HomeMy WebLinkAbout2118 insureci o?• ~;uariu~tce~i I?~~ n l~c~l~~r.tl c~r :tut~~ ;~~;c~n~~}~ ~inclu~lui~; I.en~lc•r'if ].e~~~ler i. ~uc~ii ++1~ ititititutianl. T.ender
~hnll npply the l~~~n~l. to ~,ti~l tux~~~, ;i~~e~~~u~~~ii~, ii~~i~ruiu~~~ ~,rc•~ninn?.:~n~l ~ruiuui i•c•i~i~. (.~~nil~~r ~Lnll ~nak~ nn
~harg~ forso hol~lin~;:uid ~~~i~?l~~in~; Ihc l~un~l~ ~~r ~•c~rif~-in~; un~l ~~~~?n~iili~i~; ~»i~l .~~ses,inc~nt~ .uui hiU~. Rorro~t•er nnd
l.enctrr nu~~~ a~;rcc ina~•rilin~; ;~t th~~ tiuu~ of ~~x~~~~ution oi :`.~i. \1~~~.?};a~;r th~il intc~rr~t ~m tlic I~uiul.; •hall lu~ ~?~ii~l tu ;
liurro~~•er, atnct u?ilc~cs such ii~;rccn~c~i?t i• mail~~, I.~~nii~~r slii~l! nat hc~ rcc~uir~~~l tu ~u:~• liurro~~•~~r r~m• intrrc~t on th~~ '
l~un~is. Lender shnll ~i~•~~ to R~~rro~~•cr, ~~•ithout cluu•~;~~, iu~ .inmu~l a~~~~uuntia~~; of th~~ Fumi;.~ho~~•in~; crcdiis and ~
~lebits to the ri~nds und ti~e ~n~r~~osc for ~~~liicli c~ac•h ilehit to tlu~ I~uncls ~vns i~iadc. 'l'i~~ l~uncis a?rn ~~leci~;cd ns ttddi- j
tionnl security for tl~~~ sunts secumci hy thi~ \tort~a~;c. ~
If the i?mo~u~t ~~f tlie Fu~uts hcld 1~~~ T.en~ler, loRetl~cr ~~~itl~ the iuture montht~• in~l,~llinci~t~ of [~unds ~~avable ~
~~rior to thc ~lue ~Intc. of tn~es, nssessments, insurniice ~~re~niuu~. :uul ~;roun~l rc~~t~, :hal) excceci thc 1111101111t PC- r
- quired to E~av ~ni~i t:?xes, assess~uents, ins~u•ance ~~rcmimns and j;~•ound rents as they iall clue, such exce~.5 shnlt he,
nt Rorro~~~er:s o~~tiou, cithc~• promRrtl~• repnic! to I3orro~~•er ur rrcciited to Borro~~~cr oi~ :no»thly iust~llments of s
runds. If the aunouni of the ~'uncl~ helcl I?~~ T.endcr ~h:tll »ot. he ~ut!ieient to ~~a~• t:?~es, ,i~ses~iuents, insuranee pre- ;
miuuis and ground rent, us the~~ fall ~luc, 13orro~~•er shall ~?a~• tc~ I.endcr ~u~~~ ,imount. necessnry to mrtk~ u~~ the ~
~leficiency ~vithin tl~irt~• dnys atter noticc i'rom I.c:n~ler to I3orro~~•er rc~~ucstin~ ~?,?ymeM thcreof: ~
Upon ~~ayment in full of :~Il sum• secw•c~l h~• tliit \tortgn~;c~, I.ende~• shnll ~iran~~tl}• i•ciimd tu I~orro~ver an~~
Funds held b~~ I.ender. - ~
If wider ~~nrngraph I8 hereof the Yro;~ert~~• i~ sold or the Yro~~crt~~ i~ other?visc ucquired by Lencie~•, l.ender
,hnll np~~ly, no Inter ti?an immediatrl~~ ~irior to tl~c <alc ni thc~ Pro~x~ri~• or its ,u~t~ui~ition h~• T.cnder, any Funds ~
held b}~ T.ender .~i the tin~e of :~p~~lication as a cir~lit :i~;~iin.t the ~u~n~ •ec~urc! h~• thi~ \fortg~~;e. €
3. Applicution of Payments. IJnle_s a~~~~lic:?hlc~ la~~• ~»•o~~i~les other~~~i~~~, uli ~~a~~mcnis ~•eceive~i by I,ender i
undcr thc \otc anct p:u•ngraphs I iin~l 2 h~i•cof ~~171~I IlC .~}?plic•~l i~~• l.cn~l~~r fir>t in ~~~~~~ment ~f .?mo;~ri~:: ~~n~~nUle to - ~
T:ender by Rorro~~•er uude~• ~?arn~rn~~l? 2 hcrcof, then to int~~r~: t ~ri~•ablc on thc \Totc• urnl on Future :1clv;~uees, if
:~nti~, ,~n~l tl?en to the ~~rinci~~nl o[ the \?ote ancl to thc~ ~~rinei~~:~l o~ Fut.ur~~ A~t~•ance., if a~i~'. .
. 4. Charges; Liens. I3orro~~•cr c?~nll ~ia~• all taxc., a~sc~sments ;uul other char~e~, fines n»d in~~~osit.ions atfriU-
utable to fhe Yropert}• ~~•hich n~~?ti• ;~ttain :i ~~riorit~t~ ov~r tl~i• \tortga~;e, .u~~l ~;round re~~t~, if an~~, nt I.ender'~ -
~ option in tlic iu.uu~cr ~?r~vidcci tu~der ~?.trngi~:Yph 2 hc~reof ur I?}• Rorro~~•~r m:ikin~; pa~~mcnt, n~hen ciue, directly to _ :
thc pa~~ee thcrcof. Bori•o~~•c~• chali ~u•om2?tl}~ furnisl? io 1.ci?de~• :ill ~~ofice~ of an~ounts ~h~e iniiier this nnra~raph, ~
itnd i~~ tl~c c~~ent. P,orron•cr ~h:~ll maki~ ~~a~~mcnl rlircctl~•, Rurro~~•er ~If:tll prom~~tl~ f~n•nisl~ to I.ender receipts evi-
~lencing such ~~a~m~ents. Rorra~rer ~hnll. ~~ro~n~~tl~- clisch,u•~;c :u~~• licii ~.~l~ich ha~ ~~riori±;~° o~•cr this \(ort~;n~e; pro- i
~~idecl, tl~ait I3orro~cer shnll nof• hc requi~r.d to clisct~a~,~a an~~ ~uch lien ~o long as Rorroti~~er s1~n11 ngrcc in ~~•rit.in~ to ;
the pa}~ment of the ohligntion ~ecureci h~~ ~iicl~.lie~? in :t mtwner ac~eptahle to I.ender. or shnll in ~ood fnith contest
. such lien b~~, or clefend enforcemm~t of such liei? i~?, leg~l ~~roccccli»~:: ti~•hich operate to ~~revent, ti?e enforcement of ~
the lien or forfeitinr. of fl~e 1'ro~iert~- or .m~• ~~ari ihereaf. ~ ;
5. Hazard Insurance. Borro~~•er ~I~zll kce~? thc i~u~n•o~•ement~ ~?o~~• ~~xistin~; or hercafter ercc±ed on thn Prop-
ert.~~ i»,ured ag~iust loss h~- fire, liaznrcis inr.hided n~it.hin the terin "exEended co~~ernge", an~i siich other liazards - ±
~ Lender may require ,tn~l in such ;~moimt~: and for sucl~ ~~erio~i~ I.~~n~1cr ma~• require; ~n•oridecl, fhat, l.encier sh~U
not require th,~t thc :?mount. of' such co~-cr~ge excced t li;it an~ounf oi c•o~~er~~c requirecl fo pa~~ the ~ums secured by
this ~Iortgage. ~ - -
The insurauce carrier ~n•o~~idin~; th~ insin•~ince shal) he chosen h~~ Rorro~~~cr ~uhject to ;~pprovnl b~• T.ender; ~
~?ro~•ided, th1f. such :ip~tiro~•al sl~all not he um•easonabl~• u•ithhr.ld. All premiums on insurnuce policics ~hall be p3id .F
~t I.en~ler's option i~i tl~e m,tnner ~n~o~•icie~l undei• ~~ara~r: ;:1; 2 hereof or I?~- Rorro«•cr making ~~at~~nent_, ~vl~en due.
directly to tlie insiirauce czrrier. . i
:111 insurai~ce !?olicic~s .~nd renc~•.•~~1~ i!?crcol ~liall h~• iu torn~ .u•c~~~~?tahle to L~mler an~i ~h:~ll in~•luda a standard - ~
- iuortgage c•lau~c in f:~~•or of :uul in forn~ .icce~~t.ll)~e to Len~lcr. I.c•~xicr ~1~.~11 Itt~~•c fhc righi. to hol~l the ~~olicic, and ~
rene~~•nls thereof, .uui 13orro«•cr ~Lalt ~~rom~~tlt~ furni~li ;o i.cn~l~r :ili rene~~•al notice~ ancl :ill receipts of paid pre- 2
miu~z~s. In the c•.•crnt of los,, T;orro«-cr si~ull ~;i~•c ~n•o~n~~t notice to tl?c in~nra»ce currier :im~ i.encier, :~nd l.en3er ~
. mati~ m~tke ~~rooi of )o~s i[ »ot. ~nade prom~~tl}- h~• I3or~•o«•er.
Unless 1.ender and l3orro~ti•cr other«•i~c agire iu n~ritin~;, insur.~ucc ~,rocced, sl~nll be spplied to re5toration or ~
re~~si?• 01 the 1'ro~~ci•t~• ~la~nag~~~i. ~~r~?~~ieic~l :u~li ~r~toration oi• rc~~.iir~i; econonii~:ill~- fe:i•ii?i~~ an~l fhc ~ectn-if.~• of ~
this \Iortgagc is ~iot fl~ereht• in~paire~l_ Ii' such restoration «s• re~~zii• i~ not rconomicalh- fen~ih;r. or if fhe securit•y ~
~ of t.his ~(ortgage ~could bc iu~i~aired, ti~c i~i~w~snce ~n•ocee~i< .hall I,c a~~plieci to the stmi: ~ecw-e~l h~• this ~Iortgage, ~
~~•itl~ tlie e~ce~s, ii :un~, paict io 13orro~~•e1•. li tl~c 1'ro~~crl~• i_~ :~han~lo»c~i i?~• I3orro«•c~• or if Iiorro«•er faiis to respond =
to Lender ~~•itl~in 30 dz~•~ after notice b~- T.enclca• to Borro~~•er thaf the insurance ca~•rier nflcrs t~ ~ettlc claim for ~
insuranee l~cnefiis, l.ender is autl[orizecl to collec~t an~l aZ~~~1r th~~ in~ur;uice ~n~ocecel~ ~it. I.ende~•'~ o~~tion either to ~
restor~tion or rep.iir ot tlic Yro~iertv or to ti~e s~nus sectn•e~l l,}• tl~i~ \(ortgagc. ~
Unless I.ender and Borro~cer other«•i~c agree in ~~•ritiu~. sll\" ~llcl? ap~~lication oi ~n•oceecf: to ~n•inci~~~l sl~~ll k
not extend or post~~onc tl?e duc ~latc oi tlie mantl~l}- inst;~llmcnf~ refcr?-ed fo in ~~araKra~~h~ 1 and 2 hereof or chanRc - ~
the amount of such instalhnents. - ~
If uncler ~~ara~;ra~~l? 18 licr~of 11~c 1'ro~,crt}• i~ ;tc~~uirc~l 1~.- I.ir»~Icr. ,~il rigl~i.-tiflc :in~i infcrest of Borro«•cr in j
an~i to ant• in~uran~e ~~olicie•< an~l i>> :uui to thc~ ~~r~,~ce~~l~ ihrre~~f iio tlia~ ~•~i~~ut of tlic~ ~i~~u~ ~~~i~re•~l ln- thi~ \Tort-
~,age i~uinc~iliatels~ ~,rior to ~~tch ~al~~ ~~r uryui~ition~ re.;ultin~~ 1rt~~u ~tsnia~~c to t?~~• 1'r~,i,crt~'_~~i•ioy t~~ the ~al~ or
i?c~~uisition shall 1~a~~ to I.endcr. - ~ . ~
: 6. Preservution and Maintenance of Property; Leaseholds; Condominiums. I3orro~~•cr ~l~all kcc~~ thc Yrop- - ~
cri,y i» good repair .i~ut shall not ~~c~•~uit. or com~nit «-askc. in~~r.lir~nent, or ~letcrioration of tl~i~ Propert~' :lO(~ SIlAI~ ~
; com~~ly «•ith the ~~ro~•i~ion~ of 1in}- le:~se, if thi~ \tortn~gc i• on a lcaseliold. Ii thi: ~tortg3ne i: ~~n a condaminium _
»nit, Borron•er ~hall ~~erforni :~11 of Borron•cr'~ ohli~ztion~ nn~lcr the ~le~laration of con~iominium or m~ster deed, ~
the i~y-la«s aml re~;ulations of ti?e condominiuin 2~r~ject und constitucut docun~ents.
' 7. Protection of Lendei s Security. If Borro~~-er fxil~ i~? ~~crform the c•ovenant~ ancl .?~;!ren:ents contained in ~
i this \iortgage, or if an~• action or ~?rocecclina is commence~t ~~•hic•I~ inateriall~- ailect~ I.endcr's infere4t in tl~e Prop- ;
F erty, inchiding, b~_~t no# limited tn, emi:~ea~t dom.~in, in~ol~'c»~~•, ~od~• enforcement. or :u•r~n~en~ents or proceed- !
; iugs invot~•in~ z batiky~upt or decech~:t, iizen j.encler .it I.encler'~ o~~tiou. u1ion »otice to Borrot~•er, u~ay inake such _ ~
E ay~pearancea, rlisl~ur~e such ~um~ ancl take ~uch uction as i~ nece~~art• to ~n•otect l.ender'~ interest, ineluding. bttt
€ not limited to, cli~burseu~ent ol re:?~onal~le attorne~~'~ fec~ :in~l entr}~ iq~ou thc Yro~iert~- to u~ake repairs. An~* ~
E amotu~ts clishtused b}• 1.ender ~n~r~aa~~t to this ~~a~:~gra~?h 7, ~~-itl~ intere~t thereon. ~hall become ~clclitionai indebt- =
~ c~iness of }3orro~~•er ~ccured h~~ tiiis ~tortgagc. Unlcs Rorro~cer an~i Len~ier agree fo otlier terro~ of payment, such ~
F .~mot~i~ts ~hall be payuble upon noticc fror~ I,ender to Rorro~~-cr rec~ucstin~ p:~}~~uent therco;, and shall bear inter- ~ ~
~ est from thc dafe ef disbursc~nent at thc rafe statc~t in the ~otc ui~le~~ ~~ayment of interest :?t sucl~ rate «ould bc ~
' contr~ry ta ap~~licable 1:~«-, iu «•hich c~•enf sticl~ :in~otmts :I~:~I1 irc~r interc~t at thc highest ~•ntc ~iennissiblc U~ ~
- applicaUle la~~•. \othin~ containeci in thi: ~~araigrapl~ 7~hall rec~uire I.ender to i?~cin• an}• e~~~ense or do ~ny act . ~
~ ~ hereunder. ~
E ~
. ~ BOOK ~J9 FAGE ~~~J ~
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