HomeMy WebLinkAbout2584Borrowe~ and l.ender rnvenant and agree as followa:
1. Psyment ot Principal end Intereet. t~orrower shnll promplly pay when due lhe principal of and intrrext c,n the indebtednes3
evide~ced by the Note, prepayment and late cha~gea aa pn,vided in ihe Note, and thr principal of nn~ interest on any t~ uture Advanccs necured
by thia Mortgage.
2. Funds for Taxee and Inaurance. Subject to applicable IaM~ or tu a wriuen w~ive~ by I.ender, Bo~ruw•rr sh.ill pay tu l.eudrr urt lheday
monthly inatallments of principal and interest are payabie under the Note, untii the Note is pc~id in full, u sum Iherein "h unds"1 eyua) to one
twriflh of the yearly taxes and ussesssments which muy attain priurity uver this ;11u~tgage, and Kruund rent~ on the Property, if any, plus one
~twelRh of yearly premium inataUments for hazard insurance, plus unrtwelfth of yearly premium installtnrnLti fo~ morlguge insur.ince, if any,
all as reasonably estimated initially and from ti~ne to tin~e by txnder on tF~e bxsis uf xssrssmen~, and hills .~nd rrasunablr eatim~tes the~eof.
The Funds shall be held in an inatitution the drpc~eits or aa~ounts of which are insured or guaraintcvrl t-y a h'ederal or titutr agency
i-ncluding L.ender if I.ender ia such an inetitutionl. l.ender sha11 apph~ the Funds to pay s~id taxes, a~ves~menls, insurance pn•miums xnd
gtound cente. I.ender may not charge for eo holding and ~pplying the Funds, analyzing said accuunt, or verifyinq :snd cumpiling said
aaeeasments and bills, unlese I.ender paye Borrov~~er interest on the F uads and appiicabfe 1aw perm~ts l.ender to makr such a charge. Burrower
and l.ender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to 13arroK•er, and unles9
such agreemeat ia made or applicable law requirea auch inte~est to be puid, l.ender sh:+ll not t-e required to pay Eiorruwer any intereet or
earninge on the Funda. I.ender shall give to E3orrr~wer, with~~ut charge, an annual accc,untinK of the Funds show•inK crerliLK and debita tn the
Funda and the purpose (or which each debit to the Funds y~:is made. The F unds are pledged as additional security for the sutn~ xecured by this
Mortgage.
[f the amount of the Funda held by l,ender, toKether with the future munthly insUillmrnts of Funds payablr prior to the due dates of taxee,
aesesamenta, insurance premiums and ground rents, shall t xc.~cd the umount rrc~uired to pay- a:~id taxes, assrastncnLs, insuranrr premiums
and ground rents aa they fall due, auch excess shall be, at I~~TUwer's option, either promptly repaid to l~rrower or credited to E3ortuweron
monthly installmenta of Funds. If the amount of the Funds held hy I.ender shnll not be sufficient to pay taxes, assessments, insurance
premiuma and ground ren:a as they fall due, Borrower shal! pay tu I.ender any amount nrcessary to make up thr deficirncy within :~ daye
from the date notice ia mailed by lxnder tu F3ortovrer requesting pa~•mf~nt therrv~f.
Upon payment in full of all aums aecured by this Murtgage, l.ender sha11 promptly rrfund to Borruwer any funds held by l.ender. If under
paragraph 18 hereof the Property is sold or the Property is otherwisr xcyuired by l.ender, l.ender shall apply, no later thxn immediately prior
to the sale af the Property or its acquisition by l.ender, any F unds held by I~ender at the timr of application as a creclit against the sums secured
by thie Mortgage.
3. Applieation ot~Paymente. Unless applici~ble law~ providrs otherwise, all payments received by I.ender under the. Note and
paragraphe 1 and 2 hereof shaU be applied by I.ender first in paymrnt of amounl.c payable to l,ender by Korrow•er under paragraph 2 t-ermf,
then to interest payable on the Note, then to the principal ~-f the Note, ai-d then to interest and principa) on any F uture Advancea.
4. Charges; Liens. Bormwershali pap nll taxrs, assi•ssmrnft; an~3 uthe•r rhar~es, fines aod ~mpusitiuns attributable to the 1'roprrty which
may attain a priority over this hlurtKage, .ind lesgehuld pa}•ments or Kn~und rents, if .-n~•, in the manner pru~•id~cf under paraKraph'l hereof or,
if not paid in such ma~ner, by BorruKer makinK p:+}~mt~nt, w•heR (IUf', (jlff~ct!} tu ihe paye~r thereof tiurrow•~•r.hall prumpth• furnish to t.ender
all notices of amo-;nts due under thic paraKraph. :-nd in the e~•ent Hurruwer ~hall m.~kr payment directly. RorruK rr s~all promptly furnish to
I.ender receip~s e~•idencing such payments. liom~~•er ch~il prump!1~• d~schar~;.• am• lirn w•hich has priorit~~ ~~~•er the~ \turtK.+Ke: pruvidcd. that
Borrower shall not be rryuired to discharkt• am• ~uch li~•n.u InnK ac k~~rnn. er chall aKree in u~rit:n~; tu thF• p.i~•~n~~nt ~~f thr ~~61iK.itior. secvred by
such lien in a manner a~ceptabic• tu I.ender, nr sh:ill ~n ~;~K~t1 Caith cunt~•st vuc•h lien by, urdrfrnd enfurc~•m~•nt ~~f ~urh li~•n i~. Ir~;al procetdings
which operate to pre~•ent the enforci~ment ut tht~ Le•n or torfi~iturt~ uf tt~e~ Prupert>• ur :tn.• part 2henti,f.
i. Hazard Insurance. Kurrower shali keep the ~mprucements now• extstinK or hf•reafterercK•ted on thr• Pr~~perty insurcd aKainst Ic~s by
fire, hazards included within the trrm "extc•ndcr-~ cu~•eraK~•.'~ and such other hazards as I.~•nder m~>• reyuire c~nd in such ame~unt,~ and far such
periods as Ixnder may require: pr~~~•~drd, that Iw~nd~r ~hall nut rc•ywre that the :~m~~ant uf ~uch ~ti~~-er:~Kr excerd !hat .~muunt of coveraqe
required to pay the sums securcd by thi~ ~1ori~taKe•.
The insurance camer pruvidinK the in::uran~•e~ sh.~ll h~• ~-h~~.~•~~ ;~y ft~;rrura~:•r .uhject tu ap~iro~~:~l h~• Lendc•r, pn~vidrd. that such :~ppro~~al
shall not be unreasonabh~ withheld. All premium. ~,n ~n,~rani•~~ p~~he•ic•. ~h:~ll l~e• p:+ici ~n tht• m:~nnrr pr~~~•~dtY] undrr paraKra~~h'' hereofor, if
not paid in such manner h~~ }i~rm~~~er makin~; p:~~~m~~nt. K•hrn dur. din•~•tl}• t~~ the• ~n~ur.~nc~~ carrit•r
All insurance policies and renew•als them~~f shall M~ m form acct•pi:ihlr tu IA•nder a~d chalt include a standard mortgage clause in favorof
and in form acceptable to l.ender. [.ender chs~11 harr thf• ri~;ht :~~ h~Jd cht• p~ ~6r~e, and rF•n«~w alc therc~~f, and R~rrower shal! oromptly furnish to
iender all renew•al notices and all receipts uf px~d prem~ums In the r~rut ~~f ;~,:s, ft~~rr~~.+•er ch.~ll K~•.•P prumpt nutice to the ~nsurance carrier
and Ixnder. Lender may make pr~~f of luss if ~nt made• prumptl~• tr~~ ft~~rr~~~f~r-
Unleas Lender and ~rruw•er otherx•ise aKrrt~ ~n ..~ritin~;, inwranre pr~~cerc:~ shall hc~ applied to resturatiun or repaer of the Property
damaged, provided such resu~ratiun ur repa~r is ec~unumi~•all: h~a~ihlr .~nd thf•~st~ unt~• uf th~s tifurtK.iKe is not thereb~• impaired. It auch
restoratiun or repair ~s not ecunumically fe:+sibl~ ~,r if thf• u~•unt~• ~~f this A1ert~;.~kr w'uul~~ br impaired, the insurance pr~x~reds shall be app:ied
to thesumssecured b~ this M~rtKaKP. uith thf• rxc~~,~, if:-n~~. p:iid t~~ Ft~rrr~~w•er. Ifthe ('roF~•rt~• is at~and~~ncd hy Htirruwer,or if f3orrower faileto
respond to Lender within :ifi days from th~ dat.• nnt~ri• ~s m.iilrrl b~• li•ndt~r tu 13urr~~w~er that tht~ in,urance carrier offers to settle a claim for
inaursnce benefits, [.ender is authuncc~ci tu ~~~llf~ct an~1 appic thf~ inwrance• prrK•e~~•d~ ;tt 1,~•ncler'ti optiun rither to resturati~~n i~r repair of the
Property or the sums securrd by this 11ortKaKt~
Unless [.ender and Rorrower othrr~•isr a~;rtK~ ~n ~•nhny,..im~ such :~pplicatiun uf pr~~ce~•d~ tu principal shall not extend or p«stEx,ne thedue
date of the monthly i:~stallments refrrrecf t~~ in paraKraphs 1:~nd'~'irre~~f ur ~•hanRe• thr amuunt of cuch inst:~l~ments If under p~~r~Kraph ;A
hereof the Property is acquirc~ b~• (.ender. all nKht. titl~• .u~d ~nt~~r~st i~f Ii~~rn~wf•r ~~ and tu ariy in~ur.inre policie>s and in and to the prc,ceeda
thereof resultinK from damaQe to Property pn~iz tu tht~ ~al~ nr ,i~~c:uiti~twn sha{I pa~~ tn i.~•nder to the extent uf thn sums scrured b~• this
MortgaRe immediately prior to such ti:,le nr acqui~itinn.
6. Preeervationand;NaintenanceotPrup.•rty:L~•a~se•ho1dK;('undominums:l'lannedCnitl)evelupments.Rorruw~ershaUkeep
the Property in g«~d repair and shall not commit :~:i~tc „r pt~rm~t impa~rmr~~! nr de~tf~n+~ratinn ~~f the -'rupert~- and sh~ill cumph w~th the
provisions of any lease if this :1t~~rtKaKe ~ti on a Ir:-cf•hr~ld: If ih~s 41ortKaKr i~ ~~n .~ unit in :i condominium or a planned unit de~•elopment,
Borrower shall perform all of Fiorru~:er's ~~b1iK:+ti~m. undt•r the di~~•:arat~un ~~r c-usenant- ~ re~atin~; or ko~•ermnK the cunduminium ~~r planneaj
unit de~•elopment, the by-la~as and reKulati~~ns of the cundi~minium nr plannrd ~}t~it de~•elopment, and con~tituent documents. If a
condaminium or planned unit de~•elupment rider IF f'XP('ULf4~ I7~' I~1rT~~N'Pr and rei ~~rdc~cl tn~i•ther w•ith this biortK~Re, the covenants and
aRreements o(~uch ndrr shall hr ~nc~~rt~urate~d intu :inr1 ~h:ill a~n~~r.d an~i .upplrme•nt tht~ cuvrn.+nts :~nti a~;ree•m~~ntc ~1(this ~1~~rtKaKe.is ifthe
r.der were a part herenf.
7. Protection of Lender'e Security. if Borr~~wer ~ails w perform the cYrvenantfc and aRrerment8 cuntained in thie blortqage, or if any
action or proceeding ia commenced which matenall~• affecte I.ender's interePt in the }'roperty, encludinR, but not limited to, eminent domain,
in~olvenry, code enforcement, or anangemenu+ or pmceedinRs in~olving a bankrupt or decedent, then I.ender et [.ender's ophon,upon
notice to Borrower mey make such r~ppearancee, disburee such eumP and take such act~on ae ia nPCeesary to protect L.ender's interest,
including, but not l~mited to, disburRement of rPasonable attornry's feee and entry upun tne I'roprrty to m~ke repaire. If Lender required
mortgage insurance aa a conditinn of makinR the loan secured h~• thi4 M11nrtKaRe, I~~RnN'pi PF1A~~ ~7V the premiume required to maintain
auch inaurance in effect until euch time ae the requirement fnr euch ineurance terrrunatea ~in accurdance w~ith Borruwer'e and Lendei s
written aqreement or appficable law. Aorrowrr shall pay thr am~~unt of ali m..rtKaQe ~nsurance prrmiumF in the m:~nner provided under
pereqraph 'l hereof.
Any amountn diebursed by I.ender persuant to this par.iqraph ?, w•ith interest therean, ahaU i-ec+~me addi;ional indebtednees of
Aorrower secured 'by this Mnrtgage. Unleas E3orruwer and I.ender aKree u~ uther terms ~~f payment, such amounte ehatl be payable upon
notice from (.ender to Aormv-~er requesting paymenl thereaf, and whall bear intereat from the date of d~RburRement st the rate payable ftom
Ume to time on outetanding principal under the ~3ote unlesa payment of intereHt at such rate would be rnntrary• to applicable law, in which
event euch am~unts ehal! bear intereat at the hiRhest rate perm~asible under applicahle law•. I`othing contained in thia paragraph 7, shall
require i.ender to incur any expenae or take any action hereunder.
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