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HomeMy WebLinkAbout0880 pa~mrnl. unJrr thr trrn~~ i)~ l~lt IIUII' ~atiUl~~ ~l~f~h). UR lr1C (11~1 ~1:~) ~~1 ~:~~11 IllU11lD Ulllll IfIC +:IIU fN~IC 1~ IU11) ~~.uu. N~~t y.~~ w u~c murtg:~grr Ihr fulluwu~gwn~~: lal ~~n amuunl .uffkirn~ iu pr.~vidr ihr huldrr hrrcuf Ni~h fund. tu pay Ihr nral rtxxtgagr ~murancr prcm~um ~f tM~ in.uum~nt anJ thr nutr ucurrd hercb~ arr in+urcJ, .x a mun~hly ~ha~gr Iin licu uf a rtxx~gagr ~murarx:e pr~m~uml ~f th~y art hrlJ by thr Sctitetary~ of Nuus~ng and U~ban IkvetopmrM. a~ t:~Uuwr 111 If and ui lung a~ .aiJ nu~r uf evrn d:.tr anJ ihi~ in.~~umrn~ are imiurd c?r arr re~nwrrd unJer thr nruv~.ium uf thr N~tional H~~u+ing Ac1, an amount +ufTicirnt tu uccumulate in ~he handti.~t the holder une 111 munth pnur tu u+ Jur datr thr annuat nwngagr imurance Exnmium, ~n ur.lrr tu pru~iJr v?~h hulJtr MUh fund~ tu pay ~u~h pirnuum tu thr ~ecrr~ary uf Hou~ing and Urban Ikvrl~+mrm punuan~ tu thr Naliu~el Nuu+ing Ac4 am~ndrd. :~nJ appli~.~blr R~gul:~t~un. thrreunJer; or 111) If anJ w long a. ~:?id ~utc uf even da~e arxl thi. ~m~rum~nt arc held hy ~hr Srcrctary of Huu.ing anJ Crban Ikvelopmrnt, a m~mthly chargr I~n licu uf a murlgagr ~mu~an~r ~xenuuml whi~h ,hall tx in an amuunt cyual tu unr-tHrU~h 11l1?) uf unr-half (S~i) per crntum ~~f IAe avcrug~ uui~tu~xl~ng b:?lancr Jue un thr nute cumpw~tl ~~thuut takueg ~ntu accuunt Jel~nqurncir. ~x prepaymrnis; Ibl A+um equul to the gruutxl rents. if any, nrxt dur, pluti thr ~+rem~ums that will nrx~ t+ctiomr due anJ payablr on {x~licies of 6re . :~nJ other haza~d insurancc a~venng the nxx~gagcYl pro~+r~ty, plw taxt+ and :?~~essment~ arxl Jur un Ihr m~xtgagrd properly lall as e~timatzd by the murtg:+ger) le.s~ atl sunu already paiJ thrr~Gx JivideJ by the number uf m~~nths to elapse tnfore onc month p~ior tu 1he data whzn +uch gruunJ rcnt~, prem~um., taxrs, anJ :u,ec.mrnl~ will txtiumr .Irlinyurnt, .urh .um~ to br hrlJ by nwr~dagre in trust to {+ay +aiJ gruund rrnh, pr~m~ums, taxes, and ~pecial a~~r~+mrnt~; and ic1 All payments mentioned in ~he two preceding subszctions of thja paragraph arni all payments tu be maJe urxier the nu~r ,ecurrd hereby shall be addtd toge~hrr anJ the a~rrgatr amuun~ ~h2~auf.hall be pa~d by thr murtgagur ~ach munth in a s~nglr ~ymrnt ~u t+r applied by the mwtgagre tu thr foUuN ing itcm~ in thr urdrr ~rt forth: 111 prrmium Charg~y unJrr Ihe cuntracl of ~mur.~nce w~th Ihe Secretary uf Huuwng and Urban Ihvrlupment, ur munthly charge lin lieu of mor~gage ~nsurance premiuml, as ~he ca+e may t+e; (11? gruunJ rent~, taxt., :u+e~+ment+, firr. anJ alhrr hat:ud insurancr prnmiumti; 1111) intrrcst un thr m?tr.rcurrd hercby; anJ ~ IIY) artxxtitation af the E+rincipal of.aid note. .any JrfxicrKy in thr amuunt ul ,uch abgregatr munihh pa~mrnt ,h~ll. unt«. mrdr g~Hxl h~ ~h~ nwrtgagur priur tu the Juc datr uf ~he nr~t ,uch paymrnl, cumtitut~ an ~vrn1 uC J~fault undrr ~h~+ murtgaga:. I hr mur~gagre ma~ ~ull~~t a~~latr ~h~rgr ~ nut tu a~crrd tNu crnt~ 12c1 fur ~a~h ik~llar ISII uf ~a:h paym~nt m~,r~ IhUn fittr~n tl~l da~+ m arrrar, tu ~uvrr thr ~~~ra r~~xn,~ ~nvulvrd in handling Jrlinyurnt paymrnts_ I ha1 ~f the tutal uf Ih~ pay~n~nh madr h~ th~ mortgagur urxl~r Ibl uf paragr.iph pr~~:rJing ,h:Jl r~ctrd Ihr anhwnt .~I~ thr paYnxnt~ actually maJ~ by Ih~ m~utgagr~, f~ur gruund rent,, taxr~ anJ :u.uy,mrnh anJ m,ur.irw~ prrmwm., thr w+r ma> br. .u~1. eacess at the option of the mongager, shall, be creJited on subsequent payments to tx made by tAe mo~tgagor, or r~fundai w tAe nwr~g:lxOf. I~, FIUM'CYCf, the nwnthly pa~ m~nu maJ~ b~ Ihe m.~rtbagur unJtr Ih10l parabraph 2 pr~tieJin~ .hall nut t+r wt~fic~ent tu pay ~r.,unJ rrnt~. tair+ arxl a.x~..mrnt, and ~n~uran~r pr~i~uum+, a, ~h~ cax ma~ t+~, whrn thr +:~mr .hall b~c.~m~ Ju~ anJ p:?)ablr. thrn thc nwrtgagur ,hall pay tu !hr mur~gag~r an~ ~m.~unt n~ti~..ary t~, maAr up thr d~fxienxy. un ~x brfurc ~hr datr ~~hrn paymrnl ol~.u~~~ gr~unJ renu, tati~~., :u+r++mrnt., ur ~nwran.r pr~miuai, .h:Jl tx Jur. 11 at sny um~ thr m~xtg;~gur .hall trndrr tu thc murt~ag~r ~n .NCU~~IJflI'C M~IID ~I1C pruv~+ium ~?f thr nutr +ccur~d h~rehq~, tull paym~n~ .~f ~he rnUrt ~nJ~Mrdnr+~ repr~knird thereby, thr nx~rlg:?gcr +hall, in cumputing ~h~ amuun~ uf,uch ~n~~btr.ln~~.. cr~tilit tu tht a~~uunt uf th~ m~xtbagur all paymrnt. made undrr thr pru~iuun+ uf 1~~1 .~f paragr~ph = hrrcuf which thr murtgagre ha~ nut txcum~ uhligatctil 1u pay w Ih~ ti~~:retar~• uf Huu,~ng anJ Urban Develupm~:nt a~xl an~ halanc~ r~ma~nmg in th~ fun.l. :ri~umulat~Y{ undrr ~hr pm~i+~um uf Ih~ ..f .a~J paraEraph If ~hrr~ ~hall hr a drfault undrr any uf ihr pru.i,~un, uf thi. m.xlgag~, rr.ul~ing ~n publ~c .:Jr .~f thr prem~u~..~~~rr~til ha r~hy. ur ~f tht m~xtg:~gcr a:yuir~, thr prupr~ty nthrr~i.e altrr ~rfault, thr m~utgagr~ +hall appl~. at thr umc ~,1 th~ cummrncrmcnt ul .uch pn?nerdmg~ ur at thr t~mr thr pmpcrt~ UIFItfNl~t .icyu~r~J. th~ h~lancr thrn rcm:uo~ng in thr fund~ ac~umulatctl undrr ~hi uf p:ir.~~r.~ph 2 prccrJing a+ a~rcdit again,t thc amount i~f princ~p:+l thrn rrm:uning unpa~J undrr ,aiJ nulr and ,h:dl pruExrl} aJju.~ an> paYtqentsvyNpf~.i~cllhavt been m:~t un~kr lul ~~t ,oiJ p:tr.~gr:~ph. . . _ _ r . -i. I hat hr NIII ~:1) aU tatt,. :i,•~.~mrn~.. Hatrr r:+t~.. and uthr~ g~~vrrnmrntal qr i~t~UqiCjJ~a~ ct1~ c'~. Rnc>, oF iM~~sSllum. t~~r ~ahich , pru~ niun ha~ nut hrrn m:~Jr hrr~~nF+rlurr, :~nJ ~n Jrfault thrrr.~f thr murtg:~grc may the tamr;~a~f thaf Ht wilt pnirilptl)• deli~rr Ihe uffi~ial r~ticiph thrrcfur tu th~ murtgag~~. - , ~ ' ; • - ` • ` t hal hr Nill ~xrm~t. rummit. ur .u1Trr no ~a.t~, impaumrnL ~K Jrt~riur,W~m uf.a~J prupert} ur :~ny part th~rcul: :~nJ in Ihr r~rnl ~~1 ~hr tailur~ uf thr nwrtgagur tu Arrp Ihr huilding~ un .:~~d prrmi,~. .~nd th~~,r t~~ hr rrr~trd un .:u.l prrmi.r.. ur impru.rmrnt. thrreun. in ~iK~l rrpair, thr nwrtgagrr m:~~ malr .uch r~pair~ a. ~n ~t. JixreUUn h may Jrrm neir+~ar~ tur thr pruptr prrunauu~ thrrrut. :~nJ thr full .~nx.unt uf ~xh anJ r~rr~ ~uch pa~ mrnt .h:Jf hr unmrJ~alrly dur :mJ p~)ahlr. .?nd ~hall hr .czurcd hy ~h~ lirn uf thi. nwrlg.+gr. h. I hat hr N~II pay all .ind .in~uiar 1hr c.+,t~. .hargr.. arxf rrpen.rti. ~~xluJing r~a+unabl~ lawycr'~ fc~~, and ~~~v, ul ah.tr.ich uf t~Ur. incurr~rf ur paiJ at any umc h~ the murtgagar txtau.r uf~ Ihr failurr on thr part uf thr rrx~rtgagur prumpll~ :~nd ti~ll~ ti~ prrfurm th~ :ytrerment~ aixl ruvrnant. uf xuJ prumi..urp nutr :+nd th~. ~n~,r~gage, anJ ~aid co+t~. chartie+. arx) txprnce~ .h:~ll he ~min~d~at~l~ dur :~nJ pa~ahlr and .hall t+c ~~tiureJ hy thr hrn uf Ih~. m~,~ ~gagr. • 1 h~t hc Mill kcrp thr impruvrmrnt, nuw ~~:.ung „r hrrraftrr rre.t~tl un thr nN~rtgagrJ pmprr~~. imurrJ m.~~ t+r rcyun~J frum ~ umr t~~ timr M th~ rtx~rl~agrr ag:umt lu» b) fi~r :~nJ ~~Ihcr haiaiJ..::i.ul:~l~c~. :~nd cunUnFcrkir+ ~n ,u:h ;,nH~unt..~nJ ti,~ .uch prri~~.l.:?~ ~ may he r~yu~rrJ hy mixtgagrr. anJ Nill pa~ pr.~mptl~_ whro dur. am prrmu~m. un wch ~muranir fur p:~~ mrnt .,f ..h~ch pr.,.i,~~~n h:~. n~it ~ t+een made hereintxfore. All ~n,urance shall bt carried in companic~ approved by mortgagee and Ihe policir~ aixi renrwal~ thrrrof shall ~ h~ hcW h} m~xt?;aKcr and h:+vr attach~Yl thcrrt„ I~n. payaMt ~L~u~e. m fa~ur ut and ~n fumi a~erpiaMr tu thr nr~r~gagrr. In r~rm .~f lu~. hr will giv~ imm~d~.?te nuti.~ h~ ma~l ~u mur~gagrr. arxl mortg.~grr ma) m~Ar pnH~f ~•1 I~n+ i! ~wl mudr prun~ptl~ h~ murtgagur. .~nJ raih s ~mur.~rxr cumpan~ cuncrrnrd i~ h~reb~ authunirJ anJ Jirc~itrJ tr m:~l.~ paymrm ti,~ wih I~r~ d~rrith t„ n?.,rtg:~gtr imtr:~~l ~~f tu nx~rtgagur .~nJ murtgagrr ~~~intl~. anJ thr ~mur.in~~ pnxr~.l~. ur .~m part ~hirri~(. ma~ hr applird M nx,n~:~crr at rt, uph.+~ rithrr t~~ thr ~ rrJucU~m i~f ~h~ inJ~M~Jnr» hrrch~ ~ttiur~vl ur ti~ the rr~~~rcati.m .~t rrp:ur ~~1 Ihc pr~~prtt~ d.~m:~~;rd. 1~ ~~~M ~~t f~~rail~~~uta• ~•1 ~ht~ murtgagr ~~r o~hrr tramfrr uf ~iUr tu Ihr murtgag~d pn~~rl~ in r~ungui.hmrnt ~~f thc ~nJrhtrdnc., ~e~u~rJ hrrrh}. .JI r ight. UUr. and , mtrrr~t uf Ihr murtgagur in anJ to any inwrance poh~ie~ thrn ~n furce.hall pacc t~. thr purchaxr or g~antr~- 5 K. Ihat tht nwrtg:?gcr ma~_ at an~ ~~mr pending ~urt u{w~n thn murtg:~ge. apply tu the ~uurt ha~~ng ~unvl~cUun therc.~f f~ii the ~ .~p~~intmrnt ~~f a recriver. and ~u:h court .h:,ll furthH ith ap(x~mt a n~e~vrr uf thr prtmitie+ c~~~rred hrrrh~ ail anii .~n~:uL~r. ~nilu~l~ng :?II ~ .~nd .in~;ular 1hr ~ncumr. prutit.. i.,u~~. and rr~~nue~ frum wh:~tr~rr wurcc Je~~vcJ. ~a~h .~nJ c~rry af whi:h. ~t t+rin~; r~pr~.,l~ ~ undrnt~Nrl. i. hrrrh~ morlgagrd a. if.Fx~iifirall~ .cl t~,rth .~nJ d~~r~h~yi in thr ~~a~t~ng anJ h.~hrnalum cl:u+,r. hrr~~,t. :~n~t +u:h rc:r~v~r .hall ha~~ all thr hmad anJ rff~tit~~r fun:uun. anJ puHrr. in an~w~.r rntru.t~d M a ~uur~ tu a r~:ai~rr. :~nd .uih .~pp.antmrnt ,hall h~ maJr h~ .u:h i~~urt :t, .~n :iJn~htrd ryuuy anJ a m:~n~r uf :~hv,lutr nKht Iu .aiJ irxirtg:~grr. :ind ~~~th~,ut rrfrrr~xr tu thr :+Jryu:+c~ ~~r ~ in~Jryu:~c~ ~~f thc ~:+lur .,f thr pruprri~ m~~rtgagrJ ~x to thr wlvrnry ur ~n,ulv~ncy uf ~:~iJ murt~eg~n .~r thr Jrfrndrnh. :ind that .uch renh. prufit,. ~n.umr. n.u~~.. ~nJ re.rnu~~,hall t+x applird hy .u~h ~r:r~.~rr a.ii~rd~ng t~~ thr I~rn ~if Ihi~ ntu~t~.~~~ :~nd Ih~ pra~tt~i rf .i~ch :uurt. In 1he e~ent of any Jefault un lhe part uf thr nwrtgag~~r hrrrund~r. thr murtg~gur agrrr. ti. pa~ tu Ih~ m~~rt~.~grr un JrmanJ a. a res~unable munthl~ rental f~~r the ~rrmi.e~ an :~muunt at Iratit ~~yui~alrnt tu .~n~-Iwrlflh 1111'1 ~~f the :~ggrrgate uf Ihr twrhe m~~nthly ~ ~mt~llmrnh payahle ~n ~hr then current yrar plu~ the actual amuunt uf 1hr annual 1axe,, s~~et~menh. wa~rr rate~. anJ imurance prem~urrn fur ~uch yr~r nut ~uvrnyl h) Ihc afutr~aid munlhl) pa)'menl~. ~ 4. Ihat (u1 in thr rvrnl u( am hrraih af thi. m~Ntgagr ur drfauh ~~n thr part nf the rn~.rtgag~x. ur Ihl ~n thr ~~rm that .~m uf .a~J ~ ,um, mune} hrrein refrrratl ti~ hr n~~t pn,mptly .~nJ fully paiJ NII~II~UI ~ICIIT:lI1~I ~~r nuU:r. ~~r Irl m thr r~rnt th.~t ra.h .~nd r~rn thr ~ .hpulatwn.. :~grermcnt+. iund~uun.. and cuvrnanh uf »iJ ni~r and thi~ m~Ktgagr. are nut dul~. prnmptly. an~f (ull} prrf~,rmrJ: thrn in r~thrr ur any ~txh event, thc wid a~grrgate +um memwneJ in ,:uJ nutr thrn rrmain~g unp~iJ. ith ~ntr~r.i a~:~ urd tu th.~t [~m~. and :JI nx,nry. .rcurrJ hrrrby. ,hall I+e~~,mr .lu~ :~nJ pa~ aMr ~Uf1I1N IIFI. Uf IFII'fC:1~11'!_ :Il IF1C ~,puun ~~f .aid murtg.~grr. a. full~ :ma1 i~~mplrtrl} a, if aU ~~f the wid.ums uf rtx~ney werr unKmall) .t~pulatrJ 1~~ hc pa~J ~~n.uih J:q. :+n~lh~ng .:uil nuti ur in thiti nH~~~g.~fr t~• thr :~~n1r.u) - nulwilh~lanJmg: and lherru{x~n ~.r thrreaftrr. ai Ihr upln~n uf,:ud murtgagr~. w~thi~ut n~,uir ~~r drmen~l..w~ a~ IaH ~~r in ryuu}. m:n hc pru.c~utrd a~ if all nx?ney. ~~zurcJ hrtrhr hrJ m:+lurral pn~,r i~, it. ~mtuuhun. Ihr murt~;.~grr ~~i.~~ furr:lu.r thi. murt~e~r. Iu th~ anw~unt +o dtclarrd Jue anJ pa}aMc. n~d Ihr ~a~d prem~u~ ~hall he v+ld Iu ~ali~l~' :~nd pa} Ihe .enti tug~~h~r ~ilh ~~s~h. r~p~n+e~. .~nd dIIUNanc~~. In ia.r uf paruat f~r~c~l~»urc uf thi~ murtgegr. thc mu~tg:~~:rd pr~mi.r, ~h:Ji hr v~ld .uh~~tit t„ thr i~~ntmuing lirn .~f th~~ ~ nx,rt~;ag~ fcx thc anx~unt uf thc drht nut Ihrn dur and unp:ud. In .uch :a.r ~hr pru~~,i~~n, uf th~. p:~r.igr.~ph mn} eE~in hr a~ailrJ of ~t" thrrrc~ftrr fn~m t~~nc tu umc b~ thr murtgager. f0. I hat Ihr nwrtgagur w ill ~~~'c ~mmcJialr nut«c ny ~,~~i w ~n~ nxrrtgagrc uf :uiy ~i~mr~an:c. u:m,frr. ur ~h:~n~:r ul ~~wnrnh~p uf ~hr ptemisez ~i I 1. Tha~ nu W aiv~r uf an~ ca~rnant her~m u~ uf thr ~~hl~gatiun ~ctiurrd h~reb~ ~h:~ll at .~m Iinu thrr~aftrr tk hel~3 t<~ t+~ e Na~~rr uf the trrm~ hcreuf ur uf th~ notr.rcured herehy. 12. That if Ihe nw~rlgag~rr Jrfault in any uf Ihe c~~vrnaM~ ur •rgrermenb cun~ainrd herrin, ur in wid n~~tr. then thr murtgagrr may perfurm the +ame. :~nJ all r~penJnurc~ IirxluJing rca.unahle atwrney~~ frr.l madr h~ thc miKtgager ~n w~ du~ng +hsll draN imrrr+~ :~I lhe ~ rate +et furth in the rwte ucurrJ hcreby, anJ shall he repayahle immtd~atdy and w~thuul JemanJ h~ ~he rtxxtgagur tu thr rtw?rlgagee. and. ~ tugether with mte~~st anJ ant~ accrumg thereon. ~hall be .ecureJ hy thic m~xtgage. Vi BDaK~s~ PACE aQt) _ ° : ; a_ ~ <r~ - , _ _ ~ < i f. , ~~d ~ ~-:i ~ ~ '_i - -