HomeMy WebLinkAbout2939BuROwe~ and Lender covenant and agree as folluwe:
1. Psyment of Principel and Intereet. f3orrower ahal) prumptly pay when due the pnncipal ot aod intereat on the indebtednacu~
evidenced by the Note, prepeyment and latechargea aa providecl ~n the Note, and the principal uf and intereeton any Future Advnncre secured
by this Mortgage.
2. Ftitnda for Tazee end Ineurence. Subject to applicublr I.~w or U~ a wriltrn waiver by I.ender, {iortower ahHU pay to i.ende~ on the day
monthly inatallmenta otprincipal and intereat are pUyable under the Note, unti) the Note ia paid in full, a sum Iherein "F unda"1 eyual to one
twelfth of the yearly taxee and aasesamenta which may attAin prior~ty uver this MurtgAge, and ground rents on the Yroperty, if nny, plue one
twelfth of yearly premium installmentrs !or hazard insurance, plus onrtwelfth of yearly premium inst:+llments for murtgage in:~urance, if any,
all as re:-sunably estimated initially and from time to time by l.rndrr un thr basis uf assessmr~ts and bills and reasonahle c~timates thereof.
The ~nda ehal) be held in an inatitutiun the depasita or accounts of w•hich are insured or gui~rantee~i oy a Federal er State agency
(including Lender if Lender is auch an institution)_ l.ender shull appiy the N'unds to puy eaid taxes, assesaments, insurance prrmiums and
ground renta. Lender may not charge for eo holding and applying the Funds, analyzing said account, or verifying nnd compiling xaid
asaesamenfe and bille, unlesa t.ender paye Borrowe~ interest on the F unds and applicable law prrmitx l.ender to make auch a churge. E3orrower
and [.ender may agree in writing at the time of execution of thia Mortg:ige that interest oo the Funds shali be paid to l3orrower, and unlesa
euch agreement is made or applicable law requiree; such intrrrat to be paid, l.ender shall not be required to pay E3orrower any intereat or
earnings on the Funde. Lender ehall give to Borrvwer, w~thout charge, an annual accounting of the M unde showing credita and debita to the
Funda and the purpoee for which each debit to the F unds N~as made. The Funds :ue pledged as additionai security for the aums secured by thie
Mortgage.
lf the amount of the Funda held by I.ender, together with the future monthly instalimentsof Funde~ payable prior to the due datea of taxes,
assesaments, ineurance premiuma and ground rents, shall excred the amount required to pay said taxea, aasessmenta, ineurance premiums
and ground renta as they fall due, such excesa ahall be, at I3o~rower's option, eithrr promptly repaid to Borruwer or credited to Borruwer on
monthly inataUmenta of Funde. If the amount of the Funda held by I.ender s:~all not be sufficient w pay taxen, asseasmenta, insurance
premiuma and gtound rents ae lhey fall due, E3orrower shall pay to l.ender any amount neceasary to make up the deficiency within 3(-daye
from the date notice ia mailed bY l.ender to t3orrower rryuest~nK p:-yment thereof.
Upon payment in full of all sums secured by this MurtgaKe, I.ender sh:~ll promptly retu~d to fiorrower any funds hetd by l.ender. If under
paragraph l8 hereof thr Propery is sold or the I'roperty is otherwise acyuired by l.ender, I~ender shall apply, no later than immediately prior
to the eale of the Property or its acquiaition by I.ender, any Funds held by I.rnder at the t~me of applicatiun as a credit againat the sums secured
bf thie Mortgage.
3_ Application ot Paymenta. Unless applicable law pr~~vides utherw~se, all payments received by I~nder under Lhe Note and
paragraphe 1 and 2 hereof ehall be applied by I,ender first in payment of amounts payable to I.ender by E3urrower under paragraph 2 hereof,
then to intereat payable on the Note, then tu the principal of thr Nute, and then to ~nterest and pnncipal on :iny Future Advances.
4. Chargea; Liens. ltorrower shaU pap ~11 taxrs, assc~sments .~nd uth~•r charK~~s, finrs;~nd ~mpusiUuns attrihutable tu the Property which
may attain a priority over this MortK;~K~, ;,~a i~.~s~t~„~~i ~.iymFnt~ ur Kr~~und rrnts, i(any, in the munner pro~~idid under paragr~ph'l hereof or,
if not paid in such manner, by Rorrow•er mak~nK p:iy~mt•nt, w•hrn dur, dirtY•tl}• tu the pa~•rr therruC tiurruw•cr shall prumptly furnish to I.ender
all notices of am~~un~ti due undrr this paraKraph, and in thr t•~~rnt tinrr,~w•er sh.~ll makr pay~ment dirtY•tl~•, Rurruwer shall promptly furnish k-
l.ender receipts evidrncing such pa~•mrnt~v }t~,rtuwer sh:Jl prumptly disch.~rKe~ .~ny lirn vrh~ch h:~s priunty u~•er this ~tortKaKe; provided, that
Borrower shall not F~ r~uirec! tu d~seh:~rKr an~• sui•h li~•n su lun~; :fti I{/IRUK'Pf tillall ciKree ~n writinK tu the• p:iymrnt uf thenhliKati~>n scrured by
such lien in a manner accrptablr to 1 xndrr, or shall tn K~wKI faith c~~nt~•tit ,u~•h 1-t•n by. ~~r defrnd enfuri•rm~•nt uf such hen ~n. Ic•~;e~l procrrdings
which operate to prrvent thr enfurcrment uf the licn ~~r furft•~tun• uf thr 1'n~prrh• ur :~ny p:irt thrrr~~f
5. Hazard Insuranc~•. tiorrnw•er shall krep the ~mpruvrmrnts nuw rx~stinK ur ht•reafterert~c•ted on thr Properh~ insur~l aKainst loss by
fire, hazards includrd with~n the term "rxtend~rl cuti~~•raKr," and ~uch uthrr hac:irds as Ixnder may reyuire and in such .+mounts and forsuch
periods as Ixnder m:-~• r.~yuire; pruvidi~l, that Lrnd~r sl~:~!! n~~t rt•ywre that thr amount uf yuch cnvE~raKe ex~•t~ that amuant of c~~veraKe
requirecl to pat• the sums src~ureY1 h~• th~s ~1ortKcfKf•.
ThP insurance c:~rrirr pnn~id~ny; thr ~nsuran~~r ~hall hr ~•hu.~•n hc 1{~~rruNe•r ~ub~~•i~t t~~ apFrru~:~l b~~ 1.~•ndrr, pn~~ idw1. that su<•h appr~~~:~1
uhall not be unreasunably w~~thheld All prrm~um. ~~n in~ur:in~~~~ p~~lu ~r. stsal) IN• p:ud ~n th~• m:~nnrr pr~n~i~1~•d undrr p:~ra~;raph'L hYnY~fnr. ~f
not paid in such manner. b~• K~~rruw~rr m:~k~n~; p:~~m~•nt, whe•n ~lu~•. d~n•~~th tn th~• in.uran~•F• i-;~rnt•r
All insurance policies and rrnewals th~•re~rf sh.+ll t~• ~n (urm a~•i~eptahle~ G~ I,rndrr:+nd shall incladr a standard murtgaKeciause in lavorof
and in form accepiabletu Irndrr. l.rndF•r tih.iU ha~•~~ th~ nKht tn hnld th~~ p~~l~rit-s and n•nrw•als therr~~f, and li~~m~wer shall prumptl~~ turnish u,
-.ender all renew;~l nut-ces and all re~•r~pt. of paid prrmium~ In thr r~•r~~t uf lus~. li~~rn,w•rr shaii K~. r prumpt n~~t~ce G, thr ~nsur.~n~~e c.~rrier
and I.ender. I,ender may make pnK~f r~f luss ~f nut made• pn~mptly hy linrrovicer
Unlesa l,ender and li~,rruv-er utherv~•itit~ aKrcti• ~n wrttin~;, in~ur:uu•r pr~rc•t~J~ 5hal! tw appl~rd to resturaUun nr repair of the 1'ruperty
damaged, providrd such rf•su~r.~ti~~n ur repair is i•c~~nunu~:~ll~• f~:-sihle .ind the ~r~~unty uf th~s :11ortKaKe is not thrreby impairrd. !f such
rrsWration or repair is nnt rconumii•all~• f~ :~~ihlt• nr ~f th~• xcY ur~ty nf thi~ ~1urtKFi~;P K'I~UId fl!• ~rnpairc•d, the insurancr pn~cercls shall beapplied
to the sums secured by this MortKaKe, with th«• ~•x~~~•,~. if anc, pc~id t~~ Rurmw•e•r. If the~ F'ro~•rty ~s ab.indunrd by Ii~~rruw•er, ur if Ii~,rrnwer fails u~
reapond to [.ender w~thin :3~- da~•s fr~~m the datr n~~ti~ ~• i~ mx~1~Yi b~• I ~•ndrr t„ linrruwrr that the ~nsurance camer nffers tn.r-ettle a claim for
inaurance benefits. [.ender iti authuntt~~ tu t•ullrrt und appl~• th~• ~nsur.+nrt• pnN~tY•d.:~t I.ender's optinn either to rr~toration ur repair of the
Yroperty or the sums secured by th~s ~1nrtKaK~•
Unless I,ender and 13.mux•t•r utherw•ise aKn•.• ~n w•nhnK, an~• su~•h r~pplic.~tiun nf pr~x~rrds to pnnc•~p:~l shall nut extend ur poatpone thedue
date o! the monthly installmrn~~ rt•fPRed t~~ ~n p:~n~Kraphs 1 and 'L ~u•m~rf ur c•h.~nKe th~~ amuunt of such insGillmrnts- If under paraRraph 1K
hereof the Property is acquired br~ I.rnd~~r, all riKht. titlN and intrrest ~~f Rurr~~wer in and to any intiur.+nce pr~licies and in and to the procerds
therer~f reaultinR from damaKr t~, Pruperty prinr to the~ tialt• nr a~yuisitinn shall p.iss tn f.ender to the extent of the sums secured bv this
Mortgage immediately prior to su~h sale r~r ric•quis~tiun.
6_ Preeervation and MaintenanceotPr~-perty; I.ei~SPF10I(~9;('ondominums; I'lenned C.'nit Developmente. Iiorrowersh311 keep
the E'ruperty in K~x~ repair and ~h:~l( nut cummrt watite ~~r p~•rmit ~mpa~rment or dF~tenorat~on of the PrupNrty and shal) comply w~th the
provisiona oi any leaae ~f this !11~~rtKaKe ~s on a It•ast•hidd. If this 11urtKaKr is un a unit ~n a cundominium or a planned unit development,
E3orrower shall pertorm all of Ftorrower's obliKati~~ns undrr thf• dc-~•lar.:t~nn urcu~•e•nantK ~ n•:~Un~;or KovPrn~~g theconduminium or planned
unit development, the h~'-~ilK'F and reKulatinns uf the n~ndum~nium ur plannecl enit ile~•elupment, :~nd conAtituent documents. If a
condominium or planned unit de~~rlupmrnt ndt•r is P%W'UIfYI IIY IA~R~~Nt'f and rtY•ordi~ tuKt•ther w•~th this ~lortgage, the a-venants and
aKrrements rrf such ndrr sh~ll tx~ ~n~~~,rp~~rat~~d ~nt~~ :~nd .hall an:~•nd ,+nd ,uppl~•ment thr ro.~enants .ind :iKn~•ments uf th~s ;11ortKaKe as if the
nder wrre a part hereuf.
7. Protection ot Lender'e Security. If Korrower fails U~ perfo~tn the c~venante and agreemente contained in thie Mortgage, or if any
action or proceeding ie commenced which materially aftectc+ I.ender's interest in the Pruperty, including, but not limited to, eminent domain,
ineolvency, rnde enforcement, or arrangemente or pmceedinga involvinq a bankrupt or decedent, then [.ender at l.ender'e option,upon
nutice to Borrower may make euch appearancee, diaburse euch sums and take auch action ae ia neceaeary to protect [.ender'e intereet,
including, but not limited to, diebureement of reasonable attorney'a fees and entry upon the Property to make repairo. If [.ender required
mortgage ineurance ae a condition of making the loan eecured by this Mortgage, F3orrower ehall pay the premiuma required to maintain
auch ineurance in effect until euch time as the requirement for such ineurance terminatea in accordancv with Borrower e and I.endei e
written agreement or applicable [aw. Borrower ehall puy the amount of all m~~rtg~Ke ineurance premiuma ~n the manner provide~ under
paragraph 2 hereof.
Any amounte dieburaed by Ixnder pereuant to thia paragraph 7, w~th intereet thereun, ahall become additiona) indebtednees of
Borrower eecured by thie Mortgage. Unlesa E3orrnwer and I.ender agree to other terrne of payment, auch amounte ehall be payable upon
notice from Lender to Borrower requeating payment thereof, and shall benr intereat frum the date of diaburoement at the rate payable from
time to time on outetending principal under the Kote unlexs payment of ~nterent at such rate would be contrary to applicable law, in which
event euch amounte ahall bear intereat at the higheret rate pertn~sxible under applicable law. Noth~ng contained in this paragraph 7, ehall
require [.ender to incur any expenae or take any action hereunder.
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