HomeMy WebLinkAbout2592liorruwe~ and t.cnder cuvenant and agrre as fulluwe:
l. Peymrnt of F'rincipel and Intereet. ltorn-wer shall promptly pay whrn due lhe principal u[ and ~ntrreat on the ~ndrbtrdnrxe
evidenced by the Note, prepayment and Iatechargea us pn~vide~! ~n thr Nute, and the principal otand intrrrat un any Futurr Ad~~ancrx secured
by thie ;~lortbuge.
2. Funde [or Taxre and Ineurance. tiubject tu applicaM~~ law ur tu a wnltrn w.iiver by ! w•ndrr, liurtuwer shall pay !~r l.rndrrun the duy
munthly installmcnts of princippl n~d interest are puyable under th~ Nutc, until the Note is paid in full, a sum Iherrin "Funds"1 ryual to one
tweltth of the yrarly taxrs aind axsexsmrntx which mny atlain prioril>• u~•er thix MurtguKe, t~nd ground rentx un the Nropcrty, if any, plua une
tM•elflh of yearly prrm~um installments fur huzanl ~nsurancr, plu~ unc-tvvelfth uf yearly preiniurn installments for moRgaKr insur.ince, if any.
all .:s n•:i~unably rstimxtc~l initi.~lly .ind from time tu tin~e 4~y 1 xndrr ~~n the b:~;~, uf assess~n~•nts and b~ll+ an~! rr:~sunuhl~• estun:~tes thrrHif.
The Fun~s shall be held in nn institutiun the de{wsits or accuun~w ot which are insured or Kua~antrtd by a F~drral or Stute aKency
iincludinK I.ender ~f I.ender ie auch an inetitutionl. i.ender shall apply thr F undh tc~ pay s:iid t~xrx. :~saes~menta, insurancr prrmiume and
Kruu-~d rrnix. [.rndrr may not charge for eo holding and applying the h'unds, analyzinK s.+id accuunt, ur venfying and compiling aaid
asaesaments and bitls, unleas l.ender paye Borrower interest un thr 1~ unds and applirible law• permitx i.~~nder to makr such a ch.irge. Korruwrr
:~nd l.ender may agree in writing at the time of exnutiun uf this Mortg:+Ke that entrrest on the Funda shall l,e paid U~ liurruwer, and unleaa
auch iiKreemenl is madr or applicuble law rec;uires such intrrrst to be paid, I.ender shull nut be rryuirrd to pay Ei~~rruwer any ~nterest or
rarnings on the Funde. [.ender ahall Rive to Korn~wer, withuut charge, an annual aca,untinK of the F und~; shuwinK credits u~d debils to ihe
h'unde und the purpuse for which rach debit u~ thr Funds wa. made. 'f'thr F'unds.~re ple~lKed ~is ,idditiuna! aecunty fur thr sume ~;ecurcd by thie
11ortKaRe.
!f the umuunt ef thr Funds held by 1.~•nder, togrther with the futurr munthly in4t~llments of F'umis pay~ble priur tu the due d:it~s of taxes,
assrsamen~v, insur~ince premiums and Kround renGs, shaU rxi•.~cd the amuunt required t~, pay said taxex, .txsrstimenl.v. insurancr prrmiums
and ground ren4g ua they fall due, auch ~xcrax shttll be, at E3o~TUwer'~ optiun, e~ther prumptly repaid to Bor•owrr or creditrd u~ Fiorroweron
munthly inatallmenta of Funds. If the amuunt of the Nunda held by I.ender shall nut be sutficient to p~y taxex, asse:~sme~~ts, insurance
~,remiums and gruund rents as thry fall due. B<~rrower shall pay t~ I.ender am~ amuunt necpssary to make up the deficiency a•ithin :30 daye
frum the date nutice ia mailr~ b~~ I.rnder w li~,rtower n~~ur.:tinK paymrnt thrre~~f.
Upon payment in full of all sums scrurrd by this MortgaKe, i.ender shall promptly refund to fiorrowrr an}• funds held by l.endrr. It under
paragraph 1K hereof the Pruperi~~ iv suld or thr Propertp is othrrwise .~cyuir~l by I.ender, I,ender shall applp, nu later than immediately priur
to the sule of the I'roperty or its acyuis~tiun by 1 A•ndrr, .~m~ F'undc ht•Id by (,~•nder at the time of applicati„n as:~ credit <igainst the sums secured
hy thie Mort{Zt~ge.
:;. Application of Payments. Unless ~pplic.ible I.~w pn~vidrs ~~thrrvv~se, all payments rrceivrd by I.rnder under the Note :~nd
EraraRraphe i and 2 hereuf shaU be applircl by l,ender fint in paymt•rt r~f am~~unLti payablr tu I.endrr 1-y Rorruw•er under paragraph'l hereof,
then to interest payabie on the Nute. thF•n to the princ~p::l of th~• \~~tr. .~nd then tu interrtit and pnncipai on any Future Advancee.
a. Chargra; I.iens. K~~rrv ~w ~~r ~hall pay :ill t:~xi•s. :~..c•s.m~•nt~ :~rnl ut ti~•r ~ har~;~ :ti, fin~•s :~n~i imEH~sittuns attributahlr to ti~e F':•operty w•h~ch
may aU.un .- pnurzt> ocf~r this ~lurtk:~~;e•..~m1 Ir:~srhuld p::cmt~nt~ ~~r ~;n~und r~•nt., if any, in t4~e• manne•r pru~•idctii under par.~~raph Y hercY~for,
~f not paid in such manner. by It~~rruwi•r rn:~k~n~; p:1~'II1PIll, N'~lf•Il ~IUf•, ~i~r~•ctl~ t~~ tht• pa>•~~• thrrf~~f liurr~~wrr ~hall prumptly furnish tu l.t~nder
all nuticrs uf amuunt~ due und~~r th~. p:~r:+~r:+ph. and ~n iht~ ~•~ e•nt It~•~r~u~~•r ,h:ill mak~• p:i~•rni•nt dtrr~ tly~. It~irr~~~.~•r sh:~ll prumptl ~ furnish to
I.e•n~ier rt~~•e~pt. r~ldrn~~inK .urh p:+~ tn~•nt~ f~+~rruwrr.hull pn~~nptl~ ~I~.~ h:~r~;r:~n~• I~t•n w~i~:i•h i~a. ~,ri~~rit~ u~~rrthi. ~turt~;:~Ki•. pruvidt~d. that
}i~~rruN•er shall nut M• re~yu~n•d tu d~.~ h.~r~;r:u~} .uch !irn.~~ Inn~; :-. fi~~rruwrr.hall :~~;nY• in wnt~n~; :~~ th~• pa~ ~nt•nt ~~f thr~~trii~.iuun srivrt~d (n
~uch lirn in :i :nanne•r :u-c~•pt:itrlr t~~ I.~~nd~•r. •~r tih:~ll in ~;~~~ai l:+ith ~~~ntr.t .u~ h h~•n ir~•. ur d~•G•n~! ~•nfi~nv~n~•nt ~~f su~ h li~•~i in. I~•~;a} ~~ru~•t•~Y1inKs
'.+Fnch ope•ra~[r t~. prr~~F•n! th~• ~•nfurre~r~~•nt ~~f th~• !te•n ~~r f~~rf~•twr~~ ~~t lh~• 1'r~~pe•rl~' ~~r :it~y' part thrn,~f
S. Harxrd 1 n+uranc~•. finrri~w rr >hall k~~•p th~• impru~rsnrnt~ nuw• ~•xi.unK ur hrreciR~•r F•nn•!i•d +,n th~• 1'rupt~rip insunvl:-K:unst lusx by
firt•, haz:~rds ini~lud~Y~ wuh~n th~• t~•rm "~•xt~•nci.~c~ ~•~~.•rraKr.~~ and .u~•h ~~th~•r ha~ard. as lxndf~r m:iy r~~ywre and in tiuch;imuun~c ~ind forsuch
~h•ri~Kls a. Ixnde~r nui>• r~•ywn•, pn.~ ~d~-cl, that I.t•nd~•r sh:~ll n~~t rryu~rt• th.~t thr am-~unt ~~f ~uch ~•~~~~t•ru~;~• c~x~•~~~i that amuunt ~~f cuvPraKe
r~v~un~1 ti~ p:t~' [hi• nun~~ ~e•runrl h~~ tht~ ~1urt~;:~Kr
The ~ncurc,nce ~•arn~•r ~~r~~cidin~; th~- in.ur.~n~ ~• .h.~l1 h~. ~ h~~.~•n h~ li~,rr.~:~rr.uh~~•~ t t~~:~ppn~~.~l h~ I.rnrirr. {~r~~~ i:1r~t. thal such :~ppru~:~l
~h.i~l nut hr unn•:isut~.~hi~ :. ~thh~~l~i :~II pr•~nium> ~~n in,ur:~n„• ~i~.lf~ ~~•. •}~:JI iH~ ~~.~u1 ~n thr n~:innrr pr~~~ u1~~~1 un~1~•r 4~:ir.~kr.~ph'~ herw,f ~,r. ~f
nnt p:~~d u~ .u~ h m:uinrn c~ It~~rr~~+rr rn.~kin~; E:ut m~•nt. ~~h~•n tlu. ~l~n•: ti~ t~~ th~• in.urun~ ~• ~ arn~•r
All sn.uranre {u~iu~rs ar.~1 re•nrH,~ls thrre•uf nhall tff• ~n f~~rm a~•~ ~•ptahlr t~~ le~~zd~•r,~nd tih:+ll ~nclwi~•:~ ,t:+n~i:~n~ murtK,+Ke cluust• ~n fa.•urof
and in furm ,i~•ceptahiF tu l.~•mit•r 1..•nd~•r sh:~(! h:~~ r tt~~• n~:::: t~ ~ h~ dd th~• p~~iirir.:~n~1 rrne•~+:~~. th~•rr~~f..ind Kurruvct~r sh:±ll pn~~nptl~• furnish G~
i~•ndt•r al! rene•~+:+1 n~~t~crs and :~II n•~ «•ipts ~~f paid pr~•iniwn~ In th~•r~rnt ~~f I~~.s. li~~rn~w•rr ~h;~ll K~~ r pr~~rnpt n~~tu•~~ t~~ the insur.~nce c.irrier
,+nd l.ender. l~~ndrr ma~• mak~~ prvw~f nf I~~.~ ~f n~~t mad~• pr~i~nptlt• h~~ finrruw~•r
l'nl~sc I.rnd~•r ar,d It~~rruN~•r ~rt-~rrMi.r aKn•r in wnUn~;, invurani~~ pr~ti•~•E•d..h:~ll tw .~pph~•d t~~ restur:itiun ~~r rr{~air uf thr 1'n~~~rh•
~1.+maKed. pn~~~~ic~i su~h n•~t~~r:~ti~~n „r r~•p:ur i. ~•~~m,~nu~:~li~~ fr:i~i},Ir an+1 th~• ~~r~unt~ ~~f thi~ \turtK:~~r ~. n~~t the•reby impa~rrd. if such
rrwG~ratiun ~~r r~~pa~r ~~ n~~t e~~ ~~nnmu :ill~• it :i.~Li~• ~~r if :h~• .w~unty ~~f th~. ~1~~rtK:~~;~• w~~uld't.~• i:npa~rrd, the ~nxur:~ni•c~ pnav~e~s shall trr app)ied
tuthFSUm~s~•~-ur~ti1}:yth~~!11~~rt~;:~y;.~.w.tlith~~••x~~•...~f:~nc.F::udt~~!{~~rr„N-r-r Ilth~•1'r~~EK•rtc~sabandunt~4n•Rurn~~+er.nriflA~rr~~w•rrfailst~~
re~pund L~~ I.~mdt•r with:n t~~ it:~} ~ fn~m Ih~• ~1:~t~• r.~~u+ r ix !n.i~L~i r~, i ~~~,~i~•r c~~ liurr~~wrr th:ri thr ~n.urani-r camer nffrrs tu s~•ttle:i ~la~m fer
in,uranc~ twnrfits. I~~ndc~r i~ auth~~n~wl t~~ ~~~ii••i t:~nd applc tt~~• ~n>ur;+r.r~• pn~+~•rd. at I~•ndt~r's npU~~n rithrr t~r rt•~tnr.~U~,n ~~r rt•p.iir ~~f the
E'ruperty or thF su~n~ srrure•d b~~ thi~ \1urty;:+K~•
l'nless (~•ncler and Fi~~rrnw~~•r ~~thrnvi~r :~~;r~~• irt w nun~;. nny ~u~~h applir.-twn nf prui c•eils tu pnnc~pai shali nut extend ur Fx~stpune thrdue
date uf the m~~nthh~ in~t:,~lme•nt~ r~•fe•rr~•d b~ ~n p,ir,~~;r.~ph, f:+nd'~ !u•r~•~~f ~~r i~han~;e• thr amuunt ui surh ~n~tallm~-ntti. If undrr paraKraph li+
hereof thr Pr~~prrR ic acyuirrKl ht' 1.~•r,d.•r. ail nKht, titl.• :~nd intrr~•.t ~d Ii~~rr~~wt•r in .ind tu .-ny ins~ran~~e• ~N/IICIPti :~n~! in and tc~ the pr~ceeds
thercY~f rrsulun~; fr~~m d:~m<~~;t~ t~~ I'rnp.•rt~• pn~~r ti~ th~~ v;~lc n~ ~~ryui~it~nn sh;~ll ~r.~~. t~~ I,c•ndr•r t~~ the• ~~xtrnt nf th~• sums secured b~• th~s
~turtKaKe ~mmrd~.itel}• pnur tu .w~h c,il~• nr acc~w,:Uun.
6. PreHer~•etir-n und Naintenanc~~of Prup~•rty; lw~~itirhold,; ('unduminums; l'It+nned l'nit Utwelc~pmente. f~u-ro..•ershall keep
the i'rnFx~rt~~ ~n ~;~wrd rrp:nr anrl ~hall n~:t ~•ummrt w;~.t~• ~~r urr~n~t ~inpa~rme•nt ur d~•trnnrati~~n ~~f the• F'ruprrtc :+nd chall c~nmply~ w~th thr
pru•.~suirv ~~f an} I~~ase• ~f th~~ ~L~rt~a~;t~ ~s un ~~ Irast•h~~ld if th~. ~iurty;a~;r i~ ~~n a unit in :, c~~nd~~minsum r~r a p!annrd un~t decelopmrnl,
1;nrruw•er sh~~ll prrf~~rm alt „f Ft~~rn~~+wr'v ut~l~kat~nn. u~~drr thr ~i~r•I:ir:itn~n ~~r ~•~~~~•nar.t~ ~~re :~tin~;ur K~~a~~rn~nK thr c•unduminium ~~r plannrd
umt develupmc•nt, ihe• h~•-Iaw. :~nd rt•Kulat~~m. uf th~~ ~~~nd~~m~r.~um ~~r pl:+nnrr! unit dect~lupmE•nt, and cvr.stiturnt d~K•uments. If a
t•undum~nium nr plannt•~1 unit dr~~ l~~pnu•nt n~l~•r i~ ~•x~•rut<~! hy fi~~rr~~we•r .ind rr~ nrdttil 1~~~;f•thrr w~ith this ~lortgaKr. the awenanLc and
.+~;r<•f•rne•nts ~~f .ui h n~it•r .hall he• tn~ ~~rp~~r.~t••~1 tnt~~ :~n~l .t::~Il .~rn~~n~i :~mi .u{~~~!~•nu•i:t thr ~ ~~cf•n.~nl, :~nd aKmr~m~•nts uf thts ~1urtKa~;c.~s ~(the
n~it•r He•re• ;~ part hcrr~~f
? Protection ot l.ender'e Security. If fiurn~w•er fa~ly u~ ~rf~>rm the cu~•enanti+ and ~Krer~nente- cuntained in thie lltolrtgage, or if any
acUon nr pr~~ceeding ie commenced which maten:~lh~ alfectt- I.ender'c+ ~ntereat in the F'ruperty. including, hut not limite~ to, eminen! domain,
~neolvency. code enforcemenl, or arranRemenu+ or pre~ceed~ngs ~nvoivinR a bnnkrupt nr decedent, then I.ender al I.ender'e option,upon
nutice to BorroN~er may make such eppearancee, d~~buree auch sume and take euch action ae ~s neceesary to pr~~tRCt [.ender'e interest,
~ncludinK, but not hmited tu, dieburaement ~~f reaNUnablr atturney's fern and rntry upun the 1'roperty to make repaire. If l.ender required
mort~aKe ineuranre as a condition of makinK the loan secured by thiH ltnrtKaKe, $orruK•rr shaU pay the premiume required to maintain
eu<•h ineurance in effect unhl euch time ~s the reyu~remrnt Grr yurh meurance term~natee m accurdance with Borrower'e and Ixnder'e
wntten aKreem~nt or apphrable l.aw. Borrower ehall p:iy the• .imnunt nf all rnurtKaKe inHUrance prem~umK in the manner provided under
pareKraph 'l hereof.
Anv amuunts diAbursed b~ I.ender persuant u. this paragraph 7, wi;h ~nterrst ther~m, ahaU become add~uonal ~ndebtedneae of
E3urr~~wer Af'CUff'd ~1)' IFl1R 11~~rtK:~Ke. I~nless Fi~rr~~wrr arid I.endNr a~Cree u~ uther ternie of payment, auch amounte ehall be payable upon
noti~e frnm I,ender tu li~~rr~~w•er requeednR payment thertY~f. and Hhall t~.v ~ntereat fr~~m thr date oi d~eburerinent at the rate payable from
time to limP un out~ytand~nK princtpal under the tiote unless p:i}•ment irf ~ntt•rt•yt at su~h r.ite~ wuuld tw c-ontrary t~ applicable Is~w, in wh~ch
ever.t euch :~muunto Rhal1 :ic•ar i~.terFSt at the hiKh~~st re2r permi:~s~hlN undt>r applic•.~hle law. tiuthinQ : vi~idined in thie paragraph i, ahall
requ~rc• {,endf r w~nrur any cxpenve ~rr take any acti~~n h.~rf~under.
• ~~H ~QQ
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