HomeMy WebLinkAbout2009l1nlPUll\1 ~~U\FK~!~Iti. HURi~NNt anJ I cn~irr r~~~cnani anJ a~rcr a~ (ulluHc
!. Pa~menl uf Principal and Intere+l. ti~~rrvHrr .h:,ll pr„mpth pay ~hrn :fur thr principal of anJ ~n~crr~~ un the
indcMcdncss r.•idcncr~l hy !hr Nutc. prcpaym~n! and I:itc rh:~rgr. :~~ pruvidrd ~n ihc Nu~r. and Ihc prinripal u( and ~ntrrrtt
on any Ftrturr Advancc~ ~ecured h~' ihu Morlgagc.
2. Fuods for Taxes and Insura~ca Subjec~ to applicaMe law or to a written waiver by Lender, Horrc~wer chaU pay
~o l.rnJcr an Ihr .la~' monthly ~~ctallmrnt~ of principal and ~~~cre.~ are pay;~hlr undcr lhc i~iol~. unul Iht Notr ~~ paiJ in full.
a sum Ihercin "F'un~is"1 cyual to onc-twelfth of ~he ycarl~ ta~~, anil a~~es~ntents Nhich m~)• ~tlain pn~~rity ~~ver thi~
Murtgsgc, an.l ground rents <~n Ihc Prc,pcr~y. ~f an}' pli~c ~~nc-1Nr1(~h ~.f ~rarly prrn~ium intt.~llmcnts tor h~rard ~n.urance.
pluc onc-twclf~h af ~rarly prcmium ~nsl~llmcn-s [or murtgagc insurancr, ~( any, all :~~ rcat~~nahl~~ c~timated initially an~l (rom
timc to lime hy Lcndcr on thr batii~ of a~xscmcnt~ and hill~ ~ed r~a~unahlc c~hmatec Ihcreof.
~~ll' Fundc chall hr he~~i ~~l _an ~nct~t~~l~.~n ~hn ~1e~~~l=1 .~! :li~... .,n~c ••~ W~F:':~? :::`C !!]S:lfCt~ :`i ~~^,:,$i..^R.°!':~ ~l" ~ f'n~~rrZl n(
state agrnc~ ~inrlaJing Lender it I rnJer i~ turh~an inchtutic~nl. i ender ~hall apply the Fundc to pa~ ,aid taxe~, a~tiessnient.,
~murance prcmiums and ground renh. Lender ma~ nut charge te.r .~, hc~lding :~n~i applying thc Funik. anal~~ting ~aid account.
or ~rri[~•~ng anJ compil~ng sud a~se»ment~ and hilh, unle~s I ender p~y~ Harruwer inle.est un ~he Fund~ and app6caMe law
~xrmits I.endcr tu makc ~uch :~ ch:ugc Rurn~N•cr and (.cn.lcr n~ap agrrr in w•nting a~ thr timr ot cxccution of thi~
~lortgage that intcrc~t on the FunJs ~hall h~: p:~id to Burrov-•cr, and unlc» wch agrccmenl i. made or applicrhlc law
reyuires such inte~es~ t~~ he paid, Lcnder ,hall n~~t tx r~ywrrJ ~i~ pa~ B~~rruwer an~~ interest or carning~ i~n the F=ttnd~. I endcr
tihall gi~~c Ic~ B~~rrowcr, Hithout rhargc. an alinual :~cr~~iinting i~f thc Fund~ tih~~wing rrcdits and dch~tc to thc F~undc and thc
purpo.e fur whinc ~ach debit to the Fund~ wa~ made Ihe 1-i~nJ~ arr ;.tiYlgrd ati ad~ltu~,nal ,ecura} (e.r the sumti ~ecured
by thi. ~tortgagr.
lf ~he amount ~~f 1he Funds held by Len~er, tugether v~ith ~h~ futurr mi~nlhly imtallments u~ F~md~ pa~'able pnor to
~he due d~tcs uf ta~c+, as~es~ment~, insuranre prcmium~ ~n~l gmund renh, shail csrrcd thr amc~unt reyu~red to p~} ~aid taxcs,
assessmentc, insuranre premium. and ground renh a~ th~~ fall dur, wch c~cc.t .hali tx, at H~~rre~~~er'ti op~inn, cither
promptly rip•rid to Borrower or crcd~ted t~~ B.~rrower c~n mi~nthly ~mtallmrnt~ of I~und~. !f thc am~~unt e~f thr Funds
held by Lei~dcr tihall not be sufticient to pay laxeti, atse~~mcros, ~nwranir prem~um~ an~1 ground rent, as thc~• fall duc,
Borrewer sha!! pa}' to Lcnder an~~ an:~~ttn; nere»art• tee m.tkc tt~+ thr clrf~ii~c} w;ihin t0 da}•~ tr.^.~~ ihe ~atc n:tiii.c iS R1:iiICi~
by Lender to Borrower reyuest~nF pa)ment ~herc.~t
Upon Fayme~t ~n full of all sums secured by thi~ M~~rtgagc. ! ender shall ~+romptly refund to H~~rrc~~er any' Funds
neld by LcnJer. If under paragraph 1` hercof the ProExm ~. ~~~Id ur thc Propcrty is othen~~i~c aryu~rrd b~~ I rndcr, Len~ler
shall apply, no later th•rn immediatcly pri~-r to the ~ale ~~f thr PruExrt~ ~~r i~t acyws~hon b~~ Lcndcr, an} Fundc held b}'
Lender at the time ot application as a credit against the sum~ srcured hy th~ti \tortgage.
3. Application of Payments. Unle~s applicahle law pr~~~i~tes <~thenci.e. all paymenis re.ri~•ed by Lrnder under the
Notc and paragraphc 1 and 2 hcreo( tih~ll bc applird b~• I.rndrr fir.~ in pa~mcnt ~~f am~~unis pa}ablc t~. 1 rnJrr h~• Barr~~Her
undrr prragraph 2 hereaf, then 1o intcrr~t papahtr ~~n thr \utr, thrn t~~ thr prinripal o( the N~~tc, and thrn t~~ interest ~nd
pnncipal on an}~ Future Advances.
a. CharRes; Litns. B~~rrower ~hall pa} all t.~~c.. :~.uuti.mrms and rihrr rharg~.. fincti and ~mpu.iti~~nc attributahle to
thr Property w~hich may attain a pnority over thi. ~tortgage, and leauhold pa}~mcnts i~r ground rents, if any, in thc manner
provided under paragr:~ph ? hereof or. ~f not paid m~uch man~er. b} Bnrrowcr m:iking pa~•mem, when due, d~rectly to the
payee thcrcof. Borrower shall promptly furn~sh to LenJer all not~ccs of amounts duc under th~ti paragraph, and in the e~•ent
Borruwer sh~ll make payment duectiy, Nurruwrr ~h~ll pmmptl~• furm~h u~ I.e~der rereipt~ evidencing surh paa~ments.
Borrower shall promptly dikharge any hen Hhich has pnonty i~ver ~hiti ~tortga~~; pr~~v~dcd, that Borrower ~hall n~~t be
reywred to dischxrge an}• wch licn u~ iong as BnrroNCr tihall agrre in Hnting t~~ the pa}mem nt thc i~bl~gaticro secured h}~
such I~en i~ a manner acceptable to I_ender, or ~h~ll ~n giK~~ faith conte~~ ~;iih iien by, or ~lefen~l enf~~rcement ~~f such lien in,
legai proceeding~ w•hich operate to prevent the rnfurcement ot the iien ~~r forfeiturr ~~f the Propert~• or am• part thcreof.
S. Hazard Insurance. Borrower shall ~cep the ~mpmvcmrnt~ no~ r~itiUng ~~r herr:,fter crrrted ~n thc Pr~~perty ~nwred
against loss h}• firc, hazardi inrludcd ~~i~h~n thc ~crm "~~trndrd c~~orr.,gc' . an~i tinrh other hazard~ a~ Lcndcr m:~~~ rcyuire
anil in such amoun!s anJ for such peri~xl~ ;~i Lender m~}' reyu~rc: pr~~~ided, that I.enJrr ~hall nut reyuire lh~t the amount of
such ce~~~erage exceed that am~~unt of ci~ve:age reyu~red tc• ~a~ thr tium. ~ecured tiy t`~is ~lortgage
The ~nsurance carrier providing [he inturance shall ix choun b}• Borru~~r subject to appmval hy I.ender: prrn~~ded.
that such approval shall not be unreasonahl}• withheld. All prrm~um. ~~n insurance p~~licies ~hall br paid in the manner
pro~~ided under paragraph 2 hereof ur, ~f not paid in such mannrr, hv Hrrruwer making payment, w•hen due. Jirectly to the
insurance carner.
All insurance ~licie~ and ren~wals therec•t shall he in form .~r:r, t.~hl~ t~~ I.en.lrr and Shrll ~nriudr .~ ~tanJ~rd m<~rtgage
clause in favor of and in form acreptable ta I.er,der. Lrnder .h:~ll h.+.e thr right t~~ h~~ld the prli~ir~ .~nd renewalti there~f.
and Borr~~wer shall promptly furnish to Lendcr all rrncHal notire~ :~nd :~11 rcccipts of raid prcmiurm In the e~cnt of lrn~.
Borruw•er ~hall g~~e prumpt nourr tu the in~urence carnrr enJ LenJrr I en~f~r m~~ make ~:nti~t ~~f lo~s if nut m.~de pmmplh
by Borrvwer. ~
Unless I endcr ~nd Bc~rmwrr other~~tic agree ~n ~nlink, imuran~e pnwer~l: shali tx applicd t~~ rc.turati<~n ~~r rcp:+ir ~f
the Propesty ~lamage~l. t r~~~•uicJ wch re~turat~~m ur re~~ir iti c~~~n~,mi.ally fca~ihi~ :~nd the tiecuri~~ i,f thu ~1~rtg:~g~ i,
r.ot thereb~° impaired. If such re~toratu~n or repair ~s n~~t ~.~~n~~nu.:Jl~ tra~~hle ~,r i( ~he se~uri~c ~~( thn ~t~rtgage u~~tild
be impa~red. the ~nsurance prureed< <hall be applie~ t~~ the ~~:m5 >r~urr~l ht thn ~turtgagr. N~th the erce~s, if :~m•, paid
so Borr~~wer. (( the Yrupert~ is :~hand~~ned h} fi~~rr~~wer. nr ~t B~~rrc~uer ta~l~ t~~ rtti{x~nd t~~ I ender w~~thin 3!) da}ti tmm the
Jate naticr iti mailed by~ 1_ender tu Borruwer tha~ thr ~mur,~ncr ~;~rrier i~fterti t« ~cule ;, cl;~im frr in~uran~e henefilti, l.enJer
i+ euthonteJ to a~ltect and appi} the ~muranc~ pnx;reJ~ ai I.rn.irr'~ ~~ptiun e~th~r tu restcxau~~n or repau of the Properl~
ur tu thc ~um, ~rrureJ h}' this Mortgagc.
Unles~ Lender and Burruwer ~,therMitie .i~rer ~n ~nt~n~. an~ ~u.h a~plir,~sion ~~f pre~cred~ to pnncip:+l ~fi.~ll n~~t ertend
~}r p.~stEx~nc Ihc duc datc uf thc m~~nthh imt~Umcntti rcfcrred t~~ ~n par~~raph. I:~n~i ? hcre~~f ~,r ihangc thr am.~unt ut
~uc#- imtallment~. If under paragr~ph If{ hereof the Pn~~:rt~ iti aryuire.l h~ LenJrr. ali nght, title and imerrst ~~t B~rrt~aer
~n snd tu an~ in~urance ~~licies anJ in and tu the pnkce~i, thereot re~ulung fmm Jam:~gr to the ProExn} pn~~r to thr s:ile
or acyuumon ~h:,ll pa» to LcnJer to thr e~tent uf the wm~ xcurc•.'. hy thi, ~t~utge~r imrnediatch prior t~~ ~uch tiale or
acyuisit~on.
6. Presenation and ~laintenance of Propert~: I.easeholdti: (~undominiunn; Planned l~nil 1)e~e!opmcnls. I3~~rrower
tihall kcep the Property in guixl r~pair and +hall not commit ~a~tc ~~r ~rm~t impairment or dcteriorat~on of the Pr.~pert}
and shall .on-ply with the provis~ons of any lease it th~~ 11~,rt~:~~c i. ~~n a Ir.~~ch~~ld. It ihi~ ~turtg~.r ~~ ~,n .~ unn in .~
~_unJomin~ur.~ ~~r a planncd un~t ~lr~cl~~pmcnt. B~~rrrurr .h:~ll rrrt~~rm ~II ul Bi~rn~wcr~s ~~hligatiuns ui~d~•r thi dc~L~reU~m
or covenanls creat6ng ~ir g„vermn~ thr c~~ndomin~um ~~r plenn~d ~m~t devrl~~pmrr~t, ihe by-IaH. and rrk~ilatiun. rf the
~onJor~iaium or plann~d unit de~clopmcnt. and r~~mti~ucnt ~l~kumrnt~. If a cunJnminium or planncd nn~i ~I<<rE:~~nient
niler i~ execu!cd b}' t3orroHCr arJ recorded t~~geiher ~ilh th~~ ~1~~rl~ag~. thi ccncn::nt~ and .i~rermcnh ~~I ,u~h n~lit
shall t~e incurporate.l into an~i tihali amend an.l wpplement ihe a~~rn:~nt. :~n~! :~~;reementti ~( th~~ A1c,rtg~gr at rf thr ti.i~r
~ere a part hercof.
7. Prolection of Lenders Security. If B~~rr«ti:er (:ul. t~~ ~rt~~rm the ~~venanh :~n~l :~greemrnts i~~nt:~~ned ~n th~~
Mortqage, or if an~ acti~~n ~~r procceding i~ c:~mmrncr~i whirh matrriall~ :~tTech ! en~irr'. ~ntrrt~t in -hr Pr~~prrt}.
including. hut n~~t hm~ted to, eminent dom:im, ~mi~l~eni~. :~~d< <•nt~~r;emr~it. ~~r .~rran~enunt~ i~r pr~~:eedings ~n~v~I~inF a
~ankrupt or dc~rJcnt. thcn i.cndcc at I cndcr'~ c~pU~m. u~~n n~~n~c t~~ B~~rn~w~r, ma~ makc ~u.h ap~aranc~.. J~~hur,c tiu~h
sums and take ~uch a.u~~n a~ is nece~.an t~~ prutert I ender'. imere~t. ~nrlu~ling. hu~ n~~t limited tc.. J~~hurcement ~~f
reasonanlc at~ornc)'~ fccti and cmry upi~n thc Pmpcr~~• ti~ m:~l~c rrpa~r~. It (.rndcr reyuind m~~rtgagc in~ur~ncc a~ a
cunJiUrn of mak~ng thc I~~an ticcure~l h~ ~h~~ ~1~~nga~c. H~~rn~urr tihall ~a~ th~ ~rrmiums rcyinre~i Ic~ mair.t,un tuih
~nsurancc in cttect un!~i tiuch timc .~~ thc rcyuircmcnt t.~r ,uch ~ns~irancc trrminatr. ~n ac~c~rdan~c N'l(fl BOffUN'CI ~:,nd
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