HomeMy WebLinkAbout1738Fiurruwer and l.ende~ cuvenant and agree as follows~
l. Payment of 1'rincipal xnd I~terret. Rurrowrr xAall promptly p:~y whrn duP the prm~ipal of .~nd ~nte~eKt un the ~ndebtednexe
rv~denced by the Nole, prrpayment and lutr chargra ~y prcn•idec! in thr Nute, ,ind the principal ~f :~nd intrrPHt u~~ any M uturr Ad~•ancea ~;ecured
by thia Mortguge.
Y. Fund~ for TazeB and Ineurauce. tiubjrct tu applic.-hle law or tu ti wntten wa~vrr by I.ender, f3~~rruwrr r;hull p:~y tu I.endrr un the day
monthly installmentx o[principa) and interest ure payuble under th~• Ivute, until thP i\ole i~ paid in full, a sum Iherrin "h'unds"- eyual to one-
twelfth of the vearlv t.ucrs and a~tct~~mpntx whirh mHV Hnnin ~in~v~l~• nv.•~ Ihic l41..rf o.,un ..d ~ ..,~ ~.,~~ .., ~1~~ }iy...,,,a.. :! ~.." 1"'
- • - ~n-r._..y „~~...:..~ .°.. -.;u : vN< <~.a au~.F'au3ui~i
twrlfth o[ye:~rly prrmium i~st.illmrntx fur hazurd insurani•r, ylusun~-twe~lfth o[yra~ly prrmium ~nstallmrnts fur murtg~ige insurance, if any,
.~U as re,-~mubly estimat~rl in~tiutly and from timr tu tin.e hy 1 w•ndrr ~~n thf• bas~s uf .~ssrssmi•nta .~nd b~lls and rr~~si~nul~l~• rstimatrs thereof.
The Funda shall t-e held in an ~nstitution the dr~~s~t, ur ac~~uunts uf wh~ch are insu~cd ur guar:ntrrd by a Fecleral ~~r St:~te agency
uncluding l.ender if Ixnder is such an institut~or.). I.ender ~tu~U apply thr F'unds to put• sa~d t:~xr~, axse~smrnts, insurance premiums and
Kruund mnta. Irnder may not charge [or eo hold:nK and apply~nK tt~e Funds, iinalyzinK said .iccuunt, ur veriiyinK and cumpiling said
asaesaments and b~lls, unle~ I,ender paya Burrower interrst on thr h undti.~nd upplicablr law• permits l.e•n:lrr to makesuch a charge. Burruwer
~+nd l.ender may agree in writing at the time of executiun uf thia MortKaKe that interest on thr F unds shall be paid W BorruwPr, and unleae
~uch aKreement ia made ur applicabfe lAN~ requirrs auch interr~t w t~ paid, [.ender shall not tx reyuired to pay Fiurrower ~ny interrst or
E•aroings on the i'unde. l.rnder ahall Ri~•e to Bu~n~wPr, w~thout rharge, an ~ir-nual accnunt~ng of the F'unds showinK crrdits und debita to the
h'unds and the purpose for w!~ich rach debit G~ thr N'undti w•uti madt~. 'I'he f'unds are plydKed a~ add~tiunal security for thr suma securcrl by this
~lurtgxge.
If the amuunt of the h'unds held by lt~nder, tuKrther with the futun• munthly installmen~s of F unda p.~yahle prior t~~ the dued~itrs of taxes,
a~arssments, ~usurance premiums and Krnund rents, sh:-U rx~•~~d thr umuunt rc~~wrrel tn pay sa:d taxex, .issrssmenL4, insurance prrmiume
.in~+ ground re~nt~c .~r they fall due, such rxcrss tihaU -~r, a! I3~nTUVCCr's uptiun, either promptly repa~d to liurrower ur crrdited to Fiorruwer on
monthly installment4 of Fundy. If thr amount of the Funds held b~• !k•ndrr shall nut be sufficient to pay t:ixra, assessmrnts, insurance
premiums and gruund rents aw they [aU due, E3nrrower shall pay u~ la•nder :~n}• amuunt nrrrssary to malcr up the deficiency K•ithin 30 days
fn~m the date noticr is m.iilc~ br Iw•nder to it~~rruwer myuesUuK p:+~~mf~nt thenv~f.
Upun p<-yment in full of all sums se~•urrc~ by this AturtK.~Ke, I,rnder sh:~ll prumptly refund to 1{orrov~•er any funds held by l,endrr. lf under
~.~,ragraph 1N here~~tthr Proprrty ~s sold ~~r the 1'ro~x•rt~• ~s uthrrwi~e .iryuir.~d by I.~~ndrr, I,endrr sh.~ll apply, nu later than immcdiately prior
t~ ~ the sale of the Property ur its acyws~ti~~n t~y !.~•ndt•r, any F undc ht~ld by 1 k•nder at thr hme c~f appl~catiun us a rrrdit against the sums secured
h~• this MurtgaKr.
:i. Applieation of PaymrntA. l'nlrss applic:~Ll~• law• pr~~v~dF•s uthf•rv~•ist•, all p.i~•ments receivr~! by I~rnder under the Note and
p:~ragraphs i~nd 2 hPrrof shall t~r.ippiiEd by I.endNr first ~n pa>•m~•ni ~d.~muunLti payable tol.enJrr by 13orruA•rr under paragraph 2 hereof,
!hen to intereht payabl~ on thP ?C~~te, tht•n tu thr pnnc~pal uf thi• ti~~tr, and the•n tu ~ntereat and pnrn•ipal ~~n :~ny Future Advancrs.
~. ('harges; Lieny. finrn~wrr tihall ii:~y all lax~•s, a..~•,tirn~•nt. an~i ~~th~•r~ }:ar~;~~c, fin~•~ and ~nzEN~~~tu~nv attnhut:~hlt• tn thr Pruprrty which
~na~• .itt<~in a pnunt~• ~~c~~r th~s .Lt~~rt~;:~~;~•, and 1~ :~,~•h~~ld u:~~•~nrnt. ~~r ~;n ~und n•nt~, ~f:~ny. ~n ihr ~n:~nnrr pru~•~deYl under paraKraph G hercv~f or,
;f nut paid in su~•h m:inn~•r. h~• It~~rr~~Hrr mak~n~; pacnu•nt. ~+'hr:i dur. ~lir~•ctly t~~ thr pa}'~~~ ~hrn~~f K~~ff1~WYf ~h.~ll prumptly furnishtu Ixnder
~I! nuhcrv uf :~m~~unt~ dur und~•r t~~~. p.~r.~~;r:~ph. :~n~i in tht• ~•c.•nt It~~rn~vrrr ~h.~ll tnakr p:n•mi~nt direy tl~•. Iturn~~~•r shall prrnnpth• furn~~h G,
;.«•ndrr rri•r~pt. r~ ~~l~~ne~n~; .ui~h p:~~ m~•nt. f{~,rn~~~rr sh.Jl pr~~rnptl~ ~1~.~ lu~r~r .~n~ Le•~: w h~~ h h;~s pn~~nt}• ~~err th~. ~1urt~;aKi~. pruvidc~d. that
it~~rruxi~r sha~l n~~t iw• rry~~rr~~ t~~ d~.~ 1i.~r~~• an~ .u~~h lu-n .~~ I~~n~; .~~ !{~:rr~n~ rr .}~:~Il .i~;rrF• in ~ nhn~; tu the• p:~~ mt•nt ~~f thrubl~K:~ti~~n srcumd bv
<u~~h L~•n in :~ ~nann~•r :u~rr4~t:~hl~• t~~ l.~•n~i~•r. ~~r.h:~ll ~n ~~~~~~1 ~,iith r~~l~t-~st .urh !t~•n hc. ~~r~1rf~•n~l~•nf~~n~•nu~nt~~! w~ h lu•n ~n.lr~;:~l prui•rrd~ngs
.~ h~ch npi•ratt~ ts. ~~r<•~~rnt the• t•nl~~rr~•m~•nt ~~f th~• :~e•n ~~r turf.•ih~r~• ~~f th~~ !'r~~E~. rt~ +~r :~n~• p:~rt thi•r~~rC
:r. Nazard Intiurance. it~~rn~w~•r ~h:~l! k~ti•pih~•:n:pn~~~•nu•nt~ m~w ~~x:shn~; nr he•r~•aftrrrn•ctrd un thi• F'ru~•rly ~nsurrtlaK:unst I~~ssby
ti re•, hazard~ in~ lud~•d w•ith~n th~• t~•rm "~•xt~•n~i~r1 ~~~~ i•~:~~;r." :~n~l ~ui•h ~~the•~ h:~iard~ a. Lrnd~•r may n•ywrr and in ;uch :imuunts xnd f~~r such
~~e•n~x1s as l~~ndt•r mcit' r.•ywn•. pr~~cul~vl. Ih:~t I.rn~1~•r .t~all m~t r~•y~nn• th:~t lhr am~~unt uf surh ~-uc~•ra~;t- c~x~•wyi th:~t amuunt uf c„ceraKe
r~r~uin~ci tn pa~ thr .um. .r~ ~~nv1 f~~ t1~~. ~l,~rt~;e~;~•
The ~nsurani~r ~:~rrirr E~r~~ri~lin~; th~~ in~ur:in~ f.h.~i~ h~• rh~,.~~n I,~ }S~~rn~tsrr .uh1t•,~t h~ ap{~r,~c:J h~ I.~•n~l.~r pr~~cu1~•~1. th:~t .ui•h appnrcal
,h:~ll n~rt Lr un•.;~.un:ihl~ ~,tht~~•I~i :~l1 pr~•~nn,~n~ •~n ~n,ur~m . ir„lu n~. ,ti.~ll 'tM~ Er.u~! in th.• n~:~nnrr E~n~c!d.v! un~iF~r p:~r.i~;r.~~ih'' hrn,~f ur. ~f
~u~t pa~d in ,urh m:~nnrn c~ K~,rr~.~.rr rei.ek!n~: ~,,~~ ~n. nt. ti~h.~,i ~tu.•, ~1ir~•rtle t~~ th~• ~n.ur.~rn r~ nrru•r ~
All insurance Fnrl~r~r~ :~nr~ rrn~•K.tl. thi•r~•~~f .heU tH• in f~~rrn .~ci rpt:~}~I~• t~~ 1 ~•ndrr.~nd .h:~l{ ~nrlud~• :~ ~tand;ud mnrtK:~~;e cl.iu~e ~n £acor ef
+nd in form :~c~-rptai~l~•t~~ 1~•n~f~•r I.~•nd~•r.h:~H h;+~ r th~• r:~;ht t~: h~:f~i t}u• p~~lu tr..~rid r~•n~•w~a;~ tht•r~~~~f..uid fi~~rr~~~.er~hall pn~mptlc furnith t~~
i.~•ndrr~+IlrrnrK:~ln~Rt~r.and:~llrri~~~pt<~~fE,:~~dprrtn~um; Ireth~•~•~wnt~~f:~~.~.li,~rn~ue•rsh:ill~;i~~•E~n:rnptni~hcttutht~insur.~ncecamer
.~nd (~•nder I,~•niirr ~n.~~ rn.+k~• FrnN~f ~~f l~~.. sf n~~t rna~1~• pr~~mptlt hc K•~rn~~~•~
l'nle~ss [.~•ndrr :~t~d liurr~~~ne•r ~~th~•r~~.~• ;~~:rrr in ~vnt~nk. :n~ur.~ncr pr~Nr~~d. sh:~ll tK• ;~ppltrd tu rt•vt~~rat~~~n ur repa~r ~~f ihP !'roperty
~1amaKf~d. pr~~cid~vi .w~h rF•st,~r:~lu~n ,~r rt•p:ur i~ ~•h~~ti~~nu~ :+ll~~ f~•:is~hl~• :~nd thF• s~-~ unty uf th~s ~1~~rtK.~~r i~ nnt thrrebq impaired. If such
rrsG~rah~~n ~~r re~p~ur ~~ n~~t ~~~unumtii ,~Il~ f~•.~~ihf.• ~.r ~f thr.~ti untc ~~f th~x ~1~~rt~;;~k~•~si~uld tK• t:npa~rrd, thr ~nsur:+n~•epnN ~•tdsshaU tn=applitd
t~ ~ thesum~ ~~•~urerl }n thi~ 11~~rt~;:~R~• w~ith th~• ~•x~ .•... if :~n}. p.ud t~~ 1{nm,wr: If the~ F'ruEµ•rt~~ ~v:~b:~nd~~ni~i by Rnrt~~wrr.~~r if fi~,m~x•er fails tu
r~•;p~~nd t~~ I.~•nd~•r Nith~n t~~ d:n~ fr~~rn t}~.~ ~l,+t.~ n~~tu ~• ~~ rn.ul~~! t~~• le•nrl~•r [~~ f:~~rn~we•r that th~~ ~nsur:~n~-t• ~•amc~r nfff•rs t~~srttle• a ~la~m tur
in.ur,:nci• hrnefit~. Ie•ndrr is ;~uth~~r~i~Yi t~~ r~~i!~•~ t.~nd .~1<<,i~ th~• in.uran~ ~• prN~<•~•~is :~t 1~•n~1~•r's ~~pti~~n r~th~•r t~~ rr~r:t,~rauun ~~r repair ~~f thr
i'ruperty or thr sum~ .rcurrd hv th~. 11~~rty;.~~;r ~
C'nlrss l,ender .~nd f~~rrnu~•r ~~th.•rw i.e• :~y:m~• in ~cntin~:..~n }~u~ h:~E~pli~ ah~~n uf prni•eK•ds t~• pnni•ipal s}~all not rxtt•nd ur p~stFx,ne thr due
~fate r~f tne muethly instal{rn~•r~t~ r~•fe•rrr~1 t~~ ~n p:~r,~~r.~ph~ ::~nd ~'it•r~•uf nr ~~h,~n~;~• th~• am~~unt ~~f ~urh ~n.e:ill~ni•ntv If under paraKraph 1!i
herr~~f thr Yrnpert~• is a~~qwrw! %~~ 1~•n<1rr. :~Ii ri~;ht. t~tl••:~nd int~•rt•~t nf K~~rr~~Hr~: ~n :~nd t~~ :~m• insur:~nce ~N~licit•s and in and to the proc•eeds
thrrer~f resultinK frum d.im.ik~• t~r 1'r~~pF•rtti~ pnnr t~~ th~• .ai~• ~~r a~ yu~sih~~n sh.~ll p:~.. t~~ [~•ndc•r tu tht~ extf~:it uf thr sumc securecl b~• th~s
~1ortKaKe ~mmediat~lc pnor tu vurh ~alF• nr a~~yuu~unn
+~ Preser~•atiun and Naint~~nanct•of 1'ropE•rt~•; 1..•:~.~•huid~;('ond~-minums; PlHnned ('nit t)i•velopments. Fi~~rruw•ershall keep
thf- f'n~~•rty~ ~n ti~M~r1 n•p:ur and .hall nut ~~~~rnm~t .+ra,t~• ~~r p~•rrnit ~mp:urrn~•nt ur d~•tt•n~~rat~+~n nf th~• 1'n~sk~rtt- and shall comph~ w~th the
prncui~~ni ~~f a~~ I~:~.e• ~f th~. \t~~rt~:.i~;<• ~. ~~n :+ 1~•:~~~•h~J~1 If thi. tit~~rt~;:~~;~• i~ un :~ unit ~n a~~~~nduin~n~um nr a planni•d unit dPti~elopment,
{t"rruwer shall pf•rfi~Trn :+il ~~f K~~rn~N~•r~~ nhli~;:~tir~nx un~it•~ et~~• ~it~ i:ir.~ti~~n ~:r c~~~~~~nant~ ~~~~ :~t~n~;ur kncPrn~nK thecundunnn~um or pl.innetl
unit de~•e•I~~pmrnt. thF• h~ iaw. :end rr~;ulatu~n~ ~~f th~• ~~~nd~~m~nium ur pL~nn~Yi umt dr~~~~l~~pmrnt, and i•nnstituPnt d~x•umentK. If a
~ undnm~nium ~~r plunn~•d un!t ri~•crlu4~m~•nt nrirr is ~•s~•~ ute•~1 h~~ ti~~rn~..,•r .~n~! n~i ur~ird tnKrther w•~th this 11nrtKaKe. the rnven:~ntfi and
.~Kr~•~~r.;f•nt• nf ,u~ h-ul~~r .h:~!I h~• ~n~ ~~rp~~r.~ird int~~ .us~! .1i:~il .~rn~•n~! .~n~! .uppl~•~rn•nt thi•:~~~c~•n.~nt_. and a~:rt•e•nu•nts uf this J1~~rtK:eKr ati i(the
nd~•r w~•rf• ;~ y:~rt hrrr~~f
7. Protection of i.ender'e Security. tf !?on+~~rr fail., t.i perfurm the cuven:intri and agreementx cunta~ned in this Mortgage, or if any
actiun nr pmcewdinK i~ cummenced wh~ch matenally a(fectr+ I.rnder's ~nterrnt in thP I'roperty, including, but not limited to, eminent ~omain,
ine~rlvency, rnde enfurcement, or arran~emente~ or pr~K-red~nKa inv~~Iv~nR a bankrupt or decedent, thca l.ender at I.ender'e option,upon
notice to Horrower may mske euch appraranc~, d~yburer c+uch xume and take such action as ie neceesary to protert l.ender'e intereat,
including, but not limited tu, dieburHement of re~eunable atturnr~-'y feeK ar~1 entry u~~n the F'roperty to make repeire. I( I.ender required
mortgage ineurance as a rondition f,f rn~king the loan secvrt~l hy th~~ M~~rt;tuKe, F3orruwer ~hall pay the premiums r~uired to maintain
~uch ineurance in effect unt~l euch t~me an tnr reywr~~~~rnt fnr Kuch ~neurance terminatee ~n accurdance with Burrower'e and i.endei a
written aKreement e~ a~plirahle [aw~ ~i~~rrow•er ahall pa~• thr amnunt ~~f ail murttiaKr ~nHUrarn•r prrmiuma ~n the manner provided under
par:~Kraph 'l herei,f.
Any amounts '~xburHr~ by I.endet perYUant tn th~y par:~Kraph i, N'iCFI intrrrctt thrreon, ahall becomr additiunal indebtednesa of
I:iiTT~'r"vYFi ni-CUTF ; by~ tl,in :i~~rtK:~Kr. i~nirnH Fi~~rruw•rr anci i.ender :~Kree fs> ~iiher tertnt~ uI payment, sucA amounte ehall De payat~le upon
noti~e from I,ender to Fi~~rrnw•er requeetinK paymer.F there~,f, and ~ahall bear intrrret fnrm the date of diebure~rment at the rate payable from
t-me to time on ~wtHtandinK pnn~~pal u~der thP Note unleKS payment ~~f tntF•rt~et at such ratr would he rnntrary to applicable law, in which
event euch amnunt4 Nhull t~ar intereHt at the hiKhrst ratr prrmi~y~blr undrr appli~•aMr law tiuthing contained in thie paragraph 7, ehall
requ~re I.Pnder to ir~ur any exp~nae or take any act~un hereunder
..~.'~~ 351 ~~.~;F17:34
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