Loading...
HomeMy WebLinkAbout0931 lturruwrr and lrndrr cuvenant and agrrr ae fulluwa- 1. Yayment of E'rincipsl and Intereet. l;urruwer ehaU promptly pay whrn duP the princ~pal of and ~nterrKt ~~n thr ~ndebteclneas Nvidenccd by the Note, prepayment und latechi~rKes ae pru~•id~~1 in thr Nute, t?nd thr prinripal uf und interrnt un any Fulurr Ad~~uncrs r~ecured by this Mortgage. 2. Funde for 7'axee and Ineurunce. Sub~rct tc~ appl~cublr lav~ ur lu a wnttrn K•ai~ rr hy (,~•niier, Fturru~~ i•r sh:~li p:i~• tu L~~ndi•r un thr duy munthly installmrnti• uf principal xnd interrst are p.?~•.ibl~• under the~ Nute, until the ti~~t~• i, paid ~n full, .t,um ~h~-rr~n "F'und~;"~ ~~~uai to on~ twelfth of the yrarly taxes ~nd :?xsrsaments wh~eh muy utttiu~ priunty u~~~•r ch~a M~~rt~u~;~~, .~nd ~;ruund rentx ur. th~• Yrup~~rtp, pluy unP tw•elfth of ye~rly premium installmrnts for h~?zard insurancr, plu~ unrtw•e~Rh uf }•eariy pmmium installmrnt~ fur murtguge in4urance, if ~ny, :+II ae reaeon.ibly ratimated initinlh~ and from ti?ne t~~ hrt~r by 1.~•nder un the• b.~.~. uf ;~s,r~,mrnt. and hills :u~d n~u+unahlt• r,timates thrreof. The F~nda shall be held in un institulion thr dep~~aita ur ucr~~unts uf which art• in.urc~cl ~~r Ku:e~:~ntr~vl bv F'rdt•ral ~~r titatt• uKrncy ~~ncludinK I,ender if I.ender ie such an inatitut~onl. I.rnder nhall apply thr Funds tu p~~y ,uid t.+xe•a, ;+ysr,amrn~~, insurancr pre•m~urns tind Kruu~d rentx. [.ender mAy not charKe for so holding and t~pplyin~; thr Funds, anal~z~nK .a~d a~c~~wit. ~~r venfy~n~; :+nd cu~ip~Gng suid ~a,seaamrnt~; .ind biIIR, unleas I.ender pays E3arrower int~•rewt ~~n thr F'unds and t~ppGc.~hle Ixw pe~rm~ts l~•nder t~~ m.~kr su~ h u~•harge. FiorruwYr , and l.ender may aKree in writing at the time of executiun ~~f thi:~ 111urtKaKe that interrtit un tht• F'un~l:: whaU tK• pa~d t~~ f4orruwer, a?nd unleas ~uch ugrcrment ie mxde ur applicable law reyuires such interryt u~ Fie pa~d, I,rnder tih.i~l nut tk~ r~~~uirrd G~ p.~y tA~rru..•er un~~ inlrrest ur ~•<~rnin~;s on the Funda. I.ender ahall Kive tu fiorruwer, w•ith~~u/ churKr, :~n unnual a~•i uuntin~; uf thr Fund. ,huw inK rntilitx and drhiGK tu the f~ unds and the purpoyr !ur ~~hich ruch debit tu thF t'und, .+•ati madr. Th~• Pun~l. urr plyd~;~•d :~::.~dditiuna! :+e~vnt~• f~~r th~• aun~v,~~vnd by thia \l~~rtguge. If the amuunt uf the h'unds hcld b~• I.e~nder, tu~;t•the~r with the futur.• nwnthl~• in.t:~lln:rnt, uf F'unds p:~~•ahlr pri~~r t~~ thc~durdatrti uftaxes, ,ta,esymen~v, insurancr premiums and Kruund rt~nts, sht+ll e•xr~t-d thr ~irnuunt r~~~uin~l tu p.iy s.ud t:~trs, assr;s~uc•nt~. ~n;urance prem~ums and ground rents as they fall dur, auch excrv~ ~FIAI~ ~R•, R~ L~tHTUK'Pf'. uptinn, r~ther pn~mpily~ re~iaid tu fiurruwrr ur c•redited tu Rurruwer on monthly inst~iliments of Fundw. If the• am~~unt of tht• Funds he•Id hy I~~ndk~r shall nut hc~ ~:uffici~•~~t tn pay t.~xt~,, .~sse~smt•nt~, insurance ,~rt~m~ums and Rroun~' -_~tu sa~ f:,11 ,1„~. NurruH•c~r sh.ill pa~• tu I,c•nder an~~ am~~unt n~vr,.ar~ !u nu~ke• up th~•dcficirncy w~thin:t0days fn~m the d.ite noticr i~ mxilyd b~• L~•ndE~r t~~ fiurn~wrr rryucstui~; pa~'mi•n[ th~•rt~uf Up~m payment in full uf alt sums srcunYi i~p th~s ~1i~rt~;a~;e. Iw•ndrr shall pnm~ptl~• r.•fur.~i t~~ ti~~rn~wrr .iny fund, ht•ld b~~ IA•ndrr. If under par~igraph lti hereuf the Prupert~ ~nld ur th~• I'ruprrt~• is i~thenc~se a~•yuired h~ 1~•nilrr, l.~~nd~•r sh:i11 :ipply, n~~ laerr th:~n ~mmtYl~atrly' pnor tu the sale ef the f'roperty or it~~ acyuisitinn by l.e•r.d~~r, an~• Fund. hetd h~~ i.•ndt•r at the• t~~r~~• uf appl~~ :~ti~~n :i. a crt•d~t a~;:~~nst th~• sums,t~•urcd hy~ chis Mortg.ige. 3. Application of Paymentt~. t'nlr.s applic<~blc• l,iw pnn•~dt•~ uth~•n+isr. :~11 E~:~}•mrnts rt-~i•i~rd bp I,rndrr under thr tiute xnd E~aragraphs 1 and hereof ahall be applitd hJ l.endt•r ~irxt in pa~•mrnt ~~f a~m~unts p;~y;ihl~• ti~ l~mdt•r b} }i~~rruKrr und~•r par<iKraph 'l herrof, then to interest ~wyable ~~n the tiutf•, th~~n tu thr pnnc~pal uf the \utr. :~nd then t~~ ~nt~~rr~t cind pnncipai un :~ny Future Ad~•~?ncrs. 1. C'hargew; I.irns. Iturru~. ~~r ~hali p:~} all tax~•~. a~s~•~~mrnt.:~nd ~~th~•r ~•har~rs. tin~•~ .ind ~rn~~~~sih~m.:~ttnhut:~hl~• u~ tht• f'ru{x•rty~ k•hich inay .?Uain a priurit~• ~~~•er this Murty;.i~;~•, :ind l~~.i.c•hi~ld p:~}•mi•nt.~~r~;riwn~l n~nt~. ~f anc, ~n th~• tnannrr pn~~ ul~•d un~l~~rpar:~~;r.~ph'L he~rcK~for, if nut paid in tiuch mann~•r. by~ fi,~rr„~~~•r in.~~~~,?; s,,,~«~. ~i~,•. ~i~r,~, ti> c,~ th~• {~.~c~•~• th~ n~~f K~~rn~:vrr.i~.~ll ~~nunptl~ furnish tu Lender :~11 nutices uf amuu~it. dur under thi~ p,~r.~~;r.iph. :~n~i in th~~ ~~nt fi~~rr~~~ rr ~h.~{I m.~k,• m~~nt d~rf•~ tl.. tt~~rn~~. ~•r .i~all {~nm~pti~• furn~sh to i.~•ndrrn•reipt.e~•~drnc~n~;.uchp.~>~ne•i~t. 1{~~rr~~~~rr.!~:~IIE~r~~tn{rti~ili:~h:~r~;. nn~ li~n~~hirhh:~.~~r~~ritc,~ti~•rtt~i~~l~~rt~::~~;e•.pr~~.•idf•~i.thjt fi~~rr~~w~~rsht~llnnttk•rrywre•dt~~ili~rh.ir~;~ ,:tn•u~hli~•n.~•l~~t:{:.~:K~~rn:•.c.r.h.~i;.:~;r«~ :nuntln~:t•~~h~ {~,~tiir,~~nt.~l!f,~ ~~h.t~::~h~,r.reun•dbp ;r}i Itrti in a mannrr.~ccrptahl~• t:~ [~•n~i, r~~r ~t~,~{I in ~;~~~,~11.uth ~~~nt~.t h i.~ n h~ :~r~l~ t~ n~1 ~•~it~~r, ~ rn~ nt:~' ~u~ h i:rr~ in.lF ~;:~1 pr~~c~~r~lin~;s \~hirh uperate tn prr~~ent thr ~•nf~~rre•it~rnt "f th~ lu~n ~~r f~~rf~ ~turt• ~~i thr !'n~E~~•rt~ ~~r .in~ E~;~r! [h~•:r~~f r~. Hazard Intiuranct•_ f{urn~arr :h:ill k~•rE~ th~~ iin{rr~~c~•nx~nt. n~+« c~xi,t~r.~; ~~r h~v~•.~it~~r ~•rr~ t~•~l ~~n th~• f'r~~pr'1~' ~nsu~~vl ak:unst;u~sFn- tir~•. hut.ard. includ~~d ~+ithin the• trnn "r~t~~nii~~~l ~~~~~•r,~~:~ ;in~1 ..u, h~~th~ fi:V.ir~l.:i. I.~•nrl~•r ~nu} n•~~u~r. :~nd in,urh ,inv~unts:~nd fursuch E~~ n~Kis as Le•ncie~r mn}' n•yuin•. {in~ci~l~•~l. th.~t 1.,•n~'t~ r ~ii:eil n~~t rr~~eiin tl:.~t th~• .un„unt „t h~~~crr.~~;r ~~xr~•~~~ th;it :+m~~unt ~~f ~~~n•t•r.iKe r~v~uirttii tu p:~} thr .iin:. .r~ ur.yi h~ th~. ~l~~rt~;.i~:~ ~Ei~• insur:in~ i• ~ :trnrr G~n~c~~i~n~: tt:~ ~i~.•,ir.~,, , . 1 , , , i,,, I;~,.~. . ,u~,;~ , r ,~4~~,r.,~ i! i~, i ~ ..,'t~.r ~~r.,~ ~~'t~ ~f t!;:~t .ui h ;~~~Eirnc ij + .li.+il n:~t hr unrr:~.~~n.~hlc •.citfih~•i~l :~li 4~n r.~i~~~;,_ ~ . .":r.~r~ ~ ~!~.~i! h~ u~'t~~~ n~.inri. • 4~r„•, i~i~ ~i i~•r {~.~r.~~;r.~{~h h.~r~,~f ~~r. if ' n~,t putd tr .urh n~,inn~•r h~ li~~rn~•..~ r rn.,kir.; {~,~tin;, :i! ,.h, r, :l~.u ,1~n~ ti~ t,~ th;~ n~-.,r.ui„ ~.~rr~, r :~11 imur:~nrr p~~licu•..ind r~•n~•H.:1~ t}:~ n,~f i,~ ;n ?,~rr;~ .+rr~ E~t.~t~l~ I.. n~1~ r:in~1 .!~:~1! in~ i~:~1r,~ ~r.~n~i.~n1 m~~-[ti,~k~•~ l.~u~r ~n f.nuruf ~nd in furm .iC('Pptahle t„ I,e•nd~•r I.e~n~i~ r-h:ui l: ,l. •~.~••:~:i~! h~~l~l th~• ~~~~;i~ •.~n;i r,•~u th~ r~ "f .~n,i f~"rr„«~•r ~t~ali pn~mptl~ f~irmsh tu ~.:~ndrr all ~ent•w~al nnttcr.:~n~i .+II r~ rE~t, ~:d ;~•~•rn:u~z:, In ?h~~ ~ c~•c,t +~f k~ r~~•.<< ~•}::,~i ~~n~r.~~~t r,~~h~ t t~~ th~~ ~ri~uranc e ccirrier ~nrj l.endrr I.c~ndrr tna~' irr.~ke. ;•e,,,,t .,f i,,•. :f n~~t n~.~~i~ E~n~m~~tfc h~ {?„rr,~..~ r ['nlesti I.e•nder :~n~1 fi~~rr~~.~~ r~:th~ r«:.~ i~: n:~r~; :n~un~n~ ~ E,r,~„ •F:.~i; .~{~F~li~~~+, r;~ n•t~~r:iu~,n ~~r r~ F~,ur ~~f th~• f'r~~pc•rt~~ i ; ~i~tmaKed, pr~~~-idcKi .u~ h r~~~t~~r.iU~~n : • r~ {~.,~r ~ ~ ~ ~.i~~~;n~~ ,~ll~ f~•:~,ihfe- .~n~i th~ unt~. ,;f tt:i~ \t~~r.~;.~~;~ i. •i~,t !h~•n~h~: irn{~:urrd if :uch t € r~•sturation nr repair is nut t•~ ~m~~m;r.~llc .i,!'t~!~ ~~r ~f t}:~• ~ unt~ ~~f thi, 1S~,•t~;.~R~• .~,~~~:~1 t~~• i:i:E~.~ir~ ~l. th~• in.ur:~nr~• ~~n~~ ~~t~~,.hal1 hrappliecl € ,~~thesumssecun•dh~'th~.~l~~rt~;.i~:r.~~it}i±1~~.,...,._. if ~n~.{~,u~it~~lt~~rn,,~rr lfih.•I'•~~{,<~rt~is.ii~.lnii~~nr~ih~ft,;rr~~~+e•r.~,r~f{w~rr~~wt•rf:silsG~ ~ !r~F)u(1f~ i~~ 1.Pn(~Pf K']tfllf) ~iil f~ll\~. trulll ?~Ir ~~.~Ir ~~i., e.~ fli,fli~'~~ i~~~ 1.rt:~~•~r t,: ~:~~rruKrr [~l:~t t~le~ Ih:l!~.i!lrr i;trrtYr n{t~•r: 1~t~tt~r U C~:IIm lUf e ~ r;..urance t~rnt•fit~. 1..•nil<•r i~ ;~uth~,r;i~•,1 t~„ ~..~z~•'. ttn• is,,ur.~n~ :~~r~~ ~~~•~i~ .~t ! ~•n~l~•r'. ~~}~u~~r: ,;c}~~~r t~~ n•~t"r.~;i~~r. ~~r rrp:~~r ~~f the• ~ I'n~Ekrt~• ur thF .ums .e•~ un•t! h~~ tlu~ \1~~rtR.~R~ ~ I'nletisF.~•ndrr.+ndfi~~m,wrr~qhrrHi~~ ,~~:n~ ~n~.ntin~;.:u~}:u~}~.+G~{~i~~.~t~~~~~~~fE~r,~<<•r,l~t~~pr,n~~{,:~I.ii~~li~~~~t.~xtt•n~l~,r{~~stp;~nethedur ~ late ~~f thr mnnthly in.tallmrnt~ rrt~•rn•~1 ~n E,.~r.,tir~~,,'~~ :.~n~i ~:ie r~ ,~f ; r~ han~;e th, .~m~~ut~t ~~f .w 1~ in.t:,ll~n~•nt~ If undrr par.~kraph 1;+ ~ ~~rreuf the• Prnpert~~ i, ~i~ yuin•~i h~ i,~•n~l~~r. ,~II n~ht rtl, .~n~1 ~nt~~n•.t It~~rr~,:.~•r ~n nn+~ t,~ .ir:•: in~ur.~n;,• ;H~I~~ ~c•~ .~n~1 in .~nci t~~ .h~• pr~~c•~~rds ~ ?hr•rc~~f resultinK fn~m dam:+Kr t~~ !'n~p~~rt~ f~,•t,~r t~~ th~~ •.~i~• ~~r ;~c ~~in.iU~~n .i~.~':I p.~r~ n, f.e t~~i~•r t~, ;he~ ~•xtE nt ~~f tht• ~wn. ,rrurt•d b~~ this a ~ \1nrtK:~Ke immediatF~l~' prir~r tu ,u~ h s:~le~ nr .~~~yu~~ih~~r~ ~ fi. {'reservationand:llaintt•ntinct•~~fF'r~~p~•rl~:I.ra.~•huld~;t'undiiminumti;l'It~nn~•dl~nill?t•reiupmentK.K~~rr~~wf•rsh~illkeep ~ the• k'r~~pc~rt}• in KiN~d repav an~1 .F~~II n,~t ~~,rnir.it ~r };~•rniit irr~{~,nrnu•,~: ~~r ri~•:~ n~~r.~t.~~n „1 tl;r I'n~E,rrt~ ,~nd .t~vll ~~,mpi~ w~th the ,~n~c~::~~ins ~~f any' Ira:.• i! thi. ~t~~rt~;:~~;e• t~ . ~ , i;i If th~~ 11~~rt~;:~K~• ,~n unit ir~ ~ ~~n~l~~~n,niun: ~~r {~ianne•~1 utut ~ir~e~l~~pment, K„rruxer shall pc•rfnrm :ill ~~f {t~~rr~,•,~rr~• ~~I,;i~.:!,,.. t~•r th~ ,le•~ lur,it~ ,n ,~~~•n,~~~t. ; r. ~tu,~~~r ~;~~<<•n~in~; th~•~ ~~nd„miniurn ~~r planned :nrt ~1ecrl~,pm~~nt. thr t~~' 1:~H.: :~n~i r,•~;ul;+t,,.n- t ~ ~,r.~!~~nun~um ~~r {~;,u:r,~~l ,.rur ~?~•~,•i~~~,~n~ nt. .i:ui ~~~n~utu~ rt ~1~,~ um~•nts (f a ? ,n~~l,~m~niun~ nr pl~inne~~i un~t ~1r~.•i~~E~ni~,~t ri~i,.r :t~,i hti ft~:rn~"~•r .,n~i .*~~~~r;1~•~i t,~~;~th~r w~th rh~. 1t~~rtK<~KE~. th~•r~~~~•n:+nt~ and ~ ~~;r~•rme•nt• uf ~ut t: riri~•r ~hali h~~ ,n~ ~~~~~~,r.~r, ;j i.i,.. ,r, ~ _~,.,ii ,~in~ n~i ;~r.~! -up~~~~•m~ nt t!n ~ ~~<< n.~nt~.,r.~1:,~;n•~~m~•ni.~~f th~, ~1„r:~;aKe•:~s ~fthe ~ ;!rr we~rr ~t pnrt ht•rr~~f " 7 Prutection of [,c•nder'e tiE~•urit}-. If ti~:~r~~~•r fail~ t~~ p~•rfi~rm the ~~~~~t•nant. ~~nr1 ,ikrr~•m~•ntr: r~~nta~nt~c1 in thiK tiS~~rtKaKe, or if any u-tinn ~~r prnceedi~R ~s cummencrd whu•h mate•n.~.; :~ffe•~ t:+ f.r~rdi•r~:+ intrrr~t in thF~ !'rupt•rt} . ~ni lud~nk, hut n~~t lim~ted t«, emfnent domain, ;nHOlvenc}•, c~ide enforcement. ~~r arrfinKementr r pr~~~~erdinK:+ ~n~i~1~~nK a hankr~pt ur dec~-d~•~t, tht•n I.rnder n~ I.ender'N opt~on,upon nntice to F3orrower may make euch appr:~rans•rH ~l:~buree yuch sums ~nd take euch acuun ae ~v neceesary to pro[ect [.ender'e intereet. ; ~nclud~ng. but nut I~mited u~, dieburearment uf rea~~m.+hle ~tt~~rne}'~e freN and rntn• uEx~n the Prnperty tn make repaire. [f I.ender requ~red ? m~:rtKaKe indurance aK a conditiun ~~f mak~nK thr i~~ar: +t~cunY1 hc tht:+ ~lurty~.iK~•. Eturruµer vhall pay the premiume re~yuired to maintxin ~uc h insurance in effect unhl such ume ;t~ thE~ rt•r~uireme•nt f~~r 9Ul fl in~ur:~nc r t~•rnun.~t<~r+ in ac~ ~•r,lancF w~ith Fi11R~IR'FC 9 nnd (.ender'e „ .~neten aKrFFment ~~r appGcahle I.~iw R~~rn~urr :;haU p~{> thf• ,+m~iunt ~~f :~Il m~~rt~,~~e• in~~r.inre pre•rnwmK i~ thr manner pro~•ided under ~~~iraKraph Y hereof- Any ~imuuntt, dishurr~rd i~~• I~~n~ier prrnuant tu th~~ parsKraph w~th inte~rr~; th~ rr~~n. ~hall Iwc~~mr .+dd~tu~nal ~nc~ehtedneae of itn..r~~wer RYCU~!'(~ Il~' IFIIR 11~rrt~(aKr l~nlr~~: fiurr~~wer and I~~ndt~r :+Krrc• lu ~~thi•r tt•nnv ~~f p:~~m~~nt. ~uch ar.iuunt+: Kh.ill tx• pa~abl-r upon s~ n~~ur~e frnm I.c•ndrr tr, linrrr~wer r~yuevt~nK pz~~•ment therr~~f, and Nhali bc•:~r intt•rc•et fr~~m thr ~i,~uu ~~f di~h~r:+rmfmt at thr retr pa}•ablr frum t:me tu Um«• ~~n nutvtandinK pnnciG~al un~ler the~ \~~t~~ unler+s payment a~f int~~r~~at ,~t .u~ h::~tt• w~~ul~f t~e• ~•nntrar~ tu app~u•.ihle law, in which F ~ vent yurh amnunt~ vhall h~~ar intrr~.:t ~+t thr h~Kh~•r:t ratr pertni~:+ihtf~ un~lrr .~pplic,ihl~• I:+w ti~~th~nK rnntatned ~n thiN pHreKraph shall ~ r:ti~u~re i,~~ndt•r t~~ in~ ur :inr• t•xpt•n~~ ~~r t~ik~• an~ ac~hun hF~reunde~r ~ . ~ ~ • n~~~ ~ ~ ar;t~+c f a(~E . - ~ ~ ~ ~ , ~ r ~ ~