HomeMy WebLinkAbout1662liorrower and I.ender covenant and agree as followa: .
1. Ppyment of Principal and lntereet. Borrowrr shall promptly pay when due the prinripal ot and intr~eat on the indebtedoeas
evide~ced by the Note, prepeyment and latecha~ges as p~ovided in the Note, and the priocipal otund intereat un any Future Advnnres aecund
by this Mortgage.
2. Fltnde tor TaYes and Ineurance. Subject to upplicAble law or tc, a writtrn wniver by Ixnder, li~~rn~wer shull pt+y to i.ender oo the day
m~mthly i~stallmenta of principal and intereat are payuble unde~ the Note, until the Note ia pxid in fuil, ~ sum Iherein "F uods"1 rqual to one
twel(th of the yea~ly taxea a~d asaesamenta which muy attuin priority uver thia Morlguge, und Kround rents on Ihe i'~oprrty, if any, plus one-
twelfth of yearly premium installmenta [or hazard insursince, plux onc twelflh of ye.-rly prrmium instuUments fur murtg.~ge in~urnnce, if nny,
.~11 as res+sonably estimated initially pnd from time to tiR~e by~ l.ende~ c-n the 1-asis of uss~ssme~t~; :~nd bilix and reusonable c»stimat~~x fhereof.
The Funde ehall be held in a~ institution the de~wsits or uccountx nf which are insured or guara-nleed by a Frderal ur State agency
r including I.ender i[ t.ender is such an institution). I.ender xh~li apply the F unda to pay Kaid taxex, axaesamr~ts, inPUrunce premiums and
Ecround re~ta. I.ender may not charge for eo holding and applyinR Ihe Funds, nnalyzing ssiid nccount, or verifying ~nd compiling said
:+saeesmenta and bills, unleas Lender paye Borrower inlerext on the Funds tind applicable law permitx l.ender to makeauch a churge. tiorrower
:+ad I.ertder may agree in writing at the time of execution of this NloctgtiRe thnt internst on the F u~dx shAll be paid to E3orrower, and unleas
auch agreement is made or applicable Iaw requires such inlemst u~ be paid, I.ender ahull not be reyuiwd to pay f3~-rrower nny inlernat or
rarnings un the ~nda. Lender ehall give to Eiorrower, v~ithout charge, An annuai ~ccountinK of the h unds showing credits and debils to the
N'unda and the purpose for which each debit to the Funds was mnde. Ti-e h unds are pledged as udditional security for the sums secured by this
Atortgage.
If lhe amount of the Funda held by I.ender, logether with the future monthly installmeni.4 of H unds paynble prior to the duedntes of taxes,
xsseasmenta, insurance premiuma and ground mnts, shall excrecl the :~mounl requind to pay said taxes, assexsments, insur~nce premiuma
und ground rents as they fall due, auch exces.R shull be, nt I~~~n,wPr's uption, either pn,mptly repaid to Borrower or credited to l3orruwer on
monthly installments of Funda. lf the amount o[ the Funds held by l.ender shall not be sufficient to pa~y tnxes, as~esxments, inaurance •
premiuma and ~round renta as they fall due, E3orruw~er shnil pay G~ I.ender any amount necessary to m~ke up Ihe deC~cirncy within 30 days
from the date notice is mniled bv I.ender to f3~~rruwer n~yuestinK payment thereof.
Upon ppyment in full of all suma securecl by this MoRK:iKe, l.ender shs~ll pn~mptl~ refund to Ii~~rrower any funds held by I.ender. lf under
paragraph 18 hereof the Property ia sold or the F'roperty is utherwise acyuired h~ t.endcr, l~ender shall apply, no IatFr t~an immcrfiately prior
tu the sale ef the Property or its acquisition by I.ender, any Furn1s held by t w•nder a~t the time ~~f :~pplication as r crcdit aKainsl the sums xecured
bv this Mortgage.
3. Application ot Paymenta. Unless applicable law providPS othervvisr, all payments nreived by lrnder under the Note and
p<-ragrapha 1 and 2 hereof shall be applied by l,e~der fir.it in payment uf amuuntr, payable to I.ender hy Korrow•er under paragraph 2 hereof,
then to interest payable on the Note, then to the principal of the N~~te, and then to interest and principal on any Future Advances.
-1. Chargea; Liens. Korrowershall pay aU taxv~, assewsmt•nts and uth~•r.•h:ir~;ec, fin~w and im~wsitions.~ttributable U~ the Property v-hich
cnu~• attain n priority over this MurtK.+K~•..md le:~sehold paym~•nts ur Kruund n•nt., if.an~ , in th~• manner pru~•id~d undt~r p:~r:~graph'L hereof or,
~f not paid in such manner, by &~rrower makinK p:+yment, when dur, dirt~•tl~• tu th~• p:q•~Y• thi•n~~f. Rurrowrr ~halt prumptly furniah to I.rnder
:tll noticex of umuunts due under this par:iKraph, :~nd in the i•~•ent 1{orru~~•i•r xhall makr paym~•nt direrth•. Rorr~~~.•t•r xhall ~rrumptly furnesh to
l,c•nder receipL+ evidrncing xurh paymrnts. I{~~rruw•er shall prumpth• disch:~r~;~• any li~•n w•hi~•h h:~c priurih• uv~~r this ~tortK:~Ke; pn~vided, that
li~~rtuwer shall not herryuired t~~ dischary;~~ an~• .uch li~•n ~o lunk as K~~rr~~w~•r.h:-II :~Knr• in N ritin~; to th~• p:iym~•nt ~~f thrubliKation securrd by
,u~•h lirn in a manner acceptabl~• tn I.i•nd~•r. ur.h:~ll ~n R~NK! f:~ith ~•~~nt~~t wch lirn b}•. urd~di•nd ~•nfon-~•m~•nt ~~i.u~•h li~•n in. li~Kal pnmetdinKs
w hich oprrate to pre~•ent lhe i•nfurci•ment uf th~~ licn ur f~~rG•itun• uf th~~ 1'r~~{N•rh• ~~r atev p:~rt th~•n,~f.
:~_ Hazard Insuranee. Rurrow~~r,hatl k~~•p the impruvi•ment. n~rw i•xistin~; ~~r hrrcaRer i•n~~trd on the Pruperh• insurcrl aKainst Ic~s by
r~~ ~~, hazard~ inrludeci within th~• term "rxt~~nd~r1 cu~~i•r:~~;c•." :~nd .u~•h uthrr h.~iard~ :~s I.rnder m.~p rri~uirr and in such amuunta: and forsuch
}~t•nuds as I.ender ma}• require; pru~•id~~1, that la•ndi~r .hall nut n~~uirr that thr :imuunt uf su~•h i~~~•~•ra~;r t•xcc~~l that amuunt of rnverage
n~c~uirrcl to pay the ~ums .~~•und In~ thi. 11ortKaKr.
7'he in5urancr c:~m~•r pruvidin~; thi• in.ur.~nce ~hall,la• ~•h~~.~•u h~• It~~m~w~•r.ul~~r~•t t~~ :~ppn~v:~l h~• I.~•ndrr. pr~~vid~rl. lhat .uch a~ppruval
:h:tl! not he unma~~nabh• «ithh~~ld. All pn•~nium: ~m inxur.~mr {Hdi~•u~..hall fN• p:i~d m th~• m:~nn~•r pnn•i~i~ri und~•r p:in~~;r.~ph Y ht•nv~f ur. if
n~~t paid in such m:~nner. t~~~ li~~rn~w•i~r m:iktn~ p:+>•m~•nt. ~ch~•n du~-. ihr~•rtl~ t~. thr ~n~ur:~n~•r ~~:vn~•r
All insurance poliries and renew•als therf•uf .h:dl th• in form a~•c•~•pt:~hli~ t~i 1~•ndrr:~nd tihall includi•:~ st:~ndard murtKaKeclause in favorof
~ nd in form acceptable tn Iw~nder. l.rnd~•r ~h:~ll h:ie~~ th~• n~;ht to h~ :ci th~• ~N~lu•i~•~ and mri~•wal. thrrw~f, a~~d K~~rruNC•r ~hall promptl~ furnish to
,,~•ndrr all renewal notice~ snd all n~•eipt. nf paid prrmium~. In thr i•ct~nt ~~f I~~~~. {iur~~~w~t•r.hall Ki~~• pn~mpt noticr to the insuranm carrier
.+nd I.ender_ I.ender may make pnK~f of (o~. if not madr prumptly bc I;~~rruw~i~r. ~
Unless I.ender and 13~~rrow•er othrr~•isr aKn~• m w~nt~n~;. ~nrur.~nc~~ pr~r•i•tYi~ ~hall tx• appli~~d tu re•.tur.~uun ~~r rep:iir of thr Pruperty
~':~maged, provided such mstoratio~ or repair u~ti~~~n~~mii•alh• fea~ible and th~• +~vurty ~~f th~ti ~tort~;a~;~ is nut therehy impaired. If such
re•storation or repair is not cY•onumi~•:~11~ f~•:~sible ur if thF• s~~c•urity of this ~turtK:+Kt` N'UUII~ FN• i~ipaire~f, the insur:+n~~r pr~x~~Yds shall }-eapplied
t~ ~ the sums secured by this 11ortK:+Kc•, with thi• ~•x~•i•.., if :~ny; paid lu R~~rr~ivct•r. lf the !'rn~n•rt}• ~ti abandunrd by F~rrruwer, or if 13orrower fails to
rc•;pond to [.ender within :i~l d.~~s fr~rm tht• d:~te n~ui~•i• ~s mailtK! by I~~nd~•r t~~ ft~~m~w•rr that the• in~curancr camer offrrs tu ~[tle a claim for
~r~~urance benefiL4, I.ender is authoriu~cl t~~ cull~~~t and :~pph• th~~ imuran~•f• ~)f1N'IY•ds :it I.~nder's uptinn either to resturation or repair of the
E'ruperty or lhe sums serurrd by thiti l~lurtKaKr.
Unless I.ender and F3~,rruw•er otherv~•isi• aKre~• in H•nt~n~;.:uiy vuch :~ppli~•.+ti~~n uf pnr,•~Y•d~ to principal ahall not extend or postpune thedue
~ate of the monthly inslallments rrfE•rr~Yl tu in p:~r:~~r.~phc 1 and 2 t~~•n•uf ~~r ch:sn~;~• th~~ am~~uM ~~f such ins4~llments. If uneler paraRraph l8
ht~reof the Prvperty is acquir~l by I.ender. :ill riKht. titl~~ and inter~st ~~f Rorr~~w•~r in and tu :~n~ insurani•r pdicieR .+nd in and to the proceeds
tht•-mf resultinR from damaKe to Pro~wrty prior t~~ the ~ale ~~r acyws~tion sh:ill p:~.~ tn (.ender to the extFnt of the sums secured bp this
~tnrtKaRe immediately prior to such xale or :~a~u~sition.
fi. Preaervation and Naint~nenceof I'ro{x•rty: Iw•a~~•hulds:('onduminums; I'lanned ('nit Developments. fiorrowershali keep
thP f'roperty in Raod repair and shall not cummit w;~.t~• ur Ex•rm~t ~mpairm~~nt ur dt•tE•riorati~~n uf th~• Prop~•rly and shaU rnmply w-ith the
pn~~•isions uf any lease if this :11urtKaKe is un a I~~as~•hnld. If thi. !11urt~;a~;t• i. nn a unit in c- ~•~~ndumin~um or a planned unit development,
f~~,rrower shaU perform all of Ikirrower's obliKatiuns undi•r thr d~Y•laratiun ~~r cucenant. ~ r~•at:n~; ur KuvPrn~nK lhe condominium ur planned
unit development, the by-la~s .+nd reKul:~tiuns uf the~ ~~undominium or planntd unit de~elnpmi•nt. :~nd conslituent documentx..lf a
~ undominium ~~r pl:~nned unit dcwrl~r~nnrnl rider is i~xf~•utE~1 by li~~rruwi•r :md nrord~d tu~;etht•r w•i1h this biortK:~Ke, the rnvenanls and
,~~; rerments ~~f ~u~•h rider sh:~ll t~• in~ ~~r~wrat~•d int~ ~;~nd .h:~ll ami~n~3 :~nd ,uppl~•nu•nt th~• c~ n~t•n:~nts and .~~;n~e~ments of this MortKaKe aw if the
n~1~•r w•ere a part henY~f.
7. Protection of Lender's Security. (f F3orruwer fails to perform the rn~enante and :~greements rontained in thie Mortgage, or if any
action or proceeding ie commenced w-hich materially affecter l.ender's intrrest in the I'roperty, including, but not limited to, eminent domain,
~neolvency, oode enfoicement, or arrangemente or proceedinKx in~olving a bankrupt or decedent, then I.ender at I.ender'e option,upen
notice to Borrr~wer may make auch appearances, dieburar euch suma and take auch action as is neceseary to protect Lendei s interest,
including, but not litr.ited to, diebureement of reasonable attorney's tees and entry upon the Property to make repaire. If Lender required
mortgage ineuranre as a condition of making the loan secured by this MortKaRe, F3orrov~~er ahnl! pay the premiume required to maiAtain
quch ineurance in effect until euch time as the requirement for r-uch inAUrance terminates in nccordance with Borrower'e and Lender e
written agreement or applicabte [aw. Rurrower ehaU pay the amuunt ~,f atl mortKaKe inxurance premiuma in the manner provided undet
paragraph 2 hereof.
Any amounte diabureed by I.ender pereuant to thi~+ paraECraph 7. with intereHt thrrcun, ahall tx~-me addi:ional indebtednese of
Fiorrower secured by this Mortgage. L`nleas I3orruwer and I.ender aKree u~ other terma of payment, auch amounte ehall be payable upon
notice from I~ender to E~rmwer requeeting payment thereof, and eha~l bear interest from the date uf diabursement at the rate payable from
time to time on uutetAndinK principal under the tinte unlerui payment of interest at such rate would be contrary tn applicable law, in which
event auch amounte ahall bear intereat at the hiRhest r:~te permiaeible under applicable law. Nuthing cuntained in lhie paragraph 7, ahall
require I,ender to incur any expenae or take any action hereunder.
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