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HomeMy WebLinkAbout0882 ' . 1 - 2. l hal. in urder mure tully to protect tAe +c~u~ity ot IAi~ munFa~e. lhe man~;aEor. I~p:r~her wilA. artJ in:nlJi~iun Iu. lhe munlhly paymen~. wxler ~hc lerm~ uf 1ht nwe aecurcd htreby, w~ ll?e 6nt Jay ~?f e~ch monlh until ~hc ~:~iJ n~~~r i. (uNy p:~id, w iY pa) t~? ~hr murtK:~cr the tulluw - ing ~um~: lal An am~wn~ wlTirieol 1u pruviJe the holJen c~re~~( Mi~h (unJ. lu pay Ihe ne~1 m~.rtga~r imur.~arr pr~mium i( thi, imtrumrn~ :~nd Iha n~Ne ~ecureJ hereby art in.urcd, ar a moMhly clwrgt lin lieu ot a marl~e in.ur.m~~r prrmiuml it ihry arc hekl h~ Ihr kr~e~:~r> uf Houdn~t um1 Urbsn ikvebpment as tolbw~: 111 U~m! ~ lung a~ ~aiJ mNe ot even dute :~nJ thi. in.trumro~ are in.urcJ ur a~r rrimurrJ undcr Ux pruri.ium u( Ihr Pl:~tiuo.J N.w,ing Acl. an amiwnl +ufTicienll~~:~cumulale in Ihe hand. ~?f 1he hulJer une I lt mi+n1A Miu~ 1a i1+Jue Jate tbe annu:J mun• g:~e io.ur:mce prcmium, in ~xder la proviJe .urh huhler with funJ~ a~ ~+a) wch p~rmium la Ihc ticcrct:uy ut H~x~.i~q::mJ UrA:m Ikvelopmrm ~+unwml ~~~Ihe N:~~iuoal H~x~,ing Ac~. a. amrnJtd..~n.l appler:~hk Rc~;ul:~~ium ihcrrunder. ~K 1111 I( and co Mng a~ .aiJ ni~te of even Ja~e anJ Ihi~ in~Iromcnl arc hrlJ h~ ~M ticcrc~arr ~•f H.H~.ing :u~J l~rban I~~elupmrm. maMhly rh:uFt lin licu af ~ mang:?ge imur.mce premiuml w hirh .hatl he in :m :~muunl eyual to une-Iw. U~h 1111'1 u( nn~ •h:d( 111'1 per cr~~um af 1he .+ver.~~.e oul~lanJing h:Jance Jue un ihe n~ae :~~mpuleJ withuul lal.ing intu ariaunt drlinyu.ncir. ur prcpa) menh: Ih1 A.um eyu:~~ to ~he gruund rrol.. i( any, ne~l due. plu. Iht prrmium~ Ih:d aill nc~l herame duc :utiJ p.~~:~hk .~n p.dirir. ot litr anJ ulher h:v:uJ in.ur.~nce cu~erin~ the mung:~~;ed ~~~~t+eny- riu. ~:~~r.:~n.l.~.~e,•menl. ne~t Juc un ~ht mwt~.~ErJ pruprrt~ I:dl r•ti- matcJ by Ihe murlga~;rtl lr•~ :d1.um.:dre:~Jp ~+aiJ Ihrrctur di~iJeJ h~ lhe numher of munlh.lu cl:~p.n c~furc ~~nc munth priur ~a ~hc Ja~e wheo .uch Enx~rxf reot+. premium~. Iatic..:mJ a~~e..mcn~. will herame dchnquam. ,u~h .um~ la f+c hclJ hy murt~.~Err in uu.t ~u pay .aid ~;rau~wl rco~~. premium+. laaec. anJ ~{+ecial a.,e"meni.: anJ ~ 1.1 All p:+ymenl, mrnliuned in Ihe ~wu prrreJi~~; .uh.er~iun. ui thi. para~.r:~ph :~nJ :~II p:~~ m~ n~. t~~ fx maJc unJcr 1hr outr .rrurrJ hr~r- hy ~I?all be addeJ lu~:elhrr anJ the a~tegale amuunt ~Acrrut .hall he ~+aid by Ihe murl~a~eur rarh mun~h in a.ingk p:q ment ~u hr :~p- p1ieJ by the murlg:+gee to the folluwing item~ in the ~xJer .e~ tonA: IU prtmium charge. unJer the cunlract inu~r.~nre wiih the tierretary ~~f H~ui.in~ anJ Urhan Ikvdupmtnl. ar mumhly rh:ugr lin lieu u( mon~age in~urance premiuml, a~ tFie ca~e m:~y he: 1111 gruunJ rent~. ~a~e+, accec.menls, firc. anJ ~?thrr hararJ imur~ner premium.: 1111 intcre.t .x? ~he n~xe ucureJ hereby: anJ 11 V 1 amurtvation of the princip:J ~~t ,aiJ nule. :~ny drfirirncy in Ihe amoun~ ~~t wch a~regate mumhly payment .ha1L imle« maJe g~~x1 hy Ihe mwlgagur priur w ~hr Jur d:ar u~ ~h~ nr~t .urh {r,~yment. comtilutt an eveM af detault urnler Ihi~ mi~rtga~ea 'll~ murtg:?ger may culkct ~"I:+le charge"u~~t w~•~~ ~~~yl k~ur ~ti•nt. ( 1:) f~~~ ~:~~h doll:~r IS11 uf ra~h payment mure ~h:~n fi(tcen l ltl Jay~ in arrear. to caver the e~~ra e~E+eo.e involvrJ ie hanJlin~: Jclinyurnl p:~y~mcnt.. 3. "fhat if the tu1a10( tFx {wymrnt~ maJe hy Iln murtga~;or u~xlrr IM uf para~:r:~ph ' prrcrJin~ .h:J! r~ca~J the amuunl ~~t ihr pa~mrm. actu:Jly maJr hy ~he mur~E:~gec. for gmu~xl ren~c. Ia~e~ and :~,~e.~meM.:~nd imuranrt prrmium.. tlx c:~.e m:~~ ~x. wrn c~rr.. ~r ~h~ lo:~n i~ ~urrent, at the aption of the mor~Ragor. ~;hall, be credi~cd on ~uh~rqu~at payr.~enta to be maJe by lhe mortFaFor, or rclund~d to th~ mortRa~ar. If. howcver, the moathly p-+yments mad~ by ~hr mor~RaRor un3er (e) of paraKr.iph 2 pm~cdinR ~hall no~ hc tiuftici~•nt Io pay Fround renl~, taxeti and a::sesGments and in.urance pr~miuu:c. 1h~ case mev he. ~.h~n the came ~hall 1M~ome du~ and pay- abl~. th~n thc mor~KaXOr shall p.~}• ~o th~ mortRa~;cr any ,~muunt n~cr..ary ~o malc up ch~ d~(icicncy, nn or L~for~ ~h~ ~lato when p.~~m~nt of ~uch ~round rents, taxe+, :?~~cs.mentti, or in~uranre promium. .hall bc du~. I( :~t any timr• thc mortF.~n~~r shall l~nd~r to the morl~;:~gee in accordan~~ a•ith the provisions o( ~h~ nnt~ ~~~ur~d h~r~:by, iull pa~~n~n~ of ~hc• entir~ ind~•b~~dm~~~ n•pn•~~•nt- ed ih~r~bv. the mortRaRe~ chall, in computinK Ihe amount o! ~uch ind~Ltedne~~- cr~dit ~h~ :x•cuuot u( thr mort;:.~~~~r +~ll pa~uu~nt- m.~:le und~r th~ pmvisiuns of (e) o( paragraph 2 hrn•af ~.hic•h th~ ronr~~a~ce hx~ not b~•cosne obligat~•J to p:+y to th~• ti~~~ r~•t:ir~ ot Ilou~inR and l~rb.~n 11~vclnpmcnt and any balanc~r n•tnainin~ in ~h~ (undc ac~umulat~~d undcr thc provision~ o( (b) o( ~aid paraKraph It thcre ~hall be a de(ault under any of !h~ provi~ion~ n( thi5 mort~€~, resulting in a puidic ~al~~ ~~f th~ pr~mi.~•~ cn~•~red hcr~by. or if the n~ortRa~e~e acquirc~~ t6e prop~rt~~ oth~rNis~ after d~(aul~. th~ mortRa~~•r shall appl~•. ~he th~• tim~' o! th~ : nmr,i~ncement of ~uch proceedinKs or at the time the prop~rt}~ iv uth~n.isc ac•yuirPd, tho {~al~nc~ th~n rrmain~nR in th~ (und~ .ic~umulatcd undcr {e) o( paraFraph 2 proccding a. a cr~dit a~ain~t th~ amount of print ipai th~n rcmaininK unp:i:d uud~~r ~:~id nnt~~ .ind ~hall pruperly adjust anp p.~vmcntc Nhich shall havo L~~i•n mad~ unJ~r (e) nf s,~id pG~ra~raph. ~'lh:~l hr will p:~~ :JI t:~~r~. :~.,r.,menh. w:d~r r.~te•- :md uther eu~rrnm~m:d ~~r munirip:+l rh:~rir.. tinr.. ~~r ~mp.~.iscrsi~. f~~r ~+hi:h pr~~- .i.i.~n h:~. na~ t~rrn m.~dr h~rrint+r(~,rr.:mJ inJrf.u~? ~hrrr.~f !h~ m„~ti.~crr n~.~t p:~t 1hr ..~~»~..~~„i ~n.~~ n~•..;ti ~~„~~~r~i. drh~cr thr utl~ii.~l rrrcipt. ~hrrrfur iu ~hr m~:r~~:~g«. 'fhai he w ill ~+errnit. cummit. ur ~ut)cr nu w•:~.~e. impnirmrm. ~,r drtrri~,r,itiun oS ~:~iJ propcrl)' at :~m p:ut th~reuf ::~nd in thr r«~~t thc f:~ilure v~ ~hc monga~ur to keep tF?r huilJing. un ~:~id pnmi,r.:~nJ thu~r t~~ I+e cro~ted un ..~iJ prrm~,e.. ~,c impru~ rmrnt. thrrc~~n. ~n L~w~J rr { pair. the mortE:~ere m:~~ make ~uch repair. a. in it. di.rre~iun it ma~ deem nece.~:,r~ fur ~he piap~r prr•en.diun ~hrre~~[. .m.I ~h~ full .~m~,un~ ~:t I rarh :~n~l r~ rr} .urh p:~y m~nt ~hall ht immrJiatrly duc anJ pat ahlr. and ,hail ix.u~ureJ h~ Itk licn uf Ihi. murt~:aLr ~ "ffi:+t hr will pa~ :~11 and.ingular thr co.1~. ch:~rEr.. anJ e~.:_~~•e.. incluJir~g ria•un:~htr I.~w ~er'. fet.. :m~ ru.t. uf ah.tr:~rt. uf titlr. in- ; currrd ur p:u~l :~t :~n~ time hy the morlEacrr hrcauce ~~f tht L:~lure un the part of thr m~~rl~:+~:~~r promptly :+nJ fulh tu pr:t~~rm ihr :~~rermrnl. ~ ~ .u~d ru~ rnanh ut ~aiJ pr~~mi.,ory nu~e :+nJ thic m~,rlca~•t. .~nJ .:+id r~..t.. th:+rcc~. ,nd c~(+cn.c•.h:dl hr immrJialrt~ duc :~nJ pn~:~hlr . nd .hali he .r. ured h~ ~hr lien of thi. mor~t;:+ge. _ ''1 h:~t hr w il! leep ihe impn.vrmrm. nuw r~i.tin~ ur here.~fter rrectrd on ~he murtg:~eed prupeny inwrc.i m.n tx rryuirrd (n~m ui+~r i~~ umr hy thr mun~:~crc .~g.~in,t lu.. h~ f~rr :~nJ athtr h:,iarJ._ ~,.u:d~it.. :~n~ ~ontine~ncie~ ~n .uch amuum. .~nd f~~r .u:h ~n~til. m.~~ h~• ~ rrquircd h~ mur1E:~~:.~. :~~~t .+~~i promptl~ . whrn Jur. :~m prrmium. un ~uch i~.ur:mrr tar p:~~ mcm ~~f which pru~~.i~~n h.n no~ ?kcn m.idr hrrri~hrfrrr 111 imura~ie •h:dl hr c:~rrird in romp:~nir. ap~ru~rd h} m~~rt~::~~rr . nd Ihc p~,l~.~r~ :~nJ ranrN.~l. thrrru( .h:~ll hr hr!d h~ mur~~.~ ~ ~:rr :~nJ ha~c :in:~~hrJ thrrrt~~ lo„ p:+y:~hlr rlau,r. in (:i~ur uf and in form acccpl;~hlc t~. thc me,rti:~grr. In ~~rn1 af i.~.. hr Nill ci~r immrdLdr nut~cr hy mail to m.,rtg.~gee. :~nJ murt~;atee may make pr.x~f uf li..s if nut maJr promp~l> bp mortl;;~gur. a~d e:rch imuranrr rump:~m run- :crnrJ i. herthy awhuriieJ :~nJ J+r~rtrd tu m.i1;r p:+) mrnt (ur .uch k~.. Jirertly to mort~:agee in.le:~J ~~f to murlg.~gur anJ ninrt~:aLrr j~~intl~ - :mJ thr in.ur:~nce pnKeed.. ~~r am par~ therc~~f. ma~ ?+r appfird M mort~;:~~er a~ it. upiinn rither a, thc reJu~li~m uf thr mJeMrdnr., hrrch~ ~ .r:urcJ ~,r tu thr rc~s~~r:iu~m ~~r rrp:~ir uf the pr~~pert~ ,I:~m.~~rd In r~cnl of fure:lu,ure of thi. murtE.~~r ur ~~thcr tr.~n.(er uf uttc t~, Ihr m„ri- 4~ gaceJ praprs~~ in e~tingui.hmrM ~~f Ihe indrhleJnc..,rcurrd herrh~.:+It ri~:h1. Ihlr. anJ imrrr.l ut thr murt~n~:ur in :~nJ In :,m imuranc~ p+~ ~ :ir. thrn in (arcr ~hall pa.~ 1~~ the put~h:~~cr ~~r Erante~. ~ ,Ner ~~f rminrnt Jum:un. ur :~r uireJ (ur a puhlic u.e. Ihr Jam.~LC.- ~ x. "I ha! if ~hr premi«.. or :~ny ~art thereof. he c~~ndemnrJ unJer am- ~x y pruirtd._ :utid the ~umiJer:Aiun fur ~uch arqui.itiun. tu ~tk c~tent uf It?r (ull :~maunl of inJehleJnr.. u~x~n thi. \lurtgace. :mJ the lutr ~e~urrd ~ hrreh~ rrm:~ining unp:~id. ate hereh} :~..i~neJ hy the ~1ur~~:~~`~~r lu the ~1orlg:~~:~e :~nJ ~h:Jl F*e p:~~d (uttbuilh li~ Iha ~IC1(I~.:ILCI' t•~ :~rr~~<<~ F• ~ n~~n .~:c~K~m ot the indehtr~e+..e~urcJ hereh} . Nhelher due ar n~+t. Ih:~t ~h~ m:~rlg:~~:rc ma~. :+t ,ny ~imc ~nJing:~ ~ui1 u{w~n Ihi~ murl~a}c. apph tu tfic i~rurt h.,~mL ~un.dic~iun ~hrrcuf (~•r thr app~~mt- ~ mrnt a( rrrei~rr. :~nJ .unc ~ourt .h:Jl farthwith apM~int receiver the prrmi.r..~•~errJ hcreh~ all :mJ .in~ul.~r. inrhidin~ .iil :~~~d .ingal.~r ~hr inrume. profit+. i.we.. :~nJ revrnue. fr~~m whatever .ourr~ derivrJ. e:~ch :~nJ r~tn af uhich. i1 F+rin~: e~pre..h unJrr~t~wKl. hrr~h~ murt~:~~rd if ~pecifically ~el torih :~nd:Je.criheJ in Ihe Er.mling :md h:~hrnJum rl:~u.e~ hrreof. :~nJ .uch rrre~~er .h:~il h.~.r .Jt thr hru:~d :mJ ellrctive (unrtione anJ powrr. in an~wi~e rntru~led hy a ruur~ w a rerei~er. anJ ~uch appointmrn~ ~h.dl t+e m:~Je h~ .unc ~uurt a..~n :~Jmiurd %v eyui~y anJ a m:~tter uf ahwlute riFht to .:~~d mortgagee. and wilhuut referenre t~~ Ihe :~Jcyu:~~c ~~r in:~dcyue. ) of thr ~aluc ~~f thr ~~„~«~y m„~~- ~ s= ~.iiiJ ~~r 1~~ ~he .ulvtnc~ ~~r ~mohrncy .:~iJ murl~a~:ur ar ~In Jrfrnd.~nt._ :ind th:d .u~h rent.. prulil.. incomc. i.,ur~. .~nd nr~ rnuc• - K~"~ :~pplied hy wch receiver arcurJin~: tu the lien of Ihi. murtgaFe :~nJ the practice ut .uch c~,ur~. In ~tu rvcm ~~f :my JrL~all un ~he p:~rt uf tF?e mur~- ~:~~:or hereunJer. 1he martga~;or agr~e~ to pay to ~he murtFagee ~~n demand rea.~~n:~bk munthh rcnt:d (ur thc prcmi.e~ :m :~m~~un~ ai k:~.l ~w Pyui~:dcnt to une-Iwel(Ih 111131 „f the ~~rcgate ot Ihc ~Mrlve monthly im~:dlmrntc payahk in Ihe Ihrn currcnt ycar plu. thr :i.~ual amuunt uf ~ thr annual t:~~e.. r~~c.tmenl.. Na~er r.de.. anJ imurance premium. (ur cu~h yr:~r n+~t covcred bt ~ht:+furc~:~iJ mnnlhly paym~nt~. lO. 'That lai in ~hc event of any brcach ~?f thic mortgage ~x Jef:wlt ~~n ~he parl • f ~hr mar~~.aEur_ ~x 1 h1 in thc event Ihat an~ a! ..~iS .um. uf ~ munr~ herein referred ta hr n~H prump~ly ;~nJ iuliy paid wilh~wt ~irmanJ ur ouu, r. ~~r Ic? in Ihe event thal earh .mJ e~cry thr .~i~u~Liti.~n.. a~rermen~e. condi~ii~m. anJ covenants o( .:~iJ note and ihi. mangaga are nd July. prump~h . anJ fully pet(ormeJ: Ihen in rilher ar :~ny .uch e~ent. the u~iJ aEE:regate wm mentiuned in.:+iJ note then rembining unp+iJ_ with intert~t accrutd ti. Ih:~t ~imr_ anJ all manry. ~erurrJ herehy. ~ .h:dl he~ume Juc :+nJ payabk (onhwi~h. or therea(ter. at the op~ion of said murtg:~gct. a~ fully and rumpletrl~ a, if all ~+t ~he +:~iJ .um. uf mun- ey were originally ~IipulateJ to Fx paid nn tiuch Jay. :+nylhing in uiJ neNC or in thi~ m~irtE;:~ge ta IFx contrary mwwilh.i:mJing: anJ ~hereu~x?n ur ~ ~ ~ therea(ter. a~ ~he op~ion o( ~-rid mar~~gee. witMwt rxHice or JemanJ. wit at law or ~n eyuity. may t+e prineco~eJ a. i! all muney. ~c.ored here- by haJ matured priix to it~ in.titwK~n. TTx mortgagce may turecbst Ihis mortgaFe. as to ~he am.?un1 so dnlareJ Jue arn1 p:~Yahk• anJ ~he ~uJ ~ ~ premiu< <hall lx ~W ~o +~~i+(y ~nd pay ~he sawic Io~e}~et wi~h cv~ts. eipenus. anJ alluw:mre.. In c:~~e of ~+ani•rl f.xecM?wre ot ~hi> m.x~~::~~:t. r:< Ihe mortgaged premise~ ~ha~l tx u~W .ubjec~ w ibeeauirwing lien of this mo-t~uc fur tlx :~m~+um Itx deM n.N tlxn due:mJ ~inpa+d. In wch caet the provision~ o( thi~ paragraph may •rgain hc av:~ikd ot thercafler from ~ime to lime by tht mong:~Fee. " ~ 3lfl ~a~. ' 882 - - ~ w=: . J ~ ~ ~