Loading...
HomeMy WebLinkAbout1261Rurrower nnd Icnder ~~venant xnd a~ee as fulluwa: l. Peymenl of 1'rincipal and lnterrel. Ii~~rruwer sh:~ll prompUy p.iy w•h~•n dur thr princip.~i of .ind intt•r.•at un thr mdebt~rin~•x~: r~•idenceci b~ the I`ute, prepayment a~~d lutechiirgrxua pn~~•i~lr~1 in th~• \ute, and the pnnr~pal ~,f:~nd inu•re,t un an}~ MuturrAd~:uic~•s ~~•i•und h~~ this Mortgage. Y. Funds tor Taxr~+and In~urance. tiuh~trt t~~ :~pj>G~•:~bl~• laa ~~r t+~ :1 N'f1II1•Il N':~ir~•r b~• L~•nd~•r. li~~rruwrr sh:~ll p:-~• tu Lrn~l~•run th~•da~~ mu~thly installments cif pnnripal and intrrt•st are pa>•abl~• und~•r thr \~~ti~, unt~l tht• ~iuii• ~. p;ud ~n full, u sum iher~•in "Fund~"i ~r~ua! tu un~- tw•elfth of the yearly t:uc~: i~nd .~ssessmentc which m:~~• auain pri~~r:ty uvi•~ th~~ 11urt~;aKr. and ~;r~~und re~~t+ ~~n tiir i'n~p~•rty. ~f any, plusunr tw•elfth of pe.i~ly prrmium installm~•nt~ fur h.u:~rd insur.~nct•. piu~ unr twi•Ilth ~~f ~•~:~rl~• pn•~n~um ui.tallnu•nt+ fur m,~rt~;:~K~• ~n,ur:+n~•~•. ~f any, :ill as rruwmahh• rstimutctil ~nit~ulh• and from tim~• tu tin.r b~~ I.rnd~•r ~~i~ th~~ bu.~s u( as.~•..~n~•nt.:~nd b~ll.:~nd n:isun:~bir ~•stun:~t~•s th~•nvd. The Funds shail be held ~n c-n institutiun thr de~~.it~ ..r :icruunh ~~f which :~m insund ur kw~r.u~t~~Yi by :~ Feri~~r.~l ~~r St;~t~• :~~;~•n~•y nncluding I.e~der if I,Nnder is such an insUtutiun-_ lrndt•r sh.~ll uppiy thr Fun~i. tu pu}• .:ud tax~•., :~,.rs.mt•ntw, in.ur:uu~~• pn•inw~n~ :~nd Kruund rentt+. I.ender m~~~• not chprge for so holdioK .ind :-pplyinK ihe Funds, an:.l~•nn~; .:ud .~~•~•~~unt, ur verify~nK und ~~umpilin~; said :+ss~:+.vments and bills, unlr~a I.rnder pays F~~rr~~w•rr inten•.t on thr Fund..~nd apph~•ahlr I.~w• ~x•rmits I wmdvr tu muk~• xuch a~•hur~;e. fiurruwer and Irnder ma~• agree in writing at the time uf ~•xccutiun ~~f this !11~,rt~;a~;e that int~•rest u~~ th~~ h'unds shall tK• paid t~~ liurr~~wi•r, and unless guch aKrcrment is made or applicable law reyueres surh intrrest tu t~• paid, Ixndrr shall nut !x- r~v~wr~v! tu p.i~• Ii~~rr„wi•r any int.•re:~t or raraings un the Funda. I.ender shull give to Rorruwcr. u~ithuut i•h.~rRt•. :~n annual a~•~•~~untin~; uf th~• F'und..h~~w in~; ~•r•.lit.:~n~! di•bitti to the Funds and the purpose fi~r which rach drl»t t~~ thr Fund. w;~. rnc~d~~. '1'ti~• M'und. arr pled~;itil:~s addrti~~nal.~•~vntp furthesums sc~•ur~~) i~v thiK ~tortKage. - I[the amuunt of the FUil(~S ~1PIC~ ~l~' IA•-1lIl~r, h~y;~•thrr with thr futurr ~n~~nthh ~n.tallmrnts ~~f F'und~ p;~~~ahlr pn~~r tr~ the•dut• ~t:~te~s ~~f taxea, assessmrn~v, insuranc-e premiums and Kr.~und n•nt~, .hall r~~-; ~yi thr :un~~unt n~~u~n~i t~~ pa~~ .aid tattrs, as.~•„~m•nts, in,ur.ui~ e~ prr:n~umc and Ktuund renL~ a:: thry fuU due, s~ch rxi-e:..hnlt tx•, at It~~ir~~wrr~. uF~tum. ~•itht•r pnunptl~• mpaid tu liurru~er ~~r i~r~tiliti•~I G~ Iturruwer un munthly installmrnts of Funds. !f the amu~nt nf thr FiuiJ. h~•Id h~~ 1~•ndrr .hall u~~t ;N~ .uffi~•~~•nt a~ pa~• tax~~s, ati~e..ments, insurance premiums and Kround rents ,-s th~~~~ fall dur. It~~rruw~~r sh:~ll p:~~~ tu 1 ~•nd~•r :~n~ :um~w~t n~~~e•s.ar}• tu m:~k~~ up th~• d~•fi~~irnr~ ~cithin :tu day~s frum the dute n~~ttce is mailyd bc L.•n~1er t~~ Iiurn~H~•r n•~~ursUn~ ~~a} mrnt lh~~r~~~f l'p~n pu~•ment in tuU of all sum. securrd bc th~s \1~~rt~;;~~;i~. 1.~•~~drr,hali prumptl}• r~•fund to !{urruN~rr :~n}• funds h~•Id hy IA•nd~•r. If un~ier p<ir~Kraph !Ft hereof thr Propert~~ ~s.uld or thr F'ruFK•rt~• i. ~~th~•n~ i.r:~rywr~•d h~~ 1,~•ndrr. I ~~nd~•r ~hall c~pph~. nu latrr th:uz imn:evliat~•I~• priur t~ ~ the sale cf the ~4oprrt~• ur its acquisrtiun }ry 1,~•nd~~r. .~n}• Pun~l. hrld hy 1 a•n;1~•r at th~• Um~• uf:y,~,! ~~•:-tiun :u a cnvl~t ak:un.t th~• .umti ,~•cuntil hy this Mort~agr. :i. Application of !'eymrnty. l'nle.s applirablr lau- prurid~•. ~~tht•n+i.e•, a11 ~r~~•~n~~nt~ rt~~r~vrd h~ 1~•ndrr i~nd~•r the \nt~• and paragraphs 1 and '~ hrr~~f shaU tx• ~ippli~d b}• lw~nde~r fir~t in pa~~nu•rtt ~~f :~m~:unh p:~y;~hl~• t~, 1~•nd~•r In• Ii~~rruwrr und~•r paraKraph 2 hen~~f. thrn t~~ interest pa~•abte on thc• \utr, thrn t~~ tht• prin~•ipal ~~f th~• \~~t~•, :cn~1 the•n t~~ ~nt~•n•.t .~nd ~rnn~-ipa! un any F'uturr Ada•uncrc. a. ('ha~rg~~s; Lien~. K~~rri~a~~rr ~tial! pac :~11 ta~~••. ;~..~•..an~~nt~ .~rni „t h.•r r}~.~r~;~•.. ,'~n~•..ind iii:E~~ ~.uu ~ns .~ttnbut:~i~l~• t,~ tlu• 1'r~~~K•rtt• ~chti-ti ~n:~r attsin .i pnunt~• ~~vcr thi. \1„~~,;.~,;.•.:~„~i i,•.~.,•r,,,ld p.~~ i~u•n t, ~.r;;,-~ ~un+1 re~nt.. ~f .u~) . ~n [}~~• r.~:u~n~•r pn,~ ulr~1 u~,•!~•r ~~:~r:~~;r.~~~h'_' h~•r~~rf u:. !f nul p:ui! ~n such mann~•r. L~~ Knrn~~r.•r m.+k~n~: {~n~ nu•nt. ~ch~ n~iu~ .~lin ~ tl~ :~~ th.• p:~c~•~• tls~•n.,{ I{~•rn~~c~•r.ti.ill pn~tn~~ti~ furn~.h t~~ le•ndrr ~il noticc•s uf ar.x~unt~:lu~• uniirr tlus ~~;~r.~~;r:~}~h. .~ml ui th~• ~~~•nt It„r.~~ti~ ~ir .}~.~C ~c.~l:~• {~.~~ m~ nt ~iir.~~ tlc I;~.rn~•..~•r .f:.~il j~r~,in{:th• furn~sh tu 1.~•r~drr n~~ript.: ~•~ i~?i•nc~ny; ~u~ h~,.~~ m~-nt~ I{,~rr.~,ti~•r ~h:~l! ~~r,,•,~E~tic ~ft.~ F:.frR.• :u~~ lu~n ~c:•z~: h h.~. E~ri~~ntc „~ ~•: !hi. \1~.rtR.~~;r~. ~m~vtd~~l. th:rt [t,~rruwf•rshall nut Iwr~-ywrrdt~~c:rnrh.v~;r.~nc.u~ h l~~ n...l~~n~;.~< ~.~•rr.~~~~~r.2~.~i:.~~r.•~~in.~nhn~ t„ttu•~~.~~;u. nt~~! tfn~~.'~1~R:~t~~.~:,~~cur~•~t h~• ~~i~ h li~m in :~ mann~•r ai•~~rpt.~hl.• t<~ 1..•inlrr ~~~ .}i.~ll ~n ~:,.,,~1 !.~,tli ,„t:•. •t ~u~ t~ li~~~i !,~ „~.l~ t~•:i~1 ~ nt~~r• ~~cn~ •it ~~f ~u~ !~ !i. r~ zn. 1.~~:~1 pr~~~ ~•~•~l~n~. ~.~ huch uFk•rate t~r F~rrc~•nt lhr ~•r~!„r~ r:n~•nt ~~t th•~ iirn • r i•,r.~~,;::r.~ .~t t~i~ 1'r~~E,~~rt~ ~>r .in~ l~.~rt th~•n.~( ~ .`~. Haiardln.uran~•e•. K~~rr~,wrr.}~,~Ilk.~.•pth.~i~oE~r,~i~•~n~•nt~ ~~~~~.~xi~tin~~~,rtu•n:~:t~•r~•n•~•te•~l~~ntf~.•!'r~~p~•rt} ~n,ur~nla~;:unstl~~..h~. :irr. h:~tard: ~n~•Iw1F-+f ~~ ith~n th~• t.~r~n ".•~t~•nd.,1 r~,~.•n~~.•. .u:~i .:u ti ~~:h. r l~.v.~r~!> .~< 1.~•n~l~•r m:~c r.•~~uir.~ :~n~1 in,ui h:~m~~iint.~:~nri C~~rtiuch ~,.•n~Kls :~. I.rn~~e~r m.~c r~•ywrr. pnn ~~1~,i th:~t I.rn~1~~r ~h.~l~ n,rt r. yuirr tti.~t th•~ :~~m,unt ~~(.u~ !i r~,~~•r.i~:~• ~•~:.~~.i tli;~t :uci~~unt nf ~~~~arr.~~;e• r..~utreYi t~~ E~:~c tt~~• ~um, .~~, ur.,l t,~ tt~~. ~l~~rt~:.~~;~ ~~hr ~n,cur.in~~• ~ .~rr:.•r F~~,.~ :~;;~~e t`i.~ :r.:: . !•. . i 1 ., . ~~~t~-,.~ .~! i,,. 1 ~ ~, (. r F,r ~ i,i..! th.~t .u~ 1i .~~,E~n~~.~I ~ti.~l) m~t kk• unr.~ ~ ^t:i!.;~ •.~ ith}~.:~i .11i irv n.. . :~ r.~ :r ~ . ~ ~ .+ ,~. ~ ~ ~. ~~ ,: . . .. . ~..~: ..i , ~~ :•:.~r.n. r ~~r,.~, i ~,f ir. :. r E~.u .~r.i~~~~ _' ftr~n~~t ~ r. i1 _~~t p.i~d in .i~ch rn.,:~.~..r. h~ }t,,.r•~:~~ r m.~~;::r j~ r.:r, .,r .. i~. f: !c. i~r~, ., .,. ,~ ~n~::r,~r~,. ~.:rr~. r :111 irnur.~ne<• p~~lr !.•• an~l re•n~ t~.~l: th~•n•.~f ~.~.~:i ~» ni ,' .... .~r. .~,t.~' 1. t~~ l,. r~~:.'•.~n~i >1~.~f! inr:u~3. .~ ~t.~n;l.ini ri„~rt~:.~~~•~ i:~u.~• ~n f;~curuf ~n~i in fi~rn7:~c~-~~pt:+}~i~•t~~ i.~nd~•r L.•n~l~•r.t;.,!i h.+" t!:~ n~;!it t h,;~i'i;. ~,..!i~ i. .~n~: r•.u ~..~1>!h~•n-~.r .~:i~l t:~~rn,u.~r.h;~ll pr,~rn{~tl~ furni.h t~• i~~tl~jt?:i~~rrnYW.i~tlnttl~ry:itl!l.t~ir•~~e-:(~t~ :(~.~:~7~,l,.fe;ti:!71~ i71t!1.-r~rt:!•.~fi .~ ~:.,~.•~~t~rr~...~~ik'I\r~~r~,Ih~~f!n~hr~•tnt~lrl!1.Ur:~tlr••r,Ifflt•r ~n~i [w~ndrr I,c•ndrr ma~ :t~.~k~ ~~n.,•f , 1 ;,,.> >I :~ . ,.:.~,1~ pn,n~~,ri~ 1,~ It:,r••,u~•r ~~nl~•sc I.Fnrlrr :~nrf ~b~rn,~~~~r ~thrrH~.. .~~;nr tn ~~rtt:n~; :t~.;:r.~n~ r ;~~„~ ~•.~~?. ~h.~:; h. .~Eil~1u•~. t~~ n•.I~~•,eLnt~ ~~r n•Er,ur uf fh~• 1'n~F~rrl~' :l.~maKed. pr~n-~~iYi ~u~h n•.i,.r.~h~.n ..r n~~.~~r i~,...r...rr.i:.~i:c :~.i~:i~i~ ,~n„ t!u .,~unr~. ~~f thi~ ~1~,rt~:.i~;. :~ r~„t thrn•h~ ~mp.um~1 If.ui~h .-~•stnr:.tiun~~~rf~p.urt.n<~tF•~„r.~r:u~,~li~ ;..:.~i.~,•...~:~1;,...~runt~ ~,ft~~i•\l~~rt~n~;, •.~,.u;~f'r. ,:~;p:~:n•~t th~ ~n~u.-.~n~•r~~r~~~~•~~1.sh:+1)h~•:~~~pliwl t~~ thesum.s.~t ur~~i h~ thi. til~~rt~:~y;~ . uuh th.~. ~~ .-:'. .~n~ ~;.,~~i ;~, It~-r.,~..•r (t th. f'r~~;:. rt~ i~.~i~,~n~i~~n.•~i hv ft,~rr~~w~•r ~~r~f IG~rn~H~•r f:ul~tn rr:~~nd t~~ Iw•ndt•r v+~!h~ri .Ni ~I:+~~ fn.•;: th. ~}.~t. ri~`!;;. ~..~.ri..,{ t,~. !,. r~~l~ r t,~ fi,.r•.~;~,.r th.~t Itn• s:i.ur.in~~r ~•:err~~•r~~ffrrn:~~.~•ttl~•:~~ l:~im f~~r ::i.ur:fnre~ lH••~rftf~. I~•n~1rr ~.. .~uth„rin•~i ; • ~, . . .~t~~i .~;~i~:. :!:~ ;n~::-.~n~ , F~r„~ .. . .~! 1 . n:;~•r . ~.{~t~~~r~ ~•~tfz. r t„ rr.t~~r:~u~m ~~r n•E~,~~r ~~f tii~• I'n~prrt}• or thr .urn. .~~ urr~9 h. th~, ~1~~rt~.~y~~ l~nlrs.l~•ndrr,~ndli~.rr„Hrre~th~•r~.~i-~ ,~~;r~ sr:ti~rct~n~: .~r~}.u~'t:.~E,~,I;~.~!~,~,,,,!E~r..,..~;.t~~{,ns:~ij~.~l.li.~lln~~trxt~•nd~~r~M~.tp~me•eht~du~• i,itr ~rf the munthla ~n.t:ftlllle•Ilt• r.•f.•rr~•~! t., cc~ , ir.,~r.t~~l:. ..~:~~! _...~n•~f ~v ~;i.~r.~;~ th~~ .,~r,,:::~t ~~f ~i;~ h ~n..t.~ll~n~•nt~ If und~•r p:~r.~~;r.~ph 1~ i:e•reuf the 1'r.,;x~rtc is aryuin~l t,~ f ~•n~+.rr. .+11 r.~;t~t '~t~~ .~.:~i ~titrr.•t ~,{ it~.rr.~~~. • in :~n~i t,•.ir;~ ~t~.ur.in~ ~• }~~It~ u~..~n~1 ~n :~n~~ tn tfie• pn~~~~•~~, `.}1PfPOf fFSUltinK fr~m dam:+~:r h> f'n~~~~~rtc pr,~r U~ th~• •.~1~~ ~~r .+~~~~u~~it~~~n =~-~:ill p:e.. G~ I..•n~1~•r t~~ ih~• rxtrnt ~~f th~• .um~ .:~•~~uretil h~• thi~ \1~~rt~aKc• ~mmc-diatf•I~ pn~~r t~~ .u~•h .:el~• ~~r .~ryui~~!~~~n ~. ~i f'r~yervatiun and ~taint.•nani•~•uf I'ruyi~rly: Iw•:~~~•huld.;l~undnminum.: !'I:innrd l~ni! I)~•c~>lupmi•nt~. H~~rr,~~c~•r:h;Ji k~•i•p th~• f'n,~k•rt} in ~!~H~i1 r.•p:ur :+n~+. ~t~.~ll n~~t ~•,rr.:n~; ::.~~h „r ,~. r~nct ~;n}~.,~rr~~~ ::t ~r ~I~ t~v:~~~.~t~,~n ,~f th~ !'n~E~rrt~ ;~n~! .h:~li ~ ~~m~~l~ H~-h ch~• ,~r,~e~~r~n> ~~f :~ny tt~:~.e• tf tt:~~ \i~~rt~;.~~~ i. ~,n .~ ;..~..'r:~~!,i f.' !hi• \l~~rt~.~~;~- ~ „r~ .~ uc~it ui .~ ~ ~.r„i,~~niniurtt ~~r.~ p;:~nnr~i unit ~le•~~J~~pirn•nl, li~~rr~~w~•r .h;~11 prrf~~rm ,~ll -~f l;,~rr: ~~~ r~. ~!~:i~;.~r,.r~• ;:~.~:~ r t}:.~ t., 1.ir.,t:,~;: ~~•, „~,::.~t;r, , n.~t:~~::~~r ~:~~:rrni~iy: th.•r,~r,~i~~tniniurn ~~• pL~ nn~v~ inrt dre~d~~pmrnt. the hc la~> .~n~i r~•~;:!.~u~~n. ~~f th~ ~~~~~i~~nu:~r:rn :~r ~~l.u:n~~i unit ~!.-c.•I~.pm~•nt. :~n~1 iun.Utue•nt ~I~~ruen~•nt. If a .~nd~~miruum nr pl:snnr~l u~~~t 3~••.. i~~Funf nt n~l~~. a.~.~ i:t.•~f 't•~ li„rn~..~ r.~u~i r~, :~ri~'~1 t~,~;, rh~•r ~~~th tku: ~l~~rt~;;i~:,.. t:u• ~ u~rnantv ,~nd :~;re•~ rnr<<t, ~~f ~i:~ h n~l~-r ~;:~~i! ~ . ,.. •r ~ r ~t, i ;.,, .~.. .!~ ~~ ~ , ~' . ..1:!1 ... :!i~1~i.~,+~ert:!e~:~r•1~~.~ .L~!Li:ff..f!1~1 ~ f~~rt^.~~flt~~~~ ~+,~•r ~~ r~ :, ~~.,r, h~•r• ~~' ~ th~. \t~~rt~.,~~ .i:: ifth~• ~ Protectiun ot I.ender'e Sirurit~~. ;f Ii~,rn~~rr f.sil~ t~~ pFrf~~rm ttu ~~~~~•n:;nt.:~n~1 .~~;rrrrn~•ntv ;~~nt:iint~i tn thia tilurtKaKr, „r if an~ ,~chun ~~r pr~~ e-e~~nK iK ~~~rr;mrnc ~~d whu h m.~trn:iil~ .~ff~•~ t~ (.•~u?e.•~~ tn~t•r~•.i ~n tht~ F'r~~prrte. ~n~•li~ci~nK. hut m~t l~r.i~ted tu, c•mcnrnt d~~main, ~ntu~l~•e•nc~~, rnde enfr~rcement. or arranKrrnrn±c ~~r pr~K~~ti•d~nK. in~~~~1~~~nK ;~ h,~nkrL;,c „r dreiYie•nt, thrn [,~~nder at (w~nder'~+ upUun,u~x>n n~~ti~e tn Burrnwrr may makr su~h apprar.~n~rH. di~hur~e• ,u~•h .um~ and t.~k~• ::urh .t~~h~~n a+ iri nf~crssar~ tu prnttYt (.~~ndf•r's intereat, ~nclud~nK. hut nnt i~mited tu. di~hur~rmrnt <~f rr:is~~nahlr :~tt~~rnr}'. f~e•. ;~nd ~•ntrc up~~n th~• f'n~pe•rtc t~~ rn:+kr rrpatrN (f I.~•nder rec;uired m~.rtKaKt• tnsur.~nrr :+v a~~~nditn~n ~~f m.ikinK the• ;~~nn .~•eun,l h~ th~. ~L~rt~:~~;~•. K~~rr~~~~rr ~hrll ,~a~• thr {rmmiumy rer~uir~Y1 to mai.^.tain ~uch snyur.+nce :n e.`frct unUl ~u~•h Umr ac th~• r~-yuurrn~•nt i~~r .w h~n~ur.inrr t~•rrn~n.~t~•v ir. .i~•c~~r~ianri~ w~th H~~rn~w•rr's .ind Ivnder'e ~~'niten aKret•mrnt or appGi~ahlt• I.:~w li„rn~wt•r ~h:~ii p~.~~ ih~ :~;n~~~i~it ~~f .~I: rrn~rt~;:+k~~• tn~ur:~n~~~• pre~miums ~n thr rn~irzne•r prn~-idt•d un~ler p.iraKra~~h '~ hPre~~f :1ny am~~untv ct~vhun.r9 i~~ iA•n~~e•r Wr~u:int t~~ th~~ par.~~;r.+~~h -. witt: ~nt~•r~•.t th~•n~~m. .Ie~ll i~tti'~~tne• ur:!j~t~~~nal mde•htrdnr.q of }i~~rroKt•r .e•~•urrd hc thi~ 11~~rtk:~,;r l~nlt•.. Ii~,rr.~w~~r ,~r~c3 I~•ridr•r .~~;s~•. b~ •~IhrC [e•rrn~ ~~f ,:i~rn~•nt_ .u~ h;un~~unty ytu~ll }x• p:~~~:~hl~~ uW~n n~~tice fr~~m I,~~ni~•r t~~ liurr~~wrr n~yuE•.unK p.~cm~mi thr•n~~f, and .hall 1K•:~r int~•r~st fn~~n th~• ~iat•~ nf dti~hur~i•rn.•nt at thr rate• p:iyah-r fr~~m t~me tn t~me• ~m nut~t:~nd~nK prin~~!pa! undrr th•• ~~~te• un1~•.~~ ~~.~cmeat ~~f inte•r~•~t :~t .u~ h r:~t~• w~~uld tk~ ~~~~ntr:-n~ t~~ :~ppl~rahl~• I.~w~, ~n u•h~~~h F~ent ~urh am~~unt~ :h:ill Ih:ir inte•rr~t at thr h~~hr~t r.~tr Fwrmi.:ih-~• unr1,•r :~~~pG~-~hiF• i:~K \nth~nK cv~nta~nrcl ~n tF.iv par.i~;n~ph ~, 4f1NII require f.end~•r tn ~ncur :~nc ••xfx•nse• ~~r t:ike .~ny .+rtum hrr~~un~1~•r , ~+~~~,KC ~5~ ract 1z~$