HomeMy WebLinkAbout2980liurruwer and Irnder .rovenaot and agree as [ollowa:
1. Payment ot Principal and Interest. E~orruwer shall promptly pay whrn due the pnncipal ~f nnd intereat un thr ~nJrbtcdnerie
ev~denced by the Note, prepxyment and Iatecharges us pruvidcr! ~n the Nute, and the pnnc•~pal uf and interext un any t~ uturr Advancea securrd
~y this Murtgage.
Y. Funda fo~ Ta:es and Ineurance. Subject to applic.,blr law or G~ a wntten w.~~ver hy l.~•ndrr, tiurn~wer ehall pay tu l.rndrr un the d~y
mun~hly installments o! p~nc~pal and ~~terest are payablr undrr thN ;~'ute, until the Note is paid in full, a sum Iherein "FunJa") eyual to unP
tw~elfth of the yearly t:txes und asseysmenta w~hrch msiy attain pnonty over this Mortgagr, and Kround renL~ un the f•r~~ny, it,~ny, plusune
twelfth of yearly prem~um instailmenta !o~ hazard en,ur~nce, plus un~twrlfth of yr:~rly prrmium ~nstallmentr3 for morigage insurance, if nny,
c~ll ~is rr~,nably estimatrd ~n-t-ally and from Umr tu hme by l.rnder on the bas~s uf assr~smrnt. and biUs and re.~sunahlr estimatrs thereof.
The Funds shail Ae held m an ~natituu~n the drpu9its or accuunts uf wh~ch are insurrd or guar.~ntrrd by a Frdrral ur State agrncy
i-nc-ud~ng I.ender if I.ender ia such an insututionl. I.ender sh:~ll apply thr Fun:is ta p.~y sa~d taxrs, ~isses,mrnte, ~nsurunce premiums and
Kruund rente- l.rnder may not charge (or eo holding and :~ppl>•ing the Funds, analyzing s~+~d account, ur verifyinK e~nd cumpiling uaid
assessment8 and btlls, uniexe l.ender pxys E3urruwer ~ntrrrst on the F u~da.~nd applicablr law prrm~tx I.rnder to ntake auch a charge. F3orruwer
and I.ender may agree in writing at the time otexecution ~~f th~w ~lortgagr that interest on the Funda xhall t-e pnid tu Borrciwer, and unleas
auch agrmment ia made or appLcadle lavr requirrss such intrrrat ta be p~id, l.~nder e:hall nut t~e reyuited w pay liurtuwer any interrat or
earnings on the Funda. I.ender ehall ~ve to f~,rn,wc+~ withuut charge, an annua) acrounti~K uf the Fundx shuw~ng cre+f~ts :~nd deb~ta to the
Funds and the purpuse for w•hich each debit tu the f'unds w;-s madr Thr Fund. are plydKrd as add~hunal security for thr yume aecured by thie
~lortgage.
If the amuu~t otthe F unds held by t 4•nder, t~~Kether wuh thr futurr munthly installments uf F und:~ pay~blr priur to thr due datex u(taxee,
assessments, insurance prem~ums and Kruund rents. yh.~ll exc.~ed the ~m+~unt rrywrerl to puy said t:~xex, assr~;hmrnta, inaur~ncr prrmiume
and gruund ren~4 ae they fall due, such r~cc•res ~haU be, at l3uiTuw~er's upt~un, r~ther prumptly repa~d to liorruwer ur crrdiled u~ Fiorruweron
monthly inatallments of Funda. If the amount of the t'undK held by I,ender shall nut be sufficient to pay t~xeer, asr~essmenta, inxurance
prem~ums and ground rents as they fall due, Borruw•er shali pay u~ I,rnder anp um~~unt nrce~sary to make up thedeficiency wtthin 30days
frum the date nottce ~s ma~led bv Iw•ndrr tn tiurr~~w~rr n~yuestinK paymrnt ther.~,f.
t'pun payment ~n fuU uf all aums securrd by th~s At~~rtgaKe, l.endershall prumptly refund tn Ii~,rruwer any fund~ held by Ixndr~. ICunder
paragraph 1R Aereof the !'roperty ~s suld ur the Pruprrty ~s uthrrwiu~ acywred hy (,~ ndrr, l.rnder shall apply, nu later than immediately prior
to the sale of the f'ropert~• or its acyuisitiun hy l.e•nder, :im• F'unds hrld by ~,~•nder at thr t~mr uf a~pphcahun .i~:~ credit againAt the ~ums secured
b~- thia Mortgage.
:i_ Applicnlion ot Paymente. l'nlrss appLcablr law pn~~•idrs ntherw•~~cr, :~II p.iymrnts r~•rivrd by l,rndrr under the Note and
paragraphs I and '2 hereof shail be appleeci by Ixnder tir~t ~n paymrnt uf am~,unt~ pay:~t,lr tu lr~drr by li~,rruw•rr under paragraph 2 hereof,
then to interest payable on the tiutr. ~ht•n tu thr pnnc~p.il ~~f th~• ti~~tr. :~nd thrn tu intrrest and pnncipal un :~ny Future Advancrs.
a ('hargra:l.iens_fiorr~~wrr.h.illpa~c~Ut:~s~..:~..r,.m,•r~t.:~nd,~thrr~har~;~•s.fin~•sand~rnpu.w~~ns:~ttnbutabletnthP!'ro~rtywh~ch
may :ittam a pnunty ~~~ Fr th~~ ~1~~rtK:~~;c•..~nd Ir.~~t•h~~ld {,.~~ rn«•nt> ~.r ~;n~und r~~nt.. if :~n~ . ~n the• ~n;~nnrr pru~~~d~rt underp:u.~Kraph 2 here~~for,
~f nut p~~d ~n such m:inner. by fi~~rn=a,•r m.~k~n~; ;,;,. rn.•:~t. H h.•n dur. d~r~~ tl.- t„ th~• p,~~ ~~• tht•r..,f li~~rn~w~•r.halt pn,mptl~• furnish to IAnder
ifl nuttcrs uf amuvni~ du~• und~•r thi. ~~,u,~~;r.~p}~.:~nd in th~~r~~rnt ft~~rn~wNr ,hal~ rn:ikt~ ~~:~~~~nrM d:reti~tl~•. K~~rn~we•r,h:~ll prumptf~• furn~sh k,
I.c•nder recript~ r~ ~drnc~nk .u~ h p.~~lne~::t. Fi~~rr~,:+~•r .t~:~ll ~,n.~nptlc di~~ h:ir~;~• .~ri~ lu•n.. h~~ h h.~. pn~~ntc ~~ct•r this ~1urt~;:~Kr: provi:lcd. that
F3urr~~wFr sh:+ll m,t }k• rr~~wr,•d t~~ di~~ }i.uti~•.~n~ .u~ h L~•n .~~ l~~n~; .~. f{~~rr~~u~•r ~;i:~li .i~;r~~• iri +ti nun~; t~, th~• p:~~•~nrr;t ~~i th~• uliliKatiun sitivrrd by.
~uch 1~~•~ ~n a mannrr :-~: rpt:~t~lr t~~ I.rnd~•r. "r,h.~li in ~;~,wi f:u~h ~~~~nt..t .u~ h ltrn h~ _~~r~i~•f~•n~1.•nf~~r~ ~•:nrnt nf surh lu•n :i~.lrl;.~l pnK•e~rlinKs
~htch ~~pe-r:itr tu prrcrstt the• e•.~f~~r~ rrnr•~~t ~~f th. !~~-n ~~r f~~rf.•~tur•• ~~f thr f'n~p~ rt~ nr .~nt p:~rf thi•n.~f
`~. Hazard Intiuranct~_ K~~rn~wF•r ~h,,lf kre~p th. impn~~.•rnrnt. n~~w .-x~.tinK ~~r h.•n:+fE~•r i•re~~t~•d ~~n th~• Nr~~pe•rty ~nsurf-ei,iKa~nst lu~;by
tirr, hatards ~ncludwl w~tii~n th~• t~•rrn "~•xtrn~i~~1 ~~~c~-r.~k~•. ',~n~i :u~~h ~~th~•r h.~~:ud. ;~.l.endrr ma~• re•yurce and ~n yu~•h :imuunttc:~nd forsueh
~k•r.~K~s .i~ I.~md~•r m.~v n•ywrr. pr~~~ ~~i~.! th.~t L••n~1.•r ~h.Jl n~~t r.•ywrr th.~t thr am~~unt nf ~u~ h~ti~~•rraRr rxi•wrl th:it amuunt of c•uvrraKr
re~~wrrt~ tu p.i} th~• sum• .~-~ ur.ti: h; !hi~ \1,~rt~:;~K.•
Thr ~nsuranrr r:irrtr•r ~~r•~t u3in~; thr :n>u.•.~r.~ .• ~'t~.~Ii k.. ~ tr~•~ i: E~~ f;,~rn,~~•r ~ut~i~•~ t t~, .~p~~n~~.~l h~ I.•n~i~•r. E~n,cialF•{I. that suc~h :~ppruv:~l
.hall m~t kw unrr:~~~~n.~hl~ :~ it't;t~ri~f .~!! pr.~rn:,i:l~• .,n ,n-ur ~::, ~~ ~~..i~, :.•. .};.~i~ t» ~~.u~! ~n th~• tn.~nnrr ~~r,~~ id~~i un~i~•r ~r.~r.~~;r:~ph '~ hrnv~f nr, ~f
rut pa~d in su~~h mann.~r h~ It~~rn,~.~. r m.~i:i:i~ F~.i~ rn~ ;~t •.~h. ~~ :lu. ,i~r.~~ tl~. t•~ th~• ir~.ur.~n~~r r.~r~irr
Ail ~nsur..nre ~wlu ir. ;~nd r~•n~~w.~l. th.-rr~~f ~h.~il h•• ~n f~~rrn .~~, t-i~t:~ti~lr t~~l..•nd~-~.~~~~i ~h.ill ini~ludr a.t:~nrl,~rd mnrtK:~tif•cl.~u~e ~n fa~•orof
+nd in f~~rm acr•rptah-r t~~ Ii•ndrr I w•ticlrf .h.~i: h.u.• t'ri•• n;;~it :~: h~~!~i th.~ ~~•~il~ u-•.~ti~3 r~•n.•w:~ls th~•n•~~f.:~nd fi~~rruwersh:~ll pn~mptl}• fum~wh G~
irnrir~ .ill rrr_rw.tl n~~ticr~ :~::d .,II r~•~ ~•~j~!<,~f p.~~d E~r~ mn_en. I~i tt~.•.~~.•rit „f 1„_ . I:,~rr..~nrr.h,~ll Ki~~• pn~mpt n~~hr~~ G~ thr~nsur~~ncecarrier
.+nd [.rndPr Irndrr rnay' r1.~icr ~~n~~i ~.f i,~.. ~1 :.~,i m:nir ~~r~~rnptlc ht ti~~rn~Nrr
l'nlrs Irndrr .tr,d !i+~rn.urr ~,!h.•rv~;..~ .~~;r:-.~ m.+ntin~;. ;n•ur.~nr~• pn~<rrd~ .h:~it tx :~pphi•d tu n•htur:itu~n ur rep:~ir of thr !'ruperty
dc+maKed. prn~~~clyd .u~ h r.-.t,~r.~ti„r~ ~~s !e•~~:ur :. ~ ~~~n~~:iu~ .ulc fr.~.~hl•• :~:icj the• .~•~ unt•. :.f th~~. 3i~~rtK:~Kr ~4 n~~t tn~•rt•h:• imp:~~red. If such
rrau~fahuR ~~r rep.i~r ~~ n~,t ~~ ,~r~;tn~~ .~ii ~ f. ,,>;:,;.~ .~r :f t'tn .., untc ~~; thi~ ~i~,rty;.~~r w„u~~! h~• ::np:ure~d. :hP ~nsur,in~~e• pr~N-rtrl~ shall fk~applied
t.~thesum.,~~~.<i~,.~cr,~~\~~~rt;;.~k• ~A~tt;tii.-..~~,•.< ~r.~rs~ ~~.~:~it~~lt~.rr~~~.•r Ifthr{'n,~k•rt~ iti:~h:~nd~mr~ibpH~~rr~~..•F~r.~~r~ffi~~rr~~werfaiiet~i
re,µ~nd tu I~•nd~•r u~th:n ~~ ~1,~~~ fn~rn !!~. ~i.,t.• r:~•±;~ .. ;i:,,i;..,~ i,~ I~•n~!••r t~~ fiurn~w~•r t-:at thr insuranrt• ~amrr ~~ffrr~t~~tit•ttlt• acla~m k~r
insurancr tk•nrFit~. !,~•ndrr:. .~utt~„nn~1 t~~ ~~~li.~~ ~,:;~i 1,~~~„•, th. ~n~ur.~n~ •• pr~N r.•~1..~t I.•n~1~•r'. ~~pUun r~thrr tu n•stnrahnn nr rrp.~ir nf the
F'ruperh• ur the x~m~ st-~ urrrt hc th~~ \t~,rt~;,~kr
l'nless I.ettdr~ at~d Fi:~rr~~we•r ~,(}f1•IM i~t .1+!fr~ i!3 w flLl':~;. d(tl w~ h np~iltc.~U~~n nf prn~ r~~dstu pnn~~~p.~l ~h:~ll nut extend~n {t~:titpuaethedue
date of the mr,:zthl~ ~n~t:~i;rnrnt~ r.~f.•r~~~~1 u~ ir: ~,.ir.~tir:~~~ti~ ;,~nd ':i~•r~•~~f •~r rh.~n~;t~ thr :irnnunt ~~f su~~t; in,t:~llmrntti. If undrr paraKraph IFt
here~~f thP Prupert~• ~. .icqu;r~~~ t~c Irn~i.•r .+II ny;t~t. ttN.• ,~nd rnt~•r.~sC~~f f4,~rn~wrr ~n and t~~ an~~ ~nsur:sncr ~~hcira:+nd ~n and to thr prncreds
there~~f resultinK fri~m damaKP t~~ F'n~Fr.•rtc ten~~r t~+ ti~~• ..,ie~ ~~r :~ryui.itt~~n ~h.ill p:i.. tu Irndrr tu thr exte•nt of thr sumA ~ecu-cd b~• this
~1~,rtKaKr ~mmed~atrl~- pnur t~, .urh ::~tr ~,r a~qu~.iu~~~~ -
~~ Nrraen•ation and Naentrnanct•uf I'r~i~vt~; Iw~s+,t•huld.;('o~duminums: 1'lanne•d l'nit 1)evrlupmentx. IturruwPrtihall kerp
!hf• Prope-rty ~n K~r~d rrp:~~r .+nri ~~;.~II r~~~t ;~~riirn~t x:~.I~• ~~r p.~rnrt insE~.urrnrnt ~~r ~3.-t~•n~~r.ittun uf thr f'r~~~~rrtc ;ind chall cumpl~• w•~th the
~~ru~~ur,n. uf anc lr:i.r if thi~ ~1~~rtKa~:r ;. „n ., i~•.~•rh~~ld if th~. ~U~ri~;:~~;~• i. nn a unrt ~n a rundnm~nium r~r a planned unit de~•elopment,
ti~~nuwrr ~hall ~wrf~~nn :~1! ~~f fi~~rz~~a~•r :~~}~li~.itn,r~. ur,~f~r th.•,{.~ i:~r.~t~„n ~~r~~~~.~•nant. ~ r~ :~!in~;nr Kucern~nK lherondum~nium or planneH
untt dr-rl~~pmPnt. thF h~ l;iw~ anrl r.•~;ul:its~~n• ~~f tt:~• ~~m~1~~rn~n~um ~~r p{.~nnw1 u:~~t de•cel~~pmrnt. :~nd ~•~mytituent documen~~. -f a
~ und~~minium ur pl:~nn~•d un:t ri.•c.-i~~prn.•-~t rnl.•r i• ••CW ili1Y~ ~~y~ ft~~m~H.•r :~n~~ n•~•~,r~1r~1 t,•Kt•the•r w~th th~~ 11ortKaKr, thr mvenantr~ und
~Krre•rn•~nt•~~f~~~hnd~-r~h:il!h.;t~.,.r;;,.r.,t~•~1uit .,::~i~t:.~ii.~rn~•:~~;.~rn:.u~~{~!.uu•ntth~~~~~~t•n:~nts,~n~1.~~:r~•~•inrnts~~fth~s\1ort~;:i~rasifthe
ndrr wrr~• :~ p.ir: hrr.•r~f .
' ' f'rotection of I.ender'A Srcurity_ if Finm,wer fa~1~ U~ perfurni the cti~crn~nG+ and aKrrrmrntz~ cuntained in thie Mortgage, or if eny
actum ~~r pr~~; ~ed~ng ie cwnmenced w•h~ch matenaliy .-ffec•tr+ (,rnder's intere~t ~n the f'ruprrty, including, but not lim~ted to, eminent domain,
~ns~~l~•ency, rnde enforcement, or anangemenu+ or pr~x-erdinKs ~nvulv~nR a bankrupt or decedent, then [.ender al l.ender'e option,upon
notice to Borruvxer may make auch appearan~•ew, di96ure~ e+uch sume and take auch actiun as ~e neceesarp to protert Lender's intereat,
~nrlud~nK, but not L~nited to, diabursement o! reuaun.+hle auorney'a frre and entry• upon the F'ruperty to make repaire. If I.ender required
mortgaqe ~naurar.ce aB a cond~t~un o[ mak~nR the luan :ecured by thie~ ~turLKaKe, Fi~rrruwer shall pey the premiume required to maintain
euch ineurance in e(fect until auch t~me as thr re.~wremrnt (~~r aurh ineurance ternunatea ~n ::ecordance with Borruwer'e and I.endeis
w~ntten aKreement or appl~cable I<~w~ Burruwer r+hall p.~y [hf• ~~muunt nf all muriKaKe ~nyuranc-e premiume in the m~nner provided under
paraKraph 'l hereof
Any am~,untA d~eburard by l,ender per~uant u~ th~s par.~Kr.~ph ~, w~rth interrnt thereti,n. Hhall t~ecume add~tional indebtedneae of
Burrower srcurrd fn• this ~turtK:iKe l'nless fi~irtuwrr and I.ender :iKre~ to other terme of payment, such amuunte ehatl be payable upon
nottce hom I,ender U, Borr~•wer reGue~unK paymPnt thererd, and xh~ll t,ear ~ntereflt from th~ date ~~f d~ebursement at the rate payabfe frum
ume to t~me un uuistand~nK pnncip:~l undrr the \ute unleas paymrM of ~ntrrret at yuch ratr wuuld he contrary to applicable taw, in which
event such amuunts ehail bear ~nterest at the highrr~t rate prrmisstF~lr undPr apphcahlP law tinthinK contained ~n thie paragraph 7, ahall
reya~re I.endrr u~ inr~r any ra~nsr ~,r take any acl~+,n hereunder.
~.:;K351 r~~U~29~'S
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