Loading...
HomeMy WebLinkAbout2062. ' ' . _` Ih.~l. inu~.lc~ n~urr hdl~ h~p~~~ta~l lhr.r:uu~~ ~.f 1h~.nu~~l~.~~r ilk nw~l~a'u~ ~~~~;~•Ilirr uqh .~nJ ~n.~JJ~1iun lu ihr munlhl~ p.~yinrnl~ undr~ iFx ~rim. u( ihr n~~ir .rcurrd hrrrhr. .m ~hr tu.~ .1.~~ ul r.~.h u~~~o~h untJ ~tk ..ud ~~~.a• i. iull~ p.~id wdl p:~~ w ~hr m~utE.~~:rr ihr f~~lluw ~o~; .u m. • ~a- \n.~maunl wlli:irm n~ prwidr thr huldrr hrrru( wilh (u~hh ~a p.~~ ~hr nr~~ m~~i~~;.~Fr in.~n.~n:r p~rnuum ~f ih~. ia.t~umrm :md ~hr nulr .r.•~urJ hrrch~ ar~ in.urrd. ur :~ munlhl~ :h.u;:a un liru u( a mu~l~.~~~r m.ur,~n~r pirnuuml if Ih~~ :~rr hrl~l h~ Ihc tirc~rl.~~~ ~~f N~ai.ing.~nd l'~han Ik.rl.~pinrnt .~. fulluw.: ~1~ I( :~nd u~ lon~ :~..:~id i~~~lr u( ~~rn J.~~r and Ih~. ~n.trumrm .u~ in.u~r.l u~ :ur rrin.u~rJ unJr~ ~hr pr...~.~un. u( ~hr \.~u~~n.~t H~ai.in~: :\cl. .m .un~~unt .ultiiirm :~~ .~ciumu6dr in thr hand. ~~f Ihr huW~ r~~or 1 I ~ munth pnur lu u. dur Ja1r thr aniu~al nu~~ i- ~.~cr ~n.~ir,~n~a p~~mium. in urJer i~~ pr~~.iJr .urA h~~ldrr with (unJ. lu p:~~ .uch pt~mium Iu ihr Sc.r~1:~n ~~( Il~w~.in~ .~nJ l'ih:~n Ik~rlupmrnl pur.u.mt ~u ~1-r ti:~1i.m.d H~n~.in} Act.:~. amrnJcd. :mJ:~~~i~~ahk Rrgul:~~ium ~MrrunJrr. ur 1111 1( :mJ w lun~ a. ~.~iJ oulr u( r~~n datr .~nJ 1hi~ ~n,uumrol :~ti ArIJ h~ Ihr titcralan u( Huu.~n~ anJ ('rh.~n Ik~rlupmrnl. :~ munthh ~h.~rEr lin liru u( a mun~:.~~c ~mur.~nr~ prcmwml whi~h .hall t+r in an .~maunt ~yual ~.~ unr-Iwcltlh I I!I?I uf unr I~:Jf I lr'i ~xr crntum .d iik :~~~i:~~;. uut.i.~ndin~ h.J.~nrr dur un Ihr n~Nr romputrd wuh~N~t ~.iAin~: intu e:.uuni Jrlinyurnur~ ar ~ ~ ~<<~.~> ~nro~.: 1h1 •\ .um ryu:J lu 1F~r gruunJ rrnl.. if en~. nr~t dua. plu~ 11-~ prrm~um. th.~l w~ll nc~t ha:umr ~hir anJ pa~:~hlr un ~~hrir. ~d Inr :~nd ulhrr h:varJ in.uranrr:u~erin~: ihr monE.~~:«~ ~-~,~.~~>. ~i~~. ~:~~e. anJ a..r..mrn~. nr~i dua un ihr m~~n~:~~:~.i ~-.~~<<~~ ~all ,~. r.t~- matcd M ~hc mungagrr~ Ir.. ;,Il,um.:JraaJ~ p.~iJ th~rrfur Ji~iJeJ M tl-r numhrr u( munlh.lo rlap.r Fk(urr unr m~mlh pru~r ~u ih~ ; datr Nh~n wch ~;ruwxl r~nt.. prrmium.. ~:~~r.. and a..r.~mrnh w dl hrcumr Jrlinyurn~. .urh .um, tu hr hrlJ h~ muriga~:rr in uu.i ~ to pa~ ..,id ~:ruunJ rrnt.. prcmium.. ta~~.. :uiJ ,pr: ial a..c..mcnt.:.md ( 1.1 ~\tl p:~~ m~ n~. mrnliunrd in ~hr IHU pre:rJin~; .uh.criiuo. ui ~hi. p:ua~r.~ph anJ .~11 pa~ mrn~.tu hr m.~Jr unJrr ~hr rnar .r~urrJ hrr~ - ~ h~ .h.~ll I.a :~JJrJ 1u~;r~hrr and Ihr .~g~:rr~;.ur anwunt Ihrrcut .hall hr p:~id M Ih~ iq~nt~:.~~~~r r:~~ h munlh ~n :~ .ir.tlr p.~> mrm tu tk :~p- plird h~ Iha mrrl~::~~:i~ tu Ihr (uUuw ing itrm. in ttk U(dCf ~CI ~uI1F1: ~ ~II p~emium ~har~:c. uRd~: Ihr cuntr.nl u( in.ur,~ncr with Ihr tircrr~:~n ~~( Il~w~.in~; .mJ l'rh.~n I~~~lupmrm. ur m~~nthh rh:~r_r ~ ~in liru uf murl~:ag~ in.ur:~n~r premium 1. a. ~hr r:~.r m:~} hr: IIU L~uun.l rrnt.. t:~~r..:n.~..m~nt.. fir~ _ anJ wh~r h:~i:~rJ in.ur.~nrc ptrmium~: ~111 intrrc.t ua thr nut~ .r:ur~J hrrch~:.~nJ 11\'~ :~martiiati.m uf thr principal u(.aiJ nut~. ~~m Jrfici~n.~ in Ihc :unuunl a( .uch a~:grr~:at~ munthl~ pa~ mrm .h:JL unl... m:~Jr ~:~a~d M ihr murt-:a~ur priar ~u ttk Jur dacr ut t~h~r ~ny•~tf~ W ~tS v ~ .uch p.~~mrnt. ~on.tiuit~ an ~vrn1 af dr(ault undrr Ihi. murlga~c. Ih~ mu-~~:a~;~r ma~ .ullrrt a"I:ur char~c" nu~ tu r~r«J ~W~Iffar` ~ {C .a. h dullar ICh u( rach pa~ mrnt murr Ih:m tiGern 1 I~1 Ja~. in arrrar. tu cu~er Ihr t~~ra ~~~ n.r ~muhrJ in ha~dli~eE Jrlinyurnl p:~~ mtnl. ~. "fhat if ~hr tut:d u( tFk pa~mrnt. m:~d~ h~ Ihr murl~:acur undrr IM uf par.~~r.~ph ' prcr~Jin~; .hatl r~~rrJ thr am~n~nl ~,f the p:~}mrm. .,:iu:~ll~ madr h~ thr murt~:a~ie. (ur gruund rrn1.. t:~~r.:~nd a..r.,mrnl.:~nJ imur:~nrr prrmium.. :~. ~Fx ~:n~ m:~~ hc. .u~h e~rr.. i( th~ loan iti ~ urr~nt. .~t th~ optiun of thc murtK:~„or. ~h.~ll, bc ~r~di~rd un ~ubsi-qu~•nt Nuym~nt~ tu Lc maJe b~• th~~ mnttg~Kor, or rc(undcd to ~h~ mortKaKor. I(, ho~~•evrr, ~hi• monthly p.~}~m~nts mud~ b~• th~ monKa~or unJct (e~ o( paraKraph 2 preocdiag shall not b~• su(fic-icnt to F p:~}~ ~ruund n•nt:<, taxes and a+~c..ment. and intiuraocc premiums, :i. th~ ~•a~cc m:n• b~, Mhen Ih~ tiame shall bo~•ome duo ~nd pay- aLl~. th~n thc mor~K.~„or .h~ll pay ~o ~hr mortRaRc~ any .unuunl n~~~•~•..ar~ tu mak~ up thc d~(ici~n~y, on or b~(or~ th~ dat~~ ~vhen payau•nt oi.uch grounJ rcnt~, ~axc~, a~s~•s.m~nt., or in.ur.~n~~e pr~•mi~un. .hall b~• du~. I( at an~• tim~ thc motlKaFor shall tcnd~r i to thc mortKaR~~ in aci•ordan~•~ with ~6~ provi~ion. of ~h~ nnt~ .~~~urrd h~n•by, full paym~•nt o( thc- ~ntim inJe~b~~dm•ti. ri•pms~nt- e`d Iher~bv, 1he mottguge~ ~hall, in ~•omputinR th~ .~mouat oi .uch ioJeblerlnes~. credit to the a~cuuot o( the morlKaRor all pa~m~•nt. ~ m.~dr und~~r Ih~ provi~iuns of (e) o( paragraph 2 h~n•o( whi~h thr mr~r1K:~K~•~ ha. not Le•i•um~• obli~[atc-d t<~ pay ~o th.• tic~~ ~~iary o( ~ Huu~inR and I rh.~n I)~•v~•lupmi•nt and any halan~~~• n•inainin~ in 1h~ hmJ~ a~•~•umulal~~d unJcr Ih~ pro~ision~ o( (e~ a( wiJ + p.~ra~raph :.'. It ~h~•r~• .hall br a dc(ault un~l~~r any uf th~ pmvi.inn. ~~( thi. mi~rtKrK~, re•xultinR io a publir ~a~c ~,! Ihe pr~mi:~•s roe~•n•d h~•n•hy. ur il tho morl~;.~r~•~• r~•quin•. th~• prop.•rty ~~~h~~rMi.~- a(ti•r dri:~ult. th~ mortRaR~~~• shal) apply. !he lh~ tim~• o( thr ~•omm~•n~•~m~nt o~ ~uch pro~~•Fdin,:. or :u the timi• th~ prop~r~}• i. o~h~-n.i~~• a~•quir~•d, th~- balan~~~ th~n remainin~ in the funds ac~umulal~•d undcr [6) u( para~;raph 'l pr~~•~dinR as a crcdi~ aRain~~ Ih~• :~mount of prin~•ipal Ihcn rcmaining unpaid uml~•r sai~l nut~ :~nd .hr!1 prupcrly aJju~t any p.~}•m~~nt~ ~hi~•h ~hall havr b.rcn m~d~ und~•r [e) o( ~:aid P.itaKraph. J~1 h:~t h~ will p:~~ :dt ta~r.. :~..r~.m~m.. w:~lrr ratr.. :~nd othcr ~~~~r-nmcnl:d ur mun~c~p:d rhar~.r.. finr,. ur imM~.~tiun.. tur w hich pr~~- '~ ~i.~~.n h.~. out 1.~an m.~Jr hrr~inhr(urr. .mJ m JrL~uh ~hrr~uf thr m~.rtu~crr m.~~ p.~~ thr ..,rnr: .md th:a hr will prampll~ Jrli~~r Ih~ uttiiial ' ~rcripn thrre~ar t~~ ~hr murt~.~Lr~ . • . ~'1 h:u hr Ndl prrmi~. cummit. ur ,ulirr nu wa.Ir. impairmrnt_.a J~Irnur:~~iun u( .:ud pruprrl~ or am p:ut thrrro(..~nJ in ~hr r~ rnt u( thr faih~rr ~~( thr murl~;:~~:ur a.l,eep Ihc huiWin~. ~,n .aiJ prcmi,c..~ad ~hu.r tu Fn rrrrtrd ~~n ,:~id prrmi.~,. ur impro~rmrnt. lhtrrun. in g~axf rr- p.~ir. thr m~~rl~:a~;tc ma~ malr wch ra pair.:~, in ct, di.rr~ti~+n it m:~~ Jarm nr:r...,n (or ~hr pruprr prc.rnat~~N~ thrre~•f. .mJ thr (ull .~muunt ui raih a~J r.rry wch pa~ ment ~hall t.~ immrdi:ucl~ Jut :~nS pa~.~Mr. :md .hall ht .r~ur~d M th~ lirn uf ihi. mun~agc. h~I h:d hr will p:~~ :JI :md.ingul:~r ~hr ru.t.. ch:u~r.. :~nJ r~~mc~. incluJin~: r..~.unahk I.~w ~rr'. trr.. :md c~~.~. u( :~h,tr:~ct~ ~~f ti~lr. ~n- :urrrJ ur paid a1 :m~ ~ime h~ thr murtgagr~ hr::w.r ~d Ihr failiur .~n Ihr p:,n u( ~hc m~.rt~atur pri~mpll~ anJ lulh tu ptr(urm thr a~:rermrnh .inJ ru~ ~o:mh u! ,aiJ prum~,~ur~ nutr anJ Ihi. murtg~~;r. :md ..~iJ cu.h. ch:u~:r.. :mJ r~~x mr, .h:dl F+r ~mm~Jialrh Jur .u~J pa~ ah{r anJ .h:dl Ix .rcurrJ M 1FK lirn u( Ihi~ m~~rt~:age. '"fh:d hr wil! 1.r~p thr impru~rmrnt. nuw r~~.ung ur hrrcahrr rrrr~rd ~~n thr mu~ig~~:cd pruprn~ . inwrrJ .~. m.» t~a rryu~rrJ (r~~r: t~mr lu timr h~ thr murtg:~grc .~~ain.l lu~. h~ firr :~nJ uthcr h:v:ud.. c:~.~cJtir.. :mJ cunhn~:cn~ir. in ,urh .~muum..~nJ tar .uch ~ari~.J.:~. m:~~ hr rryuirrJ h~ morl~:agrr. anJ witl p:~~ prumptl} . wh~n dur. :~m prrmium. un .u~h imu~.~ncr fnr pa~ mrnt u( w hich pru~ i.i~,n h,• nut Fkr~ m.~dr i hrr~~nhr(ore. :111 imur.mce,h:Jl t+r rarrieJ in rump:mie.:,~~«~.r~i n> murt~::~~:rr .~nJ thr ~xdic~r~ :~nJ r~nrHal. thrreu( .h:Jl ht hrld M m~~nLa- j , I cer :~nJ h:~~r :~t:+:hrd ~hrrcto lu.. p:,~;,hk cl:~u.a. in fa~~~r u( :mJ in furm arc~ptahk t.~ thr mur~~::~grr In c~rm u( lu.~ he w ill ci~r immrJi.~tr i ~ n~aice h~ m:~il tu mortgag~r_ ~nJ mun~;:~gr~ m:~~ mak~ pnH~( u( lu.. if nu~ m:~dr prumpU~ h} mut~E:~~:or. ~nJ rarh imur.mce r~~mp~m r.,n- 1 .rrnrJ i. hrrch~ authuriieJ anJ directrJ t~• ma~.r p.+~ mrnt (ur .uch la.. Jirtctly tu mor~~:agre ~n.t~:~d u( tu murtga~:or :md m~~n~;a~;rr ~uintl~ . ~ .~nJ ~hr in.urancr pr~KreJ._ ~+r :~m p:+n ~hrrcof. m:iy hr :~pplirJ hy murt~::~~:rr :u ih uption rither t~~ thr reJurli~m u( thr indehtrJnr.. hrrrhy I ~c~urcd ur ta Ifx rr.lur.diun or rrpair u( thr pruMrt~ J:~ma~!rJ In r~rnt af (~~rrcla,urc ut thi. murtEaLC ur ~~Ihe~ tram(er ~~( tillr t~~ thr murt- ; ~ ~:+erd pr~~~rl~ in r~tingui~hmrnl u( tFk inJchlrJnr.•..r~urrJ hcrrh} ..+II n~h1_ liil~. and intrrr.t uf Ihr mnrl~a~ur in :uiJ t~~ .,m imur.mcr {+~~li- f c~r+ Ih~n in (urcr .h:ill ~+a., lo tF-r purcha.rr ur Lr.~nlrr. ! tt. 'I hat if tht prrm~.r.. ur .~n~ p:u~ thrrruL Fx rundrrnnrd unJrt :~ny M~wcr ~~f rm~nc~t dumain. ur a~yu~rrJ (~~r a puhlic u.r. thr J.,m.,~r~. i . I pra;rrJ.. :mJ Ihr ramidcrat~un tur .urh :~~yui.~~iun. tu Ihr r~~rnl uf Ihr full .~muum uf inJrhtrJnr.. uM~n Ihi. 11ar~g:~~r_ and thr \utr .r.urrJ ~ hrr~h~ rrm:~~ning unpaiJ.:~rc hrreh} :~.,i~:nrJ M Iha ~1u~1~::~gor 1~, ~hr 11ort~.~~rr :md,h:Jl he paiJ G~rlhwilh t~~ ~hr ~t~~rtg:~gra t~~ hc:~pp6rd h~ ~ ~~ ~+n :~ru•unt af the inJrMene~~ +ecurrJ hrrehp. whelher dur ~~r n~~t '- ~Ihat ~hc mun~:~grr ma~. a1 :m~ time ~xnJin} a.uil u~xm ~M, mort~.~~:t. ~pph t~. thr iuurt h:nin}~ ~te~i.J~chun Ihrrr~~( (ur ~hr .~ppu~m- ~ m~ol u( a rrcri~rr. anJ wch cuurt .hall furthW ith ap~x~int :~ tccri~~r uf 1hr prrm~~r. cu~rrrJ hrrch~ :dl anJ .inEUL~r. ~n~luJin~:.Jl .~reJ ,in~uL~r ! Ihr incume_ prulil.. i~~ueti. anJ rc~cnur+ (rum wh:dr~rr .uurcr deriveJ. rach .~nJ ~~en ot uhich. il t+r~ng r~prr~~l~ ^nJrr.~~ti~J. ~. hrrrht j ~ m~~r~~agrJ :~~ i( ~prcificell~~ ~et torth :md Jr.critkJ in thr ~r:~ntin~::mJ h.iFxnJum cl:n~•r~ hr~a~~f. :~nJ .u~h terrner .h:~ll h:+~e :dl thr hru.,J :~nd ~ rllritive (unctium :,nJ puwrr. in :~mwi.c rntru.trJ h~ a cuurt nr a recri~rr. anJ .u~h appomlmrnl .hall hr maJa h~ .uch ~our1 .~. an .~JquNrJ ~ ~ ryuil~ aod a malter u( :~h.ulutr right to ~aiJ mortErgre.:mJ whhuul rrfrtrnce t~~ ~hr :~Jeyu:ir) ur in:~J~yuaiy ~,( Ihr ~:duc ~~( thr pr~~prrt} m~~n- I z.~irJ ar w Ihr .uh~nr~ ur in.uhcn:~ ~~f ..~iJ mon~a~~n ~~r ~hr drfrnJ.~nl~. .~nJ ~h.~1 ~uch rrnl.. prufit.. mc.~mc. ~..ur.. .mJ rr~cnur, .h.~il ha :~pplirJ h~ .ach rriri~rr :~crurJin~: to ~hr lirn u( thi. mnrl~;n~r :~nJ ~hr pr:~rticr uf .uch ~uur1. In tFk r~rnl ~~( :~m dtLwll ~~n Ihr p:irt ~~f tFK m~~r1- ga~:an c~rrundcr. ~bc mortga~:ur :~~;rrr. tu p:~~ tu ~hc murt~::~~:rc an drm:mJ :~.:~ rr:nunahk m~~nthh rrnt:J (ur thr prrmi,r. :m :~muunt :~I 1~:~.1 ~ ryui~:Jrnt a, ~mc-t~clftb 1 UI'1 „f ihr .~~grr~a~e ~~f Ihr twrhr munthh in.l:~llmrnt. payaMc in Ihc If-rn currrm ~r:~r plu. thr :~rtu.J :~muuM ~~t , I + thr :mnual t:~~r~. :i.~r~.mrnt.. w:~trr ratc,. :md in.ur.mic prrnnum. (ur .urh ~c:u nut cu~ rrrd h~ Ilx .dure~aid monthl} p.i~ ma m.. ~ lo. 1 hat ~:d in Ihr c~rnt uf am hrr:~:l~ u( thi. mortg:~~r ~,r JcL~nU un Ihr p:~rt a( ~hc murt~c~gor. ur Iht in tFK r~rnt ~hat .~m u( ..~iJ .um. uf t m~.nr~ Fkrcin rrfrrrrJ to hr nut prompth anJ (ull~ p:uJ withuut Jrm:mJ .~r nu~i~r. ur Irl in the r~ral Iha1 rarh :~nJ r~rn ~hr .upulauun.. . ~ .~~rrrmtnt.. canJitiam. :~nJ cu~rn:mt. u( ,:~iJ nutr :~nd ~hi. murtE:~~:r_ arr nut July• prump~l~ .:md fulh prrf~~rmcJ: Ihrn in rithrr ~~r :~m .uch ~ r~r~t. thc .:~iJ :~~~rr~alr .um menti~~nrJ in .aiJ ~„ie then nmainin~: unpaiJ. wilh intrre.t :K~n~~d U~ Iha~ timr. :~nJ .dl munr~..rc~urJ herrM . ~ .hall Fksumr Ju~ anJ p:~) ehlr furthwi~h..~r Ihrrr.~ftcr. :d Ih~ uph~m uf ..~id m~~rt~a~;ce. a~ full~ aod cumplcScl~ :~, i(.dl of Ihc .:uJ .um. af man- i r~ Ntfl' UfIL11i.lII\ ~tipul.i~rJ 1~, hr paiJ.~n .urh Jn~ ..~m ihin~: ~n .aiJ nu~r ur in ~hi. m~~rt~:as~c ta Ihr cunlt.~n nal~auh.l.mJin~:.mJ tFhrrupc,n ur ' ~ Ihrrr:~ftrr. .~i tlk up~iun af .:~iJ m„rt~ar.rr. w~thuw nuu.r ~,r Jcm:md. .ui1 at I:~w or in ryuhy. m:i~ ht pru.rrut~J .~. if all munr~..rcurcd hrrr- ~ h~ h;id m:durrJ priur ~~~ i1. in.titutiun Ihr murt~.~~rc m:~~ (urc.lo,r thi. mart~:~bc. a. ~~~ thr .~mrn~nt w~ Jrcl:~rcJ Jur :mJ p:~~:~hlc_ .uid ihr .:~iJ i prrmi~e..h:dl hr,olJ t~~.:~t~.f~ :,nJ p.n Ihr..unr ~oerihrr Nith a,•l~. rapcn~rs. •rrxf xllnw:~ncr. In c.ne a( p:ulial fure:lu.urr u( Ihi. m~~r~~:.~~r ~~ ~hr murtE.igrJ prrmi.r..h.dl Fk .uld .uh~rrl t„ thc:onhmmi~ Iicn ~~(1hi. m~~rt~.~~r tor tFk .~muunt u( thr Jchl nat thrn Jur:~nJ unp:~id In .u~h ~ ca.e Ihe proc~.ion~ i~f thi. par.~~r.~ph ma~ a~:.ii~ hr :~~.ulrJ ~~(lherr:dtct (r~~m umc t~~ iimr hy Ilx muri~egrr_ - i~ ~~S PA6~~l~)U " " 8! ~ \ i . ! ~ - ~~~ .-;~~. __ _._... _ . ..._~ __ = --.-. ~ ~_ '