HomeMy WebLinkAbout2441
Un~FOU.~ CoveN~rirs. Borrowcr and l.ender covenant and agree as follows:
l. la~ewt o/ Prf~elpl aed iwlcnst. Borrower shall promptl~• pay when due the principal ot and intcrest on ~he
~:~dedtedness evidenced by the Note. prepayment and late charge. ac provided in Ihe Note, and the principal ot and interest
ot~ any Futuro Advances secured by this Mortgage.
2. Frad~ tor Tua aad Inwiasce. Subjecl io applic~hie law i~r to a written waiver by Lender. Borrowet shall pay
to I.ender on ~he day moruhly mstallmen~s of principal anJ ~n~~rc~~ are payable under the Note, until tht Nott is paio in full.
s sum (herein "Funds"1 eqwl to ont-twelfth ot the yearl~ ~a~c~ ynd assessments which may attain. pnority over this
Mort~a~e, and ground rents on the Property, if any, plus o~e-twel(~h of yearly premium installmeots for hazard insurance,
plus one-twelfth of yea~ly premium installments (or mortgage insurance. ~t any, all as reasonably estimated initially and from
time to time by Lender on the basic of atus,~nents anJ hills and reax~nable atimates thereot.
The Funds shall be held ~n an inst~twion ~he depocus or ~ccoums ol which are insurcd or guaranteed b~ a Federal or
state agency (includ~ng Lender ~f Lender ~s ~uch an insti~utionl. I.ender shall apply the Funds to pay said ~axa, assessments,
insura~ce Qremiums and ground rents 1 ender ma}• not charge tor so holding and apE+lying ~he Fundc. analyzing caid account.
or verifying and compiling said assessme~ts and bills, unless 1_eoder pays Borrower interest on the Funds and applicable law
permits I.ender to make such a charge. Bc-rrowe~ and l.ender :~ay agree in writing at the time o( execution of this
1-tortgage that interat on the Funds shall 1n paid to Borrowe~, and unless su:h agreement is made or applicable law
requires such intercst to be paid, 1_ender shall not be rcquired to pay Borrower any interest or earn~ng~ on the Funds. l.enatr
shall give to Borrower, without charge. an annual account~og oi ~nr runu> >iiuwiug ~~e~::s ar.d d_h:ts ta the Funds and the
purpose for which eaeh debit to the Funds Xas made. ~ilu Funds are pledged a~ additional cecunty tor the sums secured
by this Mortgage. " ~
lf thr amo~nt of the Funds held by 1_ender. t~gether w~th the future monthty ~nstallmenta of FunJs payable pnor to
the due datts of taxes, azsessments, insurance premiums and ground rent~, shalt exceed the amount reyuired to pa)' said taxes,
asttasmen[s, msurance premiums and ground rents as they (all due, such excess shnll be, at Borrower's opl~on, either
protnpdy repaid to Borrov-er or credrted to Borrower on monthly ~nstallments of Funds If the amount of thc Funds
held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents.as ~hey fall due,
Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by L~nder to Borrower reyuesUng payment thereof.
Upon payment ~n full of all sums securcd by this Mortgage, t.ender shall promptly refund to Borrower any Funds
held by l.ender. If under paragraph 1R hereof the Property n sold or thc Property ~s olherwisc acqu~rcd by Lender, Lender
shali apply, no later than ~mmediately priar to the sale of the Property or its acqwsiUOn b} l.ender, any Funds heW br•
Lender at the time of application ac a credit aga~nst the sums secured by this Mortgage.
3. Applicstion of Psyments. Unless applicabl~ law provides otherwise. all paymems received by l_ender unJer the
Note and paragraph~ 1 an~ 2 hereof shall be applicd by t_enJer first m p:+yment af amounts payable to LendPr hy Borruwer
under paragraph '_ hereoi, then to ~nterest payable on the Note, then to the principal of the No~e, and then to interest anJ
Dnrtcipal on any Fuwre Advances.
1. C6arRes: I.iens. Borrower shall Fay' all tatec. a~cetaments and other chargeti. fineti and impo~itionc atlnbutahie tu
the Property uhich may at~ain a pnoriry ~ver Ihis Nortgage. and Iea,eF~old paymcnts or grouna rents, if any, in the manner
provided under paragraph 2 hereof or, if not paid in cuch manner, by Borrower making payment. when due. J~recQy tc the
payet thereof Bormw~er shall prompUy furnish ti~ I.ender ail n~t~ces o! amounts due under this paragnph, and in the e~•ent
Borrower shali make pa~men[ duectlt. Borruwrr ~hall prumpUy furmsh to I.ender rcceiplt evidencmg such payments.
Borrovver shall prum~~ly :ficch~rge any l~en which has pni.r~t} o~er th~c Mortgagr, pn~videJ, that Borrower shall not be
rtqwred to d~scharge an~~ wch lien w ic~ng as Bnrrowrr sh:+ll agree m un;;ng Ir. thc ~a~ment af the cbhgat~un secured by
such lien ~n a manner accr~table t~:i Lender, .~r ~hall in g~x~d fanh cuntr,e ~urh lirn hq, or defend enforcement af such lien in,
iegal pr.xred~ag: which ~+prrate to prevent tnr rnturcemcnt of thc lien or torfciturc u( the Property or any part thereof.
5. Ha~rd lmurance. Horrov~er shall keep tF-e ~mprovrment, nok ei~~u.:g .~~ here~feer erected on the Pr~perty insured
aga~nst I~~~~ h~ hte, h~zard, included wnhin the term "~~tende~ cuverage'", and su~h olher hazard~ ac 1_ender ma~~ reyuire
an~ ,n s~;h am~~~mt, .:n~ lur tiu.h , eriocls a~ Lender may rcyuirc: pr~~vided, that Lender tihall not reyuire lhat thc amaun[ of
such rnvera¢r e~~.ed rha[ ain~~unt i~f c~~erage reyuired to pa} the ~um~ secured ~b} ~h~ti tilortgage
The ins~,rancr .arner eroviding the insur:m~e shall be ch«sen by Borrower sub~ect t~ approval by I.ender; provided,
that wch appre~~al ~h;ilf aut be :~nreasonahl}• withheld. AI! prem~um~ on inturancc p~~licies chail be paid in the manner
pror•,ded undrr p.~~ag::iph ? hetcvf or. ~f not p~:~.i ~n ~ti.h manncr, h~ B~~rreHer mak;r.g ra~s::~.^.!, when due, directly to the
ir.sursn:e .arr~er
Al! ~muran:r ,^.~~Ei:ir, ar~.l rcneuak therrrt shall t~e ~n f.~rm :ucept.~hle tu l.cn~fer and tihall in~lude a~tzndard mortgage
riause m fa~~~r ~~f aro~1 ~n f~~rm ac~ep~ahle t~~ I.ender. Len:ler ,h:,ll h~ve the right tu hold the Fx~licies and renewalt thereof,
and Borr~~•.~er .n.~it pr.~m~'Ic turnish i~~ i_ender all renewa) noUCeti an~i all receipts o( paid premium~ In the event of 1~~~.
H~r~~Mer tih.,i' ~~~~ ,,:.~n+p~ ~:u:,,~_ tc• thc ~n~ur.,nce carr~er and LenJrr. I.enJrr may make pr.x~i uf loss ~i not m:~de pn~mpti~
b~~ f3.~rr~~Mer
l~nie.~ L~nJci :+n.1 B~~rr~~Hrr c~th~r..~.r aKrre in ~nhng. imurance pnkeed~ shall tx applied to resturation or repair of
the Pru~,ert~ .1.,m.~Fed. ~r,~-iJed ~,u:h re~toranc~n or rrpair is ernr;~~micalh• teaable and the secunty of th~s :N~rtgage i~
not therch~ im~a;re~ It ,u~h resturat~~~n or rep~ir is n~~t ~a~n~~~n~call} frasihlr ur ~( the security of this ~lortga~e wnuld
lx ~mpa~red. th~ i~:~:irame ~+r.nee~i~. ,hall b~ :,pplieJ tc~ the sums ~ecure~i hy th~s Mortgage. w•uh the excess, jf a~}, pa~d
t~~ Bt+rn.~wrr It :he Pn~Pert~ i. ,~henu~~nc.i h} H~~rruwcr. or it Borrowcr faih tc~ res~~nd t~ Lendcr w~thin 3U day~ trom the
dete ~ea~ce :• ntaclr~ h~ f.ender t~~ Hc•rr~~krr th.~t ihe inwran~e carner cdtcr~ s~ tiettle a ~la~m for ~nsuranre benefits, l.ender
~~ uuth~~•rned ~,~ „~ilec+. .:nd .~p, l} the :muran~~• proCCCJs :,t I rn~1~r'~ ~~pU~~n e+thcr ro re~h~rat~on or repa~r of lhe Pmpem
.ir ti. ttlC ~tlRl~ •_,!ItCt~ h~' ~h4? ~~origage
t:nte~. Lrn~_r ar~d 13.,rruwer ~,th~rwn~ .~grce ~n ~nUne. ~n} wch appiic:~ui~n ~,f ~r.~:eeds to pnncipal ~hall not ~~tend
~r pnstp.~i~e the ~::r .l.,te ~~f th~ n,nn~hl•: in~ta!!mcnt~ refcrrcd t~~ in parakraph. I.~n~l ? hcre~~f or change the amc~unt uf
such +mtal:n;rn:, It un.ier p:~ragraph I t; hereof the Pruµrt} iti acyuurd h~ IxnJer, .,H nght, UUe and interest of Borr~~~er
~n and !v nn~ hi,ur.s:i_t~ pc~::;ie; .~~~d ~n .l~iJ tr [h~ p:::~~ rtit thcreul re~u~t~ng tn,m damagc lo the Propert}~ prior to thc ,.ilr
ot acywsrt.un ~h~li ~as, to L~nder t.~ the e.~t~nt ot the .umti ~e~ured h} thi~ ~tortgage immediatelY pnor t: tiuch ~~le or
acquisitwn
6. Freser.ation acd ~taintenance of Propcrty: l.easehulds: ('undominium~; Planned l;nit Ue~elopmeots. H~rrourr
shali keep thc i'ruF~•rt~ an gu~Ki r~p~ir and ~hall not comrpit y~aste ~~r perm~t impairment or deterioratiun oi tne Pro~xrty
and ~hal! c~~rnpl~ ~..~!i. '`~e pro.i~;~,m i~f en~ tease it thiti ~1~~r~gavc i, un ~ Ir:,srh„ld. If thi. Murtgage ~s on e unil in :~
cundarn~nwm ~~r e E~IsnrieJ unis ~Jr~rl~~pm~nt. Burr~~wcr tihall ~rrt~~rm all of Borrower's ubligaUons under thr declarah~~n
vr .ovenant. :r~~t~ng ,~r c~.+.crn~r~~ th~ ~~~nd~~rninium c~r planncd nnit devclrpment, the by-law~ and regulatic~m ~~f thr
~on~l~~nun~i:n: :~; ~+lana~d ~~mt Je~cl~~~rmrn±. .~nJ :~~n~titurnt ~i~~rumcnr~ !f a ~.~n~luminium or pl.~nncd un~~ ~tcve~c~pnzcnt
n.1er ;. e~ecL;rJ h~ ti~~rr,~~er .,~~1 rr~rrJe.l t~~kether ~i~h th~. 11~~rtg~ge. thr c~~en~nt~ and agreements c,f ,nrh n~i,r
tih:+lf ht m~orp~vete~i in!o :,;~d tih~li .amcnd arJ .u~+pl~ment the c~~~rn.~nt~ :~n~i agrrements ~f thi~ '.11i,rlgage as ~( Ihr n:icr
~.r~e .i pan ~ereof.
?. _Proie~lion of Lender's tiecurfty. If K~~f~r'.tiet t,,~l. t~• p~rt~~rm the c~venant~ an~1 agreements ~unta~nrd ~n thi.
lturt.eg~ ,~r ~f :in~. a~c~~•n ~~r r:~,~~~,)m~ i. ~„mmrnrr~t ~hi:n met~riall~ .~tTr~h 1 ~nJer~, intcrr~t in th~ Pn~prrr~,
imlt;dinE~. tiut ~~„t !~rn~;ed t~~. em:n~nt dunt:+~n. i~~~rl~i•n.~. ~~~~1c ent~~r.crn~n~. ~~r .uran~:emrnt~ ur pr.~cerdingc m~i~l~~ng a
haoknip; ~~r ~ie.~~irnt_ nc~~: 1 cn~ier .~t 1 rn.let'. ~~pt~un. u~~n n„t~ce t~~ B~rruNrr. nia~ makc wch .~p~arance,. di~hur.e wch
tumti .~nd ~~l.r ,u~h .~,ti:~n .~~ is nc~r~.ar~, t„ pr„trct Lcndrr', ~n~rre~l. ~nclu~l~n~. but n„t limrtc~l tu. d~~hur~crncnt ~~f
rcac~n;at;lc .;;r;•rnr~ ~ lrr, a;;;1 in+ry ~;~:in thc PmExrt~ t„ m.til~c rr~~n~r; 1; I r;~dcr rryuir~~J m~,rt~:acc imur:~n~i• a~ a
~~}n:i:t~~m ~~i rn,_-.ii~K th~ i;,.,n .c~ur.-,1 M thi~ ~1~~•~iatir. B~,rr~~~~cr sh ill ~:,. ~r,.• ~,«m~,~~,,. tcyu~rc~l tr mainl.~~n ~uch
insuc:~n~r ~~~ rtfc.t until ,u~h um~ .r•. thr rryuucment t„r ,~ich in,uran:c Irtnnn.~tr. in ;ic~~~rdan~r with Bc~rrvN~r'. .~rn1
~.'~351 ~:~2437