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HomeMy WebLinkAbout1025liurrowe~ and I.ender covenant nnd xgrre ua fulluwa: 1. Yayment of F'rincipal a~d Interesl. I;urruwer shall pr~~mptly pay whrn due the princip.il uf and i~u•rest un the ind~•bt~rlnrsx e~•idenced by Ihe Note, prepttymrnt und latechurK~~x ua pn~vid~~i in the Nut~•, and thr pnncip.il uf ;~nd int~•rest un ~iny Futun• Ad~•:mces,~Y•urrd hy thia Mortgage. 'l. FundR for 7'ax~•e and Inxurnnec•. Suh~~~ct tu applic:-I~le i:-N• ur tu :~ H ritt~•n waiver h}• I.c•~~d~•r.l3urn~w~•r.hal! p:~y tu L~•nd~•r ~~n thc• dar munthly installmenti: uf principal und int~•msi <~n• payubl~~ undi•r thi• l~ut~•, until the IV~~tr ~ti p;-id in full, :~ ,um i h~•r~•in "Fund."~ «~u:~l tu unc- tw•clfth of theye.~rh• t.-xes and a~~~~ssments which muy uttain priurity u~•~~r ihiK 11~~rtKa~;~~. and ~;ruund r<•nt. uri th~• f'rupi•rt~•, if:~ny, plus unt• lN'NIfI~I O~)~eurly pmmiwn installment~ for hux.~rd insurum•~~, plu~ un~-tw~•Ifth uf ~•e:~rly pn•~nium ~n,talin-~•nts ~ur muri~aR~~ insur:~nc~•, if.+ny. :~II aa rexsunahly estimat~d initially ai~d frum tinu~ tu tim~• t~y I xndi•r ~~n th~• ba.i. uf u„~•..in~•nt. an~1 I~ill~ .ind n:~sunubl~• r~t~~nat.•, th~•nr~f. The Nunds shxll he hrld in an institution the dr{wsita ur .icc~~unt~ uf which are inwnvl ur ~;u.uant~~rl hy ,~ F~rleral ur ~tcitr a~;eacy +~ncluding l.en~er if l.ende~ is ,urh an inxtitutic,nl. It•nder ,hull :-pph• the Fund. tu p.+y said taxeti, :ttis~•..m~•~ts, in~urancr premiwns and Kround rents. l.ender mxy not charKe for so holdinK .ind applyinK thr Funds, un:~iyainK s:iid accuunt, ur verifyinK :~nd ~•umpilinK suid .~s3essments and bills, unless I.ender paya Borrow•er intem~t c~~ the• F'unds:~nd applicubli• luvv {x•rmil~ 1 A~ndrr tu mukesui•h :~ c•hurgi•. tiurruw rr and I.ender may .-gree in writing at the timP of ~xecutiun ~~f thi~ ~turiK:~Kt~ th:~t int~•rer:t un th~• Fund~: shuU Ix~ puid tu liurruw~~~, und unlesa ~uch agrcrment is made o~ applicuble law reyuirrs such intrrest t~~ tK• p:~id, Iw•nder sh:-11 nut Ix• nv~uimcl b~ par fi~~R1~WPr any intereal or rurnings on the Funda. I,e~ider sht~ll Kive tu liorruwer, withuW ~~h:~r~;e, an .~nnual a~~c~~untin~; uf the Fw~d~ ~huwin~; ~•n~1it~ and dehits tu the h'unds eind the pur{wse for which each debit to the Fund. ~+:~. mad~•. Th~• Fund.:~rt• p1~~d~;~Y1 ac additiunal +i•cunty fur th~• tiums siY•un~c! by thia ~lurtgaKe. 1[ the .~mu~nt uf the H unds h~•ld by l A~nder, tuKrth~v with thi• lutun• ~nunth h• inst:-llnu•nt. uf F'w~J. pa~•ai~l~• prinr tu th~• due dut~•s nf taxes, . avsessments, insurancr premium. an~i ~;ruund n•nt., shal! ~•x~•~tir1 tht• :inn~unt nr~uinrl tu pay ~.iid tas~•s, a.s~•~,nu•~~tc, ~nsur.~nir premiums .ind ground rents as they fall duc, such exc~•ss shall }H•, :~t fk~ITUN'Pr's ~~pu~~n, ivth~v prumptl~• r~•p:~id b~ Iturn~w~~r ur ~•rrdit~•d t~~ li~~rruwer un m~~nthl}~ inst~llments uf Nunds. If the amuunt ~~f thf• Funds hi~ld b~• .!A•ndc•r shal) n~~t tx• ~ufficie•nt tu pa~• taxrs, as~ess~nrnt., ~nsur.ince prrmiums and Rruund rents :is tht•y t:~U dut•. li~~rn~~~•e. ~h:~ll ~~:~>• to 1~•nd~~r :~ny am~~unt nin-~•.~.~r~• tu ~nakt• up the d~•fici.•ncy ~•ithin :3ti d.iys frum the date no/ice is m.~iled hv I.ender tu lir~rruw~•r r~•yur~Uny; pa~ ~n~~nt tlirn~~f t-pon puymr~t in full uf all sums securc~l h~• this 11urt~;a~;e, Iw•~~drr chall prutnpth• n•fund hi ft~~rrua~~r an}~ funJs h~~ld by Ia•nd~•r. lf under puraKraph 1N hereuf the Property i~ suld ur the PruEx•rty ~. uthrra•~~~• ai•quin•d h~• 1,~•nd~•r. I A•ndi•r .h.~U uppl~•. n~, later th:+n imm~vliatrlc oriur tu thr s:~le cf the I'roperty ur its acquisitiun b}• I,~~ndi~r.:u~~• Fand~ h~•Id b}• I.~•ndi•r at thi• tinu~ uf appGcatiun as a crrdit a~;ain.t thr sun~~ ,e~•urrd t,y this Murt~aQr- 3. Application of Yaymenty. l'nli•s. uppli~:~bl~• laK~ pn~.~~dr, ~~th~~r~ut~. :~II p:~~~m~•nt. rt•~•~•~.•~~cf h~• I~•ndi•r undt•r the Nute and paraRraphs 1 and 1 h~•r~if .r-hall bc appli~r! b~• 1~•ndi•r fir.t in p:~ym~•nt ~~f :~~nnu~~ts p:~y:~hl~• t~~ 1~•nd~•r h}• I;urruwrr und~•r p:~raKraph `.' hf•rc~~f, thcn to interest pa~~able on the Nut~•. th~•n to thi• pnni•ipal ~~f thi~ \~~t~•. :~tul thrn t~~ uzt~•n•.t :~n~1 prim•i~ral ~~n an~• Fut~n• Adranci~s. d. ('harKe~; I.ien~.liurr:.~v<•rshall pa} all t:-u~••.:~.:~••.nu•nl.:~n~i ~~th~•r~ h:~r~;~•~. fin~•.:~nd imE~~,.etuu~~:~ttnhutuhlrl~,thr 1'ru~x•rt}• ~a•hich ~n.iy attain:~ pri~~nt~•uvt~rthis ~turt~;:iR~•.and Ir:i.~~h~~I~I p:n'nu•nt.u~R~nunil rv•nt.., ~f nn~~. ~n thrin:~nn~•r pn~cid~•if un~i~•rFr.~r.i~;r.~ph'~hrnvdur. ,i uut paitl in su~~1~ m:u~ttrr. ir~ l{~m~~~~i•r n~.~i.~n~ ~r.~~ ~~~~•nL ~~ i~rti ~tii.•. ~lir~~~ ii~ t~~ ih~• p.~t~-~• th. r~+~f It+,rn~tit~~r.h.ii~ F~r,~niptii furni.h t.~ i.~•~~~;~•r ~11 nutire• ~~f :imuunt: du~• und~•r thi. {~.~r.i~;r.~ph. an~l in th~~ ~•c~•nt K~~rn~tic~•r ~h:~ll n~:~k~~ {~.~c~n~•nt ~I~n•~ tlc. lt~~rr~~~~~•r .h.~l! ,~r~unF~th• turnish tu i.~~n~irr nY•i•ipts ~•~~idrnciny; .ui~h p.~~ ~n~•r~t. li~~rn~tic~•r .i~:~{! E~n~~npll~ ~li~~~h:~r~:~• :~n~ lu•ei ~~ iu~ h h.~~ pn„nt ~.~~ ~•r th~. \l~~rt~;:~~;~•.,~~,,. ~~i~~i. ~f~:~c liurruwt•r.h:~ll nut IN•rwtuinti) t~~d~.~•h:~r~;~•:u~c su~ h h~•n:~,l~~n~::~. H~~rr~~~c~~r.4,:~i1;~~:r~+• u~ ~cnt~n-: t~~ th~• E~:~~ ui~•tr, ~~1 thr~~h1~R.~~~~~t: ~ty umd b~• .uch I~~~n in a nt:~nu~•r ,iri~e•pt:~hlr t~~ 1.~•niirr. ~~r.}c~l! ~n ~;~~~~~1 (:~uh ~~~nt~•~t ~u~ h!u•n h~. ~~r~l~•frn~1~•nf~~n,•~:~~•nt.,(.in h L~ n ~n. !~•~;:il pru~~~•~viin~;~ .~hit•h up~•r.~t~• tn prt•~•~•n~ the• rnt~,n rnt~•nt ul lh~~ iiru ~~r l~~rt~~~t;:rr ~~f tlu• 1'r~:~re•rt~ nr :in> p.+rt th~ r~ ~>C :,. Nururd In+uram•~•. liurr~~~e~•r :h:~ll k~•~y~ th~• i~nE~r=~e~~~iu•nt. m~~~ ~•si.tinR ~~r h~•n :~ttrr rn~~ t~•~1 ~~n tiu• !'n,prrt>• in.u~eti1:~~;:un.t lusti t~y~ t~~e•. Iti~z1i~~I~ inclu~It~tl tc~lfiin the• t~•r~n "~•Xt~•ml~vl ~~~e~•r:~ti~•.~ :u~~i ..u~ }~ ~~t~~~•r h.ii:~nl.:~. Lrnd~•r m:~c n•ywr~• :~n~~ ~n su~ h:unuunt.:~nd fursuch ,~e•ri~K1c a~ Le~nd~•r tn:~~~ r~•~~u~r~•: F~r~~~~~~lwl. th:~t I~•n~l~~r .f~.~ll s~~~t r~~:~ui~~• t1i.~t thr :~~n~~unr ~~t .w h~~~~~•r.~~:~• ~•x~.•~ti1 th.~t :inu~unt +~f ~•~~~•i•ra~;t• r~,~uirtri tu p:~~• th~• .urn. :~•rur~•~! !,c thi. \1~~rtR;~~;~• '1'h~• in.ur:~n~ r~~:~rri~•r pn~. i~itn~: tt~i• in•un~s~r~ .}i:~ll h~ ~ h~,•~ ie he IS~~rr<~~tir r.~.I~~~.~ I t,~ .~~~pr.~~.~1 h~ l.~ n~i~ r{~n•~ i,l~•~1 tti:~t ~urh .~E~{~r;~c:~l •h:tll n~d hi• unrt:~.~~n.~hlc ~ci!hh~•L! :~U ~v~•nnun« ~•:z ~n~~ir,~n~ ~ {~,~i„ i. , .h.+i! i~~~ ~~.~u! :~i th~ rn.~un~•r ~.r.~~ ~,.. ~+. .:n~'t, r ~~.~r.~itr.i~~'ti ' h~•n.~fnr. ~f n~~t p:~id in su~~h m:~ntirr. I~c 1{~~rn~~+t~r m:~kint; ~~.n ~n~ nt •.~ ii~ n~ii;~ ,,i~r. ~ tf~ h, rh~• in~ur.iiu . r::rr:~ r All in~ur:+n~•~• p~~l~c~~•s:in~i rrn~•~~:il. th~•r~•~~1 ,i~.~l! i~~• i~i i~~rtc~ .u r~~E~t..t~~~ h, I.. n~1~ r,~n~1 .h.~11 ~n~ 1i:~1~-.~ ~t.~~~~l.u~i in~~r!-;.~~r~•I:~u.rtn f:~cur~~! ;~ndinfnrnia~~cept:~hl~~t~~l.~•nd~~r 1.~•n~1.•r~h.~ill~nc~•th~•ri~htt~~Fi~~l~it1;. ~,,,:i~i~•;~n.lr,.•ir~.:il<ttirr~~~f .~:~~1ft~~r-~~u~•r~fi:~11~~n~mF~tl~furn~~ht~~ ~.~~ndt•r a!I re•n~•w~al n~~tu~~•..~n~1:~1! n~~~~•~l~tx uf p:u~f E~r~•ti~!i:iei. In th~ ~ ee•n!,~; ~~:.• I:~~~n,~.~•r.}i.~1i ~~~~ ~~r~~:upi ~~~~t~r~~t~~th~~in.ur:~n~r~.irrit•r :~nd 1.~•nde~r. I~~nd~~r m:~r mak.• E~n~~~f ~~f 6~<. if n,~t ~n:vl~• pn~inpti~ he lt,.r•~:u~•r ' l'nl~~s. IA•nd~~r ,+rn1 li~~rr~~.~~•r ~~th~•rw i,~ .~~:r~•r ~n «riun~. in.ur:~n~ ~ ~~r+~~ ~•~ ~i. .h.~l: h~ .~p~~lc~•~i t~~ r.•.t~~r.~ti~m ~~r rrp.ur ~~f ch~• i'rupt•rt~• d:int.i~~•d. pC~~~'~r1ev1 .urh n:.l~~r.~h~,n ~~r rrp:ur ~~ r~ ~~n,~nu~ ::il~ f~;~:ihl~- :~n~! th~• .,-~ untc ~~f ttu~ \t~~ct~;:~~;~• i< n~,t il~~ n•h~ ~~npa~rrd if .uch r.•,tnratiun ~~r ri~p::ir ~. n~~t ri i,tu~~ner:~ll~ fr.t~ihl,• ~~r if tt~~~,~-~ unt} ~~1 th~. Zl~~rt~;.~~~• ~.~~,ul~! he• i:np:,~n•~1. th~• ;n.ur.~tir.~ pr~~~ r~vl..h:~ll Lrappli~r! t~~thesum:s~~•uri~itrcth~~~U~rtR.~{;r.~~ithth.•~•x~,•~• ;t.u~~.{~:u~1t~~1{~~rr~~~~~~r lfthr!'n,p~~rh~...~h.in~l~~n~tiifr~'l;~,rn.~a,•r.~~ri~ii~~rn~~~~c~r::eilstu rF~.;pund tu IA•nd~•r ~a•ith~n .:~~ d:~}• fn~tn th~• ~i:~t~• :~"u~ ~~ ~, m.uhyi h~ i.~•:i~i,•r h~ li~~rr~~~cr•~ th.~t thr in.ur.~ni ~~ ~.~rr.rr:~ff~•r~ t~~.~ t:l~~:~ ~ l:nm f~~r ~nsurancc• hrni~~it~. 1~•~~d~•r i.:iuth~~nnv! t~~ „~Il~, t.~r~i .~ppic th~ ~n.ur.~sn r~~r~~c ~•r~l, c~t f~•m1r•r .„pt~~m ~•itht•r b~ n•.r~~r.~h~~n ~~r r~•p:~i~ n( th~• ['mperh• ~~r tht• sum. .rcun~d i~~~ thi. ~l~~rts::+~'~• l~nle~+ I,e•ndi•r.-nd Fiurr<~~crr ~~th~•n+~.~• :~~;r~•~• ~n ~~ nunR. ;u~c .u~ h.~{~~~li~ .~ti~~n ~~( pr~~~ r~~~l.. t~~ pnni~ip:~l .hall n~,t ~•xt~•nd nr ~H~stp~~n~> thedue ;+.~te uf the m~~n(hl~ inst:~llm~•nt~ :e•f~~rn•~1 tu ~n {~:+r.~Rr.~i~h; i:~nd ''ti~~n•~~f ~~r ~ hnn~~~ th~ ,~~n,~ijr.t ~~f .urh ~n:t:~1lm~•n[~ If un~3t~r p,~r:~~;r:iph 1~ _ _ . _ . . . .. . . . . . hPiP(e1 IhP I'~r~pert}~ ~.:~~•yuin•d h~~ 1 A•nrlrr. ;+l1 r«;ht. titt~ :~n~t crit~•n~.t +rt n~~rn,~c~•r in an~1 !~~.~n~~ ~n~ur.~n~~~• ~Nw~~ir. nnii iti :~rnt u~ ihr pn~~'eY•As therer~f resultinK fn~;n d:iru:~~;~• t~~ !'n,p~•rtt' pn~~r t~, th~• <:~I~~ ~~r :~~ yu~~~ti~~n :h:+li p.+.: t~~ (.•n,1~~r t~~ thr .•~t~•nt ~~C tht~ ~um~ ,t~i ur~Yi h~' Shi~ ~1urt~;a~;~~ immFY~iatt•1~• prinr t~~ .urh ~nL• nr .ir~~ui~~tum 6. Preaervxtion and 1laint~~nan~•~• ~-f {'rupi•rty: I.~•:~.~•huldti:l'.-nd~~minum,: 1'lann~•d t'nit t)~•ti~i•lupnients. K~~rr~~~rr:h:~ll ke•Fp thc• Pru~x~rt~~ in y:~N~d mp.ur :~nd .h.~ll n~~t ~ ~~n~r.ul ;ti:~•tt• ,~r {~~•rnut ~in~r.t~r:n~•nt ~~r d~•t~•rn,rnr~~n ~~f t1i~• }'n~p~~rty :~s~d .haU ~ ~~mpi~~ ~~ith thf• pr~~~:~innv ~~f ant• It•,~~~• ~f th~. .y~~rt~:;i~~• ~. ure :~ L•.,~.~h~~i~1 if tf~~. 11~:rt{::i~:~~ i. ~m :t urut in :~ ~~m~l~~m~n~um ~~r n pl:~nn~•d utut ~i~•c~~lnpmrnt. iturr~~~ccr ~h:lll pr•rf~~rrn :~I! ,~f 1{~~rr~~«~•r'; ~~t:li~;:~tt+~n• u~i~i~•r th~ ~t~•r l:~r.~u~•:~ ~~r ~ ~~~wti.~nt. ~ n .~!irz~„r ~:~~e~ rn~n~: the~c~md~~minium ~~r {rl:~nnt~d uni: ~Ic•~•riupmf•nt. th~• hc 1:~w. an~i rr~;uL~tu~~~~ ~~f !!:~• ~~~n~i,.nnniu~n ~~r {~l:~nn~~1 unit ~i~•c~•I~~pn:~•nL :~nd cnnstttut•nt d~~•um~•nt~. If a ~+md~~m~n~um ~~r plannrd :init ~l~~c,•L~pnu nt rni~~r i• ~•~~•~ ur..i i~; t{~~rr,~~c~•r ;u~~l n~~~nl~ ~~ t~~~~•th~•r ~~uh th~. titurt~;.~K~•, thr ~•n~~rn:int~ and .~~;n+•me~nt~~~f.u•hn~i~r:t:.~lil,~ uu~.rE„~r.~t~~~l~nt~~.~n~1.h,~~~.~~~~,n~l.~n„.u~~E~i~•;~n•~itrtu•~~~~~•~e.u~t.:~n~l.~~;n~~r:~•nt~~~fthi.~l~~rt~;:~~;~•:+•~fthe• n~l~•r ~c~~r•• :~ p:~rt h~ r~~~~t 7{'rutecti~in of I.ender'H ScY•urit~•. If Kum~~v•r f:ul. e~~ p~~rh~rm thr ~~~~c~•nants und :iK(fYIIIP{lIF c•~,nt:il~lt'(~ 1f1 LF11N ~II~rTKe~Ke, or if any act~un ~~r prr,~ecdinK ie cnmmenc~~d w~hich materiall~ :-ff~-rt:: 1 rnd~•r'~ ~i~t~•r~•~i ~n the• f'n~pe•rty. ~nrlud~nK. hut nut I~nutrd to, emtnt~nt dumain. ~nsol~•ency, code enforcemNnt. ~,r arr:inqrmentx ~~r prK•~-e~d~~~K~ incul~•~nK .~ bankrupt ~~r de~c•r~1~•nt, thf•n I,e•nd~~r at I.Nnder's optuin,upon nutice to Rnrruwer meiy mak~• Ku~~h appear.~ncre, (I19I)UfHf' tiUl'h vumA :~nd t:~kr su~•h act~~~n :iw ~4 neceti.an• tu pr~~tect (.endrr's interret, includinK, hut n~~t limitfd G~, d~:+burxt•mt•M of rt:+~unahl~~ att~~rni•~~'~+ f~•c•s and ~•ntn~ up~~n ehf• f'r~~pert~~ t~~ make rrp~iirN. if I.~~nder reyuired ms~rt~aKf~ inyuran~e~ :~v .+ runditiun nf m:~kinK th~~ lu:~n ~e•~•~~rev1 h} t}~i~ ~1~~rt~;:~y,f', E~~~fi~~K"i'i ti~t:lil p:,}• the• premiurr.e nY~uirecl to maintain such inyurinc~ in effeK•t until tiurh hm~• ay tht• rt~ywr~~nv~nt f~~r ~u~•h invur:+nrr tt•rm~n:rtiw ~n ai•~•~~riianc~~ .a•~th fium,wrr':: :~nd I.ender's w~ritten aKreement ~~r aE~pli~•:~hlr I.:+w•. Rurn~~cr•r ~h:+ll p:~~ th~• :im,~unt ~~f :~II m„rt~:a~;e• in~ur,inri• prt•rnium~ in tn~• mann~•r priv~dc~cl under paraKraE~h l hPrenf. Am• amounts dirhurst~l h~~ 1.~•n~ier pf•r.u:~nt tu th~. para~r:~ph ~. w~th int~~r~•~t thr~r:~nn, .hi+ll tx~•nme~ additii~n:+l ;ndi•btednrae of Rurr~~w•Fr ~+~•cunv! ir~- this 11~~rtk:~Ke~. (~nlt~sv f{i,n~,wi•r :~nd I~•ndt•r .~kree~ ?~~ ~~th~•r tF~nn~ ~~f ,:s~m~•nt. ~uch :~~n~~untx shall hc• pa}~able upon n~~tic~~ fr~~m I.e•n~1~~~ t~~ R~~rn~wf~r n~yu~•~tinK F~:~yme~nt tht•rt~~f, and tih;+ll br:ir int~~r:•st fr~~m thi~ d:iti~ ~~f di.bursi•m~•nt at thi~ rate p:~yable from Ume tn t~m~~ ~~n uut:+tandinK pnn~•ip:il undrr lh~• 1,~tr unl~-.s p:i~~rne•nt ~~f ~:~tt•r•~st .~t ~:~~~h r~it~• wnul~l t~~ ;•n~trar~~ G~ appiic:~hle l;~w. in which e~•ent Kuch ,~mnunts shall b~•ar :ntrn•~t :~: thr h~K~~~~: ra.t• prnni,~ii~lr ~;ndt•r aE~pl~~ :+hlE• law \~~thinK c~,nta~necl in this paraKraph 7, shall rec~uin• I~e•ndrr tn inrur :uiy f•xp~•n~e• ~~r takr ,iny :u~t~~~n h~•rrundre _ .. . ~:~ ~~ r~E1024