HomeMy WebLinkAbout2968Rurrower and lrnder cuvenant and agree as folluwa: ~
l. 1'eyment of I'rincipal and I~terest. $ormv-er shall promplly pay when due the principal of and intrreet un the indebtrd~ess
ev~denced by the Note, prepayment and late chaigeaus pn~vidrd ~n the Note, and the princ~pal otand interrat on any F uture Advances secured
by thie Mortgage.
2. Funde fo~Texes ard Ineurance. Subject to upplirable I.iw~ ur tu a writtrn w.iiver by l,endrr, liorrowrrxhall pay to Iw ndetun theday
monthly installmenta of principal and interest are puyxble under the N~~te, until the Note is pAid in full, a sum Iherein "F unds"- rqual to one
twelfth of the yearly taxes and assrssmente which may attnin priority uver this Mortg:~ge, and Rround rentr, un the Property, if ~ny, plus onr
twrlfth of yearly premium installmenta for hazard inau~ance, plus unc~twelfth of yrarly premium installmrnts fo~ mortge~ge insurance, if any,
aU ua reasonably estimated initiiilly and from time to tiroe by I.ender on thr bus~s of assesxments and bills and reaxunablr E~timates therec~f.
The Funda ahall be held in an inatitution the depoeits or accounta oC which are ii~sured or Ku.irant~d by a Federal or State agrncy
iincluding l.ender if [.ender is auch an inetitufion). I,ender shall i~pply the FunJs to pay xaid taxes, absearmenta, in~uran~~ premiums and
Kround rents. i~ender may not charge for eo holding and applying the Funds, analyzing said account, or verify~ng and c•umpiling ~aid
assessmenta and bills, unleaa I.ender paya Borrower interrat on thr F unds aind applicAble law perm~ts I.ender to make such a charge. Borruwer
and l,ender may agree in writiog at the time of execution uf this MurtgnKe that intere~t on the F unds ahall be paid t~ 13ormwer, and unlesa
r~uch aKreement is made or applicable law reqwrea such interest to be paid, l.ender shall not be requircY! to p~y Borruwer any ~ntereat or•
earningn on the Funde. l.ender ahall give to Rorrower, without charge, ~in annual accounUng of the F unds shuwinK cr~itrf and deb~ta to the
F unde and the purpose for which each debit tu the M unda was made.'fhe Funds <;re pledgect as additiunal security for thr suma secured by th~e
~lortgage.
If the amount of the Funde held by I.ender, toKether with the future munthly ~nstallmenth of Funds payable pnur to the duedatrs af taxee,
assessments, insurance premiums t~nd ground rents, shall exc~~c! the amount reyuircd to pay said taxes, assrssmrnts;, ~nsurance premiums
xnd gruund ren~4 as they fall due, such excess r~hall be, at E3o~TUwer's option, either prumpth repaid to Borre,w•er or i•redited t~~ Borrower on
monthly inatallments of Funde. If the amc~unt of th~_ Funds held by l,rnder shall not be suffic~ent to pay tazes, assessmenta, insurance
premiums and ground rents as they fall due, Borrower shall pay to.l.ender any eimuunt nec•ess~ry to make up the deficiency vvithin :i0 dHys
frum thP date notice is mailed bv t.ender to fi~rmwer requesunK payment thertnf.
LFpon payment in full of all sums secured by this htort~;age, I.ender shall prumptly refu~d to l~~rruwer any funds held hy I.ender. If under
paragraph 1R hereof the Property is suld ur the Proprrty is utherw~se acyuired b~• I.ender, I.ender shall apply, no later than immed~ately prior
a~ Ehe sale of the Property or its acq uisitian by l.ender, any Funds held by l.c~nder at the t~mr u(appLcz+tiun as a: redit aga~nsi the sums secured
by this Mortgage.
3. Applicatian of Paymenta. Unless applic~blp law pru~•~drs othe•rw~~se, all payments receivrd by l,ender under ihe Note and
paragrapha 1 and 'L hereof ahall be applied by I.ender fi~t ~n paymrM of amuun~s p~yable to I.endFr by Borruw~er under paragraph 'l hereof.
then to interest ~yable un the Note, then to the pnncipal of thr \ute, and then t~~ interest and princ•~pal on any Future Ad~•ancrs.
4. Charges; l.iens. Fiormwer sh:ill p.-~~ all tazes, a~s~•ssmrnts and utht~r rh:~rK~~s, fin~~s ;~nd im~H~siUuns attnbutuble lu the Yropeny which
rna}• attain a priurih~ u~•Fr th~s \1~~rtKa~;F•, and Ir:~s~•h<~Id p:~ymrnts ur ~;n~und re•nts, if an~•, ~n thc mannrr pru~•~d~Ki under paraKraph 2 hercY~for. '
~f not pi~id in such m:~nnf~r. t~~~ R~~rr~~N~f•r mak~n~; p:tyme•nt. w~h~•n dur, ~iirt~i tl~• t~~ th~• pur~~• thrr~~~f tiurruw~t•r ~ha:l prumE~th• furnish to I.ender
ail notices of .imounts due und~~r thi. {r:~r.~~;r.iph. :ind in thF ~~vi•nt Ii~~rn~w~~r .hail makF• pa~~mt~nt duri~th~. Knrn~we•r shall prum~tly furnish to -
I.rnder rec•riptti ~•ti idrn~•~nK ~uch p:~~ m~•nts ISf~fTuK'Pf tihall E~romptly~ d~.~•h.vK~• :~m• lu•n w h~ch h:u priuntt• uct•r this ~1urt~;:~ke. pr~,.•ided. that
Fiorrow•Fr ~hall nnt M• r~•ywrrd tu dis~ h,u~;t• an~ sueh !:c•n cu lnn~; :1ti I{~)R~~K'Pf SII:III :i~,~r~•r ~n w r~UnK b~ thr p:~cmrnt ~~f the-nbliKat~~m s~•ured by
wc•h lien ~n a mann~~r a~•rrpl:ihl~• t~~ L~•ndt•r. ~~r tih:+ll m~;~~~K! f:~ith runt~~.t su~ h In•n ti~. ~irdrfe~nd rnfu.~ rme•n[ ~~f s~~ h lu•n ~n. Ir~;al prui~r~~linKs
Nhich upt•rat~~ t~~ pn•~•~•nt thr e•nfurcemt•nt ~~C the l~en ~~r f~~rf~•~tun• ~~f tht• !'r~~p~•rt} ~~r an~~ p:~rt iht•r~~rf
5. NHZard Insuranc~•. Fium~arr,hall krrpth~• ~mpr~~v~•mrnts n~~w ex~.hn~ nr hert nftrr rrrct~•d un thr f'ruprrtt• ~n,urrd ~+K.unsl luss by
fire. hazard~ inrlud~•d w ith~n tlu• u•m~ "~•xtF•nd~Y1 c~u~•rr.~Kt•.'~ :~nd w~•h ~~thrr haza: ds .~s I.t•nde•r ma~~ rE•ywrt• and in ~uch umuun~~ and forsuch
pe•n~K~s .is I.~~ndrr m:~.~ «~~,~~.~•: ,,~.,.~~~i,~i. ~r,:it_I.~~ndrr sh:J! n~~t rryu~rr th:~t th~• amuunt ~~f ~u~•h ~~~~.F•raK~• E•xrt~eri that amuunt uf cm•eraKe
rt~yuirrd tu pu~ the~ .um~ ~rrur~Y1 h}• th~. \1~~rtK:~~r
The ~nsur.~ncr r~rnre pr~~~ ~din~; thr tn~ur:inr~• ~h:~ll ia• rh~,•~•n i~c lt,~rn,Ne•r ~uh~e•rt ti~ .~pprn~.~l hc I.rn~lrr. {~r~~cid~yl. th:~t .uch :~ppru~el
shall nnt M• unn•:~.~~na1~l> withh~dd :\li pr~~m~um. ~~n ~n~ur:un ~• ~~~~I~~ ~~•. •h:~ll 1~~ p,u~1 ~n th~• mann~•r pn~~ ui~•d undrr p:+r.~~;r.~ph'_' h~•r..~f ~~r. if
n~~l p.ud ~n wrh m:~nn~•r. h~ It~~m~w~•r m:~kin~; p.+cm~~nt. wti~•r ~lu~• ~I~r.~~ tl~ t~~ th~~ in~nr.~nc•• ~.~rrit•r
All insurance ~~lir~r~ and rt~nr~.~l~ tht•rruf .hall Ik• in fi~rm :~~ c~•~rt:~hl~• t~~ lw•ndrr :+nd shall ~nclude;~ ~tandard murtkaKe clausr in favor uf
and ~n furm a~ceptvl~lc• tr~ (~•ndrr 1.~•nd~~r.hall h:~vi• thr n~;ht t~ ~ h~~ld eh~• p~~Lr~~•~ and n~n~•w~yl~ thi~rr~~f. and fi~~rn~~+er sh:~ll pr~~mptlc furn~~h u~
i.ender nU renew•al n~due~ an~ ail rr~~f•~pt. ~~f p:~~d prrm~u[:is In thr ~•~t•ut uf i~~.. -i~~rn~~•rr vh:+ll Ki~~• prnmpt n~~ticf• te~ the~ ~ntiurance carrier
and (.ender- I.rndPr m:~~~ rn:+ke pr~N~f nf lu.. ~f n~~t mad~• ~~n~mpth~ hc F:~~rruwrr.
linlesc I.endrr :~nd (i~~rr+~w•er uthrrN•~.i• aKrw• ~n wnt~n~;. insurani~e pnN rrd~ sh:~U ~x• appl~rd to rrsturauon nr rrpa~r of the Yro~rt~~
damaKed, pruvid~d sui-h nrt~ratum •~r rt•p:+ir is .•~•un~~mic•.+Ilc fra.ihlr and the st~c•unty nf thi~ ~1nrtKaKP ~c n~~t thrrrb~~ -mp.~irrd. If such
restnratiun ~~r repair ~. n~~t W~r,numi~ :~ll~ ft•.+.ihl~• ~~r ~f the• .~Y~unt~• ~~f th~. ~inrtK:l~!f• N/IUI(I F1e ~:npaired, thr insurance pr~N~rtds shall t~r appl~ed
to the sum. securt~l tr~~ th~s 11~~rty~.~Kt•. w-~th thr~•x~ ~•.~. ~f an~ . p.ud t~. RnrruN~rr If thr !'r~~~rtc ~~.ih;ind~~ntY1 by Rnrn~x~rr. nr if FS~~rr~,w•er fails U~
rr,p~~nd to I.endt•r w~~thin .s~~ ~ia~~~ fn~m th~• ~l:itr~ nuh~ ~• i~ ma;l.v1 bv 1~•nd~•r t~~ ft~~rn~w~~r that thr ~nwrancr camer oNrr. tn a~~ttle a ciaim for
incuran~e Fwnrfit~, I.~~ndF•r is ;wthun~t~3 t~~ ~~~~llt•~ t:md ,~ppl~ th~• ~nseira+nce• pnw~~•~•d~ :it I,~~nder~s upt~<m e~ther tu rF-.t<~r.+tiun ~~r repa~r uf thc
f'roperty or thF• sums sEnvrc•d trv thi. ~1~~rt~:a~;~•~
L'nles~ I,er~drr and li~~rruwrr ~ rthrrN ~~F• :~Kn~r ~n wnUn~;. an ~ such .i~~ple~~aUr.n uf ~inH~~•rds tu pnnc~pal shall r.ut extend ur pust~~ne thedue
date uf the monthl~• ~n~t:~11mF•nt. ref~•nrd t~~ in p:~ra~;r:~~~l~. ;:~nd '? tu•n•uf ~~r rh:~n~t~ thr :~m~~unt uf hu~~h mstaliment-. If under paraKr.~ph 1H
herr~~f the Propert~• is acquired ht• li•nrit•r. :~ll riKht, titlf~ ;~nd irdt~re•st ~~f K~~rrnwe•r in :-nd tu an~~ insur.~ncr ~xdicie~s and in and Lo thN proceeds
thererif resultinK f-om damaKP t~~ Pr~~pFrh• priur to tht• salr ~~r ~i~qu~~~U~~n .h:~ll p.~tis t~~ 1~•ndPr to the extent of the sums secured bv this
11urtQaRe ~mmerliatel~• pnur tu surh tiale nr ac•quisrt~un
6. F'reyen•ation ~nd Naintrnance uf f'rop~•rty: Ixav~•huld.; (~unduminums; 1'lanned t'nit De~•elopments. f3~~rruw~er ~hall keep
thr 1'r~pert~• in KrN~d rt~p.~ir and ~hall not ri~mmit wc+~t~• ~~r p~•rniit imp:nrm~•nt ~~r dt•trnur:ii~un uf the I'r~pert~ and shal! comply N-~th the
pruc-sinnc c~f an~• Ira~~~ ~f thi. 11urtK:~~e i~ un a i~•acrh~~ld if th~~ ~L~riKa~e• io ~~n a unit in .- c~mdumin~~m or :+ plannrd unit de~•clopment,
Ii~:rrv~w~er ahall pvrfnrm :ill IIf I~(~RuNer's ~~hG~;at~unc und~•r lhr d~•i laraUnn ~~r ~~urrnants ~~rr:~tin~:or kucerninK the condom~n~um nr planned
un~t de~-elupment. tht• bt• I.ivcs :~nd reKul.~uun~ nf thF• r~rndnm~nium ~~r pl:innrd un~t de~•elupment, and ronstituent documents. If a
fUTI(~~)fill~llUffl /1f N~:innrd U[lIL (~~•~~~•lnpmrnt T1~~Ff Iti YXP~'U11Y~ ~1\' ~3/~R~+N'f'- :flll~ ~~,~~.~~i~•~i e.~Kt•~ht•~ N'!(fl [f11S ~~ortKaKr, the cYrvenanU+ and
.~~;rri•mi•ntv nf sw h ndrr sh.+ll h~• ~n~ ~,rp~~r:~t~•ei ~nt~~ :~n~l .h:~li :~rm•nd :+n~t .upF~tt•rn~•nt th~• c ~~~~•n:~n~~ :+nd:~~;r.~~m~•nt~uf thi. \1~~rtka~;e~+. ~fthe
ndrr wrrr a p:~rt he•mnf
7. fYotection of Lender's Security. If Kurruw•er fa~lw ur periorm the ~uvenante and aKreementA conta:ned in this Mortgage, or if any
Ach~~n or pr~x~eedinR ie commenced w•hich materialh• affect~+ l,ender'e intrreat ~n thr F'roperty, including, but not ltimited to, eminent domain,
~neoh~ency, rnde enforcement, or arranqements or proceedinKs mvolving a bankrupt or decedent, then I.ender at l.ender'e option,upon
notice to Borrower may make euch appearancee, diaburee auch sume and take euch action as ~s neceesary to protect I.ender'e interest.
~ncluding, but not timited tu, diebureement of rebeonable attorney's fees and entry up~~n the Property to make repairs. If I.ender required
murt{~age ineurance ae a condition of mak~ng the loan secured by this tilort{;aKe, Aorrow•er ahall pay the prem~uma required to maintain
euch inRUrance in effect until euch time as the r~u~remrnt G~r such inNUrance term~natee in accurdance with Borrnwer'e and I.ender'e
w~ntten aRreement or applicable law Rorrower ehall pay thr amuunt ~~f all murtqage ~nsurance premiums ~n the manner provided under
paragraph 'l here~~f.
- Any amounta dieburflcd by [.ender persuant u~ this paraKraph 7, w~th interPat ther~n, ahall herome additional indebtedneee of
Korrower eerured bp thie MortgaRe 1'nless ~~rrower and [.ender aKrre ta other terma of payment. such amuunte ehall be payable upon
nohce from I.ender to Horruwer requeHting payment therEr,f, and shall bear intereat frrrm the date of dieburaement at the rate payable from
ume tn t~me un uutl+tandinK princ~pal under the tiute unlexs payment of intrreHt at such rate wuuid be contrary to applicable law, in which
rvent Auch am~unts Rhall bc~ar ~ntereet at the highrat rate perm~saible under apphcatrle law•. tioth~ng contained tn this paragraph 7, ehall
requ~rP l,endrr U~ ~ncur any expense or take any achon hereundPr.
~„ x351 E~~U~296`3