HomeMy WebLinkAbout2659Ro~rowe~ and l.eade~ covenant and a~ree as [ol{ows:
1. Payment ot Principal snd Interest. Rorrower ahall promptly pay when due the principal o[ and interest on the indebtedneas
evidenced by the Note, prepayment and latechargea aa provided in the Note, and the principal of and intereat on any F uture Advances eecured
by this Mortgage.
2. ~tnds for Taxee aad Insurance. Subject to applicable law or to a w~ittr~ waive~ by l.ender, l~rruwer ahnll pay to I.rnder on the day
monlhly inetallmente of principal and interest are payable under thr Nute, until the Note ia paid in full, a sum Iherein "I~'unda"- equa) to une
twelfth of the yearly ttutes and assessmenta which ms~y attnin priority over this MurtRage, and ~uund rentx on the 1'roperty, if uny, plue onr
twelRh of yearly premium installmenta for hazard insurance, plux unPtwelflh of yeiuly prrmium instatlme~lx for morigage insurance, i~any,
all as masonably eatimated initially ~tnd from time to tin~e by 1 xndrr on the t-nsis of iisses.gmenk: and billx and reaKUnuble estimates thereoF.
'I1~e Funda ahall be held i~ an inatitution the depoaits or uccounts of which an: insured or guarantc~ed by A Federal or State agency
(inc{ading Lender if l~ender is anch an inetitution). l.ende~ shall apply the Funds to pny etiid taxes, asxetuaments, insurance premiums and
grouod renta. I.ender may not charge for so holding and applying the Funds, analyzing said account, or verifying and cumpilinq said
asaesamenta and billa, unleas l.enderpaye HoROwe~ interest on the Funds and applicable law permitei l.ende- to make auch u charge. l3oROwe~
and Lender may agree in writing at the time of execution oi this MortgaRe that intereat on the h unda ahall be paid ta Borrower, nnd unleae
auch agoeement ie made or applicable law cequires such intereat to be paid, l~ender ahatt not be rrquired to pay Borrowe~ any interest or
earnings on the Funda. l.ender shali give to Borrower, without charge, an annunl accounting of the F unds ahowing crrdits and debita to tfie
Funds and the purpose for which each debit to the Funda was made. The F unda are pledged as ndditional security for the aums secured by thie
Mortgage.
If lhe amount o[the ~nda held by l.ender, together with the [uturn monthly instaliments of Funds payableprior lothe duedatea of taxee,
asseasmenta, insurance premiums and Qround rnnts, shall excred the amount requircKi ta pay said taxea, assessmenfs, inaurance premiuma
and ground rents as ihey fall due, such excesa shaU be, at 13o~rower's option, either pmmptly rnpaid to 13orrower or credited to E3~rrower an
monthly inatallmenta o[ Fl~nds. If the amount of the Funda held by lxnder shafl not be sufficient to pay taxes, assessRments, insurance
premiuma and ground renta aslhey fall due, tiurrower shal) pay to l,ender any amount necessary to make up thedeficiency within:i0days
fmm the date notice is mailed by I.ender to Rorrower r~uestinK payment therev-t.
Upon payment in full of ail suma secuned by tfiis Mortgage, l.e~der shall promptly refund to liurrower any funds held by l.ender. tf under
paragraph 18 hereof the Property is sold or the I'raperiy is otherwise acyuired by I.ender, l~ender shaU apply, no latertfian immediately prior
to the aele of the Property or its acquisition by l~ender, any F unds held by Ixnder at the timr of application as a credit agaiost the sums secured
by this Mortgage.
3. Application of Paymente. Unless applicable law pmvides ~rihervvise, alf payments received by Ixnder under the Note and
paragrapha 1 and 2 hereof ahaU be applied by I.ender fir4t in payment otamaunts payable to l.ende~ by Rurrov-er under paragraph 2 hereof,
t:~en to interest payable on the Note, then to the principal of the I~Iote, and then to interest and principal on any Future Advances.
4. Charges; Liens. Fk,rroW ershall pa}• all taxes.:~ssc~smen~ti and uthercharKes. Gnes and imp,sitions attributable to the ['roperty which
may attain a priority o~ er this MortKaKe, and le.~.eehold p.t~ mentc ur ~;n~und rents, ilany, in the mannrr pruvided under paragraph 2 hereof or,
if not paid in such manner, by Borr~~wer makinR payment, w•hen dur, dirrc•tly to the payee ther~d. R~~rn~wer shall prompdy furnish to I.ender
all nuiices of amount~s due under this p:ir:~Kraph, .+nd in the er~•nt Rorr~~w•er.hall make pa~•ment dirrctl~•, ROi~Y1N't f tiflall promptly furnish to
l.ende~ cec~eipts evidencinK such pa~ m~~nts. li~~rru..rr shaR prompth ~ii,i•har~;~• am• lien w•hi~•h has priurih• over this Mort~;aKe; pnrvided, that
Eiorrower shall not be required t~~ discharK~~ am• w~•h :i~~n ~u lun~; us Kurruw•er sh:~ll a~cr in w~ritinK tu the pacme~t of the ~~t-tiKatie~n secured by
such lien in a manner accept.~ble to Iw~nder. ~~r shall in ~;~NN1 f:tilh c~~nt~~sl w~•h li~•n hy, urd~•frnd eninr~•~•mrnt of such li~•n in, leFal pnx•eidinKs
v~hich operate to prevent the rnforcement uf the iien ur (urf~•iturr ~d tht• 1'ruEx•rty „r :~ny part th~•rerrC ~
5_ Hazard Insurance. 13~rrow'er shall keep thc imp~o~ements nuw• existinK on c~rc:-fter enY~teci un the !'ropert~ insured aRninstlossby
fire, hazards included within the -erm "extendcd cY~~~eraK~•." and cuc•h uther h:izards :~s 1.~•nder may rrquire and in such amounls.ind forsuch
periuds as I.ender ma~ reyuire: prm•iderl, that Ixnder shall nut reK~uire th:~t thr umuunt of suc•h rn~•eraKe excrrcl that amount of coveraRe
rtquired to pay lhe sums secured F-~ this ~1~~rt~;.+Kt~.
The insuranm camer procidin~; thc• ~n~ura~~Y• ~h:Jl IN• ~•h~~.~•n hy lS~~rn~w~~•r whj~•~•t tu apprn~~:J hy I~~nd~•r. pr~~~•i~it~i, that cuch appro~~al
~hall not be unrea~~nabfy withfi~•1d.:\II prt•meum. ~~n in~ur.~n~•~~ p~~li+-i~~ •h:~ll ik• p:ud in th~• m:~nn~~r pru~•~d,~1 ur.d~•r paraKr.~ph'? hercr~f or. if
nut paid in such mannrr. M• liurn~w~cr m:~kin~ p:i>•mrnt. ~~ h~•~~ dut•, din~•th t~~ th~• in~ur:~ncr ~•arri~•r
All insurance policies and renrw•als thrn~~f.h.+ll iK~ in furm a~•~•eptahl~• tu I ~~nder:~nd sh.+ll include a~t:indard mortK.+Keclausein favorof
a nd in torm acceptable to l.ender. l.end~r shall ha~•e the• n~;ht a~ h~dd th~• ~N~li~•u•s and rrn~•wal~ thf•rc~~f.:ind fi~~rr~~w'rr shall promptly furnish t~-
i.ender all renewa! notices ~nd all receipt:: uf paid premiums. M tht• r~rnt ~~f fu~., iturruw~er sh:~ll Kive prompt nutice to the insu-ance carrier
and l.ender. I.ender may make pnr~C uf luss iC nnt mad~• prumptlc bc fiorruwrr.
L'nless I.ender and &-rrower otherv~~i~r aKrre in wrilinK. incurancr pnK•e~•ds tih:ill M~ :~pplit~l tu rt•storation or repair of the Pruperty
damaRed, pTO~~ded such restoratinn ur repair is e~~un~~mi~•ally fe:~~ible and the swrunt~• of this :11ortKaKe is nnt thereby impaired. If such
restoration or repair is not ecunamically fcasi6le ~~r if the ururity uf thi~ ~tnrt-;aKF• v~ould 4x~ i:npaired, the insurance proceeds shail be applied
tu the aums secured by this AlortKagr, u•ith thr rxcex., if am•, p:~id tu fi~~rruw•er. lf the Pru~~rt~• is abandoned by Rorr~~wer, or if liorrower fails to
respond to Lender within :i0 days frnm thr dat~• n~~ti~•~~ i~ mail~Yi hy I.~•nd~•r G~ Rom~w•t•r that the inwrance carrier offers to setQe a claim for
insurance benefits. (.ender is authnriz~~ci t~~ cultt~•t and apph• th~~ insuran~•f• pnK•~~~ds at f.~~nder's option eithPr tu resturation or repair of the
Property or the sums secured b~ this 11nrtKaKt•.
I,'nless I.ender and Rnrroveer otherwise aKreti• in w•ritinK, an~ such :~ppli~ :~tiun of pr~K•~~e•d~ ~o principal shall not extend or postpone thedue
date of the monthiy insta{lment4 referre~i to in par.iKraphs i and'l hen•of nr rhanK~• thi• amuunt of such installmen~c. If under paraQraph lA
hereof the Pnnperty is acquired by I.ende~, all riKht. t~de and intere~et o[ li~~rn~wer -n and t~+ an~ insuranm pr{icies .~nd in and to the prceeeds
thereof resultin~ from damage to Property prior tu the sale or a~~yu~.it~on shall pass tn I.ender to the extent of the sumg secured by this
~lortgage immediately prior to such sal~• or lcquisition.
6. Preservation and :Ylaintenance of Property; tw~a~i•huldr; ('ondominum~; !'lanned 1'nit Developmenta. Rorrower shaU keep
the 1'roperty in good repair and shall not commit w•astt• ur pi•rmit impaer~nent ur de•teriuratiun ~~[ the Proprrty and shall comp{y with tfie
pro~•isions of any lease if this ~1orlKaKe is un a Icasehuld. if thi~ ~1ortK:i~;e~ is un a unit in :~ iti~nduminium or a planned unit development,
K~~rrower sha{I perform ail of ~~rrower's obliKatiunx undrr thr dtK laratiun nrco~•enants ~•r~:~t-n~;or Kr-~ermnK thecondominium or planned
unit development, the by-laws and reKulations nf the cond~~min+um ur planmvi unit de~•elopmrnt, and rnnstituent documents. 1! a
c•undominium or planned unit de~•el~rpment rid~~r is esv~vtc~1 b~• fi~irrow•er :ind n,•~~rd~~cl togE~ther w•ith this Atort~;aKe, the covenants and
:i~;rrementsofsuch ridershaU 1K~ in~urporat~~1 int~r:~n~l.h:~ll am~•nd and.upplrm~•nt th~~co~•e~nants:+ndaKmement5ofthis 11ortKaKeasifthe
nder were a part herc~~f.
7. Protection ot [.ender'e 5ecurity. If Hurruv-er fails to perfurm the rnvenants and agreementa contained in this Mortgage, or if any
action or proceeding ie commenced which materiaUy affecte I.ender's intereet in the f'roperty, including, but not limited to, eminent domain,
,neolvency, code enforcement, or arrangemente or pmceec)inga im•olving a bankrupt or decedent, then Lender at [.ender'e option,upon
notice to Borrower may make such appearances, disb~trse such sums and take aucfi action ae is necessary to protect Lender s interest,
including, but not limited to, disbureement of reasonable attorney's fees and entry upon the Property to make repaire_ If I,ender required
mortgage inaurance as a condition of makinq the loan secured b~ this hlortgaRe, &~rruwer ahall pay the premiuma required to maintain
Ruch insurance in effect until ench time as the requirement fur auch inaur:~nce terminatee in accordance with E3orrower'e and Lendei s
written agreement or applicable Iav-. Rorrower ahall pay the xmnunt ~~i all mottKaKe insurance premiums in the manner provided under
paraqraph 2 hereof.
Any amounte diebursed by I.ender perauant to thie parz~graph 7, with intereat thereon, ehall become additional indebtedneea of
Rorrower aecured by thie Mortgage. Unleas I~orruwer and i~ender a~ee to other terma of payment, auch amounte ehall be payable upon
notice from l.ender to f~rrower requeetinq payment thereof, and ahall hear intereet fmm the date of dieburaement at the rate payable fsom
time to time on outetandinQ principal under the Note unle~ payment ~~( intereet at cuch rate would F-e contrary to applicable law, in which
~vent auch amounte sfiall bear interest at tfie highest rate permisnible under applicable law. Nothing contained in thi~aragraph 7, ahal)
require I.ender to incur any expenee or take any actiori hereunder- ~
~~.~ : 50~ ~:~'~i.,11
~nnK 34~ Par,r ZS~:7