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HomeMy WebLinkAbout0704 . ti . : r} ~ ~ ~ ~ ~,t~ J • •i_ • ' TA.U. in ixdr~ murr hdly pn,~rri ~Ac .c. urii~ at ~hi. mu~i~:~?c. Iht m~ulE.iFut. lo~;clhrr wi1h,~:~nJ ~n .~Jdwun lu ihc m~~nih y m. urwtc~ Ihe Icrm~ ~~t Ilx~ nn~r .r: urrJ hc~ch~• „n thr fi~~1 Ja~ ~~f c a~ h m.mih unlil Iln• .:~id n~~tr i. fully p.~iJ N~II p.~~ 1~~ ~Fx• mu~l~:+Kc~ i.. (uII.~M . in~ wmc' I:J Rn.um~uot.ufli~ienlla piwi~k Ihc huWr~ Acrcuf NHh (und. lu pa) I~r nr~l murlE.y;e in.ur.~nc~~ p~cm~un~ J Ihi. tn.uum:~u .~nd thc rnHe ~e~~utcd hcrcM :ur ~nw~rJ. w:~ mun~hl~ cA:u~c Im luu ul mwi~:~~r in.ur.~nce prrmu~m? i( ~hr~ .un c~lJ M ~ha• ~r. ~r~.u ~„1 lI~H~~m} :~nd l~rh.~n 1)r~rN,pmrn~ a. (ollu~~.~ 111 It :~nd I~,n~ :i..:,iJ n~NC ut evcn J:~le and Ih~~ in.~rumru~ :~~c imurrd ur :~rr rrin,urcJ ~uNlci Ifw• ~~i~~~ ~.iun. ~~f tA. ~.~~~,•n.~l Nnu~in} ~1c1 n~ .~muunl w16c~cn1 Iu:~ccumut.~1~• m IM• hand. u( Ihr h~~ldcr unr 1 h mun~h pu~n ta h..!ur J:~tr IAr .innu.d m~~~~ ?.~}t inwr.~nce p~cmn~m. in ~~rJer to pt~~~~J~? wl•h hoWrr Ni~h fun.l. ~u p:~~ wrh prcmium t~~ ~hr ~c. rNat~ ~~f If~a~.~n~ . nJ Urb:~n Ik.clupmrni punu:~nllo Ihc t~.di~~n:il Huu.~np Art. a.:~mrndcJ..mJ:~pplic:~hk kc}ul.~~i~~n. Ihrrrur,.li r ro 1111 I( .u?J lun} a..aid nu~c cvcn J;~I~ :~nJ th~~ i~i~UUm~ni :~tn c~lt) M Ihc ti«'rCl:~t~ ~~f H~~u~u~~ .~nJ 1'~hen h~ ~rl.~~,," . mun~hly i h:uEe lin I~cu nu~r1}.~~:c ~n.ur.~n:r picnuuml Nh~rA .h:dl hc m:~n .imuunl ryu.~l ir +•r.; i~~ rl!Ih ~ 1!.'~ , r.~ 1~ 111'? I+cr rcnuim a~ Ihc avrr.~}e uut.l.~nd~np h.~l.~nrr dur un thr n~~ir :amput.~.l H ith~~~~~ n:i~ ~~un? .t. !u~~~u. i~. . ~~e~aymcm~: ~hl A.um equ:d ~o Ihe Fround renh. if :~m. ne~l duc. ~tu. Ihc premium. ih.a ~~ill nc~i hec~unr Jur .,I ~..~..,i t. ,~u p.~li.ir~ ,~f hrc .,,~J ulhcr hai:nd imuranre ru~rrin~ ~I?r mort~:.~~:~~i ~~„~.n~. ~i~~. ~:~~t~ :~nd e..r•~mtm~ nrv due.~n ~1.. ~~,•~rn~ ~.~u .,u mcurd hy Ihe murl}c~~rc1 k...Jl wm~ :Jrc:~J~ p.~id thcre(ur Jiv~drJ h~ the rtuml+rr ut m„mh. n~ cl.~~•. hr(~ar ~mr m~,nth prwi n, thr J:NC when .uch FraunJ rrnl~. prrmium~, t.~~e~.:md a..c~+mrnl~ N~II hr.~~mc drluiyucnl. .u:h .um~ w hr hrlJ hy m~~tt~.~~cr ~n ~ru.~ i~~ pay ,aid }ruund rent.. premium~.la~e~. :~nJ .M. i:~l :t~~e"mcnl~: .rml Icl A!' p:~> ment. mrnli~~ned in Ihe Iw~~ prectJin~ wh.r:lium u( ~hi. par.~~~:~ph .~nJ .dl p.~~ mrm. tu hc m.~~te w~dr~ ihc nutc .r: urrd hr~r hy 1~ ~I hr a~lJtJ 1rFclher anJ Ihc ay;E;rrgalt am~~un1 Ihrtro( .h:Jl hr p:~iJ M~hc murt~:.~~:u~ c:~rh muwh ~n .mElr p.n mrn~ t~~ hr .~p plitd 1.~ ih~• m~~~~~.~~ ~c tn ~Fx fullnNing i1rm. in thr urJcr .e~ turlh: 111 p~~ •niun~ rh.n~~-~ n~xlcr thc con~rac~ uf imur:~nrawi~h ~he tirrrr~:u) u( Niw~in~;;~nJ t'rt+:,n Ik~rlupm~nt. ~~i munihl~ :h:~rtr " Iin liru ~~I ~.~•~~~r.~~c imuranre premiuml. a~ ~t?c ca~e may t+e: 1111 FfUUM) fCRI' . le :~~.c~~menl+. firt. and wher hatarJ in,uranct premium.: 1111 inlcrc.t ~~n thr n~ar ucureJ hereby: and 11\'1 amunii:~ti~m ~,f ~hc pri~x-ip:J ot v+iJ no!e. An~ Jefic~crn•y in thc :~m~~unl u( ~ucA :~}~;regate munthly paymcnt .h~ll. unlt.~ maJt g~xKl h~ Ihc murt~~;~x prior Iu ~hr Jur d:~~c uf ~hc nr~t .urh p.~~ men~ :un.lilule :~n e~enl ~~f Je(:~uU unJer ~hi~ mort~;age- Thr m~~r~g.~gtr ma~ cullrc~ "la~e chatgr"t,ot a~ ~•~~l G,ur .~~•u~.. ( le~ I~.r h dnll.~r 1~11 ut c:~ch mcnl murr Ih:m Tifleen I I~?Jay~ in arrt:u~ tocwer thr e~tr.~ r~{+~n.r imulvrJ in h:+nJling Jrlinyurnt p.~~ mrnt.. ~'Ih:~t if ~M lut:d at thr ~+a~ mrn~. m::de M ~he man~aEur under 1 h? o( p:,ragr:~ph ` pre~eJing .h:dl r~ccaJ Ihr .~muunl ~hr p:~} mrnt. :~riu.~ll~ m:~Jc h~ Ihr m~nt~.~~cc. fur }ruunJ rcm.. t:~~e.:mJ :~..r..mrnl. anJ in,ur.~ncr prrmium.. a. ~ix ca.r m:~y h. ,uch ~~~r,. if th~ I~,:~n i~ ~ nrr~~n~. al Ih~ op~iun nf thc mort~ator, ~hall, bc crcdit~d on ~ubseq~~nt paymcnts tu be madc by thc mnrtgaKnr. or t~Iundcd ~n ~hF n;~,ri~.+For. 1(, bo~.~~rr, ih~ mon~hly pa~•mcn~s ns:~d~ by th~ mortRagor undcr (a~ ol paragraph 2 prr~cJin~ sh.~ll not hc suf(ici~•nt to p.~y t~i~,und r~•nt~, 1~~~•. and a+~essmcnic and in~uranr~ prernium., a~ IFIP Ci1~C inav hr, whcn thc .amc shal) b~i~om~ dur an~l p:ry- .~hl~~. ~h~~n Ih~• mor~~•aFor ~h:+ll pa~• to ~h~ mor~;;aRe~ an} an~vunt n~~ce~~ar~ ~u niale up the d~(ici~n~ on or Lofor~ ~h~• J.~t~• t.hrn payn~~~nt o(.u~h RrounJ tenls, taxes, asses~mPnt~, or in+urance prrmiums ~h:iU b~ dur. 1( at anc ~imr th~ mortK:~_~~r shall t~•nd~•r thc morlK~K~c in accordancc w~ith thc pruvisionc of Ih~ no~e x~cnrcd hrr~by, (ull paymrnl o! Ih~• Pntire indcLtcdn~-~~ r~•pn•~rnt- - _~d ~hvr~bv, ~hr mortRaRP~ sh~ll, in ~ umputinR thc amount of ~uch ind~htedn~~.. cr~dit to th~ a~~c~~unl th~ morl:;.~rur all p.~~w~•nt. m.~dF undrr ih~ pr~vi.i~,n~ of oI p~ra~;taph 2 hen•oi ~.hich the mort~~Ki•~ has nol become ob:i~at~•~1 to p:+~ t„ thr tir,~ rrt.~r~ n( {luu~in~ and I rh:~n I)~~•~lopment and any halar.~•~ rc~inaininF in th~ tunJ~ ac~umnlati•d undcr thc pro~~ision~ oi (b~ ~.~id p.~raFraph 2. If th~•r~ ~hall be a Jefaolt umler any o( th~ pro~ i.ians of thic mnrtr:~~N, resulling in a public •al~• of th~ pmrni.~•~ cucrrod h~rrby, or i( Ihe mortRagcr acquim. thc pro~rt~ nlh~rrcisc af~~tr d~fault. th~ m~~~c~~~~ ~hall apph•. ~h~ th~• tinn~ n{ thr ~nmm~•n~•c~qrnl of .uch procredinFc ur at the ~ime ~hr ~~rop~rt} i~ ~~th~r~.i.~- :icquir~d, th~~ halanr~ thPn r~mainin~ in ~hr fund~ a~ ~ umulatrd uod~r (e) of parag?aph 2 pr~r~din~ ac a~ r~Jit aRain~t ~hc amnunt o( prinripal Ih~n rcmaiuinK nnpai,l und~~r .ai,l n~~t~~ and ~hal! properly adju~l any p~~m~nt. which r:hall h:~v~ L~•rn m~dc unJcr (e) o( said paragraph. J'ih.~t hc will p:+~ alt la~r.. a..r.,men1.. w:~ICr r.~tr.. :md ~~~h~r ~:~~~~rnment:J ur muni~ipal ch:u~r.. tine~. ur imp~,.ni~,n.. Ga Nhich pr~~- ~~.i~~n f?:~. n~~l htcn m.iJc h~•ra~nhrfur~. :~nJ ~n Jrfauh thi~rru( Ihr morl~.~crr m.~~ p.~c Ihc .:,me- and th,i h. .,~u drli~~~ ~hc .~Ih:i.~l rr. c~pt.IhrrC(ar I~i Iha nlurl~:~ter. ~ (h:H hc wdl ~urmh. cummit. or ~utler n~~ N:~.tt. imp:~irmcnt. ~a dcltn~~r.~~ion uf .aid prupe~ly ur .~n~ p,ullhcrru(..~nd in ihc r~rn! ~~I ihr 'i f:~~lurr u( tF?e m~irt}aEur t„ {.rcp ihe huiiJinF~ i~n ..iiJ premi~t.:~nJ Iha.r ta he rre~trJ un aiiJ prcmi.c•. ur imrr~~~emcm. Ihcra~,n. m c.M~d rr- ' p.ur. Ihe mnrt~:.~};ee m:~~ m:tAc .uch rep.~ir.:~~ ~n it~ di~rreti~~n il m:~~ Jrem nrcr•,:,r~ f~~r the pr.~per prece~~::~i~~n therr„f :~nd ihr ti~ll .~n~~~um ~~f ! c.~: h.~nd c~cry ,uch p:+} mrnt .h:dl F+c immrJr.del~ Jur :~nJ p.i) ehla _.~nd ~h.dl hr .ri urcd M ~F?c lirn of thi. n~~•n~.~~c ~ ti. Ih.u hc~~~l! p.~~ :JI anJ.ro~ul:u Ihe ro+1~. ~h:~r~r~. :,nd r~~+an,e.. inaludin~ re.~.un:~hk I:~w~~r~. fer.. :~nd:~,•l. uf .ih.l[a~1. ~~f Ii~le m- :urrrJ ur p:~id e~ :im time h~ Ihc mort~;a~:ee heiau.e o( Ihr (:ulurr un thr p.~rt uf ~hr m~~~t~aeur ~~„m~~i~ :~~,,t rt~n~ prrf~~rm tha• .~irrtmaiu~ ~ .~nJ r„~ enam. ui ..~iJ pr~~mi..un n.+te :~nd thi~ murlga~;e. :~r.d .,~iJ io.t~. chat~r~. .+nJ a~pen~e~ •h:dl he immrd~.,ICh du~ .~nd p.~~ ahlr .md .fi.~ll G F.i urcd h~ Iht hrn o( Ih~. murt~:a~c. ~ Th.d hc will Ac~p thr ~mpr~•~rmrm. nuw e~i.ting~~n c~rr.~ttcr erecttJ ~~n Ihr m~,n~.~crJ prnpcr~~ ~n.uirJ m.~~ h rryuuiJ 1n~m lieic fi Umr h~ ihr murt~;.~crr .~E.un.~ la~~ h~ firc .~nJ ~,ther h:~i.~rd.. ~:~.u.~ltic.. anJ r~~nt~r.~rnrir. in .u.h :~m.~unt. .~nd f~~r .u~h ~+.•n~~d. iii.~~ h~. ~ rryiur~d h~ murlga~re..mJ Nill pa~ prumplh. whrn dua..~m prcmium. un.uih m.ur.init far p.~~mcm o( Hh~:h pn~~~.~~~n fi.~. nut h~cn m.:~la ha ~rmhr(~~rc •VI m.ur.~nre .h.~ll he i:uncJ in rump:~nie. appn~~rd h~ murl~:,~rr .~nJ thr ~,lirir. :md rrnrw.~l, thrrr,,f .h.Jl hn c~lJ h~ mnr~_~.~- t ~rr .~nd h.~~r a~I:~~hed thetrt~~ lo~~ p:~~ahl~ rl:~u.e. in fav~~r o( :~n.1 in furm :~rrrp~.~hk Ihc m~~tlg:+~re In a~rnl I.~•. hr will ~t~a ~mmiiti.~t~ ~ n~,uir h} m:iil to m„r1E.~~rc. .~nd murl~:~~cc m.n maAe pmu/ lu.. if nat m:~Je ~rumpll~ M mur~~aE~~r. :md r.~ih ui.ur.~nce c.,mp.~m i~~n~ ~ :rrnrJ hcreh}~.mlh~~riird anJ JirertrJ to m:d.r r:i}mtnl i~,r wrh I~~.. direcU} t., mo~iE.~Erc ~n.tcaJ u( t~. m~~r~~::~c~a .uiJ murt~.~~rc ~~unth ~ .~n.l thr imur.inrc ~r~xccd.. or :~m ~:ul Iherr~~f. m:~~ hc .ipplirJ M mur1~:~Err .u it• aptian rithcr t~, tht rcJuriu,n ~~f ~hr indrhirJnr•. hrrch~ ~ •ri'urrJ ur t~•Ihe re,tar:iliun ut rep.llt thr prupern J:tlll:~lCi) ~Il C\~111 ~OfC~~i~~llfC l~lt~ mur~g:~ge uf ~~Iflt'! ~f.ill.~t~ II~~C 1~+ IhC f7L~l1- ~ ~:~~ed properly ~n c~Nn~:ui,hmem o( the inJehtrdne...r~ured hrreM. :~Il-ri~h~. titl.. ,md ~ntrrr.t of Ihe m~~rigeE~~r in .md t~~ .,m in.u~nnrr ~~~G- i ~r. Ihen in (urce ~h:~ll pa.~ 1o Ihr purrh:~.rr ur ~r.~nter. ~ x I hat i( the p~emi.r~. ut :~n~ pnrt ~hereof. he runJ~mn~d unJer .~n~ ~~NCr nf rminent di~m.~in. or e.yuirrJ fur puhlii u.c. Ihc d.~m.~cr~ f' 4 • . . ~ rurred~. anJ the com~Jrra~ian f~~r .uch ui.itiun. tu Ihe r~tent u( IFx full .~mnunt ut inJrhirJnr•, u~n ihi. ~1~~r~ ~nJ ~h~ ,eiurrJ ~ hcra h) rem:iining unpaid. ara hereh~ :~..igned h~ Ihe A1~~rtE:~E~~r t~~ thc \1ur~~:.i~tr :~nd .h:dl hr p.~id forih..hh ta ~h~ \t~,n~:,crc h• hr ap~lird M 5 ~t ~.n :kr~wm i.( the iixieMc~e.~ .ecureJ herch~-. whelhtr duc ~.r nol. - v"Ihat ihe murt~:aEee m:~y. at :m} time ~+rnJing a wit uM~n thic m~,rtgaFt. :~pph tu ~fii c~~urt h:~~in~ ~un.d~rti„n Ihcrr~~f (or thr .~pp~~mt- . ; mem ~,f receivrr. :md wnc ~~wrt .h:dl forthwith apM~int recei~er of ~he prrm~.e. co~ creJ hereb~ :dl and .in~ul.~r. mrtuJiac .~If .,n~I .in~ul.~r the ~nrume. prufih. i.~ue~. :~nJ rt~rnur. from wh:Never ~~~urce Jeri~eJ. rach anJ r~ery ~~f Nhirh. it heinL e~pr~..l~ unJrnt~ti•J harih~ ~ m~,rt~..~~:rJ a. it.perifir:dly +et f~~rth anJ Je.crihed in the Fr.~nlin~: and hahendum clau.r~ hereuf. and .uch re.r~.er .h.dl h.~~r :~II ihr hru:~d .~nJ - rlTrrlive tunrtiom and puNtr. in .m~w i.e eniru~teJ by a c~xirt tu a receiver. :~nd ~urh :~ppointmrnt .h:Jl hc madr h~ .u:h :~,urt ,n :,dm~nrd eyuity anJ:~ m:~~~er ol:~h~olute n~.ht to,:~iJ mort~;agee. and wi~huu~ referrnce Io ~he.~~feyua.~ ur inadryu.~c~ af ihe ~:Jur ~,f ihr pr~~prrt~ m~~rt- - ~.~?~rJ ur lu Ihc .ulvcnry ~,r in.uhcnr~ uf .aiJ m~~r~g:~g~tr or Ihc dc(rndant.. anJ th:n .urh ra nt.. pcatit.. mrumc. i•.ur.. .~nJ rr~rnur. .h:d! hc -s :~pplieJ hy tiuch receiver arcixding ti~ 1he lien i~( thi~ mor~g:ige and ~he pr.~ctice u! .unc ~uurl In ~he e~ eot of :~n~ Je(:~ult on the p:~r~ ~~f ~F?e m~~rs- ~:~gur hereunJer. IFx morlga~:or agree~ t~. p:~~ lo Ihe mortF:~Fee on dem:~nd a rea.unahk m~~nthh rrnt:d (~u Ihr premi~c~ :~n amuunt :d len~~ equi~alent to onotKelflh 11/I?1 uf Ibe :+~reFatt ~~f ihc twelve munlhly ~n~tallmenN payahk in the ~hen rurrcm ~e:u piu. Ihe ,itual :~maum ~~f = ~he :~nnual latie~. a«e.~mentc. w:,ler ratt~. anJ insur:mct premium~ for wrh year n~~t cu+ereJ hy the :~(~~re.:~id munthd} p:~y menl. N1. That lal in the event of aq)' brc:ich ot Ihi+ murtg:,gt or de(:~ult on the p:~rt uf the murt~:agur. ar 1 hl in thr e~ ent th:~t .~m of .:~id .um, ~~f ~ 3 m~~nry herein re(erreJ h~ he nW promplly and fully p:iid with~~ul dem:~nJ ~~r nuiicr. ~rr Irl in the r~~ent th:~t each and c~en ihr ~~ipul:~ti~~n.. :~Frerment~. conJilion~. aod ci~renant~ i~I tiaid no~e anJ thi. m+~rigage. are not July. prumpih .:~nJ (ull~ {+erfurmrJ: Iht~ m ehher ur .~n~ .u:h cvenl. the .:~iJ a~:l;rcgate wm mentiuneJ in .:,id nole IFxn remaining unpaiJ. w ilh inttre~t arrrueJ ai ~h:H time. :~nd .~II m~~nr} ~~c. ureJ hereM . ~ ~h:dl txcc~me due anJ payahk furlhwilh. ur It?ertafler. at Iht oplion of tiaiJ mi~rtg:~Fet_ (utly :mJ cumpletely a. i( all ut Ihe .aiJ .um. nf man- ey were originally ~tipulated to Fx paid un wch day. anylhinF in v~id nale or in Ihi. munFage lo the ~untrary rn~Iw i1h,t.mJin~:: :mJ ~hereu{xm ur .=3 Iherc:Jler. al the oplion ot caid mortFaFee. with~wt ru?tict or demand. ,uil at law ar ~n cyuily. may he pru~ecu~eJ a. if all muney. ~e. ureJ h~rc- ~ hy h:K1 matureJ priot Io it~ imtilWion. The murlgaFee m~y forecb3e Ihis muriE:~Ee. to ~he amouot .u Jecf:ireJ due anJ pa~ahlr. anJ the ..~id ~ premi~e~ challlx ~o1J to ~:~ti~fy anJ pay the ~ame t~+~ether w~i1h ro.l~. e~peme~. :,nJ :dluwance~ (n cax o( partial tureck..ure of thi. m~~rl~.a~e. ~ ~he mortgat:ed premi.e~ .h:,ll tx .uIJ ~uhject In Ihe cununuin~ lien ~.t thi~ mortF.~~:e (i~r Ihe :~m~wnl af IFrc dtM rnH Ihen Jue :mJ onpaid. in .urh cau ~he provision~ of thi~ par:~graph may again tx a~:~ikJ ot Ihereafter (mm hme i+. ume hy Ihc murtgagee - ~~GK2~4 ~E ?0~ ~ x ~ ; ~ _ .a ~~.~::,~~~~.j . , ; .