HomeMy WebLinkAbout0728 iu~urec! or guuri~nteeci h~~ a Fc~dcrxl or st~?t~• u~rnr}• ~in~•tu~liu~; L~~n~i~•r ii L~•u~l~•r i~ ~u~•I~ :u? iu,titu/ic?ni. Lender
shall Apply the ~'unds to pny ~ni~l taxe•, :~~;c:•iuc~nt., iu~urt?m•~• ~?remiun~• :in~l ~;ruun~l re•n~•. L~~u~1~~r ~hxll make no
ci~nrge for so holdin~ nud :~pplyin~ tl?c Fun~l, or ~~rrif~•in~; :~~~;i ~~oni~,ilii?~; ~ai~l :?~~r~.;~ut~nt• :u~d hill~. Horro«•er and
I.en~ler nui~• :~~rec• in ~critin~ ut th~~ tim~~ ul exe~~~ition of thix \lortk:i{n• fhul intemst un the Fuu~l• shall b~~ ~n?i~1 to
t3orro~~•er. un~l unlc:c~ ,u~h r?~recim~nt i~ m:?dc. l.~~mlrr c1?111 not he rc~~uir~vl tc~ Rorn?~~~er iu~y int~~r~•st on tlx•
Funds. I.ender shall ~i~•c~ to Aorro~~•er. ~vithout ~har~e, nn :innual ac~ow~tin~; of the Fimds si?on•in~? ~•re~ciit~ nnd
~lebits to tlie Funds un~i the ~~ur~~nse for ~~•hich ca~h ~i~bit to th~ Fiind~ ~vas made. 'I'hr Fiuids iare ~?lMt~~rt ns addi-
tional security for the sums secureci hy tl~i~ ~lort~;age.
If the umount of the Funds hel~l I,~~ I.cnder, to~etlicr ~~~itii tl?c futw•c u?onthh• inst:illtnents of Fi~niis ~~nyable
prior to the duc ~lates of taxes, assessn~ent~, iusurance ~~ren?iuiu~ und ~round mu1s, ~hall exccc~i tl?r nmount re-
quired to pay SRl(~ lilXCS~ :isse:sments, insurancc ~+rc~uii~n~s ;~mi ~;round rentr :?s thcy fall due. ~uci? exces.~ ~l~all be,
at Rorro~~•er's aption, either pron~ptl~• re~~ai~i to Rorro~~•er or ~•r~~clited to Borro~~er on monthl~~ inst:?llments of
Funds. If the umount of the Funds held I?~• l.ender shall not 1?e ~ufticicnt to ~~~y t~?xec, as,e~~n~ent~, insurnnce pre-
n~iums and ground rent< as the~~ fall due, Borro~ser shull to I.ender an~• nmount ncce~s.~ry to ~unke up thc
deficiency ~vithin tl~irty day~ atter notice irom l.ender to I3orm~~•er reryue.tin~; ~?i~yment thereof.
Upon pAyment in full oi all ~wn~ •ecure~l h~• this \Iortgafic, I.cnder shnll pro~npth• refu~id to Rorro~~~er an~~
Fimds held l~v I.ender.
If under ~~~rttgraph 18 liereof the Yropcrt.v i~ solci or thc Yropcrt~~ i~ other~visc acqi~ired 1~~~ i.ender, I.ender
sliall apply, no l:lter thnn immediatcly i~rior to ihc~ ~ulc of the Yro~x:rh• or ii. :~rqui•ition I?}• I.e~uler. :rny Fitnds
held by I.cnder at the time ot ap~~lication 1lS il (•rcclit a~aimt tlu~ ~um~ ~ec~iu•c~i h}• thi~ \[ort~age.
3. Application o~ Paymenis, iJnir~: :i~~~~licnl?1~~ ~nm•i~lc. other~cise. all ~r,~~~mm~t• recei~•e~i hr I.ender
i~nder the \ote .~nci ~~:ii~agrapl?s 1 and 2 hereof ~liall I~~• :~p~ilicyl h~• I.end~~r fi~.t in ~>a~~~uent of an~ount~ ~~ny:iUle ta
I.ender by Borro~~•er under ~?:~ragn~ph 2 Lereoi, tl~en t~? intere.~t ~~a}•.~blc on the ~Tot~ an~i on F~~tuiY• A~h•au~ces, if
auy, and then to thc ~?rincipt~l oi the ~'otc ancl to th~ ~?rinri~~at of N uture A~Irancc~, if sn~•.
4. Charges: Liens. Borm~rer shnll pa~~ :?ll t:?xc~. a••e:~~nent~ :u~~l other char~c~. finec ~nd in~~>ositions at.trih-
utable to the Propert~ ~~•liich ~u:zy atfnin ~~riorit,~~ m•er thi~ \Iortga~c. an~l ~;round rent~, ii nny, nt Lender'~
option in the nuinner ~nn~ride~i undcr ~,;u•~gn~i?h 2 l~ereof or h~• Rorro«•er innkin~: ~~a~~ment, n~hen ~iue, dimctly to ~
the payce thereof. Borrou•cr ~l~all ~?rom~~th• furnish to L~~r~dcr all noticc~ of smount~ iluc nuder this ~~ar3~raph.
and in ~the e~•ent Borm«•er ~h:?ll ~nuk~~ payment ~lirectl~~. Rurro~~•er ~hail ~?rom~~tl}• fi~rni~l? to Le~ider receipts evi-
dencing such {~nyments. i3orro~vcr ~hall ~~roin~~tly ~li~cl~:?r~;e~ :u~~• lien ~~•hi~h has ~iriorit~~ o~•c~r tl~i~ \tort~:~~e: pro-
vided, that• I3orm«•er shall not he rcc{uired to ~li~chsr~;c au~• ~nc•h li~n lon~ .~s Rorro«•er ~hnll a~rec in ~vritin~ to
ihe pavment of tl2e obligation secureci b~• si~ch licn in ci ro:iiiner :ic~c~?tahic fci Lc~ncler, or ~hs11 in goo~i faitl~ contest !
such lien by, or defend enforcen~ent of sucl? lirn i», leKa! ~2rocee~liuG~ ~cliich o~>ernte to 1?re~-ent thc enforaement oi
the lien or furfeiture of th~ I'ro~~crt}• or an~• ~?art themo[.
5. Hazard Insurance. Borro~~•cr ~l~all kec~~ thc~ i?u~n~o~•cu~ent~ nc?~~- cxi~tin~ or hemafter ercc±eci on the Prop-
~•rty insurecl .igaiust lo~~ ti~~ fire, hazards includeci within the tenn "extended coverage", and siicli other haza~rds a.~
I.ender may require and i?~ ~ucl~ .unount~ and ior sueL ~?~~ria1~ L~•n~ler u~a~~ requirn: pro~-i~iecl. t6at I.en~ler shall
t~ot require that the amo~u~t. of sucl~ co~•et.~~e~ exeeea( tl~at ;uuo~u~t oi co~~era~e ~rc~uirecl to ~~~v thc ~un~s ~eea~red b~~
this ~Iortgage.
The insurauce carrier ~?roviding tl?c insurauc•c ~hall I~e• ~•Losc•u h~• Rorro~~•cr ~uhject to appro~•nl h}• T.ender:
~~ro~~ide~i, that :uch apptoval shflll not be unreasonal?I}• ~~~ithzielcL :Ul premiums on insurance policics ~hai) be paid
at I.ender's option in the inauner ~~m~~i~le~l inuicr ~~ara~r:i~~li 2 l~er~c~t or L}• Rorro«-er ~uakinh ~?s~~ment, ~~~hen due.
~iirectl_y to the iusurance carrier.
:111 incurazu•e ~~olicie~ :ind rene~~-:zl~ th~~reof ~li:?11 h~~ in forni :~~•~•~y,t:ililc~ to i.~~n~l~r :in~i :hali ii1f~11f~P .<tau~la~Yl
~ ~nortgage ~lsuse in fn~~or of an~i in iorm c?~•ce~~tal~l~ tu L~~n~i~r. L~•n~ier ~hsll Ir.~~~~~ tli~ ri~ht to liol~l the ~~olicie~ asid
i rene~r•a1s thercof, :~ud Borro~~•~r ~ha11 ~~ronipth• fi~rnicli to t.e~n~ie•r all retie~~~:il nc~tice, .ui~l :ill ~rcei~?t~ of ~~~id j~re-
~ miums. In tl~e e~•ent oi ]oss, Bori•o~~•cr ~h:~ll ~;i~•c ~n•o~ul~t ~~otice t~~ tlu~ i~~•tu•ancc ca?•rier :u~d I.en~ler, and I.ender
~ iuay ~iiaicc ~~roof of lo~: ii not n~adc ~?rom~~th• 1?}• I3orro~~•~~r.
~ Unless l.enrler an~i Rorro«-er otl~~r~~•i<e ~~m~ in «-ritin~;. in•tu:uicc ~n•c~c~ed~ ~hzll he a2~~~lierl to r~~~toration or
? repair of the Yro~?ert~• ~isur<~~cy1. ~?nrci~ir~l ~ui•li re~torati~~u ~~r r~y~:iir i~ c•~~nomi~alh• fea~ihi~~ an~l ihe ~eeurit.~• of
4 ti~is \[ort~agc i~ nnt tliereb~• iin~~aire~~1. If ~ucli ~rstoration or re~~:iir i~ ~?ot economic;tlh~ fra~ible or if tl~e ~eci~rit~-
; uf this ~Iort};a~;c «•ould he itu~r,iired. tlie liltiUl'c311P1' ~)I'OCCI~~i• :h:~ll l~r :t~?~?lied tu tli~• ~inus •ecured 1?t- thi• \Iort~age.
~ ~vith the esce~~. if ai~1. pai~t to Rurro~sc~r. If the~ Yro~?crt}• i~ :~lr.in~tonect i~~~ I~rro~~-~v or if Bon•o~~~er fails to respond
~ tu I.e~~der ~~-ithin 30 ~l~}•• after notice h~• I.ender io Rorron-cr tliaf thc~ in~urunc~ ~•arrier offer: to ~ettlc .i claim for
; insurance henefits. l.ernier is :uithorize~i t~ ~•olle~~t un~l at~?~l}- tlu~ insur:uu~~• ~~rocc~c~i~ at I.ender'~ o~~tion either to
~ restoration or rep.sir of the Pro~~crt~• in• t~ tl~e ~u~u~ ~ecure+l In• tlii~ \Iortga~c.
~ Uiiless I.ender an~t Borro«•cr otl~er«•i~c agrc•c ii~ «•riting. sll)' ~U(~li a}?plic:ition of ~~roceed~ to ~~rinci~iai shall
~ not extend or postpone thc ~luc ~late oi thc inontl~l~- in<talhucn[~ rc~lcrrc~l to in ~~ara#;~:q~h~ 1:ind 2 hereof or chan~c
~ the amount of such in~tallment~.
k If unde~• l~ara~r:i~~h 18 hercof the 1'ro~~ert~• i• ac•~{ttim~i I~~• I.~~n~ier. ull ri~ht. titlc .?n~l infere:t of Rorro~~~er in
~ :?ud to an}- in:~rrance ~x~licic• :?n~l in sn~l to tlic ~?r~~~ce~l~ th~•r~~of ~i~? tl~~~ rxtent uf tlu• ~~nu: :ec~nrrl ln• thi~ \tort-
~ ~,age imn~e~liz~telv ~~rior to sncli ~alc~ m• :?cryui<ition? re.;i~ltin~; ir~m~ ,I:;i~~,i~e~ tlu~ 1'ru~~e~rt}• ~?rior t~ the ~ale or
~ :?cqtiisition ~hail ~~as.~ to I.endcr.
6. Preservation and Maintenance of Property; Leaseholds; Condominiums. Rorro~ti-ce• •hall kee~~ the Yrop-
crty in ~;uocl repair au~t ~halt not ~~ermit or ~~om~uit ~~•:tste. ini~~uinuent. or ~let~~rior:jtioii of ih~• Yro~~ert~• aiid sl~all
rom~~ly ~riih the ~~roricions of am• le:t<c. if thi~ ~lort~;agr i< ~n :i le.~~ci~ol~i. If tlii~ \[ort~a~e i~ on a condominium
unit, Borro~~•er ~lrilf ~~erforn~ ,ill of Rorro«•~~r'~ ohlig~tion~ iimle~r tlic~ ~l~~taratirni of ~onrlomininn~ or roaster deed.
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thc Ly-lzws an~~ re~;~ilation~ of thc~ ~•on~iominiun~ ~~ro)~'ct ;?n~i ~~nn•titi~etit ~locument~.
7. Protection of Lender's Security. [f Rorro~~•cr fail~ f~~ ~u~rforn~ thc cu~-enant< :uui :~rreenient~ contained in
`~z this \tortgage. or if an~' action nr ~n•o~•c~c~din~, i~ ~•om~nen~•c~i ~~~liicl~ n~:?t~~riall}- affect~ L~~iui~r'~ interest in the Yrop-
- crty, in~l~iding. hut not limif~~l to. cwine~~i do~uui?i. iu~ol~~~~n~•~-. ~•al~~ ~~niorcemenf. ~r :u•r:~n~ements rn• ~~roceed-
iugs im•ol~~inr hankru~~t or ~tecedent, thcn I.e~n~ier at I.tv~~lc~r'~ ~)~~tlOti, il~)OIl notice to I~orro~~•er, iua~• make such
_ :?~~i~earance~, ~ii~hu~~e sucl~ ~utn= :?n~! take ~u~•I~ :u•tiou :i~ i~ nec~~~n~•~~ to ~n•ote•ct I.cn~ler'~ interest. includin~. but
nof limitcd t~?. ~iishnr~e~n~•nt of rea~nnsl~lc attorne~•'~ fcc~~ :uu! ~~ntr}• u~?nn the Yr~~?ert~• to ninkc repair~. AnS.
<; amounts ~iishursed 1?~- I.endcr ~nu~st~ant to thi~ ~ru•:i~ra~~h i. ~~~itl~ int~~m,t the~reon. ~liall 1?ecome a~l~iitional indebt-
~ e~lne~s ~~f I3orro~~-~~r ~ecured 1~}• thi~ \Iortgare. j'nlc~.~~ Rorra«~er :~rnl 1.~•n~ier agme to other ter~ns of ~~ayment, such
_ :i1110U11tS ~h.1~I I1C r11V:lI)~C 11~1011 IlOI1CC ~POill I.en~lcr to Rorro~~~er rc~~i~r~ting ~~:i~inent thercof. an~t ~l~all hear int.er-
est from the date of ~li~hur~ement at thc rate ~tatc~~i in ti~e ~ot~• unlc~_>~ ~~a}•ment of intcrest :~t ~uch rste ~~•ould be
cuntrary to ap}~licable la~~-, in n-hich e~-ent ~ucl~ :?niot~nt~ ~h:?I1 I~c~,ir intere~t :it thc~ lii~he~t rate ~?ern~issible by
- applicable la«. \othing ~~ontaine~i in thi= ~~ara~;r:?~~I~ ~~hall rc~~nire~ I.cnder t~r incar an~• ex~~ence or do any act -
= hereunder. ,
r~s
gooK 237 PAGf 727
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