HomeMy WebLinkAbout03322. That, in order mo~r fully tu prot~rt the secunty~ uf this mortgage, the uiottgagor, tugether with, and in ~dJitiun to, the m~~thly
~~.~yn-ents u~drr the terms of the n+,te secured hereby, on the first day of rach' month until the sai~.nbt!'is thNy paitl, WiBpej~ t'A t1i~ tnurt-
.~:igre thr following sums~ ,~
(a) An amount sutficient to pruvide thr holder herruf with funJs to pay the ncxt mortgagr insuranre premiurn ~f tfii~ttr~~trumeot and
the notr secured hereby are insured, or a monthly rh3rge Iin li~u of a murtgagr insur;~ncr pr~ium) if•lhey arehe! ~ecrr-
tary ~~f Nousing anJ Urban t)evrlopmrnt as foUows: •-• ~%~' `~~~ ~
( U If and so long as said notr of ev~n ~ate a~d this instrument are insurrd or are rrinsurrd under the ~r.pvi4joqcpf'NkNational
tlousing Act, an amount sufficient to accumulate in the hanJs uf the holde~ one 11) ~Nqnthtpr~y5~to its due.d~4~ ~t~ annual
martgagr insurance pr~mium, in order to pruviUe such holder with funJs te pay surh pr~miuriy Zb t?-e Srecrelary o fousing
an~l Urban Developmenl pursuant to thr tiational }lousing A~t, as amended, ~nd applicable Regulations thrreunder, or
(11) II and sn long as said notr of even datr and this instrumcnt arr held by the Secretary of Nousing anJ Urban Uevelupinent,
a moMhly rharge lin lieu of a martgage insur~nce pr~mium) which shall hr in an amount eyual to one-twelfth (1 j12) uf
une-h~lf 11 J2) per centum of thr averagr uutstanding balance due ~n the note computed without taking into account dr-
linqurncirs ot prcpaymrnts:
(h) :~ sum eyual to the ground rents, if iny, nezt dur, pluc thr prrmiurns that w•i!1 next brcome due anJ payable on poli~irs of fire
and other ha~:ird insuranre covering thc mortg~gcd property, plus taxrs and ~ssrz~ments nrxt due on the mortgaged property (all
as cstiinatcd by thr mortgagee) Irss all sums already paid thrrrfor dividrd by thr number ~f months to elapse brforc one month
prior to the ~~tr when such ground rrnts, premiums, t~xrs, and ass~ssn-rnts will become drlinyuent, such sums to be hrld by
morigager in trust to pay said gruund rents, premiums, taxrs, and special assrssmrntc; and
Ic) All payments mentioned in the two precrdi~g suhsertions of this paragr:~ph ~nd all p:~yments to br made under lhe note srcurr.l
hereby shall bc a~ded together and Ihc ay~rrgatr amount thrrrof shall br paiJ hp the mortgagor cach month in a single payment
to he applied by the mortgagee to the folluwing items in thr ordrr set forth:
(I) premium charges und~r the contr:~rt uf insurance with thr Srrret~ry of Il~~using a~d Urban Uevrlopmrnt, or monthly
chargr (in licu of mortgage imurrnrc prrmiuml, as thr case u~ay be:
(11) ground rents, taxes, assrssmrnlc, firr, ~nJ othrr hat~rd incuranrr prrmium+:
(IIU interest on the note securcd hereby; and
I IV ) ainortization of thc prinripal of said nute.
Any defiriency in the amuunt of such a~reg~tc monlhly payn-rnt shall, unlrss m~Jr good h~• th:• mortg~gur prior to thc dur ~ate of
;hr next such p~yment, constitutr an event of drfault undrr this mortpagr. 7~hr OIUf~R3b'l'r Sll:ly l'~)II~C~ J~~late ch~rgr" ne~t l~~ ex~rrd four
~ rnts ~4t) for earh dollar ( S I 1 of rach pay~i~rnt more tt~~n fiftern ( ~ S ~ days in arrran t~~ covrr the rxtr~ r~prnsr involved in h~ndling dr-
linyuent paymcnts.
3. 7~hat if thr total of the paymeMs -naJr hy the mortgagor unJer Ibl of par~graph _' precrding shall rxrred thr amuunt of the pay-
~nrnts ~ctu~lly made by the mortgagee, for ground rcnts, taxes anJ assresmrnts ~nJ insur~ncr premiums, as the casr m~y hr, such rxrrss if
the loan ~s current, at Ihr option ot the mortg:+gor, sh;~ll, bc rrrdiled on suhsryuent paymrnts to hr maJc by the mortgagor, or refunded to
the mortgagor. If, howrver, the monthly payments made h}• thc mortgagor undrr (hl of paragraph ~ pre~eding s:~all nut hr sitffiricnt to
, ay ground rents, t~xes and asseumrots anJ insurancr premiums, as thr rase m~y he, whrn the sa~nr shall become due and p~yable, then
thr mortgagor shall pay to the mortgrgee any amount nerrssary~ [o makc up the drficirnry, on or tnforc thr ate wh~n pa~}•ment c~f su:h
,ruunJ rents, taKrs, assrssments, or insuranre prrmiunis shall hr duc. 1( a{ ,~~ ~~pl~t~~r `hBltttt-~oti'M~nor{g3~ec in arcord-
h6
,r~~r with thr provisions of thr note serurcd hrrrhy, full p~ymrnt of the~rntire ~nd~ • n~sµ~ t b~C;,1bt~-nurtgagre shall, in
~~inputing the amount of such indebtedness, credit to th~ a~c<~unt uf thr mortgagor al! payriirri~s ma • d~ qe~~'isions of la- of pata-
~r~ph 2 hereof w•hich the mortgagee has not become ohlig~trd tu pay to t~etE6~`rltary of Ilau4i~~a li d e 1~"~ e~t~end any hal:inrr
-~ nz~ining.in [hr funds accumulated under the provisions ut 1 h1, uf ~i~l p~rpph '. If the~r shall:i~~! det~aulC~~kl~n}~o~f tlie pto~~isiuns
~t this mortgage, resulting in a public wle uf the prrmis~s ruvrre~f hrrrq w if Ihc murtgay~~y+~~{~c p~p~r~lpt~rwisr after dr-
t.iult, thr mottgagre shall apply, at the ttme :~1 the conimcnremrnt ~3Uch prorec~ngs or ~t~ ~r~~ ~ ic ~y i~{herwise ac-
•~ uired, the halanre then remaining in t1~e funds arcumulatrd undrr 1 hl ut~ p~rsp~apR•~2`i-'~IA4fi~ ~d~tf4'~a~a~A~~dhiount of prinrip:~l
!hrn remaining unpaid under said nQ~e and shall pruprrly adjust any~ payments which tihal) have Fnrn m~de under (a) o~'~id pa:agraph.
4. "fh~t he will pay all taxes, assessments, water r:-tr~, and othrr goeernmrnt~) ~~r municipal rhargrs, f~nrs, or ~mpusitions, for ~~hich
,~r~,vision ha~ not bern made hercinbefure, and in ~lr(~ult thereof thr murtgagrr m:~y p~y the ~mr: and that he ~~•ill prumptly dclivrr thc
~tt~~ial receipts therefor to thr mortgagee.
5. That hr wil! permit, commit, i~r tiutfrr nu wast~, ~mpairmrnt, or Jrteriorahun of s;~id proprrty or ~ny~ pert thrreof; anel ~n thr
:~ rnt of the failure of the mortgagor to krrp thr huildings r~n said prr~nitirs and lhuse tu br rrected un wiJ prrrnisrs, or impruvrmrnts
!hrreon, in guud repair, the mortg~gcr may m~ke ~uch r~pa~rs as ~n its discrrhon it may drem ne~essary for thr proper preservat~un therr-
•f, and the ful) amount of rarh and every suih p~}mrnt ~t~all hr ~in:sirdiatrly~ ~u~ e:iJ ~a~ahtr, and shall br se~u:e;~ h~ ~he !:rz ~E t':d=,
~nc~rtgagee.
6. That he will pay all and singular the rc,sts, chargrs. ~nd ~x~rns;,, i~cluding rcasonabfc lawyrr's fr~s, ~nJ costs ol abstrsrh uf
utlr, incurred or paiJ at any timr hy thc murtgagee hccausr ~~f thr i~~lure un the part uf th~ nwrtgag~~r {~rurnptiy ~nd f.~Up to prrfur~+i thr
~~:rrements and covenants of s~id promissory~ n~~tr ~nd thi~ mortgagr. ~n~ ~aid ~u~ts, rharges, enJ rsprnsr~ sh;~ll hr immeJiatrly Jur ~nd
,.,} ~hte and shal! be secumd h}~ the lien of th~s mortg:~ge.
7. That he will ~:eep the improvements now rxi~ting ~~r hrrrafter crected ~,n th~ nu,rtg:~g~d proprrry imurrd as rn~p tx required from
•~rnr to time by the mor;gagee against luss by fire ~nd othrr heiards, rnsualilirs, anJ contingrnrirs in s~~~h amounts ~nd for such periuJs as
;nny be required by mortgagee, and will pay prompdy, w•hrn ilur, any premium~ on such insur:+nce fur p:~pmrnt uf whiih provision h;~s not
~~~•~~n made hereinbefore. All insurance shall Fx rarri~d in ~u-np~nirs appro~•r~ hy~ m~~rtgag~c ~nd thr , uliries ~nd rrnew~~)s thrrcof sh~li br
t~~•I~i by mortgager anJ hav~ attachrd therrt~~ loss payabl~ rl~uses in fa~ur of and in funn airrpt~hlr to thr ~nortgagrr. In evrnt of loss hr
.ti il1 give immrdiate notice by mail to mortga~rr, and m~~rtKagrr ma~• mahr pruuf ~~f Ic~,ti ~f not n-adr promptly h~• m~irlgagor, anJ iarh in-
~:~rance company concerned is.hereby authc>rizrd and Jirrrted t~- makr ~a}•ment fur ~uih I~~s~ dirertl~• to n~ortgagec instr~d ot to rnurt~~-
_:; and ~nertgagee jointly, and the insurance proc~rd~, or any p~rt thrrrof. m~~~ hr ~pplird hy mortg~grr ~t itti optic~n ritl~er te~ tnr rrduc-
~~~~n of thr indebtedness hereby securrd or to the restoration or rrpair ~~f the pruprrty ~am:~grd. In cvrnt uf foreclusun ul this tr~~rtKatir ~~r
-;hrr transfer of title to the mortgaged proprrty in extingui.hnernt of thr indebtcdnesti sccurrd hereh~~, ali ngtit, titlr, and interrst uf thr
:~urtgagor in and to any insurancr policies then in force shall pass t~~ the ~lll(l'Il"ASl'f Of ~fJIIICC.
8_ That if the premises, or any part thereof, he ronJemnrd under any puwer of erninrnt J~~main, c>r a~yuir~J f~~r a puhlic utir. thr
':~mages, proceeds, and the consideration for s~ch acyuisition, to the rxtrnt ~f tlic full :;muunt of in~l~•btrdnrss up~m this \t~~rtg~ge, ~n~1
':'~r ~iote secured hereby remaining unpaid, are hereby assiKnect hy thr ~~nfIYJK(~f lO IF1C \t~~rtg:~g~r ~nd tih~ll be peid f~>rth~~~th tc~ the ~turt-
~.t~eC to be aoplied hv it ~~n accnunt nf thr in~l~htP~lnrcc w~~~r~•~i h~~r.~F,~~. .yh.•rh_•r .1~~~~ ~.. n..r.
9. That the mortgagee may~, at any time prnding a suit up~,n this inurtKagr• arPly tr~ thr :uurt i~a~ing ~urisdicUun thrr;uf f~tt thr
~,~p~~intment of a receivet, and such court shall forthwith appoint a re~eivrr of tF:: pretnisrs ruvrrcJ h~rch} all anil singular. ~nrluJinE all
,riJ tiingular the income, profits, issues, and revenues frcim whatr~~er source dcrived, ~arh ~nd rvery~ of whi~h, i( h~ing rxpresth undrr-
~t~~ud, is hereby ~nottgaged as if specifically srt forth and drscrihed in ihe granting ~nd hahc~ndum ~lausrs hrreof, ~nd surh rcrci~cr;h~ll
`:.i~r all the hroaJ ~nd e(Irctive funeti~ns and powers in anywisr entrusteu hy a ~uurt io a rerri~rr. ~nd such .ip~~,-ntmrnt shall hr nia~lr h}~
~~.~~h c~~urt as:~n admittcd eyuity and a rnattcr of absolutc right to c~id mortgagrc, and w~ith~~ut ret~~nrtrr to (hc aJryuacp ur in~~lrc~ua~> u}
rhr valuc of the property mortgagrd or tc> thr solvenry or ins~~l~~cn~y of said mortg~gur or thr drtendants, ~nd that surh rrnls. pr~~f~ts, in-
.„me, issues, and revenues shall be appl~rd by such rereiver according t~~ the lirn nf this mcutgagr :~nd the pr~rtirr of sunc ~ourt. In the
~•~c•nt of any default on the part of the morigagor hereunder, thr mnrtKagor agrres ;o pay to ihr nu~rtg:~ger un drman.y as a reesunablr
~~,~~nthly rrntal for the premises an amount at Irast equivalent to onr-twclfth 1 I!121 of thr a~:regate of the twcl~•r monthly ~nsl~llmentc
;~~able in the then current year plus the actual amount of thr annual ta~rs, atisrtismrnt~, watrr ratrs, and insurance premium. f<~r ~urh
; rar not covercd by thr atoresaid monthly paymcnts.
10. That (a) in the event of any hreach of this murtgage ~~r d~ fault ~~n thr part ~~f lhr mo~tgag~~r. ~>r Ih) in the r.rnt th~t an}• u( said
~:ims of monry hetein re(erred to be not prompUy and fully p~id wi~h~~ut ~rm~nd or n~~tirr, ~~r {rl ~n the evcnt that r:~ih an~l r~~rr~~ the sti-
; ulations, agecments, conditions, and rovenants of s:~id note anJ th~s nurrtgagr, are nnt ~1uly. ~~nnnptly, and fuUy prrformrd: then in
. ~ther or any such event, the said aggregate sum mentioned in saiJ note thrn rem~ming unpaid. with interrst accrurd ler th~t t~me, and all
~~~~meys secured herehy, shall t~ecome due and payable forthwith, or thrrrafter. et the r~ptiun of wid morlK~gre, ~s fully anJ cumpletrh
+~ if all of the said sums of money wem originally sti~ulatrd to br paid on such da~~, anything in ~id nutr or in this m~~rtgagr t~~ thc ~un-
~r,ry notwithstand~ng: and thereupon or thereafier, at the option of saiJ mortg~gr~, withuut notirc or dcmand, su~t ~t laa ~~r in cquity.
•„ay be prosecuied as if all monrys secum~l hereby had matured prior to its institution. fhe m~-rtgagee may foterluse th~s mnrtgagr. as t~~
~hr amount so declared due and payable, and the said premises shall br sold to satisf~• ard pay thc wmc t~~grth.•r w~itl- rusts, rxp~nses, and
+Iluwancrs. In case of partial foreclosure ~~f this mortgage, the mortgaged prrmiuti shall he ~<~ld suh~rct to ttie r~~n[inu~ng lirn ot ti~is m~xt-
~.+gr for the amount of the debt not thrn due and unpaid. In sucti case thc prov~si~>ns ~t this p~r:~gr~ph -n~} again hr J~'d1ICl~ ~~f lhrre~itrr
tr~;m time tc, time hy the mortgagre.
~s,~ 351 Pl.Cf ~
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