HomeMy WebLinkAbout0120 I hal. in urJrr mu~r fuUy tu pn~ttcl the ~rruril~ ut thi. murt~;agr. Ihc mu~~gagur. a~Kcihcr N~~h, anJ i~ add~uun ~u. thr munihly p,,~ mcnt.
undt~ Ihr Icrm. ot ~hr nutt .e.uttJ hrrrby. un thr fint ~~f e:,~h :numh unlil ~hc wiJ r~u~r i. fully p.~iJ. Mill pay tu 1hr monb.~gcc the (~~Iluw-
ing wm~: -
Ial An amount .uflirirnl to pr.~viJc Ihr huldrn c~re.~f with funJ. tu pay Ihr nr~l murig~gr inw?an~r prtmium if Ihi. in.uumrnt anJ ~hr
nu~r ~ecurrJ her~h~ arr imurrJ. ur munthl~ :h.ugr iin hru ut a mur~gagr in.ur~nce premium) ~hry ate hclJ hy the lecrrlar~ uf
{Iuu~ing:utJ t'?h:~n Ik~elupmrm a~ fuUuvc~:
111 If ::nd w lun~ a..aid nutr uf r~rn Jatr .~nJ ~hi. in.uumrnl are in~urrJ ur are rrimurrJ undtr ~he pro~i.iun. ut ~he ha~iunal
~ Huuliug A}t1 an ,~muunt .utfii ira~ tu ~rcumula~z in thr han ut ~he hutder unr 1 I I munth priu~ ta i1, Jur J:~te ~hr annu;,l mur~-
~;agc in.ur.~~~~r pr~mium. ~n urJrr w pru~iJr .urh hulJrr with funJ. Iu pay wrh prcmium w ~he tircrctary uf Huu.ing anJ
Urhan Ik vrlupmtni pur~u:~nt tu Ihr f~alian:J Huu~ing .Ac1, a~ amriidtd, a~J applicabk Rrbul~tium thrreunJtr, or
1111 If :a~J w long a~ .aiJ notr A( ~~cr Jalr anJ ~hi. ~~~lrumenl are helJ by Ihe Secretary o( Nuu~ing and Urb~n ikvtlopmtnl. a
m.uuhl~ ch.~rgr I~n liru u( a murt~;age imurance p~~mium) Mhich ~hall t?e in an ami.unt tynal lu unt•twrlflh 11!12f of une•half
11;'1 prr ~rnwn~ u( th~ a~.r.~gr uuht~nJing h~lancr Jur un Ihe note cumpuleJ w ilhi~ut taling i~,!o ar~uunt Jrlinyutncir~ or
p~rp:~~a~rnl~: .
Ihi ,um ~yual tu th~ ~ruund rent~. if an~. nr~1 Jua. plu. the prrmium~ ~ha~ Will ne~t t+nomr Jut anJ pa~ahlr un ~xdicies u( fire ~nJ
uthcr haiard in~uran~r cu~rring thr man~;.~~;.•d prop~rty, plu~ Ia~r+ ~nJ aur.~mentl ne~t Jua un the murtg:.gcd pruptrty lall a+ esti- ~
~n:~IrJ b} thr murlg:~grrlle~~ all .um~ :Jrr:~J~• paiJ ihcre(ur di~iJrJ by ~he numhtr u( munth~ to rlap~r Ix(ure unr momh priur ti~ Ihe
~l:~Ir whrn .u.h~;rounJ ~cn~.. premium~. la~r.. anJ a.,r++mrnt, will hrcume delinyurnt. ,uch ,umti tu t?r hzlJ by mur~gagee in trust
Iu pa)' ~aiJ gruuM! ttnh. prcmium~. Ia~C~. anJ ~~xcial a»C~~mrqlc: aM1
ic1 All paymrnt. men~iuneJ in Iht twu prcreJing.ub~rcuor~. u( thi. paragraph and9U pryment. tu tx maJe undrr Ihr nu~r ~e~ured hert-
h~~ .h~ll t+t :~JdtJ t~~:c~hrr anJ thr a~;~;re~;atr amuunl ~hrreaf ,h~ll tx paiJ hy Ihc mungagor rach munth in a.ingk pay ment ta hr ap-
plieJ h~ the mun~;agar lu Ihr (ulluw ing ~Irm~ in Ihr uNer +tt turth:
111 premium charge~ unJ~r the ~.~ntr.~c1 at imur.~nct wilh Iht tiecretar~ uf Nuu~i~ig :~nd Urh.ui Ih~rlupmrnt. ur munthl~ ch:~rge
Iin licu ut mur~gagr imurance prrmiuml. a, ~he ra~e may hr;
1111 ~;ruund rent.. la~r.. ;~.,c~.mrnt~, firr. anJ u~hrr har.~rJ in,urancr prtmium~;
1111 intrrr+t on the nutr ~erurcJ hrrrby::md
lIVI amurtii:~liun u( ~hr prin~ipalut.aiJ note.
1n~ d~fi~iency in the .~maum ut ,urh aggregatr mumhl~ pa~ ment ,h~ll, unleti. madr E~tiwl hy Ihr mortgagur priur 1~~ tlx Jue Jatr uf thr nett
.uch pa~ ment. rum~itule :m rv~m ut drtault unJrr Ihi, murtg~gr. 'Rit mortgagez may cal~tet a"late rh:~rgr" not iu e~rtrJ tNU crnt+ 1'~ 1 for
rach dutlar IS11 of rarh ~+ay mrnt mi?re than fi(tetn ( I SI day~ in arrear+ ~v rover the r~tr:~ e~{+rme imoloeJ in hanJlin~; drlinG~cnt paymcnt~.
l h:~t if thr tutal u( the p;~~ mrnt. madr hy the murtgagur under 1 bl o( paragraph ' precrding ,hall e~crtJ thc am.~unl uf Ihe pa~ mrm~
.utually ma~lt h~ thr murtga~;er. (ur gru~uxl rrnh, t:~~eti ~nJ a..e.~ment~ and in~ur~nce premium~. ac ttx ca,e ma~ t+r. ,uch r~cr,~ a1 tF?r up-
tiun of the mortg.~gre..hall. hc rr~ditrd un ,ub.ryue~t pay mrn1. to hr madr by the mortgagar. ~~r rcfun.lyd tu ~hr m~~ng~gor. IL M~wr~rr. thr
mu~uhl~ pay mrnh mad~ h} thr murtgagor unJrr 1 b! uf paragr.~ph ' precrJing tihall nut be wflici~m t~~ pay ~ruuixl rrm.. ta~r~ and :~+~e,.menh
and in,uran~r prrmium.. ati thr ra,~ may t+t. ~?hrn 1he .~me .h:Jl bec~~me J?~r and pa~:~bk. thrn thr murlg:~gor ~h:~ll p.~}• t~~ 1ht murt~agrr .~n~
:~muunt necr•.:u~ tu n:e{.r up ih~ Jrfirien~y. un ur het~~rr ~he Ja~r when pa} mem ot wch guunJ r~nic, ta~e~. a.~r+~ment~. ~?r irtwranre prrm-
ium..h:Jl he due- I( at ;~m time Ihe mung:,gur .hall trnJer tu thr murtgegre in a,curdance w ith the provi.ion~ o( the not~.rcureJ hereby. full
p~ymrnt ut thr tnhrc inJehtrJnr.. reprr+rntrd thrreh~ . thr murtg~gcc ,h:+ll. ir, cumpu~ing IFw am.iunt of wrh inJehteJue~+. creJit ~u Ihe
cuun~ u( the murtgagur all pa} mrot. ma~e unJer thr pn,c~.iun. uf ~.d u( par:igr.~ph ' hrre~,t which the m.~rtg;,gre h~, nul heci~me ublig~trd ro
pay tu the Se.rct:.ry u( Huu.ing an.l Urb~n Ih~elupmrn~ anJ :,n~ h:J:~ncr rrmainin~; in thz funJ, :,rrumulasrJ under ~he pru~i.ium of IM of
.~id paragr~ph I( therr ~hall tx a Jetault urxier an} uf Ihe provisiuns rf Ihi~ mortg:~ge. recidting in a put+lic wle of ttx prrmi.~.:~,~errJ herr-
hy. ur if the mun~;agce acyuiree tFx pruprrt~~ utherw itie a(ter Jefauit. the murtg:~ger ,hall :~ppl}•. ~t tFx time uf the rummrnrrmrn~ u( .uch pr.~-
~eeJing~ or ~t the lime thr propeny i. o~herw i.r ~cyuireJ, thr tr,,fancr then rcm~uning in Ihr turxl~ accumulated urxier t M uf p;,r:~~;raph'_ prccrJ-
ing a~ a rrrdil againsl the :~muunt uf prirxipal then rrmainioK unpaid unJrr .:~id note and shall pruperl~• adjutt an~ paymenl:. u hi~h .h:dl ha~e
hee~ m~Je unJtr 1 r1 uf c3id paraEc~ph.
a. Thal he will pa} all ta~r.. a.~e~~mrnt.. N.der ra~r. ;,nd ~~ther gu~rrnmrntal or municip:d ~har~;«. lint.. ur imp~~.itiun.. tur whirh pn~-
~i+iun ha. n~~t Ftian mad~ hrrrint+rf~~rr..~nd in Jct.~ult thcreuf thr murlgactr mat pa~ thr ..~mt: anJ th:d ht will pr~m~pl1~ JrG~rr th~ otti~r.J
rereipt~ therefur tu tF?e murtg:i~;tc.
5. l~h:~t hr wiil permit. cummit. ur wflrr n~. wa,te, imp:~frmrm. ur Jrterioration of iaid pruprrt~ ur .~ny p:ut thercuf:.snJ in Ihr r~ent oi the
failure ot th~ mon~gor to kerp thr huilJing~ on ,aid prrmi~e. anJ thu,c tu hr erectcJ un .aid prrnu.r.. ur impru~ement. th~rrun. in g~Hxl re-
pair. Ihe mortgagee ma~ make w~h repair~ a. in it. di.rrrt~.~n it m;~~ Jrrm oecc~.ary for the pruper ~re~rr~ ati~~n tArrr.~f. :md ~hr (ull amuunt uf
rach anJ every .uch p~~ ment .hall t,r immeJiatef~ Jue :~nJ pay:~hlc. anJ .hall be ,rcured hy Ihe lirn uf thic mor~gage.
6. Th•rt he will pay ~II and ~ingular thr ~u.n, charge.. anJ r~prn.r.. in~luJing re:~+on~bk laa yer'. fee,. a~J cu,t~ of ah.~ract~ of tiUe. in-
curreJ or ~;~id :u any timr by tfir murtgagre btcau.r o( !he tc~ilurr un the p:,rt o( the mortgagnr pr..mplh anJ (ully t~i perfurm the agreemenn
' anJ:uvenant.ut wiJ promic,ur~• nute anJ thi. murtgagr, and ..~iJ cotih. chargr+, and etpen.e~ ~h,Jl hr immrdiately Jue and pa~ahlr anJ ~hall
br ucureJ hy Ihr lirn ut thi.-murlgage.
'"ihat hr Mill keep thr impruvrment. nuw r~i•tingos hrreafter ercrirJ on the mortgagtd prupcny. inwrrd mn~ ht rryuireJ from umr
tu timr b~• the mortg:qter acain~t lo» by fire :~nd uthrr haearJ., c~,u:,~tie.. anJ cumingenrie. in wch amounh :~nd fur .uch ~xri~xl. a. ma~ F•r
rryuirrd hy mur!ga~ee. :mJ w ill pa} prumpth . whrn dur. ang pr~mium. un ~uch inwranre for p~} mrnt uf which pm~ i.ion ha. nut Ixen maJr
I~I hrrri~hrfore. All imur:mce.hal! he c~rneJ m comp~nie, ~ppruvrJ h} murt~;a~ee :mJ Ihr puhrit, anJ renew;J. there~~f ~h:~ll he hrW h~ murtka-
; ~:er anJ have attarheJ Ihrrrtu lo~~ pa~aMe rlau~r~ in fa~ur of nnJ in form accrplahk the m~~nEagrr. In e~en1 ut !v.. he will ~:ive immcJ~~te
i noli~e by m:~il to murty,agee. anJ Dturtg:~rt may make pnwf of lu« it nut maJe prompU~• hy murtgegur. rnJ rarh inwrance eompany con-
crmrJ iti herehy :uuhurited and JirecteJ tn make p~ymeot (or .uch i~~~~ Jirectly ~o mortgagee in.teaJ ut t~~ mor~gagur anJ murtgagee juintl~. ~
anJ the inwranre pnkreJ~_ or any part thrreof. may~ t+e applird h~ murtgagre at its op[ion eilher to the reJuctiun ~~f Ihe indehledne~~ herchy
.rcureJ ur tu the re.~urauun ur rep:~ir of the property damaged. In r~•rnl o( turcclu~ure of thi~ murtb:~~;e or uther tran.fer of ti11r to Ihe murl-
~..~geJ pruperty in e~tir.gui+hment of thr indehtedne~~ ~rcared hrreby. all r~;ht. tiHr. anJ interrsl of ti?e m~~rtgagur in :,nd lo am in~urance ~~li-
cie+ thrn in furce ~h:Jl p:~.+ to ~he purcha~rr or grantre.
K_ ~nl:d 1~ t~lt (fftrtliy~? n~ anv surt (F~~rt~f. t~r cendrmnrJ under any ~sxer uf cmi.^..~ ::.~::^:iiR. i:: ::.yu::iii :::i 3~.ii: :iC ii:c. i~'ic ~a~Tial;c~'
pr.xeeJ.. anJ the cun,idrraUun (ur ,u~h acyui.i~ion. tu thr r~tent of the full :~mount of indrMedne~+ uM~n ~hi. ~1urt~;age. and ~hr tiute urured
hrret+~ remainin~e unpaiJ.:ue hcrehy :+~~igneJ hy Ihr ~tortga~ur to the ~lurtgage~ anJ .h:~ll br paiJ tunhwith to the Murtg~ger to hr applied h~
it un acrount ~if the inJehtenes. ,ecureJ herehv. whrthrr due ur nat .
`1. That the murtgacee m.iy. :it :m~• time penJinF a.uit u~xro lhiti miutgaee. apply to the ruurt having juri.dictiun thereuf tor the appoinl-
mrnt of a recriver. :mJ .unc ~~wrt ~hall forthw ilh :+ppoint a rereiver of the premi.e~ cuvered hrreb~ aU anJ .ingul:~r. irtcluJing :~II anJ cingular
the inc~~me. prufi~~_ i..uec. :md re~enue~ (rum whatever ,uurce Jeri~eJ. rarh and e~er~ whi~h. it F+ein~; e~pre~.l~ undzr.t~H~d. i. hcrehy
murtga~ed a. if ~pecifir:~tly .e~ fur~h anJ de~rribrJ in the granting ~nJ h~t+enJum clau~ec herenl. and .uch rertiver .hall ha~ r all the hroaJ snJ
~iTrctice fun.tium :mJ powrr~ io an}wice cnlru~led bj :?court Iu a receiver. anJ *uch appointment .h:Jl be maJe hy ,urh ruun a.:~n :~JmitteJ
ryui~~ and m:,tter uf ah.ulutr ri~:ht tu .aiJ mortg:~grr. anJ w ithuut rr(crenre tu thr aJeyuacy or in:~dryuar} nf the ~alur uf tht prupert~ murt-
~:~~rJ or t„ the .uhrncy ur imol~~nc~ ~,t ..,id mur~E,~or ar Ihe defend:~nt~. and Ihal ,uch rrnt,. prufit.. ~ncomr. i..ue.. anJ rc~rnur. .h.:ll t~r
applird hy .uch recei~rr arcorJing tu IRr lirn uf thi. mortg~~;e a~iJ ~he practice ot wrFi rourt. In 1he e~ent ut an} Jefauh on the parl of the mart-
Eagon c~reurxler. the mortgeKur agrc~ti ta pay to the murtgagre ~~n demand :~ti a rea.onable monlhly remal for the prrmi.e+ an amuunt ~t ka~t
eyui~:Jrm to ~~nr-twrlfth 11r1'1 u( the aegrrg~te uf ~he twet~r munihlt imtaliment. payahle in thr then rurrrnt ~e:u plu. the artuaf amuunt u(
the annual ta~e~..,..r,.mcnt,, w~ter ratr+. anJ inwr.mce psemium, f~~r .uch ~ear not coverrJ M tF?e :Jore~atJ munlhly pay menh.
11?. "1 h:u (:0 in the eornl uf ~ny hre.~ch uf thi. mon~:a~e or detault on Ihe part uf Ihe murtg:~gur. ur 1 hl in Ihr rvent that ~m nf ,aiJ wm. uf
muneg hrrcin rrferred ti~ he nu1 pr~~mptl} .~nJ (ulh paid Kithuut drmand i~r notice. ur Icl in thr r~ent tha~ ea:h :mJ e~er~ the ~tipulatiun~.
.~grermrm~. cunJitiun~. :~nd cu~enant. uf ~;iiJ nute an,1 thi. mungagr. :~re ni~1 duly. prum~tly. nnJ fullp prrfarmed: Ihen in rhhrr or any ~uch
e~ ~n1. thc ~.~id a~:reg:dr wm menhonrJ in u~iJ n~~te thrn remaining unp.,iJ. wilh intrre.t a~:crurJ tu th:u lime. anJ :df monc~. ~ccurcJ herehy. r
, .hall hcr~~mc dur anJ payah!c E~,rthwfih. ur thereaher. at Ihe optiun of ~aiJ murlg:.gee. ati (ully and cumpleteh if :dl of thr ~:lid .um. uf m~~~-
ry wrre originall~ .lipul:ited t~. he paiJ on .uch J:~y. anylhing in ?aid nute or in Ihis morlgage ta Ihe ~untr.~ry n~+lwi;h.tanding: anJ therruExm or
Iberea(ter. at thr ~~ptiun ~~f ~:~iJ murl~:a~er. w ilhuut nutice or drm:~nJ. .ui~ at IaN ~,r in eyuily. mn~ t+r pro.ccuteJ it:~ll mune} <<ecured here-
h} h.~d malureJ prinr to ii~ imtitulion "Ihe mortga~re may f~~recla~r ~hi~ mor~g:~ge. a. tu the :~mount ~u declareJ Jue:~nJ pa}ahle.:~nJ the ~aiJ
premi,r..hall he wW ti~.ati.f~ anJ p.~y ~hr ..~mr Iogelher w i1h cu~h. e~{+rn.e.. anJ .~Ilowa~ce.. In ca.e of partial fore,lowre of thi~ morty..~ge.
thr murtFageJ premi~e~ .h:Jl he .uld ,uhjec~ the cuntinuing lien ~~f thit m~~rtg:,gr for If?e amuunl ~~f Ihe Jebt not Ih~n due and unpaiJ. In ~uch
cace the pm ~ i~ionr o( thiti p~r:~~r:~ph m:n a~ain hr :?c~~IeJ uf thereafter (rom ~ime Io time hy tfie mortga~ee.
I I. Tha1 Ihe mortga~:ur will Livr imm~Ji:nr noUrc h~ mail ~o Ihe murt~:agee u( an~ romr~:snce. Ir.en.ter. or rhanbc o( uwnenhip of the _
premi.ec.
I'_ "fhat na waivcr u( any co~enant hrrem or i~f Ihe ohifgation ~ecureJ hereh} .h.dl at any ~ime therrafler hn c~ld to tx a wai~er a( the
tr~m. herc.~f ur ot the nule ~ecureJ herrhr
6~`~~:-~5 F~~E 120
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