HomeMy WebLinkAbout1924Horrowe~ a~d I.ender covenent snd a~ree a~ tollows:
1. Payme~t ot Princippl a~d Intere~t. Horrower shall promptly pay when due the principal of and intereet on the indebtedncxa
evidenced by the Note, prepayment and late charges as provided in the Note, and the prinripal of and interest on any F uture AdvnnceA securPCf
by this Mortga~e.
2. ~und~ torTaxe~ and Ineurence. Subject to applicable law nr to a written waiver by I.ender, i3orruv-er ah:+ll pny tu I.Fnde~ un the dny
monthly inatallmente of principal and intereet are payable under the Nute, until the Note ia paid in full, a sum Iherein "Funds"- eyua) to Une
twelfth of the yearly taxea and asaesaments which may attain priority aver thia Mortgage, and ground renta on the 1'roperty. if nny, plua onP
twelfth of yearly premium inatallments (or huzard inauraoce, plus unPtwel(ih of yearly prern~um ~nstallments for mortgage insurance, if nny.
all as reaeonably estimated initially and frnm time to tiR~c by l.ende~ on the t-awis o[ es.aexHmFnts and bills nnd reasunablP eietim:+trg lhcrw~f
The Funds ~hall be held in an institution the de~x,eita or accountx o[ which are insureci or guAranteed hy a Federnl ur ~tate age~cy
lincluding l.ender if Lender is such an institution). l.ender ehall apply the F unda to pay eaid taaee, a.aeaementa, inqurance premiuma and
ground re~b. Lender may not charge for eo holding and applying the Munds, analyzing raid account, or verifying nnd ~ompilinR said
esseaamente and bills, unleas I.ender pays Bormwer intereat oo the F unda and applicable law permits I.ender tu make surh a charge. ltorrower
and Lender may egree in writing at the time of execution of thia Mortg~ge thnt intereat on the F unda ahell t-e pAic! b- Rorr~~wer, and unlesa
euch agreement is made or applicable law requirea auch inlereet to 1-e paid, I.ender shall not be requirecl to pay Fl~~nower nny intereet or
earnings on the Funds. I.ender shall give to f3orrower, without charge, an ennual accountinR of the Funde ahowinR crediti+ and debitt~ M the
Funds and the purpose for which each debit f~ the F unda was made. The F'unda .~re pledged as t~dddiunal security for the sumx xecured by thie
Mortgage.
If the amount of the ~nda held by l.ender, together with the future monthly installmenlA of F unds payehle prior ta the dued:~tes of taaee,
aaeeasmente, inaurance premiuma and ground rentx, 8F1AII P%Ca'f(I ~I1P AfIIOUO~ ~PQSifCO tO PAy A81(I lAIPB, i188PRS(IIPf1~A, IOSU~tI-IfP PfPfi11UR13
and ground rents ae they fall due, ~ueh exceas ah~ll t-e, af Bo~ruwPr'q optinn, either prc,mptly repaid to Rorrower or crPditrd G~ F~~rr<~wer un
monthly inatallmente of Funda. If the amount o[ the hunds held by I.ender aht~ll not f-e aufficient to pay tnzex, nsseasmrnts, insurance
premiume and ground rents aa they fall due, f~rrower shall aay to I.ender eny amuunt ncressary to make up the deficiene-~ K•ithin :tf-days
from the date notice ia mailed bv I.ender tc. Eiorrower rrqueshnK pnyment there~~f
Upon payment i~ full of all aumsaecured by thi4 Murtgage, l~ender ah~+l) promptly mfund to R~~nc-wer any funds held by I,endcr- !f undpr
paragraph 18 hereof the Property is sold nr the f'roperly ie otherwixe ncyuir~cl by I~ender, I.ender shall apply, nu Inter thnn immeclit~tely prior
to the sele oi the Property or itsacquisit~on by I~ender, any Fundq hPld by I.ender ~t the time of npplu•ntiun ns a cre:c:t aRainst the sums securcYf
by this Mortgege.
3. Application ot Peyments. lTnless applirnMP law pr~~vidps othFrw~ge, all ~paymPnts rereived by I.en~ler under the No!~ and
paragraphs 1 and 2 hereof ahall be applied by I.endrr firqt in paymrnt ~~t am~~unts pnyable to l~ndPr by Fi~rrruwrr under paragraph 2 hereof,
then to intereet payable un the Note, then to the princip~l of thP N~~te, and then t~~ ~ntPrest and pnncipal on nny FuturP Advancra
4. Charges; Liens. Etorrower shall pay all taxt•G.:i~~~•~smrnla >~nd ~~t1~`r~•h:irK~~, fin~•c and im~N~viU~~ns:+tlnbut:~t:le a~ thr PrnF-erty vcht~h
may attain a priority over this MnrtKaKe, and I~~acF•hnld p:~ym~•ntc ~~r Kr~~~md rents. ~f any, in the rnannvr pruvidMl undPr p~~raRr:~ph'l hrre~rfor.
~f not paid in such manner, by R~~rr~~~•er m:~k~nK p:~ym~•nt, whe~n du~. ~limrtlv tn th~ p:i~•~r th~•rFy~f It~~rrnw~r ~ha{I prnmptly furnish t~~ (.Pnd~r
all noticea of amounts due und~r th~v p:+r.~Kr:~ph. :~nd ~n thF ~~~•rnt lir~rruwc•r ~hall mak~ p:ivm~•nt dv~cth•, ft~~rn~~~F~r ~hall pn~mptl~ furnish t~~
I.ender receipts evidenc~ng such yaymen~v li~~rruv~er xhall pn~mptlp d~srhnrKr any hPn whu~h h:~c pn~~ntp u.~~~r thi. ~1~~rtK.~K~~. prnvldrei. thal
Borrower shall nc~t be requ~red to disrharKr an~~ .uch I~F•n c~• I~~nK :~~ It~~nuwvr .hnll aKnr en venhnK G~ !hr paymf~nt ~~f the~ ~~61 iK:~t i~m ~e~cured hy
auch lien in a manne~ acc~pt:-ble• t~~ Ixndt•r, ~~r ~hall tn ~;u~Kl f:nth ~~~nb•.t ~u~~h Ip•n h~•. ~~r d~•f~m~1 ~•nfnrc••mrnt nf ~urh I~~•n ~n. le•K:+I pr~~~~f~cY1~nK~
which -oerate tn prevent thr rnfor~•rmt~nt ~~f thc• l~~•n ~~- G~rh•uun• ~~f the• 1'n~}K•rtv nr anv ~r:~rt thF~r~.~t
S. Hezard In~urence. Korruwer xhall kFr•p th~• impr~~vrmt•nt. n~wv ~~x~~t~nK ~~r hFrraft~r F•rtv~tFd nn th~ F'ropF~rtv in~urcYl:~Kair.st Ir~~:s i~y
fire, haaards ~ncluded within thP tPrm "~xt~ndFV1 ruvF•r:+K~•." and .u~•h nthrr hatar~ls .iw I.endf~- mav rev~uire~ :+nd ~n su~~h amr~unt~ and fnr quch
periods as l.ender may reyu~re._prn~•ui~Yl, th:-t L~•n~iF~r ~h:iU n~~t n~yu~rF• that thf• am~~unt nf .u~•h ~~~~~•Nr:~K~~ F•x~•wYi that ,+muunt nf c•nv~~r.-K^
rrquired to pay the sums s~ti•urfd t~v th~. ~1~~rtK:~Kt•
The insurance ~ame•r prn~~d~nK the• ~nsurani ~• ch:~ll la• ~ h~~.~•n h~• fS~~rn~wrr .uh~~~~ t tr~ .ippr~~•~.+! hv I.~~n~9~•r pr~~~•ul~~i. th,t :u~~h appn•~:+1
shaU nn! be unre.+.w,n:~bl~ v~rthhrld All prt•rn~u~m ~~n m.ur.~n~ ~• p~•h~ ~e~::1i.~il F»• ~r.u~l ~n th~• m:~nn~~r pn~~~u!••~i nn~l••r p;+r.~Kr.~ph ' hr•n•~f ~~r. ~f
nr~t paid ~n suc•h manner. by fSnrn~µ~r•r m:~k~n~ p,~~•in~~nt ~h~•n ~1u~• ~1m•~ th t~~ th~• in~ur.~n~ e• i.+rni•r
All insurance pnlic~es and rFnFwals thrrNOf chall tff~ ~n h~rm a~~~ ~•pt:-ht~~ t~~ I~~nr1~r:~nd shall ~n~ludr a.t:tn~l.~rr1 m~~rtKaKe~~l~+u~o ~n fa~•nr~~f
and in form acceptahle to I~rndrr. l.rndvr shall havF ihr~ nKht 2~~ h~dd th~• puL~ i•~. an~l n•new•:il. thrrf~~~f. and Fiurr~~vcPr ~hall pr~~mptlv furn~vh l~~
~rnder aU renewal nnt~ces and aU rr•re•~pls r~f p:~~d pmmsum~ In thr rv.•nt ~~f i~~~~. fi~~rn~~•t~r sh:~ll K~~•••~prnmpt n~~hr~• t~~ thr in~ur:~n~•P c•.~rriFr
and I.ender I.ender may makP pr~K~t ~d I~~ss if n~~t rn:u1~~ pn~mptl~• h~• K~~rruwrr
Unlesa I.ender and Fi.rrr.~wer ~r:}1PfW1!if~ :~Krr~~ ~n wrrt~nK. ~ncur~nct~ pr~H ~~~~dc ch:+ll M~ appliPd t~~ r~storah~m ~~r rrpair ~~f thr Pr~~perty
damaged, pr~-v~dec! such rPqtur:~ti~~n ~~r r~p:ur ~c ~~ ~~n~~rnu~:~ile f~•:~.ihlr and th~• ~r~c-untp ~~f thi~ :NnrtKaK~ ic n~rt thPrPby imp~;irF~d if :~u~h
rrauxalion or repair ia not w~+rn~~mir:~ll~ (r:~~eh!F ~~r if the• ~M~unlv ~~f Ihic ~1~,rtKs~K~• w•nuld t~ ~:np:~in•~1. tbr insuranre~ pr~M~tdti sh:~ll twapplivd
to thevums secured bylh~a h1ortK:~K~~. w~ith th~• rxr~•~~. ~(:~-ts. p:~ul t~~ R~~rr~~v~•Pr If thF~ F'ru~~•rtv is:~h:~ndnne~l hy N~rr~~w•F•r. nr i! I~•n„w•er fail4 d~
re~pund to I.ender with~n :{II da~•~ r.~,n, ~r~~• ~i:~t~• n~~ti~ F• ~~ rnail~~l !>v 1 ~•n~1e•r t~~ Itnrn~vv~~r that th~~ ~nsuran~e camPr ~rffrrs t~~ ~~ttlr a ~I:+irn fnr
insurance 1x~nefits. I.endpr ~v :-uthnn~~~{ t~~ ~•~~Il~~~~t :~n~l ,~ppl~~ thF• ~n.ur.~nrr pr~N•~•~•d~ ,+t f t•nd~r'c npti~~n e~thPr t~~ rP~tur~hnn nr rr~pa~r ~~f th~
1'roperty or the suma secure~l by th~~ 111nrtKaKr
Unlesa l.ender and li~rrr~~w•er ~~th~rw ~~t~ aKn~a• ~n N ntenK, :in~~ ~urh :~pphc aUnn nf nr~~i•~•E~ds ti~ pnn~i~~al 4h:~ll n~~t extFnd or pnstp.~ne thPdue
date o( the monthh• tinatallmentr mf~n~~d t~~ in p:~raKr:iph~ 1:~nd'' !~~~m~f ~~r ~•h:~nK~ th~• :~m~~unt nf vu~ h ~nstallmrnt~ If undPr par:+Kr.iph iK
hereof the Pmperty is acqwr~l b~• I,e•ndrr. :+11 riKht. t~tl~~ :~nd int~•rFCt ~~f Iinrr~~w~r in an~1 tn ;~nc ~n~uranrF prdic~PC and in and tn thP pr:,r~s
the~eot reeultinQ from dam~K~ tn 1'r~~~k~rtc pn~~r tn th~ ~al~ ~+r :irqin~~h~~n ~h:iU p:+c~ tn I,rndPr tn thr PxtPnt nf thF ~umc serurwi h~~ th~e
MortgaRe immeciiately ~~nor to su~•h ~al~ i~r aryuisitu~n
ti. !'reeervation Hnd Maint~nanc•e~-f Pr~-{~rt~•: !.c•a~ehuldy:('ond~-minumx: !'IwnnE•d ('nit I)evelopmente. R~rrowervhall krpp
the Propert~ in R~w~d repav and ~hall nnt ~•umnut ~+;~~t~• ~~r ~N~rm~t imp:nrmrnt ~~r ~1t~trrin-at~nn nf !h~ Prr~prrty :~nd shaU c~~mply w~th thP
pr~~~•~aions of any lease ~f thia ~1urtK:~Ke ~~ ~~n :~ 1~•:~~~~h~~ld if th~~ 11~~rlK:iKF~ ~~ ~~n a unrt in :~ r~mdnm~nium or a pl:~nnrd umt devrlnpmrnt.
F;orrower ahall perf~rm all „f 1i~~rr~~wPr's ~,h1iK:rtu~n~ undF•r th~~ ~1M•tarat~un ur ~•~~~•r•nanta ~'rr:~hnK~~r {C~~vrrmnK the condumm~um ~r plannrtl
unit development, the b~•Jaw~c and reKulaU~~nc nf th~• r~~n~l~~minium ~~r pl:~nnw1 umt dPVrlopmPnt, :~nd conxtituent documentl+ If a
cr~ndominium or planned umt dr~•~•I~,pm~~nt n~i~•r ~~ ~•t~~'U1fYI I1~' I;llff~~Wrr :u~d Tf'l'i~f(~fYI <<~~(FIFIP~ N~th thiH !liortRaKe, the rnvrnantx and
,igrermenta of such nder chall t,c m~•~~r~r~~rattYi ~nt~~ :~n~1 ~h:~ll :~nu•nd :~nd supple•rnr•nl the~ ~•~~~ en:~nts and aKrrrmentv nf th~s ~1ortKaKP ag if the
ndPr were a part here~f
7. Protcction ot Lender's Security. 1f Rorrow~er fa-le tn perform the cti~venante and agreemente rnnta~ned in th~e tilortgaQe, or if any
action or ~,roceeding is commenced w•hich matenally affecto I,ender'e intereet in the F'roperty, including, but not limitt~l to, eminent domain,
ineolvency, code enforcement, or arrengementei or pmceed~nRa involving a hsnkrupt or decedent, then Itnder at Lender'e oppon,upon
notice to Borrower may make auch appearancee. d~rburee euch ~ume and take euch action ae ia neceseary to protect Lender's interest.
including, but not limited w, diebureement of reaeonable attorney'e (eee and entry upon the Property to make repa~ro. If Lender requind
mortgage ineurance ae a condition ot making the loan secured b~ thie MortAage, E3orrower ahall pay the premiuma required to maintain
euch insurance in effect until euch time ae the rPqu~rement f~,r ~uch ~neurance terminacee in accordance with Borrower's and [.ender's
written agreement or applicable Law Borrower ahall pa~ the amount of all mortQaKe insurance premiuma in the manner p-ovided under
paragraph 2 hereof.
Any amounte diebursed by Lender persuant tn thie paragraph 7, with intereat thereon, ahall ~n~me additional indebtednees of
f3orrower secured by thie MartgaRe. Cnleea F3orruwer and l.ender agree to other terme of payment, sach amounte ehall be payable upon
notice frum Lender ta~ E3orrvwer requeeting payment thercnf, and +-hall bear interest from the date of disburaement at the rate payable from
t~me to Ume on uutetanding pnnc~pal under the'~ote unlrxe payment of intereet at euch rate would be rnntrary to applicable law, ~n whuh
event such amounta ehall bear ~nterret at the h~ghest rate permise~ble under applicable law. Vuthing contained ~n this paragraph i, nhall
reqwre I.rnder to ~ncur any ex~nsr ur take any aMiun hereunder.
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