HomeMy WebLinkAbout0482 U?.~tuKw Cu~-rw~K~s. RarwMrc~ .n~i l e~akt covc~uo~ and atree s. t~+sww•.
1. ~tNewt af t~M~IMI ~ IrNewst. !lartor.ct ~hall p~emM~Y Pa) v?1+sn due the p~u~c~µ.l ~?t aod ~etercu the
~nJeMed~ e~~lcnnd b~? the Nute. pre~yeAent and late chai~e~ a. i?r~wi~kd ~n the Nde. anJ the pr~m.~p~1 .~f •nd ~ntetest
on aoy Fwwe Advaaas ~.cw~ed b~r ~tus Mw4s~e. ~
~w~i~ iM T~ ~M Iwwe~wca Subj~ct ~o appi~cai+k IrM ax to a wnttrn M~ive~ b~r 1.e~1cr. BoROMu aMii p~y
~e l.en~k~ on Ihc dar ~1hlp ~~sl~llnteats ot priwupal aed ~ntete~t arr pa~~bk under Ihc Nute. ueu~l the hole i~ paiJ ~n full.
a wq~ (herein "Fwd~"? ~qw1 Io w~s~twdltb o! ehe ~,eacty ta~es anJ a..eswi~enes wh~ch mar stta~n pr~wilr o~sr ~h»
~;°~i+~. ++~1 i~'a+~w! unb ow ~Aa Ptupetty. il aAr. plus ~ne-lwelttli uf ~rearir ptem~um in~tallmeet~ for hat~rd insus.nce.
pius w~e-ta~t1lth o~ YeatlY pt~emium m~lilln~eeb tor mcxt~c inuus~cc. il an~. all s~ reaweyDl) e+~ir~ted i+ptisqr and !ta»
~~n~e a ~i~ne b~r t.a~nder oa Nrc b.sb d a.wssmeM• and b~ih and ssa...~bk es~~m.~e+ ~bsno(.
'~Ue Fw~ds shall be beW ia aa ins~ism~on tAe dspc+at~ orXcu~ints ~•1 ahrch rn imurod or rua?aneea! by a Fa+detal or
state a~er~cp (incltd~n~ !~ler i! l.cri.ler » wcA a~ i»~t~~utw~). l~ender shsli ~ppiY thc FwMis tu pr~ .ai.1 ta~ta. a~assst~xsts.
~murMaa~ ptemiun~s aed ~rowid reat'. l.sr~det msy ~a~t chai~r (w su hc~i~n~ and ~pi'~)in~ ~he 1'u~ls. anai~iint s~a! atiount,
or YeritYias awd ootnpi~a~ said a~su~e~ts a~d 6~Ih. unics~ I.c~wist pr~s ~ottorrct imt~eN un thc fwd+ ~ad appiicabt~ iaw
pe~mib 1.enJer to maks such a chup. BaKruwsr and Ixm1e~ mar a~~ce ~o wnti~s at the ~ime ut execLlion or thii
Mortta~e ebst ia~erest c.? ~he Fw~h shall be p~,d to 8arrower. snd vnk.~ wcb aareement h msde or appiical+ie law
rrywtw wch iMer+e~t tu bc pa~d~ I.e~k~ sball nw be roywrc.i ~a p,y &~~ruwer ~n~ ~Mete~l or tanunp on the Fua~di. I.rnsr~
~u pve W BoY~oMrer. ~it6out charpc. sa aaaual ~-cawrninY ot ~I~e f~umf~ sh~~vr~ut tralib and deMb to tha Fwwb and the
P~~P~ !or wbich eacb debit w ~be f~u~s was a~a~k. The FwNls are ple~l~,c~i as acW~e~o»al saurety t~ot ~Ae wms ~scured
by t6is b1o~t~t•
!t tM am~ouat o( the Fuod~ held bp l.e~xier. Io~ethc~ v?~~h ~hc (wure aacxuhly imtalimeuh ot Fun~k pa~abk ptw~r to
the ~e ddes d ~a~tss. aus~mtats. inwr~nct ptcrtNtm» and truu~x! ttnls. ~N e:ucd thc amo~tal reywced /o p~y saed taa~t.
auaaAecus. i~aetaaoe pnhaiw~ns ud pou~d ~eoh as ~hey Isli due. such excc.s ~hall be. a~ dcx~oa~n's ep~ion. atAa
~plr ^~a e~ ~er «~aMa ~o ~~~n~y ~nuallments d Fu~ds. It the :nwwn ot the Funds
hsW b~? l.~adet J~il aot be wAl~ital lu p~ly taae~. assts+ments. insurance prem~wm •ad ~mund rents as they lail due,
Hort~owst shall pay W l.e~det any amount aace+sary to r:sskc up thc •f~^~y w~lle~ 30 dayi trom ~he d+rte notice is ma~kd
b~? L.s~dK b Dotrowt~ ta~pt~oi Wymem ~bcted.
lJp~ Wyoeat iu te+k o~ aN wtea sawtd by ~has Mwtirsc. 1_rader slu~l pro~ri~lY retwnd tn Bc+rto~e~ aey Funds
heW dj I.eadet. I! uader paa~raph 1!t hereo( the Ikapeny K wW or thc Proper~~ ~s atAerv?ise acqu~rsd 1+y t.a+du. I en~9er
+~p a~plr. ao ta~er tban ho~wediately prior a ~he +ak o( the Propsnr a in acqws~t~ b~r l.tadc~. any Funds held bp
l.s~de~ Y tM titoie ot applic~tioa ss a cndit ap~~ ~he wms securod b~ ~hn Mort~ase.
S. A!/Me~~ ~f l~reM~. U~ias ~ppi~cabk la~r pru.e~la dherwise. atl ps~en~s recei.sd b~? Leade~ u~xlcr tlre
Nwie++~d Wra~taplu 1 aad 2 hareu( ~b~N be a~spl~ed 6y I en.kr lint ~n pa~neen~ u( wek~unts payabk te I.e~wler bp Botrowet
~udsc Para~tapl+ 2 bsreo(. Ura~ to iou~est papabk an the N~HC. ~hcn ~u ~he principsl o( thc Nae. ~nd the~ to imerest and
ptincipd aa aay Fwun A~~nc~+.
~~Mp'+i ~~s. eotrowe~ ~all par aN ta~e~, a..esunenu a~t ahe~ cha~es, linas ard ~mpnsit~oos att~r~u~abis to
tbs hnpt~ty +vlrieh mbr attsia a ptq~ity ovw tAes Mari~e and ka+ehoid psyine~s « pound nee~ts. H any. in the manas~
pt+a+r~da1 under P+r+~a~ 2lretcei ot, it ~t p~wt m wch manner. bp Ha~~orre~ u~akiet Wy~eni. whee 6ue. dinctip w the
Pay~O tl~o(. ~towsr ~all pramp~lr (urn~sh w t.enJe~ ap not~oes o( ~mouab duE w~det ttus P+~rs~rsOb• aod ia tbe ereat
Batnowsr shaq mal~e psra~ent du~ctly. BorroMe~ shall pmmplp (utm~h to Lcnder receip~ rvideac~ wch payments.
Botrarsr ahalt prwaptl~r ~lirchar~c sar liea «hich has pra~r~ty cwe~ thir Mort~a~e: provlde~0. tl~t Ilocrnwer ahaq not tx
rsquited tc dischar~s any wcl~ lien so kw~ a~ B~rov?Yr shall a~ree in Mtmn~ to tbe p~ytqeM o! the uWKaliun ~cuced by
weh Nea m a ruanaer acceptabk to I.e~der~ or shaU in ~od taith come~t such lien by. or detend entoReaAept oI such tieA ~n.
kts! p~oceed~np wbich operat~e w prereAt thc ea[arcemcnt o( the I~ea or [ottatu~e ot ~~nr «,ay ~~«ot.
l~star/ Iwwra~e~e. ~owe~ 'shall leep tire ~mpro.cmen~~ ~wr? e~?htm~ or he~ealter e~ec~od ~on the P~operty amured
•W~st bss by IMR bu~~h inclu~kd w•itlun the trrm "exundrd co+cr~e". aad a,~cb ai~er l~sia~ as I.e~~der m.y ~cqu~ro
sod u~ wth anwunts ind fa wch petwd~ a+ l.smkr mry reyu~re: prrnidcd. tbat tst~der shall nd teqwro that the amaunt ot
~ ~.a~ a,~c~ee ~nu .a~~ ~t ~o~~.~ r~y~~~ra ~o P,y ~n~ ,u~?+ .KU~ ~t~ ~t«~~ye.
llrs iau~ance corrier pronidin= tbe ~usnce sh.ti be ctwser+ b~r Botravrer wbject w approva! b~r I.cndsr. provid~d.
tbat suth appmral s1M11 not be unrei.onahiY wal~dd_ A!! prc~~+u~n on anwsnce policia ~hall be p~id in the manner
Pro~adrd un~kr pira~ra~ 2 hered or. ~l nd pad in such raanne~. bY Bo~ra.~er rnak~eK P~y,ma~1• wi~ due. d~~ect1~? to ti~e
inwn~os t~rrist.
AN ~~noe pdicie~ ae~ renev?~Is ~hera~( sball he ~a torm .ccsptabk ~o Ixrnkr a~d sfwlf ~ncluJe a standani mortts~e
ctawe in f~vpr of aad ~n fonu acc~tabk to Lende~. l.+rn~kr shall hawe tAe ri~M ta hdd ~he policies ~nd rcoewab ti~e~cot.
iwd ~o?rawer sball prorpptl~ lureu~b to Lender all renew,~l ncrt~ca and dl roaupue ot paid p~~iun~s. In ths eveat ot loss.
Botrowrer shsll pre prwnpt uutioe ~o tfx iasurancc can~rr .od l.errde~. l.cM1e~ may tnalce ptant M loss it not e~a~de promptly
bY oorco~rst• '
Unies~ I.enda aa~! 8orto~rer othcrnrise a~ae ~ xnt~rts. iouctance ptococds ~hal1 be applicd Io rtstotslion ot rtpair d
i!K Prop~nr dsm~al. ~no+nd~d wch nc~c~rstan a repair a ecw~orniu~llr Ieas~bls +~ad etx sauritr at this Mortsa,~e K
uot ttrs+eb~r inspr~rad. It sucb restota~we~ or rePa~t K tw~ aawmically teasi6k or it tbe tacurity d this Mo~ase v?ro~~id
be io~+rsd. tbs nKUra~e proq~eds sb~U be apptied to the sums `ecwed b~r tlas !?tonsa~e, w~th ~he eaoess. il mr. paid
a~rower. tt U~s Prope~ty d ab~andoeed br Boimwer. ax ii Yorrow~er fa~k to rapoad w i,snder wntb~a 30 ~ys tra~n the
date aot+ce a ma~Md bf? Leeider w 6orro~ver th~~ thc i~ur~nce carr~er oflsrs ~o ~tie a c4im tor ~n~uraacs bsaebts. Lsndsr
n sutbotited !o colwct and applr t6e ia~~usace ~uoteed~ at Lsiwlet's api~n a~bet to ratoratan or repair ot the Ptopcny
ot 1o tbe wnos secw~d by ehi~ l~lortZs~s.
Uule~s Lt~de~ and $o~toMre( dirctwwe ~ee uf wt~t~rt~. ~ny such ap¢lication c+/ p~o~es~b io pt+ndp~! sbsll not extend
ot pwtpons the ~e date o[ tt~ a~on~hly iesuilnacn~~ relerred Io in par~rsphs I and 2 hereot or chsn~e the anaouM o/
sueb ~~tallmeats. It uadtt pstajrsph fa heteut tbe Propetty K acyuued br L.eude~, ap rislu. uek and in~srat ot Botror?w
in aad w aap iawraocti pdicies and in aad to the procseds tt~cr~a[ rnutt~a,= trom dama fc to tbe Propcrty priar to the sak
~ ~hsll pus to i.endtr w the ea~tau ot the wm+ securod by tbn Mottjapc ~mm~d~acelr prar eo wcl~ ~sk o~
ir ~~ii~ ~wd lltaiNrw~ce st rr'oKrt,~: Lea.ei~sii?i Ca~i~i~i~aws~ rln~wer U~t DrreloNwe~ls. Borro+n~er
~baU keep the Prqxtty io ~ood cepait and slut! aot commit a~?su or pertait ~r+np~~rane~?t or de~erio~uwn cif the Ptoperty
and shall Qotpply with the provisaqs o/ sr1Y kaie i! ttu~ ~Icxitrit n uo a ka~eM~W. tf thn Mor~Rase a ow a uait in ~
coudomipiutn ar a ptapp~d un~t Jeretcpxnent. Bortuwe~ shall p~tfrtm a!) of 8c~rrowtr't obl~iatf.+ns under the declaratwn
ot corsnaats treatct~ or ~o~etn~~K ~he twidc?~n,nium or ~I.nncd un~t development, the by-laws .rxs refulsiia?~ of the
~on~lafun+um et plaaaod wW ckrebpt~eat. and cwnutuen~ ~lu~cumen~s. 1~ a c.xKlurni~ium ot planned un~l ~ietYiopn~eAi
rida is ~'~uecwad bp Bvrnr~er +~nd recaK~kd ~~ether Mnh ~h~~ Matsast. the coMCaaAt~ ~od ,~r«mcats af wcb rkfer
shall bs ~noarrpotaled tato atk! ahatl att~eod xnJ supptemcnt the co.enants and a~resax~ts ot th~s Mott~aje ss ~t the ti.iet
wsre a Part beieo~.
7. MMr1iM ~1 L~a~er'a fier~nitr. if Rc?rrcw?er fa~l. a~ pc~l~nm the eowenants aM! ateeements cueua~ned ~n tMs
1Nor~We. ar H aap actia~ ot ptoaaedu~ is cammcnrcd wAa;h eaa~eriallr s![ects Len~f~er's ~rnere.t ~ the Propenr.
n~dir~. but na Inr?itsd w. enuneM do~e~su+. ~md~~rncY. c~e entorceme~sl. w uran~ements ot proaodinfs i~vdviru •
bnktup ot doc~dent, ~hcn t.e~cfer st Irsadet's opaun. up~~ eosiee to Nor~crve~. neay msks wch a~pearancss. dwbune sucb
sw~t aad uks sueh actioa as is oscpsur to prdect l.ender i in~erest. mcfud~~, bu~ oot liauted W. disbur~emeat of
tw~oasbM atiacecy's kes aad eetry upnn t6e Propeny to mnlce rcpsi~s. 11 t~endr~ rp~ited rtxxt~a~s inwran~oe s~ a
coadKi~w o( aoakio~ the ban ~ecured b~r ~h~s Mort~atc. ll.•rrvr?cr ~hsll psr the pnwiuain ~equrrod 1o mabt~un svcfi
e~s~~na ~ elkct uat~ wch t~ae s~ ibe rsquireacnt for wch ~nsursnce ~erminaees ~a ~ooord~r~oe witl~ Oortow~cr's aAd
EOut. ~c~J f A6l