HomeMy WebLinkAbout1407Bortower and Isnde~ covenant and agree as lollowa:
1. Payment of Principa) and Intereat. Rorrower shall promptly pay whrn due the principal of and inirrest un the indebtedneaa
evidenced by the Note, prepayment and late charges aa pn~vidrd in the Note, and the principal of aod intereat on any F uture Advancea secu~ed
by this Mortgage.
2. Fltnde tor Te:es and Inaurance. Subject to ~pplicable law or tc- a writtrn waiver by t.ender, Burrowrrnhall pay tol,enderun the day
monthly inatallments of principal and interest are puyable under the N~te, until the Note ia paid in full, a sum Iherein "Funds") eyual to one
twelflh of the yearly taxes and asxeasmenta which may attain pnority oeer this Mortgnge, and ground rents on the Yroperty, if any, plue one-
twelRh of yearly premium installments fur huzard insurance, plus onPtw•rlfth of yearly premium install~nrnts for murtgage insurance, ifany,
all as rnaeonably estimated initially and from time to tin~e by I.rnJer on the busis uf assessmrnts and bills and rrasunablr estimatex thereof.
The Funde ahall be held in an institution the depuaits or accounta of which are insured or guaranteed by a Fedr~al or State agency
,:r.cta3ir.g t,tnd-er if I.e~~dr~ ie eu~li au i-~et:tutiu~~j. a.ai~urr ni~aii appiy tnr 'r untis to puy aaia wxea, asarsamenta, inau:nnce premiums and
ground rents. I.ender may not charge for eo holding and ~pplying the Hunds, analyzing said accaunt, or verifying and compiling eaid
. asaeasmenta and bills, unlese Lender pays Bom,wer interest on the F unds and applicable law permita l.ender to maice auch a charge.l3orruwer
and I.ender may agree in writing at the time of execution of thia MortQage that inte~eal on the F unds ehall be paid W E3orrower, and unleae
auch agreement in made or applicable law requirea auch intereat to be paid, l.ender ehall not be required tu pay E3urrowef any interest or
earnings on the Funda. l.ender ehall give to Rorrower, withyut charge, an anr.ual accY~unting of the F unds showing credits and dehits to the
Funda and the purpoae for whieh each debit to the Funds w~us made. The Funde~ are pledged as additional security for the aums Fecured by thie
Alorigage.
If the amount of the F'unda held by l.ender, together w:th the futurr monthly installments uf h unda payable prior to the due dates of taxea,
aesessments. inaurance premiuma and ground rnnts, shall excred the t~muunt required to pay said taxea, asseasmenta, insurance premiuma
and ground renta ae they fall due, such exceas ahall be, at E3o~ruwer's option, either promptly repaid to Burrower or credited to i3~rrower on
monthly installmenl8 of Funda. I[ the amount ot the Funds held by l.ender shall nut be aulficient to pay taxea, asaee~sments, insurance
premiums and ground renta as they falt due, Ei~rrower shall pay to l.ender any amuunt necessary to make up the de(ciency within :i0 days
from the date notice ie mailed bY Lender to tiortower rryuesting payment thereof.
Upon payme~t in full of all sums secured by this Mortgage, I.ender shail promptly refand to E3orrower any funds heid by l.ender. If under
paragraph 18 hereof the Property is sold ur the f'ruperty is otherwise acyuired b~• l~ender, I.ender shall apply, no later than immrdiately prior
tu the sale of the Property or ita acquisitian by I.ender, any Funds held by I.ender at the time of applicati~~n as a credit aga:nst the suma secured
by this Mortgage.
3. Applieation ot Paymenta. Uniess applicable law provides otherw~se, all payments received by l.ender under the Note and
paragrapha 1 and 2 hereof shall be applied by I.ender firRt ~n paymrnt uf amuunts payable to l.ender by E3orruwer under paragraph '2 hereof,
then to intereet payable on the Note, then tu the principa; of the :\ote, and then to ~nterest and principal on any Future Advances.
4. Chergea; Liena. E3orrower shull pac all t.ixes, assessments and uther ~•h.irKrs, finrs.ind im~~srtiu~s attributablr tu the Yroperty which
may attain a priurity over this Alurtg.~gr, and leasehuld payments a~r tiruund rents, if any, in the manner prov~ded under paragraph'l hereofor,
if not paid in such manner, by Korruo-~rr m.ikinK payment, N•h~•n due, (IIffY'II~' t0 (F1f• Payre thrrroC Rurrower shail prumptly furnish to i.rnder
all notices of amounls due u~der this paratir,iph, :~nd ~n tht• ~•vrnt liurruK'rr shall make paymrnt dire~•tiy, liurmwer shall prumptly furnish to
I.ender receipts evidenciny; such payin~•nts. {i~~rn~we~ shall ,~rumplly d~.ch:uKr :~m• I~rn v-•h~ch h:~s priorih• uver thi. ~lurtg:iKe; pruvided, that
Borrower shall not he reywred to disch.ugF• an~• wch I~rn su !~ mK as (i~~rn ~N•er.hall aKr~e in wntinK tv the payment of the ~~bliKation sPCUrrd by
such lirn in a manner acceptable tu [w•nder, ur sh.+li in ~;u~Ni farth r~~nt~•st .uch lirn by, urdrfend rnforct~ment of ~uch lirn in. IrKal pr~rcerdir.qs
which operate b~ pre~•ent thr enfurcemrnt uf thi• I~rn ~~r furG•rtun• uf thc• f'n~p~~rt}~ or :~n~• part thrnr~f.
5. Hazard Ineurance. Fiorroxrr shall keep the impruv~•ment~ nu~~• ~•x~sti~~K nr hereafter erectrd un the Pruperty insured against lo~s by
fire, hazards included vvithin the term "extend~Yf cu~•er:~Ke," and su~ h uthrr hazards ati Ixndrr may re~{uire and in such amuunts and for auch
periods as I.ender mxy rryuire: pro~~idt~.i. that L~•nd~•r sh.~ll ne~t rf•yu!re th:it thr am~~unt ut such ~ti~ve•r.~Kr excercl that amuunt of coePraKe
required to pay thr sums secureci bti• this 11~~rtK:iKr
7'he insurance camrr pn~v~din~; tht• ~nsur.~n~ t• sh:~l1 h~• ~•hus~•n h~• 4{nrn~w~~r ~uh~~rt t~~ appr~~~:•i ~~t• Iw~nd~•r: pr~~~•idrd, that s~ch appruval
shall nol be unreationabh• w•~thhrld. Alt prt•~ntu~n. ~~n in~uran~•~• p~~lu u•~ ~h:~il fK• p:ud ~n the nwnnf•r pru~•idt~ undrr p.~r:~~raph 'L hPrcr~f or, if
not paid in such manner. by~ Fiurrnwer mak~n~; p.i~me•nt, whrn du~~. ~1~r~•~~tlc t~~ thr ;nsuranci• ~•arrit~r
All insurance polic~es and renew•als thPreuf sh:Jl tk• in fnrm arct~pt.iblt• t.r 1 ~•nder and shall includr a standard mortKaKeclause ~n favor of
and ~n furm acceptabie to t,ender. Ixnder sn:~ll ha~•e the nkht tn hnld th~• ~H~li~•u~s:~nd renrw als thrreuf,.ind 13nrruN•er shall prumptlv (urnish G~
~,ender all renewal noticr. and :iU rrceipts uf paid prrm~um~. In thr r~•ri~t ~~f I~~.s, ft~~rr~~wrr shail) K~~•e prumpt nuticf• tu the ~nsurance carrier
and l.ender. I,ender may make pr~x~f of luss if not m.idF prumptly hp Kurtuwc~r -
Unless I.ender and fiurruw•er uthrrw•ist• aKree in w•nt~nK. ~nsur:inct• pr~x-rrds sh:ill t~• c+ppl~ed to resturation or repair of the Pruperty
damaged, pru~~drd such rrstur:-tiun ur rrpair ~s w•~~m~miralh• fr:~~~blr and the srcurih• oi this Mortga~e ~s r:at theret-y imp:iired. If such
rrstoration or repair is not ecunumi~•.il{~• f~•:i.ihle nr ~f thr ~fK~unt~• uf th~~ :~1~~rtKaKrw~~~uld t~ impaired, thein3urancepruceed, shall beapplied
to thesumssecured by this:llurtKaKe, w~ith th«•vx~•e~s. ~f;~n~~, pa~d t~~ R~rrrower. Ifthr I'rnpNrt~~ ~s abanduned by Borruwrr.orif li~~rrow•er fails Gi
respand to I.ender within :3~- da~•. fruni th~~ d:~tr nuti~~f~ ~~ mail~~i b~• 1.~•nder t~~ R~~rruwrr that thr insurance carrier ~ffers t~i settle a claim for
inaurance ~enefits, (.ender is authunz~~l to ~•ullr~•t and .:Efply thf• inwrnncc N::K-t~•ds at I.cndNr'c uptiun rrther to restorat~on ur repa~r uf the
Property or the sums secured by th~s 111urtK~~K~'
Itnlesa I.ender and fiurrow•er utht•rw~sr aKrc~r ~n N~ntinK, r.n}- surh .~pplic.+d~,r.:,f pr~K•rrds to pnn~ipa; shall not extend or poetpone thedue
date o! the monthly installment~ rt~ft~rrrd t~~ ~n p:iraKr:+ph~ 1:~nd 'l'~Nrr~~f ~~r c•hanKt• the amuunt of such inst~~llments. If under paraKraph 1H
hereof the Pmperty is acquirecf by t,ender, ail riKht, tiUN and intrre•ct ~~f ltnrroK•er in and tu any ~nsurance policies and in and to thr proceeds
thereof reaulting from damage to 1'roperty prior to the s:-le or acyu~s~t~on shall pass U, I.ender to the extent uf the sums secured by this
Murtgage.immediately pnor to auch ~ale or acqu~sition.
6. Preeervation and Maintenance of Property: lxaschuldti; Condominuma; Planned Unit Developmenta. Borrower shall keep
the F'roperty in g~d repair and shall nut cummit w•a~te ~~r ~x•rmit ~~np:urme•nt or drtrriorat~un nf the I'ruperty and shall complp with the
provisions of any lease if th~s !11urtKaKe is on a It•.i~rh~~ld if this ~1ortKaKr ~~ nn a un~t ~n a cunduminium or a planned unit development,
fiorrower ahall perform all af Fiorruwer's ubl~Katiuns u~d~~r thr dfy-laratiun or ruvrnants c•rr~iL~nKor ~(o~-ern~ng the condominium or planned
unit development, the by-law•s and rrKulaturns uf th~~ ~-undum~n~um ur planned urot drvelupment, and constituent documenta. If a
condcminium or planned unit decrlupment ndrr is k'%(Y'11U'(~ II~' FSIIRIIK'l~r and rrcordtYl 4rKether with lhis Mortqage, the covenantx and
.igrrements of such rider sh~l) }x• ~ncurp~~rated ~ntn :~nd .h:~ l l anund and .uppl~•m~~nl thr cu~ en.~nt~ and aKrerments of this tifort~~ge as if the
rider were a part herenf. •
7. Protection oi Lender'e Security. :f Borruwer fails G~ perform the eovenanta and agreemente contained in thie Mortgag!, or if any
act~on or proceeding ie commenced which materially afferte [,ender'e intereBt in ihe Property, including, but not limited to. eminent domain,
ineolvency, code enforcement, or arrangemente or pmceed~nga involving a bankrupt or decedent, then I.ender at I.ender'e option,upon
notice to Borrower may make euch appearAncee, diaburae such sume and take euch action as ie neceaeary to protect L.ender'a interest,
including, but not limited to, dieburaement of reaeonable attorney's feee and entry upon the Pro~,crty to make repairo. If Lender required
mortgage ineuranre ae a condition of making the luan secured by thie Mortgage. Rorrower ehall pay the premiume required to maintain
auch ineurance in effect until euch time ae the requirement for auch ineurance term~nates in accordance with Borrower'e and I.ender s
wntten agreement or applicable Law. Borr~wer ahall pay the amount of all mortgage ineurance premiume in the manner provided under
paragraph 2 hEreof.
Any amounte diebursed by Lender pereuant to thie paragraph 7, with ir.tereat thereon, ahall hecome additienal indebtedness of
Korrower secared by this Mortgage. Uniesa HorroKer and l.ender agree to other terme of payment, such amounte aha11 be payable upon
notice from Leoder to E3orrower requeeting payment thermf, and ehall bear intereat from the date ot diabureement at the rate payable from
time io time on outstandinq principal under !he Noie unlese p~yment of intereat at such : a!r would be rnntrary to applicable law, in which
event euch amounte ehall bear intereat at the higheet rate permissible undrr applicable law. iVothing contained in this paragraph 7, ehall
require Lender w incar any expenae or take any action hereunder.
~-~~~~51 Pa~E~~o3
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