HomeMy WebLinkAbout2714
UN~F~uR!-t ('u~•t!v~tvTS. Borrow•er :~nJ I.enJrr cu~~enant and akrre a~ t~~lluws:
1. Poyment ot P~iocipal aod I~te~eal. N~~rr~~wcr xhall prum~tl~• pay uficn d~K ~hc principal ~~t and ~ntcrcc! on ~he
indcbtcdncss cv~dencrJ by thr No~~, prcpaymcnt and latc chargc~ .~. pmvidcJ in the Note, ~nd thc prinripal ut and ~nterest
on any Future Advancc~ cerured by th:~ Mortgagc.
2. Funds to~ Tases and Insuance. Subjec! ta applirable law or to a writ~en waiver by l.ender, Rc~rrawcr shall pay
to I.enJe~ on thr day moMhly inctallments of principal and ~n~crect .ue payahk under ~he Note, unhl the No~c ~s paid in tull,
a sum Iherein "Funds") tqu;+l ~r one-twel(th of ~he yearly ta~e. and at~rs~mentc which may aUain pn~~rity c~ver thic
Mortgagc, and griiund rents on the Pmperly, if any, pluc one-~NCI(th ~~f ycarly prrmium ins~allmcn~s for hazard insurance,
plus ane-Iwclflh of ~early prcmium inst•rllmenls (or mor~gaRe insurancr. ~( any, all a~ rcatonably e~lima~ed initially and from
time to timc by l.endcr on the hasis of a~sessmems and hith and ~c:~~anahlc estimatec thereof.
'il~e Funds sh:-II he held in an institu~i~~n the dep~~aitc ur accounts ~~f which are insured or gua~anteed by a Federal or
s~~te agency 1 including l.ender if Lender is such an institu~ion ). 1 ender ~h•rll apply the Funds to pay said taxes, ass~ssments,
in~urance premiums and ground rrn~s. Lend~r may not charge tor u~ h~~tding and applying the FunJ+, analy~~ng said acco~nt,
or veri(ying and a~mpiling said a~se+cments and hills, unlcs~ I.ender pay+ Borrowcr interest vn the Funds and applicahle law
permits l.ende~ to make such a charge. Bc~rrower and I.enJer m~y agree in writing at ~hr timr of execution of ihis
Atortgage that interest un the Funds shall he paid to Bor~uwer, and unless such agreement is made or applicahle law
reyuires such ~nterest to he paid, LcnJer shall not he reyuircd to pa~~ Rorrower any intcrest or carnings on the Funds. Lcnder
shall gi~'e to B~rrcwver, withaut char~e. :-n annual account~ng c~( the I~unJ~ showing credits and dehits to the Funds and the
pur~.A for wh~ch cach Jehit tu the 1-und~ was maJr. (he t=und~ are pledgcd a+ adJ~lion:+l ~ecurity for the sums secured
hy~ thia Mortgage.
If the amount of the Funds held by l.ender. t~~gelher Hi~h th~ futurc monlhl~~ installments of Funds pa~~able pnar to
~he due Jates of ~axrs, as~essment~, insurance pnmium~ and gmund rents, shaU exceeJ the amount reyuired to p:~y said tatts,
assessments, insurance premium. and ground rentti ati ~hry fall due, such e~ce~s ~F1:III hC, :11 B~.r~ower'ti opli~n, erther
promplly repaid to Borrower ur crcdited tu B~~rrawcr on monthiy ~mt:~llmrms of Fund.. lf thc amuunt of thr Funds
held by Lender shall not be sufficient to pay taxes, asse~timents, ~murance premiumc •rnd ground rent~ as they~ fall due,
Borrower shall pa~• to Lender any amuunt neceisan a~ m;~ke up Ihe d~firiency w~thin 30 da~•~ from the date notire is mailed
by Lende~ to Borrower reyuesting payment thercof.
Upon payment ~n full of all sums secured by thiti Mc~rtgage. Lender shall promptly ret~inJ to Borruaer ~n}~ Funds
held by I.cnJer. I( under paragraph 1 R hereof thr Propen~~ ~+ .~~id or thc Pmperty ~s athenvitie a~q~urcd b~• Lender, Lender
shall apply, m~ later th•rn immediatcl~~ prior ta the ~ale c~f thc Propc:ny or its acqwsition hp Lender, any i~undc helJ by
Lendrr at the t:me of application as a cre~it against the sum~ tecured hy this Mortgage.
3. Application of Payments. Unlecs apphcable law pren•ides atherwitie. ati payments received by Lender under the
Note and paragraph~ 1 and 2 hereof shalt bc appli~d b~• Lendrr fint in payment ~~( amuunts pa}•able to I.enJer by Borrower
under paragraph 2 hcreof, then tu mtrrctit psyaMc on thr ti~ti~r_ thcn Ii~ thc principal of Ihe N~tc, ana Ihcn to~ interest and
pnnc~pal on any Futurc Advanccs_
4. CharRes; Llens. BorroNcr tih:~ll pa~• ~II t.~uti. a~Kti`mrnts and ~uhcr rharFc~. fincc anJ ~mputiiUons attnbutable to
~he Propert~• which may at~ain a prioriry over this Mortgage, and leasehold payments or ground rents, if any, in the manner
provided under paragraph 2 hereo~ or. ~f not pa~d in w~h manner, hy Borrower making paymcnt, w•hen due. direcUy to the
~ payec thcreo(. Borrower shall promptly furnish to Len~er all nut~ces ot amounts duc under this paragraph, and in the event
Borrow•er sh~ll make payment d~rec~l~•, Borrower ~hall prc~mptiy fumish t„ Lcnder receipts evidencing such payments.
Borrower shall prumpily dischargc any I~en ..hich has pnonty uvcr thi~ Mortga~e: pro~~idcJ. that Borrower ~hall not be
reyuired to disi:harge any such lien ~a long as Bi~rrower ~hall agree in wrinng ~~~ the pa~ment of the obGgation secured by
such lien ~n a manner acceptable to Lender, or ~hall in g~xxl faith conte~t ~uch lian by, or defenJ enforeement o( such tien in,
legal proceedings which oper~te to prevent the enforcement o( the l~rn or forfe~ture of the Propeny or any part thereof.
5. Hazard Insurance. Borrower shall ~,eep thc impru~•cmcnts no~ e~isdng or hercafter crccted on the Pr~~perty ~nsured
•rgainst loss by fire, hazards inrluJed withm thr term "~~tende~i ce.verage", and such other hazardc as Lender ma~~ reyuire
and ~n such amoimts and for such peric~Jt at Lender may reyuire: pm~•ided. ~hat I.ender .hall not rcquire that tF~e amnun~ of
such coverage exceed that amount of a•verage reyuued to pa~ thr tium. .erured h~~ this INortgage.
The ~nsurance carrier providing the insuranre shall he ch~•sen b}~ Bormwer subject to approval hy Lender; prov~ded.
that such appro~~al sha11 not be unreasonahl}' withheld. Ail premium. on insurance policies shall be paid in the manner
provided under paragraph 2 hereof or. ~f not pa~d in such manner, h~~ B~,rrower making payment. w~hen due, d~rectly to the
insuraoce carrier. •
All insurance policies and rene~als thereof shall be in form :~ccertehle to LenJer and shall include a~tandard mortgage
clause in favor of and in form arceptable to !_ender. Lendrr .hc~ll ha.e the ~ight t~~ hold the Ex~iicies :~nd reneN:il~ there~~f.
and Borrower sh~ll pron~ptly fiun~sh to 1.enJer all renewal noticeti and all receipts of paid premiiim~. In the event of lo~s.
Borrow~er ~hall g~~•e prumpt noticc to the insurance ~arner and LenJer. LenJrr m~} make prcx~( of Ivss ff not made prctimptl~
by Borrower.
Unlcss I.endcr rnd Borrowcr ntherN~tic agrcr in Hnhng. imuranre pn-crcJti shall be applied to re~t~~ration or repair of
the Property damage~i, prov~.leJ Such resturahon or repa~r ~s eci~namic:~ll~~ (e~s~blr and the ucurity of this Mortgage ~~
not thereby impaired. !( such retitoration or repair is n~.t ec~~nunui;ilh• fr~~iMe or ~f the secunt~• of this M~rtgage w•ould
be impa~red. the insurance pnxeeds sh~ll be applie~ ta the .ums ucureJ by th~s Mortgage. ~~th ~he excets, if any, paid
to Bormwer. If thc Proper~~ is abandoned h} Bi.rruw•cr. ~~r ~t Hurmwer f:.ih t~~ r~sFx~nd t~ Lendrr within 3U da~s (rom ihe
Jate not~cc i. m;~~leJ bp Lender to Borrc~wer tnat the insurance carner c~tTcrs tv ~ettle a cla~m for insurance benefitti, 1_ender
i, authoriced tc~ coilect and ~ppl~• the in~ur~ncr pn~ceeds at LenJ~r'~ ~~ptlun either tu restorauon or repair ~f ~he Propert~
or to the wm, ~ccured by ihi~ Mortgagc.
Unlest l.ender and Borruw~er ~~therwi,c .~grcr in Knting, an~ ~uch app{ic:~tion ~~f pnxeeds to pnncipal ~hall not eKtend
~~r pustpone the due date of the munthl~• imtallmcros re(crred ~~~ in paragraph~ 1 and ? hcrec~f or change the am~~um of
such imtallmcnt~. If under parag~aph 18 hereof the Propcrt} i~ acyuirc~l h~ Lendcr, all right, titlc and ~ntcrest ot Borre~wer
~n and to an. ~n~urance policies and in and to thc pruceed. thereot re~ulung (ram damage t~~ the Property pn~r to the sale
or acyw~it:on shall pa~s to Lender to the e~tent of the Sumti ~ecured h~ tttis ~tc~rtga~c immediatel~• prior t~~ ~uch sale or
acyuisition.
6. Presen~lion ~nd ~laintenance of Properf~; I.easehutds: ('undominium~; Pl~nned Unit Ue~•elopmenls. H~rrowcr
shatl keep th~ Property in goc~d repair and shall not cummit ~aste or permit impairmeni or deterioration of the Property
and shall eompl}~ with the provisions of do)~ lease i( thiti ~1<~rtg:ige iti ~m a ic.,s~hc~ld. If ih~~ :~1.~rtg~ge ic „n a umt in a
~unJomin~um ur a planncd unit drvcl~~pmrm. Borm~cr ~hall Fxrtr::m afl uf Borruwcr's ~~hhgations undcr thc dccler~U~~n
ur covenants creating or g~~verning thc r~mdi~minium ~~r p{annrd umt devrl:~pmcnt, the b~~-laws and regulatium c~f thc
cunJuminium or plarned unit dcvclopmcnt. :,nd c~mtilucnt ~i.xumrnt.. It .~ con~tominium or planned i~nrt ~tc~cl~~~mcnt
n~ler s~ eKe~uted Ey Berst>HCr and recorded t~~gethrr :~~th thi~ ~1~~rtgage, thr co~enanis and agre~m~m~ ~~f uich nJcr
Sfl"1I) bC ~ncorporated into ~nd sh:~ll amend and tiupplrment ~hr a~~cnan~~ :inii aFrcements o( this Mortgage ati ~f the rider
~cre a part hereof.
7. Protection of Lenders Securit~. If Be~rra;~er fail~ t~+ ~xrf~~rm the rnvenam~ and agreements r~~nta~ned in thi~
Mortgrge, ar if any acU~~n ~~r prcxeed~ng it c~•mmrnee~l .+hirh matcrialh afTectti LenJer'. interest in the Pm~xrt~,
including, but n~~~ lim~tcd to, em~ncnt dome~n, in~c~l~cnrv, r~xic cn(~~rrrmcnt. ~~r ai rc~ngrmcntc c,r prucccdings ~m~ak~ng a
bankru~t or dcccdent, then Lender at I_ender'ti ~p~ion, up:m ni~ti~c t~~ Bnrruwcr, ma~ makc su~h ap~xarance~. duhur~e ~uch
sums and take such artiun a~ ~s nece~tiarc ti~ prc~te~t I_ender'. imerest. ~ncluding. hut not limited t~~, di~bursemem ~~f
rcrsonahlc at~orncy's fres and cntry uMm thc Prc,pcric t„ makc rcpair~. If I.rndrr reyuired mc•rtgagc inwrancc a~ a
conJme~n ~f making the loan ~ecured h~ th~ti Mi~rtgagr. B~~rn~wcr shall pay the premiums require.l Ic• maintain ~uch
insurance in etiect umil tii~ch ume at the reuuirement for .urh ~ncurancc terminate~ in accordance H:th Borrow•er'~ and
~ ''r35i ~r~f2710
b'1"lX