HomeMy WebLinkAbout1151Borrower and l.ender rnvenent a~d aQtee as tolbws:
1. Pa~rment o~ Pr'incipal and Intece~t. Borrower shall pmmpdy pay when due the nrincipel of and intereat un the indebtedneee
evidenced by the Note, prepayment and lale charges a~ provided in the Note, and the principal of and intereston any Future Advances secured
~y this Mortgage.
2. Funde tor Tases and Inaurance. Subject to applicable law o~ to a written waiver by I.ender, Eiorrower ahall pay to l.eoder on the day
monthly installments of principal and interest are payable under the Note, until the Note ie paid in tuU, a aum Iherein "F'unda") equal to on~
twelRh of the yearly taxes and aseeasments which mey attain priority over this Morigage, and ground rents on lhe Property, itany, plue one~
:X;lfthciyesrly g~mium':nstall.-nenisforhazardinsurance,plusonet:~rlfthaf~r~rlppremiur,~:rsEu:l..~e.-+:aavFiTwiiga~ci~~5i"s7a~ife,3~iFiji.
all as reasonably eatimated initially and from time to ti~ne by l.ender on the baeis of assesame~ts and bills and reasonable estimatea the~eo[.
The Fl~nds ahall be held in an institutioa the deposits or accounte of which are inaured or guaranleed by a Rederal or State agency
lincluding I.ender it I.ender is such an institution). Lender ahall apply the Funde to pay said taxea, aseeaemente, ineurance premiums and
ground rents. l.ender may not charge fos so holding and applying the F unds, analyzi~g aaid account, or venfying and compiling said
asseaementa and billa, unless Lende~ pays Borrower interest on the Funds and applicable law permita I.ende~ to make such a charge. l3orrower
and Lender may agrce in weiting at the time o! eYecution of this Mortgage that interest on the Funde ahall be paid to Borrower, and unleas
auch agnrment ia made or applicable law requirea auch intereat to be paid, l.ender ahall not be required to pay Borrower any interest or
eamings on the Flinds. I.ender shall give to Borrower, vrcithout charge, an annual accounting otthe Funds showing credits and debits to the
Funda and the purpose for which each debit to the F unds wae made. 77~e F unda are pledged as additional eecurity for the sums aecured by this
Mortgage.
If the amount of the Funde held by t.ender, together with the future monthly inatallmenta of Funda payable prior to the duedatea oltaxes,
aaeesamente, insurance premiums and ground rrnta, ahall excred the amount required to pay aaid ta:ea, asaessmenta, insurance premiums
and ground renta ae they fall due, auch exceas ahall be~ at Bo~TOwer'a option, eithe~ prompUy repaid to f3orrower or credited to Horrower on
monthly installmenta of Funds. If the amount of the Funda held by I.ender sKall not be eufficient to pay taxes, aaaeasmente, inaurance
premiuma and ground rentu aa they fall due, Eiorrowe~ ahall pay to Lender any amount necessary to make up the deficiency within 30 days
from the date notice is mailed by I.ender fo E3orrower requesting payment the~eof.
Upon payment in full of all auma secured by this Mortgage, Lender ahall promptly refund to Borrowe~ any funda held by I,ender. If under
paragreph 18 hereof the Property is sold or the Property is otherwiae acquired by Lender, l,ender ahall apply, no later than immediately prior
w the sale ot the Property or ita acquisition by l.ender, any h unds held by l.ender at the time otapplication aa a credit againat the aums secured
by thie Mortgage.
3. Application of Paymente. Unleas applicable law provides otherwiae, all payments received by I.ender under the Note and
paragraphe 1 and 2 hereof shall be applied by Leader f rxt in payment of amounta payable to l.ender by ~3orrower under paragraph 2 hereot,
then to interest payable on the Note, then to the principa) of the Note, and then to intereat and principal on any Future Advancee.
4_ Charges; Liens. Eiorrower shall pa~ all taxrr,, assessments and uther charKes, fines and impusitions attributable to the Property which
may attain a priorih• uver this MortKage, and le.-~sehold payments ur ground rents, if any, in the manner providrd under paragraph `L hereo[or,
if nut paid in such manner, by I~~rroMrr makinK payment, when due, direcUp to the payee thereoC B~~rruwershall pr~~mptly furnish to l,ender
~11 notices of am~~unLti due undrr this garagraph, and in the evrnt Bortuwer shall make pa}~ment directly, Born-wer shall promptly furnish lo
l.ender rcreip~~ e~•idencing sucFi pacmrnt~R. f~rruwer sh:ill promptl~ dicchargr any lien which has priurity over this MortKage: pmvided, that
Borrower shail not he reywred tu discharKe any such lirn su IonK as lic~rtuwer shall aKtree tn writinK to the payment of the ubliKetion secured by
such lien in a manner accep4iblr to I.e•nder, or shall ~n Kixid faith n~ntt~st such hen by. ordefend enfurrement ofsuch lien in, (rKal proceedings
which operate to present the enforccment o~ the hen ur fnrfriturr uf the Pruperh• or any part therruf.
5. Hazerd Insurance. Fi„rruwer ~chail keep thr improvements nuw rxistinR or hereaher erected on the Yroprrty insured against losa by
fire, hazards ~ncludcd within the term "extendcd cuveraKe." and such other hazards as I.ender mav require and in such amounts and for euch
peri~ls as l.en~ler may reyuire; proeidcd. th.it I.e~der sh.~ll nr.t reyuire that t6r am~~unt of such cvveraKe exceed that amuunt otcoverage
required to pa~- thc~ sums ~e~vrrd hy th~s :NortKaKe.
The insurance i•am~•r pr~~~•~d~nK thr ~nsuranct• sh:Jl t~r ~•h~rsrn b~• 14~~rr~~wf•r sub~ect tu appru~•al bv I.ende~. j~rn~•idctil, that such .ipprnval
shal) not be unreasun:~bl~• w•~thh~•Id All premiums ~~n ~nsurance p~~h~•~r..hall tx- pa~d ~n thr mann~r pru~•idrd undrr par.iKraph'L hereof or, if
nut paid in such mannrr, b~• fiurruw•er mak~nK paymrnt, w•hrn due, d~r~Y•tlc U~ the msurao~-r c.IRIPf.
All insurance pol~cies and renewels thereof shall be in torrn acceptahle u, l.ender and shall include a titandard mortgaRe clause in favor of
and in form acceptable to I~ender. I.rnder shall have the nKht,u~ huld thr. W~hcies and renrwals therc~~f.:~nd Knrrov-ershall promptlv furnish to
~.rnder all renewal nut~ces~nd all rece~pts of paid prrm~ums In the e~~rnt of luss, liurrower shall Q»•e prompt nuhce to the insurance carrier
and l.ender_ I~ender may make pronf of Inss if not made promptly~ hy ~3orruwer.
Unless I.ender and liurruw•er othrrw•i.r aKrrr ~n writinK, insurance procc~eds shall br applird lu rexturation or rrpair o€ inr rroperiy
damaged, providec~ ~uch resu;ratiun ~,r rrpair ~s ec-onumically frasible and the srcurit}• of this Mortgage is nnt thereby impaired. If aucfi
rrsG~ration nr repair is not econumically (raciblP or ~f the u~cvrit~ :~f this AlurtgaKr wuuld be i:npaired, lhe tnsurance proceeda shall beapplied
to the sums securrd b~~ this :11nrtKil~(P, K'1(Fl (FIPPICP~!i, I~iIDY, PJId ~O F~IRONP~. I~~FIE PiVPPT(y ISflbaDdOOBd by EjOROWC~, O~ If ROR01R@f I81~8 ~O
respond to l.ender wiihin :il- days frum the datP nut~ce is mail~l by I.ender to Kurruwer that the insurance carrier offers io settle a claim for
inaurance benefitr, I.ender ~s authurizrd tu cullect and appl~ thr ~nsuranm pruceecls at I.ender's optiun either to restoratiun ~~r repair of the
Property or the sums xecurrd by thia MurtKaKe. .
Unless [.ender and Fir~rruw•er ~~thrrwisr aKree in wnt~nK, any such application uf pn-ceeds lu principal shall not extend or postpone thedue
date of the monthly installmentrz referred tu in paraKraphs 1 and `2 l~ereuf or change the amount o[such installments. If under paragraph 18
hereof the Property is acquired b~ I.ender, all right, title and interect uf I~~rn~wer in and to any insurance p~~licies and in and to the proceeds
thereoi resultinR from damaKe tn Property prior to the sale or acqwsition shall pass to I,ender to the extent of the suma secured by this
MoKRage immediately prior to such aale or acquisition.
6. Preeervation and Naintenance of Property; I.raxehulds; Conduminpma; Ylanned Unit Developmenta. E3orrower ahall keep
the Property in Ra~d repair and shall not commit waste m permit ~mpairment or deterioration of the Property and shall comply with the
pro~•isions uf any lease if this :11ortKage is on a leasehold. If this :11uRgaRe ix un a unit in a condominium or a planned unit development,
Rorrower shall perform all of Ik~m~wer's obl~gatiuns under thr declaratiun or cuvenanlA crrat~nQor Rovern~nR the condominium or planned
unit development, the by-laws and re~ulatiuns of the cc~nduminium or planned unit de~•elopment, and conatituent documenta. If a
n~ndominium or planned unit devrlopmrnt rider is exerutrd by Fiortow~rr and recorded ti~ether wilh this Mortgage, lhe rnvenanta and
:~Kreemrnta of such rider shall F-r ~ncorporatrd ~ntu and .hall amend and supplrment .hecuvenantr. and aKreements uf th~s ;1lortgaRe as dthe
nder were a part hereof.
7. Proteetion ot Lender'e 3ecurity. If Horrower taila to perform the covenanta and agreemenla contained in thie Mortgage, or if any
action or proceeding is cummenced which materially affecte I.ender'e intereet in the Property, including, but not limited to, eir.inent domain,
ineolvency, oode enforcement, or arrangementa or proceedinge involving a bankrupt or decedent, then Lender at Lender's option,upon
notice to Borrower may make euch appearances, dieburee auch aume and take such action as is necessary to protect Lender's interest,
including, but not limited to, disbursement of reasonable attorney'e [ees and entry upon the Property to make repairs. if Lender tequired
mortgage ineurance ae a condition of making the loan secured by this Mortgage. E3orrower ehall pay the premiums required to maintain
euch inaurance in etfert until auch time as thP requirement for auch ineurance terminatee in accordance with Borruwer's and Lender •
written agreement or epplicable Law. Borrower shall pay the amount of all mortgage inaurance premiums in the mennrr provided under
paragraph 2 hereof.
Any amounta diebursed by Lender pereuant to thie paragraph 7, vrith intereet thereon, ahall become additional indebtedness oI
E3orrower eecured by thie Mortgage. Unleas Borrower and Lender agree to other terma of paymedt, such amounts shall be payable upon
notice from I.ender tn E3orrower requesting payment thereof, and ahall bear interest from the datt of diabursement at the rate payable from
time to time on outxtanding principal under the Note unleee payment of intereat at such rate would be rnntrary to applicable law, in which
event euch amounte ahall bear interest at the higheet rate permissible under applicable Iav-*. Nothing contained in this paragraph 7, ehall
require I.ender to incur any ezpense or take any action henunder. -
F.~;~K349 ~ ~~E1152
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