HomeMy WebLinkAbout1452li~~FUk~t ('u~t~~~~s. H~~rruH~r :~n~l I cmirr r~,~cn.uit .uul a~;rrc :~~ (~~II~~H~:
1. Pa~•mrnt of PrioclpA) and Inferc~l. Iinr~uH~r ~h:~ll prunti~~ttt ~•::~ ~t!~ri~ ~luc thc prirtcip:d ol :~nJ intrreti~ un thc
indchtrdncss ~~idcncrd hy thr Not~, prepaymrn~ and lat~ rh;~rgr, .i. pn~vi:lcd ~n ~hr \u~c, and Ihc principal ~~f and ~ntrrrci
on anv Futurc ~~d~~ancc, ~ccured b~~ thi~ Mialgagc.
2. Funds for Taxes and losurance. Subjcc~ a~ appli~:~blc la~ c-r to a Hnurn M•aivcr by Lcnder, Hurrowcr thall pay
to l.rnJcr on ~hr da)• momhly imtallmcnt~ ~~I' prin~iral anJ ~n~rrr~t arr pa~'ahle undcr thr Notc. until thc '~c~tc ~~ paid in full.
a sum Ihcrcin "Fundi'1 cqual tu ~,nr-t~~clfth o( ~hr ~rarh t~~c. a~~d a..estimcntc Which m:~}• aUa~n prir,riry ~,vrr th~~
~tortgagc. an~l grt~und rents un thc Yr~~~rt~•, if .~ny. plu. unr-twrlfth ~~f ~~arly~ prrm~um installmcnts f~~r hai:ud imuranrc,
plus onc-twcl(~h of ycarly prcmium imtallmenl~ fi~r m~~rt~agc ~nsurancr, i( any. aU ati rrawnabl~• c~timatcd iniu:~ll} and (rom
timc tc. time hy I.endcr on thr hati, c~l a.xs,mrnl. ;uid hill~ :~nd rea~~~nahlr estimatet thereof.
Thc Fund~ shal) hc hcld in an imtituuun thr ~Ic{x~~it~ ~~r arcuunls ~~t which ar~ imured ~~r gu.~r:~ntccd h~• a Fcdcral or
~Citc a~cnc~ 1 including Lcndcr ii Lcn~lcr i. ,uch an im~itutiun 1. I cnJcr ~hall apph thc Funds Io ;:~~ ,aid taxc~. ati~ctsmcnb.
~nsurance prcmium~ and ground rrnh. I.cndcr ma~ nc,~ chargr tur ~~, hi~ldin~ and applyiieg ~hc Fun~l,. :~nal~~ang said accuunt.
~~r verifying and compiling ~aiJ a~ir.~ment, and hill,, unlcs~ I cndcc p:~>> Bi~rruwc~ imcrctit i~r~ ~he Funds and applirable law
~rmits Lcndrr to makc tiuch a chargc. B~~rruwcr ;~nJ I.rnJer nia~ a~;r~c ir wriUng a1 thc timc ~~l c~crution of 1hi~
\fort~Gagc Ihat interr~t an thc FunJs ,hall tx~ paid t~~ Born:wcr, ~nd tinles~ ~urh agrecment n~na~le or applicahte law~
rcyuire~ sucti interest tu he paid, l.cnder ~h:~ll not Fx nyuircJ a~ p.~~ H~~rmwer am intcrest or ~arning, on the Funds. Lender
~hall gi~•r t~~ Borrower, without char~e. ~n annual arcuun!ing uf thc I~un~i. ~huwing rredi~s ~nd ~ebits to Ihr Funds and ihe
purpose I~,r which each debit t~, the f=und~ w:~, ma~~. 'fhe I~un~l~ :u~ pl~KigeJ :u adJ~tiusial ~e~urit~ ior ~he ~um> >ecured
by ~hi~ \tortgagc. ~
1f thc amount ~~f the Funds hcld b~• Lrn~lcr, wgcthcr Hitli thr (uture munthl~ imtallmcnl} ~~f Funil~ pa}'abk prior to
thr du~ date~ uf ta~e~, as~es~menU, insurance prrmium. ;~nd gruund rrnt,, ~hal! excred thr antount reyuirrd to pa~~ ~a~d ta~es,
astiessmcnt~. msurancc prcmium, Ktid gruunJ rcnt, a~ thc~ tall dur, such c~rr;s ~h:ill ~. at B~•rru~~r'ti uptii~n. c-thcr
prompth~ rrpaid to Borrow~er uf ~~eJiteci ic: !?e~rruNer on munthl~• ~n.tc~llm~nt, of I~undti. If thc :~muunt ~~f thr Funds ~
held hy Lendrr shall not be sufticient to pay ta~es, asse~.mrnts, imur.~ncc premiumc an~i ground rentti as ~h~y fall d~~e.
Borrowcr shall pay to I.cndcr ~n~ amount nccc»ar~ Io ma1.c up thc drti.irnc~ within i0 Ja~a fmm thc datc ni~ticc is mailcd
by Lendcr to Borrou~cr rcyucsting p;i~mcnt ~hcreot.
Upon payment ~n full of all swns sccurcd b~ thi, ~1~~rt~agr. I rndrr ~hall prum~lly rcfim~l to Nc.rraHCr ant• Funds
held by Len~er. I( under paragraph lt; her~of ~hc ProFxrt~ ~~ .rld ur thr Prorert~ i~ othen~i.c acyinrrd h~~ I.ender. I.rnJer
shall appl}•, no latcr than immcdiatrl~• prior to thc ~ale ~~f th~ Pro~rt~ ~,r its .uyui~Rion by I.cndcr, an~~ I~unde hcld h}~
1_cndcr at thc timc of application as a cre~it agains~ thr wm. .ccurcd b~ thi. \1~~rtgagc.
3. Application of Payn~ents. Unlctis applicabl~ la~~ ~+m~i~lrs othcn.itic, all paymentti r~cci~ed b}~ I.~nder un~cr thc
Notc and paragraph. 1 and 2 hereuf ihall tx :+ppli~d h~~ Lcndcr fint in pa~ment ~~f .tmuunts pa):~blc ta Lcnder b~• Borrower
under paragraph 2 hereof, then to interr~t pa~~:~blr ~~n thr \utr. lhcn tu th~ principal of the ~:utc..:~nd thcn t~~ interesl and
pnncipal on :-n) Futurc Advances. •
~1. CharRes; Litns. $orro~s~r ~hall pap all ta~e., a~~r~~mcnts and uthrr rhargc., finc~ and ~mp.niUunt attnbutahle to
thc Property ahich may attain ~ prioriry ovcr thi~ \lortgag~, and Icauh~~ld paymcnt~ ur ground rents, if an}', in thc manncr
provided unJer paragraph 2 hereo( or. if not paid in wch mannrr. h~ B~~rruwer ma{.ing paqment. W hen due, direcdy to the
pay~ee thereaf. Borrow~er shall promptl~• furnish to I.end~r all not~ces of amounts duc :mder thiti paragraph, and in the e~~ent
HorroH~er shall makc payment dirertl~. Bi~rr~zwer ~hall prompti~ furni,h t~~ I.cnder rcreip~s e~idencing such pa)~mentti.
BorroHer shall prompily dischargc any licn ~chirh ha~ ~nont~• i~vcr thi~ ~tortR~Kr: pro~~~~lcd. that Borrc~wcr thall not be
required to d~scharge any tuch lirn tio long as Brrru«rr ~hall :~grec in uritirsg t~~ ~hr pa~ment of the ~~h6gati~~n +ecured b}'
wch lien in a manner acceptable to Lender, ~~r ,hall in gv~xi faith cuntr.t wrh lien h}• or defend enforcement of such lien in,
legal pr~keedings which o~er.~te to pre~•ent thc ~nfurremrnt o( thr I~rn ~~r furfe~turr of the Propert} <~r an~• pert thcreof.
5. Hazard Insurance. Borrower shall F,cep thc ~mpn•.~ment~ n~~~.a c~i.ung i~r herraftcr crected un the Pm~rty imured
against lass h~• fire. hatards incluJee? x•ithm the term "~vcnde_1 cu~cragc", and such other hazardt ac Lcnder may reyenre
an~i ir. such am~~ents and for such peri~xlti ati Lcndcr ma~ rryuire: , m~ idcJ, that Lcn~cr .hall not reyuirc that tnc ami~unt uf
such c~n•erage ercecd that amuunt ~~f co~crag~ reyuirrd tc, ~a~ the ~um. ,rcured h~ this !1lorlgage.
The insurance carrier providing the intiurance sh:~ll he chu.en b~• Borrowrr subject t~ appro~•al by 1_ender: provided.
that such appro~~al sha11 not be unrea~onahl~~ a•ithheld. All prcmium~ un inwrance policies shall tk paid m the manner
pruv~ded undcr paragraph 2 hercaf or. ~f not pa~d in surh manncr. hs H~~rroHer mak+ng paymcnt, uhcn due, ehrecdy to the
insurance carrier.
All ins~jrance poiicie~ anJ ren~Hals there~~t shall tx in farm :~rce~t~blc tu LenJrr and shail ~ncludr ~~ titandard mortgage
clause in fav~r of and in form acceptahle tr Ixnder. Lrndcr ,h:il1 ha~c the right t~• iiuld thc p.~licies and renewah ~hereof.
and BorroHer tihall prumpth• furnish t.~ I.ender al! rrn~;na! not:_rti :~ntl all receipt~ o( paid prenuum~. In the e~•cnt of los~.
Borre~u•er ~h:ill g~~~e pr~,mpt notic~ to the insur:~ncr carnrr and LenJer. Len~rr ma~ rnc~ke prout e,f loss it nut made pri,mptl~
bp Borrowcr.
Unless Len~ler and Borruw~r othrr~i.~ ~grre ir. wnl~ng. imurancC ~rucrc~l~ sh;,ll tH: applied to retituration i,r rep.,ir ot
thr Propert} .lama,ed. provided such retiturauun ~~r repeir i+ ectzni~mic.~ll~ fcasihle and the serurity of •.h~` 1~lortgage i~
not thcreb~~ ~mp~ircd. If w~h rc~to;atu:n or repau is n,~t rcum~m~.all}• lratiihlc or i( thc sccurit}' of th~ti ~lortg.igr u~oul~
be impaired, the insurance proceed~ chali be ap~lir~f t~~ !he ~umt ucureJ hy th~c M~rtg.~ge. ~~th the exce~s, if any, pa~d
to Borrr.w~~r. It the Pr.~pert) iti ahandc~ned h~ Barr~~H~er. or ii Bormwcr t:nl~ te~ rc~Fx~nd to Lender within 3U da}5 from the
date n~tice ~~ m;,~leJ by l.ender to Born:wrr that she insurancc rarrier e~i(er, tn ,cttlr :~ cl.um f~~r ~ri~urance h~enefitti, l.ender
i. authonzed to collect and appl~ the in.urance proceeJ, :~t I.cn~icr', <~ptivn either to restor~eEon c~r repair of the Properi~
or to thc sum, ~ccured hy thi~ Mortgagr.
Unlesl 1_cndcr and Bor~uwer i~thcn+iu agrer in wr~tin~;. an: ~uch application c~f pn~cceJs tc~ pnncipal ~hall not c~tcnd
ur pustponc thc duc date uf thc monthh imtallmcntti rrfcrrcd t~~ in para~:raph. 1 and ?!~cre~~f ur changc thc ami~unt of
such imtallmenb. It under paragraph i ti hereof thc Pr.~pe;rh u acyuircd b~ Lender. all right, titie and interPst of Borruwer
in ~nd to rm imurance policies and iu :~nd t<~ the pr~~cee~iti thereot re~ult~ng from Jamage to thc Property prior to the sakk
or acyuisition ~h.~ll paSS to Lendcr to the c~lent uf the wn~5 ,ecureJ h~ thi~ ~tvrtgage immedialcl~~ prior to ~uch sale or
acywsition.
6. Preser~alion and ~lainfrnancc of Prnpert~: I.e. ~rhulds Cundominiumti; Planned i;nit Uc~elopmcnls. B~rroHCr
shall keep the Property in gcx?d repair and tihaN not c~~mmit tia~te ~~r permit :mpairment or deterio~atiun of the Property
and shall compl~• with thc provisions of an} lease if thiti ti1~+rtgage i~ ~~n a Icasch~~ld. If lhiti ?11ortgagc is ~m a unit in a
ronJominium or a planncd unit Jrvcl~~pmcnt. Borr~~wcr ~hall pcrfurm all of Barr~~wcr's c~bligauons undcr thc dcclarati.m
ur covenants creating or guvermng the a~nd~~minium ~~r planned unit de~ci~:pr~~c~t, the b~~-law~ and rcgulatiom of the
cun~ominium or planned unit developme~t. nnd c~m,tituent ~locumentti. If a cun~l.~minium or planned unrt de~rlopment
n~icr „ c:.ec~itcd b}• Borrowcr and re~i~r~c:l tug~thcr ~~th ihi~ At~,rtg~~gr. Ihc cc,~cn.+ntti and agrecmcnt, af .uch ridcr
~hall be ~ncorpurated into and sh.~ll amend anil ~upplrmrnt thr c:~.cr.•intti anif agreemcnts nf thi. Murtgagr -~~ if ~hr n~ler
~ccc a p.~rt hereof.
7. Protection of Lender's Security. If B~~rr~~HCr te~h ti~ prrfrrm the rc~~~en.:nt~ an~l agreements :~mtained in t~~ti
~fortgagr. or if sny~ action ur proceed~ng i. cum~nence~l ~+hich m.~t~rialh :alirc~, I_en~ler'ti interest in th~ Pn.pert~•.
includin~, but ri~~t limitcd to. cmuicnt domain. in~~~l~cnc~, c~xic cnl~~rccrncnt. i~r arran~*cmcnts or pr~~ceedingc invoh•in¢ a
hankrt~pt or dre~dcnt. thcn Lcndcr at I.endcr'. upt~i~n. u~m ni~UCC t~~ Bc~rrc~wcr, ma~ makc such apFx:aran:cti. Jishursc such
;umc and takc such actiun a~ is necc«ar. t~~ pn+tr~t Lcndcr'. ~mcrest. includinc. but n~: lim~tcd ~~~, ds~burscmcm ~~f
reasonahle attorne}~'s fces and rnlry u~m thc Properi~ tc. m:~kc rc~~a~r,. It Lender rryuirr~i mortgage insurance a~ a
runditic~n of making thr loan K.ure~l h~ thi~ ~1urt~a~c. B~~rr~~~~cr sh:.li ~~~ ~h~ ~rcm~ums rcqinre~l to maintaui wch
insurance in efTect until ~uch Ume a~ thr r~yuiremen~ lor ~urh imurance terminateti in ac~ordai~~e KIIFI BOffUNCf S ~nd
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