HomeMy WebLinkAbout2694lThiFirRM C'~-~~-h.ahts. 13.,rr.~wcr .uld l.ii~drr ~.icCii.~i~i ati~1 agr~e ~~ (i~ll~tiws:
1. Payment of Princlpd aad Inlerest. Hormwer shall prumptly pay Nhen duc thr principal o( and imerest un the
indebtedness evidenccd by the Nutr, prepaymcnt and late charge~ a. pruviJcd in ~he Note, and the pnnripal ot and interes~
on any Futurc Advancc. secureJ by th~~ Mor~gagc.
2. Funds tor Taxes and lnsuranca Subjec~ to applicable law or to a writ~en waiver by I.ender, Horrower shall pay~
to l.ender on ~hc dap monthly i~stalimc~ts of principal and interect are payable under the Note, unUl thc ?~iotc ~s paid in full.
a sum (hercin "Funds"1 cqual to une•tNClfth of thc ycarly ~azcc ;~nd ac~ec~mcn~s which ma~~ attain pn~-rity avcr thic
Martgage, an~l ground rents on the Property, if any, plus ime-twelfth of yrarly premieim ios~allments for hatard insur:~nce,
plus ane-tu•clfth of ycarly premium installmenls tor mortgage insurancc. ~t any, all a~ reasunably ctitima~ed initially and (rom
time to time by l.ender on the basic of assessmems anJ hillc and rea+unable estima~ec thereot.
The Funds shall he held in an institwion the deposits o~ accoun~s of which are insured or guaranteed h~~ ~ Federa! ar
strtc ugency linclz~ding Lender if Lender is such an inst~twion). I.ender shall apply the Funds to pay ~aid taxes, ascessments,
insur•rnce premiums and ground rents. I.ender ma~• not charge tor ~i~ holding and •rpplying the FunJs, analyzing said account,
or verify'ing and compiling said asse~sments and hills, unless Lender pay~ Borrower interest on the Funds and applicahle I:+w
permits Lender t~~ make such a charge. Borrower and Lender mry agree in writing at thr time of execution of thi~
Mortgage that interest an ~he Funds shall he pai~! to Borrowcr, and unless such agrecment is maJc or applicahlt law
reyuires such interest ta be paid, Lcnder shall not he reyuireJ t~~ pap Hurrc.wer any intcrest or earnings ~n ihe Funds. I.cnJcr
shall gi~~e to Horrc~~er, without charge. ~n annual accuunhng uf the Fun~~ showing credits and debits to the Funds and the
pur~se for which each debit to the t=unds K'J1 madc. The Fund~ are plydged as :-ddrtion•rl security~ for the sum~ secured
by this Mortgage.
I[ the amount of the Funds held hp Lendcr, t«gethcr with thr future monthl~• imtallmcnts of Fun~lt payable prior to
thc due Jates of taxes, as~essments, insurancc prcmium~ ~nd gmund rents, shall exrced thc •rmount reyuircd to pay said tazes,
assessments, insuranre premiumc and gro-!nd rent~ a. thry (all dur, such ercetis ~hall he, at BorroK•er'~ opt~on, rither
prompUq repaid to Borrower or crcdi~cd to Borrower on monthly ~mtallmcros oi Fundti. 1f thc amount of the Funds
held by Lender shall not b~: sufficient to pay taxes, assessments, imurance premium~ ~nJ grotmd rents ac ~hey (~11 due.
Borrower shall pa~• to Lender any amount nece~san u~ makr up ~he defiricnc~• within 30 da}s f rom the date notice is maiied
by Lender to Borrower rcyuesting payment thereoi.
Upon payment in full of aU sums sccured b~~ th~ti 1~lortgagc. I ender sh311 prompNy refund to B~,rrower any Funds
held hy Lcndcr. If under paragraph 1R hereof the Property ~~ +old or Ihc Propcr~y is otherwitic acqu~red b~~ I.cnder, 1_cnder
shall apply, no later than immediatrl~• prior to the +ale ~~f the Property or its ~cquis~tion b}• Lender, any ~=undc held by
Lender at the time o( application as a credit against the sum~ secured hy this :1lortgage.
3. Applicalion of Payments. Unle~s apphcahle law• pr~~~•i~les otherwice, all payments rereived b}• Lender unJ~r the
Note and paragraphc 1 and 2 hereuf Sh~ll be appl~rd by,Lender firct m payment of am~~unts pa}•ahte to LcnJcr by Borrc~wer
under paragraph 2 hereof, then lo interetit payablc on thr tiutc, thcn 1~~ thc principal o( thc Nu1c, anJ thrn t~. interest and
pnncipal on any Fuwre Advances.
4. Char~es; Liens. Borrower tihall pay all t:~~c:, :~.tirstimrnts anJ ~~Ihrr rh.irgc~, finct ~nJ im~nit~ons attr~butahle to
the Property which may attain a priority over lhis ~1orlgage. and leasehcfd p;~yments or ground renis, i[ any, in the manner
provided (~ndrr paragraph 2 hereof or. if not pa~d ~n surh manner. by Bc~rrowrr m~king payment, when due, directly to the
payee thereof. Borrower shall prompUy furn~sh ta LenJer all noUces of amounts duc under th~s paragraph, and in the event
Borrow~er shall make payment direclly~, Burrower tihaU promptly (urnish to I.ender rereipts e~•idencing such payments.
Borrow•er shall promptly discharge any lien which has prionry ~~.~cr thi~ Mortgage; provideJ, that Borrower afiall n~~t be
required to d~srharge any such lien so iong as Borro..er ~hall agree in ~ntmg to ~he payment of the ohligatian secured b~•
such lien in a manner acceptable to Lender, ~~r tihall in g~x~d faith contetit ~uch lien by, or defen~f enforcement of s~ich lien in,
legal pnxeeding~ which operate to pre~ent the en(orcement of thc licn or forfei~ure of the Propert)• or ~ny part thereof.
S. Hazard Insurance. Borrower shall kcep the imprc~~cmcntt ni~w cxi~ting i~r hereaftcr crec~ed on the Pmpcrty insured
again~t loss by fire, hazards included within the term "c~tendeJ cc»erage", anJ such other hazardc ac Lender ma~~ reyuire
and in such amounts and (or such period~ as Lender m~y rcyuirc; pruvide~l, that Lender .hall not reyuire that the amount af
s~ch co~•erage exceed that amoum of coverage required to pa~• the wmti tecured hy Ihis I1for~gage.
The insurance carrier providing the insurance shall be chosen by~ Borro~er subject t~ approval by I.ender, provided,
that such approval shall not be unreasonahl}~ withheld. All premium~ on insurance policies shall t+e paid ~n the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Be.rrower making payment, w•hen due, directl} to the
insurance carrier. •
All insurance policies and reneNals thereof shall be in form ,scceptable to I.enJrr and shaU include a~-andard mortgage
clause in favor of and ~n form acreptable tu Lender_ Lender ~hall ha.e the right t~~ hold the poliries and reneKalt there~,f.
and Borrower shall promptly furnish to l.ender all renewal notices anJ all receipts of paid premiumti. In the e~ent ot los~.
Borrower shall give prompt notice to the insur:ince wrrier an~ LenJer. I.enJrr ma~ make pr~~<.f of loss if not m~de pmmptl~
by Borrower.
Unless [.ender and Borruwer otherwisc agrre in Nnhng. inwrance pr.keedc shall tk applied to re.t~~rati~n er repair ot
the Property damaged, pro~~iJed wch restorat~on ur repa~r is eronc~mic:~lly feasibl~ and the cecurit~~ of this hie~rtgage iti
nat thereby impaired. If surh retitoration or rep~ir is ne~t rron~~micalh• fca~ihle or i( the security of Ihis M~rtgage w•oi~ld
be impa~red, the insurance pnx:eeds shall be :+pplied t~~ the wms sccurrJ h~• th~s Mortgage. Knh the e~cess, if am~, paid
to Borruwcr. If thc Yropert~ is ahandoncd h~ B~~rruw•cr, i~r it Burmwcr fail~ ti~ res~nd to Lcndcr w~thin 3i~ da}s (rom thc
Jate notice is mailed by Lender to Borrower that the ~murancc carr~er c~fier+ t~~ settle a cla~m f~r inwrance hencfi~ti, I_ender
i~ authorized to rollect and apply the insurance proceeJs at I.enJer~i upti~~n eithcr to restoi~~~on or repair ot the Propert}
or to the sums sccured by ~his Mortgagc.
Unless l.ender and Borrower otherHix agrcc m wnUng. ~m s~irh appliration ~~f prexceds to {~nncipal .hall not e~tcnd
or pustpone the duc date of the montt~lv in~tallmrnK refcrred t~. in para~r:~ph~ I and '_ here~~f or chan~c thc amc~unt of
sucfi in~tallments. !f under paragraph 18 hereof thc Fropcrh ~, s~ywre~l h~ Lcnder, at{ right, title and interest nf Borrcw-~er
in and to an} insurance policies and in and to thc pruceed~ thereot rc~ulting frum dam:-ge to the Property prior to th~ ~ale
or acyuisition shall pass to Lender to thr e~tent of the ~ums ~ecured h} thi~ !1lortgag~ ~mmediatel~~ prior t~~ .uch sale or
acyuisition.
6. Presenalion ~od ~taintenance ot Propert~; I.easehulds, ('ondominiumti; Planned l:nit Ue~•elopments. Bc.rrowcr
shrll keep the Property in gooel rcpair and shall not commi~ watte or perm~t impairment or deteriorauun o( the Propert~•
and shall comply with the provisions of any lease i( thi~ \t~~n~:~ge i~ ~~n a Icasch~~ld. If ~hiti :1lortgaFr iti un a nnit in .~
conJominium or a planncd un~t ~rvcl~~pmcnt, Bor-~~wcr .hall Enrf~~rm all uf Borrower's ~~bl~gauons undcr thc dcclaraUrn
or covenants creaUng or g~~verning thc ce~nJuminium ~~r plannrd iimt devel~ipmcnt, the b}•-laWS and rrg~dati~.m .~f the
con~ominium nr planned unit development. :~nd constituent ~locumrm. I( a c~m~lominium or planned t~nit Je~el~~rment
n~ler i~ executed b~• Borruwer and recordeJ ~~~gether ~ith thi~ ~1~~rigage. the co~enams and agreement~ ~.f wch n~ler
shall be incarporated into and shall smend and tupplcment Ihe a~~en~nts an~l agreements of Ihiti l~tortgagc ~~ ~; thc ri.icr
~ere a part hereof.
7. Profeclian ot Lenders Security. 1t R~~rruHCr fail. t~~ ~xrf~+rm thc rovcnantti an~ agrcemcnts rc~ntaincd in this
Mortgage, or if any ~cdun ur prckceding i~ cummcnce.l Hhirh materialh• ~fiectti I.enJer', ~nterett in ~hr Pmpert~.
includmg, but n~it hmited to, emment domain, inti~~henc}. c~xle rnf~~rrement. ~~r airangements or pr~~eeedings im•e~l~ing a
bankrupt or deredent, then I.ender at I.ender'ti opti~~n, u~~n ni~ticc ti. Sorroaer, ma~ rnake ~uch appearance~. Jishurtic such
sums and take such action ac ~s nece~.ar~ t~~ pru~ect I.endrr's mteretit. ~ncluJing. bul n~~t lim~ted to. di~bursemeni ~~f
reasonahlc attomc)''s fccs and cn~ry uEx~n thc Prc~pcr~}• t~~ m.~kc rcpair~. If Lrndcr rcuuired m~~rtgage inu~rancr a~ a
condiUon of making the loan ,ecure~i h} thi~ ~1~~rtgagr, B~~rr~~~rr shall ~+a}• the premioms require~l t~ maintain such
insurance in efiect until such time a~ ~he reyuirement for wih in~urance trrminatr~ in accordance K'11F1 BOfh~K'Cf'S and
~,';K351 PA,E2fi90