HomeMy WebLinkAbout0729t3orrowe~ and t.e~der covenent at-d agree aa lollows:
1. Payme~t of Priacipal and Intereet. E3orrower ahal) promptly pay when due the principal of and intereat un the indebtedneae
evidenced by the Note, prepayment and late chargea Aa pn-vided in the Note, xnd lhe principal of i~nd ioteredt on any Future Ad~•nnces eecured
hy this Mortgage.
2. Funde for Tnses and Ineurance. Subject to upplic:~ble Ixw or U~ s~ wriUen w.iiver by I wmder, lA,nuwer sh.~l) p.iy to i.~•ndrr un thr day
munthly installmenta of principal und inte~est are payable under the Note, until the Note is pa~d in full, a- sum 1 herrin "M unds"1 n~ua) tu one
twelRh of the yearly ttutes and asaesements which may ntti~in prio~ity uver this :1lortg.-Ke, t~nd K~uund ren~v un thc Yroperly, if tiny, plus onr
twelRh of yearly premium installmenta [or hnzard insurance, plusunc~tv-elfth of yet~~ly premium instaUmrntx for muRguge insurunce, i[~ny,
all ~a reasc-tu.bly estimated initially and from timc to timr by IA•nder un thc busis of .~~cs~:k,nx ntv and bills und rrxsunahlr ~~stimulcx thereuf.
The Funda ahall be held in an inatitution lhe de{wsita or nccouots of which a~e insured ur guar.inteed by t~ Mcderal or Stnte agency
~ including l.ender if I.ender ia such an institution). (.ender xhs~ll apply the h unds to piiy said tuxc~x, ua~rsxmrnta, insurunm premiums and
Kround rents. l.ender may not charge for eo holding and applyinK the Funds, a~alyxing suid account, or verifying :-nd compilinK said
.i~aeasments and biUs, unleae L.ender paya Borrower i~tereat un lhe F unds t~nd applicnble Inw permits I.rnder to makr such a eharge. Iiorrower
~nd l.ender may ag~ee in writing at the time of executiun uf this Morigage that interest nn the Funds Hht~ll t-c paid to B~rrawer, and unless
euch agreement ia made or applicable law requires auch interest to be p.iid, I.ende~ shull n~~t t~e reyuired to pay F3orrower any inlereet or
earnings on the Ftinda. l.ender xhall give to Borrower, without ch~rge, :~n i~nnual accountinK of the F unds shuw•ing creditx und debita tu the
Funda and the purpose for which each debit to the F unds wus made. The Funds are pledged us additional xecurity for thr sums xecured by thie
;1lortgage.
If the amount of the Funds held by I~ender, together with lhe future monthly installments of F undw payaiAle prior to theduedatesof taxea,
asseasments, insurance premiums and gn,und mnts, shall rx< <~ed the :~mount reyuirecf lo pay suid t~xeK, assee:.menta, insuraince pmmiuma
and ground renta us they fall due, auch excexs sh.ill 1-e, at I~~ruwer's uptiun, either pn,mptly repaid tn liurruw•er or crrdited G, tiorruwer on
monthly installmenta of Funds. If the amount of the hunds held hy I~ender shall not be :~ufficient to pa> taxex, asseasments, insurance
pmmiuma and ground renta as they [all due, Rurruwer shall pay to I.ender any amount ncressary tu mnke up ihe deficiency within :i0 daye
from the date notice is m~iled b~ lxnder l~- 13urrower n~~uesting payment thermf.
Upon payment in full of all sums secured by this MortKxge, l.ender shall prumptly refund to fi~~rruwer any funds held by I~ender. If under
ptirxgraph 18 hereof the Property is sold ur the Pruperiy is othervvice acyuired b~ I~endrr, l~•nder shall apply, no laler than immediately prior
tu the eale of the Property or its acquisition by I.ender, uny N unds held by IA nder at the time of application .ix a crcdit against the sums secured
by~ thie Mortgage.
3_ Application of Peymenta. Unless applicable Ii~W ~)f0~1(INti utherwise, All paiyments rctieived by Iender under the Note and
paragrapha l and 2 hereof ehall be applird by I,e~der fir.r•t in payment uf amuunLc payabie to Iknder by Ftnrrow•er under paragraph 2 hereof,
then to intereat payable on the Note, then lo the principal of the Nute, and then tu interest and princip.~) un :~ny Future Advances_
4. Charges;l.iens.I3orruw•ershall pay all tax~w, acses~mi•nt~ and uth~•r.•har~;v~, fin~~:~nd im{H~sitinns attributable b~ thr Pruprrty which
m.iy ~ttain a priority uver this A1ortKaKe, and Irasehuld paym~•nts ur ~;r~ ~~u~d rents, if:-ny, in the manni~r pro~•id~d under puraKraph Y hercr-f or,
if not paid in such manner, by Korruw~er makin~; pa~•m~~nt, w•h~n duF•, dinY•tl~~ a~ th~• payvr th~•f(~~C K(~fp~W1•r shall prumptly furnish to l.rnder
all notices uf amounts due undcr thi~ p:~raKr:~ph, and in th~~ ~~~•ent Iturr~~w•~•r sh:~ll m:~k~• p:~ym~•nt dir~ti•th. Hurrowvr shall pru~nptly furnish tu
L<•ndrr receipts evidencinK such pa~•m~•nts. I~~rro~w•r s1~:+U pn~~n~>th• disi•h:~r~;~• any firn w~hi~•h h:~s pn~~nt~• ~~vrr thi~ ~turt~;:-~;e: pruvid~d, lhat
Fi~ ~rruw•er shall not t-erequinyl tu d~~char~;r an~• w~•h lu•n s~~ tonk as Itorn~w~~r.hall a~;r~•~• m K•ntin~; tu th~• p:~y~nrnt ~~f th~• nbliKutior. srcured by
such lirn in .+ mannrr accrptab(i• to 1.~•nd~•r. ~~r shall in ~;u~Kl faith ~•~~nt~~ct wrh lirn b}•, ~~rd~•f~•nd f•nfi~n•~•im•nt ~~f w~•h li~•n ~n, I~~~;:d~pnK•iyrlinKs
~ hii•h operate u~ pre~•ent the ~•nfurc•ement of the h~~n ur G~rfr~tum ~rf th~• P~~~~N•rt>• or :~n>• p:~rt th~•n~~f.
5. Hazard Insarance. liurrow~c•r ~hall kivp the ~mprn~~~•m~•nts nuw• ~•xi~tin~; ~~r here;ifti•r ~~rcv~t~•d un th~~ !'ru~xrty insun~l aKainst loss by
ti r~•, hazards included within the term "extendirl ~ti~vi~r:~k~•." :~nd ,u~•h oth~•r hazard.:~s Ixnd~~r may r~~uin• .uid in ~uch amuunts and fursuch
p~•n~~ds .~s I.ender ma~• rryuire: pru~•id~rl. that la~nd~•r s1i:Jl rn~t n•qu~rr th:it thr :~m~~u~~t of w~•h ~ti~~•er.~~;e~ ~•ac•~v~c1 th:~t :~muunt of cover.ige
n.~uired tu paV the sums srcun~l by thi. ~lnrlk:~~;~•.
The insur:~ncr rarri~•r pr~~~•id~n~ th~• in.ur:~n~ r• .h.Jl h~• rh~~.~•n h~ fi~~rr~~H~•r wh~~v~t tn:~ppr~~~ ~I h~ L~•nd~•r. pru~~~d~~l. th:~t sui•h :~pprnca)
sh,ill not be unreas~~n:~bh• w•~thh~•Id. ~1U prrrnium. ~,u ~n:ur.~m-~• p~~lu i~•. .h:~ll IH• p.,id in th~~ m:~nm•r pn.cid~•d wid~•r p:~r:~~;n~ph '! hcn~~f ur. if
n~~t paid in such manner. h~• 14~rruw•er m:~k~n~ p:~vm~•nt. ~~h~•n ~1u~• ~l~n•~~th~ t~~ thr ui.ur:~n~~~• i:~rn~•r
All insurance p~~ficies and mnew:ils th~•n•i~f>hall tk• in G~rm a~•c.~~~tabl~• t~~ I ~md~•r and,h:dl inrludea.landard murtKaKrclau~r in f:~~•urof
:~nd in form acceptabletu I.ender. Ixnd~•r.haU ha~•~~ th~• n~;ht G~ 1i~dd th~• jN~h~•u•. and n•ne•wal. th~•n~~f.:~nd lturruw~rshall pn~mptlp furnixh tn
~ k•nder all renewal notices and all nY•ripts uf p:ud prrmium~. In lhr ~•~•~•nt ~~(I~~ss. Itnrr~~w~•r.h:~ll ~~cr pr~~n~pt nuttn• tu the in.ur:~nre carrier
.~nd I.ender. I.ender may make pr~a~f of lus~ if n~~t mad~• prumpth• bc 1{~~rn~wt•r
llnleax l.ender and &~rruwi~r nth~•rwi.e• :~Kn~e• in wnt~nk~inxur.~ncr pr~K~~titil~ .t~:~n rK~ :~pph~•d t~~ rrstur.~tinn ~~r repair uf thr PruF-erty
damaged, pro~-ided such rest~~rati~~n ur repair i~ ~•c~~n~~nuc.Jl} fea~ible• and th~~ si~•unt~- u( th~. ~ti~rtKaK~• is nnt thrreby imp:+in•~1. If .uch
rc~storation or repair is not ecunumi~:~lh• G•:-s~t~l~• nr if th~•.t~•urity uf thi~ ~1oriK:~,;t•~~~~ia r~• ~:npairrd. thF• in~ur:~n~Y• pnN•~~rl.shaU t~r:ipplied
t~ ~!he sums seeurcd by thiv :11ort~aK~•. with thr ~•xc~•s., ~f :~nc. p:ud t~~ li~~rruwrr If thr 1'ni{N•rt}• ix ah:~nd~~rnK! by li~~rruwer.or d ii~~rrow•er f:+ils to
re;pond to (.ender within :i1~ da~•s frnm !h~• datr nutuv i. ma~ltrl tn• I~~nd~~r t~~ IA~rruw~rr th:d thr ~nsurance ~:~m~•r uffers tu s~•ttle a claim for
in~urance brnefits, I.endE~r is :~uthuriz~Y1 tn ~•nlltrt :~nd apph~ th~• in.ur:~n~•~• pnN•rrd~ at Iw~nd~•r's upU~~n rithe~r b~ n•~brratiun ur repair nf the
E'mperty or the sums serurccl by thi~ ~t~~rt~;:~~;~•
l'nless I.ender and li~,rr~~w~rr ntht•rw•~s~• :~Kre~• ~n w nUn~;, any cui•h :~pphcatiun nf pr~N~~Yy1s to princ~pal zh:Jl not i•xtend ur p~titpone thr due
date of the monthly installm~•nts n•fern~el t~~ in par:+~;raphs 1 and'".u~rruf ~~r rh:~n~;~• the:~mnunt ~if su~•h tnslallmrnG~. !f under parakraph Ift
here~t the Pn~periy is acquin~cl b~• 1~•ndi•r, all riKht, titl~~ :u~d int~•r~•st ~~f R~~rr~~w~~r in and t~~ :~n~• in~ur:+n~•~~ ~di~~ie•. and in ~nd to thr pnK•eeds
thereof reaultinR from damaKe t~r 1'roprrty priur tn th.• ti:~le ~~r a~•yw~iti~~n sh:+ll p:iss to 1,~•nder tn the extrM of the sums ~e~vrer~ by this
~b~rtKaRe immediately prior to such 37IP or .icquisitton.
6. f'reservation and Maintenanceof Prop~•rty; la•x~~•hulds; ('onduminumw; l'lanne~d l'nit 1)ev~~lopmenlA.l3~movrershall keep
tht• Property in Kau~ repair and tihall nut c•omm~l N:~~tr ur p~•rm~t impairmrnt or di•teriur:~U~~n ~~f th~~ Pru{~rrty and shall cumply with the
~,r~~~•isions uf any lease if this MurtKa~;c• ~s un a It•us~~huld. If thi. :11urtKaK~• is ~~n a unit in a cunduminium ur a planned unit de~~elopment.
fi,~rrow•er shall perfurm all of Korn~wer's uhli~ati~~ns und~•r thr df~c•laratinn ~rr co~•rn:~nts ~ n•at~n~;~~r Kov~rmnK thecunduminium ur planned
unit development, the by-law•~ und n~ulations uf thi• cunduminium ur plannttil unit de~•elupm~•nt, and constituent documents. If a
~ ~~ndominium ur pl~nned unit dr~•rlupm~•hl rid~•r is ~~xw•ut~~rl by lt~~rr~~~.~~~r :uid n•c~~rdc~l t~~~;ether w•~th this ~1ortK.iKe, the cYwenan~R and
.~~;n•emrnt:~ofsuch rid~~rshall th~~n~,~rp~~ratrd~nt~~:~ndshal! anu•nd:uid.uppl~•rni•nt th~•cm~•n:~ntti:~nda~;rrt•nu~nl~uflh~s~lort~akeasifthe
nrlrr Kerv a part hrreof.
7. Protection of l.ender'e Security. If Fi~~rruwer fails tn perform the rn~•rnanti+ and bKreementK contained in thie Morlgage, or if any
action or pruceeding ie commenced which materially affecte~ l,ender'e+ interext in thr 1'roperty, including, but not limited to, eminent domain,
ineolvency, code enforcement, or arrangemente or pmceedinKs involving a bankrupt or decedent, then I.ender at I.ender'a option,upon
n~~tice to Borrower may make euch appearances, diaburee such euma and take yuch actiu~ ae is neceasary to protect I.ender'e intereet,
including, but not limited to, dieburxement of reaeonable attorney's fees and entry upon the {'ruperty to make repaira. If l.ender required
mortgage ineurance ae a condition uf making the loan secured by thia MortKaRe, f3~irrower shall pay the premiume required to maintain
Nuch ineurance in effect until auch time as the requiremrnt for Puch inHUrancr terminatca+ in nccordance with I~irrower's and I.ender's
written agreemenl or applicable I.aw. Borrower shall pay the amr~unt ~if all mnrtKa~e insurancr premiume in the manner provided under
paraRraph 2 hereof.
Any amounte dieburaed by I.ender pereuant G~ this paraKr.~ph 7, Nith intereHt thereon, ehall txrome additional indebtedneae of
Fiorrower eecured by thie NortKage. (3nlesa BO~fUN'er and I.ender aKree ki other terms o( payment, aach amounte ehall be payable upon
nntice fmm I.ender tn Bnrrower requestinK payment thereof, and xhall bear intereat frum the date of diAburefement at the rate pavable from
hme to time on outetanding principal under the A`~~te unleve pa ~ment of intereAt at such rate v~nuld F~r rnntrary to applicable law, in which
~vent such amuunts shall bear interest at the higheat rate permissible under applicable law. NothinR cuntained in this paragraph 7, ahall
reyuire I.ender to incur pny expense or take any action hereunder.
Bo~iK ~~U P~r,E ~ I
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