HomeMy WebLinkAbout0063t3orruwer and l.ender a-venant and agree as follows:
l. Yayment ot Principal end Idtereat. E;orrower ahall promptty pay when due the principa! o( and inle~eet o~ the indebtrdnesa
evide~cecl by the Note, prepayment and latechargeana p~vidrel in the Nute, and the principal of a~d interest un any F uture Adve~ncea secured
by thie Mo~tgege.
2. Fltnde torTaxee and Insurance. Subject to applicable law or tu a written waiver by I.ender. E3orruwer ahall pay to 1 xnderun ihe day
monthly instaliments of principal and intetest are payable under the Note, until the Note ia paid in full, u aum (hercin "F unds") eyual to one
twelfth of the yearly tuxes and assessmenta which may attain priority ove~ this Mortgage, and ground rentxs un the Pruprrty, if s~ny, plua on~
twelRh uf yearly premium installments for hazard insurance, plus unetwriRh of yearly premium instalimentx for murtK:+ge i~yur<ince, if any,
all as reaaunably estimated initially and from time tu tia~e by l.rnder on the basis of wssessments arld bitls and reasunable eslimulrs thereof.
The Funde ahall be held in an inrtitutioa thn dnnnaita nr nrrnun~a ~.f ~u6:~6 0.0 : ..~ .. .,~~.,,~ t.. ,. ~_..a___~ __ o._._
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lincluding l.ender if I.ender is such an inatitution). Lender shall apply the Funds to pay said taxes, assesaments, inaurance premiums and
gruund rente. l.ender may not charge for eo holding and applying the Funda, analyzinQ said account, or verifying and compiliug e-aid
aeaeasments und biUs, unlesa l.ender paye BoROwe~ interest on the Funds xnd applicable law permita l.ender to make auch a charge. Borrower
and l.ender may agree in wTiting at lhe time otexecution of Ihis Mortgage that interest on the Funds shail i,e paid to Borrower, and unless
auch agreement ia made or applicable law requires auch interest to be paid, l.ender shall not be reyuired to pay liorrower any interrat or
earninqs on the ~nde. l.ender ehall give to Borrvwe~, without charge, an annual acctiunting of the Funds showing credits and debita to the
Funda and the purpose for which each debit to the Funds was made. 7'he Funds arz pledged as additional security for the suma secured by thie
Mortgage.
lf the amuunt of the hunda held by l.ender, together with the future monthly instaliments of F unds payable prior to the due datea of taxea,
asseasments, insurance premiuma and ground rnnts, shall excred the amount required to pay said taxea, assessments, insur:~nce premiums
and ground ren~g as they fall due, auch exceas ahall be, at BmTOwer's option, either promptly repaid to Borruwer or credited to f3~rruwer on
monthly inetnilments of Funde. if the amount of the Funds held by I.ender shall not be autficient to pay taxes, asaessments, insurance
premiuma and ground rents as they fall due, Borrower shall pay to [.ender anv amount necessary to makr up the deficiency within :~ days
from the date notice ie mailed by I.ender G- Fiorrower rrquesting payment lhereof.
Upon payment in full of all sums securrd by this Mortgage, I.ender shall promptly refund to liorrower any funds hrld by l,ender. !f under
paragraph 18 hereof the Property is sold or the Yroperty is utherwise acyuirecl by l.ender, I.ender shall applp, no later th:~n immediately prior
Co the rste ~f ti-e ~'n~prRy or its acquisiticn by l.ender, any Funds hrid by i.ender nt the t~me of appliration as a credit against the sums secured
by this Mortgage.
3_ Application of Paymenta. Unless applicable law provides otnerwise, all paymer.ts recrivrd by Lender under the Note and
paragrapha 1 and 'l herrof shall be applied by l,ender ~rst in paymrnt of amuunts payable to I.endNr by Borruwer under paragraph 2 hereof,
then w interest payable on the Note, then to the principal of the Nute, ~nd then to interest and princip<+1 un any F uture Advances.
4. Charges: Liens. Rorrower shall p.iy ali taxrs, as~rssmrnLti and uther ch.~rKes, fines and im~,vitiuns attributable to the Piroperty which
may attain a priurity uver this MortkaKr, and le;isehutd p.iymrnts or~;round rents, if:~ny, in the manner pru~•idrd under paraKr.ph `l hereof or,
if not paid in such m~inner. by l;urruw•rr m:-kin~; p:~ymrnt, w~hen duy. d-rt~c•th• t~~ th~• pay~~ thercr~f. liurruw~~r.hall prumpth• furnish to I.rnder
ail notices of amuunts due undt•r this paraKraph, and in the r~•rnt liorruwer sh.~ll make p:~ymrnt d~r<~•tly, linrruwe~r shall prumptly fumi~h to
l,rnder rcreipts e~~idencing sui•h payments fi~~rruwer sh.iU prumptly discharKr :~ny lien which ii,~s priority u~•Nr thi. ~1urtK.~Ke; pruvided, that
Borruv~~er shall n~~t he re~cauired tu dischxrKc• :-n~• wch I~rn su I~~nK :-s IturruK~rr shall aKrrc• in w~rit~nK t~~ thi~ pci~•mt•i~t ~~f thi•nbli~;ati~~n securcd by
,uch lien in a m:~nner xccrptal~ii• tu L~•ndrr, ur shall in k~NKI C:frth i•~~nt~•.t su~•h lien t~}~. ~~rdrft•nd enfurcc~mt•nt nfsarh li~~n in. le•~;.~t pr~K•r~YlinKs
~•hich uprrate tu prr~•ent tht• rnf~~rcrm~•nt uf th~• li~•n ~,r G~rf~•itun• ~~f thr 1'rupert~• ur am• part then~~t.
:r. Hazard Inyorance. f~orruwt~r.hail kc~•p the• impruc~•mrnt, nuw• F~xistinK or ht~re:~fter rrrcted un ihe Pruperty intiurecl aKainst loss by
C~re, haz~irds im•lud~~d K•ithin the trrni "i~xtt•ndtYt ~~acc•r:~Kr," and such othrr h;~x.uds as I.rnder may myu~re:ind in sui•h :imc~unG~ and for such
~•n~K~s :~c lxnder ma~• r~•~~wre: prucid~~1, th:rt Le•ndrr .half n~~t reyuirr that thr amuunt nf such cn~•era~~• rxcr~~l that amou~t o[coveraKe
reyuirc~cl tu pa}• the sum. stYVreY1 by thi~ ~turtK~+K~'
The ~nsurancr ~•;~rr.~•r {~n~~•-d~nk th~• tmur:~n~ t• sh;iil tN• ~•hns~~n h}~ lt~~rr~~we•r .ub~e~rt tu,~ppn~~ al h~• 1.~•nd~•r, prnvid~til th:ii ~ui•h uppru~•:il
shall not tx~ unrr:~.un„!,{~• w~thhe•Id. :111 prernlum~ ~~n ~nsuran~•t• EN~hru•. ~h:ill tH• p:uii ~n thr mann~•t pr~~~•~dt~c1 un~lrr paraKraph '~ hrre~~f or, if
nut paid in such mannt~r. b~• Fi~rrn~w-t•r mak~n~ p:~ymrnt, w•hen dut~, ifire~c th t~~ thi• ~n:urani~e ~-arnc•r
All intiur~nre {~~lic~rs and rent•wals therrof shall t-e in form acre~~tabl~~ tn I.endrr and shall includr ~ stand:ird murlKaKe clause in favor of
.+nd in form accept~ible t~~ 1~•nder I.~~nde7 ~hall ha~•e che nKht u~ hold thr ~N~le~ i. s and n•nt•wal~ thereoC, and Burruw•er ~h:~ll pri~mptl~• furnish t~~
~.rnder all renrwal n~~Ucr~ and all rei-riptc uf paid prt•~n~ums. In thr rvrnt of I~~ss, li~~rn~~~rr shall K~~~e prompt nuUce U~ the insurunce c.irrier
and I.ender. f.ender ma~• m.+kF~ pnN~f ~~( luss ii nut made pnimpth• kiy Fiurrower
l'nless 1~•ndrr and Fs~~rruwer ~rthrru•~vr aKrr+• ~n w•nt~nK. ~n~urani~r pr~K•re~Js sh.+ll Fx• app6ed to resturati~=n i~r repa~r of thi• Property
damaKed, pro~•~dcrl cuch rr.t~~ratii~n ~~r repair ~~ t•4•~m~~~n~cally feas~blt~ .~nd tht• strunh• of this 11ortKaKe is not thrreby impairrd. If such
resWraUon ur repair is nat ee-c:wmicall~- f~ :+tiihl~• nr ~f thr srv-unty ~~f th~s ~1~tttKaKe wuuld be ~rnpa~red, the insurance procecds shall beapphed
w the sums securcd b~• this !11~~rtKaKt•. w•ith ~h~ t•x~•~•... ~ f an~•. p:~~d tu fi~~rr~,w•rr 1f thN F'r~pert~• is abandonr~t by Borru~.er. or if Fi~,rrow•er fails to
re,pond to I.c•ndPr w•ithin :u~ da~•. frum thf• datr nutii•t• ~~ ~n:+i1~d by I.ender tu Hurn~wrr that thr insurance ~~arrier offers t~~ ~ettle a cl.iim for
~nsurance benrfits. I.c~nder is :tuthun~rel tn c~~llri~t and apply th~• ~nvuranc~~ pnK•tti~ds at I~nder's uptiun either t~~ rPCtur.:tion ~~r r~•pair uf the
F'roperty or the sums ~ecured by thix ~1~~rtk;~kr. -
Unless I.endrr and li~~rr~,w•rr utherw~sr .~Krc~• ~n wnt~nK.:~ny su~ h:~ppliration uf pr~Krrds tu pnncipal shall not extend or pustpone thedue
date of the monthh• installmrnts rrff•rr~~cf tu in par:~KraE,hs 1 and'1. herr~~f ~~r chanKP the amount of such ~nstallment~v. I! under paragraph IN
hereof the Pmpert~ is acquirtKl b~• I~~nder, a:l nKht, titlP ar.d intf~rf•st nf Kurrow-~~r in :ind tu any insur:~nce p,lic•ies and in ~~nd to the proceeds
thereof resultinK hum dam.+Ke to 1'ropertv priur tu tne sale or ilC(~UISlI1bR ti}latl pass to f,NndPr to thP extent nf the sums secured b~• this
~1urtKage immediately prior tu such ~ale or acqwsit~un.
fi. ~'reservation end NeintenancrotProperty; I.raseholdy;('onduminums; Planned t'nit Ur~•elopments. Rurrowershall keep
the Pruperty in Ka~d repair and sh:~ll nut cummil w~atit~• ~~r ~N~rmit imp:~irmrnt or detrriorat~on ~~f the Yropert>• and shall comply v-~th the
pruc~sion~ of any leasc ~f th~s !1lurtkaKr is un a leasrhuld if th~s ;11ortKaKr is un a unit ~n a rondumin~um or a plannrd unit de~•elopment,
Kurrower sha!I perfnrm :ill uf Ft~~rr~~w•er'~ ubliKatiun~ unrlt~r thr dec-larati~~n nr nn•rnanL~ ~~rratin~;or Ko~~PrmnK the condomin~um ur planned
unit de~elupment. thr by-l.-ws and reKulations nf th~~ ~•nndnm~nium +ir planned unit de~•elopment, and constituent documents. If a
condominium ur planned unit d.•~•rl~~pment rider IS C%fY'UItYI I/~' R/IR~~N'rr :~nd rrcurded t~rKether w•ith this ;~tortRaKe, the a~ven:~sitx and
aKrrf•mrnts uf such ndrr sh.~ll tK• incnrp~~rat~~c1 int~~ and shall arnend and ,upp!~•rnrnt tht• cuven.int, :+r2d aKn~c~mrnts of th~s ~1ortK.iKe as if the
fl(~hf N'f•fP a ~~art hereuf.
7. Protection of Lender'e Security. If Bortower fails u~ perform the covenanta and agreemente- contained in thie Mortgage, or if any
action or proceeding ie commenced v-hich materially affecte [.ender'e interest in the I'roperty, including, but not limited to, eminent domain,
insolven~y, rnde enforcement, or arrangemente or pmceedings involvinq a bankrupt or decedent, then Lender at Lender'e option,upon
notice to Bormwer may make euch appearancee, dieburee euch aume and tske euch action ae ia necessary to protect Lender'e interest,
including, but not limited to, disbursement of reaeunab(r attorney's feea and entry upon the Property to make repaire. If I.ender required
mortgage ineurance as a condition of making the loan secured by thia Mortgage. E3orrower ahall pay the premiums required to maintain
auch ineurance in effect until euch time ae the requirement for auch ineurance terminatea in accordance with Liorrower'e and [.ender'e
w~ritten agreement or appGcable (aw. Borruwer ehall pay tFie amount uf all mortqage ineurance premiume in the manner provided un~er
paraRraph 'l hereof.
Any amuunts disburaed by I.ender pereuant to th~s paragraph 7, with intereat thereon, ahall become additional indebtedneae of
Korrower eecured by thiA MortgaRe. Unlesa Borruwer and Lender aqrre to other terr*me of payment, such amounte shall be payable upon
notice from I.ender to Korrower requeating payment therecif, and ahall bear intereat from the date of disbursement at the rate payable from
time to time on outatandinR principal under the Note unleas paymrnt uf intereat at auch rate would be contrary to applicable law, in which
event such amounts ahall bear interest at the highest rate permisaible under applicable law. Nothing contained in thie paragraph 7, ehall
require I.ender tn incur ~ny rxpense ur take any action hereunder.
~~'~x 351 YdGE 63