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HomeMy WebLinkAbout0504 t ~ i `i . it:,~u~~d or gu,~r;u~tcrd h~~ i~ F~Y1~•r:?1 ur ~tut~• :,~;~•u~•~~ ~~n~•lu~l~~~~~ I.~~n~l~•~ il L~•ml~•r i• ,ui•h .~u i~?siitut~uui. I.~•n~lcr •lu~ll apply thc Fun~ic t~? ~~a~• ~:~i~l t;ix~~~, ~~n~~•ut~. ii~;nr.ini•~• ~~r~•~uiuni~ :ui~i e~ruurnl rrnt~. 1.~•n~l~~r ~h2~11 n~ak~~ no cltttrge forso hol~iin~ au~l ap~?ly~u~: 11ic l~uu~l~ ~~r ~rrif~•in~ :uui r~~u~~~iliuR ~ai~l :i~:~•.;.u~~•u!: ;in~1 hill~. l3orro~~•er and L~•mler ~u~?~• t~Kr~~e iu ~~•ritit~~; o~t Ih~• ti~u~• uf ~•x~•~•uli~?n ui thi~ \lurt~;;i~;~• tl~at int~•m:t un tiic• H'~tu~l• :l?:i)1 Ix~ ~~ai~i to liorn~~~~~r. an~i nnl~~:. •urli ~i~;re~•i~i~~nt i~ mtut~•. L~~~~~1~~r :h:ill not h~~ r~~~~uir~~~i tu ~~:t~• liorro~~~er :?n~• inter~•~.t on th~• l~unds. T.endcr •lutill ~i~•~~ to Ror~n~~•e~. ~vithont ~~I~arR~~. :u~ annual ac•~•ountin~; of thc rurnl~ ~hon•in~ ~~rcdit~ nnd ~lei»is to the Fun~is un~l thr ~~nr~u~se for ~~•lii~•h ~•.t~•I~ ~i~~hit to th~• Fun~l~ ~~•:~s mad~. 'I~he Fun~ls ;trc ~~le~l~c~{ as addi- tional securit•y for the sum5 ~ecured hv thi~ \lort~:i~r. If tlie an~ount of the l~unds heltl 1?~• I.ender, to;;etlic•r ~~-itL ih~• funur ~nonthl~• in~tallmrni: of Fundc ~?ayabie ~uior to the ~lue ~1nte; of tu~c~, ~ sses~~neutz. ii~~urunc•c ~?rrn~iuiu; :u?~i Rraun~l rent~, ~hall exceed the amount re- +~uiretl to ~>Ry :aid taxcs, .?ves,n~ents, in;urat~cc ~~ren~iu?i~s uu~l ~round rent~ as tltic~• fall ~iue, su~h exeess shAll be, at Iiorro~eer's option, cither pron~}~th• repni~i to Rocru~~•er ~r rrrclitr.~l to I3orro~+~cr on ~nonthlt• instzllroents of Funds. If the amount oi the i~unds held I?~• I.ender sh:~ll not I~c ~i~Hicic~nt to ~r,~~• t.ixes, a~se~~ments, i~?surnnee pre- miun~s and groimd rent~ :i~ the~• fiill ~1ue, Rorru~~~er sii:~ll ~~a~• to l.endcr :?n~~ :uuaunt nc~e~s:~r~~ to ma~kc i~p the ~leficienc,y ~~itl~in thirt}• ~la~•~ :tftcr ~ioticc irom I.~~~?dcr to Rorro~~~cr requcsting ~~,~~•~nent thereot. Upon ~inyn~ent in tull of all ~um~ ~reurcd h~• tlii~ \tort~;.i~~~. I.en~lrr shz~ll ~~ron~~?th• retund to Rorro~ver am• Funds held bv I.ender. ~ If under ~?arn~raph 18 liercof th~ 1'ro~~ert}• i~ ~ol~i or thc• i'ro~~ert~~ i~ othern•isc :?c~uired by i.ender, I.ender :liall .~pi?ly, no Iflter tl~an innnediuteh• ~?rior t~ th~ ~.~lc~ ~~f tl~~~ I'ro~,e~•t~• cn~ it. a~•qui•ition hy Lcnder. :?n~~ Funds t lield by I.ender ut the tiin~• of upplication a~•m~iit aguin~t th~• •un~: •e~•urc~l hp thi~ \iort~n~c. 3. Applicaiion of Payments. i?nle.: a}~~?li~•ahlr I:~~~~ ~n~o~•i~le; other~ci«•. all ~~s~•inent~ recci~•rci h}' Lender ui?der thc \otc :i~id ~~:u•a~ratpii, 1.u~d "2 h~rcoi ~liall hr :~~?~?li~~~i 1?~• L~~rnl~•r fir.~t in ~~a}•nicnf oti :imoimt~ ~?a~~~b1c to x Lender h~ Borro~cer nu~ler ~?nt:n~riipli 2 h~~rcoi. thcn to int~•r~~:t ~~.?r,~hle on tl?c \`ot~~ an~i' on Futnra :~~i~~~u~ces, if Y :iny. :and tl~en to thc ~~rinci~?al of the \otc~ an~l to tlu~ ?,ri~u•i~?al of Fuhnr Ail~~nu~c:. if an~~. a 4. Charges: Liens. Rorro~~•e?• ~I::tl! ~~a}• :?I1 t:~x~:. a~~~~=~ii~c•ni~ ;u~~l otl~er rhar~es. fin~s :~n~l im~iositions .?t.trib- ~ utable to the Yropcrty ~~•hicli ma~• :?ttai» :i ~?riorit~• ~~~•cr thi~ ~[ortGagc, ami ~;roun~l rents, if any, at. T.ender'~ ~ option in th~• ~uanner ~~ro~~ided un~ler ~?:u•a~gr:i~~h '2 L~~re~t ur I~~• 13on•o~~•er n~akin~ ~+:«~u~enf. ~~•I~en di~e. directlv to = the pay~e tl?ere~i. Borro~~•er •l?all ~~rou~E~th• f»rni~li t~~ i.en~ier all notic~~ of :unount. ~h~c nnd~r this ~~;~rngruph, # :?nd in tLe c~•ent Rorm«~er ~liall inakc ~r.~~•ment ~lirecti~-. R~u•r~n~er ~lr.ill pro~n~~tl~• fm•ni~h to I.encler receipts evi- ~ ,iencing such ~~:~~~ment•. Rorro~~•~r ~hall ~~roin~~th• ~li~riiar~c~ :u~~• lic~n «•hi~h ha~ ~rrirn•itv o~•~r thi~ \Iortpa~e; pro- ` ~~idecl, that Rorro«•er ~hnll »ot he rec~uir~~i to disel+sr~.;~• :ui~• ~~u•li lic~n ~o Ion~; a~ li~rro~~~er ~hall a~ree in writin~ to ` rhe ~~ayment. ot the obligntion ~ecumcl b~• ~uch lie~i in a inann~~r ac•c~~{~t:ehle to i.c~n~ie~•. or ~h:?Il in goo~l faith contest ;uci? lien h}•, or ~iefend enlorce~u~•i~t of ~~~~h licu in. Ie~;al ~~ro~•ecKliu~~ ~~~hi~~h o~~erai~~ to ~~re~•ent the enforcement of the lien or forfeit~n•e of the 1'ro~~crt~- or :ui~- ~~art tl?ereof. 5. Hazard Insurance. Borro«-er ~h~ll kce~~ th~~ im~,r~~~~~in~nt~ no~c caistiu~~ ~~r Lemafter cre~'e~i rn~ thr. Prop- . ~~rt~• imure~d against lo~s h~• firc. I?azar~i~ inclucted ~rithi~~ thc ter~u "extended covera~e". ~n~l such othcr l~azard~ a~ T.ender ?nn~' mq~~ire aud i~~ •iicii :unount~ :u?~i ior ~u~L iu~rial~ I.~•n~ler ~u~~• rc•quire: ~~ro~-i~lc~l. tl~~t I.cn~ler ~hall not requim tl~:lt t~iP :tmount oi ~u~h ro~•~~ra~;c• ~•scc~~~i tl;:ii sinuunt ot ro~•er.i~e ~~e~~uireri to ~iav the sums •ecured by rhi~ \lortgage. The insur~nce c~arricr ~~ro~•i~liun th~ ius~u•.~u~•c •hall I„~ ~•I~u:ci~ Ir\' I3017'O\VPl' ~11I1JCCf fO :1~1~11'O~'al hy i.ender: ; ~~ro~~i~led, tLat sucli u~~pro~•ai shall not he innrason.~hl~• ~~~it.l~hel~i. :11! ~~remiums on insurance. ~~olicir; ~luill he paid at I.c?ider's option in thc ~iinuner ~~r~~~•i~lecl ui~~ier ~~:?r:igr.~~~li h~~r~oi or h~~ Rorr~n•cr ~uakin~; ~?s}~ment, ~~•hen due, z ~ ~iirectiy fo the iusurance carrier. ~ All instu•:~n~•c ~~olicics anrl r~•~tc~n:il~ th~•revl ~I~:?il I~~~ iu f~n•i~~ :tr~•~•~~t:il~l~• t~? L~•u~l~~r :ui~i ~h:il! iuritui~~ ~tandarri iuurtgagc ~latrc in fa~•or of an~l in forn~ a~•cc~~tahl~~ tn L~~n~l~~r. f.~•w!~•r :liali h.i~-~• ilu~ rikht ti~ Lol~l tl?c ~~olicic: :lnd ~ ~ rene~~~al~ tLereof. un~l Borra~~~cr ~l~al! ~rrom~~tl~- fnrni~L t~~ L~~n~ier all rc~n~•~~:il notice~ au~l :~ll re~ei~?t~ of pai~i pre- iniwns. in tlie c~•ent of lo:~. liorra~~~cr •hall gi~-~~ ~,rou~l~i uoti~~~• tu tlu• in~nram•~~ ~:u•ri~r .uul I.ender. and I.ender = n~sp iu:~ke ~n•oof of lo:s if not ~ua~ic~ ~~ruwirtl~• L~• Rorru~~•cr. o- LTnless l.r~~~ler :u~~f Rorro~~~cr otliern~i~c :ign~e in ~~•riti~~R. iu~an~:ui~•c• i~r~,cec~i~ ~h~ll i~c~ :i~~~~lic~l tu r~~toritio» or ~ :~eEr~ir oC ilu• 1'rn~~~~rt~• ~i:iui:is;e~~i. ~~r~n•i~i~•~1 ~u~~l~ re-tor.~ti~ni ur r~~~~;~ir i~ ~~~•on~nui~•ul!~• i~•u•ih1~~ at~~i the ~~~ci~rit~• ~~f rhis \lort~a~;e i< uc~t tl,~~~•ch~• i~u~~:iire~L Ii ~nrh re~tor:ttion or re~,air i> noi cconomicall}• f~a~ihlc or if tl~e ~ecurity ~~f this \lortt;,i~,~• ,coul~l f~e~ in~~r,iirc~l. tLe i~~~iiran~~c• ~~roi~ec~l~ ~hal? l~r :?~~~~lie~l to Thc ~un~~ ~ec~n•c~l ht• tl~i: ~IortKage. ~ ~,~~ith the ezces~. ii :u~~-, ~~ai~t to Rorro~~-~~r. [i thi• 1'ro~~ei•t~• i: al>:tn~lon~ci i~~- Rorr~«~c•r rn• if Rorro~~•er tails to respond ~ to Lender ~~-ithin 30 cla}~~ after notir~ L}• I.i~n~l~r tc? Rnrr~~~~-i~r tli:it the in~~u::nc~~ ~.u•ric~r ~f~c~t:: to ~ett1C a claim for ~ . - ~ u;~t~rancc henefit~. I.cu~ic?• .?uthori•r.c~l tn ~•~llc~•t :~u~l a}~}~I~• tii~• in~~n~:?n~•c ~~ror~er~i~ :it I.ender'~ o~~tion either to X restor.~tion or re~~air oi tl~c Yroi~crt}~ ~ir t~ tl~e ~~un~ ~e~~~u•eri I~~• thi~ \lortr;i~;e. Unless T.ender anil 13orro~r~~r otht:r~~•i~e c~~;ri•~~ iu ~vritint;. .snr ~u~li a~~~~lii:~tiu~~ oi ~n•orce•ci: to princi~~al shal) :~ot cxtend or ~~ost~~onc th~: duc ~1ate oi tlic ~nontl~l~- installuu~nt~ c~~f:~rrc~l t~i in ~~;u•agra~~h~ 1:iiut 2 hereoi or cl~an~c ~ ~he amount. of ~tich i~istallinent~. ~ If iu~~lei• l~ara~;ra~~i? 18 hcrcoi thr }'ro~~cr~~- i~ :~ryuire~~i I.rn~l~•r. :ili ri~,:>>t. titlc~ :tn~l intcre~t of Borib«•er in ~ :~n~l to aii~- itian•an~c ~~oli~~i~•: :~n~i in .~n~l M tlu~ ~~r~~~~r~~~l~ th~•rr~~1 ~t~~ tL~• ~•xt~•nt ~~f tlu~ ~~~n~: •~•~~in•e~l h~• thi~ ~fort- ~.;:~~e imn~ediateh• 1?rior to ~ucli ~al~~ ur :u•~~ui~itiu~i? r~~.;nliin~~ fruiu ,1:uua~~~ tu tli~• Pru~u•rf~- ~~riur t~ thc~ sttle or :~c~~uisition ~hall ~~a~~ to I.endcr_ 6. Preservation and Mainten~ce of Property; Leaseholds; Condominiums. I3o~•ro~~•~r ~h;~ll kee~~ thc Prop- . ert~• iii rood repair au~l si~all not i~crn;it or ~•onimit u•:?stc. in~~~:iiri??cnt. ~~r ~Ict~•rioration ui th~• Proi~crt~~ :ind sl~all - ~~~~m~~ly «-ith tLc ~n•o~-i~ions ~~t :in~- Ic:i~c•. if thi~ \(~rt~;a~;~• i; ~m l~~a~c~hnt~l. li thi< \Iort~,aec i~ :i con~lominiurp unit, Borro«-er ~h.sli ~~crforn~ sll oi Rorro~rc•r', ~~h1ie:~tir~n, in<<l~•r tlx~ ~le~•laratic,n of ~~on~loininii~u~ or master rleed. rhe )ry-I:i~c~ :in~l re~;ailation~ oi tln• ~~on~ion~ini!nu ~~r~~ie~rt :uul ~•on~titnc~nr ~io~ument~_ 7. Protection of Lender's Security. If Rorro~~~~~r i:?~!- t„ ;,~~rt~rru~ tli~• ~•~~~•~~n:?nt~ :u~~i :~!_r~•c:n~c»t~ contained in _ thi~ \[ort~,a~;e. or if sn}• action or ~~ro~r~vlin~ i~ ~•aunum~•c~~l ~~-Li~•1~ iuatcriall}- af~crt: Li~n~i~r'~ interest in tl~e Prop- : ~~rtt~. in~lu~lin~. hut nnt litnitctl to. c~nin~nt d~~nu?in. iii~ol~-~~ni•~-, ~•~,~1~~ ~~~it~r~ein~ut. ~~r :ir~.lnc;cm~nts or proceecl- = in~s in~•ol~•in~ a 1>ankru~~t or rlecc~icnt. tlirn Len~lrr :it I.c~n~i~~r'< oi,ti~m. i~~~on n~ti~~e t~~ liorro~ser. ~uu}' ntake such - :i~~~~earance~, ~li;h»r~c ~ucli >u~u• :iiui takE~ ~~u•}~ :«•tir~n i~ i~c~~•~•::ar~• to ~n•oteet L~~rnlei•'~ int~rest. inclu~lin~. btit ~ not limite~l tu. ~ii~h~ir~eiue•nt oi rec~~~m:?{r!r :?ttorn~~~-': ie~~~ :tnrl ~~ntr~• n~~~~n thc~ I'rc,~iert~• t~ ~nake repairn. :1n}~ ;unom~ts ~lishiu•:crl lr~~ 1.ender ~~in~=uant to thi~ i,:?r.iTr:i~,l, i. ~~~itl~ ii~tc~r~~~t thercon. ~li:?11 1~~~~~onic ~d~litional indebt- ~~~lne~s ~~f Rorro~+~er ~e~um~i I~r thi~ \lort~.in~~. t?n!~~=: Rorrm~-c•r :~n~l I.c•n~ler a~rec to oth~r tern~~ of ~>a}~ment. such :ii?iounts ~h;ili h~ ~~a~•ahle ii~~on noti~e tron? L~~n~ler to Rorrc~~c~~r re~~ue•~tin~ ~~a~roent thereof. an<i shall i;ear inter- est from thc ~latc r~i ~li;hur~c•~ncnt :~t tiic rzt~~ ~tat~~<I in thc• \nr~~ ttiile;: ~,:t~•n~ent ot interect :?t ~uch rate ~~~ould be ~~ontrar~' to a~?{~li~ahic la~~~. in ~~~hich ~•~-~~nt ;u~•h :uno~uit~ ~i~:ill i~c•:u~ intcrc~t at th~• l~i~he~t ratc ~~crmic5iblc b~• _ :~pplicat~lc l:t«•. \othi~~~ ~o~~tain~~~l in tiii~ l~sr:t~r:i~,fi 7~h:?li re~~uiri• I.~ndei• t~? inci~r :in~' c~x~?ense ar do am~ act hereunder. ~ • ' B0~( PAI;E ~O~ _ 5:_;; ~f ~ ~ _ ~g ~ `~.S . _ ~~5~~~ ~y~ °Y'-'-~,1 'i > ~.'C - C''~' 'Y~Y~ Y y~ .F ' ~ T ~ ~ - ~ .ri ~ ~X_n''~ ~ w.t.vn 'w°',. :.i._~»~ . , . '."3 .F