HomeMy WebLinkAbout0125 2. The~, in urder mote fully ~o pro~ec~ the urumy uf this mon~e. ~h~'fiIj?r~or. together wilA, and in xiJiiiun ~u. 1he monthly p.~y mrn~s
unJer Ihe terms oi the nwt ucurtd Aereby. an the fvc~ Jay d eacA ihun~ uNll th! said n~we ia fully paid. will pyy ~o the mo~IKa~ee ~ht (ulk~w-
in~ sums- '
Isl An amount wlricieol ~a proviJe the holdt~ hereot wi~h (uoJ~ lo pay Ihe I~eat m~~nga~e imurance prem~um il Ihis inctrumem anJ ~ht
nole ucu~ed hereby ut imuted. or a monlhly charQt lin lieu u( a mongaYe intiuranrc premiuml ~f Ihey att AtIJ by the Stcret:uy u!
HousinR and Urban Qevebpmen~ aa follows: ;
(Il If and so Mn~ as sai0 note of cven da~e and Ihis imtrumenl are intured or are rtinsured unde~ 1At pru~~~ion~ uf the N~tiun:d
Huusin~ Acl. an amuum wfficienl ~o accumulale io tAe hands of 1he holder one 111 montA priur lu its due Jate Ihe annual mon-
~e iownnce premium, in order to provide wch AoWer wi~A funds~to pay wcA premjum ~o ~he Secretary of Nuusing and
U?ban Devebpmenl pursuant l01he Na~iunal Hiw~~n~ Ac1. ~s ame~ed. ~nd applicabk Re~uG~u~s IhereunJer: or
1111 It and so bng as said nole of even Jate and this inttrumenl are beld by 1he Secretary at Hvusing a~J Urban ikvelupmrm, a
monlhly charge (in lieu of a morigage intiuranct premiuml which shall t+e in an emounl tQual Io une-Iwtltth 11/121 of unt-halt
111:1 per centum uf Ihe ave~age cwlllanJi~g t+:wlanct due un Iht nole computed wilhout laking into acciwnl dtlinqutncie~ or
prepaymemc:
Ib) A sum eqwl l01he graunJ rents. it any. nexl Jut. plus the premiums tha! will next become due +nd payabk on policiec of fire ~nJ
whe? bus~d inwrance covering the mortgagal pruper~y. plua ~axes and assessmen~~ next Jue un Ihe mortgagai propeny lall ac e~~i-
matnt by 1he mottgageel kcc all sum, alreaJy paiJ theretor diviJed by the numt+er o( mooths ~o elapx tx(ure one monlh prior ~o thc
date when sueh grourni rent~. premiums. taxes. and asse~smrnts will becume delioqutnt. cuch wms ~u be held hy mortya~ee in uu~t
1o pay wid growxl renls. premiumc. la~es, anJ tpecial a~ucsments: and
Ic1 All paymems men~ioned in tht two preceding wbseclionc of ~hi~ paragr~ph am1 all payments io he made unJer Ihe nule ~erureJ hert-
by chall be addeJ tugelher anJ the aggregate ~muum Ihereot ~hall he paid by the mongagor earh munth i~ a.ingk prymcnl to t+e ap-
plied by the mortgagee to ~he tolbwing item~ in Ihe order ~et turth:
111 premium chargec urxler the comnct ot inwrance wilh the 5ecrctary af Nousing and Urt+an [kvelopmem. or man~hly rhargc
lin tieu of mongage inwnnce premium), as Ihe cace may lx;
1111 ground ren~c. ~axec, asseccmenls. 6ra and ~.ther harard insurence premiumc:
1111 interest on the nae cecured hetehy: and.
IIVI amortiiatiun ot ~he principal ut ~aiJ nWe.
Any Jtficieney in the amount o( wch aggreg•rte momhly payment ~h~ll. unlt~c maJe g~x1 by Ihe morlgagix prior to thc due Jate uf !he oext
curh payment. comlilute an event of de(ault unJer thi~ mungage. The murtgagee m-ry ci~llec~ a"la~e charge"noi w ex~•t~~f bur rrni. (~t~) tor
tarh Jollar IS11 of exh {+aymenl more Ihan fihcen t ISl Jayc in ar~earc to ravet Ihe e~tra e~pense invi~h•ed in hanJling delinquent paymente.
t. Tliat it Ihe Iotat i?( 1he paymenn m•rJe by the mongago~ unJer IM) uf paragraph ? preceJing ~hall exrted the -rmi~unt o! the paymentc
actually madt by.the mort~te. for gruunJ rrnt~. Ia~r~ and -r~~e~.me~t~ anJ inwranre premiumc, a~ Ihe ca.e may f+e. ~uch e~ce~. i( the loan is
~urrent, at the op~ioa o( the mortqagor, ghall, be credited on subsequcat payments to be madc by the mnrtgagor, or refunded to the
mottgagor. I(, however, Ihe monthly paymen~s made by thr mortRaqor unJer (e~ ol paraqraph 2 precedieg shal) o~t be suf(icieot to
pay ground teals, tax~~ and assessm~nts and insurance premiums, as the case may be, Nhen the same shal) become due and pay-
able, theo the mortRaRor shal) pay to the mortRaRee any .imount n~cex.ary to malce up the de(iciency, on or be(ore thr date whea
payment ot such grounJ rents, taaes, asscstimeAts, or in+urance prcmiums .hall G~ due. I( et any time ~he morlgaRor shall tmder
to the mortgaqee ia accordance wi16 the provisioac o( the OOIP secured hereby, full payment o( the entire indeblednrss represent-
ed ~hereby, the mottgaqee shall, ia cumputiaR the amount o( such inJeb~ednes~. credit to ~he accouut o( the mortgagur al) pa~•ment.
made uader th~ provisioas of o( paraqraph 2 hereo( which the mortgaRer h.?s not become obligated lo pay to the Se~~retary ot
IlousioR and l{rban U~velopment and any balancr r~mainioR in the (und. ac~umulated under the pro~isionti of (e) ot ~aid .
paragraph 2. If there chall be a defeult ua~ler ~ay o( thc pro~•icion~ o( thi~ mvrtEraRr, resulting in a public ~ale ot ~he pr~mises
covered hPreby, or i( the mortgaRee acquite. the propetty otherwise ahrr de(ault. th~ mottqaRer shall apply, the the time of the
commeaorment o( such proceedin~ or at 1he timr th~ property is othen.ise acyuired, th~ balaoce theo remaioing in Ihe (uuds
accumulated under (b) of paraRraph 2 preceding as a credit aRaiost thc a~nount o( princ•ipal then remainiog unpaid undet said note
aod shall properly adjuR~ any payments Mhich shall havc Lern made under of said paraeraph.
4. 1 hat ht will p.~~ all t~u~. a~ce~.mrnt., w:~~rr rate.. :mJ ullxr gu~ rrnment:d or municip:,l rharge~. nnr~. ur impu.itiom. for M hich pru-
c~.~un h:~, nu~ hren maJe hrrrinF+rturr. .~nd in Jt(:ud1 Ihrrru( thr murlga~rt ma~ pay the .:~mr: anJ ih:i~ hr will prump~ly Jeli~rr ~hr utti~i.d
rereipl. thcrttor tu Ihr murtg:~~:cr
5. That he will prrmil.:ummiL ur wtlrr ~u wa~It. imp:~irmrnt. ur Jrltrioratiun ot.aiJ prupcrl~ ur any part Ilxrri~(. and in ihe r~rm uf thr
failurc of the murt~gor t~. Aeep 1be huikling~ un vud prcm~~t~ ;~nJ IM~.r tu hr cr~clrJ un ..~~J prcmi,r.. ur impruvemrnt. thrreun. in Enr~d rr-
pair. the mnngn~;ee may m:~kr +uch repairti a~ in ih Jikrrhan it muy derm nece+.ary (..r ~he pru~+cr pre.rrvatiun ~herc.~f. .~nJ Ihe (ull .imuunt u(
rach anJ every wch ~+a~ mem ~hall t+e immedialely due anJ pa~ ahk. .md .h:dl lx ~rcured hy Iht lirn ~~f Ih~ti mort~;a~:r
' 6. -IT~a1 he wilt pay all and ~ingular the cmh. ~harFt~. anJ t~~+ense~. induJing reawnahk L•~wyrr~. fee~. :~nJ co.~+ ut :~hw:,ctti i~( Ihle. in-
curred ot paid at any Iime hy the murt~gee Ixcau.e uf 1hr (~ilurc ~~n Ihe p:ut u( the morlEagur prumplly anJ lulh tu prr(urm ~he a~rrrmenh
i and ~ovenam. of wid promi.u~ry n~Ne r~J ~hi~ mortga~;e. anJ .:uJ cu.t~. rh:uge.. anJ c~~xmc•.hall he ~mmrdi:Nr{y Jue :~nJ pa~ ahk anJ .hall
he .ecureJ by Ihe Iicn o( th~~ mortg;~ge.
7 Th.~t he wdl I,eep Ihr ~mprovemenl~ nuw r~i.ling ar hrrra(1er rrrc~rJ un ~hr mort~::~grJ pruperly imurcJ m:~~ ha rryu~rr~ (rum timt
~ tn um~ hv Ihe murtg.~gee :~gain.t lu+~ h~ firr e~J uthrr h:~iarJ+. c:~.wdiic.. :mJ runlingencie. in wrh amuunt..~nd t~~r wch prii~wl. a. ma~ ht
~ rcyuireJ by murtgagee. and w ill pa~ prumplly . when Jur. :i~y prrmium. un wrh in,ur:mcr (ur p:~y ment u( w hich pru~ niun h:~. nu~ hern m:idr
y hrreint,efore. All in.ur.mcr.h.Jl he carneJ in rump.~me. appruvrJ h~ murtEagrr .mJ ~he M~Gcie. anJ rrnrw:il. thercuf .h:Jl hr hrlJ b~ murt~:a-
~ ~:ee anJ have atr.~ched Iheretu lu.. p:~y:~bk clau.e. in t:~cur of :mJ m(orm :~cceptahk Iu Ihr murtgagee. In ~vem uf lo.. hr xitl ~:i~r ~mmrdiatr
~ nwice hy mail mi~rty,r~:rr. and mortgagee may mal,e pr~N~f o( lu~. if nu~ made promptly hy mvrlg:+gor_ anJ each inwrance comp3ny cum V
9 cerned i~ hercby ,wlh~x~irJ and Jirccted 1~. maAr prymrnt for wrh ti~+. Jirectly ti? m~~rtE:~gee imteaJ ot tu m~~rlgagur anJ mur~Kagee jointly.
~ and the inwrancr proceeJ.. ~~r any parl Ilxrco(. mry he applicJ hy murtgaget at it. upliun either to Ihe redurtiun uf thr irxithtrdne~~ hrrehy
~ .erurcJ.ur w the re.ioration ..r repair u( ~he pn,per~y J.~m:~FeJ. In e~em af tureclowre ot IAi. murtgage ur u~her ~ran~fer af ~itle to thc murt•
~ gageJ propcrty in e~tingw.hment of 1he indehteJnc...rrurrJ hrreby.:Jl n~ht. ~iUe_ :mJ ~ntere.~ of thc m.~rtga~or in and 1~~ aoy m~uranre puli-
~ cie~ then in torce ~hrll pa~. ~o the purcha.er or gr:~nlee
~ K lhat if Ihe premi~r~. or rny part thrrrof. hr ~unJrmneJ unJrr any M~wer ut eminrnl Jum.uo. ~K :+cyuurd (ur puhlir u.e. Ihr Jamagrti.
~ pruce~J.. :~nJ ~hc cun.ideratii~n far .uch :Kyui.iliun. h. the r~lent of ibe (ull :~muunl uf inJehlrJnc., u{+un thi+ ~1urt~::~gt. ~nd ihr tiu~e .ei urrd
~ hcreby temaming unprid. :ue hereh~ :~~.iEncd hy thc Notlga~ur tn thr MurlgaEee anJ .h:dl he paiJ fonhwilh 1u ~he NonEagee to F+c :,pplicJ hy
u un .KCOUnt of tht inJehtene~~ ~ecureJ herehy_ whelher Jue or n~N
~ Th:d the mortE;.~Ere m:~~ .:n any ume prndinF ,ui~ u{xrn ~h~. mortgage. apply t~. ihe rour~ h:+~ ing ~uri~Jictiun thcrco( tur Ihc apM~~n1-
~ mrnt ~~f a ~ecei~er. :mJ wch cuurt .hall t~n~hwith .~pM~in~ a recciver u( ~hr premi.r. covereJ herehy ali rnJ ~ingulnr. ~ncludin~::Jl end .inguL~r
tF?c incume. prufih. i~~ue~_ and rrvrnue~ from whatr~er wurce Jrri~rd. rach ~ad ever~ u( which. it F+ein~ e~pre~~ly unJer.t~wx1. i. htrch~
~
~ mur~gagtd if .{xcific:+lly u1 forth anJ Je~cnF+ed in Ihe ~:r.~ntinF anJ h:~henJum cl:~u~e~ hercu(. and wch recei~rr .h:di have :~II Ihe hroaJ ~nJ -
g ctlective (uncliom and M~wer~ in :mywi.t entru.~rJ h~ a:uurt to a receivrr. :mJ.uih appuintment .hall he m:~Jc hy wnc ~uurt a~ an :nimitteJ
's equhy anJ a malter ot :~hwlu~c right t~> >aiJ mor~E.agcc. rnJ w hFx~u1 rc(erenrt tu the aJeyuacy i~r inaJcyua:y of thc value of Ihe prupcrty murl-
- E:~grJ ar ~u Ihe ~uhertcy ur in.uhr~c) .~t ..~iJ murt~.~gur ur Ihr Jr(rnJ:i~1.. :~nJ Ihal wch rrnt~_ profit.. incumr: i..ue.. .mJ re~rmit, •h:dl t+e
~ applieJ hy wch rece~~er .~.c~~rJing Io thc lien of Ibi~ murtg:~ge onJ ~he practice ~~f wch r~~urt. In thr e~ ent o( any de(ault un ~he part of Ihe mort-
~ K:~gor hercuaJer_ Ihe murt~tsg~x agree. ~u pap ~u thc murtgagec un demand a~ a rea.unabk mun~hly rentrl fur ~he premi.e~ a~ amuunt at kac~
r tyun'alenl lo ont-twrl(Ih l 11131 uf tf?e ..ggrcgate o( ~hc ~wche monthly in.tallment~ pa~ahk m Ihc thrn current year plut 1ht actual amuunt uf
- ~Mc annual Ia~e~. a~~~~menl~. water ra~c,. anJ inwranct prcmium~ (or wch year not cuvered by tF?e a(ort~aiJ m~.nthly paymrnt+.
s
10 Th~t Ial in Iht evem ut ~ny brrach o( ~hi~ mongage or dcfault un Iht part o( the mur~~~gor. or (bl in ~he cvent Ihal any ot .aiJ wm~ ut
~ money herein re(erreJ to he n~H pfUff1~11Iy :IOI~ ~UIIy' (1dI1J whh~wt JemanJ nr no~ice. or Irl in ~hc evcnt Ihat earh and every thc ~iipulalion..
~ agreement~. conJiuom. and roven•snt~ u( ~aid n~ut ~nd Ihi~ morlg:~ge. are nut July. promplly. and (ully ~+er(ormed: lhen in either ur any .4ch
' evem_ Ihe .aiJ a~reFate wm mrn~ioneJ in .aid nult then remaining unp•rid. wilh interest accrucJ to tha~ limt. anJ all money< <ecureJ hereby.
~
~hall becomt dut and payahk forthwith. ur Ihercafler. at Ihe option ot ~aid mortgagee. as fully ~nd c~~mplelely a~ i( alf of the ~aiJ .um+ o( mom
~ ey were onginaUy uipul.teJ to F+t paid un wch day. anythin~ in wiJ note or in Ihiti mong•rge lu IF~c runUary rwtwith~laoJing: anJ thcrcupon ut
~ ~hernfler. at the option of wid mc~rtp,agce. v?ithiwl nu~ice or demand. ~ui~ at law or in equity. may tx pr~~ecWCd ac if all money~ ~ecured here-
~ hy haJ malureJ prior to ilt inslitutiun lhe mortgagce m•ry toreclu~e thi~ mort~tage. ati lo ihe amounl a~ declared Jue and payabk. anJ the said
premice< <hall 1+e colJ lu ~aticfy and pay Ihe .amt Iugelher w~lh cu~tt. e~pemea. and allawanct~. In ca~e of partial (orecbwre of Ihis mortgage.
~ the mortgaged premi~t< <hall Fx wW wh~ect w ~he conlinuing lien o( ~hi~ morlgageJor dx amounl of the debt then due and unpaiJ. In such ±
~ case Ihe prov~~ions of thi~ paragraph may ag~in be a~a~kJ o! lhercaftcr from time to time by the mortg~gte
$
_ - n ~ ~ _
~ - ~~~:+c r .s~ .
~ _ ~ s Y~~~~~~j
~ : 7