HomeMy WebLinkAbout2935tiorrower and irnder oovenant and agree as folbwa
1. Payment af Principal and l~terest. E~orro~er shall promptly pay when due the pnncipal of and intereat un the indebtedneas
ev~denced by the tiote, pnpa~•ment and late charges ns pro~~dcd ~n the Note, and the pnncipal of and intereat un any Future Advances arcurrd
b~• th~s ~iortgage.
'L. Funds for Ta:es and Ina~urance. Subject to app6cable law o~ tu a wnttrn waiver by I.ender, fiurrower yhall pay tu 1 xndrr un the duy
morsthly -nstallments of pnnc~pal and interest are payable undrr the Nute, until the Nute is paid in full, a sum ~ herein "F unds") eyual to one
tw•elfth of the yeart~ taxes and asaessmenta w•h~ch may atta~n pnonty over th~s ~lortgage, and ground rents on the Property, if c~ny, plua one
twelfth of yearh prem~um instal(ments for ~azard ~nsurance, plus une-twelkh of yearly p~emium installments for mortgage insurance, if any,
_~ll as re:twnabh e~timatcd iniuall~ and itom ume to t~me by I.rnder un the bas~s uf ;sssessmrnt~s and bills .~nd rrusunable estimates thereof.
The Funds ahall be held in an msututiun the depusits ur accu~;:;s of which are insured or guaranteed by a Federal or State agency
~ includ~ng l.ender ~f lrnder is such an inatitupon-. Irnder shall apph• the F'undv to ~ay said taYes, asseasmrnts, ~nsurance premiums and
k-ruund renta. l.ender may ~ot charge for eo holding and apply~ng the Funds, :~nalyzing said acrou~t, or verifying and compiling said
asaeasments and bills, unless Lender pays Borrovrer interest u~ the Funds and applicable law permits I.Pnder to m:~ke such a charge. E3orrower
and l.ender map agree in vrnung at the time of eaecuuon of th~s \tortgage that interest on the E unds shall be paid li~ Borrower, and unlesa
~uch agreement is made o~ appl~cable law reqwres such interest to be paid, l.ender shall not be reyuired to pay E3orrower any interest or
Camu~gs on the Funds. Lender ahaU give to Borrower, withuut charge. an annual accountiAg of the F unds showing credita and debits to the
Funda and the purpo_ve for x~hech each debit to the Funds was m:~de The Funds are pledgcd xs additional secunty !or the auni~ secured by thie
~1ort{tage. ~
If the amuunt of t?~e Pun~ heid b~• l~nder, together with the future monthh• ~nstallmrnts of Funds payablr pnor to the duedatea of taxea,
icse:smrnts, insurance prem-ums and ground rents, shaU excred the amuunt requircd to p~y said taxes, aesrsamrnts, insurance premiums
and gruund rYnts as they fatl due, such excea~ shall be, at F3~~ruw•er's option, either prumpdy repaid to Borrower ~~r credited tu Borrower on
~nonthh• inc~llmenta af Funds- If the amount of the Funds held by Ixnder shali not be sufficient to pay taxe9, assesaments, insurance
prem~ums and ground rents as the}• fal: due. Borro.rer shaU pay to I.ender any amount ~ecessary• to make up the deficiency within 30 days
~rc~m the date notj~e is mailed b~• l.ender to f~rruNer rryuesting payment ther~f-
l'pon pa>~ment ~n fuli ~f al. sums serured b~• this ~lurtgaKe, l.ende~ shall prompdy refund to &,rruwer any tunds held by t.ender. If under
paragraph lr hereof the E'ropem is suld ur the I'rupert>- is utherv~~ise arywred b~• I,ender. I.ender shall apply, nu later than immediately prior
:.~ the sale of the Propert~~ or its acquis:uon b~~ [.ender. an~ E unds held by Ixnder at the umN of application as a credit against the sums srcured
^>~ ihis ~lortgage.
3. Application of Par-menta. l'nless applicable i~w pr~~~•~des utherv-•~se, all payments received by I.ender under the Note and
paragraphs 1 and '2 hereof shail he appfied by I~nder fint in pay mrnt nf ~muunLti payable t~~ l.ender by F3orruKer under paragraph 2 hereof,
:hen tu -nterest pa~at.Ie an the \ote. thrn tu the pnnc-pal nf che \~,te. and then ia mtereat and pnncipal on any Futum Advances.
~ (~harges;l_iens.R+,rn•Ner•h.,tipavailt.-xr~ ,isse.smrnt.anti:~thrr~-harkrs.itnr~.utd~m~~y~ti~~nsattributabirtutheF'ropertywhich
rna} attain a pn.~r:t} ~~~ rr t:^.i~ ~1~>rt~'aKr ard .rn~rh~~id pa~ ment_~ ~~r Xr~~und rent~. ~f any. in the manner pru~•ided under paraRraph'L hereof or,
:' not pa~d ~r. ~::~ h-::.,Rr~z t~t I~•~^~ M r! m_tKi'1k V,f~;Ilrnt, w hrn due. :?ire. tE~ t~~ thr payrr thercYrf li~~rrow~er.hall prumptl~• furnish to I.ender
,:; n~.Lcrs r~f ,~:r.~ ~~;:,:. ~:~ cr.;!rr ~~i. F•.,r.:~:r.~~~h ,~r.c2 :n th~• r~rnt ti~,rr~~uer ~h.ili m.+kr pa~ mrnt dsrf~ th•. Itc~rrnNNr +h:-li prumptly furnish tu
:x~derrrcr;pt~ri:::r:'ICa~F~c~hy_.~r::r*a:.. fi~~m~:+rr.h,illpr~~mpti~~3i~ch.~r~tr,~n~-lirnw~hichh.ispn~~nt~~+~~e•rth~.~l~~rtKaKe:pruvided,that
}i:~m~c~rz ~~~I; n~~t hr -.-yu:rr:.., ~?;>~::nrFr an} ~uc~h i:en s~~ l~+n~; .i. ~t~~r:~~~wrr ~hall .~Krrr ~n w rit~nK tn thr• p,icrnt~nt ufth~•~~i~liK,~tion scrured bv
:: h i~rn in .i :n:~r,n~r .ie ir+~:.~t~i~ t. E_~ a~.frr .~r s~:alI ir, k~~,~i f:u:h ~~~nt.-:t .u~ h I~rn h~. „r~irfen~l enfun ~~mt•nt iif sw•h lii•n in, !~•~;~~I pn~ceecl~n~s
~.nuh aperatr t.~ prrtirr:: t~.- c.^.:~d~ r^:e:iT •2 .Rr i:rR ~~r }~~rfrc*.urr :~f ttir f'n~prrt~ ~~r .~nc p:irt tl~rrc~~f
i Hazard Inwran~•r. K.•.^. ~•w~•~ ~~s;. icc~c-p thr tmpru~rmrn:: n~~~ rxi~t~nK „r hrrr:ifter Yrectrd nn the NruEst~rty insurrd aga~nst luss by
-.~e. hazarC> .n.:::~~-.: :+:,^;~ thr trr:r. rxtrndre~ :~~~er:iXr.~~ :ind wch ~ahPr hacarci. .is ~.rndrr ma~ rt>yuirf- and ~n such amuunts and for such
<~r.~~. .~. l,r^crr rr-:.~•, r~~;~:rr ..•:ri. *.t;.+t [xn~:.•r ~~.~li n~~. rr~;uir~• th.it thr .~m~wnt ~~f su~•h ~Y~~rraKe rxcr~vi that amuunt ofco~-eraKe
..;utre+j , pa~ :':r ,.... ~r. ~ ev :!zt~ ~1, -ta~aKr
The in-~~.a::<<~ ,_..::. r;-_~: t::s: t^.- :a<ur.in• •~...:i~ iv. , rt....v; h~ li.,r••.~.~,•r .uh~rri t~~ .tpprnc.el hc I.rn~irr. pn~~~uit~d. th:~t wch :~pproval
:•;a,i r~ ~± :~ ::r::r_.•. :..~r :~ ~a _.. ~.~ . : ~:. ,:.~ ::::.:r.:- ,. ...>ur.~r, ~ ~...ii~ :.~, .i~.i[i tH ~,.u~f in thr m:~nn~•r pr~~ti ~d~yi un~~~•r Erar:lKr.iph '! herw~f ~~r. if
r: ~2 pai~ :r. >::: h r-:..=:r... ~~-. :; ., a.. n.~i..::i ',°.:z..,t An~ re 1:... ,f:r.~ tle t~, ,h~• tn~
• r• ur:incr c.+mrr
.~13 :..>ur:nr.:- F-•::. :r~ .:r~i !r.^.rN.,;. .Rrlr~!: >h..ii i~e- ~n f~•rm a~ c rpt.th;.• tu Iw•Ilt1.•r.~n~3 ~hal! ~ncludr a standard murtK.iKc•cl:~usr in fa~•nrof
.tSIU iF: j~77.T. 3:CY~,a;•~~ ; irr..z~• t.rr::i.-r ~.^..~;: !-:.~<<~ •~~~ r:R~,c c.: h~,i~i sn•• p~,It~•tr..~p~f rr:1t~N':.tls therruf..~nd fiurr~~wt•r shall prumptl~~furnich k~
_.rr.~:cr a3: frllr'+~.9~ :.:: r~ .~n i..;i rr~ .-.E,,~ .,2 p,,;~ Fir:Ttt~R:• In t~r.-c.•r.t ~~f i~,... fi~rrn~wrr.h~-1! Kiar pr~~mpt nui~ce to the ~nsuran:•e camer
,nd [.er.der I,r: ~rr ^:ec n;..;;r ,,.:.r ,; :.-< if n•~t m.iitr p~~.mptit hc Fi~~rr„r~er
t~^ie~c I.e~f:~lrf .i.^,d K•r.•~~rr ~~ -r..:~r ,i~rrr ir. ..nt:.^.;; eri:ur:~ncr pn~~rrd~ .h.~ll br applircl tu resturatiun or repair ~~f the f'rapert}•
:,~m3~ed ~r•~~: ir.1 ~:rn ~r>; -.~:: .. , r rrp.~~r ~. ~z ~,. •:r;t~ .~il~ fc•.i.ihle :~nd thr srcunt. „f chis \lurtgaKP is n~~t therebp imp.-irrd. If such
rrsU~ratn-:,~rr.-petr.~~.t..~.. ...., _ii~~.•.+~;E•i.~~.r~.'t`.^...r.unt~~~fth~<~L~rtK.iKrNUUidbr~rnpaired.thFinsurancepr~K•rrclsshallbcapplied
..: tnesuz,-,ecar.c ~•c :,..• ~!.:r...~t~ -.:t:: t::. .•~~ ..• i{.+n~. ~aid :~~ iN~rr~~wrr ifthr F'roprrt~•isaband~~nc~l by Knrrnw~er.~~rif Ii~~rrow•erfailsto
-r~p~•:,d iv lxr.c?rr w:tf:n •..., .. ... t`:. .t,~;.- r~ `;~• .:• :n,i~i.+i h~ Ixndrr t~~ Ft~~rr~~wrr that thr ~nsuranre cameruffers tusrttle a claim tor
:n:urance ~R-nef;t~ I.Yr.d•-r :. .r..;~. .:.-~i ;.':., t,~n:i .~F~p(c t~e- inwr.i~rr pr~~ w•d. ;it Irnder's opt~,m r~ther tu rrstnrah~~n ur re•pair of the
f'n,pert~~ or LhF :u:n~ w 3-.-d 'ni ;is- ~t~~rt<,:k.-
l~nlr~slxndrre;cR•m~arz •:^cr:~~-r.thrcr:nan::nK.ancsurhaNpL~.itiunvfprK•rrdstupnnc~palshaltnotextendorpustponethedue
aate uf the mur.;h;ti- ;~::,i::rnrr.L. !rIr.^. rv L~ ;r. par.skr;.;~~;~ ' and ! i~~•rr~~f =~r ~ hanKe the ~~muunt of such ~nstallment~. If under paragraph Itt
~erer~f the Propertc :s a<y_:r«+ ~t Irr.•:.-r ..;i rtj,'Rt. ::ilr ..tl~ tR[r~r.I ~rf fi„rn~wf•r in and tu ;-ny ~n~urance pnlicirs and in and to the proccrds
:hes~~f res:::t~n~r fr~•ra d.~rnaK_ t~~ f'z~•~-rt~ pno- t~~ ;h. ..~lr ~~r :iryw~iti~~n :h.ill p,i.s t~~ [.ender to thr extent of the sums secured b~• this
11~:rtKaRe immc-~d:ate~~ pn..~z :o .;:.h s:~le ~x a~qui•iti„n
r. Presen~atiun and Naintenancrof Proprrt~: Ixasrhulds:(bnduminums; Pl~nned l'nit UevelopmentA. Burrow•ershail keep
:5r Yrr~~m :n ~;=•~c3 rr~•_i:r ar.:: <~:,iii n~~t ~~~mm:t K.~.t~• ~.r ~•rmit impa~rmrnt ~~r drtrnuraLun ~~f thr Pruprrt}• anu shall comph• w~th the
:~r.~~:s,~.n~ ~~f a^} ira~r it :~:< 11~ ~K.ikr ~, „n a ir,is~h~•i~+. (f th~~ ~1~~rtKakc~ ~. nn a unit in ~ cunduminium or a planned unit development,
~~r.~.~+ez shali pert,•.-;r: al; ~~~ j? ~rr ~a~r~> •~t.€iKati~~.^.s uci.irr thr.l. :ar:~u~~n ~~rc~~~rn:int:: ~ rraun~;urKu~~rrnmK theconduminiumorplanned
::nit de~rle~p^:er.t. ,i;r :~c i..N. ,.nC r~c1uL•~•n~ ~~~ Lhv f.md~~nun:um ur planncd un~t dN~~einpmrnt. .ind constituent documents. If a
~~n j~•:r..r.i,:T •~~ p;,iar..ti :.~... ,Ir•..-;.,i:Tr:i: r.:i.-r ;. .~r~-, atc~1 h~ fi~rR~~Nr[ efi(~ rr~nrdecl tuKrthrr w•ith this ilortgaKe, the cuvenants and
,K*.~r:.r:?;•i-~.~r.~.~r=-~a:;~.~:::. r;r~.*..tr:c:~t~.:r.,:~±:.~;i.~:n~~::~i.ui~i,uppi~•rnrntfhrc•~crn:~n[s:ind:iKrc~menG~ufthis~lnrtKaKeasifthe
r.~:r* ~rrr a ~,irl Gr~r:r
~ Protection of [.ender'e 5ecurity . If Fiunuwer fa~ls w perf„rm the ctin rnan!e and agreements contained in thie Mortgage, or if any
action •~r prc~eed~ng ia commenced w hich matenaily~ af(ects I.ender's ~neerest ~n the Property, including, but not limited to, eminent domain,
insol.enc~, a~de enf~,rcement. or arrangements or pmceedinKs ~n~•olving a bankrupt or decedent, then Lender at Lender'e option,upon
notsce to F~rn~wer ma}• malce such appearancee, d~sburse such suma and take such action ae ie neceaaary to prottrt l.ender'e intereat,
includ~ng, but net I~m~ted to. d-sbursement of reasoaab[e attorney's tees and entry upon the Pruperty to make repaire. If Lender required
rnortgage insurance ~~ a cond~uen of making the loan serured b~• th~s titortgage. E3orrower shall pay the premiume required to maintain
euch maurance in effert unt~t such time ae the req~-rement for surh ~naurance terminatea in accordance with Borrower'e and Lender'e
~~ntten a~eeme~e or appiicable Iaw• Borrvwer shall pay the :unuunt ~>f all murtgage ~neurance prerr~~uma in the manner provided under
paraRraph 2 herevf
An~• amounts dk4bursed b~• I.ender perauant to th~s paragraph -, with intereat there~m, shail become additional indebtednesa of
f3orrower aecured 'oy~ this `.tortgage t~nleas &~rr~w~er and Lender agree to other terms of payment, such amounts ehall be payable upon
not~re from I.ender to Bnrrow er requ~png pa> ment there.~f. and shall bear ~nterest fn~m the date of diaburse~nent at the rate payable from
time w ume un ~~s:[atand»R pnnc}pal under the \ote unlea~ payment of ~nterest at such rate would be contrary to applicable law, in which
e~-ent ~uch am~,un« .2~aif i~ear :nterest at the h~ghest tate permisa~ble under appli,able law. tiothing contained in this paragraph 7, ehall
requ~re i.ender to incur an~ rxpense or take anr achun hereunder.
~' x 351 ~ ~~t 2~:30
~ v 1