HomeMy WebLinkAbout1054 insureci or guarantecd by n Fcxlen~l or st:~tc:~kency ~im•hi~liu~; Len~ler ii Itn~ler i. >u~•l~ :?n iustitutionl. Lender
shall apply the Funds to pay said taxes, ussevn~ent~, insuranrc• ~~n u~iums an~t ~rouu~i ~rnts. l.ender ~hnll make no
charge for so holding and ap~~lying the ~~ncls or ~~erifvin~ anil canpiliug said i?ssc~n~ent~ .1nd bills. Borrower and
I.ender may apjreQ in ~vriting at the ti~ne af execution of this \lort~nKe that intete.t on thc Fut~ds shail he paid to
Borrow~er, and unic~ si~ch a~reement is ~naclc, i.cndcr ~hnll not. I~e mquircYl to pnr I3orron•er nny interest on thc
Funds. I.ender shall gi~•e to Aorrower, ~vithout chnrge, nn annunl uccoimtin~ of thc Funds showin~ crndit~ and
debit8 to the Funda nnd the purpose for whicl~ cach dehit to the ~~nds wns made. The F~mds nre pleclgcYi as nddi-
tional seourity for the sums securecl by this \iortga~;e.
If the amount of the Fundsheld by I.ender, togetl?er ~vitl~ thc futum munthly inst~llments of Fimds payable
prior to the due dates ot taxes, ~csessments, insurnncc ~iremi~nns und ground rents, shall e~ceecl thc amount re-
quired to pay said taxc~~ assess~uents, insurnnce ~~reniiums and ~round rents as they fall due, such excess shall be,
at Rormn?er's opt.ion, either promptly repaid to Aorro~~•er or crcYlitecl to Borrower on monthly institilments of
Funds. If the Amount oi the ~nds held l~v I.ender shall not i~c cufficicnt to pay tnxes, assc.ssments, insurance pre-
miuaas And ground rents as they falt ~luc, Borrower shall ~~u~• to I.ender any a~nount necessury to make tip the
de6ciency ~vithin thirty days nftcr notice trom t.ender to Borro~~er reqi~esting payment thereof.
Upon ~~ayment in full of all sunis securc~l by this \Iortgage, I.encier shnll promptly retund to Borrower an~
Funds held by I.ender. .
If under paragraph l8 hereof thc Property is sold or the Property is othenvise ncquitcYl by I.ender, I.ender
~hall apply, no later tl~nn inunediately prior to the snic of the Properh~ or its ncquicition i?v i.ender, any Funds
held by I.ender at the time of npplication ns A o~~edit uRAinct the ~ums sccu~~eci by t6i~ \4ort~a~e.
3. Application of Paymeats. Unless applicAble ln~~• pro~~ides other~vise, all puy~nents receivecl by Lender
under the l~ote and pni~agraplis 1 and 2 l~~reof ~l?all l~c :~pplial h~• T.cndcr fi~t in pa,yment of nmounts payable to
Lender by Borrower ~u~der pnrugraph 2 Lcreof, thcn to intcrest ~?aynble on thc Notc and on Futurc Advances, if
any, and then to the principal of the i~iote nnd to tl~c »rincip:~l of Fi~ti~m Ad~•ances, if ~?ny.
4. Charges; Liens. Borrower sLall pa~ ull taxe~, ;i~~essments nml other chnr~es, fines Anci impositions ntttib-
utable to the Property which may :ttittin a priocity over this \iortgage, nnd ~round ren~, if any, at I.ender's
option in the mnnner provideci under puragrapL 2 l~ereof or h~ Rorro~ver ~naking ~~ayment., ~vhen due, directly to
the payee ihereoi. Borro~~cr si~nil ~~rompti~ funus{~ io I.encicr aii noiicc,~ oi amounis ~iuc ~uuier li~is ~~arugra{~L,
and in the event Borro~ver shall make payinent directl~ , Rorro~~•cr sl~all pmmptl~ fnrnisl~ to I.ender receipts evi-
dencing such payments. Aorro~ver ~hal) ~iromptly dischaigc ai~~ lic» ~vhich has priorit.y ovcr this \fortgAge; pro-
vided, that Borrower shall not be requimd to ~ischurrc :?n~• sucl? licn so long as Borro~~er c1~a11 sgree in writing to
the payment of the obligation secured by sucl~ licn in a~nanner ncceptable to I,ender, or shall in good fAith contest
such lien by, or defend enforce~nent of such lien i». le~al ~~roccedings ~vhicl? o~~ernte to prevent the eniorcement of
ine iien or forfciti~re of fhe ~ropcri~- or an~ ~?uri thett~i. . ~
5. Hazard Insurance. Borro~~cr shnil keep the in~~n•o~•e~nent~ no~~• existiu~ or I~emntter erec±eci on the Prop- ?
crky insureci ngainst loss hy firc, h~?zards included within ti~c tenu "extended coverage", and such other hAZards as ;
I.ender ~nuy requirc and in such amounts and for sucli ~?eriod~ L~~nder u~a~• require: provideci, that i.ender shall ~
not require that thc nmount. of s~ich ro~•crnge exccecl tl?at amount of coverngc reryuired to pay the sums secured by i
t.his ~Iortg~ge. -
The insurstuce carrier ~?ravidin~ the insiu•nnee sh311 i?e cLosen by Borro~ver ~ubject to approval by Lender;
~~rovided, thnt such approval shall not be wu•e~sonubly withl~eld. All premiums on insurance policics sliail be paid ~
, at I.ender's opt~ion in thc manncr ~~m~~ided under ~~ara~r~ph 2 hcreof or I~y Rorro~~•er niakin~ payment, when due,
~lirectly to ti~e insurance carrier. ~
All insurance policies :ind rene~~-al~ thereot ~hall Ixr in for~n a~~c~~~tuble to l.ender and ~hail include .i StRll(IRIY~
uiortgage clause in f~vor of and in form :?cceptnble to I.ender. Lender shall ha~•c the ri~i~t to l~old the ~wlicies and
rene«Als thereof, and Borro~~•er ~hall ~n~mpth• furni~l? to Lcn~icr all rene«~al notices and all receipts of paid pre-
miwns. In the c~•ent ot lo~, 13orro~~•cr ~l~ali gi~~c ~?ro~n~?t notice to thc insuraare~ carrier and I.ender, and I.enckr
f roay ~uake ~?roof of loss if not ~uudc prom~ith• b~- I3orrower. _
; Unless I.ender and IIorroner otl~ernrnise ngrec in ~viitin~, in~ur.u~ce ~?roceed~ ~hall i~c applieci to restor~tion or
~ repair ot the Yro~~crty da~uxgcd, ~~ro~•idcil ~t~ch ~~estor:ition or ~r~?Kir i~ econo~uicalla fca~ibte ancl th~ securit~~ of
this \lortgage is not thet~eb~ impaire~l. If ~uch restorntion ~n• repair i~ not economicalh~ feasible or if the security
of this \iortguge ~vould he impaired, the imurunce ~~roceccls sha11 hc al?plied to the swns secure~l b~ tl~is ~iortgage,
«•itli the exec~s, if any, paid to Borro«er. If the Yro~~ert.~ i~ :~hau~lonc~cl hy Borro~ver or if Borro~ver fails to respond
to T.ender ~.•ithin 30 days aiter noticc t~~~ T.ender to Borro~~•cr tl?at thc imura~i, c carrier ot~crs fo settle fl claim for
insurance benefits, i.ender is authorizeci to collect auci ap!?l~ th~• insur.ince ~~roceecl~ at. I.ender's option either to
restoration or replir of t.he Property or to thc swus securecl 1?t thi~ ~lortgsge.
Unless Lender und Borro«er other~~ ise agree in riting. a?~~• such ap~~lication of ~?roceecis to principal shall
not extend or postpone tl~e due datc of the monthl~• installn~ent~ retcrred to in ~?ar~graph~ 1 and 2 hereof or change
- the amount of such installments.
~ If unrler paragraph 18 hereof the Yro~?ert~~ i~ acquire~l 1~}• I.en~icr. all ri~ht, title an~i interest_ of Borrower in
, ~ a a~._ 1., al......,,.t ~a., al.,, t?1. 1 1;~. ±l~~c Mnr}_
~ :tll(I ~~iit1Y III~IIC:tI1Vl: ~iVllCll'~:iiift iii :tiii~ i~ ~nc jiiC~i-C-C;i~r un:~a~n av ~n~ c:i~u.• v, u.C fi:::::: t=.,., i'f. . ~
~age immecliately prior to suel~ ~al~ or aequisitioni resul;in~; irom ~la~uage to thc• Yro~~ert}~ prior to the sale or
~ :~cquisition shall pa,.~ to I.ender.
6. Preservactioa amd Maintenance of Property; Lea~eholds; Condominiums. Borro~ser ~l~All kee~~ the Prop-
erty in good repair and shal{ not. ~~ern~it or connuit ~~•:istc. im~~airn~ent, or detcrioration of thc Property and shal) _
comply ~vith thc pro~ isions of :~n~- ic~sc:, if this \Iort~;age i~ on :i ica~chold. It thi~ ~tortgagc i~ on z condominium
, unit, Borro~ver ~hall ~~erforni all of Borro~~cr'~ obli~ation~ zin~ler thc ~Icclarntion of con~lominiun~ or master deed.
~ the hy-I~ws and regttlations of the condominiwn ~?roject .ind constiiuc~~t ~locument,s.
~ 7. Protection o! Lender's Security. Yi Rorro~~-er fnils to ~~erform the coveuaut~ and .~grecments contained in
~ tl~is \iortgage, or ii any uetion or ~iroceediug i~ comn~enced «~hicl~ materiall~ aflect~ t.ender's interest in the Prop-
erty, including, but not limitecl to, eu~inent doiu~n?, iusol~•ene}•, c«lc enforcement, or arran~ements or proceed-
~ ings involving a bankrupt• or dececient, then I.endcr at l.ender'~ o~~tion. u~~on noticc to 13orrower, u~ay make such
~ c~ppearances, disbursc sucl? sums and takc ~uch :~ction :k i~ necc~sar~~ to protect I.ender's interest. including. but
not limited to, dicbursement of reason:tblc attornc~'~ fec~ an~l entn• upon the Yro~?ert~ to makc repairs. Any
~ amounts disburseci by I.endcr ~nnsuant to this puragra~~h 7. ~~-itl~ interest t6ereon, shnll become ad~litiona) indebt-
c,~clne,.cg of Borrower secured h~- this ~Iortgagc. Unless Borro~cer an~l ).ender agree to other tenns of payment, such
amounts shall bc payable upon noticc from 1.endcr to Borro~ver requcsting pa,yment thereof, and shall bear inter-
est from the dute of disbursement ~t thc rate state~l in the \otr unle« ~~ay~nent of interest at such rate «ould be
contrary to applicAble la«, in which e~•ent such amount~ ~I~all hear interest at thc hiRhest rate permissible by
applicable law. ~tothing containcd in thi~ ~~aragra~~h 7 ~hall re~~uirc t.cnder to incur any expense or do any act
hereunder.
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~ gooK 244 P~~E~U55
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