HomeMy WebLinkAbout1506Boriowe~ aad leoder c+sreaa~l ad a~ee as tailw+~
1. Pqr~e~t ot Pti~esrl aa~ lMe~t. 8or~v.er a~aY M~~s V~T •l~ee d~e t1K principal ot aud iatereat oo the indebtedness
evideeoed bp tbe r1o~ P'e'~ay~e~t a~d latec~v~e~ as posided ie tbr \ote. aod tl~e pnncipal otaad iate~eat oa any Fntnre Advancts eecured
bY thi~ Ycrtsa,~e- •
2 i~l~nis ~ Ti~l~i ir I~ Sab~[rtt b ap~itaWe las ar b a ~ntteu ~rai~!! ~7r I.endt~. Bo~rorrer shall pay to l.ender oo the day
montlJy inNaliments dprie~cipd asd iatet~a~t aee ~ay-abir ~oder t6r ~a~e. radl tbe late as paid ia tutl. a sum Iherein "Funds'1 e4ual to one
twdRb oFtl~e ~ariy tazes aod a~re~s ~ici ~ss aia~ p~io~t7r ocer t6is ~fottsatr. and ~oand rrats on the PropertY. itany. Plus one
tw+dtt6 dyeariy p+eoi~ imitalLe~ets fot haraed u~ance. pies oaet~+eilth otY+eariy prenuwn ~nstallments [o~ mort~a~e insurance. i[ any.
all as rea~onaWy ~e~d ieitiaDy a~ ~eo~ t~e t~ w.e bs le~det on tlk basss ot a=aessmeats and b~lb and reasonabk estimates the~eo[
'Ibe F~ods aha11 be 6dd ia a~ ~ tie Jep~o~ts ar x~c+o~nts ot ~6ich are irwred or tuarauteed by a Federal or State agency
t ind~din~ l~ode~ d Isade~ is wc~ a~ m~ot~aa~ l~der ~aU appi~r tbe F~s w paT said tues. Zssessiments, inaurance p~emiwns and
gmand re~nta. leode~ as~ mt c~ar~e fir r`d3ies asa ap~i~ie~ tbe F~ods, uiat~ran~ said accounl, or rrrityin6 and compiling said
asseNmeats and b~lls„ ~ler I.esde~~a~s Banwe~r ~~ea t~e F~als and appticabie la~r permits I.rnder to make such a charge. Borrower
and laode~ ma~ a~e~ee ia s~~ at dre ti~e a~e~ee~Ria~s of 1Ws ~iortta~r that incrrest oo the Feads shall be paid fo Borrower, and unless
6O[b ~t Ii mid! 6r ~LC~I! lif R~~lS !~[~ ~i!!dt b bt ~ld, ItO~!! f~iU 00~ b! RQOI(!d f0 (IiJf BORO~IfK Al1y lA~lllB~ Oi
eun~s on tbe F~da. i~od~ s~ p~e tn Barrn~e~. sid~o~t cLar~e. an aanaa! acro~ntia~ ot tl~e Fuads sEwwing credits and debits to the
Fuads aad tbe pQpwe for s~icb e~c~ 3ebt ~o tbe F~sas ~as sadr_ 7lrr Fands are pied~ed as additional security for the aums secured by this
A1ort~
It tbe amoaot d t~e F~ads heW bs l.e~der. t~et6er sub tbe f~t~re montht~r iasLaUmeats o[ F~ds payabk prior w the due dates of ta~cea.
asscssmeuta. ins~aanoe pe~ass and ~nmd r:ats~ shali esci+ed tbr amoint ~eqsired w paa said ta:es. assessasents. inaurance premiuma
snd ~eoand rmts as tbe~r faD ~ sacb ero~es s~ai! be. ~ Bararset's ePooq es~T P~o~Pd~r ~epad w Borro~ or ciedited to Borrower on
moatbly installments d Faadt. tf die a~o_t d t5e F~ods be~d b~c I~nde: s6a11 not be snfCicrrnt w pay ta:ea, asseasments, insurance
prrmioms snd ~ro~d reats as tl~ep b~i dre Bor~we* s~al1 pof b t~sder ans amoant nccesaarY w make np the deficieacy within 30 days
from tbe date notic+e is msi~ed brs Lender tn Borro~a~rr rep~essm~ pa~-mes~ tl~er~co[
Upan pa~~ment in f~U dall sass sec~n~d bs t~ss ~a`e_ t~der slia~ p~omptiv Rfund w Borrovrer any funds hcld by I~nder. lf under
Para~raph 18 Mro~tbe Pf+cpertt as said ar tbe Pbo~eat~ ss ot~ers~e anqored b? lesder. I~nder slwU appty. no later than immediate{y prior
to the sale d tbe Ptopeits a its aoqai~tian bs I~nde~. anc F~n~s bdd bx I~sder at t1~r t~ of apptication as a crcdit against the aums secund
by this ![at6a<e.
3 Ap~iiaatio~ d Pr~eata. ~'nM~s app~ic-abir las p~mc~des wber~sr. all paymeats rtceived by (~rnder under the 1`ote ~and
Par+~i~P~ 1 and 2~e+e~ ahaL 6e ap~w' bc [:~de:5rst ~o pra. ~cns d amoaats pa~rsbir w[ender dy Bocro.ser nnder paragraph 2 hereof,
thea to inteaeat pay abie m tbe 1`ot~ tbea to tbe prmc~al d ~br ~otc and tbe~ to u-te~est and pcincipal on any Futnre Advancea_
!-Cbar=e~r. Lie~a. Barrva~ersbaU par afl sa~s.~ ud.xhrrclsaqtes_ fic-es and impo~tioas attnbntabte w the Property which
ma~ attain a priorit~ o~et tl~is 7~iart6asc_ and 3ria~soid pus~ests o~ ~rv4nd reats~ ~f an~ _ in ehr manncr provided under paragraph 2 hereolor,
if not paid in sucb mannei, b~ Bc~r~na~er mabr.~ pa~seai ~~rn dee_ dirm.-t!r tr, che ~_r-ee t2-rreuf. R.xrorrer shall pn~mptly furnish to Lender
all notioea ot aa~o~nnts dae ~nder thss pxa~raph. aad ~a t6e rcmc Bc~ya~ er shalE make pn~ ment dirertlr_ Borror er shall prampdy furnish to
I.ender nbeipts e+'idenan~C sach p~asinentf. Ba,mn:~rr iha~i3 pr~pcl~ ~sr~ar~c~r an~ Gen s hr•h h:u p~.~nt~ o~ er this ~lortgage: Provided. that
fiorm~va shall not 6t mqaire+d Eo di~e an~~ ~c~ 3arn s~ i~atc .~ R~~•~rt ~tI .~Lrre cn ~nunK tu thr ~y ment of the ubl igation secured by
such lie~ in a manner aectpts~lr tc.l~s_ ur s~ti ~~c~d [auh .~<ete~ ~srt- Isrn M_.x ~rfi-nd mf.mYCnrnt uf surh lire: in.1eg31 procFedings
u~hich operaLe to pre~mt tbe eniar~nc~t ot tlsr lxn a~ fc~fraerr .~f t!x E4nprrtc ut aar part therevf.
S. Hat.ard Ins~ra~e+e_ Brrxw~rr ~aii ~eep a~ ~~no~emene; ~~ tssstu~ or here-aRer ereeted un the Property insured against loss by
fire. hazards indnded ~it~in tbe term -ate~3ed cwera~~r_- aoc ~r~ .~ehrt h»:•••~: as I.eieder ma~ crquirr and in such am.wnts and for such
pe.riods as l.ende~ ma~ r~c,qmr~r_ pru~-~dcd_ t}ut i,endei ~ili ax r~c.;eur tlut tbe ~nt of such mcerage e=ceed that amount of coverage
rcquiut~d to par the snms ~red b}- t4~ ~art~a~re'
7be insarancr eameT proc~n~:3x- ~~rr3ncr _:.~~: ?+r i:r.rr~ :M E{.-~lL~.aK ~uOjr~~ G. appr~..~l bc (xn~ter. pn» idcd. that such approval
shall not be unreasunabh• ~zthM3d ~Il prr~n~ •~c. ~=s..r~: t-..rt:.:+~ .`s.3i€ `~- p~ud -n thr mrnnrr pnn ~dad undrr par:ycraph '~ hrre+uf or, if
not paid in sucl; mannez. h!~ Eictrcr~rt ta.~rz~ t.a}mrr.i a3x~~ -ie~r •3:ce.::~ u• c4P cn=ur:~n.Y r3mrr.
AI1 insuraac,e poiic~es and rr~e~aik ttxie~oS =aaiJ i~r ~ r;~ ar.,rytai•irt tn Ir~ier:ud shall ux ludc a siandard mort~tage clause in fa~ or of
and in fnsm amrpitaNetolradQ. lrndrrc~ss:. h.i~~r ~r-~~c., es~ li.e p,urs~ and re~v^ais thereof_ and &xruv~er shall promptly furnish to
i~r,der all renesal natiaes and aIl rec~r~~ee.~ c~ ya:d y~ez~zms Ia L~sc e+rc,t c~€ G~es_ R•xn,+~er ~hali ~n~e pn~mpt notice to the insurance carrier
and I~nder_ I~nder mac makr prc.ca[ ad k~~ if nc.a ~sadr ~van~c.'~ ba B~xru~es
L'nlws Irnder and Borr~crs-ez o~si~ a~ner ~:z~:.~C. :~~ram pi._.~_r.3s ±h:i13 be appiud w reswration or repair of the Property
~amage+d, proa~ded such resu-ruc~ «~~ e«aj•~x-„Ic Er..~a~-~r a~ tlrc ~nnt~ of th~s ~tort~ca~[e is not thereby impaired. If such
:rswratian ar repav is not eecmamic:ll~~ fr~iir *.~ :f ta~r s~e~crns~ of thL~ 3Gxtte.~e ~ ouki be :~pairrd the ~etsurance proceeds shal! be a pplied
w the sams ~ecared bti thi~ ~1ort~a~[r_ a~h ~eric~e~~_ :f ~z~ _~ass e~i Bomti.ser If t~r Pn~prrtc ~s abandoned by E3orrower. or if Borrower [aila to
respond to Lendrr s~t~ia 3t+ da~s 5rc~ tbr datr aca-~r z= zaaiird as l.e+ydrr t~> &xrrser that the insurar~ce camn offera to setde a claim for
lnsuranoe bene~ita~ I.endQ Lc asthcnrtd w«dkc~t ird a~ t~r iasarancr pnx.~eds at [~nder s optiw~ eitlxr to cestoration or repair of the
Propatp ar tbe smms sec~rd bs this aiect~eaqer ~ .
L'n1es~ Lmder and $orn,srr caber~~+r a~cm~ ~:raa.a~_ an~ ~#i.~pEk:-cwa.>f p~ ,,.. i; w pnnc~pal shall not e:tend or postpone thedue
date of t~e monthh: installmensf rrfEired w in ~racra~ = a~d _' ~eirof .,r chsngr tIx amuunt uf ~uch irutaltments_ If under paragraph l8
herraf the Prvpaty is snqniia+d ~r I.efldci_ a.^, rs~~~ ti23c .:n~ iatr~t of A.,rn,.,rr sn acd w an~ itiurance policies and in and w lhe proceeds
thereof resnltin~ ~+am dam~;r to Pt+c~peitr pewr tn tar saLr .x ac~c~trxi shaII pasK tn lrnder to the extent ot the sums secured by thit
MoRgase immediatel~ pr~ar so s~c~ sa3r :~r aca~tacan
6. Pr+cservatioa a~dllai~teaaeneafPro~erts: t.rasebolds:fondo~in~x Planned l'nit DeYelopments. Borrowershall keep
Lhe Pro~eR~ in Rood rrpair and s~ali~nc+t ccm~~t sci-tr •~ ~. --..-..:c :mprsir.nrnt •x ~ct~*~rats.x~ of the PtopeRy and shall comPly w;ch che
proti-iswas af an~ Iea~ if t3sis Kaat~;a~c ef cm a 3ri~t~c:r.i I; t~ ~fc~t~[agr ~. •_-n a uiut in a coad>mininm or a planned unit development,
Borro~ver x~~all periorm sII ed Bc,rn~~ f.~ea~acai~ arw~'srr ~2ar ~ecfsrasaxi •x r.;.eaanti .rraun~co: go~emuyc the cond~minium ur planned
vnii dt~~elsrpment the ~•-la:~s and mRaL~~ cl t~ar r.,cso:ma~~n •x piaa~d ur.~t 3e+rbpment. and constituent documents_ If a
condominiam ar planned ~rt de~-rkrp~eat rider ~ tZh'z~ ~ EL3fT/~K .i6~ fh'~~s~ied t~ether sith this Siortgage. the "eovenants and
n{~reemc~ts of snch r~der c~ail he ux•:apcra~ ;r.u• ~i ~.~;: ~.:,rsri .~:~s sapyires,rnt che c.>~ rnants and akrrements of this Stortgage as if the
nder aere a part 3~erz~oi
?. Protedioa d I~ader'~ Se~rit~_ If Bartr~s~es #~3s w pesfarm the m~enants aad aareements contained in thi~ Mortgage, or it any
action ~ prooeedi~ ~s oommmced s~ic~ matQSall; a$ecsf it~der"s ~atciest m the Propertf. iacfading. bnt not limited to. eminent domain,
insoivmc9. oode mfo~+ne~eai a artan~s R poce~~ ~a~dsv~ a bank~pt a 3eatidest, tlxn Let~der at ~Lender'~ option.npon
notioe to Bareowrr maf ma~e r~ s~ppea~a~as. ~cR s~rb sms aod ts~e wrb actioe as is neceasar~r to prottct [.ender'~ inter~cst~
~ndnding, bat aot limited to. ~barsemmt d nmaBa6ir aturaes's teas and mag Qpon the PrvpertY w make repain. If [~der reqaired
mw't6at6e msaranoe as a om~n~a d saiaa6 t~r 3c~o s+resred ~,+c thLS 3{ottRa~e_ 8orru~er slsall pay the ptemiams reqnired to m8intain
Rudr insaraacr in efiect an~l sac2i tsme aa tbe ~e+g~ss,rnt ior sar~ im~raocr trrminatea in accordance Rith Borrower a and Lender ~
.vrittm a6reemmt ar appd~abie l~s. Barivs~rr ~sll pa~ t~ aooant u[ a:l me~rts~cr ~sarance preminma in the manner provided under
Pg~P~ Z he~ed-
Aay amoIInt~ ~arsed bs Imder prraasat w~ Par+~aPa .-_ .ub mterest therron. shaU become additional indebtedne~a of
Horrawa secared b~ tbis 7iort~a~ L nks Borr+usei aad i~de~ aper w othes t~~ o[ pa~-ment, snch amounts shall be payabk apon
notice {rom I.endu to gorn~er ~ang pr~sscgt t~ne~ot a~d sha8 Dear ~ fnim tec date at disbaraement at the rate payabk from
ume to time on ontstan~inE princip~al ~d~ tbe \c~tr ~aie~s paf'ent d mtcrest at'scb rate ~oald be contrary w ap~icable Iaw, in which
evmt wd~ amoanta ~all bear interest at tbe b~est ratc prc~6ir ~ader apyEr.abk ta~r_ ~otding contained in thi~ ParagraPh T. ~hall
reqaire I.ender to ~nc4t ans a~r at ta~r an; act~aa ~esese~der
~ ~347 p~~150.`~
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