HomeMy WebLinkAbout2087 1 h:~t. in ur~~rr more (uU~ t~~ prutril Ih~~ ~riunl~ u~ iht~ murl~:~~;r. Ih~ muit~;.~~;or, tu~;rihcr ~~ith.:~nJ in :al.lili.,n tu. !he m~~pth~~ p.~~ nitnl~ a
un~l~~r ih~ lrrm~ uf Itir nutr .rr~irrd h:rrhp. ~,n ihe tit.t d.~~ u( ta~h munih unlil thr .:~i~ nult i~ full~ p.~iJ. a~li p:~y tu Ihr ~nur?c.i~t chr (~~il;~~r-
in~ uun.: -
lal An amuun! .utliii~nt tu pru~id~ Ih~ hold~~ h~rrof ~~ilh fun.l. tu p:~y thc nc~t murlti:~gr imur.~ncr prrmium i( lhi. imuumrnl :~n.l Ui.•
n~,~r .r~•urr.l herrhy arc in.urr~i. ~tir a mun~hl> ~~h:u~;r lin tiru u( murlga~;~ in.ur.~nri premiumt i( ~hr~~ :~rn c~l~t h~ ~hr tir~rrl:~+> uf
Ilou~ing;~ntl Utb:~n 1)~~'elupm?nt lullu~~'~: .
UI I( an~l x~ lung ,aid i~o1r i~f «rn d:~~c :~nd ~hi. imtrumrm a~~ in~urrJ .tt ar~ rein~u~rd un~cr th~ ~ru~•i.ium u( ~hc \;~~iun,l
~ i k~u.in~e :~ct.:in amutnu ,ufli~ i~nt tu accumuL~l~ in Ihr hand. u( lh. huld~ r unc l 11 munlh p~iur tu il, duc d;~t~ th~ annu:+l mui i•
ga~:i inw~anre prcmium, in urdrr tu pru~i~le .ucli huldcr ~~iih fund. lu pay ~uch premium to the Serretary u( Ifuu.in~ :~nd
Urb:~n Oevcl~ipgirnt (u~r~uapt lu the National Hou~ing Ac1. a~ amei~dcd. and :~~plir;ihle Re~;uiatiun, th~ rrundec: ut
- 1111 If and .u I~~nk a> >aiJ nuie ~~i rven Jate ard Ihi~ iminimtnt :~re he1J by the tierretary uf Hau.in~ a~d l!rh:~n 1)c~~clupmr~~t. a
monthly rh:uge (in lic•u of a mort~age imurancr premiunU ~+~Nich-tih~dl br in an :~mount equai ~u un~-n~rli~h (Ill?1 af unr•half
11I21 per centum u( Ihc av~raga uul;tandin~; b:~an~e due on thc nute compute~l ~~~ithuut takin~; inw ar~uunt ~Irlinyuenrie~ ur
_ • - prcpaymcn~s: • + . t ~ .
lhl ,um ~yual iu the gruun~l rrnn, if am, ncxt Juc, pluc Ihr premiums th:it ~vill n~~t,ikcumc dur anJ pay:thk un poli~ir, u( firc anJ ~
oth~r h:varJ in.urancc ruvcrin~ Ihe mortga~cJ prupr~l~~. phia la~cs and .~~u,.mrntc n~ ~t Jue on ~hc mort~;aged property I:~U e:li- >
, ~ matrd hy the murlga~;ee1 I<<~ ;JI sum. alrcaJy paiJ there(ur Ji~•i~rJ by thc numher ~if monlhs tu rlapce befur~ une month prii~t to ~hc
~ ~ Ja1c~~vhen s~kh gruund rems. premium~. ta~e.. and a.+c+~mrntc will hecum~ delinyuent. ~uch ;umc tu br held hy m~uiga~;« in ~nnt
' to pay saiJ ~;round ~ents, ptemium~, ta~e., anJ special a~~es~menh: and
lr) :111 payment~ mentiuneJ in the t~cu prereding ~ub~rctiunti ut thi~ par;i~;:,~ph anJ :+il p;~ymrnl. tu h~ m;~Je under Ih~ nutr ,c~urrd herc- ~
- h~ .haU he add~d ~.~e~thcr ;~nd the :~ggregat~ amount Ihercu( ~hall be paid by thc murlga~or r:~ch mun~h in a~inglt pa~ n~rnt tu t~~ ap.
p1itJ by the mi~rtga~;« lu lhc fullu~~ in~: ilcm, i~~ thc urJc~ set torth:
. 111 p~emium charges i~nJc~ thr rumr,~ct uf in,uranr~ ~~ith thc Srcrctar}~ uf Iluu~in~;~nd l'rt,,u; !)c~rlup~ucnt. ~~r monthly char~e
lin lieu of mortgage imur.~nr~ premium). a. the r:+ec may tk:_
(11) grounJ rcnn. Iaxei, ac.es.menh, fire. and ~,ther hazarJ inwrancc premium.:
1111 intcrc.t on thr notc srcured hcr•:by: anJ_ ~
• IIV) , murtiratiun of thr princip:?I ut xaiJ note. ~
~ r~m dthcien~y in the amount u( such :?ggreg:uc munthly pa~~ment ~halL unl~ss m:~de guuJ by the mortg:+g~,r priur to the due J:i(e of the ne~t
~U~fl ~:t~•ment, con~titute an r~~nt of def:Illll UI1l~Cf [FII~ ~IlOflt;:,ge. The murlg.~~tc' Ill:l)' ~t~~~CCI ~~~:11~ ~ftaf~l`~~ Il~~l tt~ t\CC~~ lN'O ic'llls 1~C) ~~~f
rach dollar ISII of each p:rymrnt more Ihan fiftern lIS) d:ry~ in arrear> lu cover the e~tr.? ~~p~r:te in~ uh•cd in handlinF Jclinqucnt payment;.
3. "lhat i( Ihe total o! the pa~ menl~ madt b)~ th~ murtgagor unde~ Ib? uf ~:ar:~graph ' precedin~ ~hall e~reeJ the :unutmt uf th~ paymrnt. -
actu:iUy maJe hy tht mortg:+gerr (i~r gruunJ rcnis. t:~~e~ anJ a"c~smcntc and insutanrc pr~mium.. :ic th~ ca,c ma}• he..uih c~res. al Ihc ~~p-
~ tion uf the mortgagze. shall, be rreJiteJ ~)n ~uhseyurnt paymrnt. tu br maJc 6y the mon~agur, or refunJed la the mortg,gur. I(. hu~~~e~er. thc
monthly pa~~ments made by the mortgagor unJer Ib? uf par:igraph 2 prrccJing shall not he .u0icient to pay ground rems, t;+tes :+nd asse~.ments
anJ imurance premiums. :~s the casc may tk. Hhcn thc samc shall b~rome due anJ payablt, then the morlgagor shall pay to the mortgage~ an~.
f am~~unt nrces~ary tu mak~ up thr detiricii~)•, un or b~fore Ihe J:ite ti hcn pays:~rnt c~f su~h grounJ rcnts. la~es, ;+~se~sments, ur in.ur.~nce prtn:- ~
~ . iumti ~h:~ll he due. If at any Iime the m~tir~g:+gc~r shall tenJer t~~lhe morlgagee in accorJanre w ith Ihe pro~•isions of the note secured herehy. full ~
` paymcm of th: entire indcbtedne+. repre.cnted therrby. thc mun~akc~ shall, in romputing the amuunt uf such indeMedness. creJii to 1hc :ic-
' count uf the murtga~or all pa~•ments maJc under the pmvi~iom o( I:U of p~ragraph'_ hrreof which the mor~gagee has not txcomc ubligated tu
_ pa~• t~~ thr Sccret:uy uf Iluusing and Urhan Ihvelopmcnt and any b:dance remaining in the fundti accumala~ed under the pruvi,iom ~if lb1 u(
` saiJ p:uagraph 2. If there thall t~ a Jcf.wlt under :iny o( thr provisions of this mortgc+ge, resul~ing in a public sale of (hr premi.e. r~~~ereJ herr-
by, ~~r if the mortgagee ac~~uire~ the propeny othenvise after Jefault, the mort~a~ee shall apply~, at the time of thr ~omm~n«mrnt vf ~uch pr~~-
ceedingt or at the time the propert~~ is uthcnvi,e aryuired, the balanre then remaining in the funds accumulated under Ib) of par.~graph' pre~ed-
= _ ing a~ a credit :+~ainst the ;~mount u( p~incipal then rem:?ining unpaid under said note and shall properl}~ adju~t any pa~•m:nts ~~hich sh:~ll h.~ve
_ ~ tieen made under ( al of ~aid paragraph.
-1. "fh.~t he w il! psy all ta~~.. acsts~ment~. w:iler r.~tes :md other go~•ernmenla! or muniripal ch:~r~;e.. fine~, ur impositian.: fur hich pro-
_ citii~,n ha~ nut hern madc hereinhe(nrc- anJ in JeG•~ult ~hrreof the mort~:~ger m.~y~ ~a~• the ::imc: and that hc ill prumplh~ dclivcr tha ultirial
- ~eceipip thcretur t~~ th~ mun~agcc.
; S. "Th:~t he will permit. cummi~_ or sufler nu ~~a,i~. impairment. oi Jctrriorc~tii~n uf ~aid property ur an~• p;~rt lhereof::~nd in thr <<cM uf thr
failurr of the murtgaeor to keep Ih~ builJing, un .aid premises :~nd tho~e to he errrtrJ on s.iiJ prrmiu~, ur impruvrment~ thcre~m. in ~uod re-
p:~ir. the mortgagee ma~~ mske ,uch repair~ a~ in it, di~cretion it m:~y ~eem neces~ar~• (ur thc proper pre~enatiun thereuf. :inJ ~hr fi~ll am~~unrof
~ eaih anJ r~•cry s~~ch pa}•m~nt ~hatl be immeJiately due anJ p:?~•ahle. anJ +hall he serureJ hy the lien i~f thi~ mortgage.
6. "~h.it hc wiil pa~• all and .incular the ci~stti, ch:irgec, and e~penccc. incluJing re.uonable laH°~~er's tee~. anJ rasts of :~h~tracts of titlr, in-
curred ur p:~id at any time hy the murtg:~gee becau.e uf the failure un the p.ut of the mongagor prom~tly .ind fully tu perfurm the aercemcnt~
" ;+nJ covenants uf SaiJ promis~urp nute ~nd thi+ mortg:+ee. anJ :aid ro.ts. chargrs, c1nJ ex~nse~ shall be immediately Jue anJ pay:tble .inJ :h:+ll
be se~ureJ bV Ihe lien uf this mortga~;e. .
7. 7hat he +?ill kerp the impru~emenh r,~,~?~ c~i.tingur h~reaftcr ererteJ on th~ murlgageJ property. inwrrd a, ma~• be reyuired frum time
to time h~~ the mong:~gee :+gaimt lo.. hy fire :~nd uther hararJs. caw.iltie~. and contingencics in .urh amount~ .+nd for wch periixi. a. m.+y he
rcyuir~d h}• rrartg:,gce. anJ will p.~y promptly. ~?hen due. any premiums c.a such inwrance for p:~}•ment of ~+iiich {~ro~•ition hati nut heen m:tde
f; hereinbrfore. All imur.~nce ~hall he carried in companie~ appro~eJ hy murtgagee anJ ~hc pulicizs and rene~ral~ thereuf ~hall ~e he~J h~~ murt~a-
- gee and hace aUacheJ thereto los, payc~ble rlau.es in f.~~~ur of and in form arreptable to ihe m:~rtgage~. In e~•ent of lutis hr ~vill give immcdi:it~
~ ~utice b~• mail tu mortgage~: end mungagec may make pFOOf nf loss if net Knade prumptly b}• m~~rtgagur. :md each in~urance cumpan~- con-
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cerneJ i, hereh}~ :+~IhvrizeJ and directe{i to make p:t}•meqt tor wch loss Jirectlp to murtgagee i~steail of to martgagor anJ mortgagee jointl}•.
anJ thc in,urar.ct prucreds. or any part thereof, ma}~ he applied bp rr~urigagee at il~ optiun either to the reJuction uf the indzbteJne+s herehy
secured or to the re,toratioe or rcpair of the propertj• JsmageJ~ln event o( toreclosure o[ this mortgage or other tran.fer of tiUe to Ihe mon-
- gaceJ pmpert}• in c~tinguishment of the indehtedness tiecured hereby, aH right. tiU~. .+nd imerext uf the mortga~cx in a~d to an~• in~urance puli-
cie~ then in force,hall pact to the pUrchaser or gr:~ntee. . _
_ - `t. "I~hat if Ihe premise~. or any part thereof. tx condrmned under an}• pu.+er of eminent dom:iin. or acquired iur a publir u.e. the Jam:+ces.
pro:eiJs. .+nJ the ~onsi~?eration for curh acyuitiitiun, tu the r~tent of the full amnum of indehteJne~s upon thi~ ~1~~rtgage. anJ the \otr ,ecured
herehy rem:~ining unpaiJ. are hereb}•:is~i~:nrJ h~• Ih~ \tort~agur ti, thr ~tort~.agee arJ ~h:ill he p:~iJ furthwith tu thc \lurtga~ce tu hc:inplied h~•
. it un :,rcoiint o( th~ indeMene.,.ecureJ hrreb}. ~~hether due or not. -
9. I~hat the mortg.+cee m.~}. at :u~}~ time pendin~ .uit upun this mortgace. apply to tne court ha~ ing juri,diction th.r,of fur.the appoi~t-
ment af a etceiver, and ~uch cuurt ~hail fonhW ith appi~int a recei.•cr of the premi~cs c~~~_ered hereh~• all and sineular. includirL all and ~ingular
the income, prufits. iswec, and revenues f:um «hatever suurce derived. each anJ every of ahich. it heirg e~pressl}~ un~fertit~x~d, is hereb~•
mungaeeJ as i( specificalty ~et furth c~nd descrit~eJ in the cr:?nting and haherzdum clc~uses hereof. anJ tuch rerei~~er shall ha.•e all the hro:~J :ind
- elTecti~•e funcliuns and pow•ers in anyw•ise entrust~d b~~ a court ta a recZi~er. and such appoiritment shall be mcide M• such rourt an admitteJ
} e uit • and a matter of absolute ri ht to said mort ~+•ee. and w~i~huut reference to the ade uac • or inadc uac of the ~•aluc of the ro er1 ~ murt-
v s ~ y s y v r r>
g:~grd ur ro the ~ulcency ur in.ohcncy of~t:~iJ mortgaeur ur th~ defenJ:inl.. :~nd Ihal ~uch rent~. prufit~. inrome. i..ur~.:~nd re~enu«,h:dl hc
apptied hy ,uch reseivzr accorJing to the lien of Ihis miriFvge and the practice of such roun. In the e~•ent i~f anq deiault un the part o( the man-
V
- s~agor hereunder. the mortgagor agr~es to p:~y t~~ thc mortgagee on Jem:~nJ as a rea~on:eble monthl}• rental for the ~remiticti t,n amount at iea~t
equi~•alcnt to one-hielfth l l/l'_! uf thc ~gcregate of ~he twel~•e mu~thl}• installments payahle in the Ihen current ~ear plu~ ihe actual amount of
the.~nn~al ta~et, atic~csmentti. ~ti:+let rate.. c~nJ insurance ~remiumti for such }•ear not co~~ered b the aforesaid monthl ~ ment~.
i r y p: }
lU. 'ilr.+t I:~i in the e~~cnt uf any breacb uf ~his mortgage or Jcf:~ult c~n the part of the morlgagcr. ur Ih) in the c~•ent that ~ny of saiJ wms uf
moae herein referred tu he not rom Ih° anJ (ull ~iJ without demanJ or no~ire. or (c1 in the event that cach and e~•er ~he titi ulations. -
I> S' P P= 5' P _
j~ agreem.nt~. cor.Jitior~~. anJ co~•enanh ot ~aiJ notr and this mortgage. are not duly. promptly_ :+nd fully ~urformeJ: then in either or any wch
- eve~t. ttie said a~;gregate sum mentioned in ~aid note ihcn remaining unpaid. w~ith intere~t accraed t~~ that ~ime_ anJ all mone} ~.erureJ hereFy.
- _ thall becume J~e and payablz forthwith. or ~herea(ter, at the aption of said mortgagee, a~ fullp anJ comple~el~~ ac i( all of the ~aiJ ~um~ of mon- ~ -
cy ~cere t~riginally ~!ipulateJ co be p:~iJ on .vch d:~y. an}•ih~~g in wid not_ or in thic murtgage tii thc cuntrary notwith~tandir.g: :~nd thercupon ur
- Ihere:~fter, a~ Ihe optiun of SaiJ mortgaeee. uithout ni~lice or demand. ~uit ai law~ ar in zqoity. may be pra~ecuted as if all money~ secured here-
hy h:~d matured prios 1o its in~litulion. Th~ mongagee may fareclose ihi~ mortgage. :~t to the :+mount so Jeclared due and pa~•able. and the SaiJ
~ premi~es shall be suld to s.iti~fy anJ pay the ~:+me together w•ith cii~~s. e~penses. :+nd atluK•ances_ In case of p.,rtial foreclowre of this mortga~e. -
~he mortg:,~eJ premises shcill he soW wbject to the cominuing lien of this raort~age fur thc ar.~aum of the deM not then Jue anJ unpaiJ In such
=i case ~hc provisiont ot Ihis para~:r.sph mi~}~ again tx a~ ailed ot ther~after irom time ta timc h}• the mortgagce_ - ~
Y.
11. That the morlgagur .sill ~i~e immeJiate nolice h~- mail t~• the martgaeee of an~• com~e~•ance_ transfer. or ch:~nge of ownerahip af Ihe
premise~. . -
I?. That no waiver of anp co~~enant herein or ~~f the obligation secured herehy tihall at any time thereafter be helJ to t~e a w~ai~er of the :
tFrms hereof or of ~he note secured herehy. ~
, . . ~ . _80~K~?J7 PAGf2Q~ .
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