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Home My WebLink About2604 . ' , insured or K~uiritntc~~d I~~~ :i I~e~it•~•ul ur :t:it~~ :s~~~n~•~• iiu~•lu~iiuk: Lc•iul~~r ii L~•u~l~~r i. •u~•li .i~i iustitutiu~i~. L~~n~lcr ;hell upply thc~ Fum1~ tu ~ui~l taxc~~. :i~~c•~~iu~~nt~, in~uruir~• I?r~•n~iun~• :uul ~r~~un~l rrnt•. L~~n~i~r ~1u?11 muke no chatge for so 1?o1~1in~; ian~l :?~q~h~in~; thc~ I~uu~i~ ~~r ~-~~rif~•i~i~; :u?~1 ~•uin~,iliu~; ~:~iil :~~~~~~.n?i~nt. :uul !?ill~. liorro~ver an~l 1.~•nd~~r n~a~~ uKrc~~ in ~vritin~; ut th~~ ti~u~~ ot ~•x~~~•utirn~ ~?t tbi• \I~,rtku~;~~ th:~t int~•m.l ih~• N'~in~i• •hull !x~ ~?~~i~l 1~? liormH~cr, :tnd unl~K., ~u~l~ ,~~rec~n~~~?t i• ma~1~•, L~~u~l~•r ~h:~ll uot I~r IYV~IIIIYYI ~O ~~t~~• Rorro~~•~~r r~n~~ interc•.t on th~• Hun~ls. I.ender sl~nll ~i~•r to Rorrm~~err. ~vitliout ~~I~:?r~~~. :~n ,u~nu,~) a~~•„untin~; of th~• Fun~1~ •ho~~•in~? ~rcdit• nn~l ~lebits to the Funcls:i~id the~ ~~ur~~use for ~~•liich rai•h ~l~hit to thr F~wdc ~~•ns n~adc. 'Che Fund~ ~ire ~?lcvl~;~x1 as addi- tional security for the sunis se~umd by thi~ ~1ortK~~~;~. If the au~ount o~ the Fund: hetd I,y l.cnder, to~;cthe?• ~~•itl~ tlie fut~~r~• ~urnikhl~• in:tailln~ent. of Funds pa~•able ~>rior to t1~e duc dntes of t~?xr.,. a•sessmcnf~. insur:~nre ~?ren~iiun~ :u~~i {;rouud rents. ~hi?11 exececi the a?n~oi~nt re- ~~~iired to pay said t:ixes, asse:sn~ents, insurnncc ~?miui~un:.ind ~rourni rents as tl~cy fnll ~1uc, ~ucL excess sh~?il be, :~t Rorro~eer's o~ition. either ~?ro~2~pti~' re~?~id to 13orro~~•er or ~•~rdit~~l to I3orro~cer on monthl~• installments of I~unds. If the Amount of tl~c run~is held h~• 1,ender shzil not hc ~utfi~•i~~nt to ~~a~~~ t:~xes. a~e~vi~Fnts, in~ur:?ncc pre- u~iums nncl grouml rent~ .•is the~~ fnll ~luc. Rorro~~~er •hnll ~~s~~ to Lcnrlcr :a~~• amount neces.~ur~~ to n~:~ke up the ~Ieficiency ~vithin tl~irt~• ~iav~ atter noticc from I.endcr to Rorm~~•cr ~rqucstin~ payn~ent thercof. Upon ~~ayment in full of all ~um. securcvl b~• this \lort~a~e. I.en~l~r ~hall ~~rom~~th• refurni to Rorrower ~m- F~u~ds held by I.ender. If under ~~ara~rnPh l8 hcreof thc Yropert~• is tiol~l or the Yroperl.v i. otl~er~~•isc acq~~irnd hv i:ender, I.ender •hnll ap~?ly, no later tha~i immalinteh• ~~rior to thc~ ~ale of tlu• Nrop~~rt~• or it: :~~~qui~itiou 1?}• L~u~tcr. an}~ Funds ?~eld b~~ I.ender at thc timc of ,~~~plication ;i• c~r~viit .i}~uin~t tlir ~~un~ ~i~c•w~cvl I?~• thi~ ~tort#;n~c. 3. ApplicaGon of Payments, iTnle~. ap~?licnhlc~ lA\\' ~IIYI\'N~t~.~ otl~er~~•i•~•. .all ~?:~~•~nent~ re~~ei~•ecl I~y I.ender uuder thc \ote au~d ~?arn~r.~~~hs 1 aml 2 h~reot ,luall I?e .~~~~ilicvl L~• L~~n~i~•r fi~~t in ~~a}~ni~nt ~?f :in~ount~ ~?n~~able to I.ender hy Rorro«•er under ~?nrn~ra~?li 2 liercof, thcn tc? int~~rr~t ~~;~~•;~hir on tl~e \ot~• .uul ~?n I~utiirc~ :1~1vzu~cec, if :u~y, xnd tl~en to the ~irinci~~al of the \•ote an~i to thc• ~?rin~•i~~al oi Futurc~ _1~I~•nn~c•. ii an~~. 4. Charges: Liens. Rorro~ver shall pn~~ all taxe.. ,~~•~,~m~~nt~ :uul other rh:?r~e;. fine. 1n~1 iroposit.ion~ ~ttrib- utable to the Pro~~ert.~~ ~~~hicl~ ~nn}~ :~ttain :i ~~riorit~~ o~~cr thi~ \[ort~a~~c. :in~i ~;rotm~l rents, if am•. nt I.ender's opt.ion iu the n~auner ~?roviciecl w~der ~?,ua~ru~?h 2 lierco( or 1,}• Rorro~~•er ~uakin~; ~r.i~•mcnt. ~~~hen ~luc. directlv to the pnyee thereof. Rorro«•~ r~hall ~u•om~?tl~• i'urni~h to I.c~ndc~r :~l) noti~~e: ~f an~o~~i~t~ ~~ue ~iud~r this para~raph, :u~d in tl~e event Rorro~?•er ~I~:ill ~n,tke ~?;~~~mcnt ~li?•c~~th•. Rorro~?•er ~lr~il ~?rompth• furni~h ta l.ender receipts evi- ~lencing such payments. Borro?~•er ~ieall ~~rom~~tlt• rli~~lr.u•~~• :~~i}• licn ~~~1?i~h ha~ ~~riorit~~ or~r thi~ \Iort~a~e: pra- videc~, that, Borro~~-cr shall not hc rc~~uircYl to ~li~~iuu•~c~ :iu~• ~u~~h li~n ~o lou~ a~ Rorm~~•~r ~hnl! a~r~c in ~vritin~ to the pnyment of the obligation .ecurecl h~• •uch lien in a mann~~r ac~•e~?t,~hle to Lc•n~lc~r, or ,hRll ii~ ~;oa1 f~ith contest ~uch lien 1?y, or defend enforcenx~nt of ~ucli licn iu, le~;:?! ~n~~~~ec~iii~~~ «•1?icl~ o~?cr:ite~ to ~~re~•ent the enforcement of the lien or forieitnre of th~ 1'ropert~• a~• .~m- ~?art thereof. 5. Hazard Insu~ance. Borro~~-cr ~h:tll kce~~ thc im~~i•o~•r~iient~ n~~~~ ~xi~fiii~; ~r liernaftcr crec!e~i on the Pro~~- ~•rt~• iiis~urd a~ain~t, los: 1,~~ fire, h.izards includeci ~vithin the teriu "extended cover~ge", an~1 such othcr liazards ~s I.ender ~ua~• require an~i in ~ucli :?inotmtc .uui for suc•I? ~~erial~ L~•n~icr ~na~}• requirc: ~im~~i~IcYl. th~t i.en~icr chall not require that the zmo~mt. of such ~o~•crag~• ~xcee~i th;it .unoant oi co~~era~e require~i to ~i~ty the ~ums secured bti~ r his ~iortga~e. • The insurance ~urrier ~~ro~~idiu~ the im~n~an~e shall I~~~ ~ho~c•n h~• Borro~~•er ~ul,ject b a~~pro~~~l h~• i.ender: ~~ru~•i~le~l, that such appmval sl~all not be unreason~bh- ~~-itLhcld. :11! premiums on insurance ~~olicie. ~hall he paid at I.ender's o~~tion in thc n~anner ~~ro~•icie~l i~udc~• ~?,lra~~:?~~li her~of or Rorro~~•er iuakin~; ~m}~~nent. ~vhen ciue. ~lirectly to the insuranc~ carrier. All inst~ran~c ~?oli~ie~ :in~i r~•nc~~:~l: tLcrcot ~L:?II !x• in inr~u :~~~~•~~~,t,ihlc tu L~•n~l~~r au~l ~luill ii~~•lu~l~~ ci ,tanrlai•~1 ~~wrt~age ~lau~~ in fa~•or of an~l in form ,ie~~e~~t:?1?le to I.~~n~lc~r. I.~~n~ler ~le~ll lis~-c~ tl~e ri~ht to hol~i tlie ~~olieie• .~nd renewal~ thereof, aud Borrow•er ~h:ill ~~roni~~tl~• furni~li t~~ I.~~n~ic~r all rcn~~~-al noti~~~: :tn~i all receipts of p~id pre- n~iwuc. In the e~~ent oC lo~s. Rurro~~~cr •halt ~i~•c ~?rom~~t ~~oti~•c~ tn th~• in•~u•3n~~~ ~•arri~~r an~! I.endcr. and T,ender n~a~~ ~nakc ~~roof of lo~. if not u~adc~ prom~~tl~• t?~• Borro~ser. Unless I.en~Ier sn~) Rorro«•er otl~ern•ise s~mc in ~~•ritin~;. iu~tu:in~•c• ~n-o~ecd~ ~liall hc a~~~~lic~l t~? r~~torat.ion or re~~air of ilie Yro~~rrt~• ~1:~n?:~~;e~i. ~n•o~-i~le~l :u~•h re:tor:iti~n~ ~?r r~y~air i~ ~~~•onon~i~slh- f~•,i~ihlc~ un~i thc ~ecm•it~~ ~f this \Iortg,?~e i• uot tLcrch~- im~~aire~i. If ~i~cli restoration ~~r re~iair i~ uot e~onomic:illt• feasible or if the ~c~urit~• ~~f this ~tortga~;e ~coul~i hc~ im~~ciired. tl~e in:nrance ~~ro~~ee~l~ ~h:ill h~• a~?Filial to th~~ si~~n~ ~erured 1,~~ thi~ \fort~nge. , ~~~ith t.l?e exce~•, if :ui~•. E~zi~l to Borro~~•er. If the 1'ro~?eri~• i~ al~,u~~luiie~i 1~~- Rorroa•e•r ur if Borro~rer fail~ to respon~l ~ to I.enrier ~cithin 30 ~la~•s sfter »oti~c~ }n- Lencler to Rorro~r~•r tL.it tli~ in-iu:~ncc carrier ~f~er• to ~eftle a claim for i?~surauce !?enefit<. Lendcr i: :tnlhoriz~~~1 to ~•ollc~•i .su~i :t~?~?1~- tlu~ i~i•uran~~~~ ~~rortr~•<1~ at i.endcr': o~~tion either fo ~-estoration or rep.?ir of ti~e }'ro~~crt~~ ~ir t~? thc s~su~s ~eeuretl In~ tLi~ \lortga~c~. Unless I.ender :?n~i 13orro~ser ot.her~~•i•e a~ira iu w•ritin~. :i~i~• ~u~li .t~~~~li~~:ition of ~n•occeds to princi~~~l sliall not extend or posE~~one the ~iue ~late oi il~e montl~i~• in~talhm•nt~ reierre~i to in ~?aranra~~ii, 1 and `l hereof or chan~e ~ r he amount of suci~ instullment~. ~ i If tu~~er ~?ar:i~raE~l? 18 hercot tlic I'i•oi~~rl}• i~ :u~c~uireri l~~• I.~~n~l~~r. .?11 ri~l~t. title~ :ui~l interest of Rorm«~er iri ~ind to an}- in~uran~c ~iolicie, an~l in :i~ul fo th~~ 1~r~~i~cc~~: th~~r~~~~f ~t~? thi~ ~•xt~mt of tl~~• ~i~~n: .cr~~r,vl h~- thi~ \lort- ~,,ege imn?e~liatel~• ~~rior tn ~uci~ ~.~1c• ~~r :ie~ui~ition~ r~~~ultin~ fr~mi ~la~~rie~ tu th~• 1'r~,~?~~rt~• ~~rim• t~i thc ~;tle or ~ :;c~~aisition shall ~~a~• to I,en~icr. 6. Preservation and Maintenance of Properiy; Leaseholds: Condominiums. i~orro~~~cr ~liall kce~~ thc Yro{~- =~rty in ~;oixl repair au~l ~hall not ~~ertnit or ~•ouunit ~~•a~te. iin~~:?irinent. vr ~Ic•t~~rioration ~~t tlic• Yro~~ert~~ :ind shall _ ~•omply ~r•ith thc ~~ro~•isions ot" :in~• lca~~•. iC thi~ \lurt~ag~• i~ ~m :i l~~a~c•lu?l~l. Ii tf~i~ \Iort~sgc• i~ on a condon~inium ` ~uiit, Borro~~~cr ~hall {,criorn~ all of Rorr~~~~-~~r'~ ohli~atioir ~~n~i~•r tlu~ ~I~~~laraticm of con~lon~inimn or ~naster dced. _ ~hc I~y-1.«r~ an~i rc~ulation• oi th~• ron~loininiuin ~?rojc~•t :~n~i ~•on~tituc~it ~for•iunent~. 7. Protection of Lender's Security. If Rorroti~~er iaiL t~~ ~~~~~tiorn~ tlu~ ~•o~~c~ncuit~ ;in~l :irrcenient~ contained in ~his ~Iort~ag~~. m• if am• a~•tion ur ~?ro~~e~~~liu~; i~ ronnucn~~e~1 «-hi~•1? iuaterialh• at~~~rt~ L~~~ulcr'~ interest in the Yrop- ~ ~~rty, in~ludin~!. hl~t not limitc~~l to. i~~ni?~ent doiu:iin. imol~-~•n~•~-. ro,l~~ ~~nf~~r~c~~nent. ~n~ :u•raiigements or ~iroceed- ~ - ings ii~~•olvin~; u hankru~~t or itecc•~(~mt. thri? Lc•n~ier at l.~•ncie•r'~ o~~tion. ~i~~on noti~•c• to liorro~~•er. m~v ~nake such ::~~~?earance~, ~li~hur~e sucl~ •um~ sm) take ~url~ .u•tirn~ i~ u~~~•«<ar~- to ~~rot~~ct I.~ncier'• interesf. inclnding. but not limite~i tv. ~ii~l~ursem~nt of rc:i~onalrl~~ attorne~•'. f~~~.~ :uul ~~ntr~• u~ion thc 1'r~~?cri~• t~ ~uark~ repnir=. :1n~• ;~niow~tc ~lisbursed f?~• I.endcr ~~ursuant to thi~ 2r.ir:?~ra~~li 7. «•itl~ int~r~~~t thc•rcon. ~liall I~c~oiuc a~l~litiona) imlebt- ~ ~~~iness c~f Borm~~•cr ~ecured I~~- thi~ ~Iort~a~;c. i':il~~~~ Rorrvm~cr anrl I,~~n~1~r :igrce to othc•r term~ of ~~a~~ment. such 4, - ~?motmt~ •hall hc~ pa~•shle u{~rn; noti~~ trom L~~n~ler to Rorro~~•c~r r~~c~u~•~tin~; ~?a~~ment tl~ereof. <<n~i ~hall h~ar inter- t ~~st. from the clatc of ~lislniren~ent at tl~r rat~~ ~t:~t~~~i iu the \ot~~ unlc~~~ ~~,«~~i~cnt of intcrest at. ~ucL rnte «ould be ~ ~•untrary to a~~~~licaf;lc la~~-. ii~ ~~•hinc ~~•cut ~n~•l~ :unount~ ~I~all !~c~:u• intcrc~t :~t ihi~ lii~hc~t ~:~tc ~~crmissiblc b~• ;~pplicable la~v. \othing ~•ontaine~i in thi~ ~~sr.~~*rapl~ 7.ii:;ll re~piir~~ I.~~~i~~er t~~ incnr~,;ui~• es~~ence or do any ~et ~ l~ereunder. ~ ~ ~ 6~~238 ~2598 = ; ~ ~ ~ . ~ r ~ i ~ '.~~~:H~ ~ - ; - m - rr ~'E T _ _ _ ..a %=-~.a~ . ~ '~`~.~'u~..~