HomeMy WebLinkAbout1499~ , i y:.~ ~ ~ -~ .~;
Bore~owK and Lend~e oownant aad ~e~ee a~ followr.
1. Ps,~ra~eat ot Peincipal and tater~eat. BwTOwer sh~ll W'umPul- P+U~ whea dus the prindwl of snd iatee~f o~ the iridebtednas
rvida~oed bY tM Nob. perpaya~nt aad late cbar~e~ ss provided in the Note. and th~ ~riacipal of and iaterest oa any F1~tnre Advanoe~ ~ecne+ed
bY thi~ Mael~a~.
4. Pbnds for T~e~ and Inwranoe. Subjsd to ~ppticsble law or b s w~itteti weiver by Lender, Borrower ~hall p:~y to Let~der on the d~,y
ma~thl.Y insWLneaLs of princip~l end iatere~t ers psyable unde~ the Nota. until the Note is pa~d in fuU. a sum (herein "PLnd~'7 equal to on~
t~re1R1~ of tM ye~sbr ta:a and as~aan~nta whid~ may attain priority over this Mort~age. and ground rents on the Property. if any. plw on~
~-~ ~Y~IY R~i~ ~~v fo~ hwrd insurance. Olw onatwelRh of yeas~jr premium instaliments for mortQe~e iruurance. if anY.
aU a~ reawnably estiaaaLed 'uutially and from time to time by Lende~ on the basis of as~damenb and bilb and reasonable estimates thereoi
~ 1!~ F1~nd~ ~hall b~ held in aa in~titntioa tM deEasi•~ or aoooLnb oi whic6 ere insured or ~uaranteed by s Federal or 3tate aQ~cy
tincladini L~dR if I.~du is snc}~ m io~titutiou~ Lender shall apply the Funds b pe~y said tasea. aaaamenls, inauranoe premiua-s and
~roaad rea~s. Lwd~ m~y aot charp for ~o holdin~ and applyir~ the PLnda. anal,ysin~ ~aid aooouat~ or verifyin~ and oonapilins eaid
wa~a~ut~ aad bi1b. w-1eN t.ende: pari Harower intaest on the Pbnd~ and appUcable law permits Lend~ to make ~nch a charge. Borrows!
atd I.es-d~r myr asere in weitin~ at the t~ne of execntiop oi this Moet~sge that iaten+t on the F~nds ~hall be paid b Borrowes. and unlen
~och ap+ewoeat is made or app~iCabls law reqnirao a~ch iateeest b be Peid. Leade: shall not be required to pa,y Borrower aay interat oz
e~rait~s oi- !M F1mds. Iwnder ~hall ~ive to Boseower. without charge, aa annual aooounting of the I~nda showia~ credit~ and debit~ to We
Fhnds and th~ purpo~e for wl~ich each debit to the Ptinds Nras made. Tfie I~nda are pledged aa additional security for the snms ~ecured by thi~
Mort~~.
Iit6e a~aount of th~ Pbnd~ held by I,ender. together with the future nanthly inatallmenb of Ftinds p~yable prior to the due dates oita:e~.
wepments. in~aranos premiwas aad groand rent~. shaU e:ea~d the amount required to psy aaid tases. asseasments. insuranoe premiwns
and ~ronnd renb a~ tbey fall due. auch e~coew sh~ll be~ at Borrower's option~ either pmmptly repaid b Borrow~ or aedited to Borrowes on
montbly inatallmenb of PLad~. V We amount of the P~nds held by Lender ahall iwt be sufficient to paY tases, asKSSments, inauranoe
preminm~ and `e~onad r~ta a~ tbey fap due. 8orrower ahail pey to Leader any amount neoeesaryr to make up tha deficiency within 30 day~
fmm the date aotice ia mailed by I.eade~ to Borro.~rer requesting payment thereof.
Upon paymeat in idl af all sna~u ~ecnred by this MortBaBe. I.ender ahsU promptly refund to Borrower any fnnds held by Lender. If nnder
parynph 18 haeof the Proparty ia wld os the Property is otherwise aequired by Lender. Lender shaU aPP~Y. no later than immediately prior
to the nle of the Property ee ih aoquidtion by Lender~ any FLnda held by Lender at the time of epplication as a c~dit against the sums secured
~7- ~ ~~sBe-
~3. Applicadon oi Pareeata. Unlees spplicable law providea otherwise. aU pqyments reoeived by l.ender nnder We Note aad
parasnph~ 1 and 2 hereof ~hall be applied by Lender fust ia payment of amounta payable to I.ender by Borrower under paragraph 2 hereof,
t6e~ to iatere~t pqyeble on tbe Note. Wea to the principal of the Noee. and then b interest and principal on any Pliture Advaaoes.
4. Chartes; I.ieaa. Borrower shall pay all ta~ces. assessments and other chargea. tinea and impoeitions attributable b the Property which
m~y atfain a priority ova this Mortgag~ and leasehold paymenta or ground rents, if any. in the manner provided unda paragraph 2 hereof or.
if not paid in anch manna. by Borrow~ making payment, when due. directly to the payee thereof. Borrower shall promptly furnish to I.end~
all notioes of amonnts due nndar this paragraph, and in ehe event Borrowa shall make payment directly, Borrower ahall pmmptly fi~mish to
Lender reoe~pts evideacing such pa~yments. Borrower shall promptly diacharge any lien which has priority over this Mortgag~ pmvided. that
Bon+ow~ shall nd be required to discharge any such liea w long as Borrower shall agree in writing to the payment of the obligation aecured by
snch lien in a manner acoeptable to Lender. or ahall in good taith conteat such lien by. orde[end enforcementof such lien in. legal proecedin~
~rhich operste to prrv~t the enforcement of the lien or forfeiture of the"'Prap~ty or any part the~eof. '
5. Hwrd Iasarance. Borrowra ahall keep the impmvements now acisting or bereaiter ere~.iRd on the Proptrty inaured aQainst laes by
5re. 6asards inclnded withia the teem'•eztended rnvaage; ' and such other hazards aa Lender mey require and in such amouats and farauch
pe=iods as Lender may reqnite; pmvided, that Lender ahall not require that the amount of such ooverage exceed that amount of ooverage
required to pay the aums secvred by this Mortgage.
The inauranoe carrier providing the insuranee ahal! be chosen by Borrower aubject to appmval by I.ender; pmvided, that auch approval
ahaU not be unreasonably withheld. All premiums on insurance policiea shali be paid in the manner pmvided under paragraph 2 hereof or. if
not paid in wch manner, by Barwwer making payment, when due, directly to the insurance carrier.
All insuranoe policies and renewals thereof shall be in torm acceptable to Lender and ahall include a dandard wortgage clau~e in favor o[
and in form aoaptabk b Lender. Lender ahaU have the right to hold the policies and renewals thereof, and Borrower shall pranptly fiuniah to
i.a~der all renewal notices and a11 receipta of paid premiums. In the event of losa. Borrower ahall give pmmpt n~icx fo the insnranoe carrier
and Lender. Lendrr may make proof ot loss it not made promptly by Borrower.
Unlea I.ender and Bormwer othuwise agree in writing. insurance procce~w ehail be applied to re~toration or repair of the Proprrty
damased. pc~ovided sach reetoration or repair is economicaily k~aibk and the~eecurity of this Mortgage u not thaeby impaired. If such
resbntion or repair is not economicaUy feasible or it the aecurity of thia Mortgage would be impaired, the inanrance proceeds shall be applied
b the snms secnred by thia Mortgage, with the eucess, if any, paid to Borrower. Iithe Ptoperty ia abandoned by Borrower. or if Boaower faile b
respond to I.e~nder vvithin 30 days from the date notice is mailed by Lender to Borrower that the inaurance carrier ogers to settle a claim for
in~nranae b~nefits. I.eudet is authariied to rnllect and apply the inaurance proceeds at Lender s option either to restoration or repsir of tbe
Property or tbe suma secnred by this Mortgege.
Un1e~a Lender and Borrower othrrwise agree in writing, any such application of peoceeda to principal shall not e~ctend or postpone the dae
date of fhe monthly inatallmenta reterred b in paragraphs 1 and 2 hereof or change the amount of such installmtnts. If ander paragraph 18
hereof the Proputy is acquired by Lender, al) right, title and intereAt of Borrower in and to any insurance policies and in end to the prooeed~
tt-ereof rewlting from damage to Property prior to the sale or acquisition ahall pass to Lender to the extent of the ~uma secured by this
Mortga~e iinmediately prior to snd~ sale or aoquiaition. ~ .
6. Pre~ervadon and Maintenance of Property; Leaseholds; Condominums; Planned Unit Developments. Borrower ahall keep
the Property in good repair and ahall not commit waste or pennit impairment or deterioration of the Propedy and shall oomply with tbe
pmvisions oE any le~ue if this Mortgage ia on a leasehold. If this Mortgage is on a unit in a oondominium or a planned unit developmenR
Borrower shall prrform all ot Botrowa's obligationa under the declaration or rnvenants creatingor governing the condominium or planned
unit developmeat, tht by-law~ and regulations of the condominiwa or planned unit development. and rnnatituent documenb. If a
oondominium or pianned unit development rider is e:ccuted by Borrower and recorded tagether with this Mortgage, the aovenants and
agreementa otauch rider ahall be incorporated into and ahall amend and supplement the rnvenanta and agreements of thia Mortgage aa if the
rider were a part hrreof.
7. Protedion ot I.ender'~ Securlty. It Bormwer [sila to perform the oovenante and agreements contsined ia this Mort~ase, or if any
•c~ion or proceedin~ ia commenoed which materially affects I.ender'~ intereat in the ProPertY. including~ bnt not limited to, emineat domain,
inwivancy. oode eaforoement~ or uran~ements or pmcseding~ involvins a bank~upt or deoedent, then I.ender at Lender'~ option.apon
notioe ~o Borrower myr make snd~ ~p~pearanoe~. di~bune such sum~ and take ~nch sction eu is neoaaary to protect Lende~'~ inte~tr
indndin~, but not l~mited b, disbanem~t of nawnabk attorney'e fee~ and entry upon the Propertq to make repain. It I.~nder reqnired
mo~r~a~e in.uranca a. a oondicion ot making the loan secured by this Mor~age, Borrower ~hall pay tbe praniumr required to maintain
~och in~nranoe in elfect antil ~nd~ time w ehe reqwrement for ~uch inaurance tecminaees in aocordanoe writh Barro~ra'~ and L.ende~~
written a~reement ar applicabk Lw. Borrower shall pay the amount ot ell awrtgage insuranoe praaiumi in We manner provided unde~
paryrap6 2 hereoi.
My amounb di~ba»ed by Lender persuant to this paragraph 7. writh interest thereon. ahall bevome additiond indebtednea of
Borrowa ~ecnnd by thi~ Mort~age. Unlea Borrower and Lender agree to other term~ of paymen~ snch amount~ ~hall be payable npon
notioe hom La~der to Borrnwer requesting payment thereot, end ahall bear intered from the date ot disbursement pt the rate payabk from
time to time oa outdanding principal under the Note nnleas peyment ot interest at such rate ~rould be oontrary to applicable law, in which
eva~t ~ndi ~mouata shall bear intemt at the higheat rate permi~sible under applicabk taw. Nothing oo;tai ~ in thu paragreph 7. shap
reqnire Lender fo incnr any acpen~e or take any action herennder.
~~5 P~.~~97