HomeMy WebLinkAbout013013orrower and I.ender covenant and agree ae [ollowa:
1. Payment at Principal end Intereat. Bonower ah~ll promptiy pny when due the principal of :~nd interrat un thr indebtednrss
evidenced by the Note, prepuyment and late chargea ua pwvidrel in the Note, and thr principal of and interrst un any h uture Advances secured
hy thie Mu~tgage.
'l. Hunda forTaxes and Inaurance. Subject to applicable IaN• ur tu ~- written w.-i~•e~ by I.ende~, li~~rruN•er sh.~ll p.iy to I.~~ndrr un theduy
monthly installmenta of p~ncipal and inle~est are piiyable under thc• Nute, until the Note is paid in iull, .~ sum Ihcrein "Funds") eyuul to one-
twelfth of lhe ye~rly twcc~ Und asses.~ments which may aUain p~iority u~•er this Aturtg.~Ke, and Kruund ren4e un the Prupert~•, if any, plus onr
iwr~iin ui yruriy prruuuin wstuiiu-ra~s ~ur i~uturu ~n~ur.u~ce, p~~u+una twr~i~i~ ui Vru~~y N~c•tu~utn iu~~.uiu~~•n~.~ iur munKaKr ~nsurunee, ~t uny.
a~ll us re.ison~bly estimaited initiaUy xnd t'rom time to time hy l~~nder un the basi. of .i+sessment. anci bills und re:~sunubl~• r.tim.~t~~ thrr~f.
~ The Fundx shall br held in an institutiun the de{waits or ai~cuunts of which ~re insund o~ Kuar.u~tcvd hy a Federal ur State .~grncy
lincluding l.ender if l.rnder is such an institution). l.ender shaill apply the Nunds to pay said taxes, a~sessments, insurun~~r premiums and
Kround rents. I.ender may not charge for so holding and applyinK the hunda, unah•zing said uecuunt, ur vrrifying und cumpiling said
asaessments nnd bills, unlrsa I.eoder paya Borrower interrst on the Funds and applicable law pemiits t.ender to make surh a charge. Burruwer
and l.ender may agree in writing at the time of execution of this l~tortK.~~;e that intcrrxt on the Funds shali Ix paid to Rorruwer, a+nd unless
such agreement is made or applicable law requires such interest G- t~e paid, I.~nde~ rhall nut be rryuimcl to pay I~C~rrower uny interest or
earninge on the Funds. l.ender shall Kive to i'wrn~wer, w~thout charKe, an .~nn~u~l uccountirig of the F unds shuwin„ credits and debits to the
Funds and the purpose for which each debil to the F unds w~as made. The Fundti are plc~i~~d as.~dditiona! ~ecurity fur the sums secured by thia
Mortgage.
If the amuunt of the Funds held by IAnder, toKether w•ith the (uturr munthh• inst:illmrnts of N unds payablr priur tothe dued.itrsof taxea,
assessments, insurance pmmiums and ground mnts, shail exc.rd lh~~ amuunt rc~~ui~tK1 to pay ~~id taxex, atiu•svmrnts, insurance premiums
and Kround mn~4 as !hey fall due, such excess shall br, at f3~nTUw•er'. uption, eithFr prumptly repaid to Burruwer ur crrditEtil Gi Kurrower on
monthly instaUments of Funds. If the .tmount of the Funds held b~• I~~nder chatl not t~e sufficienl to p.~y taxes, asses~cmenls, insurance
pmmium~ and ~iound rents as they fall due, I~~rruvrer shall pay u~ I.~~nder am• amuunt n~ti•essan~ to makr up the defici~~ncy w•ithin :i0 days
from the dnte notice is mailed by I.ender tu f3orruwrr nv~ue~[inK pa~•mcnt thertY~f.
Upon payment in full of a11 sume securecl by this hlartKaKe, I.rnder shall promptl>~ refund tu fi~~rruwer any funds h~~ld by I.~nder. lf under
paragraph 18 hereo[the F'n-perty is sold or thr Pruprrty is utherwi~~ acyuin~ b~• t.~ ~der. IA nder shull appty, nu latrr than imm~vliately prior
tc, the sale ef the Nruperty or itsacquisitiun by t.ender, an>• Funds held hy I.~mde•r at the ti~nruf upplicatiun ~is a cr~ylil :iKainst the sumssecured
by this Mortgage.
3. Application ot Yayments. Unless applicable I.iw• pru~•ides uthi~rw~~st~, all pa~•ment~ n~•ei~~ec1 by I~•nder under the Note and
paragraphs 1 and 2 hereof shall t-e applicd by I.ender first in pa~~mrnt nf amounts payabl~• to 1.~•nder by R~xrower under p:~ragraph `l hereof,
then to interest payable on the \iote, then to the principal of the ~ote•, and then to interrst and prinripal un any Fuwre Advanrns.
4. ('harqes; I.iens. Rorruwer shall pay all taxr~, a~s~•~sm~•nts nn~i ~~th~•r ch:~r~;~~s, finr. und im}H~~iti~~ns attrihutablr tu thr 1'n~perh• which
may attain a priorih• o~•er this ~tort~;a~;e. and Ir.~sc•tiuld pa~•-m~nt. ~~r~;r~~++nd r~•nt:. if an~~. in th~• m:~:in~•r pn~~•idivl under p:~r.i~;~apt:'lhe:rufor.
if not paid in such mannrr. h~• I~urru:rer mukin~ p:~cnu•nt. whrn ~iuc•. ~+.:r~~•t!}• t~~ lhr p:i~•~r th~•n~d. li~~rr~~~•~•r ~ha{1 pru~npth• furnish to I.ender
:~ll noticrs of.imounts due under this par:+kraph. and in th~~ rc~~nt Itorn~~ve•r .hall m:~kr p.~~•m~•m dir~~i•Ih•. Kurru~~•i•r shall prumptly furnish tu
l.~,nder receipts e~•ideni•inK sui•h pa~•rni•nt.. fi~~rn~~v~•r .h:~il pru~nptl~~ d~~i•hnr~;~-:ui~• Gi•n ~~~hu•h ha. priunt}~ u~~i•r this \1urtR:~ke: pru~~idt~. that
liorrutirr shall not hc r~ti~uinY1 todi~i•has~~•:u~~• wch li~~n.~~ lun~; :~~ R~~rruwt~r:h:ill :1-!fPl' 111 N'fl~lOe; U/Illk• F):i~'tn~•nt ~~f [hi•uhlik:~tiut3 scrure~l b~~
wch lien in a m:~nner .ii•ceE~tab!e t~~ L~•ndrr. ur .h:ill 111 /;~~INI C:~rth ~•~~nt~•~t ~u~•h li~•i~ In'. ~~r d~•frn~l ~•nf~~n rm~•nt ~dw~ h li~~n ~n. I~~~;al pr~n•t~~ci~nKs
~.~hich operate tu preeent the ~•nG~n•~•~n~•nt o! th~• lic•n ~~r G~rG•i,un~ ~.f th~• 1'r~~p~•rt~~ ~~r :un~ p:ut thrn.~f.
5. Hacxrd Intiurance. Itorron~t~r.h:~l{ k~~•p th~~ ~~nErr~~~~e•m~~nt: nn~c ~•x;shn~; nr ht•n•aft~•r t~rt~•tc•d nn thr 1'n~Ex~rh~ intiurcYl a~;ain~t luss 1-y
~ire, hazard~ includk~l wrthin thi~ t~~r171 ~~CXlPI71It'II l'~~~'1•r.~~;~~." :+rid .u~•h ~~th~~r h:u:~rd. a~ L~•ndt•r m:i~• rFK~uirr and in surh :im„unt~ti and for such
pt•riiKls as Lc•ndt•r ma}- rt•yuin•; pru~•id~tii, !hat I.e•nd~~r shall nnt r~ yuire that thc• :unuwit +~f .ui•h ~tin~~•r.~y;~• ~~xc~•irl that amuunt uf cu~•eraKe
rcr~uirt~l t~~ pa~~ thr .um~ s~~•unri h~• thix ~l~rrtk:~ki•-
Tht• in~ur.ini•~~ r:~rri~•r prn~~din~; thr inxur.~nc~~ .hall br ~ h~,..•n !~~ l::~rr,~"~•r.uhJ~•~ t t~~;+{~pn~~:~I h~ la•n~l~•r. pnn i~i~~1. that .u~•h:~~rE~r~~~•al
shall nnt Ix~ unmas~~n:~hh ~cithhrld. :~ll pm~niu!n: ~~n une~r.u~~ ~• p~~h~ u•. .h:~ll hr F~:u~l ~n thr munn~~r pn~vul~til ur~{rr p:~r:~kraph'' h~•n+~f ~~r, if
nnt p.~id in such mann~~r. 1~~~ K~~rr~~H~•r makin~: p.~~m~•nt. ~.h~•n ~lur. dir~~~~tl~ t~~ rh~• ~n.ur.~nr.• ~:~rru•r
All insur.~nce p~~li~•ie~s :ind re~nrvc.~l~ thrre•~~f :h:~ll !N~ in 6~nn :u~~ ~•ptahl~• t~~ I.~-z~di•r :~nd .h:~ll ini•lud~• .~ .t:~nderd m~~rtK:itic•cl:~use in fa~•ur uf
and in form aci•eptahif•to I.e~nder. l.rnd~~rshall hact•tht•r.~;ht b~ hnld th.• {~~~lirn•s and n•nrH:il. the•ri~~(, and li~~rn~~c~~r.hall prumpti~• furnish tu
j.rnder all renrwa-i notices und al! reY•c•ipt~ ~~f pa~d pn•miurz:.. In th~-~•t~e•~it nf l~~:s. ft~~i n~w~•r ~It:lll Klc~• ~~!uI11F~[ Ilui1C~• t~~ the' IOSUf.iIICP i•,imer
;+nd I.ender. l.ender mx~• m.ik~• pnNrf nf 1~~.. if nut madr prnmpth h~ li~~rr~n~~rr
l'nless l.ender .ind li~~rn~wi~r ~~th~~rw-u:~• a~re•i• ~n ~vrit~n~;. insuranc~• pr~n ~•~•d. ~h;~ll ta• applii•d t~~ r~~.t~~r:~tiun or rep:~ir uf .hr Pruperty
damaKed, pru~~idEd ~ue•h r:~stnr.d~~m ~~r rt~p.~ir i~ ~~~~~n~~mi~•all~• f~•a~ihlt• and th~~ s~v•urit~~ ~~t" thi. ~1~~rtKa~;r is nnt th~~n•b~• imp:iired. If auch
resturation or repair ic m~t ec~~num~~•:~llc f~ :isihle• :~r if tht• :~r unt~• ~~f thix ~1urt~;:iR~• w~wld ht• ~nip:~~re•d. thF~ in.uran~•e proceYds sh.ill t~e• applicd
t~~thrsurr.ssecuredbyth~s~lortKa~;F•,w•iththe•~•xi•~•~~,if:+~~c,p:udtu}t„rr~~..,•r Iftht•f'n~p~•rta'is:thand~~~ic~ctht•Iti~rruw-er,urif&~rru~erL•~ilsto
re~Ex~nd to I.ender N•ithin :Ni dayc fn~m th~• d:it~• m~ti~•~• i~ ma~l~r! hc 1 ~•nd~•: t~~ f~nrr~~u~~r th:+t th~ in~uran~•~• ~:~rn<~r ~~ffers tu settlr aclaim for
insurance Fx~nefitc. [.endrr i~ auth~~riiw; t~~ r~~lle,~t :uu1 :~pplc thr in.ur.~m•~• pn~•~•~~d:: .~t I~~n~1cr s~~pt~~~n rither t~~ n•.t~~r.~hun ur n•pair uf the
Property or the sumc .cY~ureY1 hy this ~1~~rt~;:~~:~~.
Unless I.enderand li~~rr~~wer~~th~•r.+•~.,~a~;rw•in..nun~;.:~nc.uc-h:~E~ph~:~ti~~n~~fpnK~tY~d.tuprini•~pal.hallnnt~•xti•ndor{wstp~methedue
date of the monthly intitallmentc r~~f~•rrrd tu in p:ir.~~r:ipii. 1:u~d '_'tu•n•uf ~~r ~•h:~n~;a• thr :in:~~unt of ~u~~h in~tallm<•ntc. If under paraKraph IN
hereof the Pmperty is a~~yu~rc-c1 t~~~ ;,e•nde•r. :~11 rikht. titl~• :+n~i ~nt~•rr~t nf 14~~rr~~wc•r in and t~~ :~n.• in.uran~-e Ew~lici~•. and in :snd to the pra~ceeds
*.herev~f resultinK frorr: damaK~ t~~ 1'r~~pert~• priur t~~ th~~ .:~ie ~~r a~y~i~iti~~n sh:~il s~c~.~ t~~ !~•ndt~r t~~ thF ~~xte•m ~~f tht~ ~ums s~~v~td b~• t:~is
:1ortKaKe immediatelp prior to such sal~• or :+i•yui~iticm. ~
6. {'reservation and ~lz+inte•nanceuf 1'ruperty; lw•:~x~•hnld.;('unduminums; 1'lann~•d l'nit Uevelopmenls. K~~rrow•ershali keep
the Prop~•rty in K~~~d rrpair und shall n~~t c•~~mmrt w:~.t~• ~~r p~•rrnrt i~np:ur~ne•nt ~~r d~•tt•n~~rati~~n nf th~~ Pr~~pe•rtc ~-nd ~hall comph~ w~th the
prm-isi~~ns ~~f any lea~e if thic .11nrt~;:~~;~• is un .~ le•a~t•h~Jd. If thi. ~1~~R~;a~:~~ ~. ~m a unit in :~ rnndnmin~um ~~r a pl:inned unit deeelopment,
fiorr~ncer chall perform .~!~ ~rf 1{r~rr~~~~•e~r'. nhli~;:Ri~~n. ~~~~~i,~~ ct,~•~i~, txr.iti~~n ~~r:-~~~~•n:,nt: ~ n•.,r~n~„rk~~~~•rnin~; thecundominium ~~r plan~~ed
unit de~•rlupment, the b~•-law~ .ind n•kulatiun~ ~~f t1u~ rund~~~nin~urn ~~r {+I:inrnY3 unit d~~~~i~lupment, .ind ennctituent d~x~uments. If a
~•unduminium ~~r pl:in~f•d unit d~•~-t l~~pmr•nt rid~•r ~. ~•x~•rut~Kl hc K~~rr~~w~•r .~nd r~•cnrdwl t~~~;~•th~~r N~~th this \turtKay;e, the n~venants and
,iKree•mrnt~ ~~f ~uch rid~•r ~h:~ll he• ~n~ ~ ~rE~~ ~r.~t~•d int<~ :in~i ~h:~ll :~mrn~1 :in<i ..~ip{~1~•mrnt th~~ c~~c~•nanl•:~nd :i~;rt~r~n~•nts nf this ~1~~rt~:iK~•:+. if the
nder «~cre a part ht•r~~~~f.
7. Protection of Ixnder's Security. If R~~rrn.cer faily G~ perf~~rm tht~ cti~~ enanGv and a~rreemenLw c~~ntained in this ~7ortgaqe, or if any
action or procecding ie commenced which materially affectri (,ender's interrst in the 1'rupert~, includinR, bnt not limited to, eminent domain,
inaolvency, code enforcement, or ananRemente ur pruct~•dinKw im•ol~•inK a bankrupt or decedent, then [.ender at l,ender'e optiun,upon
notice to Borrower ma~ make such apQCaruncee, disburc+e xuch sums and take such actiun as is neceasary to prutect I.ender e intereet,
includinK, but not limited tn, dieburRemrnt of reaKUnable atturney'y fee~y .ind rntn~ up:~n thr Yroperty to make repaire. If [.ender required
mortgage ingurance as a condition of makinK the ]oan ~ecuretl b~• thtc ~inrtqaKe. I~~rr~~w•er shall pay the premiume reyuired to maintain
such insurance in eifect until such timP as thP reyuirf~ntrnt G~r su~•h in~urance tE•rrr.inateP in accord:ince with Rorrower's and [.ender'e
v~~ritten aqreement or applicable l.:~w. Korrower ehal! pa~~ the• am~~unt of all m~~rt~;aKe in~urance prrmiums in the manner provided under
paraQraph 'l hereof.
Any amounGv diKburscd by I,ender ~wrsuar.t to thic paraKr.iph ~, w•ith ~ntrreti! tht•reun, shall I~tcumr additiunal indebtedneea of
Fiorrower secvred by thiy 11~~rtKaKe. l~nlr~y li~~rr~~w~er and (~•nder a~{ree G~ ~~thF~r cerm~ uf pa~•mrnt, wuch amuunts c+hall be payable upon
notice from I.ender to Rorrnw•er reyursUnK paymrnt thercY:f, and sh:~lt tx~ar intrr.at from tht• date nf diobursement at the rate payahle from
time to time on uut~qtanJinK principal under the tiote unlr~s payment uf interrst ai such rate wuuld tx~ contran to applicable :aw, in which
event nuch am~~untc Khall irear interest ~t the hi~hest rate ~•rmisyiblE• undrr applica}~le !aw• NothinQ contained in thie paragraph ~, ahall
reyuire I.ender t~, incur any expense or take any actiun hereunder.
a;l~X ~5~ P~rE 1~