HomeMy WebLinkAbout1219 ii~sured or guarAr.teed by a Fc~ien?I or stutc ugcuc~ ~i~~~lu~iiu~; L~~n~irr ii Leu~ler i~ ,ucl~ an institutionl. Lender
shall apply the Funds tu ~u?y ~ttid ttixes, :?a~evment•. in~urnn~•~ ~?m~uium. :in~l ~round revits. l.encier sl~sll mnke no
cl~arge tor so holdi~~ iuid upplying the Fund• ur ~•erif~~inK tuid ~•owpili~i~; ~aid :?.ve~~u~ents und bills. AorroNer and
I.ender ~uay ugree in ~vriting t?t the tinm uf ex~~cution uf t!?i~ ~i~~rt~uK~ tl?~?t i~ten~:t on the Funds shall lie paid to
13orrower, and unlcs~ sucl~ agreruirnt is miulc, I.cnder •hall iiot Im requin~l to pay Rorro~~•cr nnv intemst on the
Funcis. I.ender sht?II gi~•e to BorroHer, ~~ithout cliurE,?e, an rin~n~al uceountin~ ai the Fund~ sho~vinR cn~clits and
debits to the Funds nnd thc pun~ose for which eRCh ~Ichit to thc Funds «as n?adc. Thc Funds are plc~l~ec1 ns addi-
tional security for t~e sums secured by this \lortRaRe.
If the amou~t of the F1~nds held by I.ender, togetl~cr ~vith the fut~tre ~uontilh instulin~ent. oi Funds payable
prior to the due dates of taxes, assessments, insurnnce premium~ and ~cound rentc, ~hAll exceeci the amount re-
quireci to ~~ay said tnxes, assessme~ts, iusurnncc ~?remiums iuul ~round rents as the~~ fall duc, sucL excess shall be,
at Aorro~ver's optior, eiti?er pron~ptlv repaid to I3orro~~cr or rreditect to Borro~~cr on monthly installments of
Funds. If the amount• oi the Funds i?cld b~ I.ender shall not I,c ~uflicient. to pay taxes, nssessn~cnts. insurnnce pre-
miums and ground rents as they fall ~h~e, Borm~rcr shall ~~ar to Lender Anv nmount necessnry to make up the
deficiency ~vithin thirt~ dnys nfter notice tmm Lender to Rorro~ver mryuestin~ ~~uyment. thereot.
Upon ~?ayment in fll~I Of A~I SUI115 secured li~ this \tortgA~c, l.ender shnll ~~rompth• refund to Borro~rer nn~
Funds held by I.cnder.
If under parngrnph 18 hereoi thc Yroperty is ~old or tlie Pro~~ert~ is othernise acryuired by I.ender, I.ender
~hall upply, no later thnn immediAtely prior to thc rnlc ot tlic Yro~~ert~ or its :icquisition by I.ender, an~~ Funds
Izeld by I.ender at. the time ot application a ~rcdic ugaii?~t thc ~um~ ~ccu~rd b~~ this \tort~u~c.
3. Apptication ot PaYments. Unless applicnbte la~v ~?mvi~ie~ othern•ise. :?11 ~ui~•n~ents. recei~~ecl by I.ender
~~nder ti?e l~ote aiid paragrnph~ 1 and 2 hercof ~hall I,c ap~~licvt 1?~• Le~eder first in pn~ ment of an~ounts ~tia~ uble to
I.ender by I3orro~~er under ~?arugrupl? 2 hercof, then to intcrost ~r.~~•able on thc ~ote an~l on Futum :~d~~nuces, if
i~ny, and then to thc principnl of thc Notc and to tlm ~uincipnl of Future Act~'ancc~, it any.
4, Charges; Lieas. Borrower ~Ln11 pn~ nll taxe~. .?csc~su~c~~ts :?nd other charRcs, fines nnci iiu~~ositions nttrib-
utable to the Propetty ~vhich may att~in :i priorit~ over this \[ort~:i~c, and ~ronnd rents, if nny, at I.enders
option in the ~nanner ~?rovidcd under ~~nrngrnph 2 hcrcot or b~• Rorro~~•cr uiakin~; ~~a~~ment, ~rhen due, directiy to ,
the puyee thereof. Borrower ~{~nl) ~?ro~uptlv turni~h to I.cndci• :~Il notice~ of amounts ~lue under this paragraph,
and in the erent Aorro«er ~hall roAke pnv~nenk ~iirectl~•. Rorro~cer sl~all prom~itlr iurni~l~ to i.ender receipts evi-
dencing such ~~nyments. Borro~ver shall promptly disch:u~c au~~ lien ~~hi~h hns priority over this \Iort~~~e; pro-
vided~ that Borroner shAll not l~c reryuired. to disclzar~c an~• ~ucl~ lien ~o lon~ a~ i3orm~~er ~hAll zgrec in writing to
the payment of the obligation secured li~~ sucl? licn iu u~anner accept:~l?Ie to 1.ender, or shnil in ~oocl faith contest
such lien by, or detend entorcement of such licn in, le~al ~?roceedinki ~~'hi~h opcrate to ~?re~~ent the entorcement of
the lien or [oriciti~rc of ti~e Yropert~ or an~ ~?urt. tl~ercof.
5. Hazard Insurance. BorroHer sh~ll keep the iwprorcuicnt~ no~~• existin~ or liem:?tter erected on the Pmp-
ert,~ insureci ngainst loss l~y fire, {iaznrcis ineludeci ~vithin the tern~ "extendeci eover~ge", an~i sueh otl~er hazarcis a~
I.ender ma~ r~equire and in ~ucl~ :imounis and for ~uch y?erio~l~ :i~ T.ender ninr rcquire; prori~icvt, thlt i.ender shall
not require thnt the amount ot such co~•er~ge exceecl tl~at auiounf of ~overa~e requirecl to pa~ the soms secured b~•
this ~~ortgage.
The insurauce carrier ~~m~'idin~ tlic insuruncc ~hnll I?~ ~I~osen h~ Borro~vcr ~ubject to :ippro~•ul by T.ender;
~~rovidecl, that sucL approvat sht?II not bc unmasonabl~ ~~ithhcid_ Ali premiums at~ irisurnfice ~tioiicic; sl~all !~c ~~aid
at I.ender's option in thc manner ~~mi•i~ic~l iuuler >>aragr:?~??~ 2 l~~rcaf or l~~• Borro~~cr io:tking pa~nteni, ~~i~en due,
directly to the insumnce currier.
All insurancc• ~wlici~ anrl ~rnc~~-ni~ thcrcof ~h:ill Ix• in torui :~~•~•~•~,tahl~ to L~~n~ler :m~l ~hall in~lud~ .i ~tan~lard
~ u~ortgage claiise in f:?vor of :tn~l in fo~-~u scce~~tahl~~ to Len~ier. L~rnl~~r ~hnll hare tl~~~ riglit to leold th~ policic~ and
i rene~~als ihereoi, and Borro~~•er ~h:ill ~n~ou~~~tlr iurni~l? to Len~ler all renc~~-al notices anil all receipts of paid pre-
f ?uimns. In thc e~•es~t of lo~c Rorro~rcr ~lr?ll gi~•c• ~?rom~?t ~~otic~ to the in~ur~nc~ ~•arrier :lnri i.ender, anci T.ender
~ may make proo( of lo~s it not ~nncie prom~~th 1?~ Bon~o~ver.
Unless T.ender a~?d Borroner otl~en•~ise agme in ~critiil{~, iircn:u?cc• ~~meee~l~ sl?all i~e :~~q~lie~i to ~rsforation or
repair ot tl~e Yro~?ert~• ~law:igc~l. ~~rn~-i~i~~l ~u~•h rctitor:~tion ~?i- m~?air i~ c~c~ono~ui~•a!h- i~.t~ihlc :?n~l the ~ecurit~ of
this ~[ortg~tge is not tlrcrei~}• in~~rtit-~~i_ 11 ~~ic!? mstorntion ~~r re1~air i~ n~t ~c•oncm~icail}• !e_?~ii~le or if the securit.~
ot this llorig~ge ~~ould he impaired, tim insiu•ance J~rocecvl~ ~hall hc• a1~~~lieci to tl~~ smus ~ecure~i b~~ this ~1ort~a~e.
~~-ith the excecs, it an~•, paid to Borro~~'cr. Ii thc Yropcrt~• i= a1~~n~ione~l I?~' 13orra~cer or ii Rorm~~cr fnils to respond
io I.ender ~cithin 30 days atter notice i?~• Lcuder to Rorro~ce~- ti~at thc ii~~ur.+eice c~rrier off~n to ~ettle a claim 1or
insurance 1?anefit~. I.endec is autliorizecl to collect an~l a~~~?h' th~• in~~u:uuc ~?roc~•ak at. I.ender~ o~~tion either to
restorat:on or repair of .he Ym~iert}• or to thc ~wu~ ~c~~w~l I?~ thi~ \lortg:i~;e.
Unless Lender und Borro«er otl3er~ri~~ agrce in ~~'ritinK, an~• ~ucl~ a~~plica[ion of pror.ced~ to principal shall
not extend or post~~onc the duc ~latc of thi inonthl~• in~tallni~~nt~ rclerrccl to in ~~srarrapL~ I and 2 hemof or chan~e
the amounf, oi suci~ installment~. "
If vnder ~~aragral~h 18 henof thc Yro~~crt}• i~ acquircvl I.cndcr. all ri~ht. titlc :?u~l iutere~t oi Rorro~~'cr in
and to am- iu~urance ~wlicic: an~l in :u+~l to the ~n•o~•ec~i~ th~•rcof ~i~, 1L~• rxicnt of thc• ~~uu~ ~c~•urc~l h~ thi~ \~ori-
~~age iromediatcl~ prior to ~ucli ~al~ or acqt:i~itiou~ m~ultin~, frou~ ~l:in~age to th~• i'ro~?ert~- ~~riar to the ~ale or
:~cquisition shall pacs to I.en~ier.
6. Preservation mid Maintenanee of Property: Leaseholds: Condamitliums. Rorro«•er ~hall i:ce~~ the Yrop-
erty in gooci repair an<t shali not ~?ennit or con~mit ~~-aste. im~?airn~ent. or ~leterioration oi the Propert}~ and shall ~
cc?mply ~vith thc ~~ro~'isions of snr lcasc. if thi~ ~tort~agc i< rni Ic:t~e:?ul~L tf thi~ ~[ortfiagc i~ on condominium
w~it. Rorrower shali perforn~ all of Bon•o~~cr'< <~hli~:?tion~ »mier tli~ ~le~rlar.iticm of ~on~iominim~i or master dee~i.
the by-1:?~v~ an~1 re~uintions of thr condoroiniun~ ~~roj~ct an~i ~•cn~titu~nt ~locmnents.
7. Protection o! Lender's Security. If Borro~~~cr fnil~ to ~?crforn~ the ~~o~•enant~ :?u~l :+~;r~ements contained in
this ~Iortgsgc, or if am acGion or ~~roce~•dinfi i~ eomneencc~l ~~'hicli ~nateriail~• affert~ Len~ler'~ interest in ti~e Pro~:-
erty, including, but not limitec! to. c~ninent dou~ain, iu~ol~-enc~~. ~•ai~• cnforcement. or nrranQements or prceeed-
ings involving a bankrupt or decc~lent, then i.ender at I.cncirr'~ o~~tion. i~~?on noticc to Borrocser, may make such
;?ppearances, disburse such sums and take ~ucli actio:~ as i~ nece~~ary to ~~rotect Lender's interest, inciuding. bttt
not limiteci to. dishursement of reasouable attorncy'~ fec~ an~l ~ntrr u~~ou the Yro~iert.ti• to m3ke repairs. Any
:unounts disbu~e~l b~ I.ender jn~rsuant to this paragraph 7. ith intcrest thercon. si~111 hecon~c ad~litional indebt-
edne..cs of Borro~~er ~ecured h~ thi~ ~tortgage. ilnless Borm~cer ~mi I.ender agree to other tern~~ of p:tyment, sueh
amounts shall be i~ayable upon notice from I.cndcr to Iiorm~~~cr re~~ucstin~ ~~ay~nent. thcrcof, and shall Lcar inter- .
est froin the date of di~burement at thc rate ~tatc~l iu the ~otc unle~~ ~••iyment ot interest at such rate «°oald be ;
contrnry to applicable la~~•, in «hich c~•ent ~uch amount~ ~Lall i?ca~• intere=t .it ihc highest ratc ~~ermissiblc b~
- applicable law. ~othing containcci in thi~ ~?ar.igra~?b 7~':a11 re~uirc I.ei~der to incur am ex~~ense or do any act
hereunder. 600K ~~t7 PAGE 1~~8 -
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