HomeMy WebLinkAbout2096l3orrowe~ and l.ender covenaot and agree as followe:
1. Payment of Principe) and Inte~ert. E3orrower ahall pn~mptly pay whrn due the principa) of and intereat on the indebtedneas
evidenced by the Note, prepayment and late charRea ae provided in the Note, a~d the principal ot and iotereat on any Future Advnnces secured
by this Mortgage.
2. FLnde for Ta:es end Insurance. Subject to applicpble law or to a writtrn waiver by I.ender, E3orrowrr ahall pay to I.ende~ un the day
monthly installmenta of principal and intereat are paynble under the Note, until the Note is paid in tull, a sum Ihereio "N unda") equal to ont
twe~Rh of the yearly txxea and assessme~te which may attain pnority uver this MortgaRe, a~d gtound renta on the Prupeety, if any, plue one-
twelflh of yearly premium installments [or hazard insurance, plus onetwelfth of yea~ly premium installme~ls fo~ murtgage insurance, if any,
all as rrasonably estimated initially and from time to time by l.rnder on the busis of ~xsesamentx and bills and ~rasonublc ~.wtimates thr~eof.
The Flinda ahall be held in an inetitution the depoeita or accounta of which are insured or guaranleed by a Federa) or State agency
lincluding l.ender if I,ender ia such an inetitution). I.ender ahall apply the Funds to pay aaid tnzes, asaeasmenta, insurance prrmiume ar-d
ground rente. Lender may not charge [or so holding and applying the hunds, analyzing said account, or verifying and compiling said
asaesxments and bills, unleea I.ender pays Borrower intereat on the F unds und applicable law permits t.ende~ to makesuch a charge. E3orrowe~
and l.ender may agree in writing at the time ot eaecution of thie Mortgage thnt inierest on the Munda shall be paid to florrower, and unleas
euch agreement ia made or applicable 1aw reyuirea such interest to be paid, [.ender ahall not be requiced w pay tiorrower any intereat or
earnings on the Funda_ Lender ehail give to Eiorrower, without charge, an annual accounting of the h unde showing credita and debita to the
Funda and the purpuae for which each debit to the Funda was made. The M unde are pleclged as ndditional aecurity for thr aums secured by this
Mortgage. ,
If the amuunt otthe F unds held by l.ender, together with the tuture monthly installments of Funds payable prior t~~ the duedatea of taxee,
aeaesaments, insurance premiuma and ground rents, shall excred the amuunt required W pay said taxes, asse„xmenta, inaurance premiume
and ground renta ae they fal! due, auch exceas shall be, at E3o~rower's option, either pn;mptly repuid to l3orrower or credited to E3orrower on
monthly installmenta o[ Funda. If the amount of the Funda held by I.ender shall not be aufficient to pay taxea, asseaxmrnta, inaurance
premiuma s~nd ground rente as they fall due, f3orrower ahnl) pay to l.ender any amount necessary to make up the deficiency within 30 days
from the date notice ia mailed bv I.rnder to tiorrower requeslinK payment thereof
Upon payment in full of all auma secured by this Mortgage, l.ender ahall prumptly refund to &,rrower any (unds held by I.ender. if under
paragraph 18 here~f the Property is sold or the F'roperty is otherwise acyuired by I~ender, l.ender shall apply, no later than immediately prior
to the sale of the Property or ita acquisition by l.ender, any F unds held by I.ender at the time of application as a credit aga~nst the auma secured
by thie MortRage.
3. Applieation ot Yaymenta. llnleac applicable law provides otherwise, al) payments rrcei~•ed by t.ender under the Note and
paragraphs 1 and 2 herrof ahall be applied by I.ender first in pa~~mrnt of amounts payable to I,ender by &~nower under paragraph 2 hereof,
then to interest paynble on the Nole, then to the principal of the Notr, :~nd thrn t~ inlerest and principal <-n :~ny Future Advancea.
4. Chargre; Liens. t~xrower shall pa~• all taxiw,:~ssr~smrn~v and uthrrch:uKrs, finrs and imsN~s~tions attnbutabte tu the Property which
may attAin a priori/y o~•er this A1urtKa~;e, and Irasehuld paymentc nr Kn~und rents. ~f any, m the m:i~ner pru~~idtd under paragraph 2 hercrifor,
d not puid ~n such mannrr, by fiurrower makinK p:~ymrnt, when due, d~nY•tl~• tu tht• p:~yrr thrrruC liurrow~•r shall prumptly furnish to I.rnder
all notices uf amuunLS du~• und~~r th~s par.~~;r:iph, and in thP r~~rnt liorruw•er ~h:~ll mak~• p:iyment d~recUy, ltorn~w•er shall pramptly furnish G,
I.ender receipts evidem•~nK such p.iymt•nts. Ii~~rrv~H•t•r sh:~ll prumpth• d~~~•harK~• any Grn which has priunt~ o~•er thts ~1urtK:~Ke; pruvidrd, that
E~~rruwer shall not t-e!e~~uir~Yl tn d~sch:~rKe an~~ ~uch h~•n su IonK :~~ fi~~rtow~•r shall aKrer in w•nt~~K to thr payment of the•~~b1~Kation sec•ured by
such lien in a mannrr .iccrptal~le tu Li~nder. ~~r sh:~ll ~n y;~NN1 f:uth ~-untrst w~-h h~•n hy, ur drft•nd t•n(orc~~mc•nt uf ~u~•h lii•n :n, lr~;al pruce~rciings
w•hich up~~r:~te tu pre~•ent thi~ E~nfurc•rmt•nt uf th~• lirn ~~r (urf~•~tun• uf th~• PruFw•r!y ~~r :~m• p:~rt then,~f
S. Hazard Insuranc~'. KUR~~A'!•r shall kc~•p th~• Ifll~)~11\'PfIIPOIv OUK' PXI~Uf1K U~ Fl/vraftrr ~•rrctt~d un thr Pruprriy insurMl aKainst loss by
fire, hazards included w~thm the tertn "extrnd~d cuvt•r:~Kr,° and such uthrr h:u.~rds as IxndPr ma~ require and in such amuun~5 and for auch
Fx•ri~x~s as I.ender m:~y mywn•: prnr~drel. that Ix~Sdrr sh:~ll n~~t rrqu~rr th:~t the :~muunt nf suc•h cY~~rr.~Kr rxct~rl that amuunt of cuveraKP
rrquirtvl tu p:+~• thr ~ums s~vvnrl tr}- this vlurtK:iK~•- .
The insurancr ~•arnrr pn~c~d~n~ tht• imuran~w .h:Jl Iw• ~ h~~.~•n h~~ li~~rn~r~rr wh~~•it t~~ appr~n•:~l bt~ [a•n~l~•r, pru~•tdwl, that w~•h appruval
~h.ill nnt t~e unreatiun.~hl~• ~a~Uhhrld. All pre•nnum~ ~~n in~ur:~nre• p~~lu ~r..tiall tN• p:u~I m thr rnt~nnr~ pro~'~d~r1 und~ e p:~r.~Kr.+ph 'l ht•rF.~f or. i!
nut paid ~n su~•h m:innrr, Fr~• Ii~rrr~~wrr mak~n~; {,.~~~m~•nt. ~h~•n du~• ~1~n•~~th~ !n thi• ~n~ur.~nc~• ~~arner
All insurance polic~rs and rt•ni~v,alR thrrruf ~hall tk• ~n f~~rm acet•ptatrlr tu IA•ndrr:~nd shail includr a st:ind:ird mortK:~Ke clause in favorof
and in [orm arceptable tu 1 w•ndrr. I.rndF•r.h:~ll ha~•e th~ nKht U~ h~dd thr ~«~lu•u~s and rrnrwals thrr~y~t, and li~~rruw•er sh:ill prumptly fu-nigh u~
~.ender .ill renrw~al n~~t~cf•s and all nye~pt. uf p:ud prt•~n~ums In th~•evrnt of luvti. Kurr~~wrr ~hall Kn•r prumpt nuhce ur thr inKUrance caimer
and I.ender. I.ender may makt• pnM~f of luss ~f nut madr promptly hy liurruwrr.
lrnless I,rndrr .~nd li~~rruw•er nthrrwiu• aKrre m wntinK. ~n.uranc~• pr~K-eeds ~hall Ix~ appltrd to restura[~c~n or repair uf thP E'roperty
d:imaKed, pru~•idt~c! suc-h mstur:~tum ur ~epair ic ~ti•~~numirall}• fra.ible :ind thr srcunty uf this ;11ortKage is not thereby imp.iired. If such
resk~ration ur repair ~s n~~t ~-nnnmu•:~I1~• G•a~~t~l~• nr ~f the•.r~vrity otthi. ~1urtKaKrwuuld t-eimpa~red, the~nsurancepn-ceeds shall beapplied
tu the sum~ securtd h~ this !~1nrtK;iK~•, K7If1 I~1P 1•x~•~~.., ~f :in~ , p:ll(I IO ~~1~RUN'f•r. If thr 1'ruprrty is aband~~ned by Fi~~rruwer, ur if fi.~rrower fails t~~
respond to (.ender w•~thin :u~ d:~y. fr~~m the• d:~t~• nuhi~e• ~v ~n:ulwl bp I~e•ndrr Gr liurruvcrr th~it the incur:~nce camer offrrs to settle a claim for
~nsurance benefits. I.ender i~ :wth~~n«~i a~ c~~llw~t and apph• th~• ~nsurancF pr~~crt~s ;it IA•nder's opt~un either to restorat~on nr repair of the
{'roperty or thP sums secured b~• this ~1nrtKaKr
lJnless I.ender and }i~~rrow•rr uthrrwis~• aKrre in wnt~nK, any such app6catiun uf pr~K•~s tu pnncipal shall n~~t extend or pustp~me Lhedue
date of the monthh• ~nstallment~ rrfern•d to m par.~Kr.+ph~ i:~nd 2 her~~uf ~~r chs+nKP the amount of such ~nstaUmenL~. If under paragraph 1H
hereof the Property is acquirrcl bt• I.rndPr. :+11 nKht, title and interrst of l3urruw~Fr in and tn any ~nsuranc-e policies .ind in and to the proceeds
thereof resultinR from damaKe tu 1'roperty pnur to thP sale or aryu~sitiun shall pass to Lender to the extent of the qums secured by this
\1urtKaKe immediately pri~~r to such ;iale or acqws~t~on.
fi. i'reeervation and Mainli•nanceof Property: lw~asi•holda; ('unduminums; Plennrd Unit Uevelopmenta. Borrowershall keep
the f'roperty in K~M~d repair ~nd shall nut comm~t w•astr ur ~~e•rmit impa~rment or drtc•rioratiun of the {'roprrty and shall comply w~th the
yru~•isiona of any lease if th~s !11urtK:~Ke is on :i leasrhuld if th~s :11urtKa~;~• i. un a un~t ie a cundomin~um or a planned unit devrlopment.
fturruwer shall perfurm :ill of l3~~rmaer's ubliKatiuns und~r thr dcr-laraunn nr~u~~enants ~~re :~t~~~~~r KuvPrmnK thecundominium o~ planned
unit develupment, the by laws and rrKulati~~ns of thP i•nndumin~um ur plannrd anit de~•elupmrqt, :+nd constituent documentt~. If a
~•ondum~nium or planned unit d~•celupmrnt ridrr is ~~A(Y'U~PI~ I~V F~(~TT/IN'f•f and nY•urdtYi toKrther v-ith this MortKaQe, the rnvenanta and
.~Kre+•mrnts of tiu~•h nder.hail ~a• ~n~-urp~~rat~•d ~nt~~ :u~d .h:~ll :un~•nd :~nd supplrment thri•uvrn:+nG+.-nd :~Kmrmrnts of th~ti ~1ortKaKr.+s if thr
nder vrere a part hereuf.
7. Protection of Lender'e 3ecurity. It Born,wer fails u~ pertorm the co~•enante and egreementa contained in thie MoRgage, or if any
ection or proceeding ia commenced which materially affecte I,ender'a intereat in the Property, including, but not limited tn, eminent domain,
ineolvency, code enforcement, or arrangemente or proceedinga involving a bankrupt or decedent, then [.ender et l.ender'e option.upon
notice to Horrower may make auch appearancee, diaburee auch auma and take euch action aa ia neceaaary to protect I.ender's interest,
~ncluding, but not limited to, diebursement ot reasonable attorney'e tees and entry upon the Property to make repairo. It I.ender required
mortgage ineurance ae a condition o( making the loan secured by thie Mortgage, E3orrower ahall pay the premiuma required to maintain
euch ineurance in ef[ect until euch time ae the requirement for euch ~neur3nce terminatee in accordance with Borrower e and Lender's
wntten aqreement or applicable Iaw. Borrower ehall pay the amount uf all mortgage insurance premiume in the manner provided under
paragraph 2 hereot.
Any amounte diebursed by l.ender pereuant to this p~ragraph 7, with intereet thereon, ahall become additional indebtedneea of
13orrower secured b~ thiA Mortgage_ Unlese liorrower and [.ender aRree to other terr_~s o( payment, auch amounte ehall be payable upon
noUce from [~ender to Borrower requeeting payment thereof. and ahall bear intereet fmm the date of diaburaement at the rate payable from
time to t~me on outetend~nK pnncipal under the Note unlees payment of intereet at auch rate would be contrary to appticable law, in which
event euch amuunte ehall bear intereet at the highest rate permies~ble under appl~cable law. Nothing contained in thie parag~aph 7, ehall
require I.ender G~ incur any expenee or take eny actiun hereunder.
~,~~~.h 3~~ f~~~;F2095