Fill - Free fillable WHEN RECORDED MAIL TO New Jersey Housing and (NJHMFA) PDF form

(Page 1 of 7 pages)

WHEN RECORDED MAIL TO

New Jersey Housing and Mortgage Finance Agency

637 S. CLINTON AVE., PO BOX 18550

TRENTON, NJ 08650-2085

LOAN #: __________________

______________________[Space Above This Line For Recording Date]______________________

MORTGAGE

THIS MORTGAGE is made this ___________________ between the Mortgagor,

________________________________________________________________________

(each herein a “Mortgagor”), and the Mortgagee, New Jersey Housing and Mortgage

Finance Agency, a body corporate and politic organized and existing under the laws of

the State of New Jersey (the State), whose address is 637 S. CLINTON AVE., PO BOX

18550, TRENTON, NEW JERSEY 08650-2085 (herein “Lender”).

WHEREAS, Mortgagor is indebted to Lender in the principal sum of U.S. TEN

THOUSAND DOLLARS AND ZERO CENTS ($10,000.00), which indebtedness is

evidenced by Mortgagor’s note dated ___________________ (herein “Note”), with any

amount due and payable under the conditions stated in the Note, or, alternatively, the

entire balance of the indebtedness, upon the satisfaction of certain conditions set forth in

the Note, to be forgiven on _________________________ .

TO SECURE to Lender the repayment of the indebtedness evidenced by the Note,

with interest thereon; the payment of all other sums, with the interest thereon, advanced

in accordance herewith to protect the security of this Mortgage; and the performance of

the covenants and agreements of Mortgagor herein contained, Mortgagor does hereby

mortgage, grant and convey to Lender the following described property located in the

County of __________________ , State of New Jersey:

SEE SCHEDULE “A” LEGAL PROPERTY DESCRIPTION

which has the address of __________________________________________________

(herein “Property Address”); SEE SCHEDULE “A” (Legal Property Description)

attached hereto and made a part hereof.

TOGETHER with all the improvements now or hereafter erected on the property,

and all easements, rights, appurtenances and rents, all of which shall be deemed to be and

remain a part of the property covered by this Mortgage; and all of the foregoing, together

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with said property (or the leasehold estate if this Mortgage is on a leasehold) are

hereinafter referred to as the “Property.”

Mortgagor covenants that Mortgagor is lawfully seised of the estate hereby

conveyed and has the right to mortgage, grant, and convey the Property, and that the

Property is unencumbered, except for encumbrances of record. Mortgagor covenants that

Mortgagor warrants and will defend generally the title to the Property against all claims

and demands, subject to encumbrances of record.

UNIFORM COVENANTS. Mortgagor and Lender covenant and agree as

follows:

1. Payment of Principal and Interest. Mortgagor shall promptly pay when

due the principal evidenced by the Note.

2. Application of Payments. Unless applicable law provides otherwise, all

payments received by Lender under the Note and paragraph 1 hereof shall be applied by

Lender to the principal of the Note.

3. Prior Mortgages and Deeds of Trust; Charges; Liens. Mortgagor shall

perform all of Mortgagor’s obligations under any mortgage, deed of trust or other

security agreement with a lien which has priority over this Mortgage, including

Mortgagor’s covenants to make payments when due. Mortgagor shall pay or cause to be

paid all taxes, assessments, and other charges, fines, and impositions attributable to the

Property which may attain a priority over this Mortgage, and leasehold payments or

ground rents, if any.

4. Preservation and Maintenance of Property; Leaseholds; Condominiums;

Planned Unit Developments. Mortgagor shall keep the Property in good repair and

shall not commit waste or permit impairment or deterioration of the Property and shall

comply with the provisions of any lease if this Mortgage is on a leasehold. If this

Mortgage is on a unit in a condominium or a planned unit development, the by-laws and

regulations of the condominium or planned unit development, and constituent documents.

5. Protection of Lender’s Security. If Mortgagor fails to perform the

covenants and agreements contained in this Mortgage, or if any action or proceeding is

commenced which materially affects Lender’s interest in the Property, then Lender, at

Lender’s option, upon notice to Mortgagor, may make such appearances, disburse such

sums, including reasonable attorneys’ fees, and take such action as is necessary to protect

Lender’s interest. If Lender required mortgage insurance as a condition of making the

loan secured by this Mortgage, Mortgagor shall pay the premiums required to maintain

such insurance in effect until such time as the requirement for such insurance terminates

in accordance with Mortgagor’s and Lender’s written agreement or applicable law.

Any amounts disbursed by Lender pursuant to this paragraph 7, with interest

thereon, at the Note rate, shall become additional indebtedness of Mortgagor secured by

this Mortgage. Unless Mortgagor and Lender agree to other terms of payment, such

amounts shall be payable upon notice from Lender to Mortgagor requesting payment

thereof. Nothing contained in this paragraph 7 shall require Lender to incur any expense

or take any action hereunder.

6. Inspection. Lender may make or cause to be made reasonable entries upon

and inspections of the Property, provided that Lender shall give Mortgagor notice prior to

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any such inspection specifying reasonable cause therefore related to Lender’s interest in

the Property.

7. Condemnation. The proceeds of any award or claim for damages, direct or

consequential, in connection with any condemnation or other taking of the Property, or

part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be

paid to Lender, subject to the terms of any mortgage, deed of trust or other security

agreement with a lien which has priority over this Mortgage.

8. Mortgagor Not Released; Forbearance By Lender Not a Waiver.

Extension of the time for payment or modification of amortization of the sums secured by

this Mortgage granted by Lender to any successor in interest of Mortgagor shall not

operate to release, in any manner, the liability of the original Mortgagor and Mortgagor’s

successors in interest. Lender shall not be required to commence proceedings against

such successor or refuse to extend time for payment or otherwise modify amortization of

the sums secured by this Mortgage by reason of any demand made by the original

Mortgagor and Mortgagor’s successors in interest. Any forbearance by Lender in

exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall

not be a waiver of or preclude the exercise of any such right or remedy.

9. Successors and Assigns Bound; Joint and Several Liability; Co-signors.

The covenants and agreements herein contained shall bind, and the rights hereunder shall

inure to, the respective successors and assigns of Lender and Mortgagor, subject to the

provisions of paragraph 13 hereof. All covenants and agreements of Mortgagor shall be

joint and several. Any Mortgagor who acknowledges this Mortgage, but does not

execute the Note, (a) is co-signing this Mortgage only to mortgage, grant and convey that

Mortgagor’s interest in the Property to Lender under the terms of this Mortgage, (b) is co-

signing this Mortgage only to mortgage, grant and convey that Mortgagor’s interest in the

Property to Lender under the terms of this Mortgage, (c) is not personally liable on the

Note or under this Mortgage, and (d) agrees that Lender and any other Mortgagor

hereunder may agree to extend, modify, forbear, or make any other accommodations with

regard to the terms of this Mortgage or the Note without that Mortgagor’s consent and

without releasing that Mortgagor or modifying this Mortgage as to that Mortgagor’s

interest in the Property. The spouse or domestic partner who intends to reside at the

Property as his or her principal residence but is not party to the Note shall acknowledge

that their interest in the Property is subject to this Mortgage.

10. Notice. Except for any notice required under applicable law to be given in

another manner, (a) any notice to Mortgagor provided for in the Mortgage shall be given

by delivering it or by mailing such notice by certified mail addressed to Mortgagor at the

Property Address or at such other address as Mortgagor may designate by notice to

Lender as provided herein, and (b) any notice to Lender shall be given by certified mail

to Lender’s address stated herein or to such other address as Lender may designate by

notice to Mortgagor as provided herein. Any notice provided for in this Mortgage shall

be deemed to have been given to Mortgagor or Lender when given in the manner

designated herein.

11. Governing Law; Severability. The State and local laws applicable to this

Mortgage shall be the laws of the jurisdiction in which the Property is located. The

foregoing sentence shall not limit the applicability of Federal law to this Mortgage. In

the event that any provision or clause of this Mortgage or the Note conflicts with

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applicable law, such conflict shall not affect other provisions of the Mortgage or the Note

which can be given effect without the conflicting provision, and to this end the provisions

of this Mortgage and the Note are declared to be severable. As used herein, “costs,”

“expenses,” and “attorneys’ fees” include all sums to the extent not prohibited by

applicable law or limited herein.

12. Mortgagor’s Copy. Mortgagor shall be furnished a conformed copy of the

Note and of this Mortgage at the time of execution or after recordation hereof.

13. Transfer of the Property. If all or any part of the Property without

Lender’s prior written consent, Lender may, at its option, require immediate payment in

full of all sums secured by this Mortgage. However, this option shall not be exercised by

Lender if exercise is prohibited by federal law as of the date of this Mortgage.

If Lender exercises this option, Lender shall give Mortgagor notice of

acceleration. The notice shall provide a period of not less than 30 days from the date the

notice is delivered or mailed within which Mortgagor must pay all sums secured by this

Mortgage. If Mortgagor fails to pay these sums prior to the expiration of this period,

Lender may invoke any remedies permitted by this Mortgage without further notice or

demand on Mortgagor.

NON-UNIFORM COVENANTS. Mortgagor and Lender further covenant and

agree as follows:

14. Acceleration; Remedies. Except as provided in paragraph 13 hereof,

upon Mortgagor’s breach of any covenant or agreement of Mortgagor in this

Mortgage, including the covenants to pay when due any sums secured by this

Mortgage, Lender prior to acceleration shall give notice to Mortgagor as provided

in paragraph 10 hereof specifying: (1) the breach; (2) the action required to cure

such breach; (3) a date, not less than 10 days from the date the notice is mailed to

Mortgagor, by which such breach must be cured; and (4) that failure to cure such

breach on or before the date specified in the notice may result in acceleration of the

sums secured by this Mortgage, foreclosure by judicial proceeding and sale of

Property. The notice shall further inform Mortgagor of the right to reinstate after

acceleration and the right to assert in the foreclosure proceeding the nonexistence of

a default or any other defense of Mortgagor to acceleration and foreclosure. If the

breach is not cured on or before the date specified in the notice, Lender, at Lender’s

option, may declare all of the sums secured by this Mortgage to be immediately due

and payable without further demand and may foreclose this Mortgage by judicial

proceeding. Lender shall be entitled to collect in such proceeding all expenses of

foreclosure, including, but not limited to, attorneys’ fees permitted by Rules of

Court, and costs of abstracts, title reports and documentary evidence.

15. Mortgagor’s Right to Reinstate. Notwithstanding Lender’s acceleration

of the sums secured by this Mortgage due to Mortgagor’s breach, Mortgagor shall have

the right to have any proceedings begun by Lender to enforce this Mortgage discontinued

at any time prior to entry of a judgment enforcing this Mortgage if: (a) Mortgagor pays

Lender all sums which would be then due under this Mortgage and the Note had no

acceleration occurred; (b) Mortgagor cures all breaches of any other covenants or

agreements of Mortgagor contained in this Mortgage; (c) Mortgagor pays reasonable

expenses incurred by Lender in enforcing the covenants and agreements of Mortgagor

contained in this Mortgage, and in enforcing Lender’s remedies as provided paragraph 17

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hereof, including, but not limited to, reasonable attorneys’ fees; and (d) Mortgagor takes

such action as Lender may reasonably require to assure that the lien of this Mortgage,

Lender’s interest in the Property and Mortgagor’s obligation to pay the sums secured by

this Mortgage shall continue unimpaired. Upon such payment and cure by Mortgagor,

this Mortgage and the obligations secured hereby shall remain in full force and effect as

if no acceleration had occurred.

16. Assignment of Rents; Appointment of Receiver. As additional security

hereunder, Mortgagor hereby assigns to Lender the rents of the Property, provided that

Mortgagor shall, prior to acceleration under paragraph 17 hereof or abandonment of the

Property, have the right to collect and retain such rents as they become due and payable.

Upon acceleration under paragraph 17 hereof or abandonment of the Property,

Lender, in person, by agent or by judicially appointed receiver, shall be entitled to enter

upon, take possession of and manage the Property and to collect the rents of the Property

including those past due. All rents collected by Lender or the receiver shall be applied

first to payment of the costs of management of the Property and collection of rents,

including, but not limited to, receiver’s fees, premiums on receiver’s bonds and

reasonable attorneys’ fees, and then to the sums secured by this Mortgage. Lender and

the receiver shall be liable to account only for those rents actually received.

17. Release. Upon payment of all sums secured by this Mortgage, Lender shall

cancel this Mortgage without charge to Mortgagor. Mortgagor shall pay all costs of

recordation, if any.

18. No Claim of Credit for Taxes. Mortgagor will not make or claim credit on

or deduction from the principal or interest on the sums secured by this Mortgage by

reason of any municipal or governmental taxes, assessments or charges assessed upon the

Property, nor claim any deduction from the taxable value of the Property by reason of this

Mortgage.

[THIS SPACE INTENTIONALLY LEFT BLANK]

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_________________

REQUEST FOR NOTICE OF

DEFAULT AND

FORECLOSURE UNDER

SUPERIOR MORTGAGES OR

DEEDS OF TRUST

______________________

Mortgagor and Lender request the holder or any mortgage, deed of trust, or other

encumbrance with a lien which has priority over this Mortgage to give Notice to Lender,

at Lender’s address set forth on page one of this Mortgage, of any default under the

superior encumbrance and of any sale or other foreclosure action.

IN WITNESS WHEREOF, Mortgagor has executed and acknowledges receipt of

pages 1 through 7 of this Mortgage.

______________________________(Seal)

ACKNOWLEDGEMENT OF NON-BORROWING SPOUSE OR DOMESTIC

PARTNER:

I hereby acknowledge and affirm, that although I am not party to the Note, my interest in

the Property is subject to Lender’s interest created by this Mortgage.

_________________________________

Signed, Sealed, and Delivered in the Presence of:

_______________________________ _______________________________

STATE OF NEW JERSEY, County ss:

On this ____________day of ________________, before me, the subscriber,

personally appeared _______________________________________________________

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_____________________________________________________who, I am satisfied,

is/are the person(s) named in and who executed the within instrument, and thereupon

he/she/they acknowledged that he/she/they signed, sealed, and delivered the same as

his/her/their act and deed, for the purposes therein expressed.

______________________________

Notary Public

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