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HomeMy WebLinkAbout0782 , : t . . _ , '1 h:d, m aJe~ ~nutc (uD~• 1~~ Mu~e: ~ Ihr .ccun~~ .~I Ih~. mu~~K.,Kr. ~he m~~~1~.~ut. I~~tJAcr w~lh. anJ iu .u1J~lp+n lu. IM munlAh p.~~ m. i~i. u~wlr~ Ihe Icrm. uf Ihe n.Ne .ecurrJ A~~ch~'. ~w~ IAr fu.1 J:~) ~.1 c+.•b nwm~h umil ~Mc wiJ n~Ne i. full> p.~N1. w~U li~ ihr munK:~rr IiN• f~~ll~~~ io~e .uroc: ' lal Anam~~um.ullicicn~ tu p~a~alr Ihc M~IJc~ h~~cul N~1A IunJ. la p.~) iht ne~l n~url~;a~c m.ur.~n.c p~cnuum Ihi. ~muwnrn~ .~i~J Ihc MNe .ecureJ herehy :ue ~nuucd. or a mun~Al~ .I:.u~r I~n bcu o( a morlk:~~~e in.uranrt p~rmu~ml d 1A.•~ arr MNI M Ihe tic~ trt.a~ ~•I Ha~~~rye atwt Urt+an ikvrh~pmem a~ foIH~N ~ ' 111 I! unJ ~a kui~ a..aid n~~Ir ul c~cn d.~tr :~nd ~A?. m.trumrM e~c imurcJ ui atc ~r~mw.•d undr~ IM p~u~~.~~m. ~~1 ~hr t~.dM~n.d Nuuvnk Acl. an amuunl w16~•N m 1~~ .u. umul:dr m Iht AanJ~ ut 1At A~?Wer unc 111 munlh p~aa 1~+ ~h J~M d:ur Ih~• .+niui.d m~a~ ' ~aKr in.u~anme prcm~um. in wJc~ a, pi~~~i.lc w:h M?klrr v?~th funJ. ~u ~+.~Y wcb p~rmwm ~u tM ~c.~ic~ar~ ut H~~~~.~uy .~n.l . U~h.?n (k~ek~pmco~ punu.ml tu ~L.• `..~~sunal N~H~.ink Acl. a. amenJcJ.:~nJ .~ppfir:~hk Ke~:ul:~uun.IM rrun~lr~. ~ IIU If :md ~a k?ng a~ ~aiJ natr u( c~co J.,~c .~nJ thi. in.uumrM .~rc hrld h~ thc ticcicl.u~ ~~i H~a~.m~ .~od t'~h.m Ik•.:1„pmcnt . • mGmhly ch:u~;e lin I~ru ~~f m~,n~.~~c in.w.~ncr prrmiuml ahi~•A .h:Jl he in :~n amuwu eyu.~l lu unr•INrlhh ~1 1'i at ~~n.• A.JI 111'l l~r remiim uf thr a~r~.~~r ~~ul•I.~~~.Ini} h.~L~ncr Jur ~~n ~hr n~~ic ~umpulyd MnMau ~.i1.mF int~~ .a~v~un~ drhnyucn.~r• ••i ~+?cpa} men1.: Ih1 A.um ryual lu Ihr Etuwxl rcnh. i( an~. nr~1 duc. plu~ Ihr prrmwm~ IAaI w~ll nc~l ht~~~mr dur .uiJ pa~.~hk un p~h.~r• ~~1 t~ir .~nd . „~hr~ h.v:ud imuruncc ro~rnn~; the mu~t~~.~ycd p~vpr~t~. plu. ~.~~e. cmJ a..e.,mrnl. ne~~ duc un ~M• m~~itE.i~r.l pruMin ~.~11 c~tr m:d~J h~ IAt morl~agrtl k~. all.um.:~b..~.t~ p.ud tt?c~rf~a Ji~~JrJ h? Ihc numher u( muolh. l~~ ~I,~p.c I+cl~ac unc mun~L pi~.n ~h. d.~te when ,uch ~;ruunJ rrm.. p~rmium.. i.~~a~. .mJ :~~.e~•mcnt. M ill hec~~me Jehnyutnt .u:A .um. ta hc hrlJ h~ nu~i~p.~4rr m ~eu.1 t~? p:~~ ~.~iJ ~;ruurnl rent~. prcmium~. 1a~t.. :~nd.pcri:sl:4.+c..ment.: :+nJ Ir 1 All paymenl. menliunrJ in Ihe ~N~~ precrJ~nF .ui~.r~ U~~m o( thi. par:~~~.~ph anJ :dt pa~ mrn~. a. hr m:,dr unJc~ ~M• nutr .c. wrJ hc~.- by ~h.~l1 ix addcJ la~;tlher anJ Iht akrt~:~la• .~m~~unt Ihr~cu( ~hall F+c ~+aed hy Ilx muri~.~gat carh man1A m a~in}k mrnl ~u h.• .~p plird hy ~he morlKaKec 101At lulN~win~ ilrm. in the urJet ~e1 tot1A: 111 p~cmium ch:uge~ unJcr Ih~ r~?nlr.~rl uf imur.~r?ce Nith 1ht kcrtlnry ut H~w~in~:~nJ l~rhan Ik~rlupmtm. ar mun~hl~ :h.u~:r Iin 6ru of murl~c in.uran~e pr~ miuml. a~ Ihe ~a~t may t+4; 11U gr~wixl renlt. tate~. a~~e«ment~. fire. :mJ o~her hai~rJ m.uranrc prrmium~_ 1111 in~ert~l ~~n ~ht mwe ~ureJ herehy::~nJ ~ . I IYI am.~rti~alion ~~t ~he priRCip:d u( v~iJ n~Ne. Any Jcl'x ir~cy io ~he :~maum u! ~urh a~reg:~lt munlhly pay mcnt ,hall. uokc. maJe ~,nr?J by Ihc morlga~~x priur t~~ the Jur .la~r ~•f ~hc na v ,uch p,~~ ment. ~umtitule :m evem of Jr(auh under Ihi, munFage 'Ihc mongager may a,11ec1 "lalc rharge"„ot e~~ ~•wl k~nr ~,•u~,1 ~;i I~n r:r.•h Jultar IS11 uf earfi ~+aymtnl morc ~han fi(lern 11~1 day~ in :irrcar. lu co~er tht e~tr,~ e~peme invulvrd in hai~JlinF drlinyucnl p.n mrnt. s. lhal i( Ihr tu~.d of Ihc pr~mcnh maJr h~ 1hc m~~n~.~g.~r unJct IM uf par.~gr.~ph' prcrrdin~:.h;~il r~crrJ thr .~muun~ thr p.~} mrn~~ :~U~ally maJr h~ the murtE.~Fe~, fur g~wuxl rent~. Ia~e. :~nJ a..t..ment. anJ in.ur:~nce prrmium.. a. iFk ca.t ma~ hc. •uch r~.r.• if thr I~..~n i+ rurr~nl, at Ih~ option oi lhc muttRuKu~, shall, Lo crrdil~•d ~~n ~ub~~qu~nt paym~ntc to be mad~ by thc murtgaFor, or rrfund~d ~n ~hr murtKaRor, If. hn~~~v~r, th~ moathl~- p:~ymcnl~ n:.,~lr ~y thr mortRagor under (ej o( paraKraph ? prrrcdinR +hal) nu~ h~• ~u(li~•i~•u~ t~~ pay Fround n•n15, tas~~ and a.~c~sm~•ntc and in.uranco prrmium~, n~ thc ~asc may h~, ~.h~n thc .amF• ~hall hr~ nmc du~• .m~i p.i~ - .~1.1~. ~h~n thr n~ur~Ka~or .rhall pa~ ~o ~h~• moriR,af~ r um .unuunt n~cc..an~ to m~l-c up th~ d~(i~i~•n~y. ~~n or b~~fnr~ ~h~• d.~t~• ~.hi•n pa}ru~•nt ~f .uch Kro~mJ rent+, tax~--. .i•~~•+.n~~•ut-. in~uranre premiurus ~hall b+- du~. If a~ ~n~ ~im~~ th~ morlK.s~;~,r .h.~ll ~~•ndrr tn t!~r n~ort;;.~~:c•~ in accordan~•~~ ~.i~h th~ proci~iuz.- u( th~• no1~• arcd h~rrby. (ull pa~n~.•nt n( th~• rntin• in:li•L~~•dn,•,- r~•E~n•~~•nt- rd Ihor.•hv, thc• mnttRag~~ ~hall. iu ~~.iupuiin} IL~ .~r,~uunl o( ~uih ind~•F~tcdncv.. cr~dil Io ~h~• .u ~~uun1 of Ihc m:~rlraR~t all ~..~~~n~~u1~ mad~ un~l~r th~• pro~i.ion. u( o! para~cr:+ph 2 h~•~~ ~t ..h;ch ~ho morlKaKce,ha+ ~ot Lecome ohliKat~•d In p:~y ~o th~• ~~~t.u~ ol Uou~in}, :~nd I rLan U~wolupmi•n1 and any h~~l.~r.i ~ n•:r;;~ininy; in ~he fund. accumulat~~d undrr Ih~• pro~isiun< <if (e) uf ~.iid p.ira};raph I( th~•rc .h.~ll h~ dc(.~ult und~~r an~ o( th~- proci.ion~ ol thi~ mortRaRr, r~.~:ltinE in a public ~al~• 1h~ pr, mi~~•~ r~~v~~md h~•n•1~~_ n~ i~ the`~u~ort~ta~~•~ acquin•~ th~ E~roprrn nth~rhi.c aflcr d~Inult. th~ mort~;ag~•~ .hall appl}~. thr th~ ~i«~r n( Ihr : ommrn~-~m~nt nf .uch prorr~dinK. ur ~t th~• tiiu~ ~h~ propcrl~• i~ uth~ri,i.c acyuir~d, th~ I~alanoc Ih~n rcm.iinin~ in ~h~• fund. arc•umulal~~~ unJct (e) o( par.~~;raph 2 prc~~~~diu f a- a ci~•dil iKains~ the amount oI prin~ ipal th~n rcmaining unyaid und~•r .:~i.i nol~• .md .hal{ proprrly aJju.~ any p.~~m~•n~+ ..hi~~h shail ha~~~ L~~•n made undcr of said para~raph. ' a~fh.~~ hr will p:~~ .JI I:~~e.. a..c..mroh. waicr ~.~Ir.. a~iJ u~F?et go~ernmenl:dur municip:Jrhar~:r.. fine.. or imM,.i~i~m. (~v Nhrch p~~.. .i.~~,n ha• nut F~rn m.~.lr ArrrinF•r(~~rr. end in Jrf.~ul~ ih~trr~1 thr murlr.~crt m.~y p.~~ Ih. .am~::mJ ~h.d hr ~~dl prumpth Jrh~~i U~r „Ih.i.~l rrrript. lhrra•f~~r tu th~ mu~lE:i~:cr ~ 1 h.d hr Nill prrmil. cummil. ~~r .uil~r no wa.~r. ~mp.~umrnt. ur Jelrriur.diun uf .aiJ prapcr~~ ur an~ part thrr~.~f: and m thr r~ c~it ~•f ~hc f.~~lurr of thr mort~.s~;.~r ~u I.rrp thr huddir.~:. un ..~~.I prcm~.r. .~nd ~hu.r t„ t+e errrlNd un .:,iJ premi.e.. ur impra~rmrm. thr~r„n in }~K~J - ; pair. Ihc mnr1~.~~:ec m:~} m.~Ar wrh rcp.~i~..~. in d. di.ireU~:n il m.~~ J~•em nerc..~n far ihr pru~r prc.erv:~tion Ihrrr~•f_ :mJ tf?r (ull .~ni.n~m .~t i.~i h.md C~ tt~ ,u:h menl ~hall hr ~mmi Jla~rl) JuC :~~tJ p.t).~hlc.:~nd ~h.dl he..cctrrzJ h~ Ihe lirn thi~ muri~;:~ge ; ti"1 h.~t hr will p.~~ :dl .~nd ~~ngul.~r IFx r~,.~.. rh.~rrc.. :~nd r~~n.r.. inrludioF rea~i~nahk laM>er'~ fee~. anJ cu+l~ ah~tr:nl~ u( tttk, ~n- 4 iurraJ ar ~iJ .d en nm~ h IF?c mun •~u~ t~r:.iu.e ~~t thr f.~ilurt ~~n ~hc ut u( Ihe murl • ~~ut rum tl~ .~nJ full tu rfurm tix ~~rmrnt. i r. > > . r• E~ E r c+ ~ r~ E ~ .~nJ:~..ri::~ni. ~~f .a~d pr.~m~..or~ ~wtr .ut.l Ihi. m~~rl}:~~r. :{nJ ..uJ:u.t,..har~e~. and evpen.e..h:dl F+e ~mm~Ji:~irl~ Jue :~nd pa~.~hlc .~nJ •h.~ll hc .ciurrJ h} Ihr lirn.~f Ihe. mur~F:~Fe. ~ ''lh.d hr w dl Atrp 11?~ ~mpro~emrnt. nuw e~i.un} hrrr:~t~rr rre:trd un ~hc munE.~~ed pruprn~ in.uir~l ma~ hr rryuurd (rom uqir t~~ Iimr hy thc mon~:.~Frr .~ee~mt k,.• h) lirt :~nd ~,thc? h.~i.~rJ.. r.~.u.dt~e.. :~nJ r„nt~n~.rn: ie. in .urh amuunl. .md (~,r .uih prinht. m.~~ tr~ ~ rcyuitrd h~ mon~:e~er. end will p:~t p~.~mptl~. whrn_d~~c .~n~ prrmium, ~~n .urh ~muranrr (~u pa~mr~t wh~ih piu~i.iun h.~. nat hacn m.,Jr her.int+rfare. All in.ur.~nce ~hall I+i c.uned ~n rump.~nre..~ppro~r~t M murt};a~rr .mJ ~hr ~,licie. and r~new:J. Ih.reaf .h.dl hr hrld h~ muri~.r ~;r. :~nJ h:~~r :+na.heJ ~herct~~ I~~.. p.~:ahk cl:w.e. in f.~~~,r ui .~nJ m furm accep~:~hle ~a ihe m~,rt~:.~E~e In c~ent uf lu.. hr N ~II Ei~c nnm.•~li.nr noticr h~ m:~il t~, ~r.urlg:,gee. .mS morlfaEre m.~~ m.,Ae pru~,t .,i I~~.. i( o~a made prump,h hy monE:~Eor_ :~nd exch inwt:~nrc cump.ui~ i~~n- cernrJ i. herrhy'auttx~rind anJ JireclrJ ta m:~?e p.+ymrn~ (ur .uih lu.~ directlv in mur~F:~gee imtr.~d u( lo mnrtg:~~:~~r anJ muitE.~~:~c i~•~nlh . .mJ Ihe imur.~n~c pnxccJ~. or .~n~ p:~rl Ihercu(. m:~) hr .~pphrd h~ mort~:+Ere ~I. ~~plion aithcr Io ~ix rcJucu~,n uf ~hc inJcMcdnr.• hr~rh} +r~urrJ ur 1~~ thr rc~tur:~uun ar rep.ut .~t ~he pr.~prrt~ ~{.~m:~~rd In t~rnt uf (orcclu~urc o! thi~ mur~}.~Ec ut ~~lhcr It:~n~tcr u1 lille 1~~ tht• m~~r~- F:~ECJ prupen~ io r~ling?ii.hmem u( thr ~ndeh~cJnc.. .r: urrd hr~rh~ ..~11 nght. ntlr. :mJ in~rre.~ uf Ihr murt~::~gor in anJ Iu .~m imur.~~.r ~~4- cic~ Ihcn in f~~rrc ~h:~ll p.~~, I~+Iht pur:h:+,rr.ur Erantrc . % Tha1 i( ~he premiu.. or:~ny parl thttc~~(. he innJcroncd unJcr any ~Ner eminent dumain. or acy~urrd for ~uniir u.e. ~h~ d.~m.~cr•. prc.:eed._ and ~he con.iJera~iim fbr ~urh :hyui.hK~n. ta ihe cvenl uf tht tull :~mount n( irnteh~eJne.• u{w~n Ihi. \1or1}age. anJ th. 1~ate ~ci urrd hercby remain~nF unpaid. are herehy :~.,~pneJ by thc MunFa~;ur lu ~he \1nrtEaEee and ~h:dl he p:,iJ (unhv~hh ~o ~he MortF:igee ta I+e :+ppl~c~l h~ it ~m:KC~wnt thc inJehtenc~..ecurrJ herehy. whe~htr Jue ~~r not. ~ "lhal Ihe murt~;agce ma~. a~ nm ~imc ~+cndin} a.uu u~xm ~hi. m~~r~g.~~:c. apply Iu Ihe caurl ha~in~ ~uri.dicliun IF?erc~~f t~a IM .~ppoint- menl uf a rcrei~er.:mJ ~uch c~a~rt .h.Jl h•rtbwith appoint a rccei~er ot tbr premi~e~ cuvered hereh~ all :md ~~n~:~~lar. in.luding :JI and .ingul.~r tlx inrumc. profil~_ i.~ue,. rixi revcnur. from wh:deve~ .~~urre deri~ed. c:~ch :mJ r~~r~ ~~t which. i~ tking r~pre~.l~ unJer.~i~xl. i. hrrrM mortg:~ged ae it ~pecifirally .et forlh and JescnheJ in ~he gr:inhng nnJ hahendum c{auu~ hereaL :~nJ .uch rcceicer .h:Jl h:nr :JI liie hr~~:~J .~n.t ~ etleclite func~uine :mJ {x~wer~ io anywi~t entru.leJ h~ a riau~ t~~ a rcreiver. anJ wcA :~p~xiiMme~~ .hall he made hy .urh aairt :~n admiu~J ' tyuily a~d a matltr of abNdulc t~~hl !u ~aiJ mc~rty:egee- anJ whh~wl rcfercnre iu Ihe aJequacy nr ~nadequ.rcy of It?c ~:duc uf Ihr pro~?rrt~ mun- ~ g,Fed ur ta ~hc ..~hea.) or m.uhcnc~ uf .aiJ murt~;.~~~a or tF~c dr(enJ.ml.. .md Ih.u .urh rrnt.. prufi~.. inrumr. i..ur.. anJ rr~rr.u.. .h:dl hc x aDplied by weh receiver accordinF ~o ~Fx lien o! Ihi. muuE;:~ge and Ihe praclice o( euch awrl. In ~F~e evenl :my default on Ihe parl ~~f Ilx murt- ~g g:igar heteunder. Ihe mor~R:+gix aFrces Io pay tu Ihe murtg.~~;rc un drmand a~ a Yea.unabk mnmhly rcntal for Ihe premix. an amuunl at k:~~~ ~ equivakm tn ont-twtlf~A U(121 of tlx a~re~;att «t ~hc ~NClve munthl~ im~:dlment. pay:+hk in Ihc Ihen ainenl year plu~ the :wtu:d am~~unt uf ~ ~ ~he annual laxes. a~u~cmenls. waltr ra1e~. and imur.~nct premium. fur .urh ye:~r nol covered by Ihe :JorewiJ momhly {+ayment.. ~ 10. Tfu1 !al in the erenl ut ~ny txcach of thi. mortF:~Fe or deLw11 an the parl uf ~F~e morlg:~ur. or Ih{ m Ihe even~ Ihal .~ny o( ,aiJ .um. ut ~ rrwney herein re(erred lo he no1 ~+romp~l~ and (uHy p:ud v?itha?ut Jemaixl or nolice. ~tt Icl in ~ht evem ~h:d tach ar.J t~ery Ihc ~tiMd.dian.- .~reemen[~. coixlitiunc. and covenintc af ~aiJ nule and Ibi~ murtgage. are not duly. promplly_ anJ (ully petformeJ: Ihen in sither ix an~ .urh ~ evenl. lhe .aiJ ap,Rrega~e ~um mentKrneJ in .riJ n~.~e tben remainir?g unpa~d. wiih intercat acc?ued 1o Ih:d timt. and :dl muney..ecureJ hrreh~ . .h:Jl t+ecomt due anJ payabk torthwith_ or Ihttcafter_ at Iht aption i~t caid m~~rtF:+get. a~ (ully anJ c.xnpletely it all uf tht .aiJ ~um. ui mun- ty werc uriFinally slipulaleJ Io he p:ud on wch Jay. any~hing in .aiJ nate or in ~hi. mwtgaRe Io ~he conlrary nu~wi~h.t:mding: anJ ~herru~xm ur therrrf~er. a~ tht opticx? o( ~aid murigrFce. without n~Hice or demand. .uit el law i?r in cquity. may he pru~ecu~eJ a. if :dl m~~ncy..eci~reJ hrre- - by haJ matured pri~x lo il~ in~litWion. Tlx m~irtg.~~tre m:ry forccluce 1hi~ murtE;:~Fe. a~ ta the am~x~nt w~ declartd Jut anJ payahk. anJ ihe .aid premiseti ah:dl he coW to eati~ty anJ pay Ihe wme Ingelhet witb c~1~. e~pen.e~. anJ allawa~ce~. In r.~.e o( partial farerk,~urc ~~f ~hi. mun~:.~ge. 1he murtp;?~eJ premix< <b:Jl be .oW ~ubjccl ~o the c~~n~inuinE licn of ~hr m~?ng:~ge (or ~he :~muurtt ot 1he deM not theo Jue and on~+aiJ. In .uth ~ cast UK provi~ions of Ihit paragr~ph ma~ aFain he ar•rikJ o( ~he~cafter from ume io timt hy the mortg:~Fec. ~ ~vVw ~vV ~I~{IC ~ + ~ - ~ _ - - - - " ~ _.~~5 ~~,c-~r`= ~m .~°x~.. ~a,- _e- 5,, sz y ~ ~ rt'~ .u~=~ ~~'~'~=,~~N,r~.~d~~.. _ e'h.. -'~-;:t- ''s,', - . ~ ;