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HomeMy WebLinkAbout0700 . i~i;iu~c•~l o?• ~;u:u•;?ulec~l 1~~• I~~vl~~r;il ur ~~:?t~• :i~;~•n~•r ~i~u•lu~lin~ I.~~wl~~r i[ I.~•i~~l~•r i, •u~•li :ui iu~titutioni. l.~~ml~~r ~Lall ap~~th~ the Fu~i~l~ t~~ ~ai~t t:~x~~-. :?~~e~~iu~~ut~. in~ur;uu•~• ~~r~•~i~iiun, :uul ~ruwul n•i?t~. L~ ml~•r ~h:tl) w:~k~ »o chargc lor•o hc?biiu~;:?u~l a~?~?It•iu~ th~• I~uiul~ ~~r ~•~~ril~•in~ a~i~l ~~wu~~iliuR ~:ii~l :i~~~•~~~u~•i~t~ :~u~l i~ill~. Rorro~~•er and I.~•n~lc~r ~nzt~• :i~r~~i~ in ~~•ritink i~l tht~ ti~u~• c~t" ~•xe~•uti~n~ oi thi~ \I~?rl};:~R~• tliat int~•n•:t un thc• Pin~~l~ ~h;~ll h~• ~?:?i~l t~~ liurr~~~~•~•r. :u~~i unl~•:• •ucl~ a~;~•~•~•nu•nt i~ u~a~l~~. 1.~~!i~i~~r ~I~:~II ~~ut I~r ~r~~uir~•~i to 1?a}• Borm~~-~•r :~u~• iut~9Y:~t w~ th~• Furnls. I.en~ler ~I?ull ~ir~~ tu Ror~mrcr. ~~•itl?aut ~•li:u•Rr. :in a~inu;~l .u•~•uu~~tin~; oi tli~• l~u~i~l• •ho~~•i~~~; ~•r~ylit~ :tud ~Ichils to thc~ Tuml~ :uu! the ~?~ir~?os~ ior afiicli ~~:u•li ~li~hit to ti~~~ Fnnd~ ~~•a~ nrulc•. TI~~~ Famis :~m ~?I~yi~c~i sddi- tional securit~• for the su~ns secur~~cl b~• thi~ \lort#;,?~~•. Ittlie:~u?ount oi thc~ Tnnrl~ I~el~i h~• T.rmler. toReth~•r ~~•itl~ ~lu• futur~• wa~thl~• in~tallment• of F~~m1~ ~~~~~ai~ic ~?rior to the ~h~c ~lates of tnxes. assessment~. in~iu:tni•~~ t~~r~uiunr.- :~iul ~;rou~id ~~•nt•. ~liall ~~xrecrl thc• nmount re- . quimd to ~~n~• ~ai~l inxc~, assess~nent~. in~ur.111Ce ~nro~iu~n~ :?n~l rr~uml rent. fl?e~• f:?ll ~h?c. ~urh exce~s shall be. at Rorro~~~cr's o~~tion, either ~?rompth• rc~?nid to I3orro~~•cr ~~r ~~ir~lite~i to Borro~rer on n~onthl~• installment~ of Fuu~l~. It the a~nount of the Fund~ heici h~• I.ender ~h:~ll uot hc •uflicii•ni to ~u?~• t:~xe~. .i~scs~~uents, in•urnnce pre- miwns :?nd ~round rent~ a~ the~• fall ~luc. Borm~rcr ~hnll ~~a~• to i.rndcr a»~• .unoi~nt nccc~•an to mnke ~q~ thc ~ieficiency ~vithin thirt~• ~la~~~ :~tter noticc froiu l.endcr to Rorm~~~er requcstin~ ~?a~~ment thereof. Upon pnyment in fi~ll of nll ~unr.• ~ecurc~l h~~ thi~ \tort~;a~e, l.en~ler ~hnll ~~ro~~~pt{}• retund to I3orro~~er an~• Funds l~eld hy i.ender. If under ~?nr:?Krni~h 18 heirot tl?c Yro~~crt~• i~ ~old or the~ 1'ro~?ert~• is othera•is~ :icquirecl b~~ i.ender. I.ender ~hall ap~~iv. no later thai~ inunc~liateh• ~~rior to !h~ ~iil~• of th~~ 1'ro~x~ri~• or it~ :tequi~itiou b~• Lender. an}• Fund~ hcld bv I.eudcr at thc tim~ of ap~?licntion s~ :i ~•~Yyiit, a~;ai~i~t th~~ ~um~ ~e~•ur~~l h~• thi~ ~Iort~a~c. 3. Application ol Payments. Unlc:~ ;tp~~ii~•a{?l~• I:?~~~ ~~iY~~•i~i~~~ othri~~•i~c•. ;?ll ~?:?~~~nc•~~t~ rcrcirc~l h~- I.endcr u~~der thc \otc and ~nu•a~ra~~h• 1.ind 2 Lereof ~h:ill I~c~ .i~?~?lictii i?~- L~~rnl~r tirt in ~~a~•~nent of an~ount~ ~~a~•able to I.en~ier h~• Borm~~•er uu~ler ~?ara~r:~~~l? 2 l~ercof. theu to inter~~•t ~~:i~•ahte on th~ \ot~• :?n~l on I'utum _1d~•n~~cc~, if ,u~~~, and tl~en to thc ~??•incipal of thc \otc .in~l tc? th~~ ~n•ii~~i~~:~l c~f Fnt~~r~~ :1i1~•ai?cc-. it :~i~~. . 4. Charges: Liens. Borm«er shnll ~~a}• :ill taxe~. .ine<~~ncut~ :?mi other ~I~ar~c~. Gne~ au~l i~u~~ositions attrih- utable to the Pro~~ert~~ ~~hicl? :na~ ;?ttain ~?riorit}• ~~rer tlii• \lo~~t~are. s~n~l ~;mim~i ~rnt~. ii ~m•. at I.ender'~ option in t1~e roai~mer ~?ro~•ide~1 un~icr ~~.u•agr:~~~h 2 liei~cof or L~• I~orro~e~r inakin~; ~~.~~•ment. ~~•1?en duc. ~iirectl~ to the p~yee tl~ereof. Borro~~•er ~hall ~n•otu~~tl~• fur~~i~h t~? T.cncl~r :?II notiee~ of amonnt~ ~lue ~md~r tl~i~ paragrnph. and in the c~~ent Borm~~•cr ~hall m:~k~ ~?nt~mcnt ~iim~th•. Rorrrn~•~r :Irill ~~romptl~• furni~l~ to Lender recciptc evi- denciug such ~niyments_ Rorro~~•e~• ~I?nll ~?roni~?th• ~li~~•~uu~;c :in~• licn ~~•hich h:t~ ~~riorit~ o~•er thi~ \lortg:ige: pro- videci, that Rorro«-er ~hal) not be re~~ui~rcl to ~ii~clia~r~~ .m~- ~u~•h li~•n ~a lon~; a~ Rorm~~•er ~I?all a~me in ~vriting to tlie ~~:~y~uent of the ~hlig~tio~? ~ecurecl i?~• ~uch lien iu :i ui:uin~~r :icee~~t.il?l~ to I.rncier. or ~l?all iu ~oa1 faitl? ~ontest such lien I?~~, or ~ie[end enforcen~~~nt ol ~u~~li liei? iu. le~al ~~rocce~lii~~~~ ~~•hich o~?crate to ~?m~'~nt the enforcement of the lien or iorfeiture of the 1'ro~?eri}• or :u~}• ~?art tliereoi. S. Hazctrd Insurcmce. I3orro~~•er ~hall kee~~ th~~ iin~n•o~•e~inent~ u~~~~- existin~ or hemaft~r ercetc~i ou the Prop- crt~• imurc~l ag~tiust los• h}• fire. I~azards included ~~•itl~in the term "extended cover~ge°, an~t su~'Il OfI1C1' IlA27T(IS R~ I.ender ~nz~~ requirc :uui in ~uch anrount~ aml for ~u~•l~ ~?c~riMl~ :i~ L~~n~l~r uia~• rc~~uim: ~?m~•i~i~~l. thnt T.ender shaU not require that the amount ot such ~~o~~crng~~ excec~l tlu?t :?u?oimt of ~•o~•erage ~r~~i~ired to pay the ~ums secured by this \Iortgage. The insurauce carricr ~?ro~•idiur tl~~ insura~ice ~hall I~~• ~lio~c•ii h~• Rorro~~-e?• ~ubject b ap~~rov:tl h~~ i.ender: ~?ro~•idc~l, that ~uch a~>~n•o~•al sh:til not hc unreasou;~bi~- ~~ithlicld_ :111 premiums on insurance ~~olici~~ ~hall be paid at I.ender ~ option in the ~uaimer ~?ro~~i~i~~i un~ler ~?:u•a~~:?~~h Y hemof or l~~- Rorin~~•er nuikii~~ p:t~~~nent. ~~hen due. ~lirectly to the insurnncc ~arrier. ~11 insuran~~~ ~?olicic~ :u~~l r~•nc~~•al~ tlu~rrof ~f~c~ll i~~• ii? tor~u :i~•~•~•~~t:~hl~ to I.~•i~~ler :iu~l ~h:ill inrln~lc• ~tandaiYl f iuort~zge ~•lati~e in ta~•or of :uul in for~n :u•ce~?taLl~~ t~~ Lcn~ic~r. L~•n~l~r ~hull ha~•~~ t!?~~ ri~l~t ta ho1~1 the ~?olicie~ xnd reue~~-al~ thereof. :u~~i Borro~~•er ~hall proni~~th• im•ni~l~ t~? L~~uil~r :tll rene~cal notice~ an~l all recei~~ts of paid pre- ~ miums_ In the e~•cnt oi lo:•. l;on•o~rcr ~h:~il ~;i~•~~ ~~roin~:t uc~ti~~~~ f~? the in•~n•au~•~~ ~•:u•ri~r :uul I.ender. and T.ender ~ ' n~s~• inake ~rroof oi lo~~ iF not ~ua~le ~~roro~~th• h}• Borrou•er. t ! ilnless T.ender anei T3orro~~-er otlier~~•i~e .t~re~c~ iu ~critiur. in•;tr:uu•c• }n•oeeeti~ ~Izall hc :t~?~~lial to re~toratim? or ? ~ repair of filie Yro~?ert}• ~iau~:ig~~~i. ~~ro~-i~lc~~l ~ui•li ri~~tor:~tic~n ur r~q~:?ir i~ ~~~•~~nonii~•:tlh- i~~:i~ii~l~• :uul the ~~~curit}- of ' ~ t,l~is \[oMgage i~ i~ut tlieret~~• iu~~~aicc~l. I1 ~uch r~~tor:ition ~~r re~~:iir i~ nof ~•~•ouo~ni~all~- fe:i~ible or if the ~ecurit~• . of this \lort~a~;e ~co~~l~l L~ im~~airc~l. th~• i~r~n•anc~~ ~~ro~•c~~~i~ ~hall 1~~~ :1~?~?lic~l t~~ thc~ ami~ ~cei1T(YI tlll~ \tortga~c. ; ~ «•ith the exce~~. ii am•. pai~l to Borro~~-cr. It tl?c 1'ra~~~~rh• i~ aL.;ml~r~it~~i h}• l;orr~~~•er or it Ron•o~~•~r fail~ to re~pon~i ~ ~ to I.ender ~~~ithin :~0 ~la~~~ after iioticc h~• Le~uicr tc? Borro~~-~~r th:it t1?e iu~m•a~u•~ c:u•rier ofli~r~ to ~ettle a ~laim for insurancc I~enefit~. Lcuder i~ aathoriuci to ~~oll~~rt ;uni tlu• iu~ur.~u~~~• ~?ro~•ec~l~ at I.ender'~ ~~?tion either to ~ restoraiion or re~riir o1 tl~e Pro~?ert}• or to tl~e ~un~; se~•~n•al I~~• ihi~ \lort~a~e•- ~ Unless T~endcr snci 13orro~~•er other~~•i<<~ aKr~~c in ~~~ritinr. an~• •~~~•li aj~~~li~~:?tion of ~?roccecl~ to ~~rinci~~al sl~all ~ not cxtend or ~~ost~~onc thc cluc ~latc ot th~• montiih- in~tallm~•nt~ r~•(c•rrc~l to in E?:u•agra~?h< 1:?a~l 'l hcrcof or chanRc ; ~ the amount of such inst~liment~. • _ ' ~ :?nd to an}~ in'~i ~cu~ccl'~~~~ligcl~can I in au}~I to`t~li~ e~~~~~~~~1 l~r Lc»~lcr. :ill ri~lit. titlc ami intcrc:t ~f Rorro~~•cr in s thc•r~•cif ~t~? tlu~ ~•xt~~nt of tlu• ~~~ni> ~~~~•nrF~l h}- tl~i~ \(ort- i ~ ~~age i~ume~iiateh- ~?rii?r to ~urli ~.il~• ~~r .u•~~ui~iti~m? rr:~iltiu!, fii~ni ~1:?ui:?!_~~ t~? thi• 1'ro~~ert}- ~?rirn- t~ the ~:tle or 4 ~ :ic~~uisition ~hall p<<~~ t~~ Lcn~lcr. ~ j ~ 6. Preservation and Maintenance of Property; Leaseholds: Condominiums. liorro~ccrr =ti:i11 kec~~ thc Yro~~- ~ ~ ert~y in huod *epair :?n~l ~hall not ~?er~nit or ~•oin~nit ~~-c?~te. im~~:~ir~nent. or ~let~rioration oi thc• Yropert~ and shall ~ eoe»~~1~~ ~~~itl~ thc ~,rocisiou; o! :rn}• lca~~~. if thi~ \lortb.~r~• i~ ~m l~~a~c~l?~~l~l. If thi~ \Iortga~;~~ i~ on ~on<lominium ± _ nnit. Borro~~~er ~hall ~~erforni all of Borrcnti~cr'< <?I~li~;ation- nn~i~•r tlic~ ~l~•~•lar:iticrn of comto~uii?iiun or ~naster ~leeci. ~ ; the hr--la~cs :iu~i rc~;ul.ition~ oi th~~ ~~ou~lo?niniuu~ ~~r~?ic~~•t an~t ~~ou;titue~nt ~locnment~. - ~ ~ 7. Protection of Lendei s Security. If Rorroa-cr fail~ t~? ~,~~rtorni th~• ~•o~~~~nant< :?n~i :~~recment~ contairn~i iu ~ this \Iort~;age. or if au~~• action rn~ ~?ro~•e~~~iiu~; i~ ~•oimi~c~u~•c~l ~~-hi~•i~ ~natc•ri;~ih- :ifi~•~t~ I.c~n~ler~~ intere.~t in the Yro~~- t ~z crt~'. inclu~lin~;. Lnt nnt limite~l to. cu~inent ilow:?in. iu~ol~•~~n~•~•. ~•cNl~• ~•~~1m•~~ein~•nt. ~n• :irram~eme~nt~ or ~n~o~~eed- ~ ~ i~?gs im•ol~•inr a bankrupt ~~r dec~d~mt. the:? 1.ender at I.c•ndc~r'• o~~tion. ~i~~on uoticc t~~ l;on-oa•er. ma.• make ~ach 4 ~ a~~~~earauces. ~li~bur~c ~uch ~unr :tn~i trikc~ >u~f~ a~•tion a~ i~ ne~~•c~:;?r~• to ~n•ote~•t Len~ier'~ int~rest. in~ludinr. hut t ~ not limite~i !o. ~1i~hur:e~uc•nt oi rca~o~~:?hl~• attorn~•~-'~ lc~~ :~nrl ~•ntil• n~~~?n the 1'ro;?crt~• t~ inak~ repair+. :1n}• # ~ :in~ounts di~hur~crl 1?~• I.rnilcr ~n~r~u:u~f t~ thi~ ~?:u:~~;~:~~~1~ i. ~~~itL int~~r~~:t thcrcon. ~I~all hc~•oin~• a~l~litiona) imlebt- ~ ~ ~r~i~ess ~~f Rorro~~•er ~ecur<•cl I~}- thi~ ~[ort~;a?~;c~. i'nl~~: Rorro~~-~•r :i?ut 1.~•n~ier :~~re~~ t~~ other ternr of ~~a}•~nent. ~uch } ~ amotuit~ ~l~all he ~~ayable u~~on noti~•c froni L~•n~l~•r to I3orro~c~~r r~•~~n~~~ting {?a}•mcnt th~rc~of. an~l ~l~all hear inter- ; ~ est fron? tfic ~latc of ~li~hnr~crocnt at tlu~ rat~• ~tatc~l in tli~~ \ot~• unir-. ~~:?~•ment of intcr~•:t :?t ~uch rate ~roiild be ~ ~•ontrar~~ to a~?~~licable l:t~~-. in ~~-hicli c~~•~nt ~n~h amoun~~ ~liall I~c~ar intere=t :~t th~~ lii~;l~e~t rate ~?ermi=~ible b~- ~ a~~plicablc la«~. ~othin~; ~•ontainc~i in thi~ ~~ar:i}~ra~?li 7~I~:ill r~K~nirc I.c~ndcr t~ in~•~n• an}- cx~~ensc or ~io an)• act ~ hereunder. ~ 800K ~~JU PAGf ~ ~ ~ ~ . . _ - _ "