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HomeMy WebLinkAbout2088KoRUV-•er and I.ender covenant and agrc~r us followa: !. Payment of Prineipal and Intereet. l3urruwer shnll prumptly pay whrn •1ue the princi{-:ii uf un~ ~Oterrsl un thr ~ndebtrdnrax rvidencrd by thr Note, prepayment und li-te chargrs ua pn~~•idtvl in Ihr f~ute, und thr princip:~l ut und inlt•rest un :~ny Futurr Ad~~~~n~•rs src•und hy this Mortgage. 2. F undx fi~r'fux~•d and Inxurancr. tiubj~~•t I~~ up{~li~ :~LI~~ law ~~r t~~ :~ wrilt~•n waiv~•r hy Li•nd~•r. Ii~~rr~~wi•r.hall {r.~y tu L~•ni:rr un the dup mupihly installments of prinripal und int~>re.t ure pa>•uble> undrr th~•;V:~tr, until thr Kut~• is paid ~n fuil.:~ .U„~ ~ r„•«•~~~ •~H ~~~~i~••~ ~Y,~:~1 tu un~- t.relfth of the pearly taxes und ass~~sment~ ~•hich may attain priorrt~- uvi•r U~is f11~~rt~;:~~;~•. and Kr~,w~d n•nt. ~~n thr Prup~•rty. if:~ny. plu~une iir~k'i[I~i iit ~t`ii~i~ F1Ia'iiY~iifii Ui~i:ittlllt•11Ia f~ii i~.~t:~ril iil~iii:liil`h. {ilU~ulli' IN~•i~iil ui )'r:~ii~` ~tFi•tlNUm III~IA~lllll'lll~ luf IDuC1j;:1~(P IDtiU~:Ifll'P. If i1IlY. :iU as re:~sunably rstimuttd ~nitialh• :~nd frum tim~~ tu tin~e hy 1 a•ndrr un Ihr bn.i. ~~t .~..~•.~;en~•nt.:~:~d Mll.:~n~l n:~,~~nabl~~ ~•.um;~t~:ti th~•rt~,f. The f~undc shaU 1-e held in an institutiun the depu;;itw nr ,iccount~ uf w~hirh un• ins~inri ~~r ~;u:~r.u~tr~~i b~• a F~r1~~ra) or titate :~~;eni•~• ~~ncludinK I.ender i[ I.ender is such a~ institutiunl. IA•nd~•r shall .-pph• thi~ Fund: t~~ p:+~~ s:iid t:lXrti :~s.rssm~•ntw, insur.inc~• pn•miwns .~nd Kround rentx. I.ender may not charge for so holdinK and :~pp1yinK the Fundti, :~n;il~•zinK .:~id :~c~-uw~t, ur rrnfY~n~; :+nd cu~npilinK said :~ssr.wsments and bills, unle~ l.rnder pays Borruwer int~•r.~~t ~~n thr Funds.~nd applicabl~• luw {K•rm~ts I ~•ndrr tu make tiw•h a i•h:irKr. tiurruwer .+nd I~ender muy agree in writing nt the time of exe.•utiun ~~f !his 111~~rtK:~~;~• that inti•rral un thi• F'und~ shall IK• p.~id tu Iturruw•~•r, und unlre,s auch a~Krerment is made or applicable luw rnyuirr~ ruch intrrest tu Fx~ puid, 1~•nd~•r sh.~ll u~~t lK• n~~wnr1 tu pay liurruwer :+ny int~•rest ur ~•arnings on the I~undR. l.ender whall give to Rurrow•er, with~~ut i•har~;e, an :u~nual :~~-cuuntin~; uf th~• Fund+ shuwin~; ~•n~1it~ :~nd d~~bits t~~ the Funds and the purpose fi~r which each debit to the Funds N•a. n~ad~• '1'h~• Fund.:~re p1~•d~;tv1:~.:~d~litiunal ~~~•unty fnrthe.ums+i~•un~d b~• thix ltortKaRe. - if the:~mount uf ihe M'unds held by IA•nder, t~~~;~•th~•r ~~~ith th~• futurr n:~~nthl~~ i~i.t:~llnu•nts ~~f h'unJ. p:~~:~Lir priur tu thr ~ue datrs uf taxre, assrssments, insurancy premium+ and Kr.~um1 rrnt., .h:Jl rx~•.ti~l thr .~;n~~unt rw~uirirl t~~ p.~~ .;ud taxr~, .~..~•ss~n~•nts, insur.:nn• prrmiums and ground rents as they f.~il due. such excrs. shall br. ut k~vr~~~~•~~r'. i~puun. ~~~thrr prumpth• r~•~~:~id tu It~~rn~w~•r ur cr<•ditrd tu 13~~rruwrr un monihly installments uf Funds. If the amount ot thf~ Fundti hE•Id hy I~•ndrr ~h:-II nut kN• vuffi~ i~~nt tu p:~y t:i~t•,, ,.sv~•.s~n~•nt., ~nsur~~nce premiums and Kround rents as they f.~ll due. I~urruw•i•r ~hall pa>• t~~ 1~•nd~~r an}~ am~~unf n~~r.snn• tu m:~ke• up th~•~It•fi~•ie•ne•~• w•~thin:tuda~•x frum the date notire is mailec! t~~• la•ncli•r t+~ li~tim~u~rr rr:~ur~t~si~; p,i~~m~•nt th~•r..~f L`pon payment en fu!! c:f;al! sutns sc~•ureY! tn• thiti \1~~rt};::y;~~. !A•:ulrr ~h;tll E~r~anptl~~ rrfund t:~ }i:.: ri;K~er :~n~' fun+lti h~-1d b~• l,c•n~l~•r. If undrr p:iraKraph 1R hereof ihr Properh• i~ ~+dd ur th~~ 1'ruprrt~• ~s ~~thrr~+•~~r ;u•yuinyl h~~ I,~•nd~•r. 1~•ndrr shall apph , n~~ lut~•r th:ui imm~~iiutt•ly pnur a, thr sale cf the 1'rupert}• or its acywsiii~~n t~~~ I.~•ndc•r, :~n~• Fun~1. h~~ld h~~ i ~•ndrr at th~• tinu• ~~f:+pplii~:~t~un :~s a~•rwi~t :~~;.unst thr ,ums ~tti•urtYl h~• this Mortk.+gr. 3. Applicatiun of I'ayments. l?nlrs. appli~-abl~• laN~ pr~~~~~~1~~. ~~th~•r..~x~•. all p:~>•nu•nts n~•rivitii h}~ IR•nd.•r under thr \ote and paraKraphs 1 and `~ hereaishcill tH•.~ppli~r! b~• Iw•ndc~r fir.t in p:~~•m~•nt ~~f:~m~~unt. pa~~ahlr t~~ Iw•nd~~r h~• Itorn~~~i•r undF•r paraKrnph Y hr~cv~f, thrn to interest pay.~ble on the NutE•, th~•n t~~ thi• prin~•~p:~l uf ihr \~~t~•. anrl thi•n h~ int~•r.•ct :u~d pnnrip:~l un :+ny P~utum Ad~~ancrs. l. ('harges; l.iens. KurruH•rr .hall pa~• all t:~x~•., :~.s~•.~~n~~nt~ :u:~l ~~t tu•r ~ h:u~:~•;. !in~~.:~t~d ~mp~~:ttnm.:~ttnhul:~hl~• t~~ the• f'rnprrt>- whii•h ma~ :ittain a priurit} u~~~r th~. ~1~~rt~;:~~;r.:~nd h•u.~•h~~ld ~~:~cm~•nh ~~r ~:n~un~l n•iit.. ~f:u~~ . ~n thr m.u~n~•r pn~~ nlyd und~•r par.i~raph'_' hi•n~dur. if nu[ paid in,ui•h m:uini•r. hy Fi~~rn~w~•r m:~k~n~; ;~:~~m~~nt. ~~ he•n ,1u~•. Jin•~~tl•, t,~ th~• p:n ~•~• th~•n•;~f It~~rn~~.~~r ~h:~ll pr~nnptlc f>>rni.h ur I.~~ndrr .~li n~~ti~~~•s ~~t amuunts dur und~~r th~. p.~r.~~;r.~ph :u~~+. ~n th~• ~•c~•rt Ii,~rn,«~ r.t::Jl tn.~k.• pucm~•~~i ~l~r. ~ tlc. li,~rr„~.rr .h:~ll pr~~n~E~tl~~ furn~sh lu I.~•ndt•r r~rript. ~•~•~d~•n~•in~;.u~~h p:~ctn~•nt. {{~~rr~~~~vr .f~:~l! ~~r~~~n{~tt~ ~li~rh.~r~;~• :u~~ L•~•~~ ~c},~~ h t~.~. ~~n~.ntc ~~~rrti~i. \l~~rt~;:~y~~•. pn~cid}~~.th:~l f{~~rr~~wrr~hallnutik•rw~uirr~lt~~~l~,rh:~r~;• .~n~.u~h1u•u.~,l~~n~:.uk~•rr~~ti+~~r,h.iit.~~;r~~. u~ti~ritinRt:,th~ p.~cni~•r~t,~tt~n ~~k~l~y;:~h~~r..~•cun•dh~ ~u~~h I~c•n in a m:~nn~•r arv~rpt:~i~l~• t~~ 1.~•n~irr. ~~r .}~.~ll u~ ~;~~~~~1 2.uth ~~~nt~ •t •cn ~~ !~.•n h~ ,~r,i. t~•n~i ~ nt„r~, ~:~. nt ,~t -!i~ h lu n~a I~•~;al ~~r~~~ ~•~viin~;. ...~.:..1. ......~"'~.. ~.. "~.......,• •1... ..~f _ ""_ ". i ~l. 1. ~ • .~ t.._ ...aa... .Y~..:cc •. ~riiaa..a.sf~ ~....~..a...~.. .....~ ..ix. . . ..a.....~ ....~ ~ ..~.~1~.. • ..~~. ~..i~:..~~1~f r~ 5. Har.ard In~uranc~•. 1{~~rn~~crr :h:ill k~•.•E~ th~ uu~~r~~c~•:n~•r.t. n~~ti~ ~•c~.tu:~; ~~r -n•r~~nfU•r ••r„ t~•il ~m th.• I'r~~~~rrt~ ~n.un•d:~R:unst lu,. hc tirt•. har.ard.,~,~~i~~i~•~i F,~~~r~~~, t-„~ t~•-,~~ ~,•.c,•„~~,tii ~~~r~•r~k~~ :~n~t .u~ h~~th~•r }::~i.~nl. :~. I..•n~1~•r nr.~c r~•yuir~• :~n~1 in,u~•h :~m~~urit~:~nd fnrsu~~:i {~~•ri~Kl~ :~:~ I.rnd~•r ~nac n•yuir~~: ~rn~~:~lw1. th::t I.~•n~l~•r ~fi.~1't n•~t r~•~~uu~~ !lint tlu• :un~~unr ~~! ~u~ h ~ ~~~~•r.~-:. ~•s~ ~•~YI th:~t ;~ui~~unt ~~f ~~~~~~~•r.~K~• r~r~uintil t~~ p:~~ tiu• .um: s~•~~ur~v1 h~ [h~- \1~.rt~;.~~;~ Thr ~nsur:+n~•r i:~rru•r ~rn~~ <<l~n~; tt~~~ in.ur.ui~ ~.tit.~li t,. ~!i••:.~ ~: f~~ K~~r•,.~~~ r~~,hi. ~ t t:, .~E~4~,- ~..~! !,~ I.• n-i~ r E,r~~.:~f~~~l_ tti.~! .u~ h:~ppr~~c:~l :h:~ll n~~t hc• unrt•:r:~~~::~lrlc tvit-:h~•I~i :\11 {~n ~ntucn. :~:i ~ri~i,r ~r~~ ~ ~~ ,ii~ :.. _i~.~il fv 4~.u~1 n~ t'ti~ :u.~~;n~ : {~r„~.:~1..? :..:~i. r ~,.~r,~y;r.~~~h ' ~u~n~~f ~~r. ~} n~R p:ud in sui~h m.~nn~•r. hc I{~~r•~~~~.-r in.~i.;n~; ~~.~~nn::t ~~+,. n~lu. ~t,r., r;~ t~•'i;~ :n~:.r.in,.~ ~.~rn. r All insurani•F~ {~uli~•i~•.:~nd rrn~~~~,+1- th~~r~•~~f ~'ri.~ff h.~ ~n l~~•r.:.~~, ~~~LJ~I. h~ (.••n~i.~r.~n,1 :h:ill mrlu~l.~.~.•:~u~t.~r,i ni~~r[~;:~~~•~ I:ni.r~n f:~c~iruf ~nJ in furm :ii•i~~•ptahlrt~~ l~•mlrr le•nsi~•r.h;~ll ti:~c~• tii~• n~;?it t~. ~, ,l,i tii. {~„!~~ ~~ ~.~~~~+n r~, L~.~l~. th~~rr~~f .~n~1 ti;,rn~«vr <h:tll pr~~m{rtl~ furni:h t~, ~~•ndc~r all rrni•wal n~~tii r.:~n~1 :~li r~•~ ~•ipt. ~~f E~.~~~! i~r~+n3u::~. (n th, ~•~~•r~r ~~f: . 1;.~~ n,tt~•r.:,.~ll ~i•.~• ~~n,•nc~t n~~tu~~• t~~ th~•in.ur.~:irr~.~rrirr ~nd Iw~nd~r I,~~ndt•r tna~- rnake• ~~r~~~~f ~~f I~~:• if n~rt n~n~1e• pn~m{rtl~ 4~~ It,~rn~•.e.~r l'nirss I~•nd~•r :~nd Fi.~rr~~~~i•r ~~th~•rH~.~ .i~:r~•~• in ~n ntin~:. :n..~ir:~nr.• ~~n~~ ~~. ~1. .},.~11 t~~• .~~,}~lu•~i t~~ -~~.t~~r:~ti~m ~~~ re~patr ~~f th~• f'rupert~' ~l;imaKt•d. pruc~~i~Y1 .uch r••~t„r:~h~~n ~~r n•E~.ur c~ ~~.~n~~~nu:~Ilc f~~:~~~f~i~• .~n~t th~ ..•~ c:nt~ ~~f th~. ~t„rt~;:~~:~• i. n~~t th~rt•h~ imp:~ir~•d if ~uch n•storat~~~n or n•p:ur ~. n~~t w~~n~~tnu .~ll ~£„i.~'~I.• •~r ~f th~~ .~ , untc ,~f tt~tx ~l~,rt~;.i~~• w~~ul~f !~ r::i~~.~:n•~i tht~ in:ur.in+e• pr~~c~•wl.•h:i~l lff~appht~t t~~ tht•sumsse~•urtYi h>• th~. ~1~:rt~:~k~•. tet[h th~• ~~~r••,.. ~! .~n~ ~i.u~l t•~ It~.rn~µ~•r I: tt~~• 1'n~~~•~rt~ i.:~}~,~nii~~n~ti1 h~' Ii~~rn~wt•r.+~rif li+~rn~w~•r fails tu rt•.:pnnd tn 1.~•ndrr H~~th~n ?n ~i:~y ~ fn•in th~~ ~l:~t~• n,~u~ ~ i. n:.~il~~~+: t~~ 1 a n~l~ r;~ l:~~n...ti„•: tl::~t t}z~• in~ur;~n~ ~• ~:~r.•u•r „ffrn t~~•e•ttl~• a ~ I:i~m fnr :n~uran~~e }N•n~•fit~. f,r•n~1~•r ~.:~uth~~nn•~1 t~~, ~~li, ~ ! .~~~~i .~~~~~Ic t!n• ~n~ur.~n~ ~• ~~r,~• ~. ~1~ .~t t.•n~1~•r • ,~pti~~n ~•~th~•r t~~ r~•,t~~r.~tn,n ~~r n•p:ur ~~f th~• f'n~Exrt}• or th~ ~urna .r~ urt•~l h~~ thi.~ ~l~~rti:::~;~• l'nlessf.endt•r.iIl1IRl~fTnKP(I~tI]PfKISf~J r~•.•in~~nhr. ` ' 1: ~;..in~,ua:::~{~~~h~.~ti~~n~~,F~n~:.-.i~:t~~E~nn~~{,.~I.h:~llr.~~t~•xtrn~li~r{r~~tp~~ne•[hrdur ~1;~tr nf the mnnthl~~ in~tallsn~•nt~ r~•~~•rn•i! t~~ i~z {~;~r.~~r.i~~h~ ;:~nd ' ii~•r.•„? ~~r ~ h.~n~:~• [~~r .urn~unt ~,! .u~ h ~n~t:~lline•nt~ If und~•r p:~r:~~:raph 1.~ h~~rt•~~f thr F'r~~pt•rtc is a~~yuireYl hc ia•n~l~•r. .~il n~;ht. !it!~ :,n~i ~r,t~•r~~.t ~~f f:~,rn~ti+~ r~n :~rni t~, .~n : in.ur.~n~ ~. ~~,tiri~•...~nd ~n :~nd t~~ th~• pn~rrrd. !hrrtK~f rrsultinK fr~~rn dam:~~;t• t~~ 1'n~pr•rt~- pri~~r ts~ thr ~.il~• ~~r :~~ yr!.;t~~~n ~!r,~ll {~:~~~ t~~ 1~•mlrr h~ th~• ~~xt~•nt ~~f thr .um~ .~~~~unv1 hv thic ~1~~rt~;aK^ imrritKliatF~lc prinr t~~ ~urh s:~b• ~~r :~ryw~iU~m f;. Prt~scn•xtiuns~nd ~1i+intc•ns+n~•e~sfl'ru~mrty: L~~:~.~•huld.;('und~~minumti:l'lanni•d l'nit 1)~•~~t•lupm~~nt~.lt~~rruKe•r~hulikrep 'hc F'ru~•rtti• in {:~N~d rt~pa~r arir! ~h:~l! n~~t i,nnm3t ~~:~>t~• ~~r ~~~•rcuit ~m{::unri~•rt ~u ~1~•t~•n~~r.~tn~n ~~t tii~• f'r~~p<•Rc .~n~l ..haU ~v~mpl~• Hith thr E~n.~i~tnns ~~f anc 1'•:~.t• if thi. \1~~.-t~;:~y;e• i. ~~n ;i I~•.~.~ h~~1~1 If tlu~ ~t~~rt~;:~~;~• ~. „n .+ unit tn :~ ~„n~l~~rn~niurn ur a pl;~nn~•~1 un~t ~ie~c~•I~~pi:~~•nt. li~~rn~w~rr tihall jierfurrn .~I) ~~f It~,rr•~.<< r~: ~~t~li~;.~ti„r~~ u~i~i~•r !ii~• ~1~•~ l:~r.~h~~r~ ~,r~ ~~~~•~i.~nt~ ~ e~ .~tin~ ~~r ~:~~~rrnin-: thr i~~~n~1~~miruutn ~~r p1:~nnt•t1 unit dr~•.j~~pme•nt. tht~ h~• i:~w: unil n•~uI:~U~~n. ~~f th~• ~~~n~1~,nunium ;•r pl.ucrn~~1 unu ~l~•~.•I~~ptn~•nt. :~nd cunstit~~•~t d~K•umt•nt.. If a • undnminium ~~r pl:~nn~•~i in;it d~•erL~~,me•nt nr1~•r ~. ~~x. ~ ut.•~1 h~~ li~~~n~~e r,~u~i r• ~~~r~i~~~i t~~~:~ tiu•r H~tt~ thiti \lurtk:i~;~•. thr c~n~~n:~nt~ and ~y;w~•tne•nt•nf..;n h r:ri~•r ~h~~ll h~• ~~ir~~ry~,~r.~t~ ~! tn;~~.in~f ~}i.ii; .~r,u r.~! ;~n~! ~iiE,~~:~ ~;i~ nt tfn•„~~.•t~.it~t..in~t.~~;rr~•t~u•nt. ~d th~. ~1urt~;.~~:r:w~fthr r~~1e~r ut•r.• :~ p.~rt h~~n•~~f ~. E'rotecticm of l.rnder's ~ee•urity. -f li~~rr~~.+~~r fa~l. t~~ {ff•rf~~rm th~• ~~~~~rn~int.:+n~1 :iKrt~rmtmtu ~~~~ntaineY! in thiN ~turtKaKe, or if any .~cUun ~~r pruceedinK ~s cnmment-F•d whi~h m<~trnaily :~iG•~ t~ I,e•ndt~r~. intere•~t ~n the• f'r~~~wrt~•. in~•lud~nK, but nut limited t~~. eminent dumain. ine~,l~•ency, cr~de enf~~rrement, or arranKemrntr: ur pr~K-~•rd~nKs ~n~~~i~•in~; a bar.krupt ~~r dc~~e~l~~nt, tht•n Ik•nder at I.~~nder'e uptwn.upon notice to Borrower may makr etach appear:~nceH, ~1i~hurK~• sui h vums .ind take vui•h actiun ay t~: n~cFyvarv to prutect I.endrr's intereet, includinK, but n~~t lim~trd G~, diaburNrmrnt uf rra.unahl~• :~ttnrnt•c'x fee~s :i~~d e•~tr~• u~wn thr Pr.uprrtc t~~ m~ke repairy. If I.ender required mnrtKaKr inGUrance ae a~ t~nd~t~~m ~~f makinK thi• i~~an vt.,~„«,i h~- thi. ~1~~rt~;aKe•. lium~w~•r ~h.~ll p:iy thE• pn~miumq r~r~uirc~ tn mt~intain quch inyurance• ~n etfrrt unti! suc~h hmc• ay thF• rrqwn•rnF•nt f+~r ~u~•h ~n~uran~ r t~•rminat~•s in a~•c~~rd:~n~•e• w~ith Fi~~rrnw-Fr'w and I.ender'e wntten aKreemrnt nr appli~•:ibir I~iK•. Rurr~~u-rr .h:~ll ~,.~~ th~• :un~~unt ~~f :~li m~~rt~;,~~;~• in~uranrt• prt•mium~ in thf• m:~nnt~r prnvidtYl under paraKraph 1 hNrr~~f. Any am~~unts di~trurstd h~• 1~•nder pc~r::u:~nt t~~ thi. p:~r,~kraph ~~. w~th ~n[~•r~•.t th~~n•~~n. ~hall ix~cnm~• additinn:il ~ndrbt~•clneKS of fiurt~~wer xecurtd by thix ~1urt~:~Kr. ['nlea~ liurn,w~vr :~n:~ I~•ndf•r :~~;n+• tn nthe•r t••rm~ +~f ;s:~.ment. ~uch am~~cnty ~hali tk• pa~•abl~ upon nr~ti~~ from I,ender tn It~~rr~~wc•r rtK~uE•yt~nK paym~•nt the•rt~~f. and .h:~il tK :~r inti•r:•st frum the• datt• ~~f d~~+hur~rmrnt at the r:~te pa~•able from time t~~ tim~• ~~n uutyt:~ndinK princ-ip:~l und~~r the• \~~te unlr::. paym~•nt ~~f ~nt~•rr.t :~t ~urh rate~ u•~,uld tw~ ~~~ntran t~~ :~pphcablP law•, in wt,ich Nvent auc-h amuunt~ tihal) ~K~:~r ~ntt•rr~t ~it thc~ hiKh~•st rat~• p~•rmi..~hlr und~•r :~~r{rl~~ .~hl~• L•~w• \~~[h~nK e•nntainNC1 in thiH p:~raKraph ?, shall rc~~uire lxnder tu ~n~ur an~• r•x~~encf• nr t:ike an~• acti~m he•r~•und~~r b-1~x 351 ~~~~f 2084