HomeMy WebLinkAbout1734fiorrowe~ and Lende~ covenant and agree as fulluws:
1. Peyment of Yrincipal and I~tere~t. Eiorrowe~ 9hai1 promptly pay whrn due the principal uf and interrut on the ~ndeGtrdnexe
evidenced by the Note, p~epeyment and late chargee ab pruvided in the Nute, and thr pnncipal uf and intr~e~ton any M ulure Adv:~ncex Kecured
by thie Mortgage.
2. Funde for Ta:ee and Ineurance. Subject u, applicable l.~w ur G~ s~ wntt~•n wui~•rr by I.rnder, HuRi,vr~er Khall pay to I.rnder un the day
monthly instaflmrnta u[pnncipal and interc~l are puyable under the Nute, until the tiute ~s paid in full, a sum Ihe~rin "Funds"1 cn~ual W onP
twelfth of the yearly t:ixep and a~seasmrnte which may attuin pnunty uvrr th~s 1lortgage, and Kruund rent~ un the Pro{irrty, if any, plus onP
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.:~--..1 r'°."~: ~~ ~^~...~....er.:~ ~... cwza~u «<su~a~~~ r, µ~us:.~~r twri[tli ut yrarfy prrrnium ~n!;tailmrnls for moRgugeinsur:~nce, i[any.
all as rraaunably eatimuled ~n~liuUy ar.d frum timr to urt~e by Iw nder un lhr basi+ uf assrssmrnts ~~nd billx and reexunal,)r r=:tunatrs therw-f.
The Eonda ahall ee held ~n an inatitution the depos:ts ur accuunta uf w•hich are ~nsured or guarxntrrd by a Federal or State agrncy
~~nc;uding l.ender if l.ender is such an institulion). l,ender shall apply [he P~unds to pay suid taxrti, u~arsxrnenta, ~naurancr prrmiums and
ground rente. l~ender may not charge for eo holding and apply~ng the hundA, analye~~K said :~ccount, or veritying and eompiling aa~d
asaee-ements and bills, unlesa I.ender payB Borruwer interrst un thr Funds and appltcable law perrnits I~rnder to make such a charge. I3orruwer
and l.ender may agree in writing at the time of executiun ~~f this Mortgage that interest un the F unds ahall be paid tu Rorrower, and unlesa
such agreement is made or applicable law rrquirex xuch mterest w be paid, I.ender sh~ll not be rryu~nd tu pay fiorruwe~ any intereat or
earninqs on the Funde. lrnder ehall give to fiurn-~--er, without cha-ge, an annu~l accuunting of the Fundb showing credits and debitx to the
E unda and the purpose for wh~ch each debit w the Fundx was rr,:~de. Thr Fu~ds are pledKed as udd~tiunal security for thr suma secured by thia
Mortgage.
If the amuunt of the Funds hel~ by I.ender, together with the future munthly~ inst:~tlmrnts of Fun<is payable priur to thc due datra of taxea,
aasesaments, inaurance prrmiuma and gruund rents, shal) exc~tid the amount rryuirrd to puy sa~d taxes, axsrssmenta, ~nsurance premiumx
and ground re~it~ as they fall due, such rxcess shall be, at 13o~TUVrer's opt~un, rither prumptly repa~d to $orruwer or crrdited to Fiorrower un
monthly inatallmenta of Funds. If the amount of the Funds hrld by I.ender shall not he suf~icient to pay taxes, asseasmrntx, insurance
premiuma and gro~~nd rente ae they fall due, Eiurruwer shall pay to l.ender any amuunt nrcrsaary to m:~ke up the det-ciency within :i(-days
frum the date notice ia ma~led bv l.ender G~ F3urr:~~-•rr rryuest~r.K payment therrof.
llpnn payment io (ull of all swns aecurrd by ,his Murtg.+Ke, I.ender shall promptly refund to fiorrower any funds held by l.ender. If under
paragraph 123 hereof the Property is sold ur the 1'roprrly is otherN•~sc• acyuirrcl by I.ender, l.ender shall apply, no later lhan ~mmediately prior
tu ihe sale of the Property or ita acyuis~.i~,n by l,ender, any Funds hrld hy I,e•nder:~t the l~mr uf application as a rredit aKainst the sums securrd
by thia Mortgage.
3. Application of Yaymente. l'nless applicable I~w pr~n•~drs otherw~~sr, ~Il payments received by I,rnder under the Note and
paragraphe I and 'l hereof ahall be applied by I.endrr first in paymrnt of:~mount~ payable to [,endrr by Borruv-•er under paragraph 2 hereof,
then to intereat payable on the Note, then to thr pnncipal uf thr ti~~te, :~nd then to ~nterest and pnnc~pal un :~ny Future Advancra.
4_ Chargrs; Liens. Rorruw•rr shall pa~~ all taxrti, as.~•:smrnts ar~ uth~•rch~rgrs, fine. and imµ~s~ti~~ns attnhutahle w the {'rc~prrty w•hich
m~y attam a priurity u~ rr th~s ~1urtKakt•, ;ir.d lrasrhuld pa~~~ne•nt~ ~~r ~;r~~und re•nt~, ~i ;u~y, ~n the manner pruvidt~ under p.~r:~gr:~ph'L hereuf or.
~f nut paid in such manner, b~• Rorruwf•r mak~nk pa~~rnrnt. wh~•n ~1ur. d~n•~~tl~• tu thi• pa~rr thrrr~~f. 13orruwer sh:~l) prumptly furnish tu l.rnder
all noticrs of amuunts dur und~~r th~~ p;~rakr.+ph, :~nd ~n thr r~ rnt ft~~rr~~w~rr xh;~ll makF• pa~•mrnt d3rri-tl}~. Kurr~~~+~rr shall pru~nptly furnish G~
I.ender rrce~pts r~•~drncinK su~•h p.~cm~•nt. fiurr~~wrr vh:~ll pn~inpily di~~ h:~ry~r :~ny lit•n w~hu•h has pn~~nty ~~vrr th~s ~turtti:~Ke, pruvidecl, tha[
F;URUWCf 9ll.ill nut tre rryu~rrd tu disi~h:~rKr an}~ r.w~h I~rn .~e 1~ ~n~; as k~~rn ~w~,•r .hnU aKrf•r.n w~nt~nK tu the p.~yrnrnt ~~f thr ~~bliK:~Uon sc~-urrd b}.
such Len ue :i mannrr accrptabtr t~~ L.•ndE•r. ~~r sh:~ll in ~;~n»~ f:~rt1~ ~,~ntr.t su~ h I~t•n hv, urdrf~•nd ~•nfurcrrnrnt uf w~•h li~•~~ ~n. l~•~.ii pr~K•re~ings
which oprrate tu prt•arnt thr ~•:;f„rrrin~•nt ~~f thr !se•n ~~- f~~rf~•rtuer ~~f th~• 1'r~:prrt~~ nr :~m• ~:irl t~~r•~e-~~f
n. flazard InsurancE•. fi~~rruwrr .hall kerp th~• unpn~c~•rnrnt. n~~w ~•x~shnK nr ht•rraftrr ere~•te•d un th-r !'ro~irrh• ~n~urcv~ aKamst luss by
2ire, hazard~ ~ncludtd w•~th~n thr tr: m"~•xtt•nd~Yi c~n ~•raK~•.' ar~d w~~h u!hrr hai:-rd, as I.rndrr m:~y ~rc~wrr and ~n such amuunts and for such
~x•nucls .is I.rndrr m:~~• n•qu~re. pru~ ~dr~t. th.~t L~•nd:•r .h:~ll nnt rt•e~u~rr tt~:~t thr ;~muunt uf surh ~~u~•rr:fKt• rxi'tr~~ th.ft amuunt of c~n•eraKN
n~yu~red t~~ pay~ th~• sum. sri-und h+r ttu.. ~1~~rtK:~Kr
The ~nsuran~r i:~rrtrr pn~~ ~d~n~; th~• tn~ur.~n~ .~h.~U h.•, ~~~,<.•n h~ !:.~rn,wrr suk~~~•i t u~:~ppn~~:~l ;n Iw•ndrr. pn~cidt~l. that .u<~h :~ppru~al
shaU not br unr~•asun:~hl~ ~zthh~•I~i All pn•~nium.•~n in~~r.~n~ ~• p~~lu ~~•~ .h:.:l IK• p:u~i ~n thr rn:~nn~•r pn~~ ~dw1 un~le•r p.~r.~~r.~ph'! her~r~f ur. ~f
nut patd in suc-h mannrr. b~ FS~~rr~~w~ r m.~k~n~; i~.~c,m•nt. ~h~•~~ ~lu~• ~t~r.~~ ti~ t~~ th~• ~n.ur.~nri• ~;~rru•r
Al) msurance puhc~rs er.d re•rtrw~al~ tht•rr~~f ~hafl tN• ~n fnrm .u crptablr tu 1~•nd~•r and shall ~n~-ludr:~ ;tand.~rd murL-~aKeciausF ~n favuruf
and in form :iCfPPL2ff)IFI~i I.~•n~irr 1.~•nd~•r.h:~ll h:~v~•th~• n~;ht t~~ h~~i~i c~„• F.,.~~, ~,•;:,r,~i ~,•:,,=„;,~: tnrrr~~f.:~n~~ Ii~~n~~vcrrsh.~U prumptly furn~sh t~~
~rnder :+11 renew•:~I n~~tu~r. and all rr~ ~•iuts ~~f p:ud pl~'IfliUtll~ In thr~-v~•r.t ~~} i~~.. ~t~~rn~u•rr.hall K~~r Nr:~mpt r~~Lcr b~ thrin.or~n~•e ~ arrier
.ind I.ender. I.en~ler map mak~• pnM~f ~~f lu,s it rn~t ma~1r pruinptly' b~ Iinrr~~Nrr
l'nlrxs l.ender :~nd )i~~rn,Nrr ~ithrrw•~tir aKrrr ~n wntmK. nu.~ran~-r pr~~i rrdc ,h:.l! M• apphrd t~~ rrtitoraUun ~~r rep:~ir uf thr f'rupeety
damaKed, pr+rc~dr~ su~~h rc•,t.~r.~h~~n ~~r rrp:~~r ~. r~ ~~n~~rnu allt• f~:-.ihlr anri thr se-~ untc ~~f this ~1~~rtKaKr ~s nnt thereF.y ~mp:~ireci. If such
rrsWrat~on ur repair ~s n~~t ~Y•~,nnmi~ .ilh• fr:~.~hl~- ~~r if the• .~•cunt}~ ~~f th~~ ~1nrtK:~Kr w~,ul~i tw ~:np:ured, the ittisur.+nc•e pnK~rrds shall be applied
tnthesumsse~uredtn~th~s~L'~rtk:,Kr.w~ithth.•~•x~.•...if:~n~.p:~~dt~~H~~rrv,xrr IfthrYr~~prrt~•~saband~mc~lbplt~~rru~:er.uritli+~rrowerfailsw
re~pund to [.endNr w~~th~n :in da~. fn~m r.h.• d:+t~~ n~~t~rr ~.:n:~~l~.l hc 1.~•ndrr u~ fi~~rn~wrr .3iat thr ~nsuran~e• c~m~•r uffFrs tu+rttle a ~-laim for
~nxurance benefiGti. !,~•nder is :~u!hunct•d t~~ ~~,IL•~ t.~n~1 .~pp;v th~• ~n;ur:+n~ ~• p;:H ~•~•~1~ ;ir 14•ndc•r'. uptwn ~•~thNr t~~ ~rtit~~r:~tn~n nr rt•p.~~r uf thr
I'roperty or thP sums srcure~c3 by thi. tilurtK~+K~•
l?nless l,ender and F3urr~~w~c~r ~~the•rx ~s~• akm.• in K ntm~;.:~n} ,uch applu ,~t~~~n ~~f pnK e-c•ds;~: pnncipal :hap not cxtend or p~~.tpone thedue
date of the munthh• inst.iilmrnls n•~~•rrrd t~~ ~r~ par.~~r.~~~h. ;:~nd L~~e•n•~~t ~~r rhanKr thr:~m~~unt nf su~•h ~n~4illmrnts (f under p~r:~kraph In
hereof the Property is acqwnd hc I,r•n~ie•r. .~I I nKht. t~tlt- ;~nd intrn•.t ~~f !i .rr~~~+~c•r ~n an~l t~~ an}• ~n~urance W,!~~•i~s :~nd tn and tu thP pr~~ceeds
thereof res~sltinK fr~,m dam~Ke. tn f'r~~EK•rty pnur tn thr .:~IE• ~~r .+ryw.~ti~~n ~h.:ll pas~ tr, I,rndNr t~: th~• extrnt uf thF sums sec•urtd b~• th~ti
~lurtgaKe immediately pnor t~i su~~h s<+lr ~~r acquis~t~~~n
fi. Preservation end 1laintNnanre uf Pruperty; L~•a~i•huld~; ('ondominumy;l'lanned l'nit UrvelopmPnte. Rurruw•ersh:~ll keep
the E'ropPrty in K~x,d rep:~ir :~~d ~h:~l! nnt i~ummtt wa~t~• ~~r ~l/•f!ill( ~~np:~~rmrnt ~~r d~•trnnratinn ~~f thr Pr~~prrty and shall cumph~ w~th the
pruc~sions oi any leas. ~f thts ~U~rtKaKr ~a „n .~ Iru,~•h~~ld 1( th~s 11~~rtKaK~• is nn :~ unri ~n a~~,ndum~nium or .~ plannrd unu drvelupment,
Fiurr~~wer shall perform all uf Kurr„wrr's ~~hliK:~ti~~ns und~•r th.• d~~~lar:~tu~n ~~r ~~~~.•t•n:~nt~ ~ rr:~tin~;ur K~~vern~nK therunduminium or planned
unit development, the by l.iw~s and rrKul:~tu~ns ~~f th~• r~~n~i~~m~n~um ur plannrd un~t dr~rl~~pmt•nt, and constituent daumentr. If a
~~undum~nium cr pl.-nned unit ~i~•~e-l~~E~mt•nt ndf•r ~~ ~•~e•rutr~l hy fi~~rrnwrr and rr~~~,rdtY! t~~Kethrr w-~th thts 1~1ortRaKe, the aivrnsnty and
:~KrrrmFnts ~,isu~ h ndrr.h.~ll h.• ~n~ „rU~~r.~t~•d ~nt~~ .~rui .ii.~il :~:~,~•~;~i .,,,,i .upplt•mrnt th~•c~~crnents:+nd a~;rtt<~nrntti ~,f lh~s 11~~rlKaKt•~~~ ifthe
nder vvrrr a part hrrc•.~F
7. Protertion ot Lender'e Security. If Borruwer fa~ly u~ perform the rn~•enants and agreementa conta~ned ~n thie 1~lurtgage, or if any
action nr proceeding ie commencpd which matenally affecte+ I,ender'e intrreat ~n the F'roperty, including, but not limited tc, eminent domain,
ineolvency, rnde enforrement, or arrangemente or pmceedinKs ~nvolving a bankrupt or decedent, tnen l.ender at l.ender e option,upon
notice to Bnrruwer may make euch appearencee, disbure-e Huch auma and t:~ke nuch artion ae ie neceaaary to protect Lender'e interest,
including, but not limitcd to, diebureement of reasunable attomey's fees and enW upun the f'roperty to make repairo. If l.ender required
mortgege ineurance ae a condition of making the loan sec~;red by th~x ;~turiKage. Borruwe: ahal) pay the premiume required to maintain
euch ineurance in effect until such time as the reywrement fnr such ~neurance termmatee in accurdance with Borrower'e and [.ender'e
wntten aqreement or applicable law. Rorrower ahall pay thr amuunt of all m~,rtKaKe ~neurance prem~ume ~n the manner provided under
pareqraph 'l hereof
Any amounte d~ebureed by I.endrr per»uant G~ this par:~graph 7, w~th ~nterest thereon, ehaii become ~dditionai indebtednesa of
fiurrower Recured by thu+ :~lurtgaKe. (, niesa fiorrnwer and l,ender aqree to other terme uf payment, auch amounta ehall tw ~ayahlP ~~~.,n
notice Trom i.ender to FSorrower requeeting paymcnt thererrf, and ehall bear ~ntere9t from the date of diabureement at the rate payable from
t~me to ume on ou:Atandin~ princ~pal under the tiute unlees payment of ~ntereat at esuch rate wuuld be mntrary to applicable law, in which
event auch amuuntq ahall bear intereat at the h~ghret ratr permierAihle under appG~~able law tiuthing conta~ned ~n thia paragraph 7, ehaU
require [,ender u~ ~ncur any expenae nr take any act~un hrreunder.
~-'~z351; ~~,~17~30
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