HomeMy WebLinkAbout0899k~urrower and I.ender cove~ant and agree us followa:
1. Payment ot Principal and Intereet. E3urn~wer shai) promptly pay when due the principal ot A~d interest'on the indebtednesa
rvidenced by the Note, prepayment and latecha~ges aspn~vided in the Note, and the principal of and interestun any M utureAdvAncexsecured
by thia Mortgage.
2. F unde for Taxes and lr~eurance. Subjrct to applicublr l:iw or to a wriuen N•ai~•Pr t.y !~nder, tiorruwer ~hxll pay to l.ender un !he day
monthly installmenta of principal an~ inte~est a~e payable under thr Note, until the ~iote is paid in full, a sum (herein "F unds") eyu.~l to one
twelfth of ihe yearly taxes and assessments which mn~ a-ttain priotity uver this MoRguKe, and gr~,und rents on the 1'roperty, if ~ny, plus ~-ne
!~+•e1Rh of yearly premsum installmenls for hsasrd insarance, plus unPtwi•lfth o[yearl~ prrmium ~nst.+liments for morlKaKr insurance, if any,
.~li as mas~,nably estimated initially and from time to time by I.ender un the basis of ass~csmrnts :~nd bills and ~rason~blr rstimates thereof.
The Funds ehall be held in an inatitution the depuaitx ur accuun~c of which are in~ured or gu.ir.+ntecd by a Federal or State agency
~~~cluding l.ender if l.ender is such an inatitution). l.ender shall apply the F undc to pay said taxrx, aasrssments, insu~i~nm premiums and
~;round re~ts. [.ender may nol charge for eo holding and applying the Funds, ~inalyzing said arcuunt, or verifying and compiling said
xsseasments and bills, unlesa L.ender paya Borrower inte~est on the h unds and applicable law permits t.ender to make such a charge. Eiorruwer
:~nd l.ender may agree in writing at the time of execution uf this I~tortgage that interest nn the Funds shall be paid to liorruwer, and unlesa
such agmement is made or applicahle law requirrs such interest to be puid, l.e~der shtill not be required to pay 13orrower any interest or
~•arnings on the Funda. I.endrr ahall gi~e to Borrower, w~thout charRe, an nnnua! accuuntinK otthF Funds showing credits and debits to the ~-
Funds and the purpose fur which each debit to the F unds wxs made. The N unds um pledgrd as additional security forthesums scrured by thia
ltortgage. ~
If the nmount of the Funds held by l.rnder, together with the future monthly installmrnts of Funds payable prior to thP due dates of taxes,
.issessments, insurance premiums and ground rents,shall exc ~ed the amounl n~quircd to pay s~id t~xes, assessmenLs, insurance premiums
and ground rents as they fall due, such excess shall be, at Ro~TUwer's oplinn, either promptly repaid to Borruwrr or creditrd to Eiorrawer on
munthly installmenta of Funds. If the amount of the hunds hrld by I,rnder shall not be suffic~ent to p:~y taxrs, assessments, insurance
prnmiums and ~round rents as they fall due. Borrower shall pay k~ t,ender an} am~,unt necessan• t~, make up the deficiency w•ithin :30 days
frnm the date nutice is mailed bY I.ender to 13ortuwer requcstinK payment thrr~r~f.
Upon payment in full otall sums secund by this MortKaKe, l.ender sh.ill prumptly refund to liorruv~er any funds he(d b~ I,ender. ltunder
paragraph IA hereof the Property is aold or the Pruprrt~• is othervvi~e acyuirrd by i.ender, I.endrr shaU apply, no l:~trr than immc~liately prior
t~ ~ the sale cf the Property or its acquis~tion by l.rnder, any F unds held b}• IA•nder at the tim~• uf application as a credil aKainst the sums secured
i,~• this Mortgage.
3. Application of Paymenta. Unless applic~ble law• prov~drs uthrrv-•isr, all paymen~s received b~• I.ende~ ander the Note and
paraqraphs 1 and 2 hereof ahall be applied by I.ender first in paymrnt uf amuunt.s payab:e to I,endPr by Borruw•er under paragraph 2 hereof,
then to interest payable on the Note, then to the principal uf the \utP, and then to interest and principal on xny l~uture Advances.
4. Charges; l.iens. t;orruwer shall p~~y ..11 taxtw.:-.ses~m~•nt~ :ind uthrr char~;es, fint•~ :~nd im{ws~t~~~ns attr~butahlr tu the Yroperty v- hich
,n:~y attain a priority over thiti 11ort~aKr, .ind le:~sehuld pa~•~nenh ~sr ~; n rond rrnt., if anc, in thF inannrr prucidrti under paraKr.-ph'~ hercr-f or,
:f nr~t paid in such manner, hy Rorruw•er m.-kink p:~~•m~•nt, whrn dut•. din~-tly t~~ th~• pa>•t~• thE•n~d. R,aruw~•rshaU prumptly furnish to I.ender
.+II nutices of amuunts due under this para~;raph, and ~n thr ~•~ i•nt (i~~rruw•er sh:+U rnakt~ pacmi•nt dir.-~•th~, finrn~~.~i~~ shall pn~mpth• furni4h to
I.t•nder receipts evidencinK ~uch p:i>•mt•nt~ t~~rr~~wer.hall pr~m~ptl~- di.rhar~;~• an>• li~•n w hi~ t: h:~~ priur:t~- ~~~~•r this ~turtK.iKe: pru~•idcd. that
ft~~RUw•er shall not M~ reyuirr~l tu disch:v~~• :~r.~~ ~u.•h ii~~n s~~ lunk :~. li~~rn~w~•r .h;~ll :~~;rc~• in H ntin~ t~. the• pc+ytnrnt n(thr~~bl~~.itiun src•urt•d by
~u~~h lien in a mannrr acceptablr t~~ L~•nd~~r. ur.hull in y;~NK1 f:uth ~•~~ntc~.t w~~h 1~~•n h~, ~~rd~dc•nd i•nCnnv~n~•nt nf.u~•h h~•n in. l~•~,:1 pnx rc~clinKs
~a hirh oru•r:-tP G~ nrP~•r•nt thv F~nfun-.•m~•n1 ~~f th~• I~t•n ur f~.rfritun• ~~f th~• 1'n~~N•rtv ~.r :inc nart tht•n~~f.
~. Hazard Insurance. Kurr~~wer.hall krep th~~ impn~v~•mrnt~ n~~w• t•x~shn~; ~~r hrr~•aRer rrrct~•d un the f'ru{~•rh• insured aKainst luss by
hr~~, hazards includec! w•ithin the tt•rm "rxt~•nd~~1 cu~•er.~~;~•." :~nd w~•h uther har.:vds as 1 A•ndrr may- rrv~uim :ind in such amount,~ and fur such
p~•ri~~ds as I.ender ma~• rryu~rt~: prv~~•idttif. th:~t Lc~n+irr sha01 rnR r~•i~wrr !hat thr am~~unt ~~f su~•h ~ti~.~er.+kt• exct~vl that amuunt uf co~•eraQr
rt-e~uirecl tu pa~• tht- sumti sr~~ure~cl h~- th~+ ~1~~rtKaR~•-
"Che insur:~n.ec:irrirr pn~c~din~; thr ui.uran~-~• .h:~ll h.• rh~~•~-n I~~ lt~~rn,~c~~r>uh~~•~ t t~~.~ppr.~e.~l h~ L~•nd~•r. {~r~~vultyl. ihat ~urh :~ppruv:il
,hall not tx• unn•av~mabh• wtthh~~ld. :VI prrm~um: nn ~nwn~n~.• E~~~lu•u•••li:~ll FN• p.~u1 ~n thr rn:~nn~~r pn~a ul„1 uadrr par.ikr.~ph'_' hrr~v~f or. ~f
nu; p~~id in sui•h mannf•r, by fir~rr~~H•c~r ~:i:~k~n~ p:~~ tnrnt. ~+h~ n dur. ~1~m~ th t~~ tiu• in~ur.~r:~-~~ ~:irn~•r
All insurance µ,licies and rt•nrw.~lc th~•n•uf sh:~ll tx~ in furm :~ri~t~pt:~t~lr t.~ I.r•ndt•r:ind shall in~•ludi• a~tandard mi~rtKaKecluuse ~n fa~•orof
:+nd in form accept~ble to l,c•nder. l.rndc~r ~hafl h:~~•e th~• n~;ht t~~ h~~ld th.• p~~li~~~rs and n•~c•w:il. thrrw~f.:~nd Is~~m~wer ~h~ill prumpth• furnish tn
~.ender all rrnrwal noticec and :~Il rtv•c~iuts nf paid pr~•m~ums In thr~•~~rnt ~~f I~~:ti. K:~rr~~wt•r ~h:ill ~;icr pn~m~rt n~~tiir t~~ theimur.~ncecamer
and I,ender. t.ender may make pnw~f ~~f 1~~:. ~f m~t m:idt• prumpth' by f~~.rt~~~~•r
Unless I.ender and li~,rruwrr othe•n+~ist• :iKrty ~n wn:in~;. mwr:+nct• pr~K~r~•d. .h.~ll t,e• :~ppli~•d t~• rc•.t~~rai~un nr rep:iir of thr Yruperty
~i~maged, pro~-ided such re~torati~m ur rep:~ir is ~~-n~~~micall}• f~•a~itdt• and thr scY~unty uf th-. ~!urtKaKe ~s nnt thereh~• impaired. If such
r~•storation or repair is not crunomi~•all~~ f<•:isihlr ur ~1 tht•.rn~unt~• uf thi: Jiurt~;:-~;e w~~uld tx~ ~:np:iired, the• insur:incc•procerds shall i~eapplied
t~~thesumssecuredb~•thisllartKaKt•.~•iththrrx~•e~;..~fany.p:udtnft+~rn:w~•r Ifth~•f'ruEx•rt~ isahand~~ne+abcE~~rrower,urifliorruw~erf~ilsto
re3pond to t.ender wit6~n :t~~ da~•c fr~~m thr d:~tr n~~tirr i. ~n:ult~1 hy I.r~ndt•r u~ ke~rn~w~rr that thr ~nsurance carrier nffers to ~ettle a ciaim for
insurance tx•nefi~s, t.e~der is authunzf~l t~~ ~•~~I1~K•t :+nd ap~}h th~• ~nwr:~nr~• pnN~~~i~d.:+t I~•ndrr~~ upt~un ~•ithf~r tu restor.~t~un i~r repair uf the
I'roperty or ti-e sumc secur~l h~ thiti ~t~~rt~;:i~;e~.
t'nless I.ender and &~rr•~~ver othe•rw~~sr .~Kr~~e• ~n w nUn~;,:~nc surh .~p~:lu ati~~n ~~f pn~ct•e•d: t~~ pnncipal ,h.+ll nut extrnd or pnstp~me thedue
date of the munthly installmrnGc n•r.•R~i ~„ in p:~r.~~:raph, I:~nd '_"~rrR•uf ~~r ~~h:en~;r th~• anu~unt uf .urh ~nst:-Ilment~. If under paraKraph Ih
hereof the Ymperty is acyuinKl by {A•nder. :ill riKht. titlr and intrrf•st ~d t{urn~:.~~~r in a+nd :~~ an~- in~urance pilicies and in and to thP prnceeds
thereof resultinR from damaKe [~~ Prope•rty prior tn thf• ~al~~ ~~r a~•yuisiti~m .h:~ll pas. G~ I.e•~dc•r t~: the extent of the sums securr.i b~• this
~1r~rtKa~e immedi:.tely prior tu ~uch salr ur acquisitiun.
fi. Preaervation and Haintenance of Properiy: la•a~~•huld~; ('onduminums; l'lannrd 1'nit Developments. Fi~~rrow•er shall keep
the I'roperty in K«~d repair and ~hall n~rt c~~~mmit w~a~t~• ~~r pF•rrn~t ~mpainn~•nt ur drteri~~raliun uf the Yruprrtc and shall cumpl~• N~th the
pru~•isione of any Ic.~se if this ~1nrtKaKt• is on :i It•atiE•hufd. If th~~ ~~~~rt~{:ike• i~ un a unit in cs i•~mdum~n~um nt a plannrd unit dF~•elupment,
}iorr~~wer xhall perforrn all ~,f R~~rruK•er'~ ~~h!ik:~ti~m~ undc•r th~• der•Iar.~U~~r, ~~r c~~~rnantz ~ n:etin~:~~r y;~~~~rrnmK thecond~~:ninium or planned
ur~it deveiopment, the by-lav~~s and re•~;ulation~ nf thr c~mduminium nr ulannecl unit de~•e~lunment, and cunstiturnt d~K•uments. If a
~ nnduminium or plann~d uait d~~~~~•I~~pmt•ni r~der ~~ f'XP~'UIIYI F)C ~Si1R1~K'Pf :ind fPC~~f(ItY~ I~~~;PLFI!•f aith this ~1urtKaKe, the a~~enant~ and
~Krrrme•nts~rfsuch ri~ier ~halt hr ~n~ ~~rp~~r.it~~d ~nt~~:~nd ~h:~il :inu nd :~n~i .upplemrnt tht•i ~~~e•r.ani~:+nd a~rfrmrntsufthis lfort~a~;t~acifthe
nder H•rrt~ a part here~~f.
7. ProteMion ot Lender'e Security_ If &~rr~~K•er :ails to perfurm the rn~•enants and aKreements cunta~ned in this Mortgage, ot it any
action ~~r proceedinq ie cummenced w•hich materially affectx (.ender's intereyt in the I'roprrty. ~ncludinq, but not limited to, eminent domain.
ineolvency, code enforcement, or arrangemente or pmceedinKs invoh•inQ a bankrupt or deceder.t, then [.ender at !.ender's option,upon
rtotice to Borrower may make auch appearances, disburee auch suma and take such action ae is neceaxary to protect Lender'e intereet.
indudinK, but not limited to, dieburxement of reasunable attorney's frea and entry upon the Property to make repairs. If Lender required
mortgaKe ineurance as a condition of making the loan securcd b~• thiy ~1~~rtgaKe, f3orn~wer yhall pay the premiums required to maintain
such ineurance zn effect unti: auch time as the requiremrnt fur su~h insurance terminateo in accc~r~iance with &xrow•er's and I.ender'e
written aRreement or appluable [.aw. Borrow•er shall pay :he• amuunt nf all murtKaKe ~nwurance premium~+ in the manner provided under
paragraph 2 hereof.
Any amounta diebursed by I.ender per~uant to th~s paraKraph ~, w•rth interegt thrrr~m, shall become additiunal indebtedness of
fiorrov~er secured by thiR 1lortgage. Unless Fiortower and I.ender aKree t~ other termy of pa>•ment, such amuunta ahall be payable upon
n..tice from I.ender to Aorrower requestinQ payment thereof, and Rhall bear interest from tFe date of disbursement at the rate payable from
time to time on ou~tundinK principal under the ti~~te unless payment nf interrat at such rate wauld be rnntrary to applicaMP law, in which
event such amounts shall bear interest at the higheKt rate permi;;sible under :~pplicable law. tiuthinK contained in thie paragraph 7, ahall
reSuire I.ender G~ incur any expense or take any action hereunder. ~
aC~~OX ~~ PACf 8~