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HomeMy WebLinkAbout0678 ' lh.N. in urdcr nuur full~ tu ptnlr~ I,thr.rcurii~ at IAi~ n~~it~4:~Fc. Ihc n~utt}.~~~,r. 1~~~a tA~•r ~ ilh..~n~ ~n .~d~l~~u~n i~• ~I~r m~~nih ; t> m, n~ unJcr Iht Icrm~ Ihe n~•ic .r: un•J hr~r1~0. Ih~• linl J:y u! ca~ h iuun~h unul ihc .a~J nu~r i. (ull~ p.iid. ~It p.~~ 1~~ 1hc muilta~•r~ lull.,~. inp.um~: ' • ~ ~ ' • ' • 1.~1 An:wi~~un1 ,uih~ ~.•n~ p~~~~ ~~Ic ~hc h~~IJ~ ~ hrr~-~~( ~~ilh funJ. lu pa~ IAr n~•~1 niurt~e~;r in.w.in~c piruu~uii i( ~M. ~n.inu~~: ni anJ tt~c nulc ~ccu~rJ Ac~rh~ .~rr m,u~cd ui muuihl~ ~h.u~r un i~c~~ ut m~ai~a}. ~n.ur.uicc pccnuuml d thc~ :~~c hrl.l h~ ~hc 1c.~r~.a~ .,1 H~N~~~n}:.u~d lhh.m Ik•~rl~~pmrnt a~ ~uUu~~~: 111 If :~nd lun~ :i. .:~iJ nuii- ul cvcn Jaie and Ih~. in.trumrii~ :ur ~murrJ ur air rrinwrcJ uuJri ~h~• (,i.~~~.ian. .~t IM !~.nn~n.d Nuu~in} :~r1 :m .~mnunl .ufli~ i~•nt Iu:~.•. un,ul.~ir m ~hr h.md. u( Ihr h~~lilr~ unr 1 11 nio~Hh pnn~ In i1..luc d.~Ir Ihc .~nnu ni~,i~ ta~c in.ui.~me p~em~um~ inurdr~ lu pi~~~idr .u.h huldrr Ni~h (unJ. tu p:~) .u~h prrmium 1~~ ~h.• ~r~~rt.u~ u( N,•u~in} .~nJ , (?rhan I)r~cl~~pmcni punu:~n~ lothc N.~uan:~l H~•u•~n~ :~rl. ;n amcnJrJ. .ind:~pplir:~hlr Kc~ul.~u,~n. Ihric~n:,lr~ 1111 11 :~nJ ~a lort~ ~a~J nuti• n! cva'n dal~' :~nJ th~. in.~rumrnt :uc hi•Id h~ Iht tccrrtar~ nf Il~~u-int .~n.i 1 ih.~n I~, ~ i 1.~~•~,~ . nwnlhl> rh:u~!c I~n I~ru murl~,~~a• ~n~~ir:mcc picmuunl whiih .hall hr m:m am~,un1 ryu,~ ~~•~~~ui n.~ lllh ~ I I.'~ ui h. t~ 111?1 prr rrntum uf Ihr :~~cr.~Ec ~~u1.~.~nJmL h:~Lincc dur i~n Ihr nu~r :.,mrulyd Nith~~ui t,,t n~'n:~, ~.~nni !~~~yu~ ~«-~:~ymcnl~: 11+1 ,4 wm cyua) lu IFk ~ruund rrnh. nn>. nr~1 ~lur plu. Ihr pr~nuum. the~ ~~iU ~ir~t hciamr duc ,I p.~~.~t•t.- ~.u puh.~r, ,~1 !u. ,~nJ ulher hal:ud In.ufance r~,vcrinF ~hc muri~;:~~c~l p~~~prn~. ~lu. t:~~r~ anJ.i•.r•~mrnt~ nr~t Juc ~,n ti.~ un~~Ic.~er~l p~upc~l~ .n c•u m:~~cd hy 1ht mor~~:~~rrl Ir.. :ill +um. .,Irr:~dt ~.~i~l thc~alur JiridrJ h~ Ihc numhrr uf monlh. 1~~ rl.~~,c hc(~~~r ~~nr m~~n~h pn,~i t„ th~• ~ J:Nr when ~urh Fnn~nd rrnh. prrmium~. la~r~. :~nJ a~~a.~mrn1~ will hrc~~mr d~linyurnl. .u~h .um. Ia hi hrld h~ muri}:~~cr in I~u.t i~~ p:~) .:iid ~:rwmd rrnt.. p~rmwm.. ta~r,. anJ ~pr~tal .~~~e~~mrnl~:.~nd Icl :1'! mcnl. mrmiuncd in 1hr twu prerrJm~ wh.ccli~~n. u( thi, p:~ra~i.~ph .~n~l ,{I p.~~ minl.lu F+c m.nlc undri Uic nutc .c~ wcJ hr~r hy , f, !I hr .~ddcd i~~gr~hri :md Ihe :+g~rcgale amuunt Ihrrruf ,h:Jl hr paiJ A~ ~hc mur1E:~~ur rarh m.~iuh ~n a.in~k p:~~ m.•n1 ~u h.• p1icJ I,, ih.• m~~~i~.~Lrr ~o thc tulluwing ilem~ in ~hc orJcr .r1 furlh: Ih p~~ •~nuu~ , h.~~}~r~ unJcr Ihc runlr.~cl uf in~uraarr wi~h ~hc ~rtrl:~n uf Huu.~n~; anJ l~rh:u~ Ik~rlupmrni. ur nwnlhl~ ah.ucc lin liru ~d ~,,..~~~•:~re inwr:~nce premium). a. ~heca.r may he: 1111 4u~unJ rrni . :~..r..mcM.. firr. anJ ulhcr h:~iard m+iirancr prrm~um.: 1111 ~nlcre.l un Ilx m~ir .crurcJ hcrehy: anJ IIV 1 am~x~ii:itinn nf Ihr prina-ipal u( ~aiJ nu1r. An~ Jcfi. ienc~ ~n ~hr :~maur~ u( ,nch :~~:~;regale munthly pa~ menl.hall. unlr~. m:~Jr ~:~HH! h~ Ihr mung.~~:ur priur tu ~hr dur J:~1r ~~t Ihr n~ .u: h p.~~ mco1. :um~iudr :~n c~rn~ dC~aull unJer ~hi. mun~;:~gc. "~ht murll;:~ger ma) CuI1Cit "IatC Chafge ~hul lu r~-~ W~ur ~~~•ul. ( 1t1 (~~r t•.~: h J~•Ilar Il t 1 ul r:+rA mrnl mure ihan fiftern 11 ~1 Juy, in :~rrr:~r. tu ru~ er Ihr e~~ra r~prn~r imul~rd in hanJling Jrlinyurm p.~~ mcnt.. Z 1 h:d ~f IM I~•lal of ihc pn~ ment~ m:~Je h~ ~hr mort~:eF~~r undrr IM uf p:u:~gr:~ph pri.rding ~h:Jl e~cerJ 1hr :~m~~iuU a( ~hr p.~~ mrn~. .~.•w.dl~ m:~dr M Ihc mo~~~accr. (ur cr.a~rnl rcnh. Ia~e, and:~..r•,mrnt, anJ in.ur,~ncr pr~mium.. iln r.~.~ ma~ hr.•urh r~i~.. it th~ I~,an i. ~ anrn~, a1 ~h~ optiun n1 lh~ morl~;a~or, ~hali, Le crc~lit~d on wh~eq~rnt paym~nl. to be madc by the mortp~a~;~ir. or r~fund~d t~ ~hr mr~.tF.~Fnr. I(, hn~.~v~r. ih~ monthlr pavmcntc n:ad~ hy th~ mort~a~;or unJer (e) o( paraKraph 2 prr~cdinK shall nnt bc sut(ici~•n! to - p.~~ ,~uund re•nlc, la~o~, and atiticc~mentc and inwr.inc~ pr~wi~m., a. th~• ca~~ m:iv l~e. N~hen th~ .a~ni• chall hri~omc Ju~• and p:n- .iM~• ~h~n thr n~url~•aRor .h:~)) pa~ lo ~h~- mort;;a~;c~ an} .~n~„~1n1 n~•ce~.an to makr up th~• drfi~i~n~v. c:n or b~for~ ~h~• ~I:it~• •.,hrn p.~~~u~~nl of .uch F•rm~uJ r~ntc. ~axc.. :~:~e~s.m~nt.. or in.uranr pre~u~iun•. -h.~ll br ~lu~~. I( at .u~~ timc• ;hc- m~~rt~,s~~~r ~hall t~•r~~!.~r ~h~ mon~;:~K~i• in ~~cord:~n~~ with ~hc proei.ion. of th~ n~te .rr:ir~d hrr~•h~. fu11 ~~~~mrql o! th~• ~~nlirP ind~•Ltcdn~••• n•pn•~~•nt- ~d Ihrr~bY. thF mo~tRaRer sha11, in ~~~mputinR th~ amount nf .u~h in~le-hte,ln~~•.. ~r~dit to th~• ar~~~~unt nf th~ m~~rt_.~~~~r all p.~~m~•r,t~ m.~~l~ unJ~r th~ prnvi.iuns of (e) o( paraRraph 2 heri•o( ~.hich th~ mort~a,~•~ h.~~ not become obliKat~d to p:~y to !h~ ti~~~ r.•t.+n ni JJui~.inF ~nd l~rban I)~~clopment anJ any hal.~rc~ r~mainin~; in th~ fund~ accuruulat~•J undcr thi• pro~ision~ oi (a~ uf .niJ p,ra~raph 2. If thrrF ~hall b~ a d~fauh und~r anv nf th~ prn~ i.i~~n~ n( thi. mort_aF~, rP~ultin~: in ~ publi~• ~al~~ „f th~ pr<-mi.~•ti 1 t'urrr~t~ h~•n•hy. o? if Ih~ morl~a~~~~ a~•quirr. th~• ptoprr~~ nthrrNi.r aft~•r d~•L~uh. th~ mort~a~~•~• shall appl~. ih~ thr lini~~ o( thr, ,pmmr•o~~i•mrnl o~ ~uch proc~rdink. or at thc tim~ th~ prop~rt~ i. ~~th~r.~i.c a~•yuir~d, 1h~• halanr~ thrn r~rn,~iuin~; in th~ fund~ umulat~d un~let (b) of para~raph 2 pm~rding ai a~ r~dit a.ein.t ~h~• anu~unt of prinripal ih~~n rc~mainin~ unpaid unJr•r .aid notr an~! whall prvprrly adju~l :+ny p:~ym~~ntc ~.hich ~hall h:~~~ L~•c~n made unJ~r {e) .,,;d p,r~;.r:,ph. a~fhal hr Nill pay al) t:~~t~. a,.c"menl.. w:~ter r:~te~. .~nJ ~.thrr ~a~rrnmant:d ~~r muniiipal ch:~rgc.. tinr.. „r imp~~.iii.m.. far ..hirh pm- ai.~im h:n nat hran m:~Jr hrrrinF+cf~~rr .~nd ~n Jrf.~ult thrra-~~( ~hr muiie.~~ar m.~> Ih~• ~.imr.:mJ Ih.it hr ~~~II ~i~,n;~tl~ J.h~.i ihr utl~ri.~l rrrr~~+h Ihrr~ f~+r t~~ Ihe murt}:~gee. - ~ lh:~~ hc will ~rmit. rommi~. ~,r .~~Otr nu N,.~r. imp.~irmrnL ~•r dcirrior.~u~,n ~.f ..,iJ pr~,p~r~~ nr :im pnrt Iherruf.:mJ in ~hr. ~rni ~+f ihr L~durc uf Ihc mnrl}~a~~~r ta 1.tep Ih~ huildin~:. ~~n ..iid prrmi.r~ .md th~~.e h~ hr rr~iirJ ~~n ..iid prtmi.a.. ar impn~~rm~ nt. thriaun. in g~ti~J rr p:~ir. Ihc m~rrt}.~Ece ma~ m:iAr .uch rrp:ur..~~ in il~ Ji~i rrhi.n h m:,~ Jcrm nr:~.•.,i> I„r Ihc pn~pcr ~re.rr"ii~~n th~rc.,f .m.l ihc full .~muun~ „f 'i.r: h,nJ r~cn ,urh p.~~ mrn~ .h.+ll Fk ~mmrd~.d~l~ Jur :~nJ .~hlr. ,md .h.dl ha .c. urrJ M tbc lica of Ihi. m„r1~:~zr h Iha! ha w~ll p:~) :dl :mJ.~n~~d:u the i~~.1.. rh:ueC~. :md r~prn.a.. in.hwlin~ rr.~.unahlr I:~w~er~. (rr.. :~nd i~»t. uf :~h.tr:~cl~ ~d Illlr. in- j .urrrJ ur ~:~id et .im time h~ thr murt}:a~;ce hc.au.c ~~f thr f.n!urr .~n thr par~ ~~f Ihr m~~rtc.~c~,r ~~„~,~~i> and full~ prrf~~rm Ihr :,crcrrnrnt~ ~ en~1 ~u~C?ldql~ i~~ ~:iid pr~~mi..,,n n~,tr :~nd thi, m~~rtL:~~a ..~~7~1 ..~iii ~~~~1~. ~fl:+lLi ~.:+nal i\(+a n~t ~~h:~ll ha I~lmrd~.drl~ dur .~nJ p.~~.~hlr und .h:~il he .e: ured hy ihe I~. n~~( thi. murtEagr ! ~ Ih:N ha w~ll I~e:p Itu impru~emrn~. nuM r~i.lin~.~r hr~rn(tr! e~r:~id ~~n thr m~rrl~.~ceJ propctl~ imu~r.l m.:~ F4 ~ryunrJ (r~~m umr ` Iu time h~ Ihr murl~agrr :~~:nmt lo., h~ tirr .~nJ ulher h.v.ud• i.~.u.~lhr•. .mJ :~~ntin~cni~r~ in .uch .unuunt~ .~nd (.u .urh prn~~J. +n.~~ h~• F rr wieJh~ m„n •.~•er..~nd wiU rum ~h. wht~i Jur..~m rrmium. ~~n .u:h imur.in.r fur i~mem ~~f ~.hi.h ruti~vun h.~. nut Fvrn m.;~fr 4 E!. P~ f' P f' P E hrrrmhef~~re. ,\II inw~;mre .h:~ll 1x i:~rried io r.~mpanie. .,ppi„~ed h~ mur1~.~Erc :md thr p~•bc~r. :mJ rcnrw.~h thrrr,,f .h.dl hr hrl.l h~ m~~ri_.~ }aa' .~nJ h:nr :,i~:~:hed ~herc~u 1~~~~ p.~).~hle il:w~e~ ~n (.~~ut u( .~nJ in furm .~r:rpt.~hlr I~• ~h~ mutt}:~ea~ In a•~~•nl uf hi H ill ti~r nnmcih.ili z n~~U:c h~ m.~it lu mar~g:~~;ec. and marte.~Eee m:~~ m.~ke pn~~~t ~~f la.: if n~~t madr pr.,mpth M mor1E.~Eur. .~nJ c.~rh in.uran:r :~~mpen~ ~~~n- rrrr.rd hcreh~~.u~Ihurind anJ direcl~J tn mal,r pa)mint f~~r .uih 1~~.. d~re:~h tu m~.rt~a~ra in.tr:~J ut t~~ m„r~~.~cnr .~n.l m~ai~.~~rr p~iml~. 2 enJ thr imur.~nci' ptor~rJ~. ~~t am p.~rt thrre~~(, m:~) F~a~ apph~d h~ nu~r~~:~ccr .it it~ i~~tum rilher la~ Ihr rr~lucU~m tha inJrMrdnr•• hrri•h~ ~ ~tiuted o? ~u IFtt [a~~.~~a~ian u? ~ap:ur ~~f the pto~trt~ d.im:~~i'd Ir. r~rm ~u~til.~~utt af ~h~~ m~~r1~.~~c ~~t ~~th~'r It.~n.(ir Iqlr t~~ 1hr n:nr1- z ~eccJ prupcrl~ in e~tin~:ui.hment thc mJrhteJnr+~ u iurcJ hi rrM ..dl ntht. hlh ..~oJ m~rr~.1 af thr m~nl~e}~~r in .~nd tu .~n~ in.ur.uicr ~.•h- ~ i ~r. Ihen ~o (orce ~hall pa.. ~a ~he purch:~~rt ~~r ~:r:~n~ae. ~ ~ x. I h:d i( ~hr prrmi.r.. ~~r :in~. par~ Ihcrtu(. Fx ranJtmnrd unJrr :im p~~K rr nf rminrn~ Jom:nn. ur .~:y~nrrJ t~~r puhlic u.r. th.• J.~m.~er~ - pm.rad,. .mJ Ihe r~~n+iJer:itiun for.uch :~:yui.rtiun. tu the c~tcm thr (ull :im~~~nzt ~~f inJrhtcdnr.• uM~n Ihi. \1„r~~.~tc. .~n~i thr \~~~c ~r: ur,~i ~ hrrrM rem:iining unp:~id..ut hrreh~ .~..i~:~rd h~ Ihr ~turt~:~~~.r t~~ the ~1~~rt~.i~rr .~nd .h.~ll tk p.~id f~~rihwiih n• ihr \1~~rtE.~~rr h.~ .~r~~,~•,~ ~ ~t un .~ccaun~ uf the indeMeae~. urureJ hereh~ . whe~her due or nu1 ~ 4. "fhat Ilx mur~~:agre may. a1 :m~ timc ~ending wii uM,n ~hi. m~~rtga~:e. a~~i> ~hr n.~.~~~ i~~~~.,~~~u„~, ~n~?,,;r r~,t ~n~~ ~ mrn~ a recr~~rr. :mJ .u~h cuurt ~hall (urlhNilh :~ppuinl a recei~er ~he premi.r. ca~ errJ hcreh~ :ill anJ .inpul,~r m: iuJin~ .~II .,nJ ~intul.~r ~ ihe irxumr. prufit~_ i..ue.. :mJ re~rnut~ (tum wh:Ne~et ~uur~e JeriveJ. r:~ch :u~J r~cn uf whiih. ~I F+cin? r~prr..l~ un.Irnt~arJ i• h~rrh~ ~ mur1~;.~EeJ a. if .~:ifi~:Jly .N (orth :~nd Je.cril+eJ in Ihe gr:mting :~nJ hahendum cl:m.e~ hrre~~f ..inJ w~h rrrci~rr .h.Jl h.~~r :JI thr hru.~d .~nJ - L cltecti~e funclion.:mJ puwer. in amwi.e eotru.ledhy cuurl lu,~ recei~er. and .u:h app~~inimrnt .hall hc m.~dr h~ •u~h i~n~rt e. :~n .~dmin~J = ryi~ity and a maiter af ah.ulutr riFhl ~o ~aid marlF:~Eer. and wi~h~w1 rcter~nre t~~ the :iJryu:k~ ~~r inadryu:~. ~ uf ~he ~.~4ic ~,f thr pr~~pcri~ n;~~ri- ~:~~cJ i.r lu the .~~hen:t ~•r imul~en:~ ..,id m~xt~:~g~~r ar ihr Jefrnd.int..:mJ sh.~l .uch r~nt.. pruGt~. in.~~mr. ~..ur.. .~iid rr~rnur. .h:~il hr - ,pplieJ h~ .uch rereiver arrorJinF tu Ihe lien ot thi. morl~:aFr anJ thr pr:~rlice ~~I wch auurt. In the r~em .~m JeL~uh un Ihr part ~~f thc m~~n- ~;,~ur hereunJer. the mart~aFur :~~ree. ta p:+~ tu ~hr murtgngee un Jem:~nJ rr.~.un.~hk momhly rrnl:d f~~r Ihr prem~.r~ :m am~~unt at Ic.~~t - rquicalem t~~ ~~ne-Iwelhh 1 Ill'1 a( tht :~~~;re~:ate u( the twel~e munthly in.tallmtm. p:~y:~hle in Ihe then runrnt ~ear ~lu. ~hr .ir~u:J .~muunl nf Ihe :~nnual I:~~e~. a«e..mentc. w:+ter ratc~. rnd incuranrr premium~ fur ~uch ~e:~r nu~ r~~~rred b~ thc :~fure.:~iJ m~~mhl~ p.~~ men1. IIL Th:,t 1:~1 in ~F?c event o( :~ny breach u( Ihi~ mnrtg:ige ur Jc(:~uh un Ihe p:~r~ o( Ihe mortE:~g~~r. ~tt Ihl in thc r~ent Ih,~t .~m .:ud .um. mnney herei~ reterred Io he nut pmmpUy and fully paid wi~hiait dem:~nJ ur nuu~r. or (~•1 in the r~cm ih,t ~.~rh anJ c~rn thr .tipul,uun. :~greement~. cundi~iom. anJ roveoant. o( ~aiJ nutc and ~hi. mur~ga~e. are nw July. prumptly .:md full~ ~r(urmcJ: lhcn m rhh~r ~,r :im •u.h event. Ihe .:~iJ a~;E;rega~e .um menliuneJ in ,:tid note then remauiing unpaiJ. N ith inlert.i :~crrueJ t~~ Ihat hmr. and all m~~nr~ ~.r: urrJ hrrrh~ .hall hecame due anJ payahk f~~rthwilh. or Ihereaflrr. cd ihe ~~p~ion ut v~id murtgagee. a, full~ :mJ cumpktel~ a. if .ill thr .:uJ .um. of m~•n- - ey werc ~~tiginall~~ ,ti{wlateJ to F+t paiJ on wch J:ry. :mything in u~iJ nute or in thi. mur1~.~~:c tu the ~~~otrar~ notwith.tanJing: anJ iherruMm ur s~ Ihere:dler.:d Ihe optiun of .aiJ mortg:~gee_ wi~h~w~ n.~tice or Jemand. .uii :it law or in eyuilp. m:~y tx pri~.ecuird :i. ~f all muney•.erurrd hrre- - hy h:nl matured prior to ii. imlitution. "i?rc mort~.agte may forecloce ~hi, m~~rl~:a~e. the :~muunl K~ Jetil:~reJ Jue :~nJ p:~~:~hlt.:mJ thc .:iiJ premi~t~ chall tx solJ li,.ali~ty and p:ry ~he,ame u,gether withcu.t~. e~peme.. and alluwanre~ In ca~e uf parual (i,recl.~.ure ~,f ihi. murl~.~ce. - the mort~ageJ ptemi.e. ,h:J11x wld .uh~ect to the cantinuing lien i~f thi. mi~r~ga~;e (i~r IFx .~muum o( Ihe Jeht n~+i ~hen Jur anJ vnpaiJ. In .uch cace lhe provi~ion~ of thi~ par.~gr.~ph may again he :n:~ileJ o( ~here:ifler frum time ti, ~ime h~ the m„r~g:~gee. 285 ~ ~ - b~~ 286 67~ a ~19 ~ ~ ~ ~ _ ~ ~ _ . _ . ~ _ w