HomeMy WebLinkAbout08018orrower end I.ender rnvenent and a~ee as follow~:
1. P~yme~t of Principal ~nd Intere~t. Borrower shall promptly pay when due the principal of and interest on the indebtedneas
evidenced by the Not~e. p~epayment and late chacges as provided '+n the Note, and the prinripal of and intrrest on any Future Adva~cea secured
by thi~ Mort~age.
2. F1uid~ for Tes~ and Imurance. Subject to applicable law or to a written waiver by [.ender. Borrower shal) pay to l.ender un the day
monthly installments of principal and intereit are payable under the Note, until the Note ie paid in tull, a sum /he~ein "Funds") equal W one
twel(ih of the yearly taxea and assegsmenta which may attain priority over this Mortgage, and ground rents on the Property, if any, plus ono-
twelRh of yearly premium i~stallmenta for hazard insurance, plus onetwelfth of yearly premium inetalimentalor mortgage inaurance, itany.
a{I as reasonably estimated initially and from time to tia~e by l.ender on the baeis of asseasr~e~te and bills and reaaonable eatimatea thereof.
Tht ELnd~ ~hall be held in an inatitution the deposita ot accounte ot whirh are ineured or guaranteed by a~ederal or State agency
(including Lender if l.ender is such an institution). I,ender ahall apply the F unda to pay said taxea, asaesaments, inaurance premiuma and
ground rents. Lender may not charge for so holdi~g a~d applying ihe Funds, analyzing aaid account, or verifying and compiling said
' asseesments and bills. unless Lender pays Borrowe~ intereet on the Funds a~d applicable law permits l.ender to make such a charge. E3orrower
a~d Lender may agree in writing at the time of execution oi this Mortgxge that i~tereat on the Fonda shall be paid to Aorrower, and unleaa
such agreement is made or applicable law requires auch intereat to be paid, I.ender shall not be required to pay Borrower any intereat or
earnings on the fiinds. Lender ahall give to Borrower, withuut charge, an annua! accounting of the Fu~ds ahowing c~edita and debita to the
Funds and the purpose tor which each debit b the F unds was made. The Funde are pledged as additional security for the eums eecured by this
Mottgage.
If the amount otthe ~Lnds held by Lender, together with the future monthly inetallmenta of Funds payable prior to the duedatea of texes,
asseasments, ineurance premiums and ground renta, shall e:cred the amount rrquired to pay said taxee, aaeer~amenta, inaurance p~erniums
and ground nnte as they tall due. auch excese ahall be, at Bo~TOwer's option, either promptly npaid W Borrower or credited to Horrower on
monthiy installments of Funda. If the amount of the Funds held by l.ender ahall not be aufficie~t to pay taxes, aeaeeamenta, inaurance
premiums and grnund nnts as they fall due, Borrower shal) pay to Lender any amount neceesary to make up the deficiency within 30 days
from the date notice is mailed by [.ender to Borrov-eT requesting payment thereof.
Upon payment in full of all aums secured by thia Mortgage, Lender ahall promptly refuad to Bocrower any [unds held by Lender. lf under
pa~agraph 18 hereof the Property~ia sold or the Praperty ia otherwiae acquired by l.ender, l.ender shall apply, no later than immediately prior
to 1he sele of the Property or ite acquisition by Lender, any Funds held by l.ender at the time of appli~ation as a credit against the suma secured
by this Mortgage.
3. Application ot Paymeats. Unless applicable law provides otherwiae, all paymenta received by l.ender under the Note and
paragraphs 1 and 2 hereof ahaU be applied by l.ender first in payment of amounta payable to l.ender by Borrower under paragraph 2 hereof,
then to i~tetest payable on the No1e, then to the principal of the Note, and then to intereet and principal on any Future Advances.
4. Chargea: Lieha. E3orrower shall pay all taxes, assessments and other rhargea, fines and impusitions attributab{e to the Property which
may attain a priority over this MortKaKe, :~nd leasehold payments or Kround rents, if any, in the manner provided under paragraph 2 hereof or,
iF not paid in such manner, by Borrower makinK payment, when due, direclly tu the payee therroC Korrower shall promptly fumiah to I.ender
all noticea olamounta due under this paraRraph, ~nd in the event I;orruwer shall make payment directiy. Korrok er sha11 prompdy furnish to
Lender receipta evidencing such payments. f3orr~wer shal) promptly dischargr any lien which has priority o~ rr this Mortgaqe: provided, that
Borrower shall not be required to discharge any such fien sn lon~ as Iiorruv~er shall agree in writing to the payment uf the obligation secured by
auch lien in a manner acceptablr to l.ender, or shall in K~wd faith contrst such lien b~+, ordefend enfurcement of such lien in, IeRal pruceedings
which operate to prevenl the rn[orcement of the lien or lorCeiture o[ thr Property or :~ny part therrof.
5. Hazard Ineurance. Borruwrer shnll keep the impn,vements now ex~sting or hereafter erected on the Property insured againat loea by
fire, hazards included within the term "extended coverage," and such other hazards as I.ender may require and in such amounts and for such
periods aa Lender may require; provided. that lxnder shall not reyuirr tfiat the amount of auch coveraKe exceed thpt amount u[cove~a~ce
required to pay the sums secured by this M~~rtKage. ,
The inaurance carrier providinQ thr insuranm sh~ill la• rhusen b~ It~~rrovrer subjret to appru~~al by Ixnder, pruvidrd, that such aRpruval
ahaU not be unreas~~nably veithheld. All prrmiums ue insuran~•e {wdicie~ sh.~N tw p:+~d in the mannrr pnrvided under p.+raKraph 'l herer-t or, if
not paid in such manner, by Fiorrower mak~nK p:~ymFnt, whrn dvr, ~1irtK~tly tu the insurance carrier.
Al) inaurance policies and renewals thereof shall be in form acceptable d~ I.ender and shall include a standard murtgage clause in favorof
and in torm acceplable to I.ender. l.ender 9ha11 have the nghi ui hold the pulicies and renewals thereof, and Borrower shall promptly furniah to
i.ender all renewal notices and all receipts of pe~d prrmiums. [n thr rvent of luss, Rorn,v~rer ahalt Ki~e prompt notice to the insurance carrier
and l.ender_ Lender may make proof of luss if not madr promptly by &-rrower.
Unleae Lender and 13orrower otberwise agree in writing, insurance proceeds shaU be applied to reetoration or repair af the Property
damaged, provided auch restoration or repair ix ecunomically feasible and the security of this Mortgage ia not thereby impaired. I( auch
rc~etoradon or rrpair is not economically leasiblr or if the w•rurity of this MortK~ge would be impaired, the inauraace proceeds ahall be applied
to the aume secured by this MortKage, with the ex~•rss, if any, paid tt~ &-rrower. If the F'ropcrty ie abandoned by Borrower, or if Rorrower faila tu
reapond to Lender within .f~1 days fr~,m the datr notice is mailyd by l.ender d, Borrower that the insurance carrier ofCera to settle a claim for
insurance benefits, t.ender is authunzeci to collrct and apply the insurance pmceeds at Ixnders option either to restoration or repair of the
Property or the sums secured by this MoRKage.
Unleas Lender and Fiorruwer otherv-~iae agrer in wnting, any such appfication of proceeds to prinripal shall not extend or poatpc-ne thedue
date of the monthly inata{Iments refened tu in paraRrapfic 3 and 2 hereof or cfiange the amount of auch inatallments. lf under paragraph l8
hereof the Property ie acquired by I.ender, all right, tide :~nd intereat ut Borruwer in and to any insurance policies and in and to the proceeds
thereof resulting from damage to Property prior to the sate or acqu~sition shall pasa tn l.ender to the extent of the auma secured by thie
Mortgage immediateiy prior to auch saie or acquiaition.
6. Preservation and Maintenance of Property; l.easeholda; ('ondominuma; Pianned Unit Developments. Sorrowerehali keep
the E'roperty in good repair and r+hal) not cummit wastr or permit impairment or deterioration of the Property and shall comply with the
proviaione of any lease if this lllortgaQe is on a leaset~old. If this MurtgaKe is on a unit in a condominium or a planned unit development,
Borrower ahall perform a11 of E3orrower's obliRations under the declarahon or covenante creatinRor govern~ng the condominium nr planned
unit development, the by=lawa and regulations of the condominium o~ planned unit development, and rnnstituent documenta. If a
condaminium or planned unit development rider is executed by &~rruwrr and recorded t~ether with thia Mortgage, the rnvenante and
aqreements otsuch rider ahall be incorporated intu and shall amend und supplement the covenants and agreementa of this Afortgaqe as ifthe
rider were a part hereof.
7. Protection o! I.ender's 3ecurity. I[ Borrower faile to perform the oovenants and agreements contained in thia Mottgage, or ii any
action or proceeding is commenced which meterially affecte ltnder's interest in the Property, including, but not limited to, eminent domsin,
insolvency, oode enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lendet i option,upon
notice to Borrower may make euch appeatances, disburse euch sums and take such action as is nece~sary to protM Lender ~ inttre~t,
including, but not limited to, disbursement of reasonable attorney'e fees and entry upon the Property to make repairs. It I.ender required
mortgege insurance as a condition ot meking the loan secured by thie Mortgage, Borrower ehall pay the premiums required to maintain
snch insurance in effscl until such time as the requirement for euch ineurance terminates in accordance with Borrower's and I.ender's
written agreement or applicable [sw. Borrower ehall pay the amount o! all mortgage inaurance premiums in lhe manner provided under
peragraph 2 hereof.
Any amounts disbursed by Lender pereuant to this paragraph 7, with internst thereon, shall become additional indebtedness of
Borrower ~ecured by this Mortgage. Unlesa Botrower and I.ender agree to other terms of payment, auch amounte shall be payabie upon
notice trom Lender to Borrower requesting payment thereof, and shall bear interest trom the dste of diebursement at the rate payable trom
time to time on outstanding principal under the Note unleae payment of intereet et euch rate would be contrary to applicable law, in which
event such amounts afiaU bear interest at the higheat rate permiseible under applicable law. Nothins rnntained in thia paregraph ?, shall
require Lender to incur any expense or take any action hereunder.
SOOK•~~~ P~GE OO~
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