HomeMy WebLinkAbout0456 (:x~~'~.~t~1 ('t~vF.~~~:fe. 13rrm•.~er anc! l c:~ii.; c.»•~iiant :~nil :~~~tc~ iuli~~ws:
1. 1'a~mrut uf Princip:~l aud )nte~r~t. lf:~rn+ti~~r Shall pr.~~ i;~tl~• r.~~• ~~hcn u~;e t!:~• ; rir,;i~~.J uf ::id i~~t.:~.t un Ihc
i:~~l.:,+._dness ~~iden~ed hy~ thr Nut~, ptipa~•iticnt a:iil late ch:~rg~.: ~ E~i.~vi~tctl in tF~c \~r.=, t~:.: {'rinci~~:d rf :uid ir?trre~t
u:~ a.1~ Futur~ Advancr~ ~r.ut~d h~• thi; 1lort~~~z. .
l~u~ids for T~.trs :n~d In~urnncr. Sut~je~t to appli~abl~ I.~~; ur ta a~cri!trn ~~.~;~•er i~: 1 ri~cIrt. l.oi:.~~~;:r ~h:~ll ~•sy
to l.rn~t.r ..n Ihc aay montl:ly' in,tnllmr~ifs o( princip.~1 and iui.•rr~; ,sr~ pa~al~!e unilc:r t1~~: :•~~tz. t~r,=.i; \ot~ i: paiJ in ful!.
:t Si::ll ~ !.•(l'i!1 ~ ~'URll~ IC~Ud~ IJ ~~ill'-~I~C~I~f1 U~ ~i~~; ~~l':1f~\• 1.1\L? :112J 1l~~CiiiflCi~(i ~:f1:~:? f:la`. :~::.t!(1 ~1[li~ili~' OYCi l~il~
~to:t,: :~r~~i ground ren:a on thc I'roperty. i( an~~. {:lu: une-t~~~ifti~ o: ~~:uly pr~mit~m ir.;t..:'.m~nis for hat~rd in,ur.ince,
plu, cnr-t~:clfth of ~•early pr:m~tun ia~tallments fur martgage imurancc. if nn)'. .~II :~ti r;;a~c~.,~l~• ;,!imatrJ i:~itially an.! from
time ti~;~~ hy [_en~ltr on th:: b:tcis of as~essn~enls and hilh :~n.f :ta.un:zble estimntcs ihCrcof.
"Ct:e Fun~~ shall be held in an institution tha Jepusits or ;::co:li~ts of ~vhich are imur:d or L::~ar,?~~~:eJ b~' .1 I'~~l~ral or
t!:~h: .~~;~r..~ f,including Lendtr if l.en~ler is such an institution). Lrnd~r shall appl}' ti~r Furc: tu F1}~ ~aid t,ix~~. aisrssmerits,
i~sur.~n~~ premiums and g~.~und rents. I.ender n~ay nut char~e fvr haWing an.l app!} i+~~: the ! an.f~, :,~~~I~•zing ~aid account,
or vrrif~ii~g at~d compiling s.~i.i ~ssessments an~t bill~, unless l.c~d~r payc Ilorro~~cr iiit~.r.t c~n th~ Fumis and ap, iicuble !aw .
p~:rm:!. Lender to ma.l-~ su,h a charge. Itorro~trr and Lcnder m:~y :igree in ~~riti:~~ :~t t%~_ tin~e ~~f cxr~ution of thic
~1o~c;,age that interest on th~ Funds shal! br paid tu llortc~aer, and unle:s such .,grecment is made or appticai~le L•~w
r~yui;es s:ich interest to he paid, l.ender shall n~t be required te~ pay [3~•rru~+ar an~• intrrest or carningi on the Funds. Len.l~r
sh:+~l gi~•~ to IIorrower, without charge, an annual accounting of die Funds sho~ving creciits anJ drhits to tha Funds und tht
purpv:e f.~r which each debit to the Funds «•as m~ld~. Tne f~und~ :err p~rdged •as additior.:tl Se~uri;y for the sums ~ec~red
hy ti~ii. ~lortga~e.
lf the amount of the F?~nds held by I.ender, togCther with the luturc monthly imt~llmtnts of Funds pa~~~ble prior to
the ciu° dates of taxes, as.essments, insurance premiums and gmuad r~nt,, shall t~c~ed the amount required to psy said tsxes~
assessment,, insuranre premiums and ground rrnts as the}~ fa11 due, st~ch e~cecs shall tk, at Borrower's option, either
prompt~~ rcpaid to Borrower or credited to Borrower on monthly instsllmc~:t~ of Funds. If the ameunt of thr Funds
hei~ by I_endzr shall not be suthcient to pay t:~res, assessmznts, insurance premit~m~ an.3 grour.d rents as I~1Cy ~aII dLiC.
Bor.ou•er shall pay to Lendzr any amount necessar~• to make up the deficiene~~ within 30 da.:s from the da:e not~ce is mailed
by L=a:ier to Eorrower requcsting payment thereof.
tJpun payment in full of all sums secured b)' this htortga~e, l.ender shall prom~tly :efund to Ro~ro«er any Funds
held hy 1_c~ider. If under paragraph 1R hereof the 1'roprrty is sold or the Propert~~ is oth.n~::: acquired by Len3zr. Len~er
shall apply, no later than immediatcly prioc to the sale .of the Pro~rty or its acquisition by I_ender, any Funds hetd by
l.cr. ~er at the time of ap~lication :~s a credit against the sums s.cured by this ~fortga;e.
3. Application of Paymeais. Unless apQlicable law• pr~vides other«•ise, all paymentc re.ei~~rd by Lender un.ler the
Note and paragraphs 1 and 2 hereuf shall b: applied by I.cnJer first in payment of amounts p3yable to Lendtr by Borrower
under paragraph 2 hereof, then to interest pay~ble on the Note, then to the princip~l of thz 1ete, and then to interzst and
principal .>n any Future Advances.
4. Cl:~rgrs; Liens. Bc~rro~~rr shall pay :l11 ta~:s, :~c,essm~nts ::nd :~ther char~es. fines ::~:.f im~osir.ons attri~ietable to
tne Property ~vhich may attain a prioriry over this ~lortgage, and le:uehold payments or grc~~^d rents, if 2n~•, in the manner
pro~:d~c! unJer paragra~h 2 hereof or, if not paid in such mannzr, b}• Bormwer ma;ing pa}::irnt. ::hen ~'~e, directty tu the
pa~•ee therec?f. $orrower shaU promptly furn~sh to Lender all notices of amounts due under i~~s par.?graph, and in the event
Borro~~er shzll make payment directly, Borrowe~ shall prompHy fumish to Lender receipts evidrncing such payments.
~ior:o~.~~er shall promptly disch~rge any lien ~vhich has prioriry ~ver this ~i~rtoa,e; pror•i~.d. th3t Sorrower shall not be
req,ired to discharge any ~uch lien so lono as Borr~wer shal[ sgrce in ~.riting to the pa}~ment uf tne obligati~n s.cured by
sucn ::en in a manner acccptable to Lender, or ~hal1 in good faith contr~t-sucfi lien by, or defeed en~orcement of such liCn ia,
lega~ pro:eedings which operate to prevent the cn[orcement of the IiCn or forfeiture of th~ Property or any part thereof.
S. Itazard Insurance. borrower shall kc~p the improvements n~w ex:sting or hereafter erected on the Property insured
agaiast loss hy fi~e, hazards included within the term "rxtended cove~age", aad such other hazards as Lender may require _
arc~ in such amounts and for such periuds as Lender may reyuire; provideJ, that LendCr shali not rzq~ire that the amount of
; such co~erage exeeed that amuunt of coverage required to pay the sum; secured by tnis ~tor.;age.
! The in~urance carrier pro~iding the insurance sh:~ll be chosen by Borrower subject to appror•ai by Lender, provided,
~ that s::.~: a~provsl shall not b~ unrea~onably ~viihheld. All premiums on insurance policies s~al~ be p3i~ in the ;r.3~ner
proviced ii:~.ler paragraph 2 t~reof or, if not paid in such manner, by Borrov+er making pa~ment, When due, directly te the
~
~ insur_t::.e carrier.
I Al! i~surance policies anJ re~ewals thereof sha11 be in form acceptable to Len~ler and sha~l int(ude a~tandard morigage
~ claus;, in fa~~or of and in form acceptable to Lender. Lender shall have the right~old th~ policiei and rertewals :hereof,
~ an~i Borrower shali promptly furnish to Lender ail renewal notices and all rece~pts of paid przmiums. In .he event of loss,
~ Borrower sl~atl give promQt notice to the insurance carrier and Lender. Lender ma}• make pmof of loss if not made prompt(y
i
by Bv; rower.
~ Unless I_ender and Borrower otherwis~ agree ire writing, insurance proceeds sha{I be applitd to restoration oc repair of
~ the Yroperty Jamaged, proJ:ded such restoration or repair is economicaUy feasible and t~e secusiiy of this 114ortgage is
~ not thzr,;by impaired. If such restoration or repair is no: economically feasihle or if the s.curit~ of this 4fortgage weuld
be i:npa~r~d, the insurance prcxeeds shall be applied to the sums secure~ by this :~iortgagr. «ith tfie excess, lf any, paid
~ tu Burrower. If the Pcoperty is abandonrd by I3ormwer, or if Borrower fails to respond to Lender :~ithin 30 days fr~m the
datc; not~c~ is mailed by I.ender tu f3orrow~er ihat .he insurance carrier o~fers to s~ttle a clai:*~ for i~surance benefity, Ler?der
~ i~ 31I~:~~f!7t;~ IO COiIZ~I 3i1(I ;?p~ !t• the insurancc F~~~ceeds at Lcn,!~~'s option either to rester~uO~l or repair of the Property
~ or to the sun~s arcured hy this ~fortgage.
' Unlesi Lender and Borrower otherwi~ agree in writing, any such application of pruceeds to p:incipal shall not eztend
~ or p_~stgone the due date of the r.~vnthly installments referred to in pa~agraphs 1 and ? here~~f or change the amount-of
~ ,~~.:h +n>t.~~'~nents_ lf under paragraph 18 hereaf tht }'roFxrty acyuired by 1_endtr, all ri;ht, title and i~terest of Borrower
~ in and tu a~}~ i~~surance poli::ie. and in and to ihe procee.ls there~~f resulting from damaze to the Yroperty prior to the sale
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' or ;::.}:i:.it~o~~ ch.:ll pass ta Lender to the ertent of the suin~ s~c:i<<d by~ thi~ ~?ort_z:;e i.~.-r.e.!~atet~ pri~r to such s:.le or
~ a:.~ui5ih.~n.
6. Yrrser~ation an~l 1,:vnlenance of Yr~pert~; I.eaceholdc; ('ondnmiuiumti; Yl~nn~d l,-nit Ur~elnpmrnh. Rorrower
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~ ke~p ~ii:- Yruperty 10 ~i~JLl IC~l.tlf a[I(2 shali i:!~I CiJtlliTlli ~ti':ti:i i~C (1C~filli IfllP:ii::liCi:i "v: ic.flOi.lilU:1 of the r~O~ECty
I a~~d ~h ~!I ct~m}.+ly with the E~mvisions of any Icas~ if thi~ \7ort•,,age i. on a lea;chr:cl. tf tiii~ ~far:~,a_,z i; on a unit in a
_ coi:~lon~inium or a planned unit e~~cel~~prrent. Bn:m.~•er sh.:l! per~<~~m ail of iivrru~~er'c .`;~.,,,::~~;u undrr the de;clarstion
~ u; cu-.~n::nts cre:ting or govrrnink the cvndurnini~:m or pl~ni~«f unit dcvel~pmer:t, t~:e h.:-lau, and re~~ulations of the
' -L~. . ~ .'t'.Iil O~ Fl~3lllltt~ .'1., ta.C.~:~l+~'1Til°.lt, :ff::i -.:-'tti[l::R'. :~~~:!.E-:)t:?1'.. ~f it l~+tl.~(~,'..~ii•,•-1 nf ~~:•:i!1'~'C~ ~!f:l~ 1:::\'t•~t,rl?lf.:l~
; ri~l~r i~ e~e~uted by f~orro•.v~r xnd recorded ti~~ether w•ith thic Mart~age, the covenas~t. :~::c~ :~~reements of sueh ri~er
shall b~ i;icc:pn:at~d into a~~d .tisll anie+id ar~~i s~ipp!~ment th~ coven.sn~s and a~reeaientc c~! this ~fortLake as if the rider
~ v... _ ; ~~r: h. reo;.
~ 7. 1'n.!!•ctinn ~f I.e:,d-r, 5ecurity. If }l,,;rc•.;•.~ f.iil; in p~rf~~rm t~e c~c:r:~::t: ar..'. :s ~r:rments ::~ntainrd in ttti:
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R, 1:~pli.' ,.(~i l~ lili dCll(1.1 ~li ~fO:Ct(~Illty' 1~ G~C"ilCili~i~ \'.iil:~: (1121~f1:t~jj' _fi~i:[i ~.i'•..~°: s I~IiCItSI ifl l}1C YIO~+tff~',
IIIGI:`~i'~,'. 1`il! It(~~ ~f11U~tC~ '.O, e~~~inent domain. It;,oi~enc}~, CV.fC l'[li0i-CClflc'.R1, O.' :ifC:tltlc~7Cflii .~i i'[~wi2dings Ifl~'O~~•I17~; 8
~,1itn:t!F~i Ui ~~~C~~Cf1I, t}ltn ~.C(l.~.r at I.cndtf 5 O~"t.~?'t, Li~.~(1 ni)it.~ i~t ~Zil(fON'~C, (71:~)' :ll,t~:2 `_l!~Il ::~~3f1[1C~ti. l~tShllf~c; SliCfl
- ~'1C:, :!t?i~ l":f:l SIICfI ~CIIUO : ~ IG ~lCCii':.lf)' ~l~ F~f_~IC:I ~.l't:(~Yf ~ I^f~~l'if. 1!l~~!1(~!(1~. ZR'! i:: ~ ~:Tl~!C(: iJ. dtshur~eztr~it O~ ~
~ f.'.e :~'~C :~:torney'~J ~CCS d:t(~ C[l1(y C~rrP. l~t_ ~~f~~} ~(l~' l~~ iTt t~:' fc(`:U«. I! ~.C `.~i: r~.;;:i.-_;~ :nortt:;?~Z 1(1ci:fdilCt :tti :i .
~ ru: e,' r~.:ring i};r ln.:n ~.cured h}• this ~t~~,;;:i~,~. Rvr:~•.,:r ill p.~}' th~ F~rrr^:~;:~s r~~y~~;r..~ to tnai~r?~+i ~uch
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y~, . . . Ir' C: l:C! I1Rtl~ 5:::~1 (l:f~.: :1? <<{t ft~: . ..il: ~~~I `~t:.~? t'l._...1^.iC I~'FS!13It~['1~ fl ~~i~'~.~`:~t Bu:(l~'XCf> '7ii
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