HomeMy WebLinkAbout1653Utv~tuk~t (~~~vt!.~~v~s. Burruwer :~nJ 1 c~i.irr ~u~~n:~n~ ~n~1 :~Krre .~~ full~,~ti .
1. PaYment ot Princjpal and Inletrst. Iiarn,HCr ~h:~ll pr~~mpU~ pay Nhrn dur thr p:incipal uf arnl int~rc+t un ~hc
indchtcdncss cvid~nr~.l by th~ Nu~r, prcpaymrnt and latr rhargr. a. {~ruvi~l~d in thc Nolr. :~nd 1hc ~rincipal a( and ~mrrec~
on any Futurc Advanre~ cccured hy Ihi~ Murlgagc
2. Funds tor Taxes and Insurance. Subject to applicable law ~~r to a written wa~ver by l.ender, HorroWCr ~hall pa~•
to Lcndcr ~.n thr Jay m~~~thly inclallmcnts of prinripal anJ intcrc.t arc payahlc undcr lhe Ni~tc, um~l thc ti~~tc ~~ paid ~n tull.
a sum Ihercin "Fun~li'- equal ta ~~ne-Mclflh of ~hc yrarly t;-~r~ an~l a~~ec~mcnlti ~hich ma)• attain pn~~rity ovcr Ihic
bturtgagc, an.f ground rentt on thc Pn~pcr~y, ~f an~•, plu~ ~mr-~w•rll~h uf ~•rarly prrmium inct:~llmcntc for harard insurancc,
pluc onc-~wclfth of ~rarl~• prcmium inctallmcntc (or mi~rtgagc insurancr. ~f any. all ati rrati~,nabl~• c.timatcd init~all~• an~l trom
iime t~~ time h~• 1 ender on thr h:a~~ of a~sescments anJ h~ll~ :uid rea+unabk etihmatc~ thereo(
The Fund. shall be heW in an imtuuUun thr Je{x»~t. ~.r arci~unt~ ~.f which are in~ured i~r g~.ar:~nteed bt~ a I~ederal or
state aKcnc} f including Lender if t.ender i~ tiuch an inst~tution-. 1 rndcr ,haU appl~- ~he Fundc to pa}• ~:ud tatie~, a~.essment~,
~rourancc prcmiums and ground rrnh Lcndcr map niu chargc tor ~„ huldinF an.1 :~pplying thc Funik. analyring said ~crount.
ur ~•erify~ng and compiling saiJ a~~e~timcnts and hilh. unlr» I ender pa~~ Nixn,wrr ~ntcre~t i~n the FunJ+ and appl~rahle law
prrn~ils I.cnJrr t~~ makc cuch :~ chargc B~~rr~~wct and I.rndcr ma~ :~grcc in wnUng at ~hr ume o~ c~ccutic,n ol thi~
A1~~rtgage th:~l intere~t on Ihe f~un.ls ~hall tx: paid t~~ N~~rruwrr, :~nJ ~mlest u~ch agreement ~s rnaJc or applirable I~w~
rcyuires such interest to he paid, l.ender ~hall n~~t tx rcyu~rcd 1~+ pay Burn~wer :~n~ intrrcct ur carning~ i~n thc Fund~. I.cnJrr
~tiall give to B(~ffOWl`f, K'1IF10Ul :harge. an annual ar~uuntmg .~f the FunJ> >h~~w~ng credits and Jeh!tt to 1hr (-und~ and the
purpo~e f~~r which eaeh Jebit to the i=uud~ wa+ ma~r. Ihe Fund~ ar~ plcJgcd a, additu~n:J ucunty f~•r Ihe sumti srcured
b}• thi, ~turtgage. ~
1f the amount of Ihe Funds hel~ by I.en~icr, tugether H~th th~ (uturr mc+n-hh in~tallmcnls of Fund~ pa}able ~nor t~
thr duc da~es ~~[ taxr., ati~essments, insurancc prrmium. an~ gr~~un~f rrnts, shall c~ccred the ar.~ount reyuircd to pa) ~a~d ta~et,
ascexsment~. msurunce prrmium+ and gruund rent~ :~~ thr~ 1.~11 due, tii~ch r~ce.~ ~hall he. :~~ B~•rro~cr'~ i~{~t~~~n, rUher
promptly reprid to BorroHCr o~ crcd~trd to B~~rruHer un m~~nthl~• ~mlatlrnrnt~ of f=end~ I( thc amuimt rf thr Fundc
held by Lendrr ~hall nut bc sufTcient !o pay 1a~e~. atu~~mcnts, imuran~c prcm~um~ an~f gmund renh ati the}~ f:+ll duc.
Borrowrr shall pa}' t~~ 1_cndcr an~ amount nccetitian t~~ makc up ~hr J~fic~cnc~ wrthin ZO ~fa~~ tmm thc Jatc n~~t~cc iti mailcd
b~ Lender to Borrower reyuest~ng paymrm ~herrot.
LR~'n F~)'m.nt in full of all sums sccured b~~ thi~ !11:~rlgagr. 1 cnd~r ~hal1 prc~mptly rctun~l t~~ H~~rm~cr an~• Funds
held by I.cnJcr. If under paragraph Iti hcreof thr Proprn~ ~~ .~~Id ur thr Nr~~~xrt~ ~~ othenvi,r aryu~red b~ 1 rndcr, Lcnder
shall apply, no later than immediatel} prior ~o the ,ale af thr Pru~x rty ~~r it~ .!cywsituin h} Lender, an~ Fundc held by
Lendc~ :+t the t~me cit appliration as a creJn aga~nst the sum~ ucured hy th-. \1~rtgagc.
3. Applicalion o( Pa~meals. Unle~~ applicahlr law pn+~i.lcs ~,th~r~+i.~. all pa~•ments rc~ci~~ed bt• 1 cndcr un~lcr the
Not~ and parrgraph~ I and 2 h~re~~f ~h:ill bc applird b~• I cn~cr finl in pa~mcnt ~~f am~~unts pa~:~hlc tu I.endrr h}' HorruWCr
und~r ~-aravr~ph 2 hcreof, then to intrrr~t nat•aMr ~in thr ~ntr Ihrn t~~ thr nrinci~al of Ihc '~~~t~_ an~1 thcn t~~ inlCrest ~nd
pnncipal on any Future Advances.
~. C6arRes; Litos. S~•r~wcr ~h.~ll p~y .~11 is~c.. :~,•r~.m~nts and ~~thc~ chargi~. finc~ ~n~l imp.~,itiunc attnbutahle to
the Properl~ which may attain a pnority rner thi, ~longagc, ~nd leaichold paymcnts or kround rents, i[ am~. in the manner
prov~Jed under paragr•rph 2 hereof or. ~f not paiJ ~n ~urh mannrr. hy B~vmwer making papment, w•hen duc. d~recUy to the
payee thereof. f~orrower shall promp~ly furnish to I.en~ier all noticeti of amount~ dac under thiti paragraph, and in the event
fiorri~uer sh~ll makr pa}•ment d~rri!1~, H~~rmwrr .hall prompll} fum:~h a. I.en~ier reiei~+~~ rv~drncing wch pa}'menh.
Horrower shall pr.~mptly disrharge any lien ~hich has pnont~ ~~ver thi~ Miutga~r: pravuled. that Bc.rr~w•er ~hall not tx
reywred to d~scharge any such lien s~~ long as R~~rruwer ~hatl agrec in ~+nting t~~ Ihe pa)ment o( thr ohhg~tiun serured b}•
tiuch lien in a manner acccptable ta Lender, or ~hall ~n g~K~d (aith coMc~t ~uch lien h}~, or defen~i enf~~rcrmcnt ~.t surh lien ~n,
legal proceedingc w•hich opcratr to pre~~ent the enf~~rcement o( thr lien ~~r torfe~turr uf the Pmpert)~ c.r any part theree~f.
5. Ha7ard Insurance. Borrower shall 1.eep thc ~~npm:rnacnh n~~~ r~i.Ung ~~r herrafter crrc~cd on Ihe Pr~~~crty ~n~.ured
ag~inst lins hp firc, hata~ds incluJcd wilhin Ihc tcrm "r~tcndr~i c~~~~rragr'~, an~1 ~uch othcr hazard~ a~ I.cndrr ma~- reyuire
amf ~n such amounts anJ for wch Fxrioilti a~ Lcndcr m::~ rryu~rr; pn~tiide~l, th~t I.cn~cr ~hall nut rcyu~~c that thc am~~unt of
su~h cuveragr excecd that amuur~t i~f ro~rrage rcywred 1~ pa)• thc wm~ ~erur~d !~) Ih~ti Mortgage.
The i~surance .arrier providing the insurance shall he choun hy~ Borruv.rr subject te- approval by l.ender, pmvi~ed.'
that such approvai shall not be unrea~unahly withh~eld All premium~ on ir~iurance p~~lic~es tihall tk paid in the manner
provided under paragraph 2 hcrc~~( or. if nut p~id in surh manncr, h~ H~~rrower mak~ng payment, when due. direcdy to the
ins:~: ance carrier_
All insuranc~ policieti and renr~~alc there~~t shall Fx irt form .~rie~t.~Me t~~ l rnJer and tihal! mcludr s.~an~f.ud mc.rtgage
clause en fav~r of and in [ixm acceptable a~ Lender. Lender .h.~li h:~~e ti~e nght h~ hnld the puli:ie. and rene~ak thereuf.
and Borruwer sh:,ll promptly furmsh to I.ender all reneHal notice. an.i afl rece~pts of paid premium~ In the e~ent :~f 1~«.
Bormwer tihall g~~e prumpt notice to the imur.~nce c.irnrr .~n~l Lrn~~r. Len~lrr ma~ makr pnx~t e~f I~iss ~f n~,t made pn.mpth
b}• Burmw•er.
l~nless I.en~er anJ Burruw~r otherw~,r agrer in ..nting. ~mura~ce {~r~~cre~f~ shali he aprlied t~~ re,t~~r.itie~n ~,r rep~ir ~f
thr Property .iamc~grJ. pr~,v~.le~ wch retiturat~~~n rr re~air iti rc~~n~,mi~.~ilc l~a~ihlr and the tiecuritt~ c~f Ih~t 1ic~:Igag~ i~
not thereb} impa~red. If such retitorahon or.rep:ur is m~t rr.~n~~mi.:~ll~ fr.~.ihlr ~~r i( the se~uru~• of thi+ ~t~rtg.~~;r w~~uld
be impa~red, the insurance pnw:eeds tihall be :~pplied t~~ thc ~umti ~curai h~ thiti ~t~~ngagc. K~~h the excc~s, if .+m•. pa~d
u~ Born,wer. It thc Propcrt~ is ahandimcd f.~ Ni~rn,wrr. ~~r it Bc,rn,wcr ta:l, t~• rr~pcmi! t~~ 1 c::drr withm 3l1 da}~ ti~~m thc
Jatr noticc iti mailed b~ Lender ti~ Borruwer that :hr imurancc r:~rner ~~It~r~ t~~ ~cttlr .+ .iam~ fc~r ~murance hen~titti, Lender
iti autht~r~ted t~~ collect ~nd apply the ~murance procreJti at I.enJer'ti „pti~~n e~thcr tu re5ti~r.~tu,n ~,r rcpair ~f Ihr Pre~pe:t}
ur tu the ~um~ ,ccured by~ this Mortgagc
Unlesc I.rnder and Burruwcr ~~therui.c agrcr ~n wrrt~n~. ani wrh ap~li..+tii~n ~~f prncred~ t~~ ~rin~ip~l ~h.~lt n~~t eltend
or pustpone the duc d:~te ~~f the m~~nthi~~ intilallmrms referred t~~ in paragreph, 1 ~n~l ? here~~f ~ir ~h.ingr the amc~ur.t uf
sucfi ~mtallmcnb. If under paragra~sh Iti hereof the Pn~pert~ i, a~_~~~nrr~f h~ I.enJcr, all right, t~de and ~nterest ot (3orn~uer
in end tu an} ~n~uran:e policies anJ ir. an~ tc~ th~ pmceeJ~ th~rei~t re,ulting fr~~m dam:~gr tc~ lhe Pr~~Ex:rty pn~~r tu thr sale
ar acyui~ti~un shall pa» to l.end~r tu thr c~tcnt ut Ihe wn» .ecureP ub th~. ~lnrtgegr ~mmediately~ pnor h~ ~ucn sale o~
acyu~sition.
6. Presen~lion and ~taiat~oance of Propert}; I.eatirho!d~; (~ondominium~; Planned l~nil 1)e~e!opmenh. Bnrri~~.~tr
~hall keep the Property in g~Kxi repair and sh~ll not rommit watite ~~r permit impairment or ueteriorat~un of the Pro~ert~
and shall compl~ with Ihc provitiwns uf am leasc ~I thi~ ~1~vt~agc ~. ~~n e Ir.~srhuid. li thi, ~t~~rtgagc ~~ ~~n .~ unit in .~
cun~iumin~um ~,r J~IJIlf1C(I unit d~~rlupmrnt. fi~.rn,~rr .h.~ll Exrt~~rm ali ~~t ti~irn~HCr~s ~~hligau~~ns ~indcr thr decL~r:~t~~~n
or covenantc crcating or guverning thc ci~ndum~niiin~ ~~r ~L~nnrJ un;t dcvri~~pment, !h.- b~~-laKti and re~.~l~h~~n. ~~f thr
ci~n~luminium ~r plarined unit devel~~pment. .~nd c~~n,tituent :I.kumentti It a rusi.lum~nium or planned i~n~t ~Ir~rl;~~sn•_~~t
n~ler i+ rxecutee~ by' Borruwer and re~~~rdrd t~~gethrr Hith th~, ~t~~rtiage. thr ~inen:~nt~ ari~ .~gr~rm~nt, ~~t ,uch n~tet
ihall be incorp~iratcil into and tih.~ll amcnd en~i ~urplrmrnt thr ~~~~enanh anii agrecmcnts ~~f th~. Mi+rtga~r a` ~f thr n~irr
Hcrc ~ part hercof.
7. Protection of Lenders Security. If B~~rr~~wer /e~!. t~~ ~xr?~~rm the c~ven:+nt~ amf ,ig;eements r~~rn:uned ~n thi~
Mortgage. ur i( any actiun ur nrckreiling ~; c~~mmence~i •ahirh m:~I~rialit .~tTr~h I rn~ier'ti ~nteretit in thr Pr„M•ri~.
including. but r~~~t hmitcd tu. cmincnt domarn. in«~hcni~. ~~xl~ rnf~~r:rmrnt. ~~r :~rrar:gcmrn's ~,r ~~r~kecdings ;m•ul~mF a
bauicnipi or de~eder.t. then I.ender at I enJer'~ <~pt~~,n. uEx~n n.,tic~ t~~ B<,rn~wrr. m:~~ m.ike wrh ap~xaran.e~. ~fi~hunr ~uih
sum~ and take such acu~m .~~ ~s ne~e~~ar~ t~~ prute.t Lender'~ imere~t_ ~nclu~fing. hut n~~t limited ti~. ~1i~hurcemrnl ~~f
reasonahlc attorr.e}'ti tc~s and ~n~ry up~~n thc Propcrt} tu rn:t{~c rc~.ur~. It I.rndrr reyuired nt~~rl~!age in.uran~c a~ .~
cunditu~n of n2aking thc li,an ,ccure~l h~ th~~ ~1~+nE:+~~. R~~rr~~Nrr ch:~U pa} thr prcmium~ rcqu~re~i ti~ mainte~n ,urh
~nsuran_e in etTect uMil tiuch time a~ thr reyuirement tur .uch imuranre Irrminate~ in ecc~~rdan~e uith Borrrwer'~ end
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