HomeMy WebLinkAbout0582 2 Th:~i. ~n urder mure (ully to p~u~ect 1Ae ~ecun~y ul Ihi~ mur~g:~t. 1he mu~tYa~ur. ~ogetAer witA. ~nJ iu ~SJiu~m ~a. Ihr mumhl~ p~~ mrnt~
unJer the terms ut Iht nwe ~t~urrd hereby. ~M iFK fir~1 day uf eacA monlh unlil Ihe ca~J nwe i~ fully paid. will pay lu Ihe murig•r~ee ~he (oUuw-
~ng ~ums:
Ia1 An amuuol .ulficrcnl la pr~w~Je Ihe AuWer Ar~F~Nwhhfu~ lj~wyM~t~ murlgage imu~a~.e prermum i( Ihi~ in.lrumcm and Ihe
nWt secuted Rrreby are inwtcJ. ur a mun~hlv~chary~e lin-l~eu ot a m ~n~urance premiuml if Ihey are helJ hy tht ticcre~ary u(
Ilcw~ing and Urt+an ikvebpment ac folluw~:
111 It and w ti~ng es saiJ niNt ot even dble and lhia in~lrument are inwrcd or ~re remwrcd umler tAe pra~~~iom of Ihe Natiunal
Nuu+~ng Acl. an am~wnt wlfic~ent to ac~umulale ~o IAe heoJ~ uf Ibt hoWer unt 111 month priur 1u ~1~ Jue Jate Ihe annwl murl-
ga~e iowr•rnce premium, in order 1u pruviJe tuch hoWcr with fwxlc to pay tuch prcmium ~a ~he Secreluy u( Houung .nd
Urbao [kvelopmenl punuan~ ~i~ the Naliuo•rl H~waing Arl, es ~menJed. anJ applicabk ReQuleUom thereunJe~: ot
1111 If anJ w bng a> >aiJ owt of even datt and thi~ imlrumenl a~e heW by the Stcrctary uf H~w+ing and Urban ikvelopmenl. .
m~~nlAly cAatge lin iitu uf a mur~gagt inwrance premiuml whicR ~hall he in an amoum t~ual lo unt-lwtlhh 11l121 ot une-half
11/'1 per cert~l~,Cvtrage ixit.~anJing lalance due i~o 1he note compWed wiih~wt ~aking in~u acc~wn~ delinque~ciec o~
prepaymeni~: " `
IA1 A sum equal lu Iht grounJ tents, it any, nexl due. pluc Ihe premium~ thal will nexl becomt Jue and peyabk on policie~ of firt rnd
u~he~ harard inwranre cuvering ~he murl~ageJ pru{+erty. plu. ~au+ and a~.c+~menh ne~1 Jue un ~ht murtgagrd pruputy Ia~l a. e.~~-
ma~eJ hy ~he mungagcel kc+ all wm. alreaJy ~wid ~heref~y JividrJ by ~he numhcr ut month~ ~o elap~e I+e(urc une month pnor w ihe
date when wth gruunJ rtm~. prcmiumti, ta~e~. anJ a~u..mrnt~ wil~ t+ccome JelinqucM. wch wmc t~~ t+e helJ Ap maig:~gtt in ~ru~t
to pay ~aid grour?d rent~. premium~. ta~es. -rnJ ~{+ecial a~~e~~me~1a: anJ
Icl All paymem~ mt~~ionnl in Ihe Iw~ prtreding wbceclion~ of Ihi~ patag~apA anJ afl p•rymentc Io he maJe unJrr Ihe nutr ~rcurrJ hcrc-
hy chall hc aJJeJ t~qtr~her and ~ht a~eregale amuun111xreo( .hall he paiJ hy Ihe murt~gor ea: h mumh ~n a.ingk p~y mrnt lu hc ap-
p1ieJ by Ihe murl~wgee Io Iht tollowing i1em. in the order ~el torlh:
111 premium charge~ urn1e~ 1hc conlta~t u( in~ur•rnce with the tiecre~ary ot Hixning and Urhao Ik~velopmtnt, or mumhly charge
lin lieu o( mort~tt inwtance premiuml. a~ Ihc cau may he:
1111 graunJ rentc. tau~. acce+~meotc. fire. arxl other ha~ard in~uranct premium~:
1111 intrrt~t on 1he n~~1t cecurtd hereby: anJ
IIV1 ami?rti~atiun of the priMi~+al ut ~aiJ nole
.1ny Jtficiency in Ihe amounl ot .urA a~regate munthly paymrnt ~hall. unk~~ maJe K~Kn1 h~ Ihe mnrtgagi?r priur to Ihe Jue dau o( the ne~1
wch pa> ment. cumtitiue :+n rvent ~d Je(aull unJer Ihi~ morl~gt "fhe murtgagte may collecl a"latt rlwrgt~~no1 to rx~•~nl bur ~rnt~ (4t1 fur
each Jollar IS11 of rach paymenl m~~re than fif~ern I Itl day. in :utear.lo cuver Ihe e~tra e~pence imalveJ in hand~inK Je6nguenl ~+aymemc.
"That if 1ht t~~tal a( Ihr pa~mtnl, m~Je by the mortg:~gor under IM o( paragraph ~ prerrJinF ~hall euteJ Ihe amuunt at Ihe paymenl~
:K~u;illy maJe hy ~he m~~n~;aFer. fur ~round rrnt. ia~r. anJ ~..e.,ment..~nd mwrancr pr~mium.. a~ thr c:~~e may hr. .urh eur.. it the loaa is
~utren~. :~t th~ op~inn o( the mortRa}~or, ~hall, be crcdited ~+n suAs~qu~nt pa?~m~nts to be mad~ by the mnrtgagor, or refunded to thr
mortgagor. If, how~ver, thc moothly paym~nts m:~de bv ih~ mortRa~or under (b) oi paregraph 2 pre~eding shal) not be su(firieot to
pay Rround rrnts, ta~~. and a..~~.m~•ntx and insur.~oc~ premium., a. thr case may b~, xhco thr same ~hal~ b~eome do~ and pay-
abl~, th~n the mor~Ka¢or .h~ll p.~v to th~~ mortKaRr~ an~• amounl n~ce~-ary to mak~ up the d~(ici~ncy, on or be(orP ~hP dat~ when
paym~•nt ol +uch Rround rPn~s, lax~•~, a+s~•s.mi•nts, or in.utan~-~ ptrmiums whaU b~~ du~. II at any tim~ the mortKaR~r shall t~ndrr
to the mortKaK~e in ac~~ordan~v Mi~h the pr~~vi~iunx u( th~ note .~~•urcd h~mby. [ull paymrnt u( ~he cntire inJebtedn~s~ represent-
Pd th~reby, th~ mnrtRaRc~ shall, in ~ omputinK thc umuunt o( .uch indrb~ednesv. crPdit to ~he account o( the morlKagot all pa~~nent.
mad~ umiFr th~ pr~visiun+ of o( paraRraph 2 hrrco( Nhich ~h~ mortRaK~P h.~s not L~comc obliqatcd to pay to th~ ti~~~ r~tary of
Ilou.inR and 1}rban.l)i•velupm~nt and any bal:mi•~ r~maininK in ih~ (und. a~•~umulat~•d unJ~r the provision. o( (6~ u( .aid
paraRtaph 2. If thrrc .hall bc- a~Icfault und~•r anv u( thr pro~ i.ion. n( Ihi. murtKaRr, resultin~t in puLlic ~alc o1 th~ pr~miscs
cov~rcd h~r~Ly, ~~r i( th~ mottKaR~~t~ ai•quin•~ the prop~rty o~h~rMi~r ah~r d~fauU. th~ mnrlRaR~•~ shall apply, the th~ tim~ ot the
~•omm~norment n( .uch prc,c~rdinR~ or at the lim~ th~ property i~ uth~•n~ i.~• acyuirFd, th~ halanc~ then r~rnaininR in ~he (unds .
accumulatPd under {e) o( paraKraph 2 pr~c~ding as a cr~Jit aRaintil thr am~,unt o( prinripal th~~n rcmaioing unpaid unJ~r .aid not~
and tihall prnprrly adju.l any p.~ymcntti whirh shall hav~ Gr~n madc unJrr nLsaid paraeraph.
J I h:~t hr will pa~ al! I.~~r.. a.~e~~mrm.. wattr r:~~e.. :mJ uther ~;u~rromrntal or muniiip:J cb:ugt.. nnc._ or imM~.itium. fnr xhrch pru-
~~.iun h.~, nut hrrn m.~Jr harr~nF+cforc. .~nJ ~n drfeull thrrrof tht mur~~:a4rr ma~ p.n thr ..,mr.:~nJ Ihal hc wdl pr.~mplly Jrh~rt Ihr uBicial
rrcript. Ihrrrfur 1u Ihr murt~;~Frr
S Ih:~l hr will ~ximit. iummil. ur ,udrr nu w,.Ir. imp:~~rmrm. u~ Jrlrnur.~tiun o(,.ud pruprrty ur anr patt thtrru(: anJ in ~hr e~rnt ~.f ihr
f:~i~urr u/ Ihr mun~;:~~:ur tu krrp thr huildin~:. un ..uJ prrmi.r. .~nJ thu,r tu Fx errrtrd un ..~id premi.r.. or ~mpr.~vrmrnt. ihrrrun. in ~~r~J rr-
pe~r. Ihr murtg:~~:tr m.~~ maAr w~h rrpa~n :i, ~n it~ di.~rrUun ~t m.~~ il.rm nerr.+:~rY (ar Ihe pru~+er prr~r~~.wun thcrrn(. .~nJ the tull :~muu~1 u(
raih :mJ r~e~y wch pa~mrnl ~h:Jl hr ~mmeJ~.~trl~ Jur .~nJ p.~~.~Mr. .~nd .hnll (.e ~rcurrJ h~ ~he hro u( thi~ mun~:aEr
h l h:~t hr w~U pay all :~nJ .in~ular Ihr ia~t~. ch:u~.r.. anJ c~prmr.. ~nrlud~n~, rra~onahk lawycr'. fte~. .mJ cu~h o( ah.tr:~cl. of Ullr. m-
.urred ur pa~J :~1 :~ny timr M ~he murlEa~:rr hrrau.r u( tfx Lulurr .~n Ihe pert ~~t Ihe mortg:~~;ur prumptl~ anJ fulh to pcrti~rm the aErrrmrnl.
.~nJ cu~e~an~. of ~aiJ prum~~~~.r~ n~Nr :mJ th~~ murt~.~~r. :~nJ .:uJ..~.t~. ch:~r~:r.. anJ r.~+rn.r..h:dl hr immrJ~atrl~ Jur anJ pa~ahlr a~J ~h~ll
Ix .ecurrd hy Ihr i~ro 1i~~. mun~;ngr
- ih.N hr w~ll Arrp thr unpra~emrnt. nuw ~~i.tm~ ~,r harr.~llrr iraclyd un ~hr mur1~:.~~:cJ pruprrt~ imurrJ ma~ hr reyuur6 frum t~mr
lu t~me M th~ mutt~.i~:rc e~:.umt lu.~ hy tirc .:nJ othrr h:v.~rJ.. r:~.u.Jur.. .inJ iunungrni~r~ ~n wch amuunl.:~nJ (~x .uch prriuJ~ may hr '
rryu~red hy murl~:~grr. enJ wdl p;~~ ptumpll~ . whrn dur. .eny prem~um. un .uch imur.~n~r (~x p:~~mrnt o( Nh~rh pru~~.mo hn. ~u~ hrrn m.~Jr
' hrrr~nt+r(urc All inwr:mrr,hall br iarried in cump:~mr..~ppru~rJ h~ mur~E.~Err .~nJ Ihr M~licir~ :~nJ rrncw:~l, ~hrrro( ~h.dl hr hrlJ b~ mun~.~-
i
~ ~;rr .~nJ havr an.~rhrJ thrrrto I~... p:~y:~hk ileu.r. m G~c.~r u( anJ m furm .~rrept:~hlr Iu ~hr mortgagee In rvenl uf lu~. hr will ~~vr ~mmrJi:~tr
i nuUCC hy mail murtg.~~;er. anJ murt~;a~;er m:~~ ma?r pruu( uf Iu~~ nut maJr promptly hy mortg.~go~. and earh inwranre companp con-
! irrnrd hrreh~ au~hunirJ .~~J J~rcctrJ ~u meAr pacmrnt for ~urh H~~. dirrctl~ u~ murt~;a~:ee imteaJ uf li~ murtg:~gur anJ m~~rtgagre ~wntly.
~ .~nJ tAr ~murancr pnKrrJ._ ui :~n~ p.~r1 thrrru(. m.~} h.~pptirJ h~ murl~:~gre .d ~h upliun rilher tu tht rcduct~~rn af Ihe indehtrJne.~ hrrehy
.rrurrJ nr ta Ihr rr.tur.~uun ur rcpeir ut Ihr pmprrl} J.~megrJ. (n r~rnt u( turecl~~.urr o( Ihi. mortgage ur o~her tr.m~trr n( ~iUr ti~ Ihr morl-
~ g.+grJ pruprrty m r~dngw.hmcnl uI ~hr ~nJrh~cJnr...rrurrJ hrrrh~. ell r~~:ht. tdlr. .~nd mtrrr.~ u( Ihr m~~rlg:~~or ~n anJ lu.~m imurancr M~li-
f c~e~ Ihen ~n (urce .h~ll pn.. ~u the purcha.er ur gnn~rr.
6 1t Ih:~t if Ihr prrmi.e.. ~~r .~ny p.~n ~hcrru( hr.~~nJrmnrJ unJrr .~n~ M~Mtr ut em~ncm Jum.un. ur :~:yuu~d fur publir u.r. thr Jam;~gt~.
5 pru~crJ~. anJ thr cumiJcra~wn f~ri ,~~~h .~cyui.ih~~n. t~. thr r~lent ~~t ~hc full :~m~~un1 i~f mdrMrdnt.~ u~m th~~ \lurtga~:a .:inJ Ihr 'vutr .r. ureJ
~ hrrchy rrmainm~: unpaiJ. :ue hereh} :~.~i~nrP ub Ihr \1urt~a~:~~r lu thr ~1ur~~:~gre .~nJ .h:dl he p.~~J (orthwi~h a~ ihe ~tun~;rgte ti~ hc:~pplirJ hy
~ un :ecc.~um uf tht ~ndrh~ene.. ~erureJ hereh~. whethet Jur or n~a ~
`i lha~ Ihe mur~~::~grc ma~ n1 en~ Umc prnihn~ wil uMm th~. murt~a~;e_ applp t~~ Ihc cuuri ha~mg ~uri.Jiruon thrrru( fur thr :~ppum~-
~ mrn~ ~~t recriter. :mJ .uih c~~url .h.~ll (~~iihw ith e rrcri~rr uf ~he prrm~.r. cu.rreJ hrreM .~II enJ .in~;uLu. incluJing :dl .ind ~in~:uler
~ the incumr prutit~ ~..ur.. .~nJ rr~rnur. fn,m Nh:de~rr .uurre Jrn~rJ. e:~ch :~~d r~rry uf NhKh. it F+rin~ r~prr..h unJrr.t~wx1 i. hrreh~
~ mur~~;.~~:rd d.peciticelly .et furth anJ Jr~rnhrJ in thr ~r:intm~: ,nJ hahrndum ~I:w.r~ hrrrut. anJ .uch recri~er .h.~ll ha~r .~II the hro:~J anJ
~ rllecl~ve (urKtium :~nd M~wen ~n :m~w ~.c rntru,trd h~ e.uun tu n rcrri~rr. :~nJ wrh appuimmcnt +h:Jl hr maJr M.urh i~~un n, an admhlcJ
; tyuily and maRer o( .~Mulu~e n~;ht 1~~ .:~iJ murt~:a~;er. aad w ilhuul re(rrrnrt tu Ihe .~Jeyua: ~ ur inadryu:ri~ ~~f 1he c:duc uf the pmperty mutt-
~ ~:.~EcJ ur 1~~ ~hr ~.d~r~.> ur ~m~~l~rnc) ..ud m~~rt~;:~~:ur ur tha Jc(rnJ.~nt.. :mJ th.a .uch rcnt.. pruht.. mcumr. ~..uc.. :md rccrnur..hall f+c
epplieJ hy .uch rcce~~er c~~rdin~ tu tbe lien ui 1h~. murtE.~~.e nnJ ~he prachcr uf .uch ruurt In thr evem o( any Jef:~ult un the p-rr1 0( 1he m~~rt-
; ~:.~~:ur hereunJer. ~he murt~;n~~~r ag~re. to pry lu ihe mur1~;~~;rr un Jrmand a..~ re:~~un:~hk monthly renlal (or Ihr premi+c.:m amuunt al ka~l
cyui~.den~ t~~ une-Iwrl(th ! I!I'1 Ihe sutrcga~e ~~f ~hr twrhr mumhly im~allme~t. payahk m ~he Ihen currrn~ ~e:~r plu+ ibe arlual amoun~ ut
thr .~nnua! lau~. a~~t~.mrn1~. watrr r:ite~. and in.ur,~nct prrmium~ (ur wch yr.~r au1 cuvered by Ihe afure~aid munlhly pa~menh.
E III '(hal ~al m thc c~ rm o( any hrrarh u( Ihi~ murt~:age i~r Jtfauh on tht p:+r1 0( thc murt~:agur. or 1 hl in Ihc t~cnt Ihat :my u( ~aiJ ~um~ n(
m~~ney hrrcin rcferred Io Fx nu1 prumpth .md tull~ pniJ w~thuul Jem~nJ ur notice. or Icl in Ihe evrnt Ihat cach and e~cry 1he ~hpulaliun~.
.~greemrnt~. conJitu~m. and.o~enanl. o( ~.iiJ n~.lc anJ th~. mortgaRe. rre nut Jul~. prumptiy. and (ully ~+erfurmrd: Ihen in rithrr ~a any ~uch
~ r~rnt. ihe ~:~iJ :~E;~;regalr wm meMion~J ~n e~id nule thtn remaining unpaiJ. with inlerest accrueJ 1~~ that time. anJ :JI moneyti ~ecured herehy.
~ ~hall hecomc dur nnd p:~yc~hk fu[thwuh. ~K Ihtrca(ter. .d th~ option of said murtgeget. ac (ully anJ cumpletely a~ if all of thc ~aiJ ~um~ of mun-
~ cy werc nngm:dly tilipulnled 1„ Fx paiJ on ~uch Jry .:,rythin~; in wiJ nolt ~?r in thi~ murlR:~ge lo Iht contrar}• nolw ilh+tanding: and thcrcu{x+n ~x
~ iAcreaher. at Ihc ~~pliun ~rf ~aiJ mung:+~,te. witMwl nu~ice or Jemand. +uit a~ !aw or ~n equity. may lx prosecuted a. i( all monty< <ecu~cJ hcre-
~ hy haJ me~ured pnur lu ~Iti imthulion "I he mort~gee may foreck»e thia morlp,age. a~ to Iht amount K? declareJ Jut -rnJ payabk. anJ Ihe wid
~ premi~t~ ~hall he wld Ia ~:~titifY and p:~y ihe ~ame toE:e~her with cu.t~. e~peme~. anJ aUowance~- In ca~e ut par~ial torcclowrt of Ihi. mortgage.
, thc mor~~tagcd premi.c. ~hall hc wW .uhjcc~ a~ thc condnuing lien ot ~hiti mongagelur ihe amaunt Ihe dcbt rwH ihen due and unpaid. lo wch
cast Ibe pro~~~ion~ of th~~ paragrapb may aRain hc a~:+ilrJ ut Ihcreafler (rom lime to iimc by ihe mortgagtc.
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