HomeMy WebLinkAbout2084Borrowe~ and Lender rnvenant and agree as follows:
l. Payme~t ot Principal and Intecest. Borrowe~ shall promptly pay when due the principa) of and intereat on the i~debtednesa
~videoced by the Note, prepayment and late chargea ae providcd in the Note, and the p;incipal of end intereat on any Future Advances sec:ured
y this Mortgage.
2. ~tnds for Te:ea and lneurance. Sui,ject b applicable luw o~ to a written waive~ by I.ender, E3orruwer ahall pay to I.ende~ on the day
monthly instnllmenta of principal and in/ereat are payable under the Note, u~til the Note is paid in full, a sum (herein "F unda") eyual to one
twelRh of the yearly taxea and asaesamenta which may attain priority ove~ this Mortgage, and ground ~enls on the Pro~rty, itany, plua one-
tweiRh of yearly premium installments for hazard inaurance, plus one~twelRh ofyearly p~emium installmenta [or mortgage inxura~ce, i[any,
all us reasonably estimated initially nnd from timc to tirr~e by l.cnder on the baRi~ of assessmrnts and bilis and reasonable eatim~tes therrof.
The Fuods shall be held in an inatitution the depoeits or accounts of which are insured or guarantEed bv a Federai or State agency
(including [.ender if I.ender is auch an inetitution). Le~der ahall apply the F unds to pay said taxes, asaesamenta, insu~ance premiuma and
~round renta. I.ender may not charge for so holding and applying the Funda, analyzing said account, or verifying and compiling said
aseesements and bills, unlesa Lender paya Borrower intereat on the Funda and applicabte law permits I.ender to make euch a charge. E3orrowe~
and l.ender may agree in writing et the time ot execution af this Morigage that interest un the F unda ahall be paid to E3orruwer, and unleae
euch agreement ia made or applicable lew requirea such interesl to be paid, I.ender shall oot be required to pay Fiorrower any intereat or
earnings on the Funds. I.ender ahall give to Borrower, without charge, an annual accounting of the N unde showing credita and debite to the
Funda and the purpose [or which each debit to the F unda was made. 7'he h unds are pledged as additiona) security for the suma secured by thie
Mortgage.
If the amount of the Funds held by I.ender, together with the futurn munthly inatallments of Funds payable priur to the due datea of taxee,
asaeasments, inRUrance premiuma and qroun~ renls, shall excred the amount requind to pay aaid taxea, assrssments, inaurance premiuma
and ground rentx ae they fall due, such excesa ahall be, at Bo~TOwer's option, either promptly repaid to Borrower ur credited to Bortower on
monlhly inatallmenta of Funds_ It the amount of the Fun~:s held by l.ender shall not be eufficient to pay laxea, asaessments, insurance
premiuma and ground renta as they fall due, Aorrower shall pay to I.ender any amount necessary to make up the deficiency within 30 daye
from the date notice ia mailed by I.ender to Borrnwer requesting payment thereof.
Upon payment in full otall aums aecured by this Mortgage, I.ender shall promptly refund to fiorrower any tunds held by Lender. lf under
paragraph tH hereof the Property ~s sold or the F'roperty is otherwise acyuired by I.ender, l.ender shali apply, no later than immediately prior
to the sale ot the Property or its acquisition by l.ender, any F unds held by I.ender at the time of application as a credit against the sums secured
by thie Mortgage.
3. ~Application of Peymenta: Unless applicable law pmvides otherwise, all payments received by I.ender under the Note and
paragraphs 1 and 2 hereof shall be applied by l.ender first in payment of amounts payabte to l.ender by E3orrow•er under paragraph 2 hereof,
then to interest payable on the Note, then to the principal of the Nute. :~nd then to interest and pnncipal on any Future Advancea.
4. Charges; l.iens. Rorn-wer shall pay all t~+xrs,:issessments and ~~th~~rcharges, fines and imEx,~~Uuns:ittnbutahle ui the I'roperty which
may attain a priority o~•er this ~1urtKagr, and le.isrhuld payments ur kr~~und rents, if any, in thc manner pruvidEd under paragraph'L hereofor,
if not paid in such manner, t>y Rorrup~er m.ikinK pa}•ment. ~•hen due, dir~•tl>• to thr p.~yer thrrir~C Rurn~xer ~hall prumptly furnish tu l.ender
.~Il notires uf xmuun~s due under this paraKraph, and ~n the e~•ent ii~rr~~w•er sh.il) make pa~ mrnt d~rectl~, Burmwer sh:ill promptly furnish to
I.rnder receipts evidrncinK such paymen~.. li~srruw•er shall prompth• d~scharKr am• lien N hi~•h has priurity u~•i•r th~s;~lurtKaKe; provided, that
F3orruwer shall not br rrquirecl to d~scharKe an}• ~uch lirn su lunK a~ liurmwer sh:~ll a~;ree in w•rit~nK tu the p.i~•ment uf the•i~bhKati~-n secured by
such lirn in a mannrr acerpt:+blr to la•nder, ~~r shall in ga,a1 f:~ith c•i~nte•vt wch I~en by~, urdeft~nd enfon•rmc•nt uf such lu•n in.1~~~;al pn,crtdinKs
w•hich oprrate tu prevent thr ~nfurcement uf the hen ur forfriturr ~~f thf• 1'rupertc ur am• part thrrr~~f.
5. Hazard Insurance. Borruwrr sh.~ll krep the impro~~t~ments nuvr exist~nK ur herc•after erected on thr Prupert~• insured aKainst losa by
fire, hazards included w•ithin the term "extendr~d coveraKe," and such ~ither haz.irds as I.e~der may reyuire and in such amoun~ti and for such
periuds as Ixndrr ma~~ rryuirc:; pruvided, that I.~~ndrr sh.~ll nut n•yuirr th:+t thr amuunt o! such cYn•rr:;Kr rxcrrcl that amount of coverage
required to pay thr sums scY•ured by this M~~rtKaKr.
The intiur.ince c:~mt•r prm•id~n~ th~• incuranrr.haii ik~ ~nu.rn b~ 1{::rs::++•:•r•~~h~trt G~ apprnral h~• la•ndrr. pnn•~dtv1. that +uch appmval
shall nut t-e unrra.~~n:~bi~- w•ithh~•Id. Al) pn•m~ums ~~n maur.uic~• p~du•i~•. ~h:il1 iK• paid ~n th~• mann~•r pru~•~dt~l un~lrr par.+~raph 'L hert~~f or, if
not paid in sui•h mannF~r, b}~ Ii~~rr~~w•c•r m:ik~n~; p:~~•~n~•nt, whrn dut-. ~1irr~ th• t~~ th~• ~nnurancr c.im~•r
All insurance policirs and re~ewals thereuf shall t-e in form acce~.tab1E• G~ Iw~nder and shall ~nclud~ a standard mortgaKeclause in favorof
and in form acceptahleto I.rnder I.rndrrsh:ill ha~•rthr nKht G~ huld the w~lu•ies and n•~rwals therctirf.and B~~rrnwersh.ill promptly furnish u~
i.ender all renewal nutices and all recr~pt. uf paid prrmiums In tht• ~•vrnt uf luss, iiurruw•er sh.~ll Kn•r pn~mpt notice to the insur.~nce camer
and I.ender. I,ender may make pnx~f of loss if n~~t madr promptl~• by fiurruw•er.
Unless I,ender and li~~rruwer ntherwisr aKr~ ~n w~ntinK. ~ntiuranc~• prociyds shall Fx~ :ipplied to restc~ration nr repair of the I'ropert}•
dam:~ged, pruvid~d sueh resturatu~n ~~r re~pa~r i~ rc~~n~~mi~•alh fratiible and the srcunty o( this A1ortKa~e ~s not thrreby imp.iired. If such
rrsG~ration or repair is not econumu•.ilh• ft•:is~blf~ nr ~f thr we-unt~ uf this ~turtKaKe wuuld F-e ~mpaired, the insurance proceeds shall beapplied
to the sums securrd by th~s ;~tortK:~Kt~, w-nh tht~ i•x~•F•s.. ~f ;~ny, pa~d t~~ li~~rruw~er. If the 1'roprrt~• is abanduned by Eiorruwer, or itl~~rrov-er faila to
re~pund to l.endrr with~n :t~- d:~~~. fn~m tht• d:~tr nutu•r ~s r.ea~l~r1 by (~nder tu Kurn~wrr that th~ insurance camer offers tu srtde a ctaim for
insuranm benefits. I.rnder ~s auth~~n«~l tu ~-oll~~ct :~nd apply th~• ~nsurance pmce•t~cls at t,ender's uptiun either tu r.•atoration ur repair uf the
Property or the sums xecured by th~s MortK~~K~'
Unless [~ender and F3orrow•rr nthrrwist• aKrE~e• in wnt~nK, an~ such ~pplicaUon of pr~x-eeds to pnncipal shall not extend ur postpone thedue
date of the munthl~ installments rrferrerl u~ in par.~Krnphs 1 and'l hereuf or chanKP the amount of such installments. 1lunder paragraph 18
hereof the Yroperty is acquired h~• I,ender. .i11 nKht, title and intPrest of Rur~ower in and tu any in~urance policies and in and to the proceeds
thereof reaultinR frnm damaKe trr Prnperty prior t~~ the ~cale or acyu~sitiun shall pass to [.ender to the extent of the sums secured b~ this
~turtgaKe immediately prior to such sale or a~~u~sitiun.
6. f'reservation and lfaintenanreotProperty; l.~•asrholds; ('ondominums; Plenned Unit Uevelopments. I3urrowershal! keep
the F'roperty in K~x,r1 repair and ~hall not cummet w•a~te ur ~K•rmit impa~rment or drtennrahun of the Prupert~• and shal) n-mply w~th the
pro~•isions of any leasc if this AiurtK:~Ke ic on a IeaSF~hold. If th~s MurtKaKe is un :~ unit in a cunduminium or a planned unit development,
Korrower shall perfurm all nf 13~~rruwer's obliKati~~ns under the declaratiun orcu~•enants ~•rraUn~;or RovernmK thecondominium or planned
unit development, the by-laws and reKulatiuns of th~ cundomimum ur planned unit development, and constituent documenta. If a
cundominium or planned unit de~•rlupment rider :~ rx~~cvteYl by 13~~rruw-er and rre•urdecl tugethPr w•ith this Mortgage, !he oovenanta and
:+Krc~ments uf xuch riJer vhall he inc•~~rpurat~Yl int~~ and sh:~ll :imend and .upplt•me•nt th~•co~•rnants and aKre~rments utlhis ~1urt~aKe as if the
nder w•ere a part hrreof.
7. Protection of Lender'e Security. If Borrower faila to perform the rnvenante and agreements contained in thie Mortgage, or if any
action or proceeding is commenced which materially affecte I.ender's interest in the Property, including, but not limited to, eminent domain,
ineolvency, rnde enforcement, or arrangemente or proceedinga involving a bankrupt or decedent, then Lender at Lender's option,upon
notice to Borrower may make euch appearancee, diaburee such sume and take euch action ae ie necesaary to protect I.ender's interest,
including, but not limited to, dieburaement of reasonable attorney'e feee and entry upon the Property to make repairo. If Lender required
mortgage ineurance se a condition of making the loan secured by thie Mortgage, E3or~ower aha11 pay the premiuma required ~o maintain
euch inaurance in effect unt~l euch time ae the requirement !or such ineurance terminalea in accordance with Borrower'e and Lender's
written agreement or applicable Iaw. Borro~~er ahall pay the amount of all murtgage insurance premiume in the manner provided under
peragraph 'l hereof.
Any amounte diabureed by Lender pereuant to this paragraph 7, with intereet thereon, ahall become additiona{ indebtedness of
Fiorrower eecured by thie Mortgage. Unleae E;orrower and Lender agree to ether terms of payment, euch amounte shaU be payable upon
notice from I.ender to Rormwer requeeting payment thereof, and ehall bear intereet from the date of diebureement at the rate payable from
time to time on outstanding principal under the Note unleas payment of intereet at auch rate would be contrary to applicable law, in which
event Auch amounts ehall bear intereat at the highest ratf permiseible under applicable Iaw. Nothing contained in thie paragraph ?, ehall
reqaire (.ender to incur any expenee or teke eny action hereunder.
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