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HomeMy WebLinkAbout0369 l3urruwer ~nd I.ender covrnunl i?nd uKmr i~a fuU~,wa: , 1. Paym~nt of I'rincipal a~d lntereet. IiurruN•rr shaU pn~mpUy puy whrn dur the pnncipul uf and interrst ~~n thi• indebt~rinrsy evidenced by the Note, prepuyment and IntechnrKe~+aa pn~vided in the Nute, and the princip.?I uf and intereat un any Futurn Adv.~ni•~•s becun~d by thia MortgaKe. 2. Flinde tor Taxee and Ineurance. tiubjtrt 4i applic•i~bir 1.?w or u? n wriucn wuiv~•r by I w•nder, Kurruwer ah~iU p:~y tu Iw~nder un thr dxy monthly instnllmrntx of principul and intereHt are puyable unde~ the Note, until the Note ie ptiid in Cull, a:cum 1 hrrrin "F undx") ~~~ual to unc twelfth of tfie yeurly ti?x~~x and u~xrs:smrnts which muy uttuin priurity uver thix Murtg:?ge, and gruun~l rents un tl?c 1'ruprrly, if uny, plus onP twelRh of yeurly premium instullments for hiuurcl inaurancN, plus un~ Iwrltlh ofyetvly premium inst:+ilment. fur mortti:~~~• io~cur.inc•e, if any, ail ua reiuu~nt~hly eatimat~~1 inititiliy and itom time tu time by 1 A~ndf•r un the b.?sis of c?.~;xrsrm~•nt+ .ind hill~ :?nd reasun:~bli~ ~~ti~nuteti therc~~i. The F~nde shall be held in an inRtilution the de~x~eitu c?r accountx of which are insured or Kunrnnte~xi hy a Nederal or ti/ate a~;ency lincluding l.ender if l~ender ia such i~n inetitutionl. I.ender ahull npply the Funda to p,+y said taxes, :?a~exK~nen~4, in:curan~•r premiumx a~nd Kround renfa. I.ender may not charge fo~ fu? holding und applying thf~ h'unda, iinulyzing said accuuM, ur verifyinK i~nd i•umpiGnK xuid asaeasmentx and bille, unless I.ender pays &~rrowerinterrxt un the Funds.~nd applicahlr law pertnitx 1 A nder tu makrauch a churKe. 13urrower and l.ender may nRree in writing at the time of executio?? of thie Mortgagr that intrmxt un thr Fundx shull hr puid tu I;orrower, and unlrys such agreement ia made or upplicnble luw rnquires euch intrrest to be paid, l.ender shall not he n~c~uind tu p.~y liorruwer any intrrest or earninga on the Funda. [.ender shall givr to ~rr~wer, wilhuut cht?rKe, an s+nnual u~Yti~untinK uf lhr N'unds ~huwinK cndits und debits tu thr Funda and the purp~ae fo~ which r~ch debit to the Fundx w~us made.'fhe Fundx am pl~Yi~;i~l us udditiunal ~•urily fc~r the xwnel;tx•unY1 by this Mortgage. If the timount of the Funda held by I.ender, tugc•ther with the future m~~nthly ir.st.illmentx uf h unds payable prior tu the duedutt•s ottaxex, asaeasmenta, ineuranm premiums and gn~und n•ntrz, shi?11 excx~d the amuunt n~~uimcl lo pay aaid tuxes, asxesyments, inhuranci~ premium~ nnd ground rents as they fall due, auch excess ah.?11 tx~, at t~iTUwrr's optiun, either pn,~nptly mp.~id U~ Kurrower ur cn•ditecl u~ ttorrower on monthly inatallmenta of Funds. If the amount uf the M'unda held by I,c•nder ahF~ll not t~e aufficient to pny ttixerc. =~+ses:~mrnt:~, in~urunce premiuma and ground rents ae they f:iU due, 13orrower shull pe~y G~ I.ender uny amuunt n.ti•essary to muke up the deficieni•y within :i(~ dn>•e fmm the date notice is mailed by l.ender to Iic,rroN~er reyuestinK p.iymen[ thercy~f. Upon payment in [ull of all aums secured by ihis hiottgaKe, I.ender shnll prumptly mfund to li~~rruwrr any fundti held by IAnder. If under paragraph 18 hereof the Property is sold or the 1'roperty is otherwie?e ucyuired bp I.ender, 1 xnder ~;ha~ll :~pply, no latcr ths~n imm~~lixt~ly pnor to the sale of the Property or ite acquisition by I.ender, :iny Funds held by 1 A nder at the tim~• of applic:~tion :~s t~ i•rt~lit a~;:?inst thi~ ~umc sc~•urivi by thia Mortgage. 3. Applieation of Paymente. Unleas applicable law pruvidee~ uthenvitie, all paymrntw n~ceiv~~l by IA•nder under the Note :ind paragraphs 1 and 2 hemof ahall be applied by I.ender firnt in p~iyment uf amuunt~~ payahlc tu 1 A~ndrr by K~~rruwer under p:?r.igr.iph 'L her~r~f, then to intereat payable on the Note, then to the principal of thr 1Vute, and then tu interest and principal un an~• Futum Advance.. 4. Charges; Liena. Rorrowershall p.iy all t.ixex, a~~sm~~nlv and uth~~r ~•t~urK.~s, fint~s:ind im{wsiti~~ns at.ribuh~ble to the I'r~~~x•rt}• ~vhicl~ may atlain n priority o~•er this MortKaKe, and le<?xehold p.~yments urKrywnd rent~:, if:?ny, in Ihr mann~•r pru~~idi~cl under pntuKraph'L hrr~~~f ur, if nut paid in such mnnner, by Borruwer makinK payment, when duc, din~c•tly tu the p:+y~r• th~•r~~~f. li~~rr~~~ver.h:ill prumptl>• furnikh t~~ L~•nd~~r all notices of amounts due under this p~uaKraph, .~nd in the e~•ent Rurruwer sh.~ll m:~ke p:~~•m~~nt din~•th•. I~orm~.~~~r ~haU prumptly furni~h t~~ Lender receipts evidencing such payme:nts. F~,rruw•er shull prompN>• disch:~r{;e am lien which has priunh• ~~~~~~r thi. Murtti:~y;~•; pn~vidt~l. that tiorrower shall not bereqcired to discharKeany such lien ~u IonK.is liorruwer shall u~;ree in v~•ritit~~; t~~ tii~~ p:i~•nu•nt ~~f th~•~~Lli~;atiun sir•ur~til by ,uch lien in f~ mnnner accept;ible to I.ender, orshall in ~;~HK1 faith cunt~~st such lic•n Lp, ord~~fendenG~n-f•m~•nt ~~f.~u~•h lu~n u~, lr~;:~t pr~~~•e•~~1i=i~;s which operate to pre~~ent the enforcem~~nt of the lit~n or forf~•itun• uf thi• Prupc•rty or an>• part ther~Y~[. 5. Hazard Inaurance. I3orrower shall keep the improvements nuw existing ur hercafter erectrd on tht• 1'ru~x•rt}- iasunYl u~;ain.t ~~~~s t~~ fire, hazards included w~thin the term "extended coveruge," und xuch other hazurdx a?s I.ender muy reyuir~~ and in wch ~+m~~unts and fur,uch periods as Lender may require; provided, that [.ender shall not reyuire sueh coveraKe amount exceedinK the minimum, :is may tN• rt~~~uired bc state or federal rngulationa governing aetivities of I.ender, or that nmount of coveraKe requirrd to p~y the sums sei•ure~cl b~• thi~ ~1~~rtKaKe. whichever is the gmater. The insurance carrier providinK the insurancy ~hal) he ehu~en by fiurrow•i•r ~ubjE~•t tu aipproval liy L~~n~lrr, prucid~•d. th:it .u~ h:~~,pr~~~~,~1 ::h.+ll not t?e unrea.wnably withheld_ All prrmiums un intiur:~n~•e ~rlici~~ shall Ix~ paid in thi• manm•r pn~~~i~1wl unrlt•r p:ir:~~;r.~ph h~•n.~f ~~r. if nut paid in such manner, by I~~rruwer makinR pxymrnt, wh~~n dur, dirtr•th• tu the insur.~m•e c•arrier. All insurance policies and renewals thereuf shall be in form acceptable t~ I.ender and ahall includr:~ stand.ird m~~rttia~;erl:iuse in f:i~•~~ruf and in form acceptableto I.ender. l.enderahall have the riKht w huld the policies and rene~+uls thereof, :ind tiurrowershall pr~~mnth• furni~h tn i,ender al) renewal notices and all receipta o! paid premiums. I~ the event uf loss, liorniwer shail Kive prumpt nuticr tu thr insur.uu•F• carrier and I.ender_ I.ender may muke proof of loecs if not mf~de promptly by Ri~rrow•er. Unless I.ender and Borrower othern~se agree in v~riting, insurance pnmeeds shall be applied to restoratiun ur repair of the Pruperty damaged, provided auch reatoration or repair ia economically feaeible and the security of this blortQaKe ix nut thereby impx~red. If wuch resturation or repair is not economically feasible or i( the secvrity of this Mortgage would be impaired, the ineurunce pn?ceecis sh~ll F~e appli~d ; to the suma secured by this Mortgage, with the exceas, if any, paid to E3orrower. lf the f'ruperty is abandoned by Korrowrr, or if li~~rrower f:iils tu respond to I.ender within 30 days from the date notice ia mailed by I.ender to F3orrower that the insurance camer offers 1o a;rttle a claim for insurance benefita, I.ender is authorized tu rnllect and apply the insurance proceeda at I.ender's option eilher to resturation ur repair ~~f the ; f'mperty or the suma secured by this MoRRage. ~ Unlese l.ender and Borrower otherwise aqree in writing, any auch application of proceeds to principal shall not extend or poytpone the due ; date of the monthly installmentr; referred to in paraRraphs 1 and 2 hereof or change the amount of such inst~?Ilments. if under paraQraph lK ~ hereof the Property is acquired by I.ender, all right, title and interest of Rorrower in and to any insurance policies and in and to the proceedti ~ thereof reaulting from damage to Property prior to the sale or acquisition ahall pasa to I.ender to the extent of the sums secured by this 5 :~tortgage immediately prior to such sale or acquiaition. ~ 6_ Preaervation and Maintenanceof Property; Leaseholde; Condominuma: Planned Unit Uevelopmenta. Rorrowershall keep the f'roperty in good repair and shal) not commit waste or permit impairment or deterioration of the I'roperty and tihall c~~mpiy w-ith the ~ provisionx ot any lease if this 1lortguge is un a leasehold. If thiA McrtKage is on a uuit in a rnnd~~minium or a plnnned unit devcdopment. fiurrower ehall perform all of fiorruwer's obliqations under the declaration or covrnanLw cn•.~tin~;or KoverninK the ~ondominium or pla~nned ~ unit development, the by-laws and re~Culationa of the conduminium or planned unit development, and conatituent documents. If a ~ condominium or planned unit drvrlopment rider is executed by E3~m~wer aod recorded together with this Mortgage, the c~venants a~d :~Kreements i:f such nder shaU I?c• incurporated into and ~hall .~mend :~nd supplement th~• cuvenanL~ and aKrc~mentb oflhis MurtKaKe:~s ifthe rider were a part hereuf. ' 7. Protection of Lender'e Security. If Borrower faile to per[orm the oovenants and agreementa contained in this Mortgage, or if any ~ action or proceedinq is commenced which materially affecte I.ender'e intereHt in the Property, including, but not limited to, eminent domain, r- 3 ~naolvency, code enfurcement, or arrangemente or proceedinge involving a bankrupt or decedent, then I.ender at Lender'e option,upon : notice to Borrower may make euch appearances, dieburee euch eume and take auch action as ie necessary to protect Lender'a intereat, inclading, but not limited to, disburaement of reaeonable attorney's feea and entry upon the Property to make repaire. If Lender required - mortgage inaurance aB a condition ot making the lo~n secured by thie MortRage, E3orrower ahall pay the premiume required to maintain s euch inaurance in effect until euch time ae the requirement for euch ineurance Lerminatea in accordance with E3orrower's and I.ender'e written agreement or applicable [.aw_ Born,wer ahall pay the amount of all mortgaQe ineurance premiuma in the manner provided under _ paragraph 2 hereof. ~ Any amounts diabursed by I.ender pereuant tn this paragraph 7, with intereat thereon, ehall bec~~me additional indebtedneae of ~ Borrower eecured by thie :1+iort~age. lJnleae Borrower and [.ender aEtree to other terma of payment, euch wmounta ehall be payable upon ~ notice from l.ender to (3ormwer reyueating payment thercr~f, and shall bear intereat from the date of diebureement at the rate payable from ~ time to time on oulatandinR principal under the I~Sote unlesa payment of intereat at such rate would be contrary ta applicable law, in which ~ event auch amounte Rhall bear intereet at the higheat rate permisaible under applicable law. Nuthing containcd in this paraQraph 7, shail require (.ender t~ incur any expenRe or take any actio~i hereunder. ~ ~ ~ ~ '-,C~' cJVg r . -a~: 369 ~ _ ~ ~ _ - ~ ~ , ~.~~.~,a~>>~~+~YS.-. h-~"=^.~ ~i~` z ; '~~k1 ~ ,x t _ s.:^~ . . ~ . . .