HomeMy WebLinkAbout0029 l••~IFi~It~t ('~~~tn~vl~ li~~rruucr .~n~i I rnd~r :uvc~~an1 ai~d aercr a~ f~~1(~~NS:
1. Pa~ment of Principal and Inle~e~t. k~~rr~~we~ ~hall prumr~l} pay ..hrn ~iur thc pnnri{~ai e~t and ~nlrrr~! un Ihe
enJehtrdnrss e~tJenc~d hy the '~utc, prr(~a?•~nen~ rnd latr i~hergr• ~nwi~led ~n Ihe `i~lc. :~~d 1hr pnnc~pal uf and ~nlerett
. on any i~uturr AJvanrr, ~rcurr~l M~ Ih~, \turtg.~gr ,
2. i~uods tur Taxes and Insaryocr. ti~ibject to ~ppli~able lav? ~r i~• a Nnt~r~ vru~ver by i.rn3t~, HuROwe~ ~hall pay
to I.enJcr on ~hc day monihi~ in.t:,llmcnt. ~.f pnnc~pa~ arnI ~ntcre~l :~re pavahic undrr thc Nc~te, unt~) thc !~ote ~s paid in full,
a sum (herr~ri "Funds"1 equ;,1 ro une ewrtfth ut ~he yrarly ~a~e~ anJ acu~s~nen~~ v?•hich ma>~ attam pnority over th~s
Mnrtgage, and gr~.und ~ents on th_ Pmper~y~, d any, plu~ onr-IN~eltth uf ~eariy premu~m mstaUments for haiard ~nsurance,
pius onr-twcUth of yearly p~.... _.n mstallm~nts (or mortgagc insurancr, if any, all a. rcasonably,estimaled init~aity and from
time to time by I.e~der un thr ba~~+ of a+.e..mrnt~ and bitl~ and rrasunable estiniares thtreot.
The Funds shal! bc helJ in an imh~u~u~n Ihc dep~n~ts or arr~~unts ~~t wh~c~ arc in~ured or guaranteecl by a Federal or
state agency ( includ~ng l.cnder ~f I.ender i~ .u,h c~n institut~on 1 Lender ~hall apply Ihe Fundc to pay said taxes, assessments,
~nsurance premiums and ground rents 1 ender may not chargt lor so holding ~nd applymg ~he (=unds, anaiyz~ng said account,
or verifying aad campihng said asse~sments ~nd hills, unlcss !_ender pay. Sorruwer ~nteres~ on Iht Funds and applicablt law
permits 1_rnder to make such a charge Hnrruwer and Lender may agrer ~n writ~ng at the time of execution of this
Mortgage that interest on the Funds shall ~x: paid to Borraw•er, and unle~. .uch agreement is made or applicable law
reyuires such interest to he paid. [.ender shall not he requircd to pay Bon~,N~r intc~est or earrtings on the Funds. l.tnder
shaH gi~•r to 8orrower, wilhout charge. an annua! accounting ot ~he Fun.lti ,h~~w~ng credits and debiu to the Funds and the
purpo~e (ur which each debit to the FunJ. :+•as ntade. The Funds are plcJged ac additional securit) for the sums secured
by this 1?lortgage.
It the amount of the Fu~ds held by 1.en~er, together u~ith thc future monthly installments ot Funds payable prior to
thr due dates n( ~axes, asses~sments, insurance premiums and ground rent~, shall e~cerd the amouM requircd to pay saiJ taxts,
asxssments, insuraoce premiumc and ground rents at they (all due, such e~cewc shall be, at Borrower's optiun, eillNCr
prompUy repaid to Borrower or crcdited to Borrower on monthfy ~naallmenh of Fundc. If the amount of th: Funds
held by l.cnder shall not be sufficient to pa}• taxes, assc+sments, in+ur:encc prem~ams and ground rents as they f, :1 due,
_~rower shall pay t~ Lender any am~~unt necessar~~ tu make up the detic~enry within 30 da~~s from the date notice is mailed
by l.ender to Borrovver requesting paymcnt Ihereof.
Upo~ payment in full o( al) sums secured by thic Mortgage. I endr~ shail prampdy refund to He~r~awer any Fund~
held by l.ender. It under paragraph 1R hereot the Propcrty is suld or thc Yrurcrt~ u o~herwisc acqwred by l.ender, i.ender
shall apply, no later than immediatrl~• prior to the ~alc of the Pro~xrty or it; arquisition h~~ I_ender, any Funds held by
Lender at ~he time of application as a creJit aga~nst ~he sum~ secured hti ~h~~ \lortgage.
3. Applicatioa of Pa~mentc. Unless applicable law• pro.•ides o~herwi~c, a11 pa~•ments received by i_ender under the
Nate and paragraphs i and 2 hcrcaf shall bc apphed by l.endcr first in pa~~ment ut amuunts pay:ible to Lendcr by Borrower
under paragraph 2 hereof. ~hen w intrrext payablc on.thc ~iote. Ihen to thr principal of the Note. and ~hen to interest and -
pnncipal on an)• Future Advances.
4. Cha~es: Liens. Borrower ~hall pay all taxe~, aiu~sments and other char~r~, finec and ~m~u~sitions attributable to
the Property which may attain a priority over thi. Rlortgagc. ~nd leasehol~i paymeeu+ ~r ground rents, if any. in the manner
provideJ under paragraph 2 hereof or. if not paid m wch manner. b~ Burmw~r making payment, when due. direcUy to the
payee thercof. Borrower shall prompily furnish to l.ender all notices of amounts duc under this paragraph, and in the e~ent
Borrow~er shall make payment direcU~~, Barrower chall promp~ly furnish t~~ L~n~Icr receipts evidrn.~ng such payments.
BorroK~er shall promptiy discharge any lien whirh has pnor~t~~ uver shi~ l~tortgage: prov~ded, that Borrowe~ shall not be
reqmred to discharge any such lien so long as Bo~rower shall :igree in wnhni t.• thc pa}meM of the abligation secured b}
such lien in a manner acceptable to Lender, or shall in gcwd faith contcu .uch lien by. or :iefenJ enforcement of such Iien in,
legal proceed~ngs which uperate to prevent the cnforcemcnt of thr iirn ur furlciture at the Prope~ty or any part thereof_
S. Hazard Insurance. Borrower shail keep the ~mProvement. noH eti.t,ng or her~atlcr erccle.d on the Properry insured
against loss by fire, hazards included within the term "ratende~i ca~•rr;?gr' . anJ su~h other hazards ac i_ender may requ~re •
and ~n such amounts and for such periods as Lcnder may requirc: pr~.~~idr: . that l.ender shall not require that the amount of
such coverage exceed that amount of coverage reqwred ~o pa}• the tium. .ecured by this Mortgage.
The rnsurance carrier providing the insurance shal! be chosen b}• Borr~~KCr subjec~ to approval by Lender, provided.
that such approval shall not be unreasonahly withheld. All premium< <~n insurance policrcs shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
insurance carrier.
All insuraoce policie. and reneKrls ihere~~f shal! tx in form accept:~blr tu l.ender and shall include a standard mortgage
clause in favor of and in form acceptable to Lender. Lrnder shall have the nght rt. huld t~e policies and renewals thereof..
and Bor~owcr chall prompUy furnish to t_endcr all rcnewal noticc~ and aU rc:e~pts of paid premium~. In the event of loss,
Borrower ~h~lt g~~e prompt n~dce to the in~urance rarrier and I_ender. Len~irr m~}- ntake prcu~f of loss if ni~t made prompdy
bv Horrower. '
Unless (.enJer and Bc~rruw~r otherNi•e agrec in wrh~ng, imurance pnxerJ. shall be applied to restoration or repair of
the Propert~ Jamaged, pro~•ide.l su~h :estorat~un or repau is e~~~nomi~alh trasihle and the securit} of this Mortgage is
not thereb} impa~red. If such rec[uratu~n Or repair ts n~~t rconum~r:,Ih~ te.+.iMe ~ir ~f the securit} of this Mertgage would
be ,mpa?red. the msurance prcxred~ ~hall be applieJ to the sums serureJ h~ th~s '~lortgage, wi!h the excess, if any, paid
ro Borrow~er. It the Propcrt} is ,~h~nJoned M Borrow-cr. i~r ~t Brrrowcr fa~l~ t~~ re~{~c~nd to 1-ender w•ithin 30 day~ from the
~ate noU~e mailed b~• Lender to f3orrower that the insurance c.+rrier offer. ,ettte a ctaim for imurance benefits, 1_ender
~s author~ced to coHect and appl~~ the msurance p~oceeJs at Lender's option rither to restora~ion or repair of the Property
or to the sums ~~cured by ~his titortgagc.
l,`nless I_ender and Borruw-er othervvise agree in wriung, am~ such appli~ation r.f pracceds to principal shall not extend
' or postpc>ne ~he due date of the monthly instaitments referred t.~ in paragraphs 1 anJ 2 hereof or change the amount oF
such instaUments. Ii undet paragraph !S hereof the Prnpert} i~ acyu~red h} Lender, all right, title anJ interest of Borrower
in and to an~ insurance poticies and in and to the proceeds thereot resulting fram damage to the Proper~y prior to the sale
or acyuisrtion shall pass to Lender to the extent of the sums secured b~ this ~lortgage immed~ately priot to such sale or
acquisition. ~
6. Presersation aad ~faintenance of Propert~: I.easeholds; Condominiunn; Planned Unit De~•dopmenls. Borrower
shall keep the Propcrty in good repair and shall not commit wastc or perm~t impa~rment or deterioration of the Property
and shall compty with the provisiuns of an}• lease ~f this ~titortgagr is un a leasehuld. !f this ~turtgagc is on a unit in a
co[sdominium or a planned unit de~clopmen~. Borrow•er shafl perfurm rlt of Borrower's obligations under the dedaration
or covenants creatrng. or g~TVerniog the c~mdummi;im or plannrd ~init development, the b}-law•s and regulations of the
condomin~unt or planned unit development, and constitucnt documentti. If a condominium or planned unit de~~el~pment
nder ~5 e~ecuted by Bqrrower and recorded t~~gether w~th thic ~t.~rtgage, the covenants and agreements ot such rider
sha11 be ~ncorporated into and "shall amend and suppicment the rnvenants and agreements of this Mortgage as if the rider
Kere a Part hereof.
7. Prottction of Gender's Security. If Rorrower fails to perform the covenants anJ agreements contained in this
Mortgage, or if any action or proceeding is commenced wh~ch materiaUy aftects LenJer's interest in the Property,
including. but not l~mited to. eminent domain. ~nsolvenc~~, code enforcement, or arrangemems or proceedings invotving a
bankrupt or decedent, then l.ender at l.ender's option, uporz nodce to Borrower, may make such appearances, disburse such
sums and take such action as is necessary t~ protect Lender's ~merect, ~ncluding, but not limited to, disbursement of
reasonable attomey's fces and entry upon the Properry to make repairs. I[ l.ender requircd mortgage insurance as a
condition of makmg the loan secured b}~ this Mortgage. Borrowrr shait pay the premiums required to mainta~n such
insurance in efTect unti! such time as thc reyuirement for such msutance terminates in aceordance with Borr~wer s and
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