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HomeMy WebLinkAbout1861 • . . . ~ III~UC(?(~ OI' ~,tUil'AtifCtll I?~• :i F~~~lc•i:tl or ~t:it~~ a~e•iii•~• iiurlu,liu~; I.~~~i~i~•r if L~~u~i~~r i• •u~•h :?u institution~. I.en~icr ~hall apply ti~c Fund~ to ~~u}~ ~ai~l tax~•.:, :?~~~~•,iu~•nt•. in,ur:im•~~ ~~r~•uli~in?: uu~l ~;ru~nui r~~~?1:. L~~n~l~~r ~hall m;~kr. no chnrge ior sa hol~lin~; .u?~1 a~?~?lyiu~; t he h'inuh ur ~~~~rif~~inR :uul ~•~~u~~~ilin~; ~:~i~l :i~~~~:.;~u~•nh :uut hill~. liorro~~•cr and L~•n~1cr ma~• agre~ in ~~~ritin~ :~t th~~ ti?u~• ui ~~x~•rution ul Ihi~ ~Iurt~;uRr that int~~n•:t un th~~ Fu?~~k ~hall h~~ ~?:ii~1 tu 13orm~~•er. ~in~l unle.. su~h a~;re~•~rn~nt i~ iua~~r. L~~n~i~~r ~hull not h~• IYY,IIIRYI ~O ~~u~• i3nrm~+•~~r int~~r~~st on th~~ Funds. Lctider ~h:~ll ~ir~ Rorrnr~•cr. ~~•ithout ~•h:~r~;s~, au :?u~nu?I :?~c~uw~tin~; of th~~ Fun~l~ ~ho~~•in~; ~•rciiit~ ~n~l ; ~lcbits to thc Fun~is :uut thc• ~~ur~u~~e for ~rl~i~li ~~a~•1~ ~1~ i?it to th~• F~~n~i~ ~~•as made. 'Che Fun~i~ arc ~~Ic~l~;cci x~ a~ldi- ' t.ional seeurity for the sums securecl hv thi. \lorlr:?;;c•. ~ If the nmount oi tl?e Fw~ds I~eicl t?~• l.c:n~icr. toficth~~r «•itl~ ~lu~ futum tnot~tl~i~• in•tslliu~~iit• of Funds ~~r~vable prior to the due clnte. of tuxe~, a~aes~nie~~ii~. in•ur:~nrc~ ~~remiu~m :u~~l t;rou~?~i r~~uts. ~liall ~~xce~~l the amount re- e~U1M(I 10 ~)RV ~nid taxes, as~es~u~c~it~. in,ur.iur~~ ~~ren~iun?~ :~n~i ~~roun~l rent: cis tl?c~• fall ~lue. si~~l? excec~ shall he. at Rorro~~cr's option, citl?er pron~{~tl}~ re~~ai~l to Rorro~~•~r or ~•rc~~ite~l to Borron•er on monthl~• in~tallments of Funds. If the amount oi the Funci~ 1,elcl i?~• I,endcr ch~ll not hc~ ~ufTi~•i~•nt to ~nt~~ taxe~, a~se~~ments, insucance pre- ~ ~uiu~ns and Rrouncl rent~ :is ttie~~ fall ~lue. Rorro~~•cr •i?alt ~~a~• to I.c•n<tc~r :iur :itilOilt)t n~~cesssry to mnke up the ~te6ciency ~vithin thirt~• dz~•s :tfter notice from l.cn~ler to Borrn~c~~r mqur,tin~; ~?:iy~nent thcrcof. Upen pr~y~~~ent i~~ ful! oi :~II ~iim. sc~ured h~- thi~ ~lort~a~~~~~. I.en~icr cliall ~~rom~~tl~• refund to Rorro~~~er :tn~• F~mds held bv i.ender. ~ ' ' If imder ~~ar~~rzph 18 hcreof thc• Yro~~crt~• i~ ~ol~l or th~~ Yro~~ert~• i~ other~~•i~~ :icquireci b~~ i.ender, I.ender ~itall apph~. no l~tcr thau iu~nic~lintclt• ~?rior t~?'th~~ ~:~I~• of tiu• 1'ro~u•rt~• ~~r it, ar~~t~i~ition hr L~~nrler. :~ni• Funds held by Lender at tiu• time of :i~f~~lic:~tiau a: :i ~•r~~1it a~;ain~r tlu~ <utn~ ~c~~•~ire•~1 I»- thi~ ~Iort~t~~e. ; 3. Applicution of Payments. I?izle.. ;z~~~~li~•sl,le• la~~~ ~?ro~•i~i~~: ~~ther+~•i~c~. :~ll ~?:~~•n~ent, re~~i~•c~i bt• I.ender ~ ancler the \'ote an~i ~,:ii.~gr:?~~1~~ 1:ui~l 2 hercot ~Irill I~~~ :y?~?li~~~i l~~• I.~•n~le•r fir~t in ~?,~~•~uc~nt ~~i .uuoiint• ~~a~•able to i.emler b~• Borro~~•er w?~ler ~?ar.t~r.i~~L `l Lc•rcof, tl~cu to intc•z~~•~t ~~:?~•:?hl~~ on the~ \otc~ :?n~i on Futur~ :~~h•n~rees, if :t»y.:incl then to th~ ~?rinci~~al of tl?r ~ot~ :?n~i t~ tl?~~ ~~riu~•i~~.tl o! 1~uiun• :1~1~-:?n~e~, if an~~. 4. Charges: Liens. Borrot~•er ~liall ~~a~• all ts~c~. a~~r:~int~ni: aml ~~thcr ~har~e:, fine. a~id im~~ositions lttrib- titable to the 1'ro~~ert~• ~~•hich ~un~• :~tt;?in :i !?riorit~• ~?~•er thi:- \[ort~:~~c. ;i?u! ;;roi?rt~! ~rnt~, if an~•. at I.ender's option in the u?anucr !?~n~~idcvi t~nd~r ~?:it:i~;c:ti~l~ 'l t~crrof r~t~ h~• 13orr~zr~~r ~n.~kin, ?~.~~•~uenf ,~rhen rlne. directly to the pavee thereof. Rorm»•ei~ ~1~a11 ~?ro~u~+th iurni~h t~~ Lc~n~l~~r :ill notic•~. of :unount. ~i~u~ nnd~r thi. ~?ar:tgraph. .~nd i~~ the c~•cnt I3orro~~•er ~{iali iuakc~ ~~:~~•~ncnt ~lim~t.l~-. liorr~i~~~~>>~ ~h:i(I ~?rom~~tl~• tnrui~h to I.~nder mceipis evi- clencing suc}? I~a~~ment.. Rorroo•cr •hall ~n•o~ni~th• ~ii~~•iru•!,m :u~~• licu ~~~hi~•h h:?~ 2n•iorit~• o~•~r thi~ \[orf~age: pm- r vidcd, tlint Aorro~~•er ~hall not hr m~~uirc~l to ~Ii~~~L:u~~~~• :~n~• ~n~•i? li~•n =o tonr :i~ l~ormo•c~r •hall a~rce in t~•rit.ing to = the payment of the obligaiion ~ecurcd ht~ ~ucl? lien in :i ir~;u~rn~r ;?<•c~~~~:~hic to Lc•~ulcr, ar ~l»1] in ~;0~1 iaith ~•c?ntest ~uch lien or clefend ei~for~eme~nt of ~u~h lic•n in. 1c;:~1 a~ru~•rcvlii?+~~ ~~~hi~•h o~ie:~ai~• to ~?re~•c~i~t t11c enforcement of the lien or forfeiture of th~ 1'ru~~ert~• or :in}• ~~.zrt therc•cit. . • 5. Hazard Insurance. Borro~~•c•r ~li:?11 kee~~ thc ii!~~~ro~~i•~~u~nt~ u~~~~- ~~xi~tim_ ~~r lu•r~~.?Iter err~+.r~l ~ the Pro~i_ ~~rt~~ iu~urc•~1 a~;ain:t lo~x h~• Pire, liazard~ in~lu~icd ~~•ithin th~• term '`extend~~l coveragc". an~i ~u~•li otl~er lu~z:~rd~ a~ I.ender m:~~• rc~~uim :ui~) iu ~n~~l~ :u?iount~ :uui ior ~t~~fi ~,~•rio~l; l.~~n~1~~r ~n:?~- r~~~uire: ~~ro~-i~l~•~1. fliat Lencie~• ~hal) not r~qt~ire tLat the amount of ~i~cl5 +•o~~c~r~gc c~xcce~il tli:it ;ii?iontlt ~i ~~o~~ci•are 7'~~~117trtl 10 ~~3~' tliP ~un~~ sec~n•ecl b~~ rh;s ~tortga~e_ The incura~i~e ~~:u•rier ~~ro~•irlin~~ Thc• in.»ra»ec ~h:~ll I~~• ~•lu?:e•i~ 1~~- Rorrc?~cc•r ~u~~je~t to :?}~~?i•~~•al h~• I.endcr: ~ ~~roridc~l, th:it siicl~ .ip~~ro~•al ~h:ill tiot i?e unr~a•onabh• ~~-ithl~el~l. _11i ~~ren~iums on insiirauc~ ~~oli~i~~~ ~tiall he ~~ai~i j at T.ender's u~~tion in the~ iuauner ~?r~~~•i~(c•~1 un~ler },ai:~kr:?l~li I he•r~•nf m• I~}• Rorr~?~cc•r mai:iu~~ 1~;1}•anenf. ~~~1ien due. . ~lirectly to thc ins~;raucc~ ~arrier. :111 in~ur~uc•c ~~cfli~ic~ :iu~l i•~~~~~•n•:il~ tl~e~f-~~o1 ~l~:il! h~• ai, inr~u :~~•~•~~~~r:ihlo t~~ L~•rnlr~r :iml ~h:~l! iu~•lu~lr :i ~t,in~l~r~) ~~~ort~a~;e e~lau~e i~i i:n-a• uf ar.~l ii~ fm•iu ,u•c•c~i~tal~lc~ t~? L~•n~l~v. I.~•n~i~•r ~lr:?11 h;i~•~• tiir ri~,ht t~~ !?ol~l ~l?~ ~mli~ic~ :~nd rene~~•nl~ thereol. :u~~i Rnrro~~-c~r ~lcill ~~ronfi~tl}• Iurni~}~ i~~ L~•n~i~ r all rc•n~~~~~al nati~•e~ :~~irl all recci~?t~ 01 paid i~re- ~niinus_ In thc ~~~•c~~t oi !n=~. iiurra~~•cr ~h:ili ~,i~•~~ ~~romt~t nuti~•~• tu th~• imiu•an~•r ~•:u•ricv ,~n~i I.en~~cr. an~t I.ender n~u~~ ?nakc ~n~oof o[ lo:~ ii not in:i~ic~ ~~roml~ti~ i~~- Rorro«~~•r. Unless L~~n~~er :u~~i l;orrc~c~-c~r ~tlic~r«•i~~ :<<,r~~c~ i?~ n•~•itin~,. :n,?ir:u~~•~~ i,rur~~erl~ =l~sU he :it~i~lie~l tu r~~~toi•atio~i ~~r i i'('~1.i11' (iF f~l[' }~YOt~t•Ct~' i~:tlil:il~('~~. ~;1'(1'+"li~I'~~ ~i11'!1 1'l'~t111:U:~~i1 1~!' !'1•!~:l1]' !'~•i)ll!)RII~'tl~l\' 1~`:i~l~~~l• :11N~ i~1P ~t't•111'lt\' r)1 + ; tbis \lortga~;c i: uut thcrch~• im~~:ti?r~l. Is ~u~~l~ r~~:tor:ili~m ~~r r~•~~:tir i~ ~,r~i ~•ciinu~ni~~alh• ii~:?~ihl, cn• ii iiie ~c~•aritt• i ot this \lort~.i~c~ ~+•oul~l h~~ im~~aim~l. t4~+~ iiian:i~u•~• ~~rn~~r~•~1, =1i:iil I~~~ a~~i~li~~~l to f{~~• •um: ~c,~iur~( i~~• tt~i~ ~(ortgagc•. ~ «~itl? the e~~e::. if :?n}-. ~?ai~i tu 13orro~~•~~r. If tla, }'ru~n•rt~• i~ :~i~arniw:e~~i i~~- l~urr~~a-~•r ~r if Rorr~~c~-c~r t:?il~ to re~~~ond i to Lender ti~-itl~in 3f1 ~I;i~•< :ifte~r n~~tic~• in- I.en~ie•r t~~ I~~rrru«~~r t!!:~i thf• iii>~~r:i11~•~• ~•:irric•r i~ff~~~:< t,~ ~nttl~ a~•liiim for - ; insurtuic•e 1~enefit=. I.c~t~le?• i•:e~~t.~orize,l to ~~ollert ati~l ::~~E~;~- ~L+~• in~;~r:snr~~ ~~,•ucr~~~i- :Lt L<~u~ic~r'~ ~~i~tion c•itl~er t~ ~ restor:ition or rc~~air ui ti~c~ I'ror,~~rt~• ~~r t~ ti?c ~niu~ ,e•~•ur~~l ~l;i~ \Irn•tt;:i!,~~. ; 1lnles~ I.cncic~r an~i I;orro~c~~c othc~r«•i~~~ :~~r~•~• in t~-~~itin~~. .n~•1. :y,~~li~:?tioii nf ~~ror~~~,~1= to t~rin~i~>al sha11 ~ not cxtencl m• ~ru~t~~onc tl~c ~1n~• ~lat~t Il~ tlll• ]I10I11}II~" 111~ta?!tu~~nt~ r,~f~•ri•~~~i t~~ ;ii t~:u•a~:r:i~~ii~ 1:uui 3 hcrc~of or char?~c ~ the amount oi suc~f? in~talhncnt~. ~ If unrier ~~ai:i~r:<<~h i8 li~r~•e~f th~• 1'ro~~~•r.t~- i~ :e~v~~ti~•e~~i I.,~t:rl~•r. :~11 ri_iit. tirl~• ;t„~l int~rr<r ~~i Rorro~~-er in tt1il~ tO:tll\' Jilrlll':illl•!' ~l)~1~'ll•r :111~ ]If :lL~ ?n 1~11' ~!'ll~•1•~•~ : tli~~1'e~~ii 11n tlt~ ~~\i~•tii ~~F ' ~ 1 1 a 1 ~ t~,~ -uiu~ ~~~~•u~~~•~l h~• thi~ \I~rs- !;:t~;C 1111111P~~'..lt~'~\' )~PIOP tU ~111•~i ~:1~~' ~11' :t~`(~Ill~t~lUlll IY•~tl~ij;!, !P1HU ~~:I11!:l«~' ~u S~.i~ ~~I~~I~PCI\' f~l'I~l}' 111 t~1C ~:i~!• fll' F :ic~~uisition ~ha1) ~~:i~~ to I,cr.~ler ~ ~ 6. Preservation and Maintenance of Property; Leaseholds; Condominiums. li~~rro~c~•r ~h:~il i:~•i•~~ tiu• Yi•oE~- 3 ~~rt~~ in h~xul re~~air :in~l ~li:~!! ~iot ?~crniit ~~r ~~~~nitnit ~c:?~t~~. ini.~,:tiri~~c•nt. ~~r ~Ic~te>ii~~t:iri~ir ~~f th~• 1'ro~:r~•t~- :u~c1 ~l~all ~•oin,,l~• ~~•iti~ tiu' ~~1'f~t'I~IOtI~ t~t :tT:i' ~t;i~t'. It t}tl~ 1~~~2'l~~.t+.~e~ ~Nl :t ~r11-~')lu]~!. J1 f~ll~ ~~Oif~~:l~_~' U'i ;t ~•~lli(lOflllill(llll tit~lf. ~;Ot'TOICP!' :}ltl~~ ~!CI'IO]'tll Itj~ OT jifll'P~~~~~ 1~{~~1~:?t1U11~ ?11:~~~•f ~~:t• ~~~'r1..U:lfl~~ll f)1 ~•~~tl~~Otllillltilll ~~r ~~za<ter ~iec~3. ' thc L~•-lat~~. aiui re~:»iztinn< 01 tLc i•~m~ioniinii~n~ ~~r~~i~~~•t :u:~1 ~•~~urflI7lCUi ~lc~~~wui~~~t~- 7. Protection of Lender's Security. li liorr~nr~~r i:ii!> i~~ ~~~~r','~~rni th~~ ~•~n-~~iru~t~ :;n~i :.~~:•~•~•n~c•nT~ ~•~~nt~ined in thi~ \iort~;a~;e. ~~r ii .?n~• a~•tion ~~r E,r~me~~•~iin~, i~ ~•~ii?n~~•n~•~.•~i ;~-lii~•i~ iu:i+~~ri:?If~- aft,•~•t• I.~•u~l~•r~~ infc~re:t. i~i tf?e Yroj~- Cf~~'. 111t•IU(~111=:. ~Illt Illlt ~lilllf!•i~ 10. l'llllll/•Ili ~~Otn:!;11. lll~lt~t'I~IIr~-_ ~•n~~~• t'til~It'('1'itl<'Itl. n? :ttT:iN~,('IH~'Jl~~ OI' ~)1'OCCC(~- ings in~•oi~-in!~ ;i ),rtnkru~~t ~~r ~icr~~~lcnt. t~~~~u Lrr~~irr st I.e•i~~}~~r~< ~~~~iiui~. it~,uii >>ntic~• tu I~~irr~~~~•cr. iij:i~- makc ~ucl~ :?~~~~c:irsru•e~•. ~ii~hnr:~c ~ui~,- :u~,i r:?!;t• .nrl, :~~•tirnk i~ ,,~•,~,•:~ar~~ to ~~r~~t~•ct L~~n~lcr'~ ii~tcrc~T. llcrlU(I111~!. ~lilf not li~i~itcil tu. ~li~hi~r-~•iu~•?~t c~s r~•:~<<~u.ihl~~ :lttorn~•}-~> t'c~•~ :u~~l ~~ntr~• ii~~~m tlu~ i'r~~,~~~rt~• t~~ ?uakr rc~~lir.~. :1m~ .in~otmh ~lishur.;~~~1 f~~• [.enrl~~r ~~ur>n:u~t r<~ thi~ {~,u~at;r.~~,i; n~itL i?it~•rr~t tlu•r~•~n. ~(~:?ll I~a•o~u~~ a~I~{itional in~~ebt- ; c~lnc~s ~~t I3orrri~~~~~r ~~~~~urc~f i~~• tlii~ l~~?rt~atn~•. t"isl~•=: Iiorrcm-~~r an~{ 1,~•r.~i~r arrc~• tr~ uthc~r tenu~ ot E»}-n~c~~t. ~uch ;?motu~t~ ~fi:ilf Im ~~a~•:i}?Ie tl~l(111 11~)tl~•1• SI'Otll i.~~n~ier to Rnrrnu•~~t• r~ ~{ite•~tint; ~>.z}'~?mnt tlicrrot. :i~i~l ~iiall he~r inter- F est fro~n tl~e ~~:itc~ ~rF slsshi~r~rnier+t ut ~i~~~ r.ise• ~tat,~~l iu tLi ~ut~• ~n~f~~.. ~,:i~•i~ict~t ni intere~t .ic •ueli r:it~~ ~~•ot~ld h~~ ; ~ontrary~ tc~ ap~,licahl~~ la~~-. in ~~~hi~~h c:-~~ut <u~•i+ :un~nu~r~ ~~,:,1' 1~~ ;tr iitrc~r~~.r :?T th~~ i~i~,hr~t ~~at~• ~~rrmi~~ihl~• br applicablc f:~~~•. \othi~~~ ~•ontainc~i ii~ thi~ ~~:i~:~ri;i~,l~ i~h;i'~ n•~~,:i~•~• (,~•n~lcr t~~ it~rin• :u~~• ~•x„cn~c m• ~Io ~in- aM hereunder. ; ~ ~o~K223 P~~~1.~b1