HomeMy WebLinkAbout1742F3urrower and l.rnder ~v~venant end agree ae followa:
1. Payment uf Nrincipal and Intereet. Burrowe~ shall prumpUy pay w•hen due the pnncipal of i~nd iulrrest on the indebtrdnese
rvidenced by the Nute, prepayment t~nd latecharges ue pmv~dr.i in thr Nutr, and the pnncipnl of and interest un any h uture Ai~~~ances aecurrd
by this Mortgage.
'l. F unde for Tnxee and Ineurance. SubjPCt to applicablr law ur tu .~ writtrn waiv~•r by l.endrr, f~,rruwer shall pay tu l.endrr un the dav
monthly mstallmentn of prinripal nnd interest are payable undrr thr Nute, until the Nute is paid in full, a sum Ihe~rin "Funda"~ ryual to onP
twrlfth of the yearly taxrs s~d axsrssmrntx which may attuin pnority over this Murtgagr, and ~ound rents on lhe Yroprrty, if uny, plua onP
tweilth ot yrarly p~rm-um mstalimrntx for hazurd insur.incr, pius un~ twrifth ut yeariy prrm~um ~nstullmrnta (or murtgatie uitiurance, ~f any,
aU .is rr~-son:-bh~ estimatf~l initially and from time tu time he l~•nd~•r on the t~u+is uf assessmrnts .~nd b~lls .~nd masnn.+blr rstunates therruf.
The Funda sh:~il he held ~n un institution the depusils or .iccounts of which are insurcd or guar:~nlrrd by H Federal ur State agency
1-ncluding l.ender i[ l.ender ia such an mstitutionf. i.ender shaU a~.;,ly thP N'w~ds tu p,~y s.~id t:~xeK, assessmentn, ~nYUruncr premiums and
gruund rents. l.endrr mxy nut charge for eo hol~ing and applyinK the Funds, analyzing suid ~ccuunt, or veri[ying and cumpiling aaid
asseaamentx and hills, unleax l.ender paye Borrower intrrest on the F unds.~nd applicablelaw {~ermits (_ender to make such u charge. Borrower
and l.ender may aKree in writing at the time of execution of this MurtKuKe that ~nterrst on tl~e F unds ehall br pt~id G~ lior~uwer, s~~d nnlesa
euch aKrerment is mude or applicable law reyuirre such inlrrrst to be puid, l.ender ahall not be reyuired :c pay ~rrower any interrat ~r
earninge on the Funda. ~.ender ~hall give to Borruwer, aithout charge, un annual accuunting of the h unds showing creditx and debits to the
h unds and the purpuse for which each debit U~ the Funds was mude. 'fhr Fun~ aire pledgrd as addrti~~nal security for thr sume, secured by thie
Mortgage. . ~
If the amuunt of the I~'unds held hp lrrnder, tuKrther with th~ future munthly inct.-Ilments uf Funds payablt~ pnur to the duedates uf taxes,
asarssmrnLs, insurance premiums and Kruund rents, shaU rxrrrd the umount rryuirrd to puV said taxes, a, sc~~sments, inaurunce prrmiums
~nd ground ren~R :-s they fall due, such excrss shull be, at Bo~TUwrr'ti nption, either prumptlp repaid to liurrower or credited k~ Eiortoweron
monthly inslallments of Funda. If the amuunt of the F'unde•held by Ixnder shall ~ot be sufficient to pay taxeb, asxrxsments, insurance
premiums and ground rrnts as they fall due, Borrower shall pay to I.ender any amuunt necetisery to make up the drficiency within 3(1 days
from the date notice is mailyd bv I.~~nder to F~~rru~ver rtv~urst~n~; p.iyment then~f. •-~ .
Upon payment in full of all sums s~r~und by this MurtKage, t.endPr shall promptly refund to 1~~rrower any fund~ held by I~ender. If under
paragraph IS her.eotthe Pruprrt}• is suld or the Propcrty, ~s otherw•ise acyuired hy I.endrr, I,c•nder shall apply, no later th~n immediately pnor
tu the sale of the Yro~rty ur its acqu~sition by l.endrr, .~ny F'unds held bp I.Nnder at the Ume of applicatiun t+s a crEd~t .igainst the sums secured
by thie Atortgage.
3. Application of Paymenta. l'nless applicable !aw pr~~vidt•s otherw~se, nll payments received by !,ender under the Notr and
paragraphs 1 and '2 hereof shall t-e applial by I.rnder first in ~~a~•mrnt ~damuunLs payxble to I,rndrr by Borruwer under paragraph 2 hereof,
then to interest payable on the Notr, then to the principal ut th.~ `utr, and then to ~nterest ~ind pnncipal un :+ny huture Advances.
4. ('hargey; Liena.l3~~rrn~•t•r shall pay _+11 tax~•s,:~~~r..~m~nts and uthrrrhark~~~, tint•. and ~m}ti~~itiuns attnt~utable t~~ the!'rnperty w:~ich
may .~ttain .t pnunty n.~rrthis \1~~rt~;n~;r..~nd It :~,t•h~~ld p,~~•mrnt~ ur~;n~und re•nt., ~f:~n}~, m thi• mannt~r pru~•~dcv1 under paraKniph'Lhereufur,
i( nut pa~d in tiui•t~ ~n:u~nrr. b~• fi~rrr~~wrr ~n:~k~nK p:+cm~•nt. w•hrn dut•. ~1in•~•tlt• tn tht• p:~~ w• th~•n.~f K~~rn~w~•r.h.all promptl~~ furnish tu l.ender
,+li n~~h~ es uf :un~~ut~t. du~• und~•r th~. p:~r.~~;r:~,~r~. :~-:~i -~ ~~,~~ ~~~ rnt li~~rruwer tihall m:~k~• p;i~•~n~~nt ~1:re~•tly, Iturr~~~rr ~ha~ll prumpth~ fumish tu
L~•nder rt~•e~pt. ~•a•~denc~n~; su~ h p:~yrn~•nt~ fi~~rn~~i•r ~h:~if pr~~mptlc:li~i•harKr :~nt~ lit•n w•hich h:~. pnunty uc~~rth~. ~1ortK.sK~•: prnvided.that
iiurr~~w~er vhall nut tr• ri•ywr~•d t~~ dis~ h:zrK~• .~ny~ •ui h I~e•t, su InnR :~~ li~~m~vct•r shall;+Krr•t• ~n v~•nt~n~ tn Ihe p,i~'m~•nt ~~f thr„bli~:~t~~~n tircurt•d b>.
~u~ h I~en in a mann~~r ai•~~t•ptaf~l~• t~~ Lrndt•r. ~~r ~h:+l~ ~r~ ~;u~H1 f::i:h ~~~~nt~•.t .~~ h lie•n h~ . nrd~•f~•nd ~•nfun t•m~~n! uf w~•h li~•n ~n. I~•~;:~I pr.K-f•<~1inKs
~•hich ~~p~•rate• tu pn~et•nt th~• e•~f~~rc~•~nent ~~f th~• lu•n ~~r f~~rt~•~t~u~• ~~f th~• f'n~{~~•rh~ ~~r .~ny~ p:ut thrn~~f.
:~. Hazard Insuranci•. Kurr+~a•~•r ~h:~ll kc~•p ih~~ unpruc~•~nf•nt. n~~~v e•xivhn~; ur hrrr:+ftrrrn~•ted un ihe 1'riipert~• ~n~ure~1 aK.unst lussby
fire, h:~zards in~•ludt~! w•ithire th~• tf•rm "i~xtt•ndtYi c~~~~rraKr." and ~urh ~~th~•r ha -=~n1s as I.e•ndt•r may nr~u~n• and in such amnunt~ and forsuch
{K•ri~Nls as I.e•nde•r m:~~• n•yuin•: {~r~~~ ~dtti1, th:~t Lt•ndt~r ,13;~11 n~~t r~•ywrt• th:~t th~• :~m~~unt uf s+i~-h ('11~'Pf:ir,P PXC/'IY~ Iflat amuunt uf cover:~Ke
rc~~wr~~r1 tn pat' thr sum~ ~~•~ unY1 hc ttii. \1~~rt~.+~;r
Thr msuran~~~• ~:irn~•r pn~~ ui~n~; th~• ~n,ur.nu ~~ .}~a11 6~• ~ h,~.~•n h~ Ii~~rr~~w~•r .uty~•rt t~~ :~F~pn~v.~l hv L.•n~i~•r. ~~r,~~ ~d~y1. th:~. ,ui~h approcal
sh:~ll nnt IK• unrra~~~nahlc Nithhrl~i :111 pn•m~~im~ ~~n ~n~ur.ui, ~• p,~li~ ~r..hall -w• p.+~d ~n ttu• rn:uin~•r pn~~ ~~3~~ii un~1~•r p.~r.iRr.~ph',', h~•r~~~fr~r. if
nut p:ud ~n suc t: tnanne•r. h} knm.H~•r rn:~k~n~; E~;n tn~•nt, Hhrn ~1in• ~t~n•~ tl~ t~~ th~• !n~ur:~nrr ~ arnrr
AU ~nsurance EN~lu~~rs :~nd r<•n~•N.~I~ thrrruf shall tff• ~n G~rni ar~ rp!abit• G~ 1~•ndrr and ~h:~ll ~n~•ludr:~,u~nrl:ir~! murtK:~Kc~i~lautir ~n fa~•orof
:+nd ~n G~rm ac~•rfitahlr tu 1.•ml~~r Lr•ndrr shalt h:~~~r thr n~;ht t~~ h~,ld tlir p~~h~ u-=:~n~l n•n~~..:+ls tF:rrr~~f, and k~~rruw~>r sh:+!! prumptl}- furn:sh G~
i.c•ndrr all renrw•al n~~h~ ~•s .+nd :~II r~•~ ript. ~~f p:+ui pn•~n~unis !n th.• ~•vrnt uf l~~s~. K~~rn~w~rr ~h.ill K~~•r pn~tn{~t n~~ttce t~~ the ~ncur.~n~~e c~irtier
;ind I.rnder Irndrr m:~c m,ikr pn~~f ~rf I~~~~ if nnt m:+dt• pn~mptf~~ ti~ H~~rruu-rr
l'nlrs~ I.rndF•r :+nd Ii~~R~~M"f•f ~/Illf•fN IFI• :~Krr~~ in N~nhnK. in~urancr ~rr~N ~~t•~1. shc~11 tu~ ;~pplit~d t~r rf•sturati~~n ~~r repa~r ~~f tht• Pruperty
~1am:~KF•a. ~,:~,.~,~it~i ~ui h re•.t~,r.~U~~n ~,r rrpair ~. r~ un~~tnu :~llt• fe•a.~i~l<• and th~• ti~•~-unt~ ~~f thu ~1~~rt~;aKe ~~ n~~t th~~n~bt• -mpatrt~d. If such
rrst.ir.+tiun nr n•E~.ur i~ nnt r~ nn~~~m~ :~li~• fi:+.~hl~• ~~r if th~• ~e•~ unt~• ~d th~. ~1~~rtK:iKr H~~uld t~• ~:npa~rt-d; [hr ~nsur.~ni•r pr~K-ee~~ tihall heapplied
tu thi~ vums ~F~-urcri h~• this 11~~rt~;:~~;~•. w~~th tt~r~•v~ ~•.~~. ifan~•. p.ud t~~ Fi~~rr~~~ve•r Ifth~~ 1'n~p~•rtc ~sahand,~ncd by Finrr~~K•er. ~~r~f Fk~rrow•erf.+ilsG~
rrtip~~nd tu I.c•nd~•r H•~th~n :U~ d:~~. fr,~rn tt.r d:~t~- :i„h+ ~• i~ m:~~l~rl h~• l~•nd~•r t~~ li~~rr„H~rr that tht• inxur,in~•t• c:+mi•r ~~fft•rx t~~ s~~ttle a i laim for
in~~~ran~~~ iN•m•fit~. I.r•nd~•r ~~ :~uthurvetil b~ r~~!l~•~ t:~n~1 :~~~F~I~ tt«• imur.~n~ t• pnN F•~•ds .~t I A•nc~~•r~ti i~pU~~n r~ther tu rF•~t~~r:~hun ur rt~p.iir ~rf the
Pruperty ~~r th4~ sum. s~~•urFti~ t~~• lh~~ ~turt~;:~Kr
l'nless l.~•nder and f;nrtuwrr ~~the•rK~~~~• :~~;r~Y• ~n ~+nt~n~;.:~n} ~w h appl~catu~n ~~f pnK-t•rds tu {mncipal sh:~ll nut e~xtend ui pustpone thrdue
rjatr of the mnnthl ~~nstallmrnt. n~f.~rr~•d tu ~n ~r~r.i~;r:~~~h. 1:~nd'~ lu•re~~f ur ~•hanK~ thr ,un~~unt ~,f su~ h~nstallrnt•nt~. Ilunder paraKraph IK
here~~f the Yrv~prrty i~ a~•quirt~! bc 1 ~•n~f~•r. .~II nKht, titb• und intt•n•st ~~f l{nrru~a~•r in and t~~ :~m~ insuran~•r µ,iicie~ and ~n and to the procec~s
thrrc~~f resulUnK fr+~m damaytY tn Pn~~~rtc pnu~ tr~ th~~ ~al~• nr a~ yu~.ih~~n .h:+ll pa+. tu I~~ndrr tn thr exte•nt ~~f the sNms src~rtd h}• this
~1ortKaK~~ ~mm~-~1~ate•1c pn~~r t~i .w h salr ur ucyu:,ifiun.
f;. i'reaervatiun and ~lainti•nance uf {'rup~~r-y; lw•avi~hold~c; ('unduminunia; Planned l'nit Develupmente. liorru.+~er shall keep
thr 1'r~~prrty in K~M~d ~~•p:ur and .h~~ll nnt ~v~mm~t Na~[~• nr pt•rmit ~mp:urnernt ur d~•trnuratum ~~f thc~ Yru~wrty and shall comph• w~th the
~irv~~~~~:nnti ~~f ar._:' It•:i.e• ~f thi~ \l~~rt~;:~Ke• ~s ~~n :~ ir:~s~•hnld I( thi~ ~1~~rt~;:~~:t~ ~. un :i un~t ~n a~~und~~minium or a planned ur.tt de~•elopment,
li.~rr~~wer .hall ~wrfurn: :~Il ~,f H~~rr~~~rr's ~~i~h~;aU~mv und~•r thr d~~c•I:ir.it~~~n ~~r ~~~ne•nant~ ~'r~ :~hn~;~~r Ku~-ern~nK thecondumimum ~~r planned
urut (IF~'f~lupmf•nt, the h~• L~wv and rr~;ul:iU~~ns ~~f th~• ~~~~nd~munium ur planntti) un~t dr~~rlupmt~nt. :~nd consti!nent documentv. If a
cunrlurn~n~um ur plc~nnrel un~t dr~~~•lupmt~nt ndel i~ e•x~~~ uttvl h~• fi~~rn,NF•r .~nd rt•~~~~rd~Yi t~~Kt•tht~r ~~th th~s :11~~rt~aKr, ihe itiwen.intr+ and
.~~;r<•~•in~•nt~ :~f su~~h nde•r .i::~ll i,e• in~ ~~rpur.~t~•d ~nt~~ :~nJ .h:~ll amrnd :~n~l ,up{~Irmev~t th~• c~~~ ~•nants ;~nd aKn•~•~nt•nts nf th~s 11~~rtKaKe•:-s ~f the
n~le~r K~t~n• a p:~rt he•rruf.
7. f'rotection of Lender'e Security. lf Korr~~wer fa~l~ w perform the covenant~ and ~Kreementa cuntainPd in th~e Mortqage, or if any
actinn nr proceeding ie commenced which matenally affectt+ I.~n~er'e interest ~n the F'ruperty, indud:ng, but not limited to, em~nent domain,
~nxol~ency, rnde enforcement, or arrangement8 or procercl~nKs involvinK b bankrupt or deredent, then Lender at [.ender'e option,upon
notice to Aorrower may make auch appearencee, disburse such sume and take euch action ae ia neceasary to prutect [.ender'e intereet,
includinK, but not limited to, dieburaement of reaeunab:e atturney'x fees and entry upon the Prnperty to make repaire. Tf I.ender required
mortgaKe ineurancr as a condition of makinR the loan secured b}• this 11urtKaKe. Bc~rrower shall pay the premiume r~quired to maintain
aurh ineurance in effect until euch time as thP rrquirement for euch ineurance terminatea ~n accordance with B~~rrower's and I.endei e
wntten aE(reement ur appltcablp I~+w•. Burrower ehall pa~• the am~~unt ~~t al; murlKaKe indurance prrmiume in the manner providrd under
paraRraph 2 here~~f.
Any amuunw diebursed by I.e~der persuant u, this paraKraph 7, with interrMt there~ro, eha^ !xrome additional ~ndebtedneea of
1i~~rrnwer R~urrci hy th~A :`~Uf[YAfLP. I~IIIPPA &irruwer and l.ender :~4tr~ to ot`~er terma of payment. sach amounte ehall be ~syable upon
ne~t-ce from I,endPr tu E3urruKer rryueetinK payment thereof, and yi~all bear intereat frum thp date nf disbursement at the rate payable from
l~me tr~ time un uutatand~nK pn.ncipal under the Note unlrr+.y paymrnt uf intrrrat at auch rate would be contrary tu applicable law, in which
event euch amnunts ehall tx~ar intereat at the hiahret rate permisy-ble under lipplic.+blP law. tiuth~nK conta~ned in thie paraQraph 7, ehall
reyu~re Ixndt~r br sr.cyr am expense ~~r take any action hereu~der.
~ J~~'351 ~~~~,Ei~3~