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ins~~re~i or guar:inice~l 1?~• :i Fccicr.~l o?• ,t:?ir ;~~;~~nc~• li~~~~li,:lii~~; 1.~~~?~lr?• if i.c~n~i~~r i. ,u~~li :u~ ii?stitutio~?1. Lenclcr
shnll a~~ply tlic l~un~is to siti~l tax~~~. us;r.;:i.u~nt:. ins~n~u~ir~~ I?r~~niiiun~ ,~n~l ~rc~un~l ~~rnt~. I.~~n~l~r ~hal) nu~k~~ no
ehnr~e forso hnldi~~~; uiul ;t~i~~l~~iu~ t~ir l~un~1~ or ~~c~rif~~i~i~; :~n~t ~•mn~~ili~~~; ~,?i~1 t~~;e~::m~nt•:~n~l hill~. Rorro~~~er rtncl
l.~~n~ler m~~~• i~Krcc ii~ ~~~ritin}; :~t th~~ 1i~n~~ uf ~x~~~~ution of tlii. \I~~rt{;a~~~ tliat iiitc•re:t oi~ tlu~ i~nn~l• •ir,~fl Iu~ ~~:?i~l to
13orrc~~~~er, and unlc:. ~ucli :~~;rrenu~ni i. mu~lc•, l.cnilc~r ~h:ili not I~r r~~c~uir~~~l lu 1?n~~ i3orr~~~~•cr a:?i~• intcr~~~t o~~ thc
rttnds, I.endcr ~Lnii ~;i~•~~ to Rorra~~•c~•. ~~~ithout ~Ir,u•~;c~, nii unnun! i~c•cc~untinh of tl?c Fund~ sl?o~?~inc~ ~•rcciits nnd
~iebits to tlie run~ls a~nd th~ ~~ur~~om for ~~~lii~li rttcl? ~l~~hit to thc~ 1'llll(~~ \v~s mnde. '1'I~e I~un~ls :?re ~~ied~;c~i n~ add't-
tional Fe~t~rity for tlie sun~s secin•ecl hy thi~ \Iort~:i~;c. ~
. If the ~unount ~~f th~~ l~unrls hel~l h~~ I.ender. to~etl?er ~~•itli tlu~ fuiur~~ mo»t!?I~• instt~limz:~ts of I~~incis ~iaynble ~
~~rior to thc ~luc cintes of tnxc~, ~ssesstnent~, lI1SU1'ilill•e ~?rc~i~ium~ ,in~t ~r~unci mnts, ~hi~ll ~~::cce,l the amount re-
quired tu pt~y snicl taxes, :ic~essments, insurnnci~ ~~rciniums uncl ~;round renis as they iall due, sucli excess shall be,
:~t 13orro~~•cr's u~ition, eitl~er ~~rom~~tl~• re~~nicl to Rorro~~•er ur rre~dited to 13orron~er on montl~ly instalfinents of
l~~incis. If the,imount o[ the I~imds helci In~ Lendcr shall not. he s;~(licient to ~~n~~ t1~~es, n~se~~ments, insurance pre-
miums tt~~d grounci rent: a~ the~~ fall ~luc, Rorro~rcr shall ~m~• to T.c~n~tcr cin~• amount necess~i;v to mr~kc up thc
~ieficiency i~~ithin thirt~~ days .ifter uotic~c ironi I.~~nder to Rorroti~~er requcsiin~; ~r.~yment, fhereof. -
Upon pnY1~lert in full of iill s~u»~ sccure~l I?y tliis ~[ortgne;e, Lenci~r shall pram~~tl~•, refund tn 13orro~ter :u~y
Funds i~eld lati~ I.ender. ;
` If ur~dcr ~?arn~;ra~?h 18 i~creaf tlie Yroperi.~~ is sol~i or the 1'roperty is otl~cr~vise itcqi~ired 1~~~ l.ender, Lender .
~ ~iinll ~i~~~ily, uo lrttcr thal~i i~i~medintcly l~i•ior to th~~ snlc~ of tl~c~ }'ro~~crt~• ~ir it~ ncc~i~i~itio~i h~• i.endcr, nn~• ~~nds
held by I.emier :it the time of upplictttio» a~ ~t ~~rcclit a~;~tin~:t tlic ~uiu: ,e~•iurcl h~• thi~ \tort~;n~e. s
3. Applicatian of Payments. IJnle.s ;~~~l~licnhlc~ la~~• ~n•a~~i~le~ othcr~i~ise, ull ~?a~~me~it: retcived b,y I,eilder
. ~ iuuier the Notc .md ~r,u•a~r;ipl?s 1 an~i 2 hercof slu~ll I?c a~~~~liccl I.t~~uic~r ftr,t in ~~a~~ment of .timounts pnyt?Ule. ta
Lender I~~~ Rorro~~•er u»dcr ~?~rn~;ra~~l~ 2 l~creof, then to interi~:t ~r,~~•ablc on thc \Tote :u~~l o~~ Fnture :\iivnuces, if
:~~i~', aiid tlien tc~ thc princi~~al of thc \otc an~l to tli~~ ~?rinci~~al of T'i~tiir~~ :\~l~•ancc•. if :u»•. _
4.- Chargest Liens. Rorro~~~er shail pa~• n1( ia~es, a~ss~.~inci~ts :uul otl~er char~c~s, fines ~nd imposit.iom attrib- _
_ utr~ble to thc Yro~~ce•t}~ ~~~hich ma~• .iit:~iu ;i ~~ri~rit.~• o~•cr tl~i~ \fart~n~;c, an~1 ~;rouud rents, if any, at. I.ender's ~
option in tl~e mam~ei• ~~ro~•ideci ~i»der ~iau•.~~ra~ili •l hereoi or I,~• 13orro~~•er ~uakin~; ~ia~~m~~nt, ~~~hen ciue, ~lirectly t.n i
the pzS~ec tl~crcof. Rorro~rer Lhall ~n•om~~t1~• fi:rnish to T.ender all notices of ;unount~ ~i~tc »nder this par~tgrttph, ;
snd in the ei~e~it Rorro?scr ~hall nrtke ~~.t~~ment ~lirectl~•. Ror~-o«•cr sh<ill ~~romptl~• furnisl~ to i.ender receipts evi- ~
clencing such ~~aS~ments. Rorro~~~~r ~hali ~n~oin~?tlt~ ~li,char~;c :u~~• li~n ~~•lii~h hns ~~riorit~- o~•er this \tort~<~~e; pro- 4
. ~~ideci, that I3orro~t•er ~hnil uot hc rec~tiirecl to ~iisch~r~c .im• ~~~ch licn :•o long as Rorro«•er shall :~gree in ~~~riting to :
the ~~a~~~uent. of the obligation secin•e~l h~• such lien in ;i wn»ner ;tece~~tcihle to I.ender, or shall in ~oo~l inith contest ~
~ siicii lie~i 1>~~, or defei~d enforce~ucnt of such licn in, legul ~~roceeclin~: ~r•hich o~~cr~te to t~revent the enforcement of ~
~ thc lieii or forfeitnre of the Yi~opert~• or ,tm~ ~~nrt fhereof. , z
; 5. Hazard Insurance. I3orro~~•er ~hnll kce~? tl?c im~n•o~•e~ncnt: ~~a~+- c~istin~; or hereaftci• erected on the Prop- E
; crt~~~ ii~~um~l .~gaiust, lo~s h~• fire, l~aznrds includeci ~vithi~~ the ter»> "e~tended coverage", anci such other httznrds ~s
. I.ender n~a~~ require a»d in ~ucl~ c11nO1111t5 ,tn~l for such perio~~~ :i~ Lc~~uier ~ua~- rc~uire; pro~•i~iccl, thnt. I.ender sh~ll
not rcquire thRt. the ~n~otuit. of sucl~ co~•ei~~ge excee~i tli;~t-amo~u~t of covern~e required to pa}- fhe sums secured b3~ ~
, this ~Iartgage. _ ~ - - s
The insurance esrrier ~n•o~~i~lin~; thc insin•ance ~hall I,c ~•hosen h~~ Ro~•ro~~~er suhject to ;~p~u•o~~al by Lender: ~
~n~o~•ide~l, that. such :~p~~ro~~zl shall nof he ~i~u•easonabh~ ~vithheld. :111 premiums on insurnnce ~~olicie, ~l~al( be p~id . ~
, ctt Lender's option in thc m:enner.~~ro~•i~iecl under ~~arngr~i~~h 2 hereof or Ly Rorro~~•er ~n~kiug ~~a~~ntcnt, ~shen due,
directly to tlie iusura»ce carrier. ~ i
- :111 insursnce ~~olieies anci rene«•al~- tliereUf ~li,ill I~e in ic?riu :?e~~~~~t.thle to Lc~~i:ler :ind=~hnl1 inrlude a standnrd E
i~iorfg~ge clause in f<~~~or of ai~d ;n fori~~ acce~~tahle to I.ende~i•. I.en~ler ~h:~li ha~•c the ric~ht to hol~l the ~~olieies :?nd ;
rene~~•~lc thereof, .ind ~3orro~~~er ~h;?ll ~n-om~rtl~- furnisl~ tc~ Le~uler all rene~cal notice~ :~n~l all i•eceipts of paid pre- ~
~niiuns. Li.thc c~•cnt of 1os., I~oi•i•o~~•cr ~halt ~;i~•e ~?rotn~~t. iioticc to thc insiu•auce cari•ier a«d Lender, snd T.ender -
u~a~• ~unke ~~roof of !o~s iC ~tiot- ~n~dc pron~~~ti~~ h~• ~orro~~•ci•. ~ _ ~
Unlcss Lende~• .u~c1.13orro~~-er other~~•isc Ani'cc in r~•ritin~;, in~~~rance !n•ocecds ~hail I~c a~~~~lied to restor~tion or ~
- re~?ai?• of ihe 1'ro~~crt~= ~la~na~<<i. pro~•icie~l ~u~~L re~toratio» or re~:~~i~• i~ ec~ono~iiic•all~• te:~•ihle arnl fhc ~ecurit:~• ~f ~
this \Iortgage i~ not. tl?ereb~- im~~airecL If sucli restor.~tion or re}~air i~ not econo~uicall~• feasible or if the securit.y
_ of tlzis \tortgage ~~•ould 1~~ i~upaired, tl~c i~~~i».~»ce ~~rocee~l~ ~h:iil l~c~ a~~~~lieci to the sinus sect~red b~• this \iortgage, ~
~ti•it}i the e~ces~, if .?ny, paicl to Borro~cer_ If the Yco~~ert.~ is al,an~loned 1~}- I3orro«-ei• a• if Borro~~-ei• fails to respond =
to I.encier «~ithin 30 dati•• nfter ~~otice h~- I.ender to Rorro~~-cr that the in~ur~ncc ~arrier oflc~~ to seftlc a ~laini for ~
- insurflnce henefit~. Lender i,-authorize~l to collec~ .?nci a~~~?1}• th~~ in~urance ~n•occeci~ .~t ;.c^~'~r'. option either to ~
restorntion or re~r~ii• oi the }'ro~~cti•t.}- or to tl~c siuu~ ~ccured h}• this \(ortgagc_
ZJnless I.ender and I3orro~~~er otl~ert~•i~c agire in ~~•ritiu~;. s~~~• sucii ap~~lic:itio» ot ~n•oceeds to prine:~~~l sltall ~
. not extend or l~ostpone tGe ~iuc ilate ot the n~ontlilt• in~taUi~~e»t~ re[ei•r~cl to in ~~a~ z~r,.~fl~s 1:,~~d 2~i~mof or ehan~e _ ~
the ntr,~~mt, of such ii}stalhnents. -
IE u::c!~: ~::ir.~gr.i;~h 18 hereof thr Yro~~crt~• i~ :icc~uirc~i 1,~• 1.en~ler. :ill~ ri~;hi: titlc :inrl i~~fere~t oi ~3ori•o«•ei• in ~
;uui fo zm• iu~uranc•r ~~olici~~.: :?n~l in ,in~! Qc? tlu• ~~r~~rcc~i~ tlii~rrc~f it~~ flu~ ~•xt~~nt oi tlic• ~nin< ~c~inr~l h~• thi~ \fort- }
~~ig~. immedistel~' ~~rior tc ~ucl? ~alc~ or :~~•qui~iti~n? rr~~~ltii~~ Irc?~n ~lama~e to th~~ Prc~~~c~rt~- i?rio: io tlie sate or ;
. :tcquisition shall ~,rtcs to I.endcr. - - - ~
6. ~r~~ervation and Maintenance of Property; Leaseholds; Condominiums. Rorf•o~~•cr shzll kce~~ thc 1'rop- ~
' erty in };ood repair and shall ~iot. ~?eriuit or conu~~it ~ti•zstc, i~u~r,iirmc~~t, or ~letei•ioratio» of tl~c I'ropert~• and shall -
~•om~~ly ~~•ith tl~c ~~ro~-isic;~s of am• lcasc, if thi~ \Iort~agc is on a Icaschol~i. If tliis ~tortfi~ge i~ on a-condominium
unit, 13orro~ver shall ~~eriorm all of I3orro«•c~'~ ol?liration~ »n~tcr tlic ~leclnration of con~iominiwn or master decd,
t~ie l~y-la~es and regt~lations of tlie~ co»~ion~initt~n ~~roject and constitueut docu~uentc. - -
7. Protection of Lender"s Security._ I~ ]3orro«•er f1il~ i~~ ~?crCorm the ca~~en:~nts ,e»d :ageeements contained in -
~ tl~is ~Iortgage, or if ~n~~ action or ~n•ocecding is commenced «•hir.h iuateriall}• afTect~ I.en~icr's interest i:~ the Prop- j
ert~~r, including, but not iimit~rf to, e~uinent dou~ain, in~ol~•enc~•, c~de enforcement, or arr:~n~e~nents or proceed- _ '
. ings in~~ol~~ing bankrupt or dececient. then I.ender at I.end~r'~ o~~tion. u~~on noficc to Borro«•er, m3,y ~nake sitcli ~
a~~pearances, disburse sttch sums aud t~ke ~ucl~ aciion as i~ necccsai~~ to ~~rotecf Lender's interest, including.. but
nut liniited to, disbur~ement~of reasonahlc attorne}•'~ Ece~ :m~l r.ntrt' upoti the 1'ro~~crt~~ to m3ke repair:. Any ~
.~~:iounts ~lisbu~ed by Lender puruant to this ;~arzgr~~?h 7. ~~-ikli interest fhereon, shall hecon~e zdditional indebt-
eciness of }3arro~ser secure~i hy thi~ \Iortg~gc. Unless I3ori-o~~•cr an~l 1.en~ier agrec to other terius of paymenf, such
amotmts shall be payabie ti~,on noticc from i.ender to 13orroi~-ci~ i~ec~ticsting ~~ayment~ thereof, : nd sl~~ll be~?r inter-
est irom ti~c datc of ~lisbur~ement at ihc r~te state~l in the \otc tmlc~s ~r.~~•ment ot interest :~t sucl~-rate ~rotild be
contrary to applicable la«•, in c~•hich erent sucl, :imount~ ~(~all heai• interest at the highest rate ~~ermissible bt• ~
applicable la~t•. \othi»g co~Ttained in thi~ ~iaragra~~h 7~hall rc~~uire I.ender to inctn• an~~ cxpense or do ~,ny act #
hereunder. g
~ 0 R c . ~
" _ BOOK ~J~ f~IG[ ~J~ ~
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