HomeMy WebLinkAbout0578 inaun>d or guurt?nteE~ci 1~}' u Federal ~ll' ~lAtl• :igenc•~• iiu~•lu~tiu~; l.eu~lcr if Len~icr i. su~h :u? iu.tit~~tiu~~?. !.~•u~ler
shall apply fhe Fun~is tu ~?ay •tti~l tuxe:, uUec;~t~er~tc. in.u~•:at~i•~~ preuiiuu~.:?n~1 groun~l r~•i~t.. L~~n~ie?• •ht~ll ~i~ak~~ nc~
charge for so holdiri~:~n~l npplying tlie Fuuds ur rerityin~; iui~l ~•ou~~?ilinK :uid :wses,~u~•r;. ,::?zl bill~. Horro~~•er aud
I.ender mtiy agree in writing »t the ti~ne oi exccution of tliiti \(ortKaRe thi~t intere~t on the Fmul~ ~I~ull h~• ~?ui~l tu
BorroHer, and imfec. ,uch agn~c~ment is u~ade, I.c:nder ~hnll not ix• nquir~rl to I3urro~~•er iu~~• int~•re~t on th~•
Funds. Len~ler ~hall ~i~~~ to Borro~~er, without ~hurge, ;tn isnnu:il accounting of the Fum1~ •l~u~~~in~; ~•re~~lit~ aind
debits to the F~snds a?n~i t1~e ~?ur~~ase for w~i~ich each debit b the Funds ~va.S macle. The Fun~i~ ~?m j?Ic~l~;~vl as addi-
tional security for the fiunjs s~~cumci h~• thi. \tort~t~~c.
If the vmounl of the Funds held by I.ender. to~ether ~vitl~ tlu• iiiturc montiil}• iu~t:?Iln?ciit; of I~~m~ts t?ayable
4~rior to the ~iue dnles of taxe~, .~ssessn~ents, insurance ~~reroium~ :~nd };round reut~. ~iuill ~~xc~e~! thr ;u»ount re-
yuirecl to ~?ny ~ai~i tn~c:, assessruents, insurnnce ~~reiuiwns u?~d ~round mnis as tlic•}• fal! ~l~ie. ~ucl~ exces~ sh~ll be.
ut Rorro«~er's option, either i,roil~ptl~• re+>:ii~! to Aorrower o~• credite~~ to Borro~~~er on ~nonthl~~ iustallmt:nts of
Funds. If the .intouut of 11~e Fui~ds held I?~~ i.ender si?xll not he sufficient to ~u~y tuxc~, a•ses~ment~, insursncc ~?rc-
n~iun~s ~nd Rroun~l renh i~s they fall ~iue. Borro~~er shall ~?n~~ to Lender an~~ ~mount nece.~ur~ fo m;~ice u~~ the
~leficiency withi» thirt~• da~~~ atter i~otice fron? T.ender to Borro~~•er request_in~; ~r.tyment thereof.
Upon ~~ayment in tull oi :~II sunis securc~c~ b~• this ~Iortga~c, I.ende!- shiell ~~roti~~~U}• reiuml tu Rorro~~~er :in~•
Funds hetd 1>~• i.end~r.
If under ~~:~r»grApb 1R h~-~c~ot th~ Yropert.}~ i~ sold or the Yroperty i~ other«•i~e .icquireci b~• I.emicr, I.ender
•hi?ll ~ppi~~. no later ti?an im~nc~iintei~• ~~rior to thc~ ~:tl~ of th~• Yro~~e~rt~• or its .~cqui~ition 1?~~ L~~u~ter, s~~~• Fund~
held h~~ I.ender ~?t th~ time of :~p~~lication a~ a creciit a~:tin~t th~ ~um~ ~e~•u~r~1 i?~• thi~ \fortgt?~e.
3. Applic~ation of Payments. Unless ap~~licnbie la~r ~?rovi~le~~ other~ti•ise. att ~~:~~•mc~nt. ~rc•eirc~l 1?ti• t.ender
under the \ote uuc! p.1Tii~Cl1F1(1~ 1 uud 2 hereof shall I~c ap~flic~c) 1~~• l.i~n~l~~r first ii~ ~~flv~~~ent of ii~nount~ ~iavzble to
t,ender i,}~ I3orru«•er under ~?araKra~~h 2 l~ereof, then to inter~~st ~ni~•aL1e o~i the \ote :u~~l ou Futurc• :~cit•~u~ees, if
any, ;u~d then to thc ~~rinci+r.~l of the \Tot.c and to the ~?rincipxl of Future A~irance~, if ;in}•.
4. Charges; Liens. Borrower s1in11 ~~a~~ all taxec, ;l•ses.~~uents :u~~i otl~er chttr~es, fines and iro~~ositions :~ttrib-
~tt~hle to the Pronert~• ~+~hich ~ua~~ sLtaii~ ~~riorit.v u~~er thic \iort~aige, an~l kroun~l rents, if any, nf T.ender'~
a~ition in ci?~ ~~~~~,~-,~iEa ?~n~1cr ~?ar~~~ri?~?L 2 hc~reof or h}• Rorro~~•er mai:inR ~?.~~~mm~t. ~~•hen ~iue, directly to
the pa~~e:e therco(: Rorrou~~~r ~hsil ~~mm~~th• furnisl~ tn Lendcr sll notices of amounts ~luc under this ~~nrngraph.
and in the ere<<t Rorra«•er ,~i~cill ninke~ pnv~~~e»t ilireetl~~. Rorrmc~r ~hall ~?rom~ith- firrni~h to I.ender reeeiptc evi-
elei~rii~g such ~,ayments. Rorrow•er ~hall ~?roui~~th~ ~ii~ch:~r~;~~ an.• lien ~~~hich has ~~riorih• c?~~er thi~ \tortga~e; pro-
vided, th~it Borro~~~er shiill uot he rcyuire~i to di~cliar~;~• :u?~~ airli licn ~o long as Borro~ti•cr shall a~ree in writin~ fo
the pa~~ment of the ohligxtiy~~ ~ecured b}• •uch lien in a?na~u~~~r aece}~t:ible to Len~ier, or shail in ~oat fnith contest
such lien I~~•, or ~Iefend entorcem~~t~t of ~u~•h lien in, ie~ai ~~rocecyiin~~ ~rhich o~~ernte to ~~re~•ent the enforeement of
the lien or iorfeiture of the I'ro~?ert}• or at~~- ~~:u~t tl~ercof.
5. Hnzard Insurance. Borro~ccr ~1+a?! kc~~r ti~<~ im~>ro~~ciucni~ ~i~m- ~•sistin~ or hereafter erec!ecl on the Prop-
c~rt}~ in:urevl agan~st los~ b~• tirr. h:l'L3l1'II~ inrluded ~r-itLin fl~c term "extended coverage", an~1 sucl~ othe~• hzzarcls a~
I.ender inat• m~~~tire .u~~l in ~n~~li anwunt• an~i fcrr ~u~h ~?crial~ L~~ndcr ~ns~- r~quim: ~iro~•ide~l. thnt i.endcr shall
not require that the .unount ~?f ~~u•!i rm~~~r:i~;~• rx~•ec~i th:it :?n~ount of co~~cr:the required to pa~• the sums secured by
thi~ ~lortg~Ke.
The insw•ance ~•arrier ~~i•~n•idin~,~ t{u~ i<«~jraiu•e sltall 1~~~ +•lio:cn 1?y Ra•rnwer ~uhject to approv~l h~• i.ender:
~,ro~•i~le~l. thai ~uch ap~~m~•a! c1+~11 uoi I,e i~~~reasonabh• «~ithhcld. :111 premiums on insurance polici~, ~h~ll be paid
:it Lemler'~ option in the m.uuier ~?r~?~•i~i~~~i umler ~~.u•agrs~~l~ 'L hcreot or iiorro~~~er m:ikin~ ~~a~-ment. ~~•hen due.
directly to the insurancc carrier.
All i?tcuran~~t~ ~~oli~ie~ a~ui rc•ne~~-:tl~ tlu~n•ut ~{i.~ff L~• in torni :u•~•~•~~t:thl~• to L~~n~irc :~n~i :litili inrlod~ a ctantlat~
~uort~~ge ~~lau~e in ia~•nr of an~l in torin :?~~cel~tah~c~ to I:~mtc~r. I.~~u~lrr •t:.,» 1~•~,•~ tlu~ ri~ht ta l~old tlic ~~olicie~ and
rene«•al~ themof. ar~rl Roi•i•~~~r~~• ~h:il! t,1•i~zE,~~tl~ farni~l~ t~~ I: •n~1cr :~I1 rene~~-al noti~e~ .:u~l :ill receipt~ of ~~aid pre-
n~iuros. In the ~•~•eni oi ]o~~. livnm.~cr ~i~:il? ~;i~•~ ~?roin~,t iioti~~• t~? th~~ ins+irnnrr rarrier and I.endcr, and i.ender
?ns~~ make ~~mof of lo:: if not uia~ic ~~run~~,ti}- I~}• 13orro~~•er.
, I?nless I.riiilc~r an~l I~orro~~•ec u;h~•r«•i~~~ a~;r~~~ in ~~•riting. ~i~~nr:iu~~c ~n•~u•ce~i~ .hall h~ a~~~?liecf to restor.ttion or
?•e{~air ~?f tht• PruE~ert~• ~l:iu~~t~r~i. ~?ru~-i~l~~~f •u~L re:tor:itio~i or !~~q~:iir i: Pt•lli10i111P.i)h- i~~:i~ihli~ .u~rl the ~c~cnrit~• of
ti~is i[ortK;i~;c i~ n~~t tl~e~-~~1~~• ini~~:iiYt~ti. )f -EZ~~h ?•estor:ition ~~r re~~air i~ n~~t ~~tonon~icalh- te:.sible o?• if tl~e securit}-
~rf this ~torr~;a~~> icuulrl Lt~ in~~r.iirc~l. tlir im~~.:snr+• ~,ro~~eer1• ;hal1 1,~• :i~~F~lier! to the :un~~ •c~•irre~l h~• thi~ ~lortga~e.
«-itii the ex~•c~.:~. if :in~•, ir,ii~l t~? I~orru~cer. lf ilu~ 1'roi~er~~• i, :~t,an~lone~l I~~- Rorro~~-cr or if Rorro«•er fail~ to respond
; to Lc~rder itl~in :~0 ~1<<v~ ;ift~~r natic•~• h~- l.E~u~1er tu Rorro~~~t~r tirit ih~~ in~arrincc ~arrier ofi~~n fo setttc a clxini for
; in~urance henefit~. i.t>iz~ler i~ :n~thori•r.~~i to ~•nflc~•t :~nci a}~{?h- th~• in~ur;in~•c ~?ro~~ec~d~ at I.endcr:~ ~~~~tion either to
~ restoration or re~,:~ir ~~i fi~e 1'ro~~crt~• ~~r to th~ ~ui>>. sec•~ircvl i~~• tl?i> \lortg<i~e.
~ Untess I,enrier sn~i }3orm~~•~~r oth~nri~e .?~;r~•~ iu ~vritiu~;. a~n• ~u~h appGcatio~~ of {~roceeds to princi~.al shall
E not exiend ~r ~w~t~~un~ the d~ie ~iaic ui tlie~ inonthl~- in~tzllnicnt~ mfcrre~l to iu ~~ara~ra~~h~ 1:~nd 2 hereof or chan~c
; the ar.~ount ~~f ~uch instaliment~.
; If ui~~ler i~ar:?;;raF~l~ 18 !~ereuf tlie Yri,E~ert~- .icquire~l In- 1.enricr. ali ri~ht, tiNe :in~l intere~t of Rorrosser in
.uul to an~• i~i~uranrc~ ~,olicie• :tmt i~z s~ui t~ ri~~~ ~~rc?~ec~~~~ thr•rc~~~f ~tc~ t!i<~ rxtc~nt ~if t]:r .in»• :ecnrc~ri h~• tl~i~ ~•tort-
; ~;a~e i~nuie~iiat~i~' ~~ri~i• t~? ~~i~l~ ~al+• ~ir .i~~~~~i~itiaia? re.~ultin~ frrnn ~I~n~:~ee 1~~ th~• {'r~f~~rh• prior t~~ the ~ale or
~ :~cc~uisition ~l~ali ~,a=• tn 1.en~ler. ~
i 6. Preservution and Maintenance of Property; Leaseholds: Condominiums. Bon•o~r-er ~hall kce~? the Prop-
~ ert~ in ~;~~1 reJ~uir arni ~h~~ll IlOt ~~ermit or ~•oromit ~~-aste, ini~~ainuent, or detcrioration of thc Yropert~• and shail
s ~•omply «~ith the ~~ro~•isions of an~- leusc, if this ~lortgage i~ on le~~chai~i. If this ~tortgage i~ on a condominium
i unit, I;orro~~-cr ~t~all ~~crt"or~i~ aii of Borro~rcr'~ obligation~ ~~urler tlie <lerlaration of condominiuu~ or master deed.
? the i~~~-I:«<•s an~i rc~iiiation~ of t}u~ ~~or~<lotnir~ifuu ~>roie~f zn~i ~•anstit~u~nt do~ument~.
; 7. Protection of Lender's Security. If Rorroti~•er fail~ t~? ~~erforui the ~ovenant~ arni a~rec~nient~ contained in
this ~Iortgage. or if ~?i~• action oi• }~ro~ecdin~ i< <~ominencecl «•hicli inatcriail~• afFect~ I.en~ler'~ interest in t.he Prop-
; erty, includin~. hut not limited to, emii?enk do~miiu. insoi~-enc•~•, rai~• ~•nforcement, m• :~rranQe~uenfs or proceed-
3 ings inrolvin~ a hankru~~t or decedent, ther~ T.en~ler at 1.en~ler'~ o~~tion, iq~on noticc to Borron~er, ~nav inake such
uppearances, ~1i~bi~r.-e siuli ~iun~ arnt take ~~~~i~ :~~tio:~ as i~ neces~a~-~• to ~~roteet Lender'c interest, ineludin~. but
not iimited to. ~iislror~ccz~ent of rea~o?~ablr aitornc~•'~ fce~ an~l c~ntr}• ;~pon the YroJ~crt~• to makc repairs. Any
' :imounts di~l~t~r;ed h~• I.enclcr ~~ur~~~ant to this ~~:~ragra~~h 7. «-ith intcrc~t thereon, sl~all hecor.ie ud~iitional indebt-
etlness of Borro~~-er ~ccum~l tLis ~IorfRa~c. t?n:c~s Borro~~~r nn~i I.ender agree• to other tern~s of ~>ayment, such
' :unounts ~hall t?e pt~yable upon notice from 1.cn~lcr to Aorro~rer requcsting ~~ayment thercof. nn~l sha11 hear inter-
; est from tlic ~late of ~iiehur.-ement at tlic• ratc~ ~tafc~i in the \otc t~nle~~ ~~:~yment of interest at si~cl~ rate ~sould be
~•ontrary to a2~plicable !an•, in ~~•i}irh ~r~•ent ~u~h :amount~ ~l~:~ll he~r intere~t at thc hi~hest rate ~?ermissible b}•
~ applic~bie la«'. ~othin~ ~~ontr~irie~i in r1ii~ ~~ar:+~r:i~~l~ i ~Lall rc~~uire I.ender to incur an}~ ex~iense or do anr act
heteunder.
~ .
aoor22fl Fac= 5~g
: