HomeMy WebLinkAbout2976liuRUwer and l.ender cuvenant and agree a~ follows:
1- 1'eyme~t of Principal aod Interest. Horrower ahall promptiy pay when due the priocipal uf and intereest un thr indebtrdnrxe
evidenced by the Note, prepayment and late chergea as pn~vidcd in the Iv'ute, and the principa) otand interest un a~y Future Ad~•uncea secu~ed
by this Mortgage.
2. Funde for Taxee and lneura~ce. Subject to applicable luw or u~ a writtrn waiver by l.ender, f~rrower ahall pay tu t.ender un the day
monthly in~tallmenta of principal and intereat a~e puyable unde~ the Nute, until the Note is paid in fuli, a sum i herein "Funds") equal to onP
twelfth of the yearly taxes and aasesa~nente which may attain priority over this !-lurtgage, and ground rentx on the Property, ilany, plua one
tweifth uf y~•arly premium installmenta !ur hazard insurance, plus onrtwelfth of yearly premium inatalimenta for mortgage insurence, i[any,
all as reasunubiy estimatNd initially and from time to tin.e by I.ender on the ba~cis of .tsser~ments :~nd bilis and rrasunablr rsUmates ther~f.
The Funds ahall be held in an institution the de{x,eila or accounts of which are inaured or guartintc~cd by a Frderal or State agency
lincluding [.ender if f.ender is such an institution). I.ender ahall ~ipply the Funda ta pay si~id taxea, ~sseaKmenta, insurancr prrmiums and
ground rente. ;.ender may not charge for eo holding and applyi~K the Funds, analyzmg suid accuunt, or ~•eni~~ng and compiling said
asaeaeiments and bills, unleae I.ender paya Borrower intereat on the k unda and applicable law prrmitu l,ender tu make auch a che~ge. E3orr~wer
and I.ender may agree in writing at the time of executiun o[ thia MorlgaKe that intereat on the Funda shall be paid to i3orrower, and unlees
such agreement ia made o~ applicable law requires such interrat to be paid, I.ender shall not be reyuiced to pay 13orrower any intereat or
eaminga on the Funde. I.ender ahall qive to Borruwer, withuut charge, un annual acrounting of the F unds shuwing credits and debits to ihe
Funda and the purpoae (or which earh drbit to the F unda was made. Thr N u~da are pledged as additiunal aecurity [or the eume secured by this
Mortgage.
1f the amuunt of the F unda held by I.ender, together w~ith the futurr monthly ~nstallments of F unds payable priur ti~ the duedates of taxes,
asaesaments, insurance premiums and ground rents, shull exc ~ed ihe nmuunt required to ps~y ~id taxes, ~asessmrnts, insurance premiuma
and ground re~ts ae- they fall due, auch exceas shall be, xt Bo~rower's optiun, either promptly repaid to liorruwer or crrdited tu Horruwer on
monthly installmenta of Munda. If the amount of the Funds held by I.ender ahall ~ot be suf~cient to pay taxea, aai~essmenta, insurance
premiuma and ground rents as they fall due, E3orrower shall pay to l.ender any am~~unt necessary to make up the deFciency w-ithin :30 daye
from the datP notice is mailed bv Ixnder to fiortnwer r~~~uestinK pa_r•ment thrrrof
llpon payment in full of all sums secure~l by th~ti Alortguge, I.ender shall prutnptly refund to fiorrower any funds held by I.ender. lf under
paragraph lA hereot the Proprrty is suld ur the P-operty is utherw~se acyuired by I.ender, I,ender sh~l) apph•, no later than immedistely priur
to the sale of the F'roperty or i~g aryuisiUun by l.c~nder, any Funds held b~• I.rnder at the t~me of application as a credit against the sums aecured
by thia Mortgage.
3. Application of Paymenta. Unless appticahle law pnwide. otherwise, aii paymeots receivrd by I.ender under the Note and
parxgrapha 1 and 'l hereof shall be applicd by I.ender first in p.i}~mt•nt of amuunts payable tu I,endrr by ltorruwer under paragraph 2 hereof,
then to interest payable on the Nute, tht~n to the pnncipal uf the Nute, and thrn to interest and princ~pal on any Future Advances.
4. Chargea; l.iena. Korruw•er sh:~ll pa~ all t:~x~•~, as.t•.sm~•nt..u~d ~~tht•r~ harKrS, fine. and im~wsttiuns.ittnhutaF~lr 4~ the Yroperty v-•h~ch
m~y atta~n a priurity ~~ver thi. ~1urt~;a~;e. :md Irasehuld p.~~•me•nts nr ~;n~und mnts, if an~~, in the mannrr pro~•~d~l under paraKraph l herecdur,
~f rnri paid in such m:inner, h~• Rum~w~F•r makinK paymi•nt, wh~•n due•. itin•c•tly t~~ Ihe payt~• thFrr~~f- K~~rrnw~rr ~hal) prumpth• furn~sh tu I.ender
.+II noticrs nf amuunt,~ du~• ur~drr thi. p:u:+~ruph, and in tl~~• ~•~~ent linrrnw•t•r shall makr p:iym~•nt dirertl~~, ft~~rru~f•r sh:~l! prornpth• furnish tu
I.Pnder receipts f•v~dt•n1 ~nK wch p:~~•~nrnts Kurruwrr shall prumptly d~s~~harKe• :~n~ lit•n vch~ch h;~~ pn~~ntc u~~t•r thiti \jnrtK.~Kr. pru~•ided, that
fiurrnw•er sh:ill not br r~y~u~rt•d tu di~~•h:ir~r:~n~ ~ui h ht•n ~u lun~; as fi~~rn,w~~•r xh:~l) :i~;rrF• ~n vvntin~ t~~ thi• ~,:~} rnrnt uf thc•ubliKatiun serurrd b~•
~uch iien in :~ mannt•r accf•pt:~hl~• a~ L~•nd~•r. ~~r,h;,ll in ~;~HK! f:uth ~~untt•.t .,uch lirn b~~, ur d~•f~~nd f~nf~~n rmrnt nf.a•h lirn ~n, ir~;,if pnK•c-rdinKs
w•h~ch upc•r:tte tu prr~•~•nt thr ~•nfur~ i•~n~~nt uf th~• L~•n ur furfe•ttun• ~~f th~• Pru~N•rty nr :~n~ part th~•r~.,f
~~. Ha-txrd Insuranc~'_ I~~~rT~~APf SFl:~ll k~r•p thr impn~v~•ntent~ nuw' f~x~stinK ur he•n•aftF•r t•rr.~ti•d ~~n th~~ 1'rnprrtp ~nsurrd a~;ainst luss b~•
firr, hatards inrludt•d w•~th~n th~• tt•r~n "~•xtfnd~~! c~n•rr:iKe." and su~•h nthrr hazard~ ati Lrndrr may ri~yu~re and in such .~muun~. and for such
~N•n~Kls as I.~~ndt•r ma~~ rryu~n : pr~~~~u1~ti1. th::t L~•ndrr sh.~U nut rryu~rr th:~t thr am~~unt ~~f sui•h cu~•e•ra~t• ~•x~•rYd th:it amuunt uf cuvf~raRF
rey~v~~ tu pa~~ the• ~um. .~•~~unri b~• tht~ ~L~rtK~~K~'
The insuran~•e c:irnrr pn~cidin~; thr ~n.ur:~n~ ~• ~h:~ll hr rh~~•~•n h~~ li~,rn~~n~•r suh~~•rt t~~ :~ppn~c.~l h~• l.rnilrr. pr~~ti id.•~1. th:it ,u~ h a~~pr<~v~l
tih.-li nut lu• unn•.tsu~eahlc w~th~i~d~1 :~II ~,r~•nuum. „n tr~:ur.~n~ r p~.lu u•. .h:~ii tK~,.;~~~i ~„ ~r„~ ~,,:~~,~~~~ ~~~.,.~„i,Yl undrr pare~;r:iph '' hrreti~f ~~r. if
nut p:ud in su~ h m:~nn~•r. h~ K~~rru~~•r m:+ki:~y; p.i~ ~n~~nt. v~h~•n ~lu•• ~1~r.•~ th t~~ th~• ~n.uranr r i arrirr
All insuranre ~,li~•~~-s and rrn~•k a(s thrrruf sh.~ll t~• ~n G~rm :~~•~~~•ptahl~• tn 1.~•nder:~nd shall includr a:t:inda~d murtKaKeclause ~n fa~•or of
and ~n f~~rm accrptahlr t~~ 1 ~•ndrr i w~n~lrr sh.+ll h:~cf~ thi~ n~;ht tu h~ ~Id th~• pul~i•irs and n•m•a:il~ thrrtti~f.:~nd Knrr~~Ne•r ~hall prnmptl~~ farnich t~~
iw•nder all r~~new:il nuUrt•~ :~nd all reti-~•~E,ts uf p:ud prrm~um. In th~• ~•~~•e~t uf lr~;.. 1i~~rruw~•r ~hall Kt~•e pn~rnpt nutu~F• b~ the intiur:~nce camer
and I.ender IxndNr m.+}• makr pn~d nf iuc. ~f nnt ma~1r prnmptlc b~ Itnrruwrr
t'nletis I.endrr .~nd fi~~rn~wrr ~~thrrwis~• :~~;rrr ~n w•nUn~;, insuran~•e• prvK~~rds shall tH• apphed t~~ re~tur.~t~un nr repair uf_th~• f'~uperty~
damaKed. pn~vi~i~tii .u~•h re•st~~r.it~~~n ~~r r~~pair ~. :~~ ~~n~~mi~ :+ii~ fra.~i~Ie• and thr se-~ unic ~~f ih~v ~i~~riKt+Ke ~s n~~t therebc impa~red I? such
rrsu~ratiun ~~r rrp:~ir i. nnt e~~ ~~nvmu :~I{c [e•:n~hl~~ ~~r ~f thr ~~runtt• ~~f th~. ~L~rtKaKrw~~uld fff• ~;npa~rrd. the ~nsurar~ct~ pr~Mr~dsshall hrapplied
t~~ thrsum~srcurtd hy-thi~; 11~~1't~;;tE;r. N"lI}f If1P~•Ci Ytic, If an~, p.u~i t~~ li~~rr~~w~~r. Ifth~• f'n~~x-rtc is.ih;~nd~meei hy fi~~rn~w•er.~~r if li~~:roK•er faiiEk~
re~W~nd tu (.e•ndt•r with~n .i~~ ~1:~~. fr~~m thr ~i.~t~• n~~tu~r i. m:+ilrvi h~~ 1~•nd~•r tn lt~~rruw~rr that tht• ~nsur.~nce ramer r~ffFrs tu sf•ttle a cla~m for
~nvuran~v }h•nrfits. It•ndt~r ~s auth~~niw! tu ~•nll~•~ t:~nd .ippl~• tht• ~n,uran~-e~ pnK e,~1s :~t I,~•ndrr~c uptinn t•rther ta ~F•.turatiun ur repa~r ~d the
1'ruperty nr thF~ sum~ sFCUrcKi t~~~ Ih~ti \1~~rt~;:~K~•
l.'nless I,ender :~nd li~~rr~~K•t~r ~~tht•rK•i.t• :~kr~~~~ ~n w nt~nK.:~n ~ tiui h applu auun uf pr~~~ t~•ds tu pnncipal tihall not extend or p~st~rne thP due
d~te of thr monthl~• mstallmF•nt~ n•fe•rr~~d ur in p:u:+~;r.~F~ii. 1 and 'l !u•rr~~f ~~r ch:~n~e th~• amuunt nf ~uch ~nswllm~•n~ti If under paraKr~ph 1K
hereof thP Pmprrty is acyu~rrY) hc l.~~ndrr. :~ll nKht, titlF :~nd intrrt•vt nf It~~rruKt~r in and to :~n~~ ~n.urance p~l~c•iFS and in and to the proceeds
thereK~f result~nR frnm d:~maKr tn F'r~~prrty pn~~r t~~ the• s:~lF• ur :u~yuisitiun sh:~ll pc~sc tu I.endPr to the extrnt nf the sums securcd h~• th~s
:41~~rtKaRe imm~li;~tei~• pnur t~, .uc~h v~lr or a~•yws~tinn
h. Preeervation and 1laintenanc~•otPru~C~rty; Iw•i~tit•hulds; ('unduminum~; Ylanne~d l'nit I)evrlopmentN.liurr„wer ~hall kerp
the i'rnperty tn K~N>d rE•p.ur and sh:~ll n~~t cumm~t wa~tr ~~r p~~rmit snzpcurmt~nt ~~r d~~trnnr;~ti~m nf the 1'rupertc ~nd shali cY~mph• w~th the
pro~•~sions uf ant Ira~~~ if thi~ ~1urt~;.~K~• ~s un :: I~ :~a~•hnld if th~v 11ort~;a~~• i. nn a unit in a cundununtum or ~ pl:+nned un~t de~~elupment.
Fiurruw•er shall Fwrf~~rm :ill nf Il~~rr~~w~•r's ~,bhK:~Uun~ u:~d~~r th~• d~ti~lar:~ti~~n ~rr r~~~•t•nantc ~ rt :~un~;or Ku~~rncnK thecunduminium nr planned
unit develupmrnt, thf• hy-laas :ind r~Kulat~un~ uf thr rund~~m~nium ~~r plannrci un~t de~•rl~~pmrnt, and conshtuent dnc-ument~ti If a
cundnm~mum nr pianne•d un~t de•~~e•i~~pmrnt nd~•r ~~ rx~~ uttrl hr fi~~rr~~wrr and rrc~~rded tuK~•thrr w~th this ~1ortKeiKe, the cY~cenants ~nd
:~Krr~•mrM~ nf :u~ h r~drr ~h:~ll h~~ u~~ „rp~,r:~trd ~nt~~ ;~n~l ~h:~l! :~~n~•nif .~nd .uppl~•rn~•nt th~•~ ~~.•e•n:ints,end aknY•mentsuf th~s ~1urtK:~kf• a: ~f thF
n~1rr w~•rr a p:~rt he•rrnf
7 Protection of l.ender'e Security. lf Korruwer fails u~ perturm the n~~•rnantx and a~reementt+ contained in thie Mortgage, or if any
act~on ~~r prnceeding, ie cr~mmenced which matenaily affecti+ {.rnder's intereat ~n the F'roperty, including, but not limited to, eminent dumain,
~n~~lvency, cnde enforcement, or arrangemente or prc~credinKs ~nvolvinR a bankrupt or decedent, then I.ender at I.ender'e option.upon
notice to Borrower may make euch appearancee, diaburee such aume and take euch action ae is neceseary to protect Lender'e interest,
~ncludinK, but not limtt.~d to, disbureement o( reaeun:~ble attorney's feea and entry upon the Property to make repatre. If I.ender requind
mortgage ineurance as a condition of making the loan eecured by this !NurtgaKe, B~rruwer ehall pay the p•emiuma reGuired to maintain
euch ineurance in effect until euch Ume se thr requiremrnt fur euch ineurance terminatee in accurdance with Burrower'e and [.ender'e
w-ntten aKreement or applicable l,aw. Borrower shall pay the~ amuunt of all mortK~Ke inKUrance premiumn in the manner pro~~ded under
paraR~aph `l hereof.
Any amounte didburHCd by I.ender peryuant u, thix paraKraph 7, w•~th intereet thrreon, ehall F-ecumr add~tional ~ndebtednesa of
Rorr~~wer. r~rcurcd by thiR hlortKaKe. Unlese liorrower and I,ender aKree to uther terma of payment, auch amounte ehall be payable upon
nntice from I.ender u~ ftc~rr~~wer reyueeNnR payment ther~~f, and r+hall benr intereet fn~m thr date of diaburerment at the rate payable from
t~me to time un outxtand~nK principal under thP Nute unleas paymrnt nf ~ntrreet at such rate would t-e rnntrary to applicable law, in which
event euch amountr+ ehall bc~ar ~nteresi at the higheet rate prrmi~s~hle undrr :~pplicable law. tiuthing containcd ~n thie paragraph 7, ahal!
reyu~re [.endrr v, ~n~ur any eayensc or take any actinn hereunder.
6;';~351 Y~~t2971