HomeMy WebLinkAbout0052 2. Thal, in order mote fully lo prulect tAe ucunly oI lhis murl~e. Iht mon~or: ~ether with, and in aJJitiun ~o. 1he moolhly payments f
unJu Ihe lerms ot ~he nwe securaf Aereby. on Ihe brst Jay o( tach naoth uolil.tAe said nWe is fully paiJ. will pay tu the mottga~ee Ihe tolbw -
ing wms: •
lal An smount sulTicient to provide Ihe hoWer Aereot with tunJ~ ta pay the next mort~e in~u~ance promium if Ihi. in~lrumenl yix! Ihe •
note ucured he~eby ue inwred. or a mun~hl~r charge lin lieu of a mart~e inwnnce premiuml if ~hey ue heW by the Secreiary uf
Nousin~ and Utban Qevebpmeot as folbws:
IU If snd so lae~ as said ~wte ot even date and ~his imtrument are inwred or are ~einwrcd under ~he provisions uI tbe 1Vation:,1
Housing Act, an amount wl6cient to accumula~e in the h~rn1s of tlx Aolder one 111 month priot tu i~s due Jate the annual mun-
gsge inw~aece premium. ie order to provwk such hoWe~ with funds to pay wch promium to ~he Secretary of N~wsinY and
Urban pevebpmen~ purw~m to the Nsti~al Nuusin~ Act. as amen~kd, anJ applicabk Re~ulatioo~ thcreunder: or
1111 It and so bnY as said nde o( even date an~1 this instrumen~ a~e field by ~ht Secretary ot Housing and Urban Developmenl. a
rtsanthly char~e (in 6eu ot a mort~e inwrrnce premiumi which shail be in an amount equal tu ont-Iwelflh 11/12? of one-hal(
(1/?1 per centum of the ave~aae outxtanJing balance due on the nole cdmputal withow taking into accuunt delinquenciec nr
prepaymtnts;
Ib) A wm equal 1o the ground renls. if any. next due, plua the promiums that will next become due and payabk on policitc of firo arni
Wher hatard imurance covenng tht mqrt~etl property, plus laxes anJ a~sessmenls neat due on tht murlga~ed pruperly lall as esti-
matctil by the murtQagee? kss all sums already paid lherefur diviJeJ by tAe number ot monthc t~ elapx be(ure one munlh pri~ to tAe
Ja~e when wch grouiwi rents, premiums. laxes, and asus~mentc will become dtlinquenl, such wms ~o I~e hdd by mor~gagee in tru~~
to pay wid ground rents, prrmiums. taxes. and special a~sessmenls; and
Icl All payments mentioned in the two preceAing wbcectioes of this paragraph and all payments to tx maJe unJer ~he nWe .ecured ht~e-
by shall tx aJded tuge~her and the aggregatt amount thereof chall I+e paiJ by the mortgag~x eaeh mi~nth in a.ingk payment to Ix ap-
Wied bY !he mortgaget Io Ihe following items in tht order set furth:
111 prcmium charges un~ier the cuntract of inwnnce w•itb Ihe Secretary of Newsing arn1 Url?an [kvek~pment. or momhly ~harge
lin lieu of mongaat inwrance p~emiuml, as the case may be;
. 1111 ground rentc.lases, assessments, fire. and Wher hazud inwrance premiumc:
1111 inte~esl on the note secured hereby: aod
IIVI amortization of the principal of said nott.
Aoy Jeficiency in the amouM of such asgregate~monihly payment shall, unktic maJe g~xxi hy the mongagur pricx 1~? Ihe Jue Ja~r o/ ~be neat -
wch paymem. cunclitute an erent o! Jetauk under thic mortgage_ The mortgagee mey collect a"la~e charge"~w to e~xcerd bur crn~. {4~) fur
earh dollar IS11 ot each payment more ~han fifteen 1 I SI day~ in urebr+ ~o cove~ the ettra expenx invalved in hanJling Jetinquent ~+aymenlti.
Tha1 if the tWal ot tlx paymenlc made by Ihe mortgagor unJer Ihl ot paragraph 2 preceding chall e~ceed Ihe amount nf ~Me paymemc
x~u•rlly rtwJe by tbe mortp.aRee, for grounJ rentti, tate~ a~d a~u.+ment~ und imurenre premiumc. a~ Iht c•rtie may he, wch e~ce~~ i( the loan is
~urte~t, at the option ot the mottgaqor, shall, bc credited on subsequeot payments to be madc by the mortgagw, or retunded to the
mortgagor. If, however, ~6e monthly payments made by the mortgaqor nnder (e) oi paragraph 2 precedinR shall aot be anfllcient to
pay.gtound rents, taxes and assessments and iasurance premiums, as the caae mar be, when t6e same shall become doe and pay-
able, then the moriRa~or shall pay to ~he mor~gagee any amount nece..ary to make up the de(iciency, on or before the date wh~en
payment of ~ucA grouod reots, tases, asscssments, or insurance premiums chal) be due. If at aay time the mortRaRor shail tender
to the mortgagee in accotdaace wit6 the provisions ot th~ note secured her~by, (ull paymcot o( the entite iadebtedaess repr~sent-
ed thereby, the mo~tgagee shall, io compntiaq the amouot of such inJebtednesx, credit to lhe account of the mortgagor all payments
made under thc provisions of of para~qreph 2 hereo( which the mort~agee hxs not become obligated to pay to the Se~•retary of
IlousinR and Urban Uevelopmeat aud anr balaar~ remaioing ia the fuads accumuleted under the provisions o( (6) of said
paragraph 2. I[ thete shall be a de(ault under any o! the pro~•isions o( this mortgag~, resultioq in a public sale of th~ pre~mises
covered hereby, or iI the n~ortgagee acquirex the property otherwise a(tcr delault. the morlgager shall apply. the th~ time dJ t~e
commencement o! such prceeedings or at the time the property is othen.ise acquired, th~ balance then remaining in ~hdlu+ds ~
accumulated under (b) o( paragrapl~ 2 prccediog as a credit agaioc~ the amount of principal Ihen remaioiog unpaid uaJe~said aote
and shall properly adjust any paymeats which s6a11 have beeo made nnder of said paragraph.
That he will pay alt tau~, a~~t«ment~. water ralec. •rnJ other government:J ur munici~wl chargeti. finr~. or im~nitiunf, (ur which pro-
~i.iun ha. nut hrrn m:~Jr hrrrinhefore. anJ inJefault thrrruf thr mart~gcr may p;~y the .rmr: arxl Ih:~~ n~ M~n ~~~,m~~~~ s~i~.« ~he ~~llic~al
recrip~.lheretar tn thr mun~Ere. _ .
S. That he wi1l permit. rommit. ur cuHrr no wa.te. impairmrnt. ur Jetrriura~iun uf .aiJ prupertv ur any par~ thrrcu(: anJ in ~hee~ent uf ~ht
failure ut the murtgag.?r to Aeep the twiWi~g. un v~iJq+rrmi.e. ;~nJ thu~e to he erectcJ un v~id prcm~.r., ur impro~ rmrnt. ~hrfeun. in~nwd rt-
~ pair_ ihe mortgrgee m•ry make +uch repairc a~ in il, Jiccrr~iun it ma deem nere..rr fur the ro
' S y p prr prr~rnation Ihrreu(. .~nJ tkc fulf amuunt of
i rach:~nJ even ,u.h ~pment tihaH tx immed~~tely Jue anJ pa~;~hk. anJ,hall I+r ~ecured h~ thr lirn uf ~hi. m~~n~a~r
~ That hr will p-ry all and ~in~eular Ihe co~tc. charges. anJ eipenuc. incluJing rca,unabk iaw yer'. fee+. :mJ ru.t. uf aMfr:~cb of Iitk. in-
€ curreJ ur p:~id at any Iimt hy the mortgagee lxcau~e of Ihe failurt on Ihc parl uf Ihe m~xt~gix promplly anJ fully tu prr(urm tht agrecrnenh
~ anJ ro~enanh uf .aid promi~cory nWt anJ Ihi~ motl~t. and ~aid co.h. chargt+. and evExnce< <bali Fx immediatel) Jut anJ pa~ abk anJ ~fiell
~ he ,erured h~ the lien o( thi~ mutlgage. ` ;
Th:~t hr will kerp the improvemertt. nuw• e~i.~inFur hereaher ercrtcJ un ~he morl~;rgrd properly inwced r. m:~~ F+e rrqu~rrJ fwm Gmt~
~ iu time hy ~he mun~w~crr ~gaiml k»~ by fire and uther haiarJ~. ~a~u:Jtit~. :~nd cun~ingenrie~ in wch :~miwn~. and (or wrh prri~xt. ~s may t,t
reyuirrd hy munl;agee. :~nJ will pay pr.~mptly. when Jue. any ~?remium. on .uch inwranct for payment of wlrich pruvi.ion h:~~ n~N hten mrJt
l herrinhr/ure. All in.ur.mce .hall Ix carritJ in cumprnie~ ~pprovrd by mo?I~gte anJ ~ht pulicie. anJ renewrl~ thrreof ~h:Jl t,c hrlJ hy mu~t~;a-
~ ~er :md havr attacheJ theretu lo~a p~yabk clau~ec in tavor u( anJ in form •rcceplabk tu the morl~gee. In event o! lo~. he will Fi~c immrdi:~te
nulire hy m~il t~. murty,agee. and murtgaget may maAe prixi( o( lu~~ if nul maJe promplly by mortp,:~or. and rarh imurance c.~mpany con-
cerneJ i. berehy :~uthon~eJ anJ JirecteJ to make payment f~~r wch b~~ dirccdy to mortp,agee m~lead o( to morig:qn.r and murlR:,gre ~oinU~.
~ and the inwrance proreed~. ~x :my part Ihereot. may F+e applieJ by murtEwgee a~ itt opliun ei~her tu the reJuction of Ihe indehteJne~. hercby
~ecurrd ur tu the re~turatiun ur repair ~~f Ihe property J:~magrd. In eveM o[ (orcck~.ure of Ihiti munE;age ur uther Iran.(er title tu Ihe murl-
~ g:~geJ prupert~ in r~ungui.hmen~ o(1he ~nJebtcJne~..ecurcJ herehy. all n~;h~. litlr. .~nd in~ere+1 ut ~he murtg:,gor io nnJ ~~..~m ~nwran~e p.~li-
~ cie~ then in (orct .hall p:n~ to Iht purchaur or granttt.
x That if ~he prrmi~e.. or rny pan thereuf. he condemnrJ unJer ~ny M~wer uf eminent Jum.~in. ~x acywreJ for a puhli: u.r. Ux J:~magc..
~ pruceede. anJ !he run,ideralion f~~r .uch -rcyui.itiun, to tht eucnt uf the full :~muum of inJehttJne,. uMm thi. ~lurtp,agt. :mJ tht \ole .ecureJ
~ herehy rtmaining unp:~id.:~re herehy ~,.i~cncd hy the MortZ;;~Fur io ~tK Mortgagce anJ.h~ll he paid (anhwilh ~u tF~r Nar~gn2ee to hc applied h~
~ it un :KCUUnt uE Ihe irnkMcne,~ .rcurcJ hcreby. whcther due or na.
~ Y. Thal Ihe murt~;:~gre may. at am nme penJing a.ui1 upun Ihi~ morlgage. •aPDi~ tu the cuurt ha. mg juriuiictiun ~hrrcof for thr apMrint-
~ mrnt u( a recei~er_ and .urh wurl .haU turlhwilh appoint re~ei~er the premi~e~ cu~ereJ hereh~ al! :,nJ ~ingular. incluJ~n~ .JI :,nJ .~nguler
~hr income. profit+. i~we~. anJ revenue~ frum whate~er ~uurce deri~rJ. earh anJ c~er~ uf which. it hringe~prc..l~ unAcr~t~NKi. i, hcrch~
~ mortgageJ i( <<+ccifically ~t1 (utth anJ de.crihed in Ihe cr:mting and halxnJum cl:~ux~ hereot. rnJ wch recei~er .h~ll h:rve nll Ibe broaJ anJ
etlective functions and powrn m rnywiu emru.led b~ a coun to a recei~er. and tiuch appointment ~hail F+e maJt hy wch coun a~ an admitted
~ eywty and a maiter o( ab.ulutt rigM to wiJ mortgagee. anJ witFxw~ refcre~c! tu Ihe adequxy or inaiequac~ uf 1he ~a~uc of the pr~.perty murt-
~:.+EeJ ur ~u ~he ~olveMy ot imul~tncV ~~f .aiJ mung:i~;~.r ur ~he JefrnJant.. anJ that w~h rent.. prufit.: im-ume. i+wr.. anJ rr~rour~ +h:~ll t+e
~ applied hY" ~uch receiver accorJing to ihe lien o(1hi. murtE;age ~nJ the practice ot wnc ~oun. In the event of rnq Jetault on the part ut Ihe murt-
c Eegor htrcu~ler. thc morlgagur aRrec~ to paY to the munp,ngee ~rn demanJ a~ a rcawnahk munthly rental (~~r ~he prcmi~e. an am~wnt al ka~l
~ eyui~alrm to une-Iwtlhh 1111?1 u( the a~regate of the Iwehe monlhly imtallment~ payahk in Ihe Ihen currenl pear plu~ Ihe ~ctual amuunt o(
~
~ the annual t:,~e~. •r~~e.~ment~. wa~er rate+. anJ imurance prcmi~mc for wch year ~.x cu~~ereJ b~ the afure~:+id momhly pa~ mem+.
? 10. "Il?at Ia1 in the event of any breach of thi~ monE;:~ge or Jefaull ~~n Ihe prrt of the murt~c•rgor. ur ! M in 1he erenl th•rt any uf tiaiJ cums of
~"cV munty htrein rcferrcd lo hr n~N prumpUy anJ (ully paid Kithouf JtmanJ or nolice. or Ic? io ~he e~em that earh and e~erq ~he ~lipulalion~.
~ agrtement~. cundi~iun.. anJ covenant~ o( .•riJ nute ~nd thic mongage. are nw July: promptly. and tully performrJ: then in either ur an~ .uch
~ event. the ~aiJ a~rega~e .um mentioneJ in wiJ note then remainingunpaid. with intetest accrued Iu that dme. anJ all mune~. ~ecured herehy.
~ ~hall lxcume duc anJ pa~abk torlhwith. or Ihereafter. at IF~e option of eaid mortgagte. as (ully anJ cumpktely a+ if all of the ~aid wm~ ot mun-
cy werc uriginall~ ~tipulated lo Ix paiJ un ~uch Ja}. anything in ~aid nde or in Ihis murtgage to tht comrary r?otwith.~anding: and Ihercupun cx
~ Ihereat~er_ at the optiim ot ~aid mort~agee. w~ih~?ut notice or demand. wit at law or in equily. may be procecuteJ •r. it all money~ ucurcd here-
hy h:N1 ma~ureJ priur to it~ imliwtion. "fhe mortgaget may forecbx Ihic mongage. a~ Io 11?e amiwnt ui JeclarcJ due and payabk. and thc +ai~1
~ premix< <hall tx coW ~o ~alitify anJ pay ~he ~ame a~c~her w i~h coxt~. t~penae~, and albwance+ In cax of partial fureck?tiure ot thiti murtg:+ge.
the mortgrged premi~e~ ~h:+ll he ,oW whjecl tu the conlinuing lien of Ihi~ murlgagelur IFe amount o( Ihe ~ebi ni?1 Ihen Jue anJ unpaid. In wch
~
~ r~u tt~e prov~sions of ~hic paragraph may -rgain Ix ~vailcJ of Iheteafler (rom time to time hy Ihc mvrtgagee.
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