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HomeMy WebLinkAbout2579t~,rrower and I,cnder ~Y-venant a~nd agree as fulluws: 1. Pe-yment of f'rincipal and Inte~cat. {iurruwrr ahull promptly pay when due the princi{,al of :~nd iutrr~•.t un thr indehtiviners r~•ideneed hy the Nute, p~epayment.~nd lute charKra ua pry~vid~vi in thi• tiute, und the princip<il u~~~nd inti•rr~l un .~n~~ Future Ad~~an~•~•:c s~ ~~urtrl br thia Murlgage. 'L. Fundg lc~r'Caxes and Insurt~nce. tiubjtti-t t~~ ap~ili~•ahl~• I:~N• i~r tu u w r~tt~•n wai~•i•r 6~• L~•nd~•r, li~~rru~n•~•r.h:ill p:~~• t~~ I.. ~id~•run thr dup •iunthly instailntents of principal und int~•r~•st urr p:~>•abl~• undcr th~• K~~t~•. unUl th~~ ti~~~~• ~~ ~,:~~~i ~~, r~n. :~ .U~,~ ~ n~•n•in "Funds"~ ~~~u,-1 tu unc~- eN•elfth uf the>•~•arl ~ tuxi:s :tnd a.ses~ments which m:~}• .~ttam pnurit~• ~~v~•r thi` 1U~rt~;;~~~•, :~nd Rruw~d n•nt. un th~• 1'n~~N~rl~. if:-n~'. plutiunr- twelRh of yearly pmmium installmi~nts fur hucani insur.~nc~•, plu~ une-twi~ifth uf ~•rarl~' pn•in~um iusl:~llin~•nts fur m~~rt~:~~;~~ in,ur:~nci•, ~f.~ny. :+II us rt:-sun.ihh' estimati~l initialh~ :~nd frun~ time tu l~na• i~~ I.rnd~•r ~~n ih~• husi. ~~f a.sr.~nu•nt, :u~d hill~ uiui ~r:~.~mabl~• ~:~hw;~ti•s thi•nr~f. The Hunds shull ~x~ hrld in un instituti~:n the dc{wsit. ur .~ci:wtits of whirh .+n• ~nsurrd ~~r ~;u:u:~ntitirl ti}• :- F~~lrral ur ltatr :~ken~•y nncludinK IAn.ier if I.ender is such an institutiunl. (,endi•r shall apph• thi• Funds to puy ~:ud taxr., a..r..m~•ntv, intiuranc.• pn•miuu~s und tiruunti rents. I.ender muy nut rharKe for so hnldinK .~nd apply~nK the Fundv, an:~l~•i~n~; suid ai•i•uunt, ~.r ~•eniyin~ an~i ~~~,mpihn~; said .i~3essmen4~ and hills, unless I.ender pt~ya Borrower int~•n•vt un fh~• H ~~~~i,:~~~i :~ppiicabl~~ la~v {H•rmits i ~•nd~~r tu m;~k~• tiuch il fFI:IfY,('. IIURUN'er and l.endrr may agrer in writing at the time oC rx~vtiun ~~f this ~turt~;u~;~• that int~•r~•st ~~n tn~• F'und~ shall t~r paid tu It~~rruwi•r, and unles, ~uch ugreement is made ur :ipplic~il~le law reyuirrs ,u~•h inti•n•st tu IK• paid. I.~•nd~•r sh:~ll n~~t ia~ r~~~uin~f lu Fi:i~' I3(KrUN'l•f :~n~• inlrn•st or e•.irninKs on the Munds. I.rnder shall Ki~•e tu ltarmwc•r. N•ith~~ut ~•har~;i•. nn annuai ac~~~~anUn~; of th~• FLn~l..h~~~in~; cnrlits:~nd d~•hits tu the h'unds ~nd thP purFw~e fur which e•ach del~it tu thr hunds ~~•:~. muilr. "fht• !~ und. an• pl~•d~;~Y1 a~ adJiti~~nal s~•~~urity furthe•tiwu+.uruntil h~ thiw 11urtKage. if the amuunt of the Funds held t~}• l~•mler. tu~;~•th~•r ~vith th~• futurr m~~nttily ~nst:+ilmrnt. ~~f t~'unds pu~:~4~1e pn~~r tu th~• du~• date•s uf t.+xes, .~,se~sments, insur.ince premiums and ~;r ~und mnts, xhall ~~x~•~ryl 1h~• :um~wit nti~utnrl t~~ pa}• .:ud taxe•s, a+si•..m~•nts. ~nsur.~nck• prrmiums :~nd Kruund rrnts as the~y fall due, ,u~•h exc~•.. sh:Jl br, :~t t~~~r~~w~•r': upti~~u. r~th~~~ prumpth• repai~l tu It~~rruwrr ur ~•rrJit~•d tu Fi~~rr~~wc•r un munthh• instaliment~: uf Nunds. If th~• am~~unt uf tht~ Fun~i. hrld l~y I~•ndrr ~h:-II nnt tN• ~uffi~•irnt to p:~~ tax~•s, as.~•..mrnt+, insurance premiume and Kruund rent~ :~s the~' L•!ll dur. Iturruw•er ~hall pa}• t~~ 1~•ndi~r an~• .um~unt ni•c~•~~:ir}' tu m:~k~• up th~~drfiri~•m•y w~ithin ::~1 da~•s fn~m the date nutii~e is m:u1~~1 bv 1.~•nd~~r tu fiurru~ve~r rryu~•~t~nR ~~:i>•nu~nt thrrwd. t'Fx,n paymrnt in full of al! sums s~~cuntil b}~ thi. A1urtk:t~;~•, I.~•nd~•r ~h.+ll prumptl~' ndun~l l~~ K~~rn~wrr :~-~.~ r~~~~i, r~~•i~i -,.• i,,•~~~i~•~. tru~~arr p~iragr:~ph IR hemof thr !'rupr~rty is suld or the~ !'ruperty is uthi~r~vi.~• :ici~uintii hy (~•n+1rr. I A•mi~•r .h.~ll uppl~ . n~~ later than irnm~rii.iti•ly {,rior !n the sale cf the E'ro{x~rty ur its:3ryuisitiun by 1~~nd~~r. a~»~ Fum1~ h~•Id hy I w•ndrr:~t th~• umr uf :lpplir:itiun as :~ ~•n•dit :~~;:un~t the• sums scY~urtvl V~y this Murt~aKe. :i. Applicetion of Paymenty. l'nlr,s appii~•ahl~~ law• pn~~ idr~ ~~th~•nc~.r. :~II pacm~•nt~ ri•cri~~~~1 b~• I.~•nd~~r undt•r thr \ute and p:+raKr+phs 1 and 'L hen•uf sh<ill b~• appli~rl Ly I.~•nd~~r fir.t in p:-~•in~•nt ~~f a~n~.unt. p:iy:ihl~• tu I A•Il~IPf ~~~' I~~~YII~N'f~r undcr par.itiraph'L hrn~~f, thrn to intrrest pay.~}~I~• on the Nutf•, th~•n t~~ th~• pnn~•~pal uf th~• ~ut~•, and tti~•n !n ~nt~•r~•.t :u:d pnn~-ipal un :~n~• H~uture Ad~~.~nces. L('h.ir~c~; l.ienti. f:~~rro~~~•r ~h:ill l~u~' ,~II t:uu•:, :~,•~•s.m~~r.t.:uu! ~~thrr! I2:~~ti~~.. }in~••:~n~l imj~~~.~Uun~:~ttrlhut:~hl~• t~, th~•!'ruEw•rty K•hich n~:~~~ :-tt:iin :~ pri~~nl~• ~n~t•r th~s ~lurt~;:i~;r.:~nd l~:is~~h~~l~l p:~ym~•~:t.~~r~:r~,un~! n•nt.. il :inc. u~ tli~• ~u;~unrr pn~: ~d~tii und~•r {~vratir.~ph'~h~•nti~fur. if i:~~t p.~id in suc~h nutnn~•r, b~~ li~~rn~~vrr mak~il~ {~.~>~m~•r.t. ~vh~•n ~lur. ~iin•rtl} t~~ th~• ~r~~~•~• thrny~f 1{~.rr~~~~~~r>i,;~l! pn~~uptl~~ furni,ht~~l.t•ndi~r ~II u~~tu•<•. ~~f anu~unt~ dur und~~r thi~ ~~:~r:~y;r.~{~h.:~n~l ~n th~• ~•e~•n; It~~m~«~•r .h:Jl n~.~k~• p.i>'m~•n; ~lire•~ tlc. Ii„rr.~u~•r ;h:ill ~~n~nipt~}• fumish tu I.~•nilrr n•rr~pts ~•~-u1rn~~l~~~;:ue•h p;~vnu•nt.. It~~rn~~~~~r ~}i:~ll prum}itle ~lt~r:~:ir~:~•:~t~e t~e•n ~eh~rh !~.i. ~~n~~nte u~~•r~},t. \1nrt~;;~~;~•: pru~~~d~til.lhat {{urru~~e•r sh:~u ,~~~~ tk• ~,~~,~,~r~~i ~„~i~.~ -,ar~;r:un ~w•h I~rn:~~ I~~nR :is I{~~rr.~~e.•rsh.~ll .~~:n~rui ~entin~; t~. tl~~• ~~.~cnn•nt ~~f ;h~•~~hfc~;:~tiue~.~•i~urrd by .~ii h li~•n i~i a manni•r :~cce•~~t:ih:r t.~ 1.~-n~1~•r. ~~r ~h:ill ~n ~;~:~~~i f:ut h r~,nh~.t .u~ si !n•n he. ;,r~i~•f~-n~i ~•nt~~n,•m~~nt ~~f:u~ h:u n~n 1.•t;:~1 pn~~ e•w1~n~s ~.rhi~•h ~~pi•n~ti~ tn prrc~•nt th~~ rnG~r~~~•tne•n: n( the~ Itrn ~~r (~~rt~•~h:r~~ ~•f Ihr 1'r~~E~.•rte ~~r .u~~ E~.ert thrn•;~1 5. Htuxrd Imurunct~_ Kurr~~w~•r .tu~ll k~•~•p th~• impn~c~•nu•ni. n~~w ~•~~~uu~: ur 4~rrr.~ft~•r ~•n•ctt•~i ,~n tii~• f'n~prrt~ in.unrl u~;:~in.t l~~~v b~• tirt~. h:u:~rd. ~nclud~•d ~cittun th~• t~•nn "~•~t~•n~l~•d ~~uvrr:~~:~•.~~ .in~i ~u, h~~tl~rr I~:i; urci.:~. t.~•~~~i~~r ~,,:~.~ ~,•~,~~~f• :lr,~i ~~, ~u~~h u~n~~unt:.~nd fi~r ~uch {K•riiKl~ :~. L~•n~lrr ~n:ic r~•yuir~•: pn~~ ~~1„1. :n:it L~•n~l~•r :h.~l! n•~t r~ yuin• th.it th~• .~nn~unt ~~t :urh r~~~~•r:~~;.• .•xiwr,l Th:~! ann~unt ~~f c~~~•rr:~Kt• nti~uin~l t~~ p:~~• tn~• .umx .r~ ur~yl I~~ th~: \1~~~lR:iR~~ • ,- ~fhr in:ur:~nr~• r:~rn~•r }~r,~~ ~~lin~; th. !n•ur.~r~ ~.4i.~li i~~ ~ h,~>~ u f~e !t„rr„~~~ r~;il,i~ rt t,~ :~{~t~r„~.~! f~~ I.~•n~i~ r{~r~e~~t~•~! !h:~t ~ei~ h np~~r~~~~:ii . •hall nut he• uun~:~.~~n~if~l~ u~tt:hrE~{ :\11 pn c:iiu:r._:~n n:~ur.en~ . p~:.i~, :~.I~.~fi i~. n u~! ~:t ih~ :n.u~n.• ~~•.~~ i~i~,~::n~i~ r{~.~r.~~:r,~4•}~'_' hrr„~f~~r. if n~~t {r:cid in .ui•h m:~nn~ r!r•: It„rr~~~~~ ••~~.ik~~i~: {~.«in~•~:t •.~ h~ n~tii~ ~lir. ~ tl~ n. t~:.~ in~ur.~n~ ~~ r:~rr:~ r All in~uran~•~• E~~~lu u~~ ;~nd r~•n~•w:ilx th~•r~•, ~f ~t~al! h~• m f~ ~rm :i~ r~•~,t.ih;. t~ ~ I.. ,~~l~•r :~mt :h:il) ~nrlu~l~• ., •t.~mi:~ni m~~rt~;:~xrrl:~u~r ii~ f:~~ ~~r~~f and in fnrm .u-i•rptahlr t~~ l ~~nal~•r I. •n~l~•r ~h.sll i~.sc~ t h~• :~~:ht :~ ti~~i~3 th~• {~, ~h~ u~.,~n~3 r~•n~~..:ti~ t lirr~•, ~t :~n~! li„rn,~crr ~h:~ll pn~tn~it lc fu~ni~h :u ~.er;~1~•r all rrn~~wal n~~hi r.:eni1 .~li re re•iE~t: ~~; E~:u~l ~~r~~~n~um~' In th~~ ~•~~~~,r ~~f !~~.•. k.~~ r,~:~~•r ~h.~~t ~;~~~• Er.•~n;,~t n~~hri~ U~ th~~ in.ur:~nr~•r:irrirr :,nd I,e~ndt~r I,e•nde•r m.l~' Ru~kt~ pn~,~£ ~~f h~.. i( ~;,~t ni.+~L• pn~:nj~tl} h} It~~rn~•.err ['nl~~•. 1.~•n~l~•r :~nd It~~rr„~~~•r ~~th~•ntii•~• .~~:r~•~- ivi ..rotin~;. tr..ur.~n~~• pr~~~~~•J~ ..h:~il h.~ :~pF~iir~i t,. n•,~~r,~ti~,•i ~:r rc•p:ur ~~f th~• 1'rn~n~rt~ datnaKr,i. ,~r~~.-~~i,.~ .w h rr.t~~rat~~~n „r r~•{r.~ir ~• ~•r,~n~~rn:~.:ii~ f~:~~il~1~• ;ir.~i th~• ,~~ unt} ,~t thi. \l~~rt~;:~~:~• i, n~~t thrrnc~ imp:~ir~•d if .uch rt~~t~~r:~ti„n nr rcp:~ir ~< nnt r~ ut~utn~r:~llc fr.~<ihi~• ~~r it th~~ •e~~ ur~t~ ~~f tlu. ~l~~rt~:,~R~ tie~~ui~1 h~~ i:~~par~ :i. t!u• in.cr,u~r~ pnK~~•~~cl..h:~ll ht~:ippl~eYi tuthr~um..c~•are~clh~•thl.~U~rt~;u~;~•.wuhth~•~•~~,•• it:u~~.p:wit~~l:~~rr~~u~•r Ifth~•1'n,p~•rtei..~h.~n~l~~n~•~1l~cf{•~rr~~~crr.~~nfli.~rr~~~ve•rf:ulctu m.,pund [:~ I.~•nd~•r Kith~n ::n d;~~. Ir~~m th~• ~1.+t.• :~"~~~ ~~ ~: ~n:u!~~r9 t~~ I.t n~1~~r t~~ K~,rr.~~c~•r th:~t th~~ in~nr.~n~~r <:~r*[~•r ~~ff~•n t~~:~•ttl~• a~ laim fs~r insur:+n~•t• }K•ni•fits. 1~•nd~•r i. :~uth~~ni~•~1 t~~ ~ ~~;I~ ~ t .uui .i~~~,lti th.~ in~;~r.ul~,• pn~. ~•.•~f. :~t f .•:i~+,t•r'. ~~E~h~~n e•:thrr ~ , re~.t~~r.+tu~n ~~r re-p:i~r ~~f th~• f'ruprrt~• r~r tht• sums ~t•~~ur~•d hc !h~~ ~t~~rt~:,~~;~• l'nlt~ss I~•nd~•r :ind K~,rr~~~crr ~~:h~~n~ ~.~• .~~;r~•r iii .. •~un~:. ,~n~ :ii~~h n}~{~L~ .~u~~n ~~f pn ~„ ~~,1, t~~ pnn~~~p:i! .h:+ll n~~t ~•xt.•tid ~ir {N,st~i~mr thedue date uf thc munthi~' ~nst:illu~~•nt. rrf~•rr~•~3 tn cn p:~r.~~r.i~~h~ 1:~n~l _' :~~~rr~~f ~.r ~ h.inti~• ch~ .~~t:~~iint ~~t ~u~ 1~ i:i~t:~1{~n~•nts. if und~•r Er~::~~;r:iEih 1~ hen•uf thP Pn~p~•rt~~ is ar~~uirr~l hy i~•n~l~•r. .+II riy;ht. F.tl. .~n~l int~~r~••t ~~f 1{~~rr~~~c~ r~n :~n~! t„ nr.c ~n~ur:+n~ ~• {w~li~ c~•~:en;1 ~n :~nd t~~ lh~• prva~~~cv1s thF>rt~~f msultink fr~~sn ~1:~rn:~y;~• t~~ f'rup~•rt~ ~~rin: t~~ th~. <;~~•~ ~~r :+~•~~u;.~ti~~n .h:~ll p.i.~ t~~ I~•n~~. r t~~ th~~ ~•~t~•nt i~f the• ~ums ~~~~-ur,~d F,y thi~ ~t~~rtKakt• immc~:liatt•Ic pn~x tn ~u~•h ~-:il~• ~~r a~•qui~iti~~n fS. Preyer~•atiun a~nd ~ts~inti•nauici~ ~~f 1'rup~•rty: 1.~•:~.~•h~~ldti: ('+~nduminum.; I'I:~nni•d l'nit 1)i•v~•lupmt•nts. tS~~m~~s~e•r,hall ki~ep th~~ YrnFK•rtt~ in ~;~~~~i r•pair anil ~h.ill n~rt c~~mnnt «.~~h• ~~r p~~rnut im{r.~irnn~nt ~~r ~l~~t~•rn~r,~t:~~n ~~C th~• f'n~pt•rtc and sh:~11 ~~.mplt w~ith thr pn~~ i~iun. ~~f anti~ 1~:~.~• ~f thi~ 11„rtR,i~~• ~. ~~n :~ l~ :i:.•h~~i~l It t}u. \l~,rt~:~~:~• ~~ ~m .i unrt in :~ r~.~~~i~~n~~nium ~~r a pl;~nn~•d unit r~~•ct~lnpm~•nt. }iurr~~~vrr .hal~ Frrrfnnn :~II ~~f K„rr~nti~•r': ,~hii~;:~+i~~n< unel~ r th~• ~lr~ l.~r.iti~~n ~,•~ „e.~n.~f~t. ~ r~,~tan~;~~r~;~~e~ rnin~ th~•r~~ni!~~rn~nium ~~r pi.inniY! unit d~•v~•l~~pmt•nt. thi• h~-I:nti. an~1 r.•~:ul:~tn~n, ~~f ti~~ ~~~n~1~~ininium ~~r ~~l:+nrn~l unit ~1~•c~•1~~~~~n~•nt. :ui~1 r~mstrtiu•nt ~i~~~ wne•rit~ If a ~vm~lnrr.~nium ur pL~nnivl unrt ~1~~~, h,~~,i:f•nt rui~~r :• ~•~~ ~:;t.•~i i,~ li~.rr,~.t~ r.nul r~ ~~~r~1~~~i t:~~~~thrr «itti thi~ ~l~~rt~;a~;c. t!u• c~~~rnant~ :-nd :~kn•~•~nrnt• ~~f.u~ h rn~l~•r ~hall h~ :~~~ ,~r{.,,r.~t~~~l in;,~.~n~1 -ti.~il :u::~•:~~i .~n~i .u~~E,l~ ~i~~~nt tt:.•~ „~.•n.~nt..~n~1.i~:r~~~~ru•nt,~~ft;u., \t<<rt~;.i~;e•.rn ~fth~• ri~1~•r t,••rr .~ p.~rt h~•n,~f. ~ F'r~itection ot I,e•ndrr'H ScY~urit~•. If t~~~rr~~~~~r f;ul~ tn {n•rf:~rm th~• r,+crn.~nt.~ an~i ,~~;re•e•ment~ runt:+incd ~n thir 11uriKaKe, ~~r if am• at'U~~n ur prn~'m~1inK i~ rnrnme•ni~~•d .sh~~•h m:tti•r~all~ ~iffrrt:: Iw•ndE•r's inte•n ~t ~~ th~• 1'r~~perty, incluciinK. hut n~~t lim~tt•d lo, em;nfmt d~imain, ~nw~~lvency, c~~d~ enf~~rcemc•nt. ur arranKemt~ntr ~~r pruc~recl~nKe: iri~~ul~•~nK a hankrupt ~~r de~c~t•di•nt, tht•n IA•ndi•r at l.ender'v nptiun,upnn n~~dce t~~ Hnrruwer m:-y mak~• cu~•h appE~.~~,~~~~ri. ~i~~r~~~~:~• :;U~~r, ;um~ :ind tuk~• :+uch :+rti~~n :i~ ~w nc•c~•~c.arv tu prutt~4 i.endrr's intereet, mclud~nK. nut nnt limittK~ tn, divburyemt~nt uf re.~~nnanl~~ ;itt~~rn~•~: ~4 fr~•~ and rntry upnn th~• Yrnpert~~ tu makr rep.iirv If Ik~ndrr rrquired m~~rtKaK~• in~urar.cc~ .~~ a cunditiun uf nu~kinK th~• i~~,~n rPl'UffYI Vl\' tFll!4 11nrt~;.~~;t~, fi~~rn~w~•r ~h:~lt p:~~• th~~ pmmium~ nxtuirc~ri to maintain xuch inNUranct~ in erfFCt iintil vurh t~m~• a~ th~~ rf•~~uire•m~•nt f~~r ~ui•h in~:uran~~r ti•r~nin:it~•~ :n :~cc~~rdan~-e~ w~~th I{UR~~N'PT.H and I,~~ncler's w•ritten aKn~~~mrnt ~~r .ippfirahlr I.:+vc Rr,rr~~w•i~r ~h:~ll {>a~ th~ :.rn~~unt ~~f :+II nu~rt~;~i+;P 1[l~Ufan~~e~ pr~•mium~ in th~• mann~~r prc~~idrel undrr paraKraph 'l hrrr~~f. Any ain~,unts d~~hur;i~1 h~- I.~~nder pi•r~u.int t~~ thi. par:~~;e:~ph ~. ~'ith ~n!t•r~•st the•r.~un. -h:111 hi•~•~~~nr .~dditu,nal ~nd~htecin~•~y of fiurr~~w•cr v~cur~rl h~• thi~ 11~~rtK:~Kt•. l~nlr~. li~~rrnw•r•r :~nd I.~•nde~r akn~~~ t~~ ~~thr•r tE•rtns ~~f ,,+emrnt. ~uch :~~m~un~~ sh_~ll tx~ p:~~~ahle~ upun noti~r frnm t,~~rtdf•r t~~ R~~rr~~K~f~r n~yur~t~n~ p,i~~m~mt thrrcy~f. and sh:~ll ht•ar int~~r:•at fr.~in th~• ~i:~tc• ~~f d~~i~urst•ment at the rate p,n•ahle from Umr tu timr ~~n ~~ut~t~~nr~inK pr~n~ ipal un~i~•r thF• \~~tr iml~•~~ Fr.~~ rn~•nt ~~f int~•r~•~t :rt su~ h r:~t~• u~~uld lH~ rontran• t~r 7F)~LCiII:~e i:~~, in which rt'P[l~ ~u~•h amuunt~ vhall ta•ar ~nt~•rt•st .+t the hiKhrst rat+• p~~rrn~.~~h1r und~~r ~i{~pi~~ :~blt• l:iw• `~~th~nK cunlained in this para~;raph i, shall rw~uire Ixnde~r t~~ ~n~ ur any ~•xpen~t• nr takf~ any . ct~~~n hF•n•un~iF~r. ~,-~:'-~K`~51 r ~i,E?575