HomeMy WebLinkAbout1140 iusured or gu;tr:u~tc4~cl I?y rcYier:~l or ;tut~~ :~~;ci?rr ~i~u•lu~liu~; I.e~?~l~~r if L~•u~ler i• su~•li un ii~stifulionl. I.cr~cier
~l~ali np~~ly the Fund~ fo ~?n~• .ai~l tuxe~. ;~~.essn~ent~. itrw•uurc~ ~~cr~uiutu•:i~i~l ~;mun~l ~rnt~. Leu~l~r slf:il! nuike no
rharge farso hoktin~:iu~1 upplyi~?g the 1~~~~ul~ or ~•i~rif~~inR :iu~l ~•o~u~iili~~~; ..tid uc;es:ment. uncl hill~. Aorrower and
L~m~ler ~uu~• :?gre~• in ~~•ritink :~t tlie timc~ of exc~~utiun of thi~ ~tortKs~;e that inten•st on th~ Fm?d~ shall bc~ ~u~i~l 10
Rorrn~~•cr. :ind ~~nlc:~.s such xgrccux~nt i• mitdc. I.c•n~irr •hull not ix` 1'lY~1111YYI IO ~)21V Borro~~•c•r i?n~• inte~r,t on tli~•
Fumis. I.ender ~hiill ~i~•c to R~rro~~er, ~~ithout ehurE;e, t?n ~mnu:il accounti~i~ af the Fundc st?o~~in~ creciits and
debits to thc Fuuds u»d ti~c ~~urpose for ~vhich ench ~~ebit to tl~e Funds ~~•rts mac1~. 'fhc F~inils are ~~lc~l~ecl as ~ddi-
tional security for the sums secumc! h~ thi~ 11ort~a~~•.
If the an~ount. of the Fnnels held 1~~• I.cnder, to~ethcr witli tl~~~ futum wonthh~ in~tt?lliuents of Fuuds payablc
~?rior to thc duc dntes of taxes, :issessnicuts, insurnnec ~i~~e~uiums .md ~round rents, sl?nll cxccc~l thr a~nount rc-
quired to pay snicl taxes, assessments, insurnnce ~?rciuiuius ;?ud Rrouuci mnts us tlie~• full due, such excess shtell be.
at Rorro«cr's o~?tion, citl~er pmn~~?tl}~ repreicl to Ror~~~~•er or rreclited to Borro~ti•er a~ monthl~• installments of
Fu+~ds. If the amo~mt. of the Funds I~eld 1?~• I.ender sli~ll not he .uffici~nt to ~+a~~ taxes, as.ses~ments, insurnnce pre-
miun~s und ground rnnt< as they fnll ~lue. Borro~~cr ~hnll ~~a~• to t.cnder :u~v amount nece~nry co ~nake ~~p ther
~leficiency ~vithin thirt_~ days ntter noticc fron~ I.cndcr to Borro~~•cr requcsting ~?ayment thercof.
Upon p~yment in full of all sums sccured h~• this ~tortga~c, l.en~ie~• shail ~?rou~pth~ refund to Rorro~~•er un~~
F~mds held l~y I.ender.
If under ~~nragraph 18 hcreof tl~c Yropert~• i~ solci o~• the Yropcrt.}• is athen~•ise ~cquimd bv T.ender, I.ender
~hall apply, ~io Inter tlinn immeciiatel}• ~~riar t~ th~ ~alc~ of th~ Yro~?ert~• or it~ :«qui~ition h~• T.en~ier, anr Fund~
helci Uy l.encier :?t the time of :~p~?liention a~ :i ~•ir~lit :?~;.~in~t thc• :mn~ ~e~~ur~yl b~~ thi~ \[ort~s~e.
3. Applicction of Paymenis, tTnle~• s~?~~li~al?le 1:~~~• pro~•i~ic, othe~~~-i:~•. ;~ft ~?u~•ment. re~ei~~e~l I,~~ T.ender
iu?der the Note :ind ~~ai~agrapli~ 1 und 2 hercof ~liuli lu~ :l~l~)~l(4I II\~ Leu~ier fir.•t in iin~•n~cnt of :iu~u~nrt~ t~aynble to
l.ender 1,~ 13orro~~•ec unde?• ~~arn~r:i~?h 'l h~reof, tl~en to i~~tezr~t ~?:~~•~hle un the ~Tote aml on Tutu~r. :1ci~~n~~ces, if
an~~. and then to thc prinripa) of thc \TOtc .uul to thc• ~?rinci~~al of Futum A~h•anccs. i~ anv.
4. Charqes: Liens. Aorro~ver ~I~~11 pn~• :tll t.~xc~. a~.;c:s~nents :u~~l otl~er char~es. fines nnd iwpositions attrib-
ut~?ble to thc Property ~vhicl~ may attai» ~~riorit~ o~•cr thi~ \iort~a~e, :u~d ~mun~l rentc, if ;?n}•, at. I,ender'~
option in the n~anner ~nnvide~i wxicr ~u?ragrapL 2]icreof or hr Rorm~~er u~akin~ ~?ayment, ~~hen due, directl}~ fo
the ~~nyec thereof. Borm~~-er ~liall ~?rompfiv furni~li to l.cnder ;~ll notices af amounts due under this paragrnph,
and in the crent Borronrer shall ~uak<• pati•n~ent ~limeth•. Rorro~rer slr.~l! ~~ram~~th~ furni~h to I.encler receipts evi-
~lencing such pt~ymentc. Borro~cer shnil ~?ron~~~tlt• ~li~~~ha~,t~c :im• lien whi~h I~as priority over thi~ \1ort~n~e: pro-
vided, that~ Rorrower sh~tll not hc requirecl to ~iiscl~a~~;c ;en~• ~ucli lien ~o lon~ a~ Rorm«cr ~i?all agrce in writin~ to
the pnyn~ent oi tlic ohligation ~ect~red li~• ~uch licn iu n~aun~•r ;tc•~c~?t.~hle to L~nder. or shall in ~ooc1 initl~ contest
such lie~~ hy, or ciefend enforcenu~nt of su~t~ (ien iu, te~:il ~?rocec~lin~~ 1CI11CI1 O~)Cl:ite to ~?re~~ent the enforcement of
the Iien or forfeitwr of the I'~•opert_~~ or ai~~- ~?art tl~ereof.
5. Hazard Lasurance. Borro«~er ~l~al1 kec~~f t}ic in~~rroti•en~er~t~ notir exi~tin~; or hemaiter c:rec+,c~i on the Prop-
~rt~• ia?su~rd ug~inst loss bp firc, hazards includeci ~vithin thc tenn "extcuded coverage", an~i sitch othcr hnzarcis as
T.ender ~nay require und in ~uch :in~ount, and for ~uch ~~eriai~ :i. Lc~n~ier nia~• reryuim; pro~•i~le~l, th:tt I.en~ler shall
not require tluit the n~nount oi ~url~ co~•cra~c excce~i th:?t a~uou~~t oC ~•o~•cra~e reqi~ireci to ~iay the si~ms secur~d b~~
this ~tortgagc_ .
The insurauce carrier ~rrovidin~ the insur.zuce ~h:i11 ~I~o~e•n 3n• Rorro~ver subject to z~~proti~al bti~ Lender:
providc~l, that. such approval slaall not be unreusonnbh• ~vithheid. ~11 premiums on insurance polieies shall be paid
at~ Lender's option in the ~uanncr ~iro~•i~lc~i uu~le?• ~?.u•a~i:~~?h 2 hcrco! or I?~• Rorro«•cr ~u.ikin~ ~~ayment, ~vhen due.
, ~firectly to the iusurnnce c~rrier.
all insuran~c j?olicie~ ~n~i ~rnc~~•.jt~ tl?emof ~Icilt 1~~• in form a~~~•~~~?fahtc• to T.~~rnler au~l ~ir.ill in~•h~~ie• :i stanciaiYl
n~ortgage ~lause in ia~-or of :~u~i in for~u aece~?t.ible to I.en~lc~r. L~•n~l~~r •h.ill lia~•~ thc~ ri~l~t to l~old the ~>olicies and
rertei~•als tliereof, anc! Bm•ro~~•er ~hal) pron~pth• furni~li to Lcu~t~~r :til rc:ne~~-al uotice~ an~i :?11 receiptc of paid pre-
miwns. In thc c~•ent of lo~s. liorro~~~cr ~l~slt ~i~•c ~n•oui~~t notic~ to th~~ in~urau~c ~arricr ;uul I.ender, :tnd T.ender
may iu:~ke ~~roof of lo~~ if not u~ndc prom~?tl~ h~• Rorro~~•c?•_
Unless I.ender :~nrl Borro~~•er otl~er~~•isc a~rec in ~~~ritin~;, iu~iu•:u?~c ~~rocced~ ~hal! i~e a~?~~lied to ~rstoration or
~~epair of ti~c Yro~~erf~- ~Ia~n:~Ke~i. ~n•o~•i~ic~~l ~u~•I~ re~tor:~tiau nr ~Y•~~:?ir i~ c~~•ono~ni~•.tlh• ic~;~.i1?1~• sn~l tl~e ~ect~rit.~• of
tliis ~[ortgagc is i~ot tlierel>r iii~~~ai~r~l, 11 •uch re~toration or repair i~ i~at cconomic~ih• fc:t~ibie or if tl~c securitv
of this ~Iortga~e ~~-oi~ld hc iiupairc~l. th~ in~urancc ~?ro~ccYl~ ~haill h~• :l~~E~lied to th~~ ~u~u~ ~ecure~l I>~ tl~is \tort~agc.
~cith the excess. if :iny, paid to Borro~~•cr. If thc Yro~?crt~• i• ;~han~lone~l f?~- I3orro~~•cr or if Rorro~~•er iails to res~~ond
to I.ender ~cithin 30 ~ta~•s after noticr. h~• Lender to Borro~~•er th;?t the in~urance carrier ofi~r.~ to cettte a ctaim for
~ insuranee I?enefit~. Lender i< ,luthorize~i to collcct an~t :~j?~~h• tii~• iu<<t~:?nc~c ~~roc~ecd~ at I.ender'~ o~rtion either to
' irstoration or re~~~ir of tlic Yro~~ertv or to tl~c ~u~e~~ ~eci~re~! I?}• t1Ei• \tortga~r.
; Unless T,endcr aml Borro~ccr other~~•is~ a~;rec in ~r•ritin~, .ui~• •iu•h applicatiou oi ~~rocced~ to principal sLall
~ not extend or postpone the due ~latc of thc~ iuonthh• instalimcut~ re~lerrc~l to in ~?ara~rapl~~ 1:~nd 2 hereof or chanRe
G the amount_ of such installments.
If under ~~~ragra~?h 18 hereol tl?c~ I'ro~?erh- i~ :?cc~uirc~t i?~- L~~ii~ter. :?li ri~ht. tittc~ :tn~~ intere~t of Borrotcer i~~
~ :tnd to ant• iu~tu.~nee ~?oiicie~ :in~t ir~ an~l to tl~e~ ~~ro~ce~1- thre~~nf ~to tli~• ~~xt~mt of thc~ •u~m ~ccin•erl hti- this \Tort-
E k.lge im~ncdi~tch• ~~rior to ~uc!? 4?l~• ~~r :u•r~ui~itioiii r~~~i~ltiiit fr~m~ ~I:uiiati~ to th~• 1'ro~~~~~t~ ~~rior to thc ~alc or
:~cc~uisition ~hall ~~a~~ tc? I.endcr.
6. Preservation and Maintenance of Property; Leaseholds; Condoininiums. I3orro~ce~• ~Iuill kee~~ t.he Yro~?-
erty in ~ocx! re~?air :uul shall not ~?erinit or ~•o~nn~it ~~~a~te. im~~:?i~-~uent. or ~letc?•ioratiou of thc Yropert~• and si~all
~ com~~ly ~~•ith thc ~~ro~~ision~ of an}- Ic,i~~•. if tl~i~ \tort~;.~{~~~ i~ nu icn~cii~~l~i. if thi~ \fortgagc i~ an a condominium
` unit. Borro~rcr ~halt ~?erforni al1 of Ron-rn~•cr'• ohli#~ntio~r ni«le~r tl« ~lc~larati~~t of co~~rlominiiim oa• master tlee~i.
; tlie b3•-l.iws :uf~! re~ulation~ of ihe ~~on~laniniu~u ~~roje~~•t :uul ~~on~titu~~nt ~lor•ument~.
7. Protection oll.ender's Security. If Rorro~.-cr fail> f~~ ~~erform th~ ~•o~•enaut~ an~l :t~reen?ent~ containe~l in
this `Iortga;c, oi• if .ln~~ 3ction or ~iro~ceding i< <~onnnenccil ~~-hi~•li niatci•i.ill}- aff~~t~ L~~n~ler'~ interest in the Yro~~-
erty, ii:ciuding. I,ut not limite~l to, rmine~nt ~lo~uai~?. iu<of~-~~,u•~-. ~•al~• ~~nfm-cemc~ni. or :u~ran~~eroent~ or ~rroceed-
ings invoh•in~ a 1>~nkru~it or decedcnt, then t,ender :it i.cn~ic~r'~ o~~tio~~. n~~on noticc to I~orro«-er, uia}- u~ake svcl~
:~~?pearanccs, ~ti~l,ur~c such ~un?~ an~l t:~kc ~urli :ic~tior~ a~ i~ ct~r~:;.zrr to ~~rote~t T.eneler'• intere~t. includin~. but
r~ot lintitc~l tv. ~li~bz~r~c~nc~nt of reaso~~.ih!~~ :ittorn~}•'~ fc~~ :~n~l ~•ntr~• u~~o~i thc Yro~?crt~• to n~akc repair~. An}•
:~mounts ~lisbtnse~l 1?~~ I.ender ~~ur~uant to thi~ ti?cu•.i~ra~~h i. «~itL intcr~~~t thercon. ~lial! l~c~on~c ad~{itiona) indebt-
; c~ine~s o( Rorro~~~er ~ecum~l 1~}• thi~ ~[ortg.?~c. ilnle~; Ron•o~~-~r an~l l.cn~icr agrce to ~ther tern~~ ot' ~~ayment, such
` .unoi~nts ~h:~ll he payablc i~pon notiec from Lcn~Ier to Rorro~~•er rcc~u~~:ting {~~~ment ti~ercof. an~i ~I~atl hear inter-
est from tlic rlatc of ~ii~hur~en~ent :~t fhc ratc~ ~tatcyi in thc \ot~• u~i1e~~ ~~.i}•iuent of intcrest st ~uch rntc ~rould bc
i contrary to ap~~licahle la~r, ii~ t~•ifich c~-ent ~uch :in~ount~ ~L;~)l 1?c~ar intcre~t at th~~ liifihe~t rntc ~~er~ni~sible bt•
~ applicablc I.~t~•. \othinfi containe~l in ti~i~ ~,:u:igra~~ii i~IiaFl rc~~~iirc I.~~n~1cr to incur an~• ~~~icnsc or ~lo an}~ act
hereunder.
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