HomeMy WebLinkAbout1767 UHtFCftt?~t Coa•~r..Wrs. Borrooner and Lender coveaattt and a,pttte as idb.s_ `
I. tayuta~t of lric}nl a¦~ Iatcred. Barto.er tdfas prortopd?• paY wide. due tee principal of and interest of the
indebtedtfea evidcnCOd by the IVott, prap~aya>cat and rase charges as pro?idod m cite Nom and the principal of std interest
on any Future Advaeoes soatred ~ flats )tlerrsye_
t Ft~tis hr Tttaces ant law~soa Stirb~ect b applicable taw• or b a ~titttet saner by Leader, Borrower leap pay
to Lender on the day monthly instaUmeats of prim! and rrtrereft are Pa)ahk utfder rtes Notes utN the emote is paid in tall.
a sum (benin "Funds°) ogtral to one-iwdit6 of the )early canes attd isxssm~ with ate attaac prwrity over this
Mortgage. and ground teats on the Prnpertp. d pea one-cwdit6 of )+earls pr,~wr~ iastaBm,eo~ [or caned insurance,
plus oae-twelfth of yearly premium mstallta~atm for martg~e >a~urasae_ if aav. aB as teatsoaabir tstimated iaitiaily and ftttm
date to time by Lender oa fire basis of and br~Hs and traesenabie es>tir~oar+es tliered.
'ibe Funds shall be bend in an institution the deposits a acoar~ of trhw-6 arc irfssted a gfsaraaleed by a Federal or
state agency (including Lender if bender its Bach as i~titeboal- Lcsder slga apptc else Ftteds co pay said taxes, amessmeats.
insurance premiums and ground rents_ Leader ma} not charge for sc+ lfoidmg and apphutg t>se Ftmfds. aa~aly2iag said account.
or aetif}ing and compiling said assessments and bells, tanks Leader ptas>. Borrower iayttest .ten the Funds and applicable Ia~r
permits Lender to make such a charge. Bortotvttx and Lender ma.' ante o wt~ at the time of execution o[ this
Mortgage that interest on the Ftrads shag be paid to Bormw~er, and treltsz stash agrermea a rrfade a applipble laver
requires such inures[ to be paid. I.endtr shaft not be r~oquirod sa pas- Bcrrastr aaa imcsest .x carairras on the Ftmds. Lender
shall give to Borrower, without charge. an annual aaaxnecirfg d the FtrtwlS sh+wreg .-redirs and debits m the Funds and rtes
purpose for which each debit to the Funds w•as made- The 1=tfrfds are p3oci~ as adl:rwxisl se~~rrity for the surds secured
by this Mortgage.
If the amount d the Funds held by Leader_ rosetber with the furtr<+e ~aetlfh. iastat3imerfcs of Ftmds parable prior to
the due dates of taxes, assessments. insuru>ne ptrrnitnrfs and ground rents_ shall e~-,ned ear amant to
assessments, insurance urns and ~ said tires,
promptly repaid to Borrower a taodir~Borroetr oa mc~othty iastatti~tais of Funds. It the amarn« t of the Funds
held by Lender shall not be strlboent to par tatter ssessratnts. irfs:rtanat peesa=:,aas and ftmund sett as theg faA due.
Borratver shall pay to Lender ana arrfotrnt noc~csiarr to make up the dr5.~ea-~ wtth4e 30 daas fn~et the dale tfetice is mailed
by Lender to Borrower requesting ps}ment thcr~f
Upon payment in full of all sterns secured M this 11(c+rga~re_ !-ender snail promFch refuel co Borrower any Funds
held by Lender. if under paragraph l R hereof the Propcm n x~id ~ rtes Propert} a otthcrwise a:gtiered by Lender. Lender
shall apply. no later than immodiauh~ prior to rbc sale of the Pro~pertr its a.-.~u?sFt~ M Lend~rr. any Funds held by
Lender at the time of application as a crclit against the stmn scti•~t+d bra this ~Ic~tt~e
3. A}plieattitea d ti'aytttft:•uts. L'nkss applicable lay pm.u3es cthcrwise_ a:l piaasrnts rec~eised by Leerier unkr the
Note am! paragraphs 1 and 2 hereof shall be apptiad br Lender 5rsc fa paa}tootrft am<~.ts pa}abtr co Leerier by Borrower
under paragraph 2 hereof. then c0 tnttrest pl~abie oe rife ~ole_ Ltfete in Lei ~ f1D~~'7~til .~f the \~-cr.:n.; then to interest and
principal on any Future Adaanoes.
4. Ckarses; Ltitaes. Borrower shat] pa} alt tarn assn~srnents a_~ rcivrs ch:rtees~ hncs an.3 :mpr~itia~ns attributable to
the Property which ferny attain a prk~rity Mn thn ltortgate_ and kzsdf~~ pcaatttteets .~r ground rents, itf any_ ~ the manner
provided under paragraph 2 hereof or. if not paid is stfch mamfer. b? B.~erra~aer ttaakinlt p~a}meat, when drat. tiir~octly to the
payee thereof. Borrower shall promptly #ttrnish to Lea3cr art n~m.YS d aeR~ due wade: this paaragraph. and m the event
Borrower shall make pa}went directh, Bornrcr sh:8 pcomptt} ftarnnh tc* l,ea3er e.idcnc
Borrower shall promptly dis~argc any Iica which has pr,orrtr ...rr this V~Ytga~r_ pri~s-fied treat Borroser shall}not be
required to discharge any such lien sc. ksng as Bt~rrcw?et shall afrree in wr-ainft t., the paament of the obligatwxi secured by
such ]left in a manrfer acceptable to Leader, cr s•}fil in read faun .,otrttst saa,-6 iirn br_ er 3efeed enfon~ernertt of such lien in,
legal proceedings which opuate to prnteet the eaf.~r~,e>mcat of tlfc 3~ca err itorfeutae .~f the Property or any part thereof.
S. tiittzartl laswrawce. Borrower shall ktacp [fie itnpra+tmcrsts s>t~ esfstznt herufrcr erat-ted on the Property insured
against loss by fire. hanrds indudod withm tee term `caecaded c.~arrafc _ attfd rush abet hazards as Lender mar reyuire
and in such amounts and for sash periods as Leader era.}- reluitc= pto+idc.1. that Lee3er ;halt a.~t require that the amount of
such coverage etcced that amount of coverage rrqu+red ro pan- t},r szrrn st~z-red b, rhrs ~lortfraite_
•Ibe insurance carrier providing rtes insuratfct shall be c#?nsen bs- Bt.+rrrwcr srrbpe.-t h• approval by Lenicr. provided.
that such approval shall not be unrrasona!>t}• withheld. !Ul premruns .,n ii~san~,c policies shall be paid in the manner
provided under paragraph 2 hereof or. ~f not parj in sudt man'fct_ bw B~titrZ~Q makiat pia}mtat_ venter due. cfirectl} to the
insurance carrier_ .
Ail insurance policies and renewals ttxrd~f sht?L' br ere form accarttabie to Letadcr atfd shag utriude a stanfard mortgagt
clause in favor of and in form acceptat+le to Lender_ LcYfder slyiP ha•r the rudst t.~ 6~•id tbt p.~ti:iKS erred renev?a[s thereof.
and Borrower steal! promptly furnish to Lender all renewal netkes erred all roacrpes of t~ri premiumY. [n the event of loss.
Borrower shall gtve prompt notice to the iiisaratk~c carrxr and Le:a3er_ Lef:x::~aa taakt pn~~ ~?f lass if t:tx trade ptompth
by Borrower.
Unless Corder and Borrower ot3ferwt.e alter in +ntufie_ itfsararfac }+ro~,ecafs shag be applied co restosatien or ttpair of
the Property damaged. provided such restoru,cvt c~ repot is eu+.~~¢nfc:~ih se~,le and the securitc of this Mortgage is
not thereby impaired. If such reslorat?on or rcp,a:r is nyt e.Z~o.•~mic.iil} s~ or if the sa-tirity of this NoRgagrc would
be impaired. the inuurance proceeds shall be applied to rife sues sa~.xeal ba this a!~•+rt~e_ wrth the eicess. if any, paid
to Borrower. If the Proptm~ is ahandorxd t+a Boer.-.tact. nr ,f B.••rreser f::2s tr res~~td to Leader within 30 da}z from the
date notice is mailed b• Ltr,der to Borrower that rtes ,rrsnranx ,arrxr ccitss to settle a r-ia:m for trntr:anece benefits, Lender
is authorized to collect and app]} the tnsuranu pzaaaods ai Lerficr's ~'pt~~ esthcr to testacitn?~n .x reptair of the Proper[}
or to the sutras secured by this Mortgage.
L•nkss Lender and Borrower otiftrwise agree :n ~:+tmg_ an} strcla a~~ati~~ :f pr~z'eeals to prrncipctl slrail not enteral
or postpone the due date of the rrk~nthty instaitmtnts referred to in paragraphs ~ :tad hereof or chants rite amount of
stub installments. If under paragraph 18 hereof the Propern n aa~ tw Lender. art neM_ title aad intetYSt of Borrower
in and to an} insurance policies and in and to tits pro<~,,acls tbcraf resultrrtg is~,a; alamaec to test Proparv prior to ttx salt
or acquisition shall pass to Lender to the eatcnt of ibe sums secured if+ thrs ~I.~*rttige tmmediarar{v grant to such sale o[
acquisition.
f. TteseraaKoa si ~laatesawcY d)rre*erts: Leiseiaidc Cateitrntiiu~s: lttawed ]stir Deseiaretrls. Botrov.er
shall keep the Property in good repair arfd shall as comma waste ~~r permit :m~purmeat or daeriururore of the Property
and shat) comply with the pr~oaisrons of era}- lease et thrs ~lcrt3age rs ~*cf : stat~f?1ta li tftis ~I~xt[age is On z unit in a
;.ottdomittium or a planned tuest deaeto~xnt_ BorTOwet steer?! ptrf.~cm ail .~f B.~rtc~+et s c'br-ttatcxis under the deCfa[uion
or covenants creating or govcrn,ng the condryrnimum cr piarfned ~ de++ciapmtRt_ the br-laws and te;utatiota of the
condominium or planned unit devetopmcnt_ and comtiiurnt dowmtnts.. If a :>tn~xtrrnitrm a planned unit eicaetap[teent
rider is executed b}- Borrower and rerordcd t.~ethe* warn stn ~l.~rtieage_ the :.~raiu~ts 2~d .trzrezmznts of such vier
shall be encorporated into and shall amend ant stippkmerft the c.+•c.-f:ats atfd atraemeats ~~f the-, ~(~~rttage as if the ricer
were a part hereof.
7. Prutertiow d Lttoders Secwritt. If B.~rrowtr f.,k tr ~rfcvras the :~stes.ants :rff atr~ttttn[s :rntatned in this
Mortgage. or if any act,ore or pro:reding n c~~eeatencrd nl^.kfi m:tertain .u$tcts L_n.ler"s interest at tlfe Pr.~petta.
including. but not lemtted lo. eminent domain. insolti+rn.-a_ c.~0e a~:craemrat_ ::rr;tscrtnznu ,ter prxeedings maolaing a
bankntpt or decedent. then Lerwer at l_endei s optiire_ trptso tRwce t~~ Baerc*wtr_ iZaa :sake w:h apprarartces. disburse such
sums and take such action as is tfe.,es.ar. t.~ prtitert Lender's sntre~ rfclta:~ ±~t [fat ]muted to. dtsbursemertt of
reasonable attoterey's fens and entry upon the Proper[}- to male rc{uirs If Le.sbcr requirYd rtf?xtfrage insurance as a
condeuon of making the loan secured by tftn ~l.~rtgace. 8;-rr.Y•rr s~t-.:i: ever the pc~emitims requital to tnaintatn such
insurance in effect until such time as the re~uircment f.~ vas*. .ns:a:aisae sc:r.:~-sites :n a~.~ordatw-e ward Bortvs.ers and
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