HomeMy WebLinkAbout1892'.j: ~r.~'
~: ~ ..
UwtPOntN CoveN:~NTS. Bo~ruwcr and l.ender cu~enan~ and agiee as fullows:
!. Psymenl ot Principd sud Interesf. B~,rr~~wu ~h.,l! pr,~u,p~ly pay whcn Jue tht p~inc~pai uf .ud ~nieres! un thc
indebtedness evidenced hy thr Notc, prepaymrnt auJ I~tc ~h:,rgr. ,;, p~„vi~lyd ,n the Nute, and the principal of and intcrest
oa any Future Advances secured by th~s Mortgage.
2. R~u~s to~ Ta:es snd Iawraace. Subject ~o appiicable law ~r to a writt~n w•arver by LrnJer, Borrower shall pay
to Lender on the d~y mo~thly installments of principal and intetrcl are payablt undei the Note, untii the No1e is paid i~ full.
a sum (htrein "Fundi"~ equal to une-~wel[th u( ~F~e yearl~• taxe~ anJ assessmenn which may attain pnurity over this
Mortgage, anJ g~ound tents on the Property, if any. plus , ne-twelf!h of ye~rly premium installn~en~s for hazard insurance,
plus oae-twelfth of. yearly premium installmcnts for mongage ~nsurancr, if any, all as reasonably ~.timated initially and from
time to time by Lender on the basis o( assessmrnts and hilh ~nd reacun;-b!e es~~mates thercof.
'il~e Funds shall he held in an instiwlion the de~x~~~t~ t~r iER'~.~;n~~ ..f .yl.:`~ S.'Z iE;`;iftt~. ~t bu:~:~ :2C~a~ ;'t)' a T'C.~.2T3~ ~T
siate age~cy (including I.ender i[ 1 ender i. ,u~h :,n in~~;wtion). 1 rnder ~hall appty ~he Funds to p3~ ldld ISXCS, assessments,
insuranee prerr.iums and growed rrnh. 1 rnde: may no;'~hargr lui ,~~ hulJ;ng ,,nd a~ plying the --un~l.. :~nalyzing said accounl,
or verifying and compiling ~aiJ atcessments a~~1 hilh, einle~s I.enJer pa~s Bunow•cr ~ntere~t rn the FunJs and applicable law
permits Lender to make such a Sh~~ge, yBi~lruy~er. apc~ l.~nder~ qi~y ,~grre in writing at ih~ time o execution ot this
Mortgage that ioteres! on' Iht ~unds SFt'd1I F1C P:IIII tS ~orruv-•er, and unles~ such agrecn~ent is maJ ~~0- applicablt law
requircs such interest to he paid, 1 ender sh::ll not t~e rrquirrd tu pa~ R~~rrowcr :,n: interest or esrning~ un the Funds. I_e~der
shall give to Borrower, without charge, an annual accuunting ~,f the Fun~~ showing rredits and debits to Ihe Funds and lhe
purpc~st tar whirh rach dehi~ to the (~~nJs wa~ m~Jr Thr Fund~ are ple~lgrd :~~ addi~ional secunl)' for the sums secured
by this Mortgage.
If the amount of the Funds held by 1_rndcr, tuge~hrr Nith ~he (uture monthly imtallments of Funds payable prior to
the due data of taxes, accessments, insurance premium~ anJ gr~>unJ r~nt~, •hall exered the ~mount reyuired to pay said taxa,
assessments, in~ur•rnce prrmiums and grnund rrnt~ ~s thry fa~! ~I~ir, ~uch rtire.s ~hali be, at Borrower's option, either
prompNy repaid to Borrower or crediteJ tu B~~rr.~~er ~~n m~~nthl~ ~~i~tallmrnts uf Fundti If the .+moum oi the Funds
held by Lender ch:ll nut be sufficient to pay la~e~, auec~mcmc, im~~r.~ricr prem~umti an~! ground renls as ~hey fal) due,
Borrowe~ shall pay to 1 ender :~~y 3m~un! nece»ar} e:* n:~kr ::p ;he .icfi.;enc} wiih~i~ 30 J~~~ fr~~u~ t~~r date n.Hic~ is mailtd
by Lender to Bc~rrower reyuestiug payment thcreuf.
Upon payment in full of all sums sccutcd b~ th~~ M~~rtg,~g~ I rnder ~ha!! prt•mpHy re~t:nd ;u Borrc~uer a~y Fuads
held by I.enJer. If under paragraph I8 hcre~~f thc Pruprrt~ i, ~oW ~n ~hr Pro~xrty is utherHnc acquirrd by l.rnder, Lender
shall apply, n~~ later thrn immediatrly priur to the .ale u( thr Pru~xrty or us a~yuisit~on b} Lender, an~ Funds held by
L.ender at the time of appliration as a credit aga~nst the sum< <ecureJ by th~, ~tortgagr.
3. Applicalion of Payments. Unlr.s ap~hrablr I;,H pn~.i~frs othcrwi~r ~!! pa}ments recciv~d bp I.~nde! unJer the
Note aod paragraphc i and 2 hereuf shall be appli~d by 1 cn,lrr fin± ~n p~}me~2t uf amrunts payah!c 1~~ Lendtr hy Borrower
unde~ paragtaph 2 hcreuf, then W intcir~t p~yahl~ rn thr \utr. thcr. w!h~ p: incipal uf thr •~1ote. ~nd thrn tc• interest and
principal on any Future Advances.
4. Charges; I.iens. BorroNCr ~h.~ll pa) all !a~~.. ,,,.~~,m~nts .~n~ t~thrr :h.~~gc~, fine~ anJ :mpusitions aUr~butahle to
the Propert~• Khich may attain a priurit~~ uver th~. ~fartgage, an~1 Ieatich~~l.l p~ynzcntti ur ground rents, if any, in the manner
provided under par~graph 2 hereof ur. ~f nrt p.,id m~u~h msnnrr. b~ Surr~~~rr rn.,~,ing payment, when du~, directly to the
payee therrof. Borrower shall promptly (urn~•L w I.e:~~1cr ali nut~cr, ~f amaunh Jue under th~~ par~graph, and in the event
Borrower shall make pa~•ment d~:ectl.. Bur<<~~cr .h~ll prumptl~ turni,h a~ l.cnder rec~ipt~ c~idencing wch payments.
Sorrower shall promptty dischargc an~• lien .+hi~h h.-s pr~or:t~ .,~rr ~hi~ ~tortgabr: prov~Jed, that Borrower shal! not be
-a a --~--
"~u=«u =~ ~.~»••.••~~ ~+.,"y ~u.ii iic~~ ,~ i~ng :,s ~tc~rruHrr ~h.~li .igrcc sr. .ant,~b ;c~ ~h~ pa}ment uf the obligation secured by
such liea in a manaer acceptable to Lender, or shall ;n g~ti~d faith c.mt~;~ ~~~.:h licn h}, ar defend enf:~rccment of s~ch lien in,
tegal proceed~ngs which operate to prtc~nt :hc cnfur~ement o( thr t«n c.r tur:citurc ot thc Property or an~- part thcreof.
S. Hazard Insuranet. Dorrower :hal; },~~p :hc ~mprovcmcnt. nc~., ~~i~t~ng ,~n c~r~after e:ccted ~n the Property insured
against loss b; fire, hazardt includr~l uith,n th~ t~:n~ ,~tc„~f~,f ;.~.~r,,Kr' . anJ ,;~;h other hazards ac Lender may requirt
and in such amoun~s anJ fu~ such pen~dc a~ 1~ader :~~,~~ :cy.:~r~: pru~id.~i, that Len:fer ~hall not rey~ire that the amount of
such covcragc exccrd th~tiarnount oE ~:o~eragc ~oyu:r:d to ~iat thc ti~:nr...cr~~~cd hy this Mong:igc ..
The insarance ~arrier providing the insu;.,r.~t .Ii,,tf he _lu~un h~ Bcvr:~~~.:: ~i~bject to appro~•al by Lender; provided,
that such apar:n•al ,hall aot be unreasu:::,hi~ :~.i;},t,~!d :~;: ~,i~,t,;;,m~ „;;~,~,•,,n,~ p~,~i~;es ~hatl bc paid :n .he manner
provided under naragraph 2 hercof or, ~f nut ~aid ;r! .uth eran~e~r, ~y B:+rr~~..er mak~ng payment, when due, {irectly~ to the
inwrance carrier.
All insura~ce ~x~licieti and rensHais thrr..,~ tiiiall hc ~n 'orm zc.rri:~hlr to 1 en~ler anU sh~li in~lude a StanJard mortgage
dauu in favc-r of and ~n f~~rm ac~ep~ahte tr Lri~der ! rndrr .h.~il h,~.r rhr nght t~~ fiuld the policie, and re~ewala thereof,
and Borrower ~hai! prumptly furn~sh d~ Lend<< ell r~n~u,,l nutice5 :.r~~! .~l! r~•;r~pt~ o( paid prcmium~. In Ihe evcnt of loss,
Bo:rower ,h~ii g~~e pr.~~npt noh~c :u iFc :n~ur.:,;_~ ,.~rnr• .tnd Lrn~i~: I er :. r;,a~ n~.~ke ~r~•ri uf 'rss if m~[ m:ide-prnmptl}
by Borrower. ~ ' '
Unless I ~nJcr ~(1~{ ~~zff~il-C[ ~~Ihcl~+~~~ .~wrCC' ir .af}Iii~~;, rt~l~r.~t~.C ~~i~:CC~~ -i;.f~l ~ J(~~~1C(~ ;i~ rC~t~VdU~~tl Of repair of
~he Propert},.!:~magr~i. pn~~i~fc~l ,u.h rr~(„tat~.~n .~r rr~e,r ;~ rc:•n~~n:kuil~ feas~hk .m~ ~i!~e S~iur~t~ of thi~ ltortgage it
not ihereby impa~reJ I( ~u:h re,rur.~i~r~~ Of 7C(t.u[ ~: !t,~l e:~~n~~ttl~ieli•. :'~.»~hle t~t ~f Iht SCCCtf~(~ .~( thi5 ~tortgage WO~I~d
be ~mpairrd. thc ;:u~irance ~r~kre~l~ ,h~li hr .~p~tieJ t~, thr.su~m ~r~i:•c,i ~.;, thi~ 1t.~r!g.~ge. ~~;h !hr etceis. if ..np, pafd
to Borrower. It the Ptuper~~ i~ ,~h.,na~~r~c.i b~ (;vrn~u~r. ~~r ~t He~rr~~uer E,,~I, t~~ resiM ~nJ t~~ 1 endcr aith~n 30 days from the
J~IC (IOfICC i~ r:~.,ile.~ h•. (~~~~Cf '~~ [3vrt~~N~: r~i,rl vhe .n~uran~e Ct+/r'?•f ~~Ifl'!~ M~~t1!C :i ~~J~nl fi~r ~nsuranCr !~enefitti, l.ender
i~ authur:[rJ '., c,~.lle:t .~n:l nppl~ :he ~nytir.~,:.c ~*t~w~~ti~ ~[ I.c~:Jcr~, :,~t~,~n cithcr tu :estc+rat~un ur repatt ~,f tht PropCrty,
or to the sum. ,~~urcd b~ rhis ~ic~rtgagc
Unlesc I.rnJcr ~~id Burrn~+~r .,thrt~i.i e~rcr n.~:~:,r.~. .~rn ,;i,h „~pil..,,u,n ~~f ~ r<,~eeJ~ fu ~rin~tp~l ,hal~ nc~t r.tend
of puslponC ;hc: ~luc ~;etr uf !ht nu~nthl: in•!.,li~nrr,~. ;~f~'r~i•it t~~ u~ ~t~rag:a~~h. ~.u~~! ? hcrc~~( ~~~ :hangc Ih~ am~~unt u(
such ir.~tallnirsit, I1 unJcr paragraph i~+ ~ereot the f'~~~~xrtt i. ,,~, .;~rL,J ~~ 1.~nJ~~~ a!t nght, t~ttc anJ interest of Herruwe~
in ~qd tu ,~~i},~ii5ur~ti.c p;~l~~~e•. :,n~1 ~n .,r~~l •,~ thr ~r,~~rr.l~ 'hrcr~~t rr.u!•;ng tr~~n; ,:.,~n.,gr tt~ the Prupetly pr;c+r lt~ thc Salt
or a~N~uitwn ~h.~l? ~:~iti t~; lender _to ~hr ~~trnt ~~(, th~ :u^~5 .Cturr.t ~n ~i~. ~1•~rtgag~ ,n,~ped,ac~iy, prw[ t,~ ~uch Sale or
acquisitiori. , ~ ' - ~ • : . •
6~ ptestnaliun ~~~a ~a~~~~r~~a~~~f uf Pruperti;` f ca.chuldr, ('~inAornfniiirrY~; Flanned ["nl! I~~efopmenls. Bo~r~~wet
shall lueep thc Pt;ipcity in-gix~e~ r~pair<br.d ~.haN not e~mmat ua.fr <k ,~e;in:ti~rnp:r~rlienl ur ~etetio[aGon of the Pruperty
and shrtl campl} ..ith ti:e provi,wns ;~( ~n} ~eatr ~t rh~, \t~:rrg~dr :, nn .~ ;~:.,s~h~~ld I; ~h~t ~tc~rlgage ic un ~ unit in a
euncbminK~mi,~r e~{~~in~d unil Jr.~I~pm~ni: B~;r~.•..rr .h.,:i ~r,-!.,~rn~ ,,;I „t Horr.~.+er's ,~hl~g.i~~.>ns under the Jecla~aUon
or cov~:pants >~e~ling ur bu~~rning th~ ce~n~tumuuua~ ~,~E~;.u:n~d ~aui[;de~~etrpm~nt, the~b} taws and regulati~nt of the
wnJom~~uum'c+r planned uni de~el~~pmens, ,,nd ;, ~~~~iti~e;,• 7,•;i,rt;e,,;, If ,~ t~,n~l.~minium or ~ianned am~t ~le.el.~pment
nJer is execu~ed by Borru..er ~nd re~~~rdrJ t.~y;crhrr ..~;f~ !h~~. ~t,•rtc.~ge thc cO~en:,nts a~s~1 agreement~ o( such rider
shall be ~r~corp~~ratt.: in~o sn~ tih.~ll .~m~nd .,~~~t .iipt ::_ ~tirnt t'r,r ~~~~.er~ar.~c .,n~l agrrcments ot ~h~, M<~rtgage as ~f ,he rider
were a part hereof.
7. Prole~hon of I.cndrr'~ Se~urit). 1! (3urn ~c: `.~~1, t:~ ~rr(nrm the iovenants an~ agt~emeMS cuntained :n l~liS
~lurtg~ge. ~r ~f any act~un ur pra:eed~ng !, ~ommence~: ~h:~h malerially ~flrcts Lender's interest in ti:e I':.~per~},
~ncludi:~g. but not limiled ta cm~nent domam. insolvency, code enf~rcement, c,r arrangements ~,r pr.keedin~s :iivul~ing a
bankcup? ~~r ~1r_~•~lert. 'h.~: 1 en-~rr at t ender'~ a~:U~~n, uFx~n n~tice ro Born,wer. m.,~ ,nk~M~ ;y:h .:ppearar.c.es, Juhurse such
tums and ta~: a:ch .r,ti.~n ,~. ~s r:ecessar}~ :u prolecl Lender's ~r.IQre~t, ,;.h~.ling.' hut n~~t !imiteJ to, dicbursement of
rtasonable :.ttcrne)'•. (~c, .,nd e;mtV up~~n thc Froprrty t:~ rn,,-.r rcr,+~r~ i` I rn<Irr rey:iireJ mortgage insurance a~ a
condition uF +~~.t~iog thr I.+an ~e~t,re~i b~• th~ti ~1~~rtg:ige. B~ ,rnt~~• ,ha!! ;.,:; che prem~um~ reya::e•! S^ .^:,...-.:a~~~ wch
7I1SUf3I1CC !D eSie~t i!(ill~ '„iC~2 lIfI1C d; :~:t it~S,;l~~!1~f(1! ~(`f ~U:fi :n~-u"J77i~ iCif)l:f:.1!t5 ~~) eccordan~•~- u,~h Borrc~wer's JOJ
.,.. ~., i~:. BJ~K 351 P~{~f 1888
, - :
,z
. ,
_ . , . _ ._ .~