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HomeMy WebLinkAbout5736 ~ V ? 2. Ihat, in urJtr murr fully tu pru~~~;t thr ~tcunty uf Ihn m.~r~g:~gr. thr nw~tga~,ur, tugr~hrr N~th, arnl ~n aJJiu~~n tu. ~hr nx~nihl> pa~mtnt, unJrr thati I~rn?. uf tht nutr .czu~ctil hrrchy, un thr ti~.t Jay ul rach mun~h un1~l the .aiJ ~x~tr i. fuUy paiJ, wQl pa~• tu thr nwrtgagr~ thr t~~UuN ~~g ,um.: - : 1:+1 An anwunt ,ufti.irnt tu pruviJt Iht hulJtr fie~ruf with funJ~ 1o pay 1hr nr~l mur~gagt imurancr Eurmwm ~f th~+ imtrumrnt anJ ~hr nutr u~ured hrrrb~ :ue ~n~urrd. ~x a monthly chargr I~n lieu uf a rm~rtgagt ~n.uranct Exrm~uml ~f thty arc htlJ hy 1hr tircrrtary oC Nou+ing anJ l;rban (kvtlopmenl, ac foUuws: III If anJ v~ long a~ ~a~d nute of evrn dale anJ Ihis ~mtrumrnt are imurevi u~ .ue reinwrtJ urxltr ~he nrovi.~um of tht Nat~ortal Housing Ac1, an amount ~ut7icitnt ~o accumulate in the hanJ+ of' the h~~ldzr un~ 111 mumh ~x~ur ~o ~t~ due J:,te thr annuel nwrtgagr imuranrr prrmwm, ~n unlrr ~u pruviJr ~uch hulJer wuh fund~ tu p:~y .uch precnium iu thr Sr~rrtar~ uf Huusink anJ Urb~n Derrlupmrnt pur.uanl tu ~hr ~auunal H.~u+ing Acl, a+ armnJrd, a~x) :~ppli~able Rcgulatiun+ thereunJtr, or 1111 If and v~ lung a~ .:ud nutc uE rvrn d:~te arni ihi. in,trumrnt arr hrld hy thr Secretary of Hou,ing arx) Urban Ikvelupnxnt. a nx~n~hly ChargC 1~11 IICU u( a murlgaer ~muran« pr~miuml Nhich ,hali t~r in an ank~u~t ~yu:il t.? ~~n~-tNrlf~h 11!1'1 uf unr-hali 1'~21 p~r ~rnwm uf thr avriagr ~ut,tarnl~ng b-slance Jue un the notr wmputrJ N1IFIOUI I:ll.lll~ intu a~tiuunt .Irl inyurncir. ur prepey m~ nt.: 1h1 wm ~yual t~? the gruurxl rent~, ~f ~ny, nr~t Jue, plus thr prrmiumc that will nr~t hrcume Jue anJ payaMe un ~x~licie, uf fire arnl ulher hatard imurancr covering the nr~rtbagrd pru{+rrty, plu~ taxr. and as,c~smrnt, nr~t Jur un the m~xtgagcJ property iall a. e+umated by the riwrtg:?get) Ic.~ all wnu alrrady paiJ thcrefor d~vided by the numbr~ uf month+ tu rlapsr btfurc one munth pnur tu the Jate Nhen ,u~h gruunJ rcnu, prem~um~, taxts, arxl aur.~mrnts will be~;ome drlinyuent, such +um+ tu br hrld by murtgagre in tru~t w pay ~:?id gruunJ renh, premium+, ta~es, and t~x~c;ial assr~cments; and icl All payments menuoned in the two prec~ding subsettions of ~h~. paragraph and all payments to be maJe undrr the m~te srcured nC~~ny .hall tx adJrJ t.~b~thcr and the aggr~gate amuum thereu( tihall be pa~d hy ~he rtx~rtg..Kur rach nwnth in a.ingl~ paymcnl [u br appli~J by the murtgag~r ~o thr fullo~~ ~ng item~ in thr urJer ~et for~h: IU premium chargt+ under the ci~nlra~t uf irouranCe Mith the Secretary uf Huu~ing and l.~rban [k~•elopmrnt, ur nx~nthly charge lin lieu uf mong~ge m~urance premiuml, as the ca~e may be; 1111 gruund rent,, tax~s, a~+rvmrnt~, hrc, and uther h:?tarJ imur:~nce prrmium~; IIIII int~rc~~ un the nute .ecurctil hercby; ~nJ (t\'1 amurutation of Ihe prinC~pai ~~f ~aiJ notr. :~ny drti.;irn.:~ ~n th~ anwunt ~~C,u~h a~:~;ic~;atc munthly pa~mrnt ,h:dL wil~., niaJc g~axl h~ thr nw~t~.~gur priur Iu th~ ifur datr uf thz nr~t .u~h pa~mrm. ~~~n,uwt~ an r«nt ~,C.irfault u~Jrr thi, murtbagr. I h~ murl~abt~ ma~ :ullc-~t a lat~ .;harg~.. n.~t t.~ ~~~rrd tau ~rnt, i2c? ti~r ra~h d.~IL~r ~511 ui ra~h pa~m~nt murr than tili~rn ~ 1>1 Ja~. in anr:~r. tu cu~rr thr ~~tra ~~pcn.c in~uhrJ ~n h~nJl~ng drlinyurnt pa~mcnt.. i. fhal if tt~~ tuts~ uf th~ payin~ou ma~~ h~ ihe m.~rtbag~~r unJrr th~ uf p:ua~;r.~ph ~ prr~riGn~ .h:Jl r~~rrd Ihr :~nn,unt ~~f the paymrnh a~tuall~ n?:?dr b~ the murtg:?gr~_ ti~r ~;ruunJ rent,. ta~r. and :i„~~~m~nt. anJ imuratwr p~rmium.. a, thr rax ma~ br. ~u~F. cxces~ ~t the uption of the nwngagre, shall, be crrditctii on sut~quent payments [o tx maJe ny the rrwrtgagor, or refundeJ to the nwrtg:~bur. If. huN~vcr. thr nwn~hl~ p:,~mrnt, maJr hy th~ murtga~ur undrr ihl u( p:uagraph : pr~ti~d~ng ~hull nut tk .~:(fic~rnt tu p~~. gruund rent.. la~c~ an.t :,.,r.,mrn~.:~nJ ~n.u~an« p~r~nium,, a. thr ~:~,r may tx. Hhrn thc wmr ,hall b«uinr ~u~ :~nd payaMr. thrn thr nwrtg:~gur +hall pay to th~ murtg:ig~r :?n~ amuunt n~tir+,an tu maA~ up th~ altlh~rtx~. un ~x t+~furc thr Jate ~+hen p:iym~nt ~~f .u.h gruun.l rent.. ~:?~L.. a,x,.m~nt,. ur im~ran:r prrm~um~ ,h:,il ik dur. If :~t :,ny unu thr m~xtgagur .h:,fl ~~~xlrr tu thr murtg.~ge~ in ~ccurJan~r W ith th~ pmvi.~un. uf ~hr outc x~urrP ubr~h?. tull p~~m~nt ul thr cnurr ~ndrbtrJn~., rrpr~xntr~ thtrrb~. the nwrtgag~e ~hall, ~n cumpuung thr amuunt uf .uch indrbtrJnr.+. cr~d~t tu thr ac.:uunt uf ~h~ murtg;~~,.N alf pa} m~nh maJr under thc pru~ ~.ion. uf ~ul uf paragraph 2 hrrcuf ~hich thr murtgag~r h:u not tx~cum~ ublig~t~J to pay tu th~ Srcrttar~ uf Huu.ing anJ l'rban Davelupmcnt anJ an~ halancr ~rm:uning m th~ fun.l, a~~umulat~.l unJrr thc piu~i.n,m ~,f Ih~ uf ,:ud parag~aph If ~h~rr .hall hr a.IrL~ult undtr :~n~ uf thc pr.~~i.ium ot thi~ mur~~;agr. rc~ulung in puhlii ~.di ~~t Ih~ pre~lt~~~~ ~u~~rr~l h~rch~. ~~r if thr ~llurtg:~g~t :~Cyi~i«~ Iht (+«~pr~f) ulhttwt~t aftrr dcfault. thr nwrtg:~gcr .hall apph. at th~ u~ix uf thr rummrn~~mrnt of .uch pr~wrr~in4, ur at thr umr thr pruprrR n~uhrrw~x :icyiur~yl, thc halancr Ih~n r~m,uning in thr tund. :~c~umul.dr~l un~er ~hr ~,f p:u:i~;raph pr~c~til~ng ~rrJit :~gaimt thr .~m~~um i~f pnn~~p.il thrn r~mainmg unpaid unJrr ,a,d nutc anJ ,h.Jt prup~rl~ :idju.t an~ p:~ymrnh ~~h::h .h:Jl hacr F~rn ma~r unJrr 1~~! uf ,;sid par,~cr:~ph. 3. I h:d hc udl p.n sll tu~r~_ a~~~~~m~nt>. Natrr rxtcti, and uthrr guvernmtnial ur muni~~pal ~hart~.. tinr~. ~~r ~mFx~,i1~,m~. f~~r ~~hieh pruc~,iun ha. nut hrrn m:iJ~ htrrintkl~urc. and ~n .Iri:uilt thrrruf thr nu,rt~:~crr m:~~ pay thr ,amr: :~nJ that hr ill pr.~mpth drln~r Ihr ufficial rttieipl~ Ih~rr~ur ~u lh~ mu![gag~r. I h:~t hr ~ill prrmit. commh. ur ,utTrr n~ti ~.:~.~r. impairmrnt. ~~r ~Irt~ri.~r.~u~~n uf.:uJ pn~xrt~ ur ,~ny p:ut thrre~.f:.iRd in thr ~~rnt uf th~ failure uf thr nu~rtgagur tu 1.~rp the hwWing, .,n ,a~d prcnucr~ and thu,e w tx rrrctrJ un »~J prrnn,r,. .~r impruvemrnt, th~rcun. in g~H+~ rcp:ur. ihe nx~rt~;ager may make ,uch rep.~ir. a~ in it, Ji~~rctiun ~t m~y Je~m ne~~y+arq f~ thr pruFxr pr~.~r~ati~~o thrr~ut: :~nd the full :inN~?mt uf t:nh and even~ ~uch p:?yment ~hall t+e immrtiliatcl~ due and pa}ahlc, and.hall be x-~ur~d hy 1h~ lirn uf th~~ mc~rtgagr. h. I ha1 hr NiU pa~ all anJ tiingular the ~osts, char~rs, and expensec. ~n~luding reawnable law~rr". frrti. anJ c~»t,.~l ahvract~ uf titlc. in:urrrd ~~r p;u.l :~t :in} Um~ b~ th~ nwrtgag~c bc-~au,e uf thr failur~ un [h~ p:?rt uf the rtwrtgagur prumptl~ :~nd fu:!} tu pertirrm Ih~ agre. mrnh :+n~ cu~rnantc uf .aid prumi+~c~r~ nutr :~nJ thi, murig:~gr. and .aid c~nt.. charg~.. c~nJ ~~p~mr~ .hall hc ~mm~J~:deh dae :~nJ i pa~:~Mr :~nd ~h'sll he .rcured b}' Ihr li~n uf [h~~ ~uur[gag~_ I fh:~t hr «~II lrrp thr improvemenis nuw• etistinc ~~r hrreatter rrrchYl un thr rn~~rlgag~J pru~xrl~. imur~~ a~ ma~ hc r~yuirr.i frum ! umr t~~ umi h~ thr ~m~rtgagc~ ag:ums lu,~ h~ tirc ~nJ uth~r hetar.l,. ~.i,ul.iu~ti. ~nJ ~.~nUngrrKit, ~n ,uch .+m~~unt, an.l t:~r w~h p~nud~ as i r.ia~ h~ rcyu~rcd hy murt~;agee. anJ w•ill pa~ prumptlJ, when du~, am~ prenuums i~n,u~h ~mur.~ncr for pn~ment uf whwh provi.iun ha, not ~ been maJe hereinbefore_ All inwr~ntr shell be carnee! in wmpanie, approved by rtwrtgagee and the policies arxi renewals thereof shall ~ ~ t+e h~l~ h~ murtg~grc .~nd ha~r .itta.hed Iheret~~ I~~ti, pay:+ht~ itausa~ in fa~•~~r af and in fcxm acceptaM~ tu the nN~rtg:~g~e. In tvent of lusti ~ he N ill g~~r imm~Jiate n~~t~cr h} mail tu murtg~grr. anJ mungag~c ma~ mal,r pru.~f uf lu~, if rn~t mad~ prumpdy by m~xtgagur. arxi each mwrt~n~r cumpany ci~nt~rnrd hrreh~ auth~~riird and dirctiteJ t~ m:~lr pa}~ment f~tt ~u~h I:~.~ dirrcNy tu murtgagee imteaJ uf tu ~ rm,rt~;;~gur and murt~:~~.rr j~~~ntly. anJ tht incurance pnx:r~ds, or any part thereuG may t~ applied hy nx?ngage~ at it~ upiion cithrr tn thr rcducti~~n i~ti thr ~nd~htrafnr~~ herchy ,ctiurc~l ~r to th~ rr~turauun ur rrpn~r uf the pruprrt}' J:imagrJ. In e~•ent of lurrclu~urr .,f thi. ~ rrn~rtg:~gr ~x ~~ther tr.~mfer ~~f ti~lt t~~ thr ~n~~rt~:igr~ pruparty in r~t~ngui~hmrnt ~~f the inJeMrJnr...«ured herrh~. ali nght. titl~. :~nd intrrr~t ~~f thr mort~,a~ur ~n and tu em ~munincr pulic~r. thrn in ti~rcc .h:Jl p:~,. tu ~hr purcha.cr ~~r grantrr. x. l hat thr murtgagre may. .~t any~ t~mr prnding a,wt upun thi, m~,rtg:~?:r. apph tu thr c~~urt ha~'ing luriwli~tiim thrr~~.f fi~r thr ap{x~intnxnt ui a rc~ri~rr. anJ ,uch ~uurt ~h•rll f.xthw ~Ih app~nnl a rec~~~cr uf thr prcmix~ cu.rreJ h~reb~• :JI an.f .+ngular. m~luJing all and ~inL!~L~r thr ~ncumr. prufih. i.wr~. and rc~rnur~ fmm ~~hatr~cr .ourir drriveJ, each anJ rven uf ~~hiih. ~t Fwinc ~~prc+,l~ ~ unJrr+l~~~xt. i~ h~reh~ nwrtgaetd a+ if .~xrific~lly ~rt forih :~nJ dreerihed in 1he eranting and h~hrndum ~L~u.r~ h~re.~t. :uid .uch recrnrr ~ ,h:~ll h.~~r :~11 thr hr~~ad ;~nd rffr~uve futxUum and po~rr~ in :myH•~sr entru~trd by a co?rtt t~~ a rrt~i~~r. .inJ .uch appumlmrnt .h.dl b~ mad~ hy ,unc ~uur~ .+n a~mittrJ ryu~t~ .~nd maurr „f .ttw~lutr nght t~. .aiJ m.~rtga~r~. :~nJ w hh~~ut r~frr~n:r i~~ thr :~Jcyuac} ~~r inadryuc~i} uf th~ ti:ilue Ih~ pn~p~rl~ ~n~~rlL:igrJ v~ I~~ Ih~ ~ul~~n~y ut ~mulvcncy u( ~aiJ murtga~~rr ur thr J~1~aJrnh. :uid th:rt ~u~h rrnh. pruht~. in:~,mr. i„ur,. and re~~nur. ,hall F+r .?ppl~rJ h~ .uch rr:ric~r :~~rur.iing t~r thn c~n ~•f thi. m~~rt~:~gr :+nd thr pr.~chcr uf.uih ~uuit. In th~ r~~nt uf :im dcf:~ult i~n thr p:irt ~~f ~hr m~~rtg.~~~~r hrrrun~lrr. thr ~n~irtg.,gnr .~grrr. tu p.~~ ta [hr murt~:~~;ar un .lrm:~nd a~ a rea.i,n:~hle m~~nthly rrntal tiir ~hr prrm~u. .~n anu~unt at Ir:i~t ~yunalrnt tu une-INelfth 11(I'_! uf the :~ggrr~::+tr uf iht twrl~e rnanthh~ imtallmrnt~ ~~y:~ni~ ~n~ thrn currrnt yr:ir plu, Ihr actu:~i amuunt ~rl thr :innu:il t:~~r.. s~~r.~mrnh. ~atrr ratr~_ :inJ ~n+ur.~ncr premium~ ~ f~~r,~~ih trar n~~~ ~uv~rrd h~ thr:di~ra.aiJ rn~~nthh pa~nt~n1,. Th:rt i~~l ~n thr r~cnt „(:~m hrr.irh ~,f thi~ m~xlga~r ~~r JrI:~u11 un Ihr part uf thr murt~::~g„r. ui Ihl ~n thr c~rnt ~hal an) uf .:ud ~ ,umti uf munry hrrr~n rcfrrrttl tu hr nut prampih :~nJ fullt p.~~d .c~th~,ut Jcm:~nd ~~r nuticr. ur 1~ 1 ~n th. ~~rnt Ihet rach anJ r~~n thc ~ ,tipul.~tiun.. .igrrcmrnt.. i~~nditiun.. .~n.l i~~~~nanh uf .:ud nutr anJ th~, m~~rlg.~gc. arr nut Jul~. prump~l~. :~nd full~ prrt~,rmrd: then in ruhrr ~n :~n~ w fi rc,nt, th~ ~:IIII :~LIICC:IIC ,um mcntiuneJ in .a~J nutc ~hrn rrma~n~g unpa~J, with intrrr.t a~crutd tu that hmr. .~nd all nxsnr" ~~curcJ hrrch~. ~hell hrc~~m~ ~1uc and pay:~hl~ (~~rlh~+i~h. i~r thrrc:ifta~. a~ thr ~~pti~m ~~f ~xid murt~.~~rc. (ulh .~nd iittnplrlrh :t+ ~ ~f ali thr .aiJ ,urm ~~I m~~nry ~~crr ~,r iginalh .UpulatrJ t„ h~ p:uJ ~~n w:h Jac. nmth~n~; ~n ,:u~ ni,tr ~rr in Ihi~ nx~rt~aer t~~ thr i~~ntr:~n nut~ ~th.t.~n.Iuig. .~nJ thcreupin ur thereaftrr. at thr .~pt~:3n ~~f ~:~id mortg~grt. ~~th~•ut n„uir ~,r drmc~n.l. ,uit .~t I:eH „r m~yuit~. m.i~ h~ pn~~r~utrJ il :~II m~mr'...~tiur~d hrrrM h:~J m:~turitit pnur t„ it. imtitut~un. Ihr nu~rl~;agrr ma~ tur~:l~~.r thi. m~~rt~agr. a. [u thr anuiuM Jrclar~~l du~ anil p:~~aMc. :~n.l ihr ,:u~l prcmi,r. ~h~~ll h~ v~W ti~ ~:~li+l) end pa}' Ihc ~ann t~~g~thir wilh ~~r~t.. r~pim~~. :~nd alluH.~ncr,- In c:~+r r.~rti.~l ti~ir.l~~.urr ~~f thi. m~~rt~:~cr. thr mun~;a~:e~l prrmi.r. .h~ll h~ vdd .uh~r~t tu thr ~.,nt~nuinc Lrn ~,f thi~ nw~rt~.~gr fnr th~ :un~~ut:t ~,f thr ~1rht nut Ihin .lur .~riJ unp.ud. In .u:h ~:~.c Ihr pr~~~i.i~m. uf thi~ p:ir.i~~.+ph m.~} .~c:un Fk n~.ulrJ ~ thrrrattrr ~rum Umr I~~ umr h~ ~hr murtf::f~:rr. I11 Ih.~t ~hi IIU~ISL:tL~~f ~+ill g~~r ~mn~r~ti.itr n~~tiir M m~~l t~~ Ih~• ~nuilg:~g~c ~~f .~m i~~mr>:~nir. tren.frr. ~rr ihan~r ~~f ~~Hnrr.hi~ ~~f ~ Iha rfinu,c.. 1 I. I hat n„ H.mrr ~d .~m ..~~~n:~nt hrrrin ~,r .~1 thr ~~hlig.rtn,n ~riurrd hrrrh~ .h:~ll at .un hmr thrrr~flrr hr h~t~i tk Nai~rr uf ~ Ihr Ict nt~ h~ra~l ur .i( ~hr n~~IC .r:urrd hi~rh) ~ I~. ihat ~f thr ~uu~i~:a~.,r ~1~t.~ult in am ~,f thr :u~cn.~nt. ~,r .~g~rrmrnt. c~~nt:un:~l hrrrin. ~~r ~n ,a~d nut~. Ihrn th~ rnur~ga~;r~ ma~ ~ perfurm thr +amr. arxl ati e~prnJhurr, ~~n~lud~ng rra..,nahlr :~uurnr~~. f~c,i madr h} ~hr rnurt~:~~rr ~n w~ duin~, .hall Jraw intrrr.~ :~t thr r.~te,ri furth ~n the not~ ~r~urcJ hcrrh}. and .hall hc rrpa}eMr immrdr.~tely anJ w~th~.ut JrmanJ h~ thr murtga~tur tu thr rm~rtgagce. anJ. ~ - lugrth~r Nith inlrre~t anJ cu.~. a~:nnng thrrrun. +hall t+r.ecureJ by thiti mortgage. ~ 20y ~a~E 2?26 ~ eocK