Loading...
HomeMy WebLinkAbout1507 ~ ~ • . ~ . ~ , • iusur~~l ur ~u:?r:~nt~~~~a ~,Y F~~~ic~;~l u~ ~t:~t~~ :~~;~•n~•~• ~in~•lu~liu~; I.~•n~i~•r ~i T.~v~~lrr i~ ,u~~L an ~~i,titutiuu~. l.rn~ler ~hxll n~,plv thc Fumi~ to ~~ay ~aiil t:~x~~•. :~~~~•"ni~•nt~. in~ur.cn~•~• i~n•ii~iiu~r ;in~l ~mun~l ri•i~l~. L~~mi~~r ~hall i»uke nu chntge for so holdiu~; tuul :~~~~~{~•in}~ ih~~ I~~ui~h nr ~~~•ril~•in~; :u?~i ~•i?iu~~iliu~; <:~i~i :?••~•.,.ni~•t~t: :u;~i hill~. liorro~~•cr and L~~nd~~r m:?~• uKmc in ~~•riline :~t the tin~~• uC ~~x~~~•utiun ol tl~i. ~I~~rt~~t~~• ~1~:?~ iut~~n•:t m~ th~~ Fun~i. .h:~ll I~o ~u4~~! liorm~~•er. :t!~~) unl~~c.. .u~h :~~;r~~c•~nc~nt i~ ~uu~i~•. 1.~•rul~•r .h:?11 not I~r r~•~~uir~•~1 lii~rru~~•~~r .u?y int~~r~•:t un th~• Fui?ds. I.ender •hitll fiiv~~ to Rorrcm•er. ~~~ithoul ~•I~:u•Rr. :ui ¢iiniu:~l :~~•~~u~iutint; ~?f th~• Fitn~1~ :ho~t•in~ ~•m~lit~ ~in~l ~iebits to the Fiuids xnd the ~~ur~?ose for ~vhi~~h ~•u~•li ~i~•hit to th~• r~~~~~i~ „•n~ ~uude. 'fhc• F~u~~is an ~?1~~1R~~~1 ss addi- tionsl ~~curit~• for tt;c suzns scearcc! !z}• tl~i: \t:,ri~;,;~;.-. If the n~nount. oi ~l~c Fu~~d~ !?cld I?r (.ci~d~r. to~;~~tlier ~~~itL tlu• futnn• ii~oi~thl~• in:t:~llincnt. of Fi~n~1~ payable priur to the ~iue ~lnte~ of taxe<, a~~es~nu~nt•. insiu~an~~~~ ~~reiniunr :uui ~;roui~~i renl~. ~hall ~•xcccul ttic sunount re- quireci to ~~av sai~i tnx~•~. u~c.sments, ii~,ur:~n~~c l~rt~nnun~, :uul ~~round rent: 1s thcy iall ~iuc. ~uch esces., ~h~tll be. at Rorrot~•ers o~~tiou, either ~~ron~E~tl~' re~~:?i~l t~? Rorro~~~~r or c•m~iitr~l tu I3orro~~•er o~i ?i~onihl~• instalhuents of Fundc. lf tl~e amount of thu Fun~l~ held I~~• I.c~~der ,hall not h~~ .ufti~•ic•nt to ~r?~• t:ixt:.. u:~c~vnents. in~urance pre- miums and ground rent~ they full ~liie. Rorro~~•er sL~ll ~?u~• to Len~ie~i~ :u~}• :~moiu~t neces~ar}~ to ~uake ur the ~ieficiency ~~ithin thirt~• ~lay aftcr notice froui 1.~•nder to Borron•cr rec~uc,tin~; ~~:t~•uicnt thereof. Upon !?aymenti ii~ tull of all ~wii• ,c~•ure~i I~~• thi; \Im~t~ti~;~~. I.~~n~iE~r ~h:?ll ~~roiu{~tl}• refun~l to I;orro~~•cr xn~- Funds held h~~ I.ender. If under ~~nra~;raph 18 hereof th~~ Yro~~eri~• i~ ~ol~i or tli~ Pmpcrt~• i~ othe?•~~•isc :i~quired hy I.cnder, T.ender _;hall applp, no later thnn inin~~diatel~~ ~?rioi• to th~• .sl~ of th~• Yrop~•rh• ~n• it. a~•~~ui~ition 1?~• i.~»~icr. :u?~- Funds lield by l.~:nder.~t the ti~uc of .ipi~licatiou a~ :i ~~r~~~iit :~~;:~iu.t tlic~ ~wn~ :e~•ur~~~l h~• ilii~ \Iort~u~;e- 3. Application of Payments. iJnlc~~ :~~~~~li~•,~hl~~ ia~~~ ~~rcn•i~l~~• utl~cr~~~i~~•. :?1l ~~:~~~in~nt• rc~~•ei~•ecl I~~• T.ender uu~ier tlic \olc a~id ~~:u•:tKr.~~?hs 1:~~~d '2 h~reoi ~h;?il L~• :<<~~~ii~•~l 1~}• Len~l~•r tir.;t in ~r,i~~n~ent of :unuiuit• ~,ayabl~ io I.en~lcr 1?y Rorro~~•cr un~l~•r ~r.tra~rapli 2 h~~rcof. thc•n tu int~•r~~.t ~~:~~:~hl~ c~n tlx~ \ot~• :uu{ on l~utur~~ :1~h•a~icc~. if :iny, and then to thc• ~?rinri~ml of tlir \'otc :ui~1 tc? tlu~ ~~rin~•i~~:~l ~if Firtwr _1~I~~~~n~•~~:, if am•. 4. Charges: Liens. Borm~~•er ~hall ~~a~• all t:~xe~. :~~~c~•:nu•~rt• :uu1 nth~~r ~•h.ir~e~. fiu~: :u:~l in~~~osition~ attrih- utable to thc Pro~~erty ~~•hich mn~• att:~iu ~n•iorit~~ ~,~•er thi~ \iort~a~e. :~~ul ~,roun~l rents, if an~•. 3t Lender~ option in thc m.inner ~n•o~•ide~1 an~ier ~,:u•a~ral~L 'L lu~rcof ia~ I~~• Ron•on•~•r ~nakin~ ~~:~~•n~ent. ~~•hen ~luc. directiv to the paycre themof. Borm~~•~ r~h:ill ~~ron~~~th• iurni~li t~~ I.~n~1c~r :ill noti~e: ~~t :in~au~h ~I~ic ~u~<l~~r thi, ~~nrngraph. and in the e~•ent Rorro~~-cr ~i?:ill ~uake• ~~a}•~nent riireetl~•. Rnrro~c~~r ~li:tll ~~rom~itl~- tiu•~ii~L to Lencler meeipts evi- ~iencing ~uch {?,~~~ment~. Rorro~~•cr ~i?all ~?ro~n~~th• ~ii~~~h:ir~~~ :ui~• li~~i ti~•hi~h hu• ~~ri~rit~• u~•~•r thi~ \tort~a~e: ~~ro- ~-idecf, tl~at Rorm~~•er ~hall »ot hr rr~~~iircrl #u ~li~~i~,~,~r~. :iil~• lic~: ~o !ni~~ ;i< 13o~•ro~ee~:• ~!:a!! :i~;:cc it: :~sit:n~ to the pay~uent of the obli~~tioi~ ~ecured h~• .~~ch lien in m:inn~~r :t~~~•ei~t:ihl~ to Lc~~~~ler. o?• •hall i~i ~ocxl iaith ~ontest ~uch lien h~•, or ~ieieud enforcem~•iN ~~i ~u~•ii !ic•i, i~~. ]et;al ~~ro~~•edin~: ~~•hicl~ u~~crat~• ~o ~~i•e~-~nt the enfar~~ement. of thc lien or fort'eitum of th~ 1'roE~er't~- o~• ;iti}• ~,art thereof. 5. Hazard Insurmice. Ro~•ro~c~r ~iiall ke~~~~ th~~ iin~n•o~-eni~nt~ nu~~~ ~~zistin~; or I~c•re~aft~r crr~~te~l rni the Prop- rrt~• in.uiY~i againct loss I?~- fire. luizar~i~ inch~decl ~?~ithin the tern~ "estended coveragc", and sucli ofher h,izsrd~ Lander ~ua~• require anil iu ~iich :unoi~nt~ ani) Ior ~a~~li ~u~ri~~ix :i> l.~•n~l~~r u~ar mcjuire: ~~ro~•i~l~~l. that 1.en~ler shall not require that the :unount ai •n~•li ~•o~~e•rar~~ ~xcee~i t h:~t :?uirnint ~ii ~•o~•~ra~;c re~~uire~l to !?a~• th~~ .un~c secured by i hic ~tort~age. l itii iiiiiiii~i~i~:c ~.tl-i-ti'1 ~r~~i~~ 1~11U}; 1111' IIl~tll:tltl't' ~Il:lll 11l' 1't1U~P11 ~1\' ~SOI'TO\~'Ql' rUll~('P( j0 ,1~)~ll'O\'11~ (l\' ~.~ij(~CT: ~n•o~•ide~1, that •u~•h appro~-.il shall not I?e ~~nreasonahh• ~~•ithhc•ld. _111 ~~ren~iums on insurance policic~ ~l~all be pnid j c~t T.en~ler': o~~tion in thc iuauner ~~r~~~-irlc•~l ~nulcr ~r,u•a~r,i~~l~ 2 hc~mof or I~~- Rorrcn~•er ~u:~kin~ j~a~-n~ent. ~v)~en ~iue, i ~lirectly to the in•uranc~ carrier. I :111 in•ur:~n~•e~ ~~uli~~i~; an~1 r~~nc«:il• tlu~reof ~I~:ill !~c• in l~~r~n :~~~r~•~~t.?hl~• 1~~ L~~n~ter :u~~l ~h.tll in~•lu~ii~ ~tan~larrl i :nort~age ~I.u>>c in f:~t•or of :~n~i in forn~ :?~•~•c~~~ta1~1~• t~~ L~•nrl~~~•_ L~•~uie~r ~luill h:i~•~• tlu• ri~ht tu hol~l th~ ~~oli~~ie: .uul ( ~ene~~•als tl~ereof. :in~i Barro~~~~~2• ~L:~II ~~roin~~tl~- fiirni~L t~, L~•n~i~~r :ill r~ne~~-r~l notice~ an~l :ill receipts of paid l~re- T. al. U. n ~ •..:iiv~:ii~ 'i~.iu j.;tle- ~ri~qu~~t ~nn1~~~' i~r lu~• III~Illitltl'1• l:U"1'1C1- :N111 LCIIIICI'. S{IIII I.encier ~ ti~:ty ~~~3ke ~~rooi of lo:s if n~t inail~ ~>ron~~?tl~• h~- Rorro~~•c~r. i Unless Lc•nder:ux~ Iiorru~~-~r utl~~r~~i~e a~r~•c iu ~~•ritinR. iir. ur:uu•e• ~~r~u•~~r~l~ ~hall I~c a~~~?lec~l tu re~lor.~tion or ~~eE?air of the Nru~~t~rt~- ~i;i~u:i~~•~i. ~~r~~~~i~l~~~l ~i~~•Iz re~tor:iti~~n ~n• rc~~~:tir i~ r~•~>n~mii~•:ill~• i~;i~ihl~• .inii th~~ ~~•~~in•it~• ~it ~ s this \tort~age i~ u~~i tli~~rnh~• i~n~~~iri~~l. If ~urh r~•~tor:~tion nr r~~~sir i~ not ~~~~rn~ontirall~• fr:i~i{,le or if tlie ~ecurih- ` this \lort~;3gc ~~•onld h~• i~n~~aired. tlu~ iu~iu:uu~c ~~ro~cc~i~ ~half I~~• :i~~~,lic~l t~ th~• :un~, :e~um~i b~• tlii~ ~[ort~a~;e. ? ~rith thc excc~s. if :?i?~-, ~~ai~l tu R~~rro~~-e•r It tiu~ {'rol~~•rt~- i~ :~l~:u~~l~m~~~l I~~- Rurr~~~~-~•i• c~r i!' Rorro~ti~~i• f:~il~ to rc~E,on~l ~ to Lender ~~-ithin 30 ~ia~-; :ifti•r ~ioii~c~ I~~- i.~~n~ler rc~ R~rr~n~~cr th:~t th~• in~nr:t~ic•~~ ~.irrier ~f~~•r: t~ ~c~ttl~~ a claim for ~ iu~urance l~enefit~. l.e~uler i~ .u~thorizt~~l to ~•~~Ile>~•r :~n~i a~~{~l~- tlu• in~in•:uu•~• ~,r~~~•~~~~~i: ,it I.cn~ier'< o~ition either to 3 ~-e~toration or reiriir of th~~ 3'ro~~ert~• ~ir t~~ th~ :»n~~ serut~e~1 h}- tl~i~ \lort~:::;~•. ~ Unless I.ender :sn~l 13orro~?•~~r uther~~-i~~~ :i~;rr~~ ii? ~critinR. .iu~• •i~~•li a~~~~li~~atiou ~~i l~rocce~l~ to ~n•inci~~al ~hall ' tiot cxfc•nd or ~~u~t~~onc thc ~lue ~late ~~f tl~~~ ?nontl~l~- in:t:tlln~~•u'- r~•fe~rr~~~l tu i?i ~~ar,?~~r:?}~li~ 1 an~i 2 f~creof or chan~c ~ ~he amount of ~uch install~nen~~. ~ ~ If un~ler ~~ara~ra~?h 18 I~ercot th~• 1'ro~~i•rt~- i~ :u•~~uire,i f~~~ I.~~n~l~•r. :sl! riglit. titl~• ;;~,r1 inter~~~t of Borro~~•er in ~ :?n~l to a»}• in:in.~tn~c ~~oliri~•• :in~1 it~ :?n~1 t~? tlu~ ~,rurc~r~1~ tl~,•ri•~?f +t~~ tli~~ ~~xt~•rit ~~f il~~• ~iu~i~ ~~~~•~~r~•~I h~• thi~ ~[~rt- ~ ~,a~e in~nic~liat~It• ~~ri~~r t~ ~n~~l~ ~al~~ „f~ :u~~~ui~iti~~~?~ r~~:~~ltii~~ tr~m~ ~i:uir.i!~~~ t~? tlu• {'r~~~~~~rt}• ~?rim• t~~ th~~ •alc ~r ~ :scc~uisition ~hall ~~a~; t~ Len~lcr. ~ 6. Preservation and Maintenance of Froperiy; Leaseholds: Condominiums. Ii~irr~~~c~~r ~i~.til kce~~ tl?c~ Yro~?- - ert.~• i~i ~;u~K) re~~sir an~i ~hall not ~~er~nit ~rr ~•omn,it :~:i:t~•. iiu~~uiriue~it. ~~r ~ie•terioration ~~t tlu• Pro~~ertr anri shall ~•oni~?I}' ~~•ith the ~?ro~•i~iou~ ~f :n~t• ~~s~~~. if thi~ \lori~;:t~;~~ i~ rn~ :t I~~a~~•h~~l~l. ii rl~i~ ~Iort~;a~;c i~ ~?n a i•on~lominiam ~niit. I3orro~~•er ~hall ~,erforni :ill ~f Ran-~m~~~r'~ ~rhli~,atim±- ~i~,~l~~r tlu~ ~1~~~•l:u:?ti~~u of ronri~mini~nn or master ~leed. ~ the I~~•-la~~•c :in~i rc~;~il:ttion~ of th~• ~•on~loiuiniuiu ~~r~~i~~~~i an~; ~~on~titn~~nt ~1~?~iinu~nl~. : 7. Protection of Lender"s Security. If Rorr~~~+-~~r i:tii~ t~~ ~~rri~~rn~ t!u• ~•u~•c~na?;t~ :u~~1 :t~,r~~~•n~~~ut~ containe~d in tiii~ \tort~;agc. or i1 :~i~~• a~~tion ~~r {~ror•~~~~~iinr i~ ~•ot~mienrc~~! ~~•lii~~f~ ncit~viall~• a~~~rt.: (.c•n~lcr'~ inti•rc:t in thc Yrop- ertti-. includinK. hnt uot ii~nit~~~l to. ~~iuin~~nt ~l~iu?:~iu. iu~ol~~~•ru•~-. ~•~i~~ ~•ni~~r~•~~im~nr. ~~r :~rran~;e•nu~nt~ or proceed- in~s in~oh•in~ a lrankru{?t ~~r ~iccc~ic•nt. tlir~n Lr?~,if~r :~t I.~~n~l~•r'~ o~~tirn~. n~~~m n~ti~•~~ t~i I~orro~ccr. ina~~ make such :~~~~~earances. ~fi~hur~e ~u~•li ~~n?r ;tn~! tak~• •iu•fi :i~•tio~~ i~ n~~~~~~:~art• t~~ ~n•~t~•i~t L~~n~ler:~ interest: inrludin~. hnt - not limite~l tu. ~li:l,~u•~e~iie•nt ~f r~~.?~onahl~~ :ittorn~~}•'~ ic~~~ :?2~~1 rntr~• n~~un thc~ 1'r~~{~~~rt~• to inake repair~. :1n}~ :unounts ~lishur.:c~i Lt- Lcndcr ~nirxnant to thi~ tr.u•A~raE~li i. ti~•itL int~~r~~~t th~•r~~on. ~liall Iri~~~o~uc~ a~l~litional in~leht- c~ine~~ of Rorro~~~~•r ~ecure~l ln• thi~ \tort~u~:c•. t'n?~•<: Rorr~~~~c~r :?n~l l.~•n~lE~r agrec~ to uthc~r ter~u~ of ~?z~•tnent. ~uch ~ :?tnounts ~h:ttl h~ }>at:~l~le ~~~~ou n~ti~•~ iroi~~ Li•n~lc~r to Ron•m~•~~r r~~jn~~•tin~; ~~a~•n~ent th~reof. an~l ~hall hear inter- ~ est irom ti~c ~late of ~lisln~r~c~nent at rlic rat~• ~tat~•~I in thc~ ~~it<~ ~i~ilc~~ E~:t~•nu~t~t ~?1 interc~~t at ~n~h rat~~ ~rotild }1e contrary to ap~,li~ablc la~~~. iu «•hi~~li ~•~-cnt ~u~•h :unoii?~t. .!~:ill t~~•:ir intcr~~;t :it th~~ highc~t ratc ~~ermi~siblc b~~ _ :~pl>)ic3ble I;t~~•. ~othin~; ~~ontainc~i in thi> i~:u:~~;i:if~l~ ~<h:tll r~~~~~~ir~• I.~~n~i~~r t~~ incur :~m• ~•x~~ense or ~{o :?n}• act " hereunder. ~ ~ ~ _ a~237 P~15Q6 ~ ~ - ~ ~ ~ ' ~ ~ ~ ~ ~ ~n-;_~_ . _