HomeMy WebLinkAbout0070Ftorrower and l.e~de~ covenant and aQree as followa:
1. Payment ot Pirincipal and Interert. Borrowe~ shall prumptly pay when due the pri~cipal of und intereat on the indebtedness
evidenced by the Note. prepayment and late cha~ges as pmvided in the Note, and the principal uf and iotereat on any F ulure Advances aecund
hy thia Mortgage.
2. Ftinde tor Ta:es and Ineurance. Subjecl to applicable luw or w a writtrn wuive~ hy Ixnder, fium~wer shAll p:~y to l.enderun the day
~7~unthly inatallmenta of principal and inte~est are payable under the Note, u~til the Nutr is paid i~ full, a sum ~he~ein "Funds"- eyual to onr
twelfth of the yearly taxes and asseasmenta which may attain priority uver this Mortgage, and ~i-uod renl.S un the P~operty, if ~ny, plus one-
twelfth of yearly premium instpllmenta for hazard insurance, plus une-twelfth of yearly premium instulimcnls for moAgage insur:ince, if any,
t~f 1 as reseonably eatimated initially A~d trom time to time by l.ender on the basis of .~4se+smrn44 und bills and re.~xunublr eslimEdrs thereot.
The Funds ahali be held in an institution the depc~aita or accounts of which are insund or guar:-nteed by n Federa) or State agency
1 including Lendet if l.e~der ia such an inatitution). l.ender shall apply the F unds to pny suid taxes, a~4.4es~+ments, insurance premiums and
Kround rPnfa. [.ender may not charge for eo holding and applyinR the Funda, a~nalyzing said uccount, ur verifying and compiling said
:+ssesamenta and billa, unlees [.ehder pays BoROwer inlereat on the M unds and applicable law permits I.ende~ to make such a charge. liorrowe~
and l.ender may agree in writing at the time of execution of this Mortgage that intrrest on the Funds ahall be paid to liorrower, and untesa
yuch agreement ia made or applicable law requirea such interest to be paid, I.ender shall not tie requirerl to pay l~,rrower any inlereat or
r:irninga on the Flinde. L.ender shall give to Borruwer, without charge, an a~nupl accounting of the Funds showing credits and debita to the
F unda and the purpose for which each debit to the Funds was made. The h unds am pledged as additional security for the suma secured by this
Mortgage. ~
If the amount of the Funda held by l.ender, together with the iuture monthl} installments c-f I'unds payable prior to the due dates of taxes,
assessmente, insurance premiums and ground mnta, shall excred the .~mount requirrd to ps~y said taxes, assebsments, insurance premiums
and ground mnts as lhey fall due, such excess shall be, at E3o~rawer s option, either prompUy repaid lo &-rrower or crrdited to Borruwer on
monthly inatallments of Funda. If the amount of the Nunds held by i~ender shall nut be sufficient to pay taxes, assetisments, insurance
premiums and ground renta as they fall due, E~,rrower shall pay to l~ender any amount ~ecess.~ry to make up the deficiency w~thin :i0days
from the date notice is mailed by t.ender tc- liorruwer requesting p:-~ment there~>f_
Upon payment in ful) ot all sums secured by this Mortg:+ge, l.ender shall pn~mptly retund t~~ li~~rruwer any funds held by l~ender. lf under
pr~ragraph 18 hereof the Property is sold or the I'roperly is otherveise acyuimd br I.ender, I.ender shall apply, no later than immediately prior
t~, the eale of the Property or its acquiaition by l.ender, any M unds held by I.ender at the time of application as a credit against thesums secured
t~y this Mortgage.
:3_ Applieation ot Paymente. LJnless applicable law provides otherwise, all payments received by I~ender under the Note and
Faragrapha 1 and 2 hereof ahall be applied by I,ender tirst in payment of amounts pa} able to l.ender by E3orrov-er unde~ paragraph 2 hereot,
then W interest payable on the Note, then to the principa) ~[ the Note. :-nd then_ to interest and princip:+l on any Future Advances.
•l. Charges; Lirns. Borrower shall pay all taxcw, assessmrnts and ~~tht•r.•harK~~, fimw and im{N~tiitiuns attributablr to the 1'roperiy N hich
rn.~~~ attain a priorily o~•er this H1ortKa~i•, and leasi•hutd p:~ymc•nt. ~~r Kruw~d n•nt~. if :~ny, in thr mannrr prueidtYl under par.~Kraph'l hercr-f or.
~f nut paid in such manner, by I~~rruw•rr makin~; p:iyment. K~hen dur, dir~~•tly tu the pa~~r thrreof Rurn~vc~~rshall prumptly furnish tu Ixnder
:ill nntices of amuunts due under this para~:raph. :~nd ~n the ~•~•ent {~~rru~+•er.hall maki• p:~~•mrnt d~nti•th•, iiurn~w~•r sh:dl prumptly furnish to
Lt•nder receipts evidencinK such paemrnl~. 14~rruwer sh:iU prumpt{~ di~~•h:vK~• an>• lu~n w•hich hu. pri~~nty mer thi. ~1urtKaKe; prot ided, that
ti~~rrower shtiU not be requirt~i to discharKe• :~ny.uch li~~n ~o lun~ :15 IA~R~~K'1•r.hall :~~,~r:~• in writinK tu th~• p:+}-mrnt ~~f the~~bliKatiun secumd hy
w~•h lien in :+ manner acceptablr to 1 a~iu3~~r. ur sFI:III 111 ~;INMI ~:~ith c~~ntr.t .w h li~•n h}•. nrd~•f~•nd i•ntnr~rm~~nt ~~f.u~•h (~rn in.IrK:d pr~~dinKs
~}~ich operate to pre~ent lhe ~~nfurcement ~~f the I~eu ~~r f~~rG•itun• ~~f thF• !'r~~Fx-rt~• ~~r any p:~rt th~•n~~f.
S. Hazard Inxurnnee. Ik~rr~~v-er sh:~ll lcrep thr imprur~•m~~nt. n~~w ~•xi~tinK ur ht•ri•:~ftrr err~-ttyf on th~• Pru{~rl~ insurec! aKainst luss b~
Cin•, hazard~ inrludec! v-ithin the trrm "extt•nd~~1 ~Y~vrraKr,° :uid ,ach ~~ther hnzard.:~s Iw•nd~~r m.:~ rrc~uire and in such :~muun4s and for such
~k•ri~xls as I.ender may rryuire: pru.•id~ri, that Iw~ndi~r .h:dl n~~t rw~uirc~ th:~t the am~~unt uf wi•h ~.~vrraK~• ex~•c~f that amuunt of cm•eraKe
re~c~uircd to pa~ the sum. sec-uriri i-y this 11ortKaKe. ~
"fhe insurancr carrit•r pr~~~•idin~; thi• insur:~nc~• .h:~ll tN• ~-h~~.~•~~ 1~~- IS~~rr~.w~•r .ub~.ti•t t~~ :~ppn,~ al hv I..~nd~•r. pr~.~~id~~1, that.u~•h appru~•:~l
.hall nut I~r unreas~~n:-bly withh~~ld. e\II pn•mium~ ~~n ~nsur.:n~~~• p~~lu ~r..h:~ll IK• p:u~I 111 IIIP fll:lllil~•f'If~~~'1(I~VI UI71IYf ~):-r.+~:r:-ph'~ hrre~~f or. if
nnt paid in suc•h manncr. b~- It~~rrv~w~•r m:~kin~; p:~cm~•nt. ~+~h~•n du~-. ~I~r••~•tlv t~~ th~• inwr:~n~•~• ~•:~rri~•r
All insurance pnlicies and rPnc•wals tht•n•~~f ~h:~ll }N• in furm :~c~•~•pt:~hl~• t~~ 1,~•nder:~od shall ~n~•lud~~ a.t.~ndard mortKaKeclause in fa~•oruf
~~nd in form accepWbleto (.rnder. l.rnd~•rtih:+ll haci~ th~•n~;ht t~~ h~~ld th~• {N~lu-ir~ and re•nrw•;~Istht•ntir[.:~nd R~~rruw•rr ~h:+ll pr~rmpth• furnish u~
~ ~~nder all renewal nntices and all rt~ceipt~ uf paid prt•m-ums. In th~• ~•vr-~t uf lus., K~~rr~N~~•r xtiall K~~•r pn~mpt nutice to the insurance carrier
and I.ender. l.ender may make pr~K~! of lu.s if nnt m:~dt• prumptl~• by~ K~~rr~~wrr
Unless t.ender and Ii~rrruw•er ~~thrrw•iu• :~KrtY• ~n Nridn~;, insur:im•r pnK-~yyh .h:~ll tk• :~pplievl to rrstoratiun or rrpair of thr f'roperty
~iamaged, pro~~ded such resturxtiun ~~r rrp:+ir ~s ~~•~momicall~ fi.~.ible and the urvnty ~~f th~s ~tortKaKe is not thereb~ impaired_ If such
re•storation or rnpair is not ecunumic:~ll~ ft•asibl~• nr if th~• .erunly uf th~c ~1nrtKa~;r :~~~uld tk~ impairecl, the ~nsuranm procreds shall t-eapplied
t~ ~ the sums securrd by this MortK:~Ke. w•ith th~• c•x~•r.~, if anc. p:~id t~. Rnrn~w~er. 1 f th~• I'ruM•rty is aband~~ned b~• [turr~~w•er. or if li~~rn~wer fails to
rt•;pond to Lender within :t~l da~•4 fn~m thc~ d:d~• nnti~•~• ~~ mailt~+1 by I~m~l~•r tu k~~rr~~w~~•r that thr inxur.ince carrier offers to settle a claim for
insurance benefiGti, I.ender is :~uthuriurl t~i e~~ll~y•t and appl}• thr ~n~uranc~' F1f~N'IYNIti at Iw•nder'~ optinn either tu rest~~raUon ur repair of the
I'ruperty or the sums seeurecf M this MortK:+Kt•.
Unless [.ender and FiorruNer othervr~tiE~ :~Knr ~n w•nhnK, an ~• such appiicatiun ~~f pr~K•e~tiis to principa) shall not extend or postpone thedue
date of the monthly installment~g referrrcl tn in p:+raKr.~phs 1:~nd'~ lirr•~:~f ~~r ch:~nKr the :~m~~unt uf such »st~illmentr.. If under paragraph 1K
herenf the Pmperty is acquircd by I.ender, al) right, tid~• and ~ntrrrst ~d R~~rn~wer in and t~~:~m ~nsurance pr~li~•ies and in and to the proceeds
thereof resultinR from damage to Pr~~perty prior tu thi• ~:ilF ur :u•quis~tiun .hall pass tn l~e~ndrr t~~ the extent of the sums sccured b~ this
~lurtgage immediately prior to such salr or acqui~ition.
6_ PreaervetionandMaintenanceofProperty;l.~•ii~i•holds;('ondominums:l'lanncdl'nitDe~elopments.Iiorrow•ershaUkeep
the Property in Kood repair and tihall nut commit w:-.te nr ~•rmit imp:i~rmrnt ur d~•t~•ri~rrattun of the 1'ru{~Rt• and shall rnmph• w~th the
pruvisions ~-f any lease if this MnrtKaKe is on a l~•asehold. If tfi~~ \1urtKa~;e• is n~ a unrt ui a~ti~nduminium or a plannecl unit development,
It~~rrower shall perform all uf Ii~~rruwer'v ubliK:~tiun~ and~~r the dr~-larat~nn ~~r c~~~•rn:mt. ~•r~~at~n~ar Ku~•ermnK the conduminium or plannrd
~nit de~elopment, the by-laws and rrKulatiuns nf thc• c~~ndominium o- plannwl un~t d~~~•rlopmrnt, and rnnstituent documents. If a
~~~nduminium or plannev~ unit dr~•elupment rider is t•xtyuttri bc li~~rn~wer :~nd rerord~yl tuy;t•thrr with this MortgaKe, the mvenants and
.+KnY~ment~ of ~uch rider shall tM ~ncurFN~rat~til ~nt~~ :~nd .h:~ll anu•nd :~nd ~uppl~•nu~nt tht• ~~n~~~•nants and aKre~•ment~ti uf th~s ~turtKaKe as if the
ruler wem a part hereof.
7_ ProteMion of Lender'e Security. If Borrower fuila to perform the rnvenanta nnd aKreements cantained in this Mortgage, or if any
act~on or proceeding ie commenced which materially affecte (.ender's interest in the I'ropPrt~, including, but not limited to, eminent domain,
~nw-Ivency, code enforcement, or arrangementa or proceedinga involving a bankrupt or decedent, then I.ender at I.ender'e option,upon
n~tice to Borrower may make euch appearancee, diaburse auch sume and take auch action as is neceaaary to protect I.ender's intereat,
including, but not limited to, disbureement of reason:~ble attorney"e (res and entry upon the Property to make repairs. I[ Lrnder requitpd
mortgaqe ineurance as a condition of making the luan secured by this 11ortKaKe, Rorrower shall pay the premiume required to maintain
auch ineurance in effect until auch time ae the requiremeM for such inaurance terminatet+ in acn~rdance v~~th ~rrower's and [.ender s
written agreement or applicable [av-_ A~rrower ehall pat thr amount of all mortK~Ke insurance premiums in the manner pro~~ded under
paragraph `l hereof.
Any amounte diaburaed by I.ender persuant k, this paragraph 7, with interPat thereun. ahaU t-ecome additional indebtednees of
Korrower secured by thiA Mortgage. Unlesa ~rruwer and I.ender aKree to other termH uF pa~ment, such amounte shall be payable upon
n~~tice from I.ender to Rormwer requeeting payment thereof, and ah~ll bear interest fn~m the date of d~sbureement at the rate payable from
time to time on outstanding principal under the Note unlexA payment of interc~,t at such rate would be contrary to applicable law, in which
event such am~iunts ahall bear interesl at the hiKhest rate permixsible under applicable la~ tiothinR contained in this paragraph 7, ahall
require I.ender k- incur any expense or take any nction hereunder.
e~ 34~ Pa~~ ~