HomeMy WebLinkAbout2943liurruwer and l.ender covenant and agree as lollowa:
l. Payment of I'rincipal and Intereet. E~orrowe~ shall prompUy puy when due the principal of and intereat oss the indebtedi~ese
evidrnced by the Note, prepayment and latecharges aa pn-v~drd in the N.~te, and the principal of and intrrret un any Futu~e Advu~cea secu~ed
by this Mortgage.
'l. Funds forTaxes and Ineurance. Subject to applic.~ble law ur tu a written wuiver hy l.ender, F~~rrowerahull pay to I.enderun theday
monthly instalimentx of pri~cipul and inlerret are p~yable undrr thr Note, until the Note ia paid in full, a sum iherrin "h'unds") ryual to onP
twelfth o[the yearly tuxes and assexsmenta which muy att.~in priurit~~ uver this MurtKage, and gruund rent~ on the E'roperty, if c~ny, plua o~ir
twelfth of yearly premium instnliments ~ur hazard insurance, plus unc: twelfth of yrarly prem~um -nstallmrnts fur moRgagr in~ur.~nce, if any,
all as reasonably estim~trd init~f~Uy und from limr to time b~~ I.rnder on th~• b.+si+uf uss~:+s~rt•ntti und biils and rrasun:ible rstimutrs thereof.
The Funds ahall be held ~n an inatitutiun the depus~ls ur accoun~~ of which are insured or guarantred by a Federal or State agency
lincluding I.ender if l.ender ia such an inetitution). I.ender shaU apply the Funda to puy said taxea, assessmentA, insurancr premiuma and
ground rents. l.ender may not charge for eo holding and appl~•ing the Funds, analyzing said account, or verifying and compi6nK said
asaeasments and bills, unless [.ender paya Burn,wer intrrest on thr Funds and applicable law prrrnits (.rnder tc~ makesuch n churge. liorruwer
and l.ender mny xgree in writing at the time of exerutiun ~~f this Murtg:ige that intrrest on the Funds shall be peid to Borrower, and unless
such agreement is made or applicable luw requires auch intrrrst to be paid, I.ender shal) not be reyuired to pay B~~rrower any intereal or
earnings an the Funds. I.ender shall Kive to Borruwer, withuut charge, ~n nnnual accountinK of the Funds shuwinK credits and debite; to the
Funds and the purpc~se for which ench debit to the Funds was mude. 'I'he Fund. are piedKEd as ~idditional security (ur thesums eecured by this
Mortgage.
lf the amuunt of the F unda held hy I.ender, tuKether with the future monthly~ inst:~liment~s uf N'unds payable prior to the duedatrs of taxes,
axarasmentr, insurance premiums and ground rents, shall ex< <~ed the :~muunt reyuired to pay suid taxes, :-asrssmrnta, insurance premiums
and ground rents as they fall due, such excess shsll t~e, at tiu~TOwer's upt~uQ; eithrr prc~mptly repaid to Burruwer or crrdited to f3orrower on
monthly inetallmenta of Funds. lf the amount of the F unds held by I.rr}iier ahall nat be sufficient to pay taxea, assexsments, insurance
pmmiums and gruund rents as they tall due, Fiorrower shall pay tn 1~•nder any :~mount necrssary to make up the drficie~cp within 30 days
from the date r.otice ia mailed bv !xnder to fiortower rE•yur~t~nK payment thereof
lJpon payment in full uf all sums secured by this t~tortKage,l.c~nder shall prumpUy refund to 13orrower any funds hrld by l.ender. If under
paragraph 18 hereof the Yroperty is sold ~~r the Property is uthc•rwise acyuired bc I.ender, l.ender shall apply, no later than immediately prior
to the sale of the F'roperty or its acyuis~tion by I.endrr, ~iny Funds hrld by 1 A•ndc r at the time uf applic.itiun as a credit aKainst thesums secured
by this Mortgnge.
3. Applieation ot Paymenta. t'nless applical.le !aw• pruvidt~s othrrw•ise, all payments receeved by I.ender under the Note and
paragraphs 1 and l hemnf shall t-e applied by I,ender fir~t in payme~nt nl,imuun[s payable to I.rndrr by Korruw•er under paragraph 2 hereof,
then to interest payable on the Nute, then to thP princ~pal uf thr tiutr, :~nd then t~~ interest and pnncipat on any Future Advances.
4. Chargee; I.iens. liurruwer sh.ill Esay all taxrs.:~„c•.:nu nt. and :~th~•r~-harKes, fin~•.:~nd ~mp~~v~tiuns attnhutableto the Property which
ma~• attain a pnoritr ucrr this':11nrt~;:~~;~•, ,ind tr:~st•h~~ld p:i}•mt•nt. ur ~;rnund re•nt~, if.iny, in thi• mannrr pruvidc~i under p.iragraph 2 hereofor,
if not paid in such mannPr, h~~ iinrr~~~t•r mak~nK pay rm•nt. whrn dur, d~r~•~•th- a~ tht~ p:~yt~«• tht•rc.~L Itnrruw•e~r tih;~ll promptly turnish to [xnder
ull notices uf .im~~unts duk~ und~~r thi. p:~r:~~;n~ph. :+=id ~n thr e•~•rnt fi~~rn~H ~~r ~hall m:~kr pa~•mrnt dsrrcth•. }~nrruN~rr vhall prompth furnish t~~
Iw•nderrcK•ript~e•~•~drn~•~n~;suchpacm~•nt. K„rr~~w~•r.tr.~llprumpll~~d~srhar~r:~n~lirnK•hi~~hh:~.pni~rity~u~~•rth~.llortK.~Kr:prin•ided.that
fiorruw~er shall nut tk~n•qwred t~~d~.~ }s:~r~;~•:~n~ .wch lu•n ~~~ lun~::Iti K~r(TI~WYrsh.~ll :~KrF•~•~n H•n[in~; t~~ thi• pay~nrnt~~ftht•~~bltK:~tiun securrd by
tiuch lien in :t manner ai•ct•ptahlF• t~~ Li•ndrr ~~r ~h:~ll ~n ~;n~~d (:uth r~~nt~•.t tiu~ h I~rn 1r~, ~~r d~•f~•n~1 ~•ntun ~•rn~•nt ~~f w~ h lirn in, le•~;.il prucerelinKs
w•hich opt•rate tn pre~•t~nt thr rnf~~rce•in~•nt uf lh~~ -irn ~~r furf~~~tun• uf tF~t• !'rnpr•rt~ ur :~n~ p:~rt thrreti~f.
5. Ht~zard Insurt-nce. fSurucv<•r :f~all ke•i~p thr ~mpruae•mt•nt5 n~~w• i•xistinK ~~r h~•rraft~•r c•rr~•tcd ~~n tht~ 1'ruprrty insurrcl aK.iinst luxs by
firr, haceirdti in~~lud~~d w~~thin thr t~•rrn "extend~~! ~•i~veraKr•," and such uthk~r ha~ard~ as Lrnd~~r may re•qu~n• and in such amuunt~ti and forauch
~•n~x1s ;~s I.c•nder rn:~~~ rryu~n•, pn~~'t~l~•d. that Lrndrr .h:~il n~~t rryu~rr that th~• am~wnt ~~f su~•h ~~~~~•t•r:+~r ~•xi•tnrl that .-muunt of coveraKe
rtK~w~rd tu p,~~• thF~ sum~ sr~•unK1 h~ th~s ~1~~rt~;:~kr
The insur.im•~• ~:~rnt•r pr,~rnl~nk thr i~i.ur:~nrr ~h.~!! h~•, }n~.~~n h~ li~~rr~~w~•r suh~~•rt t~~ :~~~F~r~n.~! h~ L~•n~lrr. pr~~~ idrd. tha[ sut~F~ appruval
sh.~ll m~t IN• unn•aMin:~hl~• ~+ithh~•lii :VI prriii~cm• ~~n in.ur.~n~ ~{i„'ti~ ~~•. ,h:~ll !H• pa~~1 tn thr m:snn~•r F~n~~•u1,•~! un~l~•r p.ir.~~;r:~ph 2 hF•rtr~f ~~r. ~f
n~~t paid ~n su~•h m.~nnrr. h~ ft~~rn~u~•r rn.~k~n~; p:i~ nu nt. ~~hrn ~lu~•. ~f~n•~ tl~ t~~ th~~ ~n~ur.uu~t~ ~•arnt•r
Ail insurance {~~L~~ir~ and n•nt~w:il~ th~~rt•~~f sh:~ll h<~ in f~~rm a~-~rptab;r tu I••nd~•r:~nd .h:~ll in~•ludr a,tandard murtKaKeclau~e ~n favorof
and ~n furm :~cc-eptabl~• t~~ 1~•ndrr 1..•nd~•r.hall hac~~ thr nRht G~ h~~ld the• ~~~~~i~ ~~~.:in~i n•nrwal. tht•rruf,,ind it~~m~wertihull prumptly turnish G~
i,ender all renrw•al n~~hcc•~ an~1 :+It re~i•r~pt~ ~~f p:ud prrnuu~n. In the•~~~~•~~t ~~f {~~... 1{~~rn~Hwr shall K~~~t~ pru~n~,t n~~h~c• U~ theinsurancecarrier
and Imnder. l.ender m.tc make pnwd nf In.s ~f nut madr pn~:nptl~• h~ fi~~rruwer
l'nless I.rnder .ind fi~~rruuE•r ~~th~~r~~.~• a~nr• ~n Kf1IlIl~;, III~Uf:~n~•~• pr~N~•e•d..h:iil tw ;~pplif•d tn rrsturatiun ~~r repair of the Property
damaaed, pru~•:dtYl suc~h rt~.t~~r:~ti~m ~~r r~~p:+ir ~~ rrun~~rni~ alI}' (~:~~iblr :~nd th~• stY unt} ~~f this ~1nrtKa~;e i. n~d lhrreb~• impaired. If such
rrsGiration or rep;-ir is n~~t F~cnn~~mi~•:~li ~• fr.~~i h!r ~~r ~f thr .~ti~unt~• uf th~. 11nrt~:+~;r w~~uld t~e~ ~:npaued, th~~ tnsur:~nce pr~ticreds shall be appli?c1
tothesumssecurt~ii~}-thi~ll~~rtk:~k~•..+~~thtt~r~x~.•., if:u~c.p.u~1t~~Knrn~we•r (fthe•i'n~{K•rt~•~sah~~ndunrcl6yK~~rruw•er.orifli~~rruw•erfaits4~
re,pund tu t,~~nd~r µ~ith~n :i~ d:iy ~ fr~m, th~• d:~a• »~~t~~ ~• ~. ,n:~~L~i hy 1.~•n~~~•r t~~ fi~~rr~~w~rr th:~t thi• ~nsur:inr~ c:imt•r offe~r~ tu settle a claim for
inaurance tx•ne•fit~. I,~~ndt•r ~s ;wthun~~•~l t~~ ~ ulb•~ t:~nd :~ppl~ thf• in~urani ~• pnn-rt~d~ :~t I,c~ndNr~< <~ph~~n r~ther t~r rF•stur~tiun ~~r repair ~~f the
Property ~~r thr sums tircured }iy~ th~~ ~1~~rt~;aK~~
Unless I.ender and E~~rn~wt~r uthrrN t~c a~;rfti• in w•nt~n~;. ~~ti~ w~ h appLi atwn ~~lprnci•rds tu pnncipal sh:il! not extend or pr~stpone thedue
date of ihe munthly installmc•nts nde~rn~il t~~ ~n par.~~r:+ph. I:ind '_' 6rn•~~f ~~r ~•hunK~• thr arnuunt uf sw•h ~nvtallments. If under paraKraph lK
hereof the Pm~ertr iti a~-qu~n~ri hy~ I~e•n~1~•r. all n~;ht. utl~• :~n~i ~nte•rr.t ~~f It~~rr~~.+t~r in :~nd t~, an~• insurance ~~licirs and ~n and to the procc~ecls
thereuf resultinK fr~~m d.ima~N t~~ 1'mprrty pn~n t~~ the• ,al~• ur :ii~~~~sitl~~n .hall pa:s t~~ I~•nd~•r t~~ the rxtrnt of the sums secnreci b~• this
~turtK.iKe immecliat~•1~• pn~~r to such .alr or a~•yu~s~uun.
fi. Preservation and ~lainti•nance~-f 1'rupt•rty; Iw~t~ti~•huld~; ('unduminumw; f'lannrd l'nit Uevelopmente. Borrow•ersh~~ll keep
thP Proprrtv in K~r,d re~pair and shall nut cnmmit Ka~tr ~~r p~•rrmt :mp:urrne•nt ~~r i!~•tenurati~~n ~~f the~ }'roprrt~~ and shall cumph• with the
pru~~i~~una ~~f ,iny lease ~f this ~1~~rt~;:~Kr ~y ~:n :~ I~ :~.~~h~~l~i If th~. ~L~rt~;:~R~• i~ ,~n :i un~t in :~ ~~~+.id~~m~n~um ~~r a plannrd unit develupment,
F~~/RI~N'pr sh.~ll perf~rrm :ill ~~f Knn~~w~~•r'. nbL~;:~t~~~t~~ un~i~•r tht• ~i~r~l:~r.~hun ~~rc•~~vc•nant~ ~~r~ :~hn~:or Kuvern~nK thecundominium or planned
anit devetopment, the~ hy i.~K~ .~nd rrKui:i;i~m. uf th~• ~•~mdnm~nn~~r. ~~r pl:~nnt~l umt dr~~rlupment. :~ttd constituent dccumentx. If a
~•undumin~um ur planne~d un~t dr~r•i;~Enn~~nt ndcr i~ ~•x~~~•ut~•d trc fS~~rr~~~~rr :u~d n~~•ur~1r~1 t~~K~•th~•r w~~th this :~1urtK:i~(P, I~1P CUVE•nanG+ and
nkre•~~mt•nts ~~f ~uc•h nder ~hali h~• ~r.~ ~~rE~~~rat~•~! int~,.~nr} .h:~ll :~m~~n~1 .~n~i .u~~Frt~•n~~•nt th~•~ „~~•n:~nts:u~d ay;rrrm~•nt~ufthis \1~~rtKaKeasifthe
rid~~r wr•n• a p:~rt hrrruf. .
7. Protection ot I.ender'e Security. If Rorrnw•er fa~1y dr pert~~rn~ the rnvenantx and :~Kreementa contained ~n thie Mortgage, or if any
action nr pn~ceedinR ie commenced which matenally affectra l,c•nder'e interext ~n the i'ro~rty, including, but not limited to, eminent domain,
ini+olvency, rnde enforcement, or arranRementn or pr~K•eedinKs ~nvulvinR a bankrupt or decedent, then Lender at l.ender'e option,upon
notice to Borruwer may make auch appearancee, disburse euch sums :~nd take such act~on as is neceesary to protect l.ender'e interest,
including, but not limited tu, diebureement uf reaeonable attorney'y fe~ee and entry uExm the f'roperty to make repaira. If I.ender required
mortgaqe ineurance as a conditiun of making the luun secured by thia MortRaKe, F3orrower shall pay the premiume required to maintain
eruch ineurance in effect until euch time as the reyuirer~ent fnr eoch inaurance term-natea in accardance with Borrower's and I.endei s
written agreement or epplic~ble [,aw. $orruwer Nhall pay th~• amuunt ~d all mortKaKr in~urance prrmiume in the manner provided under
paragraph 2 her~,t.
Ar-~y amounts diebursed by I.ender pereu~+nt U~ this par:~graph 7, with intrrret thrre~m. Rhall become additional indebtedneea of
Borrower aecured by thiA tilortKaKe. l'nfe»s F3~,rruwer and [.ender aKree u~ uther terms of payment, such amounte ehall be payable upon
noUce frum Iv_nder to Rorr~iwer reyuestinK payment thert~,f, and Hhj~ll ht•,~r intrreat from thr d:~te uf d~xburaement at the rate payable from
t~me u, time on uuta+tandinK principal under th~~ tiute unle5~ paymen! ~.f interf~At at such rate would t-e rnntrary to applicable law, in which
event su~h am~,unts ehall 1x~ar intrrest at the hiKhret rate permiwa~blr undFr appli~~able law. tiuth~ng ~ontamc.i i~i thie paragraph 7, ehall
requ~rP f.ender W inc-or anV e![{x~nae ~x Wke any act~on hereunder.
E.~:'~K351 Y~~f2938