HomeMy WebLinkAbout1699l)ti~t~uK~~ ('ur~+c~~~s Horn•HCr :~nJ I.cn.lrr ~~+~cn:u-! am! :ikrre .~~ luUix~-~:
1. Po~mrnt ot Principal aad inlc~r~l. li~,rr~~wrr ~h:~il r~~~m~~~l~ pa~ ~hcn duc ~hr prmcip:~l ~~f .~nd intc~r,~ un thc
in~icbtedness r~~dcnrrJ hy thr Nu~~. p~rpaym~nl and lat~ iharg~~ e~ pr~~~•i~1ed ~n Ihe N~~te, and the prin~~ipal i-( and imrrrct
on any Futurc AJ.ancc~ ~ccured by Ih~~ Marigagc
3. Fundc for Taxes and Insuranre. Subiect ~o appli.able law or to a writ~en w~aiver hy Lendrr, Hnrrower ~hal~ p:+~•
to 1_rnder i~n the day monlhly inuallmrms of principal and in~creti~ are payahle undrr Ihr Note. unUl thr tiu~c i~ paiJ in iu~l,
a sum (hercin "Fun~ls"1 cqual Io onc-tHClfth ~~( thc }'early t~~r~ an~1 ae~r~~m~~tc Hhi~h ma}• auain ~~r~i~rity over th~~
l~turtgagc, an~l gr~~und rents on the Pmpeny, if any, plu~ ~~~r-iKCI(ih ~~f yrar!y prcmnim inctallmcros for ha~ard ~murance.
pluc vnr-twcl(th of ycarl~• premium ins~allmcnts (u~ m~~rtgagr msuran~r. if any, all a. rca«m.~bly c+timatc~l initiall}~ and from
time t~, timr hy t_endrr on thc ba~i~ of at~es~m~nt~ .~nJ hilh and reawnahle e~umatca thereo(.
The Fund. shall hc held ~n an mtititution the deExnit~ or arc~~unts ~~f wh~ch are in~ured i~r guarantccd h~ a Fcderal or
state rgenc~~ lincluding l.ender if Lrnder i~ such an inslituti~~n1. I rn~ler ~h:~ll appl~• the Fund~ to pa} .a~d taxes, ascessments,
~ntiurance prcmiums and gmund rent.. l.cndcr ma~• not charbc t~~r ~~~ halding and appl~•ing thc Fun~f.. ~nal}'nng said acrnunt,
ar verif~ing and c~~mp~ling wid a~se.~mem~ and hills, unle.~ l endcr p:+~~ B~rntwrr inte~e~t un ~he FunJ~ and appticahle l:,w
~xrmits l endrr tu make ~uch a ch:+rge B.~rruwer and Lcn.ier ma} :~~rr~ in wriling at the time ut rxrcution o( thi~
~lortgage Ihat inter~~t ~~n Ihc Funds shall hc paid tu Horrowcr, and unlc.s ~urh agrecmen~ ~~ madc or applrcahle law~
reyuires such interes~ to be paid, Lender ~h:~ll nc~t he reyuireJ t~~ p~~ li~~rr~~wer :~n~ imrrest ur earning~ on Ihe Funde. I.ender
~hall give to Borrcn~•er, without charge, ~n annu:~l accuuntinR ~~f the I~unilti .h~~wing credit~ and :fehits lo the t=undc and the
purpo~e for H•h~ch each deb~t tu the t=undti wa, madr. "Ilte Fund~ arr ~+Icdgrd a+ additi<~nal ucunty for the sum~ ~ecuted
by thi~ Mortgage. ~
li the am~unt of the Funds held h}' I en~cr. t~~~ethcr Hith thr (inure monthl~• ~mtallments uf F~md~ (1J~'Jhll pnor t~
thr due dates uf ta~es, as~~ssrnenb, ~nsuranre premiu:m and gruund rentc, shall e~crrd thr amount reyu~rcd a~ pa~ tiaid ta~es,
assessrnents, insuranrc premium+ and graund renh .,~ th~} fall dur. ~uch e~rr~~ ~hall he. :+t lic.rm~er'~ e~pt~~~n, either
prompth• repaid to Borrowtr or creditcd ta B,~rrowcr on man~hly imlallmrnl~ of Fund.. If thc :~muunt c~t thc I~unds
held by Lender shrll not bc sufTicient to pay taxct, :~i~e~timcnlc. imur.~nrr prcmium~ am) gruund rrnt~ ~t thr}• fall duc.
Borrower shall pa}~ lo Lender an}~ amuunt ne~e~~an ti~ n~akc up the drfic~cn.•~ w~thin ~0 Ja}~ t:~~m the J~te ni~t~ce is matted
by l_ender to Borrower rcyuesting payment therea(.
Upon payment ~n (ull of all sums sccurrd by th~. Marlgagc. I rndrr shall promptly rc(und t~~ Borm~rr an~~ Funds
held by l.cnJer. If under paragraph lh hcreof the Proprrt~~ i~ u.ld ~~r thr Propcrty ~s otherwicc ~cy~nrcd hy.l cndcr, Lcnder
shall apply, no later lhan ~mmediatcl~ prior ~o the tial~ of thc Pru~kn~ ~~r ~u acywsrtian b}~ Lcnder, an}~ Fund~ hel~1 by
LenJer at the t~me of ~ppliration as a credi~ aga~nsl the sum~ cecured b~ th~c \lortgagr
3. Application of Payments. Un1e~5 ap~li:ahic laK pm~i~les i~~h~rwi~c. all paymentc rer~ived by Lcndcr under the
Not~ and par~graph~ 1 3nd 2 hereuf shall t+~ appl~~d h)' Lendrr fir~t in pa}n~ent ~~f •rm~~unts pa~ahle ti~ Len~ier hy B~~rri~~er
under paragraph 2 hereo(, then to ~nterrti~ payat~lr ~~n thr \utr, thrn t~~ th~ principa) c~t thc ti~~,r, an~i thcn t~. imcrest and
p:~nc~pa: un :~n~• Futurc Advance~.
4. CharRes: Liens. BurroHCr \f1:lII ~3~' JII Id\l'ti. :~..r~tim~nts and uthrr chargc~. fine~ an~l imputiitiuns attnhutahte to
thc Propert~• which may attain a pnoriry over ~h„ ~tor~gagc, and Icatch~~ld paymcnts ~~r ground rents, if anp, in thc manner
provided undcr paragraph 2 hereof or. if not pa~d in such mannrr. M Bc~rmw•rr making paymem, when duc, direcUy to the
payee thereof. Borrower shall promptly (urn~sh to I.enJer all not~ces of amounts duc under this paragraph, and in the event
BorroN~er shall make pa~ment dirertl}, HormHer ~hall promptly (urnitih 1:• Lcndcr reieiptt evidrnring such paymcntti.
Borrower shall pr~ mplly dischaegc any Gen ~hirh has pnority .~~er thi~ ~turtgagr; pru~~~Jcd. that Bc~rruwer th~ll not bc
reyuired to J~scharge anp such licn tio long as B~~rn~~+cr ~hall agrrr in Nnting ti~ the pa~ment ~~f the ~~hl~gau~~n zccured b~•
tiuch l~en in a m~nner aeceptable to 1_ender, ur ~hall -n g~~~Ki iaith cunte,~ ~uch lien h~•, ar ~efend enforrement of such lien in.
legal pr~xe~ding~ vvhirh operatc to prevcnt the ~nf~~rcrmrnt of th~ I~rn ~~r f~rfciturr ~~f the Property c~r am• part therec~f.
S. Hazard Insurance. B~~rruw~r sha!I krep thc ~mpru~rm~nt, n~~~ cxi~ung c~r herraftcr crrctcJ on thc Nr~~~x:rty msured
against lo~s hy fire, hazarJs includcd v-~thin thc tcrm "r~Icndc~i c~~~•rragc'~, and .uch othc: hazardti a~ I.rndcr ma}~ rcyinre
.~nd ~n such amounts and for such periuci, ati Lender may reyuire, ~n~~ideJ, that 1 en~ier ~hall no1 « yuire that the am~+unt o(
such cuverage exeeed that amuunt i~f ce~verage reywred to p:~~ thr wm~ ,ecurrd h~ ~h~~ Morlgage.
The ~nsurance rarrier providing the imur~nce sh~ll ne rho~rn b}• B~~rrowrr suhject t~ apprm`al b}' Lendcr, pm~•ided,
that wrh approval shall not be u~reawnabl}• µ•ithheld All prem~um~ ~m insurance p~licies shall tk paid m the manner
provided under paragraph 2 hereof ur. -f not pa~d in such mann~r, h} B~~rre~~er making payment, w•hen due, d~recdy to the
insurance carner_
All insurance policie~ anJ rencwals thereot shall tx in form ,~i~r~+i.~blr t~~ Len~ler :~nd sh:-II includc a~t:~n~iard mi~rtgage
cleu~e in fa~•~~r c.f and ~n f~~rm acceptahle t~~ I.ender Lrndrr .h.~ll h:~~e the right t~~ h~~ld the pc~licirs .+nd rrnewal~ therei~f,
and Borrowcr sh~ll promptly furnish to Lender ail rencKal nutire~ :~n.l all re~c~pts o( , aid ~+remium~ In ihe e.ent ot li~«.
Barrower ,hal} g~ve prumpt noUc~ ~u the insuranrr carnrr en~f l.ender. I en~lrr me} makr pm~+t ~,f lo~s it n~,t nzade pn~rnptl~
by Burrower.
l,'nless Lendfr and Borruw•rr othen+i~~ agrce in Hriting. imu:.~ncr pr~.c~r~l~ shall he applied -~ re.t~~r:,ti~~n ~ir rep:,ir ~~f
th~ Property ~iamagcd. pr~w~~cJ wch re~torauon ~,~ rcpair i~ rc~~n~~mi~ail} (ra~ihlr :~nd 1h~ ;cturity ~~f thic Mc.rtg.~g~ ~~
nat thereby impaircd. If tiurh rr,toratii~ry or repair u nrt r~rn~ani.ali~ tr„ihle ~x ~f Ihe ce~ur~t~ ~~f thiti `t~~rtg:~gr N~~uld
be impaired. the insurance pr~ee~ls ~hall be ~pplieil t~~ the wms ~ecu:eJ h~ th~~ Mortgagr. «uh the exce~s, if am, pa~d
t~ Bormwrr. ll the ProE?en~ ~5 anan~f~~ned h} Fi~~rr~~Nrr. ~~r it B~~rrnwer ~a~l~ t~~ reti(xm.1 !~~ Lender uithm 311 da)~ tr~~m the
Jate noUcc ~. ma~lyd h~ l.ender a~ Borruwer that the ~mUr~n~r ~:+rncr ~~ifrn t~~ •.rttlr a cl:nm f~~r in,uranic henefit~. l.enJer
~~ author~ze~1 t~~ collect and appl} the ~mur~n~r prucec~s at LenJcr's ~,ptiun either tu rest~,rahon ur repair ~~f the Prc,pert~
ur to the wm~ ,erured b} this Mortgage.
Unlest Lrndcr and Burr.r~cr ~~ther~i.e agr~r in Hnhng. ~m tiuch .,pplirniicm ~~f rr~~rredti te~ ~nncipal .h.~ll ni~t e~tend
or pustpone the duc datc of the m~~nthl~• installmrntt rrfcrrrd t~~ in p~ragraph~ i an~i ? here~~f or ih.~n~;~ thr am~~unt uf
such imtallmcnb. Ii under paragraph !H hcreo( Ihc Pru~rt~ iti a~yiurc~l h~ Len~cr. :~li nght, title and imerr~t ~~t H~r.~~wer
tn and to an~ ~nwranre pol~cies and in a:id t~~ th~ pruccedti thcre~~! rr~ult~ng fn~m dam,~gr ti~ thc Nr~:pertt pne~r t~~ th~ ~ale
or acyw~rtion ~hall pa~s to Lender t~~ thr e~lenl ut the ~um~ xcurr~i h~ thi, ~1.~rtgegc immrJiatel} pnor t~~ ~uch ~ale or
acyu~srtion.
6. Presenation aod ~lainleoance of Property: I.easrhuldti: ('ondominium~; Planned l'nit 1)e.etopments. Brrr+~wcr
shall keep the Property in g~xal r~pair and ~hall n~t cummit ~a~tc ~~r ~rmit imp:iirnicrtt or deterioration of the Pmpcrt}
and shall c"mpl} with Ihc prov~~wns vf am Icsse it ihn \1~~r14ngr ~~ ~,n e I~atirh~~ld. It th~. ~t~utgagr ~~ un .+ ~in~I m.~
wnJominium ur a plarznrd iinit dr~~lrpment. BorruHCr ,h.~ll Fxrt~~rrn all ~,t l3orrrHCr's ~~hlig~tirns un~rr thc dr.ler.itu~n
or covenants creating ur guvernin~ the i„r.d~,minn~m ~~r ~Iannrd unit dr~rl~,pmrnt. the bt~-1aw~ and reeulati~,n. ~,f thc
cun~lununium or planned unrt de~elc~pment. .~nJ ci~mtituem ~i~~rument._ It a c~~nJ~~miniu~n er planned unit .i~~rl~~~rnent
n.ler it rxecuted b}~ Borru~+cr and reiorded t~~geth~r wth thiti ~1ur(gage, thc c~~enant~ and .+greemrnh ~~t wnc ~iJer
shall be ~ncorEwrated into an:i ~h:+ll amend :sn~f wpplcntent thc c~~~an.~nt. an~i agrrements ~•f th~~ ~tt~rtg~cr a~ if th_ rn'rr
~rre a pa:t hereof.
7. Protection of Lenders Security. 1( B~~rr~~~er f.~~l, tu Fxrt~~rm che c~venantti en~1 agreements c~+mamed ~n th~.
Mortgagr. ~~r if any .uh~m ~,r prcxced~ng ~~ ci~mmrncc~t :.hi,h ma~~riall~ .~t(rct~ I cn~irr'. +ntrrc•.t in ~he Pr~~~rrt~.
includ~ng. hut nnt limitcd to. cmincnt dumain. in«~I~cn:}. r~,dc rnfrr;rmrnt. ~~r arr.ingcrncnl~ ~~r ~r~~.rcdingti im•rl~~n~ a
bankrupt or Jrc~Jent, then Lrnder at I ender'~ ~~~t~rn. u~~n n~~tire t~• B~~rr.:NCr, m:~~ m.~kr w~h a~+~ar~nce~. .fi.hur,r tiuch
sumc and takr such acU~m a~ is ncrc~~ar~ t~~ pmtcci Lendcr'~ mtrrr~t. ~ncluJing. hut nc~t limitcd t~~, ~itihuncmrnt ~~(
reasonahlc attorncy~~ tcc~ and rntry un„n th~ Prc~pcrt}• ti~ m.i1,c rr~ain. II I.cndrr rcyuircd m~~rtgage imurancc a~ r
cund~lu~n c,t m.+kmg the I~an .cciuci} tn thit ~1rrtg:~cc. Brrr~~~.rr sh.~ll r.,} thr ~rcmium~ r:yuire~l t~, maint.+;ri ~uch
~nsurance in cfTect until tiuch umr ati the rcyuiremcnt for .uch in~uranrc trrminat~, m JCCnidSil:L' u;;l: B:.:::~ucr'S and
~~. , ~K
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