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Home My WebLink About2118 iusurecl or guaranteed by n Feciernl or st:?te ,~Ke~~c~~ Iineiu~li~i}; L~•~i~l~•r if I.eu~ler i• su~•h :u~ iustit.utionl. I.ender SIIa~I RN~)Iy tF1C Fllll(IS 10 ~?AY ~aid t:ix~=, a~.•c.~u~eut•. in•uranr~• ~?r~miwn, an~l Krouml ~Y~nt~. l.~~ndcr chnll makc na charge for so holdiug i~n~1 i~pplying the l~uuds or ~•eri[~•iu~; :uul ~•oin~,iliu~; :.?id uc~~:,,.~nent. und hills. RorroH•er And I.ender nu~y ,igme in ~~ritin~ i?t th~~ tiinr of ~•x~~cution of thi~ \IoMRa~~• that intem.t on the Fuml, ~luill be paid to s 13ormHCr, nn~i unless su~l~ a~menient is u~a~le, t.~~nd~~r ~h:~ll nc~t IK~ rcy~uinyl to ~~a~• Rorro~~•er nny interest o~ the Fttneis. I.ender sht~ll ~i~~c to Iiorrow~er, without ch,~r~;e, ,~n annua) uccounting of the Funds .ho~~•inK ~mclit. and debits to the Funds:~nct the ~~urpose for which each ~I~bit to tlie Funds ~~ns made. Thc Ftu~ds itre ~>I~~l~cti as nddi- ~ tionnl security for the sums securc~ci by thi~ \tort~u~e. ~ If the au~ount oi thc Funds held hy I.en~icr, to~ether ~~•itli tlic ful~nti monthh• in~tulhucnts oi Funds payablc prior to the duc dutes of taxes, ttssessn~ents. insurnn~•c ~irnn~iwm :~nd ~;rouud mnts, ~hall exccecl thc amount re- quireci to pay said tt?xes, aisses.~n~ents, insurancc ~~rcroiwns an~i ~;rounci rents as they fall due, such excess shal) be, at Borro~~•cr's opt.iou, cither prom~~th~ m~u~id to i3orro~~•er or rreclit~K1 to IIorro~~•er on monthl~ instnllments of Funds. If the umount of the Funds held h}• Lendcr st~nll nok bc ~uffici~nt to pa~~ tuxes, nssc.~~nents, iusurancc pre- ~niunis and ground xc~~ts as they fall iiuc, i3orrowcr ~hali ~?n~• to I.ender any nn~ount necessury to make up the deficiency ~vithin tl~irt.y dny~ :tfter notice fmn~ I.rnder to Borm~ecr requcstin~ payn~ent. tl?ereof. Upon pAyment in fall of zll sums sccured hr thi~ \tort~a~;e, l.ender sli~tll ~?rompth• refw~d to Rorro~ver an~ F'i~nds held hy I.endcr. If undcr ~~ara~raph 18 1?ereof thc Yropert~• i~ .old or the Yropert~• is other~vise acquireci I~y i.ender. I.ender ~ sht?1! spply, no lflter tiinn i~n~uccliatel~~ ~~rior to thc ~al~ oi tli~ Yro~~erh• or it~ a~~quisition h~• I.en~icr. xn~• Fw~ds held b~ T.ender at the tin~e ot application t~s s ~rc~lit a~Ain~t the ~un~s ~ecurcvl by thi~ ~tort~A~e. 3. Application o! Payments. tJnlcc~ ap~~licnbl~ ln~v ~~ro~•idc~ othenvisc, all ~~a~•u~cnt~ ~reci~•ec1 by T.ender uuder thc ?~Totc an~1 ~?nrt~grapLs 1 and 2 hereoi ~h:~ll 1?e :t~~~~lic~i I~~• I.c~~dcr fit~t in pn,yn~ent of an~ount~ ~?uynble b I.ender b~• I3orro~~•cr m~~ler ~?arnKcapL 2 hercof. then to int~~m~t ~?,«~ahlc on the ~ofe an~l on Futum :1d~'ADCCSf ii uu~, and then to thc ~~rincipnl of tlic ~otc .~n~l to tl?r ~,rinci~?z~l of Fntum A~1~•nnces, ii an~. 4. Charges; Liens. Borrotver si~n1) ~~a}• nil taxe~. .?~~c~~n~ents and otl~er ci~nr~es, fines an~l im~~osit•ions attrib- ut~bte to the Property ~~•hich may :ittain ~~riority ovcr thi~ ~[ort~.?ge, nn~l ~roun~l re~zt~, if :tny, nt I.ender's upt~ion in the manner ~~rovidc~i under paragrn»h 2 hercof or 1?}• Rorro~cer roakin~; ~r.?~ment. ~~hen due, directly to the payce thercof. Rorro~rcr ~l~nll ~~ro~nptl~• fiuni~h to Lendcr :~ll notir~~ of :unount. ~tuc undcr this pnrngraph. und in tl~e e~~cnt, Aorro~ver ~hall n~akc p:?~ iuent directl~•. Rorro~rcr ~l~:ill ~~rom~~th~ furnisli to 1.ender receipts evi- dencing such ~~nyments. Borro~~er sl?all ~?ro~uptl~• ~li~ch:u•~;c :u~~- lien ~rhich has ~?riorii~~ oi~er tl~is \tort~n~e; pro- vided, thnt Borro~cer ~l~all not hc requirc~t to ~ii~char~;c anr ~~~cl? licn so long as Rorro~~•er ~h~ll R~rcc in ~rrit~ing to the pnyment of tLe obligntion secured h~~ sucl~ licn in u~a~u~c~r .u•cept.ihle to I.ender, or shttll in ~oai [nith contest such lieu hy, or ~ietend enforcement. of sucL lieu in, les;.il ~~rocer~liu~~ o•hicli o~ie~.1t~ to ~~re~•ent. the enforcement of ~ the lien ar forfeiturc of the 1'mpert~ or any ~?art thsreof. ` 5. Hazarxd Insurcmce. Borm~rer shall kee~? the im~n•o~•eiucnt~ no~~- existii~~ or liemafter erected on the Prop- ert~~ im~n'ccl .igainst: loss by fire, lutzards included ~vithin the term "extendeci covetagc". an~l sucl~ otl?cr I~azank a.~ i,ender ~ua~~ requim .md in ~uch :unounts and for ~uch ~?erickl~ L~~n~lcr in~~• ~~~uim: ~~ro~-i~le~l. tl~at i.ender shall not require tliat the amount of such co~•era~c cxcecil fl~at ~mouut oi ~•o~•eraKe require~l to ~~s~• the ~ums secured b~ _ this ~Iortgage. ~ The insurauce carrier ~+m~~i~iiuK tl~e insurance ~hall L~• ~•hosen 1?~~ Borro~ver ~ubje~t to a~~~?ro~~nl b}• i.ender; ` {rro~•ided, that such ap~~rov:~) si~111 not be unreasonahl~~ ~~~ithl~cl~i. all ~~remiums on insurznce policics ~hnll be Iaaid at I.ender's o~~tion in the n~aune?• ~~ro~•i~ic~cl un~icr ~?ara~;r:i{~h 2 h~rcoi or L~• Rorro~~-er ~uakin~ ~~.a~-ine~it, ~~~hen due. ~lirectly t.o the insurnncc currier_ All insur~n~•e ~~olicie, und r~~ne~~•al~ thereof ~liali L~~ in iorni :u~~•~y?tahle to Lc~n~ier :~u~l ~1~all incJud~ a~t:tn~lani n?ortgage clause in f:~~-a• of ~uct in i'orn~ acce~~tal?Ic fo T.en~ler. L~~n~1c~r ~I~all l~n~•c tl~c ri~ht to hol~l the ~~oli~ies :?nd rene~v~ls thereof, arnl Borro~~•er ~lril! ~irom~~th• furni~h to L~~u~ter all rene«-al notices :~mi :ill receipts oi paid pre- n~iums. In the r.~•ent of loss, 13orro~~•er ~h:ill ~i~•e ~~rom~,t iiotire t~? thc imi~rnne~~ carrier .~n~l T.ender. nnd T:ender ~ 'i ;nny make ~~roof of lo~c if not ~nzdc ~irompth• h~• 13orro~~•cc. i ~ Unless I.ender and I3orm~~•cr othern~i~e a#;rec iu ~~~ritiug. in~~n:uir~~ ~n•urced< •h:~il h~~ ~~~~ilied to restor~t,ion or ~ repair ot the Yro~?crh• ~lan~.~gc~l. ~?rn~~icir~l ~iu~?? rc~toration n:- n•~~:iir i~ cc~~nonii~~alh• fea~ihlc :u~~i the ~ecitrit~• of ~ this \Iortgage is not tl?ereb}• ini~?aimd_ If ~uch restoration ur rcy~:?ir i~ not c~~•~mon~ic:~ltp fea~ihle or it the ~ec~trit~ ~ oi this ~Iort~u~e ~~•ould hc im~riirc~l. tli~ i»~uran~•e• ~?roree~l~ ~li:ill l,r :i,)~~II(YI ~O tliC Slilll~ ~c~urc~i In• tl~i~ ~tortgagc. ~~-ith the excess, it unv, paid to i3orro~ccr. If thc Yropcrt}• i~ ahan~ionc~i 1?r Rorro~~•er or ii Rorron-cr f~ils to respond , to I.ender ~~-ithin 30 ~1a~-s after notice h~• Lender to Borro~~-cr th;~i th~~ in~uran~c earrier ot~er~ to ~ettle a cl~im for ` insurance henefits. I.ender i< authorize~i to colle~•t :u~~i a~rs~h- th~• ins~u•an~•c ~~rocced~ :it I.en~ler'~ option either to ~ restoration or repair of thc Yro~~crt~• or ta tl~e ~wm sc~•~n•eci 1,~• thi~ \lortgagc. Unless I.ender and Borro~~-er o!her~~-i~e akrec in a•ritir.;~. am- ~u~h ap~?lication of ~n•occcd~ to ~irincipal s1~a11 uot extend or ~~ost~?one the duc ~[atc of thc monthl}• in~tallii<<~nf= r~~ferir~l to in ~?:?ra~r~~~l?: 1;uui 2 I~ereof or chanRe the amount of such installments. ' If inulcr }~~ragra~~h 18 I~crcof tiu• Yrol~crt~• i~ .~c~~ttirc~i I.c~i~ler. all ri~ht. titlc :uul intcre~t ~~f Borro~~•cr in ~ :and to au~• in~in~ance ~~olici~~: :t~~~l in au~rl to t)u~ ~rroccc~i~ tlu~rrn! ~to th~• ~_~tcnt ~~f tlu• -,nu: :~•~•iu•c~l 1~~• thi~ :~tort- i ~,;.?ge i~nuuKii.?tch• prior to ~ucl? ~:il~~ u~• :?cquisition? r~••ultim~ lri>ni ;i:u~~a~~c t~ tli~~ 1'r~~~?c~rtt• ~?rior to t.hc ~alc or :~cyuisition ~hall pas~ to I.encter. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums. Rorro~~•cr ~l~all kre{? tl~c Prop- ~ crt~~ in ~oai repair and shall not ~?ern~it or ro~u~uit ~~-aste. inq~airn~ent. or ~1M~~rioration of tLe Yro~?ert~• and sl~all ; ~ complS «itl~ thc ~?ro~~isions of anr Icasc•. i~ thi~ ~lortfia~;c~ i~ ~m i~~aschohi. If thi~ \[ortga~e i~ on a condominium : unit, Borro«•cr ~hall ~rerforn~ .~11 of Borrm~•~r'~ obli~ation~ ~in~lc•r the ~le~~l~ration of con~lominiun~ or master deed. ' the l,y-I:itvs :uul re~ulations of the eornlon~ini~un ~?rojert an~l ~o~~stituc~nt ~lociuueut~. ~ 7. Protection of Lender's Security. If Rorro~~•er fail~ t~~ l~crforni the ~~c?~~enant~ ;u:~l a~;i•cements contained in ~ ~ this ~tortgage, or if any action or ~~ro~ccding i~ comiucn~•e~t ~~-hi~h materialh- affect~ Lei:~ler'~ intcrest in the Prop- erty, including, hut not ]imited to. cmin~nt donriin. in~ol~~cmi•~-. ~~al~~ rnfor~ement. or arrane~cnients or proceecl- ~ ings involving a bankrupt or decedent, then Leuder :~t Lender'~ o~~tion, upon notice to Borro~~•er, ~u~v ~nake such a~~pearances, clisburne such sums ~nd take ~ucl~ actiou i~ n~~ce~~a~y to ~~rotect 1.ender's interest, including. Uut not limited to. ~li~bursement of ~~easonable atton~ey'~ fec~ an~l ~ntn• ;~~~o~i thc 1'ro~~ert}• to makc repairs. An}~ ~ amoimts disburse~i b~• I.endcr ~nirsuant to this p.uagra~~li 7. ~~-ith iirt~ rest thercon. ~hall hcco~ue ad~litional indebt- ~ edness of Borro~c~er securecl h~ this \Iortgage_ I1nle~s )3orro~~•c~• .~n~l I.e~i~ler agree to other tern~~ of payment, sueh amounts ~luill be payable up~~n notiee from i.en~ler to i;orro~~~ca• r~~c~ue~~ting ~iayment thereof, and shall be~r inter- ~ ~ est frotn thc dltc of di~hur~cment at tl?c ratc ~tateci i:? fhe \otc imle~~ ~?syment ot interest at sucl~ rate ~r•otild be contrary to applicablc la~c, in ~~•i~ich c~•ent ~ucii :unount~ ~ii:?I1 l~car intere~t :it tb~• I~i~hest rate ~~ern~issible i~~ ~ applicable la~•. \othing containe~i in tlii~ ~~:~ragr:?pla 7~> ~j `~~~irc I~~i incur an}' ex~~ense or do a~ry act hereunder. gO~K~:~.J PACE~,1,~aJ ~ • , ~ , ~ z: ` ~ s ' ~ ~ _ ~ " , ~