HomeMy WebLinkAbout0692 insureci or gunranteed by n Fecieriil or state i?Reur.y li~~eh~~liu~ Le~ul~•r if I.emler i~ ~uch sn institutionl. I.eml~r
shell apply the Funds to ~ia~• said tnxe~, us~es~meuts, in~ur~nc~~ ~?remiuui~ au~l ~round rent~. l.ender ~i?nll mnke no
charge fcy so holding ~?nd upplyin~ the Fun~ls or ~•crifyinK ouul ~•wnpiling raid .?ase~smenh and bills. Borrower and
I.~~nder moy agree in writinR at~ the tin~e of execution of this \lort~uKe thxt intemst. nn thc Fund~ ~hnll 1?e pni~1 to
13urroKer, and unless sucli xgree~ncnt i~ made, I.endcr sl~all not he mquire~l to ~~n~~ Borro~~•c~• a~~~~ interest on thc
Funds. Lender sitall gi~~e to Borm~ve~•, ~ti•ithout cliur~e, an annu:il t~ccounting of the Fim~1s ~ho~~in~ creclitc and
debits to the Funds and the ~n~rpose for which ~n~l~ ~iehit to the Funds ~~•as made. 'I'hc Funds i~re ~~Icd~ed a?s addi-
tional security for t.he sums securecl by thi~ \iort~a~e.
If the au~ount of t.he Funds held by I.encier, to~ether ~~•itl~ lhc futnm monthh• inst:?lln~cnts of Funds payablc
prior to the due dates ot taxes, assessments, 111S111'i111cc ~?remiuu~. nnd ~;round rents, ~hnll exccecl the amounE re-
quired to pay s~?id taxes, nssess~ucnts, insurnuce ~?rcmiums ;uul ~;round rent, .ts tl~ey InU ~1ue, sucL excess shall be,
at I3orrower's option, either promptly re~,aid to I3orro~~•er or r~rciited to Borro~~er on monthly instullmenfs of
Funds. If the Amount of thc Fumis held h~~ l.ender sh:?l) not hc sufficicnt to ~iAy taxes, nsses~~ucnts, insurance pre-
n~iwus und ground rents ns they fnll ~lue, Iiorro~ver sl?all ~~sy to I.ender anv amount necessary to make i~p the -
deficiency ~vithin thirh• days attcr notire frou~ I.cudcr to Aorro~vcr requcsting p:?y~nent thereof.
Upon payment in full of :~Il sums secured 1?~~ this ~Iort~;a~e, I.endcr shnll pmmptl~~ ref~md to Iiorrower am•
Funds held by I.ender.
If under ~~arugraph 18 I~ereof the Propertv is solci or tl~e Yropertv is other~vise acquirecl by i.ender, I.ender
.hall apply, no later than immediAtel~ prior to the ~flle of thc Yropcrt~ o~• its a~qui~itioii b~ I.ender. an~~ Funds
t~eld by I.ender at th~: time of npplication ~s a cre~lit i~Rainst the ~wu~ se~•~nrd b~ thi~ ~iortga~e.
3. Application of Paymeats. Unle~ np~?licablc ln~r ~iro~•i~les other~vise, all ~~avments received by I.ender
under the I~'ote su~ci paragrapl~s l nnd 2 hereof s:ulll'l,e npplic~l h}• I.cndcr fir~t in pnti ment oi an~ounts pa~~able to ~
I.ender by Borro~ver under par~grnph 2 hereof, then to inte~r~t ~r,iyable oi~ thc ?~otc and on Futum :ldvances, if
any, ~nd then to the principal of thc Note and to thc ~~rinci~~~l of Futum A~h~nncec, if an~.
4. Charqes; Liens. Rormiver sl~nl! pa~~ all taxe~. as~ecsu~ents :~rni oti~er char~es, fines and imposit.ions attrib-
utable to the Property which mav attain u ~~riority ovcr tlzic \iortgage, and ~round rents, if uny, at I.ender's
option i~i ti~e ~ui?nncr {?rovidcci undcr pi?ragra~ih 2 hereof or I~}• Rorro~~~cr n~t~kin~; payment, ~vhen due, directly to
the p~~•ee thereof. Borro~ver ~hnll ~~romptl~• furnisL to I.ender all notices of zuno»nts ~iue i~nder this ~~arugraph,
and in the event Rorrower ~hall mnke ~~ay~uent ilirectl~~, Rorro«•cr ~L.ill ~~mm~itl~•~fi~rnisl~ to T.ender receipts evi-
dencing such ~~~yments. Aorro~~•er ~hall ~im~nptly discliarge :ui~• lien ~chich has ~~riorit~• o~•cr this \Tort~a~e; pro-
vided, thnt I3orro~r•er shRll not lic requireri to ~iisch:~r~c an~• <~~c{~ lien ~o long as Rorro~cer shall agree in ~vriting to
the payment of the obligation secured by such lien in s mu~mer accept.ible to T.ender. or sh~U in goai fflith contest
such lien by, or cletend enforcen~ent of such liei~ in, legnl ~?rocecdings ~~•l~ich o~~erate to ~ire~~ent the enforcement of
the lien or forfeiturc of thc Yropert•~~ or an}• ~~art tl~ereof. s
S. Hazurd Insurance. Borro~ver sLall kee~~ tl~e im~~rove~uents no~~- existin~ or liemafter erce±eci on the Prop-, ~
crtv insurc~i against• loss b~• hre, i~~?zanis inciudeci ~vithin the tern~ `'extended coverage", ~nci suct~ other I~azards a.c
I.ender ma~~ require and in sucli ainounts and for such ~ieriorl~ T.encler ma~• ~~uire; pro~~id~~l, that i.en~ler shall
not require that the »mounk of sucl? co~•ei<~ge exceerl th.~t amounf of ~•o~•erage required to pa~ the sums secured by
this ~'Iortgage.
The insurancc carrier ~~roviding thc insw•auce shall L~~ ~hoscu hv Rorro~ver ~~~bject to approval by i.encier;
~n-ovidecl, that such appmval sh~il not. be ~mreasonaUlp ~vithheld. All premi~ims on insurance policies shall be paid
at I.ender's option in thc munner ~~rovidcci under ~~ar:~g~:~~~h 2 hercof or l~y I3orro~~•er nizkin~ ~?n~~ment, whe~i due,
r~irectly to tlie insurancc carrier. '
All insuranre po~icies aud rene~~•~l~ tl?ereof ~Lall he in forw :iPCI•~itable to Lernler :?n~i ~l~all in~lude u standurci
niortgage clause in fa~•or of .u?d in forn~ sece~itahlc to I.ender. T.ender ~hall ha~-e tli~ riRht to hold the ~~olicie~ .tnd ~
rene~vals thereof, and Borro~~•er ~hall ~n•on~~~tl~~ furni~l~ to Lender all rene«•nl notice~ and :ill receirts of paid pre- ~
; iniums. In the e~~ent of loss. I3orro~~-er sl~all gi~•e ~~rom~~t notice to the insuranc~ carrier :~nd I.ender, anci I:ender
' may makc~~~roof of lo~s i{ not ~~l~dc promptl~~ i>~• I3orro~ver.
! Unless I.ender and I3orro~~•er othen~•ise .~grec in ~~•riting, insFi~;u~cc ~?i'!'jcec~ci~ sliall hc ap~?lied to restoration or '
re~~aiy of the Propert~- ilau~:ige~l. ~~ro~-i~le~l ~ucl~ restoratiou or rc•~~xir i~ cconoini~~alh• fea~ible an~l the ~ecurit.}~ of =
; tflis \[ortgage is not tlierebr im~?sired. If such restoration o?• re~?~ir i~ not economicalh• fea~ible or if the security ~
~ of this \iortgage ~~~oulcl he iu~i~aireci. tl~c in~urAnce ~~rocecvl~ ~luill he ap~ilied to thc~ ~uws ~ccured b~- this \tortgage.
; «•ith the exeess, if any, p:tici to Borro~~~er. It the Yro~~crt~~ i= sban~loned h~~ Rorron-~r or if Borro~cer fails to respond
~ to Lender n~ithin 30 rlav~ after notice 1>~• i.ender to Borro«•cr that the insurance carrier offe~:~ to settle a ciaim for
~ insuranee henefits. I.ender is authorized to ~olle~•t ,~nr1 ap~~h• thi• in~u~:u~ce ~?roceeci~ ~t I.ende~'s o~tion either to
' restorztion or repair of the Yro~~ertv cir to the sauis secure~i h~• tiii~ ~tortg~?ge.
~ Unless I.ender and 13orro~ccr othern~ise agree in ~rriting. a~~}- ~ucl? appiic.ition of ~rrocced~ to principal shall
~ not extend or postpone the duc ~late ot tl~e ~nontl~l~- installroe~}t~ rc~ferred to in ~?aragrapli~ 1.ind 2 hereof or chan~e '
~ the amount of such instAliments. -
~ If under }~aragrnph 18 hereof th~ Yro~~ert}• is acqui~r~l h~• I.cu~lei-, all ri~ht, titlc an~l interest of Borm~~•er in
4 :uid to am~ insiirznce }~olieie. ~in~i i~e sn~l to t!?e ~~roceeci~ ther~of ~to tli~~ extent of tli~~ ~itin?~ ~eci~re~l b}~ thic ~1art- ~
~ :;age immediately ~irior to ~i~cl~ ~~1~ ~ir c~~qui~ition 1 resulting fro~n ~lama~e to tli~~ Yro~~ert~• ~~rior t~~ tlie ~ale or
~ :icquisition shall pas~ to I.ender.
6: Preservation mid Maintenance of Property; Leaseholds; Condominiums. Ron•o~~•cr ~hall kee~~ the Pro~~-
~ erty in ~oo~l repair and shall not, {?ern~it or commit ~~-aste. iiu~rairiucnt, or deterioratiorrof thc Pro~~ert~• and shall '
comply ~sith the ~~ro~•isions of ;?m• le.?se. if thi~ ~tort~age i• on a ir~~~chol~l. If tl~is liortga~e ic on a condominium
~ unit, Borro~ver shall ~ierforni all of Borro~r•er'~ ohli~ation~ u:~~ler the ~Ierlarntion of con~lominium or mt?ster deed,
the I~y-la~r•s an~i re~ulations of thc~ ~ondo~ninium ~?roje~i an~l ~on~tituent ~iocimicnts.
7. Protection of Lender's Security. If Borro~~-er faii~ tc~ ~~erforn~ the co~~enxiit~ an~l .i~;recment~ contained in
this \iortgage, or if any~ action oi• ~~rocec~diug is commence~t ~~-hi~l~ ~n.iterialh• affects Leuder~~ interest in the Yrop-
~ erty, including, but not iimited to, eminent douuiin. iu~oh~enr~•, ca1c~ ~~nforcen?ent. or arrangements or proceed-
ingr involving hunkrupt or decedent, tl?en I.ender :tt Lc~nrler'~ o~~tion. n~~on noti~~c to 13orro«•er, niay ~nake such
~ sppearances, disbu~e such sums an~l take ~u~l~ actinn a~ i. ne~e~•3r~ to ~n•ote~t I.ender's interest, including. but
~ not limited to, disbur~ement of rea~onable attorncy'~ fee~ snci cmtn~ upon the Yro~?erty to m~ke repair~. An}•
~ amounts disburse~l h~~ I:endcr ~n~rsuant to this ~r~i~agra~~h 7. «•itli inicrest t.hcrcon. ~l~:~ll hecoroe ad~litional indebt-
edness of Borro~vcr ~ecured hy this \Iortga~e. t?nless Rorro~~•cr an~1 l.enrier agrce to other ter~u~ of paymen~ such
K~ amounts s6all he payable upon notice from I.en~ler to Rorro~~•cr rc~ucstin~; ~?ayment thereof, nnd sl~all bear inter-
est from thc ~late of disl~tinement at tlic rntc stated in the \ot~~ unle~~ ~~a~-ment of interest ut si~ch rate ~~ould be
contrary to applicable la~~•, in ~~•hich c~•ent ~ucl? aiuount~ ~liall I~ear intere~t at thc highest ratc ~~erniissible by _
~ spplicable law. \othing cont:~inecl in tlii~ ~iaragra~~li 7~hzll rec~uire I.cnder to incur an~ ex~~ense or do any aet
~ hereunder. s
~ , s ~ ~s
~ _
soax 237 P~ 691
~ . ~
F
V.
s~~".~.~. ' _ , . . . - 'S.'- . ~_.j -