HomeMy WebLinkAbout1671l`~Ituk~t (~u~t~~!v~s. Hurr~~wer :inu I.rn.irr .~~~rn:~ni ;,n~l .~Ktrc :~~ (ull~~ws:
i. Pa~mrnt of Principal and IntereM. R~~rr.~~rr ~hall pmm~tl~ pay ~hcn ~tuc thr princi{~.~1 uf ~nd ~ntcrcct un thc
~n.irhtrdness t~ iJrnr~J hy thr Nutr. p~rpaymrnt and latr ch:u~;c. a. ~r~~vi~icd m ~hr Noi~. :,nd thc prinr~pai ot and in~crett
on snY Future AJvan~r. ccrured by th~~ Mi~rigagc
2. Fundc for Taxes aod Insurance. Subjecl t~ applirable laa or to a wntten waiver by l.ender, Horrow•er shall pay
to l.endcr on thc da~• m~~mhly ~nuallmcnts of principal and intrre~~ arc payablc unJrr thc Nate, ur.til th~ Ni~tc ic paid in full,
a sum Ihercin "Fumli'1 cqual tc~ i~nc-Iw~lflh of thc yearly ta~r+ anJ a~~ec~mcnl~ which maV auain pnc~rity uvcr Ihis
~lurtgag~, an.i ground rents on Ihc Pmperly, if •rm~, pluc ~mc-t~cl(ih :~f y~arly prrmium mstallmcn~s for ha~ard imurance,
plu. onc-turlfth uf yearly premium inttallmcnls for mortgagc insurancc, if any, all a~ rea~~~nablp c~fimated initiall~~ and (rom
time to lime M• 1 ender on the ba~i~ o( atisescmcros and hillti and rea~onahlr ect~matec thereof.
T?~e Fund+ shaU he heW in an ~m~itution ~he de{x~s~h ar acc~~unts e,f wh~ch are insured or guar:~nteed hy a Fcderal or
state a~tcn~) I includ~ng l.ender if l.ender ~. such an ins~itut~on l. I ender tihall apply the Funds M ps~' ~aid ~axes, a~~e~sments,
~n.urancc premiums and ground rents. Lcndcr m:~y nat chargc tor u- hoWing and :ippl~ing thc Fundc, anal}•ring ~aid account,
.~r cerif~inb and romp~ling caid a~se~imen~~ anJ hilb, !~nlc~s Lender pay+ Borrower inlere~l on the Funds and :IF1~1II1'ahlC ~:1w
~rmits I.endcr to make sttch a charge Barmwer and I.rnder ma~• :+grec in writing at thc time ot exerution of thi~
~lortgrge Ihat intere.t un the Funds tihall hc pa~d to Hormwer, and unlcss such agreement is made or applicahle law
reyuires wch interest to he paid, Lender shall no~ hc reywrrd a, pa~ Borrowcr an} intcrest or carning~ on the Funds. Lcnd~r
,hall gi~e to B~rrov-cr, withuut chargc. an anmi:~t acruunting of thc 1=un~~ ~hc.N•ing crcJits •rnJ Jrhrts to thc Funde and thc
purpo~e f.~r w•hinc ~:-ch debit to Ihe F~und~ ~+~~ madr. The f~und~ arr pl~dgcd a~ addiUonal ~ecun~~• for the sum~ ~ecureJ
by th~~ ~lottgage.
If the amount uf ~hr Funds hcld b}' I.cndcr. t~-gclhrr with th~ futurc monthi~ imtallmcnts ~~f Fundc pa}•ablc pnor to
thc due dates uf ta~ec, :,t~cs~ment~, insurance prrmium~ and g:uund rent+, shall ex~eed ~he amount reyuircd to pay said ta~es,
assrssmentc. ins~irance pr~mium+ :~nd gmund rent~ a~ thr~ fall due, tiuch rtce~~ ~h:~ll be, at B~.rru.ver'~ opt~~~n, either
promptl~~ rcp~id to Borrower or cred~ted to Borrower on mi~Mhl~• imtallmentc e~f Fund~. If the amuum c~f thr Funds
held b}• Lender ,hall not be sufficient to pay ta~ct, asseti~ments. ~mura~uc prrmium~ and ground :cnt~ as the}~ f~ll duc,
Borrower shall pa~• to Lender an~• amaunt necr»ar~ tu make u~ the drfic~rnr~ w•rthin 30 Ja~~ frc~m the datc ni~tice it ma-led
by Lender to Borrower rcyucsting paymem !herr~f.
Upon pay~ment in f~ll of all sums secured b~• thiti Mur~gagc. I~nder thall promptly rcfured to Bi~rrotier :m}' Funds
held hy Lcn~er. If under paragraph 18 hrrcof thr Pro~xrt} ~••~~IJ ~x the Prupcrty is otherwi~c acyu~rcd b~~ 1 rndcr, Lcnder
shall apply, n~> later than immecliatrl}• prior t~~ thc ~ale uf ~he Propert) or its acquisrtion h~ Lendcr, any' Fundc held by
Lender at the time ot appliration as a credit against the sumt secure~! hy this ~lortgage.
3. Application of Payments. Unlrtis appl~rah!e law~ pm~ i~ies other~ i,e. all paymentc received bt' Lrnder under the
Notc an~ paragraphti 1 and 2 hereof ~hall be applied by I_en~rr fir.t m pa~mcnt of am~~unts pay'able Io I en~lcr b}' Borrower
under paragraph ~ hereof, then to imcrest pay~able un thr \utr, thrn ti, thc principal of the I~utc. and then t<~ interest and
l..~~~.aga! ;zz .:r~y Futurc Advances.
~. CharRes; Liens. Barro~+er ~hall pay all t.+~r~, a~tirs.m~nts and .~thrr ch:~rgc+. fine~ and imp~»iUi~nt atlnbulaMP to
the Propert~• which may attain a priority rner this Mortgage, and leasehold pa}•ments i.r ground rents, if any, in the manner
pru~~ded unJ~r paragraph 2 hereof or, if not paid in such manner. M Bi.rrower makinb pa}•ment. ~~~hen due, direcdy to the
pay~ee thercc~f. Borruwer shall promptly furnish t~~ LenJer all notaces af amounts duc under thi~ paragraph, and in the event
B,•rr.~~er sh~ll makr pa)~mcnt directh, B:~rrowrr .hall promptlp furni~h ti~ I.cndcr re~eiptti e~•idrnring wch paymentt.
Borrower shall promptly disrh:trge any licn ~+hich has pnonty ~~.cr ihis ~turtgagc: provi~icd. that Be~rmvver shall not be
reqwred tu dixharge an~~ such lien tio Ic~ng as Burmw~r tih~ll agrre in ~r ritmg t~~ th~ pa~ment of the ~~bliga~i~~n secured h}•
wch lien in a manner acc~~table to Lender, or ~hall in gcwJ faith conteti~ ~iich lien hy, or Jefen.l enf~r~ement of such {ien in,
legal proceedingc w•hich operate to prevent ~he enf~~rcement of the I~en ~~r forfeiturr of the Propert}' or ~n~• part thereof.
S. Hazard Insurance. Horrower shall keep the ~mpr:n~mcnt~ now c~i~Ung ~u hercafter crrcted on thc PmExrty inturcd
against loc, hy fire. h:~zardc inrluded w~thin thc term "~~tcnde.l c~nrragc~~. anJ surh rnhcr hazards as Lcndcr may rcyiure
an.i ~n such ~moun[s and for such peri.xls ~~ Lender ma}~ reuuire: pm~~ide.1. that Len.ler ~hall not reyu~re that the am~~unt of
wrh rus•erage exceed that amuunt of cocerage rrquued to pa~ thr wm~ .ecured'~y th~~ Mortgage.
The insurance carrier ~roviding the inwranre shall he ch~ un by~ Bormwrr subject to apprueal b~• I_ender; provided,
that such approval shall ~ot be unreationahl}• wi,hheld. .411 prem~um~ un insur:~nce policies shall tx paid ~n the manner
pro~•~ded under paragraph 2 hereo[ or, if nvt pa~d in such mannrr, b~ B.}rrov-er mak~n~ payment, u•hen due, direcQ}' to the
~nsuraace carrier.
All insurance poGcie~ anJ ren~~als there~~f shall be in (orm .irrr~tablr lu I en~ler ~nd shall incltide a~tan~ard mc~rtFage
~lause ~n fav..r o( and ~n form ~cceptable tu Lender. Lender .h;~ll ha.~ the right t~~ hold the p~liriec anJ renewals there~~f.
~r.d Bormv-er shall promptly furnish to Lendcr all rcnewal noU~e~ an.l all receipts of paid premium.. In the e~enl of lo~~.
B~~rruwer tih:,lt gi~~e pr~~rnpt noticr to the insur:incc .arner and I.en~er. 1_endrr ma} make pmc~t c~f lo~s ~t n~~t n~ade prc~mptf}
h~ Burrawer.
l'nless Lender and Borruwer othcrH~t~ agrrc in wnt~ng. imurance ~r~tircJt shall bc a~plied t<~ retit.~rati~n or rep.+ir ~f
the Propert} ~iamageJ. prc~v~~ed ~uch re~turaUun oc repa~r it ec~~numic:~U) feesible and the uc~rilc of thiti :~t~rlgag~ ~ti
rn~t therebr• imPaired. I( such re~toratu~n or rep:~ir is nut ri~~ne~mi~afl~• fca~ihle ur i( the ~ecunt} of Ih~~ ~1~~rtg~gr wuuld
be ~mpa~red. the insurance pr:xeedti shall be ~pplie~i tn the wms ,rcure~l M~h~ti M~~rtgage. .+~th the e~ce.s, if an}~. pa~d
tt~ Borr~~~+er. It the Pr~~pert~ is ahandi~ned h~ B~~rn~wrr, ~~r !! Be~rrower (a~lti t~~ res(-i~:id to I ~nder w~th~n 3(1 day~ tre~r: the
~iate not~~e „ ma~led b~ 1_ender to Bormwer that the imurancr ~arr~er i~tter~ te~ tiettlc .+ claim f~~r imurance henefits, l.ender
i. euthonzed to collec: and :,ppl}~ the ~n~ur~n~e proceed~ at LenJer's ~~ptiun eithcr tu resturat~on ur repa~r ~~f the Propert~
~~r tu the lum~ x~ured bJ this Mortgage.
l:r.iess Lrnder ~nd Borruwer ~~therv~i,e agrer ~n ~r~tmg. ~m ,~ich appli;anon ~~( pmcreds to pnncipal ~hall not r~tend
~~r p~~stp~me the duc date of thc m~mthlc intit:~llmrniti re(erred t~~ in paraKraph. I:~n~l '_ hcre~~t` .~r chan~c thc ame~unt ~f
su~fi imtallmenb. If unJer paragraph I!i hereof the Pn~pert~ ~. acyuire.l h~ LenJ~r. .~II nght. tit:e and intcrest ot Rormwer
~n and tc~ am insuranre po!icies and in ai:d ti. the pnkred. there~~t retiulnng from dam:-ge to the Proper~~ pn~~r to thr Sale
or :t~yu+s~Uun ~hall pasi to Lender t~~ thr e~tent of the tium. ~ecurid h~ th~~ \turtg.~ge immediatel~ pnor t~~ .uch ssle or
acywsit~on. ~
6. Pnser~~tian aad ~1ainlenance of Properl~: I.e~srholds: ('ondnminiumti: P12nned l~nil Deve!opmcnts. Borrouer
~hall keep the Prupert}• in g~~d r~pair and ~hal~ not commit Ha.le ~~r pcrmit ~mpairmcnt or deterioration of thc Propert~
and shall compl) with the provitiiuns of an- lea~e i( thi~ ~1.,r~~agr i~ ~~n a(~asch~~id. If thi. ~1~~rt~agi iti ~,n :+ unit ~n .~
c.m~lrminium rr a planned unit .lecel~,pmen~. Bi~rn,wrr ~hall ~~rrtrrm c~ll ~~f B~~rn,Her's „hligatwns under tht decl.~r~ti~~n
or .u~•enants creat~ng ur ~;uverning the c~~nd~~m~mum t~r ~Linned unrt de~'el~~pntent, Ihe b}-lawti and rrgul~ti~m. ~~f jhr
~rnJ.~min~um or planned unit cievefopmcnt, end i~~~~ut~irnt ~f~xumcnt. If a runJuminium or pfanncd unu ~i~.rl~~~~tien!
r,.ier ~~ r~e~uted b}~ BorruHer anJ re~orded t~~gethrr ~:.h thn ~1~~rlgage, thc ~_occnaniti :~nd ,~grecmcm. ~~f .u~h n~lcr
~hn1l be ~ncorporate~ into :~nd sh.~ll amcnd an~i tiupplcmem thr ~~~~enent. :in~l egreements ~f ~hi~ 11i~rtca~~ a~ if th~ ri~i~r
Kere ~ part hercof.
7. Protection of Lender's Security. If B~~rn.~er fail~ t~~ Exrf~~rm the ~ovenan~ti :in~i ~Ereements ~~mtained in th~c
titortgagr. ~,r if any~ aci~on ~,r proceeding ~, ~~~mmrnce~l ~.hr~h m:,trriall} :~fTr:tti I en~ler'. ~nteretit in the Pmprrt~,
in~luJir.g. but n+~t limncd tu. ~tnin~ns domain. ~n.i~hen.~. ~~~de cnf~~r~emrnt. ~v arn~ngcntcnt< <~r ~r.kecdir~+ im~~l~mg a
bankrupt or JecrJent. !hen Lender at I en~er'~ ~~pte~m, uFxm n~~ticc to Bc•rn~wer. ma~ make w:h app.aranee~. J~~hunr wch
sum+ and ~ake wrh actiun ati ~s necec.ar~ tu prc~rct I.er.der'ti mterc~t. ~ncluJ~ng. hut nat IimiteJ to. ditihursement ;~f
reesonahle :-t~ome~~~ fcrs a~d entry upun !hc Propcrn t~~ mal~r rc~ain. I( I.cndcr rcyuircd mrrteage in~uran~c e~ :i
wnJ~tirn uf makinR thc lo:in ucured h~ thiti ~1~~rt~:~t~r. F3~~rn~~-rr sh.~ll pay ~hc prcmium~ rcqinrc~i tc• mainl:~an ti.~ch
~nsurance in rtTect unnl ~~:ch Ume as the reyuirrment tor ,uch ~ntiuranre term~natr~ in ac~z~r~ance Krth BOff~~KCf ti and
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