HomeMy WebLinkAbout1827 insurctil'or Kuarauteed 1,~ a F.~ien?1 or st:?te :?Kcu~•~ liurlu~iiu~; L~•u~i~•r if L~•u~t~~r i~ ;uel~ an inslitution~. Lenaer
~hall Apply the Fund. to ~~p~• ,aid t;?xc~. :~~:c::mrnt~. in•ur:?ari• ~?r~•~i~ium• :?n~l ~;rour.~i n•nt•. L~~nd~r shull m:~kc no
charge for,o holdiuK:?nd uppl~•iuk tlie Fund~ ur ~•rrityiu~; :~n~l ~•ow~~iliu~; ~:~i~1 ;i„~:~•u?~•ut: ;~u~l bills. Rorro~~•er and
L~~nder wxy :~gmc in writink :?t th~• tiw~~ ui ~•x~~~ution of Nii• \t~?rt~;i?~i• ih:~t int~~r~•~t on th~• N'unds ~h:?II IK~ ~~:?i~l to
l;orro~ver. an~1 unlec, sucl~ s~n~c•~n~•nt i. mud~•. L~•~~~ler ~l~:ill not IK• nv~uinyl tu Rorn~~~•er :~u~• intem~t on th~~
Funds. I.ender ~h:?!1 ~i~•e to I3orm~rcr. ~~•ithout ~{uer(n•. un :uu?u:~l :tci•ow?tin~; oi tlir Fund• •ho~~•in~; ~re~lit~ :u~d
debits to the Fun~ls :uul the ~?ury~o~e for ~~1?ich ~•n~h ~Iel»t ta thc Fun~lc t~~ns ~uadc. 'l'hc Fuu~is am ~~lc~l~c+i ns :~ddi-
tional se~urity for the sums s~c~?r~! hy thi~ \lort fiu~e. ;
If the an~ount~ of the Funds held b~• l.ender, to~etl~cr ~~•itl~ the futur~• ?i?a~tlil~• in~t:~ltmeut~ Of FII111~S ~)AVAVIC t
prior to the due dntcs of tnxes. :~.~easu~ent~, ins~~rnncc ~~mn~iw??. :~nci ~;roun~t re~~t.. ~hi?11 ~~xccc~i thc nmount rc-
ryuireci td pay said tnx~~s, usses~~uents, in•urnnee ~~mmiwu~ :?nd ~;roun~l mnt• as t~ie~• iall dae, such exee.cs shnll be.
nt Rorro~~er's option, either ~?rompth• repnid to Rorw~rer or creciitc~l to I3arro~~•cr on monthh• instnlhnen~s of
Funds. I[ the umount o[ the Funds helcl b~• I.ender shall not he ~uffici~•nt to ~~n~~ t:?xes, u~~e.:u~~:et~, insurnnce pre-
miums and ~round rent~ .is the~• fnll ~luc. Rorro~~er ~ht~ll ~?a~~ lo i.ender :u~~ nu~ount nccea•t~rv to tunke up thc
~ieficiency ~~ithin tbirlv ~ln~s aiter notice fron~ ].~nder to I3orm~~er requc~,tin~ ~~.?~~~nent thercof.
Upon pay~uent in full of al! ~u~n~ .ecured hp this \[ort~i~R~~. I.en~ler ~l~all ~?mm~~tl~• refun~i to Rorro~~er :?n~•
Funds held )~y I.ender.
If under ~~arngrnl~~~ 18 ~iereof the Yropert~~~ i~ solci or the Yropert~~ i~ other~~•isc acquireci by I.ender, I.ender ,
sh:?ll ~p~~ly, no later tl~an im~uctiiintch ~~rior t~ th~ ~:il~ of tLc~ Prope~t~• or it~ ac~ui~ition h~• Lender. an~• F~u~ds j
lield by I.ender :?t tl~c ti~ne of :q?plicntion :r.- ~•~Yylit .~~.~iu~t th~ ~u~u~ ~t'~•UIY4I Il\• thi~ \tortRnRc.
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3. ~ UCQ[IOIl O~ YQYIl1@~lll3. ZI'lll(:~~ i~ji~iiia"':~iiii' iii~~ i2~~a ••~1~~°`~l~•~`~:• ::11 .~n~~1:: :':':•f:!'~vl 1~4 I nn~Pj
uuder tli p\otc :?ud ~?ara~;rapl~~ 1:?nd `l hcmoi ~lu?ll 1?c• :~~?~?licrl I~~• I.~~rnic~r ii~~f in ~?n~ mc•nt ~~f :tu~uunt~ ~?:zy ablc to
t.e:,der by Rorro~~er ~~nder ~?ar.~gr~iph 2 hcrcof. theu to int~•iti••t ~~u~•u{~l~• on thc \ot~• :~n~l on Fuhnr _1d~•aucc:. it
:~ny, and then to thc ~~rii~ci~ial of thc \Totc :u~~l to tlu~ ~~rinc~i~r.~l of Firt~~m :1~1~•.tucc:, if :u~~•_ ;
4. Chargea Liens. tiorro~ver sl~nll ~~a~• all taxe~. :~c:e~~ment~ :w~l otl~er chnr~c~. r»~ :?~~~i »„i~~,~t.~o~~s i~ttflh- ~
utable to thc Propcrt~~ ~~hich mn~• attai~? :i priority o~•er thi• \(ortfia~;~•. :?n~l L•rouml renti. if at~y, nt Lender'~
uption in tt~c mnnner providect under ~?ara~r.t~~h 2 l~emof or I?r l;orm~~cr ~uakin; ~~a~•ment. «hen di~e, ~lirectlv to
the pny~.'e thereof. Rorro~~•cr ~hall ~?rom~~th• furni~li tu I.endcr :~ll noti~•c~ of :tmonnt~ ~lue i~ndcr this parn~rnph.
and in thc c~•ent I3orro«•er ~I?.~ll uuike pa~~ment directh•. Rorm~~•cr ~h:ill ~~ro~np`.h• iurni~h to Lencler mccipts evi-
dencing such pn~ments_ Borro~~cr ~l~all ~?rom~?th• ~li~~•lru•~;~~ :ui~• licn ~~•hirh ha~ ~?rioritr o~•~~r this ~tort~a~c; pro-
vided, that I3orro~rcr ~hall not l~c rcquirc~l to ~ii~~h:u~;~~ :inr ~i~cl~ lir~~ ~o lon~ .<< liorro~~cr siial) :~Krcc in ~~•ritin~ to
the pa1 ment of the oblign!io~~ secured h~• ~ucL licn in a manuer :?e~•eptahle to L~~mler. o:- :~~all in ~oal taith contest
~uch lien h~~, or deicnd enforcen~eut of such licu i~?, ie~ai l~roc•ec~iin~;~ ~~'hieh u{?crat~• to ~~re~'ent thc eniorcement oi
the lien or torfeiture of thc Pro~~crt_~~ or an~ ~~art tl~crcoi.
5. Hasard Insurance. Borro~~er ~1u?11 kee~? thc iin~~ro~•~~~ueiit~ nu~~' ~~xi~tiu~~ ur hemaftcr erect~xl on the Prop-
crt~• insi~reci ngAinst loss by fire. l~azlrcic included ~~•ithi~? the tern~ "extended cover~ge", an~l sucl? otl?er haz:irci~ as
i.ender u~n~ requim :ui~l in ~u~~l~ :uno~:nts and for ~u~li ~?eriai~ L~•mlcr ~u:?~• ~r~~uire: {?ro~•i~l~~l. tLnt I.en~ler shall
..nj ,~o~,~i*n fl~~t. the :tmount of ,ucli co~•era~c e~cecyi tlr~t a~uo~mt of ~•o~•craKc reqi~irc~l to ~?nt thc~ sums securc~c! b~•
this \lortg:~ge_ -
The insuraucc ~:?rricr ~?m~•idi~?~; the in~ui:nn~e •hall h~• ~•lio.:~v? h~• Rnrroa•cr ~uhjc~f to :?~~{~ro~•al b~~ I.e~ider:
~?ro~•idcxl, that sucli :q?prnv:?I sl~all not hc ~mrcasonabh• ~vithhcld. :~l1 pre~uiums on insurnncc ~~olic~~
~~I~all bc paid
at T.en~ler's o~ition in thc n~anner ~~rn~•iclc~l wulcr ~?:iragi:~~~h 2 lu•r~~~f iu• i~~• Rotm~~cr makint~ ~?a~•ment. ~~I?cn due.
~lirectly to the insurnuce carrier. _
:111 insurln~•~~ ~~oli~ie~ :~nd r~•ne~~•:il• ih~~reoi ~1~:?(I 1~~• ii~ l~~i~~~ :sr~•~•~~r.~hl~~ t~? L~•ii~l~r :tu~l ~hall i~u•lniic~ :i ~tnn~la~Yl
u~ortgage ~I:ut:c in i:t~-er of :iu~l in fon~~ a~•cc~?tal?ic to Lenil~•r_ L~•~i~l~•r :Ir~ll i~:?~•~• tlu~ rikl~t to hol~l tli~ ~?oli~ic~ :ind
rene~~nl• thereo[, :?nd I3orro~rer ~l?sll {~ro~n~~tlr f~~rni~l? t~~ L~~n~l~r all renc•~~-:il noti~~e~ :un1 :~il recei~~ts of ~~ai~l pre-
n~iums. In the c~-eni o[ Im~. 13orro+~~cr ~1~all ~;i~-c• ~?rau~~~i noti~•e• tu tlu~ in~nr:~n~~~• ~•arrier and i.en~ler. ~n~l L~nder
' inn~ ~uake ~~rooi of lo~~ if i~ot ~~iaci~ ~?ro~n~~tl}• 1?~• Rorro~~•cr.
! Unless I.ender:ui~i Borro~rer otlirr~ci~c a,rv~r in ~~-ritiur. ii~~~i~:~u~•~• ~~r~u•ce~i, ~Ir.?11 h~• :~~~~?licYi tu m~ior:ition or
~ repair of th~~ 1'ro~?~~rt~• ~l~u~:i~;e~l. ~m~ri~l~~~l ~u~•1~ rc~tor:iti~?n ~?r n•~~:tir i~ ~•~•~m~nui~:ill~ f~:i~ihl~~ :u~~l th~ ~~~citrit~- nt -
i this \lortgage i~ not tlierei?~• i~n~~aim~l. If ~ucli r~~:tor:?tion ur r~~~~:?ir i~ ~~~~i ~•~~on~?u~ic.~lh• ie:i~ihle or i[ ~he ~reuritr
uf this \Iort~age ~~-ould I~e imi?:~ire~l. tlu~ i1r~u•ane~• 1~ro~e~•~l- ~4:x!! :i}~}?lic~l to th~• su~m :ec•~ur~l i?}- thi~ ~tort~age.
~ 'A'i1i• +I:L' CYrnc.. :Z!21'. ~lni.l *C ~:iO i. ll [~iC }~I'U~1C1't~' 1~ :ll~:siuton~ri l~~- l;nrrrn~•~~r or il I;orro~~•rr iSl~~ to res~~ond
~ to Lender ~~~ithin 30 ~la~~ :ifter noticc• h~- Len~ler t~? Borm~~'~~r ihst thc• imin:~n~•~ ~•arricr of~~~r~ fu ~ettle a~•laim for
i~~surance henefit:. I.cnder i~ .u~thorizc~l to c•nlle~•t :ui~l a~~~?I~- tli~• in.~u:ui~•~~ ~?r~~•~c~l~ at I.eu~ier'~ ~~?tion ~ither to
restoration or rc~?:?ir of tlic Yro~?~~rt~- i?~• to thc ~um: :c~•~~ir~i L~• tl~i~ \lortga~~c~.
Unles I.cnder and I3orre~~•~~r ~ther~~•i~~~ at;r~~e in ~~•ri~int~. :ui~• ~a~•l~ :t~?~?li~:ition oi i??•o~~•ed: io ~n•inci~~al cl~all
uot extcnd or ~~ostnuue tl~c ~lue ~fate of the montl~h- installim•nt- rc•i~~rr~yt to in ~~ara~ral,!i> 1:in~l 2 hereof or chan~e
the amount of sitch installment=.
If undcr ~?ara~raph 18 hcrcof th~ Yro~~~rt~• i~ a~~~uintii Le~c~l~~r. :ill ri~,ht. titl~~ :u;~l ii~t~•m~t of Borro~~cr in
:~u~l to an~• iu~ur:uu~c ~~oli~i~•~ :uul in a~ul to 1L~~ ~~ru~•cc~l~ ti~e•ri•~?f ~tn t!u~ ~•xt~~nt u! tl~~• aiu?. .~~rurr~l h~• thix \i~rt-
~,a~c iwu~edia~clt° ~?rior to ~u~•h =al~• ~n• :?r~~ui~itiou~ rc:nitin~; fr~nr. ~l:uu:i«~• t~? tlu• 1'r~?~?~•rtr 1?ri~~• t~~ thc ~alc ~r
:~cyi~isition ~hall pa~~ to I.en+lcr_ :
6. Preservation m~d Maintenance of Properiy; Leaseholds; Condominium~. Rorr~~n-cr ~h:~ll kcc!? t6c Yro~~-
crty in ~;oal rc~~air ar.~i ~hall not ~,er~::~t or ~•onin?it ~~•a~tc im~~airnx~nt. or ~lc:~~rioration of tLr Yro~?crk~- .~nci shall a
~e compl} «-itl? tlu~ ~~ro~•i~ion- of :u~~- lca~c•. if thi~ \l~:rtra;~~• i< ~~n l~:i~elu~l~l. Tf tl~i~ \tortga~:~ i~ on con~lominium
i~nit, Borro~~•cr ~hall ~~erfonn all oI Borro~~•~•r~~ nL•ligation~ ~:~,:1~•~ th~~ ~I~~~•la:•ati~m oi ~~on~loininiwn or n~aster deecl.
thc hy-la~~~~ :u~~l rc~;nlatic:r of fiie ~•on~loniiuiuin ~?r~~j~~~•* :uuf ~•ou~tituc~iit ~lucun~cnt~.
~ - t__•_ o__ 1~ io::; ri. ~..rfnr~n tl~r• rn~'Pn:li:f: e~lu~ ~~uYP1•111~`I~~~ ('(1I1t7illlC(~ 111
~ r. a~cviea:iaoti Ai I.c.-.i,r. a .,4..~ :.I. . . .
~ tl~i~ \lortgagc. or if aii~• action or ~?ro~c+•~li~i~ i- ~•ounuencc~~ ~~•hi~l~ mat~~ri:illt• :tffc•~t~ i.~•n~Icr'< intcrc~t in thc Yro{i-
crty, including. Lut not limitcrl to. emin~nt ~1o?n:?in. eu~~~l~~i•u~•~-. ~•~1~• ~~nfor~c~nent. ur :?rr.in~:emcntc or ~?roceeci-
ings involving .ti bankn~~~t o~ ~lecal~~nt. tl~en Lender at Len~icr'~ oj~tiou. ~~~~on noti~e to Rorro~ccr, ma}• make such
a~?pearan~e~, disbur~c ~uci~ ~un?~ aml take ~!u•h :?~tion i~ !?ecc•=:ar~ tn ;rrotect I.en~ler~ intcrest. inclu~ing. but
not limitcd to, ~1i~bursemcnt ai reaso~i;?1~1c attorney'~ fec~ an~l ~~;~nn thc Yro~?ert~• to inake rcpair~_ Any
amoi~nts ~lisbiir~c~l h~• I.endc~r ~~ur.;uant to thi- ,?,ira~;ra~~li i. ti~~itli inten•:t thcreon. ~hall hc~•omc ad~litional indebt-
ednAss oi l3orro~cer ~ecureil 1~~ thi~ \lortga~c_ Unl~~=i Rorro~cer an~t L~~n~ler agree to other tenu~ of ~~ayment. such
_ :?n~ounts shall be payal~le uE~oi~ notice from I.cmler to Rorrrn~~e~r rc~lnc~tin~; ~~avmcnt thcreof. an~l ~Lall hcar inter-
est irom tLe datc of ~Ii~Lur~enient at tl?c~ ratc ~tatc~l in thc~ \ot~~ ~n~lc~~ E~::}-~nent of intcrest :~t ~uch ratc ~~ould l~e
contrary to ap~~licable la~~•, in ~chich e~•ent ~uch :~mouut: .I~all hear intcrc~t at tl~e hifihest rate ~,erniissible 1~~~
:ipplic~ble la~c. ~othing ~•ontainc~l in tlii~ ~~:~r:~~;ra~~l~ ~~h:itl re~~nirc L~•uder t~; ~ncnr au~~• ex~?e~~se or do ~n~ act
hereunder. BOOK ~a~ PACf ~~2~
~z..2h. _:.~1 °n ~ -.1 Z~x6~"3
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