Loading...
HomeMy WebLinkAbout0274Utv~FUR~t Cuv~-h~ti~s. Bu~ruwcr anJ Lcnd~r cu~~cn.inl :-nJ :~tir~ti a~ (uUuW~~: 1. I'aymrM of Principd ~nd IMerest. l3orruwcr ~hall prumpily pay whcn ~lue thr principal ~~f anJ imcrc~t un thc inJebtedncss e~ iJrn~rd by thc Natr, prepaymcnt and late . hargr. :~. pruvi.lcJ ~n thr Nate, and the prinripal at and ~nte~~s~ on any Future Advanrrc ~ccured by thi~ Mor~gagc. 2. Funds tor Taxes and Insurance. Subjcc~ to appli~ahlc law ur to a w~iucn waivcr hy I.rnder, Rorrowcr shall pay to I.cndc~ on thc day m~~nthly inctallmrnt~ ~,f principal and intrrc.t :ur payahl~ undcr Ihr Notc, until thc Notc i~ paid in (ull. a sum Ihcrcin "I=unds"1 cyual :u une-IH~I(~h ~~f ~hc y~rarly ta~r. and a~.~s~mrnt~ which may aUain pnurity uvcr ~hit Mortgsbc, an~l ground r~ntx on thc Nrupcrty, if am•, plu~ an~-~wcllih ~~f ~rarly prcmium ~ns~allmcnts for hatarJ u~~urancc. plus onr-twclf~h of yrarl~~ prcmium in.tallmcn~c fur m~-rtgagc ~nsurancc, if any, all •r~ rcasanahly c~tima~cd initiall~ and from timc to limc M• I.cndcr ~~ thr ba~i~ ol a»~s,mrnh and hill~ :~nd rea~.mablc cclintatc~ thcrcof. ~lic (~un~1. shall hc hcld in :~n imtituti~~n thc dr~x+vh ~~r ar.•~,unt+ ~~I w~hich arr imureJ ur ~;uar:~ntcrd M~ a I~cdcral or ,tatr agciu~• t inrluding Lender il l.rnder i. ~uch an in,~i~utiu~~ 1_ 1 cnder ~hall :ippl~' the Fundc to p;~~ ~:ud tare,, acuc~ment~, in~uran~e prcmiumc an~! ground ~rnh. I rndcr ma~ n~,t char~r t„r ,~, h~,tding and :~pplying ~h~ 1=und.. an:~h~nng ,aid accuunt. ~~r verifying and «~mpiling ~aid a..r..ment~ and hill~. unli~~ I cnder pa}~ liortuwcr ~ntr~~~t un ~he Fund~ and applicable !aw pcnnils Lcndrr tu makr .uch a rh:ugc H~•rr.~~vrr and Lrn~cr m;,~ .~~rcr ~n HnUng at ~h~ iimc al cxcculian of this ~tortgagc that iMcrc~I ~,n thc Fun.l. ~hall F,~ paiJ tu 13~~rruwrr. and unlr~s ~u~h agr~Ymcnt ~~ madc ~~r applicahle law reywre> >urh intcrr~t to hr paid. 1 cnJrr ~h:~ll nut he rcyuirrd t;~ p.~~ R~~rruH~r .~m intcre~~ ~,r carning..m the Fundi. Lcndrr ,hall gi~~r tr B~,rrower, withoul ~har~;r, an annual accuunUng ~~f thr Fun.h .h~~wing credits anJ dehit~ to th~ Fundc and the purpo~c lur N•hich c:ich Jcbit t~. thc I~und~ wa~ maJr. Th~ f~u~~d, arc ~+!edg~d a~ :-dditiunal sccun~~• for thc ~um~ ~ecured h}' thi~ \turtgagc. It ~hc amoun~ of th~ Fund~ hcld b}~ Lcn~irr. lugrthrr Hi~h thc futurr mumhl~~ in,lallment~ of Fund, pa~'ahk prior to the due Jates uf la~e,, a~,rs~mcnh, imuran.r premium, an~l cr~~und rrnt~. ~h.~ll c~~c~J th~ amuw~~ r~ywrrd t~- pap ~a~d taxes, a~crssmrnt~. ~mur.~me pr~miuin. anJ gr~~unJ rent, a, thr~ tall dur. .urh ~~~r.~ .h:l11 tk. at li~,rr.,~cr'ti opui~n. c~lher prompth~ rrpaid to Borro~~cr ~r crrd~ird tc, Hurr.~HCr ~,n mm~thl~ ~n.t:~llmrnt, .,f 1=und.. I( thr amount uf thc Funds held by I.cnJrr ~h~ll nul be ~ellicient to pa}' la~ct, ati~r~~~ncn1~. u~~ur.u-:~ prc:n~um. an~l gr~~und r~nt~ as Ih~)' fall Jue. Borrowrr ~hall pa) ta 1 cndcr am amuunt nr~r,..~n t~+ m.~1.c up th~ ~f~ti:irn.~ wuh~n 10 da~~ Irom thc Jatc noticc is mailcd by l_cndcr to Bi~rr~~~~cr rcyuctit~ng p;~~mcnt thcr~~~l Upun pa}m~nt ~n fuU of all sums s~curcd h~ thi, ~t~~rtgagr. 1 rnJcr ~hall ~rumptl~ rrtunJ tu B~,rru~rr ~ny FunJs hrlJ hy Le~xlc~_ If under para4raph 1~ hrrc.~l ~hr Pru~xrt} n,~~IJ ~~r th~ 1'n,~xr~~ i, ~~then+i.r :~ryinrrd h}' LrnJcr. 1 en~ler .hall :~Fpl}. no latrr th:u- in~m~diatrh pnur tu thr .alr ~~t thr Pra~xrt~ i-r ih aryu~~iuun h~ I_cndcr. rn}~ Fund, held b}~ (.Cndtir at ~hc t~mc ul :ipplication a~ a ~reJit .i~aimt th~ wm~ u~ur~ii b) th~~ \lortgagr 3. Application oi Pa~mcnts. l;nlc,~ appl~rahlr la~~ ~r~,~uirt .~Ih~rKi.r. alt pa)mcnh recri«J b~• I.cndcr uuJ~r thc \utc and par:~er.+ph~ I.ind '' hcrc.~t ~h.ill tn appt~~d ht I rnJrr fir.t in p.~~mrnt ~~I ant:~unts pa):~hlr t~, L~n~l~r h~' 13~sr~uwcr unJrr paragraph '_ hcre~U, thcn tu intrrr,t p.~~aMr un thr \ut~. thrn 1~~ ~hc prin~ipal ~,f ihr !~~nr. an~l thcn i~+ int.re~t :~nJ pnnc~pal un :~n}~ Futurr Ad~~ancrs. J. ('harke+: I.ien+. $~~rru~~r~ .h.~ll ~~a} etl t.~~r., .~,.~~•m~nl+ .ui~1 ~,thrr ch.~r~~.. fin~~ .~n~l imp.~~itu~m ar.nhutahle t.~ thc Pro~xrt~ ~~hi~h ma} attain a pn~,rit}~ ~,crr th„ \f~~rt~acr. nnd Ica.rh~~ld pe}'m~nt~ ~~r ground rent~. if :un. in thr manncr pru~'idc~l unJ~r E1ar.~gr.~ph 2 hrrci•f c~r. it nrt p.~id ~n .urh rn.~nn~r. h~ H~~rruucr m.~~,ing pa~mcnt. v hcn du~. ~I~rccth' t~~ th'= payee thrreof. Borr.,wcr tihall promp~h turn~.h t~, Lcndrr all nut~cr, „t .~muunh Jur under th~, paragraph. artd in the e~'ent tto~r~~tirr ~h.~ll tna1.~ pa)nt~nt dtt~~tl~, li~~rm~~cr ~hrll piumptl) turni,h tu I.rnilrr rr;tipt~ ~~idrni~ng w.h ~+a)rticntti. Borru.~~r ~hall pr„m~+~l~ .li~ch.ifg~ am I~,:n ~~hi:h h.,. ~nunt~ ~~tirr Ih~~ ~1~~tI~aL~: ~r~~~i+i~~1. Ifz.N H~~tr.n~~r tihall n~H ~x reyuir~J lu J~.~hargr am .u~h I:rn u~ I~~u~ .~s Burro~~~r ~hell egr« in wnung l~~ th~ ~+.iyttxmsi[ ~~t thr ~~hliLeti~~n ~rrured b)• ,uch hen in a m.~nnrr arc~•{~tahlc t~, I rnJer. ~,r .h~tl ~n g.wxl fauh ~~~ntc.t .u.h lirn h~. ~~i defeml :nf~~r~cmrnt ~~t .i:~h lien in. ~C~.~i pr~,r~rJ~ne• ~~f11Cf1 n~~(.tCC [U ~fC~l'DI (fl~ ~'111~~r~CI11~111 U) t~l~ ~tCl! ~~r ~ufli~ttlfi ~~t lFll' ~~fVrCt1C ~~f dll~ (~:ltl lfl~(ti~~. S. Naiard lnw~ancc. Bs,rruHrr ~h:ifl Ar~p thr ~mpru.rmrn~. m~:~ r~i.tm~ ~~n c~rr:~ftrr crr:tr~l .m thr Pr,~~,~rtc m~ured .~ga~nst I~~~+ h~ fire. h:~n+rd; inrlu~icv ~-uhin thr hrm "r~~~ndc~1 ~u~rr.~~:r'~. an.i w,h ~~Ihri h.~tard. a~ I rndrr m.~~ rryiur~ an~t in wch .~m~•unt, an.i tut ~uch jt~n~xl..n 1 ~nJ~r m.~} ~ryuirc: rr~~~ide,i. !h.~t I rn~lr~ .hall m~t rcyu~rr th.~t thc :~m~~unt ~r( ~iiifl ~~~~it:i~'i' C\~i~l~ t~t:~t dllli~Utlt (H ~~~~CI:H;~ r~yuirid ~~~ ~~.t\ Ihi v~nl. v'.t~i~~~ ~~~ ifli~ ~~~~It_l'.f1~i ~I~hc ~muran~r ~.~tnrr rravidin~ !hr in,u:an.c ~h.~ll Ix :h~~~.rn M H~,rtc~~.+~t ,i:h~~ct tu .~p{•r~~~:~1 h~ I rn.l~r. prcntded. th~t Luih a~pn,~.~l ,l~:~U nrt h~ unrca,~~nat.lt «ilhhrld :Vi E+r~nuum. „n in.ur.~ncr p~,l~r~r. ,h.ill h~ ~.eid i~e thr manncr pru~idcd unJ~r p.~r.~graph ? h~rcrt ~,r. ;f nut p.u~l in .u:ti mennr~. h~ ti,~ir~~ti~cr mak~n~ pa~mcat. ,~hrn du~. ~iire~tl~• to thc imur~nce carncr. All in~uranr~ polr~ic, an.) ren«~.,i. thcrr~~t ~h.~li hr in t~~rm .~..rE~t.~hlr t~~ 1 rn,lrr .~n~l ~h.~ll :n.lu~lr .~ ~t.uulard mc~rtg.iFc ~IdUTC in f:n•~~• ~~t an~l ~r~ (~~rm :~c:ept.~hlc c~~ I.cndri. 1 rndrr .h.~ll h.~~~ ~h~ ricM tu huld thr p.~li.sr, .~nJ r~n~~al, Ihrre~,f. ~mi Burr~~N~r .h.~tl pr~~mptl~ furn~~h t~~ 1 cndrr c~il ~rn~ti~al nuu~c~ .~n~1 .~li rr.ripts ul paid ~renuun-. In thc ~~~nt of M~~, li~,rr~~wer ,h.~li -;rc pn•inp[ n~~tt~r t~~ the nnu~.~n.~ ..~rr.cr .~nJ i rnJer. 1 rn.lrr tne) m:~l~ pn~~,t ~~t lo~s ~t n~~t niade pr~~mpth h~ H~~rr~~urr. l:ntrtis ( cniier anJ Bc.rt~~~-~r uth~r.+i.r a~trr in ~~nt~n~. imuran.~ (~+.~~rr~1~ tih.~ll h~ a~plicd t~~ re~t.irati~~n ~~r rep.~ir of thc Pru~:rt~ .lam;~~rd pr~~v~.i~.l ,u~h rc.t~,rat~~~~~ .~r rep.~r i, r~~~n.~n~~, .~lh tr.~~ihir .~nd thr ~c~uritc uf this ~t~~rcgag~ n n~~t ihcreb~ imp.ur~.~. It ,u~h re,tur.~t~~~si ~~r r~~~.u; i, n~•t-~•~~~n,,mi~.~ll~ t~a~ihlr ~~r i! thc tir:unt~ uf thi, ~t~~rtg.~gc Huuld tx ~mpa~r~d. ~h~ itLiur~nc~ ~ ruiec~l~ .h:+11 bc .~p(~lic~1 I~~ th~ tiunt~ .riur~.l h~ Ih~~ ~1~~ng.+gr. ~+~Ih Ihr «er,s. if am', pa~d t~~ B~~rr.~wrr 11 thc Pr.,pcrt~ ~+ .ih.~n~i,~n~~~ M li~~rr.~~~rr. ~~r ~t B~~rr~~wrr l:~~I. n, rctiExmd t;~ 1 cndrr H~~Ihin 311 da~. tront thc ~atr nut~cc i, m.ul~d h~• Lcn~icr ~~, Ru~r~~~-rr th.~~ thc ~n~ur.~ncr :.ir~rr ~~ttcr. t~, .rttlr a cla~m fur imuramr FH:ncfih. LcnJcr ~. .~u!hurvcd tc~ ~~~Ilcrt :~nJ .~ppl~. thc in~ur.,i~.r {~t~~i:cr~i, ,~t Lrn.l~r'. .~pu~~n athrr ti~ rc~t.~raunn ur re~ir ~~f thr Pm~rt) ~~f to ih~ +Unl. ~~.~u~~l M th~~ ~I~~rtg~g~ ~ l.nle~ti (.~nJ~r ;~nd B~~rr~~~+~r ~•thrn~i~r .~Lrcr in ~r~Un~. am ~;~ih .~~~~Ii..ili~~n ~~f {~r~~~rrJ, t~~ rnn.ip.~l ~b.~ll ni~l ~~t~nd ~,r pu~tp~+nc thc ~iur ~l.~t~ ~~f th~ nn,nth3~ in~~:~llmrnt. r~trrrcd t~, in p:~r.~cr,~ph. I.~iz~1 ? h~r~~,t ~~r rh:incr th~ amui~nt ~~t ~urh i~z.tellntrnh. It wi~ier paragc,~+h tti hcreot thc Pr~~Exrh i~ :~iy~ufC~1 h~ LcnJrr. .~I1 nght, tit!r and intcrest ut Horrv~cr in ,uid tu :~m ~muran~~ (x~l~c~~i ~n~l m.utJ tr thr pnkc«1, thcre~,i rc,ult~nF tr.~m J.~rn.~~;~ !t~ th~ {'mpert~ pnur [o th~ ti~le ur ~.yw~iu~»i ~h.~ll p.~„ !o Lcn~cr t~~ thc e~tent .,~ thc ~um. .ccurrJ h~ th„ ~1~,rt~:~g~ imm~J~atel}~ pnor t~> >uch ~ale .ir acyuisiUun. 6. Yreser.rlion :+nd ~laintenancc uf Prupcrl~: I.catichuldti: ('undon~inium~: Planncd l~nit Ue~•elopmenls. NnrroNCr ,hell kr~p thc Pn,Extty in g~,vJ c~p.~ir :uid ,hall n~~t ~umrnn ~,.ntc rr ~rm~t iniperrmriu ~r ~cteriotatwn of thc Prurert} .~nd tihall ..~r.i~l} t~nh thc p~oti~tuns uf am Icax: it lhi, ~t~~rtga~c ~• „n :~ Ic.~.rh„Id. It thi, ~turl~e~t is on a i~nit ~n a ~~~rtJuminium ~~r a pl.u-ncii unit ~I~cc{~~pmrnt. B~~rn~wcr .h.~ll Exrrt~,rm ell ui Burr~~Hrr's ~,hLg.~tiuna undcr th~ drelareU~~n ~~r ~~n~rn:int. crc.it~ng ~~r L~~~~crn~n~ Ui~ ~~,nd~anin~um .~r pl~nncd unii d~vcl~~pntrnt. thr bt•-law~ and rrgulati~~n. uf thc ~~~nJ~munium ~~r pl~nn~d un~t .tc~clupmcnt. .~nd c~,n~t~turnt .lu.:umcm~. It :~ cun.i„minium nr planncd un~t ~tc~rl~~pmcnt ri~tcr i, r~ccutcd h~' Bc~rr~+Hrr .~nJ tc:c~tJrJ I~~~.rthrr with Ihi. ~t~~rtgagc. thr ~~»cn.~nl• and .~~:rrrmrnt. ..f ~uih n~~cr ,hall bc ~n.orp.~ratc.l snt~~ an~t ,h.~ll .~mrnd :~nJ ~upplcmrnt Ih_~ :o~cn.~nt5 anJ ~grccmints ~,t thi. Murl6agr .+, iI th~ ri.icr •.~crc .i E~:~rt hcrcuf. 7. Prolrctiun of I.cnder'1 Securit3~. It Krrn~~~cr t.iil~ t~~ ~xrl~~rm thc cm•en.~nt~ :~n~i .~grccmrnls <<~ntainrd ~n th„ ~~~~tli!.~LC. ~~f 11 :~Il~~ .~~Ui~TI ~~! (~f~l~~l't~If1L ~• ~t~fll(11CIICC~~ t~~llih OLdCf18~~~ .If~C~[~ ~ l`(1~1Cf~~ Illfl'ft~l 1(1 lf1C Pf~~~hfl~, ~n~lud~n~. hut rn~t lim~~cd tu. cm~n~:~t dom.un. in:rl~cn~~. ~udr ~nt~~nrm~nt. rr :ur.mccmcnt~ ~~r rr~ticrdin~s in~•ul~ing a hankrupt ~~r .ir,r~irnt thrn I rnJcr at I rnJcr'. ,~pt~~~n. ~~~~n n~~t+~r 1~• N„rn~Nrr. m.,~ in.,l.c w~h ap~xarancc~. dntiunc tiuch tium~ .+nd IaF.r iu~h :+~n~,n .r is nccr.•:en t~~ pr~~tr:t 1 rndcr'ti inlrrr~t. ~nilu~t~n~. hui rn,t Itmrtcd ti,. di.hur~rmrnt ~~t reet~~nah;~ .~Uvmc)'~ S~is and ~ntr~' up~~n Ih~ 1'r~~pcrt) t~~ m.~{,~ rr~~.iin. It 1 rndrr rryuirrJ mi,rtgrtc in.t~r.~n:c a~ .~ ~un~lrti~+n ~•t m.+F,inE th~ lu.~n ~c:urcJ h~ th~~ '~1~~nc.+~r. B~~rr~,~~cr ,h.~ll pa} thr prcm~unn rrywrc~t i~~ ntaint.un ~u:h insur.~ncc in rt[..t until ,uch tim~ .~~ thc r~yuircmcnt I~~r iu.:h,inwra:ice trnnin.~tc~ ~n ec:ordancr witi~ BurrrNrr', and ~. a , ~ ~~,=~` . -. ., . ~,r~~K348 P,~r,E 274 ~ -~ .~ ~ - ._ ~t.~