HomeMy WebLinkAbout1709 ins~:red or gu~?ranteed by a Fecictal ur atKle ugcncy linclu~liu~; Lrmler it Leuder i• surli c?r instilutionl. I.ender
~he?tl spply the Funds to ~?ay said taxcs,:~s~essu~ent~, in~urnn~•e ~?mu~iun~~ au~l ~;round mnt~. l.cnder shall make no
chsrge for so hol~'ing and applyin~ thc Fun~i~ or rcrifyin~ :~nd ~~owl~iliuK ~ai~l :~a>cs-~iuents iind bilis. Rorrower and
l.ender ma~ agree in writing al the timc oi execution of tl?is ~lurt~;i~ge that intenwi on thr 'rund~ fiIlAII I~ ~1R1(I 10
I3orrower~ and unlcss such agrccu?c~~t i: n~adc, I.~ndcr .liull not 1K mquinvi to pu~ Borm~rcr i~ny intcrost on N?c
Fur?ds. I.ender shall gi~e to Borroner. ~~ithoett cl~:~rge, nn :~nnu.~l accou~ting of the Funds sho~ri~:~; credits t?nd
debits to the Funds and the purpose for~Nhich cacl? d~bit to the Fundc ~~a,s made. The Funds an ~~lecigeci s?s nddi-
tioaal security for the sums secuoed by thi.~ ~lori~age. ,
If the amount of the Funds held by l.encter, togetl~cr ~~•ith thc future nionthh installments of Funds pavable 4
prior to the due dates of taxcs, ass~sments, insurnnrc premiwns ,ind ~round mnts, shall excced th~ an~ount re- ~
quired to {~sy said taxes. nss~ments, iusurnncc prc~uiun~ i?i~~i ~round rents a.4 the~ fnlt due, such excess shall be,
st Borrower's oplion, either promptly repaid to Rorro«•er or creciite:i to Borro~~~er on monthl~~ instnllments oi
Funds. Tt the amount oi the Funds held h~ I.ender shnll not 1?c wificient ta pa~ taxes, z?ssessn~e~ts. insutance pre-
miunzs and ~round rents as they faU ~lue, Borro~er shall pa~• to I.cnder any amount necessnry to make up the ~
deSciency within thitty days :Ztter natice from 1.ender to B~rru~vcr rcryucstin~ pny~nent theteof.
IIpon payn~ent in f~~ll oi alt sums .ecurecl b~ this ~[ortgagc, I.ender ~hall prom{~tlt retund to Borm~ver any ;
F~nda held by I.snder.
If uuder ~x~ragrf?ph 18 f~crcot thc Pro{~ert~~ is sold ot• the Yro~~er~~~ is othenvise ncquired by I.ender, I.ender
~hall apply, no later th~?n im~nediatclf prior to thc ~nle of the Yro~x~rt~ ur itc ;icq~ii~ition by I.ender, am~ F~tnds f
held bv I.eader at~ the time of applieation ns a ereciit ~?R~inst the ~u~ns s~MUrc~cl b~ thi~ ~tortga~e. !
3. Application of PaYments. Unlc~s np~~li~ablc ls~~• provide~ othsrn ise, zll ~~ay~i~ents receiveci by I.ender s
under the \ote and paragrupLs 1 nnci 2 6ereof sLall I~e ap~~licri 1?~ I.ender first in ~~~?ymcnt oi aniounts ~~ayable to €
Len~ier by Bormwer undcr pnmgruph 2 1?ereof, thcn to intem.t ~n?~:sblc on the \otc und on Fitih~re aclvnnces, ii ~
any, sad then to the principal of tl?e \ote i;nd to tl?c principnl oi Future Ad~•ance~, if :?n~. ?
4, Charqes,; Liens. Borrower sliall pA~ nll tnxes. a~c~~ments :in~t. otl~er ch~r~es, finec And iro~~ositions nttrib- :
utable to the Property «hich may attnir a priorit~~ o~•cr thi~ \Iort~i~~c, an~l ~round rents, if nny, at I.ender's '
option in the ~uanner provided under p~n~grnpl~ 2 hemof oc h~• Rorro~r•cr i~~akiu~ ~?n~ment, ~vhen due, directly to
the gayee tt~ereof_ Borrower sLall ~?romptl~ fun~ish to I.endcr :~ll notice~ of :unount. ~1ue »nder this parngraph,
snd in the e~ent. Borno~vcr ~l~afl ~uAke pay~ucnt clirecil~. Rorro~~er ~hsll pr~m~~tl~r fi~rnish to i.ender receipts evi-
dencingsuch payments. Borro~ver shnll promptly discLarge an~• lien ~~•hich l~as ~~rioritv o~er this ~tortgAgc; pro- i
vided. that Borrower shall not be requirc~ct to discl~argc :in~• ~ucii ]ie~~ so long us Borro~rer shnli ngree in riting to }
the payment of the obligation secureci b~ such lien in ~n~nner :uceptuble to I.ende:. or shall in goal inith contest ~
such lien by, or defend enforcement oi sttch lien in. le~al ~~roceeclinG~ hich o~x~rnte to preveut the eniorcement of ~
the lien or forfeitur~ of the Propert~y or an~ ~~art tl?ereof.
5. H~asd Insuraace. BorroAer sLall keesi the imi~ro~•e~uent~ n~?~~• c:xi~tiu~ or hemnfter erected on the Prop-
crt~ iiuumcl against loss b~ fire, hazards included ~r•ithin thc tenn "extended coverage", zn~i such othcr luizards A.~
Lender may requite and in such amounts and for ~ur!: ;:crial~ L~~nder mu~~ require: pro~~idcYl. thnt i.ender shall
not require tbat the amount. oi sucl~ co~•ernge excced tl?~t amoiu~t. of coverage rcquirecl to pa~• thc sums secured by
this ~~ortgage. 3
Ttie insurauce carrier ~?roviding the insiu-nnce shall b~• rl~osen h~~ Borr~«er ~uhject to apE~ro~~al by i.ender: ~
~~rovidecl, that such appro~
al s6a11 ~~ot be imreasonaUh~ ~i ithhcld. All premiums on insurznce policicx shall be paid ~
~t Lender's option iu thc wanuar ~~m~•ideci ~~ndcr {~ar,~~r:i~~l~ 2 h~rcof or L~• Rorr~m•cr wakin~ ~~s}•ment, when due, ,
directly to the insutance ca~rier. ~
r111 insurance ~~olicies anu mne~~•31• ihen.~f ~hall {H• in forin ar~iy~tablc to I: •i~~ter .~n~l ~h~1~I lI1C~li(~( staudarei +
wortgage clau..~ in f:?~~or of an~l in forn~ :icce~~t3hle to I.cn~ler. Lewicr ~lr.~ll h:?~'r Nse ri~ht to hold the ~wlicie~~ and ~
~ renenats thereof, and Borro~er ~hall ~~rompth• f~n~~isL to Lc~ulcr all renr.~cal notices aml ail reccipts of paid pre- ~
I miu[ns_ In ine e~c~~i Borro~~cr shall gi~e ~~ro~n~~! uotire to thc in~urxncc carrier :u~d In.nder, and i.ender i
~ may make proof of l~s ii not. madc prompth~ h~• I3orrowcr_ ~
Unless j.ender and Borro~rer othernise agrcc in ~~•ritinr. ii?~a».uice i?mceeck ~hall l~c applied to restornt.ion or ~
repair of tiie Pro~~ert}• ~lan~agai. j?ro.-idcvt ~ucf~ re~toration o?• re~~:tir i~ ecoa?au~i~•:tlh fe;rihle an~t the ~ecurit:~ of
this \[ortgage i~ ~iot tLereb~ :ropnirc~i_ If ~ucl~ mstor:tion or re~?:?ir i~ not ~cono~niealh• feasible or if tl~e securit~~• ~
of this \Iortgage «oulci l~e irr~pairect, tl~e iu~ur:?nce ~?rocec~i~ ~h:ill hi~ a~~~slieel to tLe su~us securecl hr this ~tortgage.
~~ith the eac~, if am. pai~l to Borro«•cr_ If the Yropert~ i~ a1~sn~lonM1 hr Bon•o~rer or if Borroi~•ei• fails to respond ~
~ to I.ender ~~ithin 30 days atter noticr, b~• Leuder to Roi~r~~+rcr that tl?c imuran~r carricr ofTerR to ~ettle a claim for ;
insurance benefits, I.ender is autl~orized to c~~lect :~:rl appl~ thc• insur:u~ce ~?roce~~cl~ :?t I.ender'~ option either te ~
restorntion or repair of thc Pro~~ert}• or to thc sums seew~eci 1?}• thi~ \(ortgagc_ *
Unlea-s I.ender nnd Borro~~er otl~en~-ise agree in ~~'ritin~. au~• ~uch appli~ation uf ~?roceed~ tc ~~rincipal shall ~
not e~ctend or post{>one thc duc datc oi tl~c u~ontLlr install~ucnt~ rrrierrc~l !o in ~?~r~~r~~?h~ 1:?nd 2 hcreof or chunKe
the smount of ~uch installments.
If under paragr:?ph 18 hemot tl~e Yro~?e~rt}• i~ :icyuire~i L~n~ler. all ri~lit. titlc :uul intem~t of Aorm~ver in
:~nd to sn~ in~i~r:incc ~?olicic~.:~rnl iu :tn~l to tlic ~?ro~ecY1~ th~~rcof ~to tl~~• ~~xtcnt oi fhc~ ~u~m ~~~ctircyl h}• thi~ ~iort- ~
<,3ge imn~ediatel~ ~?rior to ~ucl? ~aic or ac~~ui~itioui rev~ltii~~: ironi ~tanu?ec to t)ti~• Yr~~~~~rt_c ~?rim~ to thc ~ale or `
:?cquisition ~hall pA.~ to 1.ender.
& preservation amd Mmntenance ot Property; Leaseholds; Condominiums. Rorro~ccr ~Lall kcc~~ the Proi~-
ert,y in ~ooc1 repair :uul shal) not ~?crn~it or con~u~it ~~aste. im?~airnient. or rlcterior:?tion oi ihe Yro~~erl~- and siiall '
comply nith the i~ro~-isions of anr lc:~sr. if thi~ ~lortga~c i~ on ;i ic:~chol~l. If thi~ ~Iort};a~c i~ on condominium ;
~snit. Borroner ~halt i~erforn~ all of Borro..~r'~ ol~lig:?tirnr ~n;~ter tl~e ~lc~•laration of oon~io~nini~:in or ~nastcr deed.
~ the 1>y-laR~ ar~t te~ilations of the condon~iniun~ ~~rojert .i71t~ ~on~titiie»t ~loc:m~e~~ts.
7. Protection o~ Lender's Security. If Borro~cer fail~ t~? ~~crforn? tl?e ~~o~en~nt~ :tn~! a~~~r~cn~cut~ containeci in ~
t6is ~1o~~age. or if any action or pmcecding i- comnien~c~l ~chi~li ~uateriall~• afT~~~t~ I.eudcr'~ int~rcst in tl~e Prop- ~
erty, including. bu± not iimite~l to, eminent do~u:?in. in~oh•<~n~•}-, ~•at~~ rniarcemeni. or srrnu~enients or proceed- ~
in~ iuvolving a bankrupt or dec~Yient. tl~en Lender ~t i.endcr'~ o~~tion_ u~wn notice to Rorrower, may mabe such
appearanc~, disburse sucL :ums and take ~uch :iction a~ i. neee~~ary to ~~rotect I.ender's interest, including, but
not limited to, di~burement of reasouable attorne~'~ fcc~ :in~l cntn• i~~wn the Yro{~ertt• to ~uake r~pairs. Any ~
amounts dishursecl by I.ender ~~ur~u~nt to this ir.ir.igra~?h 7. ~~~itL int~rest thereon, shull i?ecome ~cl~iitional indebt- ~
edness of Borro~er ~ec~recl hr tt~is ~Iortgagc. Unlc~s Borro~+~r an~l l.cnder agrec to other tenn~ oi payment, such
amounts shall f,e payable u~~on notice from i.ender to Borroti~-cr requcsting paym~nt thereuf. and shull bear inter-
est from the date of disbur.:ement .?t thc rnte statc~i in the \otc uiile~~ ~?:~~cicnt of interest at sucli ratc ~vould be
contrary to applicable ls~c. in ~rhich crent sucl~ smount~ ~Ic~ll hcar intcre~t at th. highe~t rate ~~ermi~sible by
applicable law. ~othir.g contained in it;i~ ~~ar.i~r:~pli 7~hall rc~~uire I.ender to incur an~• ex~~ense or d~ an~ act ~
hereunder. -
~eoK 23~ rAC~1707
~t"~.s~£_ ~ . _ ~ _ . . ~ .