HomeMy WebLinkAbout1533F~orrower and l.ender cove~ant a~d agree as followa:
I. Payment of I'rincipal and I~terest. Borrowe~ ahnli promptly pay when due the p~ncipal of and interrst un the indehtednesa
evidenced by the Note, prepayment and late charges as pruvidrd in the Note, and the principal of and intemst c~n a~~y Future Advunces aecumd
by this Mortgage.
2. Fl~nde forTaxea snd Ineurance. SubjeM tc- applicublc law or to n writtcn waiver by I.cnde~, fiorruwcr xhull pt+y to IAnder un the day
monthly inatallmeota of principHl and intereat are payuble under lhc Note, until the Note is pnid in full, ai sum (hernin "F unds") Miual to onP
twelfth of the yearly taxea and usa~~menta which mt~y attnin priority uver this Alortguge, i~nd Kround rentx un the Propcriy, if a~ny, plusune-
twelRh o[yearly premium instalimenta for hazard insurunc~, pluson~twelfth ~fyenrly p~emium in5lallmentx fur morlguge insurance, if nny,
Htl ua reaeonably eatimnted i~itinlly and from time to time by I.ender on the basis of i~xe.~men~v .~nd billx and re:+suo.+ble i~limatcx thereof.
'Il~e F~nds ahall be held in an institution the depoxits or accuunts of which a~re insured ~~r gunr:~ntrrd h~ u F'ederal or titute tigency
lincluding I.ender it l.e~der ie auch nn inatitution). l.ender shall vpply thP r unde to puy et-id G+xes, assesxments, insurunce premiu~ne and
Kruuad rente. l.e~der may not charge for eo holdinR and ppplying the Funds, analyzing said accuunt, or vrrifying a-nd c~-mpiling ewid
asaeasments and bille. unleea Ixnder paye I3orrower intereat on the F unds and applicablr law pri u~i;o l.rnde~ to muke such a charge.li~,rrower
and l.ender may agree in writing at the time of execution o[ thix ~turigs~Ke that interest on the Funda shall lK piiid tu I;orrower, and unlese
au4h agreement ia made or applicable law requiree auch intereal to be paid, l.ender ahall not be reyuired t~ ~+ay t~,rr~,wer any interrat or
earnings on the hunde. l.ender ahall give to Fiorrower, without chnrqe, .+n annual accounting of the F unds ahuwinK cr~dita and debita to the
Funde and thr purpoae [or which each debit to the FundK was made.'1'he F undx are pledKid ae:.idditiunal securily for the suma secured by thie
Aiortgage.
Uthe amount uf the hunda held by I.e~der, toKe-her with the future munthly inst.illmrnk±uf Fund~ pnyable prinr to theduedutrs oftaxea,
aseesamente, insurance premiums and grc,und rentx. shnll exc ~rd thE~ :+mounl rcv~uirecl tu puy said taxes, ~~ssrssment9, insur.~nce premiuma
~-nd ground rente as thry fall due, such exmsq shall be, t~t F~~T~~wer's c~ptiun, either promptly ~rpaid to Borrowrr or creditetl u~ Eiorroweron
monthly installmenta o[ Funds. If the amount of the Funda held by I.rndrr shall nut t-e sufiicient to pay t:~xrx, a~ssessmrnta, insurance
premiuma and ground renta as they fall dur, F3orrower shall pay fu I.ender uny a~mount ne~rss:inr to m:~ke up the drficienc~• within :st~ days
from the date noticr is mailed by Ixnder tu Fiorruwer nv~uesti~K payment thert~~f.
Upon payment in full of all suma secured by this A1ortKage, l.~•nder sh.~ll prumpUy refund to i~~rrower uny fundK held by I.endcr. If under
paragraph lA hereof the Property is sold or lhe ('roperty is oUierw•i~~• xcyuirEYl by I.endrr, I,ender shall apply, m~ later than immeclialely prior
to the sale u[ the F'roperty or its acquisition by I.ender, any F unds held by I.ender al lh~• tem~• af application aa a credit against the xums secured
by thie Mortgage.
:3. Application of Paymenta. Unless :~pplic:ible law provid~+ uthervvise, ali pa}•ments received by I.ender under the Note and
parag~phs 1 and 2 hereof ahall be applied by I.ender fin:t in p:ryment utamounts pay.-ble to I.rndPr t-y I3orruw•er under parag~aph'l herec~f,
then to interest payable on the Note, then to the pnncipal uf the Nute, :~nd then to interest and prinripal on :~ny F'ulure Advances.
4. Charges; Liens. F~-rr<~wershall pay all taxcw, as.~•..mrnt.:~nd ~~th~v ~~h:~r~;~•., fin~•s:~nd im~N,sitiuns:rttrihutablc• tn the Pro{xrty which
may :~tt~in a priority over this Nort~;a~;e, and li•:-.••huld pnpnu•nt~ ur ~n~und rrnts, if:~ny, in tht• m:~nn~•r prueid~~l under p:~raKraph'l hereofur.
~f not p~id in such manncr, I)~ RORONfr makin~ pa~•m~•nt, w•h~•n du~•, d~r~Y•th• t~~ th~• pa~•~Y• th~•rw~f liurrv~w•~•r sh:~U promptly furnish lu Ixnder
all notices uf amoun4ti due uniler this para~;raph, and in th~~ ~•~•rnt ltorro~ver chull mak~• paymi•nt din~•tly. Korr~~K•~r sh:~U prumptly furnish to
!.~•nder receipts evidencinK such paymrMc. I~.~rruwrr vh:+ll iir~~mptly di::~•h:ir~;~• :im• li~~n w•hu•h t~as pri~~rit>• ~~~•~•r th~s M1turt~;:~Ke, providid, that
Fi~~rruwer shnll not tx rEY~uire~l tud~scharKt•:in~ su~•h lu•n ~~~ lun~; :~. Iturn~w~~r.hall aKn~• in w•rit~u~ tn tl~r p:~}•m~•nt ~~f th~•nLli~;:~tiur. sec•ured t~v
w~•h lirn in a manner acceptable• tu I.~•nd~•r. ~~r.h:lll 10 ~;INNI ~:~ith ~•~mt~•st ~u~-h G~•n h~-. urd~•lrnd t~nfonv~~n~•nt ~~f.u~~h lirn in.l~~~;al proce~rlings
which uperate to pre~•ent the enforc~~mrnt u[ th~• h~•n ~~r furfe•itur~• uf th~• 1'rupert~• ur :~n~• p:irt thi•r~~,f.
5. Hazard Inaurance. Iturr~~w~~~r shall k~Y•p th~~ imprnvenu~nt~ nuw• ~•xi~tu~~; ur h~•n.iftert~n~•t~~c1 un the~ Pru;N•rty in4ure~1 aKainst lua4by
fire, hazards includtYi ~+•ithin the te~rm "rxt~•~~i~~i ~~~~.•~•~:~K~•." :~-~~i ,~~~t~ ~~et,~•r h:u:~rd. a~ 1 a•ndrr may rf~{u~re• :uid in sui•h a~mount, and for such
p~•riuc1~ as I.ender m.-~ rc~uirr; pro~•iderl, th:~t 1.~•nd~•r ~h:~ll n~~t r~•quin• th:~t th~• :unuunt of su~~h itin•e•r.~~;e• rxrMY1 that amount of covcr.-ge
ra~uirtd tu pa~ the sums si~•und b~• thi. hlurt~;aR~•.
Thc insuran~•~• i:~rri~•r pr~~vulin~ thr insur.~m•~• :h:~ll ir~• rh~~.~•n f~~~ liurn~w~•r wh~r~•t tu :~ppn~~ al l~~~ L~•nd~•r. prucid~~1 tliat .u~•h :~pproval
sh~ll not t-e unr~~:-cun:~bh• K•~thhrld. r111 pr~~miu~n. ~~n ~n.ur:~n~~~• p~,li~•u•..h:Jl iN~ ~rn~! u~ thr ni:~nn~•r pr~~~vdwl un~1~•r par:~~;ra, h'L h~•rw~f ~~r. if
nnt paid in sui•h m.~nner. 1~~• It~~rn~w•t•r m:~kin~; p:~}•~n~•nt. uhi•n du~•. ~1~n•rtlc t~~ th~• in.uranrr ~•:~rru•r
A!1 insurance {x~licirs and rrnE•w~:ils th~~rf•of sh:~ll tk• in furtn acc~•pt:~bir• tu 1.~•nder and shall ini•ludr.~ .tan~l:~rd mur1K.~Kc•cl:iuwin f.i~•orof
and in fc-rm acceptable to Iwmder. l.e~nd~•rsh.Jl ha~•~~ th~• n~;ht t~~ h~~ld th~• p~~L~•u•.:~nd n•n~•.~als thrn~d, and li~~rr~~we: shaU prumpth• furnish tn
~.rnder all renew•al n~~ticcw :in~3 ull rt~~•~~ipt~ uf p:ud pr~•~n~urn~. (n th~• ~•~•~•nt ~~f I~~s~, It~:rr~~w•t~r.h:~:E ~~•••• pn~mpt n~~ti~~E~ tu thc• insur.~n~•e c•.imer
and I.ender. I.ender ma~• makt~ pnr~f uf lus. if n~~t rn:~dt• prnmpth• b~ {3~KfuN'Pf
Unlestc I.ender :~nd ii~~rruwer ~~thrrw•i.i• .e~;nv in N•ntin~;. ~nsurance pr~~~•tti•d. ~hall iN~ :~pplird tu rrstnratiun or repair of thr F'ruperly
damaged, provided :~uch restnratinn ur rt•pair i~ w'un~~rn[i•:~I1~• fc:~.ibl~~ :~nd th~• ti~Y•urity uf this 11ort~:~K~• i~ nnt th~~re•by itnpainYl. If such
rrsu~raliun or repair ic n:.l ec-unumi~-:-Ily f~acitilr nr ~f th~• cw•urity~ uf thi~ 11:~rt~;a~;r wuuld Iw ~mpain~d. thr insuranc•e pr~K•~yr1s shall tx~applied
t~~ thesumsscrurecl by thic ~1~~rt~;:~Kr. with th~•~•x~~~•.,, if any. p:~id t~~ Ii~ir~uH•f~r. If th~• Pru~N•rty isah:indunt~l by Knrr~~w•er.orif li~~rruwrr failstu
reap~md to I~ender within :t11 d:~}•s from th~• dat~• nut~~•r i. m:iilwl I~c ( ~~ndi~r t~~ 1{nrr~~w•~•r that th~~ in~uranre i:-rrii•r offc•r+to s~•tUe a claim for
:nxurance trenefits. I,ender ic authurvtv! tn ~•oll~ti•t .uid :~p~~l~- thr insuran~•e• prvw•trd. at I~m~:er'~ upti~~n ~•ilhe~r tu rratur:~tinn ~~r repair of thP
F'mperty or the sums tiecured by thiti l11urt~;:~~;~•
llnless l.ender and li~-rrowrr uth~~rw•~w~ aknY• in w•rii:nK.:~n~• w~•h apphi•atu~n uf pnK~eY•ds tu prin~•ipal tihall nut exti•nd or prstpune thedue
date of the monthly ir.stailmrnl.v n~fF•rrevi t~~ in p:~ra~raph~ 1 and'_' h~•re~~~t~~r ~~han~;~• th~• :+muunl ~~f such installmt•nts. If under paraKraph 1K
hemof the Propert>• is aryuimd bc I.e•nder, all ri~;ht, titl~• and int~mst i~f IS~rrruwer in and tn :~np in~urance ~wdii•i~•s and ~n and to th~ procerds
thermf resultinR from damaKe tn Pm~x~rh~ priur t~~ th~• ~al~~ ~~r a~•yu~sitiun sh:~ll pav~ tn I~•ndf~r tu the extFnt of thi• sum~ ~ecurEd by this
:4tortKaKe immediately prior lo ~uch salr ur acquisition.
6. F'reeervation and Maintenanceof Prup~~rty; lw•oxi~huld~;('ond~~minumx; Plann~~d Unit i)evelopm~•nts. Kurn~~~Prshallkeep
the Property in K~N~d repair and sh:~ll n~~t cummit w:-~tr~ ur p~•rm~l imp:+irm~•nt or dvt~•nur.~tion uf the~ Prn~~rty .~nd shall cnmply with the
pro~•isiung uf any lease if this MorttiaKr is un a I~:~sFh~dd. If th~. ~1~~rt~;:+K~• i~ un a un~t in :i n~nd~~m:~ium nr a pl~nncK1 unit de~~rlopment,
Kurrower ehall perform all nf Ilurr~~N•cr'. obliK:~ti~~m und~•r th~• dM•larati~m ~~r ~~~~•~•nants ~ n:~tu~~;ur Ka~•ermn}~ the cunduminium ur planned
unit development, the by-law•ti and rrKulatinn~ nf thi• ~~~~n~inminiurn ~~r pl:+nn~r1 unit d~ti~elupmrnt, :~nd cui~stitur~nt dr:c-uments. If a
conduminium or plann~~cf unit drvrlupme•nt rid~•r i: ~•x~Y•uttY1 by Ii~~rrow~•r :~nd rerordeYl tuKi•ther w~th this MorlK:iK~r, the rnvenanta and
aKret~menis of su~h rider shall t~• inr~~ry~~~r:~twl ~nt~~ :u~d .h:~l f am~•nd :uid ~u{~pl~rn~•nt t hr i-nv~•n:ints :~nd a~;n~•nu•nts uf thiti MurtKaKr as if the
ndrr vicerr a p:irt hrre~~f.
7: Protection ot I.ender'e Security. If F3urr~~wer fails G- perform the rnvenante and u~creements conteined in thie Mortgaqe, or if any
action or proceeding ie commenced v-hich matenally affectd t.ender'e inlereat in the Property, includinR, but not limited to, eminent domain,
insolvency, rnde enforcement, or arrangementr~ or prcrceedinKe involvinR a bankrupt or decedent, then I.ender at t.ender e option,upon
notice to Borrower may make euch appearancee, diabun;e euch Aume and take auch actiort ax ie necessary to protect I.ender'e intereet,
including, but not limited u-, diebureement of reaeunahle atturney's frei+ and entry u~x,n the E'roperty to make repaire. If Lender required
mortgage ineurance as a condition o( makinK lhe loan securrd b_r• thie Mnrt~age. I~~rrower ehall pay the premiume requi•cd to mainlain
such ineurance in effect until euch time as the reyuirement for euch inaurance terminatee in accord.~nce with E3orrower'a and I.ender e
written aqreement or applicable I.aw. Bnrrower ehall pay the amount of all murtKaKe inxurance prrmiume in the manner provid~d under
paregraph 2 hereof.
Any amounte dieburaed by I.ender ~erauar:t u- thie par.~Kraph 7, w~th intrrest thercy,n. Hhatl Fxrome addilional indebtedneae of
Fiorrower aecured by thie M~rtgaKe. lJnleas Borrower and I.cnder aKree u~ uther terms uf payment, auch amounte ehall be payable upon
notice from I.ender to Rorr~~wer requestinK payment there~~f, and shall t-ear intrreat from the date of diAbursement at the rate payable from
time to time nn outetandinK principal under the Note unlexs payment of inte: eet at auch rate would be rnntrary to applicable law, in which
event Auch amountr~ shall bear intereat at the hiqhesl rate pPrmisaible under tipplicable law. Nolhir~K contained in thia paragraph 7, ehall
require Ixnder to incur any expense or take any action hereander.
~~r,~349 r~~E15:33
~ ~
`. . e
~ :- _-. -~ - _
:~. .. - r.. _ ~