HomeMy WebLinkAbout1522Burruwer and l.endrr cuvenant and agree a~ folluNS:
1. Renc~odaNt Rate Fe~tures. The M~~rtg~ga Nute sc~:urcd by this Munga~r pruvidr. tha! thr prr a~inwn ratr uf intcrr~t ~m
~he unp~id balan~Y af principal will be :~djustcd at thra year intervals; that thc m~~imum amuun~ uf an intrrr.t ralr incrrasc at thc
time uf any interest rate adjustmenl shsl) !x one and o~ahalf (1-1/2) pcrcenta~tr p~-ints; and furthcr, that at i~u time may the rate •
of intrrrst be grcater than five (S) {xrcentage points ove~ the ir~ilial intcrest ratr.
An incrra~ in the interest rate wiU rcsult in an increase in the ~mount of thr munthly m.tallmrnts uf princspal and intcrc+t.
2. P~yment ot P~incipal and Inte~est. Borruwer shall prrm~aly pay whcn du~ Ihe principal ot and intc~csl on the
indebtedness ev~dcnced hy the Note, prepaymenl and latc :harge~ a~ pru~'iJeJ ~n ~hr Nt~~c, and Ihe p~inc~pal of and mtercit
on any Future Advancec secured by ~h~c M~~rigage
3. Fnnds tor Taaa snd Insurance. Subjer~ to appli~able la~a• ar to a Nrinen waivrr h~~ I.enJer, Ronc:wrr chall pay
to Lender an the day mo~thly mc~allmems of pr~ncipal and ~ntcrect arr payat~le unJer Ihc Note, unUl the ti~~e ~• paiJ in (ull,
a Sum ~i~c~rm ~~'unlis~l CyuJi tu onc-lwelttn i~t Ihc 1~:~ny iatic~ anii acuc~mrn~• v~n~cn rna) ~~~ain ~~~~~•~~iy .~.c~ ~~~~.
Mortgagc. anJ ground rents on thc Pmpc~~y, if :~nc, plu~ ~~nr-twcUih ~~( ~e:+rly prrm~um inctallmcnl~ f.~r haiard in.uranct.
plus onC•lw•tlfth .~f yearly premiutn inctallm~ms tor m~~r~gaFr insi~~an~c. i( :+ny, all ~n r~a~unahh' c~l~mat~•~t ~n~ii.il~~ :~n!1 it~~m
time ta time h~• l.e~der on thc basis of a~sessmcmc :,nJ h~ll. an~l rra~~~nahlr e.~~nr.~ic. ~here~~f
'il~e FunJ~ shall t-e held in an ~mt~tutiun ~hc de{x~~t~ or a:cuunt~ nf w~hich are imured ur gua~:,n~eed In a I~eJe~al c~r
state agency lincluding i.ender if L~nJe4 ~a Su~h an in.~i~uti~~nl. 1 ender tihall .~ppl~ the I~u~d~-fo pay ti:~id taies, atse~sments,
insurance prcnuums and ground renh. l_riider may not charge for ~~~ he~W~n~r aoJ appl~inK ih~~ f uml.: :~nal~•nng ~aid accoum.
or verif)•ing and a~mpding caid a~se.~ments an~l hilh, unlecs Le~der p,~y~ HormN•cr ~ntcrc.i ~~n ihe f~un~h :~nd npplirahk law
permits I.ender t~~ make such :~ charge. Burr~+wer and 1 endrr may :+grre ~n wntin~; at ~h~ ~in~c ~~f crr~uti~n of thi~
Mortgage lhat inttre~t ~~n the FunJs shall he pa~d ~o H~~rn~wrr, and unle+i wch ~greru~em i~ made ~~r :-pplicahle law
requires such ~nterest t~~ he paid. Lender ch:~ll nut he reyu~reJ t~~ pa> B~~rrawer :~m intrr~~t ~~r c:+rn~nF~ ~m the I~und~. I.ender
shall gi~'e to Borrower, without charKe, an annual sraauuing ~~( ~h~ t un~~ .h~~~in~; c~eJ~l~ .+i~d drh~n t~~ ~hr Fundt and the
pu~pox (ur wh~ch each deh!t tu the f=unds ~a~ madr Ihe I und~ ar~ pleJgc~ .+~ :+JJitu~nal +:cun1~• f~~r the ~um~ ~ecured
by this ~1~,rtgage.
lf the amount of the F~mds hcld by Ixndcr, tugelhrr ..ith ~hc futurc munthl} ~nctallmrnls of Funds pa}•able prior to
th~ due dates uf taxes, as~essmeros, insurance prrmiunu an.l gmun~i rcnt,. ~haU ex~reJ thr amouiit reywrrd to pay said taxes,
a;xsstne~l5. ~nst~r~nce premie~m+ and gr~*~er,d sen!, ati thcy !a!! dt~r. ~trrh e~ce+s 4h::!! he. ~st l3~•rr.,++~er's n~+t~nn, eilher
p~omptly rep~id to Borro~er or credued to b~~rroaer un monlhl}~ inst~llmcntc ot Fund~. If the amount ot ~he Funds
held by Lender ~haii not be sufticient to pay ta~cs, asceti~mer.ts. im!~r.~ncc prcmium~ and gr~~und rents as they (all due,
Borrower shali pa}• to LenJer anJr amount neces~art to make up ~he Jetic~enr~• withm 3(- da~t (mm the date nohce is mailed
by Lender to Bi~rrower reyuesling pa~mcnt thercot
Upon payment m full ot all sums sccurrJ b~ thi~ tilurt~taec. 1 cndrr shall prumptly rcfund tu Burruwer any Funds
held by Lender. If under paragraph 19 hereof ~he Prup~rt~ i. <<~Id ~~r thr P~upcrty ~~ otherwi.c acyu~rcd by 1 endcr, Lender
shall apply, no later than ~mmediatrl~ prior ro the .~Ie ~~f the 1'rupeny or ~ts acywt•U~n h} Lender, any~ Fundc held 5y
Lender at the time oF application ~ti a crr~i~ aga~mt thr sum. secured h~ th~c :1lortgagr.
4. Application of Payments. l.~nl~.ti applicah!r IaH pr.~~ i~ies c~thcr..+se. all payments recci~•ed by ( ender under the
Note and paragraph. 2 3nd 3 hereof tihall tk appli~~ M I rn~cr fint in pa~ment ~~( amuunts pa>:~hlc to Lrnder h}• B~xrower
under paragraph 3 hei:af, then to intrrr~t p:,}'ahlc ~~n thr \.,~~. thrn t~• thr pnncipal ot the tiutr, and then h~ interest and
pnnc~pal on an~ Futurc Ad~ancc..
S. Chargts: Liens. Bi~rro~rr ~h.ill pa) .+II Ie ;t~. :~~.rt~nuntt and ulhrr ch:ugr.. finc. an~i ~mpu~itic~r.s attnbutahle lo
the Pro 1t~' 1ti'F!!~~! l122 ~1I3lR i! I!l~Fl~ t~Ver Ih~~ ~~prt ~,~ ~ :~r~t~ ~e•~.~~•hn~~i :1~f11C~lt~ ~~f fAllfld rent~. if anp_ in the manner
~ y ~ } ~. •~'" ' ~ . ~
prov~ded unJcr paragraph 3 heren.' or. ~f n~~t pa:d in wch mannrr. h. Hurrc~wrr m:~king pa~ment, wiien due, direcdy to the
payee thereof. BorruNCr shall promptl~~ furn~.h to Len~lrr all n~~t~rr, ~t amuunt, duc :~ndcr th~ti paragraph. and in the event
BorroKer sh:,ll make pa}ment d~recll~. N~~rr~~u~r .hall prum~ul~ tiirni~h t~~ LrnJrr receipl~ e~~dencing surh paymentc.
8orrower shal! pcomptly ~fiti.harg~ am~ l~~n ~~h~.h h.u pn~~r~t~ ~+tirr th~~ ~tortga~~ ~ro~~~ie~1 th~t Bc~rr~~w•er ~hall not be
requ~red tv dis~harge an~• tuch hrn w long as H~~;mwrr tih;,ll ,~~rrr in ~~riUn~t t~~ the pa}ment of thr ~bligau~~n secured b)'
such lien in a manner accc~tablr t~~ Lcndcr, ~u ,h,Jl in g.~rJ t.,ith c~~nt~,t ~u~h lirn h~, or ~fefe~~l rnf~~rcement o( surh lien in,
legal prcxeed~ngs wh~ch operate.tu pr~~_ent•thc rnf~Kaemcn~ ot thr i~~:~ i~r furfeiturr of the Property ur an~ part thereof.
6. Hasa~d IncurancR. Burrc~~cr shall lrr~+ thc ~rppr.~~.~m•_~nt. nuw c~4~r.ng ~,r hereafter erected qn ihe Pr~,perty msured .
against laSs b~• fire. hazardt.in~ludrd_N~thin ~h~ terni ~~~t<<ti~1rJ :u~cr~b~ . anJ ~uch other hat~rds a~ Lendrr may reyu~re
and ~n such ~r.-t.~urtts and for such ~xriwi~ a~ Lender ma} reyu~re: ~r~•~idr.1, th~t Len:ter ~hall n~~t reyu~re ihat the amoum of
such coverage e~cred that amuunt ~~f ~ir.~ragr r~yuire~l ti~ p.~~ Itu .~!m~ ~e~~~rrd h~ thn iti•rtgage
The insurance ~arrecr providing thr imur.,nre ~hal! tx :he~.en h: B~~rmwrr ~ub~ect tc. approval b}• I.ender: provided,
that such appro~al shall nut be unrra~~mahl}• uithhrid All prrnu~~m. t~n inwrarice p~~liciet .hall be paid m the manner
prov~ded imder paragraph 3 hereot or. ~f not paid in wch ma:-ncr, hy B~~rroKer makmg payment. when dne, dircctly to the
insurance carner.
All insurance policie. an~i reneNals there~~1 ~hall hr in f~~rm .~c~r~t.~hl~ tu I rnJ~r a~d chall ,nrludc a~tanJard mortgage
ciause m fa~•~r ~.f and in f~~rm acccptahle t~~ Lrnder LenJrr ~h.~il ha~c the riRht t~~ hold the p.~li:i~s and reneNals thereof.
a~d $orrower ~hall pm:np-l~ ftirn~sh ti~ I ender afl fc'f1CKdI »ohie~ an~t all rr~ri~ts ~~i paid premnum In the e~~ent of 1oss.
Borrower ,hall g~re ptbmpt ni~t~~c tu the ,nwr.,n~r ~.unrr .~n.! i en.frr. I en~lrr me: n:a1.e pna~t <~f I~„ti if nnt made pn,mptl~
by Borrower.
Unless I.ender and B~~rruw~r othrr~~•c agrer ~n Nf1IlIll;. Itl~Uf:ui:c pr.~«.i~ sha~I hc; ~nplicd t~ re.r~~-:+ti~n ur repair of
the Propertq ~am:~geJ. pr~~w~leJ tiu~h retiWrau~~n ~~r rc~a~r ~~ ec~~n~~mi:allc fras~Mr :~nd the ~e~unt~ uf thi: M~rtgage ~s
not thereby impa~red if wrh re,tcr.,t~~~n or rrp.ur ic nrt ~.~~m~m~..~ll~ t~.~.~hlr rr 31 the ce~unty :~f th~~ ~t~rsgage would
bt ~mpaired. the imur:~nce pr~~ceeJ~ ~hall be applirJ t~~ thr sums iuureJ_h} th~< <1~~rtgrgt. N~~h the ~!e;:tis: if any, paid
to Borruwer II Ihe Properl~ iti nh;inJ~+ned hti Horr~~Mrt. ~+r ~i Burr~~:~rr teil. t~~ n•~~~~nd ~~~ I ~nJer within 10 da~s frcxn the
date non::r ~, m:uled h~ Lender t~~ Born~NCr thet ihr ~n.ur.,ncr c.~rnrr „ttrr. t~, ,~itlr .~ rl:um fe,r m~uranre Fxnefih, l.ender
~s au!hi,n~eJ t~~ c~,lle~t :~n~ .»nh the in,un~ncr `r„cer~is et 1 r,~,lcr ,~~~ t~~~n e~nc~r t~~ re~t~~reu~~n ~~r repair of th~ Property
or to thc ~um. ,rcurcd h~ th~s ~tortgagc •
Unle~ti l.rndcr J11d B(1ff~~NCf ~~thCrNi.r .~~rcr ~n ~~nhng. an~ s~i~h .+~pii~.~u~~n ~~( ~ ~~•credti lo ~nnc~~a) ~hall not extend
or postp~~ne the due Ja~c uf th~ m~~nlhh imi:~llmer~t~ rrfeircJ ~:~ in par.,~raph. '_ :~nd 3 h^se~~f or change the amount of
su~t~ :mlallmenh. It unJer paragraph 19 hereof ~hc Yrc~~xrt~ ~. .~ryu~rr.i r.: i.<<,,i~~~. .+i~ nghl, t~tle and interest o( Horrower
in end ~u an~ imur:~n:c poliiie~ anJ !n an~l tr ~h: ~r~~:c~J. [hrre~~t re.~~`•.ring lr~~t:~ J,~~n;~gc t~ the Pr~~pcrt~ pn~r to the sale
or acywsiuun ~h:~li pa~~ t~~ Lrnder to th~ ~~tcnt ~~t thc ,um~ ~r.urr.1 h~ tn~. ~t~,ctg.etie irnmediatcl~ pno~ t~~ ~uch sale or
acqu~sihun.
7. Presrnalion and ~iainlcn•rnce oF Propcrt~: Lca.ch~dd~; ( undominium.; Pl~nned l'nil 1)e~elopments. Borrower
shall kcep thr Prupert} ~n guc~d r~pair and ~h:~ll nut cummii ~e,tc ~~r ~crmn im~~a~rm~nt or dcte~iorativn of the Propert)'
and sh~ll cumpl} w:th th~ pru~i.iuns uf .an~ lca~e it th~• ~1~~rt~.ig~ ~. ~,n e Ir:~.rhuld. It thi. ~1~,rtgage ~ti un a unit ~n a
condc,miru„m ur s plann_•i.un~l Jr~clupntcnt. Hurrr.~LC tih.,ll ~~rt~~rJ?~ ~II ut Bi~rrrNCr's ubl~at~~~ns under the declarahon
or covenanl~ crr~ting ~~r g~~vcrn~n~: thr c:~~~d~~nunium ~~r p;.~nnrd ~~~ut dr.c ~pmrnt, thc bp la~+s and fcgulaliunc of tht
c~~nJumir.ium cu planncJ un~t dc~cl~~prnern.'.~nd ~~~n,tit~~cnt ~f~~.um~n~. If ~<<m~i~minium or pl.inned unit .ic~clopment
tider s~ executcd b} Burn~wer and rri~~rdcd I~~~~~hrt with Ih~~ ~1~~rtgage. the ci~~en.+m~ and egre~mcnh ~~f ~trch nder
:.hall be~ncornurate~l uit~~ .,nJ ~h.~U emend ~mf u~pplrmenf If:c ~u~enent, :~nJ .+grrcmrnts o( thiti M~~rtgagr as ~f the rider
were a part hereof.
~ 8. Prolectian of I.ender's Security. I( B~~rru~-er t.nl, t~• Fxrf~~rm the covenemc and agreemcnls c~~nl2ineai in this
Mortgage, or if any acU~~n ~~r proceeding ~~ ~~~mmenccJ which malenall~~ afiect5 I.ender's interest in the Properly,
iocludmg. but n~~t Inn~ted t~~. cmincnt dom:un in.c~l~cn~y. c~~dc rn(~ucemcnt. ~~r arrangemcnts.or pr~~ceedin~s involv~ng a
bankrupt or dr~edeni. then I cnder at I endcr~. ~ti~t~~~n. u~+n n~~::ce t~~ Borrower. ~ia~ make such appearances, disburu sueh
sums ~nd t~ke such acuun as is nece.~arr ~~~ pr~~tcrt I-ender~~ interect. inrluding, but not limited to, d~cbursemenl of
reuonable attorney's fees and eniry up~~n the Pre.per~y t~i mai~c rcpa~n If Lender requireu morlgage insuranct as a
•cond~tion o( mak:ng thc loan tiecured b} th~~ M~~rtgaKr. H~~rr~,Nrr shall pa~- thc premiums required to maintam such
iwuranCe in eftect unti) such t~me as the reywrement for wch ~nwrancc IuminatCs ft~ xcord~noe with Borrower's and
~ F,-;',x ~5~. Fd~E i51~
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