HomeMy WebLinkAbout2920,•
Borruwer and I.ender covenant and agree as folluwe:
l. Yaymrnt of F'rincipal and Interest. Borrower ah:~!i promplly puy whrn due the principal uf and intereat un the indebtednrna
evidenced by the Note, prepayment nnd late chargee ae pnn•idrd in the Nute, and the principal otz+nd intrrral on :~ny Future Advancea aecured
~} ttiib :~lurigage.
2. M unda for Taxee and Insyrance. tiubject to upplicable Iaw or t~~ n wnuen waiver by Ixnder, liurruwer shall p:iy t~- I.endNr:,n the duy
raonthly installmenta of principAl and interest are payable under the Note, until the Note is paid in full, a sum Ihe~ein "h unds"1 eyual to one-
twelfth o[the yearly taxrs and asseasments wh~ch may attain priority uver this M~~rtgage, and ground rents un the 1'ruperty, if F~ny, ptuaonP
twelfth of yeariy premium installments fo~ huzard insur:~nce, plus un.-tNrifth of yr~rly prrmium insl.~llments for mortg~ge insur~nce, if any,
all as reusunably estimatc~cl inititilly und from timr to t~n~r by Iw•ndrr un thr bas~s uf assessmrnts and billx and rrasunablr esUmatrs thereot.
The Funde ahall be held in an institution the depoaits or accountx of whirh are inxured or guaranteed by a Fcdrrul or State Agency
lincluding I.ender if I.ender ie auch an institution-. l.ender shall apply the h'undx to pay xaid taxes, xssessmenta, insurancr premiums and
~uund rente. I.ender may not charge tor so holding and ~pplyinK the Funds, anatyzing said account, or verif~~~g ;~nd cempiling xaid
aaeeasments and bitls, unlesa Lender paya Borrower intereat on the Funds und applicable law prrmits l.ender to make such a rharge. l3orruwer
and l.ender may agree in writing at the time of execution of thie MurtKaKe that interest on the Funds shall be paid W Borrower, and unleae
auch agreement ia made or applicable law reyuires such intrrest to be paid, I.ender shall not t-e reyuired to puy f3urrower any intereat or
earnings on the F unde. l.ender ehaU give to Borrower, withuut charge, :~n annuul .iccuunting of the F unds shuwinK creditx and debita to the
Funde and the purpose for which each debit b the N unds w•as m.+de. The Fu~ds are pledged .is additi~~n:~l security fur thr suma secured by this
Mortgage.
If the amount of lhe Funda held by I.ender, together with the future ~nunthly installmenlr; of N urids payable priur «, the dued:~tes of taxee,
asseasments, insurance premiums and Kn~u~d rents. shall eYr •ed thv amuunl .y.ln~~.•~i t.. Qay said taxes, ussrssmrnts, insurance premiuma
and gtound rents as they fall due, auch excesa shall be, at Bo~TUwer's uption, e~thrr prumptly repaid to Barrower or credited to Borruweron
monthly installmenta of Funds. I! the amount of the F'unda held by [.rnder shall not be su(C-cient to pay taxeH, asseaaments, insurance
premiums and ground rents as lhey fall due, Rorrower shalt pay to I.ender :+ny amuunt nc~•exs~iry to make up the deficiency within 30days
from the date notice is ma~led bv I.ender to Rorruwrr rrqucstinK paymrnt thrrruf.
Upon payment in full of all eums secured by this Mortgage, I,ender sh~ll prumptly refund to Fi~~rrower any funds held by l nk der. Itunder
paragraph 18 hereof the Property is sold or the F'roperty~ is utherw~~se acyuirrd by I,ender, I.ender shall apply, no later than immediately prior
to the sale af the f'roperty orits acquiaition by I.ender, xny Funds held b~ lA ndrr at thr time of applicution :~s n credit against the sumssecured
by this Mortgage.
3. Applieation of Paymenta. l?nless applic•ablt• law pruvid~•s otht•rwise, all p.~yr*~ents receivrd by l.ender under the Note and
paraqrapha 1 and 2 hereuf xhall be applied by I,ender first in payment of amounLs payable tu I,rndc•r My Rorrower under paragraph 2 hereof,
then to interest payable on the Note, then tu the pnncipal of the tiute, and then to interrst and principal on any Future Advancea.
4. Charges; Liens. Rorrow•er shall p.iy .~ll taxrs, assf•s~m~•nts and uthrr i-hxrK~~., fine•s and im~~sttiuns attnbutable d~ the Property which
may attain a priurity o~•t~r this!11ortKa~;~~. and I~•:~.~•h~~ld paym~~nts ur ~;r~~w~d re•nts. if an~•, in thi• manner pru~~idtd under paraKrsph 2hereofor,
if not paid in such m.inm~r, h~• tiurrnwer rnc~kin~; pa~•~n~•nt, w•h~•n dur. ~1~rrcUt• tu thf• payt~~ the•n.~C liurruw•ershall prumpth• furnish to I.ender
all nutices of .imuunts du~~ undrr th~s para~;raph, and ~n thi~ r~~e~nt i{urtuwrr shall makr pa~•m~•nt d~reKKlp, liurruwrr sh:~ll prumptly furnish to
I.ender r~•eipts r~•id~•ncinK ~uch pa~~m~•ntv lt~~rrnw~~r.h.Jl prum~,th~ da~i•h:uK~•:~ny li~•n K•hirh h:is pnnrity u~erthis 11urt~;:~ke, pruvided,that
fiurruwrr sh:~u ~„~ f,~• ~,Y~~,~~t•~i ~„ ~i~.~~t,arkr an~~ .u~•h ii~•n.u -un~; as linrruK•i•r .hall :~tirrr m w nUnK t~~ the• pavmrnt ~~f thr ~~bl~Katiun securrd by.
such lirn in a mc~nnrr .~~•crE,t:~bl~• t~~ L<•nd~~r, ~rr sh:~ll ~n ~;u~N1 f:uth r~mh~~t ,ui•t- l~~~n h~~, urde~f~~nd ~•nfun rnic•nt uf su~~h 6e•n ~n. le•~;al pnK•reyiings
which oprr.ite tu precrnt th~• ~•nt~~r~~~•~ne•nt uf thi• lu•n ~~r G~rff•itum ~~f th~• f'r~~F~rrt}• ~~r any p.~rt th~•n~~L
c~. Hazardlnsurunce. 13~~rr~~w•i•r,h.~llkt•~•pth~•~m~~r~~~t•m~•nt.nnw~~x~st~n~;orhrreafteri•rr.•tt~dunthc•!'ru~rtcinsurc~l.iKainstlussUy
fire, hazards inrludf~cl w•~thin thr t4•rm ".~xtt•nd~~c! ~•uv~•r:~Kc•." :~nd ,u~~h ~~tht•r h:~zard~ as Lender mat• rtti~uire and in such .~mounGs ~nd forsuch
prriixls :-s I.ender m.~>• n•~~u~rr; ~rn~~•id~d. that L~•nd~•r ~h;~ll nut r~•yu~n• th:~t th~• :~muunt ~~f such i•uvrra~;t• Nxctv~ci that amuuM of cuveraKe
rryuin~cl tu p.i>• th~• sums .,•~~„~,~i r,.• cr~~. 11urt~;:~Kr
The in.urani~~• ~~arnt•r pn~cid~n~ thr~ ~n.ur.~n~r .h:~ll i~r ~~h~~•~•n hc It~~rr~,~c~•r .u1~~ri~t tu:~ppn~~.~l h~• Lrnd~•r. pr~~.~id~•d. that such:~pprocal
shall nnt ix~ unrr:~sunahlc withh~•ld :~II pn•mium. ~.n ~n.urun~ ~• p,~li~ u•> ~h.~ll iN• 4~:~u1 in th~~ m:~nn~•r pr~~vu1~•i1 un~1~~r p:~r~Kr:iph'~ hrr«r~f ur.if
nut paid in su~•h m:~nn~•r, he knrn~we•r m:~kin~; p,~~ mrnt. ~eh~•n ~1ur ~1~r.•~ tl~ t~~ th~• in•ur.~n~~~• ~;~rnt•r
All insurance ~N~hc~rs ;ind rt•nrw•als th~•r~•uf.h.~ll 1~• in furm a~•c~•ptahle•ur I.e•ndrr:ind sh.ill ~n~~ludr a~tand:~rd murtKaKecl,~usein fa~~orof
andinformacceptablrt~,l.~•nd~~r Ixnd~~rshallha~~•thrr~khtL~h~~ldth~•p~~l~ou•,am~rrnrw:~lsthrre~~f,:indFi~~m~svershallprv~mptlyfurnishto
~.~•nder all renrk•al noLt t•s ;~nrl .~il r~•~~r~pt. nf p;ud prrm~urn. In th~•~•~•~•nc uf I~~.... li~~rn~v~f•r sh:iil Kict• pr~~~npt nutirr G~ thr i~surancec.irrier
~nd I.ender. I.~nder m:iy makr pr~M~f ~~f lu~~ ~f n~~t mad~• prnmptl}• tr~- fi~~rtuwrr
l'nlesc f.rndrr and li~~rrux~er nthrrw~s~• a~rc•r in w•ntin~;. ~nwr:~n~•s• pr~H•red. shall !~• :~pplted tu re~turatiun ~~r rrpair ~~f the ('ropert~•
damaKrd, pn~~•idc~ci su~•h r~•.t~~ratu~n ~~r rf•p:ur i, ~•~~~~n~~r.u~:~lly G:~xih1~• and tht• titti•unl~• i~f thi~ ~1~irtKaK~~ ic n~~t tht~rnc~ impaired. If such
rrsG~ration ur rrpair is n~~t ~•~•unu~nu :illy f~ :~~~f~Ir ur if thr ~~Y~unty nf thi. 11urtKaKr w'~~uld }rt~ ~:npa~red, thP insurance pr~x•eeds vhall beapplied
tn the sums se~•urc~ h~~ this 11~~rt~;;{~;Y, N'1(Il I~If•Y![~ !•~~, If :ifl~', ~I:ud tu Knrn~w~•r If thr F'ru{h•rt~• iti ahcindoned by Ii~~rnrw•er,orif IG~trower fails to
re:~pund to I.ender u~ithin :tu ci:~~. fn~m th~• d:~t~• n~~tu~~~ i. maib~r! h}~ I.e•ndrr t~~ Kurr~~wt•r that thF• insur:~nce carrier offer~ to srttle a claim for
in.urance tmnefits. I~•ndrr ~s :~uthuni~yl tn ~ nllr~ t,~nd appl~ th~• ~nsur.~ni•~• pr~NVy~1s :~t 1.•ndF•r's ~~~t~nn e~th~~r t~r re.t~~rati~~n rrc repair of thr
Property or the sums srcur~•d by th~. !11urt~;:~~;e• ,
llnless I.ender anil Fi~~rn,w•rr utherw~~<• :~Krre• ~n w•r~hnK.:~n~- such appGcati~~n ~~f pr~~i•tY•ds tu pnnc•ipai shall n~~t extrnd or pustpune thedue
date of the monthl~~ installmenL~ n~f.•rrt•d t~~ ~n par.~~raph. l:~nd '~ ht•rrn!' ur ~•hanKr th~~ amuunt of such inst~~llmentti. if under paraqraph 1R
hereof the Yn~perty is i1C(~Ul~f'(I f/~' ~d•t7l~Y~, :~II ri~;h~, (I~IY :III(I 1(1(k•~f'SI O~ ~{I17f~~N'Yr in and tu any ~nsurance ~x~licirs and ~n and to the pr~x•eeds
thermf resultinK frum d.~maKP tr, I'm~,erty- pri~~r t~~ th~~ ,alt• or a~•yuisiti~~n ~hall pa~~ tn {.e~ndF•r tu the exteM of thF sums securrd bv this
NortKaKe immediatel~• pnur tn .u~•h s.~lr or a~•yws~U~~;i. ~ ~
6. Yredervation and :Nainte•nanceuf Prupc•rt~•; Iw•s~y~•holdti;('ondominumw; Ylunned l'nit Uevelopmente. ltorrow•eryhall keep
th~ Prnpertv in K~N~d rep:dr :ind .hal) nnt c•ummit wa~tt~ ~~r pt•rmit ~mpairnn•nt ~~r drt.~ri~~rat~~~n of the~ Pruprrty .ind shall cumply w~th the
pruv~sions nf any le:~~t• if tht. ~1nrt~,:~Kt• ~s un :~ lra,F•huld if th~. ~1~~rtK:~~;e• i. nn :~ unit ~n a cnndumin~um ur a planned unit development,
f{orruwershall perform all nf linrr~~wF~r's nbliKati~mc unde•r thr~1~K•I:~rati~m nrcu~•i~r.antv rrr:~t~n~;nrKucerninK thecondum~niumorplanned
unit devrlopment, the by law~ and reKul:~t~~~n~ uf the• rnn~l~~mintum ~~r pl:~nn~~cl umt dF•vrl~~pmrnt. :~nd constrturnt documenLti. If a
cundominium or pl.~nnc•d un~t de~~rl4pmrnl n~1r~ ~s c•x~•~ utw! hc Iw~rr~~w~•r :~nd rf~~•~~rd~•d t~~K~•tl~rr w~~th thi~ ti1~~rtKaKe. the covenants and
aKre•~•mrnts uf ~uch nde•r shall tk~ ~nrurpur.Ui•il zr.t~r an~i .h,~ll .unt~nd :~nd kui~pl~•~n~•nt the~~•~nrn;~nt.;~nd:~Kn~e•menttiof [his MurtKaKeasifthe
nd~•r N°e•rf• a p.~rt her~•of.
7. Protection ot Lender'e Security. If Borruwer failY G~ perfurm the cti~venants and aKreementa conta~ncr; in thie Mortgage, or if any
action ~~r proceeding is comrnenced which matenally affecte l.rnder's intereat in the E'roperty, including, but not limited to, eminent domain,
~neulvency, code enforcement, or arrangemente or pr~x•eedinKe involving a bankrupt or decedent, then l.ender at l.ender'e option,upon
notice to Borrower may make euch appearancee, dieburse euch sume and take auch action as ie neceasary to protect Lender'e interest,
including, but not limited to, diebureement of reasonable attorney'x feee and entry upon the F'roperty to make repaire. If [.ender required
mortgage ineurance ae a condition uf making the loun Kecured by this ;~1~~rtKaKe, F3orrower ehaU pay the premiums required to maintain
euch inaurance in effect until auch time as the reqmremrnt for au~•h inaurance terminatea ~n accordence with Borrower'e and Lender's
written agreement or applicable I.aw. Borrower ahall pay~ thr ~muunt of all moRKaKe ineurance premiuma in the manner provided under
paragraph 2 hereof.
Any amounts diebursed by [.ender pereuant tu thiP pazaKraph ;, with intereet thereon, ehall hcrome additional indebtednees of
f~rrower secured by thie MortKaKe. lJnleaH Fiorr~~w•er and l.ender aKree to other terme ot payment, such amounte ahall be payable upon
noti~c from I.ender to Bc,rn~wer requPeting payment thereof, and shal) bear ~ntereet from the date of diebureement at the rate payable from
time to time on outstand~nK pnncipal under the Note unleax pay-ment of ~ntereflt ~~t such ratr would be contrary to applicable law, in which
event auch emounts eha0 FMar interest at the higheHt rate permiseihlr under applicable law_ Nothing contained in thia paraRraph 7, ahell
require I.ender to inrur any expensP or take any act~on hereunder.
~~~~ 35i F~~E 2~15
.
.