HomeMy WebLinkAbout2983 insurecl a• guArAnteeci I,y n Federatl or .ti~tc i~~;enc~~ ~ in~•lu~lii~~; L~m~l~~r ii L~•~ulcr i. .?icli :ui iu~titution?. I.ender
~hall apply the Fun~ls to ~?ay ~ui~i taxe,, usse~;inent., insw•uw•~~ ~?re~uium. :in~l ~;rouml mnt~. I.cnder sliall ~uake no
ci~arge for so huldin~ and :?~?~?lyin~; the Fi~nds or ~•erif~•iii~; :uul ~•oni~~ilii~~; ,:?i~i .~~.•~~~.,mcut~ iuu! bilh. Borro~t•er and
Lender muy agree in writinK at the tiiur of ex~•~•ution oi thi~ ~lort~;a{;~• tlu~t intere.t cm thc~ Fun~1~ ~l~ull Ix~ pai~l to
I3orro~~•er, and unlcc. such nKmemm~t i~ n~ade, L~~micr ~huil nc,t i,~, 1'(Y~IUIYN) ~U ~)StY Rurro«•~v :~n~ intcrost on thc•
Funds. I.ender shall ~i~•c to Borro~ver, ~~~ithout ~har~?c~, un :tntnuii a~~~•rn~ntin~ of the F~nuls sho~~•in~? ~redits nnd
debits to the Funds und the purpose for ~~hich ench ~iebit to tlic F~~nds ~~~as made. The Fundc ;ire pled~ed nc nddi-
tional security for the sums secumci I~y thi~ \tort~:i~e.
If the nmount o[ the Fund~ lield l,~• I.ender, ta~etlicr ~~•itl~ tlic fulurc~ ~naithh• inst;illu~enh of Funds payable
prior to the due dntes of tttxes, assessn~ents, insur.tn~~c ~?~rmiun?s ;ind ~;roun~i rents, ~hafl cxcee~i ti?e amount re- .
quirecl to pay said taxes, :issessii~ents, insurance ~?re~niums :in~l ~round rents as tLet• fnll ~h~c, sucli excess shall be,
at Rorro~ver's option, either pmn~ptit~ re~~aid to Rorro~~•er or rrc~liteci to Borro~~•ei• on nionthh• instnllment~s of
Funds. If the amount of the Funds held I?~~ I.ender sliall not he sufTicient to ~~a~~ ta~xe~, usse~~~uents, insurance pre-
miums and grotmcl rents as the~~ fnll due, I3orro~~~er sl~nll ~?a~~ to I.ei~der .un• au~oi~nt nccessary to make up thc
deficiency ~vithin thirt~~ ~iay. attcr »otice from I.endcr to Borro~~•cr requcstin~ ~r.~yment thercof.
Upon payment in full of all su~ti~~ .ecured b~• this \lort~fl~c, Len~lei• shall ~?ro~nptl~• refund to Borro~ver :~n~•
Funds held liv I.ender.
If imder ~~nrn~rn~~h 18 hereof tl~e Yropcrt,~~ is solci or tl~c Yropert,r is otl~er~~•ise acquircci b}• I.ender, i.ender
•httll npply, no later thau immeciintcl~~ ~~rior to th~~ ~ai~ a~ th~~ 1'ro~?~~rt}• or it~ a~•qui~ition b~~ T.en~ler. an~• Ftmd~
held by Lender ai tlie time ot .ipplication a~ a~~rc~lit u~uin~t thc~ •iun• •~~~•urc~i by thi~ ~tortRa~e.
3. Applicniion of Paymenfs. Unics~ a~~?~~lieablc la~~~ ~uY~~-irle~ othe~~~~i~e. :ill ~~ayment~ mcei~~eci bv Lender
unrier tl?e ~Tote und para~rnph~ 1 and 2 heirof ~h:~ll bc~ :i~~~?li~vt 1?~~ I.en~l~~r fir~t iu ~i:~}~n?cnt of :a~uount~ ~~aynblc to
i.ender by Borro~~•er under ~?ara~rapi~ 2 Lcrcof. tl?en to int~~r~~~t ~~:i~~zihl~ ou th~ \otc~ :~ml on Futurc A~lvni~ces, if
:u~y, aud then to thc ~~rincip:tl of thr \Tote und to th~ ~?rin~•i~?:il oi i~utur~ a~l~-:~nce~. if :uir.
4. Charges; Liens. Bortower sh:?11 p:t~• a~ll taxe~, asse~~ment~ ;in~l othcr ehar~c:, fine~ an~! im~~ositions attrih-
utuUlc to thc Property ~vhicl~ mny :ittain a ~rriorit~~ o~~cr tl?i< ~IortGu~r, and {;ro~m~l rents, if anv, at. T.ender's
option in the manner ~rro~~ided ~u~der paragra~~h 2 hcrcof or I~~• Rorro«•~r ~uzkinr ~?u}~n~ent. ~~•hen due. ~lirectlv to
the payec thercof. Aorm~~•cr ~Lall ~~roni~rth• fnrnisl? to L~~ndc~r :~11 nMic~~; ot :uuount: ~iuc iind~r this pnrn~raph. ~
and in the e~•ent I3orm«•ec ~hall make pay~nent ~lirectir. Rorro~~•~~r <h;~ll ~n•ou~~~tl}• furi~i~l~ to I.ender receipts evi-
dencing sttch payments. Aorro~rer ~hnll ~n~o~u~~tl~• ~li~c•luu•~;c :u~~• licu ~~•hi~h ha~ ~?riorit~~ o~~cr thi~ \(ort~age: pm- ~
vic~ecl, thnt. Borro~~•er shall not he rec~uircvl to ~iis~L:u•~;~• :~u~• •~i~li li~u ~o lon~; a~ Rorra~cer ~hall agrcc in ~Yritin~ to `
the pn_yment of the obli~ation secure~l 1?~- sucl~ licn in a n~ann~r scee~?t:ihle to L~~n~i~r. or shall iu ~oal f~ith contest
such lien hy, or defend enforcement of ~u~h licn ii~, Ie~al ~n•oc•cc~iin~~. ~~•I~i~h o~?c~:ntc~ to ~~re~~ent. the enforcement of
the lien or forfeiturc of the 1'ropcrty or am~ ~?art tLereoi.
S. Hazard Insurance. Borro«cr ~hall kec~~ thc im~~ro~•~~in~ni~ no~~~ exi,tin!„ ur I~emafter erc~ted on the Prop- ~
crt~~ insure~l against loss hy fire, hazards includeci ~vit.hin the tei•~u "cxtencie~l coverage", ami sttch other liaz:ird~ ac ~
I.ender m:~~~ requirr. aud in •ucli sn~o:mt~ and for ~n~h ~~c~rio~i~ 1.~•u~i~r m:?~• require: pro~•i~l~~ri. tl~at i.en~ler shall !
not require tl~.1t the an~oi~nt of sach co~•cra~;e excecrl tl~;~t an~ount of ~•o~•era~e re~~nired to pa~• the si~ms seci~red b~~ '
this 17ortgage.
The insurance c~rrier ~~rovidin~ tl~c in~in•auce ~l~all I~r ~~ho:c•n 1?~~ Rorro~~•er ~nhjeet to ap~~i•o~~al h}• i.ender:
~n•o~~ide~l, that suci~ tipprovai shall not hc unreasonnbli• ~~•ithl~cld. Al! premiums on insurance policics cl~ali bc paid
zt I.ender's option in thc ~nanner ~n•o~~i~le~l ~n~~icr ~?ar.z~r:i~?li 2 h~~~rof or h~• Rorro~~•er ~uakin!; ~~a~~ment, ~vhen due,
directly to tl~e insurance carrier.
All insursnce ~?olicie~ a~nd rene~~•:il~ th~~reof ~li:?ll I~~~ in tori:i :u•~•~~~~h~hl~= to L~•n~lci• :in~l ~hail incl~~de~ :i ~tarnla~Y1
; ~nort~age c•lau~e in f:~~~a• of an~i in forn~ ac~e~~tal?l~ to Len~1~•r. l.~•n~l~v ~ha]1 h~~•~~ th~ ri#;ht to holil thc ~~oli~ie~ aud
~ rene~~~als thereof, and Borro~~-er ~h:ill ~n•o~u~?th• furni~L to Lenri~~r all reni~~-.il notice. anrl all recei{~ts of ~faid pre-
~ niituns. In fh~e~ent ot lo~~. Borro~~•er ~hal1 ri~•c j~ro~nE~t nnfi~e~ tn thc iinnra~u~~• carrier a~ul T.ender. and i.ender
~ ~~i~ay iuake {?roof of lo~~ if not madc proiuE~th- i?~• Rorro~~•cr.
; Unless T.emler au~l Rorro«•er otlien~•im u~t•c~ i~~ ~~•ritin~~. 6n~~ii;u~~•~• ~~roe•ced~ ~hal) he aj~~~lied tu restorntion or
` re~iair of tlic~ I'ro~?ert}• ~I:ui?:i~;c~1. ~n•o~-iil~~~i ~iu~li tr~tor:eti~~n nr r~~~~:?ir i: ~~~•c?n~nii:~•:ilh• fc~a~ihl~• :u~c1 thc ~c~»rit}• of ?
this ~[ortg:sge is not tl~ereh~- im~~aim~l. If ~ucl~ restor.itiou ~n• m~~.iir i~ »ot c~r~momicalh- fe:isii?le or if the ~ecurit~ _
; of this \Iort~;age ~~•oul~l h~ im~?aire~(. tli~~ in~uranc~c ~?ro~~ee~l• ~L.ill in~ :i~i~~lie~l to thc •um~ ~e~ure~l l,t- tl~i~ \Iortgage. 3
i t~•ith the excess, if au~-, pai~l to 13orro~~•cr. If the Y~•o~?crl~- i: ;il~an~lor~~~l h~- I3orro~~•~r or if Korro~~~cr fails to respond
~ to T.encler ~~~ithin 30 da~•• :sfter notiec~ h}• I.en~ler to Borro~~•~•r t~,:~t thr in~nra~~~•c• r:u•rir_r o(ier.: to ~ettlr ~lain~ for
~ insurnncc licnefit~, Lei~der i~ authorized to ~•ollc~~•t :in~i ;y~~d}- tlu~ is?~uran~•~~ ~~r~?r~•c~l~ :~t I.en~ier'~ o~~tioii either to
r restor:ition or rep:?ir of the Yro~m.rt~• or to thc ~~un: sernrc~i h~• tlii~ \I~~rt~ag~•. ~
~ Unless Lender .uul Rorro~~•cr ot.hcr«•i~c~ :?~r~•r in ~~~rifif~~. au~• -u~•L al>~~li~:?tion of ~~ro~•e~ed: to ~n•in~ipal ~hall
uot exfenci or ~iost~~one tl~e <luc ~iatc ~f tlu• ii~ontlil~- in~taEl~~u~nt~ ~rf~rral to in ~?;ira~r:i~~h~ 1:u~d 2 hcreof or chan~e
the amount of si~ch installment~.
If under ~~aragra~ih 18 liereof tlu~ f'ro~~rrt}- i~ a~~~iiir~~~i I.c~~ul~~~•. all right. titl~~ :uirl interc~t ~~f Rorro~~•er in
:ind to an}• in~in•:uu~~~ ~iolicie:.uul in .ui~l fo th~~ ~?c~x~e~~l~ tl~i•r~~uf ~t~? tl~~• ~~xt~~nt i~i iL~~ :~ni~~ :e~•tn•c•~I h~• thi~ ~I~rt-
~ ~uge iiuuiediatel~' ~?rior to ~ncli ~al~~ or cu•c~ui~itirni~ r~~,iiltiu~, tr~~iu ~l:~n~:i~s~~ to th~• I'ro~?~~rt~• ~?rin~• t~~ tl~e ~ale or ~
:~c~uisition shall ~~as~ to 1.en~tcr.
~ 6. Preservation and Maintenance of Property; Leaseholds; Condominiums. Iiorro~rcr ~)i;ill kce~? thc Yrop-
; erty in Roc;cl re~~air :~u~l shali not ~~erniit or ~•o~nn~it «~:i~tc~. iniir.iirine~nt. ~n• ~iet~~rioi•ation ot th~~ Yro~?e~rt~• :~nd sha~l
" comply ~~•itL thc ~iro~-isiot~~ of :~m- lc.?~c. if thi~ ~Irn•tn.~fi~• i~ u~~ l~~a~c~hol~l. If tl~i~ \Iort~a~;e i~ on ~nndominium
~ iu~it, Borro~~•er ~hall ~~erforu~ all of Bon•o~cer': oh!:~;ation~ nrnl~•r tl~c~ ~I~~rlarati~m of ~+on~lon~ininn~ os• master deed.
~ the !,y-la~cs .~n~i refiulation~ of tlu• condo~ni ~=:~ni jn•oji•~•t :u~~l ~•omtituenf rloc»mei~t~-
y
_ 7. Protection of Lendei s$ecurity. If Rorro~~•~r f.iil~ t~~ ~~e~rform th~• ~~o~•cv?:iz~t~ an~l :~~rc~~n~ents contained in
_ this ~Iortgage. or if an~' actioo or ~~rocecdin~; i~ ~~onuneiu•c~~l ~~~hi~l~ ~uateriall~- affeet~ Le~u~ler:: interest, in the Prop-
~ ett,y, inclu~ling, but not lin~ited to. cu~incnt ~(o~uain. in~oi~•~~u~•~•. ~~al~~ ~~nforccmc~ut. or arrau~e~nc~nt~ or ~~roceed-
~ ingc invol~~ing a bank*!ipt or ~lece.~clent. tlien I.en~ler .it I.c~n~ler'~ o~~ti~?n. u~?on notirc to 13orro~~•er. m:tv ~nuke such
:ippear:tnces, ~lisl~urse sucli ~~nu~ ;u~d t:tke ~ucli aclio~i a~ i~ ne~c~~~ar}~ to ~u•otect Len~ler'~ interes+, ir..^,luding. but
~ not limited to, disbur~em~nt of masonul?Ic attorne~•'~ ~ee~ an~l entr~• jq~on thc Yro~~eri}• to makc repair. Any ~
~ amounts ~lisln~rse~( 1?y 1.ender ~nu-suant to thi~ ~+:u•agra{~li 7. ~~-itli interr~t thereou. ~liall I?c~omc :~d~iition~l indebt- ~
> edne~s of Borro~cer ~ccure~l 1?~~ thi~ ~tortga~;c. ilnle~s Rorro~~~cr :~n~i t.en~ier agrec to other term~ of ~~ayment, such ~
.unounts shull he pa~~able upou notice fron~ Lcn~lc~r to Rorro~~-e~r r~~~~u~~~tiu~; ~~avment thcrcof, an~i ~hall bc3r inter-
est from tl?c datc o[ di~himeu~ent at tl~c ratc ~tatc~l in the ~ot~~ iuiic~~ ~~:~~~~uent of interest at. such rate ~~•otilci be
` contrar~ to applicable la~~•, in a•i~ich c~•ent ~u~~li .uuou~~t~ ~I~:~ll l~e:ir intere~t ,~f thc hi~he~t t:~te ~?ermissible l~~•
~ applicable la~v. ~ot.hing containe~i in thi~ ~~arci~i;~Iih 7~f:all re~~~iirc J.ender to incm• am• ~~x~?ense or do :~n~• act
~ i
hereunder.
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