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HomeMy WebLinkAbout1682 insurc~i a• gu:u~:~ntc~~l by :t l~eil~~~•t~! ur ~t:~t~• ak~•~?~•~• ~iu~•lu~liu~; I.~•n~l~•r il L~•li~i~~r i• .u~•li :u~ in.titutiot?i. I.c•ntler ~i?all apl~l~~ tl?c I~u:ul~ tu ~~u~• ~:?i~t t:~x~~.:. :?::~~::iu~~nt~. iu~ui:uu•~• ~~r~•iui~uir :uul ~ruuii~l r~•~N•. l.~~n~lc•r shull u~ukc• no chairge ior ~o hol~li~~~; :uul :i~~~~l~~in~; th~~ I~~uul• u?• ~~~~rii~•iu~; :in~l ~•~~u?~~iliu~; ~:ii~i ;~~~~~•,ni~•nt, :~nii i?iit~. 13orro~~•er nu~) l.~~n~ier u~:~}• :~~;r~e in ~~•ritin~; :~t th~~ tiim~ uf ~~xr~•nti~~u oi ti?i• \lurt~;:~~;~• tluit iut~~r~~;t un 1li~• I~un,l• •lr.ill In~ ~u~i~l 10 (3urru~~~er. :?n~i uni~~•: •urh :?~n•riu~~nt i~ in:i~l~•. 1.~•ri~l~~e •htal! ?~ot !n• r~~~~airr•~l 1„ ~?u~• Hnrru~~•~•r tu?}• intc•re.t on th~• l~uucts. I.et~~ler ~h:tN ~i~•~~ to Rormi~•er. +~•ithnut ~•Ii:u~R~~. :u~ :iniiu;il ai~i•uuutin~; ~?f th~• Fun~l~ ~ho~~•ink rr~ylit• 1mi ~iebits to the l~un~l~ :~m1 th~• ~?ur?~u=~~ tor ~~•i?i~~li ~:u•li ~Ic~hit to th~ i~un~l~ ~r:~~ ~nndt~. '1'h~• Fun~i: :irc ~?Icvl~;~yl ac addi- tional securit~• for thc ~un~s securcd i?~~ thi~ \IortRair~~. If the a~~~ount oi th~~ Fn~?~is lield 1~}• i.encler. to~c~Ni~•r ~~~itl~ tli~~ I~N,u~i~ moc~thl~• ii?;t:~llu?c~ih of Fun~ls ~~avable I?rior to the <luc ~lute< ot tax~~.:. avc"u~c~~t~. insur:sn~•~• ~~r~~~niwu~ :u~~l t;ro~u?~1 re~nt•, •l~uil ~~~ce~~i thc amount re- yuireci to ~~n}' ~aid i:1Xl'~, a~r,s~nent~, imur:?m•~• ~urinium~ :uul ~~roun~l rent. thc~• isll ~tu~~. ~uc~li eece~• si?nll he. iit Rorro«•cr's o~itioi~. eitlier ~~row~~tl~• rc~?ai~l t~~ 13orro~~•~r ~~r ~~reclit~•~l to I3orro~eer on n~outl~l~• in.tallnzents of Funds. It thc amount of th~ Fun~is helil 1~~• I.cu~1~r •hall uot I~c .ufli~•i~•nf to ~?ii~• t:?xes, ss.e~:iucnts, in.urnncc i~re- iuiwus sud ~;rouu~l rent~ .i. tiic~• t:~li ~lue. I~orro~~~er •hatill ~~:~r t~~ l.c•??~I~~r :a~i~• a~~io~int »c~~~:.~.~r~• to make uP thc ~teficicncy «•ithin thirt~• ~1,~~•~ ;~ft~r n.~tice t'ro~i~ L~•uil~r in Rorroi~~c•r re~~u~~tin~ !?;~~~mcnt thercof. Upa~ ~>nynicnt. in iull ot :ill ~un~• :c~•urc~l h}• tlri: \l~~rt~:i~~~. L~~nrlcr ~I?:ill ~?ro~n~~tl~• retun~l to Rorrc~~~•er :tn~- Funds held hv Lender. If uncier ~?ara~rn~ih 18 hcrnof ih~~ Yro~u•rt}• i• :ol~l or tlu~ Pro~?ert~• i~ oti~cr~ci,e• :~cquimct by I.ender. I.ender ~hall a}~j~l~~. no latcr than immc~li:iteh• ~?rior to fh~• ~,~1~~ of tl~~~ !'ro~?~~r•i~• cn• it. :~e•~~i~i~ition 1»• I.~•~irlcr. :?~i~- Fund~ hel~i b~ L~~n~ier :it th~~ tiro~• oi :~~?~?licatioii :t~ ~ve•~lit :i~,:ii~,~t th~• ;u~u~ ~~•~•iir~yl I?~• thi~ \I~rt~;as~;e~. _ 3. Appliccction of Payments. i~~?lc~:: .i~~~~li+•ahl~~ 1:~~~- ~n•o~•i~i~•~ i~thc~~~•i~r. all ~r,?~•u~ent• m~•~i~•c~~i 1?~~ Lender ~uulcr thc ~ole :iml ~~,u:~gr,?~~Ir 1:uul 2 li~•reuf ~luil) i,~• a{~~?li~•~l i~}• I.~•n~k~r firt i~~ ~~:i~•m~~nt of :i»iinint: ~n~~•ablc to Len~ler 1?}~ l;orm~c~r ~uulc~r ~~:11':i~;l'.i~?I1 2 1?~~~~~~01. th~•u ti~ iiit~~r~••t ~~:~~•;ihl~• un th~• \~rt~• :uul ~?n i'utur~~ :~~h~~~iee~. if :~m•.:uul tlicn to tlu~ ~?rin~•i~~s! o! tlm \otc• :uui to tli~• ~~rin~•i~~:?i ~?f [~~itur~~ _1~1~-an~•e,, it :?n~•. 4. Charges: Liens. Borro~~~er ~h;?ll ~~a~• :~II t:ixr...:i.:~~«~n~•nt: :u?~f ~?fi~~r ~•har~~~s. fin~. an~i iin~~o~itions attrib- utnble to the Pro~~e?•t~~ ~~hich ~ua~- .ittai~~ :i ~n•ioritt~ o~•er t1~i: ~lort~:~~~~. :i~ir1 ~,;ro~~ml rri?t~. if am•, :~t l.enders uption in tl~c~ in:illTiCY ~~1'Ol•icle~i und~r ~>:u•u~r.~F~li 2 L~~rr~o1 rn• In~ 13~~rro~c~~r ~nakin~, l~:i~•ment. n•hen ~h~e. direetiv to the ~~aycc thercoi_ Rorro~~-c~r •liall ~?rotu~?tl~• furni~L t~~ L~•nri~~r ;~ll noti~•~•: ~~f :?mouut~ ~I~~c ~~rn(~r thi. ~?aragraph, .uici in the c~•ent Borro~~•er ~Lall m:tkc• ~ni~•menl ~lirc~tl~~. l~~,rro~~-~•r ~lrill ~n•om~~tl~• iur~~i~L to Lc•n~ler receipt~ evi- ~iencing•t~cL {?a~n?cnt~. Rorro~~•~r ~hal) ~~ro~n~?tl~• ~li~~•l~:u•~;r :ui~- li~•n ~~~hi~~l? I?u~ ~~riorit~- o~•c~r thi~ ~lort{;a;:c: pro- ~~idecl, that Rorro~~•cr ~Iiall ~?ot h~~ rc~~uim~i fo ~ii~~•h:u~L~~ :u~}• au•h lic~n ;u lotic~ :i~ Rorr~m~~•r ~1?:ill a~r~c ir~ ~sritin~; to the ~ia~ueent of the ohli~;:ttion ~ec~urect !n• •~~r!? lic~1 i~i a?~?~e~uu•~•.ir~•~~~~t:~1,]c• to L~~n~lc•r. or ~hnll iu ~nal faith ~ontest ~ttch lien !?t~. or ~lcicnd enforccn~rnt of ~u~•I? liri? ii~. Ie~;.it ~~rn~c•e~lii~~; ~~~l~irli o~?crat~• to ~~re~•ent th~• cnfomement of tne lien or forfeitur~• oi th~ 1'ro~iert~• or um• ~~;~rt thercof. 5. Hazard Insurance. Borro~~•er ~hall kce~~ thc iui{~r~?~~~•~~u•ui~ uo~~ ~•xi~tin~~ ~~r !~c•lr:itter c~rr~•!c~~l on the Pro~?- crt~~ in~~n•~~~1 :?~:~iu~t lo:, i?~• fire. luizar~i~ inc~luded ~~•itl?ii~ thc tern~ •`extemic~l co~•era~e". :uul su~•h ~itiicr huzar~i~ as I.ender ~na~- re~~~~ir~~ :uul iu ~n~L :unu~mt: aml tior ~u~~i~ ~~rri~~!< l.~•n~t~•r ui:tt' IY'(~tlli'P: ~~ro~-i~l~wl. that l.en~ier ~hall not, require th~t th~ amo~~nt ~~f ,urh ~•~~rrrac;~~ ~~~cce•~I t{~:~t :~ni„tu~~ „i ~•~?~•~~r.i~;~~ r~•~~uir~~) tn E~;?~~ the ~un~~ ~ecured b~> tllis \tortgagc'- The insorau~•e ~:u~rier ~~ro~•idi~iR tli~• insur,~n~~~• ~I~al1 1~~~ ~~lro<<•ii I~}• Rorru~~•c•r ~i~f~i~~~t to a~~{n~m•al b~• I.ender; ~~ro~•i~lr•~1. tlc~t ~u~•li a~~~?~n~•,i) ~liall not he unrcasonahh~ ~~•ithhe~lci. _\11 ~?remiun~s on incl~r~nce ~~oli~ii•: •hali i~e paid zt I.en~ler'~ o~~tion in tl~c~ ~n:?nnt•r ~n•m•i~i~~~1 wulc~r ;~:u;i~;r.?~,li lie~r~~ut o~• 1~~- Rorru~c~r n~:ikin~ ~~:t}~~ue~~t, a•hen dtte. ~lirectly to thc iu~uran~~~ ~~:?rricr. ' :~11 in~t~t;~t~~•r ~inlii•ic~.:util ~•~•?i~•ct•.t1~ th~•r~•o1 ~L:~l1 1~~• iu I~n•u? :~~•~•~•~~t:thl~• tt~ L~~ti~lt•r :uul ~}::tl! in~•liult• :t ~[,uulnr~l liiortt~u~;e ~•lan~c i~? t:i~•~n• ui .uul ii~ frn•ui :i~•~~e{,t:ihl~~ tu L~•~i~i~•r. 1.~•i~~l~•~• =1ctl1 h:i~•~• ti~~• !•i;ht t~~ 1?01~1 thc~ j~~~li~•ie~ :?n~l ~•ene~~-al~ thcrc•of. :uul Rorr~~~~•c•r ~h:~ll ~~roin~ul~• im•ni~l~ t~~ I.~•mi~•r :ill re~nc•~~;il nuti~•~•, :tn~l :~li rec~~i~~t~ of pzi~t i~re- ~»iuu~s. In the ~~~•~~nt ~~t lo~:. liurrou~~•r =1~:ilf ~~i~-~• ~~rcv~i?~t n~iti~~~• r~~ tlu~ in~iu•:t~u•~~ ~•;tirrirr :uiri I.en~lec, a~ul l.e~tder inav ~nakc ~~rno~ of li~~: if >>ot u~a~i<• ~n•om~~tl~- i~~- Rurro~?•c~r- ITt?Ic~s Lc•n~lcr :i~u1 I3orr~~~~•c~r otl~~ru•i~e• :i,'n•r• in ~rritin~,. i~,>in•:u~~•~• ?~n~~•rr~{. ~h~ll Irc• :il~~?li~~~l tu r~~~tort?iion or r~~,:iir uf tlit• !'1•o~~~~rt~- ~I:?ui:iRi•~L ~~ru~-i~i~•~I ~iu•i~ r~••t~~r:tti~~u ~~r r~•~~:tir i~ ~~~•u?u~~~ii~•:illr f~•,~>ihl~~ :?n~l th~• ~~~~•i~rit~- ~~f thi. \lort~~u~c i~ nnt ti:crc•h~• iui~,aim~l_ It ~nc•!~ r~~~toi:itirm ~~r ;~y~:iir i~ ~i~~t ~•~•~~nu~nirall~• fc•:~~ihlc• ~~r il tt~~ ~crurih- uf thi~ \lort~.;:i~,~~ ~~•unLi h~• in~~r:tirc~i. tfu• in~iuau~•~• ~~ro~•~~~~~1~ ~1~;~11 i~~• :ip~~~1i~~~1 t<~ tli~• •iu~?~ ~c~•~n•ai f~r tiii~ \fort~~c;c. ~~•ith the exi~e~~_it an~•. {~ai~l t~~ Iiorroti~•~•r. If ti~~~ i'ro~~~•rt~• i~ :ii,,~~viuu~•~i 13cn•i•~n~~~•s• ~n~ if 13orro~t~~~r f:iil~ to re~~~ond . to 1.~~nder ~+ithi~i 3(1 ~la~=~ aftc~r roticc• h~• l.~~rul~r rs~ R~~rru~+~•r t!;:it tlu• in>in:?>>~•r ~•:u•ric~r nffor• t~ ~~ttli• <•l:tim tor insur:tncer heuefit~. 1_c~~~le~• i~ autLorize~i tn ~•~~Il~•~•t :uui :?>>,~1~~ ~i~~• in~;u:u~~•~• ~~r~~~~~~~•~1- at I.en~ier'~ ~~i~tion cithcr to restor:ition or rc~~air oi th~~ Yro~~rrt}• ~~r f~? tl~c ~tu~~> ~~•riu~e~l h}• tlii~ \I~~rrg:c~,~•. Unless 1.cu~ler :u~~l 13orro~~•i•r ~ith~•r~~°i>~• :~~r~~~• in ~~•riti?i~x. :u~~• -n~•i; :i4~~~lir:ttirni ~~f ~~t•~~~~~cil~ to ~irin~i~~:tl sL~ll 'i not c~te~~~l or ~~ost~~one the ~luc ~lat~• nf thr inuntl~l~- in~t:t~iin~~~it~ r~~f,•rr~~~i t~~ in ~~:~rac;r:t~ilt~ 1:i~ui 2 her~~of or c}?an~e rhe amor~ut ot s~~ci~ in~tati~nent~_ If t~n~ici• r~a~:it~t•:e~~h IS lu~t•cof tli~• 1'r~?~,i~rtr i~ :u~r~nir~•~i l.~~n~lE~r. :~ll ri«lit. titl~• :?n;l int~~rr~t ~~S Rorro~~•cr i?~ ` :!l1~~ f071)I<" !II~~IP.l11Pt' l~11~11•!t'r :111~~ 111 ;1111~ T11 tS~(''rl'1~1'~•~'~~~ 1~1~'1'~•I~t It~~ tjt~~ t•\~l'1~( t{i~- ~'.111~- ~e•1•Ill'1'~~ I~~' t~tl~ ~~(~l'f- L(:I}~C 1I111111'~~l:ltl`~C ~1P101' ill >UI'~l ~:t~~• Itl' :lP(~Ul~l~llllli Tt•~Ul!III~~ II'nlll ~f:llli:l_I` 11t 'f~i• ~~f~~j~l•1'i\' ~ll'In!' t~l iJl~• ~:1~(' ~11' :u~~~uisition ~h.~ll ~~a~~ tt~ I.~•n~lcr_ . 6. Preservation and Maintenance of Property; Leaseholds: Condominiums. ii~srr~nti~f•r -i~:il1 l:~ thc~ 1'roE~- ~•rt~- i~i ~~.F,~1(NI rc~~:iir :itu+, •h:?li not ~,~~rn~it ur ~•~~~u~uir c~;i~tr. ir~i~~:ill'illt•lil, uP ~le•t~•rio~•:~tio~~ ui th~• Prr~t„•Jt~~ :uid ~i~al! ~•oni~~h' te•itii tlie• j~roi-i~iott~ r~t :eni- i~~,~~~~. if thi~ 11nrt~:~s;~• i~ t 1~~:?-~•hul~{. (f tlii~ \l~~rttaf_+• i< <~n :i ~•~~n~io~niniuni ' iinit, Rorruirer;},all ~~~~rforiii :~ll of It~rru~r~•r'~ ~~hli~atint~> in~~l~~r tl~~• ~l~~r•larati~», of r~oi,~imnini~uu m• i~ia~t~r ~lce~i. tiic lit'-l:~t~~~ :tn~l r~•~~ii.i~1011~ ~li fli~~ ~•l~ll~i~ni~ini~uu E„•~~i~•~•t :~iut ~~~~~i~titn~~ut ~liu•inn~~~~t~. 7. Protection of Lender"s Securiiy. 1; f;orru~~-~~r f:~i;~ ~~~~rf~~ru~ tL~• ~~~n•~•iiat~s~ ;~n~i :~~.;r~•~~tu~~ut~ ~•rn:t.tii~~•~i in thi~ \lortga~;e. ~~r ii :u~~- a~~tion ur E,ro~•~~~ ~1iit!, i~ ~•onnu~•t~~•~~~{ ,~~l~i~•i~ tn:?t~~ri:ili~- aff~•~•t~ t.~~it~~~•r'~ itttc•rc:t it~ tt~e Yro~~- crt.~•. in~•In~tin~. f~ut iwt timite•~i tu. ~•~uir.~~nr ~i~~~u:~in. i~i~u1~.~~•n~•r. ~•~~~i~• ~•nii,r~~e•?ne~nt. ~,r :i~•r.tn~~en~~•ut~ ~~r !?r~~•ee~i- inR: ii~~-ol~•int; .i i,arikrut~t ~~r ~l~~~•c~Ee•ilr. thcri L~•n~lrr :it l.~ n~l~~r~~ uE~ti~~~i. n~~ou nnti~•r t„ l;orco~c~>>•. ~na~• n~ake ~uch :el,~,e:~ri~u•~•~. ~li~i,ur-~• ~n~~li ~nni< :im{ t:?k~~ :~i~•I~ a~•ti~n~ :i~ i: ,~,.,.,,~:ar~- t~~ ~,r~~t~~~•t L~•nricr'~ interc~t. in~lnrling• hut not limite~l !~r. ~li~t~i;l'~ciu~•nt ~~f ma~~~si:t}~l~• atturii~•}•'~ irc~. :tn~! ~•nir~• n~mn th~• }'r~~~,t~rf~• tii ~uak~• rc{iair~. :~nt' :snionnt~ ~li~hin~a•~1 I~~• I.enilrr,~nr~n:+nt 1~~ tl~i- t~:u:i~i:ii~l; ti~it!~ int~~re~-t ti~~~rcm,. ~i~all l~cr~~nir a~~~litiona) in~lcht- c~ine~s ~~f liarru~ccr ~~~curr~i i~~• thi~ \Iort~;:i~~~. i"~;I~ i~nrr~~«cr t.~•n~l~•r :crrec~ to i~th~~• tcrn~~ r~t +r,i~-mc~nt. ~urL :?roount• •E~:ifl hc~ ~~s~:~l~ic~ ~iE,on uotic•,• ir~?n~ L~~r,~ie~t• t~~ R~rn•~~:~~~~r n~~u~~•tin~~ l~:i}•nu~nt th~~rc~~f. :~n~i ~hall h~ar inter- . est trort~ t?~c ~latc ~~f ~li=}~~n•-+~n,t•~it at ti~~~ rat~• •r:it~•~f i~t t!u• \~,t~• ~iul~~" ~~:i~•nu~nt nf in!cr~•~t :it ~uc~h rat~~ ~~•ould }m ~~otair:lr}' to a{~p~li~•airl~• ;a~c. i~~ ~~-iii~•h ~~cr•ut ~n~•i: :uun;tni- >l;:ii': 1~~;~r icit~~r~•,r :it tli~~ l~i~;l?c~t r:~tc~ `~~~i•mi~~ibl~~ h~• :~ppli~.tblc !:nc. \othin~: ~•m~t:?in~•~i iu r4ii~ ~~:u•:~~,~•:i~~h ~-F;:~N r~•~~u~rr I.~•nr1~~r tu in~•~ir :?n~• ~•x~~cn-~ rn• ~io am• a~t hereundcr. , 24 P~~E~.fi~~- 2 ~ ~ ~ ~ ~ ~ ~ ~ ~ . ~ " _ ~ _ ~ . . . _ . . ~_=k.F.=~`~