HomeMy WebLinkAbout2008 i~~sureci or guurantced by a Fecicnil or stntc :~gc~~c:~• Iiuclu~iiu~; i.cii~lcr ii I.CIIiICI' la such an institutio»). i.ender
shall apply the Funds to ~?n~~ said t:~xes, aia,ess~uents, insurnnce ~?m~i~iun~s :snd ~round mnts. I.cnder shAll make no
charge for so holding anci nppiying thc Functs or ~•cri(~ ing ~u~~t ~~o~npiliug ~aid usscss?nc~~ts and bills. Borrower and
I.ender may :~grce in writing nt tLe tin~c of execution of thi~ ~tortgage tl?nt intemst on tl~e Funds shnll i~e paid tu
BorroH~er, and unless such agreement is madc, I.enelcr shall not lie mquirecl to pA~~ AormH•cr s?ny interest on thc
Fttnds. Lender •hull gi~•c to Borro~ver, witho~d chnrgc, an annui~l accoimting of the Funds showin~ credits and
debiEa to the Fimds and thc pury~osc for which cach debit to the Funds ~vas made. The Funds are pledgecl As nddi=
tional seeurity for the sums secured by this \iort~a~e.
If the Amount ot the Femds held by I.endcr, together ~vith tl~e futurc monthl~~ installments of Funds payable
prior to the due dntes ot taxes, ussessn~ents, insurance ~urmiums nnd ground rents, shall exceeci the amount re-
(~UIiC(~ t0 ~)Ry SAl(~ tAXC3, assessments, insurnnce ~~m~ni~nns nnd firouncl rents as they fall due, sucl~ excess shall be,
at Rorro~ver's option, either promptly repnid to Borrower or rreciitc~ci to Borrower on monthiv installments of
Funds. If the umount of thc F~mds held h~• I.ender sliall not I?e sufficient to pay tnxes, assecsments, insurnnce pre-
miums And ground rents ns they fall due, Borro~ver shnil pny to I:ender nny amount necessAry to make up the
deficiency ~vithin thirty days after noticc from I.endcr to Borru«cr requesting ~?a~~ment thereof.
IIpon ~~ayment in tull of all sums secured by this ~tortgagc, I.endcr sl~All promptly refund to Borrower .~ny
~~nds held by I.ender.
If under ~~aragraph l8 hereof the Property i~ sold or the Yro~~ettv is othen~isc acquired by I,ender, I.ender
~hall apply, no later ths?n imme~liatelv ~?rior to th~ ~nl~~ of tl~c }'ro~icrty o~• its ncquisition i?~• T.ender, an~ Fundc
held by T.encler at the time of :?pplication as a c~rdit a~niust the ~ums ~ecuircl b~~ thi~ ~tortRu~e.
3. Application o! Payments. Unlef~ n~iplicablc la~~• pro~•ide~ otherwi~e, t?Il ~i~~ments receiveci by I.ender
under the \Totc :~nd parngrAphs 1 and 2 hereof SIISLI) I/C :i~)~1I1M~ I1~• Lendcr fint in ~~a~~~neut. of nmounts ~~uyable to
I.ender by Borro~ver w~der ~~arngrApl~ 2 he~rof, then to intcrost ~?:tyable on the Notc and on Futum Advauces, if
any, nnd tl~en to the ~~rincip~l of thc Notc and to tl~c ~~rincip:~l of Future Adrnnces, i~ zmy.
4. Charges: Liens. Borrower shall pa~ nll taxes, .issessn~ents :uul other chArRes, fines and impositions attrib-
utable to the Pro>>erty ~vhich may attttin priority over this \Zortgage, an~l ~round rents, if nny, at~ Lender's
option in thc n~Anner pro~ ideci under paragrnph 2 hcrco[ or b~- Rorm~~~er n~nkin~ pnyment, ~vhen due, directl,y to
the payee thercof. Borrowcr shall ~~romptl~ furuisL to I.ender all notices of nmount~s dtte tmder this paragraph,
~nd in fhc~ event Borrower ~hn11 ~nnkc pnynient. directh~, Rorro«•cr sLall promptlp fi?rnish to I.ender receipts evi-
dencing such ~~Ayments. Aorro~ver sLal1 ~~romptly discha~~c an}• lien ~vhich hus priorit.y over this s~~Tort~a~e; pro-
vided, that Borrower shnil not be requirecl to discharge an~ ~u~h licn so long as Bormner shall agree in ~vriting to
the pnyment of the obligatio~i secured bv such lien in a mauner acce~rt.~hle to i.ender, or shall in ~ooc~ fnith contest
such lien by, or defend enforcement of ~uch licn iu, le~al ~~rocec~clin~;~ ~~hich operate to prevent the enforcement of
the lien or forfeiture of the Propert~ or am~ pnrt thercof.
5. Hazard Tnsuraace. Borro~ver shall kee~~ the im~?ro~•e~uent~ no~r existin~; or hercafter erected on the Pmp-
crty insureci ngainst loss by fire, haznrcis included ~vitl~in the tern~ "extendeci coverage", nnd such otl~er huzards a5
I.ender may require nnd in sucL amo~mts ancl for sucl? ~?crio~l~ l.ender u~a~• 'require; pro~•ide~i, thnt l,ender slisll
not require th~t the nmow~t of such co~•erfl~c excced that a~uount ot ~•o~~era~e rec~i~ired to pay the sums secured b}~
this ~4ortgage_
The insurauce carrier ~?roviding the insurancc ~h~11 l,c• cl~osen hy Borro~~•er subject to approval bv l.ender;
~~rovide~t, thflt s~~cl~ approval shall not be unre.isonably ~vithheld. :111 premiums on insurance policics shall be p~id
nt I.ender's option in tt~c mam~er ~irnvided ~mdcr ~~ara~~:~~+h 2 hercof or I~ti Rorro«•er u~nkin~ ~iavment, when due,
directly to the insurance carrier. _
All insurance {?olicies aud ~~ene~~•al~ tl~crcof ~h.ill I?e iu forn~ :i~~~•~?ta{ile to T.en~ler an~i ~l~nll include st~nda~Yi
' ~uort~age clause in favor of an~l in forn~ accc~~tablc to Lcnder. L~~u~ler ~hall La~•c the ri~ht to hold the policic.s nnd
~ renewals tl~ereof, ancl Borro~cer ~l~all ~~ron~pth• [urni~l~ to T.c•n~ler all ~~ene«•al notice~ amt all receipts of paid pre-
~ miums. In the c~•ent of loss, Borro~~-er ~l~all gi~•c ~?roiu~~t notire to tlic insi~rttnce carrier znd T.ender, ancl T.ender
i may make proof ot lo~s if not madc prom~~tl~> h~• ~orro~~cr. _
; Unless I.ender and 13orro~cer otLern i~e agme in ritin~. in~iu:uiee ~?roceecls ~lisll be a~>~iliecl to restoration or
~ repair of the Yro~?ert~• ~lam.~~~~1. ~n•o~•i~lc+l ~ucL rector:ttion or re~niir i~ c:conomi~•ull~~ fea~ilile :ind the ~ccurit.~ of -
~ this \[ortgagc is not tLerebt- iin~~lire~l. If sucL restor.ttion or re~~air i~ not economicall~ feusible or if the security
; of this \iortgage «•oul~l he iii~paired, the in~nrancc ~n-occe~i~ ~hall I~~~ :~~?plied to the sums securetl by tl~is iiort~age,
~ ~~ith the excess, if any, Paicl to Aon•o~~cr. If tl~e Yropertr i~ al,an~lo~iecl I?~ Borro~~•er or if Borro~ver fails to respond
to I.ender ~~•ithin 30 d~ys after noticc b~• I.ender to Rorro~~~cr tl~at the insiu•a?nce carrier ofler~ to settle a claim for
iiisuranee benefits. I.ende~• i~ authorized to collect .?n~l appl}• th~• ins~n:?nce ~iroceeds at I.ender's option either to
restorntion or repair of the Pro~~crt~• or to t~~c suius sec~~rc~l I?~~ thi~ \[ortgage.
Unless l.ender and Borro~~•er othero•isc agrcc iu ritin~;. au~- ~ucl~ applic~tion of ~~roceed~ to principal shall
not extend or postpone tl~e due ~late of tl~c monthl}- in.t:?lluicut~ referre~l to iu ~?aragra~ihs 1:inci 2 hereof or chan~e
the amount of such installments.
~ If under ~~aragraph 18 hereof the Yro~~crt}• i~ .~cquircwl h~- Len~ier. all ri~ht, title an~l interest of Borro~rer in
~ :~nd to am in5~u~anee ~>olicie.:?nrl in :tm{ to tl?e ~n•o~ce~l~ th~~n•of tto thi• cxtcnt oi thc~ ~uro: •ecureci h~- thiG Mort-
gage iron~ediately ~irior io ~ucl~ ~:il~• or :t~~~ui~itiou? rc:•nltinR froiu ~lan~a~c to th~• t'ro~~~rt}~ ~~rior to thc sale or
~ :~cqi~isition shall p~~s to Lendcr.
6. Preservation and Mainten~ce of Property; Leaseholds; Condominiums. Rorro~~•cr ~hall kee~~ thc Yrop- ~
~ crt,y in ~;ood repair and shall not 2?ermit or ~•on~n?it ~~•aste, iin~~ainnent, or ~leterioration of tl~c Yropert~~ and shall
~ comply ~vith thc ~iro~•isions of :?n}• lease, if this \(ortga~;c~ i~ ~?n a l~a~chol~i. If thi~ \tortgu~c is on a condominivm
_ unit, Borro~~~er ~hzll ~~erforn~ all of Rorro~r•cr'~ ohli~ation~ i~n~ler tL•c ~leclaratio:~ of con~lomininm or master deeci,
~ the hy-laws ~n~l re~ul~tions of thc• con~lominiu~u ~?roje~t vul ~~rnr.:tit~te:it ~locun~ent~.
~ 7. Protection ofl.ender's Security. If Borroa•er f:~il~ to ~~erloru~ the• ~o~•enant~ a~mt a~:reements contained in
~ this \Iortgage, or if an}• action or proceeding is ~•on~mencal ~~•hi~h matcriall}• affect~ Lender's interest in the Prop-
~ ~
~ erty, includi~ig, but not limitecl to, en~inent dom:iin. in~ol~•~~u~•}-. ~~al~• ~•nforcement. or xrr.in~en~ents or ~~roceed- i
~ t~i ..1.......~ ~ T ~,..1~.• ~
k' ' ' lac:: I.c~::1cr'~ o~~tiou. u~?on noticc to Rorro~+•er, ma~• make sueli
ii~~ja i~i ~v~ ~ iub a~ •ur~ v~.u vi a ~
~ :?~ipearnnces, ilishurse such suu~s an~i take ~u~l~ acti~u a~ i~ ne~ce~~ar~• to ~irotect T.encier's interest, including. but
~ not limited to, ~iisl?ursement of reasonai~le attornc~}•'~ ice~ an~1 ~•ntr~• ti~~on thc }'ro~iert~- to ~uakc repairs. Any r~
~ atuounts disbursc~i hy 1.endcr ~wr,uant to this par:~~r:l~?li 7. ~citli intere~t thcrcou. ~liall I,ccon~e ad~litional indebt- ~
edne~s of I3orro~~er secum~l hp this \Iortga~e. iJnle~s i3on•o~~•~r 3n~1 I.en~ler agree to otl?er tenm of payment, such ~
~
~ amour.ts shall he payai~le u~~on notice from l.en~ler to 13orro~cer rc~~uc~ting ~~lyment thercof, a~xl ~hal) hear inter- _
est from tl?e dnte of disbursement at thc rnte statc~l in the \ot~ unle-~ ~~ayment of interest :~t sueh ratc ~~ou1d be
~ contrary to applieable la~~•, in ~~•hich c~•ent sucli ;~moimt~ ~li:ill I,~:ir intere~t at the lii~hest r~tc ~?ennissible b~•
~ applicable 1:?w_ ~iothin~ cont:tine~i in tl~i~ ~rara~;r:~~rli i~hall re~~uire t.ender to inc~u• ~sn~~ e~~iense or do nny act
~ hereunder. ~
0 R ~*`~rV V~J
~ BOOK L-~
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