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HomeMy WebLinkAbout0857 2. 7ha~. ~n wdtr nM~rr lull> ~u pr~~tc~;~ ihC ~erunry uf ~hi~ murt~;:~gr, thr uwi~ka~;u~. ~~~grthri ..iUti. .uHl ~n a.l~lit~~~n tu. ihr nw~nthh paymrn~~ un~rr thr trrm. uf ~hr nut~ .~`urcrl h~rrby, un ~hr fint ~lay ~~1 ra;h munth unul thr ~:uJ nutr i~ fully pai~l, Hifl p;~y 1u Ihr murlgagre thr IiHluNing.um.~ la! :~n arn~~unt .uffKirnl !o pruv~dr Ihr huldrr hrrrof Nhh fu~d. tu pay thr nrxt rtx+rtgage mwranc~ prrmium if ~h~~ ~mtnimem and the nutr ,tcured herrhy arc inwr~d. .x a mumhly c~~rKe iin licu uf a rtxutgagr imurance prrmiuml if ~hry are heW hy the 5ecrctary uf Huu~ing and l~rhan Derrlopmrm, a~ li~tluw,: fl) If and u? long as .:~iJ nutt ~~t rven datr aixl Ihi. imlrumenl arr imurcd ur ure reincured urxfer thr nrovi.ium uf ~hr National Hou,ing A:t, an amuunt wfiicient lu :iccumulate in the hrnd. ui the holder .me 111 mun~h priur t~~ its due dale the :~nnua) mungagr imurancr prrmium, in ~xdr~ h~ pr.~~•~Jr .~kh huldrr H~t4 IunJ~ tu pry ,urh prrmium tu the tit: rctury c~f Huusing ~nJ Urhan Ikvelupman~ punuant to thr Nauun:J Huu+~ng .7~1, a+ am~nJrd, a~x1 :.ppt~~aMr RaguL~Uum lhereundrr, or I I11 If and •u lung a..ai~i nute of rvrn d.~te a?~x! 1hi. imtrumrnt arr hrlJ hy tAr Si~crctary uf Nou.ing :incl l'rtian Ikvrlupmrn~, a moathl~ ch•rrgc ~in liru ul a murtgagr m.uran~~ prcmiuml Hh~~h ~h~ll t+r ~n an amuunl ryual tu unrtHrl(th 1 U121 of unt-hali ~~•zl pcr :rntum ui Ihr a~rragr uuts~aal~ng halan~r Jue un ihe nute wmputrd w'~Ihuut lal.mg intu accuunt del~nyu~nc~C+ur prCpaymrnu: Ib) .4 ~um ryua! W ~hr gr.~urx1 renh, any, nrxt dur, plus the {xemium~ IAat will nrz~ t*ecumr due arxi payable.~n policir<<~f firc aod other hazard ~nsurance cuvecing the nxi~tgag~ pRS~[rty, plus tate+ and :u~ea~mrnt~ nr~t dur un thr murtg:~ged property lall r. estimatrd b~ ti?e murtgagce) Ir~~ al{ sums atready paid Ihercfor divideJ by thr number uf mun~h~ ~u ~laper hrf~~re unr mun~h pnur to the dulr whrn ~uch gnwnd rents, prem~umc, taxr+, a~x1 a~uti.mrnt~ wi11 became Jelinyuent, such ,um~ ~u 1+r hrld by awrlgagrr in tru~t ~u pay +aiJ grounJ rrnt~, prtmium~, ta~c~, and ~pctiial a.~e~.mrnh; und ~cl All payrnrnts men~ioned in tAe two preceding subsections of ~his p:u•rgraph a~xi all paymentc tu be mude undrr the nute scy.urrd hrrchy ~hall tx addeJ tvgrther an~ ~he agqregate amount Iher~of .hall be pa~d h~ thr rmxtgsgur r:kh munth ~n a~mglr nxnt tu be appl~rd by thr murtgagre tu the fulluw ing itrm+ in the order ,rt furth: IU premium cha~ar. unJrr ~hr c~~nt~aci ~~f in,uranee with ihe Srcretary of Housing :~nJ l'rb3n l~velopment, ur munthl~ charge lin lieu uf m~tgagr ~ncurance prrm~uml, a. the ca+e may t+r; - l1U grounJ rrntw taat., a~+c~+mcnt,, firc, and uthcr har.arJ imurunce prrmium.; IIIU ~nterest un the nute,ecureJ hrreby; anJ ~ 11~'1 am~~rtizatiun ~~f the principal of ~id note. .-1n~ drtK:irn.:y in ih~ anwunt ~~f ,uch rggr~batr munthly paymrnt ,ha1L unlr~~ nia~r s~hxl b~ th~ murtg.~gur prior t~~ thr .lu~ d:~tr uf the nr~t .u~h pay~mol. ~.~mtitutr an r~~nt ui Jrfault unJrr ~h„ martgagr. I hr murt~agee ma} ~ull~tit s'lstr ~har~c'~ n~~1 tu r~ieeJ twu rrnt+ ~2c/ fur r~ch ik~llar ~SI) u! ra:h pa~m~nt mur~ then tift«n 11~1 da~, in ,?rrrar w cu~~r th~ rura ~~~~x ~m.,hrJ ~n han.tGng drlioyurnt paymrm.. i. Ihat d Ihr ~ut~l of thr p,~}ntenh m:~~r hy thr murtgagur undcr tAt uf paragr.~ph ' prc~i~ding ~hall rYreeJ thr anH~unl ~~f 1hr paym~nta actually m~Jr hy thr murtgagcr, f~~r gwund rrnt~, la~r, aoJ a,xti,mrnt+ anJ imur;~rwr prrmwm,, a~ th~ cax m:?y be, ,uct. exeess at ~he option uf the murtgagen, shall, be creditr~l un sut~,ryuent payments to be made by the mortgagor, or refunde~l to the rtx~rtgagur. If. huNr~«, thr nti~n~hly pa~m~m. m:nic bp th< <nurtgagur un~irr ~hl of par~gr~ph 2 prctirding ~hall nut (x +uftiiirnt tu pay gruunJ r~nh, ta~r~ and a..r.~m~nt.:,nal ~n,ur~ncr pr~m~um., a. thr ~;?.r m~} t+t. Nhrn thr ~me +hall ikcu~n~ due :+nJ pa~abl~, thrn ~hr murtgagur +hall pry tu the murtgagr~ any umuunt n~v~y.ar~ mai,r up thr ~~n:~~~y. „o ~K i.rt~xe the Jat~ Nhen paynt~nt ~+f ,u:h grourxl rcnt~. ta~r., a..~.,m~nts. ur inwran:~ prrmiunn ~h~fl tk dur. If any Umr the mixigagur ~h~ll ~rn~ier tu Ihe mungagra ~n accurJ:?ncr with thr p~uvi.ium uf thr n.~te ~r~urcJ hrrch~, full paymrnt uf ~hr entirr inJrbtrJnr.+ r~prr.rntrJ thereh~. the nw~n~;agrr ~hall, m comput~nb tha amuun~ uf.u:h inJ~b~rdnr~+. ci~tiiit tu thr ;?~counl .?f Ihr murtgagw all paymrnts maJe unJer thr pruci,ium uf iui uf paragraph 2 hrrruf w hi~h thc murtgagrr h,i1 nut tkwmr uht~g~tctl tu pay to ihr kYrr~ary uf Huu~ing anJ l;rban D~v~lupn?ent a~x1 an~ halancr rcmain~ng in ~h~ fund. ai~umulatrd undrr thr pru~ i~ium of Ih~ ~,f ,aiJ p:iragr.~ph If Ihr~r .h:dl 1x a Jr(ault undrr :~n~ ~~f th~= pru.i,ium uf th~, mort~,agr. re..iltmg in a puhlic ~alr ~~f Ihr prrmi~~~ cuvrrctif hrr~M. ur if the m~Ktgagr~ :~:yu~re. Ihr prup~rn .~thrn~iK afl~r d~G~uh, the mort~agc~ .h:dl .~pply. :~t thr timr vf thr ~ommrn~rmr~n ~~f .uth pr~kr~J~n~;, ur :it thr umr thr proprrt~ n.ahrr~~k :Kyu~r~tif, thr halancr th~n rrm:un~ng in th~ lund. arcumuL~titil unJrr ~h~ ul p:ua~r.~ph prr~~~ting ~ crtdrt .ig:uiti.t th~ .~m~~unt .~f pr~nc~pal th~n rrmain~ng unp.ud under .:~~il nulr and .hall pro~xrl~ a.lju.t am pa~nunt. whi.h ,hall h.ne hrrn ma~ir un~irr r,~t uf .:uJ parag~aph. ~ a. lhat h~ ~iU p.~~ :~Il t:~~c.. .~„~.,mcn~._ ti:ttrr r.it~~. :~nJ uthrr g~~~rrnmr~t:ti .~r muni~~p.~l ih~rgr.. hnr~. ~~r imEx,~it~~,n.. f~a ~~h~~h pruc„i~~n ha~ nut hrrn m:~d~ hcrcinhfor~. aiiJ m drfauh th~rr~~f thr m.~rt~agrr ma~ pa~ th~ .:~m~: :tnd that hr N~II p~~,inpth drli~rr thr afFi~i:il rcti~iplti th~r~fi~r t.~ ihr mnttg.t~:rr. That hr will prrmit.:ummit. ~~r .utlrr nu ~a.tr. ~mp.urmrnt. ur drtrc iur.~tiun ~~f .:u.l pr„prrt~ u~ any part Ih~rr~~f: ,~nd in thr r~rnl af thc failurc i?f thc ruurtgagur tu Lrrp thc hiuld~ng, un .:u~l pr~mi.~.:~nJ th+~.r t~. h~ errctrJ .~n ,a~J pr~~ni.r~. ~,r impru~rmrnh tt~rrr.m. in g.hxi repair. the nK~rt4agrr may muAe wrh repair. a~ in itc d~,crau4~n it ma~ drr~n neic~+ary f.~r thr pru~ar prr.rnatiun thrrtaf. and th~ 1u11 amuunt uf each and ecrry wch p~ymrnt ~hal) t+t immediatcl~ due arxl pa~ ahle, and +hall br ~ureJ by the lirn ol~ {his nx~ngagr 6. 1 hai he w~ll pay all anJ ,mgular the c~rh. charge+, anJ rxpen~~. ~rx;luJing r~a.unsWr IaN}er'~ fr~~. anJ:.~,t. uf ab,tract, ~~f t~tlr. tn~urr~ti! i~r pa~d :~t .tm T~nte h~ thr morli:eR« h~yau~r ~~f thr f~il~u~ on thr part ~tif the m.rrtgagur prumpllp and full~~ tu pcrti~rm thr agre~m~nt.:~nd c.,~~n.~nt. uf .:ud p~„mi..r.~t nu~~ and thi. murt*ag~.:inJ ,:ud:~„t._ chargr._ :~nd r~pcn,r..h.Jl hr immr.hat~h duc end pa):~hl~ ;tnd ~h.d! F+~ ~aiu«il h) thi litn uf th~. murtga~c. ' 1 hat he Arcp thr unpru~em~nl~ iH~N tx~~l~ng i~r hirralter cr«tal un th~ m~~rt~::~~:r~ pruprrt}_ ~mu~rd a. ma~ i.r ~ryuurJ Irum timr tu Unir M thr nH~ng.~grr :~gaimt lu.. h} firc anJ othtr hatard~. ~atiulatic~. :~nd cantmgrn. ir~ in .uch .~m.~unh .~nJ G~r .u:h pr~ i...l..n ma} h~ rryuircal h} nu~rtge~rr, anJ w~ll pay p~umptly. when Juc. an~ premiums un such imur.~ncc f.,r pa~ mrnt ~~f s~ h~~h pn~~ ~.~~~n h:n +tut bcen maJe hcrrint+efixe. .~II insurance shal! be carried in companies approved by mortgagee anJ the polkirs anJ renr~al~ thereof.hall hr hrld h~ m.~rtg~~,c~ :~nJ h:~~r .~tt.ich~Yt thrr~t~~ 1~h~ p:n:tMr :lau~r. in fav~,r ~~f :in~l in furm accrptahlr.tu th~ nw,rl~::~grr. In e~rm uf I~,,, hr uill es~r imm~diatr ~i.,iic~ h} m:~~l tu mu~tg.~ge~. an~t m~,rt?:agrr ma~ mal~ pr~M~fuf fu.. if nut maJr prumptlt h} ~n~~rtgeE~~~.:ind ra.h en,urancr cumpany c~>ncrrn«! i. herehy ~uth~xitrd and d~rctitrJ ta maAe peyment fur .u.h 1~,.. Jnr.tl~ i„ m.~rtcagrc ui,t~.~d :~f t~~ nwirtgagor anJ mortgagr~ juin!I~. :~nd thr ~nsur.?nct pn~:rrd,. ur any part thcrrof. mey hc appGrd hy m~~rtga~:r~ rt h, upuun ~~th~r to thr rcJu~uun uf the ~nJchirJnr.. hrr~h~ ~e~ur,d .~r tu thc rr.t.~raUun ~~r rcp.ur ~~f thr pr~~prrtt ~I.~m:~grJ In rcrnt ~~f f~irr~l.~,ure thi+ mur~gaga ~,r uthrr tren.frr „f ~i~lr t~, thc murtg~grd pr.~rrt} m r~tingin.hmrm ~~f thr indrhtr.lni,~ .r:uird hrrih~. :~II rient. tiU~. .~nd intrrr.l uf ~h~ m~.rtgag~~r ~n anJ ta an~ imu~an.c policirt th~n ~n force tihall pa,• tu th~ pur.ha.rr ~~r granl~r. . , K. (hat ~he m~,rtg:~grc ma~. at .im limr p~nding a~u~~ up~,n th„ m.~rtgage, aPpl~ tu thr:uurt ha~~n~ Iun~de~t~u~~ thrrruf t~~r thr ep~x~~nlrnant u! ~ rrrrnrr. .~nd w~h :uurt ~hall f~xlh~+hh apjxiint rc~~ivrr ~~f ihe prcmice, ~o~creJ hrreh~ .~II :~nJ .in~idar. ~niluJin~ .~11 .,nd .~nguL~r th~ inc.~mr. prutit.. i.,uc., and re~rnue~ fr~~m whatever u,urcr drrivrJ, each and e~rn ~~f ~hich. ~t hr~na r~prr..l~ unJri.t.~~a{. her~h~ inurtg.igctil ati~~f.p~Yifi:aily ~et torth :~nJ Ja.~cntkd ~n [6r graatmg :~nd h~hendum :I:~u,r. hrrrul. :end .ii~h rr.ci?rr ,hall h.»r all ~hr hruaJ :~nd rff~titi~r furhtn,m anJ p~rHer. ~n an~wi,r rmru,trd h~ a ~uurt 1~~ a rr~e~~rr. .~nJ .uch :~ppuintmrnt ,hall he madr b~ .u:h ~uur~ .~n a~lmutrJ ryinl~ and :t matlrr .,f ah.~,lu~r n~ht t~~ .a~d ~nurt~:~~er. _and H ith~~ut rcfrrrncr t.~ Ihr ad~~yua.) ~,r inadryuac~ of the ~'alur ~•f thr pn~prrt~ mrr~LagrJ ur to (hr wl~en:y ur inwlvin:a uf ~a~.1 tttutlg.~~:ut ur the drfrodent.. .~nJ th.ii ,uih rrn1,. pr~~tih. ~nc~~m~. i~.u~~. ared rr~rnur..h.~ll h~ appllrJ h~ ~~~~h r~cei~rr a::u~J~n~; t~~ ~hr hin ~~f lh~~ nH~rtg:igt :~nd thc pr:i~I~~t.~f ~u~h cuurt. In the r~rnt .~f am def:adt ~m thr part ~hr m~~rt~.~~:~~r hr~rundrr. thc murtgagur ~gr~r> tu p:~~ t~, thr muriKagrr un drmanJ a~ a rex.~~n:~h(r m~~nthly rental fi~r ~hr prem~k~. an anu~unt at i~:~.t ryui~alent tu one-twelfth 1 U12? uf the ;ig~trgate ~~f the twelve rrHmthly ~mtallmrnh pay;ihlr in thr thrn current yrar piu, thr .~cU~~l amuunt uf thr annual ta~c~. a>+r~+mrnh. watrr ratr,. anJ inwr:in~r prrm~umti f~~r .il~h ycar nul ~~~~~red h~ Ihc a~„r~w~J munthl~ pa~mrnt.. `1. fhat lul ~n thr r~rnt uf;in~ hrr:~ch iif thi. mortg.:gr ~~r ~rf~ult un thr p:ut ~~f thr nh~rt~:~gur. ~~r 1h) in thr r~rnt ~h:~~ :~m ut,.~id ,~~m. uf m~nr} herrin rrferr~Y1 w hr n~~t prumptl~ anJ full~~ paid withuut drma~d ~~r nuucc. ~~r ~ in thr r~rnt Ihat r.~ih an.t r.rn thr ~upulati~~n.. .~~rrrmrnt.. c~,nil~uun.. .,nd ~uv~n:~nt~ ~if wid nutr anJ ~hn m~~~+ge. arr not Jul~. ~rc,m~th. .~nd lulh prrti~rm~J: thrn ~n ruhrr ur .~m .u~h r~rnt. th~ ~a~d aggrcg~t~ ,um mrntwnrd in ta~d rtute thrn rrm.irnig unpa~d. ~ih ~ntarr.~ :~iin.rd In that I~mr. .inJ :~II trM~nry~ .r:urrd hrrrM. .hall hetum~ Ju~ anJ p:l)';ihle f~~rthaith. ur Iherrafter. :~t th~ ~~t~~m ~~f .aid murtt.~gtc. .i~ full~ .+nd ;umplctrl~ .t. ~f all uf tfie ~:~~J wm. ~~f nwnr~ ..ere ~~n~~nalh ,t~pulat~J tu tn p:uJ ~~n ~u:h Ja~. emthing m.aal n~ur ui ~n thn nr~rtgaKr tu t4~c c~~nir.in rwtw uh+land~ng. and thrreuExm ~~r thrrraftrr. ~t thr ophon uf M~J rrr~rtea~:er. ~a Nh~~ut nul~re ~~r Jrm.~nd. w~I at I:iw ~~r in ryuit~. m.n hr pruucu[r~t a. if atl m~~nr~~ .~tiurrJ hcrrhy hed matur~til pr~ur tu il. ~mtrtut~.~n. 1 h~ murtgager ma~ turrilu.r th~. m~ut~:ae~. to thr anx~unt declared duc .?n.1 pa~ahle. end thr •a~J prrm~.r..haR hc udJ t~, ,:~ti~t~ an~i pa~• the ..~mr t~~~.~thrr with i~~,~.. r~prn~e.. .uid a[I~~w:~ncc, tn i:~.r „f partiel ti,rrilu~~rcc uf thi~ rtiurtKagc. ihr mur1~.~~:cd prem~~r~ .h.el! ha~ wrld ~uh~~~:t to Ihr :unU~iiunc l~in uf thi~ rrwir(ga~:~ (ur ~he am~~un! ~,f thr drht ni~I ihrn ~iu~ end unp:uil. In w~h ~a~c th~ rru~!.~un. ~rt th~+ p:uacr:~ph m.~~ ai.un hr .~~:ulcd uf thrr~:~itrr fmm timr t~~ timc h} thr murtgaFrr. ill. I h.it thr murtr~:~gur w~ll ,~+y~~~~r~rr nu»cr by m:~e) t~~ thr r~iurigagrr ul any i~~mr}ancc. U:~n~frr_ ur chanie ~~1 ~~~~nrr~hip ~~f thr prrrni.r.. ' ~ . I I. 1 h:U n~~ N.u~rr ~~f any cy)' ~~c~[i~ ~i~ i~ tht Ohl~~dlwn ,c~iureJ hrrrh~ >h.Jl at .~m hme there:dtcr h~ held lu h~ :l N,u~er u( thr (r~m~ hrr~i~f ~~r th~ n~Hc .r -yrcd'~~~jt. ~t 'T . „ ~ 12. Ihat ~f the rn~~rtgagur ~airltl~ y of chr cy~~et?~ht~.or. agrremenh wm:unrd hrre~n. .x in .:w~J n.rte. the~ the murtgag« ma~ perfvrm thc wme, arxl ~II e~p~nJhur~y ~irt~luJing refud~t~Ie aUUrnly'st~-~1 madc h~ Ihe m~utg,~grr ~n ~r duing ~hatl d~aw ~nl~rr~[ at thr rate +rt forth in the rx?te ~~ured hereb~. and ~hal! br repayo,[~le~imMfal~at~ly ~nd withow Jemand hy ~hc rnortg~gur to the rtw~rtgagee, anJ. tugelher w~th ~nterett and cu.t. ac.~uing Ihere~~n.,hall t+e ucuredbythu mortgagr_ ~ ~~krz~`3 ~~7 ~ ~ ~ , ~ ~ x ~ - ; ` ==3 ~ ~ ~s ~ ~~-~si--~~~~,'`~sr~~~~~~+~r~- -,_j .,='~es~~~~ , . . . I . ~'~&`~`~-.~5'ii~" '