HomeMy WebLinkAbout0895tt„rruwer and l.e~der covenant and agree as folluwe:
l. Payment of Principal and lntereet. Borrower shall promptly pay when due the principxl uf nnd interrat un the indrbtrdnese
~•~~idenced by the Notr, prepuyment and Intechargea aa pruvidre! in the Nute, and the principul of nnd int~•reat on any Future Ad~•unces xecured
I,y this Mortgage.
2. Runds tor Taxea and loau~ance. Subject to applicable law u~ U~ a written waivrr by IA•ndrr, liorruwrr shaU pay to I.ende~ un thrduy
munthly instalimenls of principal and intereeit are pAyable w~der the I~iote, until thr Note is paid in full, a sum Ihrrein "Funda"- rquul tu onc-
twelfth of the yearly t:uces und assessmenta which may lttain priority ovNr this Murtgagr, and Kruund renG+ un thr Yru~x•rty, if any, plus onP
~wrlRh o[yearly premium installments for haznrd insur.ince, plus unc~tNC~lfth uf ye.~rly premium instultm~•nts fur murtKage in::ur.~nce, if any,
,+11 as reaxonably estimated initially ~ind from time to time by I.rndrr on the IN-tiix of assecYmrnts :ind hills and rrasunubl~• etitimates thrrcr~f.
1'he Funda shall be held in an inatitution the deposita or s~ccountx of v-hich are insured ur gua~rantE~cd by a Fecieral or State aKrncy
nncluding l.ender i[ l.ender is such an inatitution). l.ender shall npply the F uuds to p:~y s:+id taxes, assrs.r•mrn~g, insurunce pr~~mium+ und
Kr~~und rente. l.ender may not eharge for so holding and npplyinK the Nu~ds, analyzing said accuunt, or verifyinR .ind compiling ss:~id
:~syesaments and bills, unless l.ender paye Borrowe~ interest on the F'unds and applicable l:aw permi~~ (.c•nder to make surh a churgr. Borrower
:+nd I.ender may agree in writing at the time ot execution ~f thix MurtgaKe that interrst un the 1~ unds shall be paid to tiorn~wer, und unlexs
~uch agreement is made or applicable law requires such intereat 4~ be p:iid, I_rnder shnll not he rryuired tu pay li~~rrower a~y interest o~
~•arnings on the Funda. [.ender ahall give to f3orro~er, without charge, :~n unnu.+l ac-cY~untinK of thr F unds show•ing crecliG4 and debits to the
Funde and the purpose fo~ which each debit to the F unde w~as made. The h'unds am p1r:lKed as additi.~nal security for the sums serured by this
~turtgage. ~
lf the amount of the Funda held by I.ender, together with the future monthly installments of Funds payuble priur to the due dxlrs of taxes,
:~~~essmenta, insurance premiurns and grouod rents, shrJl exc ~1 tht• amuunl r~~c~uind to p.~y +~~id taxes, assessmenls, insurance premiume
:~nd gruund rentv as they fall due, such excess shaU be, at E3o~row•er's option, either prumpdy repaid to Ronuwer or crtvlitrd to Eiorruwer on
munthly installmenta of Funda. If the amuunt of the Funds held by l.ender shal) not be sufficient to pay taxe~, ussessmrnts, insuranre
premiums and ground renta as they fall due, fiurrower shall pu}~ w l~ender :u~~ amuwit ne~c-ess:~ry tn mxke up thrdeficirncy within 30days
from the date notice is mailed by l.cndcr k, l3~~rruw•~~r reyuestinK payment thereof.
llpon payment in full of all suma secured b~ this Mortgage, l.cnder shall promptly mfund t~ Rorrower any (unds hrld by l.ender. 11 under
paragraph 18 hereof the Yroperly is sald ur the Pro{nrty is otherw•i~e :~cyuircYl F,y Irnder. I.endrr shall apply, n~i later -han immr~li:-tely prior
t„ the sale of the Yroperty or its acquisitiun by I.ender, u~~y F unds held by 1 A•nder at the time of :ipplieatiun as :~ rrtYlit aKainst the sums secured
t~y this Mortgage. •
;i. Application ot Paymenta. Unless applic.~hle law pruvides other~~ise, all payments rEKeived by l~ender under the Note and
~~:i ragrapha 1 and 'l hereof shall be applied by I.ender firtit in payment uf amounLti pafyable to I,ender by 13~,rruw'er under paragraph'l hereof,
then to interesl payable on the Nute, then tu the principal ~,f the tiutr, and the:- to interrst and principal on any Future Ad~ances.
a. Chargea; Liens. l3orrowrr shall pa~ all ta~~•s, :-sscssmt•nt~ and ~~thi•r rhar~;~•s, fin~~~:~nd impu.itiun~ attributahle• G~ thi• 1'ro~x•rty which
rn.~ ~• attain ~ priority u~•er this Murt~;a~;t•, and I~~usrhuld p:icm~~n[~ ~~r Kr~ ~un~l rc•nls, if :~n~•, in th~• manm•r pr+~~~idt~l under paraKraph'l hercr~f ur,
if iini paid in such manner, by 13urr~~wFr makink paymi•nt. wh~•y ~lut•, din~•th• t~~ th~• p:iyer• thrrt~~E Iturn~w~•r.h:~ll prumpth~ furnish to lxnder
+1; notices of amuunt~ due und~~r this p:ira~;r.~ph, :md in th~~ r~•F~nt Kurr~~~ver shall m.+ki• pa}•m~•nt d~re~•th•, liurn~~c~•r shall prumptl~~ fur~~sh tu
I.~~nder rereipts evidrncinK such paym~mtti. li~~rn~wer ~h;Jl pn~mpth• discharK~• :~nc h~•n w~hi: h h.~. pri~~nt~•,~~~•~v thi. \1~~rt~;.i~;e; preh•ided, th:~t
f:~~rruw~cr shall not ben~~uinY1 tudischar~r:an~• ~u~•h lu•n.i~ lun~; a• It~~m~w~•r.hall :~~;n•~• in writin~; tt~ th~• p.i~•~n~•nt nf thr~~bli~;:itiun,rcurv~l by
.ut h lien in a manner accrpt:-blr to IA•nd~•r. ur sh:~if ~n ~;u~N! f:uth ~•~~nt~•.t .urh Gc•n bt'. ~~rdrf~•nc! ~•nf~~n~~•mi•nt ~~f ~u~~h G~•n in. Ir~;aE pr~N•eiy~inKs
~.+ hich oper.+te to prevrnt the ~•nft~rci•m~•nt uf the iirn ~~r fi~rG•itun• ~~f thr I'r~~p~•rt~• ur :~m• part thi•reti,f.
:~. Hazard Insuranre. liorr~~w•4r.ha11 k~•ep th~~ ~mpr~ti~•rmi•nt. nuw ~•xi.t~n~; ~~r h~•n•a:ft~•r t~r~vtrd un thr f'rnEx•rty ~nsun~l aKa~nst iuss b}•
tire•, hatards irtcluded within the trrm "e•st~•ndFYf ~•~~v~•ra~;~~," and su~•h uthi•r han~rd. ;~s la•ndrr may n•yuire• and in ~u~•h umuunts:~nd (ursuch
E~~~riuds as Ixnder mar rtY~uirE~: pruvid~~cl. that L~•nd~•r .h.~li nut r~•qwr~• th:~t th~• am~~unt ~~f ~w•h ~,~~•i•r.~~;~~ ~•x~•E~ri that .imuunt uf ~•nvrr:~Ke
r•r~uin~1 tu p~+y thc .ums se•cun~1 h~• lh~s \tnrt~;:~k~•.
"The insur.incr i•:vri~•r pr~~vid~n~; th~• in.ur:~n~ t• .t~:~~! h~• ~~t~~~.ru h} IS~~rr~~HV•r ,uhj~•rt h~ :~ppruc:~l hy I.~•nd~•r. {rr~.c~dwi. th:~t ;urh :~pprncal
~L:~II n~~t }~ unrr.isunably w•ithi:.-1d :VI pn•~niuni. ~~n ~n.ur.in~~~ p~~h~ ~~•.•h.~ll F~• F~:u~1 ~n th~• m:~nn~•r pr~n:~l~~i u~~~frr p:+raRr:~ph'_' he•rtrrCur. if
n::t paid in su~•h mannf•r. b~~ It~~rr~~~+~~r m:~ktn~: p;~} in~•nt. ~ei~~~a ~1ue•. ~1in•~ t(~ t~~ th~• in:ur:~nr~• ~~:~rn~•r
All insurance puiic~e~ and rent•K•als therr~~f shall }~• in funn :tr~ rpt:~hl~• tn 1.~•ndt~r and ~h:ill im•lud~•:~ ;tand:ird m!~rtKaKe clausr in favorof
.+nd in form acceptable tu Ixnder. I.c•nd~•r.h:+ll h:n~~• tht• ny:ht tu huld thr ~~.~Lr~~•s:~nd mn~•w:+l. th~•rr~~f.:-nd K~~rruwf•r ~h.+ll promptly farnish to
+.~•nder all renew.+t nutices and all rer~~ipt. ~~f ~xud prrm~um~ In th~~e•crnt nf 1~~~.. Knrn~N~t•r ~h:~ll K~:•~• pn~mpt ri~~tice tn thf• ~nsurance ~•arrier
.~nd I.ender- I.endPr m.iy m.ikE• pr~~~f ~~f lutis if nut m:~d~• pn~mptly hc ft~~rn~K~~•r
Unless (.ender and fi~rrrnwer uth~•rw•i~~• :+Kn~• ~n wnhn~;. inwr:~n~~~• pr~~.~~•e•ds .h.+ll h~• applu•d :o rrsti~ratu~n or repair uf the f'ruperty
~lamaged. pruvid~~ such rPStnrati~~n ~~r r~~Er+ir i. ~•~ ~~nunu~ :~ll~• fe:~~iLlt• and ihr v~ti•unt~' uf lh~n \tnrtKa~;~• is n~~t thereb~~ imp:+irt~d. If such
rc~tituration or repair is nut ec•unumic:ill~~ fi•a.iblr ~~r ~f thF-.~rurit~• nf this ~Surt~;ay;r w•uuld br i:npaired, thF=insurance pnK•r~ds shal! t~applied
a~ the sums securt~ hy thi~ :11urtKaKr, w•ith ! h~• rxc~•~~. i; anp. p.~id t~~ liurruw~~•r. 1 f ih~• {'rn{N•rt~~ is ;~tr:~nd~~n~.1 t~y R~~rn ~~~er. ~,r if fi~~rn~w•er fails to
rr•;pond to I.ender within :3~~ dayc frnm th~~ rtat~~ n„t~~-~• i. m:+~l~ri hc I~•ndt•r t~~ Iiurn~N~•r that thr ~nsuranct• e•am~r ~~ffc•rs tn se•ttlr a claim for
~:isurance bencfits. I.Fnder is .-uth~~nz~~l tu rnlltti~t .~n~i apE~ly th~• in.ur.~n~r pnK ~~~~d~ at 1~•n~ier'. npti~m f•ither tn re.toratiun ur rf~pair uf -he
I'roperty or the sums sFCUreci by thi~ ~1~~rty;ak~•
Unless i.ender and 1~~rruK•er ~>therw•is~• aKn~e• ~n wnt~n~;.:~n>~ ~a~•h :+pph~:~tu~r. uf pr~H t•.•d. tu principal ~hall notextend or F~~4t~wne thedue
~iate of the monthly installmrnl.ti reG•rrf~d t~~ in ~r:~r.~~;rap}~. 1:~nd'~ h~•rk~~~f ur ch:~n~;~• th~• am~~unt ~~f su~•h ~natallment~. If under paraKr:iph lH
herrnf the Properly is a~quirEK1 bp I.e•nde•r, :+11 ny;ht. titlr c~nd ~nter<•st ~~f linrn~w~i•r in and t~~ an ~ in.uranre ~x~licirs and in and to the prncetids
thercr~f msultinK frum clarnaKe tu Prupt~rty pn~~r tr~ thr ~:.li~ nr a~•~~ut.~ti~rn sh:~U p:~s. t~~ I.~~nd~~r t~~ the c•xtt•~~t ~~f the sumc sc~vrc~cf by this
\turtKaKe immediately prior to vuch salt• or ai•yu~s~ti~~n
6. Preaervation and Maintenanc•cof Propert~; IA~i+~~•huldti; ('unduminums; Plann~•d t'nit nev~~lopments. Rorruw•er yhat! keep
the Property in K~K~d repair and snall not c•umrnrt Ha~t~• ur {e~•rnut ~mp:~~rrnrnt ~~r drt~•nor:-h~~n ~~f the F'r~~prrt~~ .~nd sh.ill ~umply w~ith the
ivu~•itii~~nti uf any lea~c ~f thic ~1~~RKa~:t~ ~s nn :~ It~~+,~•h~~1~1 If th~~ 1Turt~:+~;F• i~ un a unrt in a rundum:nium ur :i planned unit de~~elupment,
ftnrruwer shall perform ali r~f li~~rn~w•~~r'~ obh~;.iti~ms unr1~•r th~• ~1t~-lar.~ti~m ~~r c~~~~•nantz ~-r~•atin~;r,r ~;uverninK thecunduminium nr plannecl
unit development, the by-law~s and re•Kulatiun~ u( thr ~~nndnm~niu~n ~~r pl:innwl unit decrl~~pmc•nt. :ind convtituent dixumenLti. (f a
~ nndominium or plnnned unit dt•se•lupm~•nt ri~lrr is ~•xe•~ utiY1 h~~ li~~rn~w•~~r :+nd ~t•~..«i~~d t~~~;~~th~•r w~th this :~tortK.+Ke, the rnvenan~5 and
~~;rermf•nt:: of ~ui•h ridf•r ~}~;+II br in~ ~ ~rpnr.~t~•.1 ~nt~~ :in~! ~h:~il :inu•nd :+nd ,u{,pl~•~n~•nt th~• ~~~~~ e•n:int.:+nd :-~;rw•me•nts uf th~s ~lurty;:+Kr:+s if the
f1l~Pf K'P~f' :1 ~)art hrn'~)f.
7. Protection of I.ender'e Security. If Borruw•er fail~ u~ perforn~ the roven:~ntri .+nd aKrerments cuntained in thie Mortgage, or if any
act~on ur proceedinq is commenced v~hich matrrially ~tfecW l.ender'H interrHt in thr I'roprrty, including, but not limited to, eminent domain,
ineolvency, cvde enforcement, or arrangementi+ ~,r pr~~cc~edinKs involvinK a bankrupt or decedent, then I.ender at I.ender'R option,upon
notice to Rorrower may make euch appearancea, disburee such Hums and take such actiun ae is neceasary to prolect [.ender'e intereet,
includinK, but not limited to, disbureeme~t of reaaunablr attornry-s fc~+ and entry upun the }'rnperiy to make repaira. If L.ender required
mortgaKe ineurance as a condition of makinR the loan secured by this MurtK~-Kr, 1~~rtuwer sh<~li pay the premiume required to mainiain
r+uch insurance in effect u~t~l euch time as thP reyuirement for such inaurancr terminatex in arcnrd.+nce with Kurrower'e and [.endes's
w~ritten aqreement or applicable I.:iw. Borruwer shall pay thr :~muunt of all mortKaKe innurance prem~umA in the manner provided under
paragraph `l hereof.
Any amounta diaburned ~y t,ender perau~nt U~ th~s paraKraph 7, w•ith ~ntrr~•r+t therc~.~n. :+hall brcumF• additinnal ~ndebtedneas of
tiortower secured by thie MortKaKe. linleas I~rruwer ~nd I.ender aKree tu vther terniH of pa~•mrnl, such amuuntA ahall be payable upon
natice from l.ender to Borrower reyueating payment there~~f, and ahall bear inte~est from the d:~tP uf diabursement at the rate payable from
time t~~ :ime on ou:.4tandinK principal under the~ tiute unless payment of interE•xt at such r:~te w~zuld be cuntrary to applicaMe law, in which
rvent auch amounts Ahall bear ~nterest at the hiKhest rate permiYSible under :1~)~II('il}lIe law. lothinK contained in thix paragraph 7, ehall
reyuire I.~nder u~ in~ur any expenge or G~ke any action hereunder.
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