HomeMy WebLinkAbout0244 2. 71wt, in urJe~ mora tuily ro prwect the secu~i~y ut ~his mun~p~e. ~he mw~~or, to~e~her with, aiW in aJdition ta ~he mun~hly paymentc r~'
uider the terms ot IAe note secured hereby, on thc flrsl d~y o~ esch mwuA until,Ihe suid~otc is fuNy p~id. will pay to ~he mon~ec tAc (ulbw•• '
in~ wms: ~
(a1 Anamount wAkient to proviJe ~he hoWer hereof wi~h tunJs to pay the next mo~t~e i~wrancs p~emium it ~his inslrument ~MI the•
note sc~cured hereby ue inwrcd, or ~ monthly char~e 1in keu o( a mortp~e inwn~e promiuml it ~hey aro heW by tl~e Sec~euuY of ,
Housi~ and U~ban Deve,lopmeM a folbws:
(1) It snd w bn~ as iaid nae ot eveo date aod this instrument are insurcd or ~re reinwred ueder the provi~ons ol el~e Nwiona!
Nousi~ Act, an ~mount wA'icient Io sccu~ulate in Ihe hands of the holder ax t Il nwnth prior lo i1s duc date the s?nnual mon•
p~e inwa~e promium. in arder to ptovide wch Addet witb (uods to par wch pren?iuun to ~he Secrotsry d Nousins and
Urb~a Mvslopment purswnt to the National Hwsi~ Act, u amended, and applicabk ReQulations thcteunder or ~
tll) If and w bns u said note ot evrn date and this instrument uc heW by th~ Secrciary o6 Housir~ and Urbsn Devebpment. a
monthly char`e (in lieu ot a mort~e inwrance premium) wAich shali be in an amount equal to one-tweltth 111121 of ooe-half
(112) pet centum o( the aven~e outuandin~ balance due on the note canputcd without akin~ into ac~rount delinquencKS o~
PnP~Y~nents:
(b) A wm equal to the pound rcots, it any, nest due, plus thi premiwns that wiN next become duc aad payabk ae~ policie: ot firc and
other hwrd insunnoe coverin~ the mortp~ed property, plus taues and suessmeets next due on the mon~cd propeny (all u esti- _
mated by the awrtp~a) kss all wms already paid thue[or divided by the number ot mootRs to elapx bctarc one month prior to the
date when wch Sround rcnts, ptemiuma, wces, and asxssments will become delinQuent. s~h wms to be heW by martga~te ie truu
to p~y said sround rents, prcmlums, wces. and specW asseuments; and ~
(c) .All payments aieatiooed in the two prccedi~ wbaectioas ot this para~rspA and aN payments to be made under the note secured here• ~
by shsll be added to~etAer a~d the a~epte amount thereot shall be paid by the mortp~or each month in a sin~k payment to be ap-
plied by the mortp~ee to the tdbwi~ items in the order xt loAh: -
(I) premium charses uoder tAe cootract ot inwrance with the Secretary d Housing snd Utbat~ Development, or monthly ch~rge
(in lieu ot mortpK inwrana promium), u the case ~e~ay be;
l1U ~round reets. taz~s, asxssmana. ftte, and otha hazud inwrance prea~iums: `
ll l t iMerest on the eote secured hereby: and - ~
(lM aa~ortizatioe d the principa4ot uid note. ~
Any deficiency in the amount ot such a~repte mo~thly p~yment shaq, unk:s made sood by the mortp~or prior to the due date o[ the next
wch piya~ent. oonuinne ~n eveat ot defwk uoder this mort~e. The mort~ee ~eay calkct a"bte clwee•.aot w m~ceed bur oents (4~ (or ;
escb dollar (il) ot qch payaxnt mae tAaa fJteen ( IS) days in arc~ars to cover the exta expense involved in handdns delinquent payments.
3. 'fl~at it ~e 1oW ot the p~yn+ents a~sde by the mortp~or u~de~ oI puapaph 2 prt¢edi~ shall excad the amount ot 1he payments
actwllp made by the mort~ee, tor pound tents. tucs and assessments a~d insunnoe premiums, u the cue may be, wch ezceu it the lwa ia
curteat. at t6e opttaa ot the ~art~asor, sh~ll, be credtted aa s~ebseq~eat parae~u to be wade b~r the aort~6ot. or eefnnded to the
aortae~or. If, boxerer. tbe wootlil~r pa~eats sade bp the ~ort~or ~ad~ (s) oi p~n~aph 2 precedi~s shall aot'be sutficieat to
'pargorad teats. u:es asd assessaeata asd taarreaea pns~i4os. ~s t~e caaa aa~ be. «rl~eo the u~e s6sl! 6ecome due sad p~r-
able, de~ tke sort6aaor ~hall p~r to the wortsa6ee ~n~ ~rouat aecessary to ~ake ap t6e deticieacp. oa ar before tbe d~te xhen
p~raeat ot s~c? goaad reats. t~=es, assessaeats. ae Insorasce prea~iaa~s s6~11 be dae. It at wy ttse the eo~t6asor s6a11 tender .
to tbe wortp~ee ia accorduce ~rlth tde peovisions o( ebe aote eecurad 6erebp, tall papneat o[ t6e e~tlre iadebtedneae tepresent-
ed therebp. the oottsasee eha11. in cooprtias eLe uoaat o( anc4 indebtedaass. credit to the ~ccon~t oI the son6asor utl payseota
reade ~ader tLe pwrlsioaa of of par~~npk Z 6ereof w?ic~ the oort6a~ee 6as aot become obliaated to p~y to the Secretary of
Hoasia6 ~ad Urbu I?e~elopee~t aad n~ balmce reasiaina ia the hnds accamalated uader the pcovisioas of (a) of aaid
pan~aph Y. It there sti~11 be a det~alt andec aay ot tLe provisions o[ this ao~t~~e. resoltin6 ia a pablic sale of ~Le preaiises
covered herebp. or it the rortsa6ee aeqa[res the propeeq other.+iae afte~ dei~oit. ~e mon~~ee sha11 appfr, the the ti0e o~ the
cooseace~reat o[ soc6 proceadia~s or at tAe time t6e propettr ia otben+iee acquirad, tae bslaace t6ea rem~ining ia ehe tonda
eccaaalated oader (s) o! pansrsph 2 precedina as a credit agaiast tDe ~owt o[ priocipal t6ea remainia6 anpaid ander a~id note
and s6a11 properlr sdjrst asy p~yseats wrhic6 sha114ave been made aader (y oi said pan~np6.
4: 'Rnt he wi0 pay all_ iues. assessments, water ntes, and other govemmenW or municipal char~es. ~hnes. or impositions, tor which pro-
vision has oot been made hercinbefore. and in defauh thereot the mortgagee may pay the seme: and that he wi8 promptly deliver the otricial
receipts therefw to the mort~agee. ~
S. 7bat he ~rill permit, oommit. or wfier no waste. impairment. or detetioraian of said propeny or any part thereo[: and in the event ot the
tailure of the mort~or to keEp the bw'Idin~s on.said premises and those to be erectod on said premises, or improvemenls thereon. in gcwd re-
pa~r. the mortaaaee may mafce wd~ rcpairs ss in its discrctan it msy deem necessary for the proper prcservation thereoF. and the tull amount of
ach and every wd~ paypkt?t shall be immediately due and psyabk. and shall b~secured by the lien ~ this mortgage.
b• That he wip pay a11 and sin~ulu the costs, char~es, and expenses, includin~ reasonabk Iawyer's fee:, and costs ot abstracts of titk, in-
curred or paid st any 6~ae by the mortga~ee becwse of the faiturc on the part d the umortgi~ot prou~ptly and fully to perform the agreements
and covenmts o! sa~id ptomissory note and this mortgaae. and said costs. charges. and expenses shall be immediately due a~d payabk and shall
be xcuad by the liern af this mortpge.
7. That he wiq keep tbe improvemeab now ezisting or hereaRer erected o~ the mongaged property insurcd ss may be rcquired trom time
to time by tbe mortpsee apiast bss by 6re and otl~e~ hazuds. cssu~ties. and contin~encies in wch amounts and tor such periods as may be
nquircd by mortsa~ee, and wiU pay ptomptiy, when due. any premiums on wch inwnnce tor payment of which provision hu not been made
heroinbetore. AU insurancc shall be camcd in companies approved by mott~e and the policies and renewals thereof shall be held by mortga-
gee and have utached thueto loss payabk clwses in favor ot and in torm acceptabk to the mort~oe. !n event of loss he will give immediate
notice by mail to mort~. and morip,ges miy make proot ot loss it ~wt made promM~Y b'f~ a~o~t~o~. and esch inwrancc company con-
cerned is hereby authoriud and di~ected to e~ake payment for swch loss directty to mortp~ee iastad ot to mong,asor and mo~gce jdntly,
and the inwraaoe proceeds. or sny psrc tl~aeot. may !,e applied by mortpsee at its optio~ att~ to the reduction of the indebtedness hereby -
secured or to the restontion ar repair ot tbe praptrtq damased. ln evrnt ot lweclown of tAis morl~{e or aher transter ot titk to the mort-
pijed proptrty iA extlqplisblDtpt OI the indebtedlless seCUrcd heteby. all riaht, titk. and intercst ot the monpRor in and to any inwrance poli-
da cheo in force shalt pus to the purcha:cr or qrantee.
S. That it the prcmises, ar any part theteot, be condemned under any power of eminent domain. or acquired for a pubdc ux. the damagts.
praceeds, and tin co~sideation for such acquisition. co al~e exceot ot ihe fu~ amounr ot i,deb[edness upon chis Mon~,e. and cFx Nae secured
Nereby remaioi~ ur~id. are heroby assi~ned by the Mortpsor to the Motty~e~ and shaU be paid torthwith to the MoRaagee to be applied by
it on account of the iedebteoess secured hereby. Whetl~er due or not.
9. 'ilnt the mo~ee may. at any time pendir~ a wit upon this morty~e. apply to the court harir~ jurisdiction thereof tor the appoint-
ment of,a rcceiver. and wch court sh~d! fonhwitl? sppoint a receirer ot the prcmises covered hereby sll and si~ular. includina all and singular
the income, ptofits, issues, and revenues from whatever source derived. pch and every ot wbich. it beina exprusly understood, is hereby
mortgased as it specilkally set torth and described in the srantina and habendum clwses hercof, and wch rccaver shall have att the broad a~
elfectivt tu~etions and powen in ~nywise enwstod by a coutt to s receiva. and wd? appointment shaU be cnade by such coun u an admitted
eq~+ity and a matter ot absolute ryhe co siid ~aort~oe. and ritbout reterenoe co the adoquac~r «inadequacy ot the vatue of the propertv moN-
psed or to the wlveacy or inwlvrncy of said mottpgor or the defendants. and that such tents, pro6ts, income. issues. aad reve~ues chall be
applied hy wch rcceiret accordi~ to the lien ot this mort~e and thc pncrice of such ooiut. in the evrnt ot any detauk on the put ot the mort-
pgor hereunder, the mon~or a~nees to pay to the mortga~e on demand as a rcasonsble monthly rcnW (or the premises an amwnt at kut
~ oquivsknt to ono-tweltth (t/12) d the a~~repts ot the twelve monthly installments payabk in the tlrcn aurent year plus the actual amount of
[he an~wal tua. aasessmenta. water rates, and inwranoe prem~~~ms fot wch yqr not covercd by ~he atorcsaid monthly po~yments.
10. 71iat (a~ in ihe evrnt ot any breach of this monpge ur detwh on tht part ot the nart~or, ot in the event that any of said sums of
moaey herein reterred to be not proa?ptFy and tuUy paid without domand or notia. a(c~ ~ tbe event tlat exh and every the stipulatans.
a~reemenu. conditions. and covensnts o( said note aed tbis mortp~e. are not duly. ptomptly. and fuNy performed: thee in eithet or any wch
event. the uid a~reEste wm mentioned in said note then remainin~ uapaid. wntb intuest aunied to that time, and all moneys securcd hercbr.
shall bccome due and payabie forthwith. or thereafter, at the option vf said mort~t+e, n tuNy and compktdy u it a!! of the ss~id wms ot mon-
ty were ori~pirtally stipulated to be paid on wch day. anythin~ in'said note or in this ioortp~e to lhe cootrary notwithstanding: and theaupon or
thercatter. st the option of said mort:agee. withaut notice or demand, wit s~ law or in equity, may be prosecuted as if all moneys xcured l~era
by had maturcd prior to its instiwtion. The inortp~ee may torccbse this mott~e. as to the amount w dectued due aod payabk. and the said
prenuses shail be wid to satisfq and pay the same to~etber with oosts, expensef. and albw:noes. ln ase ot panisl torccbwrc of this mortgaga.
the rnortp~ed prcmises sbaU be so{d wbject to the continuing lien of this mort~e fot the amount ot ~he deM not then due and unpaid. ln such
case the provisioas ot this puagraph maY aQaio be availed of thereafter tn?m time to time by the mon~a~a.
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