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HomeMy WebLinkAbout0041li~~rrow•er and 1~nder cu~enunt and agrre aK followa: L Nayment of Nrincipal and Interrat. Borrowe~ shz~ll pmmptiy pay v-hen due the principal uf .uid fnterest un thr indrbt~vlnrtix ~~v~drnced by the Nate, pre{x-ymrnt ~tnd latr chitrKeti ux pn~vidr~l in the Nute, urtd the principul uf :~nd interext ~~~i .+ny Futur~~ Ad~•an~•es :ecu~~d '.~y thie Murtguge. 2. F undN torTaxes and InKUrt~nce. ti~bj~rt to applic:~bl~~ I.~w ur tu:~ wntt~m w:~i~~er b}• L~•ndrr, lt~~rruwrr.h:+ll p:iy t~~ I.~~nd~•~nn th~~d:~>• ~zu~nthly inst:+llments u[ principul und interest urr p.~yabl~• undiv the N~~t~~, until the Nutr is puid in full, a,um ~ h~•n•in "Fund~"- ~.~ual tu one- c,~•Nlfth of the yeurly taxes i~nd usscssments which muy :~Uuin priurity uv~•r thiti ,~turt~;a~;~•. und ~;ruun,! n•nt+ nn thi• Pruprrtp. if a~~y. plux une ~..•eiRh of ye.~rly premium installments for hutard in~urancr, plus un~-tH•.dRh uf y'~•.~rh~ premium instalimrnt+ f~~r m~~n~;ay;.• insuran~•e. if any. uil us re.wu~n.-bly rslimat~rl initiully und from time tu tim~• b~• 1 a•nd~~r un thi• husis uf :-.si•.s~n~•ntti :-nd bilis and n•:~sun:~bl~• e.unr.~te. ther~Y,f. T-... L`....do ~I.oll F.o 601~ in an inahhllinD 1~1P (~t~IM~AI~l: 1/~ ucruunts uf w•hich i1~P II1tiU[P(~ 11f ~;UAf:111~1YYI Il~• il t'l'dPCil~ IK ti(ll~l' :1}~PIIC~' iincluding l.ender if I.ender is such an inatilutionl. l.ende~ vh~~ll apph• th~• Fund~ tu pa~• .:~id taxe~, u,.~•s,ments, insuran~•e pmmiums and ~;round mnts. l.ender may not chnrge for so holding ~nd upph•in~; thr r~~a~. .t~~:~i.•.~nK s.~id :ici•:~unt, ur ~•erifyinK and c~~mpilinK s:+id ,~~seayment~S and fiills, unles.g I.ender puya Rorro~+er interr~t un th~~ Funds:iud applicablr IliN' ~MT:OII~ I A•nder tu nwke such a~•har~;r. ltorruwer and I.ender m.~y .+Krce in writing nt the time uf exrcutiun ~~f this 11urt~:+~;e th:~t ~Mt•n•st un th~• h unds+h:-11 IK~ paid to liurruw~•r, and unless ,urh agreement is mude or npplicable I~w requires such intcrost tu b~• p:iid, 1~•nder ~hall nut -K• r~~~wntil tu pay iA~rruK•rr any interest or ~•.~rnings on the Funda. I.rnder shall give to BorruN•er, without char~;e.:~n :u~nual nc~~uuntin~; ~~f thi• Fund~ shuH•iuK cnrlit~ and debits tu lhe H'ands and the pur~~se for which each debit to th~• Fund. wa. mxd~~.'1'he Fund. are ple~~i,;~~i as:~dditiunul se+•unty fur the sums s~ti•urtd by thie ~1urtK~ige. If the amc~unt uf the Nunds hrld hy f A ndcr, tu~~•th~~r ~•ith the futur~• munthl>• m~t:~llm~•nt. uf Fwids payahle• priur tu the duc dat~~s uf taxes, :+ssessments, insurancr premiums and Kruund mnts, shaU rx~~~y~e1 thc• :im~~unt ntiluiratil l~~ pa~• ~uid taxe~, :~ssr.sm~~nts, insur.ince pn•miums und gruund rnnts us they f:-il due, auch excess shilll ~M, :11 I;OITUN'Pi ~ I~F)llull, f•ithi•~ pru~nptl~• rt~paid tu Kurruw•i•r ~~r crrdited tu Fiortuwer on ~n~~nthlv installments of Funds. If the :~m!~unt ~-f the Hunds held h~~ IA•nd~•r shall nut tN~ suffi~•i~~nt tu p:~~~ t.-x~•s, assessm~•nt., in~urance prt•miums and Kround rents ns they fiill due, Fiorn~wer ~hall pay to (~•nd~•r any am~~unt n~~•~•s.:~ry tu muk~~ up the d~•ficii•nc~• vcithin :SI~ duys f~um the d:~te noti~r iti mailed bv Iw•ndrr tu Kurruw~•r m~~urtitin~ pa>•m~•nt th~~nY~f. t!pun puyment in full of all sums u~•umci h~• this \1i~rtka~;e, lw•nder sh:~ll pr~~a~ptl~• r~•fund t~~ liurruw~er .+ny funds h~•Id hy Iw•ndc~r. If undrr ~~:~raKr.iph !R hereof the I'rupert}• i~ suld or the Prupc•rty i. othenci~~• acywrcd 1~~• Iw~nd~•r, lA~nd~•r ~hall appl~•, n~i !ater than immi~iixtri~• prinr !~ ~ thr sale cf the }'ropertp or iG~ acyui~iti~~n by I A~ndi•r. an~• Fund. hi~ld hy I,~mdi~r:N Q4u• tt-ne• nf appGcatii~n .is a cre•dit a~;:un~t thi• wm~.cti•urrd :~•: this hlortgage. :;. Application of f'aymrnts. t'nle.s upplicabl~• inK• pn~~•id~~s ~~th~•nv~sr. all p:~~•mi~nt, n•~•~~i~~~vl b~• I.c•nd~•r under the :~u/e :~nd ~,aragraphs 1 and 'l hrreuf whall t-e appli~~c1 }~y IAmder fir.t in p:~>•m~•nt ~~f am~~u~its p:~yahl~• t~~ IA•nd~~r b~• KorroN•t•r under p.vaKraph Y her~~~f. ttic•n tu interest pxyable on the Note, th~~n tu the principa! uf tht~ \~~t~•. :ind thrn t~~ interest and princip:~l un any ~uturr Ad~•.~nces._ 1. ('haraes; l.i~~ns. Korrower tihall pay all tax~•., a.si•s.m~•nh.:nd nthrr rh:ir~;rs, tin~~. und ituE~usui~m.:~!tnhut:~hl~• tu th~• Prup~•rty ~~hich ;n:~}~ att:~in a priuritt• u~•cr this bturt~;:~~;~•. and Ir:~.~•hnld pa~~~u~~nt. ~~r Rn~unJ n•nt:. if.ui~~, in thr ~n:uen~•r pr~~~id~~! und~•r p:~ra~;r,~ph'L h~•reti,(ur. :? su~t paid in su~•h rnxnm~r. by Itnrruu~•r mukin~ E~:~ym~•nt. ~~~h~~n du~•. ~1ir~•~ tl~~ t~~ thr p:n ~•r th~•r.v~f. It~~rn~~~rr sh:+ll prumpth• furni.h tu Lender ~il nutici•s ~~f amuunt~ due undi~r th~s p:vaRr:~ph. :~n~1 ui thr r~'rnt K~~rn~~+'~•r .l~ali ~n:~k~• E~uyzn~•nt d~r••~ tlc. It~~rr~~«rr shall pn~~nptl~• fumi.h t~~ I.e~nder rece•ipts t•videncin~; ~uch p:-~ m~~nt. 1{~~rr„~vi~r .hall ~~r~~~nptl~ ~1~<~•li:+rk~~ .~n~~ l~~•n ~vhi~ h h:i. ~1n,~nt~ ~~c~•r ttu: ~lnrt~;aki~: pru~•id~vt. th:~t fi~ ~rn~w~rr.h.:ll nnt tH• r~y~uinyl t~~di~~~har~;~• :~ny •u~•h lu•n w~ lun~; .~• li~~rr~~~v~•r -1~.~11:~~:n•~• ~n wrrtin~; t~, th~• p.~cm~•nt ~~f th~•uhl~~:ati~~r. ~~Y~un•d by ~~i~ h li~•n in :~ m:~nni~r a~~i•rpt:~hl~• t~~ L~~n~1rr. ~~r .ii:~ll ~~~ ~:~~~~~1 f:~rth ,~nt~ .t ~i:rh lu•n h~ ~~rd~•G•n~1 ~~nt~~r~ ~•m~•nt ~~f:u~ h 1u•n tn. 1~•~;:-1 pr.H•e•~v1tn~~ .i turf~ uprratt• t~~ F~rrci•nt t~~~• t•nt~~rrrnu•n[ u~ Ihr ,1~•n :~r t~~rlritur~• uf th~~ 1'n~~~~•rt~ ~~r .in~ p:+rl tl~~•n~~} :~. H¢~tard Insuri~nce. liurn~w~•r ~h:ill k~•~~E~ th~~ ~mpn~~~•:n~•nt. n~~~~ ~•x~:un~; ~:r h~~n•.+ftrr rrr~-t~•d ~~n th~• I'n~p~•rt}~ in.unyl:~kainst In~. by ;-:rr. huturdc in~•I+~d~•d tivith~n thr trrni "~•st~•ndwl ~-~~c~•ra~;~•." :~n;i .u~ h~~tti~•r h:v:~r~1.:i• I.~•nd~•r may rr~~u~n• :~n~l ~~i ~u~•h:~n~~~unt. unil fursuch , .•ri~K1s a• L~• .di•: tn:~c n•quire ; ~~r~~cidi•~1. !h:~t I.~~nd~•r ~h.~lt :.~~t r~•~~u~n• th:~t th~• unnwnt ~~f :u~~h ~•~.:~•r,e~:~~ ~•« ~•~•d th:~t :~m~~unt nf ~•~~~:e~r.~Ke• r~~~uirEYi t~~ pa}• th~• :wn~ :t•rur~vi h~ thi. \l~~rt~::~~;~~ 'I~he ins~r:~ni~~• ~;~rrirr pn~cnlin{! thr ~n~ur.~n~ ~.f~.~ll h~• ~ lti~~•~~n hc K.~rr~~~~~•r .ul~i~•~ t t~~.~~~E~n~c:~) h~ I.~ n~t~•r. E,rncul~•~l. th:~t .u~ h:ipprucal ~h,ill n~~t h~~ unrr:is~~n:~hh ~ctttti~~•l~! :\II F~r~•mit~ni~ ~~n in~ur.in, . p~.l~~ ;~•• >ii:~i! h.~ E,.u~1 ~~i th~• n~.~nn~ r ~~n~•. ul~•~1 u~i~l~•r E~.~r.iRr.~~~h ' h~•r~~~f~~r. ~! r~~~t p:~id in surh mannrr. In' f{~~rnn~~•r :n:~k~nR ~~.+~~tn~•nt. ~~h~•n ~lu,~ ~I~n ~ th t~~ ih~• iti~ur.~n~v• ~:~rn~ r r~ll insuran~e {N~li~•it~~:+nd re•nt~~~:~i. th~•rruf ~h:~ll h.~ ~n f~~nn :~~ ~~•pt:~hl~~ t~~ i a•n~irr:in~i.h:~il in~•Imir:~ ~t:+n~l:~n) ~m~rt~;:~~;t•cl.~uvf• in fa~ur~~f ~nd ~n furm :+cceptahlc~U~ Iw~nd~•r 1.~•n~1i•r ~h:~ll h:~~~~th~• n~:ht t~~ h~~td th~• p+~ltru•.:~n~1 n nr~c:+l~ thrr~•~~f.:+nd Ii~~rr~~~crr ~hall pr~anpti~~ f~rn~:h tu i,.~nder all rrnex.~l nntic~•.:u~d all n•~~~~i~~t• ~~f p:u~1 prr~uium~ In th~• ~•:.~~~t ~~f 1~~~•. !t~ ~: r~~~~wr ~h:~ll Rnr 4~r~~~npt n~~t~c~~• t~~ thr in.urani•~• ~:irrier ~nd Iw~nder 1,[•~~de•r m:-~• mak~• pr~~,~f ~~f 1~:.. ~f n~~t m:ul~• pn~mptlc hc I{,~rr~~~c~ r l'nl~•tis I.emdt•r :~nd fi~~rru~~~~r ~~th~•r~~•~• :~~n~• in ~er~t~si~:. ~n:ur.~:n ~• {~n~~ ~. ~1• .t~:,fE h~• .~~~E~lu•~1 t~~ :.•:h~r.~h~~n ~~,- rt•p:i~r uf th~• 1'r~~p~~rt~~ ,inmuKed. prm•idi~c~ ~ui~h rr~t~~r.~ti~.n ~~r e~•p:ur ~. ~,•~n~~lun:+ll~~ G:~~~hl~~ :~n~! tha ~~~runr~ ~~t tht~ ~l~~r;~:.~~:~• ~: n;~t th~•r~•t,>' ~mp:+~r~•d. If.u:h rt~,tur:itiun nr r~~pair i. n~~t ~~~~ununn~~:~ll}~ ft•:~~~Li~• ~~r if thr ~~•~ ~tntc ~~f th~. \l~~r[~:ik~• ~c~.ul~I 1~.~ i:IlFrflf~•II.III~• Ifl%UC:III~'~•}If~+l'PiYl..h:~ll h~~:~pplii~l c~~ thesum~+~~cunYi h~~ thi.li~rrtk:~k~•. Kith th~~••~~ ~•:•. it'any. ~~:ud t~~ Ft~~rr~~~crr Ifth~~ f'r~p~•rt> ~..~h.,nd~~n~y1 hc ti~~rn~~crr.~~r if li~~rr~n+~e~rfailct~~ n:pund tu [.~~nc3~•r within .:(~ d:+y~ fn.m ihr ~l:itr ~~~~h~ ~• i~ m:ul~+l Lc 1 t•n~l~•r t~~ I~~~rn~~~.•r th.~t th~• ~nsur:+nr~~ i:~rr.~•r ~~ffc•rs t~~ ~t•ttlt• .i i~la~m fnr ~nsur.-ucr h~~nefits, I~~r~~l!•r ~~ :iut!~~~rin~d t~~ i~~llri t.+n~i :~~~plc th~• ~n.ur:tn~ ~• E~r~~~ ~~•~l..tt 1~•n~1~•r'• ~~{~u~~n e•itht•r t~~ rr>t~~r.~u~~n ~~r n•p:~ir ~~f thi• f'r~~prrt>~ r~r th~ .um~ ~~Y•urt•d h}• th~~ ~U~rt~:a~;~•. t'nietic I.ender snd Ft~~rrnti•e•r ~~th~•r~c~.~• :~Rn•~•:~i ~vntin~;.:~nc :u~ h.~~~plt~ ,~t~~~n ~~f pn,~ ~•~•~1. t„ pnni•iE::~l.h:~ll n~~t r~te•n~~ ~~r Er~stpnnr lhc~dur ~1~~tc of the munttil~• installmrnt. r~•f~•rr~•~1 h~ u~ p:~ra~:::ipi~• i:+n~l , h~•n~~•f ~~r ~ h:+n~;~• t-i~•,i~n~~unt ~~f ~urh ~n.t:sllnu~nt~ If ~nd~•r par.i~;r.~ph ln !;t~renf the Prop~~rtt~ is :+ryuirvi h~ IA•r.~l•.r. :~11 n~:ht. titl~• :~~i+l int~•r~•.t ~~f K~~rn,«~•r in :~n~i t~~ :~nc in.uran~•~• {Y~l~~ i~•s and ir.:ind tn th~• pr~~~-~tiKis ~h~•r~~f resu{tinK fr~~m dam.~~;i~ b~ F'ri~{wrt~~ prn~r tn tht~ ~:il~• ~~r ~u qu»:tn~ri .-c~11 p•+s. t~+ 1~•nd~•r tn th~• ~~xt~•nt ~~f the~ .um~ ~<•~•un~c1 tr~~ thi~ ~lurtKaKe tmmeciiat~iy prinr t~~ ~ui•h sal~• ~~r :~rqui.~h~~n fi. I~re!-en~ation and ~lainl~•na~nceuf 1'ri-pc•rt~•; i.~•:~titi•huld.:('unduminumti; I'lann~~d l~nit 1)e~•~~lopmenlv. iiurr~rw~rrshall ke~ep .±ht. 1'r~~pe•n~~ in ~~N~d re•pair and .h:+ll nnt ~ ummit ~+:~•!~• ~~r p~•r~n~t uu;~:urmi•nt ~~r ~trte•ri~~r.~h~~n ,~f th~• i'n:ii~•rt}- :ind sh:~ll i•i~mpi~• ~v~th the ,,n,ci:i~.:~~ ~~f any' li•:~.e• ~f ttii~ ~i~~rt~;:~-;~• i~ ~m u le•:~:~•ii~~l;1 IS th~~ \l~~r.~;:~~;~• ~~ ~~n :~ uni~ ~~i :t ~',~n~i~~minium ~~r :~ plann~~d un~t d~•ti•lupm~~nt. fS~~rr~~~sc~r +h.~ll p~•rfnrm :~li ~~f li~~rn~~tie•r'• ~~~~li~;ah~~n~ iin~l~~r th~•,{,., iar;~tt~~n ~~r ~„c~•ee:int: ~ n•.~t~~~~~~r ~;~~c~•rninR th~• ~~~md~~mtn~um ~~r pl:~nneel nnit dr~~elupmF~nt. th~~ b~•J:iw~~ and n•Kul:+tnms ~~f Fh~ ~~mil~~rniniun~ ~~r p1,+nn~Y1 unit ~1~~vrl~~pm~•nt. :in~1 cunctit~ent ducwnent.. (f a ,,~nduminium nr plann~•r1 unit d~•c~•l,~pm~•nt n~i~•r i. ~•~~•~ ut~•~i !~c li~~rr~~«~•r ,~iu1 n•~~~r~1~,1 t:~~;~•the•r w~th thi; \1~rrt~:~Ke. th~•~~o~-en:~ntv and ~~;rrrmt~nt~ ~~f ,u~ h nil~•r ~h:~l~ 1»• ~n~ .,rE~~~r.~t~~~l irit~~:~n~i ~h.~l::~m~~t~~1 .~n~l >u~~{~I~ nir~~t th~•r~~~~ ~i.~ni~.~n~i a~;n•~•cu•nt.ufth~. \1nrt~:~~~•:~.ifthc• r;•it•r ~ct•n• :~ p:irt !~~•n•nf ~. F'rotection of I.ender's Security. If K~~rr~~.+~•r f:+il~ tn Ex~rfnrni th~~ ~•~~~~~•n_inty .+nd :~Krf~•m~~nty c~~ntained in this :~1ortK:~Ke, or if any actiun ~~r pr~N~•cviinK iA commNnced Khich matrnally affFn~t:+ I~•ndt•r'~ ~ntc•n•~t ~n th~• E'rupt•rty~, in~~ludinK, hut nut limited to, eminF~nt dnmain, ine~~l~~ency, rnde enforcement, or arr:~nKPmentw ~~r i~r~K•r~•d~nKs im•oletnK <+ bankrupt ~~r deti~rcl~•nt, th~~n Ixnder at I,e~nder'e opt~nn.upon ne~ticF t~~ Br~rn,wer may make such appear.~ncee, dieleurxe tiurh wumv and t.-kc• yuch ac•t~~~n a~ i~ nrcr~:san' tu prutec-t I.ender's intereat, ~ncludinK. but nnt limitect G~, diab~iraemrnt of rt~.iyunablf~ atturnr~~'s fer~ and rntry u{w~n the 1'rupert~~ U~ make repaire. If [.ender required mortKaKe insur:-nce as a cunditi~~n uf mak~nK thr luan tir~•or~~r1 h~~ ttu~+ ~t~~rt~;:~Ke. Kurr~~~•t~r ti1~.i11 pac the pmmiums reyuirecl to maintain ouch inHUrance in e~fec-! ~ntil xuch tim~ :~y thr rfK~uir~~m~•at fnr vuch ~n~uranc~e tc•nninatt•;: in ac•~•~~rd:-nce w•ith fi~~rr~~wer's and I,ender'e written aKrFement ur applic~aMr I.~ivr. Rurr~~w~rr ~ch:~ll p:~~~ th~~ .+muunt ~~f all nu~rt~;:~Kt• intiurani•e pn•~n~urno in the mannt~r pruvidcd under para-Kraph 1 herr~~f. Anv amnuntti diabursi~~ hy~ I.~~nder peryuanl t.~ thic p:ir.~Kr.+{~h :. ~~•ith tntrn•~t th~~r~•~m. ~h:ill ta~•~rme .iiid~tiunai inde~btrdness of fiurn~w~er ~i~<•und b~• this ~1~~riKnKF•. ('ni~:vv fi~m~~wt•r .~nd I~•ndf•r a~;rt~~• tu nthrr t~rm~+ ~~f p:~~•m~~nt. ~uch a~nuunt~ ehall he pa~•ahle upon n~~tice frr~m (~~ndrr t~~ Rnrrnwer n•que~tinK pa~•m~•nt the•r~~~C. :~nd ~hall hf:~r int~•r.•st fr~~m th~• d:~tt~ ~~f di~i~ur~~•mt~nt at the r:ite pa~•ahle frum t~me tn ti~n~• ~~n+~utyt:;ndinK pnn~•ipal undt•r the \~~t~~ unl~•~~ pa>-mtmt ~~f int~r~•vt at ~u~ h r:lll' N'IiUI~~ FN' c~~ntrar}' tu appGcahle I.~w•, in which c-vent tiuch am~~unt~ ~+hall }x~ar inten•st at the hiKhrct r.ite prnn~.:.;ihli• unde•r appli~~.~i~lr lav~. tiuthinK containrd in thiy paraKraph i, ahall rr~~uirr Ixnd~•r tn incur any YX~~!'I14f• ~~r take :+ny acti~~n hf•r~•undi•r : _~ ~ .~ . . . : _ - _ ;~'~~:35~ f~:UE 41 _-- ~ y =~ ~ ~ F _. ~