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HomeMy WebLinkAbout2654 insured or guaranteeci b~ n Fe~lenil ur ~tiite :?Keuc~• linclu~lin~; L~•n~ler it t.~~n~lar i~ ~ueli :~u instihitioui. Leuder shall t?ppl~~ the Funds to ~?a~• suid taxe~. u:sc~.,iu~~nt.. in~uran~•~• ~n•~~mi~un• un~l ~;ruuml r~•~it~. I.end~~r ~hail mnke no charge for so holding nn~l applyiug the E~u~ds o~• ~•crifyin~; an~t ~•u~u~?ilin~; ~,~id :?a~c~:nlet?t~ <~n~l !>iils. Rorro~ver and Lender nu~y u~ree in ~~~ritin~ :tt the titin~ of exe~•ation of tl?i• ~tort~;a~;e• tluit inti~n:~t nn tlii• Fun~ls .lutlt he ~?uid to l3ormiver, aiid unlccs ~u~l~ :~~;mc~uc~nt is mude, I:e:~~1er .liitll not he rc~quir~til to ~~a~• Rorm~~•er iu~~ i»terest on th~• Funds. Lender ~h:tll gi~-e io Borro~~•er. ~vitl~out ~har~~~, a~i iu~nu,~l uc~~ountiug of thr Fund: sho~~ink ~rc~clit~ and debits to the Funds and the ~~urpose for a•1?icl? each ~iehit to tl~e Fun~ls ~~~ns made. 'I'he Fun~l~ are ~~Ic~cl~;ed a~ nddi- tional securit,y for the sums secumd h~~ thi~ \lort~a?~;c. If the a~~~oant oi tlie Funcl~ l~eld In~ 1.en~ler, to~;ekii~r ~~•itl~ th~• fuhu•e monthlr ins1;~lLue~~ts of Funds payable prior to the ilue dntes of tA~es, ~Uessn~cnt~, insur;uu•e ~~remium• ;u~d ~;m~md rents. ~I~all c~ceed the nmount re- quireti to pa} snid taxes, ,~sses~ments. in,urance ~~remi~un~ :u?~l ~;roun~l rent~ as ihe~' fnll due, such exees.~ shal[ be, at Rorro~ver's o~~tion, citl~er proinptl}• i~epai~l to Rorro~~•er or c-~rdite~l fo Borro~•er on mo~ithh• instnllments oi Funds. If the nmount. of the F~~ndc l~elci 1,~• I.ender sliall not. 1,c .utTicierrt to ~~a~• t2txes, ac.es~n~ents. insi~rance pre- miun~s ~tnd grcieinci ~rr~ts as they fal! ~lue, I3orro~ser ~l~nll ~~a~• to Lender a»~• ~iuow~t necessar~~ to mnke u~ the deficiency within thirt~- ~lav~ :iiter notice [mn~ I.ender to Bor~n~~•er requesting ~~:~yment tl~ereof. Upon payment in full of nll sum~ •ecureci h~• thi• \lortgn~c~, T.ender shall ~?rou~~itl~~ refun~i to Borro~ver an~ Flinds held bv l.ender. If imder ~~aragra~?ii 18 hercof t!?e Yropcrt}~ is sol~i or thc~ 1'm~?ertti~ is othen~•isc acquired bv I,ender, I.ender ~l~all apply, tio Inter tl~an i~ui~~aliatel~~ 1>rior to tlu• ~.~I~ of tl~c~ 1'ro~~c~rt}• or it~ a~qui~ition h~• I.en~ier, an}• Funds ~ held by I.cnder at ihe time of ap~~lication .i~ u c~~Y~lit :?K,iin:t the ~um. :e~•wr~l h~• thi~ llort~age. 3. Application of Payments, LTnle.~ .i~i~~lic~ahl~~ la~~~ ~?ro~•i~ic: othera•i~e, ul! ~r,l~•went~ rec~i~•c~l b~• I.ender uuder the l~Tote and ~,ar:?gnq~l~s 1 and '2 hcreof ~hall I?~~ :~~?~?IiMi 1~~• I.c~n~ler fir•t in ~ia~~ment of :~n~ount~ ps~~sble to Lender h~• 13orro~~•er under ~~~rngrapl~ 2 hercof. then to inter~•.~t ~?;~}•ahlc on fhe \'ofe an~l on ['atun• :l~i~•auces, if any, and fhen fo thc ~?rincipai of the \'ote zn~i to thc~ ~?rinci~?,i1 of F~ttur~~ _~~I~•an~e.:. if anr- 4. Charges; Liens. Borro~ver•1~~11 pa}• all t:ixc~. ;i~~c~~~~nrnts sn~! otl~e~• chnr~cs. fines ;ti~<l itn{~ositions :ittrib- utable to the Propcrt}~ :vhicl> >~~a>> :itt.zin ~n•iorit~~ m•~r tl~i~ \Iort~.~~c. arnl ground rent~, if ;?n~~, at I.ender's option iu thc nuinner ~?ro~•ided undcr ~?aragr.~~~li 2 hercof or 1~~• Rorro~~cr ~nakin~ ~,:i~•mcnt, «•l~en ~itte. directlv to the atiayee thereof_ Rorro~~•er ~hall {~rom~ith~ furnish tc~ L~~~dc•r :?II notice~ of amount~ ~lue under this ~~~rn~raph. and in the e~•ent I3orro~~•er shall n~ake pz~•n~ent dimetl~•. Rorro~~-er ~hall ~?rom~rtl~• f~n•ni~h to I.ender receipts evi- dencing such paymentc. ~orro~rer ~hatt ~?ro~u~itit• ~li~c•lisr~;c :ui}• lien ~c•l~i~f? lizc ~~riorit}• ovc~~• thi~ \Iort~z~e: pro- videtl, that Borro~~•er ~Ita~1 not he rer~uircNi to ~li~char{~~~ a»}• ~u~l~ lie~~ .:r~ lon~ ,i~ Rorro~rer ~l~ali a~ree in riting to the p1}•ment of the ohligation secured b~- :ucl~ lien iu ;i w:uuu~r cic~•ept;?hle to L~~n~ier, or ~hall iu gocxl i:iith contest such lien hy, or ~lefend entorcement of ~uch iicn iu, lc~;al l~ro~•ec~lin~~ ~~•hi~h o~~erat~• to ~~re~•ent tlic enforcement. of the lien or forjeittu•c ot tl?c~ }'ropertr or ;ui~• ~~art thereof. 5. Heczard Insurcmce. Rorro~~•e~• ~hall kee~~ tl~e ini~~ro~•~~iueni• uo~~- e~i~ti»~; r~i~ lu~re~affc•~• ere~f~~i on fhe Pro~~- crt~• iiisiired agaiust lo_s h~ firc, iiaz,trds includeci ~~itltin thc term "extcniied covernge", an~i ~ucl~ otl~et• hzzar~t~ a~ I.ender ma~~ reqtrim :in~! in ~~~cl~ :i~uoi~nt~ :ti2~1 for ~iicl~ ~,~i•in~l~ L~~nrler ~u~~- re~~uim: proridcvl. tl~at I.emier shall not require tl~at tl~c anionnf of snch co~•era~;~ e~cee~i tli;~t a~noiu~t o; ~•o~•er<<~e req~~irecl to the ~inn: securetl by this ~Iortgage. The insuraucc carrier ~?rori~lin~ thc~ insnrance ~hall l,~• ~~l?osen h~• Rorro~~•er whjec•f fo a2,~n•o~•a[ h}- I.ender: ~?ro~•idc~l, that sucL approrll ~hall not hc ~inrcasonabh- ~~•itl~held. :111 ~~ren~iums o~e insur~?nce ~~olicic; ~hall be paid at i:ender's o~~tion in thc m:u~ner ~~ro~•i~ie~l u~t~ler ir,i~;i~r.~t~l~ 2!~~•re~f or 1~~• Rorrotiti-er maki~~~: ~:ayn~ent. ~~•hen due. directly to thc it~stirnn~e rarrier. :111 in~ttr:t~~cc ~~oli~ie~ an~l rcne~~•:?l; iLc~ccoi :li:~il h~• in io?•~n a~•~~i•~~t:?hir to I.ivulc~r :~u~1 ~h:?ll in~•lurl~• =t:in~i:?r~i n~ortgage ~lau~e in fa~•or ot :iq~l 111 10!'111 :u~~e~~t.thl~~ to t.~~n~lc~r. Li~ii~ic~r ~lr:~ll h:i~-e tl~~~ ri~ht tn holrl the ~i~ilicic~ :ut~l - rene~sals thereof. :u~~i I3o1•r~~~•cr ~h:?lt ~~ro~n~?th• f~n•ni~ti f~ L~~nr(c•r :ill rc~n~~~~-:ii ~~oti~~c~ :?mi :~ll r~•cei~~ts of p~id ~~re- mituns. In ti~c e~•ent oi lo~s. 13arro«-cr ~ii:t11 tii•~• ftCOllll~t noti~~r t~~ t~u~ ii~~au.3~u~~• ~;trriet• :in~l, I.en~lcr. and I.ender may t+~ake ~n•oof of )o~: if noi ~uadc ~,rompth~ Lr Rorro+scr- Unless I.endei• :ui~l Borrrn~~er other~~-i~e :igrc~c~ ii? ~~•ritin~,. in:ilC:Ull'~• ~n•o~~~~~r~l> ~hail he :i{,~~lie~l t~? ~~c:~toration or re~?air of tf~e I'ro~~eri~~ ~i:nn:ire~l. ~n•o~•i~ie•~1 ~u~•1~ re~tos-;ttian ~~r r~•~~:?i~• i~ ci•on~?uiir:ill~• fe;i~ii~lc• :~nrl tllC ~~~~~arit~• i~i this \lortgage i: not tl~ereb~• im~saire~l. If ~iicl~ r~~to~:itio~: ~n• re~r,iir i~ n~f ~~~•m~~~mic:~li~• te:t~ihie or it the ~ecurit~• of this \torf~;a~;c ~~-oul~i hc im~~aire~l. thc~ in:nr,inc~~~ ~~ro~cc~t~ ~ii:i11 1~~~ :iE~~rlic~l to t~~r• .ulrr ~c~•~n•c~! h~- tl~is \Iort~a~c. 'I ~c-ith the excc~s. if an~~. pzi~i to Borroi~-er. If thc• Yra~~crh• alr.irnlo~~r~~l 1,~- 13r>rr~~rc~r or ii Rorro~~•er fail~ to res~~ond i to 1.~~nder ~~-itlii~i 30 ~lati•: :iftcr noti~•~= 1~~• I.em~icr ~o Rorr„~rcr +I~:it th~~ in;~uan~•~• ~•arricr ~~ff~~~:: to ~cttle s claim far insurancc henefit~. Lca~der i~ autl~orizc~l to collc~•t ;uiii :~}~E~i~- ~li~• in:t~r:tnrc• ~tirur~•~~il~ af I.en~lcr'+ ~~~tion cither to ~ ~•estor:?tion or rc~riir of thc 1'roi~crt~• ~ir to thc ~i~i~r •e~•i;rc~! h}• tl~i~ \Ic~rt,:i~~~. ~ Unlea~ i.en~ier snd Rorro~~•cr oti~~r«-i~~• a~rrc• ii~ ~~~ritin~,. :u±~- .~z~•li a}~~~ii~:ition of r~ro<•~~ed~ to ~n•incipal shall not c~tend or ~iost~ioi~e tLe ~iae ~I~t~ ~~f thc~ moi~tlil~• ir~•t:tlltirrnt~ ~•~~f~>re~~~d t~~ it~ ~r.i}:i~ra~~h~ 1:?n~i 2 hcrcol or ch~n~c the amoui~t of ~ur{? iazstallment~. If unrier ~~ar:inr.i~~h 18 lierc~of tl~c~ Prc,~~ert~~ i~ :i~~y;air~•~. I.~~rnie~r. :?1t ri~~lt. ilt~h :it1tl iiitere~t ~~i Rorro~rer iia :u~~l to.iti~• in~i~rant•c~ ~~oli~~ic•~:uui in :ui~l in tli~~ ~~rti~•~~c•~I~ tl~r~•~~~~t ~t~~ ih~• ~•xti•nt i~t tli~• .i~ni~ =~~rur~•~l h~- thi= \Ic~rt- ~ '~.l~;C llllllil'l~l:it('~\' ~~1701' tO rUl'~1 ~:lll' ~)1' :U'r~lq~lti(~ll~ 1'1•:Il{illt~_ T1'~Uf! i~:ltlt:l!,(• t~:~ t~f~~~~l'1'f\' ~11'1(ri' i(~ f~i(` ::1~C Ol' ~ :~r.~~uisition :~halt ~~a,• to I.en~lcr. ~ _ 6. Preservation amd Maintenance oE Property; Leaseholds; Condominiums. I~~,r3~c~~~~c~r ~li;ill t{ic Pro~~- e•rty in rood re~~airanr! :hall not ~~erinit or i•un~init ~~;i~te~. iuitr,iirnu•ni. ~~r ~!e•i~~tiora?ion „t *.lu~ 1'ro~~c~rk~- ancl ;hall ~ ~•on2~~l~- ~~•ith thc ~~ro~•i~iou~ ~~i ;ir~~• lc:i~~•. ii t}~i~ \Irn•t~.?+,~• i- ~ri, :i {~~:?~~~i~~,l~l. (f rf~i~ \forttTa~*r i; on :i r~~n~(vtniniu~i~ iinii., Borro~~•ci• ~hai! ~,crlorin .~ll ~~i Rorr~~~c~•r'~ ~~I~li~:;~ti~,n, n::~1~•r tL~~ ~Ic•~•lai•ciilOil i~i ~~omiai~iniiitu ~n• mastcr ~Ice~i. ~ tf~c h~~-l:n~•~ an~i rc~alation: oi th~~ rourlon~ini~ni~ ~~rc~i~~~•t :~~~~i +•~~i~;titurnr ~io~•~nncnt~- I i 7. Protection of Lender's Security. ti (irn•ro~~~cr i:~ii, t,~ 2~~~riur~u f~:c~ ~•o~•~n:u,t~ :?iui :«r~~cuic~nt~ c-futai?~ed in ~ rl~i~ \lort~agc. or i[ :?m• a~tion ~ir I~rorc•~~~Iin~, i= ~•oni~n~~n~~~~1 ti-Ilirh ~iri!<vi:ill~- aft~~~~t~ L~~i~rle•t•~~ inte2rst, in thc YroE~- E erty', itrrlu~lit~~;. l,ttt nnt ]in~it~~~! tu. c•n~in~~ut +loui:iin. iu-~~{r,~n~•~-. ~~~Nl~• ~~!ifor~~c~~n~~~it. :u•ran+,eu~e~nt~ or ~?roceed- ~ ii~gs im•c~h•inr Lankru~~[ or clece~let~t. tlieii Le~iuer at'Len~l~•r'~ o~~ti~ni. it~~rni noti~•~~ t~~ 13on•u~rer. ~i~a~• ~nake sueh ~ :t{~~~earanc~c~,. ~ii~hur~e ~uc•h ;un~< :inrf takc• ~u~•l~ a~•tirn~ :i~ i~ ~~~~r~•::,u~}- to ~~r~t~~rt Len~lcr'~ intcre~t. inclu~ine. i~ut not liiuited tu. ~li~inn::euu•~it ot rea~an:~t~ie :~ttrn•nry', fc~c•> :ui~t ~~ntr~• u~u~n tiir Yro~eert}- to inai:~~ repair~. :int• :unounts ~Iis(nn~.:c~! I~t• t.en~lcr ~,ur•uant t~~ ti~i~ l~ara~;r;t{~f: cti itl; intc~rr:t tlu•rc~ou. :?.~all l~c~ot?~c ad~iitional ituiebt- ednc~s of Rorrm~•cr -ecurc•~i hr tlii~ ~lurtg.inc. i"nl~~:: Rorro~ce~r an~{ 1.~•nri~r :?r~~~~• to ~~t1~cr teriu< of ~?avment. ~uch :uno~u~ts ~l~all he pat:ihl~ u+,on notice tiron~ L~•n~t~r t~r Rotr~m-rr r~~r~ut~:tii~~; ~?:z}~ment thercof. am! ~i~all hear inter- est fron: tiie ~iate uf ~li~i~ur~csne??t at tl,~~ r,ttc~ ~t:u~~~l iu ihr• \~~t~~ uulc~. t~:~}•mcnt o1 interc~t ut ~ucli ratc ~sould bc contrar~• to aE,Eiiicahl~~ l:?tr. in ~rhicl~ e~cut ~w•l~ :~moin~t~ ~1,:~!i h~•:u~ inr~~rc•~t :~t tl~~~ (~i!~h~~t ratc ~mrmissiT3t~'fi~- applicablc l:rn-. \othin~; ~•ontaine~{ ia~ t(ii< ~~:u:~#;r:i~~f~ i~i~;ii; r~•~~~iir~• I.cn~ie~r t~~ inc~n• an~• c~~~ense o~~ ~lo a?~t• ~tet l~ereunder. ~ ~ : ~~3 ~~A~E2654