ercst xcrued ro ~hat ~ime. anJ aN rsoneys secored henby.
~hall becane due a+W psysbk /a?thwith. a thereaftt?. s~ ~he op~ion ot ssid mortg~oe. as tully artd campk~ety as if all o( ~be wid sumc af man-
ey w~erc otisinaUy s~ipuhted to be paid on wcb dar. anythin~ in said nde or in ~his mohgage ~o the coatrary ew~wi~hstanding: anJ ~hercupan or
~hercattcr. at the optio~ d said nanp~oe. without naice or demand. we a~ la~r or in cquity. mar be ~oxocwed as if aN ~rs secured Aere-
by had aa~und prior ~o its instilution. The e~ortp6et may forecbse Ihic mortgapoe. as to ~he amoun~ so decl~red due and paral~le. and ~Ae caaid
p?es~ises shaq be sob ~o saiisly ~nd p~y tbe ssme ~a~ether with co~ts. expenses. and albwancea. ln case ot panial forecbwro of ~his a~wt~e.
the mon~~N prtwises shall be sold wbjcet to the continuin6lien of ~his mortpge tw the amouM d ~he deM a~x lhen due and u~. la wrh
ca~e Iht /rovi~ioes ot lhis pata~nph maY apin be avaikd of Iherc~f~er tran ~ime ~o ~ime by the mon~a~a.
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