HomeMy WebLinkAbout1840 f . ~
_ .
- - ~ i
~ • ~ i
Borrowsrtad Lsrdar ooventnt and ague to folbws:
1. Pspteawt o~ Psinelgsl twi Iatarrat. Bar:owse shall peompt~y pay when dw the prirsdpal o[ and inNtest oa the iadsbtsdrssss
eridsnad b0? the Not+s, psapyrmwtt sad hslsdurges M psovidsd is tb Note„ and the principal of sad interest on aqy Flstun Advaaps sscursd ~
by Chia Moetgaga
S. IEtitatis toe Ta:aa tad taarrtssos. Subject to applicabls law or 1o t written waiver by Leader. Borrower shall pay to Lender oa tb day
monthly insttllaeaats of peindpal sad interest are payable ands the Kota. until the Note i. paid in fish. a wen (herein "Funds'1 Anal b ane~
twelRh of the yearly taxes and asssssmsots whkh may attain priority over thin Mortgage. and ground reab oa the Property. UaW?. plus aas•
twsWs of yearlir premiam irsstalimsats fa hatiard insaaninoe, plus oaltweltth otyearly premium installments foe mortgage iasurarst:e, itany,
sll a raisooably estimated initieilb? sad lkom time to time by Lander on the basis of awessmasts and bills and reasonable esdme?tes thereof:
The Fends dsdl b beta in an institntioa the deposits or accounts of wbids to lusured oe guaranteed by a Federal otr State s~geney
(including Lnsdse it Leader is such an institadon). Lsndar shall apply tM Funds to pay said taxes, aseenasents. iruuranos premiums and
gevund rwla. Lendee may not Mega foe a holdirsg and applying the Fends. analysing acid aoooisnt. or verifying and compiling said
assessassats and biW, onlsss Lsetderpsys Boetower intension the Funds sad applicable bw permits Lender to make such a charge. Borrower
and Lander mq agnt is writing at the time al sweatioa of this Ufortsage that interest oa the Fends shall b paid to Borrower, and anlan
:nd? agrsanant i• made or applicable law requites sash interest Oo b paid. Lsadar shall rot b required to pair Borrowee soy ittteeeot a
earning on the PWsds. Lender shall giw to Ho:rower. withait chaKe, to annwl aoooundng of the Funds slwwing aedita and debits to the
Funds and the pttsposa for which each debit to the Panda was made. The Funds are pledged as additional security for the sums aecased by this
Mortgage.
Uthe amount of the Fwsds held by Lasder, together wiW the future monthly installments of Fends payable prior to the due dates of fazes.
assessments. insurance premiums and ground rents. shall exceed the amount required to psy said taxes, aesesarnents. insurancs premiums
and ground t~snts w they fall due, wch excess shall b, at Borrower's option. either promptly repaid to Borrower or credited to Borrower on
monthly itsstallaeents of Fnada. U the amount of the Fends held by Lender shall not b sufficient to pay fazes. anessrnents. inanraace f
premiums and ground rents w they tall tine. Borrower shall pay to Lersder any amount necessary to make up the defidency within 30 days
from the date notice is mailed by Lender to Borrower requesting peU?meat thereof.
Upon pe~ya?ent b toll o[tU wens secured by this Mortgage. Lender shall promptly refund to Borrower any funds held by Lender. Uunder
paragraph 18 hereof the Property is sold or the Property is otherwise aoquind by Lends, Lender shall apply. no later than immediately prior
to the sale of the Property err its aogniaition by Larder, any Funds held by Lender at the time of application as a credit against the sums eecsued
by this ltortgsge.
3. Application of Ptyaseats. Unlea applicable law provides otherwise. all payments received by Lender under the Note and
paragraphs 1 and 2 hereof shall b applied by Leader first in payment of amounts payable to Lender by Borrower undo paragraph 2 hereof,
then to interest pgabk oa the Note. then to the principal of tl~e Note. and then to interest and principal on any Future Advances.
4. Chsu~gee; Eisner. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which
may attain a priority ova this Mortgage. and leasehold payments or ground rents, itany. in the manner provided under paragraph Z hereof or.
if not paid in arch manner. by Borrows making payment, when due, directly to the payee thereof. Borrower shall praaptly furnish to Lasder
all rsodoes of amounts due under this paragraph. and in the event Borrower shall make payment directly, Borrower shall promptly furnish to
Lender receipts evidencing suds payments. Borrower shall pranptly discharge any lien which has priority over this Mortgage: provided, that
Borrows: shall not be required to discharge any such lien so beg as Borrower shall agree in writing to the payment of the obligation secured by
such lien in a manna acceptable to Lersder, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal prooeedinga
which operate to prevent the asforcement of the lien or for[eitun of the Property or any part thereof.
5. Atrasrd Insurance. Borrower shall keep the improvements now existing or henaRtr erected on the
I?rsperty ' by
fire, hazards included within the term "extended coverage," and such other hazards as Lender may require and in such amounts and for wds
periods ere Lender may require: provided, that Lender shall not require that the amount of such coverage exceed that smonnt of coverage
required to pay the aurae secured by this Mortgage. - _ .
The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender: provided. that ancltlei¢"pQuval
shall not be unreasonably withheld. AU premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if
not paid in such manner, by Borrower making payment, when due, directly m the insurance carrier.
All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of
and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to
render all renewal notices and all receipts of paid premiums. In the event of loss. Borrower shall give prompt notice to the insurance carrier
and Leader. Lender may make proof of loan if not made promptly by Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair ~ the Property
I damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If wch
F restoration or repair is not economically feasible or if the security of this Mortgage would be impaired. the insurance proceeds shall be applied
to the sums secured by this Mortgage. with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower. or if Borrower fails to
E respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to setae a claim for
insurance benefits, Lender is authorized to rnllect and apply the insurance proceeds at Lender's option either to restoration or repair d the
Property or the sums second by this Mortgage.
Unlea Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the tine
date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. U under paragraph 18
hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds
thereof nenlting from damage to Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this
Mortgage immediatdy prior to wch sale err acquisition.
6. Preaervadon and Maintenance otProperty;Leaseholds; Condominums; Planned Unit Developments. Borrowershall keep
the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the
provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a oondomiaium or a planned unit development,
Borrower shall perform all of Borrower's obligations under the declaration or eovenanta creatingor governing the condominium or planned
unit development, We by-laws and regnlapons of the condominium or planned unit development, and oonetitnent documents. U a
rnndomininm or planned unit development rider is executed by Borrower and recorded together with this Mortgage. the covenants and
agreements of such rider shall be incorporated into and shall amend and supplement the rnvenants and agreements of this Mortgage as if the
rider were a part hereof.
7. Protection of Lender's Security. U Borrower fail to perform the oovenanL and agreements contained in this Mortgage, or if any
action or proceeding is commenced which materially agects Fender's interest in the Property. inducting. bet not limited to, eminent domain,
insolvency. code eaforoenseat, or arrangements or proceedings involving a bankrupt or deoedeat, they Lender at Lender's option,apon
notice to Borrower may make such appearances. disburse ends soma and take wch action as is necessary to protect Lsader's intena;
inducting, bet not limited to, disbnraanent of reasonable attorney's fees and entry upon the Property to make repairs. U Lender regrind
mortgage irumance as a condition of making the loan secured by Chia Mortgage, Borrower shall pay the pnminma required to maintain
suds inaurarsce in effect until ands time as the requirement for such inuarance termir?ates in aowtdance with Borrowda and I.asder's
written agreement or applicable Law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided ender
paragraph 2 hereof.
Any amounts disbarred by Leader penuant to this paragraph 7, with interest thereon, shall become additional indebtednea of
Borrows: second by this Mortgage. Unless Borrower and Leader agree b other lama of payment, such amounts shall be payable neon
notice from Lends: to Borrower requesting payment thereof. and shall bear interest from the date of diaburaeazent at the rate payable from
time to time on outdarsdirsg principal undo the Note unless payment of intered at such rate would be contrary to applicable law, in which
event such amounts shall bear interest at the highest rate permissible ender applicable law. Nothing contained in this paragraph 7, shall -
require Lender to incur any expense or take any action hereunder. ~ • ~ ; '
. B oK 488 P~r,E2633 soo~~ 'ice=
~ tl