HomeMy WebLinkAbout1456l.`~Uuk~l (~(/\I ~~N11. BOffUNCC an~l l~n~icr ~~~~~n:ui~ nn~l .~~i~c a~ l~~lluH~~
1. Paymrnl of P~incipal and Inlrrc~l. li~,~ru~~« .h:~ll p-um~,tl~ pa}~ «hcie duc thr principal oi ;~nd intrr~~t ~,n thr
in~lebtrdncss cv~dcnc~.l hy thc Notr. pr~pa}'mrnt and latc chargr. a, pmvi~lcd in thc !~~uc. :~nd Ihc princ~pal uf and ~ntrrcct
on any Futurr Ad~•ancr, ~ccure~l by thn Murtgagc.
2. Funds tor Taxes and Insurance. Subjcrt t~~ appli~~blc law ur to a wnUcn waivcr by I.cndcr, liorrowcr .hall pay
to I.rnJcr c,n thc Jay~ monthly in~~a!Imcnt~ of principal anJ intrre.~ :uc payablc unJcr thr tiotc. u~til thc lote i. p:~iJ in (ull.
a sum Ihcrrin '~Funds"1 cqua) tu un~-h~clfth •ut thc }'carh ta~~~ an~l a~~c»mrnt~ Hhich ma~• auain priarit)• ~-vcr th~~
`lurtgagc, an~l bruund rents on thc Pro~r~y, if ;~m~, plu~ ~mr-n~rlfth of ~rarlp pr~mium inst:+llm~m~ f~~r har.ird imurancc,
plu~ onc-tHelfth of ycarly prcmium imtallmrnt~ fur mortgagc ~n~ur,~ncr. ~1 an)~, all a~ reau~nably c~1im:~tcd inih:~ll~• and from
time to limc M• l.cndcr on thc batii~ of a»c»mrnl~ :~nd hill~ :~nd re:u~~ir.~blc e~tim:~~cti thcrcof.
Thc runJs shall hc held in an imtitutiun thc Jc~~~it. ~~r a~ruum~ ~-i whirh arc in~urcJ or guarantccd b~ a f=cJcral or
~tat~ agcncp lincluding L~ndcr if Lrn~~r i. ~uch an in,titutiun-. 1 cnd~r ,hall appl~ thr FunJc to pac ~aid ta~e~. as~c~smcntti,
~murancc prcmiumc and ground rrnt~. Lcndcr ma~' n~,t rhargc l~~r ,~~ h~~l~in~ and applying thc Fun~~. anal~'i~ng ~aid acrnunt.
ur verif}'ing an~ a~mpiling ,aid a~se,.men~, :~nii i,ill.. wilcs> l.enJcr pa~~ Burruwrr inte:r~it un ~he FunJ; :ind applicable law
~x;rmits l.cn~cr tu makc ~uch :~ chargc. BurruH~r and Lrndrr may :~grrr in wnting al thc timc ui cxccut~on ot thi~
~tortg:~gc that intcrc~t un Ihc FunJ. .hall tx paiJ tu l3orruw~~r, and unl~~~ ~urh agrecmcnl iti maJc or applicahle law
rcyuires sur:i i~terest to he paid, Lcnder sh:~ll n~~t Fx rcyuirrJ t~~ pa~ B~~rroa•cr :~m imrrest or c~rning~ on the Fund~. Lcnd~r
rhall gi~•c to Borrower, without chargc. :ui :~nnual :~ccuunting ~~f the I unJ, ~huwing credils and deh~ts ta Ihc l=und~ and ih~
purEx~~e fur whirh ~ach debit tu the Fund~ N:~~ m;~~c. 7 he f iir.d~ arr ~Ic~K~d a~ adJitiunal ~ecurit~' t~~r the wm. ~ecured
by thi. \1c.rtgagc.
If thc amount of the Funds hcld hy I.cnJc~. tu~;~thrr ~~ith thr tuturc monthl}• imtallmcntti i~f FunJ, p;~~:~blc priur tn
thc due dales ~,f taxcs. as~rsamcnts. insuranrr prcmium~ c~nJ gruund rent~. ~hcill c~rrrd thc am~-unt rcyuirrd tu pa~ ~aid ta~es,
asscssmcnt,. insurancc prcmium, and ground rent~ .i~ thra ~.~U ~4i~. ~uch c~c~,ti tihall bc. :d B~,rru~cr'c ophi~n. cithcr
prompNy repaid to BorroHCr or crcditcd tu F3~~rroHtir ~m munthl~ imtaltmrnt+ of 1=und~. If thc amuunt of thr Funds
held by Lendcr ~hall not be suflicient to pay ta~r~, assr~~mrnt.. imur:~n~r prrmium~ :~n~l gmund rrnt~. as th~}• fall due.
Borrowcr sha8 pa~• to Lcndcr an~ amount necc~~ar}' t~, makr up thr .I~Iic~r~irv within 30 ~ta~~ from thc datc ni,ticc i~ mailyd
by l.cndcr to Borrowcr rcyucsting pa}mcnt thcrcot.
Up~~n payment in f~dl of all sums sccured b~ th~. M~.rtgagr. I.cndrr ~h:~ll prumptlp relun~l tu Bi~rruHCr am~ Funds
held by I.cmler. If under parag~aph lt; hereu! thc Pru~xrt}• ~~ •rld ~~r thc Prorerty i~ othenvi.e :~cyu~rcd by L~n~er, Len~ier
shall :~pply, no latcr th:in ~mmediatcly prior ~u thc .alc ~~f ti~r PruEx:rt} ur it~ :~cyuisitiun hp Lcndrr, ~m~ Funds hcl~l b~-
Lcndcr at ~hc timc of appliration as a credit against Ihr sutn, ,ccure~l h~ thi. ~lurtgagr.
3. Application of Payments. Unlrtis applicahl~ law pn~~i~lcs athrn~itic. all p:-~•mcntti reccived b~~ LcnJcr un~tcr thc
tiatc anJ paragraph. I and 2 hcrcof ,h:,ll tx appli~d b~~ I.cndrr fir~t m pa}mcnt ul rmounts pa}•ahlc t.~ I.~ndcr by BorruHer
undcr paragraph 2 hcreof, then to i:etrrc~t pc~yahlc ~~n thc \~~t~. ~h~~~ to thc pnncipal of thc N~~tr. an~i th~n t~+ intcrest and
principal un any FWurc Advances.
4. CharRes; Litns. Bi~rra~er ~hall pa} all t.~~r.. a,.rti.snrms and ~~1hri charg~.. fi~tc, and in~potiitiunc attnbuiable tu
the Propert~~ w~hich may attain a priority over thn ~tongage, and Irauhold paymcnts ~ir ground rentt, if an}•. in the manner
provided unJer paragraph 2 hereof or. i( not p~id in tiuch manner. b~ $urruHCr making pa~•ment, when due. ~irecdy ta the
papec thrreof. Borrower shalt promp~ly furnish ~a LenJcr ail n~Uccs ~~f amounts duc under this oarrgraph. and in the e~~ent
Borrower sh:~ll make pa}'ment dire.th. Hi~rroHCr ~haU promp~l~ f~unitih ti~ I.ender rer~ipts rvidencing such pa)~ments.
Horrower si~all pron~pll}' dischargc an}' licn «hich hss priont~~ i~~cr thi. ~lortgagc; pru~~i~fcd, that Borrawcr tihall nc~t tx~
required to diuuharge :-ny wch lien so lang as B~~rrowcr shall agrrr in Hriling t~~ thc pa~~ment of thr i~blig:~ti~~n s~cured b}•
wch Gen in a manner acceptable to Lender, or .hall in gcx~J faith ~untr.t such lirn hy. or ~lefenJ enforcemrnt of such lien in,
iegal prr.ceeding~ w~hich oper~te to pre~•enl the enf~~rcemrnt ol thr lirn ur furleiture of the Propert}' ~~r an}' part thereof.
5. Hazard Insurance. Borrowcr shall krcp thc ~mpnncmrnt. ni~~~ r~itiUng i~n c~rcaftcr crrrtcd c~n thc Prapc:rty ~n~urcd
against los~ h~~ firc, hazards includcd w~ithm thc tcrm "~~tcndc~l ra~•rragc". an~l wrh othcr hazards a~ f.cndcr ma}• rcyuire
and in such ~mounts and for surh pcri~xlc ~c I.cnder m:~~ rcyuirr: pnn•idc.l, that (.rndtr ~hall not n:yuirc that thc amuunt uf
such coverage e!cceed tha( amuunl of ccn~r~ge rryuired ta pa~ the •um~ .ecured h~ this Mortgage.
"I~-e insurance carrier providing thc insur~ncc ~hall be cho~cn b~• 8~~rroHCr 4ubject tc~ approval by Lender, provided,
that such appro~•al shall not bc unrca~onahl}• withhcld. :1i1 prcmiuim ~m inwrancc ~~licics shall tx~ paid in thc manner
pravidcd undcr p~ragraph 2 hereo( ur. d nvt p~id in tii:ch manner, hy B~~rrotier making p~yment, when due, ~Lrcctly to the
insurance carrier.
Al) insurance polic~eti and rencµals there~~t shall Fx in form ,,rrr~i.~blr tu Lcn.icr :~nd ~hall in~ltidr :~ titan~iard mcirtgag~
clautic in favur of and in f~~rm acrcptablc w L~ndcr. I.~ndcr .h.~ll ha~c th:: right t~~ huld ~hr pulici~, :~nd rene~cal. Ihcreuf.
and BormHCr ~hatl pr~~mptl}~ furnish to I.ender all irn~~al noti~cti ;~nd all rcreipts of paid premium~. In thc e~~ent ot l~tit,
Bc~rrow~er.h:~ll gi~r pri~mpt notic~ u~ the imur.~ncr carncr .~nd I endcr. I ert~icr ma~ make pnx~t of loss if not made pri~mptl}
b~~ Bnrrewcr.
l;nlcss l.cn~trr and Borr.~HCr othcrHi.~ agrrr in ant~ng, imur:~ncr pr~~rcr~~ shall tk rpplicd tc. rctitoratio!~ ~~r rcp~ir of
thc Pr.;pcrty ~amagc~l, prov~«ed such r~titurauun ~~r rc~:ur i, ~cim~~mic:ill} Ir:iSihlc and thr ticrurit}' of thiti Mortgagc ~c
not ihereb~ impaired. It tiuch restor.,ti~~n or rcpa~r is n~~t i•c~~nu-nirall~• fr: tiihle ~x if the securit)~ of th~c ~tortgage wauld
be impaired. 1he insurance pnxeedti shall tx~ applie~ !i~ the ~ums .rciued h} th~~ Mi~rtgage. ~,th the excets, if an}•, paid
to Borruw~r. If the Propert~ is nh~nd~mcd h~ Be~rr,~wer. i.r ~t Burrc~wcr tai!~ tr~ re~~m~l t~ Lcnder with~n 30 day~ from the
date notice i, mailed b~ Lender n~ Hurre~HCr that the imura~tc~ ~arnrr cetferti ti~ ,et~le :~ cl:um f~~r ~s:~urance hencfit~, I_ender
i~ .~uthorized to ~_ol~ect an~3 ~pplp the imura-ue pnx;eccls at I.enJcr~ti ~pUun cith~r tu restorat~on ur repair of the Propert~~
ur to the sum~ sccureJ hy th~s ~lurtgagc.
Unle~ti Len~cr and ~3orrower ~~therwitic .~grec in .-ntin~. an} ~~!ch appliration ~~i pr~~ceeds to pnncipal shall not e~tcnd
or postpc~ne thc duc datc of thc mtrothly imt~llmcnt~ r~fcrrcd t~~ in paragraph, 1 ~n~l ~ hcrr~~f or changc Ihc am~~un! uf
such ir.~tallrients. It under par~graph i!i hereof the Pro~rt} i~ rcyuired h~ 1_endrr, ali ng;tt, title and interest of Sorruwer
in and to an~ insuran~e ~lic~es and in and ~o Ihc pnxred~ thrreot re~ult~ng (~um damage to the Propert} prior to lhe sale
or acyui~ition ,h.~ll pass to Lcndcr to th~ c.~tcnt uf thc ~umti sccured hy thr. ~f~~rtgagc ~mmcdiatcl}• pnor to auch sale or
acyuisition.
6. Presenalion and ~tainlcnance of Property: Lca~ehulds; ('undominiums; Planned l;nit De~~elopmcots. Borrowcr
shall k~ep thr Property in e~x~d repair and shall nc~t commii ~~:lSIC ~~r permrt impairment or deteriora!ion of the Pr~~perty
and shall comply~ «ith thc provis~ons of an~~ leasc it th~ti ~1~~rtgacc i~ ~m a Icasrhi~ld. If thiti ~torlgagc is un a imit in a
condomirium or a planncd unit ~r~~rl~,pmrnt. Borr..arr ~hall ~rf~,rm :ill i~f Borruwcr's ubhgaUons undcr thc dccl~ratic,n
or covenanb creat~ng or g~~verning th~ ci~nd~mi~nium ~~r plannrJ ~+nil devel~~pment, the by-laws and regulati~~n, ~~f the
u,nJ~~mini~m ar planncd unit devclopment. .~nd cun~~iturn~ ~i~~umcnt.. It a cun~luminium vr planncd unrt ~1r~rl~~pmcnt
n~icr i, ~~ccutcd b;' Borrowcr ~nd re<<~rded t~~gcthrr ~ith thi~ M~~rtgagc, [hc cmcnants anJ agrecmcnh ~~1 ~uc.`: nJcr
shall bc incor~rated into and tih:~l1 amcnd ~n~l wp~!~ment thc cu~cnan~~ anJ agrcrmcnts o~ thiti Mor~gagc as if thc ri~cr
Here a part hereof.
7 Profeclion of I.ender's Securify. ff B~~rrrHCr fa:l~ U~ ~xrf~~rm thc c~ven.intti an~l agrerrncnts c~•ntaincd in thit
~lortgag~, or if any achon ~~r prckrcding ~~ ~~~mrnrn~rJ which matrrialh aftrrh Lcn~cr'~ irucrest in thc Pm~xrt}'.
including. but ~~~~t I~mitcd to. cm~nent domain. in.~~l~cn.~, c~~dc cnt~~rccmcnt. ~~r arr.~r.gcmcnit ~~r pnkccdingti involving a
bankrupt or dcccdcnt, thcn Lcndcr at Lcndcr'~ opti~~n, u~x~n n~~hcc t~~ f3orrc~wcr, m:~~ m;ikc ~uch apFxarancc.. ~itihursr iuch
tiums and ~ake such acti~m a~ is nccc~,an t~~ pr~~trct I.cndcr'. ~n~rrest, mctu~hng. bu1 n~~t limitcd t~~. ditiburscmcnt ~~f
rc;~sonaMc attorney's t~cti and cntry up~m thr Pn~pcrt~ t~~ m:~kc rcp.~~r.. It Lrndcr rcyuircd mortgagc insur.incc a~ a
cunditi~m uf mak~ng thc loan w;cure~t h~ thiti ~1~~ngaLC. B~~rr~~~~-r ~l~.~1~ ~+a}' thc rrcmiun~s rcquircd ti~ maintain ~i~ch
inwrance in elTect umil tiuch time a~ ~ne reyuirement f~~r wch int~irancc Irrminatr~ in accordance v+ith Borrow~er'~ anJ
^+~r, ~51 F~L'E 1~~~
b.,~K