HomeMy WebLinkAbout1038tiorrowe~ and Lende~ wvenan/ and agree as tollows:
1. Paymeat of PrinciDa~ and Interest. Borrowrr ahaU pmmptlv pay when due the principal of and interee~ u~ the indeblednew-
evidenced by the Note, prepayment and late cha~ges as pn~vided in the Note, and the principal of and intereat on any Future Advancea secured
by this Mortgage.
2. i~ unde tor Texea and lneurance. ~ubject to applicable law or to a written waiver by l.ender, E3orrower ahail pny to I.e~der on the day
rnonthly inatallme~te of principal and interest are payuble under the Note, until the Notc is paid in full, A sum (herein "Funds"1 equa) to one
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twelfth o[yearly premium instalimenta fo~ hazard insurance, plus on~twelfth ofyearly p~emium instellmenta [or mortgage inaurance, if any,
:+II ae reaeonably estimated initially and from time to tiR~e by l.ender on the basis o[ assessmenta and bills and reasunable estimatrs thrreof.
The Funde shall be held in ao institution the depuaits or accounts of which are inaured or guaranteed by a Federal or State agency
~-ncluding l.ender if l.ender ia auch an institution). Lender shall apply the Funda to pay aaid taxea, asaesamenta, inaurancr premiums a~d
Kround oente. l.ender may not charge for eo holding and applying ihe Funda, analyzing said arcount, or verifyinq and compiling said
asseesments and bills, unlesa I.e~der pays Borrower inlerest on the H unds and appiicable law permits Lrnder lo make such a charge. E3orruwer
and I.ender may agree in writi~g et the time of execution uf thia Mortgage that intereat on the Funda ehall be paid to Borrower, and unlesa
wuch ag~eement ia made or applicable law requires such interrat to be paid, Lender shall not be required to pay Borrower any interrnt or
rxrninga on the Funds. Lender ehall give to Borruwer, without charge, an annual accounting of the Punds ahuwing creditb and debita to the
F'unda and the purpose for which each debit to the F unds was made. The F unds are pledged as additional security far thr aums xecured by thie
~tortgage. •
• If the amount of the Funda held by I.ender, together with the future monthly installments of F unds payable priur to the due datea of laxes,
~i~seasmente, insurance premiuma and ground rents, shall excred the umount required to pay said taxea, asseasmenta, inaurance premiuma
and ground rente as they fall due, auch excesa ahall be, at t3o~ruwer's optiun, either prompUy repaid to Borrower or credited to Borrowrr on
monthly inatallments of Funde. If the amount of the hunda held by l.ender ahall no! be sufficient to pay tuxes, assexsments, insurance
aremiums and ground rents as they fal) due, Borrower shal! pay to I.ender any pmount necessary to make up the deficiency within 30 days
from the date notice ia mailed by Lender to Horrower rryuesting payment thereof.
Upon payment in full of all sume secured by this Mortgage, I.ender shall promptly refund to E3orrower any funds held by I.ender. lf under
paragraph 18 hereof the Property ie sold or the f'roprrty is othervvise acquired by l.ender, I.ender shall apply, no later than immediately prior
t~~ the sale of the Property or its acquisition b_r• I.ender, any F unds held by I.ender at the time of application as a credit againet the sums secured
by thie Nortgage.
~. e`~N~iiicuiiu~ vi ?uymrriid. iinirxa appiicauie iaw providPS otnerw~se, afi payvnents receiveA by l.ender under the 1Vote and
paragrapha 1 and 2 hereof ahall be applird by I.ender firat in payment of amuunts payable to l.endPr by Borrow•er under paragraph 2 hereof,
then to intereat payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advancea.
4. Charges; Liene. l3orroN~er shall pa~• all taxes, ~ssessmc•nls and uther charKrs, fines and impositinns attributable tu the Property which
m:iy attain a priority o~~er this:~lurtKaKr, and lvasrhuld pa~•ments ar Kruund rents, if any, in the manner provided under paragraph'l hereofor,
~f :~ot paid in suc:h manner, by Kurruw•rr makink paymrnt, when dur, directly to the payer therr.if. Rnrruwer shall promptly furnish to I.rnder
all notices of amuun~~ due undrr thi~ p:-r.iKraph. :+nd ~n thr ~•vent 1{urmvicer shall makF payment directly, Rurru~•er tih.ill promptly fumish to
I,ender receipls e~•iJrncing such pa~~ment~. li~rrn~wer sh:-Il pn~mptly di.~h:~rKr any tien which has priority u~•rr thi~:llortK:+ge; pruvided, that
tiorruwer sh.ill not he rrqwrrd tu d~scharKr any tiuch i~t•n .u lunK :~s 1{urtuw~rr shall:+Kree ~n w~rit~nK to the paymrnt of the ~~bGKatiun securrd by
.uch lien in a manner acrrptable to Ixndrr, ur shall ~n k~Nx1 f:uth c~~ntr.t cuch I~rn b~•. or drfend rnfon•emc•nt of tiu~h Iten ~n, IrKal prucrrdings
w hich operate tu prevent thr f•nfnrcemt•nt nf the h~•n ur furf~•itun• ~~f tht• Pn~prrty ~~r any~ part therru[.
.5_ Hazard Inauranec•. Rurr~~w•rr shall keep thr ~mpru~~emertts nuw• ex~~t~nK or hereafter erected on the 1'roperty insureci aK:~inst loss by
firr, hazards includr~i with~n the term "rxtendrd cu~•rraKr," .~nd su~-h othrr hazards as I,c•nder may rer~wre and in such amounGs and for such
E,rri~xls as l.ender m~y rryuire, pru~•id~~l. [h.~t l.~~nd~•r sh:-I1 n~d reyuire tha! tht• amuunt uf such a-veraKe excc~rd that amuunt uf coveraKe
nquired to pay thr sums st~c-urrd h~• th~s ~1~~rtKa~r
The insurance ramer pn~e~dinK thr ~nsuran~•~• sh:-11 tK• i•hu.~~n h~~ li~~rruw~•r suh~~•ct tu appru~•:il b~• Lender, pru~•idEyl. th:it ~uch appro~•al
.h311 noi be unrc•asunab{y w•~thht•Id r111 prrm~um. ~~n ~n~uran~ c• p~,lu ir. sh:~ll IN• p:~~d ~n thi• mann~r pn~~~~d~~1 und~•r p:u.+~raph 2 hert~~f or, if
not paid in such manner, b~ Kurr~~w•er m:+kin~; p:~~~mrnt. wh~•n du~~. dirr~•tly tn thi• ~n.ur.~nce c.~mer
All insurance pulicies and rrnew•als therrof sh~ill be• in furrn acc~rptahte tn 1 w~ndrr and shall includr x st.+ndard mortKaKe clause in favor of
.+nd in form acceptable to l.rnder I.ender c}~,~-! h.s~•e the• nKht t.~ r~„i~i en~• ~.lu•~es.ind n•newals there~rf, and liurtuw~er shall promptly (urnish tu
i,ender all renrwal noticrc and all rer•r~pts uf p:~:d prrmium~ In tht• c~•rr.t uf I+~ss, f{nrruwrr sh:ill K~~•e promp[ nutice u~ the insuranre c•arrier
:ind I.ender. I.ender may m.-ke pr~~f nf I~~ss ~f nnt madt• promptl}~ by fi~~rtnwer
Unless [.ender and 13~~rruwrr uthrrwi.r aKrre in w•ritinK. ~nsu::+ncr pr~a-e•eds chall Fx~ appl~ed to restoration or repair of the Properh~
damaqed, providrd such restur.~tiun ~~r rep:iir i. rc•~~n~~mi~:+lly fr~+sihle and the scruntp of this 1lortgaQe is not thereby impaired. If such
rrstaration or repair ~G not ecun~~mi~;ilh ff•as~bir nr ~f tht• ~rcunt~~ of thic,tilnrtK.~~r w•~~uld t~e impaired, the insuranre procerds shall beapplied
to the sums securrd hy this 11nrtK,iKe, w~th thr rx~~r.s, if .+ny, paid tu F~~rroN•er. If the Properiy is ahandoned by Korruwer, or if ~rrow•er fa~la u~
respund to I.ender N~ithin :U~ da>•~ frnm the• dat~• nuh~r ~~ m:ii1~~1 h~• l.end.~r tu R~~rruwer that the insuranre camer offers tc~ settle a rlaim !or
~nsucance }-ene6ts, t.ender ~s .iuthunztyl l~~ r~~11e~tK and a~rph• th~~ insuranct• pr~x~rrds at (.endrr's option either to resturation ur repair of the
F'roperty or the sums xecured by this ~1~~rlK:+~r.
Unless I.ender and R~~rr~~wer nthrrw•ise aKre~e~ in w•nt~nK, any such .~ppl~catiun of proce~Kls to pnncipal shall nut extend or pust~x~ne thedue
date of the monthly insl:illment4 ref~•rred t~~ in par:~kraph~ 1:~nd '~ E~ert•~~f ~~r ~hanKe the amuunt of such ~nstallmPnt•~. If u~der paraKraph :R
hereof the Property is a~quired by I.e>ndrr, ull riKht, tiUe and intc•rest nf Rnrruwer in and tu any insurance palic-ies and in and to the proceeds
thermf resulting from damaKe tn Yroprrty prior tu the ~.ilF or a~quisitiun shall pass tn I.ender ta the extent of the sums securrcl hy this
~turtgage immediately prior to such sale or acyu~yiUnn.
6. Preservation and 1~faintenence otProperty: I.eatieholda; Candominuma: Planned Unit Developmente. E3orrower yhall keep
the f'roperty in K~wd repair and shall nut cummrt w~.istr nr pe•rmit ~mpc+~rment or detPrior~tion ot the Propert~• and shaU comply writh the
pmvisione of any lease if this !11ortK.~Ke is on a lc.isrhuld_ If thiv Mort{CaKe ic un a unit in a condaminium or a planned unit development,
f3~~rrower shaU perform all of li~~rruwer's obleKatiuns undrr the declarahnn orcuvrnants ~•n:~t~nKorKo~•ermng thecondominium ur planned
unit development, the by-laws and reKulatiuns of the cund~~minium or plannecl unit development. ~nd constituent documenta. If a
~•undom~nium or planned unit dr~~rlnpment nde~ i~ ~•xrruteYl by Fi~~rruw•er :ind rec-urdrd t~~Kether with th~s Mortqage,.lhe cvvenants and
:iKreements of such nder shall b~ ~nc~~rpnrat~Yl ~nt~~ and :h:ili ame>nd and ~upplt~ment [he i•ucrnants and aKmements uf this ~1ortKaKr as if the
nder werr a part hereof.
7. Protertion of l.ender'e Security. It Borrower fails to perform the n~venante and agreementa contained in thie Mortgage, or if any
action or proceeding ie commenced vrhich matenally atfecte I.ender'e intereet in the Property, inrluding,~buts~ot limited to, eminent domain,
~neolvency, code entorcement, or arrangemente or proceed~nqs involving a bankrupt or decedent, then Lender at [.ender'e option,upon
notice to Borrower may make auch appearancee, diaburee euch aume and take auch action ae ia neceseary to protect l.ender's interest,
including, but not limited to, diebursement of reaeonable attorney'e feee and entry upon the Ptoperiy to make repairs. If Lender required
mortgage ineurance as a condition of making the loan secured by this Mortgage. E3orrower ahall pay the premiums required to maintain
such ineurance in effect until euch time as the requirement for such ineurance terminatee in accordance with $orrower'e and Lender's
wntten agreement or epplicable law. Borrower ehall pa_r• the amount of all mortgage ineurance premiume in the manner provided under
paragraph 2 hereof.
Any amounte dieburaed by Lender perauant b thie paragraph ?, with intereat thereon, ehall become additional indebtedneea of
E3orrower aecured by thie Mortgage. Unlesa Rorrower and I.ender aRree to other terme of paymenl, auch amaunte ahall be payable upon
notice from Lender to Borrower requeeting payment thereo(, and ahall bear intereat from the date of diebursement at the rate payable from
time to time on outatand~ng pnncipal under the 1~3ote unle~ payment of interest at such rate would be contrary to applicable law, in which
event auch amounta ehali bear interest at the highr»t rate permiaeible under applicable Iaw. I`athing contained in thie paragraph 7, ehall
require [.ender to incur any expense or take any action herevnder. ~
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