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HomeMy WebLinkAbout1167 ~ I~h;~t. in urdcr marr (u14~ Io ptatc: t tMr ~e.u~ity ai iiii, mu?~gagt. thc muriga~;ur. ~~~~;rtt,:r wilh. and in aJJiliun tu. Ihr ni~~n~hlp p:~ym~niti unJrr ~h~ term. uf tl~r nu~c ~c.urtd h~rthy, un ~hr fir.l day uf tarh inunth until ~hr.aid na~t ic full~• paiJ. ~~iil pciy tu thc n+.,c~~;:,g~c ~he (~~Ilu~~- in~;,um.: 1;~1 ;~n;~muunt ,utlicirnt to p::~~•id~ Ihr hulder h~r~uf ~ri~h fund, ta p:sy the nr~t rnu?~gage in~t~c~nre prtmium i( ihi. in.irumtnt :~n~! the n«tr ,~r«rc~t her~b~ a~t i~~.u~cd. vr moitiili{y rhat~:r lin ticu uf a m~i~igacr in,uranre prcmium) it ~he~• arn c~ld hy ihr ti~: r~tar~~ u( lloucin~; an~l lt~h~n I)c~clut ment u~ fuUu~~ il) If :~nd tu lun~; a. s;~iJ n~~te uf ~~~.n J;~tt anJ thi~ intitrumcnt :ire imurtJ ur :~rc reincureJ unJcr ~hc pn~ri.iun. uf th~ Nation:il ~ . .{,~ou,jng Art, an amounl +uflicienl Io arcumulatr in ~he hanJ, ot ihe h~,lder une ( f 1 momh prio~ t~ i~. Su~ date the annu:d murl- , ' ga~;e~in~ur.~nce premiun~. in unicr tu pruvide ~uch h~,tdc~ ~~ith tunJc tu pay wrh pr~mium to ~he tirrre~ary u( Huu~in~; anJ ~Irhan [)e~~el~~pmen~ pur,uant lo thc National lluu~ing Art.:~. amtadtd, and applicahle Rcgulatiom thtrrundtr, o~ 1.° ' 1111 If anJ ~i~ lan~; a. ~:nd notc af rver~ Jate and thi, instrumcnt are helJ by the tiecretary ~~f Houcing anJ U~han (7cvclupment, a a . moMhly ch:uge lin litu o( a_ morlg,ibe iii~ur:~ru:t ~ nuuml..~~hich ~hall br in an umuunt eqaa{,t;; i~ne•t~~~elfth 111131 ~,t rne•half ~ {I!-'f {+~r ccatum uf th~ :i~•erugt uul:tanJing b:?lance Jut on the nutc cumputeJ wiihuut taking intu arcuunt d~linquencit~ or - • prcpayment~: - ~ - . _ , ~ , . ~ . ~ lh1 .um eyual lu thr ~;rounJ ~rnt~, if a:i~~, nc~l Jue. plu~ Ihr prtmium. th:A will ntu bccome Jut anJ payahle on {wlicirs ot firr anJ ~ t other harard inwranr~ cu~~ering thr mort~ageJ pr~~perty, plu, ~a~es anJ ascescm,nts next due on the n~orlgaged prupeny (atl as esti- ~ ~ m:,ted h~~ ihc murtgager) {e~s a11 sums .drcady~+:~id ~hriefor dividrd hy the numtur of-n~or~ths to elapsc befurc ~~ne month prior to the ` - datr w hen ~uch ~rounJ rcnt~. premiuni., taxec. an~ a.~e~.mz~ts ~~•itl hecome delinquent, such sums to be held by mortgaget in tnist ~ t~) pay +aid ground rents. premiums. la~es. unJ .peci;+l a+~CSSmentc: cmd . , - { Irl All pagments m~ntioned in thc two precrJing ~uh~rc~ion. of thi~ p~iragraph anJhll payments to be maJe undcr ~he note secured here- by sh:~t{ be :+Jded togcthcr and the .+~reg:tle amaunt thercof tih:+tl he paiJ hy the mi~rtg:~gor carh munth in a sinblr p:~yment t~~ h~ •ip- _ plieJ hy the mongabee t~~ the fullowin~ ittms in the o~St~ ~et tatth: (I1 premium ch:irgt~ unJer the cunlrart ot in.urun.r ~rith Ihe Sccrctarp ~f Houting and Urhan Dcvrlupmrnt, ur monihlq rha~gt (in lieu of martgage insurance premium), uc the case ma•,- `.e: ~ . . , lllj ground rents. ~a~es. asse~sments, fire, and ~~thrr h;izard i~i~arance premium~: (Ill interest on the natc -:.,~red hereby: a~d (f V) amurtization of Ihe principal o( said aote. .1np deficiency in the amount o( such aggregate monthly paymtnt shall. unles~ made guod by the mortgagor prior ~o ~he Ju~ date uf Ihe nt~t such payment, ronstitute an event ut defau{t under this mort~~ge. The mortgagec may coll~ct a"late charge" nut ~o c~ceeJ t~~u crnt~ ('c) for e.irh Jollar (SI ) of cach payment inore ~han fi![een (1 J,?ys in arre.us to cu~~er thc extr:? e~pen~e invo{veJ i~ h:~ndling Jciinquent paymeMs. i. That if the tolal a( thc pa}~ments made by Ihe mortg:~gor under (b) ~,f paragraph 2 ptecrding shall exceeJ the amunnt o( the payments a~tualty ma~ie b~~ the mortgagte. for ground rents, taxes and.a~~e~smc~ts and inturanre premiumc, as the ca+~ may be. ~~icii eace« at the op- ? uon of thc mori~abe~. sha{f_ be ~rediteJ an ~ubseyuent p:?ymcnts to bz madc hy lhe mortgagor. or refunJeJ tu th~ mortgagur. It. ho~vever. Ihe m~~nthl}• payments maJe b)~ the mortgagur under (b) n( pa~agr.sph 3 preccding shall not be ~u0icicnt to pay ground tents, ta.ts and ass~ssments ~ and insur.ince premiums. ac the c:~~e may tie. w~hen the ~:~me shall become Jue and payable. Ihen the mor~gagar shaU pay ro the mortgagee an~• amount nece:sary to make up the deficien:y, on or before thc d:+te ~~hen payment of such ground rtms, tares, assessments, ar in~ur.~nce pr.em- iums ,h:d{ bc duc. f! :?t : ny time ~he mortgagor shali tenJer to ihe mort~agee in accordance with the pro~•isions of the nute secured hcreby. full paymem of thc entire i~Jebtedne+s rtprecented therrby. the mortg:+gee SAal4. in computing the asno;~m of ~uch indebte~lness, ctedil t~~ the .ic- - count of the mortgagor all p.+yments made unJer the pruvisions of (:i1 uf paragraph'_ hrreof w~hich Ihe mi~rtgagee has mu t+ecome ob~igated to ~ pay to the Secretary of Huusing and Urban Develupment and any balance remaining in the tunJs accumulateJ under the pro~i~ions of (b) of said paragraph 2. If tfiere shatl tx a Jefault under any oi the provisions ut this mor~gagz, resulting in a public sale of thr premi~e~ rotrreJ here- by, or if the mortgagee acquires the property otherw~ise aftec default. the mottgagce shaN apply, at the time ot the commenremznt uf .urh ~ru- ; ceediogs or at the time the property is otherw•ise acquired, the balance then remaining in the funds accum~lated under (b) of paragraph ? preced- ; . ' ing as a credit.ag~inst the amount of principal then remaining unp~id under said note and shall properly adjust any payments a hich shall ha~~e ~ been made under (a) vi said paragraph. - ~ - = J. That he w~ill pay aN ta~e,, asses~ment~. a~atcr rates. anJ olher governmenta) or municip~l charges, fines. or impmitions. tor w hich pro- j ~i~iun h:~s not Ixen maJe herrintxiure. and in detatilt the.reo( the murtgacee may pay fhe yame: and that he wiN pr~~mptly dciiver thr uft:ri:~l ~ . receipt. therefor to Ihc murt~gee. ~ ~ - ~ i S. That he w•ill permit. commi~. or cufler no waste. impairment. 4~r detcrioration of said property or any part thcreof: and in the evcnt of the f ~ ~ai!~s~ ai 4h;, rsa~iga~or iu i.eep ~hc huitdin~c on said premise, and those to he erected on s~id premises_ or impro~ementc ~hereon. ir. ~;ood re- pair. the moriFagee may make ~uch repairs as in il: discretion it may deem necc~sary tor the proper preservation thereof. :md the tutl am~~unt of z each anJ every such payment shall be immediately due anJ pa~~sble. and sh:dl he secured by ~he iien ot this mongage. ` 6. ~hat he w~ill pay all and singular the cucts, chargec. and e~penses, incluJing reasonablt lawyer'4 tees, and costs ot •rbstracts of title. in- 1 ~urred or paiJ at .,ny t;m~ ny the monKsgee t~ecause of the failure on ihe part ot the mortgagor promptly and fully to perform the agreementh and covenants of saiJ prumiss~ry nute and this mortgage. anJ said costs. chargcs, and expenses sfial{ be immediatel4 due and payahle and shail be serured by Ihe lien oi this r.iorlgage_ . . - _ 7. "I'hat he ~~•ill kcep the impro~•emer.ts now~ e~i~~in~; ~x hercafter erected on the mortgc~ged property. insured as may be reyuired from time . to time hy the in~utgagee againsl toss by fire and Mhe~ hazarJs. casualties. and contingencies in such amounts and for ~uch ~+t~riucis a~ may he * required by mortga~ee. and will pay promptly. uhen due. any premii?ms on such insurance tor payment of w~hich provision has no~ been maJe ; - ~ hereinbeforc. fVl inturanre shaU bc carried in compani~s approved bv mo~ tFagee anJ the policies and renew•als thereof shall he held by mostr•~- gee and have aitachrd thereto loss pa~~able rlau~es in favor of and in form accepta.~le to the mertgagee. In e~~ent uf loss he H~ill gi.•e immediate . noticz by mail to morigagee, and jnortgagce:fiay make proof of loss if not made promptly by mortgagor, anJ e8ch insurance company con- > cerned is hereby authurized and directed tQ make payment.tur such loss drreclly to mortgagee instead of to mortgagor and mortgagee join?ly. # _ and the insurance proceeds, ot any part thereot: may he applied by morlgagee at its optien either~to the reduction of the indebtednesc fiereby _ 3 securrd or tu thc rstoration or repalr of the propeily damaged. in event of fnreciosure ofihis inortgage c,~ other transfe~ of iitle tu the mort- . ~ gaged property~ in e~tinguishment of the indebtedness sccured hereby. all right. tide, and interest uf lhe mortgagor in and to any insurance poli- cies then in force shall , ast lo the putchaser os grantee. ' 8. 'I~hat if Ihe premises. or any part thercof. he cundemned under c~ny pow•er ot eminent dumc+in. or :tcquired !ot a public ute. the damages. pruceeJti. and the cunsiJerviion for such acqui.ition. ta the euent nf the full amoun! of inJehtedne~s upon thi~ ~tortg:+~r_ and the Ni~tt ~ecured ? herehy rem:~inirg unpaid. are hereb> a~~i~neJ by thc 1lurtgabor tu the ~lortgegee and ~hall be paid (urthw ith the \tortgagee to h~ .ipp!i~d b~. it on a~count ~1t the indebteness secured hereby. whether due or nol. - _ ~ ~ ; 9. That ~he murtFagee may. at any time penJing a suit u~+c~n this mortgage_ app(y to the coun having jurisdictiun theseof for the appoint- ` ~ - ment of a receiver. and such court shalt iorthwith appoint a receiver ot,the premises covereJ hereby all and singular, incl~~ding all and singular ~ ~he incomc. profits. issues. and revenues from whatever source demeJ. each anJ every of which. it txin~ e~pressly underslood. ic hereby i m~+rtgaged as if specifica{ly set f~rth and described in the granting and habtndum ciauses hereoi. and such rec:iver sh-atl have all 1he broad and ~ ? etFe~ tive functions anJ powers in anyw~ise entrusted bya court to a tecei~er. and such sppointnle~t shall be_rnade by ~uch couri a~ an admilted ~ equity anJ a matter uf absolu~e nght to said mortgagee, and without reterence to tl~~ adeqoacy or inaclequacy of the value ~f ~he property mort- - g;~ged or to tt•e suirenry or insvlvency o~ said mortgacor or the defendants, and tha! such rerit~. prQfita: ~ncome. issue:t anJ re~•rnue~ ~ball b~ ~ appiied by such receiver according io the tien of tfiia mortgage and the ptactice of such court. ln the erent of any defaulf on the part of the mor(- ~ gagon c~reunder. the martgagor agrees tc. pay to'ihe mortgagee on demand as a reasonab{e snonth{y rental for the premiies an 2monnt at least equi~~alent ~o one-tKelfth f It1'_1 of the a~•gregate ot the tw•elve monthly installment, Qayable in the then current year plus the actual amount of ' IFe annoal tates. a~secsmentc, water rates_ anJ inwra~ce premiums for such year not co~•ered by the afnresaid monthly payments. ~ I(?. 'ihai ta) in the event of any breach of this mortgage or default on 1he part oi the mortgagor, or (b) in the e~~ent that any of said s~rns of ~ . money herein referred co bc not promptiy a~d fully paid without Jemand or noiice, os lc1 in the event that caeh -.±nd every the s~ipulations. agreemcnts, conditions. and covenants of saiJ nole and ~his mortgage, are nw duly. promptly. and ful{y performed: then in either or any such i . c~•ent. the said aggregate wm mentioned in said note then remaining unpaiJ. with intereu accrued to tha! time. and all moneys seeured hereby. - shafl become due and payabte Forlhw i1h. or thereaiter. at the option of said mortgagee. as fully and completely as if ali of the said sums of mon- . ; ey w ere u~iginatty stipulated eo be paid un wch day. anythins in said note or in this morigage to the contrary notw•ithstanding: and thereupon cr ~ j - ~hereafter. at the option of saiJ mnngagee. with~ut notice or demand, suit at law or in equity. may be pro;ecuted as iF ali moneps securel here- ~ by haJ matureJ nriur ta its intititution. The murl~agee may foreclose thic mongage. as to the amount so declared due and payable. and ~he said t f premises shall be sold to satisf}• anJ pay the s•rme tagelher w~ith coxts. expenses, and altowances. In case of pa!lial foreclosure af this moitgage. ~ ' the mortgaged pcer~~ites shall bc sold sunject to the continuing!ien at this mortgage f.u 1he amount of the debt not then due and unpaid. In such ~t case the pr~vi~ians of this p:~ragraph may ag:~in be a~~aile~ of thereaf~er trom time to time by the mortgagee. E ' " I I. That the mortgaFor a ill Fiee immediate notice by mail io the mortga~ae of any conveyance. transfer. or change ot ow~nership ~f the _ ~ premic:s. . ' - t2. "~hat no waiver oE any covenant herein or of the obligaticn secured herehy shail at any time the~eafter be held to tre a w~ai~~er of the . II ` terms hercof•or ot the nvte secureJ hereby. _ ~ ~ . - - ~ ~ aQ~x23~ ~,,~E~~66 .