HomeMy WebLinkAbout2624Rorrower and I.ender rnvcnant and agree as lollowa:
1. Psyment ot P~rincipa! and Interrst. BotTOwe~ shall pmmptly pay when due the pri~cipa! oi and interes/ on the indebtedneaa
evidenced by tha Note, prepayment and late charge» as provided in the Note, and the pri~cipal of and interealon any Future Advancea secured
1,y thia Moregage.
2. ~nde torTasea and Ineurance. ~ubject b upplicable Iuw o~ lu a wrilten waiver by t.ender, liorruwerxhnl) ptiy tul.rt~drrun theday
monthly instatlme~ts of principa) and interest are puynble under the Note, until the Nute is paid in tuU, u sum Ihcrein "Funda") eyual to une~
twelhh of the yea~ly taxes and assessmenta which may ntt~in priority over this Mon~age, and ~round rents on the I'iroperly, if any, plua one
twelRh of yea~ly premium inataUmenls for hazard insu~ance, plux unPlwelfth of yearly premium installmen~~ fi~r mortga~gr insurance, if any,
~~II aa reusonably estimated inilial[y und from time to tirt~e b~ i.roder ~~n the b:isis olasse~camen4ti aind billx and rr:~sonublr extimuteb thereof.
The fiinde ehal) be held in an inatitution the de~wsits or accounts of which are insured or gunra~terd by a Federul or State age~cy
~including L.ender if Lender is euch an inatitution). I.ende~ shall apply the Munda to pny snid taxes, assesxmente, insurancr premi~~ms and
Qround rents. Lender may not charge for ao holding and applying the Funde, a~alyzing sAid s~ccount, or verifying and cumpiling said
xsaeasments and biils, untess [,endet paye Borrower i~terest on the Funda nnd applicable law permitx l.ender ta make such a cha~e. Borruwer
and l.ender may agree in writing at the time of execution o[ Ihis Mortgage thut intemst oo the F u~ds shall be paid tu liorruwer, and unlesa
such agreement ia made or applicable law requirea such interest to be paid, l.ender shnll not be required to pay Ei~rrower any intemet o~
earninga on the Funds. I.ender shalt give to Borrower, vrithout charge, an annual aca-unting of the F unds showing credits iind debits to the
Funda and the purpose for which each debit to the Funds waa made. The F unds arn pledged as ~dditional security fo~ the aums secured by this
niortg~e.
I[the amount of the Funds held by l.ender, tngether with the tuture munthly instxllments of Funds payable priur to theduedates o[tazee,
asaeasments, insurance premiums and ground renta, shall excred ti~e :~m+-unt required to pay said taxes, assexsments, insurance premiums
and ground rents as they fall due, such exceas shull be, at Bon-uwer's optiun, either promptly repuid to I3orrowrr or credited to Korrower o~
rnonthly inatallments of Funda. If tfie amount of lhe Nunds held by I.ender ahall net be aufficient to pay taxes, assessments, insurance
premiuma and ground renta as they fatl due, Borrower ahail pay to l.ender any :~mc-unt ne~r:ssary to make up the deficiency within 30 days
from the date notice is mailed bv l.ender w Borrower requesting p.~yment lhe~er-f.
Upon payment in full of all sums secured by this MartKaKe, l.ender shnll promptly mfund to Rurr~,wer any funds held by l~ender. lf under
pe~ragreph 18 hereof the Property is sold or the Property is othervvise arquired hy I.ender, l.ender shall appl~ , no later than immediately prior
to the sale atthe Propetty or its ac~quisition by l.ender, any Funds held by i.ender ~t the timr of applicutiun as a credit againsl the sums secured
by this Mortgage.
3. Application of Paymeota. Unler~ ppplicnble law provides otherwise, sll payments received by I.ender under the Note and
paragrapha 1 and 2 heteof shali be applied by l.ender fint in payment of ~muuntx payable to I,ender by E3orrov-er under paragraph 2 hereof,
then to interest payable on the Note, then to the principal of the Nute, nnd then to interest and principal on any N uture Advancc-ss.
4. Charges; l.iens. F3orroNersh~ll pa> aU taxcs, assec~ments;~nd uth~•r ~•har~;cs, fin~ and impositi~~n:: attribut~bletu ihe 1'roperty which
m.~~• attain a priorityover this MottKa~;e, and leasehuld payments orKnw~id rents. if:iny, in thc m.~nnrr pro~•id~rl unde~p:~r.igraph 2 hereofor,
~f not paid in such manner, by Burrower makinK paym~nt, w~hen dut•, dirtvtly tu thi• payer thrrruC Ru~n~w~•r sh:dl prumptly furnish to Ixnder
.ill notices of amounts due under this par.~Kr:iph, and in the e~-ent Rorrower shall m:~ke papm~~nt dirMUy, liurn~wer sh:-11 prumptly furnish to
Lt•nder receipts evidencing such p.iyments. I~~rrow•tr shall prumptly discharK~• any lien which h:~s priurih• over thi~ AturtKaKe; pnn•ided, ihat
I'.orrower shall not bereyuired todisc6:~rKe am• sueh lien .u IunK:4ti I~1fTUR'Prshall.+Kririn a•retinK tolhe• pat•m~•nt of 1ht•u1,liK:~tion secured by
~uch lien in u manner accept.ible to l.rndrr, or shall in ~;~NK1 faith ~•~~nl~t .ui•h lirn h~•. ~~r d~di•nd ~~nfur~-~~m~•nt uf w~•h lii•n in, letial pn~ce~cYiings
w•hich operate to pre~ent the enf~~rcement uf thi• lien ur furfeitum nf th~• 1'ru~•rty ur :~m• p:irt thrn~~f.
:~. Hazard lnaurance. Rorrower sh:ill k~~p the impn~~•rments nnw.~xi,tinK or hrre:dterc•rectcKl ~~n thc Propem• insumd aKainst loss by
firr, hazards included vvithin the term "extrndet! cY-r~•rakt•," and sui•h uthPr h:+u:irds .+s I.ender may nr~uire and in such amoun~ti and forsuch
prriods as l,ender may require; pruvidecl. that Ixnd~•r ,hal) not nY~uire that the amount of such rn~eraKe t•xce~ri that amount uf co~eraqe
rc-quired to pay the sums ~ecurf~) b~ this tllort~;aKr•.
"i'he insuranm carrier ~~ri,~•idiny~ the• inxur:~n~ti• +h:~U la• ~•h~~.~~n b~• li~~rr~~w~~•r.ubjw•t tn appn~v:~l h~~ I.rnd~~r. pn~eidtYl. th:it su~•h .~ppro~•:~)
sh:~ll not t-e unreas~~nabt~ withht~ld. ~VI premiums ~~n ~n~ur.~m•~• {~~li~•~~•..ha!I Ir• paid ~n th~• mannrr pr~~~•~d~tit undrr par:~Kr.+ph '~ hrn~if or. if
n~~t paid in such manner, b~• fi~~rroH•cr makinR pa~•mrnt. whrn dur. ~lirr~-th• t~~ th~• ~nsuranct• ~:~rri~•r.
All insurance pnlicies and renewais therrof ;hal) Fx• in fi~rm a~•c~~pi:~ble• ta I.e•ndi~rand sh:~U include a stand.~rd mortKaKeclausr in favorof
and in form acceptable to I,ender. l.endersh.~ll hn.•eth~ ri~;ht t~~ h~~id tht~ ~N~li~•ii~sand ~.•n~~w.~l~ thrre~~f.:~nd Rurr~~w~ershall prumptl> furnish to
i.ender all renewal notices and all n~-~•ipts uf paid pmmiums. In thr i~~•rut uf I~~~s. Ii~~rru~+rr ~h:-U Ki~•r prumpt nutic~ [u the insuram~e carrier
and [.ender..[.ender may make prcK~f of I~~~s if not made promptlc b~• liurro~-~•r.
lJnless I.ender and I3orrower r~thrru•ise aKrer in vcritinK. incurann• pr~K~t•~•d~ ,hall tx~ .+ppli~~ tu rrsturation or repair of the Prupert~
d.~maged, provided such resGiration i~r repair is ec•un~anically ft•a~ible and the urunly uf th~~ 11urt~;aK~• is nut thereby impaired. If such
rrstoration or repair is not econumicalh tt~asible ur if t!~r scr•urih of this ;11unK:+Ki~vcuuld bi~ imp:~ired, thr insurance proc-ecds shal) t-eapplied
to the sums secured by this btortK:~Ke. ~•~th the i•xri•.c. if :~m•, paid to fi~~rruwer. If the !'rop~•rty is abar.don~ b~• Korruw~er, ur if Iiorruwer fails to
respond to I.ender within :if1 days from the datE• m:ticr is mailyd by 1~nder tn R~~rruw•rr that the incuran~r ~-.imcr offcrs to settle a claim for
insurance benefits, I.ender is authunzecl t~~ coli~~•t :~nd apph• thr insurance pr~K•~~•ds :~t I,~~ndf~r's option either to re.toration or repair of the
F'roperty or the sums :iecured by this ~tortkaK~.
Unless I.ender and I3orruw~er otherv-ise aKr~• in w~ritinK.:~ny such :+ppl~caUun uf pryH•e~Y1s tu princ~pal ~hall not ext~nd or postpone the due
date of the monthly insG~llments rt~ferrc~d to in par.~~;raph, 1.+nd'- hf~ny~f or ~•hanK~• the amuunt of such installments. If under para~ttaph lR
hereof the Pruperty is acquired by I,ender, :~II right, title and int~•rest nf I{urmwer in and tu am• insuranre ~licies and in and to the proceeds
thereof reaultinQ from damaKe tr, PmpPrty prior to the ~ale or :ii•yu~siti„n .ha11 pass to I,rnder t~~ the extPnt of the sums secured b~ this
,LlortgaRe immediately prior to such s~ile ur acquisition. ~
6. Preservation and Maintenance of Property; lxaseholdx; ('ondominums; l'lanned Unit Ucvrlopmenta. Burruvresshall keep
the Properly in ga~d repair and shall not commit w•asti• ~~r prrmit impairment or drterioration of th~ Pr~,perty and shal! cr,mph• x~th the
pro~isions of any lease it this 11ort~;aKe is un a If•asehuld. If lhi~ 11ortKake i~ nn a unit in :~ cund~minium or a planned unit development,
ti~,rrower ahall perform all of fi~>rruwer's ubli~;:itions und~•r the de~•I:~ratinn orcu~enant. ~•r~•:~hn~nr KoverninK thecondominium or planned
unit develupment, the by-laws and r~ulatiunR of th~ cund~~mineum ur plann~d unit deveinpment, and constituent documents. If a
~~ondominium or pianneci unit dr~•etupment rider is e•X(Y'UIC(I Il~' ~~11RUN"t•r and re•~•urdrd tuKether with this 111ortgaKe, the arvenants and
.+y; rerment~~ nf such rider sh:+I11K• in~•ur}Hrrat~~l iut~~ and ~h:~ll amrnd and ~upplc•ment the c~~vt•nants :~nd :~~;rc~~mrnts uf this ~1ortKaKe as if the
rider were a part hercof.
T. Protection of Lender'e Security. if 13orrower fails to perform the rnvenanta and agreements contained in thie Mortgage, or if any
action or proceedinq is commenced which materiall~ affects Ixnder g interrat in the E'roperty, including, but not limited to, eminent domain,
insolvency, oode enforcement, or arranqemente or proceedioQa involving a bankrupt or decedent, then I.ender at I.ender'e option,upon
notice to Borrower may make euch appearances, diaburee auch suma and take auch action ae ie neceasary to protect Lenderb intereet,
including, but not limited to, disbursement ot reasonable attorney's feea and entry upon !he Property to make repaire. If Lender required
mortgage inauranre as a condition of making the :uan ~-ecured b~ thia MortgaKe, Rorrower ahall pay the prnmiuma required to maintain
euch ineurance in effect until such time as the requirement for auch ineurance terminateA in acrordunce with Borrower'e and I,ender e
written agreement or applicable I.aw. Aorrower ahall pay the amount ot all mortgaKe insurance premiums in the manner provided under
paraqraph 2 hereof.
Any amounts diabursed Ly I.ender persuant W this paragraph 7, with interetit thereon, shall txrome additional indebtednees ot
Korrower aecured by thie Mortgage. Unleas E3orrower and I,ender aKrre t~- other terme+ o[ payment, auch amounte ahail Le payable upon
notice from Lender to E~rrower requesting payment thereof, and ahall bear interest fmm the date of di»bursement at the rate payable from
time to time on outetandin~ principal under the Note unless payment of inte;est at such rate would i~e contrary to applicable law, in which
event euch amounts ahall bear intereat at the highe~ct rate permixaible under appli~able law. Nuthing contained in thie paragraph 7, ehall
require I.ender to incur any expense or take any action hereunder.
a~> >x 34~ Par,t;~~~
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