HomeMy WebLinkAbout2309 iusunxi or Kuuri?ulceci b~ a F~~clecal ur stutc :?gcnc~~ liuchuliu~ 1.endcr i( I.c~~~icr i~ sucl~ :~n in~tit,utiui~l. I.ender
shall apply the Fuud~: to ~~ay ~xxid tnxcs, asses.sment•, insurnnce ~iremiwns and groun~i ~rnts. 1.ender shall make no
cliarge for so hol~ling aud npplying tl~e ~~nd~ or ~•erif~ in~; :~ml canpilin~ ~id i~ssessu~ents And bitls. Borrower and
Lender uia~• sgrec in writing at tl~e time of execution u( tl~i~ \IoNRa~e tl?at interest on lt~e Funds shall be paid tu
Rorrower, :?nd unl~~ sucl~ ugrcenicnt i~ made, I.cndcr ~hnll not 1?c requireci to pay Borrow•cr any interest on the
Funds. I.cnder ~hnll ~i~•e to Rorrower, ~vithout chur~e, un annuul accounting ot thc Funds showinfi credits and
debits to tl~e Funds und the ~~ur~~ose for which each debit to the ~ndR was made. The Funds arn pled~eci as addi- ;
tional security for the sums secured l~y this :~iortgaRe. ;
Ii thc amount. oi t.hc Funds held by I.ender. togctbcr ~vitli thc future n~oothly instnllmeuts of Funds payable ;
prior to the d~e dntes of tuxes, assessnients, insun?ncc ~imntiuu~.e nnd ~round rents, shaU exceecl the amount re- ~
quired to pay snid taxes, u.csessments, insurnncc ~~remitons ;~nd ~round rents as they faU due, such excess shall be,
:it Rorro~ver's option, cither proroptly repaid to Borrower or rreditecl to Bormwer on monthly insts?Ilments of
Fuud~. If the ~mo~mt. of the Funds heid h~ I.ender shall not I~e sufficient to Pay tnxes, nssessn~ents, insurance pre-
miums :tnd ~rounci rents as-they inll ~iue, Borro~ver ~hall ~?n~ to I.endee• ~ny t?mount necessary to make up the
~Ieficiency ~vithin tl~irty ciay~ ~[ter notice from l.ender to Borro~ver requesting payment thereof.
Upon ~~nyment in f~~li of ~11 sums secureci i?v this ~lortgn~c, T.ender shnll prompth i~eiunci to I~orrower ~?n~•
Fi~nds held I~y T.endcr.
If imder ~~urngrnpi~ 18 hercof thc Property i~ sold or th~ Yroperty is otl~envise acquireci bv T.ender, I.ender
~liall :ippty, ua )nter than iuunecliately ~~rior to thc ~~Ie of thc Yro~~crt~ or it~ ncqui~ition hy I.ender, sny Funds
held by i.c~ider at ihc timc ot ap~~lication a~ n~•rcrlit :~Raimt th~ ~um~ ~urcYl i~~ thi~ \tort~a~e.
3. Application o! P~ents. Unlc~~ :?~?~~li~nLl~ 11~~- ~?ro~•i~1c~ otl~envise. nll p:t~lnent~ ~r.rciveci by I.ender ~
under tl~e \ot~~ vul ~r.~rngca~~i~~ 1 and 2 hcreof ~h:~ll h~ .~~~~ilic~l h~• I.cnd~•r fi~:ct in payi~~ent of amounts payable to '
T.ensier h~ Borro~~•er i~u~lcr ~?:~r.i~raph 2 hcreof, tl~cn to intem.t ~~:i~ahlc on thc Notc :in~l on Fi~turc Advunces, if '
:~ny.:?nd tl~cu tc~ thc ~~rincipal of tlm \otc and to th~ ~?rinci~?al of Futum a~i~~anc~, if a~~y. ;
4. Charges; Liens. Aorrower sliull ~~a~ nll taxc~. .~csc`iuent~ ;~n~l other charges, fines and im~~ositions attrib- ~
utable to thc Propert~~ ~vhicl~ may attain a ~~riorit}~ ovcr thi~ ~iort~aRc. and ground rentc, nny, at I.ender's
option in thc ronnner ~?rovidcd ~~nder ~?ara~~:t~?h 2 licreof or I?~~ Rort~~~•cr m:~kiu~ ~?ayment. ~vl~ei~ due. directly to
the p~~~ec thercof. Borro~~•cr ~liali ~~rom~?tl~ iurni~h r~? I.cndcr :~il ~iotice~ of nmountc ~hic nuder this paragraph, ,
:?nd i~? ti?c c~~cnt. Rorro~vcr ~hall in:tk~• ~r.?y~nent ilimctl~•_ Rm•ro~rer ~h:ill ~~rou~~~th• inrni~h to I.cnder teceipts evi-
~Ie~icinfi ~uch ~?ayments. Borro~~cr •l~all ~rrou~~~th~ ~li~~•Icu-G~• :~m- lien ~~~hich has ~iriority over thi~ ~tort~tt~e; pro-
vided, that. Rorroa-cr sl~all not he rci~uircvl to disch:?r~~• :u~~• ~~~el~ lic~i so lon~ as 13orro~ver sl~all a~rce in ~vritin~ to
the payment of the obli~ntiou .ecure~l h}• ,acL licn in :i maun~r ac~c~~t:?hle to I.ender. or shaif in ~oa1 fnith contest
~uch lic~? t~~~, or ~lef~nd cnforcem~~ut of ~uch lic~i in. Iefinl ~n•ocec~lin~:: ~~•l~i~h o~~eratc to ~~revent the enforcement of
th~ licn or forfciti~m of thc 1'ro~?crt~• or :u~~• ~?arf tl~crcof. g
S. Hazard Insuramee. Rorro~~•cr sh:?11 kcc~? thc in~~?ro~-~•mcn1~ no~~- existin~ or hemlfter cre~~eci on the Pro~~-
cr1~• in•nrc~t :?~uiust loa~ hy fire. haaards included ~vithi~~ the tenu "extended coverage". an~l sucl~ otl?et• hnzarci~ a.~
I.cnder ~ua}~ reyuirc cu~d_in ~n~~li :uno~~nt~ :u~~l for •u~li ~~erial~ L~•n~ler m:i~• ~rquim: ~~ro~•idcvi. that T.en~ier shall
not requirc th:?t thc a~nonnt o1 w~h ~o~-ern~e exccc~l tli:it ;?mount of ~ovcra~c reqnirec) to ~ia~ t.he s~ans sec~~red by
this \iortg.~ge. ,
The in~urance carrier ~~ro~•idiufi tl~c iusu~,nuce ~I~all Ix~ ~I?oscu I?y Rorro~~cr ~u{~ject to appro~~:tl b~ I.ender;
~?ro~•idal. thut,,ucli a~~~?ro~al sh:?11 not be unrcasonal~ly ~vithl~cld. All premiums on insurance ~~olicic~ ~I~all be paid
af, I,ender's option in thc wanncr ~~rnvi~l~til roi~icr ~~:u:i~i:?~~I~ 2 hc~rof or i~v Ror~~~~-er inakin~ ~?ay~uent. ~vhen due.
directly to the insur.tuc~c carrier• ,
:11I in~urani•~• ~~olieie~ :u~~l irnc~~:il~ thc~rof ~liall I?~• iu forni :u•~•~•~~labl~~ to In~n~lc•r :u~~l ~I?all inclu~l~ ~tandaiYl
u~ort~age ~la~ise in l:~~•or of au~l in fot~n a~ce~?t:il?Ic~ to Leml~~r. L~~n~l~•r ~hall hs~•~ the ri~f~t to hold the ~~oliciec aud
renc~~•al~ thcmof, aiul Borro~~~~~r ~h:ill ~rroiiy~th• fin•ni~l~ t~? L~•iuler all rcnc~~-al notirc, an~l :till recei~its of paid pre- ~
~ ii~iums. In the c~•eni of loa•. liorro~~~cr ~h:ill ;;irc• ~~rom~~i uuti~c iu thc in~~u•niu~~~ carri~r ancl I.ender. and I.ender ;
~ n~a~~ +nnkc ~rrooi of lo~c i( not ~na~lc ~~ro~n~ith• i~~• Rorro~~•cr. ~
~ Llnless L~~n~icr :~n~l i3orrm~-cr otl~c»~•i~c a~~re in ~~•ritin!,. ii~«u•:uicr ~~~nceed~ sl~all hc :t~?~ilic~l to rectorzt~ion or ~
rc~?air ~~f thc Yro~?crt~- ~I:~~u:~~~~~1. ~nYn•i~l~rl ~u~•L rcwtor:i~i~~u ~?r ~r~~;~ir i~ ~•eono~i~i~;tlh- i~•a~it?le :mcl tlm ~rci~rit.~' of '
~ this \lort~a~c i~ »ot tLcmh~• iiu~?:iim~l. If •ucL ~r•to~:~tion ur ir.~?:?ir i> not ~~canouiic:?Ih- fc:~sihlc or if thc securit~•
of this \(ortfi,~~c «•oul~l I?c iu?~~air~yl. tl~~ imnr.uu•c {n•o~•ctvl~ ~Ir,~ll In• :i~?~lI1MI t0 t~ll~ son~s ~ecw•c~i h~• thi~ ~tort~agc. ;
~cith the cxce~s. if ai~v. ~?ai~) to Rorro~cer. If th~• 1'ro~?erh• i~ :~I~:uuloncvl I~r Rorim~•er or it Rorro~~•cr fail~ to respond ~
to I.ender ~~•ittii?i 3t1 ~lav< :~ft~~r i~otiec~ h~• I.en~ler iu Korro~~~~•r that the imuraucc~ carrier of~er~ to ~ettl~ a elaim for }
insurnnec I~cnefit~, l.cn~ler i~ autl?orize~l to collect :uul a{?~d~- tli~• imu~:u~ec ~n-oceeclc nt I.ender'~ o~~tion either to
restoration or rc~r.?ir of tlic Yro~?crt.}• or to thc ~un~~ scrurc.~l I,y thi~ \tortRagc.
~ Unless I,ender and Rorro~~•~r other~~i~c a{;me iii ~v~yt.iu~;. ai?y ~uch application of ~~roceeds to ~~rinci~?~t) shal)
not extend or ~~ost~~one the duc ~late of t1~~• n~onthl~ in~talln~cut~ rcferre~l to in ~~ara~ra~?hc 1 an~i 2 l~ereof or chan~e
the amount of sucli i~istallment~.
If un~ler ~~ara~;ra~?h lA licrcof th~ Yro~?ertt• i~ :?cquim~l I?~• Lrn~lcr. ull ri~ht. titlc an~l intem~t of Borro«cr in
:~nd to am• in~~u:lnt•c~ ~~ulicic. :uul iu an~l to thc ~rra~ccrl~ th~•r~•oi Ito th~~ cxtcnt of th~• ~wn: •ccurcYl h~• thi~ ~iort-
~;x~;e imu?c~liatch~ ~~rior to ~~ic•I~ ~.il~• or :~~qui~itionl rc~ulti~r, frrn~~ ~l:un:t~c to thi• i'ro~~~rty ~~rior t~? fhc ~alc or
:icyuisition shall ~~a~~ tu 1.endcr. ~
6. Preservation cmd Maintenance of Properiy; Leaseholds; Condominiums. Korro~~er ~hall kcr~? the Yrop-
crty in };ual re~?air :?rnl shall not ~~crmit or ~•ominii ~~:?ste. i~u~?airn~ent, or detcrioratimi of tLc Yropert~• and shal) ~
corn~?I~• ~rith thc ~~ro~~i~ions of :im• Ic,~sc. if thi~ \IoM~a~~• i~ on Icaschol~l. If thi~ \tortga~c i~ oii condominium t
~ unit, I3orro~rcr ~hall ~~crform ~I! of I~orron•cr~s ol?li~at.ion~ ~u?~Icr the ~Ic~la~:ntiou of con~lo~uiniau< <~r n~aster deecl. ~
!hc I,y-la~vs :ni~l rc~;nlations of tli~• cou~lominiuni ~~roj~•rt :uul ~•oi~stit~~c~it' ~loc~~n?ents.
7. Protection of Lender's Security. If Rorrot~•er fail~ tu ~?erfonn the eoven.uil~ :uul :?~reen~ents cont:tined in ~
this \I~xt~;t?R~r, or if am• action or ~?roc~cdin~; i~ ~•oin~ncnrc~l ~~~lii~l~ ~uatcriall~• aff~•~t~ L~~nclcr', intcrest in the Prop- ~
~ erty, includin~. I,ut not limit~~l to. cu?inent ~lonc?in. ~u~oh•en~•~•. ~•al~• ~•nforcen~e•~it. ur :n•rau~rn~ents or ~~roceed- ~
ings in~•olvin~; :i 1?ankru~?t or ~leccdent, tLen Lcnder :it l.cncicr'~ o~?tiou. u~wn notice to Rorro~vcr. n~:~~ ~nake such ~
~ a~i~zearancc~, ~lisln~rsc such ~inn~ :in~l fakc ~u~•li :u•tirn! i~ nccc~sar~' to ~?rotcct I.ciuicr'~ intcrest. incl~idinfi. Uut '
not limitcd to, ~lishurscmcnt of rca~un.~1~1c attorni•y'~ icc~ a~ul entn• u~~on thc 1'ro~?crt~• to utakc repair~_ Any #
~ amounts ~iisbursc~l h~~ I.endcr ~?rinu:u~f to this ~r.u•a~;ra~~h 7. ~~•ith i~dr.rest thcrcou. ~I~all In~coinc a~l~litioua) indebt-
ecfne~s of Rorrowcr ~ccure~l I?y tl?i~ \lortga~c. tinle~s Rorrot~•cr awl I.an~lcr agrcc to othc~r tenir of ~~ayment, such ~
:~mounts sli:~ll bc ~~ayablc u~~ou noti~•c from (.cn~tcr to Rorro~~-cr rc~~u~Ktin~ ~~ay~ucnt thcrcof. an~l ~li~ll Ix•ar inter- ~
,
est from flic ~latc of ~li~l?iu~c~incnt at tl~c ratr ~t:~t~yl in thc \~?tc ~u~l~~~ ~?,~vmcnt of intcrest :~t. ~uch r:?t~• ~vottld bc ~
~ ~ontrary to ap~~li~a~irlc la~~•. in ~ehich c~•cnt ~n~•I~ :unonnf• •Ic~ll hcar intcrc~f :~f fh~• lii~h~~t r:ttc ~?crnii~siblc L~
~ :~pplicablc l:~~c. \otl~ii~~; ~~ontainc~l in tlii~ ~~:~r:iRr:~~?h 7~h:~ll r~~~iiiir. I.cnder t~? in~•~u• :ui~• ~•x~?cnsc or ~lo an}~ act ~
~ herei~ndcr. ;
$0~225 ~
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