HomeMy WebLinkAbout0290 insured or guaranteeci b~ n Fedrr:?1 0~• ,t:~te :?Kcuc~~ linclu~lin~; L~•i~~l~~r if I.~•n~lcr i~ ~ucli xu iu.titutioni. I.ender
shaU apply the Funds ta ~?ay ~i~i~l taxe~. ;?:ses~m~~uh. iu~uruuc~• ~~r~•n~iun~. an~1 k?•ou~u1 ~•t~nh. Lender ~h:?ll mi~ke »o
charge for so hold',n~ uml apph~ing the Fund~ or ~•crityin~; :uul ~•o~n~?ilin~; ~:ii~l ;?~•~•,:inc•nt~ .?mi bills. Borro~~•er and
L~~nder mi~y iigrec in writinK at tl~e tiu~~• of cxecution of tl~i. \lort~;u~r tl~at inte~Y:•/ on the Fun~l~ ~lu~ll hc~ pxi~l tu
I3orro~ti•er, ~n~i unlecc such aRmc:n~ent i• ina~le. I.cm+ler •hall not h~• ~Y~c~uircyl to ~u?~• Borrcm•er un~• intcrest on the
Funds. I.cnder shall ~i~•c to Aorro~~•cr, ~~•ithoi~t cl~;»~c, ,?n :?m~u,il u~countin~; of tlm Fi~nd~ ~iio«•in~; creciits nnd
debits to tLe Funds and thc pur~~ose for ~vliich eacli ~iebit to th~• Funds a•as ~uade. 'Che Funds are ~~Ic~i~c~ci a~ addi-
tional seeurity for the sums secumcl by this \Iort~a~c.
If the nmount of the Funds held h~• i.ender, to~;rthcr ~~•itl~ th~• tuhu•e n~onthl~• installn~ents of I~unds ~~avnble
~irior to the due dates oi tnxe~, assessments, insurancc ~n•en~iu~n~ :~nd ~;round rents. ~hiill ~•xceed the atnount re-
quired to ~>ay sai~1 t~xes, assess~uents, insurancc ~?miui~ons ,?ud firound rents :is the~~ fall ~lue, sucl~ e~cess shall be,
nt Rorro~ver's option, citl~cr pmmptl~• repaid t~ Borro~~•er or rrc~iitecl to Aorro~~•cr on monthly installments of
Funds. It the ~mount ot the Tnnds hcld h~• i,ender shal) not I?c •ufTicient to na~• t,~xes, a~~c~sments, insurance pre-
mi~n~s nnd ground rents as thcy fall ~luc. I3orro~~•cr ~hall ~?n~• to I.endcr an}~ :~mount. neccssiiry to make up the
deficiency ~vithin thirt~• dnys after notice from Lender to Rorrrn~•er requestin~ ~>ayment thereof.
Upon payment in ful) of all ~ums seci~md b}~ tlii~ \Iort~n~;e. I.encier ~hall ~?rompth• refund to Rorro~~•er :~n~•
~mds held l~y T.ender.
If under ~~nragrnph 18 hereof the Yro~~ert.}• is •old or th~ Yropert~• is otl~cr~vise ~cquireci hy Lender, I.ender
~l~all npply, no lnter than imme~linteiy ~~rim• to tl?~• ~:il~~ of th~~ 1'ropcrt~• or it. :u~~~ui~itim~ h~• I.ender. :in~~ Fund~
I~eld by I.ender at the time of upplication u~•rcvlit :?~ain:t the ~wm ~c~•i~nyi h~~ thi~ ~iort~fl~e.
3. Application of Payments. LJnle~: :~~?~?licahic I:t~~- ~nY~~'i~le• oth~~r~~~i~~~. :~Il ~~a~•~i~entN IY'CPl\'C(~ I)\• I.ender
under the ~ote snd ~~aragr:tphs 1 a~id 2 hercof ~l~:ill L~~ .ip~~lie~l 1~~• L~•n~ler fir•t in ~m~•m~nt of aiuount~ ~?a~~nbie to
Lender b~ I3orro~~~er ~~nd~r ~?ara~rn~?l~ 2 hei•eof, tl~en to int~~n~~1 ~~:?~•ahl~ on the \otc :?n~l on Tuturc~ _1~h•nnce~, if
any. and then to thc ~~rinci~?al of th~ \otc an~i to tl?c• ~~rinc•i~~:~l of Fnh~r~ :~~i~•an~c~, if an~•.
4. Charges: Liens. Borro~ver ~h~il ~?a~• all ta~c~, a~sc~~~u~~nt~ aml othcr char~c~, finc~ anci im~~ositions at#rib-
utaUle to the Propert~• ~vhicli ma}• :~tt:?i~i ~n•iority o~~er thi~ ~Iort~,~~e, and ~;rouu~l rent~, if am•, nt I.ender~
option in tl~e ~n:~nner ~nn~•ideci uncler ~?3ragraph 2 liereoi a• I~}• Rorro~~•~r ~nakin~ ~~a~•ment. ~~•hen ~1ue, directly to
the pavee tl~ercof. Rormn•cr ~h;?11 ~?rom~~tl~• furni~h to Len~lcr :~ll notice~ oi .uuounts ~iuc i~nder this ~iara~raph.
and in tlie e~~ent Borm«er ~hall roake p.i}~~ncnt directh•. Rorro~~•er ~i?cill ~,rom>>tl}~ iurni~h to Lender receipt~ evi-
dencing such ~~nyments. j3orro~~•er ~hall ~nb~n~~th~ ~lis~h:u•~;c :u?}• lieu ~rl?i~h hu~ ~?riorit~• o~•er thic \Iort~a~e: pro-
videcl, thnt Borrot~•er ~hall not hr required to ~lisci~arrc~ an}• ~n~L li~n ~o lon~; :i~ Rorro~~•er ~l?nll a~rec i?~ ~vritin~ to
the pnyment of the obligation secured h~- such licn in a~unn~i~r ac~~e~~f:ihler to L~nrler. or shall in ~oo~! laith contest
such lien h~, or defend enforcement of such lieu i?i, Ie~al ~?rocccviinG~ «•hi~h o~?erate to pre~•cnt fhe enforcement of
the lien or forfciturc of the Propert~• or an}~ i?art thereof.
5. Hazard Insurance. Rorrot~•er ~hall kee~~ tLe i~n~?ro~-~~n?ent~ uo~~- rsi~tinc; ~n• 1?~reafter erecte~l on the Prop-
crt~• in~ured ugainst los~ h~~ fire. l~ziz:?i•ds includecl ~~~ithin tl~e tern~ "extendecl coverage", an~i sucl? ott~cr liazards a.~
t.ender may reqoirc and in ~urli :inionnt~ ~nd for ~ucl~ ~?c~rio~l~ :i~ L~~n~ler ~:r~~• require: ~rro~~irle~l. thzt I.en~ier chall
not require that the an~owit. oi su~•h ~~o~~crnge excee~i th:~t an~ounf oi ~•o~•ci~~;e rc~~uirecl to ~ia~~ the ~ums secured hy
this ~Iortgage.
The insur~ncc c:u•rier ~?ro~~i~ling tlic ius~u•ance •hail Ix• ~hoscn h~• Borro~rer ~uhjert to ap~~ro~•al i>~~ I.ender:
~?ro~~ide+l, tl~at such :t~~~~mvni ~hall not be unreason~bl~• ~~~ithl~eid. :111 premiums on insurnnce poli~i~~~ :hall be paid
i at i.ender's oi~tion in tl~c uuinuer ~~m~•i~1e~l uuder ~?~ra~r.?~~li 2 hercof or I~~~ Rorro~~•cr makint; ~~av~nent. «hen due.
~ ~lirectly to the inse~ran~^ carrier.
f All in~uranc•e ~~oli~ ie: an~l r~~ne~ral~ the•reof ~liall Ix• in frn•~u a~~~~~y,tahl~~ to L~•n~ler sn~l ~hall in~l»d~• ~t.?ndarrl
~ ~nort~age ~•lau<c in f:?~•or ot" sn~i in forn? a~•ec~~tahl~ ~c? Len~le~r. L~~ml~•r ~hsil hH~-e~ thc~ ri~ht to 1?ol~i th~ ~,oli~ie~ and
~ rene~~•~l~ tlicrcof, :u?d I3orro~~•cr ~hall ~?ro~u~~th- fm•ni~h t~~ T:rn~l~•r all rene~c.il notice~ an~l :ill recci~~t~ of paid ~ire-
g miwns. In thc c~•eni of lo~~. 13orro~rcr ~icill ~i~•~~ ~n•omE~t n~~ti~~~ tv thc in•~n•an~~~ c,n-ricr an~l i.ender. and I.ender
` m~y ~nake ~?roof of lo,~ if not u~ade prom~~th• L~~ Rorro~~~er.
~
~ Unless I.endcr :in~i Rorro~~•cr otlier~~•i~c at;mc in ~critiu~~. iu~iu:?u~•~~ ~~ros•cc~l~ ~halt h~• :~~,l~lial t~~ rc:torztion or
i reE~air of the Yro~~ert}- ~I.una~e~l. ~iro~•i~ie•~l ~n~•I~ restor:iti~~n ~~r r~~~~:ti?• i~ ~~~•~?nnu?ii~:ill~• f~•:i~ihle~ :u?~l the ~c~~~~rih- ~~i
~ this \Iortgage i• uot tlicrc!?~• iin~~aire~i. If ~ucli re:toration rc~~:iii• i~ noi ci•o~iomic:?Ii~• ic:t~ii~le or ii the ~ecurif~
; ~~f this ~Iort~;agc ~~•oul~i hc iiu~i:~ircKl, tli~~ in~uran~•c ~~2•o<~eci;~ ~h:ill f~c :i~?{~lic~l to th~• ~uni~ ~e~urc~l h}• ti~i~ ~Iortgagc~.
~ «•itl~ the exce~s. it :in}~, paid to I3orro~~-cr. I1 tl?c }'ro~~~rt~• i~ alrau~lon~~~i h~ Rorro~+•er or ii Rorro«•cr fails to respond
~ to Lender ~~-ithin 30 ~i:~~•~ :?fter ~~otic~ h~• L~~~uier tu Rorro~+~~r t!c~t th~~ in~~~?:~n~•c ~arri~r oti~~r: to ~ettle a cl~im for
~ insurancc heuefit~. Lcuder i~ authorize~l to i•ollect an~i .~~~~~1~• tiu• in~~n:in~•e {~ro~ecd~ at Lencler'~ o~~tion either to
~ restoration or rc~?:iir of thc Yro~?crt~• i?r ta tl~c ~un~~ ~c~•nrc~l tl~i• \fort~a~,~•.
~ Unless I.ender ancl I3orro~~•er othcr~~-i~~• :~~;r~~c in ~~~ritin~. :?n}- ~ur•h :~~~~~li~•:ition oi in-o~~~~cd~ to {~rin~i~~l ~hall
not exteud or ~~ost~?one the ~tuc date at thc~ inontlilt~ in~talinic•nt: r~~t~~rre~l to in ~~ara~,r;?~~'r 1:tn~i 2 liereoi or chan~c
~ the amount of sueh instaliment_~.
~ If tm~ler ~?ara~raph 18 l~ercot tlu~ 1'r~~~erl}- i~ ac~~uire~~ l.rn~ler. :?ll ri~ht. titl~~ .u~~l intere~t of Rorro~~~er in
~
~ :~n~l to am- i~rtn•ancc ~~oli~•ic~ :u~~l in :?u~l to thc~ ~~ro~cc~i~ tlu~r~~iif ~t~~ th~~ ~~xt~~n~ ~~t tl~~• ~iin~< =c~i•ur~~~l lr~- t}~i~ ~tort-
~~agc iro~nedi:itcl}• ~?rior to ~u~~l~ ~s~~~ ~?r a~~yui~itioni rr~ultin~, tr~m~ ~l.ini:~~s~~ tu ti~~~ 1'rui~~~ri~• ~~ric~~• t~? the ~alc or
~
:~c~~uisition ~hall ~~a~~ to I.endcr.
~ 6. Preservation and Maintenance ot Properiy; Leaseholds; Condominiums. liorro~~~~r ~hall kcc{~ thc Yrop-
- erty in ~;ood re~~air .?ncl ~hall not ~~ei•init or ~•onn~iit n•a~te. in~~~.uriu~~nt. ~?r dete~rioration of thc~ YroF~~rt}' and shali
comi?ly ~~-itl~ tlie ~?ro~-i~ion~ of am• Ica>c. ii thi~ \lortga~;~~ i~ ~r~i i~~s~~~Lol~l. ii tl?i~ \(art~;a~:c i~ on :i condominiun~
- iinit, Borro~~•cr ~hall ~~erfonn .+II of Borro~~~cr'~ uhligation~ ~iu~le~r tli~~ ~1~~~~lar.~tioz~ of c~n~tomini~m? or master dce~l.
` the I,~•-la«s an~l rc~;~ila~tion~ of thr ~on~lo~uinituu ~~rui~•~•t :uui ~•on~iituc~nt ~1or•nmcnt~.
7. Protection of Lender's Security. It Rorro~~~er fail~ ~u•?-f~n•m tlic~ ~•o~-enant~ :uu! :<<sr~~ciurnt~ contained in
this \iortgage. or if am~ action or jn•ocei~~lin~; i~ co~nn~en~•al «-l~i~l~ iuctteriall}• sfte~•t~ L~•n~lc~r~s intere~t in the Yrop- ~
crty, includin~;. I~ut not lin~ite~l ta cininent doiuain. iii~ol~•rn~•~~. ~•~xi~• ~•ntrnrem~~nt. ur :u•ran~,cments or ~iroceed- ;
ings in~•oh•ing hankru~rt or ~iec~~elent. then Le•mler :+t I.c~i~ier'~ o~~tiou. n~~ozi notice tc~ 13orro«•er. wa~• ~nake such
.ti~pearances, ~ii~hurse ~t~cl? ~unr :?n~t take ~u~•li :u~tion i~ s~~•~~~~ar~• to ~n•otect I.eneler'~ interest, including. but
rv not limitc~l to, di~hur~en~rnf of rca~onahl~~ att~rnc}•'~ tec•> :inr( i~ntr~• u{~on tl~e Yro~~crt~• to u~ake re~~air~. An~•
- :~mounts disl?urscrl h~~ I.endcc ~n~r~uant to tlii~ p:u:?~r.?~?h 7. ~citl~ int~rc~~t thcrco~i. ~Lall 1?ccome ad~litional indebt-
c~ine~s ot i3orro~~•er ~ccurcd I?}• thi~ \Iortgage. t'nl~~~~ Rorro~~•c•r an~l I.en~ler a~;rec~ ta oth~r tenii~ oi ~~ayment, such
:?mounts ~hall he pay.?ble upo~i notice iron? Len~i~r to Rorrun~er r~~c~u~~~tin~ ~~a~•ment thercoi. an~i ~hall hcar inter-
- est irou~ the ~latc of ~li~irur~ement at t{ic rate ~tat~•~1 in tl~~~ \oti• t~nlc~~ ~~.?~~nicnt ot interc~t :?t si~cl~ rat~ ~~•ould be
contrary to .ip~~licablc la~~•. in ~~•hich c~~~nt ~n~~l~ :u»ount- ~Lall I~e~ar intcre~t at tli~~ lii~he~i ratc ~~ennissible b~•
:~Pplicable i:~~v. ~othin~ containe~i in thi~ ~~ar:~~;ra~~L 7-1i:111 re•~~nire I.e~nder to inc•in• an}• e~~~ense or do am• aet
hereunder. _
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