HomeMy WebLinkAbout1836Ii~,rr~>wer and I.ender ouvrnant and ~~nr a~ follows:
1. P~yment o~ Nrincipal ~nd lotere~t. IioROwe~ shall promptly psy whrn due the pnncip~l of and intere~t on the ~ndebtedr~
~videnced by the Note, prepayment snd tatecharge~ ai pr~vid~~i in the Nute, and tlir pnncipi~l uf and intercat on any Future Advance~ ~e~c~nd
by thi• Moei~a~e.
2. Funda ~o~ Tases ~nd losura~ce. tiubject to applici~ble Ic~vr or k- a wnttr~ warver by I.ender. Horrower~hall pay to I.e~deron theday
~nonlhly instulimenta af principa) and interest arr {~uyeble u~de~ thr Nr~te, unlil thr IVut~ i~s paid in full, a sum Iherein "fbnd~"! equal b oat
twelfth af the yearly taxee und assesa+nenb vrhieh mny att:~in p~ionty uve~ thia Murt~uK~•, and Kruund renla on the Property, if any, plwot~
;w~•IRh of yeurly premium installmrntss for huzurd insu~+~nrr, plu~ un.-twelfth ~~f y~:~-1~ ~~r.~mium ~astuUiaenta fu~ morign=e insu~snce,if any.
:.:1 s~s m:uwoebly eKtimnted initially and hom time t~~ time hy 1.•ndrr on lhr (-axix uf a~c.ri~.rxmentx and t-iila und reaumablr eatimutay ther~of.
'11~e Fur-dx shall be held in an inaUtulion the dep.w~iiw ~~r u~•~ti~unte of which cur inwunvl or Kuars~nteed by ~ RederAl or titate aYenry
uncluding l.ender i[ [tnder i~ such an ineUtutioN. Lender ahall upply the M undx tu ps~y auid taxes, assesamenta, ineunnce premiwas and
Kround renu. Itnder may not charge !or so holding and applyinR the FundA, :+n:~lyzing wid nrcuunt, or verifyinR and rnmpilin~ s~id
.~eaeasmente and bilts, unles~ l.eode~ pay~ Hnrrowe~ intereet on ~he Kundv:~~d nppl~~i-ble law pe-mits I.ender to make such a chsrge. Borrower
and l.ender may agree in writin~ at ~he time ot eaecution ~-t thia Murt~a~Kp ~hat interrKt on thc Funds shall be paid b E3ormwer, and ~n1eM
~uch a~reeme~t ia made o~ applicable law n~qui~e~ such intereat to be paid, I.ende~ xhull not be requircd b pay Iiorrowet sny intttwt ot
rurnings on Ihe ~nd~. l.ender ~hall ~cive to Born~wer, without charge, An s~nnual aiYy-untiog of the Funds ehowi~g credits and debit~ to the
b'undi s+nd the purpox fur wfiich each debit to the l~ unds w•:~a made. '1'hc Fund.~ an• ~~IedK.d ~q a~dditiunal security for thesuma ~ecured by thi~
1lortgage.
If thc amount of the Fuhds held by I.rnder, t~q~ether with the future monthly in~tnllmrnts of Funds payahlepriortotheduedalesoftue~.
:~~seasments, inaurance premiuma and gn~und n•nta, ehnll ex~ r~l thr :~muunt n~~uin~l tu pnv xaid taxes, aaeesament~, ineuraocr premiuau
.-nd ~nwnd renta as they t~ll due. such exceas ahal{ t~r, at 11c~~mwer s option, cither prompUy repaid to Eiurruwer or creelited to Borrower on
monthly inslullments of Fundi. If the :smount of the Funda hcld by I.ende~ ahlll not t~c aull'icient b pey taxes, aasessmenls, inaur~not
~~rrmiuma and g~ound rents aa they fall due, &-rruwer ahnll pay to (rnder nny t~m~~unt necraeary ta make up the deficiency withi~ 30day~
lr~+m the dnte nMice is mailed by 1.ender in I~~rrower rw~uc~tinK paymcnt thern~f.
Upun payment in full oiall aume secur.d by thi~ M~-rtKi-Ke, l~emler aha~l{ pn-m}-t{y mfund tn 1i~~rn-wer any fund~ held by l~ender. If ur~der
paragraph lH hem~f the Pruperty ia aold or the P~oprrty ia c,thervvixe acyuirMl by I.rnd~•r, I~~~de~ ahall apply, no (aterthan immediatelyprior
a~ the sale of the Plropedy or ita acyuisiti~~n by la~nder, any F ~n~la hrld by I.ender nt tlu• timr of opplics~tion as a credit againat the suma aecnrecl
t~~• this Mortgage.
:i- Application o~ Payrnents, lfnlea.+ rpplicuble tav- pr~~~idcx ~~therwiw•, all paymPnta meivtY! by 1<nder under the Note and
~~:~raKraphs 1 and '2 hereuf shall br applird by I.ender fir.zt in p:~~•m~•nt of ninoun~4 p:~y:~hlr to I.endrr by Ibrruwer u~der pata~~aph 2hereof.
ti~f-n to interest payabie on the Note, thrn to the principal of the Nute, and then t~~ intrre4t and principal on any Future Advaned.
-1. Char~es; Liens. Rorrovirer sh.-i! p:~~• alf taxrs, u::~c~~:;.mrnt~ :~nd oth~r rhar~;~~, fine.:~nd im{N,sitiuns attributable to the Property which
n,:~ ~ aUs~~n p priority ovrr this A1ortK:i~;~•.:~nd !~ :~w•h~~ld p:~~ mcnt. ur tinwnd rent~. ~f any, in the m.inner ~rc~vided under paragraph 2 htreofor,
~ t n~~t paid in such manner, by ii~,rruv~rr makin~ paymi•nt, when du~•, dirrcUy tu th~• pay~r thrrrof. liurn~vrershal) promptly furnish to [ender
.~11 n~+ticrs ~~E:~m~-un~~ du~ und~•r this p:~ra~;raph. and in th~~ ~•v~•nt lt~~rrowrr shal) mak~• p:~}•mrnt dinrtly. lbrmwer shall pronnpUy [urnish b
1 ~•nder rPCeipts rvidem•~nK such pa~•m~•nt. IA~rr~~H•rr xh.ill p~i-m{Hly d~sch:~rY~• :~n~ {~en whu•h h:~s prionty ov~•rthia Mort~(aKe: Pmvidtd, that
it~~rruwer shall n~~t 1~~ n~uimd tudi.char~;r:my wch h~n su lan~; a~. R.~rruw•~•r.h:~ll aK~ir in w•ritinK tu lhe p:~ym~ nt nftheobligatian securedby
.u~~h 1~en in a mamnrr accept~~bl~• t~~ Ixnd~r. ~~r.hall m~;iM~ci f:~~th ~•~intc~t ,u~•h lu•n b~•.ur~1~•f~•ndenfor~ti•m~ntofsuch lie~ in.legal prorndinis
:. huh oprrate tu p~e~•rnt the enfi~r.•em~•nt uf thr t~rn ur i~~rir~turr ~~~ ~h~~ 1'ru{N~rtc nr :~ny p:~rt lherrof.
:~. Hazardlnauranci•. K~~rr~~w•~•r.h:illk~rpthvimpruv~•mrnt.n~~w•~•xisti~~Kurh~•n:~Rere~evtedontheProperty+nsurRdagsinstloNby
t; n•. h:u.arJ:~ ~ncludirl w~~hin th~• t~•nn "rxt~•nd~~i ~•uv~•r:~K~•.'~'md xu~•h nth~•r h:varJ.:~, l a•nd~•r m:~y rw~uirr:~nd in ~uch amounts and forwch
ti+•~n~Ml~ :~s la•nd~•r may ny~u~n~; pruvi~i~+f. that lA•nd~•r ~hall n~d ny~uin• Uiat thi• :~m~~unt uf ~ui~h ~Y-vrraKe ex~•eed that amuunt of cuveraae
n,~uir~vl lo p:~v lhi• ~urn~ •~yurtrl I~y Ilu. ~lorll;:~-;~•.
~llu• mvuranir r.irnrr ~rr.~~ idui~ thr in.ur.~nrr .h.~ll fN• rh.~.,•n bv Ii..f~~~N~'f tiU~~~~•~"I 1~~ J~1~~/uY:II I/~" IA•IIlIPf, ~/f•1\7fIWI. ~Ilal.uch :~ppruva)
.h:~ll nu[ lK• unre.~s~~n.~hl~ aitiil~rld :~II prrm~umc ~~n ~h.ur.~u~~~~ p•~liru•..ii.~ll iw• p:iu! u~ Ih~• u~ann~•r prn~•~dw1 undrr paraKraph'! hrrer~for. if
n„t, p:~td in .urh m:mn~•r. bv I~~rr~~Hrr m.~k~n~; p.~~uirnt. a~h~•n diu•. ~I~nti•tl~ h~ ttu• u~•ur.tin~~• rarnrr.
All ~n.ur:~nce ~~lirir. and rrn~•w al. th~•r~•of .h.dl l~• ~n furtn :u-rrpt:~lrl~• tu I~•ml~~r :~nd ~h:~ll m~•ludr a si:~nd:~rd morlKaKeclauee irt [avoc o[
.uid m f~~rm :~~rrptafile to {~•ndrr 1 ~•nd~•r.h_~Il havr th~~ n~;ht t.~ IIHIII III~• ~Nlhc~r~ and n•m•w~alv therw~f.:~nd l~~~rrowerahall prom{,tly furnieh to
~ ~•nd~r :dl renrwa) n~.tic~s and :dl tea•e~pt•,~( p:+~d prrtr~um~ In thr ~•v~•u! uf {~i.:, {4 .rr.~N•~•r sh:~U ~~~•r pr„mpt noticr tr- the insurance carrier
.~nd (.rnd~r. l~~nd~r m:~~• m:~k~• pn^~f ~~f 1~~,• ~f n~~r ~n.~d~• pn~mptl~• ht• R~~rrnw•~~r
1'nlr.. l,rnd~•r :md I~~rr~~w~er ~~th~•r:a ~.~~ :i~!n•~• in M rit~n~;. in.uran~ti• pnNr~•d. ,h:~ll tN• npph~•+1 t~~ rrxtor~tion or repair o( lhe Property
~i.~maked, pruvidr~! su~•h n•st~-r.~ti~~n ~~r r.•p.~~r ~~ ~.•~m~~m~~:~lh~ f~:~•~Llr and thc s~~ unt~ ~~f this MortKage ia nut thercby impaired. If wch
r~•sturatiun or rrpair is nut cY•unumi~ :~ll}~ f.:s~ihl~• ~~r ~f th~~ ~~runt} ui this 11urtK:+yC~ N•~~uld t+e impaurd, the~nsuranee pr-ceedsshall beapplied
t~~ thrsumssecurrrl hy th~. M~~rt~;:~~;e~. w•~th th~•rx~ ~•.x, itanp. ~r:ud tu I~~rn~.+~~r Ifthr PnqN•rt>• ~x:~band~~nrd by fiurruwtr.otif RnR+uwerfailsW
rr..~«~nd to f.Pnder within :i~~ days fn~m th~~ d:itr nnt~~-r ~x mnil~vl bc I ~•n~1~•r G~ li~~rruw~•r lh:~t thr insuranc~ camer of~er+toaettle a claim fot
~ n~orance benefits. [.rnder ~R authur+utit to c~~U~~~t :~nd appl~ t!u• ~n,ur:mr~• pnK•~ti~t. at I ~•nder'P opti~ro eilher to resloratinn nr repair of the
I'ru{~tt} or the sums wti•umcl by thix 11nrt~:~~;~•
l'nlen.o Iknder and Ii~~rnewPr ~~IhrrN~~.~• :~~;r~y in w•nhn~;. :~n~• ~u~•h :~p~~li~•at~n~- ~~f pr~N•~~til. t~~ pnncip~l rhs~ll not eztend ~r pwtpone thed~e
,t:~t~~ uf lhe m~~nthl~• inxt:illm~~ntx rrG•rnyt 1~~ in ~r.~r:~~;r:~ph. 1:uul'3 h~•rr~~f ~•r ~•Ic~n~;~• th~•:unounl•~frw•h inet~~llmenle. lf under paragraph IB
f~ ~~rcof the Pn-perty is acquirc~l h~ 1,~•n~la•~, all nKht. Utle anJ ~nU•rest uf It~~rruv«•r m and t~~ :my inau~ance poiicien and in and lo the proeeeda
ih~•re~~[ resultinR fr~,m domaKe G, {'ruprrty pnur to th~• ~c:~~e ~~r :u•qwsit~nn shall p:~+s tu 1 Rnder w the exteot o[ the eums aecured by this
11~~rtKage immedi~tely pnur to such sale ur aryws~ti~~n.
F._ {'rewervstivn and Maintrnanc~ uf 1'ruprrty:Iw~H+~•holdy:t'onduminum~; i'lanni~d linit I~velopment~. Eiurrowershallkeep
thr• I'ruperty in K~xI mpair and shall n~~t cummit wa~te• ur {x•rin~t im{uu~me~nt ~~r det~•rinratu~n of the f'ropeAy and sha11 rnmply with the
pr~~.•~xiunx of any lense ~f this Aturty;aK~ iw on a li~aschnld. If this tlurtKaKe is ~~n a umt in a~,~ndominium or e planned unit developmes-t,
f t~,rruwer sfiatl ptrform atl of it~~rr~~wer's ot~ligaU~~ns undcr thF de~c~lar.di~~n or c~~r~•n:~nt~ ~~m:U~n~or govern~na the condominium or planned
u~ut de~rlopment, the b} 1:1M'A :~nd ~c•KuL'1(11/{i5 ~~f thr ~•nndumui:um or {il.~nnid unit devetopment, and constituent documenb. If a
~~ mduminium or plannrcl unit dr~•~•I~~pnu•nt ridr~ i. ~•x~Y•wid b~• li~~rr~~w~•r :md reti-~~r~I~Yi tuKrlhcr with thie Mortgsge, the oovenanis aod
+~;rr~•m~~nt~ uf ~u~•h rid~•r ~h:~ll tN• ~n~•~~rp~~rat~~l ina~ :~n~l .h:~ll a:ne•nd :~nd .uppl~•m~•n1 th~~~•o~•~•n:~nLv:~nd aKmemrnlao[this MortgaReaaif the
- ,tor wen• :~ part herw~f -
~. E'ro/ection of I.ender's 3ecurity. I~ I~l}R~~NPr ~RIIS ~l~ PCt~lIT~11 LZIP C1~Y(~nnntx :~nd agreements contained in ihi~ Mortsqe, ar it~ny
.~rh~m ~~r pnx~reding is commenced w•hi~h materially afftctn 1~ndPr'e intereet in the 1'rnprrty, including, but not limited to, eminentdoowin.
~nw~{vPncy, a-d~ enforcement, or arrangementr or proceedinge involving a bnnkrupt nr de~cedent, then [.ender d I.ender'~ oppon.npoa
n~~t~n to Horr~-wer may make such appearance~, d~rburee rurh eums end take yuch u~tion aa is neceswry to protect I.ender'~ intee~R,
~n~•:ud~nK, but not limitrd to, dieburerment of reaeunablr attorney'e [ee~ and enlry u~Km the Pruperty to make repain. It Lendet requird
m~~rtg~KF ineun~nce ae e condition of mukinK thr l~,:~n eecunrl by thie MnrtKf+K~•, li~~rrnwpr ehnl) pay the premiurtu ~equired to tnaint~in
Nu~•h innurance in rtiect until euch timr us thr reyuirrment G~r eurh ~neur:~nrr termmatew in accordance with Borrowet i end Lendet'i
~~ntten rRreement or applicable l.aw. (torrowrr nh.till pay th~~ sim~~unt ~~f all m~~rtK,iKe insurance premiume in the manner provided und~
paragraph 2 hereoL
Any amounta diaburnrrl by I.ender per~uant tn thie par:~Rraph 7, with ~ntrn•et th~•rey~n, vhall become additiunal indebtedneM ol
li~~rt~-wer eecur~rl by th~K NortKaRe. t~nleae f~~rruwer and l.ender agrre G~ oth~r trrtnv ~~f p:~ymrnt, euch amounts ~hall be payabk npon
n~ ~t~ce trum I~ender tn liorrnwer requ~etinK p:~~•ment therer~(, and eh~-It 1-e:~r tnter.~xt f~um the dat~ ~~f di~bursement at the rate payabk ~mm
t i mr tu t~me on ~~utstc+ndinK principn) umlrr lhe h~itr unleMa p:iy~mrnt of ~nt~•rec+t :~t ~u~•h rate would be rnntrsry to spplicable law, it1 which
~~v+~nt euch am~~untn ahall h~ear intereet at tht hiKhE~t n~tr permixy~ble und~•r s~pph~•ahle law Nothing c~~ntained in th~e ;-ataQ~aph T, shall
ny~uire I.end~~r 4~ ~nrr.~ a~~y rxpenar ~r take any nct~on hereunJer.
.j,~ ~--~° ~
$~347 ~,~~g.~p
~-- s : - - - ~ ~~~
" ~ ~'~"~ -~~-~~~ - _: