HomeMy WebLinkAbout0220Ebrrower snd l~~der rnvenant and e~ee as follows:
1. Payment ot P~'incipal ~nd I~te~eat. Borrowe~ ahall pmmpUy pay when due the principal ot and interest un the indebtedneas
evide~ced by the Nole. prepayment and late charges as p~vided in the Note, and the principal of and interest on any Future Advances secured
by thi~ Mortgage.
2. F~utd. for Truces and Inaurwace. Subjecl t~o applicuble luw or tu a writlrn wpive~ by l.ender, &-rruwer e~hull pay to t.ender un the dny
monthly inatallments otprincipal and interest are payable under the Nute, until the Note ia paid in fuU, a sum (he~ein "M unda") equal to one
.welflh of the yearly taxee and asseasmenta which mny atts~in priurity over thia Mortgage, and ~ound renla un the f'irupeirty, if aoy, plus one
twelfth of yearly premium installme~ta for hazard insu~ance, plus o~etwelfth ofyearly premium inatalimenls !or mortKaRe insure~nce, if any,
all aa maeon~bly estimated initially and firom time lo tirr~e by t.ende~ on the busis uf x~ee~menls and bills nnd reasunable estimutes thrreot.
The F~nds ahall be held in an inatitution the deposita or accouota of which are insured or Runranteed by a Federal or State agency
lincluding t.ender if I.e~der is auch an institution). I.ender shall apply the hunds to pay said taxea, uasessmenta, insurance premiums and
gruuod rents. l.ender may not charge tor eo holding and applying the Funda, analyzing said uccount, or verifyiog and cumpiling aaid
asaeaemenfa and bills, unless Lenderpays Borrower intereet on lhe F unda and applicable law permits l.ende~ to make auch a charge. I3orruwer
and L.ender may agree in writing at the time of execution of thia Mortgage that intereat on the Hunde ahall be paid to Iiorn,wer, and unleae
auch agteement is made or applicable Iaw requirea e~uch intrreat to be paid, l.ender shall not be required to pay l3orrower any intereat or
earninga on the F1nde. Lender ehall give to Aormwer, without charge, an annual accounting otthe M unds showinK crrdits and debite to the
F unda and lhe purpose for which each debit to the F unds was made. The Funds ~+re pledged as additiunal aecurity fo~ the sums aecured by thie
Mortgage.
If the amount of the Flinda held by I.ender, lo~tether with the future monthly instnilments of Funds payable prior to lhe duedatea of taxea,
assesaments, insurance premiuma and ground rents, shall excred the amount required to puy said taxes, assexaments, insurance premiums
a~d ground rents ae lhey fall due, such excess shall be, af EluiTOwer's uption, either promptly repaid to I;orrower or credited to Borrower on
monthly inatallmenta of Funda. If the amount of the Funds held by l.ender shall not be suffcient to pay taxes, assexsmenta, insurance
premiuma and ground renta as they fal) due, Borrower shall pny to I.ender nny amount necessary to make up the deficiency within 30 days
from the date notice is mailed by I.ender to Korrowrr requestinK payment thereof.
Upon payment in full of all suma secured by this MortQage, l.ender shall prumptly rn[und to liorruwer any funds held by l.ender. Itunder
paragraph 18 hereof the Property ia sold or the Property is otherwise acquired by I.ender, l~ender shall apply, no later than immediately prior
to the eale of the Property or ita acquiaition by l.ender, any M unds held by l,ender ~t the time of application as a credit against the sums secured
hy this Mortgage.
3. Applieation o[ Paymenta. Unless applicable law pmvides otherwi4e, all paymenls received by Irender under the Note and
paragraphs 1 and 2 hereof ahall be applied by l~ender firxt in payment of amounts payable to I.ender by E3orrower under paragraph 2 hereof,
then to interest payable on the Note, then to the principal of the Note, 1nd then tu interest and principat un any F uture Advanrns.
4. Chargea; Liens. Fiorroveer shall pay all tuxes..is.ccs~men~s ~ind othrr rh.irKes, fin~w and im{wsitions attributable u~ the Property which
may attain a priority over this 111urtkuKe, and le.~.sehuld p:~y menls or Krc~und rents, if any, in the manner provided under paragraph Y hereufur,
~ f not paid in such manner, by Burrower makinQ p.i~•ment, when due, dinr~tly to the pay~r thercr~f. Iturn,wer shall promptly furnish to l~ender
.~il notices of amuunLc due under this par.i~,~raph. :md in the r~•ent Korruwer shall m:+ke payment dircY•th•, l3orrurcer sh:~ll prompUy furnish k-
Lender receipls evidencing surh pay~mentc. liorruwer shall prumpUy discharKi• any lien w hi~•h h:~s prioril~ uver this ~iurtK:~Ke; provided, that
fir,rrower shal) not be reyuired tu discharKF any such lien so lonK a~ fiorrower::hc~ll aKnti~ in M ritinK tu the p:+>•mrnt uf theobliKation securrd by
wch lien in a manner acceptablr to IA•nder, or sh:~ll in K~NK1 G~ith ~ti~~awt ~uch I~t~n by, ordt~fend enfnn•~~mt•nt of wch lien in, IeKal proceeclings
N hich operate to prevent the enforcemeM of the lien ur forG•iturr uf thr F'n~~•rty ur :+m p:ut thrn~~f.
5. Hazard I nsurance. Burruwrr sh.~ll kecp thc improvemrnts nuw• existinK un c~•reafter erected on the Property insured aKainst loss by
fire, hazards included within the term "extendrrl cu~•eraKr." :~nd surh uther haznrds as I.ender ma~ reyuire :~nd in such :imounts and forsuch
pc•riods as I.ender may rcquire; pro~•ideci, that IAnder ~hall nut reyuire th:~t the amuu~t oCsuch rnveraKe exceed that amount of coverage
reyuired to pay the sums securtvl by thi. 11ortK:+Ke•.
The insurance r.~rrier pru~•idinK thr insuran~~• .h:dl tN• ~•hus~~n I~c K~~rruK•~~r subj~ti•t tn :~ppr~~~•:~I b}• L~~nd~•r pru~~i~i~~i. that such :~pprnval
.hall not be unre:-.wrnahh w•itl~h~•Id. All prrmium. ~~n ~nwranrr {M~hru~. ~h:~ll 1K• p;~id in th~• m:~nn~•r prn~•id~~l und~r paraKraph `L hercK~f ~~r, if
nnt paid in such mannrr, b~• li~rrruw•er m:ikin~; p:~~•mrnt, wh~•n dur. dir~•rth• t~~ thr in~urancE~ ~•arrit•r.
All insurance policies and reneveaiis therc~-f shall t-e in furm a~•~•ept:~bl~ to l.~~nder and shall include a standard mortgaKeclausein favor of
:ind in form acceptable to I.ender. I~end~r sh.+ll ha~•e thr riKht tu h~dd th~• E«~li~•ie, .ind re•~i~w•als thereY~f, and Rorruv-er shall prnmpdy furnish to
i.~~nder all renewal notices and aU receipts of pa~d premiums. In !h~• ~•~•rnt uf Ins., Korn~wer shall Ki~•r prumpt nutice W the insurance camer
and I.ender. I.ender may make pr«~f uf loss if n~~t made promptl~ b~- ltorruw•er.
Unless [xnder and F3urrower utherveiw aKrc~e in writinK, insuram~e• pr~x-~rds sh:~ll tK~ applir~l to rewturation or repair of the Yroperty
damaged, provided such restoration ~~r repair i~ rc-unnmii•ally feasible aind the ~curity af this MortKage is nM thereby impaired_ If such
rrstoration or repair is not ecunomicaUy ft•asible ~~r if thr strurit~ of this AtortKaKe w•uuld br impaired, the insurance proceeds shall be applied
tn the sumsaecured by lhis 111ortK:~gr. with thc• ex~r.s, if :my, p:iid to Rorruwer. If the I'roprrty is abanduncd by HorroKer, or it liorrower fails to
re~pond to l.ender within 30 days frnm the d:~tt• nuticr is mail~d b~ (.~nder tu I~urruwrr that the insur~nm ramer offers to setQe a claim for
insurance benefits, I.ender is authorized to cull~~•t and :~pply the insur:~n~•e pnK•eY~1s at (~•nder's uption either t~- restoration or repair of the
f'roperty or the sums secured by thia MnrtKaKt•.
Unless I.ender and Rorrower otherwise :iKn~ in writinK, an~~ such a pplicat~on of pmc~c~ls tu principal sha~l not extend or pustpone the due
date of the monthly installmen~g referred U~ in paraKraph~ 1.~nd 'l hertr~f or chanKe th~• amounl of such installmentx. If under paragraph It3
hereof lhe Property ia acquired by l~ender, all right. tide and intrrest of t{orn,w•er in and to aoy insurance policies and in and to the proceeds
thereof reaultinq from damaKe tu !'roperty prior to the ~:ile or a~•qwsitiun ahall pasti tu I.cnder to the extent nf the sums secumi by this
~lurtgaRe immediately priur to such sale or acyuisition.
6. Preeervation and Maintenanceof Property; IxaKCholdw: Condominums: Planned lJnit Developmente. ~rrowershali keep
thc~ I'roperly in good repair and shall not commit w:~st~• ur Ex•rtnit ~mp:iirm~•M or dt•terioratiun uf the Properly and ahall comply with the
p.•uvisions of any lease if this MortK:~Ke is un a leasehold. If this MnrtK:~Kt• i~ nn a unit in a n,ndc-minium or a plannrd unit de~elopment,
Ii~~rrower ahall perform all of Iiorr~~wer's nbliKatiuns under the dcti~lau.+ti~m or cuvrn:~nts ~-n•auny~or governmK thecondominium ur planned
unit development, the by-laws and re~culations of the condomin~um or planned unit de~•elopment, and constituent documenLg. If a
~ nndominium or planned unit develnpmrnt rider is eXM'U~P(I Ily ~RI/Wer and rtrordirl t~~rther vrith this Mortgag~, the oovenanta and
.+~;rrements of such rider shall 1~ in~•ury-nrat~~d intn and ~h:dl :~m~•nd :md xuppl~~~urnt th~~ruvrnants and aKreemen~s c~f this l~lortgaKeas if the
nder w•err a part hercrof.
7. Protection of Lender's Security. lf E3urn~wer tails to perform the covenante and agreemente contained in thie Mortgage, or if any
action or proceeding ie commenced which materially affecte I.ender'e intereHt in the E'roperty, including, but not limited to, eminent domain,
~nsolvency, oode enforcement, or arrangemente or pmceedinga involving a bankrupt or decedent, then l.ender at Lender'e option,upon
notice to Borrower may make euch appearancee, diaburee auch aume and take auch action as ia necessary to protect [.ender'a interest,
~ncluding, but not limited to, diabureement of reasonable uttorney's fees and entry upon the Property to make repaire. If I.ender required
mortgage inaurance ae a condition of makinq the loan aecured by this Mortgage. E3orrower ahall pay the premiume required to maintain
such ineurance in effect until such time aB the requirement for auch inNUrance terminalea in accordance with Borrower'e and I.endere
written agreement or applicable l.aw. Rorrower ahall pay the amount uf all mortKage ineurance premiume in the manner provided under
paraqraph 2 hereof.
Any ~muunte diebureed by I.ender pereuant to this paraqraph 7, with intereat thereon, ahall become additional indebtedneea of
Korrower eecured by thie Mortgage. Unleea Horrower and [.ender agree to other terms of payment, auch amounte ehall be payable upon
notice from Lender lo E3orrower requeeting payment thereof, and ehall t~ear intereat fmm the date of diaburaement at the rate payable from
time to time on outatanding principal under the Note unleas payment of intereat :~t such rate would be contrary to applicable law, in which
event euch amounta ahall bearintemat at the highest rate permisaible under applicable law. Nothing contained in thia paraqraph ?, ehall
require I.ender to incur any expense or take any action hereunder.
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