HomeMy WebLinkAbout1002 I h.~l, in ~~rdrr mu~r (uil~ i~~ pi.~tr:l tht ~e~util~ u( llu~ utoit~;.~~r. Ihr m.,tlg.~g.~i. t.•~;rlhrr w ith, at~~l in ,~~J~l+un t~c. Ih~ m.~iuhl~ ~nrnt.
~~~drr thc la~m~ i>( Ih~ n~~tc .r:utrd hrtih~. un thc li~~l J.t~ ~,t r.~~r~ ~~~,;~i ~t~. .:~iJ i~~~la ~u!l~ paiJ. Hi4 lu Ihc ~nuil~;:~~;ra Ihr i.~il.~~t-
ing ~um~:
1.~? :\n:~muunt .ulliii~nt 1u pru~idr Ihr h~~l~lcr hrr~of ~~ilh fiut~l. tu p:cy Ihr nr~a mun~::~~:r ~n.ur.~n.r p~~n~iun~ ~f thi. in.liunuiil an~l 1hr
nutr ~ri u~r~l hrrch~ arc in.urr.L ur iu~~nthl~ :h:u~;r li~ liru uf a muttga~;r imur:~n:c prrmiuml if Ihr~ ar. hel~! h~ Ihr Srrrc~:~r> ui
I luu~in~; :inii l~rh:ui 1). ~ clu~inent full~~~~ _
(fl :~n~l ,u lung a..;.:J nvtc u( r~c~i d:~t~ an~l Ihi. in.~rumcnt :ue inwreJ ur arr rrin,u~~d undr~ lhr p~uvi~ium ihr \ali~~iial
. Iluu.in~; Arl.:~n amuunt ,utlicirnt tu ar~uinuL~lr in Iha h.~nd. u( Ih~ huld~ r anr l 11 numlh priur tu it. dur ~I:~Ir thr annu:~l motl-
~ ~::~~;c imur:~nrr prrn?iuni. in urde? lu p~u~i.lr .u.h h~~ldc~ Nilh (und~ tu p:>>• ,urh prtmium ~u Ihr S.:r.t:~ry ut Iluu.in~; an~!
l!~han fh~clupm~nt punuanl 1u lh~ N.~liunal lluu~ing :\i1. a~:~me~t~Se4. ,~m1 applicahle Rr~;ula~iot~-, t~i.r:u~1:1e[. ut
llll If anJ ~u I~m~ :i> >aitl nolr a( a•~en Jala :~n~l thi. in.trument arr held by Ih~ S«rcl:uy i~( {luu~inE. anJ Urh:~n Ik~~cli~pntCnl. a
niumhly char~;c lin lieu of mu~~gage ir.rurance prcmium) whirh .hall be in an amuunt eyaal tu on~•I~r~lllh I Ill?1 uf une•half
ll!?1 {+.r .~ntum ut Ihc a~•rra~;~ uuhlanding halar.~c Juc un ihc nutr rumput«I wiihuut l:~king intu accuunt drlinyu~n~it~ u~ ~
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pr~p:~~mcnl~: - `
If,1 r\ .um ~yu;J tu Ih~ ~round ~ent,, it any. nc~t duc, plu. thc premium~ that ~~ill n~~l t~rumr duc :uid p.iyablt un Ex~liri~: ul fire anJ
uthrr h:~iarJ inwr.~nrt rin•erin~; thr inurtga~cJ prupe~l~•. plu. t;~~et anJ:~~.~~.mcnt, ne~1 duc on Ihe murlg:+geJ property lall a. c~ti- .
m,trd hy thc murt~:agec) Irtis all ~um. alr~aJy p:~i~l ~h~rcf~u di~i~leJ hy Ihe numhrr uf mumh, tu elap~e be(ore one month priur Io the ~
dat~ hrn wch ~,round rent,. premium.. la~r.. :~nd a~~c..mcntc ~ti ill hecomr delinyu~nt. ~u~h ,um~ t~~ hc hrlJ h~• mor~ga~e~ in trust ;
tu pa~ ~aiJ ~ruund rrnt.. prrmiums. ta~e., a~id .peri:,l :u,~.,mtnts: and . <
1~ 1:~ll pa~ m~ n1. mentiunrJ in ~he tH~? prcredin~,uh.rclium uf Ihi. pa~:+graph xnd :~11 p:~~ mc nt. tu I,r maJe unJcr tf~~ nut~ ,erured h«e- ;
hj .hall he a~IJcJ logeth« anJ thc a~:grrg.~te amount theteuf ~hall be paiJ hy Ihe murlg:+~;or cach monlh in :~,inbl~ pa~ mcnt to he ap.
plird by Ihr murlgagcc tu thc folluH ing itrm. in the urJcr .r~ torth: - ;
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_ lll orcmium rhar~e. under the cuntr.~ct uf imurancc ~~i~h ihe Se.ratary~ uf 1l~~u~in~; and Urb;,n I)~~rlopment. t~; m~~mhl~ ch:i~ge F
;i;s ticu u.` nu~ngagc in.ur:~nrc premiuml. a+ thr ratie m:q• ba : - -
llll gruund r~nh. ta~~~. ac~rs,ments. lirc. a~:d other hara;~ in+uran.e premium~:
1~~~ intcr~~t un the nute secured hercb~;.+Rd ~ . - i
11\') -:~mortiratiun .,f thc prinrip:il ~~t said notc.
f~ny Jcfirienry in thr .~muunt of surh :~r~;regate manthly~ p:iyment ,hall. unl~+~ made guo~ b}• the mnrtgagor priur t~~ the dur Jatr ut the ne~t -
,uch pa~~mcnt. ron.titutc an t~~ent ~i( dctault undtr Ihi, mor~gage. 'I~he mun~a4er ma~ cuUrrt a"I:~tc rhargc" n~u to c~cecd n~u rcnh 1_'r1 fur ~
~ach di~llar ItU o! rach payme~t mote Ihan fiftecn t I~l days in :ur~ar. t.~ ~u~er thc c~u:~ ~~pcn.r involved in hanJling delinyucnt pa~•menl~. -
. "I ha~ it the tutal uf the p:~ymentc m:~dc by tht murl~:igur unJrr Ibl uf paragr:~ph ' prcreding .hall e~cecJ ~hr :+motmt of thr paynients -
- a~tu.~llS• madt hy Ih~ morlgagcc. ~or g~ounJ rentc, ta~e. and acse~smenn and inwranre prrmium:. a. thr rci,c m:~~ he. ~urh e~cc~c at the up-
tiun of :hc murtg;~g«. ~hall. tk. crcJitzd on;oh~eyucnt pa~•ment, to hc maJc n~• the mortg:~~or. or refunJeJ to Ihc mu~tgagcu. It. ho~~rrer. Ihe
: m~~nthly pa~ me+i1. ma~e hp the mort~;agur u~drr l b) of p:iragr.cph ~ preceJing .h:dl not ~e wllirient to pay ~r~~unJ rcnt~. ta~e+ and a~,essm~ntc
, and imuranr~ primi!~m~. thc ca.c may h~. wh~n th~ ,:~mc shall becume duc and pa~•aMc. thcn the murtgagor.hall pay tu ~he mortga~r~ any
an:uunt nrcc..ar~• tu make up thc defiriency-. un ur befur~ thc d:~te Hhcn ~ aym~nt of ~uch gruund nn~c, t::~e~. a~~e.smems, or intior.~ncr prem-
~ iums.h:+ll hr du~. If at any ~irne the mortgagur.hall tenucr tu the murlga~c~ in accorJ.+nce with the provi.ivm of the note secured hereby, full
_ pa~•mt~l uf the entire ir.:IeMeJne~. n_pre~entcd thzrrhy. the murtgage~ .hal1, in computing the :~mount uf wrh inJe6teJne«. creJit tu ~hc ac-
rount uf the mortgagur all payment+ made under thc pruvi:iuns uf 1:~1 u( par:~gra~h ? hereof ~~~hirh the morlg:+~ee h:i~ not tkc«me oblig~teJ to
pay tu ~he Secrrtar~• of Huu~ing and tJrbarr thvelo~mrnt an~l a+ny hal:~nrr remaining in the funJs accumulatcJ under the pru~•i~ions of fM vf
_ said patagraph'. If there shall he a Je(auh unJer any uf the provi~ions ut thiti mort~c~ke, tesulting in a pub~ic sale .,f Ih~ premi~e+ ~u~ereJ here- -
hy. or i( tht m~~rtg:~gee , ryuires the ptoperty otherW ise after default, the murtgagee shall apply; at the time ot the consnitncement of wrh pru-
ceeJings or at the lime the property ic othen; ise acquired. the halanet then remaining in the tunds arcumulated under (h)of p:+ragraph 2 prece~i- -
_ ing as creJit against the amount ot principal then r?m:iining unpaid under said note and shall properly adjust any paymer.ts which chall have
heen made urxier (a) ef caid paragraph. '
. -3. "fhat hr ~cill pay :dl taxe~. a»essmente. Hatcr r.itc~ and blher gu~•crnmtnt:d or municip.~l chargcs. fines. ~~r impo~itions. for uhich pru-
~~i.ian h:» nc~t t.~en m:~J~ hereinhriorr. aitd ~n, defau4 iher~o( ~hc muric:igee may p,y th~ ~ame: :~nJ th:~t hc ~+ill pruniptly Jeli~"~r thc oflici:il
reccipt.Inerrfi~r to Ihe murt~:~~:ec. -
S. "I hat ht will permit..:ummit. ~u sutter no ~:~ste. imgairment. ur deterior:dion o( ~aiJ property or am• pan thzreof: anJ in the evrn~ of the -
failure ~~f thc morigacur to ktep thc huilding~ i~n s:~iJ premitiet anJ tho,e to hr rrecteJ un ,:~id premi~c.. or improrement~ thereon, in giwJ rc-
pair_ Ihe. murtg:~~et m:~y m:~ke tiuch repair~ a~ in itt di~rretion il map ~eem necec~aty for the pruper p~e~erv:ttion thereuf. anJ the full :+mount i~f
~ eaih anJ ~ver~ such p:~}~ment ~h:+l! t•c immeJi:~tely Juc anJ pt+~:~hle. :~nd ~hall he securrJ b~~ the licn ot thi, mortg:+g~.
6. Th:it he ~•ill pay .~II and .ingular the ro~ts, charge~. anJ e~pen;es. inci~;Jing re:~~onable lawyer'c fees, and cost: of ahstr~cts o( title. in- ~
_ curred i~r paiJ at~any time by the mortgagec hecausc of the failure un the pan ~~f the mort~agor promptly~ and fu{ly to perform the agreements
- and cuvenantti of said promiccury- nute and thic mc~rtg:+ee. and ti:iid ro~ts, charget, anJ e~{knces shall hc immeJiately due anJ payable snd shall }
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be secureJ b~• the licn of .his mortgagc.
7. That he ~.ill ke~p the impru~emems riuw~ e~i:tingor hereaftcr errrteJ on thc m~~n~agcJ property. imured a~ ma~ t+c required from ~imr '
- ~o time by Ihr mi~rtg:tgee ;te:iimt lo~ti by fire and ~~thcr hatar~it. c~su.dties. :+nd cuntingencies in such .:~iuunt~ and (or ~uch peri~~ti m:~y tx ~
rzyuired hy marlg:l~tc_ :i:1ll H'III (1:1)' ~~Oltl(~lly~_ NFltOIIUZ_ any premiumc on tiuch in~urance fur paymeni uf uhich provi.iun hati n~~t t~en maJe
hereintkfore. .\II imur:?nre tihall bc carrieJ in companies :ippro~•ed hy mnrlgager anJ 1he policie. and renewal~ Ihereof ~hall he heW by murtg:i-
" gee ;~nd h:~~•e :~tt~che~ theret~ loss pa~~aMe cl:~uses in t:~vor of anJ in t~,rm .~creptable to tfie mortg:~gee. In ca~enl uf I~~~, he w ill gi~•e immedi:ite
rotice b}• m:~il mortc:+gee. :,nd mortgagee m:~y m.ike proof of loss if not made prompil~• h~• mortg:,g~r, and each inwrance company ron-
- rer~ed i, hereM• authorited anJ Jirected tu make paj~ment for ~uch loss Jirectly tu mongagee in~tead c?f tu mortgagot and murtgagee jqinth~_ ~
~ and the ircurancc pro~reds, ur an~• pan thereof. may tx applieJ b~• mortgager at its option either ro the reductii~n of thz indebtedness herebp
~ secureJ ar tu the re~toratini or rep:~ir of ~he propert~• damaged. 1n evem uf fureclowre of thic mortgage or other transfer of title ta the mon- .
gagcJ propert~• in e~unguichmenl uf the inJebtcdnetc xrured hereby. all right, title. and interesi of the mnrtgacor in and to :?n~• insorance poli-
cies ~hen in force shall p:i~s ta the purchaser or s;r.+ntee. - - -
x. "I~hat if the premities. or .iny pan thereof. hr a~nJemned under any powcr of emincet dum:~in. ur acquireJ for public u~c. the J:imace~.
- proceeJti, anJ the cunsider.~tion for such acyui,iti~m_ to thc t~tent ~~f the full amount uf indehtednc~~ upon thic ~turtg:~ee.:~nJ the tio[~ secureJ
hereb} rem:~inin~: unp,tiJ. are hereh}' a~~igntJ hJ~ the ~lurlgagur to th~ ilurtg~~~ee :~nd.h:ill he p:iid f~,ithHith ta the \tortg:~~et tu hc applied h}
it on :~cruurl uf the inueMeae-ti ~ecuteJ hereh~'. hethcr due ~u nut.
ihat the mnrtgagce m:~y. ut an~~ time penJing a wit upcin th}ti mortgaee. applq to the coi~rt havine juricdictiun ihereof t~~r tt~e appu+nt-
'r mem ot a recei~~er. and such cuurt ~haU forthW ith :+ppoinl a receiver of the premises ca~~ereJ hereby all and sincular. includin~ all and singulat ~
the income. profit~, i.~uct. anJ revenues from whatever sourre derived_ each and e~~er~• of w~hich. it t~ing e~prestily unJer~tix.d_ i, hereby
~ mortgageJ as if specificall~• set f~~rth and deticrit~e~i io the granting anJ hahendum cl.~u.es hereof. anJ surh receirer shall h.ece all the hroad and
eliecti~•e functions .~nd pow ers in .+nys~ i~e entiusteJ b~• a rouri ta:+ recei~es. anJ such appointment >b.dl he made by ~:,ch coun ac :+ri .~Jmitted . -
- eyuity and m:ittcr of ab~olute right to ;aiJ mortgagee. anJ withoul rcference to the adeouary ur inadequacy of the ~•alue of the propertp mo~t-
rageJ or t~~ ~hr ~al~~enry or imi~lvenry uf ,:~iJ morlgacor ar the defenJants. and tha~ ~uch rent~. pr~~htti_ i~cume_ ititiue.. and re~~enue~ ~hall he -
. applied by wrh rccei~•er accurding to the lien «f tfiis m:~rtgaee and the praclice of such cc~urt. In the e~•ent of any default un the part of the mur~- ~
~ g~gor hereunder, the mortgagor acrecs R~ pa~• to the morteagee on Jem~nd ac a reasanc~ble rienlhh• remal for ~he premi~es an amo~nt at least
- eyoiv:+lent tu one-tw~elfth (111'_) of the a~eregate uf the twel~•e m~~nthl~~ inua!Imcntc payable in the then curre~t }•ear plu~ the actual amount rt - ~
~ = Ihe annu.il t:±re~. asses~ments. ~~ater rates, and in~urance premiums for scch }~eai not co~•ered hy the aturecaiJ monthl~- p~yments.
10. That la) in the e~•ent of an}• breach'i~i thic mung::ec or Jefault on the part of thr mortgagor. or (b) in the e~ent that .+n~• uf c,~id ~umc .~f
- monr}• herein relerred to he n~x promptly and tull~~ paiJ without demand or notice. or (c) in ~he crent that each arJ e~~er~ the .tipulations. '
agreemcr.ts. conJitions. anJ co~•enants of s~iJ note an ~ thic miirtgaFe, are not duty. promptly. anJ fully prrformed: Ihen in :ither or any wch "
evem. the sc~id ;~ggregate tium mentioncd in saiJ note Ihen remaining unpaiJ. Kith interest aczrueJ to that time_ and :JI moneys secureJ he~eb}•.
sh:dl hecome due and p:~yahle (orlhKith. or ~hereafler. at the op[ion of tiaiJ mortRagee. ac fully and complel~ly as it all of the s:iid sums of mon- -
- _ ey K ere ~~riginallp stipuL-ilcd lo be paid on such day, anything in said note or in this mortgage to the conlrar~~ notwith~t.inJing: and tnereupon or
_ thereafter. at the optiun.o( said mortgagee_ without ~t~tice or demand. sai! at I.~w or in equity=. may be proseruted as if al! money~ securzd here-
hy had matureJ prior to itti inslitution. "~he m~.rl~agee m::}~ foreclosc thia mortgage. :1~ to the amo~~n! so declareJ due and payable. and the saiJ
premi~e~ shall be ~oW to.atis(y anJ pa~~ thr samc together w~ilh costs. e~penses. and allow~ances. In case uf parlial foreclosure of thi~ mortgaFe_- _
- the mortgageJ premises shall he .o;d ~~hject i~. the ci~ntinuing lien of this mortgage tor the am~unt of the debt not then due and unpaiJ_ In such -
r.~se the pro~ itions of this paraeraph may again be availed o( thereafler from timc to time b~• the morlgagez. " ~
! 1_•That ~he munFa~~:r u•ill gi~~e immediatc nulice by mail li~ the mortg:egee v( an~~ rom-eyance. transfer. or ~hange ot ow~ner~hi~ of the
premi~es. ~ -
- _ 1?. "(h:it no w~ai~er of anq co~~enan~ herein or ~if the ohtig.iti~~n ~ecured hereby shall at an}~ time thereaiter be held to bc: a w~ai~•er o! the
term~ hereof n~ of the note ~ccured hereby. , ~ R
~5~~~{ t'i~[~C
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