HomeMy WebLinkAbout0468BoROwer a~d l.ender covenant and agree as follows:
l. Payment of Pciactpat and [nte~eat. Barrawer shatt promptly pay when due the principat ui a~~d intere~t on the indebtcvin~bs
evidenced by the Note, prepayment and late charges ae provided in the Note, and the pri~cipal of and intereat on any F uture Advances eecured
by this Mortgage.
2. F'unds for Tases and Ineurance. SubjeM to applicable law or to a written waive~ hy l.endrr, l3or~owe~ shal) pi~y tu l.ende~ on the day
munthly installmente of principal and intereat are puyable under the Nute, until the Note ia paid in full, a sum lherein "Funds") equal to one
~ xeiRh o[the yearly taxea and asseasme~ts which may attnin priority over this Mortguge, ~nd ~ound rentx on the Prnperty, if nny, plua onP
tweifth of yea~ly premium installme~ts for haza~d insurance, plus nnrtwelfth of yearly prnmium inst:~llmenls for mortKuge insurance, if any,
ali as reasonably eatimated initially und from time to liR~e by l.ender on the basis of sisse~ments and bills t~nd reasontible estimt~tes thereof.
The F~~da ahall be held in an institution the depoaits or nccounts of which are insured or gunrnnteed by a Fede~al or State ugency
li~cluding l.ender if Lender is auch an inetitution). l.ender shnll apply the h unda to pay said taxes, Aasesaments, inxurance premiums and
qround renfe. Lender may not charge for ao holding and applying the Munds, analyzing said account, o~ veritying and compilinq said
aeaesaments and bills, unless Lender peys Borrower interest on lhe F unds and applicable law permite l.ender to make auch a chu~ge.l3orruwer
_----iu~d I.ender may egree in writing at the time of execution of thia Nortgage that interest on the Funds shall be paid to Borrowe~, and unlesa
auch agreement ia mad or ap licable law requires such intere~tt b be~ pnid, I.ender shall not be requirecl to pay Borrower any intemst or
earnings on the ~nds. l.en er a all g~ve to rrower, v~nt out charge, an annual ~m,unting ot the F unds showinR credits and de6ita to the
Funde and the purpose for which each debit to the Funds was made. The F unds am pledged as additional aecurity for the suma secured by this
Mortgage.
If the amount of the Ftinds held by l~ender, together with Ihe [uture monthly instaliments of Funds payable prior to the duedatea of taxee,
asaessmente, inaurance premiums and gmund rents, ahall excred the nmount required to pay said taxea, assessmente, insurance premiuma
and ground rents ae they fall due, such exceas shall be, at E3o~rower's option, either promptly repaid to E3orrower or credited to E3orrower on
monthly installmenta of ~nde. lf the amount of the Fuoda held by I.ender shall not be sufficient to pay taxes, assessments, insurance
prnmiums and ground renta as they fall due, Rorrower shall pay to I.ender any amount necessary to make up the deficiency within :i0 days
from the date notice ia mailed by l.ender to Borrower requcsting payment thereof.
Upon payment in full of all auma secured by this MortKage, l.ender shall promptly mfund to Iiorrower any [unds held by t.ender. If under
paragraph 18 hereo[lhe Properiy is sold or the Property is othervvise acyuircYi by l.ender, I.ender shall apply, no later than immediately prior
to the eale otthe Property or iteacquisition by l.ender, any F unds held by I,ender at the teme of ppplication as a credit against thesums secured
by this Nortgage.
3. Application ot Paymenta. Unless applicable law provides otherwise, all payments received by I.ender under the Note and
paragrapha 1 and 2 hereof ahaU be applied by Lender fint in payment of nmuunk: payable to I.encirr by Borrower under paragraph 2 hereof,
ihen to interest payable on the Note, then to the principal ot the Note, :~nd then to interest and principa) on any F uture Advances.
4. Charges; Liens. I3orrow•er shall pay all tax~s, asst~.ymrnts :~nd uthi~r~•h:tr~;i~s, f n~•s and imp~~siti~~ns attributable to the 1'roperty w•hich
may atlaen a priority over this MortKa~;e, and leaschuld pa~•ments or ~;round n•ntc, if any, in the manner providcd under paragraph Y hereof ot,
~f not paid in such manoer, by 1~~rrow•er makin~; pa>~mrnt, w•hen due, dirrctly tu the pay~~r thrn~~C liurn~w•er sh~ill p~ompdy furnish to l.ender
all notices of amuunts:lue under lhis p.ir.i~,~raph, and in thP e~•enl R~~rmw~er shall m:~ke payment directly, Kurn~wer shall prumptly furnish to
Lende~ receipts e~•idrncing such p.iyments. lk~rruwer shall promptl~• dischar~~• any I~en whii•h h:~s priurih• overthis ~lurtk.ige; provided, that
liorr~~wer shall not he reyuinYl tudischarKe an>• wch lien ~u IunK as I~~~RUWer ~h:~ll aKrrr in writinK tu th~~ p,-~•mrM ofthrubli~;ation secuted by
~uch lien in a manner accept.-ble tu I.~ nder, ur chal) ~n ~;~N~c1 faith r~~nt~•~t wrh li~•n h~•, urde(end ~•nfi~rrt•m~~m of such lien in,1~~;.il proc•ecdings
~~hich operate to pre~•ent the enforcrm~mt ~:f the lien ur forf~~itun• ~~f th~• 1'ru}H•rh• ~:r :~m• p:~rt then.~f.
5_ Hazard Insurance. Rorrow•er shall krt~p the impnrvemt•nts now existin~; ur hrn .~fter erect~Y! un thi• Pruperty insurrd aRainst loss by
fire, hazards included within the t~•rm "extrnded cuvrraKe.° and sui•h uther hur.:~rds .is Ixnder may rcr~uire and in such amoun~c and forsuch
pc~riods as l.ender may reyuirt~; pro~•idc~i, that Lender .h:ill not re~~uin• that tht• amount ui such rnver:~R~ exe•red that amount of curer.sge
required to pay thP sums secured h}• thi. ~turt~aKi•. -
The insuranee c;~rrif•r providin~; the• imuranrF• sh:~ll Ik• ch~~.~~n h~• li~~rr~~~•~•r wh~w•t t~~ :~pprm~al h~• L~•nd~•r, pm~•id~Y1, th:~t such appru~•al
shall not be unrE~:-u~nably ~•ithh~•Id. AU pmmiu~n~ un inwranr~• FN~h~•u•..h:~ll iw• pu~d m th~~ mann~•r pr~~a~~d~rl undi•r paraKraph'.'. hNrEr~f ur. if
n~~t paid in such mannNr, hc ft~~rr~~w•t•r m:+k~n~; p:~~-m~•nt, whrn ~1w•, din•~•tl~ t~~ [h~• ~n~urani•~• ~:vn~•r.
All insurance policies and renew•als thertrf shall tx~ in furm acct•ptaLl~~ tn 1,~•nd~•r and shall in<•ludr a standard murtRageclauce in favorof
:~nd in form acceptabte to I.ender. l.enderchall h.i~•E~ thr nKht G~ hf~ld thr EN~lii•~e~ and re~m•~~al. therc~d, and I~~~rruw•ershall prumptly furnish to
~.~•nder all renev~al notices and ~11 receipts uf p:~~d prem~ums. In tht• r~•r~~t ~~f 1~~.., Iturr~~N•e•r.hall Ki~•t~ pr~~mpt notice to the insur.ince c:~mer
:ind I.ender. l.ender may make pra~f of loss if n~~t mad~• prompth• bc Kurr~~w•c•r.
Unless Lender and F3orrow•er uther~-~isc• aKrt~~ in wntin~;. ~nsuranc•i• pr~Kr~•d. ~h:ill F-r .ippli~•d tu rrsturation or repair of the Property
damaged, pro~~ded such resG~r.-tion or repair ic rc-um~mic::lly C~•a~ihle and the ~i~•unty ~~f this ~1ortKa~;e is not thereb~ impaired. If such
rrstoration or repair is not economicall~• ff~ac~blr ~~r ~f the se~cvrit~• uf this ~1ortKaKr w~ould t~e impaired, the insurance proceeds sfiall beapplied
tu the sums secured by this AturtK:~Ke, w~th th~• exc~~•.~. if am', p:iid to li~~rrowrr. If the Prup~•rt~• is ab:~ndnned by Borrower, or if Kurrower fails to
re~pond to I.ender within :ill da~s frum th~~ datr nutu-r ~~ m.iil~rl b~• 1 ~•nde•r U~ liurruw~rr that the insur.ince carrier offers to settle a rlaim for
insurance benefits, l.ender is authurizcri tu i•u11~Y•t and apply the insuranc~ pr~K-er•ds at Irnder's optinn either tu restur.ition or repair of the
Pmperty or the sums secured fiy this 11ortKak~•.
Unless Ixnder and I3orruw•er otherwise .~~;rfr ~n wntin~;. any such applicatiun of pnK•f~ls to principal shall not extend or pustpone thedue
~ate of the monthly installmenLc referrecl tn in par:iKraph~ 1 and 'l. he~muf or chan~;e the amuunt uf such inst~illmen~ti. If under paraKraph IK
hereof the Property is acquired by I.~ nder, all nKht, tiUr :ind ~nterrst uf KorrnNi•r in and to an~ ensurance p~licie~ and in and to the proceeds
thereof resultinR from damaQe t<- 1'roE-erty priur tu the ~:~IN ur a~•yuisidun .hall p:~ss tu 1,~•nder to the extent of the sums secured by this
~1ortKage immediately prior to such sale or an~uisition.
6. Preservationand:NaintenanceofProperty:l.easeholds:('ond~~minumg:l'IannedltnitDevelopments.liorruwershallkeep
the E'roperty in Kcx-d repair and shall n~~t ce~mmit N•a.tr ur prrm~t ~mp:urmt•nt ur drtenuration of the Pruperty and shall comply with the
pru~•isions ot any lease if this A1ortKaKe is un n le~~sehold. If this 11ortK:~~;e is un .i unit in :i i•ondominium or :+ pl:~nned unit development.
Ftorrower shall perform all of &~rruu~er's obliKatiuns undc•r the deti•larati~~n ~~rcu~~i•nant. ~•n•:itin~;or QoverntnK lhe conduminium or planned
unit development, the by-!aw•s and re~ulatiuns of the cunduminium ur plannrd unit de~•elopment, and constituent documents. If a
~~unduminium or plannecl unit cle~•elopment rider is exrc•uteY1 b~~ Fi~~rruwer and rerurde~i toKether ~+ith this Mortgage, the covenants and
,,Kree•ments of such rider chall be inc~ ~rpurat~K1 int~~ :~r.d shall :~m~•nd and ;u~rplr~n~•nt th~• ~•uct•n.+nts :ind aKrrr~nenls uf this ~1ortKaKe as if the
rider w•rre a part hereof.
7. Protection of Lender'e Security. If E3~rrnKer fails to perform the covenanta and aQreemente contained in this Mortgage, or if any
action or proceeding ie commenced which materially affecte I.ender'e interrst in the I'roperty, including, but not limited to, eminent domein,
insolvency, code enforcement, or arrangemente or proceedings involving a bankrupt or decedent, then l.ender et [.ender'e option,upon
nntice to Bormwer may make auch appearancee, dieburee auch sume and take euch action ae ie necessary to protect I.ender'e intereet.
~ncluding, but not limited to, diabureement of reaeonable attorney's feea and entry upon the Property to make repaire. If l.ender required
mortgage ineurance ae a condition of making the loan secured b~• this ;~1ort~CaKe, Rnrruwer ahall pay the premiume required to meintain
euch inaurance in ef[ect until such time as the requirement for such ineurance terminatee in accordance with E3orrower's and l.ender e
written agreement or applicable law. Borrower ahall pay the amount of all mortKage insurance premiume in the manner provided under
paragraph 2 hereof.
Any amounte dieburaed by I.ender persuant to this par:~qraph 7, with intereat thereon, shall txrome additional indebtedneee of
Rorruwer aecured by thie Mortgage. lJnlesa E3orrower and I.ender aKree to other terms of payment, auch amounta ehall be payable upon
notice from Lender to E3orrower requeeting payment thereof, and ahall bear intereat from the date of disbureement at the rate payable from
time to time on outelanding principal under the Note unleari payment of intereat at such rate would t-e contrary to applicable law, in which
event euch amounts ahall bear intereet at the highent rate permiesaihle under applicable law. Nothing contained in thie paragraph 7, ahall
require I.ender to incur any expense or take any action hPreunder.
~~UKJc~ P»GE 46O
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