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HomeMy WebLinkAbout1655 iu,urr~l ~;uau•:intcc~l I?~~ F~~~Ir~:~l ur ~t:~t~• :~t;~•ii~•~• iiu~•lit~liii~; I.~•u~l~•r ii I.~•u~l~•i~ i~ ~w•li :ui iu~tilutiu~ii. I.~•nil~r ~hall al?1?l~• tlic• l~~uul~ tu ~:~i~l t:ix~•:, :?~•~~~•uu•iu~. iu~~u~;ui~•~~ ~~n•iuiiuu• :~u~l r~ti~iui~l r~•ni~. L~•n~i~~r ~lutll in:?kc• nu rl~:trge lor,o liul~lii?~;:u~~) ;~~?~~I~•iuR tl~~• I~un~h ~~r ~•~~ril'~•iiiR :u~~t ~~uui~~iliu~; ~:~i~l :~~~~•~~u~~•i~~. :?~~~I hill~. R~~rro~~•cr :tn~l T.~~u~ler uu~~• :~km~~ i~i ~~•ritin~; .~t t!u• tii~u• oi i•x~~~•i~liun ui Ihi~ \Iur~~;i~R~• th:~t i??t~•r~•:~ un tli~• I~iin~l~ ~I~:il) In• ~?:~i~l t~~ liorru~r~•r. :uul unl~~:• •u~h :iy;rc~c•ni~v~t i~ i~~n~l~~. I.~•~ul~•r ~I~:ill ii~?~ I~~• ir~~uir~~~l tu ~~:t~• Rorru~~•~~r :u~~• int~~r~•;t ~~n th~• Famis. I.c•n~lrr ~li;~ll ~i~•c~ t~~ Ror~~~~•er. ~~•itliuut ~•I~;~rRc•. :~n :uu~u:il :~~•r~~unti~i~; ~if th~• F~ui~l~ ~hu~eii~~; rrc~lit~ aml +iel»ts to tli~ Fuu~4~ :inil thc~ ~?ur~?o~c ior ~~•liieli ~•a~•li ~I~•hit to th~ Fuml~ ~en~ n?sd~. '1'lu~ Him~l~ ;ur ~?l~v1y;~Y1 :i~ u~ldi- - tionn) securit~• for thc stuns securc~l by thi~ \lort~;a~c. . if thc:unom~t oi th~• Fund~ hcld ht• I.cn~lcr. to~;etli~~r ~~~iti~ tlu• iut~u•~~ ~i~onthl~• iu•lallin~•ut. uf Fun~is ~?a~~nblc ~~riar to the ~lue ~lates of tiixe:, as>e,~u~cmi•, in~uraiu•c p~tinniiu~~ :~n~l ~~rnun~l r~•~?1.. ~liall ~•x~•c~til tha arornmt re- ~~uirecl to ~,a~• ~~id tax~~s, usaess~nent~. in~urancc ~~r~~mi~um :uul ~rr~u~ul r~nt. :i. the~• fall ~lue. ~u~l~ exce~. ~Lall he. at Rorro~~•er's o~?tiou. eithcr ~,rom~?tl~~ re~~ui~l tu Rorro~c~~r ur ~~r~~lit~yl tc? 13orro~~•er un moi~thh• in~tallu~ent~ of Fund~. If the amount ot thc Fund~ I?el~i I~~• I.endcr ~h:tll not hr ~ufli~~i~~ut to ~u?~• tsxes, u~~c~~ment•. in•urnncc pre- miuros nnd ~tound mnt~ as the~• fall ~iue. Rorro~ccr ~I~all to I.~•u~ler :~n~• amunnt nc~c"ar}• fo makc u~i thc ~ieficicncy ~rithin tl~irt~~ ~Inti.:iFter notice fron~ L~~ndcr ro Rorm~~•~•r requ~:tin~ ~?;i~~nicnt thercof. Upon puyment i~~ full of all ~u~i~~ •ec•urcvl h~• thi~ \lortga~~~. Lcu~ier .hull ~?mm~?tl~• ~~c[iu~~l Io [~orro~~~cr an~• Fimds held hv I.endcr. If under ~?arn~rnph 18 1?crcof fih~~ Yro~mrt~• i: :obl or tl?c~ Yro~~crt~• i~ otl~cr~~•i•~ ac~uired 1~~• I.ender, i.en~ier ~l~nll :~p~?1~~, no l~ter than in~nu~iiatclt• ~~rior to tl~c~ ~alc~ of tlu~ Vro~?ivt~• ~?r it: a~•~~ui~itio~i 1~~• L~•uricr, an~• I~unci~ held b~~ Len~ier ut tlm tin~c of :~p~?li~ation :t~ :i ~•~Y~lif :i~:~iu~t tL~• ~~un~ •~~~•~~r~~l 1?~• thi~ \[ort~n~e. 3. Application ol Payments. iTnl~•:• ;?~~~?li~~;~!?i~• I:i~~- ~?ro~-i~lc~• ~~ther~~•i~r. :ill ~?:i~•u?e~?1~ re•~•~i~~e~) I~~• i.ender ~u~der tl?c \Tote :u~~l ~~:u:~~ra~?1?. 1:u~~l 2 hercoi ~Ir~ll 1~~• :i~?~~liMl In• L~~n~i~•r fit::t ~i~ ~~,~~•inrnt ~~t :uuamts ~?,•i~•ahl~ to I.en~ier 1,~• Rorroa•cr an~ter ~?ar:~~rnph 2 h~~~Y~of. theu tu inter~•:~ ~~:~~;~l~l~ on th~~ \ot~• an~l on rutwr :1~h•:uu~e:. if :u~~•. and then to the ~~rtnei~~ai of thr \ote .~n~l to tlu~ ~n•in~•i~?,~I uf 4'ut~~r~• :1~i~•nn~•r~, il au~-. 4. Charges: Liens. Borrot~•er ~hal) ~?a}• :tll taxc:. :i~~e<•~ncn!~ :in~l ~~ther ~•harnc~. fine. and iu~positions attrib- utable to the Vro~?ertt• ~~•hich mn~• ,~ttain ~?riorit.~• o~•c~r tlii• \lort~:~~e. :~n~l ~ro,m~l ~r.nt~, it am•. :tt l.ender~ Oi)t10D 111 tI1C 1ll81111C1' IIIYIYI(~MI lltl(~Cl' U:lTilt'Y:1?l~~ Z ~?otr(~~ n1• L~• Rnrrt~~vnr mpi~in~r ~v~~~~~~,~f, ~a•lin~. ~I~~n. .~~ivv1~~. 4n tl~c pnyce thcreof. Borro~~•cr ~l~all in~om~~ti~••f~irni~h to L~nd~r atl notire• of :unouot• ~lac ~wd~r tlii• ~~zrn~rt?ph. :ind in tl~c e~•ent Rorro~~•cr ~hall ~nak~ ~?a}•iiicnt ~lircrtl~•. Rorro~~•~r ~Irill ~?ronq~tl~• inrni~l~ to Len~lcr reccipt~ evi- ~lencing such ~?avments. Borro~~•~r ~hail ~?ron~~ith• ~li~~~h:u;~~~ :w~• li~~n ~~•I~i~h ha~ ~~riorit~~ o~•er thi~ \iortg.~~c; pro- ~•ided, that Borm~rer ~h~tll not hc requircYi to ~li~cliar~;i• :u• ~>i~rli lie•u ~o lon~; :?s Ror~~~rcr ~l~all :~t;rcc in ~~•ritin~ to the pa~m~ent of the abligution securecl h~• .ueh li~rn iu iu:iunc~r a~~~•c~~~t:~hle to L~n~ler. or ~hall in ~;ocxl t"aith ~oirtest ~uch lien 1,}-, or ~Iefend enforcen~~•nt of .u~l~ lirn i~i. Ir~;:il ~?r~?~•~~~~li~~~,~ ~~-lii~ti o~~erat~• ~(1 11i'C\'Pllf f~1C C1110Pft'111C11t: Of t.he lien or iorieit~ur. of th~ Pro~?crt}• or :?n~- ~~art thercof. S. Hazard Insurance. I3orro~~•er ~hal) kce~~ th~• in~~n•o~-~•~uc~nt~ no~~~ ~•xi~tins~~or Lercaft~r erc~te~l on tLe Prop- r.rt~- i~i~i~r~vl agni~~ct los.4 b~~ firc. Lazard~ inclttded ~~•itl~iu tl~c• term "exteudcd covetage". a»~i sueh other I~azard~ zs I.ender may require auul in ~neL :unoi~nt~ :in~l tm• ~n~l, ~~~ricNl~ l.c•u~ler ro:?~• ~r~luire: pro~•id~l. th;~t T.en~ler shnll not require tliat thc atnount. of si~cli co~•ern~;c~ excc~~l th:?f an~ouut ot ~•o~•cra~;c rc~~uircvl to pay thc sums secttreci by this \Iortgage. The insuraucc cxrricr ~rrovidin~ the• iu•ura.u•c ~hall I~~• ~•l~o~~•n Borrc?~~•er ~uhje~t to ,~p~iroral 1>}- 1.ender: ~~ro~•idc+i. that sucli approval ~hall ~~ot i?c w~rc.~sonnbh• ~sithhcld. :\ll ~~remiums on insurnncc ~~olicic: ~l~all be paid at Lendert option in thc inanner ~~rm•i~lc~l im~ler ~?araTi:~~~li 2 licr~~o1 or I~~• Rorrm~-c~• n~ukiu~; ~~a~•ment, ~~hen due, directly to the insurnncc r,arrier. all incttrancc ~~oli~ies .in~l rrue~~:ti~ tl~c~reoi ~L:~II In• in torni a~•~•~y~tahl~• to L~~n~i~r ,iwl ~lial) in~~lu~i~~ ~~an~lard ~uottgagc ~•I:u~~c in ta~•or c~f an~l in iorni a~~~c•~~tahlr t~? Leu~l~~r. L~•n~l~~r ~liall ha~•~• t{~~~ ri~ht to holcl th~ ~?oli~ic~ and . renet~•alc tLercot. :?u~l Bc?rron-er ~I~cill ~~roin~~ti~• iurni~l? t~~ T.~~n~l~~r :ill rene~~•al ~inticr~ :in~l :ill recei~~t~ of paid ~ire- miums. In the c~•ent ol lo~~. I;orro~~-cr ~lu~ll ~,i~•~= ~~~•on?~~t u~~ti~~• tn ih~• iii•iu•au~•~• ~~,u•~•icr :~n~1 i.ender. an~l I.ender ! n~a~~ n~ake ~~roof of 1~<~ if not. ~e~ad~• ~n-oro~~tl~- ht- Rorro~~•cr. ; Unlecs Lenrler :u~d Bon•o~~•er utl~~r«•ise agr~~c~ in ~~•rifiu~,. iu~~n•:nir~• ~n•oreed~ xhall h~~ a~?~?lial t~? re~toration or ~ rc~?air of tl~c I'ro~~~~rt~- ~lani:ig~~~i. ~n-m-i~i~•~I ~ur•l~ r~~~to~:iti~m ~~r n~~~:~ir i~ ~~~•unrnui~•:tlh- f~•:i~il?I~~ :ui~l thc~ ~c~iu•ii~• oi i this \tortgage i< not theref?~• iiu~rai~r+i. If ~~ici~ r~~tor:itio? ~,r re~~:?i~~ i~ not ~~~•i?ncmiicall~- fe:?~ihle or iti the ~ccurit~• ~ of this ~[ort~a;;c ~~•oul~l l~c~ i~n~?aircd. tln• iu~in•:in~•~ ~?rorr~~~i~ ~ii:~ll L~• :~~?~~licrl tu th~~ :~nn~ ~c~~n•c~l h~- tl~i> \tort~agc. ~ ~ ~cith the e~cer~•. if ~in~>. ~?ai~l to Bon•o~~~rr. ti thc~ }'ro1~c~rl~• i- :ilr,an~l~m~~~; L~• Rorr~m-c~r or if Rorro~~-rr fails to respon~ ~ ! to Lender ~+-itl?in 30 ~la}•~ affer uotie~ 1?}- I.~~~i~(~r tu Rorru~c~•r tle~i the• in~in;?is~~e ~arrier ~t~~~r~ to settlc~ a elaim for = ~ insurance henefit~. I.eucier i:.?uthorize~l t~? ~•olle~•t :tu~1 :?~~~~I~- tL~• iu~in;u~r~• ~~rore~c~l~ :if I.ender'~ o~~tio~? either to ! t restornfion or re~~air of the Yro~lert}• or tn tl~c .u~m ~e~•n;c~i I~~- iiii- \fort~:i~~~•. ~ Unless I.ender .uid 13orro~~•er other~~•isc~ s~;r~~~~ iii ~critiu~,. :ui~• ~nrfi a~?~ili~:ition of ~n•oe~ed~ to ~?rin~i~~al ~hall ~ ~ not extcucl or ~~ost~?oi~c tl~c ~iuc ~i:~tc oi thc• nioutlih- im[all~wvih r~~f~~rrc~~! to iu ~~ar.~e;ra~?h. 1 anri 2 hcrco[ or ch~ngc ~ the amount oi such installnient~_ _ ~ If under ~?arag~:i~,h 18 hercof tl~~~ 1'roi,eri~• i~ :u~~~uir~~i L~- I.~~n~ler. :ill riCht. titl~~ :?n~l intcrc~i of Rorro~~•cr in ~f an~l to an~• iu~~n:znc~~~ !?oli~•ie~ :uul in :~ii~l t~~ thc ~:i•n~~~~c~~1= tl~~•r~~~?t ii~? tlu• ~~xtcnt nf tl~r .un?: :~~~•in•~•~i h}- thi~ ~fort- € ~agc i~n~ue~iiatch~ ~?rior to ~iu•!i ~:il~~ r?r a~•~~ui~iti~?~i ~ ri~.iiltim~ fr~nu ~L•~nia~~~• t~~ th~• "ro~~c•rt~• ~?rir?r t~? th~ ~alc or s :ic~~uisition ~hall ~?a~~ !o Lc~?rler. 3 6. Preservation and Maintenance of Properiy; Leaseholds; Condominiums. Rorro~~-c•r ~hall kee~~ thc Pro~~- ~ crty in ;;uocl re~~air .in~l ~hall not ~~crniit ur ~•u~nu~it ~~-,~~te•. ini~~:?ir~n~mt. ~?r ~Iet~•rior:it:o» ut thc 1'ro~?ert}• aud ~iiall ~ conq+l,y ~~•itl~ ihe i?ro~•isiou~ of :~n}• Ic.~;~~. ii thi~ ~(m•t~;ak~~ i~ ~ni :i lc~a~~~l~nl~l_ it thi~ \lori~;:t~~ i~ on a con~lominium ; nnit, Rorro~~•cr ~hall ~~crforn~ all of 13rn•r~~~~~~~r'• ~hliTati~m~ iu~~l~•r tlu• ~1~~~•lai:iti~~u of ~•on~loinini~in~ or n~astc:r dcc~i. i thc In•-L<«•: :uu1 rc~;i~lation• of tli~~ ~•ornlomi?~inni j~r~~i~•~•s :ui~i ~•nn~tit~~~~ut ~lui•~imcnt~- 7. Protection of Ler.dei s Security. If Rorro~c~~r i:~il< t~~ ~~~•r?'~?riu tlu• ~•~i~•ivisut~ :in~l :?~,i•r~~nu~nt~ containe~l ii? ; ±his \Iort~a;;~~. ~~r if a~i~• action ~?r ~iro~•~~~~~lin~, i~ ~•uiuni~~n~•c~l ~~•l~i~•is in:it~~ri:ill~• c~tic~~t~ L~•n~lcr~~ ii~terc~t in tl?c Yro~~- ; ert~'. i~~cl~l~lit~~;. i?ut not liniite~l t~~. ~•~nii~~~nt ~I~~ui:~i~i. in;ol~-~•n~•~-. ~•~M1~~ ~~iif~?r~~c~nc~»t. ~~r :u~r.ui~,en?c•nt~ or ~iro~•ee~l- ~ ings i?n•olvin~; a bankrupt or ~Iei•c~lcut. tls~~i~ I.en~l~~r at L~~n~l~~r'- u~~ti„n. n~ioi~ noti~~~~ t~? liorro~~-er. ms~- ~n~ke ~uch j :~{?pe.~rances. ~ii~b»r~c~ ~uc~l~ ;mu~ :uul tak~~ ~nr•I~ :u•lirni a• i: ,,er~.~:;~r}- to ~n-~it~~~t L~~mler'~ int~re~t. incl~uiin~. hut s not lin~itc~l tu. rlishur~c~ne~it ~t rea~rni:?l~l~• :?tt~~rne~•~~ le~~~ an~l ~•ntr}• u~~rn~ the 1'ro~?c~rt~- tu inake r~pnir~. :1m~ ~ :uuounts cli~4nir~crl ht• I.en~lcr ~nn:~u.~nt t~? thi~ ~i:u:~gra~~li 7. «~itl! intc~r~•et tlu~reon. ~li:~ll i,~~~•onir a~l~iitional in~iebt- ~ c~lne~s of Rorro~ccr ~ecurc~l i~}- tf~i~ ~lortt;are. i~nl~~:, Iion•o~~~~•r :i~~rl I.~~n~i~r a~;re~ tr? otlu~r teriu~ nt ~r.~ymcut. su~h ~ .?wounts ~h.ill !?c ~~~~•ablc u~,on noticc ironi L~~n~lcr t~ I;orro~c~•r r~•~~iu~~tinz: ~?:iymcnt th~•rcot. vul •liall h~1r inter- ; est frau~ thc ~l~itc of ~li~i?nrrn?cut at tl~~• ral~~ ~t:?tc~i in thc• \ot~~ iuil~~.= ~~a~•mr~it of intcrc~t :~t ~ucl~ ratc ~~oulci bc F r•ontrary to a~?~~licable la~~•. in ~~•iiicli c~•~~nt ~ii~1i :~~um~nt: .I~:ili 1~~;~r iiite~re•t at ih~• hi~*he~t r:~te ~~rrini~~ible b~• fi applicablc~L~~ti-. \oti~in~; ~•ontainc~i in thi~ ~~.u:t~i:i~~1~ i~hafl r~•~~nir~~ I.~~~?d~r t~? i~~~•ur :u~~- c~~?ensc or cio an}• act ~ hereunder_ ~ 6oRK 244 ~~~~E1656 3 ~ ~ ~ '1 3,YJ , , - . ' _ ' _ ~ _ ' " r~~ J _ ~ ~~'~~~r~~~ss~'~~ ~<Tfi a