HomeMy WebLinkAbout2253U~c~t~-K:-t ('c-vtrvarvTS. Borruwer :~nJ I.cn~lrr r~~~en,~ni an~i :~~;rrr :~. (~~Iluw~:
1. Payment of Princlpal aod Inleretl. Horru~~~r ~h;ill pn,mpth~ pay Hhcn ~lu~ thr principal o( :uid in~cre~l ~~n thr
~ndcMcdncu evidcnccd hy ihc Notc, prcpaymrnt and latr ch:~rgr. :~. pruvidcd in th~ tin~c. :~nd Ihc prinripal of and intcrec~
an a~y Futurc Advancc~ cccureJ by Ih~. Mortgagc.
2. Funds for Tues and Insurnace. Subject t~~ appGr,eble law ur ~o a u•nuen N~aivcr b}~ I.~nder. Rurrower .hall pa~~
to LcnJcr ~~n ~h~ day monthly im~allmrmc of principal .~nJ ~nicrc.t :uc pa~abic undcr thc Notc. unul thc Nutc ~~ p:~id in full.
a sum (hcrcin "1=unJs") ~qual to unr tHrlfth u( thr }r:~rl}• ta~r. an~l a~cr~~mcnts Hhich may attain p~iuriry avcr thi~
htortgagc, an.l ground rents iin ~hc Pmpcn~•, if an~~. plu~ a~nr•h~rll~h uf yrarly prrmium installmcnts for h:~~ard ~muran~r.
plus unc-iN•clfth of ycarly premiun~ inslallmrnls (ur m~~rtgagc ~nsur:~ncr, iJ ~ny, all ati rcasonabl~~ c~~im:ucd ini~ially and froni
~imc to timc by Lcndcr on thc haci. u( a~~~s~incnl~ :ind hillti and r~:~~un;,blc r~tima~c~ thercof.
'I~hc Fundx shall he held in an intilitulii~n ~he deEx~a~t+ ur ara+unt~ at which are in~ured pr guar.uttecd b~~ a Fcdcrai or
state agenc~• (including !_rnder if I.ender i~ ~uch :ui intititution-. I.en~kr ~hall :~ppl~ thr Fundc to pa~• ,ai~ tase,, a.sessmenh.
insurancc prcmiums anJ ground rentti. I.cnJrr may nut chargc tar ,u hulding and apph•ing thc FunJc. anah~zing,ai~ ,icrount.
or verifying and a~mp~ling said assc+~men~s anJ hilh, unlcs~ I.cndcr p:~~~ Borrowrr intere~t ~~n Ihc Funds and applicahle law
~xrmits Lcndcr to makc such a chargc. f3orruwcr anJ l.rn~tcr may ,,grcr in writing at thr tim~ uf cxcrution o( thi.
~lurtgage th:+t inierest on ~he FunJs ~h:~l! Fx: p~iJ !o Borrowrr, and unle~s ~uch agreement is maJc or applicable law
~eyuires sucti interest to he p:-iJ, I.ender ~hall not tx rcywred to pa~ B~~rruwer am interest or earning~ on the Funds. Lender
.hall gi~•e to Borrower, w•ithout charge, an annual acc~~unting i-f the Fus~tl~ shuvving rredits anJ debits to the Fur::iti and thr
pur~~.e f~,r wt~ich each Jehit tu the I~unJ~ K•a~ maJe. "fhe i~und~ arr plydgrd ~ti :~dditiun:d ~ecurih~ f~~r the tiun» securcd
by thi. ~lortgagc.
lf thc amaum of thc F~indc hcld hy L~n~icr, tu~eth~r Hith ~hc fu~ur~ mon~hly ~n.tallmcn~c of Fund~ payablc prior to
the due dates of taxes, ;~s~csamen~s, insurance prenuum~ und gr~~und rrnt~, shall r~ceed ~hr amoun~ reyuired tu pa~• sa~d tax~~,
asscssmcnt.. insuranrc prcmiums and groi~nd rent. a. thc~ I:~U dur. ~unc ~~rc~ti .h.ill tx, at Borrc~wcr'~ orti~,n. cithcr
promp~ly- rcp~id to BorroNer or credi~ed to Bo~rower on monthly ~mrallmcnn uf I=und~. If thc :imount o( the I~unds
held by l.ender shaU ~ot be sulticient to pay taxcs, asu~smcnts, in+urancr prcm~um~ an~l ground rent~ as they fall duc.
Borrower shall pay to Lender any amount nece~~ary ta maF,e up thr deticicnr~~ w~thin 30 ~a}•s from the Jate nc~tice i~ +n~iled
by l.eader to Borruwcr reyuesting paymcnt thcreol.
Upon pa}ment in full of all sums secured h~~ th~s M~~rtg:~~r. 1 cnd~r sh~ll prc~mptly relund t~~ Hurruw•cr an)~ FunJs
held hy I.ender. U under paragraph IR hcrrof thr Prupcrty i, .i~ld i~r Ihc Pru~xr~~• ~~ uthcrwi~c acyuired hy txnder, i.en~ler
shall apply, nu later than immedia[rl~~ prior to thc ~ale oF thc Pru~rty or its acquixit~on h~• I.ender, any I~unds held b~•
l.endcr at ~hc umc of appliration as a crcdit agaim~ thc sum. ucured h}~ th~~ ~lortgagr.
3. Applicalion of Payments. Unle~s appl~cable law pr~-vidrs O(f1lfH1~C, ;1II ~avmcnt~ recci~~ed b~• Lcnder un~rr the
Nutc and par•rgrapha 1 and 2 hcrcof shall -x applirJ by Lcndcr fin! m pa~mcnt ~~t amounts pay~ablc t~~ I.cndrr h}- f3orroaer
under paragraph 2 hereof, then tu imere~t p~~•eMe ~-n thr tiute. thrn tu the princip~l ui the Ne-tc, an~! then t~~ ioterest and
~+rincipal on any Futurc Advanccs.
a. cba~.~; Lkns. Borrowcr ~hall pa}• all t,~~c~, a,.r~~mrnts and alhcr ~hargcti, fine, and unpinitiunc a;lr~b::tablc to
the Property v-hich may al~ain a prioriry rn~r ~hn \lortgage, and Ieakhald p:;yments „r grow~d reuts, if any, in thc manner
provided undcr paragraph 2 hereof or. if not pa~d in tiuch manner. h~ Burrowcr muking pa~•ment, when due, directiy to the
payee thereof_ Borrower shall prompUy furn~sh a. l.endcr aU noticrs of amounts duc under this paragraph, and in the event
Borrow~er shall make payment direcUy, Borrower tihaU prumpUy iurni.h tu I.end~r receipts cvidencing such payment~.
BorroK•er .:hall pmmptly dixhargc any licn ahich has prion~y ~~vcr thi. !11or1RaSr, providcd. that Bormwcr ~h:dl n~~t bc
rcqu~red to Jis~:harge :~ny such iicn w tong as B~~rroH~r shall :~grcc ~n u~iting to thc pa~•ment of thc obliga~iun ~ccured b~•
such lien in a manner acceptable ~o Lender, ar shall in g~xxi faith contr.t wrh lien by, or defend enforcrment of such lien in,
legal pr~xcedings which operate to prevent ~he enfe~rcemrnt of ~hn c~n or forfe~~ure of the Propcrty cir an}• part thereof.
5. Hazard Insu~nct. Korrower shall keep the impro~~mrn~~ n«H r~ititing ~~r hercafter erected on the Pr~~Ex:rry in~ured
against locs b}• fire, hazards includcd within the term "e~tendrd cuvetage~~. and s~t~h other hazards as l.cnder may reyu~rc
and m such amoeints and for such periods ac 1_ender m.iy rcyuirc: J~mvided. that Lender shall not reyuirc that the am~~unt uf
such rnverage exceed that amouM of cn.•erage rcyu~red U~ pa} the ~um. .erured hy this~blortgage.
The ~nsurance carrier providing tFx: intiurarce tihall he chutien h~~ Borruwcr subject to approvai hy Lender, pro~~ided,
~hat such approvai shali not be unrea~e-nahl}~ w•ithhcld. AN prrmii-m. i~n insur.u~ce ~~Gcies shal! Fk paid in the manner
prov;ded un3cr paragraph 2 hcreo( ur. if nut paid in such mannrr, b} Bu,-rower making paymcnt, when due, direcdy to ihc
insurance carrier.
All insurance policie~ and reneHals th~re~~t sh•rll tx in (orm :~c~ept.~btc tu Len.irr and sh:~l! includc a~tan~laril murtgage
rlause ~n favor of and in form acceptahle tu 1_ender_ Lendrr .h.,l! h:~~e the riFht t~~ huld the puliries :~nJ renewalti therec.f.
and Borrower thall promptly farnish to Lender rll ren~k:~i n~~Urc• and all rercipts of paiJ ~rcmium. In the c.•cnt of loss,
Borruwer ~hall gn~c prompt noticc to the ~n~urancr carncr and I.cn~rr. LenJrr ma~ maF;e pnx~t uf loss ~f nut madc prompt(~
by Borruwcr.
llnlcss l.endcr and Borruw•er otherw~,~ agrcr iu wntuig, in,urance pnkcrJ. shall tx applied tn rc~toration ur rep:~ir of
the Propert}• Jamaged, proviJed such retitoratu~n ur rrpa~r is ecc~n.,micell~ feasihlr and the ~ecurity of th~s M~~rtg~ge is
not thereby impa~red. If such re~tor:Nion or rcp:+~r is n~H ~c~~n~~m~~all~• fca~ihlc or ~f the securit}~ of thit Mortgagc w•ould
be impaired, the msurancr proceeds shalt be ~pplied t~• the sums ucured hy this Mortbiege. w~ih the excets, if :~ny, paid
to Borruwcr. !! !hc Property~ is ah:~ndoncd M Bormwcr. or it Borrov-•cr ia~h ta rc~~md to Lcndcr within 30 da}•s from the
date notice iti mailed by Lender to Borrawer that ~he insurance c.-rnrr ufTers to tietUc :~ claim for insuranc~ henefits, Lende:
i+ authorized to collect and apply the imurance pn-eeed~ at LenJer'~ r.phun either tu restoration ar repair of the PropeRy~
or to thc sum~ u;cured by this Mortgagc.
Unless I.enuer and Borruwer othencitie agree in :~nting, am wch appli~ation ~~f pnxeeds to , nncipal tih~ll not cxtend
or postponc thc J«c date of thc munthly in1~:~llmcntc rcfcrrcd t~. in paragr;~pM I:IRII 2 hcreuf or changc the amount of
such inytallments. It under paragraph I K hereof the Propert}~ i~ acyuircd h~ (~nder, ali nght, tittc and interest of Horr<~K•cr
in and to any in~urance policies an~! iR and to thr pr~xreJs thcreol reSUlUng trom darnage to the Propert)~ prior to thc sale
or acyui~ition ~hall p:,as to Lender to the e~teat uf the Sum, .ccur~.f hy thn ~tort~age immediately prior to ,uch sale or
acyuisition.
6. Presenalion aod Maintenance of Properl~: I.ea~eholds; ('ondominiumti; Pla~ined Unit Ue~•elopments. Rorrou~cr
shali keep the Property in gcx~d repair and sha11 not rnmmit waste ~~r ~xrmit imp~umem or deterioration of the Property
and sh~ll comply with the provisions of any leasc •if thu At~~rtgagr i~ un a Iraschi~ld, ii thic :4lortgage is un :~ unit in a
~ condomin~um ur a planned unrt de~~clupmcn~, Borr~~wer ~hafi Fxrfc.rm :,II ~~f Burruwer's uhl~gations~:~nder the dcelaration
or covenants crcating or governing thc condum~nium ~~r planncd unit dcrelopment, the by-laws and regulatiom of the
conJomin~um or planned unii development, :~nd c~mctilurnt d~xument,. It ~ cond~~minium or planned ~mit ~Ic~elvpment
nder ~ti cxecuted by [~orrower and recorded t~~gether ~~~h th~~ ~1~,rtgage, the co~•enams and ::greements „t wch riJer
shall be :ncorEwrated mto and ~hall amenJ :.:~:I wpplemcnt the a~~enam~ and agreemrnts of thiti Murtgage ac if the ridcr
Nl'fC :l part hereof.
~. Protection of i,enders Security. if $~+rn-xrr fa~i. ~u ~krj~,rm the covenants and agrecmc~ts :c~nta~ned in thi~
Mortgage, or if any act~on ~~r proceeding i. cammrnre~l ~h~ch matrriall~ a(Trrlti Len~ler's interetit in the Propert~~,
intlud~ng. but m~t Imutcd to, cmincnt domain. in~~~l~cnc), cudr enG,rccmcn~. ~~r arrar~mcnts ~rr pr~kccdings invol~•ing a
bankrupi or decrdent, then I.ender at (.ender's i~ption, uExm n~~hce t~- Barre~wer, m:~~ rnake such ap~arance., di.hursc wch
~ xums aad takc such actioo a~ is nccc~can• t~~ pr~~~cct Lcndcr's intcrest, indu.ling. hu[ not limitcd t~~. di~burscmcnt ~•f
reasonahle auorney'~ fces and emry uExm the Proper~}~ tc• ma{,e repair.. II Lender reyuircd mortgage inuirance a~ :~
condUian af makmg Ihc Ioan sccurcd b~• ~hiti Murtga~r. li~.rmwrr sL•:ill pa}• thc prcmiamc rcquircd to maintain surh
~nsuranee in elTect until tiuch ume a~ ~he reyuircment tor ~urh +ntiurance trrmi~tatrs ~n ~ccordance with Borrvw•er's anJ
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