HomeMy WebLinkAbout0050ti~,rruMer and l.ender covenant and agrre ua fulluws:
1. Payment ot P~rincipal and Intereet. Korrower ahaill promptly pay when due the principal uf and ~ntenat un the indehtedneax
rvidenced by the Note, prep~iyment and lntecha~gre aa pn-vidcKl i~ Ihe Notr, and lhe principal of and interest un uny F uture Ad~:~nces srcu~cd
hy thia Mortgage.
2. Funde for Taxee and Ineu~ance. Subject to applicable luw o~ tu n writt.•n wuivr~ t-y I.ender. liurruwer+h:ill puy tu L~•ndrr un theda-y
munthly insti~llmrnts of principal ~nd inte:est xre paycible under the Nut~•, until the Nutr is pxid in full, a sum ihrrcin "Funds") ~ti~ual to on~
twrlfth of the ycarly taxes nnd assessments which muy aU.+i~~ priurit>~ o~•rr this A1urtK.iKr, a-nd Kround rents un Ihr I'ruFx•rty, if any, plus unr~
t~•elfth of yearly premium instnllments for hnzard insuruni~, plus u-~~-IMi•ifth of }~rarly premium i~est:+ILne~ts fur murtK<:~;e in~ur:+nre, if any,
:~Il :ui miisonably r~timat~ initially und from time to time by 1.•ncier on th~• buyis uf assessnu•nts and bilis :ind reasunuble ~~~t~mut.•s thrrey~f.
The Funds shall be held in an inatitution the depuaits or nccounts of v-hich are insurecl or guaranlrecl hy :~ Feder.il or titate ugen~y
~includ~ng l.ender ii l.ender is such an mst~tuUonl. l.ender shau appiy trte r una~ to puy saui iaxex, u:~si•,~mrn~r, ~n:cur.~n~•e pn•~u~um~ ~+uu
Kruund rents. Ixnder may not charge for so holding and applyinK the Funds, an:~lyzinK s.~id account, ur verifyinK und compilinR said
asseavments and billa, unlesa l.ender paya Boi^roKer interest un thr N unds .ind .ippli~ ablr luw permi~ti I A•nder to m:~kr such a charKe. liorruwer
.~nd l.ender may agree in writing at lhe time of execution of this ~lortti.+Ke that interevt o~ the M unds shali IK p:~id G~ Rorruwer, nnd unleas
yuch agreement ia made or applicable l~w reyuires such interest to be p.iid, lA•nder shall not be rryuired to pay ft~~rrower any interest or
c•arnings on the Funds. Ixnder ahall give to l3orn,wer, w~ihuut chi~rge, an annuul ac~Y~unlinK of the F unds showinK crediL~ and debittz to the
Funds and the purpose for which each debit k. the N unds wa+ made. The H'unds are pled~;c•ci as additiunui sec•urity fur thr sums urured by thig
titortgage.
If the amuunt of the Punds held by lxnder, toKrther N•ilh the future munthh• inst:-Ilments of Funds pu>:-blr priur to the due d..tes of taxrs,
ussessments, insurance premiums and Rround rents, shall exc ~ci the amuunl re~~uind to pu)• said taxrs, assessinrn~~, insurance premiums
~snd ~und rents as they fall due, such excess shail be, .it f3~,~TUwer', eptiun, either prumptly rep.~id to I;urruwer ~~r cnwlit~~ci tu Fiorruwer on
monthly installments of Funds. lf thr amount of the Funds held by I~~nder shall not tK sufficient to p.it• taxes, assessmrnta, insurance
premiums and ground rents us they fall due, F3orn~wer sh:iU p:-y to I.ender any amuunt nrc•c•ssan• to make up the df•ficienc~• within :i11 days
from lhe date notice is mailed bv ~xnder tu Fi~~rro~•t•r nr~ue.tinK pa~•ment thercY~f. ~ '
Upon payment in [ul) of all sums secured by this MurtK.~Ke, l.cnder shall prumpth• re(und to li~~rruv~•er any funds held Ly i xnder. If under
p:iragraph 18 here~of the Property !x sold or the Yro~~rty is otherv-i~i~ aryuinYl b~• l.ender, 1,~•nde~r ;hall applt•, nu I.~ter than immeclin.ely prior
iu the snle of the Nroperty or itsacquisition bp l,rnder, am~ Funds hrld by 1.~•ndrr at the tim~~ uf applii•atiun as a creclit aK.~inst thr sums xecurcd
by this Mortgage.
3. Application of Payments. Unless applicablr law pr~~~•ides othrr~•ist•, all payments recei~~ed by I.rnder under the I\ute an~!
p.ira~rapha 1 nnd 2 hereof shall be appiied b~ l.ender first in p:~~•meM uf amuunts payahlr to l~~ndrr by Kurruwrr under paragraph 'l herc~~f,
then ta interest payable on the Note, thP~ tu the principal of the~ N~~tt•, cind then t~~ interest and prinripal on any Nuture Advances.
4. Chargea: I.iens. RurruH~crshxll pa>• all t.-xrs, as.~•s.m~mt..+nd ~~th~•r~ h:~r~;c•x, fin~•.:md ~mpusit~un~attrihut:ihlr tuth~• Pr~~{x•rty ~•hich
m.~y atta;n :~ priority o~•cr this ~1urt~;a~e, and 1~ :-.~•huld pa~•mrnt. ur ~;ruund mnts, if am•. in thr manni~r pru~•~d~~) under p:ir.i~;r.~ph'l here~-f or.
~f not puid in such m:inner, b}• liurruwer makinK p:~ym~•nt, whi~n dur, dirt~~•tl}• t~~ thr pa~•~r• th~•n~~f f{urrnw~•r ~h:+ll prumpth• furnish tu Ixnder
;~li noticrs of :imuunts due und~•r this para~;r:iph. :uid in thr i•~•ent 1{~~m~~~•rr ,h:~ll m:~kr pa~•nu•nt d~r~rth•. fiurn~wi•r shaU prumptl~• furnish to
1.t•nder rtY-eipts r~•idrncinR such pa}~mrnt. liurruw~•r sh:~ll pnnnpU~• ili:~•h;izkr :+n}~ li~•n which ha. pri~~rity ~~~•~•r t}u. ~lurtk.sKe: prn~•~dc~1, that
Knrruwer shall not tx• r.~c~uin•d t~~ disch.~rk~• anc ~ui•h I~~•n w~ 1~ ~n~; :~s k~~rr~~~. e~r ~h:~ll :i-~rt•r in ~•rihn~; t~~ thr p:+~~tn~•nt ~~Cthi•ublikatiu~ st~vrrd by
~uch lirn in :~ manner accc•ptahl~• tu Lrndrr. ~~r.h:~ll ~n ~;~~~N1 f:~itti r~~ntr:t ,u~ t~ Gi•n h> .~~rd:•f~•nd rn6~r~ ~•in~•nt ~~f w~•h lirn ~n. Ir~;:II F)f~N'PlYI111Kti
~.~hich uperate to pre~•ent thi~ e•nG~rc~•me•nt uf th~~ lirn ~~r t~~rfe•rtur~• ,~f th~• !'n~{~rrt~ ~~r :~nc ~~art thrn.~f
5. Ha•t.ard InSUr~nre. 14~~rruwt•r .h:-1l k~ti•p th~• ~inpn~~~~•nu•nt~ m~w ~•xi.t~nk ur h~•reaft~•r rnytt•d ~~n thr Pr~qx•rty insurcYl aKaintit lusti hp
tire, hazards includ~~i w~th~n thr t~~rm "~•xtrnd~Y1 ~~~~vrr.i~;i~. ~:in~i ~u~•h ~~th~•r h:~iards :~~ I.~~ndrr ma~• rf•yuirr• :~nd in .uch amuunts and for su~~h
p~•riixls as l.c•ndi•r m,i~- n•quir~•: pn~~~id~~l, that Li•nd~•r ~h:Jl m~t myu~r~• th:~t thi• :~m~wnt ~~f xu~~h r.~~~t•r.~~;~• ~•x~•~~til that :un~~unt uf ~•~~veraKe•
r~v~uirc~ tu p.+y tht• sums s~K•unrl h~~ thi. ~1urtKa~~'.
Tht• insuran~•~• i•:+rrier pr~~~ i~tin~: ttie• ~n.~ran~~~• :t:.:ll h~• ~ h~~.~•n h~ lt~~rn~~c.•r ~uhj~•rt t~~ ap{~n~~:~l h~• I.~~n~l~~r. pn~~'ui~•~l. that wi~h :~ppri~~•:~I
~hall not t~r u~re•a.un:~hly H~ithh~dd :VI pmrn~um• ~~n ~n.ur.~nr~~ F~.~li~ i~~~ •h:~l1 !w• ~~.u~1 tn th.• ~t:.uin~•r pr~.cul~~~i un~l~~r ~~.~r.~~r,~pt~ _' hrn.~f ~~r. ~f
nnt paid in such m:~nnt•r. bc li~~rn~~c~•r ~n:~k~s~~; {~.~~ nirnt. ~~h~•n al~r~~ ~iin•~ tl~ t~~ th~• u~~ur:utirr ~;~rri~•r
Atl insurance polic•ies and renf•w~al~ therruf ~hall tN~ ~n fi~rm a~~~ ~•~~t:~t~!~• tu I ~•nd~•r and ~h:~ll in~•ludc•:~,t:~nd:ird m~~rtRaKrclausi• in fa~~oruf
:,n~ in form acceptabletu Iw•nder. Ixnd~•r~hall ha~•~• thrrikht G~ h~dd th~• p~~Gri~•. an~1 n•n~•~.al~ th~•r~•„f.:uid It~~rr~~~ce~rshall prumptl~• furnish tu
i.~•nder all renew•al nutices.+nd al! rf•~•c•ipt. nf p.i~d pr~•inium~ In th~•r~rn! ~~~ 1~~~.. Ii~~rn~K•rr.h:~ll ~;~~~.• pr~~mpt n~~t~ct~ tu th~• in~urani~ec.-rrier
.~nd I.ender. t.ender may make pnH~f nf I~~~~ if m~t ma~l~• pnunpth hc K~~rr~~w~i•r.
l.'nless I.endf~r and li~~rr~~w~er ~~thF•rwi.~• .~~rt•i• in ~vnt~ny;. ~n:uran~•~• pnKr~•~1~ ~h.~ll tr• :,ppl~rd t~~ rrst~~ra!i~~n ~~r repair uf thc• {'ru~N~rt~~
~tamaKed. Pro~~dcd _,uch rrsturatu~n ~~r re~p.+ir i. t•r~~n~~~nir:~ll~ f~:~,ihl~• uiid th~• s~•~ ur.t.~ ~~f th~. \i~~rtka~;~• ~. n~~t the•rrh~- impa~rec~. If such
r~•.toration or repair iti nut ec•onunuc:~lly fra~ihlt• ~~r ~f tt~r .~~.•unt~• ~~f th~s ~t~~rt~;:~~;r ~c~~uld la• ~:n{ruri•d, tht• inwr:in~ t• E)f~MP('(Iv ~h:i11 l~e applied
c,~thesumssecuredbythisll~~rtk:iKi•.~•~thth~•r~xi~.•s~.~f:+n)'.pa~d:~~fi~~rn~w~•r Ifth~•1'r~~EH•rt>•~~:~han~l~m~rlh~•K~~rn~t.~•r.~~ri(fi~~rr~~werfailstu
r~;pond to I.ender w•ithin :il~ d:i~•~ frum tht~ datr n~~tn•~• ~~ m:+ilw1 h~~ I~~n~l~•r t~~ fi~~rr~~w~•r th:it thr ~n.ur:in~•P ramrr nffer~ tu.t•ttle.i ci.i~m tor
intiurance tmnefi~s. I.c•nder is auth~~nzi~i t~~ ~•~~Il~ti~t :+nd :~F;y~l~~ tiu• in~~uan~ ~• pn~~~•r~i~ :~t 1.~•nd~•r'~ ~~ptt~m ~•~tker tn rrst~~r.~Uun ~~r re•pair ~~f thr
f'rupetty or the sums secured b~• thi~ ~Iurtk:i~;~•.
l`nless I,ender and I~,rr~~K~c~r+rthe~n~•icr a~;nY• in w~nhn;;.:~nc su~~h:~~~pi~~ :iU~~n ~rf~pr~~c~~~•ds t~~ pnni•ipal ~h:~ll ni~t extr~nd nr p~stEx~nethf~due
~iate of the monthl~• inst:iilments n•f~•rr:~t tn in p:+::i~rapt~~ 1:~nd ~~'.u•r~~~~f ~~r ~•hanRr the• :+rn~~unt ~~f su~~h ~nstallme•nt.. If under paraKr.iph li~
hereof the Proprrt~• is acyuircrl h~• 1~•nde•r. all nKht. trtl~~ :~t~d ~M~•n•st ~~f li~~rr .Ht•r in :~tid t~~ :~ny in.urance• Fwlici~•. a:id in and to the {~nK•reds
there~~f resultinK irum dam.+Kr tn 1'ruEx•rt}• pri~~r t~~ tht• ~:~It• ~~r aryu~~it~~m sh:~l: {r.~~~ t~~ 1.~•nd~•r t~~ tht• ~•xt~•M uf thr .um~ ~ccurcd h~• thi~
`.':~rt~a~c immediatel~• prior to ~uch ~ctl•• ~~r a~•~~n~~itiun
6. Preaer~ationand~iHint~•nanceufYn-p~•rty;Lei+ti.•huld~;('unduminumv:l'lann~•dl'nitl)i•v~~lopmentr.fiorn~wershallkeep
±he Propert~ in K~N~d repair :ind ~hall m~t c•~~mrnrt «a~te• ~~r p~•rnut ~n:p:~~rm~•nt ~~r d~•tf•ri~~r.~ti~~n uf tht• I'rup~•rt>• and ~hall c•umpt~• wrth the
pr~~ci~ions of am' least~ if thi~ !11urt~;:~kc~ i. <~n :- I~•.~s~•h~~ld if thi. ~1~~rt~;a~;~• ~• ~~n a unit in :i ~•~~ndnm~ntum ~~r a pl.~nn~•d ur.rt Jt~velupment.
lt~~rrower sh:~ll perGirm all of Ii~~rru~vt~r'~ nhlikaUnn~ und~•r thr dry•lar:~ti~~n ~~r~•~~v~~nants ~ n•.~tin~;ur k~~~t•rn~n~; tht•c~~nduminium ~~r planncYl
.nit development, the b~• l.iK•s :~nd rrKulatiunc nf th~• ~~~~n~l~~nun~um ~~r plannf+l unit d~•~~~d~rpm~•nt, anil constituent d~K•ument.. IC a
~~~ndnminium or pl:inned unit dt•ce~npmi~nt ridrr i. e•xt•rute•d h}• It~~rn~wrr an~i :~~c~~rd~•d tuke~the: with this :11urtKaKe, the rnvenanGw and
+kmrmE•~tv uf vui~h n~I~•r ~hall ik• tnc ~~rp~~rat~•d tnt~ ~ .+n~i ~h:~ll .~m~•n~1 .~n~i .uppl~•mrnt Ihe• ~ ~~~ ~•n:~nts :+nd :i-;n•~•rn~~nts ~~f this ~t~~rt~;:+K~•:~s if the
n~i~~r ~~ert~ a ~~art henti~f.
7. Protection of Lender'e Security. If Kurruwer fa~lv t~~ perfurm the nrvenantK and :+KreemrntH contained in thie Mortgage, or if any
actiun or prucs_•eding ie commencpd K•h~ch matenall~• affect~+ I.~~ndrr'~ intrrest ~n the 1'rupeRy. ~ncludinK, but nut lim~ted to, emine~t domain,
ine.oh•ency, rnde enfozcement, or arrHnRementr+ or pn~cec•dinK~ im•ul~•inK a bankruot or decrdent, thrn I.ender at I.ender's option,upon
n~~tice to Borrow~er may make such appearances, diyhuree auch sumA and t:+ke such action aR iy neceayan• to protect l.ender'e intereet,
including, but not limited to, dieburaement of reaHUnable attorney's ff~cs ~nd entry u~rn the I'ropcrty to make repaire. If I,ender required
murtgage insurance ae a conditiun of making th~• lu.-n securt~ by thi~ :~1ortKaKt•, F~~rn~v~'cr shall pay the premiuma required to maintain
~uch ineurance in effect unti) such time ae the rFyuirement for su~•h ~nHUrancr terminat~~v in .iccurd:ince with Borruwer's and i.ender'e
w~ntten a~eement or applicable I.aw. Korruw•rr ghall pa~• the• arn~~unt nf ~ 11 muRKaKr in~ur:~nce prrmiumti in the manner provided under
paraKraph 2 hereof.
Any amuunts dieburacd by I.ender pert+u.int G~ th-v paraKr:~ph ~. x~ith ~ntt~rrat then~~n. wh:~ll brcume additionat indebtedneas of
Fiorruwer secured by this tilurtKaKe. linless Fiurruw•er :+nd I.ender aKrre tu uthrr tern~s u.` payment, s.~ch ::muunti+ shall be payable upon
notice from I.ender tu Rnrruwer reyuretinK payment therr~~f, and ah:ill hc~ar int~•rest frv~m the d:ite of disburaemen. at the rate payable from
t~me to time on outstand~nK pnncipal under thN tiute unless pa>•ment ~~f int~~rr~t .-t vuc-h r:+tt• w~~uld be runtrary to applicable law, in which
rvent euch amuunta shali bear inierest at the highest r.ite permi.r.:!~1~~ ur.drr applirahle 1:~.+. tiothinK c~~ntained in thie paraKraph ?, ahall
re~quire I.ender d~ ~ncur any expense or take any acti~~n hereunder. -
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''" 351 p~~E 50
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