Loading...
HomeMy WebLinkAbout0974 ~ 4. Hazard Insurancc•. liurru~~~•r ;h.ill k~~~~F~ tl?~~ im~?ru~~•?n~•i~t` r~~~~~~ ~•~i.:ti?:~~ ur 1~.•r~•uftE•r ~r~•rt~~~l un th~~ 1'rupE•rt~• iu,ur~•~1 ay:uiu,t lus, h~• 1'ir~•, h:iz,u•~i. i~~~•lu~i~•~1 ~~~itl~iu th~• t.•ru~ "t~xt~•n~lc~~! cu~•eru};~•.., ~in~l .uch uth~•r h.iz.?r~i, .i, i.c•n~l~•r m:i~• r~,~~uin• .ui~i in ,uch .u?~uunt, un~l lu!• ,u~•I~ ' pEriu~i, ~ia l.~~n~i~•r m.i~~ r~~y~~irt~: pruvidrd, ti~at I.~•n~l~~r ,hull nut r~•~~uirc thut th~~ :uuuunt ~~f su~•h co~•cru~:~• ~~~~•c•e~i thut umuunt uf ru~~t~ru~;r r~~yuim~l_tu ~r.i~' thr ,un~. s~•cur~~~l i~~' thi. ~lurt~;u~~•. 1'iie in.urxn.•~• r.u•i•i~~r ~~r~~~~i~lir~k~ th~~ in.urun~•~~ shull b~= ~•huat•n 1~~• Rurr~~~~•.•r ,ul~j~•ct t~, uppr~?~~ul h~~ I.~~n~l~•r: ~~ru~~i~l~~~l tl~,it .u~•h .ippru~•,il .hall nut 1,~~ unr~•.?•unui,l~• ~~~ithh~~l~l. :~ll pr~•mium, u~i insurxn~•t• ~~~~licir, ,hull t,~~ ~iuid k~~• Ku?•ru~ct•r. ~sh~~n ~lu~•. ~iir~•ctl~~ tu th~• in•urunc~• ~•zirrier. all iti,ur:uirr puliric•s un~l !•E~nr~~~ul. thf•re~;f ~hull i~~~ in fui•m uc~•r•i~tubl~~ t~~ L~~n~i~•r ~i?~~1 ,h.?Il inrliiclE~ a,t~ind~ir~i tnoi•tku~e rlutist• ~n t'.i~•ur ut ancl in ii~rm uc~•t~~~t~?t,l~~ tu L~~n~l~,r. L~~t~~i~~r ,Iliil~ Ilit~'l~ tiiE• i•i~?1it tu hul~i tii~~ Ex?li~•i~. ~in~1 mn~~~~~al:: tiz~~ri~~~f, un~i f~urr~~~~•er ,h:ili prum~~tl~' ftii•ni,h tu L~~n~l~•r .ill rene~~~~al noti~•es ~in~l <?Il ?.•E•~•eipts uf ~rii~i pre~mium~. ln th~~ ~~~~~•nt uf lu,s, Rurru~~•er :}i.tll k~i~•~ ~~~'ulll~)t n~~tice tu thr in,uranr~• c•.irri~•r an~l L~~n~l~~r. L~•ni1~~r m.i~• tn~ikt~ ~?ruuf uf lu;, if n~?t ma~l~~ E~r~,m~~tl~• b~• Bai•ru~~~~ r. Unlrss I.en~ier a~i~i 13urru~~~~•r uth~•r~~•i.t~ xy:r~~~• in ~~•riti~~~;, iu,ur~in~•r pruc~~r~1, ,hu{1 h~• uppli~•~1 tu restor<itiun or rEpair uf thE~ Pr~~~~~~rt~• ~1a~n~iR~~c1, pr~~~•i~i~~~l siRCh rr.t~~ruti~~n ur r~•~;aii• is t~c~,numicuil~• feasibl~ un~l ti~c~ ,E•curit~~ uf thi. Jlurt~,~u~,~t~ i; nut thE~r~~l,~- iin},uir~~l. If;urh rr.t~,r~iti~??~ ~~r r~pair is nut e~•~?n~~mic.ill~~ fE~<i,ihl~~ ur if th~~ st•curit~• uf t}ii• \lurt~~~k~• ~~~uul~i L~~ im}?~?ir~~~l, the in.uranrf• proc~Eds shall be ~tpplir~l t~, the su~n• sectn•e~i t~~• thi. ~turtk~i~,~E. ~~~ith ih~~ ~•xc~~,s, if .sn~~, p~iid t~~ B(~1'I'O\Yl'1'. It~ tlll` Yrupertr i~ ~tban~lun~•~I l,~• ~iurru~~•er. ~?r if I3orr~?~~•rr fuila tu r~•;~~~>n~1 t~, Len<1rr ~~~ithin :t0 d<<~•a from the dat~~ n~,ti~•e i~ m.iile~l h~• L~~»~l~~r tu R~~rr~~~~~E~r that th~~ iti,~u:inc~• ~•urriE•r ~~ffEi•s to settle a claini fc?i• insiu•un~•~~ I,ent~fits, I.E•nclc~r i~ authoi•iz~~~l tu collect an~i ap~~i~• tht~ ll11111'i111C1' ~)COC:~'NI~S ilt j.l'!1(~E'C~` U}1tIUI1 t'1C~ll'1' tu 1't'~tUl'ltllull UC 1'('~)<il!' ut~ L}ll` ~~Y01)Pt't\' uY ~U t~l(' sums ~ecured b~• thi:: \I~,rtga}.~~. L1nless Ll'll(~NY 2111i~ Hul't'O\\'l`t' ~~~Ilt•r~~~i,E~ ~i~i•e~• in ~~•ritin~. .ill~' ~lil'Il ~ipplic~itiun uf pr~~ceE~~i; tc, princip~tl sh.ill not e~tE,n~l ~~r pu,tpun~~ thc• ~luE~ ~~<<te uf thE• munthl~- inst<~ilm~~nt~ r~~ftrr~~~i t~~ in paragraph 1 hE•r~~~?f ~~r chang~~ th~~ .tmc~urt ~~t' .u~•h in.talln~~•~its. If ul~d~•r p~irak~l'R~)Ii 17 h~•~•~•nf thE, Propert~• is ~icyuire~l b~• Len~lei•, all i•i~~}1L, titlE• ~in~l inter~•st ~~f Iiurr~~~rei• in ~in~l t~~ llll~' 111~111'it11C(• p~?liciE~s and in an~i t~, th~~ pr~~c~~e~ls ther~~~?f r~r,ultin~ frnn~ ~l.~mat~e t~~ thE• I'rup~rt~• E~riur t~~ tht~ ,a!r oi• <icyuisition .h~~il pa•, tu LendE i• tu thc~ E~steiit uf thc~ ~tin~~ ~ecu?•~~~i L~• thi; \Iurt~;~tge 1111I11E:(Ili1tC1~' [)1'101' ClY such sale ur <u•yui.iti~~n. 5. Preservation and ~laintenance of Property; l.e~seholds; Condominiun~s; Planned L'nit Developments. B~~rr~,~rE~r sh<tll keep ti~e Pr~~~~ert~~ it~ ~,ruuii r~~p~~ir uncl ~iiall n~~t r~~mmit ~~-a,te ~~r permit imp~iirti~~~nt ~?r ~Ie•t~•rio~•<ttion ~~f thE~ Pr~~pert~• ~incl .h.?ll c~~mi~l~~ ~~•ith thc~ pr~~~•i.i~~n~ uf an~- IEase if thi~ ~I~~i•tka~e i. un a lc<i,eh~~l~l. If this \lu!•tg<ik~~ un .i unit in a cun~l~,minium ur <i pl<i~u~Ed unit de~~E~lupment. Burru~~•t~r :}~all ~~erfur?~i <ill uf Kurr~~~rc•r', uhlik•atiun• uu~ier thr• ~ (~t'.C~i31'itt1011 l)1' CU\'ftll:il]t,; l'I't'Fi~lil}.,'' l)l' €!1l~'t'1'[71[1}~ t~ll' CUl11~(1111i1llUlll OI' ~)~illll]l`(~ tllllt I~l'~'l•1Villtlt2lt, t~ll' t~~•-la~~-s an~1 rE~~,r~il<iti~ins ~,f tht~ cun~iumi»ium ~>i• ~~lannt~~i ~mit ~ie~~t~lupment. an~i ('~)(15LitllE'nt ducument,. If a cc?nduminium ur planne~l t;nit dt~~•el~zpmE nt ridc~r i, E~xerut~•~~ h~- B~,rr~~~+-er and ' recorded togc•thei• ~~•itti thi. ~Iui•th.ik•E>. tiie• ~•„~•f•nant~ ~?n~i a~,rr~~t»~f~nt~ ~rf ~u~•h ridc~i• ,h~ili }Z~~ incorpurated intu an~l shall amen~l an~i ,uj~plt~mE,nt th~• cu~•t~n~int• <?n~l a~,•rE~c~~urnts uf thi~ Jlurtg~?ge as if the ridei• ~sei•E~ a p.u•t hc•re~>f. . 6. Protection of Lender's Securit~-. If 13urr~~~rE~r f'ail~ t~~ ~,~~rf~,rm th~• c~~~•enant~ ~ind :.1~1'EEillt'11L5 cuntainc~d in this Jlurt#,?~ik~•, ur if x~i~~ a<•tiun ur ;,ru~~~~~~clin~,~ i: cummc~n~•t~cl \\'I11C}1 materiall~~ affect~ Len~1~~r's It1tE~rest in the Prul~E~rt~~, inrlu~iin~,r, hut ~~ut limitc~~l tv, eminc~nt ci~,m~iin, ; in~ol~-enc~~. code ellf0l'CC'?llt'nt. ~~r ai•r~ink~•iuE~?~t~ ur 2~t~ucE~e~lin#,~• in~-~~l~~in~,r ~i },anki•u~~t ur elccE~~lent, ; then Lender at I.endc:i-'s option, uix,n n~~tice tu R~~rn~~~•er, m<i~• make .uch app~aranc•es. ~li~hurse 5UC~7 Stllllti 2iT7(~ tii~il' SU~.'~] 2iCt1(111 ii~ I~ [1lCE'~N2il'\' tU ~)CUtt•Ct I.l'li(~l'1'~~ llltt'Tl'~t, II1C~L1(1111t,r, ~)11t ill)t limiteci to, (~1S~Lli'SC'111ET1C uf reasc,nxt~le utt~,rn~~~•'; fe~•~ ~in~l f•ntr~• ~~~~un thE~ Prupert~- tu make s :•epairs. If L(il(~EI' 1'l`1~111Ct'(1 tnurtgage itisurance~ a~ x~•„n~iiti~~n ~~f m:ikin~,? tht• li~<tn ~e~rurc•c1 h~' this `Iortka~*e. Borro~~•er sh<ill j,a~- the prEmium• rEquirc~~l t~~ ~n~iintain .uch insur<inre in effECt until ~UC}l t1111E' i1S t}ll 1'l'(~Llll'f'lill•Il~ fO1' SIIC~I I11~U1'iiiiCl' tf'Ytllitl~ltt'~ 111 iiCl'tll'(~RIICE' N'Itfl ~OY!'1~~~'f'Y~~ <ii](~ F Lender'~ ~~•ritten ~i~,'I'EE~ment ur <i~iplic<ihl ~ la~r. Burr~~:~~~•r :i~~~ill pa~• the ei~~~uun: uf all nu?rtkagc - in~urance ,~rE~mitim~. an}• amuunt: cii;htir;E~~i h}• I.en~iE~r ~?ur~uaint t~~ tl~i; }):il'~i}..,~C21~)El 1~ ~~•ith intrrf~:t t}~~•!•t~un. ~h~?i! becume aci~iitiunal incle~htE~~inE•;: u,`' E~urr~~~~~E•r ,~•rfu•~~~1 l,~~ thi, ~1~~!•tgakE~. l'nlf•s; Bui~ru~~-~~r an~l Len~lE'T ~lk!t'Ee t~? uthrr t~~i•m: ~if p,i}~mr~nt, ~uch ~~?n~~zints ~haiE be ~~a~-<ib1E~ upi~n n~~ti~•E• fr„nz Lendc•r to Borru~~•~~r rc•c~ue~tin~; ~><i}-nieut there~~f, ~Lnd ;hall lrf~ar intrrE•~t fr~,!n thE ~IatE• u!~ c~i.hursi~n~E~nt <it = the rate pa}-~il~le frum timc i~r timc• c,?~ out;tai~~~ling princ•:p~il u~~ci~•r th~ \ute unlE•s~ E~a~~m~~nt uf ~ Y interest at stich ratti «•uulc~ I~e c~~.~tr~?t•~- tu applicablE~ la~~-. in ~rhir~~ ~~~-t•nt •uch amuunt~ •}~all hE,<~r int~rest at the highe.t rate permis.ii~le un~iE~r ~ipplical~l~~ I~i~~~. ~~~thin#,* r~~ntainc•~i in thi~ ~~arxgraph ~ i shall i•e~~uire I.en~ler t~~ incur an~~ ex~~~~n;~• ~~r txk~' 1i11\' liCtl(Nl hc~reundE~r. ; 7. Inspection. I.ender ma~• ?nake ur cau,E~ tu },c' lllii(~E• rc~a~ona},le t~ntrie• u}~~~?a an~1 in•pe~•ti~,n5 ~ uf the Propert}•, pro~•ide~l th<it Len~fer .h<ill ~,ri~-e B~~rru~~•er noticE~ priur t~, atz}• st~ch in~ptction r ~j)E'Clf~'111~ Tf~a,unable rau,c~ thE~ref~~r rt~lute~l t,~ LE~n~ler's intere~t it~ thE• Yr~~~~~~rt~-. ~ 8. Condemnation. The pr~~cec~ei:; uf an}• a~~-arcl ur rlaim fur ~ilitll}i~E'S, clir~•~•t ~,r c~~n~E~yut•nti<<i, in ronnE~cti~~n ~~•ith ~in~~ ~•~~r~~iemnati~~n ur ~~ther txkin~,~ uf the Yr~~~,t~rt}~. ~~r }r<irt therc~uf. ~~r fur cun~~E•}~ancc in lic~u ~~f c~;n~i~•mz~ati~~n. arc• h~~rE~h~~ a.•i~,•»c~c! an~l ~i~all he Erii~i t~~ I.e•n~ier. - In tht~ ~~~'E~nt uf a t„tai txkiny~~ c~f th~• I'r~~pE~rt;', ih~~ ~~r~~c~~E•~1~ •i~al{ hc• ~i~~,~lic~cl tu tl~r ~um~ _ ~ecur~~cl b~- thi. ~I~,rtk~~i~,~c•. ~~-ith thE~ t•xre,•, if an~-. ~,ai~l t~~ I;urr~~~~-t•r. In th~~ E~~-c~nt uf a~~arti<il takin~,• of thc• Nrup~rt}-, ~inl~••. R~~i•r~~:~~c•r anc! LE•n~1t~r ~~the:•~~~isE~ <i~?ret• in ~~•ritir~,~, thE~rc• •}~all t~E• applied t~? the su~t~: sc~•ure~l l,}~ this ~Iui•t~,~a~,•t~ ~uc•h pr„~~ui•tiun uf tiit~ }~rc~cef~~l~ as i~ ~~yual tu th<it pi•o~~urtion ~vhi~•h thc~ ~?m„unt ~~f th~~ ~um. ;c~cur~•ci h}~ thi• :lu?•t~,<<iy~c~ immE~~liat~~l~~ ~~i•i„r t~, thc~ ~iatc~ ' ~~f takiny,T bear. t~~ the faii• n~a~•{:E•t ~-aii~~~ ~~f' thE~ I'ri~Eu•rt~~ imme~iiat~~l}• ~~riur tu thE~ clate <~f t~iki:~k*, - «-ith thc~ }~al.tnce ~~f thc~ pruc~~t~cls }~ai~l tu Rurr„~ct~r. If the f'rui;ert~~ i~ ahand~~nf~~i i,~• F~urr~,~~•~~r, ur if, aftt•r n~~ticc~ h~• Len~l~~r t~~ E~~~rr~n~•t~r that thc _ cundemnor c~ffers tu m<ik~ an a~car~) ~~r :;ettlt~ .t rluim fe~r ~lamay:es, E3urrc~~~•er fail. t~~ re.pond tu Lender ~~•ithin :iO ~ia~-~ ~ifter the~ ~lat~~ ~uch n~~tic•E~ i• m<tii~~ci. L~n~i~~r i~ authuri•r.e~cl io colleet and - appl~~ the prc~cec~~ls, at 1.~~nilE~r', ~~ptinn. t~ithe,t• tu r~•:;t~~ratic~n or ~•a~pair uf the Yr~~pECt}' o~• t~~ thc~ sum~ .ecuT•e~l h~• tizi~ ~Iurtk~xk<<~. Unles, Len~ie?• and I3~~rr~~~+~t~r ~~th~•r«•i,c~ a~,~rt~e in ~+•ritink~, an}- ;u~•h aE>plicati~?n vf pruceed~ t~.~ ~ principal ,h~ill nut exte~n~l ur ~x,st~?un~~ th~~ c1u~~ ~lat~~ ~rf th~• munthl~• in.tallmrnt~ refe~rre~l to in - paragr~iph 1 h~reuf ur ch~tn~~t• the a?n~~unt uf such instxllm~•nt~. _ , 9. Borrower Not Released. N:4t~~n~i~~n uf th~~ timc• f~~r pa~•mt~nt ~~r mu~lificati~~n of ~tinortizati~~n of thc~ s:~m~ ,ecure~l b~• th:~ Jlt,rtk•a~.~~~ y,n•antE~~1 h~• L~•n~lt•r t~, <<n}• :•uec•~•~.ur in intE•re~t Of BOI'1'ON'( I' ~hall n~~t up~~r~~tf~ t~~ r~~l~•a,E~. in ar~~• m:innc•?•. thE• liahilit~- ~~f :he uri}~inal Borr~~~ti•~r and Borru~~-er's succes.c~r~ in intc~rc•~t. L~~n<!e•r :h.ili n~~t h~~ ?-t~~;uirE~~1 t~, cummence proceedin~,rs a~?ainst ,uch ' "sf~~ ~'.J 1 f ~ i I . . . ~.~~.a z.~.., _ y ` . - - - - _ ~