HomeMy WebLinkAbout0719 Utttratw OovaH~tv~s. Horrawer aud l.ender oovtnaM ~nd asreo as tolbws:
l• ra•~••~ .t r~e~.~ ~,.w. eor~ ~~w~r wr ~n a~e ~u~ a~t oc .,?a ~~ma oo u~
ind~bf~edae~s ~videnoed by tbe Note, ptwpaym~ot aad I~te chana as provided in the Note. :nd the principal ot a4d intenq
on aiq? Futwe Adraoca ~e~wd by this Irlortpip.
1 1~1~ir h~ Z1~ops a~ 6rrr~re~ S~ebject W applicabb law or to ~ writtea waivet bq Leader. Botiowet s6aU WY
b I~arder ou the dar afoathlp imtdhneab ot principal and iMerat are payabk under the Note, uaW the Note is paid in [uil.
a wra (beroin "Fuad~'~ eqwt to a~e-twelfth oi the yearly wca and as~neots which may sttaia priority over th~
Mo~t~a~e. and tro~nd ra~4 aa t6e Pt+nperty. if auy. Qlut oe~e-twdhh ot yescly premium iastallmen4 fot haza~d inwraace.
plnt aoatwelfth ot ye~tiy prpnium iaaallmeats tor a~orfp~e i~uu~s~ce. if sny. W as cwoaably estimatod initidly aad troan
tia~e to Was b~r I.eader oa We batis ot aaa~smenb wd bilb and ressoaabk astimata tl~e~+eof. .
Tbe Frudt sbaq be ~d ia an iastitutio~ the depaib or ac~oou~w ot wrhich ua Imurod ot susnateed by a Federd or
Wsee a~ex~? ~iacn~ns t,~oder u t.enaer a w~ an t~ucwio~). t..eoaar ~,ai .~r ~t~ Fw~ a~y saw t.xa, .~a.
~ P~ iud P'~~d ~'eats. I..et~der may not d~u~e for sa holdin= and applyips the Fu~. analyzin=:aid scoount.
a~ v~ifyit~~ and oanpility said saatmeab aad bilts, uaka Leade~ pays 8orrower inttrat oa the Ft~nds and applicabk law
F~b Leade~ to a~ske wcl~ a ch~erye Borro~ver and Lender msy a~r~a in wridns at the dme of eacecutioa of this
Morfsa~e d~at int~st on the Ptiods shall be paid to Bomo~rer. and upk~s such atreement is made or applicable law
requitea wch in~erat to be paid. l~eada duU aot be rdquired to p~y Borrowe~ sey interest or caraings on ibe Funds. LaKier
slNll Siv~s b 8orm~ner. ~vittwut cbar~, aa aaaual aoc~ountias of ~be Funds ~lwwint crodiu and debies a U,e Funds and ibe
parpose for wbich picb debit to the Fuads w~se made. The Funds are pled~ed as additional ~curity tor the wms securod
bg? t~it Mat~,iye.
~t t6e adauat oE t6e Funds heW by I.~nder. to~ether with the future awathty instatlmeats of Funds payabk prior to
tbe dus dates ot taues. au~aeats. inwranoe pnemieirns and ~ound rcnls, shall exoeed tbe amouat required to pay uid tues.
~ P~'~~ ~!d P~~d ~ts as tbey tall due. such exoess shall be. at 8otrower's option. atlx~
P~P~y ~~t~vr~ a' credited to Bort+ow~oc on monthly installments of Fuad:. If tbe amouat ot the Fu~
bdd bq i.eoder sb~p uot be w~cieot to p~y taxea, aa~menb. insuranoe pt~emiutns and gt~nttnd reab ~a they fall due.
BoRnwtr s6a!! p~y to Leatter aay amouni neoasa~y to make up t6e deRciency wit6in 30 days from the date notioe is msiled
by lreoder Eo Botrowar nequadnR Myn~eat tbereof.
uPo~ PaYmea in full oE ap wms ~ecuoed by this Mort6aae. 1.eQCk~ :batl promptlp refund to Bom~wer any Fundt
htld I~e~kl. If l~ he~[ tha Ptap~rry is soW or the Property is otbetwise acquired by Lendet. T
a~der
~ll apply, no la~er tbaa iao~pediatel~r prior ta tlie ssk ot the Propetty or ib aoqu~ition by I.eader. aay Fuads hdd by
Leode~ st tbe tiaie of applic~tioa as a cc~edit apimt the wms secured by this Mortiage-
~ A!!~ ~~4~¦~ Unkss appliabk law provida otl~erwise, all paya4eats reoeived by [reoder under tbe
No~e aad pan~raphs 1 aod Z 6ereof sl~aU be applied by I.asder first in payment of ~raouata payabk to l.ender by Borrower
~ P~~ 2~f. ~ w;nzeresc paysbk on the Nae. ~ha~ co che priacipat of che Nac, and theo ~o incerac aad
priocipal oa aay Futura A~dvaooes.
CYe~es~ Lie~t Bo~rower sbaU pay al! taxes. asseumeab aad otbe~ chaRes, 6oes and imp~ositions attributabk to
t6e Prope~ty whie6 msy aqain a priority aver tbis Mortaage„ aad kssehold paYmeots a' ~namd re~ if a~?, ia the maaner
Pro+ided under p~r~rapl~ 2 heree~f or. if not paid in wch mamier. by Bocwwer malcint P~Y~~. due. dira~Y ~o tbe
P~l~ theteof. Bocra~a ~bal! promptly furnish w l.eader ap notiaes of amounb due under this psraarap6, and in the eveat
Botro~rer s6aU make payment directty, Borrowet shall P~~PUY furni~ to Lender reodpts evida~cin,~ wch paymenb.
Borro~+er ~ha11 pmmpttjr di~char~e my lia~ which has priority? over this MortQage; p~ovided. tbat Bormw+er sbaU not be
nQuired to di~cJiar~e aar ~ucb liea w loqs as Borrower ahall a,gree in writiog eo tl~e paymeM of the obliaatioo secured by
wc6liea in a manner aooeptab{e w i~ender. or shall in aood faitb oontest wch liea by, or defe~d eafot+cement of six~ lien iq
~ P~ which opaate to Pre~rent the eaforoana~t of the lien or forfeiture of tbe Property or aay put tbaaof.
Aas~ri I~wrarea Ban~ow~er shati keep the imprav~neats ~ow exeatina or l+ereafier a+ected on the Pr~erty inwned
br ~s inca„aea w;th;n tbe cern, "extenaea coverage", ana s~,cn «ba 6,~z.~da ss L.eoder au?y rryaire
and in wc6 amouots aad for wch period~ ~ l~ender maY require: Provided. t6at Leoder ahaU not requir~ that t6e amount of
wch eovaa~e a~oeed that aioo~wt of rnveaae r+equired to piy ihe sums ~ecutsd by this Mortgaae.
'Ibs inwraooe car~ier provjd'nr~ tba i~uranoe shall be cbaaen by Bomawer wbja:! to approval by I.eader, prorided,
t~t sucb s~prnvat sbaU not be une~onably vvithbeld: All pt+emiums on inwrance policks shall be paid in tbe manner
P~'wided uoda p~r~rap6 2 be~+eof or, if not paid ia wd~ maaner, bY Bocrowa makint Pay~t. wha~ dve, diredly W the
inwtanoe artier.
All i~rmoe Policia and rieoewals thereof sfwll be in form aceepiabk to Leuder and shaU include a standard mort~ase
clau~e ia fara~ of and -ia form acoeptabk to Leoder. Lender shall have tbe ria6t to bold tbe policia aad reaewals theroof.
aad Borrow~er sball pr+anptly turnish W Lender sdl nnewal notica and all reoeipts of paid premiuros. In tbe event of bss,
Borz~rer shall give p~~ompt notio~ to tbe iowrance carrier and l~a~der. La~der may make proof oE 1o~s if not rnade PromWh'
~ ~'u
Unkn [.eader and Borrawer otherwise agcoe in writing, insurance procoods shall be applied to restoration or repair of
the Pr~p~t)r damaaed. Provided wch ratoration or repair is economically fwibk aad tbe sxurity of t6is 14[ortgage is
uot tha~eby ~pairod. tf such testoratioa or rcpair is not ooonomicaliy fasibk or if tbe secur+ty of this Mortjage would
be imgair+ed. the inwraaoe prooeeds s6a11 be applied to the wms sxured by this Moci~age, with the accas. if aay. paid
w Borraver. If t6e Praperty is abandoned by Borrowu. or if Borrower fails to rapond w Leader wit6in 30 days from t6e
date notioe is mailed by Ireader to Borrower that the inwranoe curier offen to settk a claim for in:uranoe benefib, Lender
~ autLori~ed W aolkct aad apply t6e insurancx prooeods at Lender's option ather to natoratioo or rep~ir of tbe Properiy
or to tba surm secured by tbis Mortp~e.
Uale~s L,ender and Barower ot6erwise agroe in writing. any such application of prooeeds to principal shall oot eacteod
or patpooe tbe due date of the moathly instdlme~ts rcferred to in pataaraphs 1 and Z he~+eof or chanae the aroouat of
wc6 installmtats. If unda p~ta~ap~ 1$ 6ereof tbe Property a acquirod by I.eader~ all right. dtk and iaterat of Borrowa
ia and to aay im~usnce pdicics and in aad to the proc~eods ,t6eceof resultiog from damage w the Propetty prior to tbe sak
or ae4uisi~on s6all paa w I~eoder w t6e exteot of tbe wuos sxived by tlus Mortsa~e immodiately prior to such sak or
.
~ ~ •i • • r ~...1...1d.. I~.+~Iw.r~ 1l.w.wa l l.it
R stpl~~inY~l a~ nwscr?s w j~.,..~.~,,..+r BOI'lOWEI
~6a111ceep tbe Propetty ia ~ood repair aad shaU not coa~np~it wiste or permit impairment or detuiontion of the Propetty
md shal! oomplp with t6~ provisioos of aay ka~e if this Mortgage is on a ka~ehoW. If this Mortgsge h on a uait in a
ooodaninium or a plaoned unit developnent, Borrawer ahaU perform atl of HorrowaPs obtiaations under the declaration
or oovaaants cnatin~ or goveraing the oondomwium or plaaned unit devebpment, tbe by-laas and reaulations of tbe
coodomiaium or plsnned unii~t developinent. and ~wnstituent documents. If a condominium of planned unit development
rida ~t acecuted by? Bonow~c and recordod together with this Mortgage, the ooveoan4 and aareements of such rider
•6a11 be i~orporated i~o and s6a!! aa~d and suppkment the covenants and agreements of tha Mortaage as i[ tl~e rider
were a part 6ereo~f.
7. lnleedN ~t I,ssiera S~c~ei1~ If Borrower fails to perform the oovenants and sgroen~ents containod in this
1~ortp~e, a~~ny action or procaediag is cortunenad which materially a~octs l.ender's interest in the Propeny.
iocludins. but not Gm~ted to. emineM domain. insdvency. code enforcement, or urangements or pro~xedingt invdvina a
b~trupt or deoeda~t, t6ai I.euder at I.eaders option, upoa notioe to Borrovver, may malce such appear~nc~, disburse such
s~mut aod ulce web action as is naoeswr w prdect l.entle~s interat. includiog, but _ not Iitnited W. disbnisement of
tr~uoosbk attotn~y's foa and entry upon tbe Property to make repairs. If Lender roquired ~a~e irauru~oe as a
eonditioa ot makin~ the bau ~ecurod by this Mortgaae. Borrower shall pay the prcmiwns required to maintain wch
~uraoa ia dfect uatit wcb time as the r~eqair+ement for such insuranoe terminstes in acoocdance with Bormwe~'s uid
. 6001( ~ 1 U PAtf ~19