HomeMy WebLinkAbout0912 ~,~R~t Cu~1 z..tt~1~: 1{~,rr.~.~Cr a::.l 1 cn.l;z ~:~•:~;~.~:~t ~ a:;:~•r :n f.~ll~~ui: t
1. Yc~~uir~d uf 1'ri~ci);al Aud luirrrif. lt.~rm~,~r ~fi:ti! ~ur::'-E'ti~ ,~.:y ~.h.-n ~~ue thc E~:ir:,ipa! o~ ntiit int~te.: on Ih;
i~. .•~r._~i c~id: n~cd hy ti~: \o,c:. p~r~~.~}'mcr.! :ic~1 I.tt~ tFi::~gr. ; c~~•:i.icd in ihr !':ui~, : nd t~r~ ~~rincip:~l of aitd intet~:t
c:• }•u:~~r~ ~1:hi;;.r~ tc~ur,.! h~' lhic !~1.~~t,~::,::
2. Fu:uis fnr T:,x.s : z~d lusurrncc. Si~1~~:~t t.• ~u}~li~.~',!~ L~~.. e~: ti~ a~~-rittrn w•ai~~rr h;' I e~n.1Lr. lion~~«•rr ~hatl pay ~
i; '~r .~n t~~c ~ay u~o:+~'i:y in,;alir.tc~e!~ pri;::iti~.,~ .~:~c! i,~:~r~,t .:n• E•:~~:~h:~ u•i.t~r tii~ ;~~~te, untii th~ \t~tc i~ paid in fulf,
. ' .i'~~L'~ "~-:l:t:i~i~) t:t~lid~ l~~ ORt~I~`.::~.i;l li'C ~~.U~) I.1-•,~_. :lt1-.~ .1.~:»(i1Cll~i \~Ill:fl fi1:1;" :tlf:ll:l ~(tUf1I~ OYqf 1~111
~~t.. all~: ~fi~Ull~l rc~its ~~11 l~:c; ~~/~1[~.it~', ti 3i1~'. ~1~C? l~(1C-h~':ti[~l i~f )C3f~)' ~.'Ciilllt:il If1SCi:lmcn2s for hazard 1115ULS(1CC,
.~~•t~.:lfth ~f ~~arly ~:rernii:m ir.stali,neat: t:~r m.,rt,;a,,e ins+~r.,nr:. if :,ny. all as r~a~~,n:~bly c~timat~d iuitially an.d [rum
ti::. t;m~ by I.cnc~;:r un tl:e I~asic of a~.e;s~:~:n:~ ::::d hill, :t;t~l t~.~~<•n.tb!~ ~.tim:it~i t'n~reof.
1 f:.: i~~n:.t~ sh11! h~ h:ld in an institutirn tL~ ~!crosit, or a,~.~untn ~~f ~vhich arr in;nr.~! or gtiaraatced by :i 1'edcral or
c+.,;:• (is:clu~lii: ~ l.enc(rr if l.en.t~r i> su_h 1n in,titution). 1_eax?.r .hall ap~d)' tit~ I~undi to pt~' ~aid taCes, :~ssessment.,
~r~:^,,ium~ :~nd ~;n?un~l rrnts. Lcn~~r n~.e~ nrt chargc for hn::ii:ig and ~pplying thc l~unel~, auai)'ting ~aid account,
or 'if~ie~ :~»d compiling ~aid asie~~mr~:s ai:J bilis, unl~~s L^~~~I~r pa)s f3~~rr.~•~tier intcrcct on the Fur.ds and applicabla la'.v
F•_rz~~s. 1.e~J~r w r;~a;:e su~h a ch:~r~e. ll~~rrowcr and I.cnS~r m:t~• a~fCC in w~riting -at th~ time of execution c~f this
~S~ ~~c ;hat intcr~st on tl:e I~uncts shall t•e p~~i~ to Burru~ti•er, and unless such agrccmrnt is ma+e or sp~
licable law
r~~u:~;:s s~:~l 1RiL`Ct~~ (U Lld ~11(I. Lcndec :h:i11 not b~ r~.auires to p:t)• B~~rr:~~ver any ini~r~st or r.~rni~gs on the Punds. l.ender
~1.::;~ ci~'~ to Borrower, ~~•it~i~ut ctiarge, an annual accounting of thz Feu~dc s}~owing cre~lits and debi!s to the FunQs and the
F.l~~:;~.z ior ~~~hech each det~it to the Funds was nisdc. 7ne Funds are pledged a~ aJditionat security for the sums ~ecured i
b}' ~tort~age. ~
1~ th~c amount of t6C l~unds hcld b~~ Len.irr, tegether ~vith the fu:urc munthiy in:t:~tlniCnts of Fun~ls payable prior to ,
t}~r c'~~ d~tes of tsxcs, ucccssments, It1SUf1[lCt; premiums and ground reni+, shal! e~ce~d the amount req?~ireu t~~ pay S3i~ I1CCS, ~
•ass~»-nrnts, ir.suranee premiuc~s and ground rents <~s they fa11 due, such excess sh.~ll b:, at Borr~~~ver's optiun, either f
premr.t:~~ rep.:id to B.~rn~w~er or credited to B~~rre~~~er on monttily in~taUmenis of Fur.d>. If the amount oE the Funds _
he?c b;- 1_ender shaq not h~ sutTicient io pay taxes, asiessment~, in:t~:.?n.c premiums .+nd grotind rznts as they~ fall c!ue, ~
Borro.,~e~ sh:,ll pay tu Lend2r any amount necessa~~~ to make up the.iefirien~y within 30 ~la~s from the dat~ noticc is mailed
by' 1._::•.':er :o Borrower rcquesting payment tnerrof. ~
tJpon psyment i:~ ful! of all sums sccured by~ this rlurtga;e, l.cnder shall prompdy'refund to Borrower any Fumis
held `~y~ I_er.der. If ~in~ier paragraph 1S hereef the Property is sold or the Pmperty is othern•ice ::cquired by Lender, Lender
st?ati app!y, no later tha~ immediately p*ior to the sale of the Propertv or its acquisition b)• I.ender. any Funds held by
I_er.; a: the time of a~plication as a credit against the sums secured b~~ thic ~forto~~g~.
3. Applic~tion of F~yments. Unless upplicable law provides otherwi>e, all payments r.:.ei~•ed by Lender und{r the
I~e:.; .~ad par:,graphs 1 and 2 hereu[ shall b~ appiied h~ I_cnJ~r first in p:ryment oF amounts pay~able to Lende~ by Borrotiver
u~c'.z; clragraph 2 hemof, then to interest payablr on the Nute, then ~o the principal of the Note, and then to interest and
p: i::_:j ai on xny Future Advances. -
-1. Charges; Lie~u. Borrow•er sh~ll pay alf ta~ec, a~~~s.~mcnts ar.d n?her charges, fines :?na imp~>>ihons attributable to
the i'ropert~• ~vhich may at~ain a priurity over this 1lortgage, and Icasc.ho!d pay~ments or ground rznts. if any, in the manner
p:u:;4e~ ur.der paragr.tph 2 hereof or, if not paid in siicti manner, by B~rrower making payment, k•hen due, direct~y to the
p:.t_z t~~_m~f. Rorrower shall prompdy furnish t~ ~enc:er all noticrs of amounts due under this para~raph, and in the e~ent
Ba~-o:~er shall tn~ke pa}'ment directl}~. Borro~~er sh:~ll prornpt(y furnish to Lender receipts evidenc~ng such payments. .
tivrro~•tier shalt promptly dischar~C any ]ien which has priority a~er th~s ~iortgage; pro~i~ed, that Borrower shalt not tx:
req_:red to discharga any such lien ~o long as Borroticer shall ag:ce in ~riting to ihe pa~°ment of the obligatian secured by
suc~ I~~n in a manner acceptable to 1_end~r, or shall in ~;ood faith cont~st such lien by, or defend enforcement of such lien in,
l:~s! pro:~zdings which operate to prevent the enfurcement ot the lien or forfeiture of the Property or any part therec+f.
5. Hazar.i Insurance. Borrower shall keep the improvements notiv existing or hereafter erected on the Pro~xrty insured
aFai:isc loss by fire, hazards iadudcd within the tcrm "e~tendeJ covera~e", and such other hazards as Lender m~y require
an~'. i, such amuunts an:l for s~rh prriods as Lender may require; provided, thxt Lender shall not require that the ar.:o?~nt of
s~.` c_~~era;e esceed that amount of coverzge required to pay the sums secured by this ~1or.ga~e.
~i "Che insurance carriec providing the insurance shall be chosen by Borrower subject to approva! by Lender, provided,
th s_:.h agproval shall not be unreaconahly ui;hheld. Alt premium. on insurance poli~ies shall be paid in the manner
pro~:ded tinder paragraph 2 hereof or, if not paid in st~ch manner, b~• I3orrouer making payment, when due. dir~ectly to the
i*:s::-::r.ce carrier.
! All insurance policies and renewals thereof sfiall be in fortn acceptable to Lender and shall include a standard mortgage
~ ci~~se faver oF and in form acceptable to Lender. Lcnd~r shalt have the right to hold the policies an1 rene«als thereof,
E aa.I Bo*ro+ver shall promptly furnish to Lencler all renewal notices and all receipts of paid premiums. In the e~ent of loss.
j Bo:;c:.er shall give prompt notice to the insurance carrier and Lender_ Lender ma}' make proof of loss if not made promptly
I by ~.:rrower_
~ l;nless Lender and Borrower otherwise agree in w•riting, insurance proceeds shall be applied to restoration or repair of
t~~ Yrc~p~rty damaged, provided such restorati~n or repair is economically feasibte and the securit}• of this ~iortgage is
r.o: t`;~rrb}' inpaired. If s~.;ch restoration or repair is not economicallp feasihie or if the security of this 4tortgage v~ould
he i~psired, the insurance procee~is shall be applied to the sums secured by this Murtgage, w~ith ttia excess, if any: paid
to lie; rou+rr. If the Propert}• is abandoned by B~rrower, or if Borruwer f:,ils to respond to Le,~der within 30 days from the
~~t•: roti.e is mailed by I.ender to Borrower that the imo~ance c~rrier oflers to setde a claim for insurance benefits, I.ender
is a_,' :o:ized to co1lect and c!pply ihe i:?iurance proeeeds ~t Lea.;er's option either to restor~t~on or repair of the Ympzriy
or ;o the sums secured by this 1~iortgage.
~ linless I.ender and Borrower othenvi~e agree in w~riting, any such :?pplication of pru;.eeds to principal shall not extend
~ or l.~~tpone the due date oE the monihl)• iastallments referred to in paragraphs I and 2 hercof or change thz amount-of
~ su~h :c.~taliments. If under paragraph iS hzreof the Propzrty is acyuircd by Lender, all right, titte and interest of i;orrower
; in ~sid to aciy insurat~ce policies and in and to the proceed~ thereof re.ultin~ fmm damase ta the P.operty prior to the sale
~ or :_,..;:~::ic~n s;~:~1; p,~ss to Ler,dzr to the e~te~t of the sum. secured by this Alortbage immedi~tely prior to such sale ~r
~ acy:::~6:~on.
6. Fresrn:il+nn and 11~iutenance of Yrnpert}~; I.rrseL~~li1,; C~,nd~~mini~en~s; Ylauned l;nit Dr~~elopment,. Rnrro«~er
~ :;__p i;:. Pro~:erty ir, g~~~d rLpair and shall uot commit wa~,i~ or pernut imp.~irn;ent o: :l:teriorat:on of the Prc~perty
~ azd 5~~.:!t conipl, ~~ith the provitiuns o€ any I~ase if th~s ~t~rt,a,e i, on a Ica,ehoid. If t~i: ~Iortga~e is on a unit in a
~ C~~:::'.~:il~"1~LRl OT 'd ~i:iRilt(1 lllll[ (~~~'CtOj>Ilta;fli, E:C~I(U«c'.( Stl:t~~ (!~ifi~~fll :s~~ Of HJiCGWZfS O.~l:~~[tOlti Ufl(I2~ IFIc; decieration
r o.- :~_n: n:s crrating bu~erning the condom6nium or ~I:+nrnd unit devel~~pment, thz hy-laws and regu~ations of the
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~ ..-:~"::1 O~ ~,I:ttlI;c'..~ ll:ll~ (~;'iC~ `l f't~!?~, ::Il:~ iO^~`!I'.:.:Rt i~.l:':R:~:1'~.. ~f 2 C(~:l(~USi~1:11'.Ii:l O~ j`~-~[l'1~(1 IIiL~ (~~~~c'i~~~ In,CfIL
r:?•~: rtecuted by Sorro~+•rc a~~d recor:ied t~~~:..ticr u~ith ih:t ~1c*:t_:a~e, the cvvL:i~~:!s r:~~ a~reemtntc o( cuch rider
~ shal: b-: i--~:orporated ir:to .~nd shall ainend at~d ~;,ppleme~t the co~en.znts and agreement~ o[ thu ~fort~age as if the tider
# ;•_-t h:reof.
~ i. FYolection of I.:•nders Security. 1f {;orr~~•.~rr f~it; t,~ p~:rf~~~m the covenantti anJ arrcrme~ts contai~~eil in t~iis
or if 1i1~~ act~un or pro:rcc:?nb i, c~~::zr~i~ntcd «l;i:h m.il~fi3ll}' 3~LllS Lcn~l~r's intercst in the I'r.+prrt}•.
IC:1.::~~: t.. ~"3U2 ?~lt ~~1I11I~1~ (It~ CRl1ItCDt (i0!Il:ltfl. 11::(~~~tflCl". l'it~jC CII~«f:C(ill'Sll. or arrar~:emer.t; P! ~r~c:e(~I(1Q5 invoi~•ing 3
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y~ t~ ~r':.*:;~' i~: t~_CC(~CISI, t}ItI: ~.Cadcr at Len~~~s~5 Oj~,~t~Ci, U~n~tl n~~I~C•J I~~ ~:OffOt~~f, Ilt:t}' !1i:1~C ~ttL}1 :i~~K3:3IICC'S, l~iSf~U(SC [LICfI
~ s.:r::. ,:u take ~uc1: a:tivu :+s ii necr~~ar~ tu ~rot•.t l.end.r'~ ir.+c~c.f, ieclu.liizg, hut nai limiled to, d~sb:~cscntent af
~ i.~ ~.1~ itiiOC(1L~~~ fl'i'i it~~t~ C~ ~iy' II~-~nl! If:~: ~~iV;^C~I•i i0 fll!nl' rc~:;s.. If Lc,sd~_r f~lilili•_U R!Of<<1~C Iilillf:lRCC ~
~ t~,: ~ o[ tna;:ir.; tt:~ In.i:i tic.:u;~.l b~ Ihiti ~.-:,.:e~. Fi.,rr.,.:rr s~..~1~ ~•i~ Si;:: ~.-enr.:;~ni requirec~ ta mainta~n s,:ch
~ 1`~ . ~!:1 C:iClt :I(:~l~ tIR:C C~.) t~'.': 1~''-:!:•^.~:Rl.iTi ~t:: ~tl:l~ II:; !':if1~C I':!i11ill.t'~i :~t :[C~:vllj~P.CG; '.~~:t~l B~rc~n~rr~ acid
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