HomeMy WebLinkAbout0325 Ihat. ~n u:~lr~ nnirc t1~ll~ tu p~~~lr~t thr .r.ur~1~ ~~f Ih~. muit~;.~gr. ihr m.nl~.~e.~~. tugrthrr N~~h. anif in a~t~liuun h~, ~hr rrx~n~hl~
p.~)mrnl. un~lrr th~ trrm. ut the• ~i~~ir .r~!1~rd hrirh~. un ~hr ti~~l ~L~~ uf r:~rh m.~nth unt~l thr ..~nl mHa I~~ih pa~~L uill p.~~ ti~ 1hr
m~~itg.~gtr Ihe G~U~~Nin~;.ium
la? An anx~unt ,uffi:~r~t tu p~uv~J~ the huldrr hrre~if with fund. tu pay thc ntx~ mu~tgage ~mut:+n~c pr~mium if th~, imtrumrnt anJ
the nut~ ~ecurrJ herrby arr in+utrJ, ~N a munthly rhargr lin li~u ui a ~n.~rlb~gr ~nwrancr prrmium) ~f thr)• .ue hrld hy thr
Sctirctary ul Huu~in~and U~ban [kvelupmrnt, :!1 fiIIIUNI'
11? If and w lung as wid nute .~t ev~n dalr and thi~ imtrument :uc inwrrd ur arc rrinwrrd under the nrovi.+un~ uf ~he
Natiun•rl Huusing .Art, an •rmuunl sufficirm tu arcumulatr in thr hanJs uf the h.,Wcr onr 111 munth priur to il. dur Jatr thr
annual nh~r~g:?ge imurao:e premium, m urJ~r tu pruv~dr ukh hulJrr with fund, tu pay w~A prcmium tu Ihe ticcr~tary uf
Huu~ing and Urban ikvrlupm~nl pur~uant tu Ihc National Huw~ng Act, anxnd~J, ~nJ applh~blr ItCgulat~un~
thrreundtr, ur
1111 If and w lun~, a~ ,:ud nutr uf r~en ~atr :md th~. imtrumrnt arc hcW by ~h~ S~-~re~ary uf Huuung atxl Urb:?n I).velupmrnt.
a munlhl~~ ~hargr li~ liru .~1 a m~~rtgagr inwrancr pr~miuml Nh~ch .h:dl t+r in an anwunt eyual tu unr-twrlfth IU131 uf
" onr-half 1' z 1~r~ cemum uf eht avrragc uw~ianJing I+al~n~t Jue un Ihe nuta cumputcri wuhuW taking into aauunt
Jrl~nyurnar~ ur prcpaymrnt,:
Ibl A~um eyual tu ihr gruurxi renh, if any, nr~t dur, pfu. the prrmiumti that will ne~t hrcc~mr dur anJ payablr un ~?licirc uf firr
anJ ulhrr hai:erd imur;?nrr ruvering ~hr nHxtg~g~vl pruperty, plus taxr+ and a~.rticm~ntx next du~ on the m.xtgageJ proprrty lall
ac es~imaled b~• thr rtxir~gager) les~ all wm+ ~Iready paid theref~ dividrd by the number uf munths to elap~e tKfore onr munth
prior t~~ the date Nhrn +uch gr.~urxf rrnts, prem~um+, tazes, anJ as,r~timents KIII ~1CCURIC Jrlinyuent. ,u~h ~um. u> t+r hrld by
nwrtgugrr in tru.t tu pay wiJ gruund rrnts, prrmiumc, taxr+, and ~pe~ial :uu~~mrnt~; and
~c1 All payments mentiuned in the two prc~eding wM~ctiuns of thiti paragraph and all p:?~~ments tu t?e made under the note serured
herrb} ~hall t?e addrd tugether and the aggrrgatr amuunt thtreuf shalt t?e paiJ by the mi~rtgagix each mvnth in a~ingle paymem
to be applied by Ihr murtgagre tu the lulluw ing itrm~ in thr urJer xt turth:
IU premium charge, undrr thr cuntrart uf in+ur~nct ~ith thr tirrrctary uf Hou~ing anJ Urban [kv~lupmcot, or rtwnthl~•
charge lin lieu of m.xtbagr imurancr premiurnl, ac tAe cs.e m~y he:
11l? gruunJ rents, taxe.. acsr~~ment~, tire, and .~~her hat:ud io~urance premium~;
11111 interes! un the no~e ~ecurctil hereby; and
IIYI amort~tatiun of thr principal uf wid nutr.
~m• defi:i~nrq in the :~muunt uf wch a~:grrg:~tr manthly paym~nt .ha1L unle.~ maJe g~xxl by ~h~ murtgag.x pnur tu thr ~uc Jate uf
thr n~~t wch payment_ ron.titute :in r~rnt ~.f drfauU undcr thic mur~ga~r. Ihe m~~~~gagre ma} ~:ullr~~ a' I:ur chargr" ~ut t~. r~:rcd twu
c~nt. i_cl for ~arh Jull;~r ISI1 uf ra.h paymrnt morr lhan litirrn t{5~ Jayc ~n arrr:u, to cuce~ thr cxtra rtprn+e ~m•u1vrJ m handling
~cGnyurnt pay'mcnt~.
i. Ihat iti Ihe tul:d uf :h~ paymrnl. m.idr h~ thi murtga~;ur under ~f,l uf par.tgraph ? pr~tirJ~ng .h:Jl r~c«d thr am.~unt ul the
pa~mrntc actualh• madc by thc murtc:tg~e. f~~r ~ruun.l rcnt., t;~~r.:mJ a~.r..mrnt. and imur.~~xr prcmium,, a~ thr ~acr ntay t+r. ~uch
excess at the option of the mextgagee, sha!!, tx crrdited on subsequent paymen~s to be made by the mc~rtgagor, or refunded to the
im.rtga~ur. If. huwr~~rr. thr munthh paymrnt. m:i~r hy thr murteagur undtr ~h! uf p~~;tgr.~ph 2 prcleJing .hall nut tk sufhcienl t~~ p;~4
gruunJ r~nt,. ta<<~ and :nu~~mrnt~ and imur:~ncr pr~mium.. at ihr ca,t mac t+r. ~:hrn thr .:im~ ,hall br~umr Jue :~nJ pay:~hk. thrn thr
nt+irtg:i~ur ,h:?1! pa) tu`thr murtg,~grr :u~~ :.inuunt n~tir„an tu m:ilr up thr drfxirncp. uo ~N tkfurr thr .I:itr Hh~n pa~ mrnt .if ,u~h
gruurKl rent., ta~r,. a,tic,.mcnt,. ur imur~ncc prcmium, .h:tll tti dur. It at ,~m tim~ thc mortgag„r tiha11 trndrr tu thr m.~rt~a~:r~ in
:~~c~~rJ~n.r .+ith Ihr pru~i.ium rf thr nutr ,rcur~d herrh}, fuit paymrnt uf thr rntire inJebt~tiine.. reprr~rntrJ therrb~, the rrx?rtgagrr
,haN. in wmputing thr :~muunt uf ~uch in.irhtctiinr.,. ~redit ti~ the .iccuun~ uf th~ murtgagur all pa~ mrnt~ m;~dr under the pro~ i;iuns uf ~u1
uf par;~gr:tph'_ hereof Hhich Ihr mortgagre h:i. nu! het~~mr uhlig:~t~tii tu pa} tu thc Srcrrtary uf Hou.ing anJ l rh~n Dtvel~~pmcm and an~
h:~lanrr rem:~m~ng ~n the funJs xcumul:itrJ under thr provi,~um uf Ibi ut=.ai~t paragr.~ph 2. If ~hrr~ .hall br a ~r1ault under am .aP Ihr
pre,~~.~on. of thi. murtgag~. rr,ultin~ ~n a puhli~ .alr uf thr premi,r, cu~rntii hrrcby. ur if thr murtg.~Frr :~ryuire. thr propert~ nthrr.+i~c
;dtrr ~hhiult. thc murtgagrr .haN appl}, ut thr ~im~ ut ih~ :unim~n~~mrm uf ,u~h pntir~Jing. cx :it thr Umr thr prupert~ ~~thrru ik
:~~yuir~J. thr hal:~nct thrn rrm:~ining in thr tunJ, a:runu~latr~l un~irr ~ hf ~~f paragr:~ph ' prcrr~ling a.rrdit aga~ntil Ihr ~mnunt ut
pr~n~~pal ?hrn rrm:un~ng unp:uJ un~lrr ,:ud n~~tr anJ .hall pn~p~rh :uf~u,t .~m papment~ «h~~h ,hall have t+een maJ~ undrr 1~~) uf +:iid
par~gr;~~h.
J. 7 hat h~ w ifl p;~~ all ta~e.. ac,r~.m~nh. ~~:itcr r.~tr.. :~n~l rthrr gu.rrnmrntsl or municipa! chargcti_ fine,~ or imM»~tium. fur ~~hich
pru.i,i~,n h.~, nut hr~n madr h~rrinh~Fur~, an.f in ~irfi~ult th~rcy~f thr murti:~gc~ mn~ pap thr .,~mc: :?nd th:d he Hill prun~tl~ Jeli~•rr thr
; uftic~:~l rct~ipt, thrrrfur t.~ thr ~lu~lg.~~t~. '
' I hat he ~ii pern~it, c.~mmit. ur ~utT~r ni~ ~aa,tr_ ~mp:urmrnt, ur drteriur:~ti~m uf +aiJ pruExri~ ur :inv p:ut thcrcuf: an~ in the r~rnt
~ ~~f ?hr f~ilurr ~~f the mortgaeur tu {.eep the huilJingti un ~ai~l prcmi+« and thu~r to hr rr~Ztrd on ,:~id premitir.. ~~r impn~~~mcnt~ thrreun.
~ in g~xat rep<~ir. the iix~rtgagr~ m;?~ male ,uch rrpair~ a~ in it, di,cretian ~i ma~ .ir~m nrcr..arp for the pr~iper preter~aUon th~rruf, enJ
` tnr full :~nwunt u(e:tch ~n.t e~er} ,urh paymr~t .h:?11 hr ~mmrd~utely Jur and p:~}ahlc. anJ ~hall b~ ~urrd by th~ li~n uf thi. rix~rtca~e.
i 6. fh:N he ~~ill pay all ar.d .inLUiar ~h~ iu.t+. .:harcr,. and r~prmch. incluJing rca.~~naFlc I:i~~~~r'. tr~,..~nd «~ct, uf ah,tr,sch ~~f titlc.
E imurr~til ur paid :it an} Umr h~ thr m~,rtgacrr hr.auu .~t thr t.~ilurr un thc p~rt uf thr m~~rt~ai~,r pn,mpth :~nd fult~ ta pcrfurm thr
! .~grcrmrni~ and cuc~nants of ,aid_ prum~..ury note and th~~ o~~~rlgag~. anJ ,ai~1 .•irt,. ;h:~rgr,. .,nd r~p~ m~> >hall h~ immrdr.~t~l} .fu~ :~nJ
~ p:t~ahlr :in~ ~hsll tn ,e~urrJ by the lirn uE thi, ~nurtgagr.
' fhat hr will Acep thr impru~em~nt~ nuu e~i•tinc ur hr~rafter rrrct~~l un thr m~,rtgace.l pruprrt~. in.ur~d :~ti muy h~ rryuired frum
~ tirn~ t~~ timc hy~ th~ nxirtgagrc ag~io.t !ci„ h)' tirr anJ ~~iher harerJ.. ra,ulatir,. .,n.l runun.enr~r, in ~.u~h .+m+wnt. and f~~r ~u:h prr~uJ~ a.
; m::} hr rryuirc~l h~ murtg:~ger. and uill pay prumpth. ~~hrn dur. am prrm~um, un.uch irou~ancr lur pa~mrm U~ N~11iF1 Elh~YliluR }la. nut ~
been made hereinbefore. All imurance ~hall be.:arried in companies approved b~• mortgagee and the {x~iicie~ arxi renewak thereuf shall
, hi h~ld hy rnur[gagce anJ h:rve :~Itaihcti! thrret~~ li»~ p,e}.~bl~ Cl.iu~a~ in f:fv~i~ u1 :~tld in f~,rrn :~rrept.~hl~ tu !he nx~ilg:i~!~c. In r~rnt ~~f 1~+~.
hr .+ill Ei~•a immediate nutice hy mail tu mortg:~grr. :~nJ murtgag« may maAt pr~r~t ut 1~,.. ~f n.,t madr pr„m~th ht m.~rtg:~ei,r. and ra~h
~n.ur.~n:r cump:in~ cuoc~rrtrJ i~ hrrrM auihori<<d anJ ~irrcted w m:~~:e paymrnt t~~r .uch lu„ Jir«t!} tu murt~~:~ere imtrx~i ~~f t~i
nx~rtga~;<,r ~ne! rtturt~agre juintl~. anil !hr im~u.~n~r pr+xrrJti. ~~rany p~rt thereuf. !na~ hr applir.t h~ m„~t_~:,grr .~t ~h upu~,n e~thrr tu thr
rrdu~t~~m uf thr i~dehteJne~. hrreh} ,e~ured ~u t~~ the r~~tur,itiun ~x repair of ;h~ pn~pe~n ~L~m:ecrJ Ir. rc~nt „f f~,recl.~.ur< <,f thi,
' m~~rtg.~gr ~ir ~,thrr tr:imfrr ~it hUc t~i thr murteag~~l pruprrt} in rt!in~ui,hmrnt nf thr in.irht~~lnr., ,riurc.l hc~rhy. :~II niht. Nttr. :~nJ
~
~rtti•rc+t uf [he murtgagur +n and tu any in~ur.~r~i~ puli~ir~ ihrn ~n ti~rc~ sh:tll pa» [u thr pur~h~.rr ur granttr.
."Ihet if th~• pr.~iiii5e•~, ur an~ p:irt shc•rruf. be- c~~ndr:rn~•d undrr an~ po~.~•r ~,t ~~:nine•nt ,?~,;~.:in. ~~r .~•_~{uirr.,+ t~~r a put~tii ~i,~~.
' the,•,,1.~r::.~_r~, Fro~ee~~l~, and th~ i un.i~fe•r.~ti~~n ~ur <u~ h.i~ yui~ition, tu the• cxte~nt uf ~ht~ fuli .~:•~~~~mt ~~f in~l~•!~t<•~;n~~.. uE~~:~ thi~
~ ~t~~rt~.i~~•,.~n~fthe~tote ~er_ured h.~rc~i~c rAruatnin~ unpaid.are> h~~tebv ~scirn~d bc the )1url~aeor tuth~~ 11~~rt~.i~~r~~ .~n~i -h.,li b~• ~~ai~`. ~
f„rthti. i~h !u the~ \lr~ct~.i_~•~• t~ I~r .tppli~•~i h~ it un a~ +•uunt ui th~• indehtrdnt•~~ ur~•d he~r«~be, t.h.~tl~.•r ~1n~• ~~r n~,t.
9. ~(h:it thr m~,rtgagrc ma}. :~t an} Umr p~nJ~n~: .i~it uM,n th~? murtg.~gc. :~pph~ tu thr a,urt h:ning jun~dicti~~n thrr~uf t~~r thr
ap~x,intment ~~i :t rec~nrr. an~ ~uch ~u~rct tihall fi~rthw ith apFx~iru a receiver uf the prrmitit, covr~rJ hrrrh~ all :~nd ,ingul:~r. ~n~luJing a!I
E and .~ngular th~ incuma. prufit.. i»ue~. and re~~rnur+ frum ~hatev~r wiurce dcrived. ~ach and e~•cn u! ~~hich. it tti~ng ~~pre..l~
undrr.t~u~1. hrrrh} murtga~:~J if ,p~crtic:ilf} u~ torth and ~I~~rnbrJ in thr gr~nting and hahrnJum c(c~u,~. hrre~~f'. and wch recrne~
.hali h;~vr all thr hr~r.id :~nd eR«tic~ funciium an~} puNCr+ en an~ N icr eniructed h}' a ~uurt tn a receiver. and wch appuintment ~hall be
madr h~ ,uch c~~urt a~ an admittrJ ~~yu~it anJ n m.Uter uf ~hv~lute right to ~aiJ mortcagee. anJ withuut referenc~ !u the adeyuacy or
inaJ~'yusi) uf lhC ~alue i~f the pruprrty murtg:iged ~~r tu [hr wh•ett~) ur inwl~ency uf tiaiJ rm,ngagur ur the .iefrnd~nt~. and that wch
~ r~nt~_ prufit,. in~c~mr, i~~ue~, .inJ rerenur~ ,h:ill hr applieJ hy .u~h receiver :~cenrJing to Ihe licn ~~f thi~ murtgagr anJ Ihe pr,~ruce i~(~u:h
' cuurt. In ~hr r~•em uf am drfault on the part ~~f thc murtgagor hereunJrr. Ihe murtgagi~r agrrc~ tu pa) tu the nwrtgager im dtm;~nJ a. a
~
r~:~~un,~hlr mi~nthly renlal for the prrm~tic~ ao am.~unt at lea~t eyui~alent tu unr-twelith f 1/121 of the sg~;regate uf Ihr twetre rm.nthl~
in,t:+llm~ntc payahtr in thr then currrnt year plu+ Ihr atwa! am~~unt uf Iht annu.,l t:i~e~. a»r~.m~ntti. uatrr r,~tt., end in~ur.~ncr prer.~i~~m.
~ lur w.h ~rar nut cu~ercJ h} thr afi~r~~aid mi~nthly p:n mrnt~.
! ~U. that lu? ~n the e~•ent uf :tny hr~ach ul thi~ m~~rtgage ur ~rfault un thr part ~~f thr nwrlg;igur. ~~r 1F1 in thc r~rnt th:~t am ~~f.:~i~l
.um~ uf m~~ney hercin rcferred tu br nut prumptty a~d fully paid withc:at dem.~nd ur nvtice. or 1r1 ~n thr e~rn1 th:d rarh and ~ven Ihc
,upi~lation.. agrrem~nt,, cunJitiun,. :~nd cuven:+nt~ uf .:i~d nutr and thi. murtgagr_ are nut ~ul~. pn,mptly. :,nJ full~ perli,rmrd: then in
~ithrr ~ir :~n~ .u~h e~rnt, thr ~a~J :~ggrcgatr ~um mrntiun~J ~n .;uJ nutr th~n rcm:iinig unp:~id. whh interr.t a~crued to that hme, anJ all
m~~nry, .ecurrd hrrehy. ,haN F+ecunx dur anJ pa} ahtr fi~rthk ith. ur thrrraCttr, at the i~tion uf .a~d m~~: Sca~;re. a~ fu1J~ and cumpletrl} a~
~f .ill ~if thc v~id wrn~ uf munr} ~srrc „nginall~' .UpuL~ted to hr pa~J un .uch ~a~. an} thing in tiaiil n~~tr ~~r m thn me~rtg:~ge tu the ~t~ntrary
n~~tHith.t:~nJing: :ind Ihrrrup;rn ~ir thcr~aftrr. :U thr ~~p~iun ~if..uJ murtgegrr. whhuut nuticr or d~m:~nJ. >uit at iaw .,r in cyuity. ma~ hr
pru.r~uted a• ~f ail nrmry~ ~cYUred her~hy haJ matur~Yi priur t~~ it+ in,titution. Thr rrHxtgagre mar f~irtd~»r ihi, m~~rtg:,ge. a~ tu the
am~~unt ~i~ d~cl:ucJ Jur and pa~;ihle. anJ thr .aid premitie~ .hall he ~uld ta ,atitif~ anJ pa~ thr ,:~me lueethrr Hith c~nt.. expeme~. :~nd
allinc:~nce~. In ca.r uf p:utiail fureclu.uri uf thi~ m~,rtgagr. the m„rtgagrJ prrm~tie~ ~hall he w~IJ whje~t te~ the euntinuing lien uf Ihic
rrx~r[gage (or thr .~nwimt of thr Jrht not thrn dur anJ unpa~J. !n ~uch racc th~ pruritiium uf thi~ paragr•rph ma~ again he a~:ukJ uf
thcrrafter frum timr t~~ umc hy th~ murt~:~grr.
I 1. "rhat the rrH~rt~a~~~r w ill gi~r immrJ~atr n~,tice b~ m:~il t~, the m~~rtgagce ~,f an~ convey:~nir. tr:~mfer. or change of uwnenhip ~,f
the premi~c..
12. 1 hal nu wai~er ~d,~ny c~nen:~nt hrreio ~,r uf thr uhhgauon ,etiureJ h~rehy ,hall at am umr thereaf~rr he hrld tu he a wa~~cr of
th~ term~ hcrri~f i~r uf iht n~~tr ~ccurcd hrrrh~.
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