HomeMy WebLinkAbout0519 Except for repair or replacement, Borrower shall not remove any portion of the Property or allow any portion or the
Property to be removad from the real property encumbered by this Mortgage without Lender's prior written conseni.
Upon Borrower's default under the Note or this Mortgage, at Lender's request, Borrower shall assemble those por-
tions of the P~operty not permanently affixed to the real property encumbered by this Mortgage at a location specified
by Lender which is reasonably convenient to Borrower.
3. Deposits tor Taxes and Insurance. Upon Lender's written reyuest, in addition to the payments required under
ihe Note and on the day each monthly payment is due under the Note, Borrower shall pay to Lender an amount equal
to one-twelfth of the sum of: (a) the yearly ad valorem taxes and assessments due with respect to the Property; (b) con-
dominium and homeowners' association or planned unit development periodic or special assessments due with respect
to the Property, if any; (c) ground rents, if any; and (d) yearty premium for the hazard insurance required under this Mort-
gage and for flood insurance or mortgage insuranca,if any, all as reasonably estimated from time to time by ~ender (the
"deposits"). Borrower may reduce the amount of the deposits with Lender to the extent that Borrower makes the deposits
to an institutional lender under the terms of a prior mortgage or deed of trust encumbering the Property.
Lender shall hold ail deposits in an institution, the deposits or acoounts of which are insured or guaranteed by a
Federal or State agency. Lender shall pay all taxes, assessments, insurance premiums, ground rents, and other charges
for which Borrower has paid deposits to Lender as and when they are due (and taking advantage of the maximum available
discount), but only if Bor~ower provides Lender with sufficient cleared funds. If the deposits are insufficient, Lender shall
notify Borrower of the amount of the deficiency within 15 days after Lender receives notification of the amounts due. Within
ten days after Lender's notice, Borrower shall pay Lender ali additiona! sums necessary to make up the deficiency in the
deposits necessary to pay all taxes, assessments, insurance premiums, or other charqes assessed aaainst the Proaertv.
If the deposits exceed the amount reguired to pay the taxes, assessments, insurance premiums, ground rents and
other charges as they fal! due, such excess shall be, at Borrower's option, either promptly repaid to Borrotver or credited
against the next due payment of deposits. If Lender determines that the deposits will not be sufficient ta pay the taxes,
assessments, insurance premiums, ground rents, and other charges as they fall due, upon Lende~'s demand, Borrower
shall pay to Lender any amount necessary to make up the deficiency in one or more payments as Lender may require.
Upon payment in full of all sums secured by this Mortgage, Lender shall promptiy refund to Borrower all deposits
then held by Lender. If aner a default the Property is sold, immediately prior to the sale Lender shall apply all deposits
then held by Lender as a credit against the indebtedness secured by this Mortgage.
4. Ground Lease; Mortgages; Charges; Liens. Borrower shall fully and promptly perform all of Borrower's covenants
and obfigations under the ground lease (if this Mortgage encumbers a leasehold), and under any mortgage, or security
agreement, or other agreement concerning the Property. Borrower shall pay or cause to be paid before deliquency all
taxes, assessments and other charges and impositions attributable to the Property and all leasehold payments or ground
rents, if any. Borrower shall not negotiate, permit, acquiesce to, or suffer a modification to, amendment to. supplement
to, or a future advance under any ground lease, mortgage (other than this Mortgage), securiry agreement, or other agree-
ment concerning the Property. Borrower shall not negotiate, permit, acquiesce to, or suffer an early termination or sur-
' render of the ground lease, if this Mortgage encumbers a leasehold.
! 5. HazaM Insurance. Borrower shall keep the Property insured against loss or damage by fire and other hazards
~ included within the term "extended coverage;' and against such other hazards as Lender may require, in the full insurable
i value thereof, with an insurer of high financial reputation and to which Lender has no reasonable objection. The insurance
; policies shall be in form and substance acceptable to lender and shall contain a standard mortgagee clause in favor of
; LQnder. Borrower shall deliver the originals of such policies to Lender, ~nless they are held by a prior lender. Borrower
~ shall pay all premiums and charges for the insurance policies and shall furnish Lender with receipts evidencing such pay-
; ment at least ten days before the expiration thereof. lf Borrower fails to do so, Lender, without waiving the option to foreclose,
may obtain for Lender's benefit such insurance as Lender may cansider necessary or advisable for the prot8ction of Lender's
interest in the Property, and any expenses reasonably incurred by Lender in so doing shall bear interest at the rate specified
~ in the Note, and, together with all interest earned therein, shall be secured by this Mortgage. Such amounts shall be due
and payable upon Lender's demand.
~ In the event of loss, Barrower shall give prompt notice to the insurance carrier and to Lender. Lender may make
proof of loss if not made promptly by Borrower, and Lender may apply the insurance proceeds to the reduction of the in-
' debtedness secured hereby, or to the restoration and repair of the Property, at the sole option of Lender. Lender shall have
~ full powe~ to settle or compromise claims under all insurance policies and to demand, receive, and receipt for all sums
~ payable thereunder. In the event of foreclosure of this Mortgage or transfer of the Property in full or partial satisfaction
~ of the indebtedness secure~ hereby, all interest of Borrower in the insurance policies (including any claim to proceeds
F attributable to losses theretofore occurring but not yet paid) shall pass to the purchaser, grantee, or transferee.
~ 6. Preservatlon and Maintenance of Property; Condominiums; Planned Unit Developmenffi. Borrower shall keep
the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property. If this Mort-
~ gage encumbers a unit in a condominium or if the Property is subject to covenants and restrictions common to a subdivi-
= sion or planned unit development, Borrower sha11 perForm all of Borrower's obligations under the declaration of condominium,
~ or under the covenants and restrictions of the subdivision or planned unit development.
7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this
Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, then
Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums, including reasonable
attorneys fees, and take such action as Lender considers necessary or desirable to protect Lender's interest. ~
Any amounts disbursed by Lander pursuant to this paragraph shall earn intere~t at the rate set forth in the Note ~
and shall, together with the interest earned thereon, be secured by this Mortgage. Such amounts shall be due and payable ~
~pon Lender's demand. Nothing contained in this paragraph shall require Lender to incur any expense or take any action.
= 8. Inspection. Lender mav rr~ake or cause to be made reasonable entries upon and inspection of the Property, pro- ~
~ vided that Lender shall give Borrower notice prior to any such inspection.
; 9. Condemnation. This Mortgage extends to and shall encumber the proceeds of any award or claim for damages, ~
~ direct or consequsntial, in connection with any condemnation or other taking of all or any part of the Property, or for con- i`,.
# veyance in lieu of condemnation, and they shall be paid to Lender. ~
~ 10. Borrower Not Released. An extension of the time for payment ar modification of the amortization of the sums Q;
e secured by this Mortgage granted by Lender to any successor of Borrower shall not operate to release, in any manner, ~
the liability of the original Borrower. Lender shall not be required to commence proceedings against such successor or
refuse to extend the time for payment or refuse to otherwi~e modjfy the payment schedule for the sums secured by this
Mortgage by r~ason of any demand made by the original Borrower.
11. Successors and Assigns Bound; Co-signors. The covenants and agreetnents iierein caniair~eci shaii bin~ ti~e
' heirs, personal representatives, successors, and assigns of Borrower, and the rights he,~~ !,!t , r::
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