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HomeMy WebLinkAbout0282 2. Tha1. m order mo~e (ully tu protccl Ilx ucurily u( Ihic mung:~e. tAe murtga~~u. ~iqtdher w uh, and in aJJitiwi tu. tht munlhly p.~y menis unJer Ihe lerm~ u( It?e nale ucurrd herehy, ~~n Iht fit.1 Jay of tach month until lhe +sid nute ic lully p1id.~wi11 pay w the uwrtgaYee Ihe (uUow- ~ng wms: Ia) An amuunt wiBcienl lo proviJe 1ht Aul~ler htrcuf wi~A tund~ lo pay ~ht nt~~ mon~•rge in~urunce premwm if Ihi~ inctrumenl rnd ~ht nule .ecured hereby art inwrcd. u~ a mumAly cAuge lin lieu of a mun~age inwrance premiuml it ihey are held by lAe Secrelnry u( Housing and Urt+an tkvebpmenl at lolk~wc: 111 IF and w lung a. saiJ ~Wt ot even Ja~e yod this imtrument are inwred ix ~re reincureJ unJer ~he pro~uiun~ uf Ihc Natiun:d Nuusing AcI, an amuunl wfficiem to acrumulate in Ihe hands ot tAe hukitr one 11? manlh priur tu ils dut Jate Ihe annual mort- eage inwrance premium, in otder to providt such Aolder witA funds 1o pay such premium l0 1he SecrNery o( Nuuung ~nd U~ban Devtlopmeot punuanl t~ the Natiunal H~wsing Acl. e~ amendeJ. anJ applicabk Re~ulauun~ thereunJer, ot 1111 If anJ so tong a+ saiJ nae of even Ja~c and ihis instrument are heW by the Secretuy a( H~wunK and Urt+an [kvelopment. a monlAly charge lin lieu uf a mongage inwrance premiuml which shall he in an amounl equal lo une-~r•el(th 111121 ot ont-hal( 1 II21 pe~ centum o( Ihe average ~wt~~anJing balance Jue on Ihe note computed without laking into acawnt Jelinquenciec or prepaymentc; Ib) I? sum equal tu Ihe grounJ rems. if any. nest Jue. plua the premiums lhat will nest become due and payabk un policie~ o( fire anJ ulhe~ A-rzarJ insurance cavering the murlgaged property, plus ta~es anJ asst~sments next due on Ihe murlg:.ged property lall a+ e~1i- mated hy the mur~gxgeel ksc all wms alreaJy paiJ Iheretor diviJed by ~Ae numtxr ot mumhs ~a elapse betore one month priur to Ihe date when such grourxl ren1+, premiums, ta~es, anJ asse»mrotc will lxcome Jelinyuent. cuch ~umc ~o t?r held by mo~tg-rgee in tru+t to pay said grournf rents, premiumc. ta~es. and cpecial acxes~ments; and Icl All paymenle mentioned in Ihe Iwo preceding wbseclionc o( thi~ paragraph and ali paymenl~ to Ix m•rde under the nWt «~ureJ here- hy sl?all t+e aJJed t~ether anJ the aggregate amoum thereo( shall t+r {+aiJ by Iht mo~tgagor eacA munth in a.ingk p•ry mrm to t?e ap- plicd by 1he mongagee to the toU~~wing item~ in ~he orJer se1 tnrth: IU premium charges under the cantract of inwrance with 1he Secrc~ary of Nou~ing anJ Urban Ikvelopment. ~•r mun~hly rhargt lin lieu ot mortgaite inwranct premiuml. as 1he cact may F+e: I111 grou~xl rentc. ta~e~. aesescmentc. firt. aod o~her harard insurance premiums: 1111 interett oo tF?e notc cecured hereby: and IIVI amorlizalion of the principal.u( ~aid note. Aoy Jeficiency in the amount o( wch a~tregett monthly paymeot chall. unk~c madt giwJ by Ihe mortga~t~~r prior lo the due Jate o( tht neit . tiucA payment. con~litute an event of Jetault urnit~ Ihi~ murtgage. The mortgagee may a~llect a"lalt cAarge"aot to exceed (our ~~enes t4t) (a each dollar ISt 10( each paymeol more Ihan fitteen 115? day+ in arrearc 1o cuver the e~tra t~pen~e im~olved in handling delinquent {+aymenl~. "Il?at i( Ihe 1Wal af Ihr paymtnts maJe by ~he mortgagor u~Jer IM o( paragraph 3 preceding chall exceed the amount ut Ihe paymeMc aclurlly made by the mortg•agee. tor grourxl rent.. tatec and a.~r+~men1~ anJ imuranct prrmium~, ac the cace may he. wch etce~~ if the loan is current, at ~he optioa o( the mortRaRor, shall, be credited on subsequent payments to be made by the mottgagor, or re(unded to the mortgagor. If, however, thc monthly payments made by the mortRagor under (e~ of paragraph 2 precediag shall not be su(ficient to . pay ground rents, tax~s aod asse~tim~nts aad in~urao~c ptemiumc, a~ the case may be, whea the same shall brcome due and pay- able, thea the morlRaRor shall pa~ to thc monRaRee aoy amount neces.ary to make up the de(iciency. o0 or betore the date when paymont of such grounJ teots, taxe+, atisessments, or io~uraace premiums chall be due. 1( at any time the mottgaRor shall tendet to the mort~agee in accordancr wi~h the provisions of the note secured hereby, (ull paymen~ o! lhe entire indebtednrss represen~- ed thereAy, 1he mottgaqee shall, in computiaR ~he amouot of .uch indebtednesc. credit to the account o( the mortgagor all paymentc made under th~ provisiuns uf o( paraqraph 2 hereo( which the mortgagce h:?s not become obligated to pay to the Se~~retary o( IlousioR aod ~rban U~velopment and any balanc~ r~maining in the (unds accumulated under the provision~ of (b) o( said paragraph 2. I( there chall Ee a default undcr any of the pro~•isionc uf this mortgagr, resulting ia a public sale of the premises covered hcreby, or i( the mortRaR~e arquin•. the property othen.ise a(ter de(ault. thr mortgaRe~ shall apply, !he the time of the commenoement o( such proceedin~s or at the time the property is oth~n.itie acquired, Ih~ balaoce then remaiainq ia the fuads accumulated uader (e) o( para~raph 2 pr~ceding as a creJit aRainst the amount o( principal then remaioing unpaid unJer said note and shall properly adjuvt any p.~yments ~hich shall have Lcrn maJe under of said para¢raph. I FI:11 I1C WIII (1:~y :~II ta~e~. a~.r..mcnt~. watrr r:~te.. :inJ uihtr ~;~?~~zrnmem:J ur municip:J chargee. nne.. or imFx~.iiion.. for which pr~~- . ~i.~un ha. nut F+ren m:~Jr hrrtinhrfur~. ;~nJ in Jrf:~u4 ~hrrruf Ihe m~~rtg:~~:ee map p:~y tht ..~mt: anJ lh:~t hr will prampll~ Jtliver thr uttici:J rerript. ~herefur tu tht mi~rtEagr~ . S 7h:d he w ill prrmit. commi~. ur ~utlrr no..a.~r. impairment. ur drtrrior.~tiun ot ~aid prupen~~ or :my part Iherco(::~nJ in Ihr evrnt uf the failure uf Ihe morlgag~~r tu krrp thr buikling~ un .:~iJ premi.t.:~nJ Ihu~a t~~ hr rre.~cJ on ..~iJ prrmi.e~. or impn.vemrn~. thercun. in ~:~xxl rr- p.~ir_ the murlgager m:~y maAr .urh repair. a~ in i~, di.rr~ti~~n it m:~~ Jrrm nrcr~.ary fur the pru~xr prc.rrvaliuo Ihrrr~~t. .~nJ Ihr (ull :~muunl rarh :mJ every wrh pay mrnt ,hall he immedic+tely Jur :~nJ p:~~ ahk. .mJ .h:~ll he .ecured h~ the liin of thi. m~~rtg:~~r. 6. That he wi0 pay. all anJ ~ingular Ihe cu~lc. charFt~. and t~{+eme.. includ~n~, reawn:~hk I•rwytr'. (er~. :md ~o~t~ uf ah.~ract. u( title. in- curred ur paiJ a~ any iimr hy tht murt~gee hrcau.t u( ~hr f.ulurr .~n tht parl uf Ihr mortg.~~;or prumptly anJ fully to prrform tht a~reement~ .md rovenant. of .aiJ prumi..ury note and Ihi. murt~:a~:e. :md +:~iJ r~~~t.. rh:u~;e.. and r~prme~ ~hall t+e immeJialely Jue :mJ p~~ ahte and tih~ll ; t+e .ecured by the lien of thi, mortgagr. E 7. "Ih:d hr will keep ~hr impruvement. nuw t~i.lin~:or hrre.~(ter rr~cirJ un ihr mur~~:~~:rd praperl~ inwrrJ a. m:~~ t+e rrywrro (rum lime to time by thr murtgagrt :~gaimt lu.. hy fire anJ othtr h:varJ.. c:~.unltie~. anJ c~*ntin~tncir~ in wrh amounh :mJ tor .uch prri~xl. a. map he . rcyuirrJ by mortgagee. :~nd Kill pay prumptly. whrn Jur. any prrmium. ~+n .u~h imuranrr (ur p.~~ment u( which pro.i.iun ha. nul hrrn m.~Jr hrreint+efare. All in.ur:mrr .h:Jl hr rarrird ~n ~ump:~me. approvrJ M mun~.~~:rr end ~hr M~licic. :~nJ renew:~l, lherru( .h:dl hr hrlJ hy murtg:~- gee :inJ have :dtachrJ thereta I~e.+ p:~yable cl.~u.e. io f.,.~~r ~~f :~nJ i~ furm arrepi:~hk tu ~hr murtg:~~;re. In event u( lu~. he w ill ~:i~e immtJi:Ne ~ notice hy m:~il tu mart~~;tr. and mongage~ m:,y m:~1,r pruuf o( {u.. i( nu~ maJe promp~ly hp mortgagor_ and each inwr:,nre comp:~ny com ; ccrneJ i. hrreb~ :mthunirJ and Jitectrd to maAr paymrm (or wrh lu.~ Juectly to murlF:agee imtead o( ro mortgag~x anJ murtgagee ~ointly- ! anJ the inwr.~nre pmceeJ~. or any part thrreof. m.~y Ft applirJ hy morlFagtr :it i~. o~~ion ti~her tu ~he reJuctiun o( tF?e indehtrdne.~ hereby € ~eiureJ ~~r tu 1}?e rt~lur:diun ur rrpair u( Ihc propert} dam.iLrJ. In evrnl of f~+recluwrr uf th~. murtgage or uthrr ~r.~n,(er u( ~itle to the murt- 2 gaged proper~y in e~tingw.hment .~t ~hr inJeMeJnr~~ ~rrurcJ hrrrhy. :,II n~:ht. title. :~nJ intrre.t uf Ihe mortgagur ~n and lo am inwrance M~li- + ue~ theo ~n (urre .hall pa~~ h~ tht purrhaur or grantte. ~ x. Tha1 i( Ihr premi.e~. or an~ p:ut Ihrreuf. F+r cunJrmnrd undrr an~ ~x~wer uf eminrnl Jamain. ur acyuired E~~r a puhlic u~r. thr Jama~;t~. ~ p~orteJ~. anJ Iht comidrr.dion fur wch :~cyui.i~ion. t~~ the e~tem ~~f the full :~mounl of inJehteJnr.~ u~x~n ~hi. ~lortgage. and the'~nte .eiured ~ hercM~ rem:~i~ing unpaiJ. are hrrehy a..iEnrd h~ ~he ~1urt~::~gur tu thr ~tur~gaEee :~nJ.h:JI he p,iJ furthwi~A lu thr ~1or~gagre to br c~pplirJ by { il ~~n accuuM o( Ihe i~deMenr.~ +ecured hereh~~. w htther due ur oul. `1. Th:n Iht murtgagre m:~~ . c~~ :~m ume ptndinE a.uit uM~n Ihi~ mi~rtgage_ apply tu 1he r~~urt havinE ~uri~Jicliun thrre~~[ for Ihr appwm- ~ mrnt uf a rc~eirer. anJ ~unc ~~~urt .h:Jl f~~rthwith appuint a rr:ei~tr of the premitir~ ruvereP ubreby all and ~ingular. incluJing atl and ~ingular x ~he inc~~me. prufit~. i.~ue._ :mJ rr~rnur. from whair~rr .uurce derivrd. rach :~nd ~rery u( which. i~ hein~ e~pre..ly unJer.t~~xi. i~ herehy ~ mor~g:~geJ a. it.pecifi.all~ ,e~ (urlh :~nd de.criheJ in ihe Eranting :mJ hat~ndum rlau.e~ hereu(. nnJ wrh recri~er .h.~ll h:~~e :+11 ~he hrunJ anJ ~ efleclive functiom and power. in anyw~,r rmruetrJ h} cuurt lo n recei~rr. anJ ~urh appuinlment ~hafl he m:~Jr hy .uih ~uun a.:ln admiUeJ cyuhy anJ a matter o(:~h.ofutc right lu +aiU mori~;:~~er.:md withuut rc(errnce ~o Ihc aJryuary ur inadryu:ri~ uf the value ut thc pmpcrty mort- : ~ ~.~~rJ.rr 1~~ 1hr .uhrnc~ ~a imuhrnry nf .:~iJ m~al~;:~gur ar thr Jr(rnJ:mt.. anJ Ihat wch rent~. prufit.. incamr. i..ue~. :md re~~nur. ~hall he ~ :~pplied hy ~uch receiver arrurJing tu the lien Ihi~ mrrtga~:e anJ 1hr praclice of .uch ~ourt. In Ihe event uf any Jefault un tht par~ o( Ihe murl- ~;a~ur htrcunJer. Ihe m~~rlgagur .~grre~ w pa~ tu thr murtgagre un JemaoJ a~ a reawnahk munthly renlal (ar thc premi~c~ an amuunt at Ieact ~ tyunalent 1~~ unr-twel(th 1III?I uf Ihe eggregate uf the twrtre monihly m,~allmeot~ pa~ahk in the then current year plu. the ~ctual ami~uM of ~fir annual ta~e~. a~.e~~mem.. water rate.. ar.J in.urance premium~ f~~r .uch year no~ co~ered hp Ihe afore~aid munthly paymrms. ; 10- 'That 1:+1 m the evrm u( any hreach uf thi. murtgage or de(auU un ~he part of Ihe mortgagor. or 161 in the event that any uf .aiJ wm~ of munr~ herc~n referrcd 1o he not prumpdy and full~ paiJ without demand or n~~tice. or Ir1 in Ihe event Ihat rach and every Ihe +lipulaliom. agrecmentc. co~diuon~. and covenant~ of .aiJ nute anJ thi~ mortgrge. ~re not July. promptly. anJ fully {xr(ormeJ: then in rilher or any wch ~ cvem. ~he ~aid a~regate .um mentioned in .:+~J nute then remaining unpaiJ. with iMeresl accrucJ h~ ~hat ~ime. anJ :dl money< <ecured herehy. .hnll hecume due :+nJ pay abk furthwith. ur there~(ter. r1 tht option ot ~aiJ mortgegte. ac (ully and completely r~ if all of ~he .aiJ .um~ u( mon- ey werc utiginally ~lipulaled Ic Fx paiJ un tiuch day . anything in ~aid note ur in thi~ murlgagc Io Ihe r~?ntrary rn?Iwilh,landing: unJ IhercuM?n ot ~herea(ter. at the ~?ptiqn ut tiriJ murtga~rr. w ishout nuticr or demanJ. ,ui~ at law or in equity. may t+e pro.ecuteJ a~ if all monty~ ucured here- ~ hy had maturcil prior ti~ ~~ti imtitutiun. "Ihe mor~~gce may (ureck~te thi~ morlgage. a~ to the amount co declared due enJ payable. and the ~aid premi~e..hall he sold tu ~ati~fy and pa~ ~he .ame ~uge~Fur w ith co~~ti_ e~pen.e.. anJ alluwancc+. In ~atir uf panial forecbwce o/ thic mortgagt. ' Ihe mortgageJ premi~ec ~hal{ he +uld .uhjecl tu the continuing lien o( th~s murtgagelor the amount o( the deb~ not then dut and unpaid. In wch case the provisionc o( ~hic paragraph may again tx a. aileJ uf Ihereafler from ~ime to time hy Ihe murtp,agee. : B00!c JV~ f„Cf ~ZBZ ~ ~ ~ - - - ~r= ~ - ~ ~ ~a . ~ ~ • . ? u. .