HomeMy WebLinkAbout0302 i~~surect or guarenteed by a Federal or ~tat~~ ugcuc~ ~inelu~:iu~ t.end~•r ii Ixu~ler i: .ucl~ an in~tilutiwil. i.ender
shall apply the Funds to ~iuy .~aid taxc~, ci.x~~m~~nt~, imur.iu~e {?rciuiun?~ xi~d ~roun~i ernt~. I.rndcr ~hAl! tnnl:e no
cl~args for so hulding and :ippl~ iug the I~uu~i. or rerif~ in~ :u~~i ~•~nu~~~li~~~ =:?id u?ent. and hills. Rurronar and
l.ender may a~n.'e in ~~ritinK at tl~e time of exc~~ution of thi~ ~lurt~aK.• tl~nt inten~t on the Fund• ~hall tM paid to
Rorro~~~er. nrni unlMS ~uch agnrr.ient i:~ ~ua~le, I.cnder ~lu~li n~?t IK nr~uin~1 to ~?a~ Rorm~~~er xny intcrest an thc
Funds. I.ender shs?li gi~•e to Rorroner, ~~itha~t rharge, :~n :?anual accountin~ of the F'unc1~ ~ho~~in~; cmditc and
debits to tlie Ftends nnd the punwoe Eor ~~liicl~ rxcl~ ~Icbit to tht~ Funds ~~ac made. Thc Funds are ~~1Mi~c~i us sddi- ,
tional security for the sums sNCUreci I~y this ~lort~age. ~
If the amount of the Funds held br I.ender, to~etl~cr ~~•itl~ the iuturc munthl~ imtall~>>rnts oi Fu~ds payable
prior to the ~lue dates of taxc~. assessmcats, insuranre ~~mn~iiuu. :?nd Krouud :rnts, ~l~all exccect !hc atnount re-
quired to pay said tuxes, ass~sments, insurnnce ~.mt~~iu~ns aud kround rert:; as thcy tall ciue, such excess shall be,
at Rorrower's option, either promptl~ repaid to Iiorro~~er or rrcriitcd to Borro~~er on monthl~ installments oi
~nds. If the amount ui !!:c F~~nds hel:l hr I.enaer shnl! not I~c ~ufi'icicnt to ~?ar taxes. ~tmnts. insurance pre-
miun~s and groimd m~~ts :is ther fall due. lSorrow•cr shaii ~~u} to I.cr,dcr a::r .-.~~;~~~u. u~~r~ary to make up the ~
--cleficiency ~vithin thitt~ dayc :ittcr noticc irom I.endcr to Rorm~ver mqucstin~; ~nent thereof.
Upon payment in fuil ot Al! sum~ secureci I?~• thi~ \Sortg:~~;c. I.ender shull pron~pti~ miund to Borro~YCr ant
F~nds held by l.ender.
If under ~inragraph 18 hereof the Propert-.- i~ sold or th~ YroE~crt~~ i~ otlicrn isc act~uirc~t by I.ender, I.ender
~hnll apply, no I~ter than imm~~iutel~ ~~rior to tfi~ ~.zle oi the Pro~?e~t~ or its a~qui~ition bv i.ender. au~• Funds
i~eld by I.cnder :~t thc time of spplication a crcYlit .?~aiu~t th~ ~~nu~ K~•urcrl Iz~ thi~ \tort~aKr_ ~
~
3. Application of Paymeats. Unle~-~ :tp~?licabl~ la~c pro~•i~ic~ nthern•i~e, all ~?a~•meM~ renei~•Mi h~ i.ender
under thc l~ote .tnd p;tragrnE>h~ 1 and 2 l~emot ~lu~H 1K• :~~?~~licvl 1?~ I.en~ier fint in paymcnt ot amount~ nble to
I.encler by Borru~cer undcr ~~arngrnpl~ 2 I~emoi, tl~en to intem-l ~~;~~•a!?]e on the \01~ :in~i on Futum ~c1~~tnce~, ii
an3,:?nd then to the ~~rincipAl of the \ote and b tl?e~~~ri~icipal of Futun: ad~-ancc~, ii an~.
4. Charges: Liens. T3orrower ~I~nll pur sll taxc~. a~~ ments an~l otl~er rhar~c~. fin~ unc~ iu~Ewsitions attrib-
utable to thc Propert~ ~~•hich ma~• :itt~?in :i ~?rioritr o~~cr thi~ \tortga~e. and gc~ound rents. i[ an~, ai I.ender's
option in thc n~anner ~irovideci under paragrn~?h 2 hercof or L~- Rorro~ccr makin~ ~?.~~•~nent, «lien due. directdy to
the pAyee thereof. Rorro«er ~I~all prompti~ furnish tc? l.ender c~ll noticc~ of a~nounl~ ~tue uuder this pamgraph.
and in ti~e event Borro~tier ih~ll wuke pn~n~ent directh-. Rarro~~er ~liall prompti~ furni~h to I.ender receipts evi-
dencing such pAymcnts. Borro~r•er shall pro~u~rtl~ ~ii~cliar~c :?n~ licn ~~hi~h h~~ ~~riorit.~ q.•cr thi~ ~IortgnRe; pro-
~ided~ thzt Borro~er shall uot !;e reryuired to discl~a~~;c anr ~ncl~ iie~a ~;long ~ts Rerroy~_;hsll agtre in ~riting to '
the ~~uyment of the oUligation secured b~' such lien in iuanner ac+'A~Qt~~ fo ~~Fn~ter. ot~~l in goor) faith contest
such lien hy, or defend enforcemrnt o[ such licn in, le~al i>roceeci~i+p~Ete~'ltyl~"+-o~f~ i~~~~~~he enforcement of
the lien or forfcitum of thc Propert~ or sn~ part thcrcof. ;.~~R;•:
+ •
5. Haaard Insnraace. Bomo~~er shail keep the iu~pro~•cnu~nt~ no~~- exi~tiur or Itereafter erec±ed olt'ti?e Prop-
ert~• insumci ~;gainst los~ by fire, h:~zards ineludeci ~.ithin tlie ferm "exte~deci eoverage". an~i suei~ otLer liazards as
I.ender may requim anci in siich amoi~nts anc: for ~uct? ~~crial~ :i~ L~~n~ier ma~- rc~nire: pm~-i~ic~l. tiiat T.ender shall
not reyuire that tLe nmount of such co~-erage exceecl that aiuoiu~t oi co~'erage requireci to p1t~ the sun~ secured by
this ~iortgage_
The insuraace curri~r ~?ro~iding tl~e iizsurauce ~h:~il IK• cLacu hr Borro~r•er ~nbiect to appro~•sl bt i.en~!er:
providc~l, that. such appm~al shall not l~c uamasonabl~ ~cithhetd. ~11 premiums on insurance polic'sc, sl~nil i~e paid
ut I.ender's option in ihc manner pro~•idcYl uncler ~~ara~r.t~~h ~ hcrcnf or 1?~• Bon-o~~cr ui~kin~ ~?a~•ment. ~vi~en chrr.-=-
directly to the insur~?nce carrier. ;
:111 insurnnce l~oliei~ and mne~calc tliemoi ~Lall f~• in f~nn a~~~~•~?t:ihlc• to 1.~»~ier :u~~l ~hal! in~lu~le a standarci
mortgage clause in fa~or ot ami in fornj acce~~tahl~ to I.~nd~~r_ I.e!~~ler ~Lail hn~-c the ri~i~t ta hol~i the }~o)icie~ and
rene~vul: t{~ereof, uud Borm~~cr ~l?al! ~~roni~~ti~• furni~i? to i.~url~r :?11 mnc~cal roti~ :i~ui sll reccipis oi ~~aid pre-
miums. In the ecent of loa. Borro~~~er ~liall gi~•c ~~ro~n~~t u~tice tu ttic i~?~urnnce c:.rrier and Icnder. and I.ender
t
ma~ make proof nf lo~s if not. u~ncle ~sron~l~th 1?~ Borro~~er. =
Unless I.ender an~i Borroi~er uthenri~e agmc in ~~'ritiu~. i~~=iu:~w•e~ ~~rocec~i~ ~hall he ~p~~licci to r~tur.ition nr
repsir of the Pm~?ert~ ~la~er~gc~1. ~~m~•i~lc~i ~uci~ rc~for.itiou or n~~?:iir i~ ~xon~~n~i~•alh- fe:?~ihle :in~l fhc ~ccarih- of
~ this \[ortgage i~ not tliemh~- imj~aircyl_ Ii ~!~ch reston~tion or ~r~?:tjr i~ not r~•onou~icalh- te~~ible or if the ~ecurit~
of this \Ior~gagc ~vou1~1 i~c impaircu. tL~ insurancc ~noc~~cv:~ ~hall lK• aZ~{~lic~l to fl~c• ~um~ ~ecurcrl h~ thi~ ~iortga,c.
~ ~~ifh the excess, it any. paici to Borro~~cr. If thc Yrol?c~t~ i~ al~an~loncd i?~- I3orroe-cr or if Rorro~~•cr fnil~ to respond
to l.ender ~~~ithin 30 ~la~s after notice b}• l.ender to Rorm«-cr tl~ai ti~e in~ur;tnc~ carrier offcr~ to ~MQIe .r claim for
~ iosurnnce henefits. I.encier is authorizeci to col~ert :md apy?h- tiu• in uriucc• ~~ra•ee~i~ at I.encier ~ option eith~r to ~
restoration or rep.cir of the Pro~?crt~ oT io thc ~um, :~cc~irc~i 1?~ it,i~ ~(ortg.i~e_
Unless T.ender anct I3orro~~cr otl~ern•i~c ~gr~~c in ~critin~*. an~- ~n~•li ai?~ilic:~tio~i oi ~?ro~c~ecl~ to ~~rin~ipal shall
not extend or post~~one thc duc date of tl~c ~uontl~h- in~tai!~u~nt~ r~icrrc~i to in ~~ar.3~r:ipl~~ 1;uu12 Lercof or chunge
the amount of sucli installment~. ~ ~
If uncter ~~ar:igraph 18 i~creof thc Yro~fert~ i~ acyuire~l i_cn~ie~r_ :ill ri~ht. titl~~ :in~i intere~f ot Borm?~er ir~
and to am• in~nrancc ~K?licic: :s:~~l in :u~~l to thc ~?rocc~l~ th~•n•oi ~t~? tL~~ c~trnt oi ilu• ~~u?r ~cti•ur~~! hr thi~ ~[ort- ~
~uge innuc~liatel~ ~~rio~ to ~uch ~:il~~ or :~cqui~ition~ rri~hiir, irrnn ~laui:i~_e to Hic• YrusKrt~- ~~rior t~ the ~ale or ~
acquisiLion shall pa~s to I,ender.
6. Preservation and Mmntenance of Property; LeQSeholds; Condominiums. R~rr.~~rcr ~Lall kc~ep thc Yrop-
crty in goai mpair ,uid shall not ~~cn~~it or co~iuuit ~~-aste_ im~~airnurut. ~?r deterior~tiou o1 the Yro~?ertr and shall
comply ~rith tl~e pm~isions of am lease. if thi~ \lortgag~~ i~ on Ic.~ci~oi~!. If tlii~ ~lartga~e i~ on rondominium
u~~iL, Borro~~er ~hzll ~?erforn~ all of Borro~cer~~ obli~ation- iiu~lc~r thc~ ~i~~~~lar~tio~i of ~ot:~lon~iniun~ or r.~aster deed.
the by-la~fs an~l n~ulations oi thc• condo:niniuui ~?roje~T an~l ~•ou~ti!i;c•ni ~ioc•tuntnt~.
7. Protection of Lender's Security. Ii Borro~cer tait~ t~~ {+~~rionn tLe rorenant~ :ui~l :~~n~euient~ contained ir.
this \tortgage, or ii anr action or ~~rocccding i= con~u~enred ~~-hivh n~:~teriall~- affcct~ L~•~uier ~ intemst in the Prop-
~ etty, including, but uo4 limitc~l to, c~s~inent doue:tin, in~ol:-eu~~r. r«i~• ~~ntorce~uc~:t. or :irr.in~en~ents ur proceed-
ings invuiving a bankrupt or dececlcnt. then I.ender :~t T.e~~~ier'~ o~~tion. a~?ou notice to Rorror.•er. mas tnske such
appearances, rlisburse s~ch su:i~s and take ~uch action i~ nec~:.an to ~rotec. I.en~:er'~ intere~t, including. M~t
nat limiteei to. ~.a'.r.tr~enient oi reasonable attorner~~ fcc•~ zn~i cntn uE~on the Pro~?crt: to ~i~akc repair~. Any
amour~ts disbnrSMl ~)1 I.endcr ~~nrsuanf to this n:iragra}?ii i_ ~~-ith intcn~t tl~emon. ~hall i?ecome ad~litionat indebt-
c~lne~s of Borro~cer securc~l h~• thi~ ~Iortgagc. L~n:r~~ Borro~.-cr a~ui l.~•n~fer agrec to otl~er ten:~~ of payment. such
amounts sl~all t?e payable upon notice f:om L~m~i~r to Borro~~-er r~~~uc:tin~ ~~a~ment th~rcoi. anri ~l~all lx~ar inter-
est from tlie date of disbur_-ement at thc ratc ~t:atctii in the \ot~• ~~n'.e~~ ~+a}•ment of intemst :~t sucli ratc «oulc! br ;
contrary to applicaUle la«•. iu «l~ich ~•.-ent ~ucl~ :~maunt~ ~L:ill !?r_ar intere~t ;it tlic highe~t rate ~xtrmi~ible U~•
applicable lan. ~otiiing contair.c~i in thi~ ~:ar.igra~~h i=i~:ili re~uirc Lcncler t~ incur an}• eC~~er~~e or do ar~ act
hereunder.
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