HomeMy WebLinkAbout1034Borrower and Leoder covenant a~d agree as follows:
l. Payment ot Pri~cipal and I~terest. Borrower ahall promptly pay when due the princ~pal of and intereat un the indebtednesa
evidenced by the Note, prcpeyment and latechargr,~aw ~mv:d.d in thp tynf~ nnt~ f1;o ~ri~ningl nf e.~d ~~~w ~.....~ _~.. ~: __.___ _ ~.
r..•••.r o~w~u~~~ ~ ywlcl;u~AlllCbSl'CYfCO
by this Mortgage. '
2. ~-nde tor Taxee and Ineurence. Subject to applicable law or to a wntte~ waiver by l.ender, Borrower shall pay to l.ender un the day
monthly inataliments of principai and intereat are payable under the Note, until the Note is paid i~ full, a sum 1 herein "Funds"- equal to onr
twelRh of the yearly taxes and assessmenta which mav attain oriorit~ ~~pc ~h;a M~+!lgavP nn~ cn..::n~ .w++s~ r,. ~1.r P.-~=...- ;t :..., r_~::=. -
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tweltlh of yearly premium instnliments for hazard inaurance, plus onetwelfth of yearly premium installments for moRgage insurance, if any,
aU as rrasunably eatimated initially and from time to tiR~e by l.ender on the basia of assessments and bills and reasunable estimates thereof.
The Funda shall be held in an inatitution the deposita or accuunts ot w~hich ace insured or guarantecd by a Federal or ~tate agency
lincluding'1.ender it l.ender is auch an inatitution). l.ender shall apply the Funds to pay said taxes, assessmenta, ~nsurance premiums and
ground rente. l.ender may ~ot charge for so holding and applying the Funds, analyzing sa~d account, or ve~f~~ng and compiling sa~d
aaeeasments and bi11s, unless Lender pays Borrower interest on the Funda and applicable law permits Lender to make such a charge. E3orn,wer
and l.ender may ag~ee in writing at the time of execution of thia Mortgage that internst on the Funds ahall be paid w Borrower, and unless
auch agreement ie made or applicable law requirea such interest w be paid, Lender shal) not be required to pay &,rrovrer any ~nterest or
earninga on the Funde. I.ender shall give to ~orr~wer, without charge, an annual accounting otthe Funds showing crediu a~d debits tu the
Funds and the purpose for which each debit to the Funda was macie. The i~ unds am pledged as additional security for the suma seeured b~ thia
Mortgage. , . -
!f the amount of the Funda held by l.ender, together with the future monthly installments of F unds pa>•able prior to the due datrs of taxea,
assessments, insurance premiuma and ground rents, shall excred the amount required to pay said taxes, assessmenta, ~nsurance premiums
and ground rents as they fall due, auch eaceas ahall be, at Bo~rower's option, either promptlp repaid to E3orruwer or credited to E3ortow~er un
monthiy installmenta of Funda. If the amount of the Funds held by Lender shali not be sufficient to pay taxes, asaessments, :nsurance
prnmiuma and ground renta as they fall due, Borrower shall pay to l.ender any amount necessary to make up the deficienc~~ w~th~n :sQ days
from the date notice is mailed by l.ende~ to Borrower requesting pa~ment thereof.
Upon payment in full of aU sume secured by this ~tortgage, l.ender shall prumptly cefund to E3orrow•er any funds held by I.ender. If under
paragraph i8 hereof the Property is sold or the I'roperty is otherwise acquired by l.ender, I.ender shall apply, no later than immediately prior
to the sale ot the Hroperty or ita acquisition by Lender, any F~ nds held by I.ender at the time of applicaUun as a cred~t against the sums secured
by this Mortgage.
3. Application ot Pey~nents. Unless apF::r~~:e :a~ p.-o.:~es o; ;e,»,sr, aii payments rece~vea oy i,ender under the \otr and
paragraphs 1 and 2 hereof ahall be applied by l.ender first in payment oi amounis payable to Lender by Eiorrow~er under paragraph 2 hereof.
then to interest payeble on the Note, then to the principal of the Note, and then to interest and pnncipal on any Future Ad~•ances.
4. Cherges; Liena. Korrower shall pa~• all taxer,,:issrssmrnts and othercharKes, fines and im~,s~tions attnbut:~t~te to the Yropem• ~+h~ch
may attain a priority oaer this !~tortKaKe, and lrasehold pa~ menls or Kruund rent~s, if am•, m the manner pruv~dcd under paraQraph'? hereof or,
~f not paid in such manner, by &~rruN•e•r making payment, w•hrn due, d~rrc•th• to the payee therNOf K~~rruwer shall promptly furnish tu [.ender
all notices of amounLti due under thic pxraKraph, and in thP event Kurn~K•er shall makr pa~•ment dtrectlt•. Rurruwe* shall promptl}• :ur :tsh tc,
I.ender receipts e~•idrncing.uch pa~•men~ti. Kurruwer shali promptl>~ d~c~•harKr .in~- I~en wh~ch has pnunt~ ucrr thi: ~1~~rtK.iKe, pru~--ded.:hat
F3orruwer shall not be reyuirtd to disch:irKe anp .uch Gen su IunK a. lturtuw-ersnall .+Kree in w~nUnK tu the p.iymrnt ~~f the ~~t~leKau~~n cecared b~
such lien in a m.~nner an•eptabir tu la•ndrr, or shall in Koud fa~th cuntrst such hen b~~, urdrfend enf~~n~rment nf w~h l~~•n sn. Ir};al pr~~c-ec~d~nRs
which operate tu pre~•ent thr enfurcf•ment of the I~en ur forfr~turr ~~f thr PraFx~rt~• ur :+m• part therw,f.
:i. Hazard 1 nyurance. liorrow•rr ,hall keep the ~mpru~~ement, nuw~ exishnK ur hereafter erected un the Yrnpem• insured aKa~nst 1us~ b~•
Fire, hazards includcYi vvithin the term "extendrd cu~•rraKr." and ,uch uther hazards as I,endrr ma~• reGuire and ~n such amuunts and for such
periuds as I.ender may rryuirt•: pruridrd, that I.endt-r shall nnt rrywrr that the amount of such ivveraFe excc~d that amunnt of co~•eraKe
reyuired to pa~• the sum~ st~curtd hy th~~ ~1~,rtK:~Kr
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The insurance camrr pn~~~tdinK thr in~uranrr sh.~il tk• rhusrn i~y fi~~rrnwrr s~~h~rrt t~~ appr~~~ al n~- i.c•ndrr. pn~~ idr.?. th:it :uc h;~ppr~~~ a1
shall not he unr<•c+s~~n.~blc w•ithht•Id. :VI {3re•rn~um~: ~~n imuran~ ~• p~~h~~ir~ ~hall tK• p.u~+. ~n the mannrr E~r~i~ idfd undrr p.ira~:r: ~~h ~~ fierr.~f ~~c if
nut naid in such mannrr, b~• li~,rn~w~c•r makinK p:~cmrnt, w~hcn dur. d~rt~ th t:: th~• insur:~ncr c~mPr
All insurance polic~es and renrw•als thereof shall be in form acceptahly d~ lxnder and shall ~nclude a~tand.ird mnrt{~.ige clause in fa~ or uf
and in form accept~~ble tn l,Fnder. I.rnder shall ha~•e thr nK~t k~ hnld thr p~rlu~~r~ and renrwais therr~~f. and K~~rruwer shall pn~mptlr furni.h t~~
~.rnder all renrw•al nnticrs and a!1 recriptc uf paid prrm~ums In thr t•~~rnt of i~~:c, ti~~rr~~wer shall R~~ r pr~mpt nut~ce U~ the ~nsuran~-e camer
an~ I.ender. I,ender m~y make pnN~f ~f luss if nut madr prumptl~• bc Kur:ow-er
l'nless I.ender and F~rrruvicer otherrv~se ~Kr~ ~n N•nt~nK. ~n~urance procreds shall bc~ applied tu resturaunn or repair ~f the F'rupert~
damaged, pro~-idcd auch resWraii~~n ur repair is rcnnumicall~ fra~ihlr and ihe srcunh• of th~s til~rtgaRe ~s not thereb~~ imp~i~red if such
restoratiun or repair is not ecunomi~•ally fr:is-hle ~~r if thr .prurit~• uf th~s ~1urtKaKr wuuld he ~:npaved. the ~ncurance prix-~d..ha!! he appLed
tn the sums secured bp thi~ ~turtKaKc+, w~th thr Fx~~r.s, if an~•, paid tu E3„rre,w•er_ if the f'r~~pen.• -s at~anduned by F~,rrow-er, nr ~! ~rroM~et fa~ts tn
respond to I.ender within :3~i d.iy~ frum the datr not~ce ~s ma~lyd b~• I~ender u, F3~~rruw-er that the ~nsurance camer nffers tusrttle a cla~m for
~nsurance benefi~s. I.Pnder is authnnted tu collrct ard apph• thr ~nsur~+nce prnceecls at I.ender's upuun either tu resturateon ~~r repa~r ~~f the
F'roperty or the sums secured by thi. ~1urlKaKe
l3rsless I.ender and &~rrov~rr otherw~se aKrrc~ ~n w•nhnK..iny s~ich apphcatiun o1 pmceeds to pnnc~pal shall not extend or pustpone thedue
date of the monthh• installment~5 referre~d d~ in par:iKraph: i and 2 i~ereof or chanKr the amount of such ~r.stallments If under Faragraph lr
hereof the Pronerty is arnuirvri h~• 1 vndo~ all r+ F,e n-lo -..,,1 ,.,....~~ ..~ u„ .,a ;.. -- ::~:~~ --~
. . -~---• ---• - -. •.C.^-:~;~o' :^ :.. ......._.... o.a:r ^y:. _ o.. :A ni~u iii iiic ynnrcti.
therec~f resulting frum damaKe tu Property pnor to the sale or acyu~sitiun shall pass to Ixnder to the extent of the sums secured b~- this
~lortgage immediately pnor to such sale or acquisit~on.
6. Preaen•ation and :Naintenanceof Property; l,easeholds; ('ondominums; Planned l'nit Developments. i3ortuwershali'teep
the F'roperty in KcH~d repair and sh:~ll not commit w•a,tr ur prrm~t impairment or detenorat~un of the PropeR> and shali complc ..~th the
pru~•isions of any lease if th~s MortgaKe is un a lraseh~~ld. if this 1lortgaKe ~a nn a unrt m a rnndommium or a planned unit de~•elopment.
fi~~rrower ahall perform all of }i~rruw~er's obliRatiuns under the declaratiun or cuvenan~~ crraun~or Ro~ern~nR thecondominsum or planned
unit development, the hy-IaK•s and reKulations of the cun.lom~nium or planncd unit de~•elopment. and const~tuent documenLg If a
~~und~~m~nium or planned unit de~•elopment nder ~s rxcrutcd b}• li~~rruwrr arrci.rrcurdcd toKether~w•ith this 1lortgage. the rn~•enants and
<+Krrf•ments of such rider shall trt• inrnrW~ralyd into .md siusll ame~d and supplrme•nt thr c~~~rnants and ~~rc~ment~ uf this \1urtK.iRc es ~f the
nder K•ere a part hereuf.
7. Protection ot Lender'e Security. If Aonuwer fa~ls to perform the co~•enante and agreemente contained in this ~fortgage, or if any
action or proceeding ia commenced which materially atfecte I,ender'e interest in the Pmperty, ~ncluding, but not l~mited to. eminent domain,
~neolvency, code enforcement, or arrangemente or proceed~nga involving a bankrupt or decedent, then Lender at l.ender'e option.upon
notice to Rormwer may make such appearancee, dieburee auch sume and take euch act~on as ie neceasary to prutect Lender's interat,
including, but not limited to, diebureement of reaeonable attorney's [eea and entry upon the Property to make repairs. If LendK required
mortgage insarance ae a condition of making the loan secured by this Mortgage, Borrow•er ahall pay the premiuma required to maintain
auch ineurance in effect until auch time ae the requirement for such ~nsurance terminatee in accordance w~th Borrower's and Lender'e
written agreement or applicable Law. Bor:ower ehall pay the amuunt of all moRgage inaurance premiuma in the manner pro~-ided andrr
paragtaph 2 hereof.
Any amounte diabureed by I.ender pereuant to thia paragraph 7, with interest t!-ereon, aha11 beeome addiUonal indebcedneas of
Bortower secured by thie Morigage. Unless Eiortower and l.ender aqree to other terme of payment, euch amounte ehall be payable upon
notice from I.ender to Borrower requealing payment thereof, and aha11 bear interest from the date of disbursement at the rate payable from
time to time on outetanding principal under the Note unlese payment of ~ntereet at auch rate would be contrary to appticeble law, ~n which
evenl such amounts ahall bear intereat at the higheet rate permisai5le under applicable law. \othin~ contai~ed in this paregraph ~, ehaii
require (xnder to incur any expenae or take any action hereunder.
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