Loading...
HomeMy WebLinkAbout2170 ' . 2. fhat, m.~~Jer nx~re fully t~? prut~tit Ihr ,rcunty uf ~h~~ murtgag~, thr nuaig.~g.a. i~~~;rihrr Huh, an.l in .~.I.litiun tu. ihr ~~w~nthl~ paymtnt~ unJ~r thr Irrm~ ul tht nutr +ctiur~tii hrrrh~. un thr tir~1 Ja~ uf rsch munth unul thr .:uJ outr n tull~ paiJ. Nill pa~ tu lhr iU.~~lgagca Ih~ ~uUuw~ng ~Unl~. la) An anwunt cuffKi~nt tu proviJr thr huWer hrrrof with fuhJ~ to pay thr nr~t rtxxtgage ~muran~r prrm~um if ~hi~ imtrumrn~ anJ iht nute ucurc~ hrt~by are imureJ, ~x a munlhly chnrge Iin liru uf a nxxigage imurance prcmiuml if thry ure hrlJ by ~hr tircrrtary of Huusing and l!~b:~n [k~elupmrnt, a+ fullow+: IU If and w long a+ wiJ note of rvrn Jate anJ Ihi~ imtrumrnt are ~mureJ ~?r are rrimurrJ unJer thr n~ovi~ium uf thr Na~ianal Huu~ing Act, an am~~um suf~c~ent to accumulate in the harxf. ot the holder une 111 rtwnth prior tu iu due Jatr the annual murtgagr ~nwrance premium, in urdrr tu pruv~de ~uch huldrr with funds tu pay w~h prCmium tu ~hr ~e~retary uf Huwing a~J l~rban [kvrlupment punuant tu tht Nat~unal Hou~~ng A~t, as atnenJeJ, anJ applwablr Krgulatium thr~runJer, ur • ~111 11 and w lung a~ wid note uf rveo Jate anJ thi. imtrument are held hy the Secretary of Huu,ing anJ Urbari fkvrlopment, a nwnthly charge lin liru uf a mur~gagr imur,~n~r prrmium) Nhich ,hall t+r in an :imuunt ryual 1u onr-INrlfth 111121 uf u~e-half 1':l per centum uf thr •rvcrage uuatanJing b:?lan~e due un thr nute cumputrJ wilhuut ta?~ng intu a~tuunt drlinyuencie+ur prepaymrnt.: Ih1 A wm eyurl to Ihr grourxl rent., if any, nrxt Jur, plu+ thr {xrmium+ that will next t+rcome due arxi payable on policie~ of fire unJ other ha~ard imurancr covenng the rtK~rtgaged {xoperty, plus taxe+ 3nd at~zUmrnt. nr~~ due un the mixtgagrd proptrty lall as estimatrd by the nwrtgagee) less all sums alrrady paid ~hrrefor dividctii by the numbrr of muntha tu elapae txfure one month pnor tu ihe dale when ~u~h ground rents, premwms, taxr,, arxl a»e~<ment+ will hrcume delinyurnt, such wmt to t~ hrlJ by mur~agee in tru~~ to p:~y ~aid ~rounJ re~lts, premium~, taxec, and ~pecial a,.r.imrnt+: anJ 1c1 All payments mentioned in the two preceding suMn:tiom of this paragraph and all paymrnts tu t+~ made uixler the nute secured hrrcby ~hall br aJde~! tugether snJ the aggrrgatc amuunt thereuf ~hall br puiJ b} thr nxatgagor ~a~h munth ~n a~ingle p~ymcnt w t+r ~pplied by the martgagee to 1hr fu11uN ing i~em~ in ~h~ urJer stt furih: I11 premium chargrs under ~he contract ut~ insurance with the tiecrelary uf Huu,ing and Urb:?n Ikvelupment, ur ~rx~nthly charge lin lieu of m~xtg:~ge ~nsurance premiuml, as the c•asr m~y tx; 1111 gruund rent+, taxc+, a.Ue+srt?en~c, firr, arni othrr h:u:uJ imur:,rxe pr~mium~; 11111 ~nterr+t un thz nute srcurtd hrrcby; anJ IIV1 amorlizatiun uf the principal of said nute. :\ny defwirn~y in thr anwum uf wch a~;regat~ munihly paym~nt ,hall. unlr., madr gu~xl h~ th~ m.~rig:~gar priar tu tht dur datr uf the ne~~ ,uch paymrnt. cun,titute ~n ~~rnt uf default und~r thi+ mur~gag~. Thr murtgagrr ma~• cullc-~t a' latr chargc" nut tu r~ce~d twu cenh ~Zcl fur rach ~k~llar ISI? u( ~r~h pa~mrnt mur~ than fifl~rn tl~l Ja~+ m a~rc:~n tu ~uv« th< <~tra ~x{xmc in~ulv~d in han.llin~ drlinqurnt p~ym~nt+. t. that ~f Ih~ lulal ut~ th~ paymrnt~ madr by Ihr m.~rtg~gur undrr Ibl uf paragraph ' pr«edin~: .h:Jl ~~i«J th~ anx~unt uf Ih~ paym~nh B~IUJII) maJr M thr nwrtgagrr, fur gruunJ rcnl+, ta~r~ anJ a+~~~.m~nt~ anJ ~n+urarw~ prcmium., a+ thr r:~x ma~ t+~, ,ucF. excess at the option oC the mortgagee, shall, be credited un subsuquent payments to be madz by Ihe mortgagor, or refunded to the nx~r~gagur. 11. huHrv~r. ~hr ax~nlhly payoi~nt+ m:H1~ by thr murtgagur undrr Ibl uf paragraph 2 pnti~J~ng .hatl nut tx wfticient tu pay ~ruund rrnt~, ta~~~ unJ ~,.r„mrnt. anJ in,ur.incr pr~m~um.. a. ~h~ ~a.r may I+c. whrn thr wtnr +hall brcum~ dur anJ pa):ibk. Ihrn thr nwrlg:~ur .hall pa~ tu Ih~ murtgagrr any anwunt nct~~5.ar~ malr up thr drfi:irn:p. un .x hefurc thr dalr ~hrn papmcnt uf ,u~h gruun.l rcnt~. ta~~.. a~k~,m~nt,, ur in,ur.~nr~ premium~ ,h:dl t.~ dur. II at an~ um~ ~h~ mixtgagur ,li~ll t~nJcr tu lhe murtga~;~r ~n accurdan.;r Nuh thr pruvi.~un, uf thr not~ ~ecur~d hrrehy, full paymrnt uf ih< <ntirc indrhtctilnr,. repr~.rnt~J thereby, thr nwrtg~g~r ,h~ll. in cumpuung thr amuum uf ~u~h inJeht~tiln~,~. crrdN tu thr a~~uunt .if thc murtgag~K all paym~nt. ma~e under th~ pru~i+~um uf lul „1 par,~graph : hrreuf..hi~h ~h~ murtgag~e ha, nut hrci~m~ ubligat~Yl tu pa~ tu thr Sctirrtan uf Huu~ing anJ l:rhan U~~elupm~nt anJ an~ h:Jan.~ rrmaining in Ihr fun~h ac:umulatrJ und~r thr pm~i~ium uf Ih~ uf .:~iJ paragraph If thrrr .h;Jl tx a defat~h undcr am ~~t thr pr.~vnium uf thi. mortgage, ri~ulling ~n a p~~hl~~ ~:dr uf th~ prrmi,~~ cu~rr~yl h~r~h~..~r if thr murlEag« atyu~rt. Ih~ ~~~,p«~. .,tn«..~,~ .~ticr .lrfaul~. Ihr m~~rtgag« .h:ill appl}, at th~ ti~nr uf thr ~ummrncrmrnt ul .u~h p~~krrd~ag..~r at thr ~imr thr pm~xrn ~,~hrr..i,r .«ywred. Ihr haLm:r ~hrn remainmg in thr funJ. a~cumulal~Y1 undrr ihi ul par.igraph prcr~vl~ng a. crr~l~t again~~ thr amuunt uf pnn:~p:J th~n rrm:uning unpaid undrr ,aid nu~i an~l .h:dl pru~xrl~ aJju.t :~n~ p:~~mrnt, uhi~h .h:~ll h:~~~ Fkrn m:~Jr undcr 1~~1 „t~,aid p.ir.~gr.~ph. -1. I hat hr ti~ll pa~ all t:?~r._ a~,r.,m~m.. H:~t~r r.itr,. anJ .>thrr Luvrrr~m~ntal ur mun~cip:~l :hargr,. linr,. ur im~~,~uun,. ti~r ~~h~ch prav~.~un ha. nut Fk~n madr hirrintkf~~rc, and in drL~ult thrrt~~f thr nuirtg:~gcr mu~ pa~ thr .amr. anJ ~hat hc Nill prumpth drl~~rr thr ufti~~al rctir~ph thrrrfur tu lh~ mortgag~r. . ~ fhat h< <rill prrm~l. ~ununrt. nr ,ufl~cr nu H:?,tr. imp:urmrnt. i~r d~trn~~r:~ti~m af .aid pr~~prrt~ ur :~n~ part thrrrof: anJ ~n 1hr ~~rm ,~f thr f:ulurc nf ~hr mur~g.~cur tu ?r~p Ihc huiWin~, .~n ..~iil prenu.r. and thu.~ tu h~ rrc:~~d i,n ,:uJ prrnu,~., ur impru~rmrnt~ thrrrun. ~ iR (d~MNI rrpair, thr nH~rtgagrr ma~ maAt wch rrp:ur. a. in in di.crcUun ii may drrm n~-~c~~ar} fur ~hr pn~er prrxn:~uun thrrcuL ~nJ E thc full anwunt uf ~:e~:h anJ ~.~ry w~h paymcnt ,hall hc: imm~Jiatrt} dur anJ pa~ ahlr. :~nd .h:Jl hc xtiur~Yl M' th~ lirn ~~f th~. m.~c tgagr. ~ n. ~ha~ hr N ill pay :~II and ,ingul:~r thc r~nt,. chargr.. and rxpen,~ti, including r~a,unaMr laHy~r'. fr~ti. :~nd ru,t. uf :?h,tract, uf titlr. ~ m~urr~til ur paiJ at :my umr hy ~hr mortgagee txtau.e ~~f the failur~ un the part uf thr rrx~rtgagor promptly .~nd fully to perti~rm thr z agrrrmcnts xnd cuvcnant. uf w~d prum~s~ury notr anJ this murtgagr. and s:~~d cu,t~. charge,. unJ r~prm~h ~hsll hr ~mntcJ~atrl~ dur :+nd 'v pa~ahlr an~ ~h:~ll h~ ,r~ur~J b~ Ih~ h~n i~l /hi~ murtgaK~- 1 ha1 hr tiill lrip thr impruvrmrnh nuw r~i.Ung ur hrrcaflrr ~reit~d un 1h~ nwrlgag~J pruExrt~_ ~murrd a, ma~ t+r rryu~r~yt frum ~ timr tu umr h} ~hr m~rr~gag« :~gainst I~ns bq fire anJ uther hai~rJ,. ~asulatie.. anJ cuntingrncie. in wch amuum~ anJ t~~r .uch prr~~~J.:~. j m~~ tk reyeurrJ h~ mur~gagrr. anJ vcill pay prumpUy. Nh~n due. any premium~ un wch ~mur,~ncr fur pa~ mrnt uf whwh pr~» ~,iun ha~ nu1 ; bren made hereint~efcxe. All insurance shall be carrieci in companies approved by mortgagre and the policies arxi renewalz thereof ~hall F hr hrW h~ m~~rtgagre :inJ have attacheJ theret~~ lo~~ p:~~ahlr :lau.e. in L•~~u~ of anJ in fixm acc~pt:~ble tu thr mung:tge~. In r~rnt uf 1~~„ f ~ > r r r ~ ti ~ hc w~II n~ immcJ~at~ noti:r b mail tu m~~rlga uxl n~~~rt may mal.c na+f uf lu.~ if rx~1 madr rum Ih h~ murt ~ur. and rach i ~murarnr ~ompan~ cuncrrnrd i~ hrreby aulhunted anJ ~irctitrJ to m:~lc p~)m~nt ti+r ,u~h I~~,. J~rectl~ lu I1tUflE,:it.l'C imtrad ~~f tu nti,rtg.igur ~nd mu:Igagrr IuinU~. and th~ imur.~nir pnkrcds. ur any parl thrrro(. ma~ ht appli~J h~ nwngagrr a~ ih uptiun ~~thtr lu thr - r~ductiun <~f ihr inJchtr~ne.. herehy ~ccurcd ~~r t~ the rcuur.uion or repair of the propert} Jamagrd. In rvrrtl of forcclo~ure uf Ihi. murt~:~gr ~fr ulh~r tr.~n.frr tiUr thr m~~rl~:ag~d pr~~rrty ~n r~Ungu~.hm~nt th~ ~ndrMrdnr„ ucur~d hrr~h~. :~II righ~. Iillc. :~nd F mttrr~t uf thr m~~rt~:~gur ~n :in~l ti.:uiy imurancr p.~lr:iec thrn ~n (urc~ ah:Jl p:~„ a~ thr pur.h:~,rr ur crantrr. ~ K. 1 h:~t thc m~~rtta~rr m:~}. at am ~imr pcnJing ,mt uEx~n th~, murtgagc. apph t~~ ~h~ cuurt hac~ng ~unxli:uun thrrruf fui tht ;~~~~ntmrm ..F a r~~ir~~tr. and .uch couri ~hall Gxihwilh apM~int a r~eiver of thr prcmitie~ cuvrrrJ herrh~ ,JI anJ ~ingular. inclsiJin~, all ~ .~nJ .~nguLu thr ~n:~~~nr. pn~tit.. tvw~s, anJ revrnue~ from N•hatever sourc~ dencrJ, rach and e~cn ~~t~ Hhich. it hring ~~pr~„I} ~ und~nt~~~w1. i, hrrrh} m~~rtt:~~;rJ a. if ~pr~iticall~ ,~t furth and J~~xritxrd in thr granung anJ hatkn~um ~L~u,~. hrrr~~l. and .u:h rr~ci~rr ~ ,hall h.~~~ all ~hi hr~aul .~nd rlf~titnr funcU~,nc anJ p~~wer. in anywi.r enlrn.trJ hy a cuurt t~? a recenrr. anJ ,u~h app~nntm~nt .hall br madr h} .u.h iuurt en :~Jmiurd ryud~ :~n.l m:~ttrr ~,f :?h,ulWr right t~~,aiJ murtg.~g~r. :~nJ ~:nh~~ut rrfrrrrhr tu thr adryu:~c} ~+r ° ~n:~Jryu:«~ ~~f ~hr ~:ihrr uf thr pruprrt~ murtg~gcd ~N tu the wlvrncy ur imoh~rncy uf ,:~iJ nx~rig:~gur ~tr thr drt~nJcnt,. .~nd that ,~~ch ~7 rrnt~. prutit~. ~ncumr. uwr~. anJ r~v~nur~ ,h:Jl h~ eppl~rd h~ wch rr.rive~ :~c~urd~ng tu the Gen uf Ihi. murtgege and thr pr:~chrr uf wch cuurt. (n Ih~ rv~n1 uf .~m Jrf~uh un thr p:ut ~,f thr m~~rtg:~g~,r hrrcunJrr. the m~~rtgagur .~bre~~. tu pa} tu thr murtgagrr un :Irman~l a~ rea~~~nahle munlhl~ renl:+l f~~r Ihc premi~~, an :~muunt at Icatit eyui~alrnt to une-tw'elfth 11/121 ~f the :~ggr~g~t~ of ~he twrl.•r nx~nthl} m~tal~mrnt. pay~hle in the thrn current yrar pluti thr a~tual amuunt of the annu:~l tax~y. a.~e>.mrnt~. w:~tcr ratrti. an.l inwrance premiumti ~ ` f~~r .uch ycar nut ~u~rrrJ h)' th~ a~i~rr+aid munthly paymcnh. '1. fh:~t I~rl in thr r~rnt „f :~m hrea~h uf thi. murtgagr ~~r defauh i~n thr part u~ ~hr nh~rte:~gur. ~~r Ihl in the e~rm that .~m ~,f ,aiJ .um. ~~1 m~inr~ hrrein rrfencr3 tn h~ n~~i pn~mptl~ :~nJ full~ p.ud Hith~ru~ Jrm:~nd ~~r n„u~r. ~~r ir1 in thr ~~ent th:~t rnch :~n~ r~rn thr ° .tipuleUun.. .~grrrmtnh...,nJ~uun.. :md cu~en~nl~ of ~aiJ ncNc and th~. m~Ktga~Zr. arr nu~ dul~. prumptl~. an.l (ull} pr~ti,nncJ: thrn ~n r~Ihrr ur n~i} wch ~~rret. thr ,aid ~ggregalc ium mrnl~uned in ,a~J n~~tr Ihrn rrm:imig unpaid. rth int~r~~t a~~rued 1~~ ih:~t Urnr. and :dl nx~nr~. .r:ured hcrrh~. ~h:Jl hrr„mc Juc :md p:~~~ahl~ f~,rthwith. or thrrratirr. :d thr ~~tiun uf.a~J murtg.~Err. a, full~ anJ ~umptrtrh if ~II ~,f thc eud .um. ~~f rrx~ney Nrrc urigin:?II} ,tipulatrd tu tk p:uJ un ,uih J:?y. :inyth~n~; in ,ai~l nu~r ur in ~hi. nr~rtE.~gr t~~ Ihc i~,ntr.~r) ~ nu1N ith.t:~nJ~ng: ~nJ ther~upun ~,r th~r~after. at the opuun .~f w~J murtgag~e. w~thuut rw:~~~ ur Jrm:~nJ. ,u~t :~t I.~w ur m cyu~t~. m:i~ hr r= - pru.r~uttd a, ~f all nr,nr~~ .ccurcd h~rrhy h:~J maturctif pn„r tu it, in,Uwtii~n. fhr nx~rt6.~Err ma~ turrrlu,r th„ murtg:~gr. a. tu thr .~m~~unt declarrJ dur ~nd payahlr. :+nJ thr .:ud prenu.~. .hall hr .~dd t~~ ,ati~f} and pa~ the .amr t~~grther with cu.t.. ~~prme~. :uid aUuwamr.- In c.~.r uf parual furr.lu,urc ~~f thi, m~~rtgagr. Ihr murtgagcJ prrmi.r..hall he vrlJ ,uh~cct t~~ thr ~unUnu~ng I~rn ~~f thi. nx~rt~:~gc f~~r thr :~muunt ~~f tht drht n~it th~n ~lur :~nJ unpa~~l. In .uch ::i.r thc pru~ni~~m uf thi. p:~r.~craph ~n:~~ :~g.un hr a~:~~lyd ~~f lhtri:Jtrr frum Simc t~~ hmc h~ ~hr n7u~lEage~. 11) 1 h:~~ thc m~,rlg.iE„r w dl g~~r immrdr.~tr nut~ir h~ ma~I tu thr murtg~g~r uf an~ ~~,mr}:~ncc. tran.fcr. ur ch~ngr uf ~,wncr~hip ~,f thr pr~ mnr.. ! 1. I hn~ n.~ H:~~~rr u( am .~,~~nant h~rein ur ~~f thr „hl~g:~hun ~rcureJ hrr~h} .hall at an~ tim~ thereatl~r b~ hrlJ tu hc a Ka~~cr uf the ~crnt~ h~r~~~F ~ir ~if Ihr nulr .rcureJ herrhp. 12. I ha~ if thr nwrtgatiur Jrf:~ult in .~n} ~hr cinrn.~nt. ur agrrcmrnt. ~un~.un~J hrrrin. ur in wiJ nute. thrn thc m.xlgagcr ma) perfurm the ~amr. :~nJ all r~prn~liturr~ ~ in~luJmg rra.unahl~ :~tt~~rnry'. (rr~l maJc h~ thr rm~rtgagrr in H~ duing ~F13II 1If31N intere+t a~ 1he ratr ,rt furth m thr nutr .rcurrd htreh~. anJ ~hall t+e r~p~~~hlr ~mm~Yl~ately :~nJ Nith~~u1 demand h~ thr rn~xtgagur to thr rrn~rlgagee, anJ. - tugrlher w~th intere~t and c~~.t, accru~n~; th~re~.n. ,hall he +rcureJ by thi~ murtgagr. aR~ SUO~t ?~GC <;; ~ . _ . _ - _ _ " . _