HomeMy WebLinkAbout0796 insureci or guuranteed l~y n Federal or st.~te i~~;~nc~• ~inelu~liu~; l.c•n~ler if L~•u~ler i~ ,ucli .in ii?stitutionl. t.ender
~hall t?pply the Funds to ~?ay ~z?i~1 t:ixc•, ;?~;~••:in~~nt:. iu.uruiii•~• ~~r~~niiuni• aui~l ~;roun~l r~~nt~. l.c~tulcr ~hnll mukc no
cl~arge for so hol~iing und up}?1vinK th~ Fun~i~ ur r~~rif~~in~; :u~~i ~•u~u~~iliuR =ui~1 a,;c.vu~•nt~ an~l hills. I3arrower and
I.ender iu:?~• i~~me in writin~ at the timc of ~•xe•culion of thi• :lort~;s};~• th~~t intere.t un tlu~ Fun~l~ •hall b~~ ~?ai~i to
Borro~ver, a~~d tmlecc such a~mrnu•nt i• mad~~. L~~nder ~hall not 1?r 1'(Y~UIYIYI t0 ~)ft~• Borro~~•e~• ain~ intcretit on th~•
Funds. I.ender ~l~nll ~;i~•e to Rorm~~•ea•. ~~•ithout rh;u•~;e. :?n :~nn~iul :u~countin~; of the Fun~1~ ~I~o~~~in~ creciit~ nn~l
debits to the Funds and thc ~?urpose for ~~•liicl~ e:?cL ~lehit to th~• Fund~ ~vas n~ade. 'I'hc F~rods a~re ~~Ied~c~ci ns addi-
tional security for t•he sums securecl by thi~ \[ort~;u~e.
If thc amount oi the F~~nds held by 1.en~icr, to~ethc~r ~~•itl~ tli~• fuhu•e monthh• iust:~lln~cut. of Funds ~isyable
prior to the due date~ o[ taxes, nc5ec~m~•nt~. insurnnc•e ~iremiuni~ :uul ~rounci ~•ent~. ~hall exeeecl the amo~tnt re-
quireci to pay ~atid taxes, assessmcnts, insurnnce ~?re~uiums :~n~t ~roitmi rent, :is tl~e~• inll due, such excess si~all be,
at Borm~ver's option, either promptl~• rep~i~i to 13orro~~•cr or rrc~lite~i to Borro~~~cr on monthl~' instnliments of
Funds. If the nmount o[ the Fimds hcl~l h~• I.ender ~h~ll nof: I~c ~ufficic•nt to ~~a~~ ta?xes, ass~ccu~ents, insurnnce pre-
miu~us nnd ~rounci rents as thev f;tU ~luc. Borm~~~cr shnll ~~a~• to I.ender an~• amount necessar~ to make uP the
~ieficiency ~vithin thirt~~ dn~s :~tter uotice irom Lcn~icr to Rorro~~•cr requestinR ~u?}~ment thercof.
Upon payment in iull of ~11 su~us ~ecurecl h~• thi~ \tortga~;e, I.ender shall prompth• refund to Rorro~ver .in~
Funds held I~v I.ender. _
If under ~~aragraph 18 hcreof the Yro~~ert.~~ i~ ~old or thc~ Yroperh• is othcr~~•ise scquired by i.ender, I.erider ;
•hall apply. no Inter than iw~ucciiatel~ ~?rior to th~~ ~al~ of th~• Yro~?ert~• or it~ :u~yuisition hy I.e•n~1er. au~~~ Fundc 4
held by I.encier at the tin~e of :ipplieation :~s a~~rc~iit :~~aiust th~ ~u~n~ ~~~c•ur~~l h~• thi~ \iort~a~e. ~
3. Applicalion of Payments. Unlc« :i~~~~li~ahle la~~• ~n-o~•iile~ othera•im, all ~r.~~~mcnt~ m~eivMi b~~ i.ender %
w?dcr thc \otc un~i ~~3rugr:~~~h~ 1:in~l 2 hcrcof ~h<<I1 I?r .~{?~ili~~cl i?~• L~~ndc•~• fii~t in ~~ayn~ent of an~ount~ ~~a~~ablc to ;
I.en~ier b~ Rorroo-er u~~der ~?a~:ngra~~l? 2 l~ereof. then to int~re:t ~~:~~•:~ble cm the \otc :inrl on ruture :1ch•n~?ces. if ;
csny, :ind thcu b thc ~~rinci~?at of th~ \Tote anci to th~~ ~n•incip:tl oi Fut~ir~ A~l~•nnccs. ii :~m~. ;
4. Charges; Liens. Borro~ver sh~ll ~?a~• .;ll taxe~. s~~e~~u?ents ;in~l other charKcs. fines arnl impositions attrib- ~
utaUle to the Propert•~~ ~r•hicl~ ma~• :~ttaiu u ~?riorit~ o~•er thi~ \[ort~:~~c. :in~1 ~roiin~l mnt~, it :?n~~, at I.ender's '
option in tl~c iuanne~• ~~rovided under ~?:tra~rn~~h 2 h~~rcof or Rorro~~•e~r ~nakinR ~i:?~•ment, ~~•hen ~iuc. dircetly to
the pnyce ti~ereof. I3orro~~•er ~hall ~,rou~~~th• furnisL to Len~i~r all »otice; of auiow~t~ ~lae ~~nder thi~ ~iarn~r~ph.
:ind in the c~•ent Rorro~~~er ~h111 wakc pn~ment directh•. Rorro~~•cr <h:?ll ~?rompth• furnisl~ to l.ender reccipt~ evi- :
dencing sucl~ ~?ayruCPts. Borro~~•er shall ~~rom{~tl~• ~lis~•h:ir~~~ :u~~• lie~~i ~~•hich ha< ~?riorit}~ over t,hi; ~Iort~a~e: pro-
~•ided, that. I3orm~~•er ~hall not hc re~~uirc~i to di~c~liar~;~• sm• ~n~•li licn ~o lonti a~ Rorro~~•er ~hall agrec in ~~•ritin~ to
the payn~ent of the ol~lig:ttion ~ecured b~~ .uch lien iu a nu~mi~•r ;i~~•c~itable to I.r~i~icr. or ~hall in ~oal faitL contest
such ficn I~v. or defcnd entorcenu•nt oi sucL licn i». le~al ~n•oceediu~~ ~~•hi~}i o~?erate to ~?re~•ent the enforcement of
the lien or forfeiture of tl~e i'ro~~erk~- or su~~ ~~art tliereof.
5. Hazard Insurance. Rorro~~•cr ~hall kec~? the iiu~n-o~-ein~nt~ i~o~r ~~xi•tin~ ur I?ercaftcr eree±e~l ou the Prop-
crf~• iusiu'cd against loss by fire, hazards incltideci ~vithin the tern~ "extended coverage", and si~ch other hazardc Rs
I.ender mn~~ mquire an~l in ~uch a~nonnt~ and for ~uch ~u~riori~ L~~niier ~ua}• rc~uire: pm~•iderl. that T.ernler shnll
not reryuirc th~t thc amount oi ~uch ~•o~•crage excec~i tliat ainount oC ~•o~-era~c rc~uired to pa~~ the ~um5 secured by
this \iortgage.
The insurnu~e c~arrier ~rro~•idiug tlie iusurauce ~hall l~e~ ~•hos~~n h~• Rorro~~•er ~ui?ject to ap~~ro~~al b~• Lender:
~~rovide~l, that such ap~iro~•al sh~ll not hc mn~easonal~lt• ~~•ithheld. :111 ~~remiums on insuranc~ ~~olicic< sl~al) be paid
at I.ender'~ option in thc roauner ~~rn~~i~le~l un~icr ;?aragr:i~~l~ 2 i~ci-coi or I~~~ Rorro~cer n~akin~; ~~:?~•ment. ~~~hen due,
~lirectly to the insumncc carrier. ,
:111 insurance ~~olicies an~t irne~~-:ll~ ii~ereol ~li;ill hr iis tiurn~ a~•r~•~~t:~hl~~ to I.~n~ler :uul ~hall in~lu~ic ~tanria?Yl
iuortgage clau~e in fa~•or nf au~! in forn? arce~~tal~li to I.~~n~l~~r. t.~~n~lc~r ~hall ha~-~~ tLi~ ri~;ht to hol~l thc ~~olicie~ and
renen•als t{~ereot, aud Borro~~•cr ~hall ~n•oiu{?th• f~n•ni~h t~~ L~•rnt~~r .?1! r~~ue~~:il notice~ auul all recei~~t~ of paid pre- ~
; iniums. ln the c~•ent oi la~s. Ron•o~~•er ~h:ilf ~;i~•~~ i>rom~~t noti~~~~ t~~ th~~ ins~u•an~•c carrier :?rni I.ender. and I.ender :
~ m~~~ makc ~~roof of lo~~ irnot ii~adc {~rom~~tl~• h~• Borro«-cr.
Unless I.en~ier ami Rorro~~•cr otlier«~i~c :i~rc•c~ in ~~-ritinr. ii~~ur:uu•~• ~rroc•ec~l~ ~lialf h~ a~~~+licd t~~ re~tor:?tion or :
! re~~si~• ~f the Yro~~c~rt~• ~laui;i~;c~i. ~,ro~~i~lc~~l :n~•li re~toi•:iti~~u ~n• r~•~~:~ir i~ ~~c•onoini~•alh• ic~:i:ihl~ :uul thc ~eci~rit~- of
~ thi~ \lortgage i~ ~iot tl~creb:- in~~~airc~l. If ~ucli r~stor:~tion m• re~~:iii- i~ not c~~•onomic:ilh• fe.~~il~lc or if thc ~ccirrit~-
g of this \Iortga~c ~~-oul~i h~ in~~~aire~l. thc~ in~in•an~~~• ~~ro~~eeKl••hall 1~~~ s{?~~lie~l to thc~ ~~tm~ sec~tre~l h~• tl~is ~Ioet~age.
~ «~itli the exces::. ii an}•. ~~~tirl to Rorro~~~er. If thc• I'ro~~~rt~~ i~ :~I~an~loi~c~l 1?}• 13ori•o~~•er or if Rorro~~•er fails to mspond -
to i,ender ~~-ithin 30 cia~-~ aiter notice h~• I.en~ler to Rorr~~~~~~r thst the in~in•an~~e can•ier off~r.> to ~ettlc cl:~im for
; insurunce Lenefit~. I:encier i~ aiuhorizec{ to collrc~t :~n~i :z~~~?h• tlu• imnr:?n~•~~ ~rro~~ced~ at ~.ender'~ oPtion either to =
~ ~•ectoration or re~riir of tLe Yropert}• ~ir to thc ~inu~ ~c~•ure~l 1?~• thi< \loi•t~a~~c~.
~ TJnless Len~ler .iml Rorro~~•cr otherici~c a~r~~ in ~~•ritin~;. an}• ~~u•I~ :i~~~~lic:ition ~?f in•o~ce~l~ to ~~rin~i~~al sl~al)
~ uot, extend or post~io~~e thc due ~tate ~~f th~• uronthl~~ installiu~mt~ r~•f~~rse~~l to in ~~ar.i~;rai~h= 1:?n~l ? hercoi or chnuRe
~ the amount of such inst~llment~.
~ I~ onder ~~aragruiil~ 18 hereot tlic !'ro~~c~rt~- i~ :?c~~uirc~i I.~•n~l~~r. :?II ri~ht. titlc~ :uul intere,t uf l~orro~rcr in •
:u~d to.~n~- in~in.~n~•e ~iolicie~ :en~l in :iuii to ti?~ r~rorce~l~ tl~~•r~~ot ~tc~ tli!~ ~~xtc~ni i?i tl~~• ~nu~~ ~~~~•in•c•~I h~• tiiic ~fort- #
~ ~.;age iiuwediatcl}• prior to ~i~cli ~:?I~~ ~n• :t~•c~ui~ifion~ rr-ultiu~, fr„n~ ~I:?~ua~~~• tu th~• 1'ro~>c~rt~• ~~ric~r t~? tl~c ~11c or ~
:~cyuisition ~l~all pa~• to I.encler.
~ 6. Preservation and Maintenance of Property; Leaseholds; Condominiums. Rorro~~•cr ~h:~ll kce{? thc 1'ro~~- _
~•rty in ~;oai re~~air a?n~l ~hall not ~~ennit or ~•on?mit ~~-aste. in?{~ai~7ucnt. ~?r ~leterioratiou of ti~~~ Yro},~rt~• and shall
~ c~om~?ly «~ith thc ~~ro~-icions of an}• Ir~sc. if thi~ \Ic~rtna~c• i~ ~ni I~~:~sc•1?ol~l. If tl?i~ \iortg~g~ i~ on s condominium
~ ~~nit, Rorro«~cr ~hafl ~~cr[orui sll of I3orro~rcr'~ ~ihli~ation~ ~~~;~tc•r f I~c~ ~Ic~~la~.~tion oi cor.~ton~inium or i~iastcr dce~i. ;
~ the I~y-l.nv~ an~l re~;ulations of tls~~ ~~on~lominitu?~ ~n~oj~~c•t a?~~l ~•on~tituc~nt ~locim~ent~.
~
-f 7. Protection of Lendei s Securiiy. If Borro~~-~~~• fail~ t~> >~i~rform tl~~ ~•m~~uanr~ ;uut :i~~re•c~uent~ eontxined in
thi5 \lortgage. m• if a»}• ac~tion or ~n•oc•~~•din~; i~ ~•onm?e•~ic•~•~l ~~~hi~•h iiiat<~ri:?11~• affe~t~ L~~n~l~~r'~ interest in the Yrop- ~
crty, incl~~din~;. hut not limite~l tu. en?iuent ~1oin:iin. in~ol~-em•~-. r~Hl~• ~•nfor~e~nent. or arr:u?~enients or ~?roceed- °
ings involving s I~ankrupt or decedent. then I.cu~ier .~t I.en~ier'~ o~~tiou. u~~on notice to Rorro~ver, may ~nake s~ch ;
e: appearances, ~lisburse sucli ~um~ suci take ~o~~l? .i~ti~~u :i~ i~ T?ece~~ar~• !o ~n-otect i.en~ler'. interest, including. but `
4 not limite~l to, disbursen?c~nt of rea~onalrle .ittornc~}'~ tec~ :u~~l cntr~• u~~on thc I'ro~?ert}• to makc repair~. Any =
~rv amounts ~lisburse~l in~ Le~tder ~nn•~uant to thi~ E~aragra!?I~ 7. ~~~itli intere~t thcreon. ~fiall 13econ~c :td~litional indebt-
a~~
~ e~ine~s of F3orro~~~er ~ecarerl h~• this \[ort~u~e. ilnte~s Borro~~~~r sn~i I.en~l~r ugree to otl?er term~ oi ~?ayment, such
:unounts sh~ill he payable upon notice from L~~n~ler to Rorro~~~~~r rc~r~ne:tin~; ~~zyment thercof. an~l shalt hcar inter- ~
~ est frotn the d~te of ~lisbi~r~e~nent at thc rate ~ta?te~l iu the \ot~~ u~~le<~ ~~.~~~iuent of interest :it s~~ch rate ~rottld be s•
~ contrnry to ap~~lical~le I~~~-, in ~~~hich e~~ent ~uch :unoi~nt~ ~iiali l~c:~r inter~~~t at thc l~ighe~t ~.nte ~~ermissiblc 1>`• ~
~ applicable I.i~ti•. \othing ~~ontainc~l in thi~ ~,arcigra~~li 7-li:~ll re~~uirc~ I.c~nder to in~nr am• ex~~ensc or do am• act
hereunder. ~
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