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HomeMy WebLinkAbout2958 ii~•urr~l ui• ~;u:~r:int~rc~t h~ :i I~r~t~•r:il ur ~tat~• :~~,~•u~•~•.iin~•lu~tinr L~~u~l~•r ii L~•n~l~~r i: ,n~•1? :u~ iu~titutia~?~. L.n~lcr ~liall :~~,~?h• tl~e Hw?~h tu ~:ii~! t:~x~~;. :?.:~•~<iu~•nt~. iu~ur:im•~• ~~r~•~uiuur :uul ~,r~~un~l r~•m~. L~~u~ier ~hull uu?ke i~o cLurgc for•o hol~lin~:u~~l :?~~~?1~•iu~; ih~• I~un~i~ u?• ~•~•rii~•iue; :ui~l ~•uui~,iliu~; >:~i~l :~~~~~~~~rn~nt~ ;?n~l !?ill~. Rorro~~~er an~l I.~•~uler iu:~~• :i~rc~~• in ~~•riti:~~; :tt th~• tiiu~• uf ~•x~•~•u~i~?n uti tlii~ ~fm•t~;aR~• ti~:it ii~t~•r~•a ~~n tl~~~ Fu~i~h ~I?;tll 1,~~ ~nti~l tu ~ Iturr~?~rer :ui~l i~nl~•:• :u~•h :~~;r~~~~ui~•i?t i~ ~u:?~1~•. L~•!rl~~r ~fi:ill n~u I~r r~•yuir~•~1 t~? ~~ai~• 13orru~~•~•r :~ii~• inic~~r:t ou th~• , l~~u?~ls. Lc•tulcr ~li:ill ~i~•~• tu Rorro~~•c~r. ~~•ithoiU i•h:u•~~•. :in :u?n~~:il ae~•ow~tin~; oi tlu• F~ui~1~ ~I?o~ci~i~; ~•rcdit~ aml ~lehit~ to the F~~n~1~ :in~l th~~ ~?w•~~o:c for ~~•hirh ~~:u•h ~l~~hit to th~ Fnn~i~ ~ua~l~~. 'Ch~~ Fun~h am ~~le~l~c~l a~ addi- tionnl seci~rit~~ for tl~c ~ums sc~i~md h~• thi~ \tort~;;i~~~. If thc at»ount ot tl~c~ rund~ hcl~i hr Lcu~lcr. to~,ctlu~r ~~~itli tlu~ iutmr ~uontl~l~• in~t:~lln~c~it• oC Funds ~~aptthlc ~?rior to the ~1ue ~late• oi taxe~. a~se"~n~•nt•. iu~~n•anc•~• ~~rcini~uu~ :u~~i ~;roumi rc~~it•. ~hull ~~xcee~l th~~ amount re- ~~uireci to ~?n}• ~:~id t:?xe~. :ivr:•ment~, insuran~~r ~?~rmiiuu• un~l !,r~nu?~t rcut~ :is tl?c~• lall clue. sucl? cxces, shnl) he. :it Rorm~~•er; o~~tion. either prow~~th• re{?ni~l to Rorro~~•~~r ur ~•r~~lite~l to Borrou•c~r on ~uonthl~~ iu~t~llment~s of Ftu?~I~. If the amow~t uf th~• Fun~lc I?cl~l I~~• Len~ler ~hall uot hi~ ~ufli~•i~~nt to ~r,i~• t:ixe~. a••c:;n~ents. in~urance prc- miwus and firounct re~~t• :~s the}• fall ~tue. Rorro~~•er ~I~nll ~~a~• to L~•i~der an~• :unount »eces~ar~- to n~ilke ~qi the ~leficieucy ~vithin thirh• ~la}•~ after uotice imn~ I.~~n~lcr to Borroo•cr req~~c~tiu}; ~?a~~mcnt thercof. ' U}~Tl j?li~IllCllt in f~ill of all •un~; :ecure~l h~• thi~ \lortg:i~~~. l.encier ~l~ail ~?ro~u~~th• ~~efi~nd to Rorro~~~er :tn~~ Funds held h~ I.endcr. If under ~~arahrnph 1S hereoi th~~ Propertr i~ ~olrl or tlu~ 1'ro~mrt~• i~ otl~er~~•ise arquireci h~• I.ender, I.ender ~h:~ll :~p~?h•, ua later th:u~ inunctiliatcl}• ~?rior t~? th~~ ~:il~• c~f tlu~ 1'ro~x~rt~- ~?r it• :u•c~ui~ition h~• L~~rnlc~•. an~• Fund~ held L~•u~i~r :~t th~• tim~• 01 :?~?~?lieatio» ~•rc~~lit :i~,ain~t th~~ ~uin< ~~~~•iu•eyi I?~- tlii~ \Iort~ll~!P. 3. Application of Payments. [jnlc~~ :?~~~?li~s~l?lr 1:~~~~ ~~ro~•i~i~~: othcr~~•i~~•. all ~r,~~•u»nt~ r~•c•~i~•c~l hr I.ender iu?der thc ~otc~ :uul ~?:u•agr.ii~l~~ 1:uui 2 li~~rcof ~h.ill l~c• :?~q?li~~~l i?~• L~•u~i~~r tir<t in ~?n~~~n~nt of .uuoiint~ ~?a~•aUlc to I.ender h~• Rorro~~-er un~l~~~• ~~:u:igr:?~~li lu~?rof. tlicn to int~~r~~.t ~~:?~ahle~ ~?n ihc~ \ot~• au~i on I~uture~ :~d~•.tiuces. ii :u~~•. .?ud tl~en 1~~ th~ ~?rinri~r.~l ot th~• \ot~~ :u~~l to tli~• ~n•in~~i{~al oi F~ttnr~~ _~ih•an~~c~. it am~. ~ 4. Charges: Liens. Rorro~rcr ~hall ~?a~• .~ll t.~xe~. :i~•c::iuent~ :iml other c•har~r~. fine. sud inz~~osition~ :ittrib- utahle to the Yro~?ert~• ~~•hich u~s}- :~tt:?in ~?riorit~~ u~•er tlii: \[m•t~ugc. :~n~l ~~roiui~l rent~, if an~~, at I.ender'~ o~~tion iu th~ ur?uuer ~?ro~•i~ic~l uncler ~+ar:i~rs~?L 2 h~~rcof ar Rorro~ccr inakin!~ ~~:i~•~ucnt. ~~~hen ~luc. ~lirecthr to the pa~-ee thereoi. Borro~cc~r •Lc~ll ~n•oni~~tl~- i~irni~h i~ I.~n~l~r :ill notice~ of aiuom~tc ~l~u• m~d~r thi~ ~~:?ra~raph. :~nd in thc c~•~~it Rorro~~•cr ~h:~ll inak~• ~?a}•nicnt ~lim~•th•. Rnrro~~•er ~h:~ll ~~rou~2~tl~• f~u•ni~lti to I.emler receipt~ evi- ~ieucin~•uch ~?a}~ment~. Rorro~rer ~{~all ~nb~nE,th• ~li~~•ir.u•~;~~ :u~r lic~n ~~•hi~h ha~ ~n•iorih~ o~•cr thi~ ~Iort~:?ge: pro- ~•ideii, that Borro~cer ~liatl not he rec~uire~( io ~li~c•li:n~n~~ .un• :»~~L li~n ~o lon~ u~ Rorro~~t~r ~liall a~ree in ritin~ to the pa~ment of the ohligatio~~ ~ccurc~i 1~~• :u~L licn in ma~~~u~r :~c•~•e~~~tahle to Len~ler, or shall iu ~aod faith contest ~uch lie?i 1?~~, or defend enforcemc~nt oi ~u~h lic~n in. Ie~al ~~ro~•cc~liu~~~ ~~'hi~h o~~er:~t~~ s~ ~?re~•~~nt the eniorcement of the lien or forieiture of tl~c i'ro~~ert~- or :u~~• ~?art iliereof. 5. Hazard Insurance. Borro~~-c~r ~h~ll k~cy~ tlu~ i?n~n•o~~~~~u~~ist~ n~i~~- ~~~i~tin~, crr hercaffer erec*,ed on the Yrop- rrt~- inau•~~l agni»~t lo~~ h~- fire. 1?azard~ inciude~i «-ithin the ter~u "extendeci covert~ge", an~l sucl~ otlier l~a2arcis a~ i.ender ~ua~• mqi~irc~ :in~l in ~~u h amount~ aw! irlt~ ~u~li ~~c~rial~ a~ L~•n~l~r ~ua?}- rcxluim: pro~•ide~l. th:tt i.ender shall . not reqi~ire that ti~e amo~mt of ~nch ~o~-cra~~~ ~~~cre~! th:?t :unonnt of ~•m~era~;c ir~~i~ircKl to ~~ar thc ~ums secured b~• thi~ \Iortganc•. - The insurancc ~•:u•rier ~~ro~•i~liu!, tlu• in~ur.?n~•~• ~hall I~i• ~~lio<<~u 1?~• Ro~•ro~s•~r ~uhject to :y~prot~~11 b~• i.ender: ~rro~•i~ic~t. tly:?t ~ucL a~~ln•o~•al sl~all uot hc un:•easonablr ~~•ithheld. _11l premiums on insurnncc ~~olicic: ~hzll be paid at T.ender'~ optio~i i» the m:~uner ~n•m•i~ic~l nn~ler ~~:u•a~~i:?~~ii hercoti or i~}• Rorro~~•er iuakin~ ~?s~•ment. ~~•i~en due. : i rlirectl~~ to thc ii~~t~rnn~~c ~~arricr. ~ _111 in~urlm•e ~~olicic~ :in~l ~Y~n~~~~:~1~ tlu~rcoi ~L:~11 lu• in torni .u•~•~•~,tahlc~ tc? L~~iul~~r :m~l ~hall im•lu~lc :t ~tandarcl uiort~agc ~•l.ut~c i~~ ia~-or of :ui~i i~? tior~?? a~•c•c~~~t:?I,l~~ tc? Lcn~l~~r. L~•u~l~~r ~h:iil h.~~•~• tli~• ri~l~t to hol~l th~~ ~~olicie~ :tn~l rene~~•al~ thcreoi..?n~i Borro~~~er ~l?sll~~n•o?n{~tl~• fnrni•li t~~ L~•ii~l~~r :ill rene~~-:il nntice~ cu~~l all recei~~t~ ot pflid pre- i ~niwns_ In th~~ ~~~-cnt oi lo~~. Iiorro~~-er ~liall ~,i~•~• ~n•oinl~t n~~tir~~ t~? thi~ ii~•uran~•t~ ~arricr cu?~l I.ender. and l.ender ; ~na~~ ii~akc ~~roof o[ lo~: il not n~ad~~ ~?roui~~th- h~• Rorro~~-er. ; Unless Len~ier .uul I~orro~~-er otlier~~•i~e :i,r~•c~ in ~~-ritin~,. i~?~sn•:?n~~c~ ~~ru~c~c~l~ ~liall h~~ ,~~?~~lie~l to re~toration or ~ re~?air of th~~ Yr~~~~~~rt~- ~l:uu:i~t,l,(YI. ~lYOt'I(Il~~l ~n~•h r~~~tm•:?tiou „P ~~~~~~:iir i~ r~•on~~n~ii•alh- ie~:i~ihl~~ :u~~l the ~eciu•it,~• oi . , this \lortgaKe i~ ~?ot tLereh}• i~i~~?:~in•~i. Ii ~uch ~r~tor:ition r~i~:~ir i~ not ~~~•onon~ic:?il.- iea~ihle or if the ~eci~rit~• ~ uf this \lortg.i~~~ e~~oul~1 I~~• i~~~~?:iirc~l. tl~~~ in~a?•anrc ~~!•ocei~~l~ ~Ic~l1 I~~~ ;i~~~?lic~l to tlu~ ~utu~ ~c~i~re~i L~• tl~is \lortgagc. ~ ~~-ith thc c~ce~~. ii :im•. ~?ai~l to Borro~~-c~r. li tli~~ Yra~~~•rh- i~ :?l~:~u~lnne~l i~~- Rorro~~-er or iC Rorro~~•cr tails to res~iond ~ to Lender ~~-itliin 30 ~Is}•~ aiter uoticc h~• L~~wier to Borro«-~•r tliat t1?~ in~urun~~ ~arrier ofCer~ to ~ettle claim for ~ insursnce l~enefit~. t.cuder i~ authm•ize~i to ~•oll~~~•t :iu~l a~?{~1~- t!u• in~ur.tn~•~• ~?roc•ec~l~ at I.e-: der'~ ~~~tion either to restor:iiion or re~r,?ir of tl~e Yro~1ert~• ~?r to tl~e ~~um ~c~•u~r~l h~- thi~ \lortgag~~. Unless I.endcr an~l I3orron•cr other«•i~i~ :ic;r~~~~ in ~~•ritin!~. :in}- ~n~•l~ a~~~~li~:ition ot ~n•occed~ to ~irinci~~al shall uot extend or ~~ost~?one the ~iuc ~iat~~ oi the~ montlil}• in~tallm~•nt~ mi~~rrc~l to in ~~ai.nTra~+h~ 1:~n~l 2 hereof or chun~e the amount ot such instaliment~. If umler ~~aresnraZ?h 18 I~emof tlu• 1'ro~~crt~- i~ :~c~~i~irr~l h~- I.cu~l~v-. all ri~l?t. title :u~~l intem~t oi Rorro~~•er in :uid to an~- i~i>>u:~n~~~ 1~olicit~~ :u~~l in :uul to thc• ~~ra~•~~c~~i~ tlu•r~•~~f ~t~r tl~~• ~•xt~~nt ~?t tl~~• ~iun~ ~c~~•tn•c~~t h~• thi~ ~~ort- ~~:igc imnic~liztcit ~?rim• to ~n~•I~ ~al~• ~n• u~•c~i~i~i[imi~ r~~~ultin~_ Ir~~ni ~t;uua~_~~ t~i tlu~ 1'r~?~~i~rt~• 1?rior t~i thc ~aie or :~c<~uisition ~hali ~~s~~ to I.en~ler. ~ 6. Preservation amd Maintenance of Property; Leaseholds: Condominiums. 13orro+~-ci• ~hall kce~? tl~e Yro~~- ` ~ ~~rt~' iu ruo~i rc~?air :~n~l ~hall ~~ot ~~crmit or ~•owuiic ~~-:islc~. i~n~~:~irii?ciit. ~Ic~t~rioratio~i ot the 1'rol~ert~• :uici ~hall ~ ~•om~~i~ ~~~itl? thc~ ~~ro~-ision~ of :u?~- ]~~:i~c•. ii thi~ \lorttiar~~ i< ~m :i i~•a~~•l~~?1~1. If thi~ \[ort~agc i~ o?i condominium iinit, Rorro~~•er ~hall ~~eriorn? :~ll of I3orro~~~~~r:: ~?hli;:ition~ ,n~,l~~r tlu• ~lt~c~laratic?n of eonrlo~niniiui~ or inaster clee~i. ~ tl~e h~'-L«c~ :+n~i r~~~ulation~ of th~~ ~•on~ioniiniuu~ ~~roi~~~•t :irni ~•on~tit~u~nt ~loriunc~?t~. ~ ~ 7. Protection of Lendei s Security. If Rorro~~-er iai1~ t~~ ~~rrtio~n~ thi~ ~•c,~•~~nctnt~ .?n~l a!sre~•nient~ ~•ontaiued in ~ ti~is \lortgan~~. or if am- a~tiou ur i~ror~•~~~iin~, i~ ~•o~muc~n~•~~~I ~~~l~i~•!~ inat~~rislh- aff~~~t~ 1.~•n~l~r'~ iutere~t in thc Prop- ert}'. in~•lutlinr. l~ut not limit~•~l tu. c~niue~nt ~Imu:?in. in~~?I~-e•nt•~-. ~•~ul~• ~~ninr~~c~m~•nt. ~~r :srr:?n!,c~n~nt~ or i~ro~eed- ~ ii?g~ in~•oh•in~ a I~a~?kru~~t or ~iece~icnt. thcn L~~n~lc~~• :?t L~~n~{c,r•. i~~~tion. n{~on ~ioti~~~~ ti? 13orro~~•cr. ~us}- n~akc ~ucl~ ~ :~~~pcarancc~. ~ii~{nu-~c~ ~u~~li ~un~~ an~i tak~~ ~url; :u~tioi~ :i~ i~ n~~~~~~<:~r~- to ln•~t~ct L<~rnlcr'~ if~terc~t. iu~lu~iin~. but ~ not limite~l ti~. ~li~htu•~c~ucnt of rca~~~nahl~~ :~ttorn~~~-'. tc~~~ :ui~! ~•ntr~- u~u?n thc I'ro~~crt~- to iuakc rc, air~. :1m• :~mowit~ ~li~hin•~e~~l ln• 1.enclc•r ~,ur~u:?~~t to tl~i~ ~r:u;i~,r:t~~l: i.~~ itl, int~~re~t tl~c~reon. ~hall l~e~•rnne ad~lifional in~leht- ~ c~ine>s ~~f Rorro~~-e~r ~e~~ured 1~~• thi~ \tort~.;a~c. ['?~1~~:; Rorr~~~-~•r :?n~1 I.~~n~icr agre~~ to oth~r tcrm~ ot ~r,~~•n~ent. ~uch an~ount~ ~hali hc~ ~~s~:?hle i~~,c?n >>otii•c iron~ Lrncler t~ I~~?rr~~~~-~~r r~~~~u~•~tiug ~~.t~•mcnt th~rcof. an~l ~hall hear inter- r;;~ est frotu th~• ~I:it~~ of ~{i~hi~r~cmcnt .it tlu~ r:it~~ ~t:~t~~~l in th~~ \~~t~~ nnlc••, ~~:?}•nx~nt of intcrc~t :~t ~nch ~•at~ ~could bc ~•ontran' to a~~~,licahlc la«~. in ~~~iii~lt ~•~~cnt ~u~~ti :in~otnit= ~liall i~~;~r intc~r~•~t :it th~• hi~*I~c~t r:~t~~ ~?crmi~~iblc b~- ~ :~pplicablc l:i«•. \otlii»T ~•o~it:tinc~~l in t}zi- ~~:;~:i~:i:i~~l~ i=h:ill r~•~~iiirr l.~~n~~~~r t~~ in~•t~?• :~m• ~~xi~en~c or do ~m~ a~t ' ~ I~ereunder. ~ ~ ~ ~f goox208 P~E295? ~ - - - ~ ~ ~ ~ _ _