HomeMy WebLinkAbout1411Fi.,~rower and Irnder covenant and agree as follows:
1. Payment ot Principal and Intereat. E;orrower shall p~omptly puy when due the principul of and intrrext un the indrhtcdnrKa
r~~idenced by the Kote, Qrepayment and latechargra ax pn,v~drd in the Nute, and the principaf ~-tand intrreyt un any F uture Advanccx secured
~> th-s Mo~age.
2. Funds fo~ Tazes and Insurance. Subject to apNlic~~ble !aw• ~,r tu a writtrn w.~ivrr by I.e•nd~~r, I{~~RuK'er shall p.iy to lA~ndc•~ un thr d~~y
:.^.~mthly installments of principal and interc~t are payablr undrr the Nute, ~ntil the Nutr is puid in full, .-.um i herein "F unda"- ryual tu onP
c~ elfth of the year~y taxes and a~essmenta which ma~ attain priority u~•rr this hlurtKage, •.ind Kruund rentr ~~~ thr Propc•rty, if t~ny, pluR onP
t~elhh of ~•early premium installments [or hazard insorunce, plus unt-twelfth uf yr.~rh• prrmium i~ist:ill~nt•nt. fur murtKag~• insur:~n~•e, if ~~ny,
:+I! as reawnahh~ eatimnted initially and fr~m time tu iime by I.rnder u~ the b:~~is u[ a„e~~m~•nt~ and bills and rr:-.r•un,~bli• c~ti~nate. thenr~f.
The Funds shaU be held in an inatitution the de~wsits or accounts uf w•hich .~re insi~recl ur Kuurunt~Yd by a F'eYlrral ur Statt• u~;enry
>>ncluding C.ender if lender is such an indtitution). l.ender sh.~ll ao~h• the Funds tu ua~ said tax~•S_ .fstih5rifilrtftti in~ura~~w nn•miume :~nd
~.:und rents. Iender may not charge fur eo holding and upplying the F~nds, uualpzinK ~uid accuunt, or vrrifyinK .ind cumpilinK s.iid
.+ssessments and bills, unlesa Lender pays f3orrower interest on thr Fundw .~nd applicablr law ~x rmits I.e•nder to makr su~•h a che~rKt~. Borrow•er
end Lender may agree in wripng at the time of execution of this 41ortKaKe that interc~ct un the t unds tihall I~c paid to liorrower, und uniesa
,uch agreement ia made or applicable law requirc~ such interrst 4~ t~ p:~id, (w~nder shall not t-e myuimd to p.~y I~,rrower any inter~at o~
~arninga on the Funds. l.ender ahall gi~e tu f3orn,wer, withuut ~harKe, an :~nnuul acYti~untinK uf thr F'unds shuainK crtvlits .+nd debita to the
F'unda and the purpo.ge for which each debit G~ the Fundc was made. The N~und. are pledk~d a~ additiunal sr~ unty fur the ~urns secured by this
~;ortgage_
If the amount of the F unds held by I~nder, toKrther w•ith the iuturc• munthl~• inxt:~llmen~t uf Funds p~y,ihlr prior to the due d.ites of t~~xee~,
:~sessments_ insurance premiums and Kround rents, shaU exc~ecl the umnunt nr~uind tu pay said taxes, assrssmrnts, insuraincr prrmiums
:^~' gruund rents as they fall due, such excess shail t~e, at Ii~nTOwer'c uption, either prompth• repaid to Borruwer or crrditrd tu l3orruwer on
-^.~~nthly installments o[ Funds. !! the amount of the Funds held in• I,~nder ~hall not t~e sufficient tc~ pay t:ixrs, assecsments, insurunce
~,-emiums and ground renta as the~ fall due, E3urruwer shall p.iy W l.rnder am~ .+muunt nrce,sary tu m.~kr up the drficirncy within :t0 days
fr ~m the date notice is ma~led by I.ender tr~ F3r~rruWer rc~~uesLnK p;-pment th~~nti~L
1'nnn ~,a}~nP~t in ~;:!! ~f a!! a~ltns sor~lrw.~ ~y rh:~ ~~•,•~~;_iy;c. I.e~:!c•r::h :!! p:c:mgtl:~ mf;:^~ 2:: li::rr;su~rr a:~ ~ fir~:,~., hr:.i Ly :.-i..t.•i. if uu.1r~
;_~ ra~raph IS hereof the Ptuperty is sold or the 1'ro~rt~• is uthrrw•isr acyuimd b~• (,endF~r, I.e•nder shall appl~•, no latrr than immc~liately prior
~. the sale of the Pruperty ur its acquisitiun by I.endPr, any F unds hrld hy (a•nder at thr timi~ of.ippli~ .~tiun ~i~ a crrdit .~Kuinst the• sums tierun~l
^: !hu ~lortgaar.
3. Application of Payments, l'nles~ .ipplic~ble law pmcidFS ~~thrrv~•ist~. ali p.i~•me~nts nti-ei~•ed by It•nder under the IVote and
~., r~[raphs 1 aRd '2 hereef shall be apptied b~ I.ender first i~ p:-ymt•nt of amuunis pa~yable tu t~ender b}• iturruw•e~ under paragrRph 2 herec~f,
.r~n to inte-est payable on the \ote, then to the arincipal uf the \~~te. :~n~i then t~~ interest and principul un xny Futurr Advances.
~-Charges; l.iens. Eiom,Hershall pay all t:~x~•., u.sr..~n~•nt.:~ni! ~~the•r~ h:~r~;~•.. fim•.:~nd irnp~~.rti~~nsattnbutablrG~tht~ Proprrty M•hich
-r .,~ attain a pnunt~ ucerthic ~1urtKa;;t•. and 1~:~~rh~~ld pacm~>nt~~~r~;n~und n nt., if ant•. ~n thi• inanm•rpru~~i~1~r! undf•rparaKraph'? hereofor,
r.~ •t paid in such. manner, by Kurr~,~+rr rnakinR p:~ym~•nt. N hcn du~•. d~nY~tl~• h~ thr p:~c~w• th~•rt~,L linre~~w~rr ah:~ll prnmptly furni.h tu I.ender
~.. nouces ~,f am~~u~t~ due undrr th~s para~;r..ph. :~nd ~n thr ~•crnt li~~m~~e•r .hall m:-kr p:~~•m~~nt ~lirw•th•. K~~rr~~H~i•r shall pr~~mptl~• furnish tu
... ~t3eC [QCE'tpt~ ec~~r71c1nK sUCF~ y.+y rn~•nt_; fi~,rr~>wrr ~h:ill pn~rnptlt• ~li.~~har~~• an}• 1u~n H•h~~•h h:~. pn~~nty ~~c~•r this J1~~rt~;:~Kr: pru~•idi~cl. that
. rr~.xersh:~lln~,tt.rr~auirtdt~,du~•h:irwranc~urhlu•n:~~l~~n~;:~.li~~rrv~~crr:t~:~il:~k~n~~inw•rit~n~;t~~thrp:~cmrntufth~•uh1i~;:lll/~flSf'('UffYIFI~'
_^: iien in a manner ac.rpt:~hlr t~~ Lrrnl.•r. ~~r ~h:~li !n ~;~~~~i f:uth ~•~~nt~•:t .u~~h lu•n hy. ur+lrf~•n~1 ~•iti(~~n~~-nwnt ~~f wrh lu•n in. l~•~;al pnn~e~rliny;s
a'.:rh ~,perate t~, pretrrl, thr rntnrrrtti~•nt ~~f th~- li~•n ~~r f~~rf~•~tur•• ~~! th~• f'r~~p~•rt~~ ~~r :~ny p:~rt th~•r~.~f
~~ Nazard ln~urance_ N~~rr~.a~•r .h:~ll ktn•p th~• unprncrmrr~t. n~~u ~•~ist~n~; ~~r h~•m:iftrr ~•rfti~t~•d ~~n th~• :'n~{K~rt~~ insurc~l atiain~t lutis by
•: r.- hazard: ~ncludrd vruhin tFe tt•rm "rxte•nd~til i~~ce•r.i~;r." :uu1 .urh ~~thrr h:u:~zd~ :~~ Lt•nd~•r ma~~ re•~;uirF•:~nd ~n su~•h .~muunts and fur such
.-r.~,ds a: (.rndrr ma~~ :~~y~~r~•: pr~~cul~~1. th:~t L.•nd.•r .h.~ll rn~t n•~~uir~• th:~t thr :~~n~~unt ~~f .u~~h i7~~•rr.~~;r rx~~t~c~) th.-t amuunt of i•u~•c•raKe
-•{u~rer: tU_p;it' thr ~um. ~~•. ur~.t h~ thi. ~1„rt~ak•
The in,ur.-acr r.im.•r pr~~~id~nK t%:•~ ~n:ur.~m ~.h.~ll fN- ~ h~~.~•n 1~} k~~rr~~~e•r sut~~~•rt t~~:~ppr<~~:~- }~c 1.~•n~i~•r. {~r~~cul~~I.:h:~t suc•h appr~~c:il
-~ ~;i n~rt br unrra_:,~r..~hlc w tthh~•1~+. :\il prrnnu~t:~ ,~~~.in,ur.~n~ .~~~~l~r:~•~ >h:~ll i»• ~~.u~i in ih~• n~:~nn.•r ~~r~~c~d.K) urrirr par.~~;n~ph'_' h~•n.~f nr. if
; pat~ in su~~h m.~n^er. hc Ft~~rr,~wc•r m.+k~n~; p.tcrn.~nt ~~h~~~ti ~fu.•. ~1~n•~ tlc t~• th~~ ~n.ur.~nre• ~:~rru•r
~11 u:.;urance p~licie~ and ren~~w:~l~ ihrrr~~f sh:~lt ~K• in f+~r~n :~~ rrpt:~hlrtu i,~•n~lrr:ind.h:il1 incl~dra ~tandard sn~~rt~;a~;~•cL•~u~r in f:~~•urr,f
~^d in fr,rm acceptable tu I.rndrr l.r•ndt•r.h:~ll h.~c~•!i~t nRht :~: ti~~ld ttn• p~~lici~•.:~nd r~•n~•~val.th~•rr~~f. and 1?~~r.~~Hrr ~halt pr~~mptl~• furnish t~~
rnder alI renrwal n~~:.cr~ an~~ .ill n~ e:pt.. ~~f p.ur! prrm~un~. (n th~• rw•r~t ~~f l~~... Ei~~rn~~~~•r .hull ~;i~~r prumpt nuUi•r tn th~• insur.+nrr carrier
~:~ I.er.der. [~uder mat- m.ikr pr~~,f ~~1 i~~.. ~f n~~t rn:ulr prnmptl~' t~y Ii,~rr~rwi•r
l'nic~.c [~nder ~nd Fi.~rruw.•r ~~thr~n+i..• ,i~;rrr ~n Nnhn~;. insur.~ni~• pr~~r~•r~1~ .h.~ll !N• ;~ppli~~; t~~ rr~i~~r:ttv~n ~ir rrpair uf th~~ f'ruF~•rt}•
'+maKed. pro~~dtd .u~-h rr~tur.~t~~~n ~~r rrp.ur i. .~~ ~~n~~rnu :+il~ G:,~~bl~• ;~nd ch~• ,~•~~un~.• ~~f ch~~ U~~rt~;:~~;~~ i~ nnt th~•reh~• impaired. (f such
r~~U:raU~~n or repa~r i~ n~~t ~~,nnmi+~.lllc f«•.~.~hlr ~~r if tht- .~ti unt}~ ~~f th~s ~1~~rt~;ak~• W~rold tk~ ~:np:urf•d, the~ in.ur.~ni•t• pnK•iti~~s sh.-11 ~i•applit~
~..thesums~ecuredb~-this~l~~RK.~k~.wuhth.-~•x~~•.•.~f.~n~.p:u~lt~~li+~rruKrr Ifth~•F'n~~N•rt~-i,ahandun~Yll~yli~~rruw-er.nrifli~rrruw•erf:~ilstc~
r:-.,pond to [xnder wuhin :i~~ dac~ fr~~m thr ~i:~n• n~.ti~-~• i~ m:uLd i~~• Iw•n~1r•r t~~ fi~~r-~~w-~•r th:~t thc• insurani~~• ~-amrr nfferti tu+rttlc• a rlaim tor
surance t~nefi~c. i,endPr is :iuthnnt~d t~~ ~~.;l~•~ t:~nd :i~~Erlc thr ~n~ur.~n~~r pnrr~•.•~i. ;~t la•nd~~r'. ~>pt~~~n t•ither tu re~turatiun ~~r repair nf the
i•-.~perty or the sums ~ ared b~ th~~ \1~~rtRa~:r
['nle~s [xnder and (i~~rn ~x~rr ~~th~~r~ ~.~~ .~Kr~~• us ~ nt~uk.:~ny .w~ti :j ppi~ratt~m ~~f pnK e•rdti U~ pnncipal shall nut extf•nd ur EwstQ~~ne thedue
: ste of the m~,nthh insta!lmrnt~: rrf~~rn•~1 u~ in p:ir.:kr.~F~h. 1 ard '~~~•r~•~~f ~~r ~•h:~nRr th~• .~:n„unt uf su~~h in;tc~llme•nt~. If undrr p.iraKraph ]H
~:=rh>f the Propertc IS :lC(~ll1fH~ })t" It'Il(~t~C, .~11 nkht. t~tlr .~nd inti~n~si ~~f tt~~rr~~~~•r ~n :~nd tu:~ny- imur.in~•e ~wdic•i~•s and ir, and t~~ th~ procc~c•ds
_.ereof resuitinK frum d~rnaKe tn ;'r~~~rtc pn•~r t~~ th~• .alr „r :u yu~s~h~~n >h:iii pa~s t~~ f.~•nd~•r t~~ thr extent uf thr ,ums ~c~cvrtYi b~• this
`.1nrt~ta~Ce ~mme~iatFl} pnnr t~, ,uch sal<~ ~~r a~~qw:~u„n
~ Presen~ation and NaintenAncruf Prope•rty: L~•s»t•hnlds: ('onduminumti; I'lanne~d l"nit 1)e~•elupments.liurruw•rrshall kc~rp
~~.r F'r~~pert}~ in K~,.,d r_p:ur and .h.sll n~rt c~~mm~t w;i.tr ~~r p~•rinit r.np:~~rm~•nt ~~r iirtF•nnr.~t~~~n ~~f the !'ruprrt~~ :~nd ~hatl comply w•~th tne
•:>c~-u~ns ~~f am :ea~r if th~s ~L~:tka~;r ~s un :~ !.:~.;rh~~id if thi~ ~Turtk:i~;~• i. ~~n a ur~rt in a c~~nd~~mini~~~n nr a plannrd un~t ~1r~•eb~pme~nt,
:~:r*~,wer sF.all perf~~rm ati f~f Fi~~rr~~wrr~~ ~~hl:~;:iu~~m und~•r th~• d~~ l:~r:+h~m:~r~~~~~rn.~nt:, ~ r~:~t~n~;~~r~;uce•rn~n~ thec~~nduminium ur ptanned
~~~t decetupment. the b~- i,a~., and rrytulau~~m ~~f ch~• ~~~ndn: ~~nium ~~r pl:~nnwl unrt d~•~~•I~~pm~•nt, and c~,n~tituE•ni ducuments If a
~-~d~,rn~n~urr~ or piannF-~i un~t ~jf•~"rl„pm~•nt ndt-r ~. t•x~•~ u~t~i h~ ii.~rruNrr :~nd r~~~ ~~rde•d t~~y~~•th~•r w~th thi. \1~~rtK;~Ke. the cuvenants and
~zrr. r.;rnt- ~:f . :~ h n;i~r ~hail h.- in~ : ~rp~~r.~t.•~l int~~ :~r.r1 .}~.~!I :~~n~-nr! .in~! .uEr~rlr~n~•nt th~• i~:~~••n:~nt.:~nd :,~;re~r~:rn•nts ~~f tn~. ~t~~rt~:~y;r as ifthe
- :rr ~frF a p;~rt hrrr~~f
- Protection of Lender'e Security. If K~~rr~w•er f:iils u~ per`nrni the• c+~renantu and .~Kreem~nt~r containcd in this Mortgage, or if any
;ct~un nr proceed~ng is cummenced which matena:ey affec:.~ IX~der's interrwt in the F'roperty, inciudinR, but not iimited to, eminent domain,
~n~c,l~~ency-, mde enforcement, or arrangemente nr pr~rc-erdinKs in~•~>IcinQ n bankrupt or decedent, then I.ender at l.ender's option,upon
n~,tice to Borruxer may make such appearances. d~sburee such eumR and take such action ae is neceasary to protect I.ender'e intereet,
:ncludj~g, but nnt lim~ted tn. disbursement of re:~snnahie atturney'a fees and entry upun the E'roperty to make repaira. If [.ender required
mort~cage inaurance as a rnndttion of making the In:in securcd bp thig ~1urtKaKe, F3~,rr.,w•er shall pa~• the premiume required to maintain
•uch insurance in eflect ur.til such time as the rPqwremrr.t f~;r ,ac-h in~urancr tertninatea ~n accurd.ince w•ith Borrower'a and I.ender'e
~~-~ntten aRreement or applicable Iav-. BorruK•er shall pa~• thr amuunt of all m~~rtKaKe in:+urancr premiume in the manner provided under
paragraph 2 hereof.
Any amounts disbursed by I.ender perHUant G~ thia paraKra;,h '. w~ith ~ntrre~t thereun, yhall become additional indebtednesa of
Ftr,rrower secured bc thia ~1ortKaKe (~nless fiurn~K~rr and [.~nder aKrc~ tn other tern~s r~f pay~ment, such amounls ehall be payable upon
n~,uce from I.ender to fir,rr~wer request~nR payment thereu(, and shall tiear intereat frum thF date of disbursement at the rate payable from
time w ume on -~ut9tanuinR pnncipal under the \r,tf unlea~ payment r~f ~ntere~t at such :atr would be contrary to applicai~le law, in which
•-~•ent ~uch amr~un+s shall bear interest at the h~Rhest rate prrmi~sible undrr appli~•.~ble law. luthinK c~rntaine.3 in thia paraRraph ~, ahall
rFquire [.ender v, ~n~vr an}• eipense ur take any actiun hPreunaer.
b'' ?X
''" 35i P~~E 1407