HomeMy WebLinkAbout0813Horrower and L.ender rnvenant snd eQree a~ folbws:
1. Payment ot Prlncipal ~nd Intere~t. 8orrower ahall promptly pey when due the principal ot and intsrest on the i~debtednees
evidenced by the Note, prepayment and Istecharges a~ pmvided in the Note, and tfie principa) of and inte~eat un any Futu~e Advancee eecured
by this Morlgage.
2. Ptitnds forTa:es and Insuranee. Subject to applicabie law o~ ta a written waive~ by l.ender, Rorrowershall pay to I.ende-on thedey
monthly inotallments of principal and intereat are payabte under the Note, until the Note ia paid in full, a eum Iherein "Funde") equal lo o~c
tweltth of the yearly taxee end assesaments which may attain priority uve~ this Mortgage, and g~ound rents on the F'roperiy, if any, plus on~
twelEth of yea~ly premium i~stallments for hezard insurance, plua onetwelfth of yearly premium inalallments fo~ mortgage inaurance. if any,
all aa reasonably estimuted initially and from lime to tirr~e by l.ender on the basis af asaesamente and billa and reaaanable entimatea the~eot.
'C~e ~nda shall be held in an inatitution 1he deposita or accaunts ot which are inaured o~ guaranteed by a Federal or State agency
lincluding l.e~der if l.e~de~ is such an institution). l.ender shall apply the F unda to pay aaid taxea, asseaaments, insu~ance premiums and
~und tenta. [.ender may not charge fo~ w holding and applying the tunds, analyzing eaid account, or verifying and compiling said
aeaessments and billa, unlees l.ender paye Borrower interest on the Punds and applicable law petmits l.ender to make euch a charge. I3orrower
and [.ender may agree in writing at the time oi executio~ oi this Mortgaqe that interest on the f~'unds shall be paid to Horrower, a~d unleas
auch agreement is made or applicable law requires such intereet to be paid, Lender ehall not be required to pay Eiorrower any inte~est or
eaminga on the Funds. I.ender ahall give to Borrower, without charge, an annual accountiog of the F unds ahowing credita and debits ta the
Funds and the purpose for which each debil to the Funda vvae made. The Funda are pledqed as additional eecurily for the sume eecured by this
Morlgage.
If the amuunt of the Fl~nds held by ltnder, together with the future monthly inatallmenta of F unds payable pripr to the duedate~ oltaxes,
asaeasmenta, ineurance premiums and ground rents, ahall excred the amount required W pay said taxes, asseaxments, inaurance premiums
and ground ~ente aa they fall due, such exceas aha{1 be, at BoiTOwer'a option, either promptly repaid to E3orrowe~ or credited to Boirrower on
monthly installmente of Funds. If the amount of the Funde held by Lender ahall not be aufficient W pay taxea, asaeasmenta, inaurance
premiums and ground rente as they fall due, F3orrower shal) pay to t.ender any amount neceaeary to make up the deficiency wi/hin 30days
from the date not[ce ia mailed by Ixnder to Horrower requeating payment ihereof.
Upon payment ~n futl of al! sums eecured by this Motigage, [.ender ahall promptiy refund to Borrower any funda held by L.ender. l[ under
paragreph 18 hereof the Property ie sold or the F'roperty ie otherwiae acquired by I~ender, l.ender ahali apply, no later than immediately prior
to the aate of the Property or ita aequieition by l.ender, any F unda held by I.ender at the time of application as a credit againet theaume eecured
by this Mortgage.
3. Application of Payments. Unleas applicable law provides otherwiee, all payments aeceived by lrnder, under the Note and
paregraphs 1 and 2 hrreof ahall be applied by l.ender firxt in p:iyment of amounta payable to l.ender by Borrower bnder paregraph 2 hereof,
then to intsreet payable on the Note, then to the principal of the N~-te, and theo to intereat and principal un any Future Advancea.
4. Chargea; l.iena, lio~nuwer shall pay all tuzex, axsessmen~~c and c~thrr charges, finrx and impusitiona attributable to the i'ruperty which
may atWin a priority over this MurtK:~ge, and IeasehuW payments nr Kround rents, ~f any, in the manne~ pruvided under paraqraph'L hereof or.
if not p~id in such mxnner, by f3orruwer mukinK p.~ym. nt, when duP, directly tu the payre thermC F3ormwer shall promptly furniah to I.ender
all noticex of amountx due under thiy par.+~raph, :~nd in the evrnt }torruwer shall m:+k~ payment direcdy, Rorrower shall prumpUy furnish to
I.rnder receipts evidrncing such paymenLv. I~~rrower xhaU ~-rumptly diu•hargr .«y IirR which has pnority o~er this MortKagP; pmvided, that
li~~rrower shail not F~r rrquired todischarge any wch lirn su IunK a~ fi~mowrr shall aKree in writinK to the paymrn[ nf thFubligation secured by
vuch tien in a manner accrpt.~l,lr to I Ander. ~~r sh.~l) ~n Kixxt fa~th i•ontw.,t tiu~•h lirn bp, ordrf~nd rnfurn~ment ~~f ~urM IiE•n in, Ie~al prcx~erdings
which operate to prevent thr rn[orcemesit uf thr (~en or forfr~ture uf th~• 1'ro~K•rty ur any part there~~f
c~. Haaard inxurance. fturrowrer shall ktY•p the improvempnls oow exisUnK or herrafter erected un the Property inxured uKainat loss by
fire, hazard.v ini•lud~~.! within the temn "extrndt~ roveraKe," .ind xuch uther hazards as I.ender may reyuirr and in euch amounts and foreuch
periods s~a txndrr may r~~yuire; pro~•idrd, th:~t Ixn~iev shall not reyu~m that the amaunt of auch cvvrraKe rxc~rvl lhat ~mpunt of c~,vrrage
rryuirtKl to pay the aums sri•ureal by th~s :~1urt{CuKe.
The insurancr ~•:~mrr prn~•~d~n~; tht• ~n~ur:~nre• shall I~r rh~~~~•n by (i~~rn~wer sub~ivt tn .ipprucal hy IA•ndi•r, pn~. id~tii, that such :~pproval
shtill nnt t~r unrrawmabl~ withhrl~~ rVl pn•iq~u~T~s ~m m~uran~•~• {H~lu•u•..haN IK~ p:ud ~n the m:u-nrt prov~d~yl undrr p:ir:iKr.~ph Y hrnr~f ur, if
nut paid in su~•h m:mncr, 1~~• li~~rn~w~•r m~~kinK paymrnt, wh~•n dut•, d~n•~ tl~• tu thr ~n.uranre carnrr
• Al) inaurance policirs and renewals thercti~f shall I~r in torm acceptahle w I,~mder and ahall include a standard mottgaKeclause in favorof
and in form accept~+blr tu I.ender t~rnder shail have thr nKht U~ huld thf• {-~~L~•~rs.~nd mnrwals thrreuf, and Fiorrovrershall promptly furniah to
~ rndrr all renewal noticrs and all rrce~pts u[ p~+id premiumx. !n th~• r~ent of luss. (iurr.~wrr aha{l Kivr prompt n~>tice U~ the inxurance c~mer
and I.ender. I~endrr may m:ike pnN~f of lusx if nnt madi• promptly by Rurruwer.
Unlexs I~nder and 13~~rruwer otherv~~sr aKrt~c ~n wnUnK. ~nsurani•r pr«•rrclx Rhall t-e applied tu restoration or repair o( the F'roperty
damaged, pru~~ded auch rP~4,ratii~n ur repair ~ti tr-~~numii•aUy fi•:~e:~blr and the src-urity of this Mortgage ie not thrreby impaired. If auch
realarAtion or rep.iir ir: nnt r~unomirully G~:+tiiblP ~~r ~f the ~rcunty ~~f th~g Mortgage would t-e impaired, the iosur:+nce proceedsshall beapplied
t~~ the sumsaerured by th~s MortKc+Ke. a•~th th~• rx~•rxg, dany, paid t~r t~~rrower. If the 1'r~~pcrty ~s abandoned by liorrowrr.nr if &-rrower faila to
reapond tu l.ender within :31- dayr~ lrum the da~r nut~rv ~x mal~~c1 by I,endpr G~ li~~rr~~wrr that the ~naurance camer nffera tn aettle a claim for
inaurance 1~eneCita, l.endrr ts authurized t<+cull~~•t c+nd apply th~• ~nsurance pn«•erds at Ixnder's optiun either to re~tora-ion or repair of the
1'roperty or the sums xecured by thiv MortK~+K~'~
Llnlesa I.ender and F3~~rruwer c~thrrwise aKrre in wnUnK, any such appl~cattun of pmreede tu principal Ahall not extend or puetpone the due
date of the manthly installmentx mterrrd G~ ~n paraKraphti 1, and `l hert~~f or change the am~~unt of such inak~llmenta. If under paragraph IA
hereof the Pmperty ig acquirerl by I~ender, all right, title ~nd interrst af K~~rmwer ia and t~ any inRUrance polici.~ and in and W the pr<xeeds
therer~f resulting from damaRe to i'r~~prrty prior to the wiie or acqwsitiun shall pass tn [rnder to the extent of the eums aecured by this
ylurtgage immediately priur to auch tsale m acqwsition.
6. 1'reservatian and Muintenance of Property: f.raau hc~lde; Condominuma; Planned Unit Developmente. Borrower ehall keep
the F'roperty in Ra,d repair and shail n~,t cornm~t wasle ur prrmit imp:urmrnt ~er detrnorotion o[ the Pro{reriy and shall compty with the
pru~•iaions uf any leasr if thix Mnrigage is on a Ira~rhufd. If th~A Murt{~aKr is un a unit in a cY,ndominium ur a plunned unit development,
1k~rrower ahall perform all of fi~,rrower's obligatiung undrr thp declaratiun or cuvenantx ~•r~wt~nKur Kovern~ng the condominium or planned
unil development, lhe by-laws and reKutations uf the ~-undommium or planneci unit development, and conatituent documente. If a
~•~~ndominium or planned unit ~ievrlopm~•nt ridrr ia t•xecutid by li~~rrowrr and rrcurdrd tugether with this Mortgage, the covenantes and
,Krc~rmentx uf eurh rider ~h:+l) t-e• ~ncur{,urateK! into :~nd ~h:~ll :~mrnd and yupplemrnt thr cu~•rn:inls and aKmrmentrs of this 11ortKagr as if the
nder were a paK hereof.
T. Protection ot l.ender's Security. If E3~rrower [eils to pertorm the rnvenante and aqreemente contairted in ihia Mortgage, or if any
ection nr proceeding is commenced which materialfy affecte I.ender's interest in the Property, including, but not limited to, eminent domain.
~nsolvency, oode entorcement, or arrengements or proceedinge involvinq a bankrupt or decedent, then t.ender at l.endei s option,upon
notice to Borrower may make nuch eppearances, disburee euch aums and take auch aMion aa is necessary to protect Lender s interest,
including, but not limited to, diebursement of reasonable attorney'e feee and entry upon the Property to make repairs. If I.ende[ required
mortgage inaurance as a condition pf making the loan eecured by thie Mortgage. Borrower ahal) pay the premiums required to maintain
eucfi insurance in effect unti) euch time as the requirement [or euch ineurance terrninates in accordance with E3orrower's and I.ender r
written agreement or applicable [aw. Borrower ahall Qay the amuunt ~~i all mortgege insurance premiums in the manner provided undrr
paregraph 2 hereof.
Any amounta dieburoed by [.ender pereuant to thie paragraph ~, with interret thereon, ahall become additionef indebtedness of
Borrower eecured by thie Mortgage. Uniese E3orruwer and Lender agree to other terms of payment, such amounte shall bt payable upon
notice from I.ender to Ek-rrower requesling payment thereof, and ehel) bear inte~eet irom the date of diaburaemenl at the rate payab{e irom
time to time on oufstandinK principal under the Note unlese payment of intereel at euch rate would be contrary to applicablt Inw, in which
event euch amounta ehall bear intereat at the hiqhest rate perm~aeible under applicable law. Nothing contained in this paragraph 7, shall
require I~ender to incur any expenae or take as-y action hereundes.
~~~K~48 ~~GE 81`3
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