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HomeMy WebLinkAbout0867 _ ~ _ r ' • c p~~m~nt. undrr thr trrm~ uf ~hr nutr .~~urr.l hrrrhy. .~n thr tir.~ ~L~~ ~~t r,hh munth un1~1 ~hr ~a~~i nutr i. fuily paiJ. Ndl p.~~ t~~ ~ha ~l~urlgag« li~~ lulluH~ug ~un?~. la) ~n anwun~ ,ul~fk~~nt tu pr.?v~Je ihc huWr~ hrreul~ Niih lund~ t~~ pay ~hc nc~t nw?rigage imurao.:r pra m~um if th~~ ~mtrumcnt anJ tht nulr +r~ured hrrrby are ~nwrrJ, ur a munthly ~hargr I~o Gru .~f a nxni~~ge ~n~urance {xrnuumt if thcy arr hrlJ by thr tirc~eiary uC Houa~ng and Urtan De~elupn~rnt, a, fuUuw.: IU If ~nd x~ lung aa ~aid nute uf evrn datr ai~ thn ~mirumrnt :uc inwrrJ ur are rcinwr~d unJrr ~h~ pruvi+~.~n..~f thr Natiunal H.~u.ing Act, :~n amuunt sul'fici~nt tu accumulatr ~n thr hand+ uf'the huWrr unr 11; muntR priur to i~, Juc J~tr thr annual murlgagr ~nwrarn:r prtmium, ~n urdtr 1i. p~u?iJe ~uch huldtr wnh fund~ tu pay .u.h prrmium to ~hr tircreiary o( Nuu~ing ~nd lhhan ikvel.?pmrn~ punuant to ~hr ~lahunal Ihw.ing Act, a~ amr~JrJ, arxl applKablr Rrbul:uium ~herrunJrr, or 1111 If anJ w long a~ wid note of evrn Jatr arnl this ~nctrumr~t are hrld by !he Secrctary of Hou~~ng arn1 Urb:+n [k~•elupmrnt, a nwnthly cha~gr Im I~ru ot a murigagt ~nwrancr prrmiuml Nh~ch .hall t+r in an amuunt ryual to onr-t~elflh 1111'_1 uf unr-half 1' :1 prr crntum uf ~he avr~age uut,la~xl~ng b:?larh:e Jur ~m the nute ~umputeJ without tak~ng inw ~~xuunt drlinyucncie+ ~x prrpaymrnts; Ih! A+um equal to Ihr grounJ rcnt~, if any, next due, plus the {+remiuma Ihat will next becume dur arxl payable on polKir+ uf fire arn1 uiher h:uarJ uuurdncrsyret~n~_the_n~urtgaY~uR~ieY. piu~ taxca and a+aeasment, nr~t dur un thc murtgagrd pr~perty (all as r~timated by lhr murtgagrr? t~ya all sums already paid lhrrefor divided by the numl+er uf munths to elap.e t+rfore one munth prior tu Ihe datt ahen ~uch grourni rents, prem~ums, taxes, arxl assescments will t+ecume Jelinyuent. ~uch ,um+ to Ix he1J by martgagee ~n trust to pay saiJ ground rems, premiums, taaes, and ~pecial a.~e+,mrnt.: anJ tc1 Ail pay ment~ mentiortrd in the t~u prctieding subsectiona ot this paragrxph and all paymrnt~ to be ma~ie under the nutr srcurrJ hrr~by ,hall t+e adJed tugether and thr aggregatr amount therrof shall be paid by thr m.~ngagur each month in a+inglc pa~ mrnt tu br applieJ by thr murtgagee to Ihr fulluw ing items ~n tht order ~et forth: 111 premium chargr~ under the cuntract of in,urance with~ Ihe Secretary uf Huu~ing and Urban l~velopmrnt, or rtx~nthl~ charge lin I~ru uf mung•rgc in~urance premiuml, as the ~a~r ma~ he; 1111 gruund rent~, ta~e~. a~.r~~mtnt+, fire, and uther hatard inwrance premiumc: fllll interr~t un ~he nWe+ecurcJ hereby: ~nd IIVI artwrtitation ot tht pr~ncipal uFsaW nute. :\m• Jrfic~rr?~~ ~n thr anwum .~f wch aggregatr mun~hly paymrnt .halL unlc~. ma~le g~tixl h~ thr murtgagur pnur tu ~hr ~lue date of thr n~~~ ,u~h pa~~i~~nt. c~~mti~ute an r~rnt uf dcf:iult uneie~ thi. m~~ngagr_ fhr mo?t~agee ma~ rulktil a~~latr rharbe" nut tu ~v~rrd twu crnt. 1_c? fur ra:h .ti~ll:~r ~SI ? uf rach paymrn~ morr than fiflren 11 Ja~~ in arrear~ to cover the rrtra rtprn.t imul~rd in hanJling del~~yurnt pa~ mrnt,. ~fhal if Ihr total uf thr payment~ maJr hq the murtgxgor imJrr Ih? of paragraph 2 precrd~ng ~hall ~ured thr amuunt of the paym~ntti actu:~ll~ mad~ hy thr mur~g~gre. fur ground r~nh, la~c~ and :i.~c..mrn~. and iiiwr.inc~ prrmium,. a~ thc rax ma~ I+r, w.G excess at ~he optian of !he m~tgagee, shalt, tie credited on subsequent payments to t~e maJe by the martgagor, o~ rcfunderi ti~ the m~xtgag~u. If. huwevrr. th~ rthrnthly pa?mrntc m:iJe hy Ihe mortgagor unJer 1h) uf paragraph 2 precrding ~hall not he ~ufficient to pap gruunJ rent,, r,~~r. and a~~r~~mrnt. and in+ur.incr prrmium~, a~ Ihe ca~r ma~ t+r, whrn the +c?me .hall briome dur arxl payablr, thrn the ~rn~ngagur ~h:Jl pa~• tt~ th~ martgag« an~ amoum n~tic~~ary tu makr up thr Jrfxirnc~•. un ~x hrforc thr d:+tr ahen paymcnt of wch gruunci rcn1., ta~~ti. a.w..mcnt~. or imue:~rKr premium. .h:dl !x Jur. If .~t ~n~ ~~mr thr m~Nt~agix ~hall ~r~xl~r tu ~h~ martb:~g~r in xcurdanir Nith thr pn~v~~ium uf thr nutr xcurrJ hrrehy, full paym~nt uF thr rntirc indrbtrdn~~c ~rpr~nted ihereby, thr mc.rtgagec ~hall, in cumpuUng thr :~m~~unt of ~uch inJebt~tfne~c. rndit tu the acci~unt ~~f ihr m~xtgag~x att payment~ maJe under the prov„ionc of ~u) of paragraph : hrrec~f w hirh thr murtgagcc ha~ nut hra~me ohligat~til tu p~} to thr tiitir~tsry uf Nou~ing and t'rban Drvelupment arxf am balancr rcmaming in Ihe funJ. :~i:wnul~tc~1 unJrr Ihr pru~i~ii~m uf Ihr uf ~;ud para~raph 2. If there .hall he a Jrf;wlt unJer an~~ of thr pn~~ ni~~o+ uf Ihi. murtgag~, rr,ulung in a puhlic .:dr ~~f thr prcmi~~~. c~~~rrcYf hrreh~. ur if Ihr murtgagr~ aryu~r~. Ihr pruprrh utherH ~~r aflrr drf~ult, thr murtgaKrc .hal1 apph, at thr timr uf ~hr :~~mm~nermrm uf w~h pr~kr~d~ng, ~~r at thc timr thr proprrt~ .,thrru ~rr xqu~rrJ, the bal~nce th~n rcm;uning ~n th~ tunJ~ accumula~~til under ib~ uf parab~aph ~ pr~c~Jing ac a ~reJh ag:umt thr :im~~unt uF principa~ thrn rrm~imng unp:~id undrr .aid n~~te and ,hall pruprrly aJju~t am payment~ ~h~rh tihall haa•c hrrn m.~dr eendrr t«i ~~f w~J paragr.iph. 1 h:u hr N~II p:~~ all t:l\t'~. .1~\t~lflltllh. NJI~I r,~t~.. an~l ulhr~ g~n~rnmrnt.J ~a munir~p:d ch:ugr., finr.. ur imp:~.~u~,n,. f~~r ~~h~~h pn~vi~iun ha+ nut t.~rn m:~~r ~ririnlxfi~rr. and ~n Jrt:~ull Ihrr~ti~( ih~ m~~~Ig.i~;r~ m;s~ pat thr .:~me: ~nJ th::t hc w~l! prunlpllc drlnrr thr offici:~l «tieipl. ttetrrli~r tu 1hr ~nurtgagrr. fhat hr Nill prrm~t. cumnut. ur ,u17rr n~~ ..a.~r. ~mp:unnrm. ~.r drtenor:diun ut ,:~id pr.~p~rt~ ur :my parl thcreuf: :u~~ ~n thr r~rnt uf tt~~ faihuc uf th~ rn~~rtg.~gu~ tu A~ep Ih~ huilJ~ng~ ~~n .:ud prcm~~i~ anJ thu~r tu ha rra~tetl .m +:uil prrm~.r.. iK ~mpru~rmrnt, Ih~rcun. ~n gu~xl rrpa+r. thr erx~rtgag~r nia~ maA~ .uch rcpain a, in ih d~.crrti~m it ma~ ~Icrm nrce~.an fi~r thr pn~xr prekrvauon thrrr~~t: anJ the full arrxiunt of rarh and evtn• +uch pa~~ment chall t+e immitif~ai~ly Juc anJ pa~aMr, anJ .hall he Ktiur~Yl hy thr licn uf thi~ nx~rlg;?gr. 6. That hr will pay all and s~ngular the c«cts, charge,, :?nJ r~penses, inetudmg rrswnable IaN yer'c fre+. and cuct+of ~b~~ract~ uf t~dr. uw:urrctil or pa~J at any t~mc by Ihr nwrtgag~r b.tiau~~ uf the failur~ on thc part uf the nwrtbagur promptly ~nd fully tv perfurm thr :?greem~nt. ~nd cu~•rnant~ uf .:uJ prumi..un natc .~nd thi. murtg:~gr, and ,a~d co.ts. charg~~. arxl ~tiprm~ti chall h~ immediately .lur and pa)aM~ anJ +hall t?r ~~currJ h~ th~ h~n uf th~~ mixtgagr. I h:ii hr ~ill Arrp th~ ~mpruvtmrnth now exi~t~ng on c~rrefl~'r rrectiYl un thr murtgag~d pru~nrl~, ~n+urrJ :t. may t+r rryu~ritil fri~m Ume tu umc by th~ nwrtgagrr a~a~n~t lu,~ b~ fir~ aud uthcr hatard~, ca+ulatir+. anJ cunungrnr~r~ in w.h artxwnh anJ t~,r w~h pr~ ~u.h a, m:~} he reyuired ht murlgagrr. and will pay pr~mpt~y, ahen due, am premiurtn un ~uch ~nwr.crecc f~N pa~mrm uf xhkh pru~~~~un h:~. nut been maJe hereinbefore. All ~nsurance shall be carried in companirs approved by mortgagee and the policies and rrnewals thereof ~hall t+r hrld h} murtgag~c and ha~r atla:hrJ thrretu kn~ payahle clau~~y ~n Li~~~r of and in f.xm acceptahlr t~. thr nxtttgagrr. In ~~~nt uf lo+~ he w~11 grvt immrJ~atr nuut~ h~ mail tu murtgager. :ukl ntur[gagcr ma~ niai.r pr~wY c~f lu,. ~f ~x~t madr pr~~mptly h~ m~~rtgagur. :~nd rach imur.~n:e cump~n~ :onrernrat herehy authurited and dire.lyd tu m:~le paymem fnr ,uch lu., Jirrctl~ tu rnuttgagrt in.lrad ~,f' 1:~ mixt~tagi~r arnf murlgagre j~antly, anJ thc imutance pnx:ccJc, or any part thrrea~f, may tx appl~ed by rtw~rtgagce a~ ~t+ opuon e~ther tu thr rrducu~~n ~~f Ihr ~nJrhtr.in~.~ hrrrh} .ctiur~-.1 .,r t~~ thr rrtitur.~hun ur re~+:~~r uf Ihr pruprrl~ J.~magrJ. !n r~rn1 ~if furrcluwre .r! th~, rtxut~:.~~e ur uthrr tr:~mtrr ~~I utle to thr mu~tgagrd prupert~ ~n r~t~ngu~,hmrnt ~~1 thr indrhtrJnch~ xtiurrJ h~reh~, all righl. litl~. :~nd intrre.t uf thr mur~Kag~~r in .~nd t~?;tm~ imur:~nce pulicir~ then ~n forcc chall pa~, tu th~ pur~h~.er ur Erentrr. K Ihal 1hr m~~rtg.~~rr may, al any time penJing a wit up~~n thi~ mortgage. apply to the court ha~~n~ ~un.Jictiun thrrr~~f fur thr ;?p~r~~ntrnrnt ~~f a rc~:ri.rr_ .~nd tiuch.uurt ~hall forlhNUh appinnt a rc~rn•rr uf the pr~muc~ cuver~J hrrrhy :JI artd .ingular, incluJing all and .~ngul:~r thr in:~~m., p~„hn. n,urti. anJ rrvrnur~ frum v~h:+te~~r K~urir drri~•ed. ~ach anJ ~~er~ ~if uhich. n t+cin~ r1pn~~h unJer.tu~nl, i, hrr~h~ murtga~ret a~ ~f c~x+~~fic:+lly ~e~ G,rth :,nd Je.cnF+rd in thr granteng .~~~d habrndum :lau~r~ hrrcuf. and .uch r~-~~i.c~ ~h~ll h~cr .~11 thr hru.~J and e(frctnc fimcu~in. :md p~,~rr. ~n an~.. ~.r rntru.trd M a iuurt t~~ a r~irivrr. and ,uch :~pp~nntmrn~ .hell br madr hy .uch i.~urt an a~lmutrd ryuu~ :~nJ a malt~t ~~f .~hv~lutr nght t„ .a~d nwrtg~gcr. enJ H ~th~,w rrfcren~r t~~ thr .~dryua~} ur ~n:?deyuacy of ~hr ~alur ~,1 thr p~uprrt~ murt~;.~g~til iK tu thr wlvr~~c~ u~ ~m~di~n~~ u1 ~aiJ rrn,rt~:~g~.i ur thc d~frnJrnh. and th:~t ,u~h rrnt,. prufitti. ~n~umr. ~~.ur.. .enJ re~rnur.,h:Jl t+r applieJ h~ wch rrcr~~er :~:c~~rJing tu thr lien ~~f thn nx~r~gagr anJ thr pracUC~ u(+uch court. !n thc rvcnt „f :~n~ d~fault .,n thr part uti thr nh~rtg:~gan c~r~unJrr. thc mur~g:t~,ur agrcr. ti, pay ta ~hr ne~irtgagrr un Jrm:~nJ reawn~blr munthly rcntai for ~he prem~crt ao am~+unt at Ira+t ryunalent ~u une-lwrlfth I 1/1?! ~~t the aggregale uf Ihr twrlv~ nwNMy m~tallmrnt~ payablr ~n ~h~ thrn ~UffCM )Cd( (IIUS IF1C :?llU:1I :Iq1U4f11 Uf II1C :lf1DU:fI l:f\t'~, 3~1C1\O1CIlh. M31Cf f41t1, J(1lI IDWfJpCI' (1(CIIl1U177S fur uKh nut ~a~rrrd h~ thr aG~rr~:tid muMhl) p.t)mrnt~. 9. ( hat lu) ~n thr r~rnt „f ant hrra~h u( thi~ m~~rt~;~gr ur ~lef.~uk un the part ~~f the rrn~rtg:~g~~r. ~~r Ih) in Ihe ~~rnt that :tn~ ~~f .;~iJ ,um• of muncn c~rrin rcfrr~r.f t~. hr nut promptly anJ fulh paid vcithuut drm.~nJ ~~r o.,ti~c. ~x ? irti Ih~ r~c~1 that r:~ih end r~rn th~ ~Up~~~:~iiun.. .,~rrementw c.~ndiu~~n., anJ.u~~nann u(,aid nutr nnd th~~ murtgagt. .ur nut Juh. prumptl~. and fuih prrl~.rmrd: thrn ~n rithcr „r .~n~ wcii ~vcnt. ih~ ~id a~rrgatr ,um mrnt~unr~1 in +a~J nutr thrn rrrnain~g unp:ud. wub ~ntrrr.l ai~~urd tu th:u hrnr. and ell m~mr~..r.ureJ herehy..h:Jl hea~me Jur and pay:~hlr G~rlhw ~Ih. ~~r Ihrrraf~rt. at th~ uptu,n ~~~~.a~~l nnxlg.i~rc. full} ,~nd .~implrttl~ a~ if all ~~(thr .a~d.um. ~~f rtx,nr~ Hrrc.~nEmc~lh .UpulatcJ t~, hr p:ud ~,n.u:h da>. am~h~nE ~n ~:ud n~~tr ~.r ~n th~. nw~~t~:~~:r t~~ ~h~ c~~nt~:uy nutw ~th.t:~nd~ng: :~nJ ihereu~xni ur Ihere~ftrr. al Ihr e~plwn ~,f ,a~d nHrrlg~~;er. w~lhuW rH,tirr ~~r drm.inJ. .un :~t le~ ~,i in ryun~. in.~~ hr pru.riutrd :i. if ell inun~}. ,~yurrd hr~rhJ h.~d m:~tur~tl pn~~t t~. it~ i~~Ututi~m. ~hc nN~rtg.~gcr m.+~ t~K~.lu.t th~~ m~~it~;.~~:r. t~. thc artx~unt dr.lar~d Jur .~nd p:~yaMr. anJ thr .a~d prcnn,r. ~hall hc .,~IJ lu ..it~,fy an~l pa) the .amc tugrther wuh c~~.t.. ~~p~n~c,. :mJ all~~wan~r.. in :.~,x uf p.irtr.it f~~rr:h~.urc• ~,f thn m~~nga~r. ~hr m~~+1Ea~rJ prcnn,r, ,h:~ll ha v,ld wh~rct t~~ thc :~,minuir,g lien uf thi~ rtx~rtgagr ti~r thr nm~~unt uf thr Jrht n~N thc~i Jur and u~paid. In .uch :.~,r thr pru~i.~un~ ~~f thn paragraph m.n :~~;.un hr .~~:ulyd uf lherraflrr fr„m Umr l~~ hmr hry_~mu~tgagre. IU. 1 hat thr rtu~rtg:~g.~r.w~ll ~~/~eJ~atr nut~ir hy m~il tv tha• nwitgagrr ~,f ani :~.:i~ry:uicr. ~r.~mfrr. „r ch~ngr uf .~Hnrr.hip uf Ihr pr~tn~~r~. :'p4~ • , f _ I I. I h:~t n~~ H.uvrt ~rf an)' ~1~~It IIkCU1fOf ~t~lI1C})hllg:d~un .~zurrd ficrrM ~ha(I .:t :~n~ umr thrrralter h~ A~IJ t~. hr a we~~cr nf thr tcrm. h~ r~~d ~~r .rf Ihr nvte ~Cyt • elrb)'. ' I'. I hat ~I thr rn.,rt~ag~~r dc~:~61t ih an) Ihr ci~venan[s ~rr agPccm~nt. ~~mt:unrd hrrein. ~ir in .ai~ nutr. thcn thr murtgegcr ma~ perf~irm thr +:~me. .~nJ .JI ~~prnJ~turr, ~ ~ncluding rca,c~nahlr attotne} . fr~.l maJt hy the rnnrtgagr~ in Juing ~hail dr.~w interr.t at thr rate ut fcKth in thr ootr +ctiurrJ hrreM•. aed .hall bcftrp:syable unm~l~ately and wi~huut drm:mJ by Ihe nwrtgagur tu the rn~x~gagre, anJ. tugethrr with ~ntrrest anJ cu.t. accru~ng ~hrrrun. ~h:~ll he seeurr~ihy this murtgagr. BCRK2Q3 F~~ 867 ~ _ ~ - - _ ~`xn,~;~, ~ s. r t _ - ~ - 2y ~ ' F ~""~~cr'~ - ~ ~~^a,"'.,r x~' ~a~~ . . . _ . _ _ _ ~'~"~b .