HomeMy WebLinkAbout2555UN~FOR~t CovFN~;vTS. Ba~rowcr anJ l.cndc~ cuvenant an~ aK~rc a. toUows:
1. Payment of Principal aod Inte~esf. liorrow~r sh~ll prumpdy pay whcn duc Ihe principal a( and intcrest un the
i~debtedneu e~•iJencrJ hy the Not~, preprymen~ anJ late chargr~ a. pruviJed m thr Note, and the principal of and intercst
on any Futurc Advances sccured by this Mortgag~.
2. Fuadc tor Tsxes ~nd l~surnnce. Subjecl to appli~ablc law• or to a written waiver by I.cnder, Rorrow•er shall pay
io i.ender on ~1x day man~nly in~~aliments oi prinripai and ~nterr.t a~c payable under the Note, untii li~r tiuic i~ ~•aid in fuit,
a sum (herein "Fundi'1 cqual to ~~ne-tw•elfth ot ~he yrarly taxec and aeces~mr~~~ w~hich may attain priority over this
Martgagc, and gr~und rents an the Pmperty, if any, plus ~~ne-tv-~eUth uf yca~lv prcmium installments far hacard insur:~ncc.
phis onc-Iwclfth of ycarly prcmium ins~allmcn~s to~ mortgagc insurancr. ~f any, all ati rcasonably c~timated initiaUy an~l from
time to timc hy l.c~dcr on thc hasiti ot a.scs.mrnts :~nd hilh and reasanablc ectimates thcreof.
The Funds shall bc hclJ in an inttiwtion thc dc{x~sit. ar arcounts of which are insured or guarantccJ b~• a Fcderal or
xt~te agrncy (including Lender if l_ende~ i~ such an insti~uti~~n). Lrnder shall apply the Funds to ~~ .aid laxr., aise+~menb,
insurancc prcmiums and graunJ rent~. !_cndcr ma~• not chargc for ,o holding anJ applying Ihc Funds, analyzing ~aid account,
or.•erif~~ing anJ compiling said asse~sments and bills, unless LenJer ~ys Burrowcr intcres~ on thc Funds :~nJ applicable law
pcrmits I_endcr lo makc such a chargc. Rorrowcr anJ Lcndcr ma~~ ag~cc in writing at ~hc timc of cxccution of ihi~
~~rlortgage that int~rest ~~n the Fund~ shall tx paid to B~~rruN~er, ~nJ unle+s such agreemen~ is n~ade or applicable law
r~yuires such interest to he paid, I.cnder shall not hc rcyuircd to pa~~ Harruwer an~• interest or earnin~ on the Funds. Lender
,!-all gi~•r t~~ Borrow•er, without charga an annual arcuunting of ~he 1=und> >huwing creJits anJ Jehils to the Funds and the
purpoxe f~~r whinc ~ach dehit tu the FunJs ~va~ madr. "Ihc I~w~J. arc plcdg~d •r~ aJditi~mal ~ecuri~y for the sums securcd
by this \tortgagc.
lf the an~ount of thc Fimds hcld by l.cndcr, tugcthcr ~~i~h thc fu~ure munthl~~ in~1a11mcMs u[ Funds p•ryablc prior to
~hr due Jates ~~f ta~es, as~~s~ments, imurance prrmium. anJ gmund rent,, shall e~ce~d the amount reyuired to p~~ ~aid taxes,
acsessments, insuranre premium, and gruund renh a~ thry lall Jue, such c~re,s ~h:ill be, at N~~rrower's optwn, enher
promptly rrpaid to BorroHCr or cr~Klu~d tu B~~rrower un mon~hly in.tallmcnt. of Fund.. lf thc amount o( thc Funds
held by l.endcr tihall not bc sullicient to pay ~axr~, asx»mcnts, im~uanc.: prcmwms an~ ground rents as thc}• fall due,
Borrowcr shall pa~~ to Lendcr an~• amount n~rc»an to m~i:c up thc ~lrfiricnr~• w•~Ihin 3U da~s trom Ihc datc nc~UCC ~s mancu
by Lender to Borrower rcyuesting pa~mrnt therc~i.
Upun payment in full o( all sums sccurcd b~ th~. Mortg:~gr. 1 cnd~r ~hall pn,mptly rclunJ to Borm~vcr ant• Funds
held h~ LenJer. U undcr paragraph 1N hereof thc Pro~xm• iti +oW ur thr Propcrt~ ~s othcr~•i.c :~ryuircd by Lcndcr, Lender
shall appl~•, no latcr than immcdiatcl~ prior to thc .alc of thc 1'ru~xn~• or its aryu;srtion hy Lcndcr, :~ny FunJs helJ by
Lendrr at ihc timc ~~t appliration as a crrdit .~gaimt th~ sum~ ucured b~ ~his ~tortgagc.
3. Application of Pa~mcnts. Unlc.s applicahlr law pro~i~lcs othcr~ix, all p:~ymcnt~ rcrci~~cd b~• 1_cndcr un.irr thc
Notc and pard~'f:!(~FI~ I and 2 hcreul ~h:-II tx applicd by Lcndcr fint in pa}'mc~it c-f umuunts pa~~ahlc t~~ Lrn~lcr h~• Borruwcr
und~r paragraph 2 hcrcof, thcn tu,intrre,t payabic on thc tivtr. thc« t~• th~ princip~l of thc N~~tr, an~! thcn to intcrest and
principal on an~' Futurc Advanccs.
J. ('ha~e~: Litns. $~~rruHCr ~hall pay all I.~~rt, a,k»mrnts :~nd ~~thcr ~harer~, fin~~ :~mi imEx~.iUum ~Unbutahle to
thc Propcrt~~ ti•hich ma)~ attain a pri~~rity ~~vcr thi, \tortg:~gc, anJ Icaxhold pa}'mcnts ~~r grour.d r~nt~, if an}•, in thc manner
providcd undrr paragraph 2 hcreof or. i( not p:+id in tiuch m.~nnrr. br Burm~•~r makinc pa~~mcnt, ~.hcn duc, dircctl}• to thc
pa~•ee thercof. Borruwer shall promptly fsirn-sh tu t.en~lcr all nutice~ uf amounts duc under Ihic paragraph, and in the e~~ent
l3orrowcr shail makc pa~~mcnt directl~. Burr~~WCr ,h~ll prumptl~~ turni.h to I.cndcr rec~iph r.idrncing such paymcntc.
Borrower shall prc~mptl~• Ji.ch:irg~ an)' lien ~.hi~h has pnont~• ~~~rr ihi. ~lortgag~: pr.~~•i~fcJ. Ih:ri Burr.~w•cr ~hall na1 be
rcyu~red to disrhargc an} .uch lirn w long :~s Burrowcr ~hall agrrr in ~~riting U~ thc p:~)mrnt ut th~ uhlig;~tiun icrurrd b~.
tiuch lien in a manner acccptabk to Lender, or ,h:~ll in g~K~d. [aith runt~.t ~urh li~n h~•,•~.r .iefenJ cnf~~rc~ment ~•f surh lien in,
Icgal pr~xccdingti which opcratr to pr~vrnt th~ cnfuricmrm ui thr I~~n ~~r for(citurr ~~f thc Pro~xrt}~ or an~ prrt th~rcuf.
5. Haz~rd Imurancc. Hl~rfON'Cf lllall F.ccp thc +mpro~cmcnt~ nuH r~i,ung ~~n c~rc:+itcr cr~rtrd un 1hc Pn~~wr1}• insurcJ
against lo„ h~~ firc, hazards includrd H•ithin thc tcrm "r~tcndc.i c~-~cr.~gc". and w;h :nhcr hatardc a. I.cndrr may reyuire
:~nJ in ~urh am~,~~nu and for ,uch p~riudti ati I.cnder m.~~ reyuirc: prmiileJ. that I ~n.irr .h~ll »~~t reywre tha~ the anu~unt uf
~uch ~u~~rrag~ c~rr~d th:~t am~~unt i~f ~u~~rag~ r~ywrcJ n, ~:i) thr .um. uiur~~1 h~ tfa:. ~1i~rtgagt.
Thc insuranrc carricr providin~: thc imuran.c tihall tx chu.cn h~• Nurruwrr ~ubjcct a~ appro~~:~l h~ 1 cn.lcr; prc?~•ided,
that surh ~~~~~~~~~i ~hall not be unreatianahh• withheld :~II prcnuum. un imur.incr p~~lic~rs ~hall h~ ~.:~i~ ~n the manner
pr~~~•~ded unJcr p:-r~graph 2 hcrcuf ur, if not p:ud in wrh mannrr. b~ Burru~+cr mak~ne pay~mcnt, when duc. .i~rectly to the
imurancc :arrier.
Al) insurancr ~olic~e. an~ rcnr~~al; ihcrr~~f ~h:ill tk in li.nn arcr~t.~bir tu 1 cn~irr enJ ~h:~ll ~nclud•~ a.tan~i.~rd nx~rtgagc
clausc in fa~~~~r ~~f and in f~~rm arccptahle a~ Lcndcr. Lrndrr ~h:~ll ha:r thc nght t~~ hold thr p~~li:ir~ .~nd rcnr~:+h thcrcof,
and BorroHCr ~h:~ll prumpth• [urnish ta l.cndc- all ren~w.~l nohrrt and all re~ripts of paid prcmium~. In thr cti~cnt of l~~~ti.
BOff~~µ'Cr ~Fl:l~~ i;!~'l (1ft~S11~ t nntl~•._ t~i t}~L in~~~r~[i~~~• .'_;fn~•r ;l111I I.COIII'f. I.fnt}l'I f11J~~ Ill:l~.l' (1f0(~~ Uf loss i~ n~~t medc prompth~
f)~' KOf~IIWCf.
Unlcss Lcndcr and Borr~~Hrr othrn+i.r :fgre~ in wnt~n~. imuran~~ procrcJc shrll bc applied t~i re~t~~ration ~~r rcpair of
ihe Prupert~~ Jam:~ge~l. pruvi~k~l ~uch r~,turati~,n or rcp.ur i~ rcunumir:~ll~ tra~iblc and thc se~urit~' of th~. ~tortgage ~s
not thercb}~ imp~irce!. If ~u~h rc,tur.rtiun or repair is n~,t rc~,nunuc.~ll. f~a~ihle or if the secuntt uf Ihiti ~1~~rtgagc u'i~uld
bc ~mpa~rcd. thc imurancr pru«e~l~ ~hal) M: appiir~i t~~ thc ~um~ ~c:urrJ h} thit Mortgagr. ~+-th thc c~cc~s, if any', pa~d
to Borruw•rr. It Ihc Prupcrtc i~ ahanJ~~nrd h~ B~~rn~~cr. ~~r ~i Bc~rrc~wcr fa~l, tc. res~nd tc. I.cndcr within 30 da}'s trum the
Jate nutice i, m.~ilcd M• Lender to Bormwrr th:u thc insurancc ;arner ~~tTen ~~> >etUe a claim f~~r imurance henefitt, I.ender
iti :wthonzed tu coUect an~ apply the imurancr pruceeds at Lendcr'. option either to rcat~-rauun ur repair of thc Pro{~:rt}~
ur to thc sum, xcured h~• this ~tortgagr
Unlcs~ Lcndrr :Uld Bllift~K'~f ~~thcn~~.c :+grcr ~n NfIIIl1~'. :Ifl~ tiu~h applir.~~iun ~~f pr~~cccds to pnnc~pal ~h~U nut c~tcnd
i~r ~+stExmc thc duc ~latc ~~( the m~~nthi~~ imtallmcnt~ rcfrrrcd m in paragr.~ph. I an.l ? hcrcu( or changc the amount of
such imlallmcnl~. It undcr para~raph 18 hcrcof Ihc PruEx:rt~ i~ acyuircJ h~ Lcndcr, ali nght, titlc and intcrest u( Korrowcr
in .ind tu ~m imuran~c policiCs and in :+nd t~~ the pn~ceeJs thereut re~ulUng ~r~~m damage to the Property prior to thr tiale
or acyui~~tion ~h:~ll pati~ ta 1_cndcr to thr c~t~nt ut thC ~ums sccure~l b~ thu \turtgag~ immedsalcly prior to iuch salc or
acyuisition.
6. Preser~alion and ~taintcnance of Properl~: Lea~rhulds; ('nndominiumti; Planncd l:nil De~elopmenls. Horro~cr
.hail kecp th~ Pr~~Fxrtp in g~x~d r~p~ir and shall not commi~ ~aste .~r permi~ impairment or Jeterioration of the Pro{x:rt~
~nd shall rompl~ ~~ith thc proviswns o( an}' Icasc ~i thu ~1~~r~gagr i~ un a Icatich~~ld. If Ihi; \furtgagc is on a unit ~n a
cun~l~min~um ~~r •:i~ rlanncd unU dc~cl~~pmcnt. Bormwcr ~hall Exrf~~rm all ut Borr~~NCr s ohlig~uons undcr thc declarahun
ur covcnantti cr~aUng ur g~~vcrning thr cnnd~~nunium ~~r planncd unit dc~~cl~~pmcnt, thc b~•-laW~ :+nd regulation. of thc
c~mJ~,minium ~,r planncd unit dev~lupment. .,nJ ronuitu~nt d~xumcmc. If a runJuminium or pl:~nned un~t Je~rl~,pmcnt
n~ler iti e~ewtrd by Korr.~wer and recordeJ tugether with thn `1~~rtgage. Ih~ cm•enants ~nd agreemcntti of wch n~1~r
~hall tk incur~.ratc~l iniv and sh.+ll ~mcnd anJ tiupplrmrnt thc cuvcnant~ :ind agrccmrnts of thi, Mortgagc as ~f th~ riJ~r
~~~re a p:~rt hereof.
7. Prolection of Lenders Security. If R~~rn.~er fa~l~ ~~. ~xr(~~rm the covenants anJ agreements a~ntaincd in Ihis
tit.~rt~;agr. ~~r if an} act~on ~,r p~~ccd~ng ~. r~,mmrncr~l .+h~ch niat~riall)~ ~f(r~t~ Lcndcr'~ intcrc~t in thc Pmper~~~.
includ~n~. h~~t n~~t lim~tcd [o. cm~ncnt dom.+in. ~n.~~krn:}. cixlc rn(~~rcrmrnt. ~~r arrangcmcntt i•r pr~-cccdings im~oking a
bankrupt ur dr.rdcnr. thrn 1.cnclcr at I.enJer'. ~~ption, u~~n n~~tice m Rc-rn~wer, ma} m:+ke such apExaranre~. Jitihursr tiuch
wm~ and ~al,~ such actiun .~~ ~s ncccti~ar~~ to pnnc~t l.cnder'~ imrre~t. ~ncluding. birt m~t Iim~tcJ t~~. di.burscmcnt .~f
rcasonaMr attornc)'• tcri and ~ntry upu~i ~hc Pmpcr~~ to mel~c rc{~ain. If I.rndcr rcyuirrd m~~rtgacc in.uran~c a. :+
cundiUUn ut mak~ng thr li~an K:~ure~l b} thi~ ~t~,r~i:~gc. B~~rrr~~rr tihall pa}' (hc prcmiurns rcqu~reil t~~ ntaint.un wch
insur~ncc in rfiect until ~uch timc :~~ thc rcyuiremcnt for ,urh insuranrc Icrminat~~ in accordancc with Borrowcr'~ anJ
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