HomeMy WebLinkAbout0390 i~isured or guarAnteed by n Fecien?1 ur state ugency linclu~iiu~; Lc'u~ler ii Lei~~lcr is such u~~ imtitutionl. I.ender
shall apply the Funds to ~~sy ~id t~xcs, assessn?cnt•. insurance ~~n~~uiu~n~ aml ~;mund ri•nts. l.ender shall make no
charge for so holding nnd i~pplyiug thc Funds or ~•crif~ in~ an~l rom~~ili~ig ~aid us..~~~.~n~ents und biils. Borrower and
I.cnder may ugmc in writing nt the time ot cxecution ot thi~ \(ortKuKc tlu~t intcrost on thc Funds shnll bc paid to
Dorrower, ~nd unles.s such agreemm~t is nu?de, I.cnder sl~al) not he ~rryuim+i to ~?~y Horro~~•er ~ny interest on thc•
Funda. I.ender shall gi~•e to Aotro~ver, ~vitl?out cliairgc, :ui :innual accoi~ntin~ ot tl~e Funds sho~~in~; credit~ and
debits to the Funds and the pury~osc for ~vhich encl~ deLit to thc Funds was made. Thc Fim~ls atre pled~ed ns nddi-
tional security for the sums secumci by thi~ ~iort~n~e.
If the amount of thc Funds held by I.ender, togethcr ~~•itl+ Ihe future n~onthlr iustallwcuts of Funds payable
prior to the due dates of tAxes, assessments, insurance ~~remiums ~nd ~round rents, ~Lnll exceec! the amount re-
quired to pay said taxes, assessments, insurancc ~~rcroi~uns ;~nd ~rounci rents as tlic~• fall duc, such excess shall be,
at Aorrower's opt.ion, eitlier prornptl~• repAid to Iiorro~~cr or rreclited to Borro~~cr on monthl~~ inst:?llments of
Funds. It the amount of the Funds held h~ I.ender shnll not. he ~uff'icient to pA~~ tzxes, a~ses.sments, insurance pre-
miums and ground i~ents t~s tl?e,y fall due, IiorroH•er shalt ~?a~• to I.ender an~ nmount necessary to make up the
deficiency ~vithin thirty dny~ nfter noticc fro~n I.ender to I3orro~~c~• requcstin~ ~~ay~nent thercof.
Upon payment in full ot nll sums securc~i b~• this \Iortg~~c, I.ender shnll ~rom~~tl~• refund io Borro~ver nny
F~nds held by I.ender.
If under ~~arngrnph 18 1~creof the Propertv is sold or the Propcrtv is other~~ isc acquireci by i.ender, T.ender
shall Apply, no l~ter thnn immeciiutcly prior to the ~ale oi th~~ Yropcrtr or it~ u~ry~zisition by i.ender, nn~ Funds
l~eld by I.ender :?t the time of application as ~ cre~lit uRain~t thc ~un~~ ~ecurcrl b~ thi~ \iort~age.
3. Application o! Payments, iJnlec~ np~~licable it?~r ~n~o~~i~le: other~~•i~c. all ~~a~~ments mcei~ecl 1~~• l.ender
uuder tl~e l~ote and pnrngrnphs 1 nnd 2 l~crcof ~Lnll hc: a~?~?liMi h~• L~~nd~r fir~t in pn~~ment oi n~uoimt~ ~~n~ ~ble to
I.encier by Borro~ver undcr ~~arnRrnpl~ 2 1?ercoi, ihen to intem~t ~~a~~nblc on the \otc aml on rutinr :ldvnuce~, it
any, and tl~en to thc ~?rincipal of the ~ote :tnd to the ~?rinci~~al of F~~ture ?1d~•nnces, if any•
4, Charges; Liens. Borro~ver ~I~nll pa~• nll tnxes, as~c<sments :tu~l other chnr~es, fines and impositions nttrib-
utable to the Pro~~erty ~vhich may att;tin ~~riority ovcr tl~is ~[ort~u~c, ancl ~row~~l i~ents, if any, nt Lender's
option in the mnnner providecl undcr ~r?ragra~~h 2 hercof or b}~ Rorm~.•e~• m~kin~ ~?HVment, ~vhen due, ~iirectly to
the payee thercof. Borro~~cr ~liall promptl~~ furnish to I.ender .ill noticc~ of a~noiint~ ~luc ~mder this parngraph.
and in the event Borra~ser ~hnll make paymcnt directh~, i3orro~~•cr sl?all pro~ni~tl~~ furni~h to I.ender receipts evi-
dencing such pttyments. Aorrower shnll (~rowptl~~ dischargc an~• lien ~~•hich hns ~rrioritv o~~er this, \Iortga~e; pro-
vided, thnt Borro~ser shull uot l~c n.~c~uired to dischar~~ :u~~• ~ncli licn ~o long as Borro~~•cr sh~t)1 a~rec in ~vriting to
the payment of the obligation secureci liy such lien in u~auucr ac~eptahle to i.ender, or sh~il in goo~1 fnith contest
such lien by, or clefend entorcemcnt of such licn in. le~al ~n~ceedin~~ ~~~hi~h o~~cratr to ~~rc~•ent the enforcement of ~
the lien or for[eiture of the Propert~t- or any pnrt thereof.
5. Hazard Iasurance. Borro«er shnll kec~~ tl~e i~n~n~o~'cinent~ no~~- existiu~; or liemafte?•~erectecl on the Prop-
crt~- insu~~ed against loss by fire, i~nz~rds includecl ~vithin the tenu "extended covert~ge", and such otl~er hazards us
Lender may recluire and in ~ucl~ amounts and for such ~~crial~ Lender ma~• req~tiire: pro~'ide~l, that I.encler shall
not require that tLc ~mount of such co~•erage c~cee~l tl~at amount of ~•overagc requireci to pav the sum~ secured by
this Mort~age.
The insurance carrier ~?rovidin~; tlie insurance shall h~~ chos~~n h.• Borro~~~er ~ubject to approt~al b~ i.ender;
~~rovided, that such approval shall not be unre:~sonabh ~vithheld. Alt premiums on insurance policies ~hnll be paid
at I.ender's option in the mauner ~~ro~•ided imder ~?ar:~gr:~~~h 2 hc~roi or 1?~• Rorro~~•cr iuakin~; pavroent, ~vhen due,
~lireetly to the i~~surnnce carrier.
All insurnnee policie.s aml rene~~•al~ tl?creof ~L:ill bc• i~~ ior~n :u•~•~y~tal~l~ to I.c~~uler ami shall include a st:+ndarci
?~ortgage clausc in facor of aml in fonn acce~~tahle to I.en~lcr. T.~~micr ~h:~ll ha~•~ tLc ri~i?t to hold ti?c ~?olicie~ :ind
j renewnl~ thereof, und Barro~~•er ~hall prom~?tl~• fi~rnisl? to I:enii~r all renc~~-al notices an~l all recci~~t~ of paid pre-
~ miums. In the e~•ent of lo~s, Borm~ccr ~hall gi~•e ~?ron~~~t i~otice iu thc iii~iu•ance carrier an~l I.ender. and I.ender
! n~n~ _ make proof of loss if not msdc pro~uptly h}~ Borro~~ cr.
~ Unless I.ender .ind 13orm~cer otlicn~•ise agrec iii ~~'ritin~. imtn:~n~~c !n-oc•ced~ ~hall he :~~iE~licd to re::toration or
~ repair of the Yro~?crt}• ~Inm:igecl. ~~ro~•i~lc~i ~uch irstor:ttiou or r~~~c?ir i~ cconoini~•all~• tc.i~ihle arnl the ~c~urit~• of
~ this \[ortgage is not thereb~• imp:tirecl. If ~ucl? restor:?tion m• re~~air i~ not economicalh• fea~ible or if the securit~ ~
of this ~tort~age ~~~oui~l he impaireci. th~ in~urance ~~ro~eeci~ ~h:ill I~c a~~~~lie~l to tlu~ sums ~eeure~l bt~ thi~ \Tortgagc.
~~ith the excess, if an~~, paid to i3orro~rcr. If thc Yropcrt~• i~ ahan~lonccl h~• Rorro~~~er or ii Borro~~cr fail~ to respond
to I.ender ~titl~in 30 c13ys after notice b~• 1.ender to Borro~~•~r that the insura~nce carrier offers to ~et#le a claim for
insuranee henefits, Lender i~ aut.horized to collect ancl api~l}' tlu~ insin:~nce ~?ro~ecds at Lencler'~ option eit.her to
restorztion or repair of thc Pro~~ert~• or to thc sum~ sc~~u•ecl h}• ihi~ ~Iortg:?ge_
Unless I.ender anct Borro«•cr othcrn•i<c agr~e in «•ritin~;. a»)• ~u~h api~lic:~tio1~ oi ~n•oceeds to ~irincipal shall
uot extend or post~~onc thc duc datc of thc u~onflih• installnu~nt~ r<<fer~rd to in ~~aragrapir 1 and 2 hercof or changc
the amount of such installment~.
If uncler ~~aragra~~h 18 Lereof tl~e Nro~~crt~• i~ acquirc~t Len~ier. ali ri~;ht, title au~~l iutere~t of Borro«•er in
.u~ci to au~- ins~n•:~nce ~~olicie: :?n~i in an~l to thc ~n•ocecyt~ th~~re~f ~io th~• ~•xte~~t ot tli~~ •nin: :c~•~n•c~l h~• this ~fort-
~;uge iu~n?ediately ~~rior to ~uch ~:~lc or :?cqui~itiou~ re~ultin!~ iro~u ~l.una~:c tn th~• Yro~~ertr ~~rior t~ thc ~nle or
:?cqnisition shall pass to l.ender.
6. Preservation amd Maintenance of Property: Leaseholds: Condominiums. liorro~~•cr ~h:zll kce~~ the Prop- ~
crty in ~;oal repair c;nci sl~~il not. ~?ern~it or ronmiit ~~~aste, im~~ui~~uent, or ~letc~rioration of thc Yro~~ert,~• :~nd shall
comply ~vitii the ~~ro~•isions ot ~n}• lease, if thic ~lort~a~;e i~ ~m lea~eliol~l. 1f tl~i~ \[ortga~e i~ on a conciominium
- unit,, Borro~~~er ~hall ~?erforn~ all of l3orro~~~er'< ohli~.~tion~ nn~ler tlic ~le~la~.ztic?n of con~lomini~un or master deeci.
the by-la«s :~ncl regalations of the condon~inimn ~+roject .~n~l ~•omtit~~ent ~locunient~.
~ 7. Protection of Lendet s Security. 1f Rorro~~•~r isil~ t~? ~~erlorm the ~o~•enant~ :~n~l :?~rceroent~ contlined in
~ this \iortgage, or if :~n~ action or proceedin~ i~ ronuuence~l hicl? materi~ill}• .lffect~ i.en~ler's interest, in the Prop-
~ erty, incl~tding, hut not limite~l to, eininent donr,?in. in~ol~•c•n~~~•. ~•~N1~~ cnforcen?ent. or srr~n~ements or proceed-
~ ings involving a bankrupt or deccdent, tl~en T.ender at I.endcr'~ o~~tion. ~qwn notice to I3orro~~er. ~nay ~nake such
~ a~ipearances, disUurse sucL sun~s anci take sucli a~tiou a~ i~ nece~sar~ to ~nbtect I.ender's interest, including. but
- not limiteci to, disbursemcnt of re~sonahlc attornr_~•'• fec~ an~l cntn• iq~on thc }'ro~?crt~• to ~nake repairs. Any
amounts dishurse~i by I.ender ~~ur>uant to thi~ p?aragraph 7. ~~'itl~ intcrest thercon, shall heco~ac ad~iitionul indebt-
y eclne..cs of Borrowcr ~ecurc~l h~ this ~Iortgage. Unic~s Borro«•cr aml l.cnder agree to other tenus of p:~gment, such
amounts shall be payable opon notice from i.ender to Borro~~~cr rcqucsting ~?ayment thercof. and shall bear inter-
' est from thc d~tc of ctisbursement at thc r~te state~l in the \otc ioile~~ ~?aj•ment of interest at such ratc ~vould bc
contrary to applicable la~s, in ~~'hicl~ c~•ent such anioimt< ~l:all I?ear intere~t at th~~ hi~hest rate ~iennissiUle by
applicable law. \oti~ing containe~l in thi< ~?:tr:+gra~~li 7~hall ~r~~uire Lender to inct~r an~ ex~~ense or do an~ aet
hereunder.
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