HomeMy WebLinkAbout1317Borrower and [.ender coveoant and ag~ee as tollows:
1. Payment ot Principal end Intereet. Borruwer shall promptly pay when due 1he principal of and iotereat on the indebtec3nese
evidenced by the Note, prepayment and late chargea as provided in the Note, and the principal of and intereat on any Future Advances aecured
by this Mortgage.
2. Ftitnde fur Taxes and Insurance. Subject to applicuble law or to a written w:~iver by I.ende~, Fi~~rn,we~ shall pay tu Ixuder on the dAy
monthly instullmenta of principal and interest are pnyable unde~ the Note, until the Nute is paid in full, a~ sum (he~ein "F unda"1 equal to onP
twelfth of the yearly taxea and asaessmenta which may nUxin priority over this MurtgtiKe, and Kruund ren4s on /he t'roperly, i[any, plus one-
twelRh of yearly prnmium inatnllmenla for hs-zurd insurancr, plus unPtwelfth of yea~rly premium inst:~llments for mortgaKe insurance, if t+ny,
ail ae reusunably estimated initially and from time to timc hy IxndPr un the tuisis o[ussessments und billx and re:iaunnbir ~~timates the~euf.
The Funds shall be heid in an inatitution the de{waita or accoun~g of whirh are insured or gu:iranterd by a Mederal o~ ~ta/e :~genry
lincluding Lender if l.ender ig such an institution). I.ender ahall apply the h unds t~~ pay said tuxes, uysesxmenta, inauruncr premiums and
ground renta. [.ender may not charge for eo holding and applying the Funds, analyzing aaid accuunt, or verifying :ind compiling aaid
asaeeaments and bills, unleae I.ender paye Borrower internst on the Funds aind applicable law permits i.endrr to make auch a charge. Burruwer
and Lender may agree in writing at the time of execution of thia Murtgs~Ke that interest on the F unda shall be p:iid to tiorruwer, und unlesa
such agreemenl ie made or applicable law requires auch intrrest tn be paid, l.ender shall not be requirrd to pay Fiorrower any interrat or
earnings on the Funda. l.ender ahall give to E3orwwer, withuut charge, nn annual accounting of the F undx shuwing crcKlita and debita to the
Funde a~d the purpose for which each debit tu the M unds wa~ made. The F unds am pledKrd a~; additiun.il scrurity far the sums scrured by thie
Morlgage.
lf the amounl uf the Funda held by I.ender, together with the future munthly inat~~llmentss of Funds payable prior to the due datrs of taxea,
assesamenta, inaurance premiume and ground mnls, ahall excred the :~mount rrquimd to pay said taxes, :-xsexxmrn*.ss, insurancr premiums
and ground renta as lhey fall due, such exceax shall t-e, at Born-v-~rr's optiun, eithrr promptly repaid to Korruwer or cmdited to liorruwer on
monthly inetallments of Funds. It the amount of the Fundx held by l~rnder shall not t-e sufficienl to pay tuxra, asseaKmrnts, insurance
pmmiums and ground rents ae they [all due, E;orrc-wer shall pa> t~~ I~ender nn}• amount necel;sary to muke up the deficirncy within:i0days
from the date notice ia mailed bv I.ender to liorr~~wer ny~ue~tinK p.+yment thercr~f.
Upon payment in full of a!1 aume aecureu by thi~c MortKaKe, I.ender shall prumptly refund tu li~irruwer any funds held by I~ender. l[under
paragraph 18 hereof the Property is sold ur the E'ropc~rty is utherwise aryuinyi by I,ender, I.ender shall apply, no latrr than immrdiate~y prior
to the sale of the I'roperty or its acquisition by l.ender, any M unds held by I~c~nder at the time e~f applicatiun .+s a rre~lit aKainst the sums secured
by this Mortgage.
3. Applieation of Peyments. Unless applicuble law pruvid~s IILFIP~VYISP, all p;+yments receivid by Irnder under the Note and
paragrapha 1 and 2 hereof shall be applied by t.ender fint in p:rymt•nt nf amuunts payable to IAnder by 13orruw•er under paragraph `l hereof,
then to interest payable on the Nole, then to the principal of the Note, :+nd then tu interest and principal on eny F uture Advancea.
4. Chargex; I.iens. I3orruwershall pap all t:-xt•s, ass~rtinu•nts:uid oth~•r ch:irK~•ti, fin~w and im{N~sitiuns attrihut:~ble to the 1'ruperty which
may ~ttain a priority u~ er lhis N1ortKa~;e, :~nd 1~ .~srhold paymt•ntti ur ~;ruun~l n•nts, if ant~, in th~• m:~nner pru~~id~r! under psr:~graph'L herc~f or,
~f n~-t p:~id in su~h manner, by Rurrow•cr mukin~; p:rym~•nt, N•hrn du~•, d~rw~tl~• tn th~• pa~~~~• th~•nr~f. Kurruw•~~r shall prumptlp fumish tu I.ender
.ill notices oi amuun~S due under this para~,~r:iph, :~nd in thr ~•~•rnt li~~rr~~w•er shall m:~kr pa>•mi~nt d~reti~tly, liurru~cer ch:~ll ~~ru~nptly furnish tu
l.~•nder receipL~ evideni•inK such pa~•ments. It~~rroN•rr ~h:dl prompth• disi•h:~r~;r :u~}• lit•n whi~•h h:~. priuntc u~•~•r this Murt~;:~K~•: pruvid~d, that
Fiurrower shull nut he rrquinyl tudi.c•hark~•:~n~• su~•h lu~n.~~ I~m~; :~x 1{~~rr~~~+~~~r sh:Jl a~;nY in wrilinK tu th~• pay-m~•nt ~rf th~•ubii~atiun secured by.
,uch lien in :t m.~nner ai•crptablr tn Iw•ndrr, or tih;Jl ~n ~;~NN1 faith ~•ont~•.t su~•t~ lu•n bt•, ~~r d~•f~•nd rnfon•i•mrnt of.~~•h lirn in, lr~al pnH•tYKlings
which operate tu prevent the i•nfun•t•nu•nt ~~[ th~~ I~rn ~~r G~rf~•~tun• ~~f th~• 1'n~prrl~• ~~r an~• p:~rt tt-rn.~f.
5. Hazard Inxu~ance. linrruw~~r sh:~l! k~r•p th~• impr~~vi•m~•nt. n~~K• i•xistmK ur hereaft~•rert~•t~~1 un th~~ 1'cu~rty insund aKainst luss3y
fire, hazards includcd within th~• trrm "~•xtrnd~vl ~•u~•~•r.~K~•." :~~~d .u~•h oth~•r h:irard.:~s 1.~•ndt•r may rr~yuir~• and in su~h :imuun45:ind for such
Exriuds .~s I.endc•r m:~y reyuirr: pru~•id~rl. that I.~•nd~•r ~hall nnt n•i~airr th:~t tht• :+m~~unt of wch n~~~~•r:-~;~• rxc~rr! th:~t :+muunt nf ~•o~•erage
reyuirecl tu p:iy th~• sums ~er•urtrl 6}• Ihi. MurtK:+~;~•. .
The insur:~ni•e i•arri~~r pru~•idin~; th~• ~n.ur:~n~•~• .h;~ll b~• ~ h~~,~~n h~~ K~~rr~~w~•r.ub~~•~-t tu:~ppn~~:~l h~ L~•ndrr. pr~~~-~dr+l. that wrh approc:d
sh.+ll not tK~ unrras~~nabh• w~ithh~•Id :111 pn•~nium. ~m ~n.ur:uu ~• tiN~li~ i~ :..h:~ll 1»~ p.nd in th~~ m:uim•r prn~ ~d~~i un~l~•r par:~~;raph '~ h~•nK~f ur. if
not p:~id in surh m:~nn~~r, b>• li~~rr~~K~•r m:~kin-; p.~}~m~•nt. ~~tu•n ~lu~•. ~lir~•~~th t~~ th~• ~n.ur.~n~~~~ ~:~rn~•r.
All insurance poLcies and rrnrwals th~•rr~~f .h:~ll }K• in fnrm a~•~•~•ptahl~• a~ Ik•nd~•r:u~d shnll includ~•:-.tandard mortk:~Kecl,iuw~in favurof
and in form accept.ible t~r (,~•ndrr. Ixnd~•r ~h:~ll h:~~ ~• th~~ nkht tn h~dd th~• p~~lu•u•~:uid r~•n~•w~ak th~•rt•~~C:~r~d it~~rn~~•~r ~hall pr~~mptly furnish t~~
~.ender all renewal nu:ices :~nd :tll rw~i~ipt~ uf p:ud prr~niums In thr.•c~•nt nf I~~... K~rrr~~H~rr sh:~ll Kic~• prum~at nuhc~• tu thr inxuran~e c:~rrier
and I.ender. I.ender may m.~kt• pr~~rf of lusti if nut madr prumptiy by K~~rru~~•r
lJnless I,endrr and Fi~~rrux•er oth~~rvci.e• aKnti• ~n Kntin~;, insuran~•~• pnK~rrd~ ,hall tN• apphrd to rrtitur:~tiun or rep.~ir uf thr Pruperty
damaRed, providrd ~urh mtitur.~tion ~~r rep:nr ~s ~ti•~~numi~-.~Ilq fra.~bl~• :~nd th~• .~n~unt~• ~~f th~s 11nrt~;.~K~• is n~~t thereby impaired. If such
resG~ratiun ot repair is nnt er-onumi~ :~Ily f~•:t~~hl~• nr if thF• ~~r•urih• uf thi. ~tort~;:~~;~• w~~~uld IN~ ~rnp:urrd, tht~ insur.~nce pnK•~rYls shaU }~e applied
w the ~ums secured hy this ;11ortKuKe, w•~th th~• ~~x~-r,•, ~f a•~y, p.ud tn liurruwrr. If thr 1'ro~•rt>• is.+b:~ndonecl by Rurruwer, or if &~rruwer fails to
reapund to I.ender within :i~~ d:-cs frnm thr d:~t~~ n~~t~~•~• i. m:~~i«~i f~,~ i.•~~~i~•~ ~.. Kurruw~i•r th:~t thF• ~nsur:~nc~• camer offers to settle a claim for
insurance F-enefits, I.~•mier ~s :~uthnniwl tu c~~llr~ t and :~ppl~• th~• in.uran~•~~ pr~~-~•~•d. at Irndrr's optiun rithrr to rrstoratiun ur repair of the
I'roperty or the sums secured by this 11~MK;i~;~•.
Unless I.ender and f3orro~•er oth~•rwitit• :~Krer ~n w•nt~n~;; :~nc sui•h :~pplu :~~ion uf pn ~•~Y•ds tu prin~~~p:~l ahall not extend nr p~slpune thedue
date of the monthh~ inst;+limenGv n•ferrrd tu in para~;r.~ph. 1 and Y hrr~•~~f ur ~•hanR~• th~• am~wnt utsu~•h in~tallments. If under paraKraph 1Ft
hereof the Property is a~~yuirtrl by I~•nd~•r. :-II riKht, t~tl~•:~nd intrrrtit nf 1{irrn~w•rr ~n :~nd t~~ :~nc inwranc•e p~~lici~•~ :~nd in and to the proccrds
thereo! resultinQ from dam.iKe to 1'rnpf~rty pri~~r to tht~ .ale i~r :+~•yui.iti~~n ~hali pa.c t~~ 1~•nd~•r to the extent of the sumg serured by this
:~1ortKaQe immediately pri~~r to such sal~• ~ir :~~quisitiun
fi. E'reservation and Naintenance of Property: lw•siw~~huldti; ('ondominums; l'lanned ('nit I)e~elupmenta. Korrow•ershall keep
the F'roperty in K~xid repair and sh:~ll nut c~~mmit w:~.t~• ur EN•nnrt ~mpairm~•nt nr d~•t~•n~~r,~t~~~n uf thr 1'rupe~rty and sha~) comply with the
provisions uf any least~ if this 11urt~;:~K~• i~ un a 1~•aw•h~dd. !f th~~ ~1~~rtK:~Ke• ~s un :~ unit in a condununium or a planneYl un~t dev~lupment,
li~,rrnwer shall perfnrm all ut Fiorruw~•r'~ ~~bliy;atn~n. und~•r th~• d~r•I:~rati~~n ~~r~•uvt•nant. ~ n:~tu~~;or-;u~~rsninK thecundominium ur planned
~nil development, the by-I:~w~y and re~Kul.~ti~rn~ c~f th~~ eund~~m~n~um ur pl:uin~Y1 unit dra•rlopm~•nt, :~nd constituent d~K•umen~K. If a
~~unduminium nr plannEKf unit d~•ce•I~~pm~mt ndrr i~ ~~xty•uttyl hy li~~rr~~wi•r ::nd rtY~~~rdtri t~~K.•th~~r with thi,: MurtKaKe, the coven:~~4+ and
,i;~rec~me~ntti of tiu~-h ridF•r .h:+ll iff~ ui~~~ ~rp~~r.rtrd int~ ~.~:id .tc~ll :~m~•nd :~nd wpp~~•m~•n~ thr ~•~~~ e•n:~nl..:uid aknK•~nrnGti uf thi~ .11ortKatie.~ti if the
nder werf• a part hrrenf.
7. ProteMion ot I.ender'e Security. If t~irrower f~il9 to perfurn~ the rnvenantri and agrermente contained in thie Mortgage, or if any
action or proceeding ie commenced which materially affecte I,ender'e interet+t in the E'ruperty, including, b~t not limited to, eminent domain,
ineolvency, code enfurcement, or arrangemente or proceedinKa involving a bankrupt ur decedent, then I.enler at I.ender'e option,upon
notice to Borrower may make euch appearancee, dixburee such sums and take such action ae ie neceaeary to prutect I.ender'a intereet,
incladinK, but not limited to, dixbureement of reasonaMP attorney'a [ees and entry upon the f'roperty to make-repaire. If I.ender required
mortqage ineurance as a condihun c-f making the loan aecured by this MortKage, &~rtower shall pay the premiume required to maintsin
such ineurance in effect until euch time as the requiremeM for P»ch ineurance terminatee in accordance with E3orrower'a and [.ender's
written egreemenl or applicable Iaw. Bnrruwer Ahall pay thr amount uf all murtKaKe inxuran~e premiume in the mannPr provided under
paragraph 2 hereof.
Any amounts dieburxed by l.ender pereuant br thie para~graph 7, w•ith intrreHl thrrc~~n, ahall become additional indebtedneas of
&~rrower tsecurcd by thie Morigage. Unlesa fiorruwer and l~ender aKree U~ other terms uf payment, such amounte shaU be payable epon
notice from I.ender tn Bnrn~v-rr requesting payment thereof, and xhfill brar intpreat from the date of dir+bursement at the rate payable from
time to time on outtrtanding principal under the Nute unlex~ payment of intere»t at such rate would be contrary to applicable law, in which
event auch amounti+ ehall bear inlereAt at the highest rate permixaible under t~pplicaMr law. Nothing cuntained in thie paragraph 7, ahal)
require Ixnder to incur any expense or take any action hereunder.
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