HomeMy WebLinkAbout0143Borrowe~ and i.ender cavena~t and a~ree as follows:
1. Paymeat of Priacipal wnd Interea~ Borrowe~ shall pmmpdy pay when due the principal of and interest on the indebtednesa
evideneed by the Nute, prepayment a~d late chargee aa provided in the Note, and the principal of and intereat on any Future Advances aecured
by thu Mortgage.
~. flu~ds for Ta~ces and Iasurance. Subjeci io applicaLir inw or tu a written waiver.hy l.ender, E3orrau crsha!! gay !ulxndrs on ihe day
monthly inbtallments otprincipal and inte~est are payable under the Note, until !he Note is paid in full, a sum Ihe~ei~ "Flinds") equal to one
~welfth otthe yea~ly taxes and asse8ameota which may attain priority over this Mortgage, and ~round rents on the P~uperty, if any, plua onr
twe1M of yesrly premium installments for hasard insurance, plus onetMrelfth otyearly premium installme~te for mortgt-Ke insurance, i[Any,
all as reasonably estimated initially and fmm time to tirr~e by I.ender on the Fwsis of uaxesamrnts and bilis nnd reasonable eatimates thereof.
~e Fu~da shall be held in an inatitution the deposita or accounts of v-hich are insured or guaninteed by a Federal or State agency
lincluding Lender it Lender is such an inacitution). I.eader ahall appty the Funda to pay said taxea, uxaessmenta, insurancr premiums and
ground renta. Lender may not charge for so holding and applying the Funds, analyzing said account, or verifying and compiling said
aesessmet~ta and bills, unless Leuder pays Borrower intereat o~ the Funds and applicable law permita I.ender to make euch a charge. Borrower
and [.ender may agree ia writing at the time of e:ecution of this Mortgage that interret on the Funds ahall be paid to 13orrower, and unleas
nuch anreement ia made or applicable law requirea auch interest to be paid, I.ender shall ~ot be required to pay Borrower any interest or
earninga on the Fnnds. Lender ahal! give to E3orrower, without charge, an annunl accounting of lhe Funds showing credita und debita to the
Funda and the purpose for which each debit to the Funds was made. The F unds arn pledged as additional aecurity for the sums secured by this
Nortgage.
[[ the amount of the Funda held by Lender, together with the future monthly installments of M unds pa~ able prior to the due dates of taxea~
aseeasmenta, inaurance premiuma and ground rnnts, shall excred the amounl required to pay said taxea, assessments, inaurance premiuma
and ground renfs as they fail due, such exceas ehall be, at BoiTOVeer's optio~~, either promptly repaid to I3orrower or credited to I3orrower on
monthly inatallments of Funda. If the amount of the Funds held by l.ender ahall not be sufficient to pay taxes, assessments, insurance
premiums a'nd ground renta as they lall due, Bo.rrower shall pay to l.ender any amuunt necexsary to make up the deficiency within 30 days
from the date notice ia mailed by Lender to Bom-wer requesting payment lhereof.
Upon payment in full of all auma secumd by this Morigage, l~ender shall promptly mfund to Hurrower any tunds held by l.ender. If under
paragraph 18 hereof the Property is aold oT the E'iroperty is othervvise acquired by l.ende~, [.ender shal) apply, no later ihpn immediately prior
to the aale cf the Properipor itsaequisition by l.ender, any Funds held by I.ender at the timeof application as a credit aKainst the sums secured
by this Mortgage.
3_ Applicatioa of Paymeats. Unleas applicabie law pmvidex otherwise, all payments received by t.ender under the Note and
paragraphe 1 und 2 hereof ahall be applied by Leader first in payment of amounts paynble ta I.ender by Borrower under paragraph 2 hereof,
then to intereat payable on the Note, then to the principal of the Note, and then to interest and principal an any Future Advancea.
4. Charges, Liens. E3~rruwer shal) pay all taaes.:iccrs.cmen~~ and other rhar~es, fines:~nd imEwaitions.dtributable to the {'roperYy which
may attain a priority over this 111ort~age, and leasehold payments ur tin~und rents, if any, in the manner provided under paragraph 2 hereofor,
~f not paid in such manner, by Rorrower makinK pa~ ment, when dur, dirertl~ to the payee lher~~C Itorn-wer shall promptly furnish to I.ender
ail notices of amounis due under this par:+graph, and in the event Burrow•er sh:~ll make paymf•nt dir~~•tly. 13orrower shall promptly furnish to
Lender receipts e~~dencing such payments. fi~~rruwer shall prompd~• dic~harK~• any lirn Which h:~s priorih• u~•er thi~ 1lortg.~Ke: provided, that
F3orrower ~hall not be requirrd todiccharKe am- wch IiFn su lunK .~.ti fi~~rruN•er ~hall aKnr in writinK tu the pa}•mrnt uf the obliKatiun secured by
such lien in a manner acceptable to Ixnder, or shall in k~N~cl faith ~-~inte+t .uch lien b~~, urdefend enfurc~•ment ofsuc•h lien in, leKal proceedinqs
which operate to pre~rnt the enh,rmment of the lien or furfeiture of tht• Propc~rty or :~ny part ti~er~r~f.
~. Hazard lnsurance. 13orruw•er shall keep thr impro~•ements now existinK or herrafter erectc~l ~~n the 1'ruperty insured against loss by
Fire, hazards included vrithin the ter.n "extrndrd co~ eraKe." and such oth~r hazards as 1 xnder may requirn and in such ~rnounts and for 3uch
periods as l.ender may require: prcn ided, that Ixnder shaf) nnt r~v~uire that the amuunt of sui•h i~n•i•raKe ex~-rrd that s~mounl of iwverage
required to pa~ the sums secured b~ this !11urtKaKe.
The insurance carrier pru~•idinK th~ insuranr~• sh:1II IN• CI1~~<P71 I~\' {{uR~~~t~•r suh~tY~t t~~:~ppror:~) hc I.e•nder. Err~~~•id~~l. that such :~ppro~~:il
.hall not be unrea.~~n~bh withhrld. ~~lt pn•mium~ un ~n.ur:uir~• µ~li~•i~~. ~h:Jl IN~ paid in th~~ matin~~r pruvidal undi•r ~r.+ra~;raph'L hercr-for, if
nc~t paid in such manner, b}• Ftorros,er makinK p:~ym~•nt, whi•n dur. dirfr•tlr t~~ thr in.uran~•e ~•arrtrr.
All insurance policies and mnew als thete~~f .hall be in form acceptable u, l xader and shall includr a~tand~~td mortKa~C~ clause in favorof
and in form acceptable to l.ende~. l.ender shalt ha~•e the ri~;ht G~ h~~ld the ~N~licie~ and rrnewal~ therruf, and Borrow-er shall promptly fumiah tn
~.ender all n~~ewal nutices and all recript,c ut paid prrmiu~ns. In th~~.•vrut of loss, ftorn~wer shall KivP pr~~mpt notice !a the insur.inre carrier
and I.ender. [.ender may make prrx-[ of lo~s if nnt made pmmptly by fi~~rruvicer.
Unless I.ender and F3orr~,w~er ntherv-ice aQrer in writin~;, insurance pr~x~~~vl~ ~hall IN• applied t~~ restoration or mpair of the E'roperty
damaged, pro~ided such restoratiun ur rrp~ir is crunnmicalh• fcasible and thr srcurity of this ;1lortgaKP is not thereby impaired. If such
rYStoradon or repair is not ecunumically feasible or if thr ururit~ of this MortgaKr would t~e impaireKl, the insurance proceeds shal) br applied
a~ the suma secured by this :1lortgage, with thr rxc~~s., if am, paid to li~~rrower. If the 1'roperty is :ibandoned by Borrower, or i( tiorrower faila lo
re~pond to Lender within 30 days fr~~m the date noti~c• is m:~i1~~1 t,y I.endt•r t+~ Itorrow~er th:it the insurance carrier offers to setde a claim for
,nsurarsce benefits. I.ender is authorizcrl tu rolle~•t and apph• the in~urancr pnK•~~cds at Iknder's uptinn either to rextoration or repair of the
Property or the sums serured by this UorlKaKf•.
L nless Lende~ and Eiorrov-er othervvise agree in w ritinK, any such application of proct~eds to pri ncipal ahall not extend or postpone the due
date of the monthly inslallments referred W in paraKraph. 1 and 2`~er~ti~f or change thr amount of such inst;illmrnts. If under paragraph lA
hereof the Property is acquired by I.ender, all right, title and interest ~,f Rurrnw~r in and to an~ insurance policies and in and lo the proceeds
thereof resuldng hom damage to F'roperiy prior to the ti.ile ~~r a~-ywsition shall pars tn I,ender to the extent of the sums secured by this
4loetgage immediately prior to such sale nr acquisition.
6. Preaervation and MaintenanceotProperty:l.easeholds;('ondominums; Planned Unit DevelopmentA. Borrow..rshall keep
the Property in good repair and shai) not cummit w~ast~• or prrtnit impairment or drteriur~ti»n of the Prupert~ and shall comply w~th the
prorisions ot any lease if this H1ortKage is on a lea~ehold. If ihis A1urtKaKe is on a unit in a condominium or a Flanned unit development,
Rnrrower shall pertorm all of Korruwrr's ubliKatiuns under th~• drel:ir.~tiun ~rn~ven:ints ~•n:~tin~;or Ko~•ermng thecondominium nr planr.ed
unit development, the b~-laws and reRulations of the condominium or plann~l unit developmrnt, and rnnstituent dxuments_ If a
cundomin~um or planned unit dP~elupment rider ic rxcrutcd by tinrn~wrr :ind recurded togethNr with this Mortgage, the covenants and
.~Kreemen~c of sueh rider shall F~r incor~x~rated intn and sh:~ll :~m~•nd :md supplemi•nt tfircuvenants:-ndK~~;reYmentsof this 11ortKageas ef the
nder were a part hereof.
7. Protection ot Lender'e Security. If I3orrower taila ta perform the covci~ante and agreementa contained in thia Mortgage, or if any
action or proceeding ia commenced which materially af[ecte I.ender's interest in the Praperty, inrluding, but not limited to, eminent domain,
ineolvency, code enforcement, or arrangementa or pn-ceedinge involving a bankrupt or decedent, then Lender at I.ender'e option,upon
notiee to Borrower may make such appearances, diaburee euch aume and take auch action ae ie neceaeary to protert Lender's interest,
including, but not limited to, disbureement of reaxonable attorney's feee and entry upon the F'roperty to make repaira. If I.ender required
mortgage ineurance se a condition of making the loan secured by this Mortgage, E3orrovrer ehail pay the premiuma required to maintain
euch insurance in effert until euch time se the requirement for euch inauranm terminates in accordance with Borrower a and [.endei s
w~ritten aqreement or applicable [aw. F3orrower ahall pay the amnunt of all mortRaRe insurancr premiume in the mannpr provided under
peragraph 2 hereot.
dny amounta disburaed by Lender pereuant to thie paraqraph i, with inte:eat thereon, ahall t~erome additional indebtednesa of
Rorrower secured by thia Mortgage. Unle~a Borrower and I.en~er agree to other terma of payment, such amounte ahal) be payable upon
notice from Lender to Borrower requeBting payment thereuf, and ahall bepr interest fn~m the date of diaburaement at the rate payable from
time to time on outetanding principal under the Note unless payment o[ interest at auch rate would be contrary to applirable law, in which
event auch arru~unte shall bear interest at the highest rate permixsible under applicable law_ 1Vuthing contained in thie paragraph ?, ahall
require I.ender to incur any enpense ar lake any action hercunder.
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~ bf)1K~46 Par,t 1~1
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