HomeMy WebLinkAbout1973 'That. in rrJer morn fully a?protect the vecurity ut thiv mangeFr. rhr mang.rgat. h?grther with. anJ in:?JJiuwt a+, rhr monthly ;?.+>necah
undrr the trim. of the note ve~ured hereby, un the (irvt Jay u(rach month anal Ihr ,:uJ Hutt i, fully pail. well prey to rhr murlgegrr rhr tulluw-
ing wmv:
I:rl An:unrwnt wtlicient tr? pn?virk rhr huller herru! with fool, h? p:ry the nrut munEngr in,urancr prrmrum it thi, rn,Inunrnl :urJ rhr
nwr vecurrJ hereby are inwrrd, or a monthly charge tin lira of nu+rtgage imuranrr prrmiumt it Ihry art hrlJ by rhr Srcrctar? of
Hrxtving anJ Urban lkvrlupment av (ulluwv:
111 If anJ uu lung av ,:rid nexe of even J:de :mJ thiv in,trument art nt,urrJ or :ur rrin,urrJ anJcr the pro. i,ion, uI rhr K:dua?.d
Nuuving Act, an :unuunt wllicirnt w accumukrte in rhr h:mdv of rhr huller unr l I t month prior to it, Jur rhdr t1?r annual nu+rt
g:rgr imur:mce premium. in order to pruvile ,uch holJrr with hrnl, w prey ,u:h prrutium to tltr ticcrrt:uy of Hrxr,ur} nod
Urh:rn Ikvrlupmrm pur,uam to the N:diunal Hexrving Art. a. amendrd..urJ eppGrahk Rcgukrtian,lherrunJrr: ur
1111 -If anJ uu lung ac ,:rid nute•af even Jatr :utd thl, in,tnrmrnt :ere held by the tircret,rry of Huu,ing .rnJ l'rban Ikvrlupmrnt. a
mumhly charge tin lieu ut a mortgage inwrmce prrmiumt w hich ,hall he in .+n amount cyual to one-Mrlhh t Il l'1 of am ~h:J(
111.1 per cenutm of rhr avrr.+gr uuhtanJing h:Jancr Jur un the Harr rumputrd wUhuut taking into airount drlinyurncir, ur
prrp:ry menh;
thl A ,um equal to the gn+unJ rent.. i( any. nrvl Jur, plu, the premium, th:ri Hill nrut hccumr Jac :mJ pnyehlr un pr+hrir, of lire .acct
r+therh:narJ imur:mcc courting the mrting:rgrd pn+perty. plu, t:rvr, :ual n„r„mcnh nrut due un Ihr muttgnt:eJ pnrprrty loll „ r,tr
mated b~ the murlgngrrl Ir„ :JI ,um, alrenJy paid thrrrfrr divilel by Ihr numhrr of month, h? clep,r hr(urr unr month prior a+ the
late when ,uch gu+unl rrn1,. premium.. tart,. anJ a„r„mrnt, will hecumr drhnyurnt. ,uch ,um, Iu he hell by murtg,rgrr in uu,t
w pay ,:rid gruunJ rrnh. premium., tuvtu.:mJ .prci:J a„r„mrnh::mJ
lc1 All payment. mrntiunrl in Ihr Iwo prercling ,uh,eruun, of thi, paragraph nn.l ell prey mrnh to hr m, lr unJer the Harr ,rcurcJ hrre-
hy ,h:J11+e uJJrJ k+gethrr anJ the aggregate :amount therruf ,h:dl I+e pail M Ihr mungagur each month m a,ingk p:ry mrm a? hr ::p-
p1irJ by the mungager to Ihr following item. in the order :rt funh:
tlt premium charge, unJer the cuntrret of imur:mcr wish tl+e Secrruuy of Huu,ing anJ l~rhan Ikvrlupmrnt. ur munthh chnrgr
Un lieu of mortgage imurance prrmiumt. av the ca,r may !?e:
1111 gn?unJ rrnh, rave.. auvr.,mrnty. fire. and whir h:v:arJ tmurancr premium,:
1111 intere,t un the note vrcureJ hereby: anJ
IIVI rmunitation e?t the princip:d of vaiJ Harr. -
Any lrficirncy in the amount of ouch aggrrgatr mumhly payment ,hall. ante„ mule gexxl by the mungagur priurw the Jur tart of the neat
,uch p:rymrnt. cumtiurtr an event of Jefaull unJer thi. mortgage. •fhe murtgager may collect a "late charge"not u+ ctr c+.l bur e-a•ut: l k1 •h+r
rash Jvllar IS11 of r:rch p:rymrnt more than fifteen 1151 Jay. in arrear, io cover the rvtra evpen,r invulveJ in h:mJling Jrlinyurnt paymrnh.
'prat it the hH:J ut the paymrnh male by the mungagor undrr f hl u( paragraph ' prrcrding ,h;Jl rvcrrd Ihr :.mount a+f the pet' nrrm,
acw:dly male by the murtg:ager, fur gruunJ rrnh. t:rvrv :ml a„e„mrnt. anJ imuranrr premium,. av rhr ca,r may he. wch tact„ if the loan i.
current, at the option of the mortgagor, shall, be credited on subscqucat payments to be coals by the mortgagor. or refunded to the
mortgagor, If. however, the monthly paymems made by the mortq:rgor under (e) of paragraph 2 precedio~ shall nut be sufficient to
pay ground rents, ta.es and assessments anJ insurance prewiuurs, as the sass may he. when the same shall become due and pay-
able, then the mortKat;or shall oav to the mortgagee any amount neccaary to make up the deficiency, on or before the d:uc when
payru•nt of such FrounJ rents, tntes, assessment., or insuran+•c pn•cniunas shall be due. It at auy time tf+c mon~n_ur shall tcndrr
to the mort(;agce in uc-conlance with the provisions of the note .reared hereby, full payuae•n1 of the entire indcLte~dn+•ss rcpn•s+•nt-
rd thcrch\'. the mortgagee shall. in r ++mputing the amount of such indohrr•dnrs~. credit to the ar•rount of the murt_agur .+11 p:r,m+•nt~
n+a.le• undrr the provision. of (e) of paragraph hen•of t,hich the nu+rt~a_ce has nut become ol+IigatcJ to p,ry Io rhr• ti+•+ rct:+n of
Il:xr.ing acrd C~rhan lyevclopmrnt and any b:Jar.ce remaining in the fund. accunwlatcd unJer the provisions of (e) of vrid
part,:raph !f Ihrre .hall be dei.rult undr-r anv of the provisions ut this n+ort}a;:r. re.ulline in a puLlir ~alr of the prrmi.r•s
courted hcrrhy. ur ii the mortgagrr ace;uirrs the property olhent~ise after default. the mortga;,+'+• shall applg. the the time ++f the
ommenccmcnt of such proceedings or at the-time the property is uthr•n. ise acquired, the balance rhea remaining in the iun+ls
.rr cumulated undrr (a) +.f paragraph 2 preceding as a credit against the amount of principal then remaining unpai+i uudor s:,i+i note
nn+I shall properly adjust any payments which shall have been made under (e) said para~r.?ph.
a 'I hat hr will pay all tavr,.:a„r„menh. water rate,. and other emrrnmental ur municip::I ch:ugr,. tint,. +a impu,iliun,. fur whrrh pr+?-
ci,iun h:+, n.,t hrrn molt hrreint,rGar. and in drLwh thrreuf rhr murt_.+irr m:+~ pa. the ,.+nrr:.+nd th.? h. ti~ill ps++mptlt drh,r: th? +•ihrrel
rrrript, ihrrrGa to rhr murtg.agrr
~ 1 hat hr will permit. sumo:it. ur wtlrr no ware. imp:airmrnt. or drtrriuratiun ai ~.uJ prperty ur ;uty p.+rt thrreui..urJ in the rent ++f the
L•ailurr of Ihr mortgagor lu keep the huilJing, un wiJ prcmi,e, :+nJ tho,e to hr errctrd on ,eid prrmi,e,. or imprmr:nrnt, thrrenn. in g++++.1 rr-
- pair. the mortgagor miry make web repair, a. in its Ji,crriiun it may Berm nrce„an~ fur the pntprr pre,rn atiun thrreul..utd the lull .+nu+unr .+1
each :anJ c't rry ,uch payment ,h:Jl I+r immeJi:atrly Jur anJ payahlr. anJ ,h:dl he vrrureJ by the hen of thi, mongage-
h. That hr will prey :dl ,anJ,ingular the cu,i,. ch:ugr,. anJ evprn,r,. inrluling rea,unahlr law yrr'r. te.,. anJ ru,t, ut ah,tr:art, ui trtlr. rn-
rurreJ or paid .+1 Hoy time he the mortgagor hrrnu,r of the f:ailurr un the tart of the murtLacur pnnnptly :utJ fully to perform the etrremrirr,
.mJ rucenanh of ,ail prumi„on note anJ [hi, murtg:+gr :end .aid ca?,I,. rharcr,.:md rtprn,o, ,hn!I hr immrdiatrly due nnJ p:n:+hlr .+nd ,h.Jt
hr ,rrurrJ h} the lien of thi, murtgnge.
E ' I h:+t hr w ill keop the impracemrnh now rvi,ting or horr:+ftrr rrrctrJ on the mutts:+LrJ pnrprrty inured mau F+e reyuireJ from hmr
I
to umr by Ihr mung.agrr eg.un,t lu„ ht tier anJ other h:v:ud,. cn,ualtir,. and cunungencie, in ,uch .rmurrnh .+nl fur ,uch peria+J, a, nra~ hr
reyurrrd by rnnrtg:+gor. nnJ writ prey pn+mptly .when Jur..+m prrmwm, un ,uch in:ur.+nro (or p.rv mint ai whrrh pro. rerun h.+, nut hrrtr nt.ule.
hrreinhr(ure \Il inur.+nrr ,h.di hr ::+rrirJ in rompauir, .+ppn+teJ by murtc.+gec .utd rhr polrcir, .,red rrnrw.d, thrrr~+f ,h.+ll he hrlJ hu nr++rtL.+-
Lrr .+nd h.nr .dtachrJ Ihrrrto log. payahlo clau,o, in fn, ax ui and in form nrcrptnhlo to rhr mortgagor In r,rnl of I++., hi well ~t,r nnmrdr.+tr
n.+tirr h} nt.+il to mungageo. nnJ mortgagee may make pox?( of lu„ if not made pnrmptly M' murtgncor. end rarh in,urenre cunrpam ton
rernrJ r, hrrrht'•:wthoriirJ :mJ Jirrctrd to make payment far ,uch to„ Directly 1a+ morgrgec rmtraJ of to mortgagor .+nJ mortgagor tunuh .
.urd the m,uranro prucooJ,. or any part thrrrof. may F+o apphr.l hu nuutg.:gor at rh a+puun rrthrr to the rcduruun ++f rho rnJrhtr.lno„ hrreh,
a ,rrurrd ur to rhr rr,turatiun or rrp.+ir of rhr pruprrt} d:+m.+Lrd In r.rnt of (orrrlo,urr .+f thi, mnrtg.+gr ur other tr,ut,frr u! utlr to thr murt-
gageJ property in rvtingui,hmrnt of rhr inuohtoJne„ ,reared hrrrht .all nght. Ullr ,+nd uttrre,t rf rhr mortgagor in :md to .mu m,uranri p++h-
cie, than in (orcr,hall pa„ lathe purcha,or ur grmtrr.
t+. 1 hat it rhr prrmi,t,. ar any part thrreuf. 1?r cunJemnod undrr am paver of rminrnt Jum:un. or aryuirrJ fur a public u,o. rhr J.am:aco,
pmrood,. anJ rhr con,idor:atiun far wch :+ryui,itiun- :u rhr culrnt of rhr full amoum of inJehtrdno,~ up+:n thi, ~lurtgago. and rhr \oIO ,rrureJ
botchy remaining unpaiJ..arr horchy a„rgnrJ by rhr \turtgagor to Ihr \tortg.+goo .+nJ ,hall hr p:ud is+nhw rth to rhr ~lortl:.+goo to he .+pphcJ h,
ct on account of the inJohtrno„ ,ocureJ hrrrht . w hothrr due ur nut .
that Ihr mortgagoo may. at .+m Limo prnJing a wit upr+n thi, morlg;+gr. apph t++ tfrr coact h.+,u?g iun,drrtion thoreof fur rhr appuint-
mrnt of rrrri,rr. and ,uch coon ,h:dl forthwith appoint a receiver of rhr prrmi,r, ca, reed hrrrht all .rnJ ,ingtdar. uuhrJurg al! .end ,in}u!.+r
rhr income. pnfih. i,wr,. anJ rrvenuec from whatever ,uurco JentrJ. rarh :end curry .+f which. it hoing rvprr„I. unJrr,tr.a+d. i, hrrrht
moni:agrl a, if ,pecifically ,rt forth :mJ Jo,rril+oJ in the granting :mJ h:ahrndum rl:nr,r, hrreut..urd wrh rrroitor ,h:+11 haft all Ihr hn+aJ anJ
rllrcti,e functiua, ;rnJ pow en in,tnywi,e onlru,IrJ hy.:a court to a rereivrr. ;url ,uch :appoimmrnt ,hall hr male by ,uch court .m aJnuttrJ
oyuity :mJ n matter of ah,ofute right to ,:rid murigagee.:ml without referrncr to rhr adequacy or in.ulcyu.+r} of Ihr ,.due of Ihr pre.pent' mon-
uaerd or A+ tho,oluency or imohrncyt+( ,aid ntungagor or Ihr drfenJ:utt,. and that ,uch rent,. profit,. mramr. i„uo,..nul retruur, ,h.Ji hr
~ applioJ by :uch rrrrivrr accorJing to rhr lien of thi, mortgage anJ rhr pracNrr a+f ,uch coon in rhr wont ut any Jrfault un rhr part r+t rho murt-
r gagor hrrounJrr. the mortgagor agreo, to pay to rhr murlgager un Jrm:+nl n, a rrn,onahlr munthh rental for Ihr prrmi,r, an amount at ka,t
oyui,alrnt U+ ore-Twelfth I If Cl of the :iggregato u( the twolue munlhh in,t:dlmonh p.ayahle in rhr then current year plu, rhr actual amount of
rhr annu:J taus,. a„r„menl,. water rate,. anJ imuranrr premium, fur ,uch year nut a+trreJ M rhr afure,.uJ munthlu pay moot,.
N? 1-hat la! in rhr event of any hrrach ut thi, murtg:+gr ur Jrfault on the pert •~r rhr mortgagor. or t hl in rhr ovont that any of ,ail ,u m, of
munry hrrrin rr(erreJ Io he nut promptly :rnJ fully pail without lrmanJ or nuU. o. ur lit in Ihr rvoni that rarh .mJ curt} Ihr ,tipulauun,.
agreomonh. cunJitiun,. anJ covenant, of ,ail note anJ thi, martg:rge. are red July. pnrmptly ..rnJ fully prrfurmrl: then in rhhrr ar any ,uch
~ rt rot. rhr ,ail aggreg:dr wm mrntiuneJ in wiJ note then remaining unp:+iJ. with inlere,t accnroJ to that time- anJ .dl munry „ocureJ hrrrht' .
,h:dl hocomr Juc anJ payable forthwith. ur Ihere:after. at the option of ,ail murtgagre. a, fully anJ complrtrly a, r( all a(~hr ,.rid wm, of mon-
ey weer originally ,tipt4:atrJ to hr pail on ,uch Jay. anything. in ,:riJ note or in thi, murtg:rgo M rhr cunRan nrNwith,IanJing: anJ thrtrupun ur
Chorea(ter. at the option of ,ail mortg:+ger. withextt notice or demanJ.,uil at Law ur in eywty. may he pn+,ecmel a, if all munry,.rcureJ horr-
by haJ mauueJ prior to ih imthutiun. The mwtg:+gee may turccluce Ihi. mung:rgc. a, to the amount uu loclareJ Jur anJ payahk. ar?rl rhr ,ail
nremi,e„hall he vu1J w,ati,fv and oav the .amt tol±elher with covty. e>.penvcu. anJ alluwnnrr, In ca,e of partial forccla?,ure of Ihiu mortgage.
~ the mortgaged premi,e, ,hall F+e ,uW euhject to the continuing lien of Ihi. mortgage fur the amount of the JcM naa then Jur anJ ?npaiJ. In ,uch
case the provi,ir+riv of thiv pauagraph may again he :+vaikJ o(lhereafler from lime to time by rhr mortgagee.
zltnK 327 P~cE 1972 _