HomeMy WebLinkAbout1491~ , ~ ~. E • f
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Bote~owK aad Lend~r ooveaaat and asn~ u folbvin:
1. Paymeat of Frincipal arid Is~tere~R Boerowa~ ~haU promptly psy wbea due the priac~al of aad It~tetat on th~ ind~Mednw
~vWeaad by tlu Note~ pr~paym~nt and late char~N u provided in the Note, and the priadp~l otand inteewt oa ~ny Pbtuer Advano» Mcurd
bY thi~ Mact~a~.
~. Fbnd~ tor Tue~ aAd Iiuur~nce. 3ubject to applicable law or to a w~itten waivas by Lender. Horrower ~h~ll pqy to Lendur an th~ day
moAthly inaWlm~ts of principal and intecat ue pqyable unde~ the Note. until the Note i~ paid ia t~U. s~um (h~rrie "F1~nd~'~ equd b onr
twelRh of the year~y taue~ and wasmenta Mrhich msy attain priority over thu Mort~age. end Qround renb on the Property. if any. plw oe~
t~velM of yarly p~anjum indallmenta fo~ haurd insurance. Plus onstweltth otyear~jr premium installmmt~ f~ mort~a~e inausaaos~ if any.
all ~u re~~onsbiy estim~ted initial~y wd ltom time to time by Lender on the basis of awasmeab ~nd biUs and reaaonabk e~timate~ theeeof.
The P1~nds shaU bs hefd in aa institution tht depwiN or sooonnt~ oi which srs inaured or Quaranteed by a~ Federal or 9tRte a~~cy
(iacludins Leadee if Lsadee is ~uch ~n in~titution). I.~der ~hall apply the i~nda to pay said tase+. awasm~t~. iiuusanoe premi~mss u~d
~e~ouad reuts. Leade~ ma~y aot char~ fa~ w. holdin~ and aPP1Yin~ the F1~ad~. analy:in~ ~aid ~aounR or ver~rin~ and oo~npilir~ ~aid
~m~ta and biUt. nalea Lender p~y~ Borrower interest oA the Fhads and applicable law peemi4 I.ender to make ~uch a charse. Boeiowre
and Leada may a~re~ in writins at the time of execntion of thi~ Mortga~e that interat on the F1~nda ~hall be paid to Boreower. aad wil~w
~oc6 asreemeat b m~de os appHcabb law reqnira~ wch intera~t eo be Paid. LeAder ~hall not be reqnired to p~y Borrower any int~rNt oe
~rninp on tLs P1~ada. Lendes shaU ~Iw to Horrower. withont charQe. an ennual sooountin~ of the Pbnds sbowin~ ce~edib eind deMb to th~
Fhad~ and tl~e purpoN for which each debit to the Ftinds rya~ m~de. The Funda are pledQed as additional ~sc~uity fos the ~uma ~ecured by twi~
Mo~ap.
If the amoant of the Fnnd~ held by I.eader. toQether with the future monthly installmenta of P'nada payable prior to the dne datN of tau~
~ent~. insmanoe pr~ina~ and p+ound cenb. sh~ll euoaed the amount required to pey said texe~. ewasments, insnranas preminma
•nd ~e~onnd renh as they idl due. nuh auoess ahall be. st Borrower's option, either pmmptly repsid b Borrower o: cndited b Borro~vK on
monthly ia~t4llment~ of PLnd~. V tbe emount of the F'unds beld by Lender ~hall not be ~ufficient to pay tauea. s~ment~. in~ur~nd
~eminau end Qronnd r~h aa they fall dce. Borrower ~ball pay to Lender any amonnt neoassry to make up the deSciency ~thin 90 da~n
lbom We date notioe i~ mailed bY Leader to Borrower nquestinS Payment thereof.
UP~ WY~eat in tdl d aU ~nnu ~ecnred by tbia Mottgage. Lender ~hsll promptly nfnnd to Borrower any tund~ held by Lend~. If nnd~e
para~nph 18 bersoithe Propsrty i~ wld or the Prop~ty is otherwi~e acquired by I~der. Lende: shall app1Y. AO ~R~!! ~A IIDIOld1A~}-plip!
to the ~aM af tbe Peoperty a~ its aoquirition by Lender. aay Ftind~ held by Lender at the time of application y a credit aQaiiut tbe snm~ ~ecored
bY thi~ Mcct~a
3. Applicatba of Pa~-menta. Unlea appUcabk lew provides otherwi~e~ all paymenb reoeived by I.snde~r nnd~ the Not~ aad
yar~nph~ 1 aud 2 hereo[ ~hall be appiied by Lenda Srrt ia payment of emounts payable to Le~der by Borrorve: nnder para~nph 2 hereo~
thes to Intace~t psyabk on the Note. thea to the principal of the Note. and then to interest and principal on aay F~ture Advanoer,
4. Char~es; Liea~. Borrower shaU pe~y all taxes. assessments and other charga, Snes and impwitiotu attributeble to the Propaty ~rhich
m$y attain a priority over this Mor~gage. and leasehold paymenb or ground rents, if any. in the manner provided under para~raph 2 bereof or~
if not paid in such manner~ by Borrower makinQ paytaen~ when due, directly W the payee thereof. Borrowet shaq prompdy fnrniah to Lendet
all notioe~ of amounta due nnder this paragraph. and in the event Borrower shall make payment dircctly. Borrower ~hall promptly inrnish to
I.a-d~ reaipta evidencing auch paymenta. Borrowa shall promptly diacharge any lien which ha~ priority over thi~ Mortga~~ prov[ded. that
Bon+ower shall not be requind to discherge any such lien so long as Borrower shall ~ce in writing to the payment of the obli~ation ~ecured by
snch liea in a manner aoceptable to Lender. or ehall in good taith conteat such lien by, or defeed enforoecnent of such lien in, IeQal prooeedin~
which opaate to pr~vent the enforcement of the lien or forfeiture of the Proprrty or any part thereof.
b. Hez~rd Iasurance. Borro~rer shall keep the impmvemenb now e~cuting or bereaRrr erected on the Propecty inwred a~aiiut lor bir
fire. hazaed~ included within the term "euta-ded covaage; ' and such other hasarda aa L.ender may reqnire and in ~uch amoanb and fa wd~
peziods aa L~des may require; provided, that Lender shall not require thet the amount of ~uch aovtrs~e ~cceed thet amonnt otooverase
required to pay the sum~ eecured by thu MortQa~e.
The uuurance carrier pmviding the iniurana shall be chosen by Borrower subject w eppmval by Lender, pmvided. that wch approval
shaU not be unnaaonably withheld. All premiums on insurance policies shall be paid in the manner pmvided under paragraph 2 hereof or. it
not paid in such manner. by Borrower making payment, when due, directly to the inaurance carrier.
All uuuranoe policies end ienewab thereof ehall be in torm acceptable to Lender and rl-all include a standard mort~e~e clau~e in favor o~
and in torm sooeptable to Lend~r. Lender ahall have the right to hold the policies and reneweL theroof. end Borrow~rr shsll promptly fatat~b to
i.end~ ell r~newal notioa end all receipb of paid premiums. In ths event oi loss, Borrower ~hall ~ive prompt notice to the iiunranos tarrla
and Lender. Lender may make proof oi lo~s if not made promptly by Borrower.
Unlew Leader and Borrower otherwi~e aaru•in writing, insurance procee~w ~hatl be applied to satoration os repais of the Ptoperty
dama~ed, provided such re~toration or repair is economically feluibl. and the~~ecurity of thi~ MortQa~e i~ eot thereby impaired. I! snc~
nstoration or repair is not economicaUy feaiible or if the security af this Mortgage would be impaind. the insurance p:ooeed~ ~hdl be applied
to We sum~ ~ecured by thia Mortgage. with the e~cceas, if any. paid to Borrower. Itthe Proptrty uabandoned by Borrowes. or if Borrower taiL to
rapond to Lender vrithin 30 days from the date notice is mailed by Lender to Borrower that the iniurance carrier offen to rettle a claim for
in~nranae bene5ta. Lender ii authorized to collect and apply the insurance proceed~ at I~nder's option either to re~torstion ot repair of the
Pt~npetty_or the sums eecnred by thie Mortgege. ~
Unlesa Lenda and Borrower otherwi~e agree in writing, any such application otproceeds to principal ~hall not extend or pwtpone the dae
date of the monthly instaUment~ nferred to in paragraphs 1 and 2 hereof or change the amount of ~uch in~tallmenta. If under parasraph 18
heno~f the Property is aoquired by Lender. all right, title and intereat of Borrower in and to any in~urance policie~ and in end b the proceed~
thereoi re~nlting from damage to Property prior to the sale or acquisition ~hali paw to Lender to the eutent of the ~um~ ~e~wred by this
Mortgage immediately prior to such ~ale or aoqnisition. '
6. Preserv~doa and Matatenance olProperty; I.easeholds; Condominum~; Planned Unit Developmenta. Borroaer ~hall kesp
the Property iu good repair and shall not rnmmit waste or permit impairment or deterioration of the Property and ahell oomply with the
provisioru of any lea~e it this Mortga~e is on a les~ehold. If this Mortgage i~ on a unit in a condominium or a plenned unit develop~t~
Borrower ~hall perfora~ all of Borrower's obliQationi ander the declaration or covenants creatingor govemin~ the oondominiutn os planned
unit developmet-t, the by-laws and regulation~ o! the condominium or plenned unit developmen~ u~d con~tituent documea4. If a
aondominium or planned unit development rider is executed by Borrower and recorded together with thi~ MortQa~e, the ooven~nb and
agreements of such rider ahall be incorporated into and ahall amend and supplement the covenanb and aQreements otthii Mortga~e u if the
rider wen a part h~seof.
7. Protectfon oi Lender'~ Securitp. If Bormwer taib to yerform the ooveaant~ and a~r~esaent~ oontained in thi~ Moet~a~. a U~qy
action or ~rooeedin~ i~ oommenced which materiaUy affecf~ Lender's interat in the Prol~erty. includit-~, bnt not limit~d to. ~min~nt domain,
iaaolvency~ oode enforo~ent, or arransements or pmceedin~~ involvln~ a bankrupt or deoeden~ then I.eeder ~t Lsndd~ o~on~apon
notioe to Bos~wer me,y maice ~uch eppeuanoe~. di~buree ~uch ~um~ and tate ~nch action e~ i~ ne~a~ary to prot~ct Iw~dK'~ iatrewt,
inclndin~, but not l~mited to, di~burrement of reawnable attorney's fea u~d entry upoa the Proyerty to make r~pair~. If Lsnd~r rqnir~d
mort~+~e in~urance eu a oondition ot makin~ the loen secured by thu Mortgp8e, Borrowa ~hall p~y the premium~ rpaird to maintaia
snc!- inawanoe in eHect nntil ~uch time aa the requirement tor ~uch insurancx terminste~ in aocordanea with Borrowe~'~ and Iwodd~
weitten a~reement or appUcabk Law. Barrower shall pay the amount of all mortgage in~urance premiuau in tht manner provid~d nad~r
para~raph 2 haeof.
My amonnta disbnrsed by Lenda penuant eo thi~ paragraph 7. «rith intereat thaeon, ~hiJl beoome additional indebtedaw oi
Borro~ver ~ecured by this Mortgege. Unlea~ Borrower and Lend~ agree b other term~ of psyment, such amounf~ ~h~ll be p~yRble apon
notioe trom Lenda to Bormwer reque~ting payment thereof, and ahall bear intend fmm the date of disbunemeat at th~ rate payabls drom
time to time on outatanding principel unda the Note unless payment of interat at such rate would be eontrary to applicable law, ie whfeb
event ~ach amount~ ~hall bear intereat at the highat raee permissible under apyticable lew. Nothin~ oont~ned,iw tbi~ parasraph ~. ~baU
requin Lender to incw eny eupenie or teke any action hereunder. j~~ `~.
~~~~5 P~1489