HomeMy WebLinkAbout0715 i~~sure~l or guaraut~~eel by a Feclcrnl ur st~?tc :?Rrncy ~i~u~lu~liu~; I.rn~l{•r ii Leu~lrr i~ >ucl~ :.n iu,tituliou~. I.ru~lcr .
.hall apply thc Fu~~d~ to ~~ay ~~id tnac~. :?-~;c~.•~:~c•nt~. in-~u7u?~•~' I~n•niia~~~~` ?i~l t?_.:~~.~n?ent•t :u ~I hills. Born?wcr su ~1
charge for so holding iu~d :~p~~lyiu~ thc Fuiu~, ~r ~•~~ri(,~ iu~ :u~~l ~•u~n~?iliu~,
l.cnder may agrce ~n ~vrilinR:~t thc tiu~~~ uf ~~x~K•utiwi ~jf t{~i: \lon~u~~• tlu~t inti•re~1 un thc~ Fun~ls •I~::11 1?c~ ~?i?id tu
l3orro~ver, nnd uniecc suel? agn~:u~~•~~t i~ iuud~~, I.cndcr ~hull not IK requin~l tu ~u;~ Rorru~~•er :~m~ i~~tere:t :~n tl~c
Funds. I.ender sl~nll gi~•e to Rorro~~•er, ~~•iti~out ~li:u~e. i?a tuu~ui~l ~?ccou~itin~ of the Fiu~~ts ,ho~~•iu~ crcdit~ :?aid
debits to the F~uuis und th~ ~~ur{xue for ~~•hich eacl? d~l»t to the F~uids a•ns made. Thc Funds :?re ~?lcd~~~cl ~?s addi-
tional security tor the sums secured by this \1ort~;a~r.
If the Amoa~it of the F~~nds beld 1?~ T.ender, to~ctl~er ~~•itl~ the fuhnr. n~ontl~h• ii?~t:?Il~uent~ of Funds pa~~able
prior to the ~lue daies ot taxes. nsses-~me~?t~. in~urnu~•e pmn~iuin• and ~;ro?uxl mnt~. ~l?nl) exccecl th~ amount re-
yuired to pay s~?id taxes, asscs~n~enis, insurnncc ~?ren~iuu?~ :uid ~;mund mnts as tl~e~• fnll due. sucl~ exceci shall be,
At Iiorrower's o~~tion, eiti?er promptl~~ repnid to Aorro~~er or rrcrlit~~1 to Borro~~er on monthh~ instaliments of
Funds. If the nmount of the Funds l~eld h~ I.ci~der sliall not. I~e •uflic~~•nt to ~?a~ taxes, aa~cc~ments, insurnnce pm-
miums ttnd ground rents ns the~ tnll duc, Rorro~ecr ~hal1 to I.cnder an~ nmount ~~ecc~ary to make up the
de6ciency ~~ithin tl~irty dnvs :?iter notice iro~~ Lender to Borro~~cr requestin~ ~?:i~•iuent thereof.
IIpon payment iu full of all siuns secured liy tl?is \lort~a~;c, I.ender shnll ~~rom~?tl~• rcfi~u~i to t3orro~~er :~n~~
Funds held by I•ender.
If under ~~urngrnph 18 i~en.~o! thc Yropcrt.y is sold o~• th~~ Yropcrt~~• i~ otl~crnisc acquireci b~~ I.ender, I.ender
;hn~1 :~ppiy, no later th:~n imn~eciiatel~ ~~rior ta thr ~:il~~ uf th~ Pro~?:~rt~ or it. :icq~~i<ition I?~• i.ender, xur Funds
held by I.ender:it the time of :tpplicntion as a ~•rc~lit i~~i?iu•t tL~ ~u~n• •crunyl I?~ thi~ \iortRnge.
3. Applieation oi Paymeats. Unlec• ap~~licabl~ la~~• ~~ro~•i~t~~: othera•i~e. all p:?~•n~en1~ recei~•c~t by I.ender
«uder the Note :ind ~?a~Y~graphs i:ind 2 I~cn.~of ~lrill l~c ap~~liai 1~~• I.cu~l~~r fir~t in ~~n~•mcnt of :uuuunt~ ~~n~ able to ~
I.ender by Rorm~~er under ~~arn~;rnpl~ 2 1?ercof. thcn tu intere:t ~?:?~al~l~ on tlic \ofe :in~l on FutinY~ :~d~nuces, if
:?ny, au~d then to thc ~~rincipal of thc \otc ~n~l to th~ ~~rincipal of Futun: :~~1~•:~ncc~, if an~ -
4. Charges: Liens. I;orro~ver sl~all pn.• all taxc~. :ic.e~s~ue~nt~ ~ad other ~•liar~c~. finc~ a~?d iro{~ositions attrib-
utable to thc Propertr ~vhich may :?itnin :i prioritv o~•cr tl~i~ :.Iortg:?gc, an~! ~;mund rents, if any, nt I.ender~
optiun in ihe m:?nner provided under ~~nrngrn~?1~ 2 lsE:mof or 1,~• Fnrm~~•~r wnkiu~ ~?a~n~ent, ~vhen duc, directly to
the p:?ye~ thereof. Borro~~c~• sl~:?11 ~?romptl~ furni~L tr~ L~n~lcr :?II notice~ aC awount~ ~luc nn~ler this para~rr.ph.
:u~d in the c~•ent Borro~~er ~hall wnkc pnvwcut directh•. Rorro~~•cr ~hal! ~?rom~~tlt• turni~h to I.~ucier reccipts evi-
dencing sucl~ p~~nients. Rorro~~cr ~hall prou?pth• ~ii~~•h:u•~;e :~n~• iie~i ~~-hich hn~ ~~riorit~• o~•cr this \1ort~:?~e; Pro-
vided~ thnt Aorro~~cr shr~ll uot i?c requirc~l to ~iiGeha~~;~ :u?~• ~i~ch licn ~o lon~ :i~ Rorro~~er ~l~all s~rec in «ritinR to
the pnyment of the obli~Ation securc~cl 1?}• ~ucL lien in ro:u?ner ac~~r~~t:~bic to L~~u~ler. or ~hall in ~oo~t faith contest
~ueh lien I?y, or ~lefend enforceu?ent of st~ch lien le~;al ~~mcee~ii~:!,~ ~~"1?i~l~ ~~l+erate io ~?re~'ent the eniorcement of
the lien or tor[citure of the Propcrt~ or :u~~ ~?t~rt thercof. •
5. Hctzard Insuramce. Borr~~ter ~Lnil kee!? thc im~?ro~•cu?rnt~ »u~~- rxi~tin~ ur I~emafter erecte~i on the Yrop- ;
crt~ in~urcYl against las by firc, haznrcis i:~cliideci ithin thc terni "extendcd coverngc''. ~n~1 sUCh ot{ieY 1~azat'ds As
I.ender u~a~ reqaire :tnc! in ~~~cli :?u~oiint• and for ~ucl~ ~?~rial~ Lr~uie~r nri~• recli~ire: pro~•i~l~~t. tl~nt Lcu~ier shall
not require tL~t. thc ~mount of s~~cl: co~•era~c cxcec~l tl?:it :ni~ount of ~~o~'cr.~ge requirecl to p~~ t;~e ~uni~ secured b~
this ~iortgugc.
The insurauc., earrier ~?ro.~icling the in~urau~~~~ ~l~ail l~~• cha,cn h~~ Rorro~~•cr ~~~hjert to ap~u~o~~nl h~ I.ender:
~~m~•ide~l, tLat s~!ch approrsi ~leali not he uumasonabh• ~vithheid. :111 premiums on insurnnce polici~~ ~1?n11 be paid
at I.ender's option in thc iuauner ~?rori~le~1 umler ~ira~;r.?~~L 2 hrr~•of ~n• 1?~• Ron•micr ~uakiofi ~~:~~•ment. ~then due.
~iirect.ly to the iusurancc carrier.
:111 insurau~•c ~?oli~ie~ :?u~i ~r«c~r:el~ thcrcof ~li:~i! I~~• in fur?u :t~•~•~y~t:il?lc• tv L~~iui~ r:i~~~l >irill in~•lu~l~ :f ~tau~i~r~1 ,
~nortg:~gc ~•latt~c iu fa~•or of an~l in lenn :u•cc{~tai?l~• tu L~•n~l~~r. 1.~•rnl~•r ~:r:~l ha~•~ tl~c ri;ht to liobl the ~~oliric~ and
rene~~•al~ thcreof. :in+i Borro~~•cr ~l~ail ~n-on~~?th- furni~'.i t~~ L~•u~lrr :~l1 reuc=~~-.~l noti~•e: :uul :~ll mcci~~ts of pai~l pre-
i:~iun~s. In thc e~•c~:t ot 1~4~. Rorro«•cr =lssl! ~~i~•c ~~rmn;~t u~?ti~•~• to thi• in<uran~~• ~•arrier :uul i.ender. and Lender
j nut~ ~uake ~~roof o[ lo~~ it not ~na~l~• ~~romntl~ h~• Rorro~~•cr. .
Unless T.encier :u~d I3arro~ccr otltcrn•i~~ agrc'c in ~~•riti~<<,. i~:~nr:~nr~~ !n-o!•cti~l~ ~l~~zll iu• :i}?~~licxl to re:tor.ition or
repair of the I'ro~~irt~• ~la~n:i~;~~i. ~?ro~-i~i~•~I ~uc~h re:tor:eti„n ur r~•;~:iir i. ~~~•~?,u?u~ir:ill~~ f~.~~ihlc• :in~l thc ~cetn•it.~• of
this ~(ortgage is not ii~eveL~• im~?airc~l. If ~u~l~ rr~tor:uion ur re~~:iir i~ nt?~ ~~~•~mo~•~ir.ill~• ic:e~ihle or ii the securit~
of this \(ortRage ~~•ot?1<! {x• iuy~aire~i. tli~ ~n~ui•anr~' },i•o~'ec~i~ •1?al! L~• :il,}~lieYl to tlr ~utu~ •ecure~l h}• ti?i~ \Iort~age.
~~ith tiie excess. if :iu~-. E?ai~l to Borro«•cr_ If Ihe Yro~~crt}• i: :~I~:u„fon~Yl l~~• Rorro~~-cr or if Rorro~~•cr fail~ fo responcl
to Lender ~~itl~in 30 ~la}•~ after notice b~• Lcn~ler.to Rorrc~~e~~r tl~at the in<~u:tncr• ~~arrier nf~'~r< to ~ettlc ~l?im for
~nsurancc l~enefit~. Lcnder is auti~orizcyl to ~•olle~•t :~n~i a4~~~1~- tl~~~ in~iu-:u~~~~• 1?ro~•ec~l~ :it i.c~~:ler'; u~ition cither to
restorcition or rep:?ir ot tl~e Yro~?ect< <ir to [hr ~wi~: scc~ire~l hr thi~ \I~rt~a[;~'-
~ Unless Leuder ancl Borro~~cr ot!?cn~•i~~~ s~;rc•c in ~~-ritiu;:. :i~i)- ~~u•1~ a1?{?li~•:itio:~ of ~~rorcc~l~ ta ~~rinci~?at sl~all
uul cxtend or ~~ost.i~onc tl?c iluc ~latc ~?i tlic montlil~• in~t~li~n~v:t~ ~~~t~~rr~~l t~? i~: ~~:ira~r:~!?i~~ 1:in~l 2 hcrcof or chan~c
thc amount of such instal!ment~_ ;
If_un~ier ~?ara~;~u1~h 18 hereat thc• 1'rc?t~ert}- i~ a~~~t~ire~~l Lc•n~(e•r. :~ll ri~ht. tit~~ :in~l interc~t of Rorro~~•er in
anci to an}• in~uran~•e ~?olicic~ ami in :ui~t to the ~?~o~•ec~l~ tl?~~r~•of ~t~? ti~~• r~tcnt ut t!u• ~~un~ ~e~•nr~~~l h}- thi~ ~1ort-
~age inu~~e~liatel}• ~?rior to ~ucl~ ~:ile~ rn• .tec~ui~ition~ rc~~~itim, frui~? ~tsn,;itsc' t~? tlu• 1'r~q~c~rt~• ~~ri~r tn the ~ale or
:icquisition shflll ~?ac~ t0 I.CiI(IC3'-
6. Preservation amd Mainteaance of Properly: Leaseholds; Copdominiurns. Rorro~~'c•r ~I~a11 kecl~ thc Yro~~-
erty in ~;ooci rei~air an<l :hall not i?ennii o~ ~~onmiit ~ca~t~•. inq~:urn~ent. or ~Ict~rior:ition uf th~~ Yro{u~rt~• :~n~i shall
com~~ly «ith thc i~ro~•ision~ of .tu~- icasr. it thi• \lortga~c~ i- ~~n :i Ic•a~c•i?~l~l. If tLi~ \[o:t~a~:c i~ on condominiwn
uuit. Rorro~cer ~hall F?erfonu sit ot i3orro~ce~-'~ ohli~;:ition~ nu~1~•r th~• ~le~l:trat:un of con~lo~uini~~m or master deed.
~ the {?y-L.~~•s :~~~~i re~ul~tion. of the ~omion~iniun? ~?roj~•~•t :uul ~•ot?~titucnt ~loc~nnent=.
7. Protection oi Lendei s Securit~. Ii Ron-on'er f,i;L t~~ ?~~~rforni the ~•o~•en.tnt~ :~n~i a~recn~ent~ contained in
~ ihis \tortgage. or ii anc action or ~?ro~e~•~lin~; i~ connuen~•~•~! «-Iii~L nc?t•~~•iaih- affc~t~ 1.~•n~ler'~ interest in tl~e Yrop- ~
~ erty, i:~cluding. but not IimitMl to. eminent c!om:iin. in~nh-~•nr~-. ~•~xi~• ~~niorcemrnt. or :?rr:+u~e~nents or ~?roceecl- }
ings involving a bankrupt or dcc~Yicnt. tlicn I.en~ler at l.en~ier'~ o~~tion. ?~~ou notirc to 3orro~ser, ma~ make such
appearanccs. ~licbu~e suc{i ~uin~ a?s~d take ~ueh :u'tioi~ i~ necc~~ar~ to ~?rntect I.en~ler~s inter~st, iucluding. '•~ut
not limited to. ~lisbur~emm~t of reason.~l,l~ attorne~': fce= :~n~i c~ntn• u~?on thc Yro~~crt~• to inakc repair~. Ar»
r
amoi~n~s dishuncKl hy I.endcr ~~~.r~uant to thi~ ~~ar:igr:1~~L 7. ~~itL intcre~t t{~ercou. ~hall {?e~oine ad~litior~a! in~iebt-
edn~s oi Iiorrol~'er ~ecurc~cl t1~i~ ~Iortga~c- U~~Ic~~ Borro~~er an~l Len~ler c~g~~ee to othcr tenu~ of ~iayment, sucl~
amounts ~hall hc payablc upon noticc from L~~n~lcr to Rorro~~~~~r r~'~{~:.•~tin~; ~~r.~m~nt thcrcof, an~l shall bcar inter-
est from tlie datc of ~lkburemcnt at tl:c ratc ~tatr~l in thc \ot~• unte<~ 1,;~>'n:ent o( interest :it ~uci~ ratc ~roiild be
~~ontrary to applicablc la~~•, in ~chic}i c~•cnt ~uc?~ :uno»nt> ~i~all I~car intcrc.t at thc i?ighest ratc ~?crniissiblc U~
=tPPlicablc latr•. \othing containe~t- iu thi~ ~~ar.~gra~~li i<hall re~~uirc I_ender to in~tn• an)• cx~?ense or do an~ act
hereunder.
80~K ~ PAG~
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