HomeMy WebLinkAbout0856 ' ~h.d ~a ~~rdtr mulr lull) lu pfu1ri11F1t ~«Unl) Ih~~ m~~~1~agC. Ihc m~~fl~;:i~.n. iugc~~~c~ wnu, an., •
und~f Iha l~rm~ u~ thr nulr .t~urrJ hrrrb) . un ttx iir.~ J.~) u< <.~~h nl~~nih unUl ihr ~.~~J n~~lC i~ (ull) p:ud. N~li p,~) t~~ Iltx nta~l~:.i~;« t!:c ~~~1l.~w -
m~; ~wm:
la? An amuunl wlfi~irm ~u pm~iJ~ ~hr h~dJrr hrrru( Ni~h tunJ. a~ pa> ~hr nr~l muri~:a~;r m.u~anrr prrmuun ~f ~hi. m.trumrut .~u.l ~hr
~~ulr .r~urrJ hrrrh~ arr in.urr.l. ur a munthl~ char~;t Im Gru ~~f m~~t~F.~~:~ ~murao~a prrmium~ i( Ihr> :ur hrlJ h~ ~hr Sr. ~rt.u~ uf
Hau~ing a~id l'rhan (~t~~lupmrnl a. fuU~~w~:
IU It :~nd ~u lung a..aiJ nutc uf rv~n .latr anJ thi~ inUtumrnt :~rc ~n.urrJ ur ar~ rrin.urrJ unJrr thr pr~» ~.~un..~( Ihr \.aa~ir~l
Lluu.ing :~cl. ;~n am~~unt ,uffi. irm tu ac~umula~r in 1hr hanJ. uf Ihr huWrr ~~nr 111 munlh prior 1u ~h Ju~ d:~~a tt?r annu.~l m~u~
gagr imurancr prrmium. in urJrr tu pru~iJt .uch huldzr with fund. tu pa) wrh prrmium 1~~ ~hr tircrrt:~ry u( H~~u.~ng :mJ
Urhan Ikvrlupn~tnl pur~u:mt ro thr Naliunal H~w.ing Ar1. a.:~mrnJ~J. :uid applicahk Rr~:ulau~~m thri~unJrr. ur _
IIU (f anJ u~ lung a. .aiJ nu~e at r~~n Jatr anJ ~hi~ im~~umrm :,re htlJ hy ~hr tiecrru~ry~ af Nou.in~ and l'rhan Ik~rl~~pm~nl.
m~~nthl~ charge lin liru a mun~:age inwr.~nre premiuml NhKh .hall hr in an amuunt eyuat ~u ~,nr-~Nrl(~h 1 Ill'~ u( anrh:Jf
11!'_1 {nr ~inlum u( ~hr a~rr.~gc uut~lanJing haL~ncr dur ~~n the nu~r cumputrd wilhuut tal,ing mn~ a.:~~iu~~ drlinyurncic. ur
prtpaymrnh:
Ihl A.um ryuul lu Ihr tiruunJ rtnh. i( am. nr~l dur, plu. thr premium. Ihat wiU nr~t Ixcumr du~ anJ pa)ahk un ~x~Gc~r, tir~ anJ
i*lh~a hatard imurancr cu~ering the murl}~aged ptop~rly. plu. ta~r. anJ :i~.r.•mrnt. nr~l due an Ihr murlga~;ed pruprrl~• lall a. ~.ti-
malcd hy Ihe murtgagerl le~. all .um~ alrcaJy p~id thrrrfur Ji~ iJrJ hy Ihe numl+xr ut manth. ta rt:~p.e t+ri~~rc unr mumh priw iu ihc
da~e when .Lch gruunJ renl.. premium,, ta~«. aod a.+r~~ment. H ill hrcomr Jrl~nyuro~. .uch wm. to he helJ h~ murt~agrr in ~ru~t
tu pay ~aiJ gruw~ rrnh, prcmium+, la~r~. ~nJ +prcial :~.+r.~m~m.: anJ
1~ 1 All pa~ mrnt. mrnliuneJ in thr twu pr~~rJing ~uh.eclion~ u( thi~ paragraph anJ all paymrnt~ to hr madt undrr the nutr .~rurcd hrr~-
h} .hall he :+dJcd tog~thrr and Ihe a!:l:trgat~ amuunt lhereuf .hall hr paiJ h~ thr murlg:+~;or ea~h mun~h in a.inglr paymcnt tu ik ap.
plied h~ thr murtgagrr tu the trllu~ in?, itrm. in thr u~drr t(urih:
111 pr~mium rh:~rge. unJrr thr contr.~ri u( inwr.mrr whh Ihr Serretar~ uf Huu.ing and Urhan Ik~rlupmrnl. ur monthl~ ihar~:r
lin liru of mur~gage imur:mce premiuml. a~ thc ca.r ma} t~e:
1111 gruunJ rtnt.. l~tr~. a.+r+.me~ts. fire. anJ uther haiard imur.~nrr prrmium.:
1111 interr~t an thr note .e~urrJ hereby: and ,
IIYI amurtizatiun uf tht principal of .aiJ nutr.
An~ d~ficiency in Ihe ami~unt ot wch a~,re~ate munthly paym~nt .hall, unle., maJr g~wJ hy thr murtg:?gor priur to Ih~ dur Jatr uf Ihr n~~l
~uch pay ment. ~umtitutr ao rvrnt uf detault under thi~ murtgagr. 'l hc murtgagr~ m:~y ~oUr~t a"late ~harEe ' nut to c~~reJ t~u ~rnh ~_'r1 for
rach J~+Ilar ISU of rach paym~nt more than fifteen 11~1 Jay~ in :ur~ar, tu ruv~r thr ~~tra e~prn.e invuh ed in hanJling drlinyurnt ~+a~ mtnt..
z. Th:,i it ihe ~.~i~l ot ~hr pa) ment. maJr by Ihe mortgagur unJrr l M of par.~graph precrJing .hall e~cred thr amuunt uf the pa> mrnt.
:~rtually maJr by ~he murlgagzr. tor ~eruunJ r~nt,. ta~e. and :~..~.,mrnt.:md imur.~ncr prrmium.. a~ the c:t.r m:~y tx. w~h ~~ce.~ :u ~hc up-
tion of Ihe murtgagee. ~hall. ht creditrd un+ubkyucnt payment. to hr mad~ hy thr m.~rtgagur. or re(unded Iu Ihr martgagur. If. h~~wr~rr_ thr
monthl~ pa~ ments made bp IF?e murtgagur unJer 1 M ot paragraph pre~rJing ,hall not ht ,utfirirnt tu pay grounS rcnt~. tate~ and a..r~.mrm.
and in.ur.mce premium.. a~ the ~a~e may ix. w hcn the ~ame ,hall hecume Jue and pa~ abk _ IF?en Ihc murtgag.~r ~hall pay ti~ thc murt~.agtt any
amuunt ~tce.~ary tu make up ttn deficirncy. on oi hrfore thr dart whcn pay ment uf ~uch ground rrnt.. ta~~~. a+~e~~ments. or in,ur:mct prem-
iums.h~ll t+r Jue. It a~ am~ timr Ihr murtgagur .h:~ll tenJer to Ihe mur~gagtr in arc~uJance Nith ~he provici~mc ot the note.rcured h~rrh~. full
~,:~ymrnt ut the rn~ire inJebtedor.~ rrpre~rnteJ therrM. th~ murtg:+~ee ~hall. in computing thr amuum uf .uch inJehtedne». cr~dit ~u ~hc ac-
cuunt u( the monga~ar all paymrot. made unJrr Ihc pru~i.iun..,f Ia1 uf prr.~~raph' hrrcot which the mo~tgagrr ha. nut hecume uhli~:atrJ to
pay to the Secr~tar~• uf :fvu.ing :md l~rb:m lkvrl~~pment anJ am b:~lance rrmainin~: in thr funJ. a~cumulatrJ undrr thr pruvi~iun. of IM o(
wid par~graph'_. If there chall tx a default u~xler any of the provi~iom ut thi+ mor~gage. rewlting in a public .ate af th~ prtm~.r• ~r~d hrrc-
hv, ur if the mortg:+gee xyuires Ihe pruperty utherwise aftrr Jefault, the murt~eagee ~hall apply. at the time of tFx cummtn~~m~nt.,f .u.h pru-
ceeJinEe ur at the time the property is other~ ise :+equireJ. tF?e t.al~nce Ihen rrm:?ining in the tunJ~ arcumulattJ urnlcr 1 bl ut para~:raph'_ prereJ-
ing a. a creJit ugainst the amuuM uf p~incipal then remaining unpaid urxier ~aiJ nute and .hall properly aJju+t any paymrnt. N hich ,h:dl have
heen made urxfer lal of said paragraph.
-i. "?hat t?e W ill pa~ all ta~e.. a.~e~,mem,. water rate. :~nd uth~r c~~~crnment:J ur municip:J rh:u~c.. linr,..~r impu.ition.. (ur whi~h pro-
:.1.,(.nl~ ~hrr.v~~ thr m~~rlr.~Car IIl't\ D:~\ 1FIC ~:~m~: and that hr will pmmptl~ Jrli~rr thr utli~i:d
teCeipl~'IhCrc~or [U~hC murtgagrr~
S. l hat he Nill permit. commil. ur .utlcr no wa.~~. imp:~irmrnt. or Jetrrii+r:+tiun uf ,aid proE+erh~ ar am p:~rt therruf ::md in ~hr rvrnt u( ~hr
(ailure u( Iht mortga~;ur tu krep thr huilJing. un v~iJ prrmi.r. and ~hu.r to he rrectrd un wid premi.e.. or improvemrnl. th~reun. in ~~~~J rr-
~ir_ Ihe murtga~:te may makr.uch rrpair, a, in i~, Ji.rrruuo it ma~ Je~m nccr..:~ry for thr pro~+rr pre~er~•aliun therci,f _ anJ Ih~ futl :~mounl ~~f
r:~rh and e~ rr) .uch p:~ymrn~ ,h:+ll t.~ immrJiatel~ Jur :~nJ p:~~:+hle. anJ .h:dl hr ~crured hy Itx lirn of thi, morigage-
6. That he will pa~ ~II :mJ.in~ular the ~u.t.. charge,. :+nJ e~prn.r.. inrluding reawnahk 1•rwyer's fee~. and cu.h o( ab,~ractti o( title. in-
curreJ ur paiJ at :?ny time hy Ihr murtga~c~r he~awc ~~f the (ailurr un thr p:ut of Ihr mortgagor prompUy anJ fully to perfurm 1he a~reemrnt.
:md covrnanh u( .aiJ promi„ury nut~ :mJ thi. murtg:~~e. :mJ .:+iJ c~,.t.. char~:e,. anJ eapemes shall t+e immeJiately Jue anJ payablr anJ ,hall
I t+r .rcurrJ M the lien uf Ihic mortgagc.
j "Iliat he ~ill I.rep thr impro~rment. nuw r~i.~ing or herc:dlrr rrrrted un 1hr mung:~g~J pru~t~~. imur~d mc+p hr reyuircJ fn.m timc
f tu timr h~ the mur~gagrr a~ain.t lu~. M hre anJ uthrr h:v:~rd,. ~:i.ualti~.. :mJ ronun~encir. in ,uch amuunt.:md fur .urh peri.xl. a. ma~ tk
~ rryuircd M mi~rl~::~~:c~. a~d will p.>> prumptly. Nhrn due. any prrmium. on .u~h in,ur.mcr (~~r pa~mrnt ut Which pruci.iun h:~~ nut hrrn made
~ hrrrini.rf.~rc. :~II imur.mce .hall tk c.+rri~d in comp:~nie. appruvcil h~ murlg:~gee and thr {Hdicie~ :~nJ reneW al, thercof tihall he h~IJ h~ m~~rt~:a-
~ cer anJ haa~ attachrJ Ihereta lo.. payablr ~iauce, in favur ot anJ in furm acreptahle t~~ the mort~.agee. I~ e~rnt a( lo.. he w ill ei~~ imm~diatr
nulicr hy mail tu mortgager. :md mortgagee ma~ make proof ot lu.~ ~f nut made prumptly hy mort~gur. anJ rach inwrance compam con-
crrneJ i~ htreh~ :wthurii~J :md Jirectrd ta make paymrnt for .u~h lo~. Jirrcth u. murtgager imle:+d of to murt~zaEur anJ mortga~ee juintl~ .
anJ the imur:mcr prucred,. ur any p.+rt th~reof. ma~ t+~ applied M mort~a~ee at it. option eilher to the reJuction ot Ihe indehteJne.. hrrchy
.ecured or ta the rr.toratiun ur rcpair uf Ihr pruprrty d:~m:~g~i. In rvem .~f furerlucure uf thi. murtgage or uther tr:m.ter u( title t.~ thr murt- -
gageJ pruprrt~ in r~tingui.hmem o( thr inJehtrdne...rcured hrrehy.:Jl ri~ht. titl~. :mJ int~ra~l of thr murtgagor in :~nJ tu any imur.~r.ce poli-
~ie. then in furcr ~haU pa.. tu ~he purcha.rr or gr:~nter.
R. 1'h:~~ if the premice.. or any part Ihrreuf _ t+r cunJemnrJ undcr :~m ~~w~r ~~f rminrnt Jum:~in. ur acyuireJ fur a puhlic u.r. thc d:~ma~e._
proceeJ~. anJ thr cun.iJrr.di~~n (ur wch akyui.itiun. ~o thr r~tent uf th~ full amuunt of inJ~hteJnec. uM~n ihi. ~turtEa~:e. an.l the nute .rrureJ
h~rehy rrmaining unpaiJ. arr hertby :~„igncJ hy the ~lurlg:+~:or tu Ihe \lurlgaget and,h:Jl tx p:+iJ tar~hwith to the \tortg~grc to tx applitJ h~
it on acroun~ of ~he ind~htcne...e~ured hrreb~ . w hether Jur ur not .
9. "!h•rt the mortga~:ee may _:d any lime penJin~: .uit uM,n thi. mor~~::~ge. apply t~. the c~~urt ha~ ing juri.Jictiun thereo( (or Ihe app~,int-
ment o( a recei~~er_ anJ wch c~xut ~hall (~~rthwith appuint a receiver uf the prrmi~e~ covered herrhy all :mJ ~ingular. incluJing all and .inguL•ir
thr imumr. prufit~. i~.ueti. :mJ re~enur~ from wh:drver ~uurcr derived. e:+ch :+nd rvery a( .rhirh. it heing e~prr~.ly under.aK~d. i. h~~~hy
murl~:agrJ a. if tipe~ifi~all~ +e~ forth :md Je,crit~J in ~hr ~ranting anJ h:+t~ndum c{au.e~ her~u(. anJ .urh receivrr .hall h:~ce all thr hro:~d anJ
etirc~i~r (unrlium anJ p..wrr. in anywi.e rntru.teJ by a cuurl to a receivrr_ anJ wch apM~intment ~hall hr made h~ wch rourl :~c :+n admittrd
eyuity anJ a malter uf ah.ulute right tu ~aiJ murlgrgee. :md v~ith~wt re(erence to Ihe aJcyuacy ur inadequacy u( 1he ~alue of Ihe proprrt~ murt-
g:,~ed or thr ,ohen~y ur imul.rnc} ~,f •:~iJ m~~rtg:~g~x or ih~ defenJ:~nt,. anJ that wch rent.. profit.. incumr. ~..uc~. :~nJ re~e~iut• .hali he
applied h} wch receiver acrorJin~ the lien uf thi. morlg:~Fe and the pr.?ctice ut ~uch rourt. In Ihe event o( any Je(aull ~~n the part ~~f the murl-
~ ~agor hereunder. the murtg:igor :~gree. ro pay to thr murtg:igrr ~~n Jrm:mJ ac a rea.onahle mimthly renlal for thc prrmi+e~ an amuunt le:+~t
eyui~.dent tu one-twelfth 1111'_1 uf Ihe :~E;~.reEale uf the twehe monthl~ in.t:Jfmrnt~ payahle in the then ~urrent ~car plu. the artual :~muunt uf
the annual ta~e._ :n,r~.ment.. water rate~. :md imurance prrmium. fur wch yrar not ~ovrred hy thr .iforewiJ munthly pa~ ment..
111. That Ia1 in the evenl u( am hrearh uf ~hi. murtg:~~;e or Jefauh ~~n ~he part of the murt~:ag~~r. nr 1 h1 in Ihe e~ ent Ihat am u( .aiJ .um. of
mune~ herein re(rrrtJ tu he n~a prump~l~ :md full~ paiJ withoul Sem:~nd or notire. ~~r Irl in ~he evem :hat e:~ch anJ e~~en ~he ,lipulatii,n..
:rerrtmem.. c~mdiliom. :+nJ ru~enant. at .aiJ nutr anJ ~hi. m.~r~g:i~.r. :ue n~~t July. prompth _ and full~ prrtormeJ: then in rither or :~n} •uch
e~ent. the .aiJ :i~gre~:atr ~um mrntiunrd in ..~iJ nutr thrn remain+nE unpaid_ with inlrrr~t acrrueJ to that ~ime. anJ all munr~~ ~rcurrJ hereh} .
,h:~ll hr.umr Jur :inJ p:~~:+blt forthN ith. ur thrre:~fter. at the upliun o( ~aiJ morty,agee. as full~ and cumpletel~ a. if all of the .aiJ ,um, of m~m-
r~ were ori~i~:Jh .IipulateJ tu he paiJ un .u.h J:ry. cm}•thing in wiJ notr ur in thi~ mortgage ta the ronvan notNith.~andin~: ~nJ thercupe~n or
therea(trr. at thr optio~ of .aid mung:+grr_ wilhuut nuiice or demand. ,uit at law ur in eyuil} _ m:~~ he pro.rcuted a. if :JI muoe~..~cured here-
M haJ maturcJ priur tu it. intititutiun. The murtEa~.er may fore~lii~e ~hi. macl~a~e. 1~~ 1hc ~mounl u? JeclareJ Jue anJ pa~ahle. anJ ~hc ~aid
premi.r~ .h:Jl t+e wIJ ta ,:di.O :md pa> thr .amr to~rlher .+ith cu.l.. e~{+rmr.. anJ all~~w anrr.. lo ca~e o( p:~rtial fureclowre u( Ihi, mortEaLe.
Ihr murlga~eJ premi~e~ ~hall hr ~old .uhjrct tu thr r~~nhnuin~ lien thi. murtgage f.~r tlx am~~unt o( Ihe deht nut then duc and unp~iJ. In ,uch
c.~~e ~hr pn,~i.ii~m a( Ihi, paragraph m:n atain Fx a~:~ilyd ~~f there:+(~rr frum time ta timr h~ thc m„rt~.agee.
1 L"I~hat the murtEagor wifl gi~r immrJiatr potict bY mail tu thr m~,rtgaEre ~~f :~o} comey:~nce. ~ramter. ur change.of uwner.hip u( the
premi.e~.
I'. Th:u no waivrr uf any co.en:~m hrrein or of 1hr ohli~:.aion .ecured hereh~ .hall at am time there:.(ter 1x heW to he a Nai~er of the
term~ hereu( or thr nute ~ecureJ hrrrhy . ~ R ~2~ PAGf L/~~
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