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HomeMy WebLinkAbout22793. 7 hal. in ixJe~ more tuUy h~ protect the ~ecuriiy at Ihia me-r~F:ege. ~he m~~t~~:y~~r. n~Hl+er ~. ith. ~nd in Kdditwxs to. the ~+xmtAl~ p;,3 e~c:.i. unJer ~hc termc af ~he n~te securcJ he~ehy, on ~he first day ~d e:kh mumh un~il ~he .aiJ m~ie i. tupy ~+aid. will ~~ k~ ~he m~,ng.,~rc ~1~c fo1k.. in~ ~um~: lal An:un~wm sull'icitnl to p~uviJc ~hc M.We~ herea/ wi~h funJ. ~~. ~-.~~• the ne~t mon~:~~c rn.ur.,na•e prrm~um ii thi. enarumcnt .nd ~i~c n~Nt ~urtti) Aettby ate inwreJ. or s d~onlAly ch:~r~tt Iin litu of a mcKlp.a~e i~.uranct premiuml ~t ~hc~ are hcW h~ ~he ~erreta~~ ..t Ha~vng ~nJ Utban Uevebpmem as /albws: 111 If and .i~ k-ng :~~ .aiJ nnle uf eveo Ja~e and ~Ai. imlrumen~ are in.urcd .x :~rr rc~n.uraJ un~kr tMc Ma•~ ~v~.~...f ~Ac '~.,~~.r+.t Hc~u~ing Acl. ~n amuuM iufficient to accumulatc ~r+ 1Ae Ruxl. ~~f ~hc M-lAer o»c 111 m.-mA ~+rKr ~o ~t. due d.~c ~Ac ~ m.y~ i;:qce imurance premium. io ~xder li~ pru~ide wcA huWer wilh (und. ~a ~~ wcA ~-rcmwm Iu Ihc Sc.rclar~ at 1i.~uvq~ .~n.1 Url-an (kvrli-pmcnt purw:mt li-Ihe Natiunul H~x~~in~ Ac1. a. amrodcJ. .~nd .~pp6c:~hk Rcgulr~Nr~. ~hc-run.k~. ~w IIU If anJ ca k~nF a~ ~aiJ n~Ne of even J:ar and ~hi. inurument are heiJ h~ ~ha ~crretan ~~f H~wvr~,~nJ l rh.+n l~r~ck.~+mcn~ a m~-nthly ch:uFt lin lieu i>t :~ mortF:~ge imur:~nce premiuml whKh .hall M in .m amuunl equ..l t.~ one-1wcHth 11'1`-.•I unc twti 111?I pcr crnlum i~( 1he :~vera~e uu~.~:~nJin~ h~L•mre Jue .•n the notr ~.•mpulyd M tl11~Yd l~1.IrtF ~M~~ :.:..~uni .k1~~,rn.x-• .n , prCp:~ymen~,; Ihf A.um ryual 1u Ihe gruunJ ttnt~. it :~ny, nr~~ Jue, plu. Ihe p-emium~ ~h:~t w~!! nc~~ l+tivme due .,n.f p.~i..hk .~n ~.t:.K. ..f Urr -~nd .Nhtr ha~ard imur.~ncr ro~erin~ ~he m~~rt~;agtal pro~+t~t~. plu~ C~~e+:md .+..r..mrnt. ne~t duc oo ~hr m.~it~.~~rd pi.Mcn~ ~.~:1 ~, c•i~ ma1tJ by Ihc m~xlga~;ee~ k~.:~ll .um. alrtaJ) ~+.~iJ Ihrretut di~iJeJ h~ Ihr numhi~ uf m..n~A.1u elap.n c~lnrc .mc m..nih pr~~.r ~.. ~fK da~e when wch ~ruunJ renh. premiuma. ta~e~. and a..e..men~. w ~tl l+e:ome Jel~nquenl. .u~h .um. ~r !-c hc1,1 h~ rrtimF~eec ~n ~r,~.t 1u pay v~iJ ~uwtx! rentc. Memiumw Iatt~. anJ lpeci:J a~.t..ment.: anJ Ir 1 All p:~ymrnl. menliuneJ in Ihe Iwo preceJin~, .uh.erlium ~d ~hi, pata~:raph .~nd .dl p.~~ mrn1. ~.~ h m~Jr un.f~r tfir n,.tc .c. uicd fic~c h~ .tw{i t-r .N1scd tc~ether arut the :-~;rc~;xte amount therta! >ha!! he rai.l h~ ~h~ m.,~~~•_.s~.~r e:~. h m.~nth m:~ .~n~k ~+.r. mcm ~~. h~ .~r p1ieJ hy the many,:~ee ta ~he (olluwing item~ in the wJer .et ionA: ~1! premium charge~ unJer 1he a~ntracl ~.f invuance with ~he tierret:~n ~•t H~K~.~nF an.i l'rtvo (k.rk~pmem c•r m,.n~hh ch.~rrc lio liru ot mwlgage inwrmce premiuml. a.1he ca.e may he: 1111 gruunJ rentc. ta~ec. a..e~.meot~. fire, anJ ~Hhrr h:vard ~n.urance premiam.. tlll intcrc.t cx~ the nwe ~ureJ he~chy: anJ , 1) V 1 amurli~e~iun of Ihe principal nt caid niwe. Any Jeficiency in ~he amuunt ut wch a~regate munlhl~ p:~y mtn~ .hall. unk~+ m:~~t ~~IMI I~)' II1t f11of1F:~MN ~N~~~T tu II1t ~U[ a~alf ~~~ tIK M~1 .uch ~-ayment. comtitu~e an evenl ~~( Jefault urnier Ihi~ meing;~~e. 77~e mor~~:aFee m:n r~dkct a"latc : h:erec"r,oa r, .~a~.•,.i -~u, ., .~~ _ t;; . i.,, r:~ch JuIL•~r ISI! uf racA ~ymeM more than fif~tro USI Jay~ in •rrrean ~o ~uver ~he e~~ra e~pen.e m~i.IfcJ io MnJline akhnquent ~,~ rr-cni. ?. Thal if tMe t~Nal of 1he ~+ayment. made by 11-~ murly,:~For unJcr Ih- uf ~~retr.~ph ' pre:edin~ .hall r~rrad thc .~m..un1 ..f thr p:~ r.~cnt• :ktually maJe hy the m~~r~Z;agre_.fur gr.wnJ renl~, la~e~ anJ :~..r~.meM~ :+nJ in.urar-rt prrm:um.. a. ~he ca.e m~~ hc .unc ~~ec~~ if th~ lo.~a :. ~urrent, at th~ option of the rn~rtqa~or, shall. be credit~d ort vuhc~qe~~n1 pa~m~al~ to b~ madc ~N' ib~' tbMt~rFM. tu MfuLdr~ io ie~ mo-tgagor. jf, howov~r, th~ ~aoathly payments mad~ by th~ mor~RaRor uad~r {e) ai pararerapb 2 p-r~cding .ball eo~ t.r ~oificicnt t~ pay Rround rent~, la~c. aad asrecsm~ntc and in~uranc~ prea~iums, a. ~h~ ease mav bt~. a6~A lh~ ~am~ ~ha11 M~~ ~.r.M do~ nnd p:.- a61~. ~h~n the niortRa~or shal) p.+y to thc moriga~cc any :~muunt n~ci~~~an ~o mal~ up tb~ dPfirice~s•, na w#.r(or~~ th~ dat~ .hrn pa~nrent o( ~uch ~r~.+ind rentc, ta~e+, a~vP5tiplCAl~, O7 ID~U7dAf'C AfP1~11Uh1~ ~h~ll h~ uu~. I( a~ rn~ tim~ thc mort~a_or .hall !~~x :~r to the mort~;akee in accordance N~ith ~he proei.ionc ol th~ aote ~~cnm~l h~rrhy~ fuU pay~ent o( ~6e entir' inl~t~•-- r. ~~r~ ~~-- ~~1 th~r~hv, the suort~aRP~ shall, in ~•c~mputiaR the amount o/ .uch indrhtedne~.. ~r~dit tu thr aet.wnt o( ihe pw:t_.~~ot ai2 f..:.:::. ~t- made und~r ih~ pmvisinnc of (a) of parapraph 'I. her~of ~.hi~h the mnrtra,~e h.+~ not 'u~c~~me ob~igat~d to p.ij ti, tnr ti.•.;~trr~ ,r Il~~u.ine and 1 rl,an !)rv~lop~n~nt and any bal~r.~~~ r~maininR in th~ fund. ac~umulalyd a~d~r th~ provi~iae. oi ~t,~ _,1 ~aia p.~ra;:raph '?. I( th~re .hall be a def:~ult under any o( th~ pro~ i~ion~ nf thi~ mc~rtga~~, resd~ing in a pu-1ic .ak~ o! t!K peArSseK cocrrcd h~rcb~•, or if the mortRaRr~ acquim. thc pro~rt~~ oth~rwi.~ aL•rr d~fault, ;R~ mortga~o~ ~1~] ~,Pj~-, ~~~ i;~,. oi~. : omm~•n~em~n~ of ~ui-h proce~dinqs or at the tim~ th~ proprrev i. othrrui.~ :~~quit~d, thr l~alancr th~n r~maia~nr iA sh~ fun i• .+~~umulated und~r (b) o( paragraph 2 preceding as a cr~dit ~~tainct the amount o( priq~ ipai th~•a rea~ainiac .:npaid au~Jc~r ~.: i nctr .md ~hall propcrly aJjuct ae~ p:~ymcnts xhich shall ha..~ 1,~•~•n made undcr {~) ~f said para_raph. 3. 'lhat ht ~ill pa~ all ta~r~. :~.~c.~mrnh, w;der rale•. anJ ~~ther ~:u~ernmtn~.~l..r mum:~p,~i:h.act.. hnc.. ,•t ~rrp,.,z;N~r. t..rMh~tr pn•- ~~.~~,eT ha. nut hrn m:eJe herrinlti•t~~rr. .end in daL~~dt therr~•f ~hr muitc.rcrr r.~.i- ~.,~ tbr •.~mr .~nd ~h.a h. ~. ~II p~,~n~p;h ~,,nc~ :r~c .,. , c.,; ~ririp~. ~hrtrfuc w tF-r mung:~grr ~ th:~1 hr will ptrmil, commit. i~r :utltr nu w:~.Ir. imp.~irrtec~t. ur drtrriar.~t~nn .,f ~.:id riu{+rrn .•r .m~ ~.~n shrce„f .~n.t ~n ttk• .. eni ..! ihe f:uiura u( Ih~ murtgag.,r tukrrp Ihr huilJing. un ,.~id prcmi.r..~nJ th.~.r ta hr rrc~tr~t ~~n ..:~J prrmc~:•. .~r rmp~utrn~~ rrs, ;tkri.~r +~, iroRr1 tc ~:~ir. tht mort~:~grr m:y ma{.e ~u~h rtp:~in r+ in it. Ji~ctruan il m:~~ J«m nc.r...,n tar thc ~ruprr pic.cn.a~an thrca.•: ..n: :h~ ; ut! .~...,,:.c; .,! aa: h.~nd a~cn .uch p:~~ mrnt .h:Jl t+c immedi:dela Jut :mJ p.i~:~hk. .~~iJ ,h.J~ he ,c:urc.t h~ thr hrn .•t ih~~ n•,•rt;:.:_r h. 'fhat hc will pa~ all eoJ ~ingul.~r thr cu~t~. ~harcr._ :mJ r~prn.c~. ~n:hidln~ rc.~•~~n.~hk I.,w ~cr'. fer~. .~nd..~~t. .;..t~.tf.~.r~ ,~f t~t1c er .urr~J ur paiJ .~t any ume ht thr murtgagee hc~au.c af thr lailurc ~m ti-r p:~rl.uf thc n=...:li.sc.s rn.mp~h .,rd f u{h t~. ~ r1,•rm tAi• .~i~rc rr« n2• .md.~~~cn.~m. uf .:iiJ promi..or} mac anJ Ifii~ m~~r1~;:~~:e..~nA ~:~id ~o.t.. rh.ucc. .~nd r~~•n.c. .h.~tl hc ~m;uad~.ach Jur .,n.! p.,~.~rk .,~.; .F~;~ hr .r.ured b~ tlx I~rn ~i( thi. murtgage. ''Ib.u hr wdl le~pthe impro~emtnt. n.:w t~~,lini~~r hrrr.d~rr rrrilyd~m thr m.~rti.~ird pr.•~+rrt~ ut.urr.i.~, m.~~ t< rc4u+=r.i tr..^; ti~n; 1.~ Nme h~ Ihr m„rlFa~:rc .~iaen.t ti~.. h~ firr rnd ~.ther b.~i.~nl.. ~:~.u.~lur. .~nd :umincen:~r~ in .uih .~m.~imt. .:rxi f~,r .u.i~ ~ ~ ~.~t. .•. , . ~ ~ rryuurd h~ m~~rt~aeer. .mJ will p.~~ prump~l~ . whtn Jue. .~m premium~ an .urh imur.mre f~•r p.,~ mcm ~~1 wh~.h p~,~. ~.~,.r fi.~, n.a tt~r~ rn.:.'.~ ha•rrinhrf~.re All in.ur.m~r .h:~ll hr c:~rnrJ i~ r.~mp:~nir. appr.~~ ed M morlEeerr .mJ thc ~~I~:~e. .~nd rrncw.~f. ther_-:•f ,h..li h_ b~ ~.+. h~ -., . ~:rr .~nJ h:~~a :rt1:~cheJ therera tu~. pa~:~hk ~I:~a+r. in faai~r uf :~nJ ~n l~~rm :~cccpt.~hle t~~ thr m~.rtz.,Fec !n c~rnt ~•f i,... h~ . rii _n ~~~-,r*;;;?,; ;~• n~,t~rr h~ mail !u martga~rr. :md m~at~.:~te ma~ ma{.e prau( u( la.. d n~N m.~dt prumptl~ M muni.w..r. .~n~ r.,.h ~mur.~n.c ,.~~:p.:n~ .,.n :rmrJ ~. hereh~~awh~~nieJ and Juectcd tu m:~Ar p.~}mrnt f„r .ii:h lo.. ~lirrr~h ~~• nu~r.~.,~rc ~n.te.,d ~:i t.• ~, r~~.,:.:r ., ;.: r:. ,~.•; t.,;-:e!; .~n~ thr ~n.ur.mrr pr..crrJ.. a- .~m p.~n ~hereaf. ma~ ht eppfird h~ murl~.,~et .u m.~pn~.n rrthrr a. thr rrJu~t~un .,f thc ~n,ichtedrre•• Arrch~ .riurcd ~rr 1~~ 1hc ra.l~rr.~ti.~n ur rrp:ur uf 1F-r proptrl- J:~megrd In r~rnt of fur~:k~.urr .~t th~~ ~r.~ncerr ~.r .~thrr tr.~r..frr ,.f titk i.~ tt~ n,,.et- ~eer~l praperh in e~tingui.hment of 1he inJthtrJiii...~iurrd herch~..~ll n}h~. sitk. .~nd intrrr~t ~,t thr m,~tt~.~i..! Rn ..nd t.~ .,n> >r..ur.~~.c ~•1;- c~~. thrn in (urcr .h:Jl p:~~. t.- the puri hn.rr or cr.mtrc. %. Th:u i( tf~e premi.t.. or :~m~ pan ~hertuf. he cundcmotJ urxtcr an• ~+w rr uf emment J.~m.~m. ~.r .~,ya~rcd f.~r .~ sw,h-w u.c ~-+r d..m.,r~ - prurrrd.. anJ Ihe run,iJcr:~~iun tur .u~h :NQUI~IIhlO. 1~~ (F1t C\ICOI ~~~ Ult ~UI{ .~m~K~rt at irwlehtadnr~. u(+.~n tM. \~nn~. nc .~r..i shc ~.ac .c~utr.t hrrrM rrm:unin~: unpaid :~rr herrh~ a..iEMJ h) tht ~torlgagor 1~. ~he ~turt~:.~gte .~nv .h.~ll he p.~iJ t~~nhM ~th t.~ thr \1.~:ti.~cr t.~ hr ..ppbcd !-~ it on .~r:.x~nl u( !hr inJrhtear~..rcurcd hrreh~ . whclher due ur n~N '- fh:d tlx murt~::i~ec m:~y .:rt artt timr (+enJinF :~ .ui1 a-Mro thi. r!~urt~.~«. :,~r~. ~,. Nir r~yut n..~ ini Jllf~vll~U.Nt IACTi.~f f~,r thc ..~T..:n~ mrnt ~~t :~ reiciaer. :md w~h ~ourt .h.dl furthwilh ap~~int a rtcei~tr i.( Ihc prcmi.e~ r~~~ctcd hcrch~ .JI .~nd .miut.,r m.lud~ni .~?~ .:n.t .;;~i,:i.,r the inrome. profi~~, ic.uec. :•nJ revenue. tn-m whatr~rr .uur.e Jcri~ed. ra.h :md e~cn of Mhw~h ~~ F+~i;~ c~prc..h ~n.k•ca.~n1. ~, hcteh. murtga~:eJ a. if .~+ecificall~ .et forth anJ decrrit*rJ in the gr.m~ing and hahenJum :I:~u.e~ herr.•t .~nd .urh rc:cner .h.l! h.~~c ~!I the M.,:.d .•o.! rllecti~r turktiun.:,nJ puwrr, in any.-i.r enlru.teJ h~ :~ r~wn ~n a rccriver. :md w~h :~p~x~~n~mrnt .hell hr m.~dc h~ .u.h ..rin .~. : r...im~:icd equit~ anJ a maner..( rh..~lu~e r.~ht a..:,id mong:~gee. :md witMwt rc(crrnce a. lhr aJcyu:h ~~,r in:ulryu.a ~.,f ihe ..Juc .,f ti-c rr.,rcn~ m.•n- g.i~cd ar 1~~ Ihe .uhrnc~ ~.r imol~rncy af .aiJ murt~.:~~ur .~r ~F-~ dr(rnd.~nt.. .md thet .urh rcnt. pr~.ht, in.umt. ~..ur•. .~n.l ii ~i niw. .fi.Jt R• apptirJ hy wch recei~e~ aca~rdinF t.r the lien o( thi~ mi~rtgage anJ the prac~KC ut .urA c~wn In tfic r~ rnt ~~f .~n~ JetauH ur~ ~he ~.n ..f ahc m..n- g:igor bereunJtr_ thr mo:i~::~gor agrce~ to pay Iu tMe morlg:~gce un demarnJ :~. a ta~•on:~hk monthh rrn~el far lhc prcmnc. .,n .,m.wnt ..~ k:~•t eyui~:Jent ~u un~-Iwel(~b I li 1?10( Ihe a~ytreFale ~~f 1he twel~t mon~hly in.tallment~ pn~ahk m ~he tF-cn :urrcnt ~car plu. ihr a.tu:~{ .,m.wnt .~i thr annual I~~c.. a.~z.~men1.. walrr rale~.:md inwra~e premium~ fur wcb ~car n-at ro~crcd M tlx :dure~.uJ m..ntAl~ ~+e~mcm. 111 'Th;~t i:~l in 1he erent of any Ixe:Kh e~f ihi. m.~nF,ge ~u deLwll on the ~.~rt ~+ tlx• mnrtF..F..r. .~r 1 hl m Ihc c~~m ~h.d .~m ..i ..~~d .um. .•1 manry herein retcrreJ Io he nM promp~ly and fully paiJ witMwt Jcm:~ru! .x nM~. c. ar Ic1 ~n thc r~cM th:d akh .~nd c~rn ihc ~II(~-llalhM~ agrrement.. cundition.. :~n~i covenan~c of u~id nae arnf ~hic mongage_ are nw Ju!y- ~uomp~h . and fulh ~rfurrtxd. th~n m enher ~.r a~~ .u.fi e~ent. thc ,aid •r~rrg:uc .um men~N.neJ in .aiJ nwe Uxn remaining unpaid_ wirh mterc.~ :Krruai ~.. th.~~ r~mc. :~n.f .~11 rrk.nc~..c: u~c.i 1-crcl•~ ~h:d! hecume due anJ payabk forthwitb. ~x thererher. at the op~K-n of ~aiJ m.xtp.:~gee. a. tu{I~ arw! c..mpktch a. ~f all a~i ~Ar vai wm...f aw.n- ey vrert uriginall~ ~tipulaled 1~~ he paid on wch Jay. anythirtF in wiJ nMe or io Ihi. murt~e to the ec~tran nnlwith.ta~n~_ and thcYeor.o a.r thercatler. a1 the opliun.~f ~aid mixty,agee. v-itlKwl nMice ar dema~wl, wit at law ~x i~ equit~. may he pn-.tcuted +. i( ap wMr~e~..c:urctit brre- t-y haJ matuteJ prior ta it~ i~ctitutwn. T1~e m~-nga~ee may torecb~e Ihi~ m~xtg:qee. :n to ~I~c am.~urq .i+ derbred due ~ud r,~nhlr_ awd ~Ae wd premiu+.hall be wW to ca~iety ~nd pay U~e.;,me toEelher withco.la. e~pen~e.. arni alk~wance. In ca~t pi (u~rtia~ ~~xeck-wte iJ 1l~i~ wkM1~.~t- dx m~ng-rged premi~ec ~hall ~+e u.W whject tu the con~inuing lien ~f ~hi~ mon~e (c-r ~hc am..unt e.t ~Ae JeM rrw ~hrn due md aapsd. Iw .n.i case IMt proviciex~s o( Ihis paragtaph may a~ain Mt avaikd of Ihertaftt~ trwn 3~mc Io limc by tht mort~ee. a~K~~ pa~~' I