HomeMy WebLinkAbout2588Fi„rrower and l.e~der covenant and ngree us folluw~s• '
1. Payment ot f'rincipal aod InterNett. BorroN•er gh<~11 promptly pay whrn due the principal of nnd ~nt~•rest on thr ~ndrbtE~lness
~•videnced by the Nute, prepayment and IatechargcK+xa pruvidrd in thr Nute, ~nd the pnncip:~l of und inirn•at un any Future Advuncex serurcrl
1~y this Mottgage.
'2. Funde forTaxrs and loxuranee. Sub~ect to applicable luw ur tu a wntlen K:~i~~rr by I.e•nder, iiurruwrr.h:~U pay tol.end~•r un theday
monthly installments of principal .ind intrrrst arr pa>•.~blt~ under thi• Nuti•, until the Nu!r ~s paid in full, :~ wm ~ h~•n•in "h'undti'1 w~ual tu une
twrlfth of the yearly t.ucc~ u~d assessmcnts which m:-y attain priurity uv~•r thi. \1ortKaKe, :~nd Kruund rt•nts ~~n the Pruperty, if an~•, plus unc~
twelfth of yearly premium installments for hazard inwrance, plus un~-tw•i•lRh uf prarly ~~mmium in.t:~llmrnts fur murtg:~Ki• insur.~m•e, if a~y,
ull aa reusonabl~~ estimatrd initialh• .ind from time tu timr b~• IA•ndrr ~~n thr busi~ uf ussc.c~nrnt. :~nd hills ;~nd n•:~sun:~bl~• e•sti~n;-trti th~•nv~f.
The Funds shall be held in an institutiun the depusits ur a~r~~u~t. ~~f which arr insuretii ur Kuaruntcr~ci hy a}~'~drr.i! ur titate :~Kency
~ includinq l,ender if l.ender is such an institutionl. I.endrr shall apply Ihe Pund, u~ p.~~~ tiaid tuxe+, .~xs~•..ments, ~nsur.+nce pmmiu~ns and
Kround rents. l.ender may not charge for so holdi~~g and applyi-~K the F'unds, anaiyriag said uc•cuunt, or vrrifYin~; and cumpilinK ~aid
asseasments and bills, unlesa l.ender pays Borrower interrst on the Funds and upplicablr iaw• {x•nniGti I.endrr lu make such a charge. liurruw•er
and Lender may agree in writing at the time of executinn ~~f this A1~~rtKaKe thxt inte~est ~~n thi• F'u~ds sh.iU i~• paid to liurruwrr, and unleas
tiuch agreement is made or applicable law requires such interest tu be p.~id, I.c•nder tinuU ~u! t~ n~c~uimcl tu p.iy l~~rruK•rr un~• interest or
~•arninge on the Funde. I.ender shall give to Rorn~wer, withuut charKc, an annual accuuntinK utthe F'und~ tihuwin~; crEdi~, and dehil.g to the
F'unds and the purpose for which each drbit k~ the F'und. w•as made. The Fund~ am pled~;t~c~ :~s.-d~i~e~~,nul .w~•unty fur the sums se~vnd bythix
\lortgage.
lf the amuunt of the Funds held by l.ender, tuKc•ther w•ith the future ~n~~ntiily installmt•nt. uf F'und+pay.+blr priur tu thr dued.it~•s of taxes,
;+ssessments, inaurance premiums and Kruund n•nts. sh~ll excr~~1 th~~ :-m~~unt n~yuir~rl tu puy sxid taxe~, ~~ssi•ssm~~nt~:, insurancc premiums
:ind Kruund rents as they fall due, such excess tihat: t,r, at {k~eTOwer'. opti~~n, eithrr pru~nptly rep:+id to IfurruKrr or crrdited tu li~~rrawer on
munthly inslallments of Funds_ If the amount of the Funds held by I,~•nilrr tihall not tK• sufficii•nt tu ~~ny t.~xes, ciss~~ssmrnts, insurance
premiums and ground rents as they fall due: F~,rru~~er shall p.~~• u~ IA•nder an}• amuunt n~ti~essary tu make up the drfieiency a•ithin :t0 days
frum the date notice is mailed b}~ I.ender tu li~~cruw~•r rryuestinK pa~~m~•nt themuf.
l?pon payment in full uf all sums secured h~• this A1urtKaKe, 1 w~ndc•r sh.~ll prnmpth• r~•fund t~~ fi~~rrower any funds held b~• 1,~•nder. If under
pa~agraph 18 hereof the Propert~• is suld ar the Pmperty i~ t~therH•i.~• :~cyuirtvl h~• I.ender, 1 A•ndrr .hall apply, nn later than immtYliately prior
t~ ~ the sale ef the f'roperty nr it~ti acquisition by l.~~ndf•r, :~n~• Funds h~~ld b~-1 A•ndrr at th~• timt• uf applii•atiun :is a crrclit aKainst the sums secw-e~
h~~ this Mortgage.
:s. Application ot Payments. l?nless appli~-ablc• law• pro~•idt•. ~~tt~t•rvrise~. :ill p:~~•mt•nts rereivrcl hy I.~•nder under the Note and
;~:+ragraphs 1 and 'L hereof shall t.r applitd bp !A ndrr Tint in pa~•mr:=i ~~f amuunt. pu~•ahlr to Ixnd~•r by Rurn~w•rr undrr p:~ragraph l here~~C,
:hrn to inlerest papable on the tiote, thrn to t`:c• prin~•ipal uf th~~ \~~te, .~nd thrn t~~ ~nten•st and princ•ipal un any Future Advances.
4. Charges: Licns. Rnrru~cer ~1~:-II p:~c :-11 t:+~r..:+;.~•s.~n~•nt; an~l ~~th~•r~~har~:~•s. fin.•~ and i~u~is~.ihun~:~ttnbut:ihl~• t~~ thc• f'rupt•rt~• w•hi~•h
..i:i~• attain .i priurit~• m-er this 31~~rt~;a~;~•.:ind 1~ :~~~•h~~1~1 p:~~'m~•nt~ ~~r ~:rnun~i r~•nts, ii :~n~'. in thr m.~nn~•r pr~~~~idtrt undrr par:+~;r:~ph ~l h~~rt~~f ur.
~t nut paid in such m:~nnrr, by Kurri~Hrr makin~; {~ay ini•nt. K hrn duf•, d~rrctl}• t~~ th~• p:ivrr th~•r~+~f liurr~~we~r ~hall F~ru~npth• fum~sh tn L~•ndrr
,I! nolices c,f amuunt~ due und.•r this E~:~raRr.iph. ;~nd ~n th~~ ~•vrnt li~~rr~~~vt•r sh:Jf m:~ki• p:~~•m~•~it d~r~ti~tlp, li~~rr~~t~~i•r ~h:~l) pru~npth• furnish t~~
(.rnderrea•eiptce~~~d~~ncin~;:ui•hpay~m•nt. It~~rn•~~rr>h:-lipnm~ptl.~d„~h:~r~:r:~n~ 1~~•n~.iu~~hh.upn~~nt~~~c~~rthi;~turt~;ay;~•:pru~idt~cl.that
E;: ~rruwer shail nn! tk~rfY~wrrd t~. ~lis~•h:~r~;~•:~n~ .~rh h~~n .:~~ 1~~nR :s. ft~~•n~w~•r.h:~il :~Rn•r ~n ~cnt~n~; t~+thr p:~~ m~•nt ~~f thrnhl~k:iti~~n s~~vn•d try
_.:~ h lirn in a manner :i~•~t•pt:~t~lr t~> Lrn~irr. ,~r;ha~i ±n ~;~~~~~i f:uth r~~nt~•~t .u~ h iirn h.. ~~r~l~•f~•r~~i rnl~~n ~•~n~•nt ~~t .u~ h L~•n in.l~•~;:~1 pru~~e•i-~i~n~s
.. }~ich uprr:ite• t~~ pn•~~rnt tht~ rnf~~rr~•tn~•:~t uf th~~ lu•n ~~r f~•rf~•~t+ir~~ ~~f th~~ !'n,{.+•rt~ ~~r :~r~~ par~ the•r~~.~C
~~ Hazard In.r•urancc•. fi~~rr~~wc•r ~1l:~li k~r-~~ th~• unpn~~rm~•nt~ n~~~~ ,~x~.tink ~~r h~•r~:+fa•r ~•n•~•t~•d ~m tt~~• f'n~p~•rt~• ~ei~urrd a~;ainct lus~ by
?trc•. Ilatards includc~! Nr~thin th~• t!•rm "~•xtrn:l~~c1 ~~~~crray:~•." :m~i su~~h ~~t}wr hai:~rd, :~~ L~•nd~•r ma~• r~•~~uin• :+nd ~n ~uch :~muunt~ and fur su~h
c~.•n~x~s a. I.ender may n•ywrt•. pn~~ ~~l~rl. th.~t Lrn~lrr ~h:~ll n~~t r~•yuir~~ th:~t t;w :un~~unt ~~f .u~~h r~~ci•r.i~;~• ~•x~•tY~c1 that :un~wnt uf c~~~~er.-Kr
r«.~u~n~ t~~-pay thc• sum• .r~vrw~ 1~c th~: ~1„rt~:a~r
"The insurancf~ ~•:irnrr pn~~ ui~nti t},~• in.ur.~nrr .t~.~li h.~ rf~„"•n t~~ !{.,rr,:~c~ r.uhi~•rt h~ a~~E~n~~ :~l hc 1.~•,~~:~ r. ~~r~~ciri~•d th:~t .urh :~ppru~•al
•ii:iil r.~~i hc• unrr.~~nn:~hle ~v~thhrlil :~I! pre•~Tuutt~~ ~~r: ~n,u:.~r.~ ~• p:,l~~ s~•• •1:.~1! h~• ~~.u~1 u~ th•• ~n.~nn~•r ~~n~~ ul~•~1 ~u~~i.•r E~.~r:i~;r.~ph '_' hrn~~f ~~r. if
n~~t p:iid in cacl~ n~.innrr. h~ ft~~:n,tis~•r n~.ikiu~: ~~.~~rn.•~tt «h~~n ~+.u~ .~1in ~[l~ t~~ th~• in~iir:~iir.• ~~:un~ r
Ali insuran~F p~~L~-ir. and rt•nc~wal~ th~-n•~~f ~hal! th• in f~~rm :i~ ~~•pt:ihl~~ u~ l~•ndi•r;ind ~h;~l! ~n~~lud~•:~:t:~nd:u~l murt~;aReclau~t• in fa~~r~ruf
+nd in form aci•ept.-blf• t~~ !,e•ndrr. 1 e•ndrr :h.~ll h:~cr th~• n~;ht t~~ h~,l~i th~• p,•lu te•. ,~n~l n•n~•~c:il. thrr~•~~1. and ~;~~rr~nct•r sh:ill pn~rnpt!}- furnish t~~
i.e~r~der al) renew:il nntii t~~ :~nd all rr~.•i~it. ~~f p:ud pmm~u~n. II! IIlP rt"t'III ~~f -"~•. 4{~~rn .+t~r ~h:ill ~;~~ e• pr~~ms~t n~~h~~r• t~~ th~• in.uranri• i arrif•r
ir.d I.ender. I.c~ndrr ma}• m;~kr pr~~~} ~~f l~~s• ~f n~~! ~rc~d~• pr~~~n~,tlc h~ 1{~~rr~~w~~r
i'nirss I.endrr :.nd Fi~~rn~~+rr ~~thrr~~.~~ :+~:r~•~• ~n wr,i~n~:, in:ur.~nr~• prnc~•rr;• •h:~ll }N• .~ppl~t•d t~~ rr.t~~r:iti~~n nr rrp;~ir uf thr• f'ruperty
i:~nzaKeci. pro.•~drd such rr.t~~r.itu,n ~~r n•pa~r i, ~•r~,n~~nn~ a}i} f~ :~~~hl~• ::n~1 th~• .~•~ untc ~~1 thi, tit~~rt~a~~e- ~. n~~t th~•rt•ht~ ~mp:~irf•d if such
rrs4,ratiun or repair ~s nut t•i~un~~~ni~ :~il~ f~•:,~~h1~• „r ~f tht• •~•c unt~~ ~~: thi. ~t~~rt~;a~;~• ~~ ~~uirlla~ ~:npain•ci. th.• in.ur.~nc~~ pr~K ~•~titi.hall bt•:~ppLtd
c,~thesumsscrurtdh~•th~~\t~~rtkaKr.wUhtht•r~~.•.<.~fa:ic.p:ndt~~ii~~rr~,w~•r Iftht•I'r,~~H•rtc~.:ihand~~nt~rlh>~fi~~rruxt~r.~~rifli~~rr~~werf:~iltitn
~e.;pond to I.c~nder w~thin :{~~ da~~~ irum th~• ~I:~t~ n~~tu r ~~ nr.u{~~! h~- l,e~ml~•r t~~ lt~~rr~w.~r that the• in.ur.in~•e r:+rrii~r ~~fCers t~~ ~~~ttlt• a cl:i~n~ fur
~nsuran.: :~rnFf-ds. I.Fr~~er ~~ :+uth.~~nntii t~~ ~,~1!.•~ t:~nd .~~~~~!~ t~l~• ~n.uran~ e~ pn„ r~•~i~ at I~•nrlrr ~ uptwr. ~•itiirr tu n•st~~r~t~nn ur re~p:+ir ~~f th~
f'rupert~• ur the sums seti•urf-d t~y thi~ ~1~~rt~;:ik~~
L'nles~ I.Pnder and li.~rr~ ~w~•r ~~thrrH ~•~- a~;r.~~• ~n wntu~~:.:~nc .u~•ti applu :~ts~~n ~~f pn a~~•~•~{. t„ pnni•ip:-1 ~hall n~~t i~xtend ~~r Fx~.tpune thPdue
tate of the monthly ~n..tallmrnl~ n•ft•rr~•d t~, :n p.+r,~~:r.;ph. i:+nd'! swrr~~f ~~r ~ h:~nRr th~• ,~m~~unt nf ~u~~h ~n;t:illnu•nt~. If under paraKraph in
%~ereof the Pruperty ~s a~~ywnKi b~ I,e•n~1~•r. ::ll nkht. tttlt .~ud ~nt~•n•~t ~~£ f{~~~r~~w~~r in and t~~;~n~• in.ur:snr~• EN~Ii~•ir.:~nd in :-nd t~~ thr pnn•t~tils
thrrcr,f resuitinK frum damaKe t~~ I'rupc~rt~ pn~~r u~ tlu• ~alr +~r :u•yu~~iti~m ~h:~ll pa~~ t~~ (s•n~t~~r tn thr c•xtf•nt uf the• .umc sri•urtYl h~• this
~lurtKaKe imme~iatrh• prinr t~~ su~•h ~ai~ ~~r a~•yui.ih~m
~~. I'reser~•ation and ~iaint~•nani•eof Prop~•rt~-; L~~:+.~~h~-Idti:('~md~~minum~;1'lann~~d l'nit 1)t•vi•lopmi~nty.l3~~rrow-t•r~hall ktr~p
:he 1'rn~rty in Ku+,d re•puir and .h:ill nut n~mrnu w,~.te• ~~r p~•rmit nnpairm~•:~t ~>r ~i~•t~•ri~~r.rtu>n ~~f thr !'n~p~•ric and shall ~•~~mply ..~ith thF
pr~~~~isi~~n~ nf an~~ lPase ~f th~~ ~L~rt~;:~~:e• i~ nn <+ Ir:+~~•h~~ld if thi. \U~rt~;;~~:t• «~~n :i u:~rt ~n :~ ~-+~n~lnminium ~~r a plann~•d un~t de~~•elupment,
l::~rruv~er chall pc•rfnrrn all ~~f it„rn~«f•r~. ~~hli~;at~~~n: tind~•r :hr ~~~rl.~r.~u~~n ~~rr~~~~~n:i~~t.. ~ r~•.~tint;~~r ~;~~~~~rn~nk thc~cnndnm~nium nr plannecl
~~n~t de~•F•lupmFnt. th~• hc L•iH. .~nd r~•k~ul:iu~~n. ~~f th~• ~~~nd~:a~~~iuuin ~~r {r1:~nn~ri unit d~•~-rl~~pm~•nt. :~nd ~•~~n~tituf~nt d~K•umt•nts. If a
•~~,nd~aninium r~r plannrd un~t ~Irc~•i~~prn~~r.t r:~i~~r i~ r~~•~ ute~l h~~ }t~~rn~~t•r .~n~! r~•~ ~~r~t~Y! t~~y:~•the•r with thi~ ~1urtQ:+y;e•, tht• ~~u~•en:inGs and
+krr~~rr.~•ni: nf .u~ h n~i~•r ~h.~ll hr in~ ~~r{~~~r,~G•.i int~ ~:~n~i .ti.~li .~m~•n+! :~ni! >u4~pi~•~n~~nt th~• r~n'rn:~ntti :+nd :~y;n•t~rx~nt. uf th~. ~Inrty;:i-;t~ a. if the
n~1e•: wf•n• ~~ p:~rt he•re~~f.
~ Protection of Lender's Security. If I3~~m~K•er fail~ G~ prrfnrn~ the~ iti~~~rnant4 :+nd aKreements cuntaincd in thie blortKage, or if any
r~c+.~un nr prnceedir.g is commenced which matrnall~~ afff•ctr~ I.e•ncirr'H ~ntf•rest in thr ('ruprm•, includinK, but nut lim~ted t~~, eminent domain,
~nFOI~•ency, rnde enforcement, or arrHnRemrnts nr pr~~c~~edin~s ~n~~~~l~:nK a bankrupt nr dece~clent, Lhen i.ender at l.ender'e opcion.upon
notice to Borr~,wer map make such appP3ranc~x, d~vtiurR<~ ~u~~h sume and take Kuch a~tiun .~R iH neceasan• to protect I.ender'e intereat,
includ~nK, but net limited G~, d•.ebure~ment uf re.isunatde auurney'Y feti~s ~nd entn• u~:n the Prupert~~ t~r makr reptiirs. If I.Pnder required
murtKaKr inburanre as a.onditiun uf mak~nK tht• lu:~n srcurFd t~~ thia titurtK.iKr. K~~rn•Hrr ,hail pa~ the premiums required to maintain
~uch -neurance in effect until such time as thr n•qu~rrmrnt G~r ~urh in4ur:incr tr•rtninatee+ in accurdance with Iiurrower's and I.ender's
vcntten aFCreement or applicab~F l,:iw. Born~w~er ghall p,+~• tht~ :um~unt ~~f all murlkaKi• ~nvurancr prrmiumw :n the mannvr provided under
qaraKraph 'l herenf.
Any am~,untz+ dt~bursrd hy l~rnder prr::uant tn this par.~Kraph ~, w•~th ~nt~•rr:~t th~~rt~~~n. shall t~•crme addit~unal indebtednexs of
ii~~rro•.3er securrd by thiti ~1~~rtKaRe- ['nless }3urruwer and 1~•ndrr aKree tr~ nth~•r tertns ~~f pa~•ment, vuch amu~ntti t~hall be payaMe upon
nuti~e frum I.ender tu Rorrower rc~yue~tinK pa~•mrnt therfr~f, and .ha+l) bt•ar interest :rum the d:de ~~f d~sburaement at the rate payable from
i~me tn ttmP un ~~utctandinK principal under tht• ~:~te unlrxs pacmrnt ~~f intrrt•~t :it tiurh rate w•uuld bc~ cuntrary tu applicablr iaw•, in which
e~•er.t euch amnuntc Shall hear ~nterr~t at the hiKhest rat~• pernu,~+ihle• unde•r appli~ :~hl~ law \nth~nK cuMa~neYl ~n thirt paraKraph 7, xhall
rrr~uirr Ixrder tn incur an}• exE~net• ~,r u;ke an~• actiun hereund~r.
. .':~ 351 ~~~~r2584