HomeMy WebLinkAbout2019l)~IF~-R~t (~t~vt w~!v7s Hurrc~wer anJ 1 rndrr r~~~enan~ a~i~l aKrce a~ fuiluN~
1. Pa~ment uf Principal and Inte~r~l. li~,rruwer ~hall prum{~~1~ pay when due thr principal o( and ~ntrrect ~~n ~he
indchtcdncss rvidcncr~l hy 1hr Notr. prepaymcnt and L~tc chargc~ :i. pruvidcd ~n thc N~~tc. and Ihc prinripal ot and intrrett
on aoy Fulurc Advancc. cccured by thi~ Mor~gagc.
2. Fuodc for Taxes and Insun~ce. Subject to applicable law~ or to a written vrarver by l.ender, Borr~~wer thall pay
to I.rnJcr on thc day monthly ~nuallmcnts ~~f principal and ~ntere~t are payahtc undrr thc Note, until the Note i~ paid in full,
a sum (herrin "Fundi'1 eq}ial to~unc-Mrlfth ot thc y~arly ta~r~ and ac~c~~mrntt Which ma~• auam pnurity ovcr ~hiti
Mortgagc, an~l gruund rents cin the PmE-i.ny, if an~•, pluc ~~ne-twrlf~h uf yeariy prem~um inclallments for h~iard imurance.
pluc one-twelf~h of y~arly premium installments (~~r mor~gage insuranct. ~( ~ny, all a~ rras~~nabl}• e~timated initiall~• and from
lime lo ~im~ b~• Lcnder on Ihc baci~ o( a~ticscm~m~ anJ h~lls and ~ea~unabl~ c~!~matct Ihereof.
"R~e Fund, shall hc held in an imthution the depos~t. or arcounts i~f which are insured or guarantecd hy •r FcJeral or
state agrnc~ 1 including t.enJer if I enJer i. ~urh an institution -. I enJer ~h•rll apply~ ~he Funds to pay ~aid tarc~, as~ecsme~t~.
~nsurancc prcmiums and ground renh. 1 rnJcr may not char~ tor ~u holJing and appl}~ing thc Fundti. anal}•~ing ~aid arcount.
~u verifying and compiling ~aid aase+~menls and hilh, unless Lendcr pa~•~ Re~rruwer iMCtc~t un Ihe FunJt ~nd applicable law
permits I_end~r ~~~ make ~uch a charge B~~rruwrr and Lrnder m~y~ agrrr in writ~ng at Ihr t~me of exrcution o( thi+
lllortgage Ihat intc~«t on Ihc Funds .hall tx; pa~J to Horrur~-•cr, and unlc» >~rh :~grrcmcm i~ madc or app;icahlc law
reyuire~ such interes~ to he paid. Lcnder ~hall n~t rx reyuircJ to pa~~ R~~rmwcr an~ intcrest or carn~ng~ on the Fund~. Lendcr
shall give to Borrower, without charge. ~~~ ~nnu;~l arruunhng itif the I~und, .h~~wing ~redils and Jebitc to ~he Fundti anJ thc
purpo+e (~~r w•hich rach dehit t~~ the Fund. K:11 m~Jc. "The Fund~ are plt~grJ :~~ :-dditi~~nal ~ecurit~• for the sum~ secure~i
hy thi, !14ortgage.
!f the amount of the Funds held h}' Lender, together Hith ~hc (u~urc monthl~ imtallments i~f Funds pa~•ablr pnor t~
{he due dates vf taxcs, as~eumen~~, insurance premium+ and g~~~tuid r~nt,, shall exceed ~he amount reyuired io ~J)' SJI(I IBXCS,
assessmrnt~, insurance prcmium. and ground rent~ a~ thcy fall dur, wch c~rc.c .hall he, at N~~nuwcr'ti opn~~n, c~thrr
promptl~~ rrpaid to BorroN~er or crcdncd tu F3orroH•er ~~n munthly in~tallmrntc i~f Fund~. If thc amuunt af thc {~unds
held by Lender tihall not be sufficient to pay is~ec, atce.~ments, intiur:,nrr prem~un-~ and ground rem. as the}• [all due,
Borrower shall pay to Lender an~• amount necr~tiar~ to make up ~he detic~enr~ w~thin i0 day+ tn•m the date ni~tire is mailed
by Leader to Borrower reyuest~ng payment therei~f.
Upon payment in fidl o[ all sums sccured by th~~ MongaRc, I cndcr shall ~romptly rcf~snd to BorruH•cr an}• Funds
held by LcnJer. If under parag~aph 18 hcreof thc Propcny ~. .uld or ~hc Propert~• is othervvi.c acyu~rcd b~ I endcr, 1_cnJer
shal'I apply, no later than ~mmediatrly prior to the salc .~( thc PruExrt~ ~~r its acqws~hon hy 1_cnder, any Fun~~ hcld b}'
LenJer at the ~ime al application as a cre~it against the sum. cecured h~• th~ti ~lartgag~.
3. Application of Payments. Uoletis applirable law pm. iJes c.therw i.c, all payments reccived b}~ Lender un~lcr the
Note and paragraphc 1 and 2 hereu( ~hall tx apphrd by 1 rndrr fir.t ir pacment ~~f ami.unts pa~~hlc t~~ t.cn~icr by Borm~er
undrr paragraph 2 hereof, then to intrrctit pa~•abfe on thr tiut~. Ihrn to thr principal of the l~otr, and thcn ti~ intcrest ~nd
pnncipal on any Fu~ure Advances.
4. CharRes; Liens. BorroHCr .haU pe} ~II ta~«. a.~rti,mrnts and .~thrr chargc.. fine~ an~l im~x~tiitiuns attnbutahle to
the Property which may attain a prioriry over this l~fongagc. and Icasehold payments ~~r bround rents, if any, in the manner
prov~deu under paragraph 2 hereo( or. ~f not pa~d m such manner, b~~ Bormwer making payment, when due, directly to the
payee thereof. Borrower shall promptly furnish to Lender aU not~ces af amountc due under thn paragraph, and in the event
BorraHer shall make payment directly, Borrowrr .hall promptl}• furnnh ti~ LenJer rrcei~i~ r~idrncmg such pa}~mentti.
Borrower shall promptly dischargc any licn ~hich has pnnr~ty ~~~cr thi. M~~rlgagr; pm~,~cJ, that B~~rmwcr ~hall not bc
~~yui~eu iu u~~~i~d~~C auy tiucil ii~~t ~u fu1~g a~ Iiu(tu~+ri tihaii aglcc in ~+nling i~~ Ihc pa)nteni of thc i~hhgaiu~n ~CCU1CU i~}
such i~en in a manner acceptable t~~ Lender, or ~hail in gixxl fa~th c~~nte~t ~urh lien by, ~~r ~efenJ enf~rcement o( such iien in,
legal prcxced~ng~ whicb operrle to pre~~ent the enfurcemrm of the I~en i.r torfeuure of the Propcrt)' or an}~ part thcreof.
5. Nazard Insurance. Borro~~er shal) kecp thc impro~cmcnt~ n~~w c~i~ling i~r hercaftcr erec~cd on thc Pmperty imured
~gainst loss by fire, hazards includcd within the ~erm "r~tcndcJ r~~vcrage". and su~h other hazard~ a~ Lcndcr ma~ reyu~rc
and in such ~mounts and for surh ~ riudt sc Lender may reyuire; pm~ idc~l. Ih:~t I.ersJer +hall not reyuire that the am~~unt of
such cuvcrap,c cYCecd that amount uf co~cragc r~ywrcd t~~ pa~ th~ tium, .r~urcd hy th~s :1lortgagc.
"I?~e insurance crrrier providing thc imurance shall be chu~en by Borrow~r subject to approval hy [.ender; prov3ded,
that such approval shall not be unrca~onahly withheld. All prcmiumti un insurance policies chall tk paid in the manner
pr~~v~ded under paragraph 2 here~~f or, it nut paid in such mansier, b} B~~rroKer making payment, v-hen due, d~recdy ta the
insurance carner.
All insurance policies anJ reneHah the:eof shall tk in form acr~~t.~hlr ta I en~ler and shall inc#udr a~tan~lard mc~rtgage
clause in favor o( and in f~rm acrept:,ble tu Lender. LenJer .hall h:~~~ the nght ti~ holc! the p~tli~iei and rene~ah lhereuf.
and Borrower shall promp~ly furn~sh to I.ender all renewal nutic~t anJ all receipts of paid premium~ In the e~ent of l~t~,
Borrower Shail g~ve prompt not~cc to the in5uran~e carner and Lender. Len~irr me} makr pro~~f c~( luss if n~~t m~de pmmptl~
b~~ Horrower.
Unless I.ender and Borrourr othrrw~.c agrer i~i ~+ntmg. in~uraniC pnkeed. sh;-II tx aprtied ti• rc~tnratic~n ~~r rep:~ir ~f
Ihe Property uamage~, pm~•.~.ied ~uch re~IUraUun o~ rrpair ~t ec~~n~~m~c.ill~ ~re~~ble :~nd Ihe tie~urit~ of lhi~ ~1orlgag~ ~ti
n~~t tfiereby impaired. I( such re~t~~ration ur rcpair is n~it «~~m~mi~ell}• ire,ihlr i~r if the serunt}• <zf ~hi~ M~rtg~ge w~~uld
be impaired. the ~nsurance pr~eeds tihall be applirJ t~~ the tiumt recurr~i h} thi~ titortgage. N~th the eticetis, if ~n}~, paid
to Borrovver. If the Propert} is ahandc~ned :~~ B~~rr~~Ner. ~~r if H~~rrc~NCr f:+:lti t~• re~pe.nJ tc~ Lend~r w~thin-3U datti Imm thr
date noiice ~, m:iileJ b}~ l.ender tu $orruwer that thr imuran~r carnrr ~~tFerti t~~ ~rtUe :~ claim f~~r ~murance henefits, I.enJer
iti authonzed to callect and apply the ~murancr procecds at I.eiaJer~~ uptu~n either lu rcytor:,tion ~~r repa~r ~~f ihc Propert}
or to the ,um> >ecured by this Mortgage.
Unlesc LenJer and Burruwer i,then+i.e agrer ~n wniing, :fm ~urh a~~lir.,ti~~n ~~f pnx-eedti to ~rmcip:+l ~h:~ll n~t e~tend•
or pusip~mc thc due datc of thc mi~mhh• imtallmrntc rrfcrred tt, in p~regraph. ! a~iJ ? hcre~~f ~.r changc thc ~mi~unt of
such imtallment~. If under paragraph Iti hereof thc Yropert~ ~, acyinrrd M Lrndrr, all righ~, titlc anJ interest ot Borr~~NCr
~n and to an~ insur~nce policie~ anJ in a~id ti~ the pruceeJs theree~f re~uitmg f:~~m damage to the Prupert~ pnur to the ~ale
or acyui~~tion shall pa~s to i_cndcr to thc c~tcnt uf thc ~ums ~c~urcd M Ehi, \t~~rtgegr inuncd~atcly pnor t~> >uch salc or
acqwsitian.
6. Presenalion and ~tainlenance of Propect~; I.ea~ehuld~: Cundominium~; Planned t~nit 1)e~elopmems. B~~rrc~uer
~hall keep the Property in goud repair ~nd shall not commit wastr .~r perm~t ~mp.:~rmen~ or delcri~raUOn of the Pro~xrt}
and shall comply Kith the provis~uns of an} lease ~( th~t ~t~,rig.,~,r ,•, ~m ., Ir:,schuld. If thi. ~t~~ngace ic ~~n .~ ~~n~t ~n .~
ronJominwm ~,r a planncd uoit .1r~rl~~pmeni, Borr~+HCr .hall pzrl„rm .~il .,f Nurm~cr's :~bhgations undcr thr declerah~~n
or aivcnants creahng or governin~ ~hr rimd~~m~mum ur ~lannr~l ~mn dcvcl~~pmcnt, the by~-lawti anJ r~gula~i~~m ~~f th~
c~~ndominium ar planned ~mit development. .~nd con~tituent ~kxumeci~. _ If a condominium or planned i~n~t .te~el~~~ment
r~~1er iti cxecutcd b}~ Korruwer and re~ordcd tugcthcr ~ith thir ~t~~rsgage, thr co~cnants and .~grcrmrnl. ~+f ~u~h n~lrr
shall be ~ncorEwrated into snd tihall amrnd :~nit tiu~plement thr c~•~rnantti .~n~f agrremenis ~f (hi, ;~1i~rtFagc ~~ if th~ ri~irr
~ere a ~art hereof.
7. °mteclion of Lender's Security. 1( Bnrri~HCr fail~ t~~ ~xrfnrm the c~venaMs anJ agreemeMt ~nnta~ned in Ihic
Mortgagr, or if any act~on ~~r pr~ccding i` commrnce~l whiih matrriall~ afT~i1~ L~nJcr'. ~~tcrc~t in thc Pm~xrt~.
~nclud~ng. but ni~t I~rn~tcd tu, cmincnt doma~n. in~i~l~cnc~. c~~dr rnt~~r~rmrnt_ ~~r arran~tcn.rr~ts i~r ~r.:~ccdincs inv~~l~~ng a
bankrupt or decedent. then Lender a~ I en~er', optu~n. uFxm n~~t~e:e t~. Nc~rn~wer. ma~ m.~ke ~uch ap~xarance,. ~ishurtir tiurh
~ums :+nd takc such actiun ati is nccc«an t~~ pratr.t Lcndcr'~ ~nlrrc~t, inclu~i~ng. but n~~t limucd tc.. di~hurscmcni ~~f
reasonahle attomcy'ti (ccs anJ entry up~m the Pmpert} 1~~ m:~l~c rr~:air~. I( I.rndcr reyuircd martgagc in~urance as a
cunclihon of making thc loan ~c~ure~l h. thi~ Mongacc. Fiurr~~Hrr sh:~ll pa}• thc prc:rit;:ms ~cya:~red tc~ maint.+~n tiurh
insurance in eftect urtil wch 'imc a~ the reyuirement I.~r .u~h in~uran.c trrm~nate~ in accordance with Borr~~wer'~ and
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