HomeMy WebLinkAbout0117 lk,rruwer and I.ender cuvrnant and ngrcr ux foUuwa:
1. Peyment ot i'rincipa) end Intrrcet. Rorn?wer e+ht~ll promptly paY w•hen due the principnl of tind intenet un the indrbt~dnesa
evidenced by the Nute, prepnyment ~nd Intechnrgea us pmvidrd in the Nute, and theprincip~tl uf and inte~eaton uny FW urn Advnnces derund
by ti~is 111ortgage.
h unde for Taxre aod Ineurance. Subjrct U~ apNlicuble luw ur to n written wniver hy I..~nder, FiorruH~er ah.?II p.iy to I.e•nder un the dap
monthly instuUmentx ~f pnncipal and intrrest iire puyublr under the Nute, witil the Nute ie ptud in fuU, a:~u~n therein "N unda"1 cyual tu onP
twelfth of the ~'early titxrs xnd ~?~raxmentx which muy uuuin prio~ity o~~rr thia MortKaKe, .ind ~;n,und rentx un the ('ru~x•rty, if uny, pius un~
twelRh oCyenrly premium inet~illmrnts fur huzanl inaurnnce, PIUROtII'~N~e~lflh o(ye:~rly premium inxtallmenGwlormurtK:~Kt•insurance, if any,
atl ae re:uwnably retimateci initially pnd from time to titn~ i,y iw•r•der on the bxxia uf asaeeu+ments and bills .~nd r~ <~xonnble rectinu?trx there~f.
The l~unde ahuU be held in an inetitution the dep~u~itx or accounta of which are indured or gupranteed by a Federal or State agency
(including I.ender if I.ender is xuch fln inatitution). IAndrr ahuU i1NPIy ~F1P F'UIIdR l0 (1i1)' 9SU(I ~l?XrB, ux4eaamenW, insurance prrmiums ~nd
~und rente. I.ender may not charge for ao hc~IdinK iind applying thr h'unda, s~nalyzmg suid account, ur ~•rrifyinK and compiling xuid
axaee?smentx .~nd bills, unle~ I.ender pays fiurrower interest on the M'unde:~nd applicabie law permitx Ixnder tu make such n charge. tiorruwer
end Lender may ngree in writing at the time of executiun of this MurtKage that interest un thr Funds xhall tx paid w Rorruwer, nnd unleas
auch agreement is made ur lipplicable law wqui~rx r~uch intereat to be paid, l.rnder ehall nut F?e reyuirrd G? pay f~rruwer uny intereat or
eamings on Ihe Funda. l.ender shnU give to f3orrower, .~-ithc~ut charKe, Hn annua) t~ca~untinQ uf the F unds ~how•ing creditx und drb~tu to the
Funds and the pur~x,se [or which each debit to the Fundx w,~x made.'1'hr Funde; ~re pi~lKed ns ~?ddrtiunal security farthe suma aecured by thia
UorigaKe_ -
If the amount of the Funda held by IAnder, t~~gether..•ith the future monthly inatalimentx of Funde paynbie prior to the duedatesof taxea,
a~se~smenfs, inauriince pre~niums and gruund mnts, KhnU ex~.~ed the aimuunt required to pxv ~iid l~~xea, assessmenta, insurance premiuma
~nd gruund rrnts as they fall due, such exceaa ehall be, t~t Ko~TOw•er's uption, either pn,mptly repaid, to Borruwer or credited tn l3orrower on
munrhly inatallmenta of Funds. If thr .imount of the Funds held by I.ender shull nut be sufficient to puy taxes, asxexr~ments, inaurance
prrmiums und ground rents us they full dur, 13orrilvrer she~ll pay to Ix~nder ~?ny t~mount nece.w~ry to mi~ke up the deficiency within ;~f)day~
frum tlie date nutice iR mailed bv (xnder to liorrower requrteting p~~yment thereof.
I'pon pxyment in full of nll aumK aecureci by this MortKage, l.ender ahall prumpdy refund tu f3~~rn~w•er t~ny funds held by I.ender. If under
par:+Kraph IR hrrt~~f the Pmperty is suW or thc F'ropeRy is utherw-ise acyuired b~• l,ender, I.ender shali :~pply, no later than immediately priur
the sE~le of thr f'roperty or its acquiaitiun bv Ixnder, any Funda held by t.enderat the timr uf application us a creclit aga~nyt thr sums securrd
r,~• ~his MortKaKe.
Applieation of Paymrnt8. l?nless applic:ible Iziw provides othrrN•ise, al) paym~•ntc r~ceivEd by I.rnder under the Notr xnd
paragrE+phe ; and Z her~Y,f shall be t?pplird I~y (w•nder first in pi~ymrnt of ~mounts pny~ble tu I,cnder by Rorruwer ander paragraph '2 hereof,
then tu intrmst payxble on the Note, then to the princiE~al of ihe Note, and then tu interest and principal un any F uturn Advances. .
4. ('harKeK; Lirnx. Burrow~er shall pay xll taxec, asses:~tnenL~ und uther charKes, fines and imposition, attributable tu the YruEK•rip whirh
~n:+y xtt:iin pri~~rit~• u~•er this ~I~~rt~aKr, .ind i~•.+s~•huid p:n•ments ur ~;ruund rents, if a~~}•. in the nu?nner pnn•ici~ri underpara~;raph'l hereofor.
:f n~~t paid in ~uch m~?nn~r, by liurn~~•er nwkin~; p:~ :~ment, w•hen du~~, directl>• tu the pay~~c• tht~nr~F. iiurn~wrr ~hall prumptly furnish tu Ixndrr
~il n~~tic~~. of am~~unL. due undc•r thia paraKraph, and ir. the t~vi~nt ftnrruwer shall m.+ke p:+~•ment directly, Hurm~~•er shal) prumptl~• furnish to
i..•ndrr ny~e•ipt~ ~•~•iden~ inK such paymrne.,. lturn~~cc~r shali pn~mptl~- di~~h:~r~;e• an~~ lien ~vhi~i? h.~s priorit}• n~•erthis MortK.iKe; pni~•id~Kl, that
!;+~rruwer~haUnotbrreyuireritudischarKe:?n~~su~•hli:•n.ulun~;a.1~~m~w~e~rshallaKreein.~•ritin~t~~thi•~~acmrntuCth~•~~bli~atiuns~vn~ib~• .
-.ic h lit~n in tnann~•r a~ n•pt.~bie tu L~•nder, ur ~hall in ~;~~~K! faith c~mt~~.t ,urh 1~~•n hy~, i~r drfend enfurc+•~ne~m ~~f tiuch li~•n in, lr~;al pnK ecY~~ntis
~~}urh nprr.~l~• tu prrvrnt the rnf~~rcrment ~~f th~• i~~•n ~~r furf«•~tun~ ~~t thr 1'rup~~rtc ~~r :u~~• p:~rt thc•n,~C
Hatard Insurance. B~~rrow•er shall ktwp thr impru~rmc•nt~; s:u~ti~ ex~~tinK ~~r h~reafter er~~c•tcd un th~~ Yruperty intiured aKaiu,t luss bp
r;re, tiat.~rds includ«~ within thF term "extrndc~i ri~~•rrc~Kr," und ;uch other hazardn as l,end~•r map reyuire .~nd in such amounts and farsuch
;~rn~:dw :~s (A•nder may rc~au~re; pr~~~•idtd, :ht~t 1.~•nder shnll nnt requ~rr such iti~veraKe amuunt rrc c~dinK the minimum, .~s cnay bc~ reyuirNd by
~t.rtr ~~r f~Yler.~l n•Kulati~,ns KuverninK acti~•it~e5 uf IA~nd~•r, or that umuunt of cuveraKe rc~~uind to pa~• the sumti securtYl b}• thiti :11~~rt~;aKe.
•ah~che~•e•r i,; thr Krr:~trr.
I~h~• in~ur:in~ r~-arner pn~~•idinK th~• in,ur.u~~~~• ~hull tN• ~~hus~•n h~ It~~rru~ce•r.uh~iK•t t~.:~},pn~~~.il h~~ I.e•nd~•r. {~rn~•:d~til. that ~uch c+pprucal
~~~:+li n~~t Ik• unrea:~~n:~F~i~~ ~:thh~dd. eVl prc~mium~ un ~n.i:ranie E~ulii~ir~.hall }H~ p:ud in tht• m.~nn~•~ {~n~~ ule~l undrr paru~;r:~ph'~ hrr~~~f ur. ~f
~:~~t ~~aid ~n w~ h r.~annrr, b~• li~~rruH~i~r m:~k~n~; pu}~rnF•nt. ~+~hcn due•, d~reY•th• t~~ thr in~uran~-e• r:~rne•r.
i :111 inrsurancr W~licie~; and renewuls ther~ti~f shall f~e in form accepG~bie to I.ender and shall include ai st.~ndard m~~rtK:~Ke rlause in faa~~r of
,,nd tin furm .iccept:+l~le tu I,~~nder l.~•nderahall ha~~t~ thr riKht tohuld tht• {N~lici~ and rern•w•.?Is thi~r~nf, and Ei~~rrow•ersh:?I1 prnmptlp furni5h tu
' ~ ~~nder all renf•w~~l n<~tice~ .ind al) rec•eipts uf paid Nremium;;. In the evrnt ~~f lo..s, linrnr~~•er shall Kive prompt nutice u~ the insur+nre camer
; ~nd l,ender. I.cnder may m:?ke pnwf of lo-;w if nut mndf~ prumpti>• b~• Rorruwer.
f Unleas (,~•nder .u~d Fi~~rr~~.~~e~r ntht•rwise aKr~ in writ~n~;, insurancr prrx•~~rlr ahall tw appiied t" rrstor.:tiun ur repair uf th~ }'ruperty
d~imaged, pruvidc~i xuch rest~~raU~~n ur repair i~ ec~~nnmi~:+ll}• fea.ible and the ~rurih• uf th~K ~lurt~;aKe i5 m~t therrby imp.iired. If such
' reaG~rati~m nr repair is nr~t et~unumi~•all~ feasihle or if the tic~e~urity of this MorlKaKe.~•uuld tx~ imp.iired, the invurunce pr«•eedsshall tx .~pplieci
! to the sumv s<rurrci F?p thiti ~t~~rtgage, with theexce~s, if.inc, paid to Fiorrowr~. If the F'rupc•rty is abandoncd by Iiorrower, ur if l3~~rroKer fails ti,
reapond to I.ender w•ithin :iO day:~ from the dcite notict• is mai~rcl by I.~nder d~ F3orrow•er that the insur.~nee ~arri~r e~fferti to settle a claim for
E in9urance benefits. l,endrr is auth~~rized cu cull~~a~t and apply~ the in~ur:~nc~• pnK~E~ls at I,ender'~ nption either t~~ restnrahun ~~r rep:~ir of the
; f'n,perly or lhe sume secured by this ~turtKa~;e.
i llnlrss I,endNr and Fiornw?•Pr ~~therrcise ~iKrcw in N•ntinK, an}~ Ruch apylicati~~n of pn~c~w~cls to principal ahall nut extend or puatp~me the due
5 date o[ the monthly inPtallmenGv referred to in paraKraphs 1 and'l here>of or chanKe the amount of such installments. If under paraKraph It1
~ hereof thN Pn,perty ia r~cyuirc~d by I.rnder, all riKht, title and inten~4t of Rorrnwer in and to any insurance policies and in and to the prcx~c•eds
y thereof resultinK from damuKe U~ Yroperty pnur to the aa(e or acyuisition shall pass t<, I~ntier ta the extent of the sums wecured by this
~ ~lortgaKe immedi~trly priur Lo such sale ur acyuiei[ion.
~ 6. Pr~~ven-atinn t~nd titaintenanceufProperty; Iw~asehuld~;Conduminums; l'lannrd l'nit [)e~•elopmente. Ftorrow~erahallkc~p
~ the !'roperty in K~N~d repair and ~hall nut commit w asti~ nr E~miit i~pairme•nt ur de•teriur.~t~un nf the Pn~perty ~ind ahall cumply w~th the
g provinions of ~n~~ leaKP if this ~1urtK:~Kr is on I~~a~~h~ld. (f th~w ~turtkaKt• in un a unit in :i c~~ndum~nium nr a pl.~nne~1 unit de~•el~~pme•nt.
~ f~,rrower ~half Ex•rfonn ali uf l~~rruµNr's ~bliKahunr~ unde~r thr de~•laratiwz ur covt•n.mts ~~r~•at~n~;or KoverninK the condominium or planned
~ unit developmrnt, the by-}aws and requlatiuns uf the rondom~nium nr plunned unit de~•elupment, and c~~nstituent :iix~uments. (f a
~ rundominium r~r pl~nned unit dc•~~elnpmt•nt rider u; exe~vtcd 6~• Ii~~rn~Ner and recurdcKl tuKether w-ith thi~ Mortgag~~, the nivenantx and
~ <iKreFments~~Ctiuchnd~r~hulllh•~ncnr{~ur.+t.~~lintri:~nd~h:iilam~~nd,~nd~uppl~•me~sitthe~•u:~~•nant.and:~~,rr~~~menGsofthis!11~~rtka~;NZ~ifthe
~ ri+ier w•rn• a E~art lirrr~~f '
; 7. Protection ot Lender'e Security. !f F3orrower faila to perfortn the a~venante and aKreements contained in thie tilortqage, or if any
action or proceeding is commenced which metenally Affecte I.ender'e intereat in the Property, includinq, but not limited to, eminent domain,
' insolvency, rnde enforcement, or arrangements or proceedinga involving a bankrupt or decedent. Lhen I.ender at Lender'e option,upon
z notice to Borrower may make euch appearancea, diaburee euch aums and take euch action ae ie necessary to protect [.ender'e interest,
including, but not limited to, diebureement of reaeonable attomey's feee and entry upon the Property to mnke repairs. If I.ender required
~ mortgage inauranre ae a condition of makinq the lo~n aecured hy this MortgaKe. Borrower Ahall pay the premiume required to maintain
euch inaurance in effect until euch time a.q the r~uirement fur euch inr~urance terminatea in accordance w~th E~rrower's and [.endeie
written agreement or appliceble I.aw. Borrower shall pay the smnunt of all mortKage in~urance premiums in the manner provided under
paragraph 2 herrof.
Any amountc+ disburscd hy f,ender ~rsuant to this paraKrs~ph 7, with intercet thereon, t~hall bec~m~e additional indPbtednesa of
Horrower eecured b~ thie MortKaKe. l'nleas I3~,rr~~wer .+nd [.ender aEtree to other tecros pa~ment, auch amo~nte ehall be payable upon
~ notice from t.endPr tr~ fiorruK~er requestinK payment therc~~f, and shaU bear interrBt fmm the date ~~f diebursemrnt at the rate payable from
time to time un ouGyt:+ndinK principal under the tiote unlexa payment uf intereat at such r~te would be contrary to applicahle lav?~, in which
event such f~muun~~s yhall bear intPrrst at the higheat rate Fxm~iNe~ble under epplicable law tiuthinQ contntt?ed in this paragreph 7, ehall
~ requirc I.ender w incur :+ny ex{x~ns~ or tl~ke any action hereunder.
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