HomeMy WebLinkAbout0967 • / ~ 1'~ ' •
.~~~d~ t
UN~FattH CoveN~HTS. Borrower and l.ender a?venan~ a~d aRree as foUows:
1. Paymeat of Principal and i~le~esl. R<xmwer .hall prump~ly pay when due the princip~l a( and interest on 1he
indebtedness evidenced by the Nole, prepayment anJ late char~;r. a. provided ~n the Nate, and !he principal of and interost
on any Futu~c Advanccs secured by th~s Mor~gage.
2. Fuads tor Taxes and lnsuraQCe. Subjcct to appli~:,hlr lav? ~~r ~o a writlen waiver by l.ender, Borrower shall pay
to l.ender on the day monthly mttallments of princip~l and mirrc.~ ar~ ~:?yablc unJer the Nate, untit Ihe Note is paid in full,
a sum (herein "Funds") cqual to one-twcltth ot ~he yr~rl~ ~a~~. anJ accessmcnts which may altain pr~oriry over this
Mortgage, and g~ound rents on the Pmperty, ~f an}•. ~+lus one-twc!(th ol y~early premium installments for haza~d insurance.
plus one-twelfth of yearly premium installmen~s for mortgagc ~ns~~rancc. i( any, all as reasonably estimated initially aod from
timC to time by l.endcr on lhe basis a( a~u:s~mcntx ant] hill~ and r~.nonable a~imates thereot.
The Funds shall be hcld in an ~ns~i~utii•n ~hc deFx~,~i~ or accuunts ot which are insurtd or guarantced by a Federal or .
state agency (induding Lcnder if l.cndcr it wch an insli~ution). I coJtr ~hall apply thc Funds ro pay said taxes, assessments,
insunnce premiums and ground rents 1 ender ma~~ no1 charge tor e~ holding and applying 1he Fundc. analyzing said account.
or verifying and compifing said asses~ments and tnlb, unlcss l.ender p:?ys Borrower interest on the Funds and applicable 1•rw
permits Lender to make such a charge. B~,rrc~wer and I xnJer may :+grce in writing at the time of executian of this
Mortgage lhat interest ~n the FunJs shall tx paid to Rorrower, ~nd unless such agreement is made ~~r applicable law
rcquires such interest to Ix paid, l.ender ~hall not M: reyuued tc? pay Borrower any interest or carning~ on the funds. l.ender
shall give to Borrower, without charge. an annual arcounUng ot the f=unJs showing credils and debhs to ~he Funds and the
purpose (or which tach debit to the l=unds wa~ rna~r. The Furid~ :?re pl~~iged as additional sr~:urity for ~he sums secured
by this Mortgage. .
If the amount of the Funds held by Lender, togcther with Ihc future manthly installments of fiunds payable preor to.
tht due dates of taxes, asscssments, insurance premiums and ground rent~, shall exceed ~hc amouns reyuircd to pay ~aid taxes,
assessments, insurance premiums a~d ground rents as they tall due, such excess shall be, at Borrower's option, ~ither
pranptly repaid to BorroMer or crcdited to Borrower on monthly inst~llments of Funds. If thc amoun~ of thc Fuods
held by Lender shall not be sutTicient to pay taxes, assessmcnts, imurancc prem~ums anJ grouod rents as they frU due,
Borrower shall pay to Lender any amaunt riec:essar}~ ta make up the deticiency within 30 Jais from the date nMice is mailed
by Lender to Borrower reyuesting payment ~hereot.
Upo~ payment ~n full of all sums secured by th~s Mong:~ge. Lcnder shall promptly refund to Borr~vvcr any Funds
held by Lender. lf under paragraph 18 hcreof 1he Proprny u 4oid or the Property ~s otherwisc acqi+ircd by 1_endcr. Lcnder
s6d1 apPly. no larer th~n ~mmediat~l~• prior to thc ~alc uf the Propc:rty or i~s acquisition by l.ender, any Funds heW by
Lender at the time of application as a credit ~gainst the sumti secured by th~s Mortgage. ~
3. Applicalion of Payments. Unlres applicable laH pru~ides utherwi.e. all payments received by l.ender under the
Note and paragraphs 1 and 2 hereut ~hall be applied hy i cndrr fint m payment of amourtts payable to I_cnJer by Borruwer
under pazagraph 2 hercof, then tu +ntrre.~ payablc oo the ~iuir, thcn t~, thc principal of the Ni~te, and thcn to interest and
principa! on any Future Advanccs.
4. Chsrges; I.itns. Borro~?er tihall pap all taxcs. a~~r~tmcnts and ~thrr charges. fines end impositions altributabte to
the Property which may attain a pnoriry over this Mortgagc, and Ieasehold payments or ground rents, if any, in ihe manner
provided under paragraph 2 hercaf or. ~f not pa~d in such m.mner, by B~~rrower making payment, when due, ditectly to the
payet thereoL Borrower shall promptly furmsh to Lender nll notices of amounts duc under this paragraph, aod in the event
Borrower shall make payment directty. Borrower ~h~ll promptly (urnish to l.ender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has pnonty uver this Mortgage; provided. that Borrower_shal) not be
required to discharge ant~ such lien w long as Borrower shall agree in wnung to the payment of the obliga~iun securcd by
such lien in a manner acceptable to 1_rnder, or shall in g~od faith cunic~t ~uch lien by, or Jefend enforcement of such lien in,
legal proe:eeding~ which operate to prevent the enforcement of the lien or torfeiture of the Property or any part thercof.
S. Hazard L~sur~nce. Borrower shall keep the ~mprovement. n~w esisting or hereafter erected on the Propeny insured
against losc bp 6re, h.~tarJti includ~~i with~n the tenn "ri~endc~l roverage". and such other hazards az Lender ma) reyuire
and in such amuunts ~nJ f..? surh ~ri~xi~ a~ 1_ender may rcyuirc; providcd, that Len~er shall not reyuire that the amount of
such co~erage exceed ihat amount of a~verage rcyuued to pa}~ the wmti ~ecured by this Mortgage.
"Ihe insurance carrier providing the insuran~e shall be rhosen by Borrower subject to approval by Lender, provided,
that such approval shall not be unrea,vnahly withheld All prcm~umt on insurance policies shall be paid in the manner
providtd under paragreph 2 fi~rcof ur. if not pa~d in tiuch mannrr, by~ Bc~rrower making payment, when due, dircctly to the
insuraoce carrier.
All insuran~~ Fx~hr~e, an.f ren~w:,ls therrrt ,hail tx ~n forrn ~ccrptable to 1_ender :~nd shal) indude a standard mortgage
clause in favur <~f and +n furm accrptahle n. l.ender. I.cnder chal) ha~e the right to hold the policies and renewals ihereof,
and Bormw~er ,h:~ll prumptly furnnh tt~ Lcnder ~II rcn~K,l noU~e~ and ~II receipts of paid premium,. In the event of toss,
Berruwer sh~l! g~~e pr~~r.lf~t n~~n~~ i~~ th~ :~uurancr c:~rnrr :,n~i Lender. Len.lcr may make proc~f of loss if not made prompdy
by Borrower.
Unless LenJcr an~ B~~rr~~«~r i~tii~rH~.r agrcr iu wnt~ng, inwrance prcx;ecds shall be applied to restoration or repair of
the Propert~~ damagc~i, pn~.,~te~! ,u~h rr.turatu~;i t~r r~~:ur is rc~~ni~micallp feasible and the se~urity of this Mortgage i~
not lhercb}~ impairc~i. It ~u.h rc,t~~:at~rn ur repair ic n~~t rc~+numicall~' (casihle or if the securit}' of ihis Mortgage wt~uld
be impaired. the insu;ancc t r.r;:.cJ: tihall tk ap~lieJ t~~ the sums xriered b}• this Mortgage. whh the exces.s, if anp, paid
to $orrowcr. !1 Ihe Pr~~prrt~. i~ :ihand~~nc.! hv Burr<~w•cr. ~~r ~t Borr~wer fails to respc?nd to 1_ender within 30 days from the
date notice is n~ailed b~ I.euder t~~ Be~rri~v~cr th.it Ihe im~ran~c carrier ofTen to settle a claim for insurance !~enefits, 1_ender
is authorized tu collec~ an~1 appl} the uu~ran~e pr.,cecds at Lender's uptwn euher to ~estorauon or repair of the Prapen~~
or to the suma sewred by th~s lforigage. -
Unles~ Lendcr and B~rruNCr utherwi.c .~grec ,n Knting. any such .~pplic:,tion of prcxeeds to principal shall not extend
or postpone the Ji~c da~e ~~f thr m~~nthh in~taltmcnt~ r~frrred t~} in paragraphti I and 2 hereof or change the amount of
such ~nstallmen~i If under paragraph tR hereof the Hr<,{xrt} n acyu~reJ hy l.ender, all right, title and interest ot Borrower
in and to an} insur:ui~e po!i.ies :~nJ in and t~~ thr pn~creJl thereot rctiul~ing from d•rmage to the Property prior to thc sale
or acqui~ition ahal! p.i~s to I_ender to thc extent ot the ~ums aecured b} th~s Mortgage immediatel}~ prior to ~uch sale or
acquisition.
6. Presenation aod 1laintcnance of Propen~; I.ea,ehotds; Condominiums; Planned Unit Developments. Borrowcr
shall keep [hc Propert~ in gu~rci rep:.er a+id Shall not ~omrn;t waste or permu impairment or deterioration of the Property
and shall comply with ;hr pro~•i5u~u~ uf an}~ Icase it thi. Mur~gagr un a Icaschold_ If this Mortgagc is on a unit in a
condomin~um e~r a planned i:nu ~e~eiupment. Barr~~w~r ~hatl ~rfurrn all af Borrower's obligations under Ihe declaraUun
or covenants creat~ng <,r Kuverning the condunun~um or piennrd unit develvpment, ~he by-laws and regulations of the
condominium or planned unit devrlopment, :,nd c~nstituenl do::umeni. I( a condominium or planned unrt Jevelopment
ridtr is executed by' Borruw~er and rec~rded tugether wiih thi~ Mortgage, the covenants and agreements of such ridcr
shall be incorporated ~nto and tihall amend an~ tiupplcment the cuvenants and agreements of this Mortgage as if the ri~ier
were a part hereof.
7. Protection ot [xnder's Serurfty. 1( B~rrouer fails ~n ~xrfc~rm the covenants an~ agreements contained in this
Mortgage, or if any acuon ~~r prckeeJing i~ commenced which m.iteriall}• aHects I.ender's interetit in the Propert}•.
including, b~:t not limiied to, eminent aoma~n. im~~l~encc, c~x1e enf~~r~ement, c?r arrangements or pruceedings invol~•ing a
bankrupt or decedent. then I.ender at Lender"s opt~on. u~m nMice 1~~ Borrower, ma} make such appea~adce~'dishurse such
sums and take such actiun rs nece«ar}' tu pratect l.ender's interest. ~nd+~ding, but not limrted to, disbursement of
reasonable at~omey's fees and entry u~x~n thc Propert}~ to make repairs. If Lcnde~ reyuireJ morigage insurance as a
condition of making thc loan secured b} th~s Murtgagc, A~.rmwcr shall pay thr prcmiums rcyuireJ to maintain such
iasUrance in efiect until such t~me ac the teyuirement for such insuranre terminates in accordancr with Borrower's and
auii~ ~S ~at~ ~
:~5 ~ ~ i - "z ~ ' ...:t~`: ~