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HomeMy WebLinkAbout0067iturruw•er and Irndrr covenunt and a~ree as fuiluws: l. 1'aymNnt of 1'rincipal and Intereet. Borruwe~ Kh:~ll prumptly p.~y when dur lht• pnncipal uf :~nd inlerr~t un thr indebtt~clnrsx rvidrnced by the Note, pre{u~yment and latechargex aa pn~rid~~ci in ehe Nutc•. ~~~i ~t~E• principal ~~f .-nd inlrn•xt un any F uture Ad~•ances,~rurtd by this Mortgage. 'l. F unds tor Taxes and Inaurence. tiuhject tu applic.+ble law uf IU i~ W~IIIYII N ai~•~•r by 1 A•nder, Rurruwi•r til~all p~iy to I.rndi•r un the day munthly inst:~llmcnts of principal ~ind intrrrst urr p.~y:~ble undrr th~• hut~•, until the tiutr is pwd m full, :~ ,wn ~ h~•n•i~~ "h'uud~"i ~r~uul to unr tNelfth o[the yearly t.tx~~s und uvst•sxmr~its which muy attuin priunt~~ ~~~•i•r th~ti Aiurt{;;+Ke, ;~nd ~;ruund n•nt. un thr 1'rupi•rtp, if:u-y, pluso~~c~ h~rlfth of yeurly prrmium inst.illments !or hutard insurancr, plus ~~ni-tw~•Ifth uf>•~•:~rh• premiu-n ~nst:~Um~•nts (ur murtti:~~;~• insur.ux~~•, if.~ny, all :-s rea:x~nably e~:timatrci initiallv und frum time tu timi~ by 1.~•ndrr u~ thr ba.-v nf :i~se~sm~•~~t, an~l billx and re~:~sun.~bl~• r.tim:~t~•~ ti~en.~f. The Funds shall be held in an inatitution the de~x,s~tv ur accuunts ~~f w•hirh are insund ur Ku.~r.intttid b~• u Fr~i~•r:+l ~~r tit:~tr :~e~n~•v I~ncluding I.ender i[ I.ender is such an institutiun-. l.endrr tihall apph• thr Fund. tu p:~~• ~aid tazt:ti, assrsrmrnts, ~nsurun~•~• pmm~ums :+nd Kruund rnntx. I.ende~ may not charge for ao holding und upplyinK lhr Fu~ds, unah•zing ~:lid .~ci•uunt, ur verifyinK :~nd cu~npilinK ti.~id asse_vments und bills, unless l.ender puys l3orroMrr int~•rrst un thr Funds.~nd uppli~•al,l~• luw ~x•r-n~t~ ( A•ndt•r to nwkt• such a charKt•. liurruwer and l.rnder may agree in writing at the time ot ext~vtiun ~~f th~s Murt~;.+~;e th:~t intrrrtit un tht• Fun~ls shull IK• puid tu lturruw~er, und unlcas such agreement is made or applicable law reyuires ~cuch i~trrrst to tx~ paid, Iw•nder +hull nut I~e• nv~uir~•d to pay li~~rruwer :iny interext or earnings on the Fands. l.ender shaU give tu Rorrow•er, without ~•harKe, an annual .u~ti~untiny; of thi• h'undti.huainK rnrliGti .ind dehits to the Funds and ihe purpose for whirh each debit to the Fundc w:~, madr. 'fhe F'und~;~n' ~IE•l{~;IYI a~ additiun.~l scrurity f.~r thr sums se~c•urtrl hy thia ~lurtguge. If the amount of t:~r M'unds held hy 1 rnder, tu~;ether w•~th the futun• munthh• instalhn~•nts uf h'unds pa~•:~hl~• priur t~~ the duedat~•s of taxrs, asse~smrnts, insurance premiums and Kruund mntc, shall ex~•.~Yi th~~ .inwunt n~~uircvl tu p:iy ~aid taxes, :~~tiessmer~t~, insur:~n~•~~ prrmium+ and Rround rents as they fall due, such excr.s ,hxll FH•, .~t l~~~r~~w•t•r's ~~pt~on. ~•rthrr prumptl}• n•p.ud tu Kurruw•~•r ~~r cn•dit~•d u~ fiurruwrr on munthly insGillments o; Fu~ds. If the amuunt oC th~• Fund+ held b~• (~•nder .h:i11 n~~t tK• ~ufC~c~t•nt tu p:~p t:.x~•ti, ass~•ssment,, in~urunce uremiums .ind Kround rents sa the~• fall dut•, R~~rn~K•cr .hall p:~y tu I.c•ndrr an} :~muunt nw ~•~tiar~• tu m:~kr up th~• drfii•irm•y ~vithin :illdays frum the datr nudce is mailed h~~ Iw•nde~ tu ~;I/RtIN'YC fIY~UP~(tll~ ~I:i~•nz~~nt th~•nti.f Upcm paymrnt in full of a!1 aums srcurrd by thiti ~t~~rtK:~Ke, I A•nd~~r ~h:~ll pr~~mpth~ n•fwid to lt~~rruw~rr an~• funds hi•Id b~• 1~•ndc•r. lf under paraKraph I!t hereuf the Yroprrt~• ~s su1~1 ~~r the 1'ru~N•rt~• is uth~~r~~•:~i• ai•yuirrd b>• 1~•ndrr. I ~•nd~•r .h:~l) apph~, m~ lalrr th:~n ~mmerl~ati•ly priur tu the sa(e uf the I'ruperty or its acquisition h~~ l.e•nd~•r.:u~~ Furxis h~~ld h}• !.~•n~lcz:~t the• tisiu• nf aEipli~ :stiun a~ a~-n•dit a~ciinst thr sums.t~c~un~c1 by this Alortgage. :i. Applieation of Paymentt-. l'nlesti applicable• L•~w pn~~•~dt~~ ~~thrrN•~.r, a11 p:~}•mrnt~ rf~c•ria~vi !~y I.~~ndf•r andrr the Nute and paragraphs 1 and 2 hereuf shall 1k• apptitd by lw~ndrr first ~n p:~~•m~•nt ~~f :~m„unG, p:iyahlr t~~ lA•nd~•r by Iturr~~w~er undt•r par:-Kraph 2 here~~f, then tu irsterest pay.~ble on the Nute, th~~n tu thr pnn~•ipa) ~~f thf~ tiut~•, and th~•n tu ~ntrrest :~nd principal ~~n :u~y Futun• Ad~•ances. a. ('harQes; l.icnv. fRurruw~i•r sh:~ll p:~~• all t:~x~ :..:~..~•:.lnrnt.:~nd ~~th~•r~ h:~r~;~~.. fin~•~:~nd i~np,~,~h~~n.:~ttnhut:~l,~~~t~~ th~• 1'rn~H•rt~• vvhii•h rnae ntt:iin :~ priority nct~rlht~ ~1url~;:~~;r..~nd 1~ ;~,rii~ ~lii p:~~•m~•nt+~~r ~;n ~und n•rit~, ~f.u~~~. ~n tht• m:~nnrr,~n~ci~lwi und~•r p.~r.~~;raph'~ hf•rtr~f ur, if nut p.+id irt sui•h mann~•r. b~- fi~~rr~~wrr m:~k~n~; p:~cmrnt. ~ h~•n du~•. ~1irv•~~tl~~ t„ th~• p.~~ ~r• thrn.~f linrr„H ~•r.h:~ll pr~~mpth~ furn~sh to Ih•~id~•r .~11 nut.ce.i,f:im~wntsdui• und~•rth~. ~c~ra~r.~ph.:~n~! ~n thr~•c~•nt Ii~~rr~~~c~•r.h:ili ~n,~i:~~ p:+cm~•nt d~rr~~tlc. fi~~rn~~.~•r~h:ill prnmp2h•lurai~htu !.~•nder rf~:•ripts t•v~~lenc~n~; ~uch pa>~nu•nt., It~~rr~~t~rr .h:~~l F~r~~cnp~l~ ~i~>rh:~r~:~• :u~~ lu•n..4u~ h h:~, F~n~~ntc ~nrr th~. \L~rt~;a~;~•: pn.~•idtY1. that KuRUN'Pr stiall rn~t tw• rev~uirc•,! t~~ ~li~~~li:~r~;~~:uic -u~~h 1u•n x~~ 1~~:~~; :~. lt~~rr~~H~~~r.h:~l! :~~;n•~• in ~cnt~n;; t~~ th~• p.~cmv:~t ~~f th~~ ~~hli~;:~ti~~ti niY~ur~•d l~~. ,ui•h Itt•n in :~ nt:u~n~•r ai~i•cpt:+hl.• t~~ Le•u~l~•r. ~~r ~h.~ll n: ~;~~~~~1 f:utf~ ,~~nt~ :t ~u~ h!u•n i~~..~r ~lrf~•n~! ~•nt~~n ~•n:~•nt „}.u~ h lirn ~n. {~~~;:il pr~~~ ~•~d~nR. .~hich nprralt tu pr~•vrr.t tht• rnf~~n ~•m~•nt ~~f thr lu•u ~~r t~~rf~~~tur.~ ~~! tfi~~ I'n~p~•rt:' ~~r :~n~ p.~rt ihrn~+~( "~. Naxard InsurHnc~•. }iurr~~w~•r:hall k~~~•pth~• impr~~v~•~n~~nt, n~~~c ~~~~.tui~; ~~r h~•r~ :~ft~•r~•rr~~trd ~~n th~• Yr~~F~.•rtc ~n~unyl:i~;a~nvt lus~ h~. tin•. hazard. ~ne•iudivl with~n th~• t~•rm "e•~t~~n~i~•d ~•~~~ ~•r.~~;.•.~~ :u~t1 .in h~~th~•r I~.ic.ir=l.:~. I.~•nd~•r rna}• re~ya~rr:~n~) ~n `u~•h :un~~unt. and fnrsu~•h ~:rri~K1. :i~ le~nd~•r m:i~• n•yutrr. pr~n i~1~~1. th.~t Lrn~1~•r ,h:~ll rn~t n~~~uir~• th.~t th~• :un~~unt ~~( .urh ~„c~•r.~~:~• ~•x~~r~•d that :~mnunt ~~f ~-~~v~•n~Ke• rw~uirr~l t~~ pa~ th~• .um• .~~i-ur~r! I~v tlu~ ~L~ri~;:~~~• ~~hi~ ~nsur:inir ~:~rnrr }~n~c~d~ny: th~ ~ti~ur.~n~ ~~ ~}~.~II 1~~~ ~ h,,,~ n i~~ It„r•~~:~~•r .ul~i~~~ t t~~.~{~{~n.::~l h~ I.«•n~i~ r{~n~~ i~ir~i tli:~t .u~ h:ippr~~~:~1 :hall q~~t Ix•unrr:l.~~i~.~hlc ~eltt:he•1~1 :Vf {~r~ tn:u~u. „n ~n.ur.~ti:. ~„~h~ i.••h.+{! !» {~.u~! ui !}u nr.~nu~•r ~~nnnl~~i u~~~f~ r ~r.in:~r.~F~h'' h~•n.~fnr. ~f n~~t patd ~n .urh m:~nn~•r. 1:~ 1{~~rn~~ee•r ni.~k~n~: {~.~e!n.•:~t •.t l.~•s~ ~lu~~ ~1ir~•~ ti~ !~~ ttn~ en.ur.~n~ ~~.~rru•• ~ :VI insur.incr Ex~G~•u•.:~nd n~nrw:~l~ th~-,-~•~~f .h.~ll }w~ in f„rm :~c ~~-{~t:ihl~ t~~ I.~•nd~~r:~n~1.h:+ll uic~iud~~:~ ~t:in~l:~rd m~~r:K:~ti~•c•l:+u.r ~n f:i~•urnf :,nd in fnrm xi•i•~•ptaiilet~~ I~•nd.•r 1 R•nd.•r>h.,ll t~:~c.• th~• n~:ht !,~ h~,l~l th~• {„~iic u~.:~n~1 r~•n.~«:~1. tlz~•n•~~f.:~nd it~~rn~we•r.hail pn~mptla• furni:h tr, i.~•ndt•r :ill rene~c:~l n~,ucr~ :~nd .~Il n•~ ~•ip•t• ~~! ~~:ur! pn•m;un~. (n th~-~•c~•i~t ~~f 1~.,,. It~„n~~c~•r.h:~il Rn~• ~~n~rnpt n~~t~c~~• t~~ tku• ~n.ur.~n~•~• ~:irrit•r .~nd l,ende•r. I.end~•r ma~' make~ pn;~,f ~~f I~~.. ~f t~~~t rn:ul~• ~~n~~~:ptl~ h~ K~,rr•.«~•r l'nlr~s Ixnd~•r :~n~1 Ii~~rn~N'~•r ~~th~•r~cz.~~ ,~~rr~• ir: wnhnt~ cn•ur.u~~.• {,n~~,, ~i• .h:~il -w :~pp!i~•~1 t~~ r.•.t~~r:~U~~n nr rrp:iir uf lhr f'n~{~c•rtt• ~~:~maKed. pruced~d .urh rr:t~~r:~ti~~n ~~r n•p.ur i~ ~~~~n~~nin .~iic fi:~~ihl~• :uiai th. .~~ un:: ~~f th~x ~L~rt~;:~~;~ i. n~~t !hrr~•hv trnpair~•d II such rr.tnrati~~n ~~r rf•p:-ir i. n~rt r~r~~~~~~n~r:~lic f~~.~.:hlr „r if tiu• .~•~ untc ~~( thi. \t~~rt~:a~;r~~"ul~i i.~•i:npairrd. the• u~sur.~niw prui rwls ~h:~ll hi•appl~iYi tnthesurn.~crundh~•th~.~1nK-;,+kr.«~~tt:th.•~•x~~.•.if.~n~.p:u~lt~~l;<~rr.~~~•r Ifth~~l'rnFH•rtc~~:~h:~nd~mwlin~fS~~rruwe•r.~~rifli~~rn~N~•rf:~ilstn r~~:p~md to (,endt•r w•ith~n :~~ d:ic. fn~m th~• ~.~t.~ n~~ti~ .• :~ ~n.ui.~l i~c I..•n~b•r t.. 1:<~rr~~wrr th:~t th~• ~mur:+mv i•am~•r uffi•rn h~ ~t•tti~• a~~ia~m fur inwran~•e bc•nefit., I.~•ndi•r ~s :~uth~~n«•~1 t~~ ~~~1~~~~ t:~:~~i .~pE~1~ th~• us>ur:~nr~~ i~n,~ . ~•~1. :+t I~•n~l~•r~, ~~pU~~n ~•~th~•r t~~ n•.tnr.~t~~~n ur n~p.ur ~~f thi• I'r~~pert~• ~rr the ~u~n~ .~~•ured h~• thi~ ~l~~rt~;.~~;~ l~nle~~ 1 Amder and li~~rn~w~rr r~th~•rw ~<~ :~~n•~• n~ ~cnhn~:..uit ~u~ h:~~~~rit~ ntum:.tpr:~ ~•rd. tu pnm•~pal .haU n~~t ~•xtF•n~! nr {x,s[punr-hF•dur dat~ ~~f the munthl~• ~nst:illmt•nt, rrf~•r*~•~1 t~~ ~:~ par,~kr.~{~h. ;:ind _' ~:~•n•~~f ~~r ~ h:~n~;.• th~• :un~~unt ~~f su~ h in~t:~llnu•nt.. (f under para~;r.~},h 1~ hereuf thr Yr~~pc•rt~• ~~ a~•s~uir~~~ hy 1~•n~i~•r. .~11 n~;ht. t~tlr .~rnl ~nte•n .t ~~1 ft•,rr~~:c•~r in an,f t~~:~m ~n,~r.~nr~• {M~I~~•~~•..+n~1 in an~a tn tt~r ,~r~~cri•ds therfr~f resultinK fr~~m ~larnak<• t~~ f'•~~p~•r;~~ f~n~~r t~~ th~~ .:.I~• ~~r :~~ ~~u~.it~un .h,ill p.i., t~~ !.•nr3~•r t~~ th~• rat~~nt ~~f thr .um~ ~~•~•ur~~d h~~ th~s \1urtKa~;~• imme~dtat~tit- prinr fn ,t.+•h s:~l~• ~~r a~~yu~.:t=un f;. 1'rest•n•Htiun and Nxint~•nani•i~uf I'rop~~rty; L~•s~+~•h~~ld.; ('und~~minumc; !'lunn~•d t'nit 1)t~~•t•lopmenl!+. IturruH•i~r ~h:~ll kt•~~p tht• Pri~{N•rt~• in ~;~M~+i rc•p::~r an~! ~h:~ll n~R ~~~mm~i ~c.~~t.• ~~r F~.~nnit ~:n{~.urn~~•r~t ,~r ~!~ t~•n~~r.,ti,~n ~~f th~• 1'n~{N•rt~ anti .h:~ll i~~~rnph ti-~th tht• pr~~e~.~unv nf :~ny lr:~.~~ ~f th~. ~1urt~:~~;~• i. „n ,i h;i<e•h~~J~i If thi. ~L~rt;::i~;~• i• ~~n :~ i:nrt ~n :+ „m~fununium ~~r :~ pl:inne•~1 un~t de~ce•l~~pment. K~~rr~~we•r sh:~ll Fx•rf~~rm .~ll ~~f Ii~~rr~.~rr ~~~hti~;:~t~~,n• und,-< <f~.• ~i~ ~ l:~r.~ti:,:: ~~r~ „~~•n,~nt: ~ r.•.,ti~i~;~;r ~;u~~•rn~n~; the•rund~~rn~n~urn nr ~~I::nnM1 un~t de•e~•lupment. thf• h~•-I:~a. an~t re•~;ul:~u~~n~ ~~f thr ~~~rz~i~~m~ni;in~ „r pL~nn~•r! i,~ut ~i.•crl,~;~rn~•nL :~nd ~•unstrtu~•nt d~K•ume•nt. (f a ~ ~~nd~~minium ,~r pi:~ :nF•d unu d~•~~•I~~prn~•nt r.~i~•r i< .•~~•~ u;.•! hc iG~rr,~~,~ r.~n~i r•~ ~~n1~•~1 t~~~:~•the•r Hith thi• ~1~rrtKake•. th~• ~-~ra~f~nanG. and ,~~;r~•~•rnrnt• ~~f ~u~ h n~1~•r .f::~':I h.• ~n~ ~~r~,~~r:~t~•,1 int~~ :~rni ~h.Ji:~:n~•n+! .~n~i ,u~~plren~•nt th~•~ ~~c~•n:int.:~n~1,~~r~~~•ru•nts~~t th~. \t~~rt~;a~e•:~s~Cthe ruirr we•r<• a p:+rt h~•r~•nf. ~ Prote~tion ~~t I.c~der'e tiecu~ity. It Ft~~m~w t~r f:ulv tn ~n•rfi~rni th~• ~•~~~ ~•nantr+ a~nd a~c~me•nt~: c~m[:+int~l ~n thie tilortKaRe, or if any acUun ~~r pnrerdinK ~e r~smmenced w•h~ch matc•nall~~ :+fft•~ th 1 ~•ndrr'~ ~nten•vt u~ thr 1'rn~n•rt~•, :n~~lu~1~nK. hut nut limited to. em~nent dumain, +n~c~~lcrncy, a,de enf~~rcement. ur arranKementa ~~r pnx~re•i1~n~;~ ~m~~h-inK :+ h;~nkrupt ~~r dt~c•r~f~nt, thrn I,~vider at Iw~nder'e uption,upon n+rtice t~~ RnrrcN~er mav m:ike c;uch ap~aranreN, d~yk~urKe :+u<•F vumg an~! take ~uch ::iti~~n ar+ iy niY•ee+san~ t~~ pr~rtr.~-t I.rnder's intereat, ~ncludinK, but not limittd W. dir+burNrment uf ~eaKUn~~h1~• :~tt~~rn~•~' 9 ffY•R and rntry up~~n the F'n~~rty b~ make repatrx. If I.ender required mnrtKaKe ~nsurance .-s a condit~un r~f mak~nk thr Inan ~rtvreYl h~~ th~:+ ~1~~rt~a~Cr•, I{~rrr~~wrr vholl pay the premiumq rrywred tu maintain Nu~h inHU..ance in effect until such time as thN r~K~uirt•mt•nt f~~r 4u~ h in~ur:+nce~ tenn~naU•~ ~n :~cc-~~rd:~nci~ w•ith -iurrower'K and I.~~nder's w•ritten aKreement or :ipplic•ahlr I~iw• Rnrruwrr vh;~li p:ic th~• am~~unt ~~(:+!I rn~~rt~;:~kt~ i:~~uran~~t~ prrmium~ in the• mannf•r pr~~vidc~l under paraKr:-ph 'L here~it Any amuunt~ d~~bur~t~1 h~~ I~~ndrr ~~r4u.~nt tu th~v p:~ra~;..~ph ~. K•rth ~ntrn•~t th~~n•~~r~. .}.~I1 i~e-c•~nn~• additiunal indehtedneee of I{~~R~iN'Ff s~~•ure~1 hy thiti ~1~~rtKaKr. l~nle•s~ I3~~RuN'Cf and 1.~•ndrr a~;re•r tn ~:th~•r d~n:i~+ ~~f pay~nu•nt. ~urh .un~~unti+ yhall tx• pacablr upon nndcc~ from f.endt•r G~ i~nrn~r~~er rtY~urHtinK paymrnt thrrtti~L and ah:~ll h~:~r ~rt~•rt•Yt frnm th~~ d:~te~ nf divhurarme•nt at the r.~tr payahlP from umt~ tn timP ~~n ~~ut~~2:ind~nK pnn~~~p:il un.1~•r thr tinte• unlf•,. paemt•nt nf int~~n•~t at ~u~•h r,+tr xuu~d tw ~•nntrar}- tu :ipphcablr law. in which e~~ent tiurh amuunts shail }N•ar mterrst at thc~ hiKh~•,c ratr Fx~rnii.~ihl~• und~•r appi~~ :~i~l~• la A• \~~th~nK ~ unt:ur,tvi ~n this par.~Kraph 7, Ahall rt~~wrt• I.rnd~•r tn tncur any rx{~~n~e ur take .~m acU~m hrrc~und~•r ~.~~~x 3~1 ~ ~~~E fe __ _ ~