HomeMy WebLinkAbout1784Horrower and l.ende~ covenant and agree as follows:
1. Peyment of Priacipa! and Interest. E3orrower ahall promptly pay when due the principal of and intereet on lhe indebta~cineas
evidenced by the Note, prepayment and latecharges se provided in the Note, and the principal of und intemst on a~y F uture Advances eecured
by thia Murtgage.
2. Ftiutde tor Taxea and lneurancc. Subject to npplicuble luw or to a written w uive~ by I.ender, tiurn~wer sh:~ll pay to I.ender un lhe day
monthly inatallmenta of principal and intereat are pi~ynble under the Note, until the Note is paid in full, ii sum Iherein "Funds") cqual to on~
twelRh of the yearly taxea ~+nd asseasments which may attc~in priarit~ ove~ this Moirlgage, and ti-round renta: on the Y~uperty, if nny, plus one~
tweltth of yearly premium installmenta for hazard insurancr, plus onrtwelfth of ye~rly premium installmenk: for mortK:~ge insu~tince, if uny,
nll as rea9onably estimated initiAlly and from timN to time by I xnder on the basis of nssessments :~nd bills and reasonable estimutex therrof.
'11~e Funda ehall be held i~ an inatitutiua the depoaits or accounts ot which arn insured or gumm~teed by a Federal or State agency
lincluding Lender if l.ender ia auch an inatitutionl. l.ender shall uppl~ the Funds to pay xuid tnxes, :-ssrsxments, insurt~nrn prrmiume and
ground renta_ l.ender may not charge for eo holding and applying the Funda, analyzing s:-id Accuunt, or veritying and compiling said
asaeasments and bills, unlese Lender paye Borrower interest on the M unds s~nd npplicAble law permits l.ender to makesuch a charge. Borrower
and Lender may agree in writing at the time of exerution o[ lhis Mortgage th:it interest on the F unds Ahall Le paid to t3orrower, and unless
auch agreement is made or applicable law requires auch interesl to be paid, I.ender shnll not be required to pay Borruwer any intereat or
eamings on the Funds. I.ender eht~ll give to Borrower, without charQe, nn annual accountinK of the Funds showing rredits and debits to the
Funds and the purpose for which each debit to the Funds was made. The Eunds are pledged as additional security tor the aums secured by this
Mortgage.
If the amount of the Funds held by I.ender, together with the futum monthly insG~llmenLs of Funds pavable prior to the duedates of taxea,
asseasments, insurance premiums and ground rnnts, shal) excred the amount reyuired to pay said taxea, assessments, insurance premiuma
and ground rents as they fall due, such excess shall be, At Bo~TOwer's optiun, either prumptly repaid to Borrower or credited to Borroweron
monthly instailments of Funds. If the amount of the Funds held by I.ender shpll not be sufficient to pay taxes, assessmenls, insurance
prnmiums and ground renta as they fall due, I3orn-wer shall pay W l.ender any amount necrssary to make up the deficiency within 30 days
fmm the date notice is mailed by Ixnder to Korrowrr reyuesting payment thert~L
Upon payment in full of all sums secured by this Mortgage, l.ender shall promptly refund to E3orrovver :~ny funds held by I.ender. If under
paragmph 18 hereof the Property is sold or the Property is othen+•is~ acyuired b~• I.ender, l.ender shall apply, no later than immediately prior
to the sale of the Property or its acquisition by l.ender, any Funds held by I.ender at the time of application as s~ cre~clit :~gainsl the sums secured
by this Mortgage.
3. Application of Peymenta. Unless npplicable lavv provides othen+~se, all payment~e received by I.ender under the Note and
paragrapha 1 and 2 hereot ahall be applied by l.ender first in payment of ~moun4s payable to t.ender by I~rruw•er under paragraph 2 hereof,
then to interest payable on the Note, then to the princip~l of the Note, and then tu interest :ind principal on any Future Advances.
4. Charges; Liens. Rormwershall pay :dl tax~~, ass~wsments and uth~•r char~c+, finis.~nd impovitiuns attributal-le to the F'roperty which
may attt~in a priority over this H1urtKake, and le:~schuld puyments ur Kround rents, i f any. in the manner providtd under paragraph 2 hereof or,
if not paid in such manner, by Burrower m.~kink pa~~m~•nt, when due, dirc~•tl~~ tu the payi~c• thrre,~f. Rnrm~•er shall pmmptl~ furnish to Ixnder
all nutices of amounts due under this para~raph, and in the e~~ent Rorruw•er shall mak~~ p:~~•ment dinti~tly, Rorn~~+•er ~hall promptly furnish to
Lender receipts e~•idencinK such pa~ ments. fi~~rro~cer shall promptlc di~char~~• .im• lit~n whivh hav priurih• ueerthis ~1urtKaKe; provided, that
liorrower shall nul hereyuired to discharge:iny ~uch lien::u IonK a~ li~~rrur.•er ~hall a~e~ in writinti tn thi~ parm~rot of th~•ohliKation secured by
~uch fien in a manner acmptable tu Ixnder, ur chall in y:iH-d faith cuiitr.t .uch lii•n b~•, ~~rd~l~•nd enfi~n•~•m~~M nf such lien in. Ir~al proceeclinKs
which operate to pmcent the rnforcement uf the lii•n ur fur~i~itum uf th~• 1'rup~•rt~• ur an~• part ther~,d _
i_ Hazard Insurance. Rorrow•rr chall kerp the impro~•emrnt. nuw• c•xistin~ ur hereafter erec•tcKl on the Pruperi~ insured against losshy
fire, hazards included Mithin the tertn "extendc~l ro~•t•ray;e," and tiw•h other h:~z:~rd. as Ixnder may rEY~uir~.ind in such amuunts and forsuch
prriods as lxnder ma>• rrqu'ir~; pro~•id~~1, th.+t fw~nder ~h;-II nut nr~airt• that the amuunt of ~unc ~Y~eer:~y;e exce~d th~~t amuunt uf coverage
rcquired to pu~• the sums ~cYVnr1 b>• thi~ ~1~~rtKaKe.
't'he insurance carrier pru~•~u~nk th~ in:uranc~• sh.ill In• ~ hv.~•~~ I.~ K~~rn~~~•e•r ~ub~~v-1 t~~ aErpr~~~•:~I b~• I.~•ndi•r, pn~t•id~tii. lha[ .uch:ippr~~~•al
shall not he unreasonahl~ w•ithht~ld. All prc•mium. ~~n in.uran~•~• p~~li~•~~~~ ,hall iN• p:ud in th~• ~n:~nn~•r pr.~.~id~til und~•r p:~ra~;r.~ph ? hercr~fur, if
nut paid in sueh manner. bc Fiurrower maicin~; p:~}-rnt~nt. .ti•hen dw•. direrti~ t~~ th~• in.ur.+nr~• c•arri~•r.
All insurance policies and reneveals thereK~f shall t~e in form accept:~hl~~ t~~ I ~~nder and shall include a st:indard mortKa~eclause in fa~orof
and in form acceptable to I.ender. l.end~rshal: ha~•r th~~ ri~;ht t~~ hold th~• p~~lic•ie•s and renrw:~ls therey~f, and tiurrnw~er sh:~ll promptly furnish to
~.ender all renew•al notices and all receipts of paid prrmiums. In thr ~~~~~•~~t ~~f lu.., ftnrn~w•er shall ~;i~•e prumpt nnticr tn the in~urance camer
and [.ender. I.ender may make pnM~f uf luss if nnt m.tde prompth• h~~ Rnrro~a•er.
Unless I.ender and I~~rrower othen+•iser aKrre in w•ritin~;. in~ur:~nc~• pr«•e~•d. shall ta• applicKl to restoratiun or repair of the Property
damaged, pro~~ded such reslorati~~n or repair i~ c~•onumi~•ally fe:i~ible and the tiecurih• uf this 11ortKaKe is not thereby impaired. lf such
restoration or repair is not econumicall~ feasibl~~ nr if the ~t~•urity uf thi. 1lnrty;:~~;~ wuuld ~ impaired, the insuranm proceeds shall beapplied
tu thesums secured by this 4tortKagc, w•ith thc• excess. ilan~~, paid t~~ Kurrov~ er. If the !'ro~x•rt}• is abandoned by &rrroN er, ur if E~-rn~Ner fails to
respond to l.ender within :i11 days Gum thF dat~~ n~~ti~•~• is m:~il~~cl hc I.rndrr t~~ Ri~rruHCr that the insurance camer offers to settle a cl:~im for
insurance benefits. I.ender is ~uthoriz~~l t~~ c•~d1~K•t and apph• the ~n,urance pr~K•~•rds at I.ender's option either to restoration ur rnpair of the
Property or the sums secured by thi. 1lurtkaKe
Unless I.ender and E3orruwer othenvise a~;rer in ~t•ritinK, any suc•h applicati~~n uf pr~K•~rd, to principal chall not extend or postpune the due
date of the monthly installments refernKl tu in paz:~Kraph. 1:~nd 'I. hereuf ~~r chanke thc~ amount ~~f such inst~~llmenl.ti. If under paraQraph 1R
hereof the Pmperty is acquired by i.ender, all riKht, title and interest ~~f Rurn~wi•r in and to an~ insurance policies and in and to the proceeds
thereof resulting from damaKe tu Property prior tu the sale ~,r acyu~sition shall pass to IAnder tu the exten! of the sums secured by this
~tortgage immediately prior to such salr or acquisitiun.
6. Preaervation and Maintenance of I'roperty: {A NSl~holds; ('onduminums; Plnnned Unit I)evelopmente. F3orrovrershall keep
the E'roperty in good repair and sh:~ll not commit w•a~te ur ~x~rmit imp:iirmi•nt ~~r d~•teriur.~tiun of the Property and shall rnmply w~th the
pro~•isions uf any lease if this Murt~;aKe is on :~ Irasrhold. If thi. Mort~;:~ke i~ nn :- unit in a condominium or a planned unit de~•elopment,
Fiorrower shall perform altof liorrower's obliKatiuns under the• declaration orci~~•~•nants ~•n•:~tin~or Kovern~nK thecundominium or planned
unit de~elopmeni., the by-IaMS and reKulations of the rnndominium ur planned unit dc•velopment, and constituent documents. If a
condominium or planned unit devFlopmrnt rider is c~xe~•uteci h~• li~~rr~~~c~~r :~nd r~r~~rdiY1 toki~ther with this MortgaKe, the covenants and
aKreements of such rider shall he~ incorp~~ratiKl int~~ :~n~: .ha11 a;nend :~nd ~upplrm~~nt thi~ c~~~~F~nants ;ind a~,~rt~ments of this MortKaKeas if the
nder were a part hercr~f.
7. Protection of Lender'e Security. If Borrower fails Gi perfurm the covenants and aqreemente contained in thie Mortgage, or i[ any
action or proceeding ia commenced which materially affecte l.ender's intereat in the Property, including, but not limited to, eminent domain,
ineolvency, code enforcement, or anangements or proceedinge involving a bankrupt or decedent, then Lender at [.ender'e option,upon
notice to Bormwer may make auch appearanceB, diaburse auch suma and take auch action as ia necessary to protect Lender'e intereet,
including, but not limited to, diebursement of reaeonable attorney's [eee and entry upon the Property to make repaire. If I.ender requited
mortgage inaurance ae a condition of making the loan secured by thia bturtKage, Korrower shall pay the premiume required to maintain
such insurance in effect until auch time as the requirement for auch inaurance terminates in acrnrdance with Borrower's and Lender's
written aqreemrnt or applicable I.aw. Borrower ahall pay the amount of all morlKaKe insurance premiuma in the manner provided under
paragraph 2 hereof.
Any amounte diBbursed by Lender persuant to this paragraph 7, with interest thereon, ahall tx~me additional indebteclneas of
Rorrower eecured by this MortKage. Unlesa ~rrower and I.ender aRree to other terma of payment, such amounte ahall be payable upon
notice from Lender to Bormwer requesting payment thereof, and ahall bear intereet [rom the date of diabursement at the rate payable from
time to time on outstanding principal under the Note unless payment of intereat at such rate would be rnntrary to applicable law, in which
event auch amounta ahall bear intereat at the highest rate permissible under applicable law. Nuthing contained in thia paragraph 7, ahall
require I.ender b incur any expenae or tt~ke any action hereunder.
8~~!lK 346 P~GE .~ ~~' Q ~ ~