HomeMy WebLinkAbout1395Borrowe~ and l.rnde~ cove~ant and agree as follows:
l. Peyment ot Principal and lntereat. Borrower ahal) promptly pay when due the pnncipal of and i~tereat on the indrbtedness
evidenced by the Note, p~epayment and Iate chargee us provided in the Nute, and the principal uf and intereat on any F uture AdvHnces;ieecured
~y this Mortgage. ,
2. F~nde to~ Taxee and Ineurnnee. Subject to upplicf~ble law or tc- a wfittrqwaiver by I.ender, F3arrower nhall pay to I.enderun the day
monthly installments of principal and interest are puyable under the Nute, unti! the Notr ia paid in full, a sum Iherein "F unda") eyual to onP
twelfth of the yearly taxes and asaeasmenta which may attuin prio~ty over this Mortgage, a~d ~round renta un the Property. if any, plus one
twelfth of yearly p~emium instaliments for hazard insurance, plus onetwelfth of yearly premium installmenta for mortgage inaurance, if any,
all aa masunably estimated initially and from time to tiR~r by l.ender on the basis of ussessments and bills and reasonable c~t;mt-trx thereof.
The Funds ehal) be held in a~ institution the depoaita or accounta of which are inaured or Quaranteed by a Federal or State agency
(including l.ender i[ [.ender ia such an inetitution). l.ender ehal! apply the F unds to pay aaid taxes, asaesamente, insu~ance prrmiums and
Kruund rents. l.ender may not cha~ge for so holding and applying the Funds, analyzing said accuunt, or verifying and compiling said
aseesements and bills, unlesa Lender paya Borrower interest o~ the Funds und applicable law permita l.e~der to make auch a charge. Borrower
and [.ender may agree i~ writi~g at the lime of execution of thia Mortgage that interest on the F unds ahall be paid to I3orruwer, and unleas
such agreement ia made or applic~5le law requirea such intereat to be paid, lender shall not be reyuired to pay E3c,nower any inteceat or
rarninga on the Funda. l,ender ehall give to Borrower, without charge, an annual accuunting of the Funds showing credita and debite to the
Funds and the purpose for which each debit to the F unds was made. The F unds are pleciged as additional security for the aume aecured by thia
Mortgage.
~ If the amount of the Funda held by I.ender, together with the future monthly instalimenta of Funds payable prior to the due dates of taxea,
asaesamentx, inaurance premiama and ground rents, shall excred the <-mount rPquired to pay said taxes, assrssmrnts, insurancr premiums
and gwund rents as they fall due, auch excesx ahall be, at Bo~rower's opt~on, either prumptly repaid to Burrower ur credited to l3orrower on
monthly inata!lmenta of Funda. If the amount of the Funds held by I.ender shall not be aufficient to pay tsixes, assrssmenta, insurance
premiums and ground renta as they fall due, F3orrower shaU pay to I.ender any pmount neresxary to muke up the deficiency within 30 days
from the date notice is ma~led bY Lender to Rorrower rryuesting payment thereof.
Upon payment in full uf all auma secured by this Mortgage, lxnder shall promptly refund to Eiorrower any funds held by I.ender. lf under
paragraph 1R hereof the Property is sold or the E'roprrty is otherwise acyuirecl by I.ender, I.ender shall apply, no later than immediately prior
tu the sale of the Hroperty or its acquisition by (.Fnder, ~ny F unds held by I.ender at the time of applicatiun as a credit against the suma secured
by thia Mortgage.
3. Application ot Paymente. Unless applicable !aw provides otherwise, ~11 payments received by (.ender under the Note and
p.~ragrapha 1 and `2 hrreof shall be applied by l,ender first ~n paymeM of amounts paya6le to I.ender by E3orrow~er under paragraph 2 herenf,
then to interest payable on t:~e Note, then to the principal of the Nute, :~nd then to interest and principal un ~ny huture Advances.
4. Charges; l.iens. liorruw•er shall pap all taxes,.tssessmrn~s and othi•r charKes, fin~~s and imp~~sitions attributable to the Property vehich
may attain a priority u~-rr this ~1urtKa~r, and Iraseh~~ld p.~~•ments ot ~ruund rents, if any, in the manner pruv~dc~1 under paragr~ph'l hercr~for,
~f not paid in such ma~ner, by (iurn,w•rr m,~kinK pxymrnt, w•hen dur, dirrcth• tu the payer thertr~C Rorn~wer shc~ll promptly furnish to I.ende~
a!1 nutices of .~muunts due und~•r th-s p.-raKraph, and ~n thr e~•rnt ti~rr~~wer .h.Jl m.~ke paym~nt dire~•tly, 4{urr~~~•er shall pr~mptly furnish to
I xnder rereipts e~•~denc~nK sui~h pa~•ments li~~rruw•er sh:~ll promptly discharKr ana• lirn w•hi~•h has prinnty~ ~~ver this:~lurtKnKe; pruvided, that
I?~~rr~,wer shall not hr re~yu~md to discharKe any such h~•n .u I~~n~; :-s Korruwer shall .~Kree m w•nti~K to the p.~}•m~•nt of th~• ~~bl iKatiun ~cti: ured Ly
.urh lirn m a m:~nner .+crept:-blr tu Lrndrr, ur sh.+ll ~n y~u~H! f:+rth ~•~~ntt~.t .uch he•n b~•, ur d~•f~~nd ~•nfun•~•rm•nt ~~f w~•h lif•n ~n. It•~;al pnK•erdings
which operate tu prev~~nt thr ~•nfurcrrni•nt uf thr i~rn ur f~~rt.•i[ur~• ~~f thr f'r~~pe•rh• ur :~n~• part thi•n.~f.
S. Haznrd Inaurance. F~~~rr~~wer shcill kc~•p th~~ impn~~•t~mrnts nuw ~~xishnK ur herr.~fter erriKed un the 1'ruperty insured aKainst losx by
fire, hatard~ includrel w•~thin tht~ term "extrndrd eu~~eraKe," and wch uther hazard. as Lt•ndrr may n~~vire and in such amounl.~ and forauch
{~riuds as lxnder ma>• rr~~u~rr: ~~r~~~•~~if~i, that I.~ndt•r ~h:~tl mft r~~yu~re that th~• amnunt of such ~~o.•eraKt• t•xc.tiri rhat amuunt of coveraKe
rryuirrcl tu pa~• thr ~umc seti•unYl b~~ this 11urtK~+K~•
The insur.~nce cam~•r pr~~~•id~n~; thr insuran~•~• ~h:•II fk• chnst•n t~~ tt~~rr~~w•~•r sub~cn•t tn :~pF~ru~ al by I.~mdrr. pru~•idtd. th:U such ;~ppro~•.il
.hall not t~~ unreas~~nabh• K•itFh~•Id Ali prt•miums ~m ~nsur.~nr~• p~~h~ :~•. ~h:~li ik• p:ud ~n thr m:~nnrr pr~~v~dw! undi~r para~raph '! hertr~f or. if
n~~t pa~d in ,uch m.~nnF•r. b~ (i~~rr~~wi•r m:~k~n~; p:~.~n~•nt. wh~•n du~•. din•~~tlv t~~ th~• ~nwr:~nct• ~-arrtrr
All insurance polic~rs and renew~als thrrruf shall t~~ in furm accrpt;~ble tu l,rnder and shall ~ncludr a st.indard mortKaKeclause in fa~•orof
:~nd in form accc~ptahle tu 1.~•ndrr. I.rnde•r.hall ha~•r thc~ nKht U~ h~~ld t7~r p~~hcu~s and rt•nt•w:tl. there~~f, and Hnrruwershall prumptl~• furnish to
i knder al: renewal n~~t~crs and all n~i~r~pts uf p:ud pr~•m~ums. In th~~ r~~r~~t of lu~s, It~~rn~w•rr ~hall Ki~~r prumpt nut~cr G~ thr ~nsurance carrier
and I.ender. I,ender ma~ m:~ke• pr~~~t ~rf Ins~ if nut m:~dr p~umpth• b~• li.~rrow-cr.
(?nless l.endt•r and l3~~rruw•rr utherwiw• :~Kreti~ in N•riUnK. ~n~ur:~ncr pr~x•e•rds sh.+ll tx• apphrd tu restoratiun or repair of the Property
damagecl, pruvided such re,t..ratiun ur rep~~r ~~ rcunum~i:+llp fr:~sible :~nd the sr,unty uf th~s 11nrtKaKe is not thereby impaired. If such
resu,ration or repair is nnt ec~~numi~~ally ft•:~s~hl~~ ~,r ~f thr crY•unt>• of thi. tilortK:~Ke wuuld be ~mpa~red, the insurance procredsshall beapplied
d~ the sums securrd b~• th~c ~t~~rtK:IKP, N']t~l tFIY PXC(•~~, t~:-ny, p:~~d t~~ tinrruM-rr. If the Pro~rty ~s ahandoned by Horrower, or if fA~rrower faila u~
re:rpund tu l.endrr with~~ i~- d:sy~ frum th~• datr nuti~•~~ i. ma~1~Y1 hy I.e•ndrr Gr Iiorruwe•r that the msurance carrier offer~ to srttle a claim far
insurancr benefiis. I,ender ~s ;+uthurin~! t~~ ~•~~Ilrct :~nd apply thr tn~ur.~nce pr~Mred~ ;~t IA~ndPr's optiun rither to restoration or repa~r of the
F'roperty or the sums srcured by thiti 11~~rt~;:i~;r.
Unless I.ender and l~rrr~~w•rr ~~therw•-si• aKnw in w nhn~;, any such applicat~on uf pr~x•erds tu principal shall not extrnd or postp~me the due
date of the monthly inst:illmrntti refe•nrd tn ~n p:~r:~Kraph: ! and'1, hereuf nrchanyCr the amuunt of s~~ch ~nstallmrnls. If under paragraph lA
hereof the Ymperty isacyuircYl bc I.~~nder, al! riKht. !::le and intrrFSt ~~f R~~rn~w~er in and tu am• insurance policies and iw and to the proceeda
thereY~t resultinQ fram damaKe t~, Pro~rty priur to thr cale ur acyui~itwn tih..U pass to I,rnder to the extent of the sums secured bv this
~turtKage immediately pri~lr to ~uch sale or z~cqu-s~tinn.
6_ MreBervationandllaintenanceofProperty:lw•aKt~holda;('ondominums;Yiannedl'nitDe~elopmenta.Borro..ershallkeep
the F'roperty in K~«Kl rep.s~r :~nd sh:ill not c•ummit aa~t~• or {K•rm~t ~mp:urmrnt ur ~h•ten~sratiun uf the f'ruperty and shall comph• with the
prot-~sionK ~~~ any 1e:~5e tif th~s A1nrtKaKe is un a Ira.ehold if th~s 11urtKaKr ~~ on a unit ~n a cun~iominium or a pla~ned ur~it developmert,
liorrower shall perfurm at1 of Korruwer'. ubli~;atiunti under lhi~ dcti•l:•r:~tiun or c-n~•enants ~•rt :~tin~;or Kuvern~nK the condominium or planned
unit develupment, the by lawa and reKulatiunc uf the• r~~ndom~nium nr pl;~nn~d unit de~•elupment, ar-d constituent documents_ If a
condumin~um or planned un~t drvrlupmt~nt ridrr ~s e•xt~-utw) hy Ii~~rruwer and rtY-~rrdr~l toKether with this MortgaKe, the covenantc+ and
:+Krt•emt•nts ~~f su~•h rede•r sh:~ll M• ~n~~~ ~rpnr:~te•d intu :~nrl .h:~ll anu•nd :cnd >uppl~•m~~nt th~~ ~~~~ rnant. and aKn•ernents uf this ~tortKaKe as if the
rider w•FrF• a part here~~f.
1. Protection ot Lender'e Security. If E~rrower isile to perfor.n the covenante and agreemente~ conlaine.~ in thie Mortgage, or if any
action ~r proceeding ie commenced which matenallv affecte l.ender'e intereat in the Ptoperty, including, but not limited to, eminent domain.
ineolvency, rnde enforcement, or arrangemente or pmceedinqa invo{ving a bankrupt or decedent, then l.ender at l.ender'e option,upon
nutice to Borrower may make euch appearences, diPburee such aume and take euch action ae ie neceaeary to protect Lender's interest,
including, but not limited to, dieburaement of reasunable attorney's feee and entry upon the PropPRy to make repaire. if Lender required
mortgage ineurance as a condition of making the luan aecured by this Mort~aRe, Aorrower ehall pay the premiume required to maintain
euch ineurance in effect until euch time ae the requirement for euch ineurance terminatee in accordance with Borrower'e and [.ender's
written agreement or applicable [.aw. Borrow~er ehal! pay the amuunt of all mortqage ineurance premiums in the manner provided under
paragraph 'l hereof.
Any amounts diabursed by I.ender pereuant to this paragraph 7, with ~ntereat thrreon, ehall become additicnal indebtedneae of
Borrower eecurcd by thie~ blortgage. Unlesa fiorrower and Ixnder aqree to other terme of paymer,t, euch amounte ehall be payable upon
notice from I.ender to Bormwer requestiog payment thereof, and ahall bear intereat from the date of diebursement at the rate payable from
time to time on outetanding principal under the Nole ~nleen payment of interecit at such rate would be contrary to applicable law, in which
event auch amounte ahall bear intereHt at the higheat rate permisaible under apph~•able law. Ivothing contained in thie paregraph 7, shall
requ~re l.ender to incur any expense or take any actiun hereunder.
. ~ ~~ 351 Pd~F 1`391
~~,x
_ .. _.
--
_ - - - ~