Loading...
HomeMy WebLinkAbout0615 ' Th:N. in ~xJrr m~~rr fnih~ t~~ prairr~ tl~c ucuri~y af ~hi. mun}:~Ft. 1M mu?1}.igut. ~~~tiAc~ witA. and ~n aJd~u~~n ia. ~Ac nn~olh s• mr n~, urnlcr ihe Ierm~ u! ihr n~•lc .r.•urcd Arrchy. an ~M• fir~1 Ja) c.ah inun~h un~il ~hr .:~id owc i. fully ~+.~iJ. Nill p:~~ tu IM• muilEaK~•~`+tS.: (~~II~~N~ in4 ~um~: . . ~ lal ~1n:~m~~uro ~u0irp~n~ p~~~~~Jr ihc h~,Wcr hrrraf Nhh fu~uf. p.~y IM nr~l mur1~;:~~c imur.~n~~• pirmiun~ i( thi. in.uumru~ .md tl~t n~HC .t~•utcd hc~i h~ :~rc emu~cd. o~ munthly ch:u~r Im licu ul u mutl}a},r imut:?nrc premiuml i( tM•~ :ur hrld M ~M ~r. iri:u~ ~~f N~H~~in~ .md t?rtxm Ik~ clupmrnl IoUu~t 111 If and .u k~n~ a~ v~iJ nole „t cvcn Ja1~ und IAi. imUUmciU :~re in.ured ur are reinwrcJ uoJr~ thr p~.~. ~.~~,m ~,f Ihc !~:a~~~n.d N~w~in} ~cl. :~n .~moun~ wlBcicnl tu accumul.~le m Ihc hanJ. u11ht h.~Wcr anc 111 munlh pn~~r tu il, duc J:~~r IAr .~nnu.J ruui 1 E:~~c in.u~ame piemium. in urder a~ pu~~Nlc .u:h hulJrr Ni1h tund. lu p:~~ ~urh prrmium 1~~ Ihc ~rrrrt:~~~ u1 11~a~.in; .~n.l~~~ I~rban Ik~cl„pmrnl pur.u:~nl tolhc h:~tiun:d H~~u.in~ Acl. a~;~m~nJcd..m~l:~pplic:~Ak RrFul.~ii.~n. ih~rruii.l.•i. , 1111 If :~nd ~o lun~ :~..:~i~l no~c ~~f c~•rn d:~l. :~nd Ihi. in.lrumtnt arc hcld h~ Ilx lrcrtt:u~ ~~f H~~u.~ni• .m~l 1 rh.u~ Ilr~ i l.~~,~~r~ : mun~hly rh:u~;e lin liru u( murl~:~~r ~muianrr prrmiuml Nhich .hall I+c in :m :un~+unl cyu.~l ~+n~ n, ~ tlih ~ I 1'~ ~d ~~i~~ t~..l~ ' t 11?1 ~x r ccnlum u( 1he :~YNfag! uUl~~aq~llq~ h:~l.~nrr Jur un Ih~ Ilul~ ~.~mputcJ N hhuut I.~t ~i~ utly d. ~~.uill ~la I~n~p~a h. ~~a . ~ ~~c~:~~~mrnn: Ihl 1.um cqu:d 1~.IIx ground reoh. if :~ny. nr~t due. plu. ~hr premium. Ih:d ~~il) iu~1 Fkcamc dur . d p.~~..tdc uii p~~li.~r~ ~~1 lir.• .~n,i ulher harud in.ur:~nre c~i~erin~: iAe mi,ri~;aFrJ pi~~pcrt~. plu.la~e~ and a..c.+mrnh ncv duc ~~n tl.. ~~~„~~,~.~~.•,i ~.dl ra~- m:~tcd hy Ihe murtFaErr? k,..dl wm~ alre:~Jy p:uJ thcrelor JiviJeJ M~ ~he numher o( mamh. tu cl.~p~c Mturr tmr ~nnnlh priur n~ ihr J:de HAcn ~uch ~:ruund rcn1~. prrmium~, t:~~e..:~nd :~..c..mrnt. will her~~mc ~I.linqurm. .u:h .~un. t~~ hr hrld h~ mu~i}a}rr in Uu.t pa~ u~id ~round rem.. premium,. ~a~e..:mJ,pci ial a,~r.,men1.::~nJ Icl Atl p.~~ mem. mrn~i~~nrJ in Ihe two preceJin~.uh.crlium uf Ihi. par:~~;r.~ph anJ :JI pa~ mem~ hc m:~~lr u~i~lri thc nutr .r: urrJ hrir hy ~ L II M• .~Jded a~~riher :~nJ !he a~tegalr amuum thercof ~hall t?r p:~iJ h~ ~tr• mun~;.~~ut ~:~rh munlh in vttgle pa~ mrnl tu hr :~p p1ieJ I,y ihc nnu~nyrc t~~ ~he full~iwing itrm~ i~ 11?c urdcr ~N turth: 111 p~~ ~~uuw ~ h:uc~• nruter the contr:~c1 0( inwr:mce with Ihe Serrcl:ir~ ~r( H~w~ing aoJ Urhan Ikvrlupmrnt. ui mun~hh rh:~rLr 'lin lirn ul ~,~.~~~rage in~ar.mcepremiuml, a. the ca~e m;~y tx: 1111 Frnun.l rrm• . a..c..menl~, fire; anJ o~her harard ~murence premium~: . 1111 in~erc~~ nn tlx n~.~~• .ecureJ hereby: anJ , ' IIVI amorui:dian Ihc prirKip:d uf wiJ nute. !1ny dehcicn~•~ in ihe :~muunl u( wch :~~;t:regale monthlp p:~ymrnt ,hall. unle,. maJe g~xxl by Ihe murtga~ur priur lu ItK Jur J:~te ut ~he ne~t .u.h p.n mcnl.:un.~iunr :m c~cm u( d~(aol~ unJer Ihi~ mun~;age. The murtg•rger m:~~tiollect a"late ch:uge"uo~ to r~i ~~~vl Iuur ~~i•ul. ( ic> f~~r r:~: h Jull:~r tS! ) ut i•:~rA mem mure ~h:~n fif~een I ISI Jay~ in arrcar~ to cuver thc e~~ra r~~n.e in~oh~ed in h:mJling Jclinyurm p:~~ mrn1.. ~ ~'Ih:~t if Ilx I~~t:J ~~f the pe~menl. m:~de hy Ihr murtE:+~:ar ~mJer IM u( par:~~:r:~ph ' pre~eding .hall e~cr~J thr amuunt ih~ p:~~mcm. ~ tu.~ll~ m:Kk M Ihc mu~~~aFcr. !ur ~?uu?xf rcm~. I:~~e.:ind :i.~e.,menl.:+nJ in.ur:m~e prrmium,. a~ ~he r.~,r mu~ F.~. .urh e~c~.~ i( thr l~an is . ~ nr?~•n~, at ~hP aptiun ~he mortFa~eor, ~hall, be eredit~d on su5seqaPnt payments to be made by the motlgako~, or ro(unded to thc mnr~Fa}or. 1(, hn,~~~~r, th~ monthly p:~vmcnts mad~ !~y ~he n:orlRaRor under (6) of paraRraph 2 pr~ceJiqg .h:~l) not hr su(fici~~nt ~o p.~~ z~~ound n~nl~, t~~~~ and a~xcssmcnts and in~ur~nc~ preroiums, a. thr casc may be, w•hen thc .ame shall hri•omc ~lu~ an~i p.~y- :ihl~~. ih~~n ~h~ mortkaRor .hall p:~j' ~o Ihr mor~raKce an~ ;~n~oun? n~cc.~ar~ tn makc up ihc d~[irion~v, on or hrfor~ th~ dat~~ ..h~n p.~yw~ nt of .uch F~rnirod r~a~s, laaez, astii•s.ment~, or in.urance pr~mium. ~hall 6~ du~. If ~t ar~~ tim~ i~iC RIOfI~:?~or shal) t~•nd~•r ~u ~hc mor~K~K~e in accordance M•i!h th~ pro~isinns o( th~ note cecuted hrmh~, (ull paymen~ o! Ihe en~ire inJebtcdnrc~ r~~pr~~~rnt- rrl th~r~b~~, ~h~ ~nort~aRr~ shall, in ~ ompulinF thc amount o( such inJ~htedn~~.. cr~dit to th~ a~•c~~unt of the marl_:~}ur all p.~.m~•nt~ madr un~lor Ih~ pr~vi~ionc ol (s) o! paraRraph hen~of ~~hich th~ cuott~ac~•~ h.?~ nat become ubli~ate•d to pay t~~ th~ tie~r~rrt,~n r~( Uuu~inR and I rb:~n h~~•clopm~nt and any bal:m~•F rc•maininF in the (und~ ac~umnlate~d undcr thc pro~ision. ~~f ~e~ o( .aiJ p:ir.~~rayh r. If thrr~ .hall bc a dcfault und~r any o! ~h~ pro~~i~ion~ of thi~ mnrt~a~~, resultin~ in a public- .alr uf thr promi.rv 1 ~or~i~8li~rehy, or if ~he nwrtRa~~~ acquin~~ the proprr~~ o~h~rhise after d~f:~ult. th~ mortgag~~~ ~hal] appl~. the ~h~• t~~nf- ~f ~h~ sot?~irir3Ce~iw1 o[:'4ucTi~procerdin~s nr at the time th~ prop~rt~ i~ uthen,i.c acquirPd, ~h~ halan~~ thPn r~maininF in th~ fun~l~ ~c~itei~1614+i1,1w~'t (6) o( para~raph 2 prrr~dinR ac a rrrdit a~ain~1 the amounl of principai th~~ r~roainin~ unpaid und~•r .aiJ no~~ ~ „~n~ s~~~p~r~ adjuc~ :~ny p:~vmcnts Nhich shall h~~c Leen made unJer [e) of said paragraph. .~1.~t. ~~~yi' .p:~~ all Ia~e.. :~~.e..men1.. w:~~er ra1t.. :mJ aiher go~crnment:d ur municip:~l ch:u~e~. fine.. ~,r imp,,.~~i~,t,.. f„r N hi.h pr~~- i ''~.t~n~~.~y~i c~~ry:idc hrrrmtxfurc. :md in Je(:ui11 ~hrrr.~( Ihc m~~rtc.~~ee ma~ p.~~ ~hr .:~me: anJ Ihat hr ill prnmptl~ ~Irli~rr thr u11i~i.J ~ ' ~ ~r'ccci~+i: ~hcref~~r tA Il~e m~,~~~;.~cec. ~ ~~IAa~ hc will ~vrmil. cummit. ~~r.utler no wa.te. imp:~irmem. nr de~eri~~ratiun „f .:~iJ prupen~ ur:~n~ p:u~ ~her~u(..mJ i~ ihr ~~rm uf thr ~ (:~ilurr ~~f ~ha marl~:~~;~~? tu Aeep ~he huilding. on ..~iJ premi~r• anJ Ih.,.e to he erecleJ an wiJ pr~mi.c.. ur impn.~emrm. ihcrrun. in g~x,J re- p.u~. Ihr munE:~Eee m:~~ m.iAr.u~h rep:+in:~. in it. Ji.~reli~~n il m:~~ decm necr,,:in frr Ihc pruprr pre.rn:~iiun thcrc~~f. .mJ Ihc full .~muum ~ r.~: h:~nd.vcrc ,uih p:~~ mrnl .heN hc ~mmrJ~.iteh dur anJ p.~~.~hk. :ind .h:dl hr •rrurcd M thc (irn uf thi. mo~~~.~~~. ti I hai hc N~II pn~ :JI anJ ~in~:ular ~he ro.~~_ ch:u~e.. :mJ e~pen.c.. inrluding rr:+.i~nahle I:~w yer'. fee.. .u~J r~~,~, uf :~h~trart~ uf litlr. in- ~ .u~rcJ ~~r p:iid .d am ume M ~hc murt~::~~:ee t+rr.~u~e ~,f thr failure un ~he p.~rt ~•f ~he murt~agor pn~mpUc and full~ t„ ptrfarm Ihe :~grecm~nt. . ~ .u~d :„~rnam. ~~f ,.~iJ ~rumi~.~~n nolr :~~d 1hi. mnr1~::~~:e. .md .:,id rn.~.. rh:irgr~. a~zd e~pen.e. ,hall he immedi:~~eh• Juc :md p:i~:~Me .~nd .h.~ll he .erured h~ th: lie~ u( thi. murt~a~e ~ '~fh:~i hc N ill I~c;p Ihe impru~rmrnt. nuw e~i.tin~: ur hrr~.~(Ia r rrcctrd un thr mnr~~.~ged pn,per~~ in.urcd m.~~ h. ~~yuur~i fram umt ~n umr M Ihe m~,rt~:aecr again.t lu.. h~ tirc :~nJ othrr h.v.+rJ.. i:~.u.~itic.. a~J :unUn~.nric. in .u.h .~muunl. .~nd t~~r wrh pcrr,Hl. m:n Fti• ~ reyu~rrJ h~ murt~;nEer. .~nd.will p:i~ pr.,mptly. when Jur. .u» prrmium. on .urh ~mur:mre (ur pa~ men~ i~( ~~hi.h pr~~~ ~.i~~n h.e. nol F+rcn m.~J~ ~ hrrr~nhf~ire All in+ur.~nie.h:dl hr c:uried in ~~,mpanie..,ppr„~rJ M rourt~.~~rr anJ Iha (+~~licie. a~~J renrw.d. therr~~f ~h.dl hr hrld h} mur1~.~- trr .~n.l h.~~r .dlarheJ Iherrta I~~.. p:~~:~hk ~I:~u~e. in fa~or u( :~nd in ti~rm :~crrpt:~hfe 1~~ ~he mu?tE:~Fcr In r~rnt uf I.... hr will ci~r immrdi.~ir ~ _ n~~uir F~ m.ul to morlFeEec. :md monEa~ee ma~ make pruut lu.. if n~+t m:~de ~n,mpth h~ m„r1E:~eor. :~nd c:~ch imur.~n:~ iumpam :~~n- ~ :crne~t herch~~:m~huriieJ :~nd dirccleJ to make p:i~mtm f~~r .u~h I~~.c Jirertly tu mar1E:~~;ee in.IC:~d of t~~ marlgag~~r .~nJ mun~:iccr ~ointi~ . ~ .inJ ih~ imur.~nrc pnkeed~. or an~ part thereo(. ma~ t~r applied M martF:,gee :it i1~ nptiun ei~her t~. the rrJutlion ~~f Iht inJeMr.lnr.. hrrch} ~ .~:urcd i~r 1u the ra.tu~:~tiun or rep:ur the pruperi} Jam:~~cd In e~rnt ~~f furerlu.ure u( thi~ murl~aE~ +~r ~,thcr tr.Hi,(~r uf titlr t~, thr mur1; ~ ~:~~ed pru~+er~y in e~tin~;ui.hment ui Ihe inJehtrdneti..erurr~i hrrrh~. alf ri~;ht. title .md in~i re.1 0( ihe mang.~~~u in :~nJ :m~ imur.mrr ~~~h- ~ : ie, ~hen in furre .h:~ll pa.ti tu iht purch:~~er ur ~;rantce. x~fh:d it the premiu.. ar an~ p:u1 Ihereof. hr condemnrJ unJer any p~wer nf em~nrnt Jom,in_ ~~r :~iyuirrJ fur puhlic u.r. the d.~m.~cr~. ~ pn~cred.. :ind the run.iJeratiun fur .urh .hqui.itiun. to the evenl uf Iht full :~maunt af inJchteJne,~ uM~n ihi. \1~utg.~~:r. .mJ thr \ate .c:ure~i hrreh~ remainin un ~id.:+rc.herch i.~i med hy Ihc Murl ~a •or i~~ the ~1i~rt er and .h:Jl he iiJ forthwilh ~o ~he ~turt ~re ~o hr IicJ h~ --~ty' F P~ 2- 6 F r~ rr ; u on acciwnt ot tht inJeblrne« SecureJ herehv. a hether Jue ~~r ni~t ~ v"Ikd the murtga~ec may. :~i am time penJing a.uil upm ~hic mortgage. ;ippl~ ~u tfic ruun ha~ in~: juri.Jicti~,n therro( fur ~he :~~~„s~,~- v mrm ~~f recei~er. anJ wnc ~~wrt ~h:dl funhwith ap~winl a receiver o! Ihe premi~e~ ruverrJ hereh~ all anJ .in~ul.ir. mrludini :J{ ,~~id •ir,~ul.~r ~ Ihe income_ profit~. i.~ue.. :+nJ re~enue. from wh.ilever .~~urre deriveJ. r:~rh anJ rcer~ ~~f which. il F+eing e~pre..h unJ~r.t~~~~d. i. hrreM murlg:~ged a~ i( ti~cific:Jl~ ce1 forth anJ Je~criheJ in Ihe gr:~n~ing :md habenJum clau.e~ hereuf. anJ ~uch rera~~er .h.dl h.ne all Ihc hru:~d :~nd , etiective functium and ~x~MCr. in anywi~e en~ru~teJ hy :i cuurt to a recei~•er. anJ +urh :~pM~inlment .hall hr m:~de h~ .urh ruurt .m admi~trd cquil~ anJ a m:~~ler of ah~olute righl to ~aiJ morig;igee. unJ N i~h~,u1 reference to thc :~deyu:Ki~ or inaJeyuac~ ~~f thr ~:duc ~,i ~hr propcr~q murt- : c,Fed ~~r lu the ~nlvency or ~n.al~•enry ,aiJ mortEaEar ur tlx defenJan~.. anJ tha~ .uch r~nh. pro~it.. iniume. i..ur.. ,nJ rr~rnu~..h:dl hr :~pplieJ by wch receiver according to the lien ot Ihi~ mienF:+ge anJ the praclice of .uch a,urt. In Ihe evenl aoy Jefauh on the p:~tt Ihc man- A ga~.or hereurxler. the mort~::~~or agreec Io pay to the m~xtg:~gee on demanJ a.:~ rea.onahle m~~n~hly rent:d („r thr premi.e. an :~muum a~ Ir:~.~ ~ eyui~~alenl to one-1Nel(th 111121 uf tlx :+~regale of IFx Iwelve munthly imt:dlmcM. pa~:~ble in Ihe then curren~ ye:u plu~ the arlual amounl ~~f the annual taus. a~ct..ment~. wa~er ra~ee. and inwrance premiumc fur .uch rear not a~vered by Ux afare.aid mi~mhly p,y mem. ~ 10 Thal la) in Ihe evem of any breach of Ihi~ mort~;age or Jetaud ~~n the p:~n of ~he mor~gagor. or 1 h) in ~he evcnt ~hat :my .aiJ .um. ot :i muney herein re(erreJ to he n~N promplty anJ fully paid wilhiwt Jem:~nJ ~x noiice. ar 1r1 in Ihe evenl Ihat e:~ch :~nJ r~er~ ihe .tipul:di~~n.. - .:~~rcrment~_ conJitiom. anJ c.wen:~m~ i~f ~aiJ note and Ihie morlgaFe. are not July. promplly. anJ fully perfurmeJ: Ihrn in riihrr ~~r :ui} •urh c~em. Ihe ~aiJ agg~eg:~~e ~um men~i~~neJ in ~:~iJ note then remaining unpaid. with inlete+l :~ccrueJ t~~ ~h:q time. anJ :dl munrq, .ecureJ hrreh~ . .h:Jl hecome Joe anJ payahk forthwilh_ or Ihtre:+tler. al IFx oplion of caid mortg:~gee. a~ (ully :md comple~el} i( all o( ihe .aiJ .um~ o( mun- ty werc originally ~tipulated lo t?e paid on wch day. :mylhing in v~iJ note or in Ihi, morl~age ti~ 1he ronlrary niNwilb.ianJinF: anJ thereupm ar ~ ~hcrcat~er. at the option ot caiJ monpagee. wiibout rN~tice or demarxl. wi~ at law ~tt in equity. m:~y I+e pro.ecutrJ a. if :dl monry..erured here- by haJ matured pri.x ~a it~ institution. The mortgagee may torecM~e ihi~ mi,ngage. a. t~, ~he am~~unt x~ declareJ Jue anJ p:y-:~ble_ aod itx .:~iJ ~ premices shall tx ~old to ~ati~(y anJ pay 1he ,ame ti~eeMer with co~l~. e>pence.. anJ aHuw:~nce~. lo race of parti:J t~~reck~~ure i?f Ihi~ m~~ng:~~t. s the mortgagtd premi~ee ~h:+ll Fx ~oW whject to the continuing lie~ i~f thi~ morlg:~ge for Ihe am~~unt uf Ihe JeM rnn ~hen due :mJ ~inpaiJ. (n wch ; cau Ihe provicion~ o( Ihi~ paragr:~ph may ag:~in he availtJ of Ihereafter from timt Iu time hy Ihe morlg:~gte. . _ ;'~~R~ 294 ~cz 615 . F~t _ _ ~ " • ~ ' pi°n~41~'Y-'~.C~~~it~.3Y13+~~ w ~ ;t.s~r.. ~~r.stR-v. n~,. 4 'T.x3',"_ai+~ ~,d3:'~