HomeMy WebLinkAbout1746liorruwer end lxnder co~•enant ar.d agree as foilows:
1. F'ayment of f'rincipal and Interest. f~orruwer shall promptly p:iy whrn due 1he principa! of and intrrret un lhe ~ndebtednrne
rvidrnced by the Nute, prepayment und i~techarge~ ua providrd in the Nute, und thr principal of and interext un any Future Advance~ secured
hy this Mo~tgage. ~
2. Funde for Taxea and Ineurance. SuAjeii to tipplic~hle law ur tu .~ wntt~•n w~ivrr by 1.~•nder, Eiorrow•r~ shall pay tu I.rnder un the day
monthly installmenta ot principul and inte~est are puy.~ble under the Notr, unt~l the Note is ptsid ~n full, a wum (herrin "F unda"- ~qual to one
twelfth o[the yrurly t.uers ~-nd assrxsmrntx which may ¢~ttain p~iority uver thia Mortgagc, ~nd Kround renti; on the Property, if any, plua one
twelfth of yearly p~emium inbtallmentx fu~ hazard insurancr, plus o~~ twelfth of S~early pm::~ium installmentx for muriK~Ke in~urance. if anv_
~~II as reaxonz~bly estimat~d :n~tiaily and frum time tu tin~r by 1.~•nder un the busis of .~ssrssmerits .ind bill~ and reasum-blr ~~umat~~s therec,f.
The Funds ahall be held in an institution the drpueitx or :~ccuunl.v ot which are insurcd or guarunt~rd by a Federa) or Stute ugency
i ~ncluding l.ender if l.ender ia such an inatitution). l.ender ahUll apply the F unds to puy s.iid taxrs, assrswments, insurance premiumx and
Kruund rente. l.ender may not chatge for eo holding and applying the Hunds, anxlyzing suid account, ur verifyinK ~nd cumpil~ng said
-~easments and bills, unleas Ixnder pays E3utrower interrr~tt-n the F unds and upplicuble law permitr; !A nder tu make such a ch:~rge. fiurruM~er
and l.ender may agree in writing at the timr of execution o( this Murtgage that interest un the Funds sh~l! be paicl u, tiurn~wer, and unlras
:+uch agreement ia made or applicablr Iaw requtre!s euch inlrrrst to be paid, I.ender shall not be reyuired to pay &~rrower any ~nlereet or
rar~~nga on the Funda. L.ender ehall give to f3orrower, withuut charge, un annu~l accounting of the Fundx shuK•ing cr~dits and debita to fhe
Funda und the pur{xise fur which each debit k~ the M unds w•ax madr.'Phr Funds are pledgrd as additiunai security for thrsume secured by thie
\tortgttge.
If lhe amount of the h unds held by l.ender, toKether with thP future monthly installments of Funds pa~ ahle pnor to the ducdatrs of taxea,
aasrr~smrnts. in~ur~nir premiums and Kruund rents, shall excrecl the amnunt rryuired to pay said taxeK, assessmen~~, insurancr premiuma
.~od ground renLti aa they fall due, such excra, sh.+l) bv, .+1 }ioiTUwrr's optiun, r~tt-rr prumptly repaid to li~,rrovver ur rredited k~ Eturrower un
mnnthly instullmrnta of Funds. If the <unount of the Nunds held by l.er.der ahal) nut be sufficient to pa~y tuxex. as~ssmrnta, insurance
pre~miums ar.d gruund rents as they fall dae, Rorrower shal) pai U, I~nde~ ant amuunt nNcrssary to make up the deficirncy r~•ithin :iU days
frum the date not~ce is ~nail.•d hv I.rnder tu tiorrower rtY~ur~l-ng puyment then~f. '
Upon payment in f~ll of ail sums securrd by this MortKuge, l~•nder shall prumptly refund to Rorr~,wer any tunds heid by l,rnder. 1(under
paragraph 1H herec~f the Proprrty is suld ~~r th~ Pru~rty is otherwisr:+cyuirrd h~• I.ender, I.c nder shail apply, no latrr th~n immediately prior
t~~ the sale of the E'roperty or i~~ acquiait~on by 1.~•nder, any Funds hrld b~• l.c•s:drr at the• timi• of:~pp6cation as a ercrlit against thr su~as ~ec•ured
bv this Mortgf~ge. .
:i. Application of Yaymenta. l'•nlrtis applic:~bte law providPS otherw~s~, all p.~~•men~~ re_ei~•rd by l.rnder unde~ the t`'ote and
paraKraphs 1 and 2 hrreuf shult tx applird by l.ender fir.t m paymrnt ~~f <~~nuun.t+ payable tu I.rndNr by liorrovrer under paragraph 2 herc+~f.
thrn to interest pa>ahle on the Note. th~•n tu ttir princip.~f ~~t thr \uti•. and the~ to int~r.•st and pnnripal un :-ny Future Advances.
4. Chargrx; I.ient+_ 1{urruw•t•rsh:+U pat' ull tax~r.:+.sr.,m~~nt~:~n;i ~~th~v~~h.~rK~., fin~•.:~nd im~,s~t~uns attributai~ie tu the Yroperly wh~ch
may :ittain u prionty u~'rr this 11~~rtKa~;~•. und li :~s~~huld p:n~ment~ i~r ti: ~~iin~l rent., ~f any. uz th~• mann~•r pro~•id~~9 under paragraph'2 her-rof ur,
if nut peiid in sw•h manner. h~- F;~~rt~~w~rr makin~; p:n•~nt•nt. u~hen du~•, d~re•rtip t+~ the p.iti~et~ t1u•rtti~f liurruwt•r sh:~H prumpd~ furn-sh to ixnder
~{1 nohc~s uf :~m~wnt~ du~~ u:~d~•r thi~ p.ir.~~;r;~ph, .ind m the ~•~•ent k~~rruw•e•r ~h.iil makr {ray~ne•nt d;rc•rth•. linrn~N~er shall prumpt!y furn~sh to
1.~•ndrr rrct•ip~~ r~-u}rn~•~ng >u~•h pat~mrut. lt~~rruwe•r .hali ~~rnropth d~.charKr an~• lie•n w•hn h h:~~ pru~r+ty oecr [his 1lurtk.~~r, l,ru~•ided. that
1i~~rruu•er sh.~l! ~ti~~e i,rr.Y~u~r~•d a~ di,char~;~•.inc .u~ h li~•n s~~ luny; a. l:~~rn~~+er ~hali :iKrre ~n K riting tu thF, :~~~mf~nt ~if Ehr vhl~K:.~t~nn sc~•ur~~d b~
.ui h Lt~n ni :~ mannrr ar~~~•Nt:~bi~• t~~ Le•ad+•r. +~r _:h:~~t ~n ti~KN! t:.rih ~:~nt.•st ,:irh }~rn 1~~,,,r,cl~•f~•nd ~•nf=rrcrnu~nt „f such iu~n ttt. Ir~;:il pr~x'i~reilnKs
xhich ~~prr.+te to prF•rrnt th~• ~•nl:irt~~~~ntmt nf tl~~• li~•s~ ~~r f+~rfr~tu~r ~~f thr F'ruprrtc ,~r =~n}~ part :h.•n~~E.
:~. Huzt~rd Insurxnc~•. lt~~rr~~wc•r sh:ill kr~•p lhr i~np~uv~•~m•nt~ n~~w i~xasUn~; ~~r hF~rr~afler F•rfti-f~~d ~:n thr• f'r~~pc~rtc ~nnurwl a~;ainst IosK hy
tire, hafards m~•iude~~+. w~t}un th~• te•nn -'c•xt~•ud~~d c~~~~~rr~~kr•.'~ :~nd ~u~•h ~~thrr haiard. as I.t•nd~~r may ntiauu~• :ind ~n su~~h .~mount. and for such
~nrirwlti :iti la•nder m:~~• r~•yuyn•, pnniil~-cl, th.~t L~•ndrr ~hall m~t rryu~re that th~• .imuunt ~~f tiu~~h ~~~~~•~~r.~~:~~ rx~•rt~l that amuunt uf cu~•er~Kr
nY;uirc~l tu pa~ thr ~um. ~~•~ ure~i h~~ thr~ ~l~~rtK:~~;r
The ~n~ur.~nrr e:~rrtF•r pr~,ti n:~n~; .he~ ~n.~r.~nr.- .h:~~i i.:• ~ h~,.~•n i,~ It~~rr,>w~•r .uhj~•.~t t:.:ip~~n,c:~; t~~ 1 a•nr3~•r. {~nic~derl. t}s;tt ~u~~h ~~ppru~~al
shaii nut !~r ann ;~.~~n.~hl~ w~thts.•.d :Vi ~~rr~niu;n~ ~:n in~~r:~n• ~~ ~~~~ln u-. ~tc~l{ -H• ~~.~ul us t!~e~ iuaa~nrr pr,~~ ut.•~t :ind.•r <<.~r.ikr.iph 1 hrrf.,f ~~r, ~f
s:;rt pa~d ~n sui•h m.u~n~~r. h>• Fi~~rr~=c~~~-r m:iktti~: ~rn: ~n. ~:i ~cii~•n ~lu~~. ~i:n•~ tl~ t~~ th~• ~n:~ir.~rn•r ~ arn~•r
Alt snsurance ~,uLi-irti:~nd rrnew;~l~ thrn•~~f ~hall 1~r sn fnrni a~~cc~pt:~htrh~ i~•ndrr.uid vhail ini~ludt•:+stand:~r~1 m~~rtK:~ki•clausr in f3voruf
and isi fnrm arcepi:~hlr!n l.r•ndrr 1~•nd~•r ~ti:iii ha~f• thr ri~;ht :~, h~~I~i tiu- p~.l~+ ~~•>.~nd r.~nrv~al~ tht•n~~~f. and Fi~~rr~iw~•r sh.~ii prumpti~• furn~h6lo
i rndc~r a!i rrnew~at nuh~ e; .fnd :~tl rect•~pt. uf p,iv1 ~~n•:nyums 1s: thr...•~~t uf l~...~, Ii~~rn~rsrr sh,il~ ~;nr prr~mpt n„t-cr i~~ thc• ~n~uran~~e iamer
and l.en+ler. [xnder ma~ mak~• pnNif ~,f ius. ~f nut m:u~t• pstrmpllc h~ Iiurr+~~cr~
[`nlrss 1.~•ndrr at.d Ft~~rrowc~r n;hrr~.~~r :~~;rrc• m w-r:t~n~;_ in>:iranr~• pn~c rF•d~ ~hall t~• :ipN6e•d to r.~titurnti~m ~;r repa~r of the Prnprrh•
rlamaKed, pr~~videri 5u~•h n•.t~~r:itn~n ~~r r~•pasr ~~ r~ ~=n,~ir.:: ciii~' (~ :~~~t~l~• and th~• s~evnt~- nf th~~ 31urtKakr i5 n~d lhrre•~~}• tm~airF•d. If Such
rrcterai:uzt :er repair ty n~~t f~~+;~~~mse•:~II~ f~•.~~ihit~ ~~r ~f th~• ,+runtti• „f thi~ :.S~~rt~;:~~;r wv~ul~! ix~ ~~ip.i~red_ thP insur:~nc•e pr~k~ee~d~ 5ha11 ~e applted
t~~ thF-aum~SNrurr~ll~~• thii ~t~~ri~;:i~;~•, ~+;th ti~e•t•xr«•.~. i+.ir:y. ~:~~ul *,+~ Ii„rn•~s'er Ifthi• i'ru}N•r:}• is:~}~andunrd h~• Fiorr~~za-e-r,a~rif Fi~,rr~~wer faileto
re:~pond tu [,~•ric3~•r K~~thin :r1 ~+..~~ti fn~n~ the• d:~t.• rintit-~• s~ ri~:~aiwl trc i.~•ntlrr t~~ Iturn,w~~•r th:~t ihF• ins~:ra-ice ~-arri~r ~~fferw tu.e•ttlr a claim f~~r
II1tiU~ilR['P ~('!lE•FIL~, If'T1t~P! 3~ .+uthnrc~y! tu ~-„ii~•rt ns~d :i~sE,l~ thr ~n.:ir:+nr~~ pr~ti~e~~•d.:~t I,c~~drr's ~~pti~~n ~i:ht•r t~~ re,t~rut3un ~~t rrpti~r nf the
Yroperty ~~r the .wn+ ar~•~rr•~i r~y~ ch« .'11nrty;:~Kf•
1'nlr::s I A•ndc•r an~I f~UCTUKPC nTt?FTK'itii' aKr.•F= ~n K ntin~;.:~rl~ su~ h a{~~~t~~~au~ ~n uf i~r~n~~•e~Js tu pnn:•iE~a! sh~l) nu~ rxtend or ~~st~~ne tF~rdue
date of thr m~~nthly inst:~lltne•nts r~•fF~rn•d tu in n ~::~~;r.+ph~ ::~nd `' hF•r~•.~f i.r ~-h:in~;r th~~ amuunt uCsuc•h installmrnts. If under paraKr.~ph Ir+
here~~f the Yropf•rt~• ~c arquinYi t,~ !.•r~d~•r. .+ll n~;tat, titir and irtrrr~t ~~f iiurr~~wrr ~n and t~~ any ~n~uraner w~ltcies and in and t~~ thv pr~rc•reds
thercjrf result~nK frum damaK~• t~, t'rn~x~rt}' pnnr t~ thr sait• nr acywsitiun ~hall p:»s tr, I.end~r tu thr extrnt i~f thF• sumq secured b~• this
~1urtKaKe immrdiatel~' pnor tu ~u~h ~.iie nr arqu:a-t~,rn.
t~ 1'reHen•etir-n and Heinie~encrof!'rop~•rty: Iw~asehulds; ('undominumv; I'lanned Unit UE•vrlopmrntR. lturruwrrshall krep
thr Property~ in K~r~d rF=p.~e~ e+n~! ~naif n~rt cummit wa~tt• r~r prrmit impa~nnr-2t nr rt. trnnratiur. uf thr Pr~,~rrt~• an:1 shail c•omply w~ith the
pr~~c~sion~ O~ :iTl~' If•:itiC :f I~115 ~1,+rt~;:~y;r ~s un :~ .r3s~~huld. If thi. ~1~rriKaKi• is ~,n a un~t ~n a:.,ndumtnium or u pl~~nned umt de~•elupment,
F3c~rrower .hall Fwrf~rrrn .+II ~,f fi,~~••.t~ F•r'~ r,trlt~;at:un~ un~irr th~° a~F•r3:tr~ti~m ~u ~~~~~•e~nunt. ~-rraltnk;,r Koc~•rn~nK the condumin~um or plannect
un~t dr~•eiupment. !hr t~~• law, :~nr1 r.•~;ui,~t~~m~ ~~f thr ~-~~ndnm~~r~~m c~r i~l:~nn~~cl unit drvrlopme~nt, and conxtituent drx•umen~g. If a
cund~~m~nium nr p!anr:e•+l u±~:? +~rti.-;~~ptm•r:t ntlt•r ~~ t'Xf'('UilYl hv fS~~rruW~•r .~nd n•rurd~•d tukethNr w~~th thi~ 11or1g~iKr, thr n~vrnanGK and
.~~;rr•e•mc•nt: uf suc•~~ ndc•r ~h:ill i~~~ in~ ~~rpur:ite•d inh~ :~n~! .t~.~i! :~m<•nd .en~1 ,upE,l~~irn•nt thr~~~~~~•n:ini~ :+nd a~;n•e•mr~t. nf th~s ~inrtKaKe a~ifthe
ride~r w~•rt• a Frut l~er~•~~t
;. Proteclio~ of Lender's Security. If }iorruw•er fa~l~ ~o prr[urm the cti~venantri and agreemente contained in thie Mortgage, or if any
act~;,n ~,r pnrceding ire commenced khich matenallq affectn l.rnder~s interest in the Property, including, but not lirnited to, em~neni domain,
:neolvency, rnde enforcement, or arrangements or pr~icerdmgs invol~inR H Az~nkrupt or decedent, then l.ender at l,ender'e option,upon
notice ao Borr~rwer may mKke sach appear:+ncea, dieburxe rruch ~ume ~+nd take auch act~on ae ia neceesary to protect Lender'e intereet,
~nclueling, but not limiicd bi, disbureement of re~xunable atturney's feea and entry u~wn the Property to make repaire. If l.ender required
murtgage ineur~nce ras ~ cnndit~on ~~( makinq the loan secured by thiq ltortgaKe, Eiorrower ahall pay the premiume required to maintain
euch inaurance in effert unti) euch time as the r~v~uiremrnt for euch msurE;nce terminatee ~n accurds~nce w-ith Borrower's and l.ender's
evniten aKreernrnt ur upplicable I.:iw_ Borrux•er ~hall pay the amount ~~; all muriKaKr inHUr.~n~•e premiumb ~n the m~+nner provided under
paraKrHph `l here~~f.
Any amuunta d~Hhurged by f.ender persuant tr~ th~~ paraRraph :, w~th n~~rr~t thereon, ehall txrome add~tional indebtedneae of
Fi~,rrower secured by this hlrirtKaKc. l: nlrsa Borruwer and l.endrr agree bi •,ther terme v[ payment, auch amuunte ehali be payable upon
i.. 1 ..;7 "~ e~: .,~ ~1~ n.l 1 ..~o a~ !. „1 ~ ~.f
nctere ...... x.. ~s . ....... ~e: :~,;~c~ .^S:-"9:r.e.. e:::: , .. ~hs! !x•a. ... ~..., ..,... t!ie a e., d:ohzrs~.....^.: s~ ~~r:sLcaaya'~:efry:s~
t~me to t~me on ouu+ta~nd~nK princioal under the tiute unlrxa p:~~~ment nf int~•reat at su~•h rate wuuld tn~ cantrary to apphcable law, in which
rvv~t xech amountK nhall tx~ar intrreat at the hiKhrst rate permiasible undrr ;.ppficable law Nuth~nK cunta~ned ~n thie paraRraph 7, ahall
requ~re Ixnder G~ incur any expense ur take any ection hereunder.
E :',X 35~. r~~~,F 1742
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