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HomeMy WebLinkAbout0681 ' Iha~. m~~rdti mure (uily la prolccl Ihe ~trumy u( Ihi~ u~uil~.~}r. ilx• m~~ii~.~?~~r. tucrihr~ N~Ih. and in .~dd~lu~u t~. il~c~~mlht~ p.~~ m.•n~. undc~ ~hr ~rrm. u( ihr nu~r .rcu?.~1 hcrrby. un thr fir.~ d:~y ~~f r:~ch mun1A unul Ibr •.~iJ m~lr Iu111 p.~~J ~~~II pa> N~1~r nwr(~i•r IFN• fulluN • m~; wm.: ~ 1.~1 /?~~:unuunl ~utfir~cnl lo pr~~~iJr ~hc hulJrn c~rr~~( Ni1hluixh lu pa> ~hr nc~t muii~.~~:c ~n.u~.~n.r pirnnum il ihn in.uumro~ :u~J iht nulr +rcurrJ hrrchy arr inu~rrJ, ur a monthl>• char'c lin hcu ~~i mort~;:~Er m.ur,~nra p~rmiwn? il tAr~ :~rr hrtd h~ i~r tircrri:~i> ~~t . HINNIR~;and Urb:m Ik~rlupmrnl a. tulluw~: 111 I( :~nd .u IunE .:~iJ nulr i~t rvcn d:~le :~nJ th~. imlrumrnl .~~r ~n.u~rd :~rc rr~n,urrd ~u~.l~ ~ thr prr~ nn~n. ~~1 Ihc K:~u~~n.~l Huu.in} Art.:~n :miuunt ~uBicienl lu a~cumul:~lr m ~hr h.~nd. uf ihr hnldrr unr 11? munth p~iur 1~~ i~. Jur J.dr Ihr .~nnu.J iz~u~t- Ea~r in.uranrr picmium. in orJrr lu pm~idc .uch hulJrt ~~~Ih (und, lu p.~~ .u:h prro~iwn tu Ihc ti~.ritan u( Iluu.m~ .uul l~rh, n Ik~rlapmrm pur.u:m~ w ~hc N:~iiun:J Huu~in~ .~rl. a.:unrndrd .~n~1.~ppli~.~Mr Rr~uL~tion. Ihrirundr~ : ni . 1111 I( and ~a IonF .:~id nule uf evcn d:~~r and Ihi. in.UUmrnl :ur hrld h~ I~~ tircrc~.~n u( Il~~u.~n~ .~nJ l ~h.~n Ik•~rlupmrnt a m~~mhly rh:~r~c fin liru u( m~~r~E:~~e in,ur:~nct prcmiuml N Airh .h.~?I h.• in .~n :+m~~unl ryu.J ~u un~• t~~.•I(~h ~ I! 1?? u( un.• h.~l( ~ li'~ ~rr rrnlum u( Ihe :~~cragr oul.l:~nihn~ h.J.incr duc ~,n ihr nulc i~~nipuird ~~ilh.~ul t,~1,~n~; imu.n:~~unl Jrlinyu.•n.~.~. ~~r prrp:~~ mrm.; 11~1 ~~tnn r~~ual la Ihr ~;ruund rrnl~. i( any. nc~l dur. plu. ~hr pirnnum. Ih.d ~~ill nc~t hc.~,mr Jur .~n.l p.~~.~hlr ~,n pnlhir. u( lur .~nJ uthrr h:~iard inwr:~nrr r~~~crinE ~hc murl~::~~rd pr~~prtl~. ~lu. I:~~r~ .~nJ..~..r•.mrm. nr~~ .lur un thr mo~t}.~~cJ ~i„pci~> ~.~II ~•u m:urd h> ~hr murl}e~rr1 la..:~ll.um~ .~Itr.~d~ ~.uJ ihcrrf~~i J~~ iJrJ h~ ~hr numh~•i m~~iilh. rl.~~.c h~•f~~ir ,~n.• niunih pri.~r tha d.dr ~~hrn .uch }rutmJ rrnl.. prrm~um~. t:~~c~..~n~l :~..i.•mi~M. w~ll hr:~~mc drlinyurnl. .u.h .unt.lu ha hrld h} niurl~.~~;ra• in ~i;~.~ lu p:~) .:ud ~ruunJ ~ent~. prrmium~. la~c~. anJ ~~ri.J :~,.r..mcnt.: :~nJ 1~ 1 All p:~> mrnl. mrn~iootd in ~hr Iwu ptrr~din~: ,uh~r~ u~~n. ur ~n~. ~.~~..L~.~~n .~u mrnl. t.~ hc n~.~Jr undr~ ihr nutr .r: urcd hc~r hy .hall Ix :~JJeJ t~q:rther :~nJ 1he :+~:~,re~::~le :~muunl ~hcrru( .h:~ll hr paiii h~ ~hr m~~i~~.~tur c,rh m.mth ui .~ntl. p,~~ mrnt w h.• .~p. p1icJ M Ihr mun~;:~grr to Ihr (ulluwm~; itrm. in Ihr snJcr ~tl tartA: UI prrmium rhar~r~ unJtr 1ik c~~ntr:~ct ut ~n.ur.~ncc wilh Ihr tie~rct:~n „r ~i.~u.in~::~nd l'rh:m Ik~rlupmcni ut m~~nlhl~ rh.~iLr " 1in 6ru o( mur~~;:~gr imuran~e prrmiuml. u. Ihc ra.r ma~ hr: 111? ~;r«unil renh. lau~. a~.r~.men~., fir~.:mJ ulhcr hai:~rJ imur.~nrr prcm~um.. il ll ioterr.t un the nule ~ecurtd herrhy_:mJ 1! V? amuni~a~iun ut ~F~e pnncip:J of .aid nule. :~n~ Jrti: irnry in the amuunt of ~uch :4;greEale munlhlr p:~~ ment .h:Jl. unl~+. m:iJr ~:~w~d h~ ~Ih murt~:agur pri~~r i~. thc dur J:~~r ~~f ihr n. +t .uch p:~ymrnt. cun~~ilute an event uf Je(aull unJer Ihi+murl~;:~ge. "fhr m~~n~::~gee may ruUe.t "1:~1~ rh:u~c"not t.~ r.~ ~~~.1 l.~ur ~~•ni: l t_1 1~~, rach dollar 1~110( tarh p:~ymrn~ mure Ih:~n fi(lern 11~1 Jay~ in arrrar. ta cuvcr tl?e a V r:~ c~p~ n~r i~i~ul~ ~J in handlin~ d~ linyurnt p.~~ mrn~.. 3. "t hat i( 14r I~H:d Iht {+aymrnl. maJc hy Ilx murl~:acur undrr Ih~ u( par:~?;~aph ' prr:r.ling .h.Jl r~rrrd thr :~m.am~ ~•f ~hr p.~~ mrm. - ~e_. : - f.: : ..:t. l::St .:1 ~ nf. ~<ri.! ir.~er:ere;e~ nr: ~tile!±?? a _..C ffl.•\ I•a•. •elih s i( Ihr ~~~:~n 1~ .Itiii.ii~) :.7.G a j • i .::i:i:r.:~.~:. L::::::.. .:..~i....t.. . _ ~ ~ curr~~1, at thc oplinn of the m~~rtF:~For, ~h~ll, bc ~r~di1~•d ~•n~.ubti~ynrnt pa~mrn~- ~u h~~ ni:~d~ bv thr m~xtg:~F~~r. or rofund~~l tn th~~ inurtRakor. I(. hnwrvPr. ~hr mon~hh~ p:~ymPn~c mcid~ h~ thr mort~acor undrr (t.) o( para~r,ph '2 pm~cdin~ .halt n~.t b~ ~uffic-i~•nl to p:n• ~round rentc. tar~~ and ~>:«s~mcntc and in~ur.~n~ ~ pr~mi~nn~. a. Ih~• c•a~~~ m:n br. ~.hr•n th~ ~am~ .I~all h~~ ~~m~ dur and pay- ' .~bl~~. ~h~•n the mor~K.i~or ~h.~ll p.~v to th~• ~nortK:i;;~~~ ant .un,~unt n~•c~~~..+n mak~• ~~p th~• d~•(iri~~n~~•. ~~n ~~r t~~•(~~n• ~h~~ ~l.~t~• ~,h~~n pa~m~~nt of ~u~•h ~round rentc, la~e., :?..~•s.m~nt., ur in-ur.in~ pnv~~iun;. •hal! b~ ~3u~•. I( .~t :~n~ tim~• thc~ m~~rtr.ic~,r ~h.~ll t~•nd~•r tn th~• m„rIR,~~;~~ in .~c~ordan~~~~ ~.ith thc provi~ion. o( thr nr~t~ ~~rrn-,i hrrrh~. (u;l pa}m~•nt th~• ~•ntin• in~l~•ht~•,'.n.~~• n•prr.~•nt- rd ~h~•r.•~v, thr m~~rt~eagec shall. in ~~~mputin€ th~ an~ount nf ~uch in~t~l~t~~dn~~:. cr~dit tn th~~ a~•r~~unl of thc~ mnr~_.~~~rr all p.~~m~•ut~ m.ide und~~r thc prnvisiun~ of (e) of p.vaRraph 2 h~•r~~of .~hi~~h th~ mortg.~,~~~ h.~• not L~r~~me ot~liKat~J lo pay t~~ th~• 4•~ r~•t:~n of Ilou~inF and I rb.~n I)r~•~~lop~n~nt and an}• h:~lar~ r r, ~r.ainin_ in thr fund. a~~~u:~ulr.t~~d unJ~•r Ih~~ pru~i.ic;n~ u( (h~ ~~f -aid p.uaRraph II lh~t~ .hall L~ dcG~ult umli•r an~ of ~h~~ pn.~'i.ion. thi~ rn~~rt~a~~•. r~~ultin~ in a puhlii• ~.il~• ~~t th~ pr~~mi.~•~ ~~~t•~rcd hc-r~•bv, or if thF murtKae~•~ :~~•quin•• thr prup~rt~ othrrnix~• a!1•~r d~I.~ult. thr• m~~rt~:~~~•~• ~hall .~pph. ih~• ih~• e~~~~~• <~f tfi~• : ~~mm~nremrnt o( .n~-h pro~~edinXc ot :v thc tim~~ th~ pr~:u~rtc i. ~~thrn.i~~ a~ ~#uirrd: th~• bal:+nc~ th~•u r~~main~n~. in th~ (und~ aci~umulat~d undcr {6) o( pararraph 2 pr~~~~ding :i~ r~dil a;:ain~~ th~~ ar.~ount oi prin~ ipal ih~•n romainin~:, ;~nE~~+i.i und~•r ~:~i~i not~~ asd sha1) proRerly adju.t any p:nm~nt. ~~hich shall h~~~• IN•rn m~d~ undrr (e) ~~f s.iid p.ira~raph. ~ ~ ~a.`-7h:~i he wiUpa) all I:~~e~. :~..c.•mrnt.. w:drr r:~Ir.. .~nd ~~ther c~~~rrnmrnt:~l a~ ~»~~„~~~~.~i ~n.~~~:~.. ~~~~~,~.~u~,~,.. G,~ ~~h~ih pi~~ ~~i~i~a~ ~in. II1o1 tKrn ~naJr hrrrini.~f~~rr..~nJ in Jr(.~ull Ih:tr„( Ih~ m~~rlL.~ecr me~ p.n Ihr ~.~mr..~nd Ih.~t h~ ,.~u ~~„~,~r~i~ ~irinr~ Iler ,~th.r.,l ~t~Cipl. thb'rrfur~lu ihe muil~acai S. 1 h:+t hewill ~+crmit. c.~mmit. ur ,uttrr no w:~.lr. imp:~irmrnt. ur dc~.ri~.r.iti~m ..~id pruprri~ ~a .~m part Ihtr~„1. .ui.f ~n tht.~~ru .~f ihr f:~ilurt u( tht mi~rtEa~cx Ii,l.rep thc huilJing. un .:~iJ ~rrmi~r~ .~nd th~~.~ i„ hr rrr: tr~l ~~n ..:id p:rmi.r.. ~~r ~m~~~.~ rmr~»• thr~r~~n. m L~~.~J rc I p.ur. Ihc mur{g:~~et m:~y mal~e.urh rtp:iin a. in ii. Ji.rrrti~,n it ns,~ ilra m ni~r.•.~n f~~r Ihr pn,prr pr~.cn.~u~~n Ihi rr~~t .~~~.I th~ f~~ll .~m~~unt ~,t I r:~rh and cven tuch ~x~~ mrm .h.dl Fx immcdiatrh dur :~nd ;+a~:ihlt. .~nd .h.~ll hr ure.l h~ thr lirn u( th~~ mwt}:.~i~ . i - j "fh:a he Ndl pa~ :+II anJ .inEular thc ro.t.. ~hargr.. .~nd r~pemc.. includin~ rr:~.~~n:ihh ~.~~+~cr . ttr.. :mJ ~~~.I~ .~h.tr.~.i. u( ullr. m- ~ currtJ or peid at am Iimc h~ tht morlca~;cc ht~au•r uf thc f:,ihirr ~~n 1Fc ~:~n „f th. m~~iti.~iur pr~~mpth anil fullt ti~ pcif.um thr aerc~•inrnt. ~ .~ni! i~,~rn:ml. ~+f ..~i~i pn~mi..un nale :uiJ 1hi. mari~a~r. .,nJ ..,ii! ;~~.1.. ih.~rLi .md c~~ rn.c•.h:dl hr immrd~:drl~ dur :+nJ ~.~~.~Mr .~nJ .h.Jl ~ ~ hr .r:urrd M ~hr hrn u1 Ihi. mnr~cacr. - I h.~t hc will Ar~p ihr impn~~amrnt. n~~H r~i.imt ~~r hr~r.~ftrr rr~:trd.~n thr mungeerJ ~ruprrt~ m.urrJ.~. m.~~ fk• rryuir~J fn~m umc um. h~ tht m~~rt~:.+trr .«.un.l lu.. h~ tirr .md .~Ihrr h.vard.. :n.u.~lur.. .~nd i~,ntmcrnc~c~ ii3 •uih .~mount..~nd I„~ .u:h prri~til. m:~~ hc E rcyuu~J h~ mortg:~crr. :~nJ N~II ~o~ pn,mplh . when dur. .~m prrmium. ~~n .uih ~n.ur.u~ir f~,r p.~~ mcm ~~f ~~hi.h pr~,~ i.i~~n h.~. nut hrrn m.~.lr ~ hcrauit+~(~~rr. :\II i~wr.~n~e .h:dl hr ~:~rueJ in iomp.~nir•:~ppr~~~rJ M m~xte.~ira .~nd Ihr ~uhi~e. ,u~J rrnrti~.~l. lhrrrof .h,~ll hc hrtd h~ m.,~1e.~ gtc .~nd h:i~e :d~:iiheJ therrtu la~. p.~~ahk rlau~t. tn (:~~~~r .,f and m fi~rm ,.rrptaMe m thr m~~n~;aLrt In.~~nt i,f i~~,, hr ti~ili ti~r unmrJi.dc nuticr M mail lu murl~:egez. anJ m~~rt~aFer m:i~ m:~ke pr~~uf lo., it not m:~de pmmptl~ M murlg:~~~a. .md a:~ch in.ut.~n:.• :~~mp.~m i~~m :crnrd i. hcreh~~.mthunitd :+nd dirertrd tu m:~1.e p:~) ment f~~r ~u:h la.~ Jirc.-114 1~~ mor!~::~~ec in.IraJ ut tm m~rtg.~~~~r .~nJ mun~.~tr~ i~~uuh - ~ .~n~i thr imuranr. ~r~.creJ.. ~~r .~n~ p:ul Ihrrr~~f. m:~~• t+r :ipplitd h~ murt~:~Le.• at it. upliun aither I~~ Ihe rrJoru.~n ~~f the indcht~dne,• hrrrh~ e ~r:urcJ ur f~+tha rcttur:~Uon „r rrp:ur uf thc pruMrl~ J:~m:~~cd In a~rnt 1~NC~l~~~u~r Ih~. m~r~l~'.+g~ ~v olh<< Ir.~n~(it Ullt t~~ lh~ mart g.~c~d pruprrtc in e~tingui.hmrm of tht inJcMrdnc•••aiurrJ hrrrh~ ..~II right. ti11r. :~nd ~nlcrr.~ u( tht murtE:~gur in .ind tu :im in.ur:uicr p~d~- rir. Ihen in tarrr ~h:dl pa,. tu ~he purrh:~.rr or ~;ranler. x"1h;N i( Ihe prem~.e~. ur :my p:u1 Ihere~~(. he ~i~nJemntd under :im p«Ntr ~~1 eminent d~~m:un. ur eiyuired (i.r puhlic u.r. ihc d.im:itr. ~ru:~rd..:~nJ thec~~miJer.~uun iur wrh a.yunhiun. to ~hc r~trnt uf the full .~mo~int u( indeht~Jnr~. u~un Ihi. \tori~.~er. .uiJ thr'~u~r .riur~J ~ h.rrh~ rem.~~ning unp:~iJ.:~rr hereh~ :~..i~:ord hy thr \turt~:.~~ur ~u the \lurtgagee ,~nJ .hell hc p.~iJ farihw ith ~o thc ~1„n~:.~Lrr to h~ .~pphrd h~ ~ it nn :~:raunt o( Ihe indehte~~c+..trurrJ hcrch~ . whe~her Juc ur n~H - v"Ihal ~hr murtc:~gcr mat. :~t .im timr penJin~::~ wit uMm Ihi. murl~a~:c. :~ppl~ Iu the ~ourt h.~~in~: ~un.d~cu~m ~hrre~,( G~r Ihr .~pp~uni- mrm of a rCCti~Cr. and wih cuutt .h:dl furlhwith appuinl a rerei~er ~.t ~he prrmi.r. ro.•rred hrrrh~ .JI .~nJ .~n~ul,r. in:lu~hnL .~11 :~nd .in~uler ~he inc~~me. prufi~c, i..ut.. .~nd revrnueti (rum whatever .uurre dtri~cJ. r:~rh :~r~J c~rn of whi.•h. it tkin~ ~~prr.•h undcr.t~axl. i. hrrrh~ morlEa~;rJ a~ if .pecilicallg .et tur~h :mJ de~rritxJ in thr ~,r:mting :iod h:ihenJum cl:~u.e. here~~t. :~nJ ~uch recri~cr .h:d! h.~.r .~II tiir hm:~d .~nJ s rltrcti~c (~~nclian~ :~nd M~w~r~ in :~n~wi.e emru.~eJ h} a cuurt tu:~ recei~~r. .~nJ.urh :~ppuinimrnt .h.dl he meJr h~ .u:h i~~urt .,n .idminrJ ~ 7 ryuil~ and m:~uer af ,~h.~,lutr right u, caiJ murtl;ager.:md wi~M,ul reterencc lu 1he adcyuac~ ur in:~.lryun: ~ af ihe ~.Juc ~d thc praprrlt murt- " ~.~ted ur t~, the +„Iven:y ~~r ~n.~~hrncy u( .:~iJ muri~agur ~~r Ih~ JrfenJanl.. ,nd ~h.~t .uch rant.. ~r~~fii.. m.~~mr. i..ur•. .~nJ ir~rnuc. .h.~ll hr a ~ :~pplieJ h~ wch rcceiver a:wrdfng h, ~ht lien af ~hi. mnrlE:~ge anJ Ihe p?actice af wnc ~~~url. In Ihr eveot of :~ny def:~ul~ un ~he parl ut the mort- ~ g.~Eur hereundrr. Ihe mnrtg:~~:~.r a~ree. to pay lo Ihe mortE:~gce un Jeman~i :i.:~ rcawnahte mun~hh ren1:J for 1hc premi.c. an amoum :d ka.t ryui~:Jent to ont-Iwtlfth I lil?1 uf Ihe agt;rtgatr of the INelve momhlp in.tallmen~. p:~~ahle in Ihe Ihrn cturent ~r:ir.plu. Ihr :ii~u:J :~miwnl i~( s ~he annu:J I:~~e,_ ~..e.sment.. w:,trr r:ae.. anJ imuranre premium. tar .urh ~ear n~i1 c~~~•creJ M Ihe af~~re.aiJ m~~nlhl~ p.n mrnt. U?. 7 h:+1 1:+1 in Ihe event of :~ny hre:~ch of ~hi. murt~;:iFe or Jef:mlt ~,n Ihe p.~rt thr murl}a~:~+r. ur 1 hl ~n tha e~ent th.~l :m~ .:,id .um. ~~f m~~ne~ herein referred to.hr n~N prumplly :mJ fully paiJ with~K~t Jem,~nJ ix nuci r. ur Irl m Ihc raenl Ihat c:~ch and r~cr~ ~hc .IipuLni~,n.. :~~rrrmrnt•. c~mditiun~. :?nJ c~»enanl~ u( .aid note arul Ihic mortg:~~:t. :~re nol July. prompth .:~nd fulh ~xrf~,rmrd: ~hrn in rnher ~~r .~m .uch ' e~cnl. tht .aiJ ag~;rega~e .um mcmi~.neJ in v~iJ nute Ihen rem:~ining unp.~iJ. with iniere.t a:crurJ w th,~l umr. :md .~11 muncy. .a:urrJ h~rch~ Y .h:Jl herome due :mJ p:ryahk (orlhwhh. ar Iherta(tet. al thc i~plion of taiJ mortgaFee. a~ fully anJ cam~lrtrh a. ~f all uf Ihr •.iiJ .um. uf man e~ were ~,riginally .~ipulateJ to t+e paid on .uch day. :mythin~ in w~iJ nule or in thi~ munF:~ge ~u ~he c~,ntr.uy nulw i1h.lanJin~:: anJ Ihereu~xro ur n there:d~e~. :~t Iht option o( ~:~iJ m~~r~gagee. witlxwl M~lirr or Jcm:~nJ. .ui~ :it I:~N or in cyuily. m:~y t+e pn,.ecuted i( :dl mune~ ~~ccureJ hrre- ~ hy h:al m:~tured priur t~, it. in.ti~u~i~,n. The m~~rtg:~gce m:ry toreclo~r ~hi. mortga~r. :+.la Ihe am~wnt .o Jecl:~reJ Jue anJ p.~yahle. :mJ the •:,iJ ~ premice. ~h:~ll bt soW ~o v~ti~fy anJ p:~y ~hc .:~me ~~~e~her with r.,~1~. t~pcn.e.. :md :illaw:incr. In ca.c of partial farcclo.ure i~f thi. murtE.~~c. ; ~ht mortgaged premicc..h:Jl he +uIJ whjcrt t~~ the cunlinuing licn uf Ihi~ mart~;agc (~~r thc amuunt ~~f Iht deM nul thtn Jur anJ ~~npaid. In .urh ~ cace Ihe provisiom of thi. paragraph may :~Faio hc avaikd of therca(ICr from time a. nme hy ~hc mnrtgacee. _ . = n c 2~6 P~?Gf 6~ ' ~oRx~~4 ~xr,~~1.~7 - Bu~X ~ ~ ~ ~X ~ ~ : ~ - . _ . ~ .