HomeMy WebLinkAbout0541 ?'~h.u. ~n u~de~ mure tully to ptute~t tht u.unly ut Ihi~ n:ung~yr. thc murlraY~,r. arrclher w~tA. anJ in ~dJ~uun ro. Ihc mc+n~hiy p.,ymc~h
u~Jer Ihe Iermc ul 1Ae nWc ucurcJ hereby. on Ihe fitu day ul each munlh unlil IAc c~iJ nole i~ fully p~id. w~ll pay to IAe mur~g:~tt iAe (ulluw-
ing wms:
lal An amounl wlfi~ienl la pruviJe 1 hoWer h ~euf w~Ih tunJ~ w pay the nesl mvAM~e,IJ~Ifar1~Y pttm 1 ~mtrumcM ~nJ ihe
nWe ucureJ herehy are inwred.~t cAarRe Un heu u( a mun~age imur~nre ptem~uml d lheyA~~ hy !he Secrctary u(
Hou~mx ar~d UrAan Ikvebpmenl
ai fu .
111 If ami w k~nQ a~ wid nwe uf even dale ~nd ~hi~ imt~umenl xe inwrcd ~~r are rt~nwred unde~ ~he pta~~~iun+ ut ~ht riatiunal
Nuu.ing Act. an amuun~ +ulG~nt w+ccumulate m ihe hanJz ot ~he AuWer une 1 II munlh priur tu ~t~ due J~~e thc annuaf mur~-
p+Ye inwr~nce premium. in order 1o proviJe tiuch M~Wer with (unds lo p~y wcA p~emium ~a 1he Secrelary ot Fluuung end
Urban Uevelupmenl punuant ~u ~hc Natiunal Huu+~nY Ac~. a~ amendeJ. and +pplicabk Regul.uum tAcreunJer, w
~ 111 (t .nJ •u long a~ ~aid nwe i~f even d.le anJ ~hi~ imlrumenl .re heW by ~he Secre~a~y o( Huu~~ng and Urb~n ikvclupmrnt. a
mumAly chaige Iin lieu u( e mi~~Ig.ge inwrance prcmiuml whKh ~hall he in an am.wnt equal to unr~welf~h I lf I?? ui onr•A:?It
t 1/'1 {xr renlum u( the average uutuanJing Mlance Jue on the nWe c~~mpulcd wilh~wl Iaking ~nto accuunl dtlinyue~cie~ or
prep.ymenl~:
Ib) A wm eqwl lo ~ht g~ounJ rents. i( any. ne*1 Jue. plus IAe premiums Iha1 w~ll nt~1 lxcumt Jut ~nd payabk i~n ~dir~ec ut fire and
uther hnrard inwranre.overing tht muttg:yseJ properly. plu~ tau~ ~nJ a»t~+ment~ next due un Ihe mur~g:~gcJ prupNly lall a~ t~U•
matrd by ~Ac mungageel k~~ ~11 wm+ •rlready paiJ ~herctu~ JivideJ by ~he numlxr i?! mon~h~ lu el•rp~e txfarc une munlh pnur ta ~he
Jate whrn wch grounJ rent+. premium~, ta~e+. -rnJ a~~e~~mcnt~ will hecume JelinqueM. wch ~um. to 1x Atld hy mii~Igaget in ~ru~~
to pay ~aiJ grounJ ?entc. premium~. Iauc. and ~pecial a~~ec~menlti: and
Irl All payme~l~ meotiuneJ in tAt two preceding wh~ectiuo~ uf IAi~ paragraph anJ •rll paymenta ~o he maJe unJer Ihe n~Ne .c~ureJ hcre-
by ~hall tx ~dJeJ IiKtelhet and ihe a~~e~1e amuunt Ihcreo( ~hall he paiJ by Ihe mortgagiw ra:h munth in .~ngk pa~ mcnt tu he ap-
plied by ~he mortgagee to ~he fuUov?ing item. in the order ut (orlh:
IU premmm ch•rrge~ unJer Ihe conlracl of inwrance wilh the kctetery uf H~xning and Urban Ikvelopmen~. ur munlhly charge
lin lieu ot mor~gagt imur~nce prcmiuml. a~ Ihe ra~e may hc:
IIU grourwl rcnt~. la~es. a~uc~meots. firt. and other hatard inwrance premium~:
1111 in~ere.~ on the note.ecured herehy: and
I IV 1 amoni~ali.~n of Ihe principal ut ~aiJ nWt.
Any Jrficicncy in Ihc amuunt of +uch :~ggregai~ munlhly pay mrnl ~h~ll. unle+~ madc ~e~Kw1 hy thc muri~gut pnor to the Jue J~~c ut Ihe nesl
wrh payment. cumlitule an event at de(aull urnler Ihi~ mortg•rge. "fhe mungrget may cullect a"Iate rha~ge"nat to ~•x~ er.1 k,ur ~,•nt~ 14t1 (a
crrh Jullar IS11 ut rarh {+-ryment mure ~h•rn fihetn ! I~I Jry. m arrtar. l~? cuver Ihe e~ua e~{+cn.e im,.lved in Iwndlin~ Jtlinyuent pay mem~
~"Ihat i( Ihr t~~tal af 1hc payment, maJe hy the murtga~or unJer IM ut para~raph 2 prectdmg ~hall etcteJ 1he am~wm Iht paymrnt~
:xlually maJe by ~he mur~~rgee. fur Fruund rrnt.. ta~e~ •rnd ~~~e„mrm. anJ imurance pr~mium~. a. ~he ca.e may 1+e. .uch etcr.. i! th~ loan is
rurrent, at ~he optio~ o( the mortRaKot, shall, be credited ~~n ~uh4rqurnt paym~nts to be mad~ Ly the motlgaRor, ur re(uud~d to th~
mortRaRor. 1~, how~v~t, thr moathly payments made by thr morlKaqor under (D) o( ParaRraph 2 pr~cedioR shal) not be suf(i~ient ~o
pay ~;round renh, tax~+ and ass~ti.m~nts and in+urance prcmium~, a~ Ih~ case ~nay bt, whea the same xhall be~come du~ and pay-
ablr, then th~ mortKaRor shall pav to th~ mottKaR~~ any .~mount n~ce~~ary to make up the de(iciencr, o0 or bcforP thP datr when
P.fV:1N•Ol OI tiuch R~ound r~n~~, tuxr~, .~~~i•stim~•nt~, ~x io+uran~~r prrtniurns-~hall bc du~•. 11 a~ anr tim~ ~he mnr~Kagor shal) tendPr
~n the mor~KaRee in a~-curdan~•~• with th~ provi~ionti o( th~ notr sPCUred her~by, tull paym~nt ot ~hr entire indebtedn~•~s n•prez~nt-
ed ~hrr~by, th~ mortRaRr~ shall, in ~ omputinR the amouot o( such iodrblednesx. ct~dit to thc arco~nt o( the mottKuRor all paymrat~
m;~dr und~~ Ih~ provisiun+ uf o( paraRraph 2 hrreo( hhich tho mortgaK~e h.~s oot become obligated to pay to the S~•~ r~tary o(
Hou.inR and I~rban I)~w•lupm~•nt and any bal:mcP n•maininK in tho tundv accumulal~•d uoJer the provisioax of (e~ o( +aid
pataRtaph 2. I( th~•re ~hall br a dcfault und~•t ~ny n( th~ provi~ion~ u( this mc~rtKaRr, resuhing io a public aale o( lhe prrmi~~•s
cuv~ted h~•?r1~y. ~r i( ~hr mu~tK.~R~•~• arquin•~ ~he property other~ixe a(trr de(auh. th~ mortRaRr~ shall apply, the th~ time of thr
~•omm~~ncr~ment n( cach proc~~dinKs or at the tim~ thr property is o~h~n.ixe acquired, 1he balanee then remaininR ia the fundti
arcumulated under (D) of paraKraph ~1fCCP~JIOY, as a rr~dit aRaioct thc amount of prio~i~al thea remaioing uapaid uaJer said not~ ~
and +hall prop~rly adju.t any p.iym<mtti which shall hav~ I~~n made uad~r nf said para¢raph. ~
J I Aa~ he will pay :JI ta~r.. .~.~r+~mrn~.. M.~trr r:~le.. :mJ uther ~;u~trnmrnt:J ar munir~p:d rk~r~;r~. nnr.. or ~mM~.iuun.. f~~r wh~ch pru-
~~.~un nut hrcn m.~Jr hrrrmhrfurr. .u~J in.lrf.~ul~ ihrrruf thr murl~.i~:rr m:~y p.~~ Ihr ..imc. .mJ Ih.u hr'w~ll prumptly Jrh~rr thr uthicJ
trrtipt~ IhCtrfur lo Ihr murl~:e~rr - ~
~ 1h:N ht will prrmit..ummh. ur ~ultrr nu w.~.tr. imp:nrmenL ut drtcr~urati~~n u( ~a~d pruperl? ur anr p:u~ thrrru(..~nJ in ~hr c~rrit uf Ihe
(a~lurc of It?r mort~aEor lu Artp thc builJinK~ un ..uJ ptrm~.r.:~nJ Ihu.r Iu hc rrcctcd un w~iJ prrmi.r.. or impruvrmrnh ~hrrrun. in ~~aNl rr-
p.ur. thr morl~;ager m.e~ m.~kr .uch rep:nr. a~ in itc J~~crrhon h m.~y Jtrm nrce~~:iry (ur Ihe proprr pre.rn.~uun ~hrrr~~f .~nd Ihr full .~m~~uni ut
r:irh.mJ rvrry w~b pa~ mrnt .hall he ~mmrdrucly dur.~nJ p:~y:~bk. anJ.hall Fx ~ecured hy ~hr lien uf thi. mon~.~Er.
h'lhat he will pay :dl ~nJ.ingular 1he ru+l~. ~har~:r~. anJ e~{+rnu~. mcluJiny! re:~.onahk lawyer'~ fer~. :md cu~h ut ah.~ract~ u( ~iUr. m
wrrcJ ur pr~J :~t .~m umt h~ Ihr murlgagcr hrc:m.r ul Ihr Lulurr ~~n Ihc p.~r~ u( Iht murt~:a~;ur prumpUy anJ (u0y tu prrfurm thr a~rrcmral~
nnd iuvcnaM. ~.f ~.uJ prum~.~ory n.Nr anJ IF~. mur~~:.~~:r. .mJ ..ud cu.~~. rh:u~r.. :~nJ r~~+rnu. ~h:Jl hc immrJi:+trly Jur :.nJ p:~yahlr anJ .hall
' hr .ccurrd hy thr Grn ul ibi, murl~t:~~r
~ ' lh.d hr w~ll Arrp ~hr impru~rmrnt. nuw r~i.hn~ur hrrr.~(~rr rrrc~rd un tbr murt~:.~gcJ proptrt~ in.urrJ a. m.~~ Fx r~~uur3 (rum t~mr
~ w tunr h~ Ihr murt~a~;rr .~F.um~ lu.. hy hrc .~nd u~hrr h.~i.~rJ.. c:~.u.dUr. :~od .umingrnrir. ~n ,wh amuunh .~nJ fu: .uch prn~Kl. a. ma~ tx
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rryuirrJ hy murt~e~:rr .mJ wdl pa~ prumpilq- whrn dur. .~n? prc~mum. uo ,urh inwr.mce for p.~ymrnt ut which pru~i.~~m h.~. nu1 hrrn maJr
~ hrrrinhr(urr All ~r..urnncr .hell hc carntd ~n cumpame~ eppn+~rJ h~ murt~!:~~:rr anJ ~he Mdicic.:~nJ renew.d. ~hrtru( .h.Jl hr hrlJ hq mnr~~:r
~ ger .~nJ h:~~r :~t~.~chrJ Ihercw lu.~ p:i}rhk ~lau.r~ m L~~or u(.inJ n~ furm .~crept.~hk tu 1hr mor~g:+grr Ine~rnl u( lu~. hr w~ll Eivt ~mmrJ~.dt
r nuucr hy mail tu murtE:~~;re. and murl~rgee m.~y m.~?~ ~r~~~f uf lu~~ nul made prumplly h~ murlgagur. and ea~h imurance rumpa~y r~~n-
s .rrntJ i. hrrchy :m~hunirJ .~nJ J~re~l~d Iu m.~Ar p.~ymrn~ (or wrh lu.~ d~rcctl~ ~o m~~rt~a~ee im~eaJ of tu mart~;:~Kur anJ m~~r1~;aFee ~u~ntly.
# .inJ Ihe imur.~ncr prucrrJ~ u~ :~n~ p:ut thrreol. may hr ;~pplicJ h~ mon~;.~~rc .u h+ uptiun tithrr t~i Ihe reJurliun u( Ihr ~ndrhtrJne~. herehy
~ ~r.ureJ ur t~. ~hc re~1ut.~U~m i~r rrp.ur u( thc pn.pcr~~ J.~m.~~:ed In t~rm ot (urciluwrc ~~f Ihi. murt~agr ur u~hrr Iram(rr o( ~~Ik t~~ Ihr morl
~ ~:.,~;cJ pruprrty in c~tm~w.hmem ~+f thr ~nJrhtiJnr~..rcurrd hrrchy ell n~ht. tulr. nnJ intrrr~l o( Ihr murl~;agur in anJ tu any mwr:+nrr M~li
cir~ ~hcn in (urcr .h:dl p.~.. io ~hr puri h.~.rr ~~r ~ren~ec
~ x 7 hat il thr prrm~~r.. ar :~n~ parl ~hrrru( F.e conJrmnrd unJer .m~ puwer u( cmmrnl Jum:~in. ur a~y~urrd (ur puhGc u.r. tht Jam:~gr~.
pru~red. :,nJ Ihr r~rn.iJcr.+hun f„r wch :Kyui.~h~~n t~~ thc rtlem u( ~hr tuD .~m~a~n~ u( indehlrJne.~ u~m Ihi, \torl~:a~e. :mJ ~hr tiule .eiurcJ
4 Arrtht rcm:mm~g unp.~id :ut herrh~ .~~.i~;nrd hy thc ~luttg.~gur t~~ thr 11~~rt~:.~~:rr :~nJ.h:~ll tx p:uJ turthw~ih ~u ii~r ~1urtE:~~;cc a~ hr:~pplird hy
u un .~ccuu~i u( Ihe ~ndrMene...ecurrd hereby. whrther Jue ur nut
~ 4 1 h;~l tht murt~:a~:rc m:~~ .:,i .~n~ hmr ~.rnJ~n~ a.u~t uM~n thi. murlga~;e. apply lo ihr iuurl ha?in~; ~uri,Jicliun ~hrrr~d !ur Ih~ appu~nt-
~ mrn~ u( rcce~~cr. .mJ wrh ~uurt .h.~ll fur~t~wiih apMnnt rrcri~rr ut ~hr prrmi~r~ ru~rreJ hcrrh~ aU anJ.m~;ular. incluJin~::Jl .md ~~nE~dar
; thr incumr- pn.fi~. i..urr. .~nJ rr.rnur. frum wh.~~r~er .uurre drmrd. ra~h :~nJ ever~ u( wh~ch. it hrin~: eipre.,t~ unJer.~~wxf. herehy
~ mu~tE.+~;rJ .i~ tf ,prcdii.~lly .e~ (orth .~nJ dr~cnhrJ.in Ihr gr.~nUn~ .md h:~hrndum cLw.r~ hercuf. .md wch teiri~C? ,h:dl ha~e all the hro:~d :~nJ
~ rlftrh~e funct~un~ and M~wrr. m:mywi.r rntru,~rd hy e.aurt r~r.~ rc:rivrr :~nJ.uch appu~ntmrnl ~hall hc m:~Je h~ ,uch coun :~.:m aJmillrJ
~ cyuily anJ mener of :~h.olutr n~h1 t.~ .:uJ mur~~:a~:rr .~nJ M ithuul re(rrrnrr Io ihc ~Jcyu~ry or ~naJeyu:+cq u( the ~:duc u( Ihr pn~prrt} mort-
~.~~rJ ur Io thr .uhrnr} ~rr inwhrniy u( ..uJ m~~rl~.~~u~ ur ihr Jr(rnJ.~nt.. ,~nJ Ih.~1 .uch rrn~.. pruh~.. mcumr. ~..uc.. .~nJ rc+rnur..h.dl hc
npplird M~uch rrcri~er .~i~urd~ny; t~~ Ihe I~en u! Ihi. mort~.~~;c enJ Ihr prachcr ~~f ~urA ruurt In tbr e~em uf nny Jef:~ult un Ihe parl Ihe murt-
~:.~gur hercundcr: the m~~ri~;.~~~~r e~;ae~ tu p~~ Ihr muriE:~~rr un dcmand .n rr:i.unahk muolhl~ rrnlal tor the prrmi.e.:~n amuunt at ka~t
} ryui~.denl 1~~ unr twrlfth I Ill'I nf Ihe :~~:gre~;rtr of thr Iwrhr m~~nthly m~~~Nmrnh pa~ahk in 1ht Ihrn current ytar plu~ ~ht aclual amuuM u(
i 1hr :mnual t:~lC~. :/~1C~~ffICf1I\. K:IICf f GIIh. :lfllJ Ifl~llidlll'! (1fCfI11UfD\ ~Uf 111CF1 y'l':~r n~N covcrcJ by thc :+(ute~a~J monlhly pay~mcol~. '
3 NI "f hni i.~~ in ~hc e~rm uf any hrca~h u( 1h~~ m~at~::~~;c ut dc(auh un ~hc pnrt u( Iht murl~:aF~~r, ur Ihl in Ihe evtnt Iha1 any u( .aiJ .um~ u(
1 monry here~n re(erreJ t~~ hr nu1 prumptly and (uUy p:uJ N~thuul JrmanJ or nutice. o? Icl in Ihe evrm Ibat rach and every the ~u~+ulation~. .
.~grcemem~. cunJiuua~. :~nJ iuvtnanh uf .a~J nwe .~nJ Ihi~ murl~gc. arc n~~1 duly. prumpll~ . enJ (ull~ pe~f.~rmeJ. ~fieo m ri~her ur any ,uch
~i r.rnt. ~he .~iJ :~Egregatr wm menliunrJ ~n .riJ n.Ht lhen remrining unpaiJ. with ~nlere~l accrueJ ~o th:+l time. and :dl muney~ ~ecureJ hereby. .
~ .h.~ll hec~~me duc ~nJ payahk (orlhw ith. ur thcrr:d~cr . at thc optiun ~atd mortRaget. a~ fully nnJ rnmpk~ely a. ~t all of ~he .aiJ .um. ~+f mun-
~a
~ ry were ~~nginally ~tipulelrJ t~~ he pa~J on .uch dny ..mything ~n ~atJ nule or in 1h~~ mortKaKc l01he cuntrary no1M ~IA.tanJing. ~nJ thercu~xm ~K
~herea(ter. nt the ~~pt~un uf ~a~J mor~?;e~;ee. with~a~t nuhce or demanJ. ~w1 at law or m tyuily. mry he proucultd a+ if all muney, ~erureJ here
~ hy h.af mr~urcd pnur to it~ inwtudun "1 hc murlKr~ecc may (oreclose thi~ motlgaEe. to ~hc amounl w decl:ireJ Jue and payaAk. anJ Ihc ~aiJ " I
~ premiu~ .h~ll he ~~~IJ w.:iti.f} anJ p.~~ the .ame toE;elhcr w~th cu~1~. txpen~e+. and alluwance~ In ca~t o( partial forcduwrc of this murtga~e.
~ ~hc mur~gageJ prcm~.c. ~h.dl hr wW .uhyect w ~he cununu~ng Gtn ut thic m.rr~g~gelur ~he rm~~un~ n( ~he deM no~ ~hen due rnd unp~id In ~uch I
ce~t the pruv~~+vn+ot thi. pdragraph may aKa~n hc :+vailed uf therca(ter trom hme to Nme hy ~he murlgaget.
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