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Home My WebLink About0984 { insure~i or ~uarus~teeK1 1?~• n I~~•,l~•r.?1 ui~ ~t:?t~~ :<<t~vir~• ii~~~•In~iii~~; I.~•u~l~~r il 1.+•wi~•r i~ ,u~•!~ :u~ iu~titutiun~. I.~~n~ier i ~hall ap~?ly the Fun~1• t~? ~~r~~' ~:~i~l ti~x~•-. :i~~~•,•i~u•nti. in~ur:ui~•e ~~r~•niiu~u~ :ui~l ~ruuml ri•nt~. Lend~~r slr~ll m:~ke n~? , c6arge ior.o h~,l~iin~;:ti~~~l a~~~~i~•iu~; th~• l~nu~i~ ~~r ~e•rif~~iu~; :+mi ~~~n~~~,iiiu~; ~:~i~l u•,r~ nu~nt. :u?ii hills. Rorro~cer and s L~•tzder u?:?}' :~~?r~~ in ~~•riti~?~ :?t th~~ ti~n~~ uf i•x~•~•utiun o! tlii~ \I~~rt~ii~;~~ tluN intc~rc•si ~~n tl~c Fui~d~ •h~tll !K• ~?r?i~l to 13urro~~•~~r.:~!ul unl~~~••i~~li :i~;r~•~~n~~•nt i• ina~l~~. L~~n~ii~r ~luiil ?iot 1,~ iy~~iiir~~~i to ~?x}• liorm~~•er uny int~•rc•st on thr ` Funds. 1.en~ler ~lu~ll ~;i~~~~ lo fic~rm~~•e~r, ~~•itlwut ~•h.ir~;~~, u~i :n~nn:?I acc„untin~; ot the Fun~ls ~ha~~in~ crM~it~ a~d ~ ~lebits lo tlie Fun~1~ and th~• ~?ur~~~~;c~ for ~~•liich ~•arh ~I~I~it to tl?~• F~md~ ~~•a~ m~td~. 'Tl~r i~un~ls :~re ~~led~e~l :~s ii~idi- ' tional security for the se~nis,e~ured h~• thi~ \IortKu~;e•. { If the amount. of th~~ {~u~uis l~eld h~• 1.r.n~ler. to~;~tluv ~~~itli tlu• lut~ur ~nru~tl~h• imt:?]lnu•ut• of F'unds ~?R~•t?b1e ~ prior io tl~e ~luc ~inte. of tnxes. a•se,~~uent~. iu~~ir:uu•e ~~re~niu~u~ :?n~l Rmun~l rents. ~iyull ~•xceed the amount re- ~uired b pay sni~l tt?xes. u~cssiuents, in.uriuice ~~mnuuii?~ ;uul ~;ro~~n~t mt~t~ as the}• f:ill ~iue. such i~xces.s ~hall be, ~ at Rorro~~cr's o~?tion, citl~cr ~?ro~i~E?tl~~ r~•~,ai~l to Rorro~~•rr or rcMiitc~l tc? 13orro~~'cr on monthly inst;?Ilment~s oi Fw?ds. It the amouut of the i~uncfs hcl~l I?~- L~~i~d~r ~hall not hc ~uifi~•ie•nt to ~~u~• t:~xes, a:se:~n?enis. insurnnee pre- ~ miums and ground eent, as the~• f:~ll ~lue. liurro~cc~r sl~t~ll ~r,?~• t~~ Len~ler :~m• auio~~nt nc~•es•s~ry to make uP the ~ deficiency ~vithi» tl~irt~- ~lay.:i[tcr noli~•e frone Lender to Borm~~•er reque,tiu~; ~?:~Y~nent. thereof. Upon puyment in full of :ill ~u~u~ ~ceurc~l bv thi: \tortga~;~•, t.cn~ler shall ~?romptle• rei~~nd to liorro~~er ant• 3 Funds held hv T,ender. ~ If unc~er ~~ar.?gra{?h 18 lrereoi the 1'ropertt• i~ sol~i or the Yropert.~• i~ othe~~~•i•~ ;i~~uimd h}~ I.ender, T.ender ~ shall apply. no later ths~~ iinmc~ii.iteh• ~~rior t~ thc~ .;ilc~ of th~• Pm~~~~~t~• ~~r it. ;u~qui=ition h}~ I,en~ier. xn}• Fund~ r hcl~i by l.cncier :it tlm titnc of :tpplication u• rri~lit :~~;ain~t tli~~ ~un~: :c~•un•~1 b~• t}ti~ ~turt~;n,c. # 3. Application of Paymenta ~ LT~ile~~ u~~~~li~•,il?i~~ la~~~ ~n-o~•i~l~•• otlicn~~i~~~. :~11 ~,:~~~mcnt• rccci~•~~cl by I.ender ~ ~iudcr tl~c \otc :~n~l ~~ariiRr:~{~I~~ 1:?n~l 'l li~~rrot ~I~al! I?t• :~~~~~li~yl h~~ t.~~n~i~•i• firt i~i ~,n~~~nc~ut ~?f .tn~uiu~t~ ~?:?y~blc to ; Len~irr 1?~• Rorro~~•er un~lc~t• ~?:u•u~r.ti~d~ '2 I~ercof. tlu~n to it~t~•r~~:t ~~:?~•ahl~• on th~~ \oti• :tn~l on Future .1d~-iluces, if i an~'. vid then to ~hc ~~rin~i~~~l of th~~ Not<~ :u~~l to th~• ~n•it~~•i~~~l uf l~uturc~ :1~ir,in~•e•, if .in}•. < ~ 4. Charges: Liens. Rorro~cer sl?all .?ll t:~~c.. a~~~•«~iu•ni• :~n~I uth~r ~har~*,es. fines a:nrl iii~~iositions attrib- _ utnble to thc i'ro~?ertt~ «hi~h m:?~• :?tt:?in ~?riorit~• o~~~r tlii~ \(orf~.?~~•. :?n~) +,roun~l rents. if any, nt I.enderc ~ O~ll10Tl 111 fI1P ~u:~uner ~~ro~•idMl i~nder ~~ar:i~i:~~~l? 2 Isrrcof ur ht• Rorrot~~~r ~~2akiu!, ~i:~}•~nent. ~~'I~en ~lue. direetly to ~ the ~~:iVe~ themoi. I3orrn~~•cr ~I~:~II ~n•om~~th• furni~li I.cu~1~•r :?Ii notire~ of :inio»~zt• ~1ne iindcr this para~raph. i anci in the c~•ent Borrowcr ~liail u~ak:• i?u~•n~cut ~lire~il~-. Ror~•o~~•er ~Ir?II E?rom~?th• iurni~h to Lender receipts evi- ~iencing ~ach ~?a~~inents. Rorro~~•i~r ~hall {?roiu~~ti~• ~ii~e•Iru•~;~• :ui~• li~n ~~•hi~~h hu~ ~~riurit~~ o~•~r this ~lortg~ge; pm- ~•ided, tli.it Rorro~~•cr ~hsl) not h~ re~~uirc~l t~ ~ii«~har~;e :ui~• ,n~•h lie•~i ~n long liorro~~~er ~hall a~rec in ~~ritiu~ to the ~r.~yment of the ohli~:ttion .c~~ure~l h~• •ucL )ien in nuuiner acre~~t:~l~le to T.c~n~ler. ~~r ~h.~ll i~i noal taitl~ contest ~uch lieu hy, or defend enforceim~nt oi ~u~h lic•~~ in, le~al ~~ro~•ec~cliu~~ ~~•i?'s~h o~~eratc to ~~m~•ent the enforcetYient of the licn or forfcitum of th~ Yro~~crt~~ or :u~~~ ~~:?rf tticr~~f_ ; S. Hnzard Insurance. Borrn~~~~•r ~ii:ill kee~~ th~~ iiii~~r~~~~~~ni~•~~t: i~~iti~~ ~~xi~f in~; ~?r L~~reaftc~r crc~~t~Y~ c~n t1~e Prop- ; crt~• inan•~~~I arninsl lo~., b~- fire. lu?r.~rc~~ in~ludc~i ithi~i the tern~ '`exten~le~l cover~ge". an~i SIII•h ofher fiuzarcl~ a~ ; I.euderina~• requinr and iti ~u~~l, :~uiou:?i• and for ~ncli i,~•ricNl~ I.~~:~~i~~r u~:?~- tr~~uir~•: ~?ro~•iric~i. that I.emler shal) ~ not, requirc iliat the amount oi ,~~c?z ~•o~•erat;e ~~xcec~l f1~af :uu~n~nt oE ~•o~•erage re~{uirecl to pa~- the st~ms secured b~• ~ ~n~~ \iortga~e. ~ The i~~sur.uu•c ~:irrier ~?ro~•i~li~~r th~ in~urau~•~~ ~hall I~i• ~lio~~•n h~• i3orro~~•er ~ubject t~ :ippr~~~~~1 by I.ender: Y ~n•o~~ide~cf. th:at such ,?E~~?ro~~al ~liall tiot 1?e unr~~a~onabl~• nithl~~lci_ :\11 rremiums on insurance ~~olicic~ ~hall be pAid s at I.ender's o~~tion it? th~~ ~niinner ~~n?~•i~1~~I tlnilet• jr?ruRrs~~h 2 hrr~of m• I~y Rorro~~•cr innkin~ ~~a~•n~ent. w•hen due. ~ ~iirectly to thc iu~urnnc~ carrier. ~ :Vl inst~r~nci~ ~~olicie~ sn~i mnc~~:?l~ tlicrcK,f ~ii:~il 1?r iu f«nu :i~•~•~•~~t:~hl~~ t~i Lc•n~ier an~l ~hxll in~ludc~ a•taudArd ~ u?ortga~e ~iau~c in f.i~-or of :uui in forn? :u~~e~it.~hl~ tr~ I.ernler. L~•~uler ~luill h~i~•e kh~ ri~i?t to liol~l the ~wliciec and rene~c:tls fi~crcof. snd I3orroH•~~r ~L:ilt ;?ron~~~tl~• fnrni~li t~~ T.c•n~ier sll re~zc~~•ai noticc~ an~l .ili recci~~t~ ot paid pre- ~ ~uiu~ns. In thc c~•eui Iu~.. lion~o~ccr ~li:~ll :;i~•~• ~n-o~u~,t ~~~?ti~~~• t~? the in~ur~n~•~• ~~ar~ier .~n~l i.en~ler. snd I.ender ~ I ina~• iuakc ~?rooi of lo~~ if nnt iu:ul~• l~rotnt?tlt- h~• Ror~•o~~~cr• - ~ Unless I.~n~ier :uui Ron•o~~~c~i• otlier~~•i~~~ a~;rr~• in ~~•ritin~,:. in;iu:u~~•~• i~r~?~•~•e~i~ =liall hc~ a~r~?lic~) fo re~toration or ~ ; re~~air of thc~ Yro~~~•rt~- ~I:w?a~~~~l. ~?r~n•i~iF•~i <u~~li r~~~tor.iti~~n ur r~~~~.?ir i~ ~~~•on~m~i~;~lh- i~•u~ihl~~ :in~l thc >c~»rit.~• of ! rhi> \lortg:igc• i~ nut tl~ercl?~- iiu~~air~~~i. If <~~r•!~ r~~=tor:iti~~n ur re~~:iir i~ n~~t ~~~•~r~o~ni~~all}• ic:~~ih1e or ii ti?e ~ecurit~ i uf this \lort~ag~~ ~~•onl~1 I~c iiiit~:?itc~l. tli~~ iir. uranr~• ~~ro~•cr~l~ ~h:tll h~• ,i~~~?licd to tlu~ .utn~ scci~rcyi h~- tl?i= ~Iort~age. ~ ~ t~•ith the cxcess, if an~~. ~?airi to Ron•o~~•~•r. [i thc• Yro~~crt~- i:- ~I,au~ior~eci h~' Rnrron•er or it Rorro~~•cr fails to respond k to i.ender ~~-ithin 30 ~iav: after notic~ h~• l.cn~ler t~, Rorron-~•r tfiat thc in~n~:~ur~ ~,?rrier of~ier Lo ~ettle a claim for ~ insurancc henefit~. l.~~n~ler i~ ,~uthori~c~i to ~~vllc•~•r ;~rn1 :s},~~1~- tl~~• in~~n:in~~• ~?mc~~~cd~ at I.en~ler'~ o~~tion either to _ restorztion or re~~:?ir ot [lie 1'ra~~~~rt~• ur to tiie ~inn~ ~er•nre~l 1~~• tl~i~ ~lurtgn~,~~. Unless i.ender :tinil liorro~~•er othertri•c• :?~r~~e in ~ti•ritint~. an~• ~uc•h s~?~~li~~.ition of ~n•ocec~I~ to priucipal shall nut extenci or {wst~~onc tt~c cluir ~late ~~f th~• mo~itLl~- i~f~tullni~•n1< rc~ti~•rral to in ~rarsRrapl~~ 1 and 2 1?ereof or chan~e thc amouut of ~uch instalhnents. If un~ier ~~arc?gr:?~?1? 18 hercoi th~~ 1'ro~~cri~- i- :uv~~~irt~~l I~~- I.~•n~ler. all ri~lif. tiSle un~l intere~t of Borron•er in _ an~l to su~• in~ur.in~c ~~oli~•ie~: :in~l in a~nl t~ th~~ ~~r«r~•c~i~ tLi•n~~?f ~i~? tlu• ~•xi~•nt ~?f thc~ ~~uu. •ecur~yl 1?~• thi~ ~1ort- ~ ~,.~gc inuucdia!cl~• ~~rior to ~u~li ~:~Ir ~ir :u•~pii;itim~~ r~•~ultiu~, fn?iu ~laniu~c to th~• 1'ro~?c~rt~• ~~ri~r t~ the ~alc or :~cy~~isition •hall pa~• to Lender. . 6. Preservation and Mainteaance of Property; I.easeholds: Condominiums. Rorrow~cr ~I~all kcep ±he Yrop- erty in gual rep:tir :iu~l ~h~ll not ~?er~nit or ~•owmit «:iste. in~~,airinent. or drtrrioration of the Pro~~ert}• and sl~aU ; ~~om}?ly n•ith the ~?ro~•ision~ af :in~- Ic.?,c. if thi~ \lortRa~;e i~ ~m 1c~3~~i~oi~i. If thi.~~ \iort~;agc i~ on a condominium ~ ~~nit, $orm~~-cr ~hnll ~~ertor~u c?il of Rorm~~•cr'~ ~~hli~;atir?u- ni~~t~~r thc ~1~~~•lar:tti~m oi eon~lominiun? or master deed, thc I~~-l:rn•~ an~l rc~i~lation~ of th~• ron~ioniiniun~ ~~roic~•t ,tn~l ron<tituc~i?i ~iociiment~. t - 7. Proiection of Lendei s Security. If Rorro~~•i~r faii~ au i~eriarin th~~ ~~n•~~n:int~ an~i :?~rc~•n~ei~t~ contained in ` ~ this ~fortnage. m• it :ui~• a~tion ~?r ~~ro~~~~~~lin~ i~ ~•o~nnu•n~•c~i «•liirli ~n.it~~rialh• aff~ct~ I.~nr1c•r'~ intcre.st, in the Yrop- ; ert~•. inclitdin~. i,ut not lin~itc•ii to. c~niiic~~t ~loiuain. iirol~-~•m•~-. ~•al~~ ~•nforcemcut. rn~ :irr.iu~:ements or ~~roceed- - ~ ings ii?~~ol~•in~; :i hankru{~t or ~Iec~•dcut. then Lc~z~i~r :~t 1; •n~i~•r', o~~tiou. n~~on notire to 13orroti~•cr, ma~ ~nake such ; :~~~~~earanecs. ~li~f,ur~e ~uch ~uiu~ :uul take ~u~~ia :u~tirn~ i~ nec,~:~ar~- tu ~?rotect T.en~ler'~ interest. including. but : ~ not lin~ite~l to. ~ii~l~t~r;em~~nt nf rcr.~ou:~Ll~• attorne~}~'~ fer~ :u~~i ~•ntr~• u~»n tlu• 1'ro~icrt~• to ~nake repair~. A~y' s ~ an~ountsciisl?u~~ed I?y I.cnder ~ziu•~uau: to t6i~ ~,:u•a~ra~~h i~itl~ i~it~rc~t tl~creon. sli:?1) i~ecome ad~lition~l indebt- : edness oi I3orrow•er ~ccuec~i h~• thi~ \lortc;:i~;~•. i'nlc::~ B~rro«~cr an~l 1.~•n~l~i• u~rc~ to other tenu. oi ~~ayment, such } ~ :?mounts ~l~:~ll he payable upon notirc fron~ Len~icr to i3orro~.-c~• re~~ut~~tin~; ~~:~~-ment tL•~rcof. .u~d ~hall bear inter- { ~ est trom the ~iate oi ~1i~l,ur~eu?ent a~t tli~~ eate ~t:~tc~l in the ~~~tc~ ~nilc•~~ {~:«•iuc~?t of intcrest at such rntc ~~•ould be ~ ~ contrary to ap~~licablc la~~•. it~ «•hicL• e~-~nt •urh :,mo»nt~ -i~al1 hear intere~~ at th~• hi~he~t rate ~?ern~issible b~ applicable l~R•. \oti?ing ~•ontai~ic~l~n thi~ ~~ar.?~r:?~?L 7~i~al! re~~uirc L~mder t~? incnr am~ ex{~ense or do am• act hereunder. ~ BOi3X~4~ FAGE ~G~ ~ ~ - , ~ : ``~~ry..~n~~ ~ - _ ~ - .