HomeMy WebLinkAbout0206 LNIFI~R!?1 COVkNANlJ, BVI~uNif YU~ 1.GA~~f :.nca.~nt :cnd agr:e :u faUuws:
1. hy~uest of r~inclrld ao~ laftrpl. Bur~uwrr ahall p~umptly pay v?ht~~ Juc th~ pi~ncipal ~~f anJ ~nlcrest un Iht
indebtedneu evidenced by the Note, prapayme~t and Ix~e ch.rbr. as pruvi~lcd in thr Nurc. and ihe princ~pai uf and i~teresl
on aoy Futurc Advances secured by tl~is Mor~ase.
R~~ tor Tws ssi In~~n~Y. Subject to applir~bic law~ or to a wriuen v?•aivcr by l_ender. AoROwcr shAll pay
~o l.ender on ~he day monthly imtallmen~s ot principal and in~c~c.t arr payabk u~dcr the N.?tc, until the Notc it paid in full,
a sum (heroin "Fund~") equal to a~e•tweltth o( fhe yearly ~a~~c and ~cussments whirh m~y attain prinrily over ~his
Mortja~e, and ~round rsnu on the Pmpeny, i! any, plus ~u~r-tMrl(~h ut ~~esrly premium installments [o~ hazu~d insurance.
plus one-~weU~h ot yearly prcmium installmen~s for m~,rtgage imurance. ii any, aii ac r~a~~~n:1[1iti {7ti11ilidlCU I11tii:~ii) di~:!
time t~~ timc hy I.endcr on Ihe tusis of ass~,-ssmroi. anJ h:ll~ anJ tea~~.n~bl~ estimat~~ Ih~rr~~t.
The Funds shall be held in an inslilutiw+ thr dep~~~~t~ ~~r a.cuun~~ a( whirh :~~r imur~•.f ur gu.~~antc~~! hy a FcJerol or
sf~te e~ency linclud~n` l.tnder it l.ender is such rn ins~ihi~in» I rndrr rhaU ~ppl~ thr I~und, to pay ~aid tates. assessmcnt~.
~nsuranre prtmiunu aod ~round tenlti. I.enck~ mav mu rhargr tur hrlJinK anJ aprl~ u~~; ihr I~undc. analy~ing said a~c~~unt.
or verityin~ and complint caid as~eument: and h~Us. unlc~. 1 cndrr p.iy~ B~?rruwrr ~n~rrc.~ ~•n ~he Funds anJ appli~able (aw
p~ermits I.e~xkr io make su:li a char~e. &~nuwer ~nit I rn.ler may .~grc~ in Nr~i~ng .~t ~iN• timr ~~f c~«u~ii~n ~~t this
Mortp~e 1ha1 intercsl un Ihe I~unJs shal! F+r paid t~+ &~rn~wrr. .~nd unlr.~ su~h .~Kirrinr~~~ maJr at applicahle law
requi~a such interes~ to he paid, I.ender shall nu~ t,c rryu~n~J a~ ~+.i~ It~~~ruwrr any in~r~r.t ~+r ~armng~ un thc I~und~. I.cndc~ ~
shall tivt to Bc~r~ower, without char~e, an annua) accuunUnK ~~f Ih~ I un~k ~h~~wing cr~Jrt~ .u~J Jeh~ts tu the ~~unJc and the
purpose tar which rach debit to the Fundx wa~ enaJr. I lx I u~~da arc pf~~l~ad a, .~JJiina~.~l .~tiunly frr the ~ums .ecurrd
hy this !~lortgagt.
It the amount ot the Funds h~ld by l.enJc~. ~uge~hrr ~hh ~hc tutur~ manthh ~mt.~llm~~it~ ~~f I~un~f~ pay:~blr pri~~r to
the due dates af laxes, asseumenla, insuranco prcmium. anJ ,;raunJ r~nt., shall e~~ccd ~hr .~rn~~unt rryuirrd to pa}• said taxa,
uxssmcnts, insur~ncc premiums and gnwnd rrnt. ih~~ 1~I1 Jur, wch r~cr.. .hrll Fx, at lirrruw•rr'. opti~?n, r~thcr
prompdy repaid to Borrow•er o~ cr~ita~1 to Borrawer .~n mumhl~• ~n.t~llmcn~. uf I~u~d.. 1( thc ~muunt u( thc Funds
held by Lendt[ shall nut be suRicient to pey ~a~~~s r~r,.m~n(s, inwrancr prcntnnm .~n~l ~rounJ rcnts as lhcy (all Jue,
&~rrowrr sha(( pay t~~ t_enJer an~ amount nece.~ary ta ~~iak~ up thr .Ieliri~n~}~ w~~th~n il) da~. ln+m !hr J~te nt+tice is ma~led
by Lender to }l~rrower reyuesUng pa~i~knt thcreut
Upon payment in full of ell sutns secured by Ih~~ Aturtgagc. I enJrr ~na~~ ~~~~~~~~~~r rrfimd tu R~~rrowrr :,ny Funds
held by I.rnckr. It under parYgr~ph IR hercui th~ Pru~xr~y .oIJ .~r ihr Praperi~ u?t~e~~.~.r :~ryu~rcd by t_ender, I.ender
shall appiy, no later than ~mmedi:~tel~• priur te~ the ~ak i~f thc Pr~~Ex•rt~ or its .eryu~.~t:~~~? h~ I.rndcr. ~ny Fundc held hy
1_Ender at the time ot application as a cre~ic aga~mt ihc sum. sccurr~l h~ thn Atnrtga~;r
3. Application ot Pqa~esls. tlnless 3p~.licahlr la~• pra~i~lrs uth.rNi.r. :~11 pa~mcnt. rr,ri.•~d b~• l.c~der under the
' 1`ote and paragraph. 1 and 2 hereoS ~h~tl be appl~cJ b~ I rnJrr tint ~n pa~m~nt o( am~nu~ti payahlc to 1 c~~der hy 8orroKer
under paragnph 2 hereot, thcn tu mtcre~t payahle un thc \ot~. ~h~n tu th~ prin.:ipa! o~ ihr ~i•rc, and Ihcn to inlcrest and
princ~pal on any Future Adv~nces_
i- CharRes; Lkas. Botrower ~hall pay a11 ta~r., :~,.r~.mrnt~ an:l rlhr~ ~h:~r~;~.. f+nr. :~nd ~m~i~itions aUrib~~lable to E
!he P~opc?ty which may attain a Qriorily over thi~ ~tortKaKr, rnd leauti~~ld paymenh ~~r ground rrnts, if any, in the manner
proviclW u~ikr para~raph 2 bereof or. i( nut prid in s~wh nwnnrr, h} 8urr~~wcr m:~l~i~+b p;~~~m,~t, when due, d~rcriiy to the
payee thcreof. Bo?rower shaU prompUy furnish to Lcn~lcr all notices uf amounts dur undcr thic paragraph, ac?d in the event
l3orruwer Sh~l) make paymei~t d~rectl}~. H~~~r.,wc~ .hall ~~~~~n~ptly iurm.ii ta Lrn~kr ~r:.•i, t. r.idcnrmg such paymrntc.
Borrower shall promptly dis~hrrge any lien wh~ch ha. pn~.rdy .~~~r th~~ Marlga~;r; pru~•~.lyd, ilc~t Borruwer chall n~~t be
required tu discharge any such Ikn uw ton~ as B~~rr.?uer ~hall agrre in :~rihng tv thr pa~i~~en1_~,I Ihe uh6g:~ti.~n xcured by
sueh l~en in a manner acceplabk to 1_endtr, ur ~hall in g~ahl faith rontr.t wch lirn b~•, ~~r Jefen~l cnf~~rcrment .~t such lien in.
legal ptoceedings which operite to prevent thc rnf~~ricm~nt uf thc hrn ar turfe~t~~rr uf thc Pri~Exrty or any part thercuf. -
S. Hazud I~ce. BorroMCr shall I.~~p thr impru.rment. no~. cticting ur hercaftr~ rfc.~rd on the Pru~erty insored `
a`ainst (~xs by fire, hazatds inrluckd within ~hc tcrm "r~trnJc.i ~u~crabr", and surh other h:ezard~ ac Lendcr may rCy~iire t
and ~n such amounts and for such petioJs as L~uJcr may rryuirc: pruvidzJ, that I.cn~ler .h~ll nut rcyuirc that thc ami~unt of
such coverage exceed th~1 amount of ca~•erage rryuired a~ pa~ Ihc .umc secnrcd M th~. \1.~ngagr. ~ _
71~e ~nsurance carrier providing the insurrnre .h.?It tx- rhu.rn h}• B~.rrow~r .ubjcci_ ta appn~val hy t.ender; pro~•ided.
that wch approvat shall not be unreasonat~ly withheld. All premium~ on insuranrr policies shall be paid in the manner
provided under paragraph 2 hercot or, if not paid in ~uch mamxsr, hy Bo~rower makmg payment, when due. ~lircctly to the
insurance curier.
All insurance pol~c~es an~ renewals thercot s~aii ix 111 IltfOl .Il'il'r1:lo1C Ili i.c~iuci aiiu :iSdZ: i..'::i'~~ n~•+r~oav~•
r"a'
ctause in [avor of and in form acceptable t~~ I.ertder. LrnJer .hall ha~e the righi t~~ hulJ ~hr Ex~licies :~nd renewak thereo(.
and Borrowu shall prumpd~• turnish to I.enJcr •rll reucw~l nuUres ~nJ all rcccipt~ ..I paid prem~um.. In thc c~cnt uf loss,
Borrower shall give prompt notice ta ~hc ~nsur~n~c rarner :a~d I.enJer. I endcr m.~~ makc pn~~! o[ loss iE nut made promptty
by Borrower. •
Unlesc 1.ender and Borruwrr nthet~+~x: agrre in ?+nt,ng, in.iuar~rt pn~ceJc shall tx applied to rcstoration or repair of
the Pfupe[ty damageJ. proviJeJ such rtatutatiun ur r~pair is ecun.muraUy (ra.ihl~ and thr .ccu~il) a! Ihi+ M~rtgage ix
not Ihereby impaireJ. I( ~urh rc~toration or rcpa~r is nr~ r:~~nomically fcasihle .+r th~ ,crunh• of thic Mortgage would
be impaircd, the insurance procceds shall be .pplieJ ~o thr ~ums sccurcJ b} th~s I~furtg~gr ~+eth the eticctis, if any, paid
to 8orri~wer. !f ihe Pruperty is ahandnned h~ f;nrr~~wrr, ~~r ~1 R~?rrowrr f:~il~ t~. rc.rxmd tc~ I rnder within 30 days fmm the
date notice is m~iled by l.ender to tiorrowcr tha~ thr ~u~ura~~.e ca~fiCr ullCh Il~ a~Ulc ~la~m for insurance henefit~, Lender
is authori•r.ed to collect and apply the insu~ance pnxred~ a~ I ender's uptiun either tu t~yturation or repair of the Property
or to the sums secured by ~his Mortgaae.
Unlesc l.ender ~nd Burruxer otberv?i~c agrrc m.~~i~uib. anp su.h •rpplication ~.f ~,n•rccd~ to pnnc,p~f shall no! extcnd
or puslpone the due date of the mon~hl~• in~~allmentti rcfcrreJ tu in paragr;~E~h~ 1.~n.i hrT~~~f or rhange thr amount u[
such installments. It under paragraph IS heteuf thr Pr~~~xrt~ i. acyu~reJ by t.en~irr, all ~~gh~, t~tte and interest of fiorrowtr
in and ~o any insurance policia and in and to thr punc~J~ thrrcu! rcauhing lruni Jam:igr ta thc Yru~xr~t priur to Ihc sale
or acquisition sb~ll pass to l.ender to the ett~nt ut ~h~ ~unu ~ecureJ by th~s Mortgrge muncJiatcly p~ior t.. s~ch sale or
acquisition.
6. rresenM{~ a~ :~1aWena~ce of Prupeut~; I.ea.rhuldc; l'ondominiums; Planncd tinfl Uevelopmenls. Borrowcr
sh~ll Iceep the Property io Eood rapair and shall not commir wute e?r permit impaerment or Jeterioration of the Property
and shall co~ply with the Qtorisioi?s ot any le:?sc th~. (?I~+rlgabc i~ ~~n a lcaschuld. It th~. Murtgag~ is un a unit in a
condortsinium ~ir a pl~~ed unit_tkYc~pmcn~. Burruwcr .hall ~rf~~rm all uf Borr~u~cr's ~~hl~~;:~tions undcr thc dcclaraUim
ot Coredulb Creatflj-~p/ •=ovtrtlf~ tbt_ ca?ndom~nium or planncd uni~ de~clupmcnt, ~hr b}-laws and regulatiuns of the
conJominium or {~nlio~ unit dtv~opnteiit. ~nJ run+titucnt dcx:amcnl.. If a a~nilominium planned unit dc~•clopment
r~der is execulod by Bptrower apd:hsorded togc~her Nith th~. Mortgage, thr ro~cnant. .uiJ agreemcnts uf ~uch rider
shall be incorporittd.lMo and,sjl3~I imtad anJ suppkmrnt the ca~cnan~s :?nd agrremcnts o! thi~ Morlgage as if the .rider
were a part hcrepF, - _
7• hetecfie~I ~f Ls~+litt`~'~eeriity. If Burrower fail. tu ~rfurm the rovenantc ..rz~l :igrrements contained in this
Mor~ja~e. or if at~~ aeiiol~ bir;ptdeeed~ng is a~mmrnrr.l uh~ch materially atTects t.en~lcr's ~nterest in the Prapeny.
including. but not lirff~te~ ~o: ~aninent domain. in.~~l~rncy. c~xlc rn~r~«menl. i~r .~rr.~n~;rmrnt, ~~r pruceeJings involving a
bankrupt or decedent; Ihen l,ender at I.ender~ option, u~n notice t~. Bo~row•cr, ma~ makc ~uch appearances, disburx such
sums and Iakc such :h:~iun a~ is nccetc~ry t~+ prutrct ! rnJcr'~ inlrrrct, mrluiling, but n~a tiniitrd to, JishurscmeM of '
reasonable attumey's fecs and cntry upem the !'rupcii~• t« ma{,r r~pau~. It [.cnJri r~yuirrJ mortgage insurancc as a -
condition of making the loan secured b~ this Mongaee. B~~rrrw~r shall pa}' the prem~ums required to maintam such
~nsu~ance in efitct un~it such time as ~he re,~u~rrment f~~r ,uch ~n~urance terminatr. ~n accordance w~ith Sormwer s and
BQ~K 282 ~A~z z06
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