HomeMy WebLinkAbout0525 iusure~l or guar:inteed hY n Feder~tl ~?r sti~te :i~;~~nc~~• ~i~u~lu~liu~; L~~n~l~•~• it l.~•u~ler i~ ,u~li iu~ i»stitutionl. T.ende~.
.hall npply the Fund. to ~?~y ~niil tuxc;. u:sr:;w~~nt~, insw•un~•~• ~urn?iuu~.:uul Kroun~l r~~nt~. l.ender .l?t~ll uu?ke no
chttrge for so hol~iin~ iu?~I upplying the Fuiut• or ~•erif~~i~i~; :iml ~•owpilin~; ~aid u~ea:u~ents t~nd biUs. Rorrower and
1.ender rou~ a~rcti~ in ~~•ritin~ ut the tiiu~~ oi exc~utiun ol thi. ~lorl~;a~;~~ tl~ut interi•st on tl?~ Fund~ ~hall bc ~u?id to
Borro~~~cr, itnd ~inlc•~, ~uch ;~~mcn~eni i~ mncic, i.cn~i~•r ~i~~~lt not th~ r~quirc~l to ~i;~~• Burro~~•cr un~• intcrost on th~~
Fumis. i.ender ~hall Ri~•c to Iiorro~~•er, a~ithout ~6arge, uu ~?nnua) ac~•ounting of thi~ Fumis sho~rin~? rrc~itc anci
debits to tl?e Fiinds i~nd the ~~urpose for «•hich ench ~lcbit to the Ft~ndc ~~tts made. The Fumis are ~ile~i~ed a~ :tddi-
tional security for the sums secured i~y tl~ir ~tort~,~~c.
If the nmount of thc Funds l~eld hv I.ender, to~ethcr ~vitl~ thc future n~ontl?h• instalhue~~t, ot Funds payable
l~rior to the duc ~intes oi taxes, :issessu~ents, insurnn~c prnm;tuns :?nd ~mund rents, shnll excced thc nmount re-
quireci to pa~ snid taxes, assessments, insurnnce ~?trmiunis uncl ~rouiul rents as they fall duc, such excc.ss shall be,
at Rorro~cer's option, either promptl~ re~?zi~l to Borro~~~er or rreciitc~l to Borm«•er on monthh• instnlhnents af
Funds. If the nmount of thc Funds held I?~• I.ender shall not 1?c .uff'icirnt to pa}~ taxes, a~ecsments, insurnncc pte-
miums and grotmd rents as they f:?11 ~iue. Borro~~•cr shAll ~~n~• to I.ender ~ii~ a~nount nece.~nn~ to n~ake up t.hc
defieiency ~vithin thirt}~ days nfter nOtice fron~ l.ender to I3orrv~~•er rc~ucstin~; p:?yment thereof.
Upon payn~ent in fi~li af all sun~s seci~rc~l b~• thi< \(ortgat;c, i.ender shail ~~ranpth~ refun~l to Borro~ver an~~
~~nds held hv Lender.
If under ~~nrngrnph 18 hereof the Yropert~~ i~ sol~l or th~ Ym~~ert~~ is other~~~is~ acquirecl !i~• 1.ender, I.ender
NIIAII ii~)~IIV~ no Inter thnn innnedintely prior to th~ •al~ ot thc• Yropcrt~• or its :i~ quicition h~• I.en~lcr, any Fimd~
held by I.ender at. the time of application a~ a~•rcvlit :i~;ninst ttic ~iun~ •cr~nr~t h}• tl~i~ \tortRa~c.
3. Application of Pttyments. Unles• np~?li~abic~ I:?~~• ~~ro~~ide: othe~~ei~e. .tll ~?a}~ment• rece~~•c~i b~• I.ender
~inder tlie \'ote .~nd ~?ara~ra~~l~~ 1.tud 2 hereof ~liall he :~p~ilictii 1~}• L~~n~l~•~• fi~•t in ~?u~•mcnt of :in~ount~ pa~•nble to
I.en~ier b~ Borro~ver under ~~ara~rnph 2 hereof, then to intc~~r~t ~~ayahl~ on tl~e \ote ,u~~t on F~it»m :\d~•nnces, if
any, :~nd theu to the ~irincipal of ti~c \•ote and to ti~r ~~rincip:?I of Future :1ch•nnces, i~ an~•.
4. Charges; Liens. Borrower sLn11 pn}• nll t;ixe~. ascc~sn~ent~ :uul other c1~nrRes, fines nnd i~u~~osition~ uttriU-
utnUle to thc Yroperty which ~nny :?ttain priority over tl~i~ ~tortGa~e, and ~roimd rents, it nny, nt I.ender s
option in thc mnnner p~b~idai under ~?nrugrnpl~ 2 hereof or 1?~• Rorro~~•cr u~nkin~; ~u?yment, ~vhen due, directly to
the payee thereof. Borro~~•er shall ~~rom~~tly furni~L to I.euder all notires of amounts ~iue undcr this para~;raph.
and in ti?e c~~ent Borro~ver ~lmll u~ake pnyn~ent directh•. Rorro~~•cr ~hall ~?mmpth• furni~l~ to i.ender receipts evi-
dencing ~uch ~?lvments. Rorro~ccr ~i~nll p~b~n~itl~• di~c•h:u~;c :?m• lien ~~~hici~ l~ns priorit}• o~~er thi~ \tort~aRe; pro-
vided, thnt Borro~~•er shail not bc reqUirc~l to dis~•l~au•g~~ :u~~• ~n~L licn ro long as Rorro~~er shsll a~;rcc in writin~ to
the payment of the obligation secured b~~ such lien i~i a roauu~r accept:thle to T.en~ier, or ~h:~l) in ~ooci fnith contest
such lien I?,y, or ~ietend enforcemc~nt of su~h licn iu, le~~i ~~rocce~linR~ ~~•i?i~l? a~~erate to ~~re~~ent. the enforeement of
the lien or forfeiture of the Yropert.}~ or :iny part thercof.
S. Hazard Insuranee. Borro~ver ~h~ll kcc~~ thc im~?ro~~~~incnf~ no~~- ~•xistin~ or hemaftcr erec!ed on the Prop-
crt~• in.ured againsi loss lft fire, luizarcls includcd ~vithin the term "extendeci coveruge", nnil suci~ ~~t{~cr hazards a~
I.ender mny requim :ind in ~uch :unounts an~i for •uch ~?erial~ :r l.c•u~ie•r ~ua~• require: pro~•ide~l. that T.en~ier shall
not require tl~at the nmount. of ~uch co~•erage excee~l tli:~t .uiioi~nt of co~•era~;e re~~uireci to the s~ims secured by
tl~is liortgage.
The insurance can•ier ~?rovidin~; tlie insuraucc ~h~ll 1?~~ ~•hosem hv Rorro~rer ~u{~ject to approvnl by I.ender:
~rro~•idc~i, tl~at such appmvll sl?all not he unreasonabl}~ ~vithheid. All premiums on insur~nce policie~ ~hall be paid
at T.ender's option in the ~nanner ?~m~•i~le~l ~~n~lcr ~?:u•aKr:?~~h 'l 1?ercof or I?~~ Rorron•cr makin~; ~?av~uent, ~rhen due. ~
~lirectly to thc insurnnce carrier.
Ali insurnnec ~?olicie~ :iu~l ~rne~~•.tl~ tl~ereof ~Lall h~• iu Corui a~c•~•~?tahic• to T.e:uler :uiii ~hall in~lu~ic ~tan~lur~l
~nort~age cl:mse i~e f:«•or of :u~~t in forn~ acce~~t.ti~le to Len~l~~r. L~•n~lc•r sh.~il ha~•c~ the ri~ht to hol~l the policie, :wd
rene~~•nls thercof. :uul Borro~~•er ~h:?ll ~n•om~~th- fin•ni~l~ to i.~•n~icr ,till rene~~-al notice~ an~l all receipts of paid Pre-
I'k ~uiums. In thc c~-ent of los~. Borro~~•er ~h:?11 ~;i~•~~ ~n•om~~t uoti~c to tii~ in~urau~~c ~~arricr an~l I.ender. and I.ender
~ m~~- n~ake ~~roof of lo~~ if not iuadc~ prom~~th• I?~• Rorro~~•cr_
' Unless 1.cr.rler an~i Borro~~•cr otliern-i~e ,~~tr~ i» ~~•ritiur. ii?~w;u?cc~ ~n•oc~ed~ ~hall be a~?~~liccl to restoration or
~ repair of ti?c I'ro~~crt}• ~lama~?c~~1. ~?m~-i~l~~~l ~uc•h rc~tor:iti~n or rc•~?:?i?• i~ ~~c~ono~ni~•.ilh~ fe.?~ihl~~ :iiul thc ~c~urit.}- of
j tl~is \Iortgage i~ not tliercb~• im~~air~i. If ~ucL m~toration ur re~?air i~ not ~eouon~icalh• fea~ibie or if ti?e ~ecurit}•
of this \Iort~age ~~•oald hc impairecl. thc~ in::~n.zu~c ~?ro~ec~i~ ~liall L~ a~~plie~l to the~ ~un~~ •ecurcvl h~• this \iort~age..
~ ~~•ith t.he excess. if .u~y, paid to Borro~~~cr. If tl~c }'ro~~ert~• i> al~an~lone~l b}• Borro«•er or if Borro~~•er fails fo respond
~ to I.ender ~~~ithin 30 ~I~ys after notice 1?~• l.ender to Rorm~~•e~• tliat tl?e insurance carrier of~cr~ to ~ettle a claim for
~ insurance I~enefit.. Leuder i~ authorizal to ~~ollect :uui a~?~~h- tlir in~ur,in~•~ ~~roce~~i~ at I.cuder'~ o~~tion either to
~ restoration or re~~air of thc Yro~~crt}• or to tlic ~un~~ «~c~ure~l 1~~- tl~i~ \lortga~c.
Un1es.5 I.ender .incl I3orron-cr other«•i~~ a~;mc in ~rritin#~. :in~• ~u~h a~?~~li~atio~i of ~?roceed~ to princi~~al shall
i~ot extend or ~?ostpone the due datc of thc uio~~thl.- in~tallu~ent~ re~fe~~•rc~l to ii? ~~;ir:~~ra~~li~ 1 and 2 hereof or chan~c
the amow~t of sucle instalhnents. ~
If un~ler ~~aragra~~h 18 i?ereof tlm I'ro~~crl~• i~ :ic~~uirc~~l I?~- I.en~ir~r. al) ri~hf. title :in~l intere•t oi Borro«~er in
.ind to an}• in:w•~ncc ~~olic•ic~ :u~~l in :in~l t~ thc ~~ro~•c~~~fl~ tli~~r~~~ri ~ t~? tL~• ~•xt~~nt of th~~ •uii~: :c~~i~md h}• thi~ \'[ort-
~;age i~mi~eriir~tcl~• ~~rior to ~uel~ ~:~I~~ ~~r :u•~~ui~itirni ~ rc~a~ltin~, !r~?ui ~icunu~~• ~o th~• I'ro~~~rt~• ~?rio~• to tl~~• :ale or
:~cquisition shall ~ia~~ to I.eucicr.
~ 6. Preservation amd Maintenance of Property; Leaseholds; Condominiums. i3on•o«•er ~Lall kce~? thc Yrop-
~ ert•y in {;0«1 repair :uul ~hall not ~~ermit or co~wnit ~~~a~te. inq~:~ir~uc~ii. or ~ieteriara?tion of the Yro>>ert~' and sLall
com~?ly ~~~ith thc ~?ro~•ision~ of an~• lca~c. i! khi~ \lortrri~~e i~ ~m I~:~~~Iiol~L If thi~ \lort~age i~ on condominiwn
~ unit, Borro~~-cr ~i~all ~crform all of Borro~~•cr'~ ohli ntion~ ~unl~~r thc ~1~~•la~.~fion ~f con~lominium or master dee~l.
~ ~ fi~
- ihe f?y-l:t«•s an~l rc~ulations of th~• ~•on~loiuiniuiu ~,roi~~~•t :uul ~•oi~:titu~~?it rlo~•i~ment~.
- 7. Protection ofZender's Security. If Rorro~~-cr f:iil~ tu ~~~•rirn•m th~• ~•o~~en:uit~ an~l ;~~;r~~m~•nt~ coutained i~i
this ~Iortga~;c. or if .in~- action or ~iro~ec•din~ i~ ~~on»nr.ui•c~l ~+-hi~•i~ uiat~rialh- aff~•~t; L~~i~~ier'~ intei•e~t in the Yro~~-
erty, including. bttt nut limitcvl to. cminent do~n:~in. in=c?h~cn~•~~. ~•~Nii• ~•ntiorren~~•ui. or :~rr:~ii~ement~ or ~iroceed-
i~~gs involvin~ a bankrupt or decedent. thcn I.euder ;~i Lr•n~lc~r'~ c~~~tiou. n~?on notice to Borroo•er. ~n.~~- u~ake sucl~
- .~~~l~earance~, ~iishur~e ~ucl~ ~um~ an~l take •ucli a~•t io~~ a~ i~ urrc:;ar~• tn ~n~otect I.ender'~ interest. includin~. but
not limited ta ~lisbi~rseui~nt of r~~n~on:~l~le attornc~~•'~ fec~: :in~l ~•ntr}• e~E?~n the 1'ro~~erf~• to ~uake rep~it~. An~• .
:~mounts ~lisbursc~i ln• I.endcr ~?ur;nant to thi~ ~~:~ragra~rl~ 7. ~~-itl~ int~~rc~t tl~crcon. ~hall I~c~on~e a~l~litional indebt-
edness of Rorro~~•cr ~ecnrc~l h}- tlii~ ~Iortga~c. I?nl~~. I3orro~c~•r :iu+l t:~~n~ler agrce to other ter~u~ of ~?a~~ment, such
~7 ama~nts ~h.tll I?c ~~ayable upos~ notice fron~ I.en~ler to 13orr~?~ccr rc~~~u~•tin~ ~~aymcnt thercoi. .in~l shall he~?r inter-
L4t
est from tl~e ~late of ~li~bur~ement at thc ratc~ ~tate~l in the \ot~• unlc~~ ~~a}•n~ent of interest at ~ncl~ rate ~could Ue
coutrary to ap~?licnblc la~~-, in ~~-i~ich c~~cnt ~ucli :unoiu~t- ~hall hcar intcrc:.t st thr hi~hc.~t rate ~?crniis~iblc b~•
~ :tipplicaUle l.«~•. ~othing ~•on!ainc~i in thi~ ~~.u•a~;ra~?li i~Lali m~~~iir~~ I.~udc~r to inci~r .?n}• ex~~ense or ~lo an~~ act
hereunder.
~ 60~ zss ~ ~z~
~
~ _ -
w
~.~~~c~.~.~_._~_.v_.~,.. _ r~