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HomeMy WebLinkAbout3349 Ih:~1. ~n ,~~~1ri n~~,ic h~it~ t,~ {,~~~trct Uir.r:ur~!~ ,~t t1u. ~nu~lE.igr. ~hr m~~i~~.~~~~r. t~~t~th~~r ~.~~h. .~nJ in .al~t~u~a~ t.~. thr nh~n~hl~ p.i:ni~nt. unilrr thr lriim ~~1 ;hr n,~tr ,r:u~r~l hrirh~. un tnr tinl .1:t< <d raih nx~ntti unlil Ihr ..ui1 mqr lulh p.ud. ~~ill p.~) t.~ Ihr ua~~t}.t~;rc Ihrt~~llu~~ing,unl~ ia~ :\n .~nH~unt .utti~irm ~o pru~iJr thr hul.iar hrrruf w~~h fund, tu pa~ thr rt~tl ?ix~?tg.~gr ~mtu:+n~e prrmium ~fthi. in.trunxat and ihe nnte cecurcd hrrrhy a~r ~murr.l. .K a m~~mhh ch~r~;~ lin l~~u uf a m~~rtgagr ~muraix~ prrnuuml it thr> :~rc hrW hy lhr 1«~rtary uf Huu.~ng :uid t'fian ik~'rlupmrnt, a. follu~~.: 1U (f and w lung ~a~il nut~ uf ~v~n ~lat~ aod ihiti in~trumrn~ .~rr in+urrJ ur are rrimur~J un.lrr Ihr Druvn~i~m uf the N~uunal Huu~ing :~c1, an :~muun~ ,ut7icirn~ tu ac~umulatt ~n tfic hand. uf the huWrr une 111 munth p~wr tu ~t. dur d;itr th~ :innual nwrt~;agc ~mur:~ncr prrm~um. ~n ur.lrr tu pn~~iil~ .u~h hold~r w~th fund. p:t~ .uch prrnuum tu thr tic~:rrtary ~~t. Huu.~ng anJ l'rh~n t)<<~luprnrnt punu:~nt t.~ thr \at~~~n:il Nuu~~ng :~ct, a, amrnJrJ. anJ :~pplir.~hk itrbulatium thereunJrr:.~r ~ 111 It ana iuuK a, ,,uu n~~~c .~i c.~~~ :;;:E, imtrumrnl are hrld hy thc ti~-~-rrtar~ ut lluu,ing :?nd l'rh:in (k.rl.~pmrnt. a m.~nthh ~h:uLe lin liru .~f a nu~rt~agr,in+urah~r prrmeum! Hh~ch .hall h~ in an am~>um ryu:J tu unr-t~.rlfih ~ 1,11'1 ~.f unr-h:~lf ~~.1 prr ~rmum nf ~hr evrr.~gr uun~anJing halan:r dur un 1h~ nutr ~umput~yl ~~hh.~ut r.il.~ng intu a~:uunt ~IclinyurnCrc~ ur prrpa) mrnt.; ihr •l .um ~yual tu thr g~uurxl rrnh. ~t :~n~, nrit dur, plu. th~ prrm~u~n, th:~t will nrY~ Fkcumc ihie :,?,a P:,.~ani~ un jx~licirs of firr .~nJ ~.lhcr hat:~rJ in.urancr cuvri~n~;Ttic "nuiY[gig"eii-~r..~~ty. plu. ta~r, c~nJ a..r.~mrnt, nr~t Jur un th~ murtg:~ged prope~ty lall a. r+umated hy thr murtgagr.l Icc+ all ~um, :~IreaJy pa~J therrfur Jiv~Jed b~• thr numtxr .~f muntA~ tu rlap.r hefure ortr mu~th pn~~r tu the datt ~.hrn ~uch ground rrnn, prem~um+, t:?~ec. and a.,~,.mrm. ~~ill hr~umr drlinyurn~. ~u.h ~um~ t~~ br hrld h~ !~h~rt~ag~r in vu.t tu pa~ ,:ud gn~un~ rrnt.. prrm~um.. ta~r.. an~.~x~ial :i„r„iurot,: anJ i: ~:~II p:i~mrnt+ m~ntivneJ in the twa pre.rding ~uh~ect~um uf Ihi~ paragraph an~ aN payment+ to t+r rtxedr u~xlrr tht note .rcvreJ hrrrh~ .h.~!! hr a~dcd tuKeihrr a~d ~hr agc~rgat~ amuunt ~hrrrui,hall h~ pai~l hy th~ murtgagu~ ra~h munt~ in a.~n5tr pa~nunt lu hc applird by th~ ~llu~i~:~?~i~ lu thC f.~llutiing ~t~m. ~n thr urdre luf~h: il? prcmium ~hargr, undrr ihc' ~uM~a~t uf ~mur.mcr ~~~th thr ti~crct~ry uf Huu~~ng and t'rban Ikvrk~pmrnt. ~~r nh~n~hl~ ~hargc iin liru murtgagr in.ur.~n~r prrmiumi, a. thr c:++r m:?~ hr: 1111 gruund r~nt., carr,, :i..~~.mcnh. firr. ~nd u1h~t hatar~ ~muran~~ pi~m~um,; tllll intr~r.t ~rn th~ nutc,rcur~d h~r~h~: an~l ~1~'? anwriiiat~~~n ut thr pnn.;ipat ~~f,aid n.ur. \m ~Irti. irn~} ~n thr amuunt ut .u:h acerrgatr m.,nthl~ p:~~~nrnt .halL unlc,. ~na~lr ~;.~.~t h~ thc m~~it~.~.ur pn~~~ ta thr .lu~~ Jatr .~f thr ne~t .u~h p:~~mrn~. ~~~mututr :ir. r~~nt ~,f drf:iult undrr thi, mu~tti:~~;r. I hr murtg:«r~ ma~ ~utlr:t "L~tr :t~:~rcr nut tu r~c~r.l t~<<~ :cnt~ ~_'C1 ti~r r:~rh ~IuNar f~l++~t ra~h pa}~nrnt murr tii.~n i~iirc~i ;;`•1 ,t:~„ ~n .irrran 1~~ ~u~cr th~ r~lra r>p~mr tm~ih~d in han~ll~ng ~I~fuiyu~nt {+:}mcnh. Ihat if ~he tut:d .~1 ihr p:~~mrnh ma~ln c~ thr m~,rt~::~tiur undrr ~hl uf paraar:~pfi ` p~c:rdin~ .h:iil r~.rcJ tiir am~.unt ot thr p:~~ mrnt. actu:ilh ma.}~• hy thr nt~,r~i.~~.r. t.>r s:r~,un~) rrnt~. t:~~~+ :~nd :i„r.,mrnt~ and in.uran:r prrm~um,. thr .:ik ma~ tk. ,uch rxcess at the opt~on uf the mortgagre, .hsll, be creJrtrd on wbsequent paymrnt~ to be made by thr rtwrtgagor, or refundctii to the m~,rt~:~~~~r. If. h.,~~r~rr. thr m~~nthl~ pa~ m~nl. m.i.lr h~ ~he m~~~tta~ur under ihi i~l p.~r:~graph ~ prc~rJing .t~:dl n.~t tk .uffi~~rnt l~r p.~ti r~~~«n.l rrni.. 4nr. .~nJ a..r„mrnt, .~nJ in,uran~r pr~m~wn.. .i~ thr :au m:~~ tk. ~~hrn thr ~amr ~hall h~cumr dur ~nd pa~ahlr. thin thr nn~rtg:,~ur .hail pe~ tu Ihi m~,rtg.~~r~ ao> :~muunt n~tir.,:~n t~, ~n:~1.~ up tlu drticirnc}. un ~,n c~ti~rr th~ datr ~~hrn p:~}mrnt ul .u.h ~r~,;~n.l rrnh. ta~r.. :~..r..mrnt.. ~~r in.iu:~n:~ prrm~um, .h:~ll Fk ~lu~. If at :~m t~m~ thr flliHt~;~gur ~h:~ll trr~drr tu thr murt~:,~gre ~n .e«~~r~l:~n~r ~cith thr pr~~c~~i~~n, n! Ihr nntr ,rcurc.l hrreM. full p:t~mrnl uf thr ~nt~rr ~nJrbt~dnr., repr~yCM~d Iharch~. Iha nx~rlga~r~ .h:~ll. ~n :~.mpuhn~ th~ :un~.um .~f.u~h mJrhtrdnr.._ :rrJi~ tu thr :s:~uunl uf thr mi~rtg:~gur all pa~inrnt, m:~.l~ undtr thr pn,~i~i~,m ~~1 1.~i :~t p.~i:icr,iph hrrruf uhirh thr m.~rt~:~tir~ h:~, n~it h~cumr uhiicatrJ tu p~} tu thr Srrr~t~ry ~~t H~~u.~ng .~nd l rh:~n Ur~rlupmcnt an~! an~ !,.el.~r~ir r~rnc~in~nz in thr fun.t. a~:umuLurd undrr th~ pn~~ivum ~~f if~i i~f .:uJ p:~i:,~:iaph U thrr~ ,h::ll hr a~Irfauh urxlcr :~m „f thr ~r.,~~.ium ~~f thi. m~.rt4.~gr. «.ulUnL in ,t ~uhl~: ,.~Ir ~~f thi prcmi.a•. ~u~crcd hrrrM. ~,r if thr murtL:~g~r a~yuirr. thr pr~~prrt) „thrr~~i.r .~f~~r drt,~ult. thc m„it~.~i~r .h:~lf :tpp!}. :it thr ti~nr ~~f th~ r~}mmcn:rmrnt uf ,uch pr~~:er~linc. ur :~t thr umr thr pn~prrt~ i, uthin~i+r .~:yu~~r+l, thr h.~l.~n.r th~n rrtn:~ining ~n ~hr iun~, :i:.umul~t~.l un~!er ~hi .,1 par.~~r:~ph '_.prc:cdm~ .rrJu :i~;:un.t ~hr .~m~~unt ~,f pr~n:ipel thrn irm:~inint unp.u.f urnir~ •.u.l n~qr .~nil .hall pri,p~rh aJtu,t :m} pa~mrnh uhi~h .h:Jl hac~ hrn m:nir undr~ ~u1 „t ,a~d rara~i.~ph. 3 I h:~t hr ~~ill p.t) all t.i~r.. .~..r•.mrnh. ~~:urr r.~lr~. en.) .yh~r ?;~,~rrnmrm:d iu mum~~pal .h:,iLr.. tinr.. .~r imp..~iu.~n.. t~~r ~~hi:h pr~.~~.n~n li.i. nut h~rn nr.nlr hri~~nhrf~,r~.:u~J in .Ir(.~ult thr~cuf thr murtca~rr nia~ pay ~hr .em~: and th.~t hr ~~~II pi.,mptl~ dr(nrr thr i~lti~i:tl rr.~~pt. Ih~r~f~~~ tu [ht mi~rt~_:iLic. I hat hr ~.~II prrm~t. ~,~~nm~t. ~,r .uflri n.~ ~+a~tr. impairm~nL or dcicriorali.m ~~f ~a~d pru~rty or anp part thrrrut; :~nJ in thr r~rnt ,,f thr fculurc uf thr mu~t~.~e~~r tu I,erp thc hwf~hng. ~m .:u~i p~rmiu, ~nJ th~~.r to hr er~titrJ un +:~iJ prrmi.r~. ~,r impr~i~cmrnt. thrrrun. ~n c.xxt rcp.ur, thr m.~rt~:~irr m.~} ~n~le ,e+ch rcp:ur. ~n N. d~.crrti~,n it ma~ Jrr~n nrrr»ar~ fur th~ {~ruprr prrsan:~t~u~s thrr~~~l. :~n~l ~ thr full amuunt uf ~.~:h .~n.l r~rn ,,~ih paymrM .h:dl hr immeJiatrl~ dur anJ pa~:~hlr. and ~hall hr ,~tiurtd h~ th~ lirn uf thi. nN,rt~ag~. 6. I h:~t hc ~+ill p:~~ :JI .~nd ,ingul:~r Ih~ ro.t~. ct?:~rge.. anJ c~~ume.. indud~ng re:~.unahl~ lawyer'~ fcc.. anJ cu,h ~,f ah.ti:~ih ~~f titlr. ~ni. .etil u~ pa~~i at :~n~ tunr h~ thr rrn~rt~a~:rn c~~ae~.r uf thr f:uleur ~>n ''~r p:ut u1 thr m~ntga~~~r prumpth :~nJ lulh i~~ ptrti,rm thr ~ .itrrrmrnt. and co~~n:int. uf .:u~l ~r.mi~..un n~~tr an~ Ehi. murt~ag~. :~n.) ~:11~I llhl~. CFl:~rgr.. .uiJ «prn.i..hull Fk immc.fi:~tel~ dur and p.~~:~hlr and ~hail h~ ,c•:urc~l h~ thc tirn ~•f thiti miing:~cr. ' fhat hc K~II A~rp the +mpn~vemrnt. nuw rti.t~ng ur hercaflrr er~CtrJ ~~n th~ nwr[gag«l prup~rt~. imure~) a. ma~ hr rrywrrd frum timr t~~ ume h~ thc rtx~rtgagc~ ,iga~n.t lu.c M tirr anJ uthrt hatard,. ~a.ulatir,. and'cuntingrtx~~~ in .u~h amuunt. and t.~r .u:h pcri~xt, a. m:~} ~w rryuircd M m~,rt~.+g~r. and ~~ilt p:i~ pr~,mpth. :~hen ~lue. any prrmium. un wch imurance fur pa~•m~n• ut'Khi~h pruch~~,n h:~, nat been maJe hereinbefore. All ~nsurarxe tihall be rarrird m compania~ rpproved by mortgagee and the policies arxi renewals thereof shall hr hrld h~ murtgagrr enJ ha~c au:u:h~til thrreto I~n. payablc clau,es in favor ~,f anJ in form acccptahlc t~, thr m~~rtg:ig~ . Irt r.rnt uf lu.. hr ~+iU e~~~ immrdi:de ni~t~cr h} m:~il tu m~~~tgagrr. anJ murti.~grr ma~ m~ke pr~h~f uf fi,.+ if nut ma~1~ prumptlt hc rn~~rtg:~gor. :~nd caih ~n.ur,~oi~ ~ump:iny .unrcrnrd n hrrrh~ au~huri~rJ :~n~l Jireitrd tu mai.r p:i~ mr~t fur ~uch luc~ directl~ t~~ mortc:~gtr in.tr.nl uf t~~ i~N~rtg,~g:,r :inJ mort~:~grr ju~n~l}. ,~nd thr imur.~ncr pn?~rc~1~. i~r any part thereuf. may h~ .?pplie~l hy nxirtg:igrc :~1 h~ .~pUun rhhrr t~~ thr rcJU~ii~~q uf ~hc indrhteJnr.• h~t~h) ~«urril tu iht ~~~Iu~aUun u~ ~ipa~~ uf thr p~up~rty if.itn:~gc~l. In i~rnl i~~~eili~.t~~i ~~1 th~~ rn„rte:~Lr ur ~,lher tran.l~rr ~~f titlr tu thr nxirtgagrJ pniprrq in c.~tm~w,hmrre~uf the indthtidnr,~ .«urc.l hr~ch}. .ili nght. titlr. and intrrr.t uf thr murtgeti~,r in :~nJ t~• am imur.incr pulirir, then in G~r~e ,hall p.i~, tu th~ ptinh:i,rr i~r gr:~nl~~. R. ~Ihat i( th~• pr~•;n~.r., ur .~n~' p.ut th~~n~o(. hr ~„n~!~~a~m•d un~1~~r ,~n~- p~~~~~~r uf rmincnt du:uain. :~r a~ yn[n~.i tor a pubii~ u~c•. !h•~ j.u~~.~~~~., F~n~i ~•~•:i~. .~n,i th~• ~ un~ideratinn (or .u~h .~cqui.itiun. to ihe .~x~.•nt of the (ul! .in:oun~ ~~t in,i~•bt~•dn~•~~ uFwn thi. \I~~rt~.ir.•,.,n~ltf~.•\~~t~• ur~~u h,~reLv rrm.~inin, unpai~i..~r~~ h.•r~•L~ .~r:.irn~~d t~c th~~ 11~~~t~~~or wth~~ \l~~rtea,^~•~• .~nJ >h~ll he• ~~.~i~i !~~rth~.~th t~~ th~~ ~lort~.~^~•r~ tu hr applir~~i hv i~ ,m ~~~unt uf th~~ indf•bte~dnf'.~ ..r~ urt~d ht~re•h~. ~.hrthrs diu• ur n~~t. 9. "fha~ thr m~~rtg:~g~r m:~y. at .~m t~mr prn~line a,uit u~x~n thi, murtga~r. :~ppl} 1n thr c~+urt having juri,Jictiirn therci,f fi~r the .+p~nntm~:nt uf a rccrnrr. anJ ,u~h cuurt ,h:Jl fi~rthH ith apMrint a recci~rr uf th~ pr~mi.r~ ~~,~e:rJ hrr~hy aU .~nd ,incul:u. including all .ind ,~ngular the iniumr. prutit.. i..ur,. :~nd ri~rnur, fmm Kh:~1«<r u~urcr deriv~J. each ar.J r~rr~ ~~f whi~h, rt Fk~ng ~~pret~ly unJrr.t~~~~J. i~ hrriht m~~rtgacrJ a, ~f.pccifir:ell~ .e~1 l~rrth :u~d ~1~.crihLJ in thr granting and h:itknJum clau.r. hrrc~,t. .~nJ .u.h rrirnrr • .hall ha~•e all the hru:~d and rt~t~~-~ti~r 1Lncli~,m :~nJ po~rr. ~n amti i~r ~~«o.?~.i ny c.:vn <<, a r«eivrr. and ,uch appuintmrnt ~hall h~ rna.ir .uch cuurt an a~mut~J rywh and mattrr uf ahx~lut~ nghl I~~ ,a~J mortg:igr~, and H rthuut re(cren~r tu thr :id~~yua~y .~r ~n:i.lcyua~~ ~~f thr ~:Jue uf the pnrprrt~ m<~rtg:~grd ~~r t„ Ihr .ultirnci or in.ulvtnc} uf .aid rtx~rtgacur ~~r thr .lefcndenh. anJ th:U ~uch r~nt.. pn,i9h. inr~~mr. i,.ue~. anJ recrnurc.hall he appli~d h} .u:h recri~er a~c~~rding to lhe lirn af th~. m~~rtgage and the practice uf wch ~uurt. In tht r.rnt ~~f .~m• default ~~n ?he p:~rt uf the m~~rtg.~~;u~ her~under, th~ m.,rtg.~gur .~gree~ t~~ pa} t~~ thr mi~rtgacrc ~,n Jcm:~nJ a~ _ rra.un.~hlr rn~~nthh rrntal f~~r thr prrmnr. ~o :~mui~nt a1 I~a,t ryuiraknt tu unr-t~<<Ifth 11/l_~ ~,f th~ :~c~regatr ~,f thc I~~ehr rmmthl~ ~n.t:~llmrm. payahlr ~n thr ~h~n ~urr~ni ycar plu. th~ actual amuunt uf thr annu.~l ta~r~. a„r..mcr.t.. ..atrr r.dr.. .~r~~t imur.~nir prrm~um~ f„r wrh ~rar n~~t r~~~errd h} thr af~,re,ai~ munthh pa~'m~nt~. ~ 10. fh.it m thr cvrnt uf anp hrrach uf th~, m~rrt~:~gr ur Jrfauh un thr p.+rt uf thc murtgag~u. ~.r ~h1 in tht c~ent th:u .~n~ of +.ud ~ .um. ul mune~• hercin referr~til to he n~~t prumptly an.l fully p,ud ~.i~huut .Irm.~nS ~~r n~~tic~. ~,r Irl ~n th~ rvrnt 1h:,t ra~h :inJ ~~en thr ~upulaUun._ egrr~menh, ~.mditiun., and a,~rn:ini. ut u~id nute an~l thi~ murtg:~gr. arr nut d~il~, prampd~. anJ futlJ prrG~rmrd: thrn in ~uhrr ~a ,~n~ ,u~h r~~nt. thr,:~iJ aggrr~:ate +um mrntiuncJ in ~.ud nutr then rem:~inig unpaid. ~ti~th inlerr,t :~c~rutd t~~ th:~t time. and all m.mr~..~curcJ hrrch~. .h.dl hr~umr Jur anJ pc~~:~hlr tirrth« ith. a~r thrrr:dter. :a thc upti~~n ~,f ~:ud murtg:~~rc. a~ ftdl~ anJ cumplctcl~ a. if all ~~f thr ~:uJ .um. ~Tf m~mc~ Hcre ~~n?;ur~ll~ ,tipuLrtrJ t~~ hr p:ud ~~n ,uch da~. a~~~h~ng ~n .aid n~~tr ~~r in th~ti rrKirlg:~gr t~~ the i~mtr.u> n..tM ~Ih~tan~ing: and thrreuFx~n ~~r thrrraftrr. ;it thr uptwn i~f .a~J iiiorteagte, w hhuut n~~UCe ~.r dem:~nd. wh at law ~~r in ryuity, ma~ hr pr~~tircut~d a~ ~f :JI muni}..rcured hrrrh} h:~d maturr~l priur tu rt~ imtituuun. lhr murtg:igcc ma} furrcl~,.r thi, m~,rtg:igr. a. t~~ thr :unuunt Jeclared Jur :~nJ pa:ahlr. anJ ihe .:uJ prrmitie~ .hall be wIJ to tiati~f~ and pa~ the ,:~me tugethrt wrth ~u.t,. r~~xmr~. :uiJ :JI~~Mancr~. (n rax uf p:~rtial Fu~ril~~uirr ~d th~~ ~nurtga~e, the murtgagrJ prem~u> >haU he wIJ ~uh~r~1 ta thr ~ununu~ng I~en i~f thi~ m~~~t~;age G~r thr arn~~unt ~~f thr ~lehl n~~t then ~lur :~nd unp.u:l. In ~uch :a,e thr pm~~~ium uf thi+ paragraph ma~ :igain h~ :~~:iilr~l .,f thrrraftcr fmm l~mr t~~ 1~mr h} thc m~.rtc.~grr. t 1. lhat thc rrx~rt~.tgur µ ~II g~tir immrdiatr nut~ir h~ m:nl t~~ Ihc mu;tga~~r uf ~np cnmr~:inct. tr.~mfrr. iir change uf u~nrr,hip uf th~ prem~.e.. I'~. I hat nu w:uvrr ~~f :~n} cu~rn;~nl hrrem ur ~~f the ~~Migation ~ecurrJ hcreM ~hall at am timr therraR~r he hrlJ t~~ he a u:~icer i~f thr trrm~ herri~f ~~r ~if thr ni~te ~ecured hrrih~. • t• r ' ~ ~ 1 2U, . : - Se- N r~ r - - ~'r r.. g-T, w,._~c.. ~Y _ ~ - - _ . . n,.