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HomeMy WebLinkAbout0004 , • ? Tlul. in urJe~ m~~rc tuily lu pm~er~ Ihc ~ecurily ut Ihi~ mu~l~+:~t. Ihc murly:.~}a~, tiy:clbr~ wilA. and m.~JJ~U~ai iu. iAr m~auh ~~yn~. n~. ~ urnler 1he lerm. af Ihr nnic ~t.•u~rd hrichy. ~~n ItM fir~t Ja~ af ca: h mumh unUl ~hr .aiJ n.Nr i. full~• p.~~J. wdt p.~~ lu Ihc mu~~~:y~r. (~~II~~N inE .uma: lal An:un~,un1 wHirirM lu p~u~ i.k the huWr~ hcrci~l w~ih fund. ~u p:~~ ~hr nr~i mun~.~~e in.w.~n.c pirmiuru ~1 iAi. ~n.~nnnru~ :~ud ~M• nMC ~tcurtd ht~eh~ :~ro inunrd. ~w mun~hl~ char~;r Im I~ru ul a niwt~:~. imuran~r prrn?iuml i1K•) :ur Mld by ~hc 1r.~ri.u~ ~d H~N~unF anJ IhF+an IkvcNipmcn~ a~ IoUu~~ 111 If and N~n~ a..aiJ n~N~ ~.f c~•en J:~Ie anJ ihi. in.IrumeiN :ur in.urrJ iu :ue rcimu~cJ walr~ iiM p~~~. i.n~n. u( ih. !~.~i~,~n.d N~a~~in} .~cl .,m .~mounl _.uHicirnt Io acrunwl.~ir io Ihc AanJ. u~ ihc h.~ld~ r unr 1 t 1 mumh p~ ~ur lu il. duc J:~ir thr unnu.~l ~~~~~i ~ Ra~e in.ur.mce piemium. in.~rdcr 1~~ pm~ak .u.•h M~Wcr wi~h furnl. tu pay ~u~h prrmium ~hc tic~~ri:~r~ ul H~N~.~u~• .~nJ l~rh.tin Ik~rl~~pmrn~ Mu.u:mt ~u ~hr T~.diun.J H~N~~u~} Arl. a~:,m~nJcd. anJ:~~~n.:,bk RcFul.~u„n. ~hcrrundr~. ~~i 1111 If :~nd ~i~ k~nE a~ .:~id nulr ~?f rvcn J:dr :md ~hi. in.Irumen~ :~r~ Arld hv iAc Sccrt~.~ry uf H~~u.in} .mJ 1~ih.~n hr. ~ I~,~n:; m~~Mhly rA~uRc lin I~cu ~.f murlg:~e ~mur~nrc prcmiuml whK•h .h:Jl M ~n :~n :~muunl .~u:,l ir rn, i~~. lUh ~ 1 I`1 ~d ~u~~ 1~ •I~ _ 11/?1 ~+rt cenlum ~~I lht :~vtr.~FC uut.l:~nJin4 h~Lm~r Jue un Ihr nulr ~~~mpu1~J ~hh„u1 1.:! n, u;~~ .~..~ain~ dcfuiquc~~. prepaymem.: . Ihl A wm equal lo Ihe Fri~ond renl.. il any. nc~l ~h~r. plu. Ihr prem~um. Iha~ ~~i~hr~1 htcumr Jur .~d p.~..~hl. ,~n p,~6.ic• .~1 Q?. .~nJ olhcr hai:ud inwranct c~~~.cnn} ihe murig:~j;f~~ r1o(~CII\. (~~It~ 1:~\t~ :~fN~:~..c•.mem. OC\1 ~IUC ~~f1 !Lr i11u11}.~lCd (~lu(r~lt\ lel) a~ i'~tl m:dtd hy Iht m~+rl~:igeel k~~ .~U ~um~ alrr.~Jp p:u~l Ihtref~~r JiviJtJ hy ihe numF+er at m~,ntM w cl.~p.c hc(~nc ~mr m~.n~h pnu~ a. ~1~~• date whcn wcA Frnuml rrnl.. premiumti. tau~. and e.~c~~mrn1~ w~ll ber~~mr ~tclinyutnt. .urA .um. iu hc hrld hy muu.E.~4r. m ~n~.t pa~ .aiJ Fround reM~. prtmium~. la~e,. ;mJ.~uiial:n.e.+men~.::u~J Icl Atl menl. mcn~ioncd in Ihc Iwo prcccJin~. ,ub~rc~iun, u( thi~ p:~r.~F~:~~h .~nd :JI p:~ymrnh to M m.~dr undr~ tt~ n~~~c ,c. u~rd hr~. liy • L.11 Fx :~JJeJ ~a}clher ar.J Ihe a~rrga~t :~muun~ therro( ~hall hr paiJ h~ UK• murlga~;u~ ca.h m~~i~ih ~o a.~nglr pa~ mc~u w hr .~p plinll~~ i1,~ m~,n~.~y:~c ta iht tolluwir~ ilem. in ~hr urJcr .et fonA~ 111 p~~ nuuw rh:nF~~~ e~rxler ihe c~?n~racl of inwranrt wilh Iht Secrelar~ u( Huu.ing anJ Urtvn Ikvrlupmrm. ur monihl~ ch:uEr lin Gru.d ~,~~•~~+•,gc inwranre premium). a~ the ra~e may he: 1111 Fr~~unJ rrn~• . r.~ a~.e~~men~~. fire. and u~her har•rrd inwrance prrmiumw 1111 ~mcrc~t ~?n Ihr n~~ir ~erurrJ hereby: anJ IIV) amurliiauun at ihe pri~xipal u( ~aid note. . 4n~ Jeficirncy in ihe ama~onl ~uch wy~;regate monlhly p•rymrnl ~hall. unk~+ madr g~K+J hy Ihr u~un~or priur ~u ~he Jur J:~~r uf thr ne~~ .u.-h mem. a•un.~iu~~e :m e~em a( JeL~uh unJer Ihi+ monl;a~e. Thr munp,aFer m:~~• cullect "late charge"~,ot w ru ~•~vl k~ur ~ iyu. l te? I~K e:~: h d~~ILu Ill ) u( c:~rA mcnl murc Ih:m fifleen 1 I~1 d:+y~ in :urrar~ tu cu~tr Ihe e~lra e~{un+e imulvrd in h:mJlin~ Jrlinyurm menl., z'I hal if Ihe 1~u:d Ihc r.+ymrnh maJe hy Ilx murt}:~~:ur under t hl u! par.~~ r.~ph ' pre~rJing .h:Jl r~rrrJ thr :~maum ~~f IF?~ p:~y mcn1. :~rtu.Jl~ made h~• Ihr mo~~~.~Fee. (ur ~;ruunJ rtnt~. Ia~e+:mJ .~..e.~mrnl. anJ imur.~nct prrmium~. a~ ~hr ca.r m:~~ t+~. wrh e~~r.. i! tho I~~an i~ ~ urn•n~, at IhP oplion n1 thc mortgaKor. ~haU, b~ credi~~d on .ubseqoent pa~m~ats to be maJe by the mortgaRor, ur mfunded to th~• nu~rtFa~;ot. 1~, ho~.~v~r, ih~ mun~hly pavmentx mad~ by th~ mor~qaqor unJer (a) o( paraqraph 2 pr~ceJing +hall n~,t 1~,: so((ici~nt to p•~) F'~uund re•nl~, tn~r. and aFticcs:~cnis und in~uranc~ prcmium~, a. th~• c.~.~ may be, whcu thc ~a~n~ sha11 Fu~~•omi• duo aml pay- abl~•. ihnn ~h~ murl}•~Ror ~hall p:?~~ to Ih~ mortKaKc~ an~ .unnunt n~c~~~.ar~ t~~ makr i~p the dr(ici~n~-y, on or L~for~ 1h~ J.~t~• ti.l~~n p.i~•m~•nl of .uch ~roond renls, taxes, asKCStim~nts, nr in.m.in~~ pr~ruium~ ~haU b~ dur. at ar~~ timr th~ mortK:i;;~~r ~hall trr~d~•r 1~~ ~hc mn~Ip~RrP in arcordanec w ith Ihe provisioas o( thr note sPrurcd h~mhy. (ull paymcn~ o! thP Fntire indeLtcdn~•~~ r~~pt~•~~•nt- ~d ~h~r~by, ~he mnrtRaRre shall, in ~~omputinR the amount of ~uch inJebtedncs~. crcdit ~o ih~ a~•roua~ o( the mortk:~~or all p.+~m~•n~~ ma~lr und~r th~ provi~ionc of of paraRraph 1'. herrof "hi~h th~ mottK::K~•r ha. not bccnm~ obliga~~•d 1o p.~~~ tn 1h~• tir~ r~tar?~ n( Iluu-in~ and I~rLan 1)rvclopmcnt and any bal:miF r~mainin~; in Ih~ (uad~ acrumulat~d und~r thi: pro~ision. ~~f (n~ u( ..~id p:~ra~raph 2. I( thrr~ ~hall bc a default undFr any~of ~hr ~rn~~i~ion~ of thi~ morlFaFr, tcsullinR in a publir ~al~- ~h~ prrmi.~•ti cn~rrrd a~rchy, or if ~hc mortRa~rre acquir~•. the prop~n~ Mh~rNisc af~rr dcf.iult. 1h~ mor~RaR~r shall :ipph•. thr th~• ti~m• of thr : ommrooemenl o~ ~uch proceedinR~ or al the time lhr ~r~prrt}• i~ othPn. ise acyuirrd, th~• balaa~~ thPn remaininF in th~ tund~ . ac ~umulat~d uader (e~ o( paraqr~ph 2 prcr~ding e. a rr~di~ aRains~ thc »moun~ o( prin~•ip~l th~n rcmaining nnpaid uud~~r ~aid no~~• :~nd ~hal1 ~xoperly adjust any p:~~~m~ntc „hich shall ha.~ LP~n maJe under of said paraRraph. 4 7ha~ ht will pay all ~:~~e.. a~~c..men~.. water r.~~e~. :md i.iher ~o~crnmcnt:J ar municip.d ch:~rgr.. tinc.. or ~mpu.iU~~n.. for w hrrh pn~- vi.i„n h.~, n~a hren m:~dc herrinhe(urr. anJ in Je(:w11 ~hr~ruf Ihe m~~rtgecee m.~} pn~ ihi .:~mr: and Ih.~~ h~ N~II ~n~mp~h .Irh~rr ~hr ~~Ih~ial rc.ripn lhcrefur lo Ihc mu~t~:~gaC. ~ ~ I h:d hr w ilI ~+crmit. cummit. ~x .uflcr no w:~~IC. imp:~irmcm izr Jctcri~~r.di~~n „f ,:~id prupcrt~ ur :~n) parl thrtru(. .mJ n? Ihr t~r!u ~~f thr L~~lurr o( Ihe m~tt1~aE~~r leep thc hiulJin~. un .:~id premi.c.:mJ Ihu.e tu he ercrted nn v~id premi.t.. ~.r impru~emrn~. ihrrrun. io ~~~~d rr- i puir. Ihe mon~.~{~~c may maAe ~uch iep:~irv in it~ Ji~creti~+n it m:~} Jeem nere.v~r} (or Iht (uoper prt.enat~.m thttrn(. .~nd thr (ull :~muum E r.~. h.inJ c~ cn ~u~h p:~~ mrnt ~h.Jl F+c immeJi.~tcl~ Jue anJ p.~~.~hlr. .inJ ~h:Jl hr ercurrJ h} tfu 6cn u! ~hi. mun~:~~c. ~ ti I hal he w~ll pa~ :dl :~nJ.~ngul:u IFx cu,l~. ch:uFe,. and e~prn.e.. includin~ ce:~.on:ihk I:~wyrr'~ fee~. :md ru.t. uf eh.tr.~ct. u( IiUe. in- I rurreJ .tt p:ud at any dmt h~ Ihe m„rtga};cc hec.~u~c i,f Ihc L~ilurt ua ~fie pan of the m~~rtFagor prom~+lh and fully lo pert„rm ~hr .~~~rrmrnt. ~ .mJ:~~~rn.~nh uf .:uJ prom~.,~,r~ n~ac :~nJ Ihi~ m„ng:~~r. .~nJ ..~id:~,.~.. rhatEi~. :~~d e~prm~. ~h:~il hc ~mmcdc~tcl~ dur :~nJ p.~~:~Mc .~nd .h.Jl ~ Fx .t'~uted h~ Ihe hrn of Ih~. murl~:aEr "fh:~~ he w ill I,rep the ~mpru~rment~ nuw e~~•un~: ur hrrre(~cr rrrile~l ~ro thr mnri~.~EeJ praprr~~ m.urrJ m.~~ hc rcyuirc~l (r.~m tu~zr ~ timr h~ Ihc murl~::+gce aE:i~n.t lu~~ hy fir~ :~nJ i~Ihrr h:~i.u~l.. ::~.u.~ltic.. ar.d iuntin~rnrir• in .u:h .~mnunt. .,nd .u.h ~+a•n~Kl. rn.n F~~ ` reyu~rcd M murt~:~~ee_ :~nJ will p:~y prompily. when Jur_ .m~ prem~um. un ~u~h imur:,n~c tur p.~~ mcnl ut wht~h pru~ rwn h.i. rn~t hren m.~Jc h.rrinhefurc All in,uranir.hall he~c:untJ in ~~~mpanic~ appr~~~rd h~ m~at~.~~rr .,nd thr ~dii~c..~od rencw:J. thrrr~~f ~h.Jl hc hrlJ h~ nu,rl~.~- ~tr and havr :du~cheJ ihereio b~ti payahk :lauet~ ~n fav~a af .~nd in turm :~c:rp~:~hlr ta ~he m~~rt~n4ee In r~rn1 1~~.. h. u ill ~:~~r iinnu~h.,tr _ nulirc h~ m.~il to marlF:~~:ec. arxl morlE.~~tc may male pra~~f af lu.. if nu~ m:~Jc prniuptl~ h~ murtE.~~:ur. :~nd r.~:h m.ur.~n.c .ump.~m c„n- icrnrJ hcrcby'nulhuriieJ :inJ Jirtcted to m.~ke p:~~mrnl (ur .urh In.. Jirectl~ tu mun~eErr ~mt~aJ o( tu mur1~.~~;ur .~nd murl~:~~re p~inih .~nJ ~hr imur:~nre pn?ceeJ.. u~ :my part ~hereaf. may t+e appfird M m~~r~~:~Eee ~h ~~pli~~n rilher ta Ihr rcJurti~m a( Ihe inJehtrdnc.. hereh~ .crurrJ ur w Ihe re.~ur:~ti.m ar rep.~ir ut ~he pru~ny Janr,,trd In e~en1 0( fnrech:.urc ~~I lh~. m~ir1~.:~Fe ~~r ulhcr Ir.~n.trr o( uile i~~ ~hc mon- ~.aFed pro~?erty in e~tinFui.hmenl of tbc inJehtedne~~ ~ecured hrreh~.:Jl riEhl. Iilk. :md imere.l o( Ihe m~~r1~a~~~r in :~nd Iu :im m.ur.mir p~~6- f r~e. Ihen in t~xce ~h:Jl p:~« ~o IF~e purch:~~er ~?r gtantte. ~ K. Ih:d if IF~e premi,e~. or an~ p.~ri thercuf_ he cunJemnrJ unJer:m~ {w~wer ut eminrnl Jum:un. ur :~.yuired (ur puh6c u.~. ~hc d.~m.~ic~. 4 ; pnxeeJ.. and Ibe i~m.ideratiun fur .uch :xyui.itiun. to Ihe e~tcni ~~t ihe fufl :~m~~unt af i~JehlrJn~~~ u~m thi~ Murlg.~gr. :~nJ ih~ ?~~tr .c. ureJ p hcrehy rem:+ining unpaiJ.:ue bcreb~ :~..igncJ by the Mor~g:~Fur to Ihc Norlg:~Fee :~nJ.h:~N hr p:~iJ iunhwiih tu ihc ~1~~uE.~~re tn h~ .ip~l~cd h~ a ~t on :KCCwm o( Ihe indehlenec. SecureJ herehy. whelher dut.~r nn1. ~ v "fhat the morl •a ~ec ma ~ E~. Y- :A any timt penJing a wi~ uMm Ihi~ m~~rtga~e. apph• w Ifie c~~urt h:~~in}: ~un.Jictiun ~hrrruf f„r the ~ menl ~if rcceiver. :~nJ.unc ~~wn ~hall fonhwi~h rppoim a rere~ver ot ~he prem~~e~ co~ertJ herehy :Jt anJ .inguL~i. in.ludin~ al{ .~nJ •in~ul.~r ; ~he ~ncome. profitc, i.~uc~. :~nJ rcvenur+ /rom wha~ever .uurcc dcri~cJ. cach anJ e~cry of which. i~ hcin~ rtprc..h un.Icr.t~M~d. hcr~h~ . - ~ mong:~geJ if ,~+ecifically ut fonh :~nJ Je~crihed in Ihe EraMing anJ hat+endum rkw.r~ here~~f. arxf .uch rrcriver .h:Jl k~._e .dl Ihc hru.~d :md ellective fun~lionc :~nJ M~Nen in anywi~e entru~ted hy a c~wrt ti~ a rcreiver. anJ wch apM~intment .h:~N F+e m:~de hy .urh .~~uri a. :m ,dminrd ' equity :~nd a ma~~er o! ab~~~lutt riFh~ ~o ~riJ mungaFet. and witFNw~ rcference t~, the :~Jtqu:hy nr in:Klcyu:~r~ ut tf?~ ~:Juc uf Ihe pmpcriy m~~ri- ~ E.~geJ ~~r lo Ihe ~ol~rncy nr ~nu~lvency ~~t ,aid murlg:~gor or ~he defenJ:~nt.. anJ Ih:a wch rrnt.. prulil.. in~ume. i.~ur.. .~nJ tr~enu.. •h:~tl hc ~ applied by wch receiver according io ~he lien of ~hic mong:+ge anJ Ihe practict of ~uch c~wn. In the evtm ~~f any JeLwl~ un Ihe p:~n of Ihr m~~r~- ~ Kagor hereunder. tFit mm~gagor agree~ to pay Io Iht morl~eagee on dcm•rnd a~ a rea.unabk man~hly rent:d (~~r Ihe premiu. an :~muum :u Ir.~~~ ; ryuivalem 10 ont-IwcU~h I 11121 of tAe ag~tregate of Ihe Iwtlve monlhly imlallmenh pa~ahk in the then current ye:u plu. the .ir~u:d amuu~t nf i ~ ihe anoual ta~ec. a~.e.aments. waier ratea. and insurance premiumc for wch ye,r ~ ot covcreJ by Ihc aforewid munthly pay mcnh i~ ~ 10. That 1~1 in'Ihe evcnt of any breac6 of Ihi~ mortieage or det:wfl nn IFie parl ~~f Ihe m~~?IE:ig~~r. ~x 1 hl in Ihr cvem ~h:~t .~ny uf .:~iJ .um. ,~f ~ ~ munty hcrein re(erted lo he nM promplly and fully paid wi~h~wt JcmanJ ur no1Ke. ix Irl in ~he cvcm th:~t e:~rh anJ c~rr~ thc .~ipul:~iiun,- ~ ~ :~Fretmem~. condiliom. anJ cuvenanlc of w~iJ nWt and Ibi~ morlgage. :ut nd July. prompUy. :~nJ fully ~+erfurmed: Ihen in rilhrr ~tt :m~ .urh = ~ event. Iht .aiJ a~gregale sum meolioneJ in wid note Ihen ree~ainit~ un{?•rid. with intert~l :KrrueJ Ii? th:d limc. :mJ :~II muney..ccurrd hcreh~ . ; ~ .h:dl Ixcome due and payabk fonhwith. ~x Ihcre:~tter_ al 1he opiion of ~aid morlgagee. •rc fully :md eomplc~ely i( :~U Ihe .aid .um. u( man- : ey were originally slipulaled to Fx paid an wch Jay. anylhing in ~iJ n~Ne or in Ihi~ mi~rigagt ~o Iht c~~Mrary notwi~h~~:mJing: :mJ IhereuM~n ur ~ therr.Jter. al lht optiem ut +aid mort~agte. wilhcwl nwice or JemanJ. wit at IaM• or in eyuity. may he pru.ecuteJ a. it :dl m~~ney..ecureP ubre- ~ by h:id matured prior to it~ im~i~ution. The m~?rt~eee maY (~~ecto~t {ris ~nort~aFe. a~ a. the :~muum JeclareJ Jue :~m1 p:~y:~i?k. anJ ihe .aiJ z premises ~hall F+e wW to ca~i~fy anJ pay tMe aame toFdF~ef w~tli'~o~Ns: expen~e~. :mJ alluw.mre~ In rax u! parlial (urcck~wre af Ihi~ mon~:~~e. s ~ Ihe mortgaaed premise~ chall tx .o1J wb}ccl to IMe conlinuirtg lien ot thi. morlg:~ge fur Ihe :+muum ~~f Ihe JeM nw Ihen Jue :mJ vnpaiJ. In wch ~ ~ cast Ihe ptovisions of Ihi~ par.~graph may again he avaikd of Iberer(Ier trom timt ti? Iime hy Iht m~xtg:~Rte. ~ °ry ~ R, ~95 F,~f - ~ ~ _ , 4 ~ ~ - $ V p ~ x . ~,~,.~Y~