HomeMy WebLinkAbout0776ltorrower and l.e~der cove~ac-t and ag~ce as follows:
1. Payment of P~rincipal and I~tereat. Borrower ahall prompUy pay when due the principal of and intereat un the indebtedneae
evidenced by the Note, prnpeyment and latechargea as provided in the Note, and the principal otand intereat on any F uture Advuncea secured
by this Mortgage.
2. Ftitnde for Ta=ee and [neurance. Subject to applicuble law or to a writtrn waive~ by I.rnder, fiorruwer xhall pay to 1 xnder on the day
monthly inatallme~ta of principal and interest arn puyabie unde~ lhe Nute, until the Note ie puid i~ full, a xum Iherein "Munds") rqual to one
twelfth of the yearly taxea and asaesementa which mt~y attuin priority over this Alorlgage, nnd ground rents on the I'ruperty, if any, plue one
twelfth uf yearly premium installmenls for hazard insurunce, plus onetwelflh of yearly premium instullmenls for mortgage inaurunce, if any,
.ill aa reasonably estimated initially and from time to tin~e by I.rnder on the basis of a~esvmrnts and billa uod reusonable extimt~tes thereot.
The Funda shall be held in en inatitution the deposita or accuu~ts of which are inxurcd or guarantred by a Federal or State ugency
~including I.ender if l~ender is auch an inetitution). l.ender ahall apply the h undx to pay said tiixea, asaeat~mrnts, insurAnce premiumx and
Kround rente. I.ender may not charge for eo holding and applying the Funds, analyzing said nccount, or veri[ying and compiling said
asaeaements and bills, unleae I.ender ~saye Borrower intereat on Ihe Funds and applicablr law permila l.ender to make auch a charge. I3orruwer
:: :d l.rnder cns~ sgree in writing at the time ot execntion of this Mortgage that ':nterest on the Funds sha!! be p~id to liorrvwer, and unlees
such agreement is made or applicable law requirea such interest to be puid, l.ender ahall not be reyuired to pay E3orrower any inlereat or
rnrninga on the flinda. l.ender ehall give to E3orruwer, w~thout charge, tin annual t~ccuuntinK of the Funds show~ing credita und debils to the
N'unds and the purpose [or which each debit to the Funds wus m~de. The M und~; um pledg~d e~~ additional security for thr sums secured by thia
blurtgage.
If the amount of the Funda held by I.ender, together with Ihe future monthly ins4iilments of Funds payable prior to theduedates oftaxes,
assesaments, insurance premiuma and ground rents, sh~ll exc ~ci the :-mount reyuired to pay s.iid luxea, assessments, insurancr premiuma
and ground rents as they fall due, auch excess shall be, at fk,~TUwer's uption, eithrr promptly repaid /o liorrower or credited to t3orrower on
monthly instailments of Funds_ If the amount of the M unda hrld by I.ender shall not t~e sufficient to pay taxrs, s~sseuamenta, inaurance
pmmiuma and ground renta as they fall due, Borrower shall pay to la nder ~ny amount nrcessary tu make up the deficiency within 3~ days
from the date notice ia mailed by I.ender to liorrowrr rryuestinK paymrnt therr„f.
Upon payment in [ull of all aums secured by this Mortgage, l.ender shr~ll prompUy refund to Fiurrov-er :~np funds held by I.ender. If under
paragraph 18 hereof the Properly is sold or the Property is otherK•iae acyuired hy I~ender, I.ender shall apply, n~~ It+ter than immedi:~tely prior
tu the sale of the Property or ita acquiaition by l.ender, any Funds held by I.~nder a~t the tim~• of ~pplication ~s a creclit aKainst the sums secured
by this Mortgage.
3. Applieation of Paymenta. Unless applicable lav~ provides othrrvvise, all p:~ymenGc receivrd by I.ender under the Note and
paragraphs 1 and 2 hereof ahall be applied by l.ender firxt in payment of amounts payable to l,ender by &~rrower under paragraph 2 hereof,
then to interest payable on the Note, lhen lo the principal of thr Note, :~nd then tu interest and pnncipal un any Nuture Advances.
4. Chargea: I.iens. Borrov-ershaU pay all tax~w,.-tisi•ssments and utlu•rcharKes, fin~~s.-nd im{n~sitiuns attributable tu the Yroperty which
n:ay attain a priority o~er this MortkaKe, and leas~•huld ~~a~ m~•nts ur ~ruund rents, if.~ny, in thi~ manni•r provid~~cl under paragraph'Lhercr~for,
if nut paid in such manner, b~• Rorruwt•r makin~ pacme•nt, when dur, din~•tl~ t~~ the~ p:~y~ti• tht•r~.~f. Rurmwi•r ~h:~ll pmmptly furnish to (.ender
;~II notices of amuun~~ due under this par:~~;r:~ph, and ~n thi~ t•v~•nt Iturn~w•~~r shall maki• p:~~•m~•nt dirw•tlv, 1{nrrowi•r shall prumptly furnish to
I.t•nder receip~S evidencinK such pa>•rnents. li~~rruw~t•r shall pr~~rnptl~• di~~•t~:v~;~•:~m• lirn whi~•h h:~s pri~~rit}• ~~v~•r this ~1ort~;:~Ke~; pro~•idtYl,that
ti~~rrower shall not he reyuind tud~schar~;t•:in}• sui•h lu•n ~u lun~; :~, li~~rr~~w•t•r.h:~ll a~nti• in w•ritin~; tu th~• pay~nt•nt uf theubliK:~liun ~rc:urrd by
~uch lien in a manner accrptabli~ to la•nder. ~~r sh:t~I lll ~INNI f:~ith ~•untE•.t .u~•h lirn h~•, ur drG•nd ~•nfun~~•m~•nt nf.u~~h lirn ~n, I~~~;al pnN•cyrlings
w~hich operate to prevent the enfon•em~•nt uf thc lirn ~~r f~~rG•itun• ~~f th~• 1'r~~p~•rt}• ur :~ny p:ir! thrn~~f.
c~_ Hazard Insurance. Kurruwer sh.~ll k~~e•p tht~ ~mpr+~v~•mrntti nuw• ~~xi.tu~~; ur hi•rt•:+Rt•r rn~c•ted un the Pru~•rty insurc~l uKainst Icss by
~ire, hazards includecl veithin the t~~rm "~•xtend~~ci ~•u~•t~r:iKi•." :md w~•h oth~•r hazards :-s 1 ~•ndt~r m:~y nr~uirr and in such :imnun~~.ind for such
{x•ri+ids as l.ender may reyuire; prm•id~Yl, that IA•ndi•r .hall nnt n•yuirr Lhat th~• am~~unt uf sui•h ('1~YPr:~~;~~ rxi-etitil that amount of co~eraKe
nr~uircd to pa~ the sums cc~•unrl b~~ thi~ \1urt~;:-Kt•.
The insurance r:~rrii•r pru~•idin~; th~• insur.~nr~• .h:III ~M 1'fl1~~PI~ FI~' ~SIIRI~\\PC 511~1~19'I GI :~pprucal 1~~- Le•nd~•r. pru~•id~~}. that ~ui•h appro~:~l
.hall nnt I~e unrr.isun:ibly w•ithh~~1~1 All pre~~mumx ~m in.ur:~m•~~ {~~~I11'1~'~ ~FI:/II IN• (I.IIII 111 IF1P Il1:lIl11Yf ~If~~\'I(IWI UI11IPf FIi1f:~~;r:~ph"hrrwdur. if
nut p:+id in such manner. b}• It~~rruw•~•r mak~r~{~ p:~~~rn~•nt. ~~hrn ~hi~•. d~r~•~~tlc t~~ th~• ~n.ur:~ni•~~ ~-arri~•r. ,
All insurance policies and rrnrwal. th~~rw~f shaU IN• in furm ai•~•~•ptahl~• u~ I~~nd~~rand ~hall im•ludra ntandard murtKaKeclause in favorof
.ind in torm accept~+bleto I.ender. I.FndF~r~hall h:~~•i• th~• ri~ht t~~ h~rld thr EN~Iu•~r.:~nd rt•nrwals th~•reti~f,:~nd Kurr~~wershall prumptly furnish G~
~ r.•~~ier a!! renewal nntic.~v and all nvripts of p:~id pn•mium~. In th~• f•c~•nt uf 2~~.., liurn~rcrr.h:+ll K~vr pnrmpt n~~tic~• G- thr insur:incP c:irrier
and I.ender. I.ender may make pn~~f uf toss if n~~t maidF• prumptl~ b~~ Iturrow~~~r
Unless I.ender and Ii~~rruv-~er othrrw•i.e .~KrtY• in w~rit~n~, in.urancr pr~K~~•~~ds sh:~ll tK• :~~,plii~d tu rt•~turat~on or repair uf the PrupPrty
damaged, provided such resd~rati~~n or rrp:~ir i. ~~~nm~mi~•.ill~• f~:~~ild~• :ind the ser~untc uf this ~1urlKaKe ~ti nut thrreb~~ impaimd. (f such
rrstoratiun or repair i~ nut econumic:+lly fras~blr ~~r ~f tht• uY•urit~ ~~f this ~1urt~aKr v~'~~uld tn• ~:npairf•d, the ~nsur:inre pr~~c~~1s shall t~eapplied
t~~ thesums secured by thig N1ortKuKt•, w~th thr f•x~•~•.~. ~t am~, p:ud t~~ li~~rn~wer If th~• Nru~x•rtc iti abandunecl by Korrower, or if F~rrruw•er faila to
re:~pond to l~ender within :i~~ da~•s frum th~• d:~t~• n~~hi•~• ~~ m:-il~d Fn• I~•nd~•r t~~ IA~rr~~w~•r that thr intiurance camer ~-ffers tu setde a claim for
in~urance t~enefiLv, I~ender is :+uthuriz~rl to ~r~U~rt :~nd .~pph- th~• in~~r:uu•~• pnK~~~•ds at I~~nder's ontion either tu rrtituratiun ~~r repair of the
Property or the sums secured by this ~tort~;aK~•.
Unless I.ender and F~xrnwer othrrw•ise a~;rtti• ~n w•ritinK.:~ny su~•h ap~di~•atiun of pnx-w•ds to pnncipal 4h.+ll not extend or p,stpune thedue
date of the monthly installmen4s re•frrrtrl tu in par:+Kraphs 1:~nd 'L hF•rrnf nr ~•h:~n~r th~~ amuunt of such installments. lf under paragraph lti
hereof the Pruperty is acyuirrd by I~•nder. :~ll nKht, titlt~ :~n~1 ~nti•rrst ~~f Iturn,w•~•r in an! to :~ny intiurancr policies and in and to the proceeds
thereof maulting from damaKe to I'roperty pnor t~~ th~~ ~:+Ir ur a~•yw~itiun sh:ill p:~ss t~~ f.~~nder to thi~ Pxtent ot the sums securec! b~ thix
~t~~rtKaKe immediatelV prior to auch salr or acyu~siliun.
6. Preeervation and Maintenanceof Property; la•s-~i~huldw;('onduminumv; I'lanned l;nit Uevelopmente. Bc,rr~~wershall keep
thc• f'roperty ~n K~,od rep.iir and ~hall not cummit w:~.t~• ur prrrnit irnpa~rmrnt ~~r d~•te•riorah~~n uf the Pruprrty and tihall rnmply v-~th the
4~ruvisions nf any lease if this 111nrtKaKe is on a lec~,rh~~ld. If thiti ~turtKa~;~• i. on :~ unit in a~timdumenium or u plannrd unit development,
iturrower ahall perform all of Ei~~rrnw~er's nbliqatiun~ and~•r thr d~~-L•~r:~tiun ~~r c~~~c~•nant~ ~~n :+hn~;ur Ku~•f~rn~nK theconduminium nr planned
unit development, the by-laws and rey~ulation~ of the ~•~mduminium r~r plann~rl unit dFVelnpmt~nt, :~nd cunstituent documen!s. If a
~~~nduminium or planned unit de~~rlopment ridrr is P%fY'U-!YI f/Y li~~rruw•rr :~nd reY•„nled t~r~;ether Nith this Mortgage, the rnvenants and
,~~; re~•ments nf su~•h rider ~h.~ii IN• ~nc•ur{N~r.d~•d intu :~nd tih:~l l:un~•nd and .up~rl~•rn~•nt th~• ~~u~•~•n:~nts :~nJ :~Kr~~•ments uf this ~1or1K:+Ke as if the
fl(~Pf NPiP :l ~il~ ~1PfP~/~. ~
7. Protection of Lender'e Security. If &~rrower fails G~ perform the co~•enants and agreemente contained in thie Mortqage, or if any
:~ction or proceeding ia commenced which materially affects I.ender'A intereet in the 1'roperty, including, but not limited to, eminent domain,
ineolvency, rnde enforcement, or arrangemente or pmcerdinKx involving a bankrupt or decedent, then l,ender at I.ender'e option,upon
notice to Aorrower may make auch appearancee, disburse such sume and take auch action an ia neceaeary to protect L'ender'e intereat,
induding, but not limited t~-, diebursement of reasonable attorney'~+ fc~a and entry upon the Property to make repaire. If Lender required
mortgage ineurance as a conditiun of making the loan 9ecureci by thiA hlurtKaKe, Borruwer ahall pay the premiume required to maintain
such inaurance in effect until auch time as the requirement for 9uch ineurance terminatee in accordance with Burrower'e and I.ender'e
written agrrement or applicable I.aw. Borruwer ehal) pay the amuunt ~if all murtKaKe inxurance premiums in the manner provided under
paragraph 2 hereof.
Any amounte diabureed by I.ender pereuant tn this ~araqraph 7, with ~ntereat thereon, ahall txrume additional indebtedneae of
F3orrower xecured by thie Mortgaqe. Unleas Horrower and [.ender aKree Ur ~-ther terme of payment, auch amounte ehall be payable upon
nc~tice fmm [.ender k, ik,rn,wer requeeting payment thereof, and ahall bear intereat frnm the date of diebureement at the rate payable from
time to time on outetanding principal under the Note unleax payment of intereet at such rate would be contrary to applicable law, in whiefi
event such amountic shall bear intereat al the highest rate permixsible under applicable la~a. Nnthing contained in this paraKraph 7, ahall
require I.ender to incur any expense or take any action hereunder.
: B~~'~'K 349 s~~~E 777
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