HomeMy WebLinkAbout0011 insureci or gunr~nteeci tsy a Fecieral ur stAte sgeney IineludiuK l.ender ii t.en~ler is .ueli :u~ institutiou?. I.ender
~hal! aUply the Ftinds to pay said taxes, assess~ucnts, insurance J~mn~iums and grow~d mnts. l.ender ~hAll n~ake nu
charge for so holding nnct applying the ~nds or ~•erifying nn~l compiling ~?id ;isse~menls and bills. Borro«•er and
I.ender n~i~y ngree in writing at. the timc of execution of this \lortgagc tl~at internst on the Fi~n~lr ~hall i?c p~i~l ta
Borrower, anc! unless such agreement is made, Lender sl?all not. he requirecl to pay Borm~cer un~~ intemst on th~~
Funds. Lencter shati gi~~e to Borron•er, without. cl~arge, an annu8! accounting of the Funds sl~o«inR creciits And
debits to the Funds nnd the pun~ose for which each debit to the Funds was made. Thc Funds i~re ~~Ic~l~c~1 as addi-
tional security for t.hc sums secured hy this 1liortgage.
If the amount ot thc Funds held by I.ender, togeti~er ~vith the futtu•e u~onthi~~ instaU~ucuts oi Funds payable
prior to the due dates of taxes, assessments, insurance pren~iums and ground re~~ts, ~hn!) exceed tlic amount re-
yuirecl to pay said taxes, assessments, insurance pren~iums nnd ground rents us they fall due, such exce~cs shall be.
at Aorrower's option, either promptly repaid to Borrower or crediteci to Borruwer on monthl~ inst111ments of
Funds. If the amount. of the Funds held 1?~• I,ender sl~al) not. be sufficie•nt to ~~a~~ tures, asses~n~ents, insurance pre-
miuu~s and ground mnts as they fall due, BormRer shal( pay to I.ender an~ ~mount necessnry to mnke up the
deficiency within ti~irty d~?yc nfter notice from t.ender ta Borrn~ver requcsting payment tl~ereof.
Upon payment i~~ iull of all sums sec~~rc~i by this \lortgagc, T.ender shall ~~romptlti~ rCfund to Bormwer an~•
Funds held hy i.ender.
If under ~~arngraph 18 I~enof the Propertv is sold or tl?c Property is otlicnvise acquired by i.ender, i.ender i
~hall ~pply, no lAter than immc~iiately ~~rior to the ~sle of the Yroi?ert~• o~• it~ acqui~ition h}• T.en~ler, ans• Fund~
heid by i.ender at thc fime of npplication as a credit a~ainct the •u~t~s •ec~urrl br thi~ \iort~~~e. i
3. Application of Payments. Unles.e apJilicable lan• ~~mvide~ otherwise, ai) t~a~~ment~ reccived b~ I,ender {
u~~der the i\Tote n~~d pae~ugraphs 1 and 2 licreof shall lae applic~l by I,ender fi~st in ~~ati ment of an~aunts payable to ~
Lendcr by Aorrower u?~der ~?arngrtiph 2 i?ereof, then to inlere~t ~~:?yable on thc \otc :in~l on Fut~u~c :1dva~~ces, i{
an~~, und then to the principal of the Note and to the ~?rinci~~al of Future Ad~~ances, if i~uy.
4. Charges: Liens. Borrower si~all pav ~l! taxe.s, :?sse~sn~ents :~n~i otl~er chur~es, fines and in~positions attrib- ?
utable to thc Property ~vhicl~ may attnin a ~?riority over this \iortg~gc, and ~roumi rents, if any, at I.ender's ~
option in thc mnnner ~n~oc•idcd under ~?arngrnph 2 hereof or h}• Aorro~~~er ~~~~king pay~nent, ~vhen due, direetly to
tlie payec thereof. Borrow•cr •ha11 promE~tlv furnisli to T.ender all notices of amounts due ~inder this paragraph,
.~nd in the event I3orrower shall roake pa~ment. directly. Rorro«er c~~all pcomptlv furnisl~ to I.ender receipts evi-
~~encing sach ~~nynients. Borro~ti•cr shnll pm~nptly dischay~c an~• lien «~hich has priority over this \iortgage; pro-
vided, that Bormner shalt not Ue required to discha~~c au~• ~»ci~ licn so long as Borro~ver shall agree in writin~ to
the pnyment of fi~e obiigafim~ secureci b~ :uch lien in a mauner ,icce~~t~ble to i,ender, or shal) io goo~d fsith contest
such lien hy, or deiend enforcentc~lt of sucl~ lie~~ in, le~a! ~~mcecrlings ~vhich o~~ernte to l~revent the enforcement of
t.he lien or forfeiture of the Yrapert~; or an~ ~~art tl~ereof_
5. Hazard insuramce. Borro~rer ~hall kee~? tlie iuq?ro~•cine~it~ no~~ existin~or {iet^EAtter erecteci on the Prop-
crt~• iusurc~cl agaiust lo.. b~• fire, hazard~ includeci ~vithin the tern~ "extended coverage", and such other hazards as
I.ender ma}• requim and iu ~i~ch ;?mouiits and for •u~~li ~?erial~ i.endcr inav require; provideci, f.haf. I.ender shati
not reyuire that. the atnoimt of s~ici~ co~•~raR~~ excee~i tiiat amo~~nt of coverage required to pay the svms secured by f
this ~iartgage. ,
The incuruuce carrier ~~ro~•idiu~; the i~~s~u•auce shall he• el?ose? hy Borro~ve?• ~uhject to approtal b~~ Lender: ;
~~ru~•idccl, that sucl~ uppm~•al sL~ll not be un~~easonabl~ ~vithheld. All premiums on insurance policies shull be paid
at T.ender'~ d~~tion in the ~uanner ~~ro~•i~ie~l iuuler ~?ar:~~ra~~h 2 l~ercof or I?~• Rorro~~•er u~akin~ pn~~n~ent. when due,
directly to the insurance carrier. ~
' Att insuranee F~oiicies and ~rne«~al~ tlicreuf ~L.ill iu for~n :er~•~•~~t2ble to l.ender .~nii ~ha11 in~hule a standaiYi
~~~ortgage ~lau~e n~ fa~~or oi .inrf in fori~i :irce~?t~ble to I.endcr. T.endet- ~h~ll hn~•~ the right to hold the ~~olicies and
renewals thereof, and Borrou•cr ~hall ~n•uu~~~tl~- iurnish to i.cnder all rene~~-al notices und all receipts of paid pre- ~
miums. In the e~•ent of lo~s. Borro~rer ~hall ~i~•~ ~irouil~t notice to khe i~~ci~rance cArrie~• and T.ender, und i.ender ~
uiRy make ~~rooi of lo~~ if not ~uqdc pro~n~~tl~• f?y Borro~ver. ~
Unless Lender and Rorrn~~•er oNier«-i~c ,~~me in ~~ritinfi, inst~r:~n~e~ ~~roceed< <ha!! be applietl to restoration or
i•ep~ti?•.oi the Prc?~?ert~• ~1ai~l:ige~l. i?ru~•irli~~1 ~i~~~L restor~tion or re~~air i~ ecor~o~ni~alh• ies~ible snd tlie :ecurit,y of {
this ~IortR:~ge i~ not thereb~• iiupai~r~l. If ~uch restor~tion or re~~air i~ not economicalh• teasible or if the security
of this \IortKa~e ~~~uuld he in~~~~irecl. t{:r• in:uranr_c ~~rocec~ci< ~I~al) h~• a~~plie~l to thc sums secure~i by this \iortgage.
~~~ith the exce~~, if sm-, paid to Rorro~~•~rr. If thc Yroperi~• i~ af~an~loucd b~ I3orro«er or if Rorracver fails to respond
to T.ender ~citi~in 30 cfay~ after notice i?~- T.en~~er to Borroeti•er that the insorance carrier of~en to settle a claim for
insurance henefits, f.enrler i~ ai~tl~orizecl to collect and upph• th~~ insur3nce proreecls at I.ender's option either to
restoration or re~r.iir of the Yro~ierk~- or to the sum~ secure~l b}• thi~ \tortgage. •
Unless I,ender and Borro~~•er othern~ise agrce in ~vritin~, sn~ sucli ~~plication of proceed~ to principal shall
not extend or postpone the due clate of the montlil~ installn~eutc referred to in ~~aragraphs I and 2 hereof or change
the amount ot si~cii installmen~~. -
If under ~?aragra~~li 18 hereo~ thc Pro~3ert}~ i~ acquire~i hti- I.e~irler. .~ll ri~ht. title :?nd interest of Borro~ver in
and to atn- i~?~u~.~»c~ ~>olic~ie:~ .~nrl in an~l t~ the ~~m~eed~ tlier~of ito tl?e~ extent of thc~ ~tun~ ~ecured h~ this 1liort-
Kage im~ue~liateh- 1?rior to ~~~ch ~a1~~ ur acquisition? m~ultin~ i*ou~ ~lam~ge to th~~ Pro~~ert~ ~~rior to the ~ale or ~
c~cyuiaition shall }~a~~ to T.emler.
6. Preservation and Maintenance of Properiy; Leaseholds: Condominiums. Borro~ver sl~al[ keep the Prop-
erty in ~;oocl rePair an~i shal) not. ~?ern~it or commif «~aste, im~~ainn..nt, or deteriorution of the Property and shall
cumply cvith the pro~•isions af an~ lease, if this ~tortgage i~ o~~ s leaschold. If this ~tortgage is on a condominium
uoit, Borro~cer ~hall ~,erfonn all of Borrow•er'~ obligation~ ~~n~ler the ~leclaration of con~iominiuni or master deed,
the Ly-l.?KS sn~1 rc:gulation~ of thc _condominium ~uojcci and constituent documents.
7. Pr~tection of Lender's Security. If Borro~~er fail~ to ~?erforn~ the covenant~: nnd ;~grcen~ents cont~ained in
this \iort~ag~, or if nn} action or Firoceedir.~ is comn~encecl ~~•hich inaterittll~• affects Lender's interest in f,he Prop-
etty, including, but not limitecl to, e~~~inent domain, insolvenc~-. cocic enforcement, or a~rran~ements or proceecl-
ings involving a i~ankrupt or decedent, then I.ender at I.encfei•:~ o~ition. ii~wn noticc to Borrower, ~nay make such
:sppear~nees, r~isbursc sucl~ sums and take sucl, :ictirn~ as i~ nececsary to protect I.ender's interest, including. but
not limited to, disbu~ement of reasonable attorney'. tee~ an~l cntn- u{~on the Pro~ierty to u~ake repairs. Any
amounts <iisbuned by I.endcr ~~ursuant to thic p~~•ngraph 7, ith interect thereon, shall become ad~iitional indebt-
Miness of Borrowcr ~ecured b~ this ~Iortgage. Unlc~s I3orrower aml i,en~ier agree to other tenus of payment., such
antounts shall be payablc upon notice fmm I.ender to Borroc~•er requesting pa,yment thereof, ~nd shall bear inter-
est from the date of dist~ursernent at tl?c rate ~tate~l in the ~otc unles.~ ~~ayment of interest at such rate would be
contrary to ap~~)icable la«, in ~~i~ich c~•ent ~uch s~nounts sliatl hear intere~t at thc highest rate ~~ermissible by
applicable la~. \othing ~ontainecl in this ~?ar.~gra~li 7 ~haii i~ec~uii•e I.ender to incur any ex~~ense or do any act
hereunder.
so~r. z~.~ ~as~ ~
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