HomeMy WebLinkAbout0910ti~~rrowe~ and l.ende~ covenant and agrre us followa:
l. Payme~t ot Principa) and Inte~eat. l;or~ower ahzil~ prompUy pay when due the principal af and intrrrat un thr ~ndrbledneas
rvidenced by the Note, prepaymeot und Intecharges ae pn~vid~~c1 in the Note, a~d thr principal uf .md inti mst un .-ny Future Advunces securEd
hy this Mortgage.
2. Funda forTaxea und lnauranrc. Subject to upplicuble luw or tu t~ wnttrn wuiv~~r hy lAwder, tt~~rruw•c•rsh:~il p:ry tu lA•nderun theduy
munthly i~atallments of principnl and interest ~re p.~yi~ble uncier th~• Nuti~, ur-til the Nutr is p:~id in full. i- su~n (hrr~•in "Fwicis"~ ~Y~ual tu om-
twelRh of the yearly tnxes and assrssmrnta which muy uttuin priurity ~~ver this 111urtK~~Ke, r~nd ti~uund ri~nt, un thr Pru{x•rly, if any, plux onr-
tw•elfth of yearly premium inslalhnents for haznrd in~curan~~~, pluti ~~nt-t..•i•Ifth uf yrarly premium inst:~ilnu~nt, fur m~~rtK:~Kr insurani•e, i[any,
.~II us meisunably estimatrd initially and from time tu tin~e b~• I.rnder ui~ thi• bu,is uf n,sr.sm~•nt~ .-nd bili, ani! re:is~~nuble r.timate, thereof.
The Funds shnli be held in an institutiun the drpueits or accuunts uf w•hich are insumd or Kuur.uit~~ed by a Fcdrrut ur titaie aKency
~~nclading l.ender if I.ender ia such nn institution-. l.ender shall .~pph• the Funds to puy ~uid taxra, assr~sments, insur.~nir premiums and
~;round rentts. l.ender may not charge for so holding and applyinK the hunds, unalyzinK s:iid accuunl. ~~r verifyinK :u~d cumpilinK said
;~ssessments and bills, unless t.ender paya t3orrowrr iotereat on the Funds.ind .~pplicablr I~~w• permits I.~~nder tu muke such a~•harge. $orruwer
:~nd Ixnder may ugree in writing at the time of executiun of this MurtgxKe that interrst on the Funds shull be 4r:~id to4iorruwer, and unle~s
wuch agreement is made or applicablp luw reyuirea xuch intrrest lo !k pxid, Iw•nder shall nut Fx~ nv~uin~cl tu p~y fic,rrower any intrreat or
~•arnings on the Funda. l.ender shall gi~•e to Born~wer, without charge, an annual aci•uuntinK of the Fundti shuw•inK cre~liGv xnd debits to the
h'unds and the purpoae for which each debit G~ the Munds w•as made. 'I'hr F~nds are pled~;~~c1 a~ additiunal s~K•urity for thrsums serurcd by thie
~lortgage_
If the amount of the Funds held b~~ l.ender, tnKether tti ith the future munthh• installmi•ni. uf Funds pny.~b~e prior to the duedata~s uf t:nce-~,
asseasments, insurance premiums and gr<wnd mqts, ~hall rxi ~~cd thr :~nu~u~i myuired tu p.i~ • suid t~xes, .isu•sxments, in+urance prrmiums
:~nd grcund rents ~s they fa!) due, such exce:es shalt tre, at I3o~TUw~rr's optiun, either pr~~mpt{y rep:-llI ~O I3bRUK'Pr or crtKlited t~, I3~~rrower on
monthly installments of Funds. If the amount of the Funds hrld b~• I.rndi~r sh:ill not tx~ sufficirnt lo p.~y t.-xes, assessm~•nts, insurance
premi~ms and ~Cround rents as tfiey~ fall due, I3urruwer sh:~U pap to Iw•nder an~• amuunt nt•.~ _,sar~• tu nwk~• up thr Jrficir~u•~~ M•ithin 30 dxys
trom the dnte notice is mailed b~ Ixnder to FAirruw•~•r n•yuestinK pu>•mt~nt th~~r~~f.
Upon payment in full of all sum:~ secured by th~s A1urtKaKe, i.c~dpr sh:-ll promptlt• ri•fund to kurruwer ant• funds held by I knder. !f under
~:~ragraph 1R hereof the Property is suld ur the ['rupert>• is utherN•ise a-cyuin~! h~• I.endf•r, !.e•nd~~r shnll .-pph•, nu later than immecli.itely prior
tu the sale ~f the Proptrty nr its:tcquisitiun by I.eader, an~• Funds held by Iw•nder at the timr uf applic.itiun as;~ crrclit :~tiaintit the sums uK•urecl
hy thia Mortgage. •
3. Application of Payments. Un1ecK appli~-ablf• laa pnrvidc•s otherw~isr, all p.iymrnt~ rrceiv~d b~~ 14•~,der undc: thr Note and
p.~ragrapha 1 and 2 hereof shall be applied by It•nder fir.t in payment ut amuunts payable to I.ender h~• Ii~>rruwer under paragraph 'L hereof,
:hen to intecest payable on the I~'ote, thc~n tu the principa) uf thr \utr, and th.~n tu inten•.t and principal un :iny Future Ad~ances.
~. Charges; I.iens.ltorruH•ershall p:t~•:~II t:~xt•s, a~.~•s.me•nt~ and ~~th~~r~•har~;~•s, fin~•.:~nd irn{N~tiitiun~;~ttribut:~ble tn the~ Pru~rty H•hich
:n:iy xttain a priority over this 11urt~a~;c..ind It•:~.eh~~ld pa~•-nrnt. ~v ~;n~un~i r~•nt~. if::n}•. in thi• mannf•r pru~•idey! under p:ira{;raph'L henrdor,
~f nut paid in such manner, b~• Rurru~er m:+kin~; p:~ymc•nt. N•h~•n du~•, din•~~th~ 1~~ thr payt~e• then.~f K~~rr~~H~t•r~1~a11 pro~npth• furnish tu IA~nder
:~l1 nuticrs uf amounG~ due under thi~ pan+kr.tph.:+nd ~n thr e~•er.t Iturn~h~•r,hali mak~• pa>-nu~nt d~r~•cu}•. Knrru~~rr sh:~ll E~rumptl~• furnish tu
l.t•nder recripis e~•idrncinK surh pn~•mrnts. It~~rru~ce•r ~hall pn~~nptl}• ~1~.~~h:~r~;~• an~~ I~~~n K~h~~•h h:~. pri~~nt~• ~~~ i•r th~. ~l~~rtkaK~ ; pru~•idiYl. that
(i~orruwe: shall nut !x•rr~~uirt~cl tudi.rh:uk~•:u~~• wi•h G~•n.,~ I~~nk :~.It~~rr~~..c•r nh:~~l:~krt~r in ~sritin~; t~~ th~• p:~~~mrnt ~~f th~•uhlik:~tiu~i s~~•urt~1 by
~u<-h lirn ;n a manner acrrpt.~M~• tu Lende•r. ~~r sh:~ll in ~;~„~d f:~ith r~~nt~•.t w~ h,irn b~•. urd~•f~•nd ~~nt~~n ~•in~•n! ~,f w~~h 1~~•n ~n. lr~;:~! pro~•~•~rlinKs
.~ hich operate tu pre•cent th~• i•nfurcr~n~•nt ~rf th~• lu•n ~~r fnrf~•itnrr uC th~• {'n~p<•rt~• ~~r :+n~~ p:+rt thenti~f
;~. Hazsr~ Insurance. It~~rn~w~~r ~hall ket•p thf• ~mpru~ ~•m~•nt~ m~~c ~•~ishn~; ur h~•reatti~r ~•nY•trci ~rn thF• t'rn{K•rty insurtKl a~;ainst I~~ss n~
tirt~, hazards includ~~c1 within th~~ t~~rm "rxtcnd~rl cu~~~~r;~~;~•." :~nd su~•h ~~th~•r h:~iar~1~ :~. t.c•nd~~r tn:ip n•yuir~•:~nti in ~uch :+m~~unts and fursuch
prriods as Ixnder ma~• myuim: pr~~vid~Yl, ih:~t I.~~ndrr ~h;~ll n~~t n•yuir~• that Ihr :~mnunt uf +urh r~~~~~•r:t~;~• ~•xi•wrl that amiroM of coceraKe
r~Y~uirtd to pa}• thc• sums .tr~ur~r1 hy thiti ~lurty;a~~•.
The iosuranc•~• c~rri~•r prnvid~n~; the• ~nsur.~n~ ~• •h:~ll i~~• ~}~,~..•:~ h~~ Ii~~rn,~~vr.:ul~~r~ t t~~ :~E~~~r~~ti:~l h~ I.~•n~l.•r. {rrn~ ~d~ti1. [h:~t su~~h :ippruv:~l
shall nut tx• unn:~snnahly ti~ithhrld. :111 pn•n~~um. •~n in.~ir.~n~ ~• E~~~h~ :~••.,i~:~13 }w• p:u~l ~n th~• m:uuu•r pr~~. i~i~vl wi~l~•r p:~r.~~;r:~ph '! h~•rw~f ur. iC
n~~t paid in such mnnnrr. b}~ It~~m~~.~~r m:~kin~; p.~} rn~•nt. ~~h.~n :!u~•. ~tin, tk t~~ th~• in•uran~~~• ~~arn~ r
Al) insur.+ni•c {N~6i•irs and reni•w~:+is thrn•~~f,h:~:l !~~ in furm :u-c~•ptat~lr G~ I.•n~lt•r :u~d ~hall ~nrludr:i.t:~nrl:~rd m~~rlKaKeciausr in favorof
and in form accrptable t~~ I~•nd~r i,c•nd~~r.h:~ll h:~~~• th~• nkht a~ h~~ld th~• p~~L~ i~•.:~nd rrn~•~:+I~ the•r,•,rt.:~ni+. ti~~rn~H•t•r.hxl! pn~mptly (urn-.h tu
~.rnder aU rrneK~.+l n~,ticrs and all n~~~•~pt. ~~f p:ud prrmiums In th~• ~•~~e•ut ,~f 1~~::. tt,~rr~~H~t~r ~h:~ll ~;~~e• pn~mpt n~~Ucr U~ tht~ insurance camer
;~nd I~ender. I.e~nd~r map make pnN~f ~~f 1~~.. if m~t ~n:ui~• pn~mp!!t' hc li~~rn~wF•r
i!nless l.ender and f~~rruwe•r ~~th~•rw•i.r ~~~;r~r• ~rt w nt~nk, i!i~ur.uic~• ~~nN r~•d~ .h:~ll tw• appln•d tn n•~turad~~n ~~r rFpair of tht• 1'r~~Ex~rty
damsQed, pru~•id~d such resturati~~n ~~r re•pair ~s t~•~~n~nn~~~all~~ [~.~~ihl~• anil th~~.~ti~unt~~ ~~f thi~ \1nrt~;atiF is nut ther~•by imp:iir~~d. If such
rrsturation or repair is n~~t f~•unumirally Cr:~~~hlr ur if th~• .~run[~• ~d th~. ~tnrtk:+~;r w~wld h~~~:npa~r<~d, thr insuranci•,~r~N~f•~~c1s ~hall tx~ applied
?~~ t:~esumti securt~cl bv this ~1nrt~;:IF;f•. N'1lFl l~1PYX1'1•~~, It :~n~ . p:~id t~~ Kurr~~H•~•r- 1[th~• !'r~~EK•rt~ is:~k~a~zd~~mYt bp K~~rruwer.ur if li~~rruw•er f:~i1s Vi
r~:~pond to l.ender within :i~~ da~•~ fr~~m th~• datr n~du ~• i~ m.ul~~~ h}- ! ~~nd~•r G~ Rnrr.»+~~r th:it th~• ~nwr.~nre ~•ar:-ier nffrr~ t~~ settlP a claim fur
insur:~nce benefiG.. I~•nder is auth~~niirl :~~ c~~llery•t :~nd :~p~~l~ thr ~nsuran~•~~ pr~a ~•t•d. at Iw•ndrr~~ ~~phun t•~the•r tn rrst~~ratiun nr n•pair of the
Yroperty or ti~e sum~ securrd by this ~1urt~ak~~
[inless I.ender and Fiorruwer nthrrK•iw :~Kme~ ~n ~ nt~n~;, ;~n~ surh ;~E,pli~ :~tinn ~~f pru~r~•ds tn pnni•ipal .hall not ~~xtt•nd ur ~~.st~xme thedue
clate of tne monthh installment~ rtd~•rr~•r1 t~~ in p:ir:+~:r:iph~ I:u~d Y h~•n~~~f ~~r ~•ha:ik~• ti~~• a~~i~~unt ~~f sucts in.t:~llmf•nt.- If under paraKr.~ph lh
hereof the Yrr~perty is acyuircYi by 1~e~nd~•r, :~ll ntiht, title• and ~nt~•r~•st ~~f linrr~~~+•r in ar.~i tn:,n~• insurance p~li~•irs and in and to th~ pr~~ct~s
;hereof resultinK from d.~maKe to 1'r~~~Wrt~• priur [~~ th~• s;~l~• nr :~~ yu~siti~~n ~hai~ p.+.s t~~ I~•ndt~r tu thr i•xtrnt ~~f thc~ ~ums srcun~ b~• this
tilurtgaKe immediatel}• prinr to such ti:~lr nr :~cyui~it~~~n
6. Prr~ervation and 11~intt•nanceof I'rop~~rt~•; L~•uti~~holds; ('unduminum.; l'Is+nne•d t'nil Uevi~lupmenty. Ii:rrr~~K•ershall keep
the F'ropcrty in K~M~d repair and ~hall n~~t c~~m~nrt w~a.t~• ~~r prrrni! iiup.~~rnie•nt +~r {ie•t:•ri~~r:~t~un ~~f th~• f'ruprrt~~ ancl ~h:sll cumpl}• w•~th the
pru~•isiuns of any (eas~~ ~f thi~ !11nrt~;a~;t• is ~~n a leu.rhnld. If this ~1~~rt~;:i~tr i~ un a unit in a cun~l~~m~nium nr a planned unit de•crlupmrnt,
I;URUwer sh:ill perform all of Korruw~er'~ uhl~~;ati~~n~ un~i~•r the• dE~~larati~m ~~r ~•uc~•n:~nt. ~~re•;~t~n~;ur ~;u~~c•rmnK thc•c•undominium ur pl:mned
unit development, the b}•-law•ti :~nd reKulali~m. nf th~• cundnmin~um ~~r p1:~nn~Y1 un~t dr•~•i~l~~pmi•nt, nnd r~m~tituent d{x-umrnts. lf a
rr,ndominium or plannc~l unit dr.•~•I~~pmr•nt nd~~r is e~x~~~~uttrl h~~ ti~~m~wrr :~n~i re~~ ~mi~ri tu~;rtht•r .+-eth this ~1urtKaKe, the a~~•enan4s a~d
;~~;rrrm~•ntti of cw•h nder.h:~ll he• i~:~~~,rp~,r.~trd tnt~~ :~nr1 .t~:~li :~nu•n~f :~nd tiU~~~1IPfIif•IlI lI1P l't~\'f'I1:IRi:.:~nd :~}~n•e•rnrnts uf this 11nrt~a~c:~. ifthe
rider w•rrr a part hereof.
7. Prot2ction ot Lender'e Security. If F3urr:~wer failv tn perform thc ~~~~enantr~ and aKrrementri contnined in thie ;1lortgage, or if any
action or proceeding ia commenced which materiall~• affectr+ I.ender'e intt~reHt ~n the 1'ruperty, i~cludinK, but not limited to, eminent domain,
~reolvency, rnde enfor:ement, or arranRementi+ or pmceedinKs invol~~inK a bankrupt or decrdent, then I,ender at [.ender s option,upon
notice to Borruwer may make euch appearancee, di~hurRe yuch sumx and take such artion as is necea=ary to protect I.ender'e intereet.
includinK, but not limittd to, disbur~ment of reasunable atturney'9 fees and rntn~ ~{x~n the Propert~• to make repaire. If I.ender required
mortqage inaurance us a conditiun uf makinK th~ loan wecurcrl hy thiy 11~~rtK:~Ke, Ii~~rn~wer sh~ill pay the premiums reyuired to maintain
euch ineurance in effect until euch time as th~ reyuin•ment for yuch ~naurance terminates in accurdance with Rorruwrr's and I.ender's
w~ritten agreement or applicable 1 ~w. Borruwer ahall p.+y th~~ am~~unt of all mortKaKe inse:ance prerniume in the manne: prorided under
paragraph 2 hereof.
Any amounta diebursed b}• l.ender persuant Gr this paraKr.+ph ~, w~th ~nt~•n•yt th~•n•~m. ~hall becomr additional indebtednese of
Rorrower eecured by this tilortKaKe. Unless I~~rruwer and I.ender aKree G~ other termy nf payment, auch amo~nte ahali t~v payable upon
notice from I.ender to Borr~~wer reyuratinK payment tnereof, and ~hall lkar interest fr~~m the date of dia~ursement at the rate payahle from
time to time on outzitandinK principal under the Nute unle~w paymrnt uf intereat at such rate w~ould tx• contrary to appiicable lxw, in which
ever.t ~sch amuunts ehall bear interest at the highrat rate prrmitiHiblP u~drr applicable law•. \oth~nK contained in this paraKraph 7, ahall
reyuire [,ender to incur any expense ur take any action hrreunder.
aOi;;X J5~ f'»GF ~