HomeMy WebLinkAbout0959 E3ortower and Lender covenant and agree as tollowa:
l. Payment ot Principal and Intereet. 8orrower shal! prompUy pay when due the principal of and intereat on the indebtednese
evidenced by the Note, prepayment and late charges aa provided in the Note, and the principal of and intereat on any Fliture Advancea secured
by thie Mortgage.
2. F~utde tor Taxee and Itteurance. Subject to applicable taw or to a written waiver by l.ender, f3orrower shal! pay to I.ender on the day
monthly inetallmente of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein "Funds") eyual to onP
twelRh of the yearly taxea and assesaments which may attain priority over this Mortgage, artd ~ound rents on the Property, if any, plua one-
twelfth of yearly premium instalimenis for hazard insurance, plus onetwelRh oCyearly premium instaitments for moRgage ieisur~nce, if any,
ntl as reaeonably estimated initialty and from time to tirr~e by I.ender on the basis ola~ssessments nnd bills and reasonable eslim~ites thereof.
The F~nde ahall be held in an inetitution the depoaita or uccounta of which are inau~ed or guar~nteed by a Federal or State agency
(including I.ender if I.ender ie auch an institution). l.ender shall apply the F unda to pay said taxes, assesaments, insurance premiums and
ground renta. Lender may not charge for eo holding and applying the Funds, analyzinq said accovot, or verilying and compiling said
~ssessmente and bills, unleee Lenderpaya Borrower intereat on the Funda and applicable law permits l.ender to make such n charge. Eiorrower
and L.ender may agree in writing at the time uf execution of this Morlgage that inte~est on the Funds shall be paid to Borrower, and unlesa
aucA agreement is made or applicable law requirea such interest to be paid, I.ender shall not be required to pay f3orrower any intereat or
earninge on the FLnde. Lende~ ehall give to E3orrower, without charge, an annual arcounting of the Funds showing credita and debita to the
Funds ant! ilse pusposc foz ~e4~ich ench debit Lo ihe F~1nde waA made. T. he F unds are pledged as additional securitv for the suma secured by this
Mortgage.
If the amount of the Etinds held by Lender, together with the future monthly instnliments of Funds payable prior to the duedates oitaxes,
aesessmenta, inaurance premiums and ground mnts, shall excred the amounl requinrd to pay said tuxea, asaessments, insurance premiume
and ground rettts as they fnil due, auch excesa ahall be, at Bo~TOwer's option, either promptly repaid to E3orrower or credited to I3orroweron
munthly inatallments of Funds_ If the amount ot the Funds held by I.ender shall not be sufficient to pay taxea, assessments, insurance
premiuma and gn~und rente as they [ail due, Borrou•er shal! pay to lxnder any amouai necessary to make up the deficiency within 30 days
from the date notice ia mailed by Lender to E3orrower requesNng payment Ihereof.
Upon payment in full of all euma secured by this Mortgage, I.endershall promptly refund to Fiorrower any funds held by I~ender. If under
paragraph 18 hereof the Property is sold or the Properiy is otherwise acquired by l.ender, I.ender shall apply, no later than immediately prior
to the sale of the Property or its acquiaition by l.ender, any F unds held by I.ender at the time of applicatio~ as a credit against the sums secured
by thia Mortgage.
3. Application of Psymente. C)nless applicable law provides otherwise, ail payments received by I.ender under the Note and
paragrapha t and 2 herrof shall be applied by I.ender first in payment ~f amouni.s payable to l.ender by 13orruwer under paragraph 2 hereof,
then to interest payable on the Note, then to the principal of the Nute, :~nd then to interest and principal on any Future Advances.
4. Charges; Liens. Elormwer shall pay all taxes, asse:c~ments and uther charKe~, fin~~ ~nd impositions atlributable tu the Property which
may attain a priority over this htortKaKe, ~nd Ieasehold p:~yments or Kmund rents, if any, in thc• mannerprovidecl uncter paragraph 2hereofor,
if not paid in such manner, by Burrower makinK pa>•ment, when due, dircY•tlp t~~ the pu~ ~ti~ thereti~t KurmN•ersh:~ll promptly furnish to Ixnder
all notices of amounLs due under this paraKr~+ph, and in the e~~ent liorrower shall make~ payment direK•th, liurmH•er shall promptly fumish to
Lender receipts evidencing such paymc•n4~. 13~,rruw•er shall promptl~• dis~~h:irK~• :~n}~ lien w•hi~•h h.is priority ~~ver thi.:~tortKaKe; pmvided, that
fiorrower shatl not herequired t<~ discharKe any such lien sr~ IonK as ~~~rruwershal) uKre~ein writiny tu the paymi~nt uf thrubliKation secured by
~uch lien in a manner acceptable to Ixndrr, or shall in ~;~Nx1 f:~i1h ~•nnt~~t ~uch Gt•n h~•, or d~•f~md ~~nfur~•eme~nt uf suc•h I~t•n in, le~al pnx•eedings
~•hich operate ta prevent the enf~~r~~ement uf thr lien ~~r furfi•itur~• ~~f thr 1'ruEx•rh• ur :inr p:?rt thi•n~~f_
5. Hazard Insurance. Borrower shull krep tF~e impro~•ements nuw• exist~n}; ur hereafter c•rected on thc• 1'rupertY in~arcK1 ~~Rainst luss by
fire, hazards included within the term "extendtYi ~•~,.•E•r.ike." :~nd tiuch ~~ther h:?zaniti as l.~~nder may reyuire.ind in such amounls and for sueh
p'rriods as Ixnder may reyuire; pro~•idcYi, that I.c•ndt•r shalt nut reyuire that the amuunt uf such cv~~•era{~r exce~~d that :~mount of covetage
rrquired to pay the sumx securcrl by thiti MurtKaKt•.
7'he insurance carrii•r pru~•idiny; the insur.~ni~r vh:~ll IN• ch~~s~•n h~• k~~rrmc~~r ~ubj~~e•t h~ a~iprocal by L~•n~1~•r, pru~•iditil, that such appro~~al
shaU not t?e unmasunabh• withh~•Id. All pn•mium. ~~n insuran~•~~ ~r~li~•;~•. ~hall IH• F~:~id in th~• mann~•r pr~~ci~'..vi und~•r p:~r:~Kraph hrnr~f or. if
n~~t paid in such manner, by }i~,rr~~wer makin~; p:~~•mrnt. whrn dw-, dir~•~-th• t~~ thi• in•uran~•t~ currif•r.
All insurance policies and renew•a15 thereof shali be in furm a~•ceptahlt• G~ IA•nder:~nd shall include a st.+ndard murtK.iKeclause in favor of
and in form acceptabletu I.ender. t.endershall ha~•P thi~ri~;ht to h~dd the ~H~li~•i~~ti and rf•n~~N•:ils thrrc~~f, and R~~rruw•ershall promptl~~ furnish to
~.ender all renewal notices and all reeeipts of pa~d prrmiums. In th~~ ~•~•c~nt uf lusc, I;urruwrr shall Kiv~• prumpt nodce tn the ~n~urance carrier
and [.ender. [.ender may make pnx~f of toss if not madr prumpth• by- K~~ruK•rr.
Unless I.ender and 13orrow•er nthF~rw•ice :?Kr~e in writin};, insurann• pmci~•~is shall M• applird tu rest~~rati~m c~r repair of the Prnpert~
damaged, provided such restoratiun or repai~ i~ cti•~~nnmicall~• feasible :~nd the seK•urity of thiY !11ortKaKP is not thereby impaired. !f such
rrstoration or repair is not economically fi•asible ~~r if thr ::f~c~urity of thi~ lNurtKaKe wuuld be i:npaired, the insurance proceedsshal! beapplied
tu the sums secu~cd by this A1artKaKe, w~ith the ex~•t•s., if any, paid to Rorra,wer. !f the Propc~rty is ahanduned by l3orruwer, ot if &rrrower fails to
respond to I.ender within :~(1 days frum the d.~tt~ noti~•i~ is mailal ht I,ender tu R~~RUN'er that thN insurancr carrier uf(ers to settle a claim far
insurance benefits, I.ender is authurizrd tu coll~~c•t :ind applt~ th~~ insur:~nce pnx•eeds at (.~~nder's optiun eilher t~~ restoration or repair ~~f the
E'roperty or the sums secured by th~s lL1ort~;:~~;~.
Unless I.ender and F3~,rrov?er ~~therwisr a~:me in w•ritiny;,:iny such appli~•atio~ uf pr~x•c~1s to principal shall not extFnd or postpone the due
date of the monthly inst~~llments referrecf t~~ m par.~Kraphc I.ind 'L iier~~~f or c~hanKe the :imuunt of such inst~~llments. If under paraKraph lH
hereof the Property is acquired by I.ender, all riKht, :itlc~ and interrst of tiurrower in and to:?m• insurance ~x~licies:.nd in and to the proceeds
thereof resultenK from damaKe tn Yru~x~rty pri~rr tr~ thE• sale• or acqw~itiun shall pass to l.c•nder to the extent of the sums secured b~ this
41ertQaRe immediately prior to such sale or acyuisitinn.
6. Preaervation and Maintenance of Property;l.easeholds;C~indominums; Planned Unit Developmenta. Rorrowershall keep
the Property in Ka,d repair and shall nnt commit w•a~t~~ ~~r EH•rmit impairm~•nt nr df~terior.itinn uf the Proprrty~ and shall compl_v w~th the
pro~•ieions of any lease if this 11'IortKaKe is r,n a I~•.,~rhr~ld. !f th~s 11ortKay;e~ i~ un :i m~it in a cunduminium or a planned unit devetupment,
:iorrower shall perform all of R~xruNer's obli~;:~tiuns under thc~ d<~c•lar.~ti~~n ur cu~•t•nant~ ~-n•atinkur KuvermnK the condominium or plannecl
unit development. the by-laws a~d reKulatiuns of tht• cund~~min~um nr pl:+nncY! unit de~~eiupment. .~nd constituent documents. If a
c•onduminium or planned unit drvelopment rid~~r i. e~xey•utc~f b~• 13~~rruw•e~r and rt~•urdiY) tuKether with this 1~tortRage, the rnvenants and
aKreements of tiuch rider shall br inc•r~rpor:~t~•d int~~ and .h:~li am~md ,~nd cupple•m~•nt thi~ c~~~•~~nants and a~;r~~c~mentsof this A1ortKaKea~ifthe
rider w•ere a part hereoi.
7. Protection of Lender'e Security. (f BorruK•er fails u? perform the rn~~en~nts and agreemente contained in thie Morigage, or if any
action or proceeding is commenced which materially affects Ixnder's interest in the I'roperty, includinR, but not limited to, eminent domain,
insolvency, rnde enforcement, or arrangemente or proceedinRs involving a bankrupt or decedent, then I.ender at l.ender's option,upon
notice to Bormwer may make euch appearancee, diaburee such sums and take such action as is necessary to protect i.ender's interest,
including, but not timited to, diabursement of reaaonable attorney's fees and entry upon the Property to make repaire. If [.ender required
mortgage inaurance as a condition of makinq the laan secured by this ~1ort}~aKe. Korruwer shall pay the premiuma required to maintain
auch ineurance in effect until euch time as the requirement for such insurance terminatea in accordance with Rorrower'e and I.ender'e
written agreement or applicable law. Borrower aha{I pay the amount of all mortK.iKe insurance premiums in the manner provided under
paragraph 2 hereof.
Any amounta disbursed by I.ender pereuant to this paragraph with entereat thereon, ahall txrome additional indebtednese of
E~rrower eecured by thie Mortgaqe_ Unlesa $orrower and Ixnder aKree 1~? other terma of payment, such amounta ehall be payabte upon
notice from [.ender to Bormwer requeetinK payment thereof, and shali bear intereat from the date of disburAement at the rate payable from
time to time on outt+landinK principal under the Note unlesx payment of interest at cuch rate would tie contrary to applicable law, in which
event such amountt+ shall bear intereat at the hiRheat rate permissible under applicable iaw. !\«thing containPd in thie paraqraph 7, ahall
require [.ende~ to incur any expense or take any action hereunder.
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