HomeMy WebLinkAbout0525 _ 1 hr~ so ~~rJcr nn~tc full~ Io p~.~~c:t ii~c .r.unh u( th~. m~~r.gsYt. thc mu~tYa~.v. wYrlArr Muh..~nJ ~n .,J.lwui~ tu. ~t?t ipunlid> p.~~ uir~~t~
utHlet thr Icrn~~.tit tht n.rtr +~cureJ hrr~h~ . un ihe ti~.~ Jr~~ u( cach monih unul tMr w~~ notr tully pa~d w~~l p.~~ tu ihr mu~t~.,grc tix t.~~{uN ~
~nY v~n.c ~
lal An .~m~~ant .ulfir~:nl tu pr.+~ ~Jt 1hc h.~Wr~ Ar+ro( N ith turrJ~ i.~ p:i~ thr ~r~t ~nu~l~; ~~e in.ur.~nir ptruuum H th~. u~.l~umrnt .,nJ tht
n.,te.r.~urd hrrch> .~rr ~n,wrcl. u~ uiunti~h ~h,~i~;c ~u~ licu u( .e n~~~ng.~~;r in.u~.~n:a prrm~um? ~he~ .ur hrlJ hy ihr 1r~~rt.~~> u(
N~wi.~n~ anJ l~lh.~~ l?:~tlupmr-~ (uUu~?~•
11~ (t ~n~1 ~v lon~ .~..:ud nate ot r~rn J.~te end th~. imt~umrnl .~r~r imurrd ur a~r rcm~urcJ under 1hc pt.~~~.~.~n. u! thc '~.~uun.~l
Nuu.in~: A.•~. ao .~m.~u~u .udici.n~ n~ a~iumul.~t~ m thr h.,nJ. uf tAr ha:IJr~ .~nr ~ 1 ~ mrmA pnur iu it, dur d.~tr Ihr :umual mu~l-
gage ~n.ur~nrr p~cmium. ~n o~Jrr ~u pr.~~ide ~uch AadJct wuA fuirt. ~o pa> w.A prrmium tu thr ~r:rt~arp a( II~k?ung anJ
Uthan Ik~clupn~rnt pu~•u~n~ lu Ihr ~:ui~m.d {I~w~~ng .~CI, a~ .,mcnJrd. and :~~ph.ahk kr~ul~tNai. thrrrun~er: at
1111 I( :~nJ w k~ng a..:uJ nae v( r~tn JatC aoJ thi. in.lrumrnt .,te hclJ b> ~he 5rcret:uy Huu.ing.~nd l'cha~ Ik~rlapmtnl. :c
. munthl} chargr tin liru o( a m:utga~:r u~.ur.~nrr p~rmium? .?h~~h .h.~ll i•~ in :~n amuunt ryua~ to une-Iwritth 1 L'1?1 af unr-h:.l(
I lf'1 ~+er rrnlum u( thz avrtagr oul.lanJ~ng halance Jur an ihe nole c~~mpu~~.t NitM?ut :aAing intu a:awnl Jrlinyatn~itc ur
Mr{+aymrnl.:
Ib1 A.um ryurl li~ Ihe gr~wnJ ~Cnlc, i( any. nttl due. plu~ 1hr p~rmiumc th:~t will nr~~ he.urne Jut ~nJ pay:~hk un ~x~licic~ ut firc and
_ u~Ar~ h~tarJ inwr:.n~r c.~~r~ing ~hr mur~gaKcti! pru~+ri~y. plu. ta~r. anJ a.+r,.mr~t. nr~t Juc un tht murtgagrd proprrty 1:,1! t~h-
m~trJ hy ths muttg.y;rc! k~~ all ~un~~ alrrad~ p~iJ Ihtrc(ur di~ ~JrJ hy !hc oumt+ar u( munth. tu rlap+n c~tort unr munth priot tc? the
J~~r w hrn .~Kh ~;ruund rent., p~cmium~. iati+. anJ :~..c..mrnn w i!I f>acurne Jzlinquent. w:h .um~ tu F.e htti! h~ mong:.grr in tru~l
ro pa~ .a~d gtounJ rrnt~, prrmium+. t:~~ec. and ~ptc~al a„r~~menlc: anJ
Ic) RII p•r} m~nh mrntiunrJ in thr ~MO prcreJinK wMr~.tiun~ of thi. p:+r:~gr3pA and :dl pa~ mrnt+ ~o hr madr ur.Jcr thr n.~~e .r~urcJ herr-
hy ,hall ht.iddrJ l~~;rtAtt anJ tht a~;~;teK~tt amuunt Ihtreut ~hall hr p:~id M Ihr mun~::~g~~r rach momh m a c~nEk pa~~nrnl lu I+r ap-
pl~rd M thr murtgagri to tht foUuw ing itcm. in tF?c urder .el fi~rth:
111 pr~mium cB:,rge. uoJer thi cun~r.~c~ o{ in.ur:,ner M ilh tFx tiecrrlary uf Hnu.ing :~nd l'rban Ik~rlupenrn~. ~n munthly charge
Iin G~u ot m.~rtg~ge inwr~ncr prtmwml. a. tht ca+t m:~•. hr:
1111 gruureJ rrnl~. ~:~~tc. acce..ment., hre, anJ ulher hatard insur.mce prrmium~:
1111 interru ai tht n~Nt cecurtd herrM•: anJ
11Vi amuruialiun.~fihrprirkipal~~t.aiJnutt.
~m drfi~~enr~ io the amuunt uf wch ~~rtgate munth:~ pa~ mrnt ~hall, unlt.~ made ~.x~J hy the mortg:,g.~r pri.~r tu thr duc d~tr of the nr~t
.uch ~+a~mrnt. con.~itute ~n e~•cnt o( dtfault unJer !hi. monbagr. Thr nwrtg:q;et ma~ r~dlert a"latr ~h:+rg~'~ a~t !a r~crcd lua ieUl~ 1 tar
r~rh dulta? ISh a( rach mrnt m.~rr ttwn fiftten l l~~ Jay. in arrrar. to ~ovtr ~he t~1ra e~prn:t imvh~Yi in handhng.kl~viyu~rt~ pa~ mrqic.
s. lhat it tlK to~a! o( Ihe ~+:,ymrnt. m:~dt hy tlx mart~;.~or un3er Ib1 0( p.,ragraph prtctJing ~h~ll t~crcd thr aniuunt of Ihe pa~ mrnl~
acwalh maJt hy thr murtg:?gte. for Frouixl rrnt.. ~a~r. and a..r..mrntc ~nJ in.uran~r prrmium.. a~ thr:a.t m.~} tx. ~urh r~:r~~ if thc lo~n is
curreo~. at the optioa of the mortgagor, shall, be creditcd on cubsequcnt payments to be madc by the moriga~ur. or rc(uaded to the
mort~agor. I(, howcver, the monthly pa~ments made by the mottgaqor unuer (e) ot paragrrph 2 Preceding shall ~ot be su(~irient to
pay Rtuund rents, taxes aad ascessments and insurance premiumc, ati the case caa~• be, ~hen the same shall l+rcome duc aod pay-
able, then the mort~aRor shall pay to the mortgagee aay :unount nece~tiary to make up the deficieacy, on or be(ure the IIi~IC Nhea
paymcnt of ~uch ~rounJ retets, !a:es, assc~~ments, or iasuranre prerniums shall be due_ Ii at an~ timc the martga~nt shall tend~t
to t6e mottFa~ee irt sccotdaacc with the provisioos o( Ihc note secured hereby. (ull paymeot o( ihe entire ir.drbtedness represcnt-
ed thereb~, the mortgagee shall.-in computinR the nmount o( ~uch indebtednesti. credit to the aecuunt o! the morlgagor all paymeotc
~ madc umier the proviwions of of paragaph 2 hercof N6ich thc mortgagce has not become obligated to pay to the Sc~retary ot -
f~ou~inR and l,~rban Ucvclopment and any balance r~maining in the fund~ ACCWOU~BLCfI under tAe provisions of (e) o( said
' paraqr~E?h I. If there chall bc a deiault undcr any of the provisions uf this mortRage, resulting in a public sale of the premi~es
covered `aerebr•,-or i( the mottgagea acquires the property othetwise after Jc(ault, the mortgagee shall apply, the the time of the
commencement a( wch ptoceedinp,s or at t6e time thr propett~ is othen. ise acquired, ihe balance then remaiaing in the iuads
~ccumulated under (6) of paraqrapl: 2 precediag as a ctedit against the amonnt ot principal then remaioiag uopaid uoJer said note
and shall properl~ aJjuxt any pa~•mcais ~hich shall have becn made u~dcr o( said paraRraph. -
-3 1 ha~ hr wil! p,~~ :dl ta~c.. a~.c<.,mrnts. Nater r~tcti. :mJ ~Hher ~:uvt~nmcnl:sl ur muniripai rhargr:. fin~.. ar impo~.i~iuns. fur K hi: h pra-
~i+i.m h:,. not hcc~~ m:~.:~ hrrrinhrtare. and in Jef:wft thrreaf thr mon~.~gtr m~~ p:~~ the •amr: aml that he w:ll prumnt~~ Jrhver ~hr ut6ciai _
~rrr~pt~ thrrtf.~t tu ~tK mun~a~rt _
' ~"Ihet hr will {+trmit_ c.•mmit. or wNer n~~ wa,tr. imp~irmrnl. ut Jctcriur~tiun ot ,aid prupert~ o~ an~ ~rt thercot::~~i io tFk e~rnt of thc
fai~urr u( thc murt~ior to?,rrp Ihr huiWing. on .aiJ premi~e..~nJ thuce to he ercctrd un .aid prrm~.rc. or ~mpruvement. thrrron. in g~~.al rr-
p:+ir. :hr ~ortg.,grr m~~ mrkr.wh rcpa~rc:~c in it. Jiurttiun it may deem nrceswry fi.r thr proper pre,tnatiort tMreq(. ~nd thr tull am.wnt of
r.~rh anJ r.cry ,uch pay ment shall he immiJi~~ely due ~nJ payahk. and ,hall he~rcured by shr lizn of Ihi~ :n~?rtFsS~
h'1 h:U Flr N III (1J~ :III and singuirr tht cixt+. charrec, and eiptnatc irK!vding re~~unahk I:,w yrr'~ fer~. and cast~ o: ah;tract~ o( titfr. in-
:urrrd .u paiJ at :,m umr hy thr murt~gee hrcaux o( thr tailur_ on tF~ part uf thc murt~.~gur prumpth~ and futl~• to perforrn 1he agreemeMe
.~~:J ~o.~n.mn „t .eiJ pmmi..un m.1r and thi, mortgage. ~nJ ~aid co.h. ~h:?rge~. arxl r~nrn.r. ~hall he immedirtrh due anJ payafilr anJ shall
hr .r.urrd M tn~ i~~n ~.f ~hi. mnrtg.~Lr
' Ihat hc ~.:iN {,rrp thc ~mpra~cmtnt. na~+ r~i,Iin~ur hrrcaf~~r errrtrd un the m~~:t~:~~:ed pru~xrty. imurral m~y t+r reyuirrd fr~~~n ume
~,I tu timr h~ Iht morl~aiat .igaimt lu., M firc anJ ulher hat:~tJ~_ r.c~ueltic.. and r~,mingenrir. in .u~h amuu~h and (ur •uch ~ri~wh a~ ma} he
, ._:;e:~r••' h. murt~:,~•ra :~n.i ++~ill pry ptum;+lh. wh.n uur. :~n} premium~ ~~n ~uch ~~,.ur:~ncr ;ur pa~ ment «i whirb pru~„iun h~. not t+rrn ~~~::Jr
h~rcint*ct~~re :\It mwr:,ncr ~h:~il he carnrd in i.nn~:init~ appro~rJ h~ murtgagre end thr M,lirir. anJ rrnew:~h thrreof .h:~ll tx helJ h~ m.~rt~:~-
ccr.~nd h.~~r .~tte.hr,, ihrrr~a la.. pa~ahlt ~l~u.r~ in fa:~.r uf an.l in furm a~cept:shk to thc muttga~c~ Ine.ent ot 1~... hr Ndl gi~r immrdiatr
n.it~~r ht mail i~~ nuxlga~cr. .~nd m~~rlg:,~:ee ma} makr pruuf of lo.. if oot maJt prumplly hy murtgagur. ~~J er~h inwr~nre eomp~n} cun-
~ cr:~rd i. hirnc~ :ui~h~~riicJ :m•, Jircrted ti~ makr paqmrnt f.~r.wch k~.. Jirectly tu murtg:,gre in~teaJ ot ta mort~,agur and m~xlg.~ec ji~inUy.
ariJ thr in,urante pr~~crJ:_ ur :mt part therea(, m,~y hr applicJ h} mortg:+gre at it..~ptiun tither to ~he rriluction of Ihr indehteJnc., herebt
+rcured ur tu tf?e se.t~~rau~.n ur repair.d the pru~trt~ d~msKrd. In ecent of forec~uwrc ut thi. mong:,gr ur ~~thrr tran~fer o( titie ta the mert-
gngeJ proprrt~ in rttingui+hmrm of ~he inJthtrdnec. ~rcurcd hereb~ _:,11 right. !itle. and intrrea i.f the murtz;:~gur in anJ to :~m imuran~e ~~li-
~~e~ thrn in fur~r ~hall p:,+. to the punhr,rc or grantre.
~ x. "Il~at i( thr prrm~.c.. .sr :,ny ~+:~rt thtrruf. M~ c~~ndi mnrJ ueuer anr Jx+wer u( emin~nt dam.~in. ur :,rywreJ fur n puhlic u,~. tl?~ Jamage~-
proceed.. .~oJ thr can.idrration [or tiurh :Nyui~itiun. ~u the e~trnt uf thr (uU :,muunl af i~JchteJnr.c u~xm thi+ ~tur~eaEr. :mJ thr \ute .zcurrd
herehy rema~ning unpaid. are herch~ a.ci~:r~d h~ thr 1lurtg:~gur to thc ~1ortFaErc :+nJ +h:dl he ~aiJ f~+rlhwith tu ihe ~t~~rtFaget tu ht appGed h)'
h un :~cc~wnt uf the mJeFttnr~< <erurrJ herchy. wFrlher due o: n.n.
v. Ih:~s ~Fk murtga~et ma~ _:il eny timr penJing a.ui1 upon thic mortu~gt. a~+ph~ la ~hr coun ha~ ing jun..ti~tiun tF?ertu( !or the appuin"t-
mrm of ~ recei~tr. :~nd .uch a~urt .h:dl (arthuith ~p{N~int ~ rcc?i~~r id thr premi.e. cen•ered herthy all nnJ ~ingular. incluJing all :~nd ~in~:ul:ir
the incumc. prufit.. ~~.ur.. .mJ re~rnue~ trom wha~e~rr .uurce Jenved. rarh :mS evrry u( which. it be~ng e~pre..h urxfer.tu:H1. i. hereb~•
murtE~grd oc ~(.p~~ificall} •e~ f~~rth :md Jr+erihrd in Ihr gr.~n~ing.md haF.~ndum ~'...::ses'+rreuf. and +uch recriver .hatl h.~~a a{I the brued and
ttiectivr fun~tion. anJ puwer~ in :m~ w i,e rntn~~lrJ fi~ coier. tu:i rc~_ei~er. anJ wrh ap~xiintmrnt tihall he made h~ ~urh rcwri a. an aJmitled
ryuil} and a m:~tter uf .ih,~:!ute right tu v~id m~,rt~;.~L•et.:end aithuut refercncr t~• thr .~dtyu.~c~ or ~n~Jryuxc uf thr ~.,lur uf thr property rt:u;t-
c.~~aJ ~~r :o shr •~~i~cn~~ „t ui,~d~cn:} ..e~J murtu~Fur „r th~ drfrnJenR. .inJ th:U .u:h rrntti. pr~dit.. inc~,rnt. i•.ur,. .mJ rr~enue, ~hall Ix
~pplirJ hy .uch rccri~tr a~~rorJm~:1u IF?e lirn ~~i thi. mrrtgaer and the praclice ~~t.unc ~~+urt. In the e~en~ u( am defau+l ~n~ ±tx p:,rt uf Ihe mor.-
I gar:x hereur.Jrr. tlx murt~.~~~~r ,eree. tu ~a~ tu thr m~.stgegre ~~n dem:md re=~.unahk munthh~ rental f~~r ~he premi~r. an amuunt at ka~t
~ cyui~~lcnt In une•iw~lhh ~ I!I_'10! the aE;greea[r ~~f Ihe twrht mwnlhl~ imlaltmrntti pa~.fhle in ihe then current ?rar rl~~~ Ihr a.tual imuum of
j thr annu:d tru~..~~~e"menh. u:drr r~Ir~. aeJ ~m.~u:~nce prrmium~ (ar,uch ~ea~ nat ciy~ered 1+~ tik ~fnre~aiJ monthh paymrnc~.
i to "fh~t I:~i ~a Gce raem uf any hrr:~ch af thi~ mart~:ac~ rr dcfauh «n Ihr p:~rt ~~f the mart~;:~gor. ur ~ h? ~n tf~r evem lhat :m~ uf .:~iJ .um~ of
~ mu~ep herr~n ~rfrrtrd 1„ ~.c o~~t pr:_.rrptly anJ f:ilh pa~J w~thuu~ dem:md ur n~Hi~e. .x 1c? in the e~en1 Ihal eacb snd etety the ,upuiation~.
.~erermenl.. c~m•fitiu~.. anJ ~u~anant. +~f ..~iJ nutr :+nd ~hi. meirtf::~gr_ :~rc n~i~ a~~iy - cr~~~nn~i~. .~nd (ull~ {+erturmed: ~hen in either ur an} wch
e~cot. the ~a~d.~?grc~atr ~i~m mrr.ti~~nrd in,:uJ n~~tc then rrmainin~; unpaiJ. with imrre~t •rrcrucJ to th~~ time.:mJ all muney+ucureJ hereby.
.ha;l h«ume Jue .aix1 p.+~ahk f~+rthw~th. ur ih~rr.~ft?r. ,:t 1tir uptiun ~~f ,ai ~ m~irl~;a~;re. a~ fuilg and r~~mplelcly a. if :+If af the .:wid .um4 uf mi?n-
r~ Arrc uri~:inalh .tipu{a~rJ H. hr p.,iJ un .uch day. amthin~ in t~id nule or in ihi. m~~r~gagr t~. the:~mlr~r~ n~.Iwith,t:mding; anJ Ihercupvn or
thert~fter..~t the upt:on uf .~id m~~rt~::tcer. withiwt rzoticr ~~r dem.~nd. ,uu :d I:+w ~~t m eyuit~ _ ma} hr pro.eruteJ i( al! m~•ney~ ~ecured here-
h~ haJ m.~lurrJ pn~tt to il~ in+titutiun ~Tf?c rr.urtErgec ma~ f~.rcclu~r thi. m~~r. farr_ ~hc :~m~~unt Jeclared due and payebk. anJ the ~~iJ
premi.t~ .hall he.~,IJ t.+.au~fy rnJ pa) Ihe +~snt tiKCthet w~th c~ht~. r~penu..:~nd :dl«Kance+ In ca,e ut par~irl furccb.are of thiti mortga~:t.
the mnrt~.yerd prem~.e~ •hell ht ~ulJ wh~ect tu the coniinwn~; l~eo o/ thi. m~~~ agage fot Ihe am~~unt of ~he debt ru~t thin due and unp.+id. Ir. .uc:~
~att IF1e p~o~ ~~tonti i~( thi~ par~~:rrph ma~ :~ain he a~.~~kJ nf thrre:,t~cr irom tirr.e ~a timt hy ~hr mur~ragee.
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