HomeMy WebLinkAbout2084tiorn~wer and l.ender covenant and agtee as followe:
l. Payment of F'rincipel and Interrat. f~rruwer ehs~ll ptomptly pay when due thr princ~pi~l o( and intrreet on the indebtednees
evidenced by the Note, prepayment and latecharges ad pn~vidcvl in thr Nute, and the prin~ipal uf and interext on any Fueure Advancra e-ecured
by thia Mortgege.
Y. Ftitnde for Ta:ee and Ineurance. tiubject to applicaMc !uw or u~ a written wuiver by l.en~lrr, t3urruwer shall puy to Ixndr~ un the day
munthly installmenta of principal and inlerrst are pa~yuble under thr Nute, until the Note is pai~i in full, a sum Ihrrein "F unda"1 eyual to onr
twelfth of the yearly taxea ~nd axsrsxmrnta which may att:un priority o~•er this Mortg~iKe, and Kround rents on the Property, if any, plus one
twelfth otyearly premium ~nstaflmen~+ fur huzard ~nsur.iniY~, plus or,rt~+•elfth of yr.irly premium inst~+llmenl~ for moRgage insurance, if any,
all a~ re~~sunahly estimatwi i~itiully .~nd from timr tu timr by Iw•nder on thr i~asis uf .-.,srssmrnt~ and b~lls and reuxun:iblr rtitimut~•~ thrrt~~f.
The Funds shall be held ~n an ~nstitutiun the depusita ~ir accuunLv of whtch are insurttii or Ku.~runteed by a Frderal or Siate agency
un:luding l,ender i[ I.ender is such ao ~nstitution). Ix~der shall apply thr Fundx to pay said ta:es, asaesaments, insurancr prrmiums and
gruund renta. l,ender may not charge [or eo holdinR and applying the Funds, analyzing said account, ur ven[ying and cnmpilir~g r~id
asaesaments and bills, unlesa l.ender paye Born-wer interest un thr F unds and upplicable law permitx I.rnder to make euch a charge. Rorrower
and t.ender may agree in writing et the time of exerutiun ~~f this MorlgaKe thait interest un the N undH shall be paid to I3orruwer, and unlesa
xuch agreerner.t is made or applicaGle law reyuiren xuch interrst tc, be paid, IA~nder shall not t-e reyuired to p<+y &,rruwe~ uny intereat or
earninqs o~ the f unda. l.rnder ehall Kive to Sormwer, w~ithuut charge, an annua! accuunt~ng of the M unde shuwing crc~lits and debita to the
Funds and the purpose for which es~ch debit u~ the Funds was made '1'he Funds are pleelKrd as,idditional strurity forthr eums xecured by thie
MortgaKe.
If the amuunt uf the F'unds hefd by t.ender, tuKether w•~th the fu:urr munthly inst.illments uf f~'unda payaible prior to the duedatea of taxea,
axsrssmrntr, ~nsurancr premiums and Kruund rrnts, shall excxd the :imuunt rryuirrd to p~~y said t~xex, assrhsmer.tb, inburancr premiuna
and graund rentx ue they fall due, such rxcexs shull br, .~t ~~ruwrr's uptiun, P~ther promptly rrpaid to Sorrowrr or credited to 13urrower on
monthly inat~llmenta of Fw:da. If the amount of the N'unds held by I,ender ahall not be sulficirnt tu pay Caxea, assessmentb, insurance
premiumx and gruun~ rPntc aR they fall due, 4~~rruwer shall ?aiy w lxnder an>- amuunt nrcess~n• to msike up the deficiency w•ithin :t0 days
frum the date notice is ma~lyd hv I,ender tu Ii~,rrowvr n•qu~•sUnK payment ther~~f.
Upon pa~ ment in fuU of all sums secur~! by th~s Mortka~e, I.ender sh.ill promptly refund to li~~rrower uny funds held by Ixnder. lf under
paragraph IH hereof the Property is s~dd or the Pro~rt~ is othrrw•ise acyuirf~~ hp I,ender, Ik•nder shall apply, n~~ late~ than immediately prior
to the st-le of the 1'ruperty or its n~•yuisiti:m by l.~~ndrr, any Fund~ hrld by I~•nder at the timr uf applicatiun as a credit aKa~nst the cuma secured
by thia Murtgf~ge.
3. Application of 1'aymente. Gnlrss applicable l,iw pr~~vidNS :~therw•~~ze, all p;~yments rece~tird by I.ender under the Note and
paragraphs I and 'l hereuf shall t~e applicd by I.rndrr fir,t ~n pa~•mrM uf :imnun4ti payablr to (.ender by Burruw•rr undrr paragraph 'l hereof,
then to interest pa~•able on the tiote, thc•n tu the pr~nc•~p:~l nf thr \~~te, :md thrn tu ~ntrrest and pnnc~pal un any Future Advancea.
4. ('hargey; Liens. lt~~rn~w•rr.hall pap all tax~•~.;~s.r..~nrnts and ~~th~•r. har~;es, finr.:~nd im{N~srtiuns attrihul.~bleG~ the Property which
m:~y attain .~ priunt~• n~~t•r th~s :11~~rtk:~~;r.:~nd Ir:~xt•h~~id p:~~•~nrnts ~~r ~ n~ursd n•nts, ~f :u~y'. ~n thi• manner pruvidcYl under parxKraph'l hereofor.
~f no; paid in sui•h m:innrr. h~• lt~~m~M~•r mak~n~; p:~~ mrnt. ~chc•n ~1ut•, dirt~•tl~• tu thr payc~• th~~rr~~f. Iturr~~w~•r ~hall pru~nptly furnish to I.ender
;~II nuttc~•a:,f :~m~~unt. dur and~•r thi~ p:~r:i~;r.~pl~. :~nd ~n thc• ~•~rnt It~~rr~~wrr,h:+ll in:~kt~ p:-~•~n~•nt dirt~c•tly. Iturruw~•r tih:~ll prumplly furnish G~
!h•ndrrre~•r~ptsrc~d~•n~•~nK.u~~~~~.nm~•r~t~ K~~rr~..rr:;h:~llpn,inptl~~~i~.~r~:~~,;~•:~n>•lu•n~,~hichh:~xpnnr~ty~~~~~•rthis:llurtK:~Ke•:providcrl,that
fi~~rruwF~r sh:~ll m~t tk• rr:,~~~,~~i ~.,~i~., r,:~r~;~•;~nc .u~ h lu•~i.;~ l~,n~; :.. fi~~rn~xt•r.h:~li:iKn•~•~n w~nhn~ t~~tht•pa~•~nen! ufthc•uhliKatiun serured i~y.
;uch lir•n tn a man:ie•r a~-~ c•pt.~t,l~• t~ ~ L~•ndrr. ~~r.t~:~ll ~n ~;~~~N~ f.~~th ~~~~nt~~~t ,u~ h lirn }~y. ur~1~•f~•nd rnfur~ ~•in~•nt uf ~uch I~rn ~n. li•e.il onH~rr<i~nes
~ch~ch uper.it~• tu prr~.•nt th~• ~•nf~~n ~•mont ~~f Ihe• lu•n ~~r f~~rf~•itun• ~~! th~~ I'n~p~•rt~~ ~~r :~ny p:~rt thrr~~~f
S. Na~a~rd Intiuranc~~. liurn~w~•r ~h.iil kcti•p thr ~mpn~cem~•nt. n~~w~ t•xist~n~; ur h~•rraftf~r erEK•t~•d un the PruEx•rty ~nsurrd aK:iinst loss by
fire, har.ardv sni•lud~•d w~th~n thr t~•rrn "i•xti•nd~v1 i•o~~•r~kr.~~ and ~u~•h uth~•: h:~~ard,:~s IA•ndrr may rrywn•:indinsuch.unountsand foresuch
Ex~ri~K1v as Ixndrr rn:~c n•yu~r~•: pru~ id~•d. th:st Lrnd~•r +h:+ll n~4 n•ycir~~ th:+t th~• :~m~wnt uf w~ h i~~cer:iKt• t•xcrt~i that am~~unt of ~-u~•eraKe
re~~u~nti1 tu p:-} ttu• sum~ •r~ un~i t.~~ th„ \1~~rt~;:+Kr
"1'he ~n.ur:~n~~• ~:vn.•r pr,~~ ~~1ln~; th~• ~n.ur:~n~ ~~ .h.~!{ i~~• ~ t~~~.~~n l~~ ti~~rn,~rr.~h~~•~ t t~~:~~~pn~vai -~.~ t.,•~~~it•~. i~~.~.~,~i~,i. ~t,:~~ .uch :~pprm~al
;hall n~d br unn•..s~,~~.~hle ~~~[hhrlei :~II pr~•n:twn. ~~n ~n.ur:~~„ ~• ~n~h~ u-..h.ill fN• ~~.u~! ~n thr m:+nn~•r pr~~~~ul~~d unilrr p:~r.~kr.~~~h Y hrrw~f ur. if
nut pa~d ~n su~~ii m.in~u•r. i~~ li~~rr~~~rr m.~kin~; ~~,~~ r:i.•nt. ~+h~•n ~1u~~ ~lin•~ tlc t~~ th~• ~n.ur.ui~~r i~arn.•r
All insur.in~•P puhnt•.:~nd re~nt•w:~ls th~•r••uf ~hell h~• tn f~~rm a~ ~~•~rt:ti~l~• U~ 1~~ndrr:~nd ~h:ill ~ni•ludr a st.+ndard murtK:~Kt~clause in favorof
.ind ~n form acct•pt:ihlr tu 1,~•ndrr I e•n~?F•r.h:~l! h:~~~• itu• ri~h[ .~; huld tltr• p~~Lrtr.:~nd n•nrw:~ls thrrcnf. and it~~rr~~w~~r.hall prumptly furnish tu
~.rnd~•r .+li rrr.rM:il n~~ur~•. ;+n~! all n•~~e~~pt. nf p.ud pn•rn~um. (n tiir ~•crr.t ~~T I~~.~ K~~rn~Mrr.hall ~;i~r pr~~mpt n~d~ce tu thr ~n.urance carrier
and I.endc•r. I.endrr ma~~ nr.~kr pn~d nf 1~~.~ ~f rs~~t mad~~ pr~~mptl~' hc li~~rn~wrr
['nlrss l.rndF•r and fi~~rr~~w~•r nthrrw~.~• :~~rr~• in wnhn~. sn~ur.~m'~• pr~Nr~•d. sh:~ll tx• ;~ppl~t•d t~~ rrvturaUun or rep:iir nf thr f'rupertp
rl:imaKt•d. pnrvtd~~ ~u~~h r.•.t~~r.~h~~n ~~r re•p:i~r ~. ~- ~~n~~tn~r.~li: f~•:+~~l,l~• an~l !he ~t~ unty ~~f th~+ tilortKaKF ts nnt thrreb~• imp.~ired. If such
-e•s4,r:tUun ~~r rrpair !s nnt w~~n~~mu :~ilc f~ :~.~hl~-~~r ~f th~• ~ry unt}~ nf th~. ~1u~tK:iKr w~~~ld ta• ~mp;un•d, the ~nsur:~n~~Fpra~redsshall brapplied
t~~ thraumsxt~•ur~Y11~~• thi.ll~~rt~:~~;F•. w~t}~ th~•~•x~ ~•.. if .+n~. p:ud t~~ K~~rr~~wr•r If th~• 1'r~~~N•rt~• ~s:~h:enduneri b~ Kurrowrr.~~rif li~~rrow•er failsd~
rc•;~,nd t~~ 1.~•nd~ r Ni!h~n .iii d:~~~ fr~~in th~ ~1:~t~• n~~ti~,• i. n:.ulwt bc I~•nd~•r U~ liurn~w~•r that thr msur:ince ramrrufhrs t~~siKtlr a i•la~m for
tntiur:~m•e }rrncfit., t~•ndrr i. :~uthunn~! t~~ ~~~il~-~ t;,m! .~p~~l~ thr ~n.ur.~n~ F~ pr~N-~~e•d~ ;~t I~•ndrr's uphun r~thrr to rr~turatinn ~~r repa~r nf the
1'ru~rty ur tht- tium~ str~urwi h~• thiti \1~~rt~~~Kr
l'nless I.~•ndcr and 1i~,rruNe•r ~rthe•rw ~~e~ .~~; n•r :n k nun~;.:~n~ .w h.~ppl~ratwr, ;,r~~~~~~~~~~~i+t~~ pnncip:il tihatl nut extend or pustpone thedue
date of the m~~nthly ~nst:~llm~~nt. rrft•rrrd t~. ~n p.~r,~~;r:~j~h. 1 and ~' hrn•~~f ~~r ~•h:~nKr th~• amuunt of sw•h ~nstallmrnts if undrr paraKraph 1M
herenf the Pn~prrt}• is arywr~Yl Irc I.~•nrli•r :~ll nKht, t~tl~• :~n~i intrn•st ~~f Kurn~we~r ~n and tu :~np insurancr ~N~licirti and in and to the pr~x•reds
ther~rf rrsult~ny, frum d.imaK~ tn 1'r~~~H•rtc pn~~r tu the• w~it~ ~n a~~iau~~~h~~n .h:ill p:is. tn 1~•nd~•r tu the c•xtrnt ~rf thi• sumc securet! bv this
~1urtKa~;e immrrl~ately pnur tu such ti:~-r nr a~~yw.~U~~n
~~ Preservation and Nxinte•nam•i•uf Pro{n -t~~; 1.~•awhold~;('unduminum~: Plenn~~d l'nit Urv~•lupmente. fiurrowershall keep
the F'r~~peRy ~n K~~~d n•pau and ~h.~tl n~~t ~~u:nnut w:~~!~• ~~r p~•rm~t ~mp:urmrnt ur d~~trnnr.~tiun of thr f'ru~x~rt~• and sh:ill cumply w•rth the
pruvlsumti ~~f any' Ira~c• ~f this ~1~~rty;:i~;~• ~s nn :~ le :~.rhnl~l If ttu. ~turtK.~~;F• i. „n :~ un:t ~n a rundumiriium or a pl:-nned unit develr~pme~t,
lturn~we- ahall perf~~rm all nf fi~~rr~~ur•r~ ~~r~i~~;:~c~~„~. ~~~~it•~ et~.• ~i~~~iar:ih~~n ~~r ~•~~~~~•n;~nt~ ~ r~ :~Lny;or K~~vrrninK theconuominium ur planned
unrt devf~lupm~nt, th~ hyJ:~w. and rrKiil:~u~~ns ~~f th~• ~~~i~~~~~m~nium ~~r pl:~nmd un~t dN~•elnpment, and conatiturnt documentg. If a
~ undum~n~um or pl:~nnrd unit ~1e•c.d~~{~m~•nt n~1~•r i< ~•x~•~ ut~•d h~' F{~~RuN"~'f .ind ~YC~R(itYl I~~~;P1Flf•f K'I~Fl I~114 blortKaKr, the covenantx and
.~~; rrrm~•n.~ ~~f tiu~ h nde•r .hall t~e• ~n~ ~:rp, ~r:~t~•~! ~nt~ ~ .~n~1 .h:~ll :~rni•nd .~n~! .,uppl~•nu•nt thr ~ ~,vrn:~nt~ :uid aKrt~~•mi~ntti uf tMs ~1ortK:~Ke as if the
rt~l~•r ~•E•rt• :i p:~rt hr•rr~rf
7. f'rotection of l.ender'8 5ecurity. If Hurr~~K~rr faily d~ perfurm the a~vrnantej and aqreementi+ contained in thia Mortgage, or if any
action ~,r proceedinq ie commenced which matenally e~flPCte I.ender'e intereat in the }'ruperty, including, but not limited to, eminent domain,
ineolvency, cY~de enforcement, or arrangPmenu+ or pn,cee~~nKA invol~inQ H bankrupt or decedent, then l.ender at I.ender'e option,upon
notice to B~~rrower mey make auch appearancec+, d~nhurrw xuch ~ume and take auch actiun ae ie neceseary to protect l.ender'e interest,
~ncludinK, but not limited ta, d~abureement nf reaer~nable attornry's fc~re and entry upon the E'roperty to makr repeire. ([ I.ender required
mortgage ineurance c~s a cond~tiun of making thr luan qecured by thiH MurtKaRe. E3urruwer xhall pay the premiums required to maintain
euch ineuranee ~n effect unt~l euch time ae the re~~u~rement for euch ~neurance tertninatre ~n accordance with Rorrower'e and l.ender's
wntten aKreement or eppl-cable I.:iw. Borrower ehall p:i~• the :~muunt nt all murtgaKe inaurance premiuma in the mHnner provided under
paragraph '2 hereuf.
Any amuun!s dieburyed try I,ender pernuant tn this par:~Kraph 7. w~th ~nterret thr:e~,n, xhall t-ecome additional ~ndebtednees o(
Fiurrnwer eecurrd by thir+ :~1ortKaKe. l'nlesa li~,rrowe~ and I.endc•r aKree to other terme uf payment, auch amounte ehall be payable upon
notice from I~nder tu Eiorrr~wer requeeUnR payment there~~f, and ahall bear interest from thP date o[ diebursement at the rate payable from
ume to t~me ~~n outHts~ndinK pnncipal under thP Nute unle•ys paymrnt of ~ntereet at xuch ratr w~~uld be contrary to applicable law, in which
event eurh amuunte shall brar ~nterrxt at the higheAt rate permiy~~ble under applicahle law. Nuth:r.K coniusned:n ihis paraqraph 7, ehall
reyu~re (,rnde- t~, mc-ur any exper~ae ur take any act~un hereunder.
B;~~x ~351 P~~~ ~(~80