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HomeMy WebLinkAbout0332 ~ ~ a. ' . ~I~1Jl. III ~K~if OM)r: r~u~• ~u ~ne .e.~~~~y ~h~. mur.~aYr. tha muitK:.g.~r. tugrthr~ Nuh, a~rl ~n u.t.i~t~,~n t.~. 1hr ~~w~ii:~ii~ Mymrn~. unJtr thr trrm. uf tAe a.~tr .c~u~eJ hrrtM•, un thr An~ day uf i:nh nwntA unul ~ht .ai.t n.~te luil~ {*:ud. H~U pa~ ti. Ihr tnnrlg:?grr thr fulluw~og ~um,: ' Ia! arnuunt .4ffi:irnt ta? provi3e Ihe hulJcr hr~r~~t with futxf~ tu E~y ~he nr~t m.~rtga~r ~ni.:r.~nce {~rrr:uum ~i thi. im~runxm anJ thi ~aucr +tcu~rJ hcr~by ~rc ~n.urrd, cx a ma .t~ly ch~rgr Iin I~ru uf' a rm~rt~~gr in.uratwt prvmiuml ~f they ~rc hclJ hy thr ~rctary uf Huuvng aod U~t~:?n ik:~tl~K+mrnl. ac fuU.~N,: Ii) If and lung a. .aiJ n.u< <~f tven d•rte anJ th~. ~n.trumrnl :~rc ~murcv! ~~r arc crin.ured uni~r~ ~hr p~a~i.h~r., .~f thr ~ Natiunal Nuu.~ng Act, an amuun~ wf'ticirnt to ~~ZUmulatr in thr AanJ~ of ~he hu1Je~ ~ne l l l m~?nth priu~ to u. due datt the snnual nh?rigagr ir..urance prrmwm. ~n ~xJrr tu pn~~~.lr ,:wh I~.~I~rr wHh fundi ta~pay.uch p~rnuum tu ~I~r tic~rrt.,ry of NuwinY and l'rb:in [k~elopmen~ pur.u:~nt thr \atiw?al H~~u.inb a+ a~n~ndtd. .~nJ applksblr Krgulat~.~n• ~htrr.iuJrr, .x II11 If artJ x~ tui~g a~ .aid n.~lr uf rvrn Jatr und t~i, imtnimrnt arr hrh! h~ thv ~tirrtary u! Hriy.ing :~:xl t`rR~n Ih ~•~I.~pmrnt. a nx~nthly chatgC un I~tu uf a m.xtgagt ~n.ur.~n~r pr~mwml t hich .h.~ll tk tn .~n :II1WUill ryu..l t.~ .mr-tNCU~h 11~121.~t unr-h•rlf t' =1 ~+er crnwm ~?i thr avrragr ouawrnl~ng b:.lancr J~~r on the nutr. run:put~.f withuut taA~ng uu.~ accuu~t Jrl~nyuencic..u pr~pxymrnt,; Ib) A wm ryual tu thr gr.wrxl rcnt., ii ~ny, nr~t Jae, plus thr ~xtmium. th.~t Nill nt~t 1xYUmr duc anJ payahlr .~n p.~li.~c. of fire •rx1 othrr har.rd in.cn~neeZOVe'ringthe~moTtgag~,d pr.~rtrt>~, plus taxc~ anJ a~~~vmrnt+ nrxt dur un thr m~K~gagrd pro~ity eall a. esdmat:J by thr nwngsgetl It~~ afl sums alread~ p:ud theref~ div~J.J by th~ num~r ~f munths to elapsr befure une muuth E?fiUf W lFli J:~li w(1CO ~U~A ~fUUO(1 fCRli, prrm+um~, ta~r~. ~~xl aa~~~~m~nls will txtiomr drGr.yueni. +uch ~um+ tu t+r hrld hy . nx~rtgagre ~n t~u~t a? Ewy wiJ gnwnJ rznts, prrmium~. t:~ac~. and ~ptcial a.,rt.mcnu: and 1c) All payments mentioned in the two precrding subsec:tions of thi. {+:uagraph arni all payments to he mule urnlrr the note ~.tiurcd herrby .h~ll hr addctil tugrtAer :?nd the agurrga~c sm~•unt thertuf ,hnll be p:?~d b) the rtx~rtgagur ra~h munth in a~~nglr pa) nxnt w ts~ appli~d h~ thr nHxtg:~grr to tht ic.11uN ~ng ~tcrtn ~n ttx urdrr ~zt fc~rih: 111 prem~um ~hargr. undrr tt.e cunuact i+f imuranct wi~h thr Srcretary of Huu~ing and Urtvn [atv~lop~~rnt, ur m.~nthiy chargr lin liru of mcxtgagt inaurancr prtmiuml, as Ihe ra.r may tx; l ll l grw?nd rents, taacti. :?ise~+menu, firt. and uchzr har_:uJ +nw~~rw~ ~xrmiums; 11111 intcrctit un thr not~ .tcurrJ hrrrby; anJ l1Y) anwrtitati~m uf thc ~uinci~l of wid n.ur. A~y d:fici~rx;y ~n ~hr anx~unt uf .u.h ~ggregute muo~hiy p:~•::~rnt .I~a1L unlr~+ m~~e .~.k~.! b~ +h~ m.xtg.~g.x priur to thr Jur ~atr uf the nr~t such p:+ymrnt. wmututr an r~rnt uf dcLwl~ urnlcr thi, m.utgagr. 7 hr tn.Ktgxgrc may cull~tit a~latr ~harg~~~ nut tu r~~~rJ twu cents 12c1 fi~r rach ik~llar ~)11 ul r.Kh pa~m~nt mura; lhan tiitrrn IISI da}~ ~n :ur~an t.~ ~u~er lhr ~~Ira c~(+~n.r in~ul~~~ti) in hanJling Jrlinyurnt paym~nt.. i, I'hat if ~hr tutal of thr p.~~mrnt. maJe hy thr murtgagur u~xltr 16~ uf pstagr.iph : prr«Jing ,haN r~~rrJ thr anwuiu ~~f 1h~ paynknh actually made by 1hr m~Ktgagrr. f~~r gruunJ rcnts, tu~~h anJ a.~t+,m~nh anu ~muran:r premium.. thr rax may b~, ,uc~. exceat at the option of the mixtgagcr, shall, be crediteJ un wbs~quent p•ryments to be maJe by th~ mortgsgor, or rtfumi~vl ti. the morlgagor. If.'huw«tG th~ ow~nlhly pa~mcnt. m:x1r b~ thr morlgagur unJrr Ibl of parabraph 2 pr«cding .hall nut !+r +uftici~nt a~ pay gruuMl r~nt,, ta~c. a~xl :?.x-+~mrnt, an.l mwrancr prrin~um+. a. Ihr ia~r m•rq t+r. Nhrn thr .aa~r ~h:~ll t+asvnx du~ c~nJ payabt~. thcn thr rtM?rtg:~ur ~hall pap tu th~ murtgagrr am anw~unt n~ti«.an tu mal,r up ~he drfk~rnc~~, urt .K tkfurr ~he data Nhrn pay~ncnt u~ wch gruuix! rcnic. taxr.. a~.rw,mrnt.. ..r ~murancc prrmium, .hall t+c Jur. If a~ any ~ime thr m~u~gag~x +hall irrxlrr to thr mi~rigag~r in xcurJancr Nith th~ pruvi,ium uf thr nut~ ,ctiured hrr~by. full paymrot uf thr enur~ ~nJct+trJne.~ repr~-.rnt~d thzrrb~. the nw~~gagre ~hall, in cumputing th~ amuunt uf ,uch inJrbtrdnr~,.:r~dit tc~ Iht a:ciwnt uf the m~xtg:igur :JI pa~•m~nt. maJ~ urxltr Ih~ pru~?,i~+n. of lul uf prragraph 2 hrrruf Hhhh thr mungagte has nut tx~um~ ublig:ur.l tu pay tu the S~cretary uf Huu,ing anal l:rban Dr~tlupnxn~ ar~.i any twlance rrm:?~ning in tht lund. a:cumuLitrd unJrr thr pru~i.wm uf ~h~ uf ,sid p:+ragraph 2. If therr .hal) ~x a J~t;,utl urxl~r an~ af 1h~ pn.~~.iun. uf thi, m~xtgagc. rctiult~ng in a public .alr uf ~hr prrnu,r. roccrcd hcrcby. ur if thr m.xtgag~r :~cyuire. thc pr.~+rrt~ uthrru i.~ after dcf:~ult. thr murtgagr~ .h;dl sppl)', a! thc time oi"ih~ r~~mmrncrmrm ut .uch pr«erding, irr a~ ~h~ t~mr thr pru{hr1~ i. .~thrr~~~~e ;tcquirrJ. thr halan:r th~n rrmaming in th~ fund~ :?~cumulatcal unJer ih~ uf pnr:~graph ' prcl~tiling a. a~rr.lic aga~n.t thr am~~unt uf princip:?1 thcn r~m~in~ng unpaiJ undcr .:?iJ nu:~ anJ .h:~ll prupcrl~ adju.t :~n~~ p:~~mcnt~ Whi.h ,h:dl hav~ f+~en madt i~nd~r 1~+1 ~~f ~:+id Faragraph. -t. l h:~t hr w~ll pai all ta~~~,. a,x~,~m~nt,. ~.~tr? rat.r,. ~nd uthrr gu~~rnm~nt:,t ur munic~pal ~harg~~+_ tin~.. ur imp.~,iU.•o•. t.~r :.hi~n provi~iun ha~ nut t+~cn m~Jr h~rcinhrfore. and ~n dafault thrr~ti~C th~ mortgagrr may pa) ihr .amr: a~d thal hi Nill prumpti~ drl~~rr ttie ofhcial rc~~ipt+ thcrrfrt t~~ Ihe m~~rtga~;r~. S. I~hat he ~~ill prrmrt. cummit. or ,ufitr no wa.te. imp:~irmrnt. iK drteriuratiun uf ,aid propert~~ or am~ part th~rcuf: .:nJ ~rt th~ r~rnt o[ tFr failt~rc uf thr murtia~ur tu Aec~+ thc t~wlJ~ng~ ur? ~aiJ pr~rnues :~nJ tho~e to lw er~tited on sa~d prcm~u~..+r impru~rmrnh ihrreun. in gixxl repair. thr ak~rtg:~grr m~~ nalr wch repa~r.:~, in ~t~ dixrrtiun it may drem n~vr.+:iry f~x the pr.:{+rr prexn:.uun thercof. arJ 1he Gdi :~nw~unt uf c:+ch nnd ~v:r~ +uciz p m~nt ,hall he imm~tiliatel~ Jur arnl p~~aMr. a~d .hall he +~zurcai hy thr I~~n uf thi~ rrk~rtgage. 6. fhat hr ill par all :ue~t .mgul. <<.r.i.. char~~-~_ and ~~Exn.r,. ~rkluding rca.unahlr 1~.~}rr'~ fre,. anJ cost~ i~f ab.trarts of thle. mcurrad or p~id at :?m timr M thr rtgager t~ctiau,r uf the failure on thr part of thr nx~rtgag.~r prumptl~ anJ fuliy tu {krf~~rm the ag~r~mr~t. and cu~cn;~nt~ uf .a~d prumn~ur~~ nute ar~J this m~~r?gagr. :,nJ,aiJ cu,h, chargr.. arxl ~~prme..hall he in~mr~~atrl~ Ju~ .~nJ p:>>abl~ and ,hall ha .r~urrd the lirn nf thi. mort~are. ~ I hai hr w~ll ?rrp tFr ~mprovcmrnt~ nuw r~icting or hrr~af[~r rrect~l .m thr nx~rlgagc.l prop~rty. ~n;urcd ma~ hr ~r:{: n.ti L-~:m umr t~+ ti~ti~ h} thr I11UfISCJ~tC :lLdIO~I IlK\ i~y firr :~nd uthrr har.~rdti. ~:~.uLuir~. an~ cunt~ng~n~i~~ ~n ,uch :~nwunt. ~nd f.,r .uth Ekn~~d~ _!s ~ ma~ tk rtyuucd M murtg.~~~r. anJ .+i~3 ~ey pru~z~pth. uhrn Jur. an~ premium. un,t~~h ~mur.~n.~ fur p~}~m~nt whi~h pro~~~iun ha~ nut ~ been made here~nbefwe. All ~nwrance shall tx carrieei sn companiec approvrd by mortgagee and the policieti and renew~ais thereof shall t+e hclJ h} murtg,~•_~c an~i ha~r .~ttachcyl thereto I~.s. payahir clau,~~ in tavt~r oF and in f~xm aca-eptable tu the nH~rt¢a~:t~. In rvrnt t~f lo~c ~ hr N~11 givr ~mm~diets n~~t~cr M mail tu murigagea. atxl m~~rtgagrr ma~ ma{.r pnwf uf li~~ if M~t m~de pr.~mpily by m~•rtg:~g..r. atxt rach ~mur~rkc w;npan~ ~un~rrnrJ hc~rM :wthoric~d anJ ~fir~~trd tu m:il.e p:i~m~n~ fur ,uch !u„ .lirc~~h ta nwrtg~gr~ imtrad u( u. ~ rrx~rtg~~ur ~nJ murtaagr~ ~~~iml~. and thr inairance pr,Kerd~..K ~ny part tnrnti~f. may t+e applied ba• rrx~rtcair~ at it..,pii~~n ~~thrr a~ thr r~dthuun ul thr indehhdnr~. hrrnc~ ,c:u~rJ ,+r tu thr ~r.turatiun ur ~ep:ur uf thc pruprrt~' ~amagrd. In r~rnt ~,f f~~recl~~.urr .~f thi~ rm~rtgagr ur athrr tr:~n~frr ..f thlr t.i thr murtg.igrd~pn~crt~ in c.lungu~,hment uf the indeMednc,. u~urcd hrrch~. .~11 r~cht. UUr. :+nd :ni~re,t uf th~ murlg.ig.rr in :~nJ t~~ :m~ imuranre pulirir. thrn in fe~ee ,h:Jl ;:i~. ti~ the purcha~er ur crant~c. R. lhat thr nx~rlg:igcc ~n~~_ at any timr pcnding a~u~t u(x~n ~h~c murt~a¢e. apply to lhc cuurt ha~inc iurivt~cuun thrrruf fi~r tht ap{x~~ntm~nt af a r~~ri~r~. anil .u~h r~~urt ,h:~ll furhN~th appoint a retCiver of thr prrmi,c~ covercd hrrrh~ :JI anJ +in~:~~lar. :ntlud~ng all anJ ~ingular thr incum~_ pratit~. i.~ua~. anJ r~ven~~~ frum whatt~~r wurcc lICf1YCLI. l':Il'FI and ~~cn ul whi:h. u hring tzprt,.l~ ~ under~tuexl. hrreM m~~~t~a~~d a. if ,Extiit'nalh crt fi•rth anJ dr.crih.d in the granting anJ hatxndum clau.r+ her~ti~f. :me! .u:h rc.~ ivcr .hall havr all thr hru.~.l and rflr:u~r funcUun.:md pu~+~r, ~n an~u~.r rmru.trd h~ ~uurt tu ~~rcrn~r. anJ ,u.h appum~mrnt .h:JI t+c madr b~ wch :uurt .~n admutrd ryurt~ and a mattrr ~~f :~h..,luir n~ht t~~ .a~J nwrigae~r anJ ~~ithuut rrfrrcn:c t.~ tht aJ~~yusc}~ ~,r inadryuac~ ut thr valur uf thr pruperh murtgagrJ c~ to thc wl~•rn~y ur imuf~rncy ~*f ,ai~ nx~rt~:~tur .~r th~ Jrf.nJrnt.. anJ that .u~h renh. prufit,. w:omr. ~..u~ti. and rerenur.,h:dl tk appl~rd h~ .uth rrcrhrr accunl~ng ti~ lhc ~un ~~f thi. m.~rtga~;c anJ Ihr pia•_U~r uf ~u~~ cuurt. In Ihr rv~nt nf am Jtiauit on thr part ~~f thr nw~tgei~~r hercundtr. the murtgc~gur :~gr~e. to pa~ t~~ thr mi~rtgag~c ~~n Jem;mJ a+ a rra.onahlr mi~nthlc ren~al for the prem~~r. ~n amuunt Ira.t ryui~:Jent to unc-tuclflh 11/121 nf ~h~ aggrrgatr af thr :wel~~c rtk.nthly ~ ~n+lallm~nt. p.,yahle in ~hr th~n current yrar plus the actual amuunt ut thr ~nr.u:?1 ta~eti. a~.e,~ment,, water ratr~. anJ ~mur.~n~e prraiiums ~ fur unh ycar not :u~creJ h~ th~ af~~rr,aiJ munthl~ paymrnt.. 9. fh.~11~t) m th~ r~rnt ~~f am hrr.~ch uf Ih~~ m~xtgacr ~~r dri:uill un th~ p.ut .~f thr nx~rt~~c~x. ur ih? m thc r~tnt ihat :~n} uf.aiJ +urm ~.f munr~ h~rr~ri fCEI'fllYl'lf~ ~`C mN prumpth ar.d full~~ p:~id with~~ut .Irm:and ~•r n.~t~~r. nr ?~n tht r~cnt th:it rarh .~n~l a~rn the ~UpulaUun.. .~~;rrrm~nh. c.,nJu~um. and cuvc~:ini. u( ,a~d n~Nr and thi~ m~~rtgagr. :u~ nut ~twy. pre~mpliy. .~n.! tull~ ~Sr~t~~rmrJ. thrn m ~ rhher ur .~n} ,uch r~~~?t. ;hr .:nd :~ggrcgatc .um mtit~unrd ~n .:+id nut~ thrn r~mainic unp.uJ. :+~th ~mrrr,t :+:irc~id ti~ thet timr. ertd ail ~ rrw,nc~..r~+irrJ hrrrby_ ,hall hccuma duc :inJ ~~~ahlc G.rth~~ nh. ~x Ihcrcaft~r. at th< <,p~+cn .~f ,.ud r~~~rt_.~~rr. (nll~ and :umplrtri} a. ~ if all of the ~id .umc of nx~ney Nerc urig~n.J!} .t~pu{:urd t~~ t+r p:ud un ,u:h d.~c. amth~ng in .a~.i nut~ ~~r ~n thi. nx,rt~agr tu ~hr ,.untrary ~ nutw ~th.lanJin~: .~nd thcrruFwn ~~r thereaftrr. at thc opuun ot.a~J rm~rt~atrr. uithuut n.~u~e or drmand. ~~nt .tt law ~~r m ryu~t~. m.n t+r ~ pro.rcutc~f :n i( :JI munr~. ~cti!~r~J h~reh~ haJ m.ilur~Yl pri~rr tu i1. imt~tu;it:n. I hr nH~rtg:,g~c m:~} tuic:lv,r th~~ nx~rtg.~~.r_ t~, th~ amuunt ~t~ deil:u~d ~ht~ :~nJ p:i~:~hlr. and +'ir .:uJ prrtn~~r~ +h:Jl he KdJ i~~ .alttf} and ps~ Ihe ~anzr I.~grthcr with ie~~h. c~{kn~a~. and ~ alluN,incr~. In ~,~.r ~~t partial I~~rrtl~r~ure 1hi~ mu~li..tr. thr mi~stgagrd prrmi.r. .h;Jt hr .uiJ .uhiatit tn Iht :onunuc~tg I~rn ~.f thi~ ~ ow~rtga~c f~x thr an~uum .,1 Iha .ltht n~n thrn dur .~nd unp~~~l In .uih :a~r Ihr pr.•~~.ium ~~t th~. p:u:~gi:~ph ma~ ai.un rc a~.~i1rJ rf - thrrraftrr Iram t~:n~ t~~ timc hy th~ n,~a t~ae«. 111. Ihat thr m~,rtL.t~:~~r w~ll gi~•c ~mm~.h:dr n~,ticc h} m:,~l to thr nw~rtg~g~~ uf .u~~ c.~n<<<:~rh~. tr,~mfrr. ch:~n~r u~tinrnh~p ~~f th~ prrm~+r.. ~ ! I. fhat r.u Ha~~r~ .~f am• covrnant hrr~in or ~t! thc ~•hLg.~uvn .r~urr.l hrret~~ .h.~Il .~t :~m umi th~rratt~r tk hrld tu f.~ a uai~rr of thr term•. hrr~uf ~x ~•f thr rM~~r +ecurrJ hereby. ~ I_'. I hat ir thr rrw.rtcag..r aieiauft in anc ~,i :h~ :~~ven.int, ~~r :~brermrni. i~~nl.unrd hecr~n. ~n in .aid rn,te. Ihrn thr murtgagrc ma~ p::iurm Ihe wmr. aiial all ~~p~nJrturr. sincludinb ~e.~cunahlr .dt~~rnr~'. ftc.~ r.i.,J; h~ thc m~»t~.~gcr ~n x~ J~n~g ~hal1 Jrau ~mcre~t at tht rate ~el fixth in th"r rw~tc •ecured hrrrhr..~nd +hall t+e repayahie immcdiatrl} :+nJ wuhuut Jcm.:od M Ihe riwrtgagur lo ti~c rtxrrtFagte, aod. tugeth~r w ish in~cr~ ~.~nd ce~.h :kcruin~ thercun. .hall bc ~e~urcJ hy ~hi, mortg~cr. ~ 5Q~K~~~ PdCf ~ - - - ~ - _ - - _ _ - ~Y24~`~~ .~f _ . " _ " _ ~ 9 . _ . T f .1` -J