Loading...
HomeMy WebLinkAbout1534 iiisured or gu:?cautec~i h~• H Fe~cl~~r.tl ur ~t,iti~ ,i~;c~~?~•~~ iin~•!?i~li~~R L~~a~i~•r if l.~v~~l~~r i~ ~u~•li ~u? in~titutio~~l. I.Nnder •hall apply thc F~nui~ to ~,:t~• ~ai~i t:ix~~~. :i~.e:,u?~~nt~. in~urzu?~•~• ~~rriuiunr :tinl ~;ruinul r~•m•. L~•qd~~r ~hall nutkc no • chatge for so holdinK a~ui i~~q?h'i~~~ tht~ F~mil~ ~~r ~•rrif}•i~i~; :u?~i ~•u~u~~ilii~~; ~:?i~l c«.rs:u?euls au~l hill~. Rorro~~~cr an~i L~~uder mu~' i~~re~ in ~~~ritin~; .~t thc~ tiiu~~ ui ~~x~~~•uti~~~~ ut thi• ~I~~rt~;s~;~~ tlr~t int~•r~••t un tii~~ Fu~~d• •haN IK~ ~n~i~i to iiorro~~•er, sud unl~•.. su~h ii~ret•ni~~~it i: u?:~d~~. i.~•is~i~~r ~I~utl n~?t h.• ~r~~uir~•~1 tu ~?u~• tiorru~~•r~• :t~it• intere•st on th~~ ~'unds. I.ender ~hi~ll ~i~•~~ to Rorm«•cr. «•ithout ~~h,ir~;t~. ;ui :~nnu:~l u~•~•o~n~tin~ oI 1h~• F~u~~l• •1?o~cin~; ~redit, nnd ~Icbits to thc Funds an~) th~~ ~?~~r~wsc for whi~~h ~;i~•h ~t~~bit to th~ Fun~i• ~en~ mad~~. 'fhc Fun~1s urc ~~lr~l~;c~1 nc :tddi- tional security tor thc si~n~s secur~~~l h~• thi• \lort};u~c. ~ If the amount. of t{~e Fund~ hel~i f?~• I.cnder. ta~;etli~~r a•itl~ !(u• iuturc inonthl}• in~tall~ncnt. of Funds pavahle priar to tt~e ~1ue datc~ of taxc~, :?sse~.~u~rnt~, in•ur:znc•~~ ~?rert~iur~i~ ani! ~;n?u~u! re•nt.. ~bnll execrcl the amount re- yuimd to ~?ay 4aid taxes, ua~essa~ents. in•urau~rc ~~r~•~niu~us :u?~i ~;round renl~ as the~• fall ~luc, sucl~ excess shall be, :~t Rormwer's o~ition, cithcr pro~upth• re~?ai~i to Rorro~~•cr ur ~•~rclite~l to 13orro~ver uu inonthh• installments of Funds. If thc amowtt of thc Funds hcld 1?~• I.enclc~• shall not hc .uQi~•i~•nf to ~~ay t:~xcs, :iysc.~s~nents, insurancc prc- iniums nnd ~rounci rent~ :is the~• fall ~luc, Borro~~•er ,halt ~~:ti~• to l.i~n~{er ;?m• ;?mount ncressary to make t~p t}ie ~~eficiency ~vithin thirtp ~iuy~ ;?ftcr uotice fron~ Lc~ndrr to Borrni~•c~e rc<<ue~tir~~; ~~:~yuient thereof. Upon ~,ayment n~ fiil! of ull ~~ul~..ci•urcti) h~• tl?i, \lort~:~~~~. Lenclc•r sh:~ll ~?ro~nptlr r~:fund to Rorro~~•er .tn~• Funds held by T.ender. - Ii under ~~arnKraph 18 I~ereoi the YroE~crt~• i~ ~olcl or thc~ Propert~~ i• other~~•ise :~cquired bv Lender, I.ender >hali ap~~ly, na Inter tl~~n i~umcrliateh• ~?rior to tl~c~ ~<?I~• uf tIu• Pro~u~rh• ~?r it~ a~•<~ui~ition 1?~- I.eiuter. .in~• Fund~ held by Lender :~t the time of :~~?~?licatio~? :i• a a•r~viit ,i~;;ii~~•t tlu~ •uu~~ ~~~•~•i~rc~! 1>~• thi~ \tort~:i~e. 3. App&cation oi Paymeats. L?nl~~:. :i~~~~iit•al~l~~ l:t~r ~?rori~l~~~ ot)!ci•~~~i~e~. :il! ~r.i~•~n~nt• 2Y'4•ei~•cyl 1~~~ Lender ucider thc \'ote anrl ~r,u•a~ra~~h• !:u~cl 2}i~renf ~hs~ll l~,~ :~~~~?li~•~l I~~• L~~n~l~~r tir:t in ~~;?~•mm~t .of an~ount~ ~rt~nble to I.ender hy Borm~~~er iinder lmr,~~r,y?li 2 h~reoi. then to iut~•~~~,t ~~,?~•al~l~~ on th~ \otc ;u~~l rni Fut~n•e :1~it•au~ces, ii any. and then to tl?c ~~rinciE~zl of thc• \ot~ :a~~( t~? tli~• ~~rin~i{~al ~~i l~i~tur~~ :~~1~•;~n~•~•. if .~n~~- 4. Charges: Liens. Borro~~•cr ~I?nll ~,ii~• sil t:?~c•.:~~~~~.•u~,~nt, un~i i~flscr ~•har~e~. fincs ai~~l inipu~itions attrib- utable to the Pro~?crt~~ ~~~hicl~ ma~• :~ttzin ~?riorif~• ~?.•~~r tliis \tort~:ig~~, :uui ~;ruiu~d rent~, if an}•, at I.ender~ opfion in the manner ~~r~videci undc~r E?,ir.?~r:i~~h 2 l~ereoi or !~t• Re?rro~ce~r i~r,ikin~ l~.a~•~nent, i~~lie~~ due. rlireetly to the p~S'ee thercof. Rorro~~•er ~hai) ~uon~~~th• fnrni.L tn I.,~n~i~~r a!I uotice: r?f :imount. ~[ne nnder thi, ~~ttra~rnph. and i» tl~e c~•ent Rorro~~•er ~i::~ll n~ak~ jm~~n~cnt ~lirc~th•. l;c?rro~~•cr ~}iail l~rom~~ti.• f~irni~h to I.en~lcr mceipts evi- dencing such p~~menis. Rorro~~•er ~i~:tll ~~ro~upth• ~li~r•I~:ir~;~~ :u,~• lic•ii ~~•hich hn, ~?riorit~~ u~•~r thi~ \lort~a~e: ~iro- videct, thst Borro~rcr shall not 1~~ rc~~uimcl to ~Ii~cL:~rg~~ :u~~• •u~~i? licn ~o.lo»~ :~c Rormn•~~r ~liali a~rce in ~vritin~ to the pnyment. of the obligation ~ecure~t l~~• .ucL li~m i~i a uu?~~u~~r ar~•ei~t:it?!c to i.~n~ler. or ,liall iii ~orH) iaith.contest ~uch lien !?v, or ~ieienci er~forcerne~~tt of ~~~cl? lict~ i~i, 1e~:i) i>ro~c•~vlin~~ icliirh ~~~~cr;it~• fo ~?m~•~~nt the eiiiorcement of the lien or forfcit~ire oi the 1'ro~~crt~• or :in}• )?art ihc~eof. 5. Hazard Insurance. Rorro~rer ~l~ali kce~~ tlur iin~~rm~e~u~rni~ uo~c ~~`i~tin~; ur licm:ift~~r cre~tMi on tl~c Pro~~- ert~• iu.um~l .tig~in~t lo~s i,~• fire. huzau~ds includecl n•ithin ihe term `e~tende~i coverage". awI SIIPIi OtLer liuzard~ as I.ender roa~~ reqiiirc :u~d in ,u~~l~ .~u~oiint. and for •urL ~~~•ri~~l~ T.~•i~~lc•r ~n:~~• rc•~yllTi'C: pm~•i~ic~l, th;?t i.en~ier siiall not require that tii~ amoimt of •i~~i~ ~o~•cra~;~• ~x~ee~i tii:?t :?nioiu~t ~~i ~•o~~cr.i~e re~luir~~t ta ~?:ir the ~u«t, securec~ by this ~tortgage_ The insu,.3u~•c r.u•rier E~r~,ridi~s;; thc• iu:urau~•~• :halt 1~~~ ,•lu~~~•n In- 1_3or:~o~~~er ~uh;r~t to sp~n•~~•al h~- i.ender: ??ro~•ide~l, tLat •u~~h ,t~?~~ro~•al shal) rot he umrason:~hl~• ~~-itl~lu~l~i. :111 ~~reniiums on insura~ice ~~olici~•; •hall be paid :it Lender's ojition i~i th~ n~a~nicr ~?rot•iile~l un~icr ~~ar:s,ra~~ii 2 fu•r~~~~1 ~~r I~~~ Rorr~~~•~~r nc?kin~~ ~~a}•t:~ent. ~rhen due. ~iireetly to tl~e i~~~uranc•~~ ~arrier. :111 in~~n•:tu~•c~ ~~oli~[e: au~l r~•uen:tl~ tiirr~•oi -1r,~i1 i~~• iu ?urui :~~•~•~y,l.il>]f• tu I.1•rnlcv :s~rl ~1i:~11 inrlu~lt• :t ~t.?n;13tY1 ~uort~;agr. rlsusc in 1.~~•or ~>f :?u~i in forui ;u•ce•~~tshi~• tu L~•u~i~•r. L~•mlrr ~lrtli h:~~-e• t!u• ri~ht t~ }?ol~l thr ~~oli~ic~ snd rcue~~al~ tl?ereoi. :uxl I3orr~~t~-~~r ~lu~ll ~?coiu~,tl~- ftn•~ii~f; t~~ L~~r.~;~•r :ill r~ru~~~?:it nuti~•e~ :?n~l :ill reccii~t~ of paid pre- miums. ln thr ~~rriit oi lo~~. liorro~~~rr ~1::ill ~~i~•r j~ro~ui~t noti~•~• ~u t!u• in~uran~•~• carri~r :uul Len~ler. and i.ender ~na}• mcike ~?roof «f !n:: i~ ~iot n~ail~• E~ro~n~~ti}• I~~• Rorro~~•~rr. Unless I.en~ier :?n~l iiorrm~~cr oN~c~rn-i~c~ :~~~r~•c• in ~r~-iti~~~,. iir-~t~:~~a•~• ~~a•~,~•~•efl~ ;1ia11 h~~ :?E~+>)ic~! tu re=toration or re~~air of thc~ Yro~~e~rt~• ,i:e~~~~~;~•!. i~rurulr~! •nr!~ rc•~tnr:~ti;n~ ur r~•~,,:ir i~ ~~~~i?nu?ui~•:tih- i~;i;il~li• :irnl the ~:•curit~• of thic \lortg.?g~• i~ ~,ut tl~ereL~• i~n~~airc~t. Ii ~url~ r~•~tor;~tion ~~r rc•~~:iir i~ uot ~~~~un~anir,?11.• f~:i~ihle rn• if th~ ~ecurit~- vf this \lort~.i~;c ~~•i~ul~l hc~ in~~?aire~i. thc~ in~nr.rn~•~~ ~n•orei~i~ ~h;~31 'tu• :?~~~~lic~l tr? thr •uni~ ~ecure~l 1?~- tlii~ \1ort~flKe. j ~~•itie tiie excc~:, i~ a~?}•. E~ai~l to lion•o~~~~~r. li th~r Yru~~~ri~- i~ :~V~,,mlrn,~,{ Iiorro~~~~~r or it Korron•ei• i~il~ to resE?ond to Lcnder ~cifi~in 30 ~i;~}-~ aftc~r notirc• i~~- I.~~n~i~~r t~? Rcirr~~«~•r ric?t tin• in~ursiU~~• c:trri~r oflot-.; to ~ettlc a ~laim for ~ insitranc•c ljenefit~. F.ciuler i: :it~thorizc•e! to rolic•~~t :it~~,l~• t~:,• is~:n~•a~i~•~~ ~~ro~•i~c~l~ at Leudei•'• o~~tion either to ` restoration or re~,:iir oi tlic Yro~~ert~• ~?r to the ruin~ ~r~•tnr~l ti~i~ \IortK.?~,~•. ; Unless Lendc•r aml 13orron•~~r other~~~i~~~ :?~m~ ioi ~rritin:~. :en~- •ui•li :i~i2~1i~~:?tion ~~i i~rnrre~l~ to ~~rin~i~~al ~liali iiot extend or {~ost{~c~ne thc ~luc ~l.?tc~ ~~f th~• ~i:ontlil~- in=t.ttluu~i~t~ ~~•i~~rre~i t~ in ;r,~rz~r:t~~ii= 1 an~[ 2 i~ere~f or ci~an~;e the amount of sucli instaliment<. If un~lcr ~~ara~ra~?i~ 18 h~r~of thr Nrn~~~•rt~- i~ :tr<~i?ir~~~: I.c•ti~l~~r. .ilf +~it;l~t. titl~~ :u,~i intcrt~~t ~?i Rorm~scr in :~u~) to ati}- n?•~~r:tni•i• ~,ulir•i!~: :~nr! i~: an~! tr, th~• ~~ru~•~~~~~}> th~•r~~nf it~~ ti~~~ ~•~t~•~~t uf tl~~• .uni~ ~~•~•nr~~~l thi~ ~Iorf- > • 3 ~a~;e imn~c~liatel}• ~rrior t« ~n~•i: ~af~~ ~~r s~•c~ai~itiuni r~••uiti~~_ ir~n~~ ~l:uua~_~• t~? th~• !'~•c~si~rt~- ~~rior t~i ti~c• ~ale m• ~ :~cyuisition ~hall ~?a~~ to I.cu~tc~~. ; ~ 6. Preservation and Maintenance of Property; Leaseholds: Condominiums. licn•ro~~~~r ~I~,~11 kee~? thc Yro~~- ` ~~rty in ~vucl rc~~:tir :?>>ri ~haii not ~~~•rn~it tlj' ~•OIIiIi111 ~~-:~~t~~. iin~~:?irnicut. ~?r ,ictc•rioration uf fh~• Yro~~~rt}• an~i ~1ia1) ~•otn~~tti~ ~cith thc ~~ro~-i~iou~ o~ :tnc I~:t~e•. if thi~ ~lort~;:i~;~• i~ ~~r~ :e le~a~e•i,~~l~l. If ti~i= ~Iort~age i~ nn ~ondominium j nr?it. Rorm~~~cr ~ha~! ~,crforu~ :ill oi Korrr~ncr~~ uhli~;:~tinu. ;i~ ~l.,~r tLr ~I~~~~l:u•.itinn o1 ~•onrlrnnii~ii~~u or ~~iastcr dced, ?he l,~~-I:?n~ :uui re~;nitttion~ of th~• ~•on~{un~ini~u~~ ~~c~~i~•~~t :~n~i ,~~u~titsu•uf ~lo~•t~mcut~. ! , = 7. Protection of Lendei s Security. If Rorro:~~cr f:~il~ t~~ ~n•rf~n•?u th~~ ~•u~•~•n:int~ :uu1 :~~:r~~~•~ut~ut:~ coMaine~i in this \lortgagc. or if aii~- action ~~r E~m~c~~diur i~ ~•o~u~u~~n~•~•+i ~clii~~ii iu:~tcriall~- utf~~ct~ 1.~•iutcr'~ intcre~t in ti~e Yrop- erty, incl~.tding. hut uot limite~l to. eniin~•~?t ~f~~?u:ii~?. iii~ol~-~•ur~•. ~•~H1~• c•nf~~•cement. ~i~ :trran~eiuent: or ~iroceeci- . - ing,s involving a i~ankrupt or ~iec~tiicnt, tLen I.ender at I.cn~f~~r'~ o~?tio~:, t~po~? rzoiicc ~o Horro~rer, ~nny inake such aM~earanc~~, dishurse ~ucl~ ~um• ar~~l take ~~u•!~ .~~tim, i~ n~c~"ar~• to }~rotect T,ender'~ interest, including. but not limitecl to. dishursen~cnt of reasonahle'attorn~.•'~ fce~ an~l cntn• ~~~~on the Yro~?ert}• to iuake repair~. Any amounts ~lishursc~l 1~~- I.ender ;>~~r~u:?nt to thi~ }~:?raRr,?~~I~ 7. «~itl: infer~~t thereon. ~I~all 1?c~on?c a~l~{itional indebt- ; erlne~s of Borro~cer ~rcure~l thi~ ~Iort};age. i"nlr~. Rorron-~~r :~n~( (.cn~ter agree tp other tenu~ of ~~ayment, such z ;imoimts shall he p:?}•ai~le n~~on noticc from i.e~n~tc:r fo ~3orro«-c~r re•~~ur~tiri~ ~~at'~~~ent thc•rcot, .en~l ~hal1 bear inter- _ est from thc ~~ate oi ~ii~l~~ir~rnu~ii! at the r;tte ~tair~! ir~ tl?~ ~~,tr unl~~•• ~r.i~•»i~>»t oi intere~t at SliC~l 1'AtC tCOl1I(I hC _ contrary to a~~~~licahlc la1s. in n•lfich ~~~•~nt ~a~~l~ :~mount• ~i,:?11 h~•ar intcrc~t :it thc l~ighest r:ttc ~icnuissihlc b~• - :tpplicable la~v. \othin~ ~•otitaine~l iii thi~ ~~ara~ra~~li i~{,,ti?i re~~uir~~ I,~~n~i~~r t~ in~~tn• .u~}• c~~~ense or do an}• sct hereunder. ~ ~ ~24 ~.~~E ~533 ~~,r - - ~ ..,S,r ~ -v s4 'a~ ~ .W ~ ~ ~ e~U`^ .~~w - _ ..x ~`"'S _ ~ 3!. .S~ r ~ 'e..'r.. 's. ~ ~ . . .u . . . . ~:~.-.z,