HomeMy WebLinkAbout1030t3urn~wer und l.ender cuvenant and agree as foUowa:
!. Payme~t uf Ntincipul and Intereet. Borrower shvil promptly pay when due the principa) of and intrrrst on the indMbtwlnP.~s
ev~den~~vi by the Note, prepayment and late charges ae pruvided in the Note, and the pnncipal of and intereat un any N uture Advances secured
by thia 1~lurtgage.
',. Funde Cur Taxes und Insurence. Subject to .ipplicable law ur t~~ a writtrn waive~ by I.ender, f~rrow•er ahall pay to I.rndrrun thr day
m~nthly innta~ilmrnta of pnncipal and ~nterest are payable under thr Note, unti) the Note is paid in full, a sum Iherrin "Funda") euua) toone
:xrlfth :zi.he ycar}y tax~, :,~~~i da~~nrntx wnich may atta~n pnority over this Mortgage, and grc-und ~ent~ u~ the Pruperty, if any, plus onP
~wr.IRh uf yrttrly prrmwm matuilments for huzard insurance, plus onrtw~elfth o[yearly premium installmrnts !or rnurtgage insurance, if any,
~11 aa i~~:uwnubl~• rsumutrd ~mtiully ~nd from time to tiR~e by Ixnder on the busis of .ix~e~mrn~ti and b~lls ~~nd reusunablr ~~umates the~ec~t.
The FunJs ahul! be hrid in an inrttitutiun the depusitx or accuuntx of which are inaured or guarantred by a Federal or titate agency
~n~•luding Lrnder if Lender ia such an inetitution-. Lender ahall apply the Funds to pay said taxes, axaesxmenta, insurance prrmiums and
~~und rents. lxndrr may nut charge for eo holding and applying the Funds, analyzing said accuunt, or verif>~ng and compiling said
ae,~samrnte and bille, unlraa Lender paye Borrower interest on tl~e Funds and applicable law permita i.rnder tu make auch a charge. Borrower
and ~.rnder may agrc~ in wnting at the time of execution of this Mortgage /hat interest on the F unds shall be paid tu Borruwer, and unleas
yuch :ign~emrnt ia made ur applicable law requires such inte~ext to be paid, l.ender ahall not be required to pay fiorrower any intereat or
•~arnu~Ke~ ~~n the Funda. I,ender shal) give to Borrvwer, without churge, :~n annual ac~rounting of the Funds shuwing creditx and debite to the
Funda .~nd thr purpuae for which each debit tu the M unds was made. The Funds are pledgrd as additiona{ security fortheaurna xerured by thie
1+lurtkt~Ke
If the amuunt nf chr Funda held by l.ender, together wi~h the future munthly installments uf F unds payable pnor to the due datea of taxes,
~e~rbaments, ~neur~ncr premiums and grc,und rents, shall excred the amount required to pay said taxea, aaeiesamr~te, inaurance premiums
ind gn,~nd rrnts ua they faU due, such excesa shail be, at Bo~~wer's option, either promptly repaid to E3orruwer or credited lo I3orrower on
~nunthly ~newllmrnta uf i'ui~dn. If the amuunt of the Funde held by I~~det sh:~ll not be aufficient to pay taxea, assessments, insurance
prrmiuma .ind grriund renta cie they tall dur, Rorrower shall pay tu l.ender any amount necessary !o make up the deficiency within :t0 days
`n~m thr d~~te nupce ~s m.~~ic~! bv Ixnde~ G~ t3curuwrr rrquest~ng payment thereof.
l~~x,n puymrnt :n full uf ali suma ~-ured by this Nortgage, l.ender shall promptly refund to &~rruwer any funds held by Ixnder. If under
par:~gr.~ph iti hrrcr~f the Pn,pc~rty ~s sold or the Property is uthervvtse aeyuireci b~• lxnder, I.ender shall apply, no later than immediately prior
+u ihe ~ie uf the E'n,perty or its:icyws~tion by [.ender, any Funds held by I.rnder at the time of applicatic,n as a credit against thrsums secured
ny th~a '.Nort~tiKe.
:3. Application of Yaymenta. l'nless applicable law pruvides otherwise, ali payments received hy I.endrr under the Nole and
par.igraphe i a~d '_' hrrruf shall be applird by Lender first ~n paymrnt u[amuunts payabie to [.ender by Borrower under paragraph 2 hereof,
thrn to ~ntrre~t pay.ible un the Noce, then to the pnnc~pal of the tiote, and then to interest and principal on any Future Advancea.
3. Churge!~; Liens. liurn,wrr sh.ill p.~~ ai! taxes, ~~ssessmrnts and ~~ther charKes, finrs and ~mEH,y~t~unx:ittnbutabie tu the ProE-erty w•hich
•n.~>~ att.un a pnunty „~ rr th~s ~1urtK:~kr. and lr:~srh~~ld paymrnts or ~;nwnd rrnts, ~f.~ny, ~n the mannrr pro~-ided under p~-raKraph'Lhrrecifor,
! a~:t ~-:il:i in ,u~•h :~;~nnrr. trv Ki1Rnl4YC Ill:inillK }~:1~ ~Ilt'OI, N FIt'I7 IIUf•, directi :• t~~ the p:~~•rr thrrr~~f. liurruw•rr ~hall pn~mpth• turnish t~, i.ender
ill nutt~ c•s ~~f :unuunts ~iur und~•r th~. par:~Kr,~ph, :tnd ~n the r~~rnt fi~~rrow~er shall mak~~ p:iymcnt dtrec•th•. Korr~~a•f•r shall prumptly furnish 4~
.rndrr rrcript~ .•vuic•m~~nK ,u~•h puvmrnt~ 1i~~rruw~rr sh:~ll prumptly~ d~si•h:irK~• an~~ hc~n whu~h ha4 priunh• urer th~~ ~lurt~;:~Ke. pro~•ided. that
'i~~rr~~w.•r :hull Il~rt ttk~ rtq~ W ~i•l~ iU ~Il~l'fl:tft;Y ;~n~~ wch I~en.u lunK ::. lt~~rruw•rr.hail ay~rt~c• in w~nhnK tu thr paymrnt ~~f tt~e• ubliK.it~un setiurrd by
,ui h iii•n u~ :~ m:~nnrr .~i~~ rptakrl~• t~~ Lrndrr, nr sh,~ll ~n ~;u~~ f;i~th ~~~mt~~.t su~•h lirn bt~, ur drfrnri ~•nfurreme•nt ~~f,urh li~•n tn, le•~;al pn,c-eeclinKs
~nu~h ~~p~•r.iti• tu pre•v~•nt thF• ~•ntur+-~•mr•nt ~,f thr he•n nr furfr~turr ~~f th~• 1'r~~prrtt~ ur any- part th~•r~~f.
~. Hazard Insurunce. tiurr~~w~t•r ~h:ill krt•p thr ~mpn~vrmrnts nuw• exishnK ur hrrrafter erecKrd un thr !'ro~em• insurcd against loss by
•im, h~~~,+r~ls ~n~~iud~•d ~vith~n thr trrm "extrndr~l co~•er.iKr." and surh utt~rr hazards as I.ender m.ic rc~c~uire and in such amounts ~ind fursuch
irnnds ,~s ;.enJe•r rn:n• r~~~;uirt•. ~in~~ ~de~i, th:it L~•nde•r .hall nnt rrywtr that thr cimuunt nf su~~h cY~~•rraKr exc•re~c1 that s~muunt of cuveraKe
-•+~~~r.~i *n pJ4' T}ll• aU{il~ ~r~ ureti! h~~ th:. ~1nrtKciKr•.
i'he• !nsura~ire• ~;~m~•r prneld~n~ thr ~nwr:in~~~• .hall hr ~~h~~,~•n 6} K~~rn~we•r.ub~rct tu appr~~~ a! h~• Lt•ndrr. pr~~~ idt~i. th:~t ~uch :~pproa•al
,hui! nut irr unn :isun.~hh~ ~c~thin•i~i :\!I pr~•mtum. ~,n ~n.lu;un ~• p~:Lr~~•..hall ia• p:ud in thr rn:inn~~r prn~~uf~~l undrr par.~~;raph'~ hrr~.~f ur. ~[
iut ;ruU :n .,ui~Tt m:~nsi~•r. h~ 1{.,rrnurr rn;~kin~; p.~.m~•nt. ~,.h~•n dur, ~lirrrth t~~ thr ~n,ur:~ni•r ~-arriNr
•:~il :n,uran~-r polir~e•. ;~nd rrnr..als thrrr~~f sh<~Il ik• in furm ai•~•f~ptahl~~ tu Iw•nde•r and shall ~ncludra standard m~~rtKaKe cl.~use in favorof
~u~1 in f~~rm .u•c rpt~blr t~~ 1 w~n~lrr Lrndr•r.hall hacr thr nAht t~~ h~~ld thr p~~hi•u•s a;,.3 rt•nrw•als therNUf.:ind liurruw•ershall prnmptlc turnish u~
w n~i~•r :~I1 rrnrw•.~! nut~~ rs :~nd ;~il rr~ ripts ~~f patd prrmtum~ In thr rvrnt r~f 1~~>s. Ii~~rn~w•er shail K~~r promE-t notice to the insurinc~e carrier
~n~i i,rn~lrr [.c•ncfrr m:-~• m.+k~• pnHif ~~f lnss af nut madr prumpth• hc 13~~rruwer. ,
l nlrss l,rndrr .inil }i~~rr+,w•rr ~~thrrwi.t• aKreY• ~n w~ntinK. ~n~uranc~• pr~x~~•ds shall t-.r appl~rd to restur:ition nr repair of the Pruperty
i:unuKe~1, pr~~~•idcri su~~h rt•,t~~r.~wm ~~r rrEr.ur ~s r„~:~umi~•all~• feas~blt• ~nd the src-urit>• of this ~1urtKaKr ~s nnt thereby impaired. If such
~~turapun ~~r rrp,ur ~s nut r~~~~nurn~c,~ll~• f~ :~.ihlF• nr if thr ,e~•unty of thic MurtK:iKe ~+~~u~d t~e ~mpaired, the~nsuran~•e pn~cetds sh.iil br applied
-u thr,umn,.~~unri i»• ~hi,1l~~rtk.~Kr. w•~th th~•rx~ ~•... ~f:~n~, p.~id t~~ fi~~rri~w•cr. If thP i'ruprrty is ati..nJ~~ned b>• R~~rr~~N~er, nr if li~,rrow~er fails tn
ti-,p„nii ~u t,rnd~•r within {~~ ~1:~. ~ fn~m th~• d;~tr n~~hrr ~. rn:iil~vl trp I.rndrr [u R~~rn~wrr [hat thr ~n,urance camrr ~,ffrrs tusrtde a claim for
nsur:incr ih•n~•fit~. (,rnde•r „::uth~~n«~l tn ruil~ti t an~i apph- the• ~nsur.+ncF• pr~H~e•~•ds at I,e~nder's ~~ptiun either tu retitoraUun ur re~pair nf the
r'rnprrty ~~r thr ;umti xy•urrtil hv th~~ ~1~~rt~;:~K~
[:nir~n Ixnifrr:~nd Fiurruwrr~~thc•rw•u~•:~~;rrrinwnt~nK,anc,uchapplrc~tionufpr~K~rrdstupnne~palshallnutextendurpustpunethedue
iute ~~f thr munthh• ~nst:~-lm~•nt~ rrfrrrc•c! u~ ~n p:v:~Kr.~ph. 1 and ~~ hereuf nr chan~te the amount:~fsu~~h inct;f]~r.2esels I(i~ndP~ nar:evr:er~h !!t
irr.-~~i cn~• i'~r~prrt}~ iti :u-qwn~t rn• I,rndt•r. :~II nKht. htlr c~nd intt•rrst ~~f l;urr„w•c•r in and te~ am• ~ncurance p,ii~•ies ;~nd in and to the pr«•eecls
'hrn+~f nrsuitinK frnm ~1:~maKr tu Pn~prrt~~ pnnr tu thr salF ~~r aryw~itiun chall patis t~~ I.rnder to the extent of thr sums secured b~• th~s
~1urtk.i~;N :mmrcl~aiely pnur tu suc•h ~alr ~~r acyu~situm. ~
~i. F'reyervatiun and 1~laintendncr uf Property; Ixase•holdv; ('ondominums; F'lanned Unit Devrlopmenta. Rorrower shall keep
'tir s'*~~{~rrtv in ~;~M~~i n•p.~~r :~nd .h:~ll r.ut rotnm~t K~a,te ur prrm~t ~mpatrmrnt nr drteriorat~un o[ the Pro~rt~• and shall c~~mply w~th the
;~n~~•is~un;; ,~f an~• lra:,r if :his ~1„rt~,~Ke ~, ur. a lrase•h~~ld if th~~ ~1~rrtKa~;e• is ~~n a umt ~n a cunduminium or a planned unit devel~ipmp~t,
`~UfTNK'Yi :h:~i) prria~m .~i) ~~f HuR~~WPC ~~~bliK:~tu~n~ undrr the d~~-lar.~tinn ~~r c~~~~t•nantv c•rr.~t~n~;urKnvern~nK thecc~ndominium or planned
~n~t ~ir.•~•'tnpmrnt, thr h~• l.,w. ;ind rrKul~huns r,f thF~ ~~nndum~n~am ur Friannerf unit development, and constituent documents. If a
~~r..' ~m~nnun •rr p1.~nn~•~i ur>>t ~ir~~•i~~pm~•nt n~irr is c•xetivtivl hy li.~rn,w~•r and r~•~•t~rdr~i t~~K~•ther w~th this !~lortqage, the coven.~nts and
~~;r~-••rne•nt~ ~~t ,urh nite•r ~h:~ll ~~e• :n~ ~~rp~r.~te•d int~~ an~l ~h:~lf :~rnrnd .ind .uppit•mrnt the• c•~~ce•n:~n[v:~nd a~;rremr•nts nf this ~1urt~;aKe as ifthe
-~ilt•r .c,~.•. .~ p.~rt hrr~•~~f
" Pr.-te~Kion of [,rndrr'B Security. [f Borr~,wer fails tn perform the rnvenante and agrermente~ contained in thie Mortgage, or if any
-cuun ~~r pnu•ee^~ling ~d cummrnced which matenally affecte [.ender'e ismtereat in the f'roperty, including, but not limited to, eminent domain,
~ne~~ivency, a~de enforcement, or arrangemente or pmceedinQs involving a bankrupt or decedent, then Lender at l.endei e opdon,upon
nuucr tu Hurn,wer may make auch appearancee, dis5uree euch sume and take auch act~on as ia necessary to protect Lender'e intereet,
nciudinq, t~ut nut lim~ted to, disburerment of reasonable attorney's fers and entry upon the Property to make repaira. If Lender required
:nurtKrige indur.ince :u~ a c~~ndit~un of making the loan secured br thia Mortgage, E3orrawer shall pay the premiume required to maintain
,uch :nsurance ro effert unt~l such time as the reywremrnt for such ineurance term~nates ~n accordance with Borrower's and I.endei e
xnttrn .iKrrrmrnt ur applicable Law. Born~wer ahaU pay thr amuunt of all murtgage inaurance premiume in the manner provided under
?ar:~Kr:~ph ~ hrrre:f.
:>ny am~,untb riiebur.+ed by Lender perduant u~ this par~igraph 7, with mtereat there~m, ehall Fiecome additianal indebtedneea of
f3um~wer ~('Jft!(~ })Y 1111N 1~fortgage. L'nleae F3orrower and Lender aKree to other terme ot payment, auch amounte ehall be payable upon
nud~~r fr+~m LrnJer to Hurn,wer reyueeting payment therer~f, and ahall bear intereat from the date of diaburaement at the rate payable from
'unr w timr ~m :~utstand~nK princ~pal under the tiute unleaa payment of intereat at such rate would be mntrary to applicable law, in which
~v~rnt ,uch ~tmuu:~ta shall hrar,nterest at the h~qhrat rate permisaible under applicable law. Nothing contained in thie pareRraph 7, ahall
reyuur :.i•n~irr tu ~nrur any Nxprnae or Wke any action hereunder.
U::'~~351 f~~~~E10'~9
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