HomeMy WebLinkAbout0131 2. Tha1. in or~fer mure fuily lo prulecl ~hc u~urily uf Ihi~ mun~e. the mutl~ur. tu~elAet v.i~A. anJ in aJJitiun tu. Ihe mon~hly p..~ mcnts
wxfer Iht letms ot IAe nwe ucu~ed hereby, on lhe fi~~~SlyX 4f each muot~un~j~ the said nwe is tully paid. will pay ~u ihe mon~ce ~he lullaw- j
in~ sums: 'i ~ ~
lal An amount wlFciem to provide ~Me Iwlder h~eo~T Gil~ (unJ. ~u ps~Ae nt~1 mo~t~e imurance prem~um il ~hi~ ~ncl~ument anJ Ihe ~
nWe xcured heteby yre imu~ed. w a munthly char¢e lin lieu o! a mong:~ge inwrancc premiuml if they are heW hy tAe Secrctar~ ot
Housin~ snd Urt+an Devebpment as folbws:
111 It and so k~nt as said note ot even date and thii inslrumeol are inwred or are teinwred under tht prorisioos of Ilx Na~iumd
Huusin~ Act. an amount sufTi~ienl to accumulate in Ihe hands ut 1he huWt~ one 1 I I monlh priur to i1~ Jue dele Ihe annu.l mon-
_ gaee inwrance premium, io orAer to provide wch holder witA funds ~o pay such promium lo Ihe Secre~ary oI H~wcin~ and
Ufian Devebpmenl pursuanl lo Ihe Nalional H~wsing Ac1. as amendcd, and applicabk Re`ulations thcreunder: o?. ~
Itll If and w bns as said oote of evcn dale and Ihis insltument are htld by the Secretary of Nuu+ir?g and Urt+an Develupmenl. a ;
monlldy charee lin lieu o( a mort~age inwrance prcmium) which shall be in an amoun~ eyual to one-twelfth 11l12) of une-hal( ~
11121 per centum of Ihe avenge outstanJing t+alence due on the nule romputed wilFawt laking into acc~wnl delioquencit~ or ;
prepay ments: .
(b) A wm equsl to th6~nund ~Ms. if any, nexl Jue. plus Ihe p~emiums Ihat will nexl become due ~nd payabk on policiea ot fire anJ ;
wl~et hazard inwrance rave~ing the mong:+geJ properly. pluc lases ami assetsmenl~ next Jue un Ihe mortgaged property lall a+ e~ti- '
mated by Iht mo~Igagtel k« all cums already paiJ lhercfor divWed by 1he numlxr ot munthc ta elapac bc(ore one munth priw to the ~
datt whtn wch grournl rcots. premiums, lases. end asie~smrnts will ~ccome delinquent, tuch wmc to tx heW by morlgagec in t:u~~ ;
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to pay ~aid gruunJ teols, premiums, ta+~es, and cpcrial atcescments: and
Ic) All psymen~. mentioned in 1he two p~eceding subuctiunc of ~hi~ paragroph anJ all paymenl~ to tx made unJer ~Ae note cecurcJ here-
by shalf be addtJ 1ogHixr ~nJ the aggtegale +mounl therto( +hall tx paid by tAe mortgagor ea.h monlh in ~ingk paymeM tu he ap- j
plied Ay tht mortg•asee ta the tollowing items in the order ut torth: '
111 premium rhargec urnier the contnct o( inwrance with the SecrNary o( Houung and Urt+an (kvdopment. or munthly charge ~
(in lieu ot mo~tgage inwrance premium). as ~he cax may 1+e:
1111 grouixl rcntc. u~ec. acsesaments: fire, and Wher hatard inwrence prcmiumc:
1111 interoxl on the nWe cecured herchy: and
I IV) amurtizalion ut 1he principal ot taid no1e.
Any Jeficiency in Ihe rm~~unt of wch aggrcgatt monthly payment tihall. unk« mrde g~xxi by the mortgagor prior t~? the Jue datt of tbe next
wrh p:?yment. canstitule an evcnl of default utkler Ihi~ morlgage. 'Tht morlg:~gee may collect a"iate ~Aarge"nut u, ex~~e~l tuur ~Y-nt. (~it) f~
tarh Jollar{S11 of each paymeM m~~re Ihan fifttte ( IS) Jays in arrearc to cuver the e~ua erptnce involved in handling delinquent ~+ayment~. ~
1. Tha1 it Iht to1a1 Ihe paymemc made Ay Ihe murtgag~x unJer Ih) ot paragreph 2 prectding ~hall eaceed 1he ami.um i~f the payments
aclually madt by the mortgagee. for grounJ rent~. Ia~e~ anJ a~~e~.mentc •rnd in.utance premium.. ae Iht cace map he. wch e~cet~ i( the loan is
current, at the optioa ot the mortgaRor, shall, be credited ~~n subsequ~nt payments to be made by the mortgagor, or rc(unded to the
mortgagor. 1~, howevet, the moathly payments made by the mortRagor under (e) oi paragraph 2 prrcediog shall not be sui(icient to
pay grouad tents, taxes and assessments aad insurance premiums, as th~ case may be, when the tiame shall become dne and pay-
able, thea the morlKaRor shall pay to thc mortgaRee aoy amount neces.ary to make up the de(iciency, on or be(ore the date when
payment of such qround ren~s, taxes, assestiment+, or inxuraace premiums shall b~ due, I( at aay time the mottRagor shall tender '
to the mortgaqee in accordance N IIII IIIO ~1tOVI3I00S OI lI1P OOIP secured hereby, full payment o( the entire indeMedn~ss represeot= :
ed thereby, the mortgaqee shall, io computing the amount of tiuch ind~bledness. credit to the account o( the motlRaqur all paymeets . i
made uoJer th~ provisions o( of paragraph 2 hereo( which ~he mortgaRee has aot become obligated to pay to Ihe Srrrelary of
{IousinR and l~rban Uevelopmeot ead aoy balanc~ r~inaining in the fuad+ accumulated_uoder the provision~ o( (a~ of said
paragraph 2. If there ~hall be a Jefault uader any o( the pro~~isionc o( this mortRag~, resul~iog in a public sale of the premiscs
covered hereby, or i( the mongagee acquim~ the propetty otherwise a(ter de(ault. th~ mortgage~ shall apply, the the time o( the ~
commea~xment of such proceedinKs or at ~he time the propcrty is othrraise acyuirrd, tAe balance then remaiuing in the funds '
accumulated under (b) o( pataqraph 2 preceding as a ctedit aqaiost the amount of principal thea temaioing unpaid unJer said aote '
and shall properly adjucl any payments ~hich shall have be~n made undet of said pa~a¢rap6. _
'Ilwt he wiil pay :dl ~a~c~_ :~~ct.~menl~. wa~er ra~c._ rnJ u~her guvrrnmemal or munkipal charge.. noe.. or im~x?.i~iom. tor which pro- i
vi.iun ha~ n~N t+een, m:~Jr hrrr~nF+rfurt. ,~nJ in JeLndl therr~~f Ihr murt~:~~;tr m:~~ p.~~ ~ht ..~mr: and Ih.N hr w ill pr.~mptly JrliYer thr otfici:d ~
rrcript. therrf~~r tu ihe mungagee. ~
S. Tha~ hc will prrmi~: ~ommit. or wtler no.?:~.tr. imp:~irmcnL ur dctrnuratiun u( .:,iJ prupcny ur any p:ut thrrrof : a~J in tht evenl i~( Iht `
failurc of Iht mi.r~gag~x lu keep thr bu~lding. un .:~iJ prcmi.c. anJ ~hu.r tu tx rrer~rJ on ,aiJ prcmi.c.. ur impr~~vrmrnt, ~hrreon_ in girx! rr- 3
p:~ir. the mortgaget may makr ~uch rrpair. a~ in i1~ di.rrc~iun i~ may~ deem nrcc~~•rry for Ihe pruper prr.enati~~n iherr~~f. .md ihr tull :~muunt uf
rach:mJ every .uch paymcnt .hall t+e immeJi:uely duc anJ payahle. anJ ~h:dl bt ~ecuteJ hy tht lirn o(1hi. mi~rlg:~Fr. ?
b. That he will pay alI and eingular the co~t~. charge.. anJ c~{+rme~. including rta~onahk lawycr'ti fet~. :md ro~l, uf ah~ltact~ u~ litle. in- ~
curred ut paid al any time hy Ihe morl~agce txcau.r o( thr f:ulurr un the p~tl u! Ihe mort~;agur prumptly anJ (ull~ tu prrform Ihe agrcrmcnt~ _
i and ru~enant. qt .riJ promi..~.ry nwe rnJ ~h~. mor~~:a~:r.:~nJ .:~iJ ro.t+. charge~. :mJ e~{+en.e+.hall hc immrdintely Jue ~nd pa~ahk anJ .halb
he ucureJ hy thr lien of th~~ m~~rtg:~gr. . -
` 7. Th.~l hr w ill kerp the im~ruvtmrnl. nuw cv.tio~ ur hert:dicr rrertrJ on thc murtz.:~gcJ pruperty in.urrJ a. m:~y h ~ryuircu frum hme
F to lime by thc murtEagrr :~~aim~ Ni.~ hy fire anJ olhrr haiard.. ca.uahic.. :mJ cuoliogt~ir~ in .uch am~n~nt.:~nd (ur wch prri~xl+ a. may hc
~ reyuirrd hy murtgagee. .mJ will pay prumptly. whrn dur. an~ premium. ~~n wch inwr:mct (or payment ut which pru~i,iun ha~ noi hren maJr '
~ hcrcinkxtore. All in.ur.mce .haN ~x rarrird in cump.~nic. rppruvrJ by monE:~grc :mJ ~hc ~xdirie+ :mJ rcaeNalc ~hrrcof .fiall hr hrlJ hy mi~r~ga-
l gee anJ have attarhed there~~~ k~.. pay:~bk cl.,u.e. in fa~o~ uf .~oJ m(urm aueplahk to thc morlg:~gee In event uf li~~~ ht will ~:i~•c ~mmtdi:~lr
~ n.uice by mail to mun~gee. anJ mongagee m:~y maAe pnwf ut lu.. i( nut maJe promp~l~• by mortgagor, and each inwranre company con-
~ cerned brrehy au~horveJ and directed tu maAr paymeM f~~r .urh k~cc Jircctly to mortgagee in~le•rd ot to morty,:~K~x and murtgagee juinUy.
~ :md ~he inwr:~nce pnxerd,. ur an~ prrl thcrc~i~. may hr appGcd hy murlgagce a1 ih uptiun either tu Ihe rrJuctiun of Ihe indehlrJnetiti herehy.
ucureJ or tu ~he re.tur.~uun ur rcpair uf the pr~~prrty damagird. In e~~rn~ uf furcck~.ure o! ~bi. morlgage ~~r othtr Iran+(rr o( titk t~? thr murl-
~ gaReJ pruperly in e~uogui.hmenl of thr inJchtrJnc...ccurcJ hrrehy. :dl ri~ht.iide. :md intcre+t uf thc mortgagur ~n and Io aoy inwra~re M~li-
cit~ Ihtn in (otct ~hal! pe~~ tu the pur~ha.et ot Fr.mtee.
~ x Tha~ it the premi~e._ or :~oy part thercof. F+c conJzmneJ unJrr :my M~~er uf em~nrnt Jum:~in. ar acyuirrd f~~r a puhlir u.e. thr J:~maFe..
~ pr.xeed~. :mJ th~ comiJrratiun far wch :wyui.itiun. ta ~hr e~~em af ihe fuli :~m~~un~ uf indcb~cdnr.. uM~~ thi. ~1onEa~.r. and thr `ute .erurcd
~ hcrehy remaining unpaid. are herehy a.,iEneJ hy the ~tur~g.igur to ~hr Nort~gee :~nJ .h:Jl Fx p:~iJ (orihw i~h tu the M~~rtg~gee to hc applicJ hy
~ ~t un :KC.wnt ot ~hc indehlene.. ~ecured htrchy. wbett?er due or niN.
4 7ha1 thc mort~;agtt ma~ . at anq ~imc pcnJinE a,uil up~m ~h~. murlgage. apply to ttx a~ur~ ha~ ing ~uriwlictiun thcrc~~( for thr appuinl-
mero u( rcce~~er. anJ .uch a~urt .hall (oithwith ap~xnnt a re:ei~er uf the prrmi.r. co~ereJ hereby all rnd .in~;ular, mcluding all and ~mgular
the incume. profi~.. i..ue~. anJ rrvrnue. frum Mhate~er .uurce denveJ. erch anJ every of which. il t?eing e~pre..l? under.t~wxf. ic hereby
mottga~ed a~ i( ~ptcifitally ~el fortb :mJ Je.criheJ in ~hcFrantiog and h:~henJun clau.e. hcrcuf. and wch rccr~~er .h:Jl ha~-c :dl Ihe hmad anJ
eNective funclwnc and ~x~wer~ in anywi~e emru.trd h~ acuurt w.~ reccivrr. and wch apM~imment ,hrll he maJe by wch court •rn admiued
~ equily and a matler o( ahx~lule right to ~aiJ mur~gagee. and wulnwl rcfcrenct to Ihe aJeyuary or inaJequary u( the ~:+lue of Ihe !+r~~perty murl-
~ E:~EeJ ur h+,lht •ul~rncy ur imulvtnry uf .:,iJ murl~a~:ur nr ~hr Je(enJ.~nt.. :mJ ~hat wrn renb, profil.. inrumr. i~~ue~. anJ revenut. ~hall bt
~ applieJ hy wch rtcen•er a:c~uJing tu Ihe litn o( thi~ morlg.,ge .+nJ Ihe pra~ tice of wch ruurt. In Ihe event uf any de(aull an Ihe parl o( Ihe mort-
~ ~gor hereurnltr. Ihe murtgagor agtee~ lo pay ti? IFrc morlgagee u~ demand a. a rca~unabk mumhly rental for Ihe prcmi~c~ an amcwnt at kact
~ eyuiralenl Io one-twelflh 1111?1 thc a~eregatc u( the Iwehe mamhlp imtallmenh payabk in the Ih~n current year plu~ Ihc actual amuum u( '
~ Ihe annual Iate~. a~u~+mentc. water ratec. anJ in.urance premium. (or wch year no1 ca?vered by 1he a(ore~aid momhly payment~. .
~ 10. Th~t lel in the evcnt of any Mcarh of ~hi+ mur~F;agc ur Jc(auk un Ihe par~ of ~he mortgagor. or 1 b1 in the evenl that any of +aiJ +um~ ot
~ moqcy Merein rcterred lu tx nol prumptly and tully paiJ with~wt JemanJ or notice. ur Icl in ~he event Ihat t~ch and every Ihe .tipula~ion~.
_ :~reement~. canJit~on+. and covenan~~ uf wiJ n~~1e anJ Ih~~ morlgage. are nw July. prompUy_ and fully performeJ: then in either ur any .uch
event. iht wid a~regale ~um mcnlioneJ in .riJ nute then remainiag unpaid_ with interesl accrueJ ~o Iha1 ~ime. anJ all money~ cecureP ubreby.
~ +F?ail txcume dut anJ payrbk (orthwith. ~x therta(ICr. at Iht option of eaid mortgagee. as fully and compktely ac if all of Ihe tiaid ~umt of mom
ey were originally ~lipulateJ to tx paiJ on ~uch Jay. anylhing in uid niHe or in ~hi~ mortgage l01he contrary notwith,tanJing: rnd ~hereupon or ~
~ ~herea(ter. a~ 1he opliun o! ,eiJ marlgegee_ wilhiwt nwice or Jemand. ,uil at law or in equity. may be proxculed a~ if all money~ ucured here- ~
~ by hxl matured priur Io ih imtilutie.n. "Ihe morlgagec may furecbse thi~ murtgage. ati 1o the amounl w declared Jue anJ payabk. and Ihe +aid ~
~ premistc ~hall tx cold tu tati~fy and pa) Iht ~ame Iogelhtr with co+tti. e~penx~_ and atlowanceti. In cace of parlia) (orecMcurt of thi~ mortgage.
~he mortgageJ premiu< <hall t+e wld whject to ~ht continuing lien of thic mortgagelor ~he amount o( the deM no1 Ihen due and unpaid. In such t
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cast Ilx provisioni o( ~hi+ paragra~+h mey again Ix a~-rileJ of tixreafter from tim~~lo time by 1he morlgagte. ~
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