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HomeMy WebLinkAbout0210 ' Ihat. in ~~tdri nt~~~r fuU~ tu prutr.l thr ,r.~,n1~ .~f ih~~ m~~~t6a~~. Ihr ~u.,ng.~rur. l~~Erthr~ w ~Ih .~nd m.~.I.lu~.~n lu ~h~• mun~hh p.~~ mrnl. un~rr Iha I~tm~ u~ ~h~ ~u~la .~.urrJ hcrch~ .~~n ~hr ti~.t d.~~ r.t.h m~~mh unui ihr ..uJ n~~lr full) p.ud. u ~II p:~y lu Ihr tnwlg.i~~a• ~hr luUus~ in~; .um.. I.i! 1n.~in.~unt ,ulh.i~nt tu pr~+~~dr ~hr h~~Wrr hrrru( wnh (und. tu p.~~ thr nr~t uuutga~r ~n.ur.~nrr p~rm~um i( Ih~. in.ttumrm .~n.t ihr nul~ ~r:urrJ hci~h~ .ur u~.uir~L m~auhl~ :h.u~:~ I~n hru ul m~~:t~;.~~;r ~n.i~r:~nrr prrm~um? i( thr~ arr hriJ h~ thc ~r.~rt.~~c .~f Hi~u+~ng and l~~h:~n ik~rlupmrnt f~~Qu~+~' tU If a~T~t .u lun~; a. ,aid n~,~r uf r?rn Ja~r .uiJ Ihi. inwiunrnt ~rr m.ui~J .~re rain.urrJ undrr Ihr prw~,iun..~( ihr \,~uu~~.d tluu,inE :~~t. an amuunl ,utti.~rm tu :~c~umule~r in thr h.~nd, ~~f ~hr h.ddrr unr 11? m~~nth priur tu it, dur J.~Ir thr .~nnu.~l mu~~- in.ur:~n:r prrmium, in o~Jer tu pro~iJr .uch h~~Wtr Nnh funJ. 1u p.~~ .urh prcmium tu Ih~ lrctrtar~ uf lluu.inE .~nd l'rh:m Ik~riopmrm pur.uant tu thr t~:diun:d Huu.eng :\rl.:n amr» JrJ. :,nJ applir.~hlc Regulatiun. thrrrunJrr. u~ 111) If :~nJ u~ lung ~aid nult u( t~rn d:Ue anJ thi~ in.lrumcn~ arc htld hy Ihc titc~rlaty uf Huu~in~ anJ l'rhan Ik~~lupmrnt. m~~nthl~ rharge lin Gtu u( murtga~:r imur.u~.e premiuml Nhich ,h.Jl hr ~n an :~muunl ryu:d tu an~-~wrlfth 1 I!1?~ u( onr-half 111_'1 ptr ~rnlum u( llx avCra~t uut~lnndin~;b:d:~n~C Juc un Iht nut~ rumputeJ Nithuut ~.~?,in~ ~nlu:~.:~~unt Jrlinyurn.ir. ur prrpay mrnh; Ih1 :1 .um ryu:J ~u thc g~uund rrnt.. i( anp. nr~t du~. plu. th~ prrmium~ ~h:~t ~ill nc~t he~umr Jur anJ pa~:~hlt un {a~li~ir, uf lir~ .uiJ otFkr ha~arJ imuranrr..~~rrin~, thr murtga~;rd proMrl> - plu. ~a~c.:~nd a..t~.mrn~. n~ ~t Jur un th~ mur~ga~.rJ praprrt~~ ~:JI a. r.ti- m.~trd M ihe niortgagrrl 1~.. aU ,um. atreaJ~ paid thrrrfur Jn idrJ M• thr numhri uf munlh. ~u elap.c h~fure unr m~~nth priur t~~ ~hr J:~tr u hio .u.h ~:n~ui3J rrnt.. prrmium.. ta~r.. an~ :~..r~.mrnt. w ill herumr d~linyurnt. ~u~h .um. a~ 1+n c~W h~ murt~:a~;cr in tni,t ~u pa~ .aid ~tuunJ trnt~, prrm~um~, ta~~~. :u~J ~p«i:d a..r..mrnt.: and 1: ?:111 pa~ mrnt, mtntionrd in thr ~w~ prccrding wMc.uun. uf ih~. p.~r.~graph anJ aN pay rtt~ nt. tu hr madr undrr Ihr nalr .rrurrJ hrre- h~- .hall hr :~dJ~J tu~;rthrr :~rtJ the a~;l;rr~;atr :~muun~ thrrrof ,h:~ll tx paiJ M ~hc m.~~tg~~ur ~arh mun~h ~n a.in~;lr p:~> m~nt tu hr ap- p1icJ h) thc murlgagtC tu thc (u11~~N ing itrnl~ in thr utd~r ~rt furth: 111 premium ~h:?~gr~ unJrr the cunlra~t uf imu~:~nce Nuh the tir.rciar~ uf Huu.ing and l~rhan (kvrl.~pmrnt, ur munthly ~hai~;r lin litu of ~murl~;:~r imur,~nrr premiumi. a. thr ~a.c m.~~ hr; 111? gruuixl renh. ~a~e.. a.,r.+mrm~. firr. and ulher har,uJ imurancc premiuin~: 1111 intcrc.t uo the ~utr +e~urcJ hcrth~ : and • I IV 1 amurtiiauon uf thc pnncipal uf .aiJ n~,tr. An~ Jtti~itn~y in Ihr amuunt of +u~h a~r~~ate munthlt RiCrtl ~Ilall. unlr.+ maJr g~wK1 h~ thr mautgagur priur tu Ihr Juc datr u( the nrxt ~UCFI (1.1) R1t71I. CUO1IIlUIC :lD t1iD1 U( lIr(:wlt unJer thi. mun~:.lidC. ~It RIUfI~:I~Ct 111:~) iU~~ll'l ;1 ~~~:dC l'f1:1L1dC~~ OUI h~ l`\iCC1J lN'U ~tql~ (~i ~ fOf ~~ch dullar ISI I o( ra.h p:+~ mtnt more than tittern 1151 Jay, in arrear~ ti~ ~o~ tr Ih~ e~tr.~ r~prmr invulvrd in ha~dling Jelinyurnt pa~ ment~. ~(hat if thc Iut:d u( thr paymenh madr by the murtg:~gar undcr tb1 u( paragraph ' preceding ,hall eacrrJ the amuun~ uf ~he p~~ mznt. actual(y maJr h~ th~ murtgsgee. tur gruunJ rent,. t;nt. ,~nJ a„~,+mrnt. anJ imuran~r premium~. a~ ~he ~acr may br. ~urh r~rr.~ :~l Ihr .~p- uun uf the murtg~gte..hall. t+r creJiteJ u~ ~ub+tyueot pa~ mroh to t+c m:~dr hy Ihe m.~rtgagur. or rr(undtd to the mor~gagur. If, huHr~er. the munthly pa~ mrnh mad~ hy thr murt~;agur urxlrr 1 b10( paragr~ph precrding .hall nut he .ufTic~e~t to pay gruunJ renR. ta~~. and a~.r.+mrnt. anJ inwr:inr~ prrmium.. a. ~hr ca+r may hr. when the ~amr .hall hrcume dur and payahle. thcn ~hr monga~;or ~hall pay to thc munga4ee :in~ amuunt ncct.wry tu rnal~ up the Jrlirirnry. un ur t+~tur~ thr J:ar ~~hen pa~ ment uf ,uch gruund reni~. taxe.. a~.e~+mrnt,, ur inwrancr prem- ium~ .hall hr due If at an~ umr ~he m.,rt~agur ,h:Jl trnder ~u thr murt~a~:te in ;ncurda~ece wilh thr pru~ i~ium i.f thr n.ue .ecured hereby. ful! pay mtm uf the rnure indcht~Jne.. repre~rnlzd IhereM . the inun?:a~~r ,h:~ll. in rampuiing thr amount ~~f .urh inJehtcJne~.. rreJit ti. thr :i:- ~.wnt uf the m.~r~g:~gor all pa~ mrnt. maJr u~Jer the pr~~i i.iom of ! a? of p:,ragr:,ph ? hrrcu( Nhirh the murt~:a~;te ha~ nut brcume ~+hligated ta pay tu thr Se~r~tary uf Huu.ing anJ l rh:~n Ik~rlupmrnt and :~n~ h:J:~rtir r~maining in the fund~ accumulated undrr the pru~i,ion. of IM af ,aiJ pataEraph 2. It tlxre .hall t+e a default urnfer any uf the pru~ i~ionc uf thi~ murt~age. re.ultin~ in a publir +alr o( th~ premi.r~ rreJ hrrt- , h~. ur if tht m~~ri~gc~ aryuire~ the pmprrt~• uthrrwi~r after deL~ufl. the mortgagee .h,dl :+pply, at thr time uf thr rammrncrmrnt uf ~uih pn~- ~eedin~. ur :~t the time thr property is euhrru i.e aryeiired. tt?e h:J.~nce then rrmainin~: in thr tunJ. accumulated urnlrr I M of par:~~;raph preced- ing a. a rrrJit agrintit the am~~unt uf prirxipal then remaining unpaiJ un.irr .aid nute and ,h~ll pruperl~ adju.t any payment. which .hall hacr been made unJer 1 al uf ~aid pa~agraph. -3. 'fhal he wd) pa~ all ta~eti. a.ic..mtnt~. w:~ter rat~. ~nJ ~~lher g:ncrnmcnt:d or muni~ip:d char~:r.. tine~. ~~r impu.ition._ tot whirb pro- i ~i.ic~n h;,. nut hren maJr herrinhrfe~rr. .~nJ ~n da~,uh thrrrof thr m~~rti.~_•rr p.~) 1h~• ..:mr. ;ind th.it hr wilt prumpU~ drli~rr tha otfi~c~l ! rrrript~ thcrrlar lo Iht m.~rl~:a~re ~ S. l hal hr will prrmit..ummit. or wNrr n~~ wa.t~. ~mp.urmrnt. i•r dctrnar:~u~~n uf .a~~) pruptrt~ .~r :~m p:ut thtrcuf: und in thc rcrnt af ihr s t.~ilure of Ihr murtga~ur tu krrp thr builJin~:. un .aid prcm~.r. .~nJ tha.~ to hr rrr~leJ u~~ .:,iJ premi,e.. or impr... ~men~. ther~~~n. in ~uaJ re- E p:~ir. the mort~a~ee ma~ in.~l~r,uih rep:iir~ in it. Jiurrtiun it ma~ drem nrcr..:~n f.~r'~he proper prr.rnatiun ~hcreo(. :~nd th~ (ull :~mi~unt ~,f ~ rach anJ r~rry .uch pac mcnt ,hall t+r ~mmedi:~trh• dur .~nJ p:~~:~Mc. anJ .h:dl F.~ .c~urrd h~ thr lirn o( th~. mortgacc ' h I hat he v.ill pa~ ~11 ~nd ,ingular the cu~t~. ~harge.. anJ e~~n.r._ incluJin~: rra~on~hk I:iw~~rr'~ fee~. :~nJ ro~h uf ah.tract. vf ~itle. in- € currrd ur p:~iJ at any Iime h~ the m~~rtE:,gee hecau.r ~~f thr failure un thr par~ u( thr mur~ga~ur ptomptl} a~J (ulh n~ perfurm thr agreement+ anJ ru+rnant, uf +:~iJ prumi,.ury note and thi~ mortg.~ie. :~nJ ~aiJ ~o~n. rh:~ret.. and r~~n.r..h;~ll I.c immcJiatrh~ due and p:~}aMc :~nJ ~halt ~ ix .ecurrJ h} the liro of thi. mort~:a~r. t ' I h:u hr will I.erp thr impro~tm~nt. noN e~i.tin~. ur hereafter rr~rtrd un thr murtL.~~rJ pruptrt~ . m,urrJ a. he rryuircd fr~~m Lmr t~, nmn c~ thr murtg:~gcr :~Laio.t lo., h} tire :~nJ ~~tbrr h:~r.~rJ,. r:i.u:~hic.. :ind cuntingrnii~. in .urh :~muunt, .~nd f~u .uch ~xri~+~1~ ma~ tn rtyuurd M m~~rtgagCe. ~n~ will p:n prompll~ _ uhen Jur. am pr~mium, ~,n .urh imuranie fur p:i}menl uf wh~ch pro~ i.i~,n h-~. not hrrn m:~Je ~ hrrrinFt(urr. :111 in.ur,~nir .h:Jl hr.:~rn~d ~n cump:~nir. appru.rd M muriu~err anJ thr M~lirt~. anJ rrniwal. thrrru( .h:dl hr A~t~l hy murt~.+- t gre :mJ hac~ att.~chrd thrr~tu lo~., pa~ ahl~ rlau.r, in fa~ ar ~~f :mJ in futm :~rcrpt:shle w thr niortgagrr. !n e~ rm u( lo.. hc H ill Li~e immtdi:de ~ nutire h~ mai! ta mor~~;:~~rr. .mJ murtgagc~ map make pru,.f u( I~~.. it n~~t made prum~th h~ murt~.~~ur. anJ rach imur.~nce compam cun- i cernrd i. hereh} authurii~d ,nJ dirrcteJ t~. maMr pa~ ment fur wch lu.. Jir~cllt tu ntorlcagee imtrad o( to rtturtEagar anJ murtg:~Frr ~uiml~ . ; a~J the in.ur:incr pracrcJ.. ~~r .l~y part thrrruf. m.+~ Fk applird hc murtga~ce at it~ upliun eithcr tu the rcJuctiu~ u( the inJehteJnr.+ hrr~h~ a ,e~ured or tu thc rr~t~~r.itiun ur rrp:~ir ~if thr propert~ d:~m.~gtd !n e~ent uf f~~rr~l.~,ur~ ~,f thi~ mortgage or uther tr:~mfrr u( titlr to thr mart- ~;acrd pruprr~~ m r~tin,:ui.hmrnt u( thr mdchlcJnr~"~cur~d hrreh}. atl ri~:ht. tillc. anJ intrrr.l thc miirtg:3~or in anJ tu .~m in.ur.~ncr {udi- i ~iC~ then in t~~r.e ~hatl pa~. tu Ihe purrh:nrr or cr,~ntcr. R fhal if 1he prrmi.e.. ur am part thrreof. hr c.mdrmnrJ undir am p„wer „f eminrnt dumain. ur acyuireJ fi+r puhli: u+r. thr Jam:~Le~. a pro~reJ.. and thr.~~n+iJrr:~tiun fur.uch :~iyui.ihon. t~• th~ r~irnt uf 1Fr full :~m~,unt u( indrhtrJne.. u{a~n thi, ~1~,rt~:.~~r. :md thr \~.tr ~rriu~J ~ hereh? rrm.~inin~ unpaiJ. .ur hereh} a.,~?;nrJ h} thr \1~,rtL.«ur tu thr ~1un~.a~:er :md .h:dl tx paiJ furtha i~h ar ~hr ~lortga~ee to t+c appGrJ h~ i~ un :~:cuunt u( !he indehtror,. ,r~iueJ hrreh~ . whr?hrr ~ur ~.r nut. y 4. fhat the murtgagrc ma~ . at :~m um~ pcnding a.uit upon th~. m~~rtL.~gr. :~ppf~ tu the a~urt huti ing juri.Jirtiun ~here~,f for thc uppuint- : mrnt ~~f receiver. anJ w~h court .hal) torthwiTb :+rr~~~~? a recri~er of the premi.r~ rocered hereh~ :dl :mJ ~in~ular, mrluJing ;dl and .ingular _ Ihr in:ume. pruhtr. i.~ue~. ,~nJ re~enu~~ (rum wh:~tr~cr .aurrc drricrd. c:irh :~nJ c~en uf which. it hein~; e~prr~~l} undcr.Ire~J. i. hereh~ murt~ageJ a. it,prcific:~ll} .et furth and dr.criFxd in Ihe ~r.~nting anJ h:~F+endum ciau.e~ hrreof. and .urh recri~er.hall h:~te al! the hnr.~J anJ ~ rttrctivr (uncuon. and p.~urr. ~n :~nywi.e rntru.trJ h} r~~urt ro a re~rnrr. .u~d .uch :~ppnin~mrni ,h:dl tw made h~ .~~rh ~„urt a. :,n :~dmiued - ryuit~ a~~J a m,~nrr of aMulutr right to .aiJ murt~:~cee. :mJ w ithuut rrfrrc~cr to thr adryu.~:> ur inadeyu:~c} ~~f thr ~ atur ~~f the propert} murt- L.~~rd ~~r t„ thr .~,hrnc~ ~~S I~1~t~I\~IIiY ~~f ..,id m~~rtc.~c~,r .,r thr Je[rnd.~n~.. .~nd 1h:i1 .u.h rrnt~. pruih.. inc„mc. i.•ur.. and rc~rnu~. .hall ht _ ~ppli~d M.uch rr:ri~rr :~:c~~rdin~: t~. thr hrn ~,t ~hi. m~~r1g:,~.e ;~nJ thr (ua.tirr uf .uch c~~urt. tn thr r~ent uf :,ny JrfaeAt ~~n the ~art u( Ihe m~~rt- ; i:~~:ur hercunJrr. the m~+rtcae~~r :~~rrr. to pn~ tu ~hr murt~.ieee ~~n Jem:~nJ a re:i.onahlr monthl~ rcntal (ur the prrm~.r~ an amuunt at lea.t ~ eyui~elrnt I~~ onr-twri(th ~ I?1'? uf Ihr acgrt~~te of the tw~he rn~mthh in.t:~llmcnt~ p.~~ahle m ihe thrr~ ~urr~nt ~ear plu. thr actual amuunt ~~f ~ the ::nnu,d t.»e~. .~.,r.~mrnh_ W ater rale~. and ~mur,~ncr prrm~um. iar,u:h ~~:u n~,t cu~ereJ M Ihr :dore,:uJ munth{~ pa~ ment.. 111 -fhal ~.~1 i~i thc r~rn1 ~~f :+n~ hrra:h uf thi~ mor~~:.i~:r irt d~f:+ult un thr p:~rt uf thc m~~r~~:~~ur. ~~r (hl in thr etrnt that an} nf ,aid ~um. ri ~ mun~~ hcrrin refrrreJ a~ hr nut pru~~pth .ind fulh ~.~~J ~~ith~~ut Jrm,~nd or naurr. or Irl in thr r~rnt th:~t tarh .+nd e~en thr ,~ipuL~hun.. } .igrerm~N.. cundiliun.. anJ :~~cc~:~nt. ~~f ..~iJ n~~tr :~nJ thi. murt~:~~:e. .ur n~~t dul~ . prumpth .:+nJ futl~ ~xrf~~rmrd: then in rithar or :im .uch _ r~cm. Ihr ~.~iJ.~~~regat~ wm mrntiunrJ in.:~~J n„tr ~hrn r~m:unin~ unp.~id. with intcri.t arrrurJ 1~, th.A time. and:~11 m~inc~. ~rcurrd hrrcM. .h:dl hcc~~me Jue anJ p:~}.~h(r furthNuh. ~a ih~rr,~fter at thr ~~ptiun uf .aiJ m~~rtEa~ce. a. fully anJ :nm~Irlrl~ a. i( alt ut thr .niJ,um, ~~f m.~n- ~ r~ wrrc «n~in.rlh .tipul.itrd t~~ hr p.nJ ~~n :uch d;~~ . an} thin~: in .:ud notr o~ in Ihi. mong:~~:e t„ thr runtrar~ non~hh.t:uiJinc: .~nJ thtreuM~n ~rr thrrr:~(ler. .~t thr ~~plion uf ,:uJ martga~rr. wi~h~~ut n~mrr ~~r Jem.~nd. .ui1 at I:~w ~,r in eyuih . m:~} hr pn,.e.utrd if .JI m~,n~~. ~erurcJ hrre- h} h.~J m:~turrd prior I~~ it. imlituU~m 1 hr mnn~;.tgte m:~} f~~rc:la.r thi. m~~rtg.~Le. :n t~, thr .~m~~unt ~u Jeclarrd Ju~ .md p:~y.~hle. :md the ,.~iJ premi.e. ,hall hr .~,Id t„ ..~u.h enJ p:~} the ~amr t.~crther a ith c~~.1,. riprn.e~. nnJ .~II„wanre. In ca.e uf partial f~~rc~lowre of thi. murtgnLe. the munE:~geJ prrm~,r. ,h.~ll hr .~dJ .uh~rcl a~ ~h~ cunt~nwn~: 6rn ~~f thi. mutt~.~ie (~~r thr :~mnunt uf the deht not then Jue :,nd unp~id. In .urh - ra~e thr pru~ i.i~~m nf thi. p:~r,~cr.~ph me~ nc.un f+r a~.u1rJ ihrrc.~ttrr fr~~m timr to umr h~ thr mort~;agee. _ 11. Th:~t thr murt~:.~~:ur w ill e~~c ~mmrdintr nuti:r h~ m.ul tu ~hr m~~rt~acrr uf .~ny iun~ey:in~e. tra~~(er. ur ch:mEe ot uxnenhip ot thc J premi.e. I 1' Ih:+1 n~~ waicrr am r~~~rn,,nt hrrim ~~r uf thr ~~bh~.~t~.~~ u:ureJ hcreh~ .h.J~ :u am lime Ihrreaflrn c~ h~ld 1~~ Fx uai~~r uf Ihc - trrm. hcrr~,f or ~~f Iht notr.ccur~J hrrrh~ ~-j ~ ~ .r.r~~ f~?~=4I s . . . . . . . . . ~ . .