HomeMy WebLinkAbout0017 t'~:~~ u,e~1 ('.,~t ~~V tti. 11.~tru•.~rr an~1 I c~:.!rr i.~~ ~n.i~~t :it:~l .,t.r iu!I.
1. Pa~mrnt uF Pcincip:~l :wd li:tr~r~f. Is,,.c~~~..rr ~h.,l! ~~r,~~n,•i.. ~,.,y ~~h~n ~f.,~• ti~; ..i.~:~ ~~f .~c:,t iu•~..:,t .~n t:~c
i'i'..:`.'cclilrs. C~idCn..~~I h}' 11~c .tit~[c. ['t~•p:tyntr:lt .tPt~l !:ltc ~f~::t~c. e. ~~r~.,:.!r<! in ih' \,~t~. i.: : ~~i'.::~~~~1 .~f ;,n:! H~t ~:r~t
~~n Futurc Ad~~.~rir~s xturtd t~~• thi~ '~l.~rt`~.,,;t.
l~undi Gir'i'u:cr~ and tn,urancr. Subjr~i t:~ :~pj+!i:.tbia l.t.. or tu a~~rittcn ~s,ivr- l,; 1•:i:.'._r, t::;~z~~•..,r ti}~:~if ~:,~y.
t,~ I.,~ :.l:r un thr d.+y inonthiy i;~.t:tilut.nti nf Ptin~il,.~l :uu~ u;tcrc.t .~:r ~~_i.~.:l,ir uni!.:r thr i:::~i; t` r\~:t: r, j,: i.i iu (uli,
(i~.rrtn "i~un:ls") ~yit.~l tu u;~r-t~~r~;Ih c~( lh~ )c.~I!.: t.~~_. ;u+:i .~„c.,~tre.~h :•.1~i_:! :.:1•. ~•t;.,,il~ u.~r (his
~!or:~:~~e. :~:i~1 ~:round r.;nts ~~n thr {'~u}>trty~, if :1qL, rJll1 I~IiC-ll~~lith <~f ~c;srly pirnuum ir..;.~l::nrnt: f~.~r t~.lrard insutsii~c:,
j i~~, c•::~-tti.~ltth uf }'~:.rly prrmii~m ir,~tallment~ fc>r ru~rtE;age ir.,uran.r. if :u~y, atl ati r_a.~•i::t;•i~: ;.hm.~:,d it~iti:~l{y :~n,+. fmm
ti:ne i.~ timr b~~ I.en.!rr on the b.?~i, of :i»~~~mrnt~ .~n.l hilk c~n.4 ri•a~~~n~hl~ c~~imate; s~:er_~~f.
'11~e t'und, shaU hc hctJ in :tci i;~~iitution tt~~ dtp.~.ih .~r .~.:~~unt~ i~t which ::rr i~~,c:rrcl i~t ~:a:e~a~~:~t~7 h: :i )~.•.l~ral o:
~t.tte :t, ~•ncy /i~irle~di»g l.cn.~rt if l.in~ler i. su.:h iiistitistii~n). t rnilrr ,h:~ll ap~l}~ th~ l~~~r..l~ ~~r.~ ..,:d ~.txei, ::s~es~mrnh,
inc~;r:i1rr premiums a~~d ground renl~. l.cn~lrr rtia}~ n~~t char~;r f~,r hrt:ii,i~; ai~d ar~+lyi~~g ti:c l=ur::+.~, anal.: riu,; .;tid ac~vunt,
r: ~•.:if~•in~ and com~~iting said : is~~~:~ients :tn4 hili., unlr„ Lrntlr~ p.i}~ R~>rro+~~~r intrre.t os: the Fun~; :~:~d :~p, licahte 1:?w
~~rrnit~ I.~n~tcr tu tnake ~ttch a~hargc. lic,rro~t•rr :tn~! l.rr.~1~r ttr~r :~grr~ i~ tivr:ter.~ ,:i t;~: tirn~ c+f r.~ccutwn of this
1:urt; ~ge that inter~>t an th~ l~und~ shall he p:u~l tu lte~rrou~r; ;,r.il unies~ w.:h :+,~rrci?~tnt i~ r.ia.',~ ~~r applicshie law
r~yuir~s such intercst to be psi~. l.cndac shali a~t be i~yuir~a t~~ ~a~~ Itvrrutiv~r :m~• int.r~4t o; ~.:rnin~~ ~a thr Funds. Leu~l~r
~h:slf give to ltorrower, ~~•ithout chargc, :u? annual a~cuunting of the (~un.ls sh~win~ crrdits :~r:d denits t.~ the E~urtds and the ~
purpo.z far ~ti~hich e:?ch d~bit to thC 1~und. e~;~, ml~lc. '1 nr f~un~. are p;tcl~ed as ad~iitiunal security for tne sums~.ecured
h} this ~lortg~ge.
If the amount of the I=unds held by Lcnu~r, tugethrr Hiti~ ttie futurL mor.?hty ir..t.~limrn;, ri F=un~is p.,~•ab;C prior to
ih< <~ue ~ates o. t;~xes, assessn~nts, insu;ance pr~mi~nn~ :ins ~round nnc,. ~h:sti es~c~d tha .:~nci:?it rr~~~u:rd to pay said taaes,
:..;;c„~~~nts, insi~ranca premiants a«d gr~ur~J re~ts ;u thcy f,ell dur, such c~,ecs ~hall h~, ;tt Bnrn~•..r:'; option, cith;.r
~~.-on~nU)' repaid to Borro•,;~er or cr~diiad tu Borrrnaer oii monthly intitallment~ of Fund,. ~i th; amuunt of the Fundi
'~eld by Lendrr ~hall not ba sufficient to pay taxes, as~ci~mrnts, in:urance premium; :,iid k~i~ur.c: r~~nts as they fall d~~e,
l: ~rrower shall pay to i_ender any amount nec~ssarp ta maRe t~p the ctr!'?ciency ~vithin 30 Jscs from the datt nutice is n~ailyd
b~ l.e:ed; r to ~3orrower reyuesting payn~rnt thrreof. ,
Upon paymtnt in full of all sums sec~ired by thi, ~iortga,e, Lend~r shall promptly re[unJ to f3orro~.er :tny FtinJs
held hy LcnJer. If under paragraph l;~ hercof the Yroperty ic satd ur thr Pr~~p~rty ic othen~•itiz a~q;urrd by t_~nder, Lender
tihall apply, no fater than immrdiately prior tn tht ~ale uf th~ Yroprrty or iis 3C(,i7iittlpR by~ i.rnder, a~}• F~inds hz1J hy
I.end:-r ;~t ihe te:ne of applicafion as a cre~fit a,ainst the s~ims <<~_ure.i 5}• thi: \fort~;ag~.
3. Applicatiun of Payments, llnle~s appli;ahle lati+~ pro~•i.k; other~~:se; :?II p:~}'rn~nt; re:ei~•ed by~ Lender ier..ter the
\o;~ and paragraphs 1 and 2 hereuf shall be applied by Lcn~er fint in p:iym~nt of amc~ui~t~ p.-t}~.~bie to l.eii~rr by i3~~rrowrr
undrr paragraph 2 hereof, then to intere~t payabl~e on the !~ot~, th~n t~ tiie principal of the ti:~,e, snd tc?rn to interest and
~:incipal on any Future Advances.
~3. Charges; Liens. I3nrro.+rr ~h:,ll p:ry ~Il t~t,s_ :~«t~,rn~nts :~i~~ .~ther charge,. firies :,r..f i::ti~.~.iti~~n~ attributabla t.~ _
th: Property whicfi may attain a priority over thi, ~turtgage, and Ica,rhol~ paymenis or groeinu r~nts, if an~•, in the manntr
p:ovidad und~r ps:agra?h 2 l~c:reof or, if not pai~ in ~uch manner, b} [3orrow~r makiag pa}ment, HI12h ~U2, d•,rect~}~ ro th~
~a~•ec thrn:of. Burrower shat! promptiy furni~h to !_enJer all noticr, of amu~~nts due an~ar th;, paragraph, and in the event
t3orro~.er shall n~ake payment directly, Borrow~r sha11 promptly fiirni~h to I.endrr r::~ripts e~idenc.r,g such payment~.
ti.~rrower shall prompily discharge any lien .~hich hss priority o~er-this ~lortgaer; provi~±zd, thst Borrow-rr shall n~t be
r~ycired to tlischarge any ,uch lien ~.i long as BOfIOKtf SII:III agrre in ~~riting ta the ps}nient cf tir ah'i?sti;~n secured by
wc6 Si~n in a nanner acceptablz to Lender, or shail in good f:ei!h cuote~t s~lch lirn by, or Jefend er.forcement of such lien in,
1*rgal pnu-eedings which oper3te to prevent the en[orcCment of the lien or forfeiture of the Yropzrty or any part thareof.
5. Hazard Insurance. Borcower shall keep the ;mprovemenh now exicting ar hereafter erected on the Property insured
a^ain;t ?os~ hy fire, hetards included ~+ithin the tCrni "rxtrnded cu~e;age", and surh other hazards a+ Lend~r may require
d:a such amounts and for such periucis as t.ciider may requir;;: prc~~•idrd, that Len~rr ~half not re~uire th3t the amount of
«:c:h c~~?~eragz e.rceed that arnount of cc»•erage required to pa} the wms secured hy this ~tcsr,gage.
The ir,surance carrier providing the insurance shall be ch~~tirn by- Borrowrr subject to appr~val by Lendzr, provided,
chat :,c:.h approval shsll not bt unr~asonably wi,hheld. AIf premium; on insurance polici2s s5~1( be pa~d i*? t~e manner ~
prov~urd under paragraph 2 hereof or, if not paid in such manner, h}' Borrower rr?aking psymen?, tivhen due, clirecdy to the
ir~,ur.~r:re cartier.
All insurance palicies and rtnewals thereof shsil be in form ace:eptsble to Len.ler and shall inciude a stand:~rd mortgage
ci~~:s~ tn favor of anci in form accepts~k tu Lender. lxnder sh:~li h:,ve tne right to hold the poii;.ics aad renewats thercof,
a~z:' f;orrower shail promptiy furnish t~ Cend~r ail renewa; rmti~es and all receipts of paid p:emiu~.. In thz e~•er,t of loss,
t3orro:ti•er shaH gi~-e prompt notice to tne insurance carrier 1nd I.cnder. 1_endrr may make pmof c~f loss if not made prompt{y
by l3vrrower.
Un,«.i Lender and Borrower otherwise agree in writing, insurance ~rckeeds shalt be apr3ied to restoratian or repair of
r;: !'roperty aamaged, ~fJVIt~2d such restoration or repair is econcmicc3Ny tessible and thz s~curity of this ~tortgage is
:,~t tretrby impaired. If such re~torati~~n or r~pair is not e~onor~~i~:tl1~~ fr~5ihle or if the se;urit}~ of this ~1.~rtgagz would
;mpai~ed, the insurance proceeds ~hall be applird to the sium secureJ by this ~iurtgsgr, ~~ith the excess, if any, paid
t.~ Bv~r~~wrr. !f the Property~ is abandoned h} Borrower, or if [3orrower faii. t~• res~ond to (_e:~dtr ~vithin 3i~ days from the
~i,,?e notice is mailed by I~nder to Burrowrr that !he insurancr carrirr oTrrs to se!tle a claim for in,urance benefits, I,ender
:sst!:~~ritrd to c~~S,ect and appl~' the i~>>t~ran:~ pn,cee~i~ :tt l.en' ~~pt;un cithtr to rrst~ ration rr repair of the Pro~.~rty
r: t~ the sum~ se~ured by this tifortgagC. -
t;nless I_er.der and Borrower othen~i,e agree in writing, an~• such appii.ation of pmceeds to principal shali not e?ctend
or pvstpone tne due date of the monthly in5ta~tmrntc rrfcr~ed to ir~ paraoraph; ] and 2 hertof or change the amount of
w~}~ in~t::llmcnts lf under patas~r~p~ IS }iereof tn~ Yro~'r_rty i; aci~uired b}~ Lendcr, ail ri~~ht, ti!le and ie'r*:st of Rorrow~r
i~i ar.~i tu an}~ i~isuran.e ~ol;cie~ and in :,nd tc~ thr ~ru~ced; thertof rrsult~ng from dama,~e t~~ thc P«~prrty pri.~r to thz sale
:~~yui,iti~~n ~h:~ll p~s~ tv I.e;~der to tite eCtcnt :~f ~h~ ~um; ;rc~;re.i h~ this ~~Of(~3~C i~:r^ec;i; ce~y i r.c~r t~ s« ch s.iie or
,~..;ui,i?ion.
G. I're,rn:~:Jr.ri1 JJi(I 1i7fttllY/37TCP of 1'rupcrtr: {.r:nrhutdc; t u~~du~ninium~; Ptanned l;nit I)r~rlt~prnent~. Bnrrouc:r
si l.:,p ti:e I';c}:~it} in ~uod r~; iir :~:~d sii:~ll s:; t ct>n;n~i: ~~..t,*,c ur pcrmit ir,i~ai~tt:~~:: e: c:~teri•~ra:ivn of t};~ Ptoperty
a:~~.! ~':,~}i compi~ witn t:~e pru~iSiom of ;~n} l~~~e it th„ ~t.~r;,.:z~ i. r;i a lcaseh<~ld. If tF.i: :11ar+.,,cr,e is on a ur:it in a
~~,•-.,1~,:,,in~~~m c•r a planned unit i'...;rtopmrnt. L':~~ro~~•_r ~t~,,lt prrf•=~~n ~tf .,f 1.urr~~uer's vhii~:,ti~~n~ ;;:rr t~~ dreiarati~>n
~~r c~~:_•i.int, crcati:tg ~r gvvem,n; tiae cnnd~~:nirii~:n or plannrc! r1;~;t d<<el~pmrnt. th~ b.-law; an~ r~~~i~tionti uf'`ihe
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