HomeMy WebLinkAbout1135 iusureQ or guar~inteeci h~ a Fc~i~r:il ur .t;ite :i~;ei~e~• ~iu~~lu~lin~; Li•n+l~~r i( Len~1e?• i• SueL :tn i~?stihitioni. T.euder
•hall apply the Fuud~ to ~?a~• ~ai~l t:txe:, ;i~~c:•~ui~nt•. insuriu~~~~~ ~~mmiun?• :iu~i ~rotuul ~Y•nt.. Leudcr sh:il! m:ake no
charge for so i~al~tin~ un~t u~~~?it~ing tlie Fiu?i!• ur ~•erifrin~ :in~! ~•onq?ili~~~ ..~i~l u..essuient. und l~ill~. Rorro~ver and
l.en~fer ~~u~~• ;~gree in ~~•riting at the tin~c~ of exc~•ution of thi• \lort~;u};e tliut iMem.t on thc Fund~ ~hall 1?r p:tid to
Borm~~•er. and ~u~lcc. such a~rce~m~nt i. mad~~. I.en~l~~r •II1l~I IIOI I?l' C(Y~1111YYI (O ~?a~• Rorm~~•er i?nr intcm,t on thi•
Funds. I.endcr shnll Ri~~c to Rorro~ver, ~~•ithout ~har~~~, au~ ;u~nunl accountin~; of the Fund~ ~ho~~~iu~; credits nnci
clebits to the Funds :u~d tii~ ~~i~rpose for ~vhicb e~ch ~iebit ta the FundS ~vas mnde. The Funds :?re ~~lc~i~e~! as addi-
tional security for the suu~s secun~cl hy thic \Iort~a~r.
If the ttmow~t of thc Funcis held b~• 1.endcr, to~etlicr ~vitl~ th~ future montl~l~• instullmeuts of Fuuds payablc
prior to the due dntes oi tuxes, ttwsessu~ent~, instn•nn~e ~~ren~iuin. and ~roun~l rents, ~hnll excceci thc ~mount re-
quirecl to pav ~aicl tnxes, assessn~ents, insur~~ncc ~»ruiimus a»d ~;roun~i rents as they fnil duc, suci~ c~ccss sl~afl he.
~t Rorm~+er's o~~tiou, either pron~ptl~• repaid to Rorro«~er or rreciitc~l to Dorro~~•er on monthh• installment~s of
Funds. If tl~e umotmt of tl~e Funds lield h~• I.ender s1~a11 uot. I~c ~utl'icicmt to ~iny tuxes, nssec~ments, insurnnce pre-
miums nnd ground rents as thev fnU ~luc. Borro~ver •hall ~?a~~ to I.ender :in~~ amoiurt necessarv to mttke up the -
~leficiency ~vithin thirt~• days ,lfter noticc from l.ender to Borro~~•er requestin~ ~~t~yn~ent. thcreof.
Upon payment in tull of all ;im~~ secured b~• this ~fort~aRe, I.ender sGnl[ ~~romptl~• rnfimd to Iiorro«er znt~
Fimds held bv I.ender. -
If imder ~~ar~grr~ph 18 liereof tl~e Yro~>crty i~ ~old a• thr Nrapcrt.~- is otl?cr~~•ise acquired 1>v I.ender, i.ender
.Iaall :?pply, no lnter th~n immeciinteh• prior to tl~~ ~.il~• of tli~• }'ro~?ert~• or it. u~~qui•ition hy I.en~ic~r. iu~~• Fund~
hold by I.ender at the time oi r.pplicntion .i crcviit :?~:~irnt th~~ ~wn• •c~•u?YVl h~• thi~ ~[ort~age. ,
3. ApplicaGon of Payments, ITnle~• ~p~~li~~l?li• ln~~- ~~ro~•i~ic: otlien~i•~. :ill ~~•i~>ment• ree~i~•ecl b~~ I.ender
wider the ?~ote u»d pn~ngrapl~~ 1 and 2 hcreoi ~hall Ix~ ,i~~~?licrl h~• l.t•mlc~• fi~.t iu ~~a~•menf of :~~uount~ ~~aynbic to
I.eniler b~ Borro~~•er iu~dcr ~?arn~ra~~h 2 1?crcof, the~~ to i~2tc~~r~t ~?:~~•.ihle on the :\Tote :~~~~1 on Fut~~~Y~ :1d~•ances, if
.zny. nn~l theiT to th~ ~irincipa! of th~ ~Tote nnd to tL~~ ~~rinci~r,tl of rutur~~ a~1~•~ncc~. if :?n~•.
4. Charges: Liens. Rorrower slznl) pa~• nU t:~xe~. as~c•su~ents :u~~l other chnr~e:. fin~s nnd in~positions nttrib-
utaUle to the Propert.v ~~hici~ mt~y attnin a ~~riority o~~cr thi~ \Iort~a~e. an~i ~rouncl rents, if an~~, nt Lender's
option in the manner ~~rovidc~l under paragra~~li 2 li~reof or h~~ Rormn•er makin~ ~~a~ment, ~~hei~ due. direetly ta
t.he pnyee thereof. Borm~~•er shall ~~rom~~th• furni~h to J.encicr :?ll notices of aroount. ~tue under tliis parugraph,
and in the event Borro~eer ~h~tt ~u~1:c pa~~ment ~iit~cc~tly, Rorrmt•~r ~l~all ~?romiitl}• fi~rni~h to i.c~ider reccipts evi-
clencing sttch ~~nyments_ Borro~cer shall ~?rompth• disrl?:u•~c :in~~ lien ~~•1?ich lins ~?riorit,v o~•cr this ~Iott~~~e; pro-
videci, thnt Borro~eer shnll not he requiral to ~lischar~;~ am• ~n~li licn SO ]pi)~ :l~ Rorm~~~er ~Lall a~rce in ~vritin~ to
the pnynient of the obligntion secured 1~}• such lien in a n~aimer acce~?table ta Len~ler. or sh:tll iu ~;oo~l f:~ith contest
such lien hy, or defend enforren~ent ot ~uch licn iu. le~al 1?rc?~ecYlin~~~ ~~•lii~h o~?er:~tc to pre~•cnt the entorcement of
the lien or forfeiture of tiic Yropert~• or ;?n}• ~~art thcrcof.
S. Hazard Insurance. Borro«•er ~l~all kee~? the im~~m~-c•ment~ ncm- existin~; oc here~iter erer±ecl on the Prop-
c; t.~• ins?ireci ngainst locs b~• fim, ~1AZi11'(~S IACIIl(~CfI 1tI1111 tlie teru~ "extended covernge", and such othcr hazurds as
J.ender n~ay require :u?~i in ~nch :unount; an~i for ~~i~l? ~~crial~ ;i~ Lc~u~lcr ~u:?r requi!~e; ~~ro~~idc~l. thnt i.cn~ler shall
not require th:~t t6c :?maint of ~uch ~orera~c excee~l tii:it ,uuo~u?t of ~•o~•cra~c required to pa~~ the sums secured b1
this ~Iortgage.
The insura»ce carrier ~?rovidin~ thc insurance ~hall hc• ~•I~osen In~ Rorro~cer •uhject to aj~pro~~z) 1~~~ I:ender:
~~ro~•icled, th.st such n~~pro~~n1 sl~al! not I~c wrreasonabh~ ~vitl~hcld. All premiums on insumnce policics shall be paid
at T.ender's option in thc wanncr ~rro~•i~ic~i un~lcr ~~:ira~ru~?h 2 hcr~of or h~• Rorro~rer ~unkin~ ~iayment. ~~hen due,
directly to tl?e insur:ance carrier. _
All insurancc ~~oli~ies aucl ~rne~~~al~ thercol ~L:ill h~~ i~? tor~i~ ,i~~•c•l~t:ihle to i.en~ier :in~i ~l~all includc :i stauc~a~Yi
n~ortgage clausc in fa~~or of :?n~t in form a~cc~?tahlc~ t~? L~n~l~•r. t.~~mic~r ~Il.i~~ Iliil'C tl~c ri~1~t to hol~l the policics and
rene~valc thercof, an~l Borroi~•er clisll ~?~•om~~tl~• furni=h tu L~•nder all rcnc~~•a! i~otice~ aud :~U recei~~ts of paid pre-
miums. L~ the e~•ent of los~. 13orro~~-cr ~Ic~ll ri~-~~ !n•o~n~~t iiotic~~ t~? th~ ins~~ran~•c ~arrier and T.ender, and i.ender
mn~ make ~~roof of lo~~ if not. u~~cle prom~~th• h~- Rorno~~•er.
Unless I.ender an~l Borro~~•er otl?er«•ise a~rc~c~ in ~~-ritinr. in•iu-:uu•e ~rroreecl~ ~hall he ap~?Iicd to rectorafion or
repttir of the Yro~?ert~• ~lan~:~~~vi. ~rro~•i~lc~~I ~u~•li re~fo~:?tion ur re~?,yi~• i~ n~•oiio~ui~•alh- f~a~ihic~ aiu! the ~ect~rit•t• of
this \[ottgage i~ ~wt tliemb~- impzirc~d. if ~uch 1•e~toritio~~ 01• t•e~r,~ir i~ not ~cononticall}• fea~ihle or if the security
of this \Iort~agc n•oulrl hc im~r.tircd. tli~ in~iu•aui•~• ~~rocecil~ ~iiall I~~• :i~~~~liecl to th~• su~u~ secure~l ht~ this ~iort~age.
~~ith the excess. if :iny, ~>ai~l to Borro~ccr. If thc Nro~?crt~ i~ ali;~»~lo~~c~l h~• 13orro~~~cr or if Rorro~r•er fails to respond
to I.ender ~~~itl~in 30 days after noticc b}• Lender to Borro~~-~r tl~at thc insin•ance carricr oRer~ to cettlc a claim for
insurance I~enefit•. I.ender is autl~orized to ~o{(eci un~i ;ip{?h- tlu• iu~ii~:?nce ~?roceccl~ at T.ender'~ o~~tiou eitl~er to
restor:ttion or re~?:iir of thc Pro~~crt}• or to the ~uni~ ~c~~n•e~l In• tlii~ \tort~:z~e.
i Unless Leitder :tnd Borran•er other?,-i~c :~gr~~e• in ~~•ritin~_ :u~}• ~uc•L aZ~~ili~ation of ~?roceed~ to prinri~~al shall
~ not cxtend or postJ~one tl~c duc ~latc o! thc n~outhl~• iu=talluu~ut~ r~f~rrc~l to in ~ia~:Rgrs~~L: 1 and 2 hereof or chan~e
~ the amount of such inst~ilments.
; If under ~?ara~;ra~~h 18 hercot' thr Yro~?crt}• i~ a~yuirc~f I,~- L~~u~ler. ail ri~hf. fitte an~i interest of Borro«-er in
~ :~nd to am• iti•in:lnce ~~olicic. an~l in an~i t~ tlu• I?r~~~~~~~•rl~ tlu•r~~c~f ~t~~ t!u• rxt~~irt ~?f th~~ ~~~~n~ ~~~~•~n•c~! h~- thi~ ~Iort-
~ ~;age imt~ie~iiatel}• ~?rior to ~ui•1? ~.~1~• ~~r :e~•qiii~itioni rc~ultin~ ir~»u ~I:i~n:ie~~ to tl?~• 1'ro~icrt}• a~rior to the ~ale or
acquisition ~ha11 ~~a~• to T.encler_
6. Preservation and Maintenance of Property; Leaseholds; Condominiums. Iion•o~~-cr ~hall kcep thc Yro~i-
erty in ~ooci repair ancl •h:tll not ~~ern~it or c•on~rnit ~~•aste. im~r.iirine~~t. or ~leterioration of the Yropert~• and chall
comply ~~•ith the l~ro~•ision~ of :ui~• iea~e. if thi~ \(ort~a~;~~ i< ~ii ic~a~~~iu~i~I. If t!?i~ \tort~;age i: osi a condominiom
imit, Borro~cer ~hall ~~erfor~n ait of Rorro~~~er'~ of?li~stion~ in~~f~•r ~l~e ~(ec•larntion of ~on~loiniuiuit~ or master deed.
tl?c hy-l;i«-s :iri~l re~alatiotis of t!u• cot?~Iominitin~ ~?rni~'~•t :utri r•o»~titn~•nt ~iocinrt~~t~-
7. Protection ofZendet's Security. If Rorr~~cer f:~il~ t~~ ~~erior~n thc ~o~•en;~nt~ :ui~l a~;rc~~ment~ cont~ined in
this \lortgage, o~• ii an~' aetion oi~ }~ro~ec~diu~ i~ ~•om~neni•e~l ~chi~•li i?~atc~ri:tll}- a~e~t~ I.e•n~ler'~ interc~t. in the Yro~i-
crty, including. hut uot li~nite~l ta cn~inc~izt ~lou~:?in. i~r. uh-~~o~•~-. ~•~xl~• ~•ntior~cuicnt. ~?r :u•r.~n~einent~ or ~iroceecl-
j ings involvin~ a l,ankrupt or decedent. then 1.en~ier at Lenri~~r'~ o~~tion. iq~on noticc to Rorro«-er, iua~- make such
appearnnces. ~iisi» ~re ~ucii =um: .in~i fake ~iu•li :u•tiou i~ n~~~•~•"ai~• to ~n•otc~t Lciuler:• interest. if~cladin~. but
not liroite~l to. ~lisbur~c•meni of rea~o~~ahlc uttorne}-:• fe~~ :in,l cntr~• n~~on thc }'ro~mrt:• to inakc rep~ir_ An}•
amounts ~lisbur~e~l h}• I.ender ~~ur:u:~nt to thi~ l~ai;i~r:i~~h ~~~itl~ i»t~rc~~t thercon. ~I:all hccome a~i~litional indebt-
c~inecs of Borro~cer sccure~i 1?~~ thi~ \[ortgu~;c. Unlc:s Ron~m~~c~r a~i~l l.en~ier agrec to other ternr ni ~m~•ment. such
amotints ~hall 1?e ~~ayai~le t~~~on noticc fron~ 1.cniler t~ Rorro~~•er ir~~n~~~tii?g ~~a~~n~ent tli~rcof. an~l ~i~all hcar inter-
est from tl?e ~latc of ~ii=lmr~emcnt at thc rRtc ~t:ite~~t in the \c,t~~ nnte~• ~~armcnt of ititere~t at <<tch ratc ~~-ould be
confrary fo apt?licablc Ia«-, in i~•hich ercttt ~ucl~ :~inot~nh ~i,:il1 I~~ar intcrc~~t .if th~~ l~i~hc-t ~:ntc ~?ermissiblc b~•
applicable 1<rn-. ~othin~ t~ontainerl iu thi~ ~~:u:igr:i~ili ;~lc?il r~~c~uirr I.~•nder to 11iPI1P .ill~' CK~1COcC OI' (~O :lll~~ act
hereunder. ~
~'~R~ 216 ~ 1135 a R
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