HomeMy WebLinkAbout1007 1 h:it. ~n ~a~iri m~~~r (ull) i~~ pi~ur. t Ih~ ~r: ui~t~ u( thi~ m~~1t~;.i~;c. Ihc in,~~tc.~~,u~ . tr~;r~h~•~ ~th. ,~nJ n~ .~.IJiti~m !u. IGc m~~nlhll ~~n~ ~nrnt.
1111~~~'? Ifli (~'l111~ Iflt' Iti~it' ~l'illiii~ ~1~'IC~~) i~l~ ~11~1 i~.i'~_ i~) .~~.:ti ~1 ItIV~~lf~ lllllli l~ic' ~.~li~ 1'i~lt' 1~ ~11~i\ ~`.~1~~. ~\1~~ ~~.1~ li~ l~li 111~111~.~1~t'~ 1~1~' f~1~~~1N ~
iil~ ~lllll~: . .
1:~1 :\n :~muunl ~u11i.•irnt lu pm~ iJr thr h~~l~lrr hrrru( i1h fund. lu p:~~ Ihr nr~, inurt~:~~;c in.ur.~nrr prrmiunt i( 1hi. in.uuntri~t .in~1 lhc
nulc ,r:urrd hctrl,~ :ur in.urrd. w.: in~~r~hlti ih:~r~:c lin liru uf mu~l~:~~:r iu.i:i:~n~r prcmiunil if thr> :~rr hel~l h~ Ihr 1rcr.~tar> uf
. 1(~tti~~ng :~cl~l l hh:tn Oa ~ t'I~~pmcnl ~ull~~~~
(11 .~n~l .u lon~; ,:~iJ nul~ u( r~cn J:~tr :~nd Ihi. ii~,lnnnc~nt .uc in,urcJ ur :ur rcin~ut~J un~lrr thr pr~~~ i.iun. uf tli~ \,~linn.~l
. Iluu.in~; :1ct.:~n :miuu~~t ,u0i~ irnt ac~ um~ilatr in ~hr hanJ. uf ~hr huldrr unr 111 m~mth priur tu i~. Ji~. Jat~ thr ;~nnual n~uit-
g:~~;c in.ut:~n~c pr~miuiu. in u~~rr Iu pro~iJ~ ~uih huldrr ~~ilh fund, lu p:~~ .urh pr~mium tu Ihr ti~crrl:uy af Huu.in~ :w~l
. l~ih:~n Ur~rluprn.iil punu:ml tu lh~ N:~liun:~l Il~~u.ing Art. a~ amcn~lr~l. :~n~l :~~p~ir:~hl~ Rr~;ulation. ~hcrcuadcr, ~+r -
1111 (f :~nd ~u lun~;:~~ .aid nu~t u( r~~n d:itr :~nd thi. in~Irumrnt :~rr hrld h~ thc ~e:rttar~• ut Huu.in~:.~nd l~tb:~n 1)c~ef~~pmrnt. :i •
~ mu~~thl~ .hargc lin lieu uf a murll~.,g.~ in,ur,m~e rr~n;iuml ~~hiih ,hall h~ in an am~~unt equal to unr-I~~rlf~h 11l1?1 ~~f uiic-h:4f .
lII'1 ~x~ rcntum u( lh~ :n•cr.~~;r uut~l::n~fin~ h:~lan~r ~lur on Ihr n~~tr ~umptu«I ~~ithuut ta~.in~; inlu:~.•cuui~t ~Irlini~iitn~ir, ur
prrp.~~ mrnt.:
lh1 A,um ryu:d tu ~hc ~;ruun.l ~~•nt., if an~. nc~l ~lu~. phi~ thc prrmium~ Ih:~t ~~ill nc~t tk:~,mr uur :tn.i pa~ah!r ur. polirir. fir~ and .
, olhCf h:va~d Imuf.inia ~o~•arin~; lh~ ~~lorlgagtd p~up~[l~, plu~ I:~:Cti :~nd:~,~c,.mrnt~ na~1 ~luc on IhC muttg:+gcd p:u~+ctt}' 1;~I1 a~ ~~li-
~ matr~ h~ Ihe murl~;:~g~cl lc~~ all ~um~ alrcad}~ p:~id ~h~rr(~~r .li~ i.lrJ hy Ihr numhrr ut munth. ~u clap~c heforr uitr mnnth priar tu li~r
~:de whei~ tuch FruunJ rrnt~. ptcmium.. u~~r..:~n~f a..c,.m~ nt~ ill I~crumc drlin~~~icnt. ~u~h .um. tu hr held h~ murt~;agec in tni.t
tu pay ~aiJ gruund rents. prcmium:. t:i~t.. and .prci.~l a.,r..mrnt.::~nd
Ic1 :111 p:,~~mcnt, mrntiuneJ in thr 1~~u prrctding.uh.r~ liun~ ~~f thi, p:~ra~;~aph :~n~ :~II pa} mrnh tu he m:~Jr und~ r the note ~erurrJ hrr~ -
hy ~h:~ll he adJeJ tuselher anJ 1h~ :i~;~~•:~.~lr am~xint ~hrrru( :h:ill h~ paid hy ~ht mott~;:~gur e:tch r,tunth in ~in~fc p:iym~ n1 1u h~ ;~p•
plied by 1he murlgagr~ 1~~ the (uHo~~ in~; it~m. in the.~rJ~r .rl f~~rth: .
UI premium rh:irge, under the cuntra~t uf in.ur:~nre «ith thc Sccrel:uy uf Iluti,ing unJ l;~h:~n 1)evrlupm~nt, u~ mont!il~ rharg~
lin liru ut mu?t~:ic;r imuranrr prc mium). a. thr c:+,r m.~)~,h~: _
f I11 ~ruui~J ~rnn. ta~~,, a.:r.smenh. 6r~. a~id othrr haiarJ inwrancr prem~~~m.:
_ llll intere~l on ~he nute ~eriireJ hcrehy: an~l . _
: lt\'l :imortitation of ~he principal ~~f .aiJ nol~.
An~~ defiriency in the amount u( wrh aggre~;at~ mumhly pa~ m~nt :h:+IL unlr., madr ~;uuJ b~• thc mu~lg.~gur priur tu the ~lur J:~t~ uf thc ne~i
.urh paymcnt. c:~n,titute an r~ent uf Jcl:~ult under thi. m~~n~;:~g~. "Ih~ murlgager ma~ rullrct a"latc chargc" nia tu r~«eJ t~~u ccnt, i'c) fur
ra~h dullar ISI I uf each pa)'ment morc Ihan fif~~tn 1141 day, in arrrar, io cuvtr thr c~tr.~ t~p~n.e im~ulv~~l in hanJlin~; ~elinqui nt paymc~t:.
- "fhat if thc total ut ~he pa)'m~nl~ n1aJc h) !h~ murtga~~,r under Ih) uf par,~gr,iph ptt«Jing sh:Jl e~~ecd tht umounl v[ thc pa)'ntenl~
; aclually made h~• Ihc ntortga~;e~, tur ground rcnt.. ta~~, ;~nJ :~,•~.,m~nt~ ;in~l in.ur,~nre premium.. a. the r:~,c may tw. ,uch c~ce:. at thr op- -
~ lion:,f ihe mortg:+~er. ~hall. he rredited un,ub.~yu~nt pa~•ment. ta h~ in:~de hy lhe murlg:igor. ur rrfunJcd to Ihr murtg:~gur_ I~. huw~~'c~. Ih~ _
- ~ monthly p:iyments madr by thc murtgagor und~r Ih? p:u::graph ' prerr.ling .hall itut tx tiu~ticicnt lo pay gruund rent.. taxt~ and acsestmcnh
- and imuranre prrmiums, a~ the r:i.~ ms} tx. ~~hen the s:~me ~hall hrcami duc anJ p:iy:+blr. then ~he murt~agor ~hatl pa~• cu.iic me~rt~agce any
. amuunt n~~•_t,arp to makc up the detiricnry.vn ur Ix(ure the J:~tc hcii papmeni ut.uch ground re~~,. e<.;e~. assessmcnt,, or insur,~nce prem- -
ium< <haU he ~ue. If at any ~imc the mi,rtgagur .h~ll ter.Jer to ~he murtcagee in :iccurdanre «i~h the pn~: i~ion~ of the nute s~cu~eJ lureh>•, full
payment of thc ~ntirc indchteJnr~. rrprr~entrJ Ihcrrhy. th~ monL:iece ~h:+ll, in ~omputing thc am~~unt ot .urh indcbteJnc;ti, crcJit t~~ thc :tc-
cuunt o( thc mort~;:+gur all papmrnt. maJe under ~he pru.i.ium u( 1:4 a( paragr•:{~h ~ hcreuf ~~hich ~he morte.,gec has not t~rcome uhligatrd to
p:~~• tu ~he Secret:~n~ of Iluu,ing anJ U~b.~n I)r~•elupment :md :~ny halanre rrmainin~: in thr funJti accumulaied u~~der the pru~~iciuns ot (b) uf
said paragr.~ph'_. li there ~hall bc drfauU undrr any of the pruvisiunc of thic mortgaee. resulting in a public s:+k ot Ih~ premi~e. c~~~ errd h~re-
: b~ , or if the murtgagee acyuires the pn~pert~• uthcr~~ ise aftrr default, the mortg:+gee shall apply. al the time o[ the comm~n.-rment uf ~u~h pn~- ~
_ cerding, or.u ~he time thr p~aperty ii uthenti itir :~cyuired, the halance then remaining in the funds accumulateJ under (blof p:ira~raph'_ prered-
ing .+s a credit against the amounl of ptincipal then remaining unpaid under said note anJ snaU properly aJj~st any pa~•ments w~hirh .h:dl h:~~_e _
been i~ade unifer (a) ot said paraFraph. - .
. -1. 'Th:it he H ill p.~y :dl tcs~es_ a:.e~timents. w;+trr r:~te, anJ othcr co~-~rnmemal or municipal char~es. fine,. ur impo,itiom. f~,r ~t hir~i pru-
visiun ha~ nw txen madr hrreinhcfure, a~~•1 in defaull thcrcof the mortLaLCC may pay the ,ame: and ~h:~t he ~cill prumptf~ dcli~rr the utti~i:d
rereipt. therefar tu the mur~gagee. ~ -
"ih:~t he ~~ill prrmit. rummit. or .utier no w:+~t~. imp:iirment. ur detrriuratiun of ~:~id prupeny or :u~~• pan th~r~i,f: and in thr e~ ent ui Ihr .
failurr of the mortgae~~r tu ke~p the huilding~ un said premi~e~ anJ thu,e to he crect~d i~n c:~id p~eini~eti. ur i?npruvemrnt~ Ihere~~n. in ~uuJ r~-
pair. lhe mor[gagec' ma~ make,urh rrp:~ir~ in ih Ji~rretion it m:i)• ~cem n~~r~~:ir) (ur the proper pre~en;ition thereu(. :~nJ the tuli ;~mut~ni ~~f
cach and evtry ,uch payment ~halt hc immeJiatel~• Jue :tnd pa)•aMt. anJ ,hall he ,ccureJ h~• ~he lirn uf thi~ moitgage_ ~ . -
h_ "That he will p:iy all anJ singuL~r the cu~t~. charge~_ and e~pen~e.. incliiJing rcationaMe la~s yer's fe~s. and ca~t~ af :~h,tr.iru uf title. in- _
curred or paid at :m}• time hy Ihr murtgacee berautic of the failure on the part o( the mort~a~vr pr~~mptly anJ (ull} tu perfurm ihc a~;rcemenb
~ and co~•cnanlti t.~id promi"on~ nute :+nJ thiti m.utg:~ge. :+nJ ~aiJ ru.~,. ch:irgc~. and r~~en~eti sh:~ll be immedi.itel~• due and p:iy~ahle an:l ~h:dl
tx ~ecur,d h}• the lien of thiti mort~:«e. .
7. '~h:~t h~ w ill krcp thr improvrmentc now e~i~ting or hereafter erected on the m~ulgagcd pr~~~xrl}~. imUrrJ a. may~ tx reyuired from time ' _
ti~ timr b)• Ihe murtgac,e- :uc~in.l {a~~ h~' firt :inJ ather haiard._ ca~u:+itie._ :~nJ crntineencie. in wch amuunt~ .tnd for cuth pcriuJ~ ma~ Fx -
= rcyoireJ hy m~~ng.igce. :znd ~+ill p:~}~ pr~~mptly. W hcn Jue. any prrmium. un such in~ur:~ncc fur p:~yment of hirh pru~ i~iun hat nut hten m:~Je
- hrreint.rfr.re. :\li imuranre.h:dl he rarrird in companies appru~•cJ hy mortFager :md the pulicics anJ renc«al+thcreof ih.di he held h~• mottga- _
. ,:ee :in~ ha~e :ntach~d theretu tu„ p:~~~able cL~usei in f:n or of aml in furm :~eerptahle to the mortg:~gee. In rvent of 1~,~~ he u ill gi~•e immc;~iatr -
notice b~• mail to mortgagec. and mortgagee ma~• rr:ake proof uf lo~t if nut maJe promptl}• hy m~~rtg:+gor, anJ each in.ur :~~ce rompany ~~~n- -
r~rnrd i~ herehy :~uthuriced and Jirerted tb make payment for wch loss Jirecdy to m~~rtgagee imtead of to mortgaeur ar~J moitgager juintl}~. -
~ and ~he imurance prurceJt. :u any part thereo(. may he applied hy mort~:agec .it it. uption either to the redurtion .,t th: inJebtcJne„ hereh~~ .
. " ,ecured ur lu thc rctitoratian or rep.~ir of the pruperty J:+mageJ. In e~ ~nt uf forerlu~ure thi~ martc.+ge or other tr:~nster ~,f tiUc to the mort-
cagrd prupcri~ in c~tingui~hment of lhc indehteJne.ti s~rured hcrchp.:Jl richt. title_ :~nd intere.t i~f the murtg:~gi~i in and to an~• imur.~nce puli- _
~ie, then in furce tihal) p:~.~ ~o the ~urrhatier or cr:~nt~e.
R. (h:~t if thc prcmi~ec. or any pan thercof. hc rondcr~incd unJer :in}• pu~+er af eminenl domair. i~r,icyuircd for publir u~c. thc Jama~.c~. ~
prucreJ~. anJ the cun~idrr.~tion for wch :~ryui.itiun. io the e~tcnl of the full :~rm,um nf in~rhtedne~ti upun thi~ :.turtgacc. anJ the \~,te .ecurcJ
hcreh} rrm:iinink unpaiJ.:ire hrreh~ a~tiigr.~d h~ the ~furtg.~LUr tu thr \li,rtL:~cc~ anJ tihall he F:,i~ fu:thnith t~~ ihe \1urt~.~ecc to he :pplird h}'
it un:,:.uunt of Ihe inschtere„•ecur~d hrreht. ~~he~her du<<~r nut.
. That the marte:,gee map_ at any timr ptn~ing a,uit up„n thi. murtgace. .+pph to th~ court ha~ ~ng juri~~i;tf~~n therce~t for ~he appuint-
ment of a recei~•er_:~nd sunc ~bun tihxll turthwith appoint a recei~~er u( ihc premi~es covere~ hereh~~ ail and .ineul;u. includinc :+ll and ~ingi~la~
~ the incumr. profit~. iti~ues. anJ rr~•enuec fri~m ~~h:~te~•er auurce deri~•eil. e:+ch and c~er}• of Khich. it heing e~pressl~• undentood. i~ hereby~
morte:~c~J a~ i( +pccificallp ~et fi~rth .+nd dc~crit~J in the grarsting ;inJ habenJum cl.~uses hereof. :+nd sach tecei~•er sh:~ll ha~ c all Ihe hru:id :~nJ
eticcli~e ftmcliun. and pow~r~ in an} wi,e entru~teJ h~~ a cui~rt to a recei~er. anJ ~ach appointment ~hall hc maJe hy tiucf~ courl a~ an aJmilteJ
~ equii} :~nd a m:~tter ~~f :~btioh;t~ right to ~.~id morlgagee_ anJ w ithout referencc to ihc adeyu:~cy or in:~dequacp uf ~he ~~alue uf tfie ~rupertp ~nurt- _
ea~ed or ta the .ol.cnr~ or imuhrnr~• of~.:iiJ m~ertgagur or thr Je(enJ:+ntc. ani! th::t wch rent~_ pr~~fit~. inrome. i..uet. :+nd r~~enue. ,hall hc
applir~l h} tuch rerei~•ec ac~ordi~e to the lien o( this m~~ng:+ce and the practice of .uch caurt. fn the e~•ent of any de(ault un the pan of the mort-
g:+gur hereunder. the m«rte::cor ,~gree. to } u~ ihe nbrtgagee ~~n JemanJ .~c a reas~mahle monthly rent:d for thc premisc, an amuunt at least
- eyui~:ilem to une-tw~'~th 11i 1?! uf the aegregale uf the ttitl~e mnnthl~• installmcnt. p:+~able in the then current ~•car plu. the actu.sl amount of
- the:+nnual ta~es, ati~essmcnl~. w.~ter rate.. anJ intiar~nce premium~ (~~r tiurh year not ~ovcrrd bp the.storetaiJ monthl~• p:+ymen~ti.
, 10_ _That (al in the e~•ent of am~ brea~h ~,f thi~ m~,ngage i,r de(auh on the part of the mortgatur. ~x Ih) in thc e~~ent Ih.~t anp uf .:tid .um~ of ~
~ - mone}• herefn rrferred t» hc not promptl}~ anJ full}~ paiJ without dem:,nJ or ni~tice. ur tcl in the event that each and e~cn• the ~tipul~~[iom.
:~~reemem~. c~~nJiliom, and co~•enant~ of ~aid note :inJ thi~ m~zrtgage_ are not duly. promptl}•. and full~~ ~xrformed: then in either ur anp ,uch -
eti~~nt_ the ~aid aggregale ~am m_ntioned iR ~aid nute lhen rem.+ining unpaid. ith intere~t :iccrueJ to th.,t lime_ and all muneps.ecur~J herehy~.
.hall h~cume dae and pa}•:~ble fonhµ ith. vr there:ifter. at Ihe optian of saiu mut tgaeee. a, fulh anJ cu~nptetety ii at{ uf the ..~id .~rm. uf ~nun-
ey ~?cre origin.~ll}- ~tipulated to he p:+iJ an tiurh J:~~-. :~n~•thing in ~:~id note o: in this mortgage ti~ the cimtrary not~ilhtitanling: anJ thereupun or
thereafter. at the optiun of ~c~id murtcager. W ilhaut notice or Jem:+nd..uit at laH or in equity. ma~~ he pr~xecuted as if all mone~•c tierureJ hcre-
hy h:+J m.rturcJ prior to it; in.ti!ution. "fhe mung.~gce m:t}• tureclose this mort~;ac~. a~ to th: amount ~v JeclareJ Jue anJ pa)•able. anJ Ihe sai:1
. prer~tices Shall hc wW Io sati~fy :+nJ p:~y ~hr,:~mr t~f~ether aith costs. e~pense~. anJ allo«~.mce.. In cace ot p.~nial foreclu~ure of this mort~,age.
. thc morteaged premi~es ~hall be ;~~Id ~uhjec~ t~~ the cuntinuing lien of ~his mortgage fur ~he amount ef the deht no! then due anJ u~paiJ. In ~urh
ra~e the pruvi,ions ui Ihi~ paracraph m:~y again Fk :t~:~iled ~,f ~herrafter from time ti~ lime hy the mortg:+gee. _ _
_ I I. That the mortg:+gor will give immedi:~te notice hp mail tu the mo~Igs.LCe uf an~ con~e}•ancr_ transler_ or change uf uaner~hip of the -
prcmises.
" 13. 'ihat no wai~•er o( .in~• cu~cnant herein or ~~t the ohlig:ytion secuFeJ hereby ~hall at any tirrme there.~fter he firW to he a waicer o( the
. tcrm~ hereuf or of the nate ~ccured herchy. -
- ~o~ K 2~~ e,~cf ! 0~$ - -