HomeMy WebLinkAbout0991 t3~~rruN•er and l.ender covenant end agrre ue~ follows:
l. Payment of Principal and Interrst. Korruwer ehall promptly pay when dur the pnnc•ipal of and intrrrr,t un the indebtcYlnese~
evidenced by the Note, prepayment and latechargre aa prvvided ~n the Note, and thr pnn~ipal uf and interret un any Future Advuncee Krcured
by ihia Mortgage.
2. F unde for Ta:ee and lneurnnre. Suhject tu uppircable lilW Uf IU il W f1~IPn w•uivrr by I.c•nd~•r, I3URUN'Y( 8Il"alU i111~' LU TA•il(~r~ UO (fll' dlly
rnunthly inatallmente of principal and intereat are pa>'ablr under the Nut~~, until the tiute is puid ~n full, a xum Ihrrrin "Funda"? ~qual w onP
tw•elfth of ihe yrarly txxes and aesesamenta vrhich may att~in pnorit>• uver thix M1turtKugt•, and gruund rents ~m thr f'ruperi>•, if any, plue i~ne
twetfth of yearly premium instaliment~+ for huzard inaurance, plus onPtwelfth of yee~rly premium intitullmrn~~ fur ~nurtKaKe insurance, if nny,
all as reasonably estimated initially and fr~m time to tin~e by l.ender un the baR?s oi Hssexxmrntr~ and bill:; i~nd re.~sunable ~xtinuitrs thereof.
The Funda ahall be held in an institutiun the depoaits or accuunta c,f w~ich are insurrd or Ku.~r~nterd hy a Federal ur titatr .+grncy
~including l.ender it l.ender is such an inetitution). l.ender shall xpply the Funda to pay ruid taxea, assrsxmenta, ineurt~ncr prrmiume~ and
Kround rentei. [.ender may not charge for ao holding and applying the Funds, an~lyzing xaid accuunt, ur vrrifying t?nd cumpil~ng said
~+saeaementtz and bills, unleae Lender paye Borrowrr interret on thr F unde and applicable law {x~nnita l.ender w muke such a ch.irKe. Fiurruwer
anA l.ender may agrre ~n wn~~ng ai ine cimr oi rxc~viiun ui li~is irivriKuKr ii~ni u~tr~ra( ui1 ii~c i~w~un ni~oii ~.c ji~~u u~ iian iuwc~. onu uiiicee
such agreement ia made or applicable law requiree such interer~[ to be pa~d, I,ender ahall nnt t~r reyuirrcl to p;~~• Fiurtow•er :+ny intereat or
:~sr~sngs on ihe F~~nde. I_ender ehal] give tn Rurn~wPr; without ch.irge. i?n nnnual t?ccuuntinK ~~~thr Fund:~ ,huwinK crrdi~, and debita to the
F'unJe and the purpoue for which euch debit to the F unele~ was made. Thr F'undN iirc• pledgec! .~s udditi~~n~l tiecurity fur thr sumN sc~c•ured by thie
1lortgage.
If the aimuunt uf the Funds held by l,c•nder, tugether N•ith thr future munthly ~nstallments uf Funds p:?yable priur to thr.iur dxtrs uf tt~xee,
:ixseysmrnta, inaura~~rr urrmiumb ~nd Kr:;un3 r~~nty, ~hall exc~=ec1 the :Emuunt n•quirt~ei to p;+y said !axes, :esse~sn~en;s, in~u:a::ce premiums
~~nd ground rents ae they fall due, auch exceys shall be, at E~?TOwer's opliun, either prumptly rrp:?id tu Fiurtuwer ur cred~ted tu f3urruwer on
monthly inatallment8 uf F'unda. If the amuunt of the }~'unds held hy l,rnder 9ha11 nut 1~ aufficirnt to pny taxea, :+yses~mrnty. insurnnce
premiuma and ground rents as they fall due, Fiurruwer xhall pay to 1.~ nder uny xmuunt nrcra:~ary tu makr up the drCicirncp w~ithin :3i1 daye
frum the dnte notice is mailed by I.ender tu 13u+-n~N•e•r rcyucsunK payment thereof.
Upon payment in full of all sur~x scti ured by this ~turtKaKe, l.~ nder sh.~ll pn~mptly rrfund tu Fi~~rru~er any fund. held by I.~m.ier. If under
paragraph IS hereof the Property is auld ur the Property is otherwise acyuired b~• l,rnder, I.~~nder shaU appl~, nu latrrthan immecliatrl}• pnor
to the sxle cf the Property or its acyuiaitiun by [A~nder, un~~ r'unds held hy IA•nder.it th.• um~• uf upplu•atiun .is.~ ~ rrd~t aKainst thr tiums secured
}>y this Mortgege.
3. Application of Ysymenta. ['nlrs~ apphcable law prm•id~~c i,thrrw•~~e, all pay'mc•nts rece•~~~iYl by I,endrr under the Note and
paragrapha 1~nd '2 hereo[ shall }~r applied by I.~~ndrr fir~t in p.~}~mrnt uf .im~~unts payablr t~~ 1~•nde•r h~~ Iturtuwer und~ r paragraph 2 hereof,
then to interest payable on the tiote, then to thr princip~+l u( th~~ Nute, ;ind thrn t~~ intrrrst cind principai un any Future Ad~•ances-
4. Chargea; Liens. Rorruw~er shall p:i~• ali t.~!C~'~, .~~~t•titinlrtltx :~nd ~~th~•r.•h:~r~;~~., fin~•. nnd ~m~n„iti~~n~.~ttnhutabli• tu the Nruprrty which
may attain a priorit~~ ~~~•er this ~1ort~:+~;e, and leas~•huld payment~ ur ~,+ruund re•nts, ~f :u~~ . in th~• rnannrr pr~~~ idri! und~~r par:~Kraph'_' liereof or.
if not paid in such manner, by Rorr~~wer makin~; p:~~~mi•nt. ~ch~•n due•. ~iirei th~ tu th~• {~.i>•~~• th~•r~.~f ti~vn~wt•r.h:ill pn~~nptl>• furn~yh tu l.ender
.~11 notices of amuun~~ dur under thiti p;+ra~;rupii. :+nd i~ th•~ r~ t•nt li~ir-ru~+er ,hall m.iic~• }r.~~ me~nt ~lierrtl~. lt~,rn~~er shull pr~~rnptly furnish tu
I.«~nder receipts ev~dencing such pa> mrnts Finrr+ncrr ~hall prumptly disch.ir~;~• an~ li~•n w~urh h:~~ pn~~nt> e~~~•r thi~ \1~~rtKaKt; pru~•idc~cl. that
IiurroK•rr shall n~~t tx~ n•ywrrd tu di~~ h.~r~;<• .~n}~ •u~ h li~~n ~r a. K~ ~m ~wrr .ti.~ll :i~; r~•~• i n~~ rttm~; tu tl~r ~n~cm~~r.t ~~f thr nhli~;.it~ut: strured b}•
.u~ h lien in neann~•r arcc~ptabl~• in l.. n~i~•r. ~~r .h:~il in R~~~~d i.uth ~~~ntr.t ,u~ h li~~n t~c. ~~r ~1~•f~~rnl ~•nt~~n,•m~•n; ~„.u~ h li~~n :n. i~•~;al pn~~ ~•e~:linK~
•.,h~ch operate lc~ prc~rent lht• ~~nt~~n•e•m~•nt ~~f th~• lirn ~~r furf~•~tun~ uf th~~ 1'r~+p~•rh ~~r :~nc part th~•n.~!
Hazard Insurence. l3urruw~•r ~h,~ll krt•E~ tht~ impr~~.•~~rn~•nt:: n~~.. ~•xi.hn~; ~~r h~•rr:+fte•r ~v~•~trd ~ui :h~• !'rupe-t>• iri4urtK1 aKamst lus~ by
tirt•, hazard~ includc~ within the~ term "E•xtrndc•d ruv~~r:~~;e•." anrl su~ h~,th~•r i~a~an1. .~s L~•ndt•r m.i~~ rryuirr:~nd in ~u~•h ~im~wnG~ ar~d fursuch
pc~n~njs as 1.~•nder ma~~ reyutn•; pr~~~ idrd. ti::it I.e•n~i~~r ~h;~ll n~~t rryuin• th:~t thr am~~wit ~~f ~u~ h~~~~~~ru~;~• rx~~r~•~l th.+t arr.nunt uf c~n~rraKe
re~~uireKl t~~ pay tht~ ~um~ ~reunrl ht' th~. ~1~~rt~:.+~~~
"Cht• ~n,urance carrirr pn~culin~; thr in~ur,~nr. .i..~ll 1~~ rh~~~~ n 1~~ li~~rr ~~~rr.uhi~•~ t t+~:i}~{~r~~c.i! h~: f.~~n<i~~r E~.~~~:~l~•~1. th:~[ ~u~ h<~{~pru~•a! ~
,hull nut bt• unn•:~s~~n.~hl~~ wtlhh~~l~1 :~ll {~r~•iniuin~ „n ~n.ur.~n~ E„~ii~ ~~•.•h:il! i~r {~.n~! ~n th~• ~n.+r.~;~•r ~~r~~~ ~~i~ ~f un~~rr {~.~r.~~r.~{~h h~ n•~f ~~r. if
r,+,t paid tr~ ~u~~h m:it~nt•r. 1~~' fi~~rr~~~srr in;+kiri~; E~.n n;~~rt. ~~h~~n ilu~ .~lir~~ tl~ t~~ th~~ in~ur:in~ ~.~sn~•r ~
AII tn~~lr;!nrp ~~~~~~r~e~s and rf•newal~ th~•rr~~C~h:~ll IK• in f~~rm :u•~~t~~~t:~hl~•tu I..•ndrrand,h:~il ~ncludt•:.~.,t:+nd.~rei m~~rtR.~~;eclNlltit•IfIC,~~oroC
:~nd in form acceptahle t~~ l.encler l,rndrr.h.~ll h:~~ r thr n~;ht tu hnl~l thr;~~~lirie•..+n~1 n•nrw.+l~ th~•r~•~~f,.~n~i 1t~~rr~~we•r shuil pr~~m4~tl~~ furn~sh to
ivnder all renew•at nuuce..tnd all rc~~ ~•~pt~ ~d p:uil pre•m;utns (n lh~~ e~vrnt ~~f i~~~~. fi~~rn~K'e•r.ha{1 ~;nr pr~~nipt n~~ttre u~ the• ~n~urance carrier
~ .ind l~ender. I.rnder may m.ikr pr~N~f ~~f t~~~~ ~f n~~t mn~1~ pr~~mptlc b} fi~~rn,K~•r
E ['nlc•s, I,c•ndE•r and It~~rrnw~~r ~~th~r~i~~~ :+~:n~ in Hnhu~;. in.ur:~n~e~ E~n»r~•~?. ~},.~II h~• .~ppli~•~1 t~~ r~.<t~:rati~m ~~r re•p;iir uf thF• }'r~~Fx•rt~~
< <1:imagrd, procided such rr.u~rau~~n ~~r rrF~a~r i• ~~n~~nu~',~llt' fr.~.iLlr :~nil the~ unt~' thi~ \t~~rt~;.~~;~• i~ n~~t th~•reh~: imp:~in•d. [f such
~ r.~5toration ur repair ~c n~it c~c~,n~~mu :+llc t~•.~~ihle• •~r if thr untc uf th~:; ~L~rty;;~K~• ~+~~uid hi• ~^tpa~rrd. thr ~n~uranc~• pn~•~~cd..h.ill beapplied
~ ,:,thesum~+~er•ure-cihythiv~lurt~;.iK~•.~+~tt:t!u<•x~~••..if.~nc.{~.u~lb~li~~rr+~ut•r If:hrl'n,Ei~•rtcis;ih:~n~i„n~~ih~li~~rruurr.orit"f~~rn~~erfa~lstu
t rf~.;~md t~ I.rndc•r with:n ~iac; fn~rn th~• ~i:it,• n~~hr~• ~n;u1~Yi h~ I~•n~1~~r t~~ It~:rr~~~+~~r th:+t thi~ ~n~ur.~n~•.• ~ dr~ie~r ~~ff~~r. t~~ ~~•ttlr a ciaim fur
~ ~nsurance benefit~. 1~•ndc~r i~ ,+uth~,nie~l t~~ ~ ~~!I~~~ t ,~4~{~l~ th~• in~ur.+~z~ pn~~ ~1~ .~t 1~•nd<•r'. ~~pu~~n ~~~th~•r t~~ r~•~tur.iti~m ~~r rcpa~r ~~f the
!'r~~pertti• ~~r the ~ums ~crurt~d h~~ thi. \t~~rt~;:~~;~
l~~lrss l.ender and F~~rruwrr ~~th~•r~ isr :+~;m~• in ntin~;. an~ ~uch a~,plu :~ti~~n ~~f pr~ c~•~i: tu ~3nnr~pal sh.ill nut extt~nd ~~r F~~titp~~nr the due
~ ~.i.fte of the monthly ~nst.illmenGv n~fc•rn•d t~~ ~r. p.~r.+~;r.e~~h~ 1.ind hrr~~~~f ~~r ch:~n~~• thc• :+m~~unt ~~f such ~nst:~llmer.ts. tf undrr paraKraph 1?~
hereuf the Pru~rty ~v arquirt~ci h~ [.rn~i~•r. .i:l nkht. ntlr :~nd ~ntt•rrst <<f Fi~~rn~ti~~•r in :+n~i t~~ :~n~ ~n:uranc r Gr~lu ir. and in and t~~ th<• prucreds
!ht•rc.~f rNSUitinK from dc+maKr U~ F'n~prrt~~ pn~~r U~ the~ ..:+Ir ur a~ ~~u~~~u~~n =h,~{I p.~~~ t~~ I.•n~L•r t~~ thr ext~ nt ~~f thr vums sc•<•unrj h~~ this
tit~~rtKaKr imme~iatr!}• pn~~r tu ~urh ~al~• ~~r .i~ qui,itu~n
Fi E'reservation end Naintrnunceof Yrup~•rty: I.ratit•h~~ld.; ('~~nd~rminumti; 1'Ixnned l'nit I)e~•a•lupmentr~. R~~rr~~wer shall keep
' ~h~• Yrupcrt~• in K~H~d repair and ~hall nnt ~umnut ~~.~>t~• ~~r p~•rrn~t ini~~airnu•rit ~,r ~1e•tt•ru~r:+t;,~n ~~f th~• I'n~p~•rt~~ and .hall c~~mpl~ w•~ch thN
un~~~.i~m5 i~f any le:~,~~ if thi. ~1~~rtKaKr i.; un :i n,~•h~~i~j If th~. \t~~rt~;:ik~• ~~n a un~t in ~~~~nd~ni:inium ~~r a pl.innrd un~t d~~~elnpment,
ii~~rruwer shall perfnrm aU ~~f ft~~m~~t•r ~~~bli~::~ti~~n~ cr,~l~•r th~• ~l.•rl:~:.~ti~~n ~„-r~,~~v~;~nt. ~ r„~t,r~;;~~r ~;~~~rni~n~; th~•c~,nd~~rninium ur planned
~ ;n~t de~'rl~~pment, thr h~'-liiKS at~~l ~t'~,'U~:l~l~~fir ~,f th~ ~~~n~l~nninium ~~r plann~~1 u:i:t d~•~~~I~~{~m~•nt. ,+nd ~~~n:titue•nt ~1~~~•umFntc If a
t ~~nd~~minium ur pl.~nner~ unit d~••:t•l~~prne•nt n<i~•r utE•d h~ fi~~rr~~~rr .+n~~ n~r~~rrlr~l t~,~;~~thf•r Hith thi~ ~SurtK.~KP. thr ru~rnanLv and
~ , . ~ , . , { ti. , ~
~ ,~:r~•~•mc•nt.~~f ~uc h n~}vr =h.~,~ t;.~ ~r;.~r;•,n~,~;, :ur~ r.d ,~r„~ ...~~p.+•ti<<•t:::tu•r~~~r:::~r:t.:snr3a;;r~•~•r.:~•^t.~, t...:. \l~.r.~;a~;ra,refthr
r,~1~-r R'Pf!' ~i p.irt ht•rc~~C ~
~ Protection of Lender'e ~ecurity. If F~~~rr~~wer f<+il~ tn perfurtn the ctir~•rnantH and .+~tr~emenG+ c~in!ainecl in thiA \1urtKaQe, or if any
~ n~ tiun ~~r proceedinR ie commencvd w~h~ch matenall~. ~+ff~~~ th (.rndt•r'r+ int~reet in thr 1'r~~pFrty. ~ncluduiK, hut nnt lim~teci to, eminent domain,
- ~n9ulvency, code enforcement, or arrangementra ~-r pr~cc~ed~r~RN inv~~lv~nK e bankrupt or dececient, then l,ender at l.ender'e opt~un.upon
" nntice to Horruwer may make auch appeaTancee. di~h~rer euch sume and take euch aeti~~n ae ie necear+ary tu protect [.ender~e interest,
~ ~ncludinK, but not limited to, disburaement uf rea~~mahle attornr~•'s frre and entry upon the F'r~~perty to meke repa~ry. If I.ender required
rnortRage insurance ae a condrtion of makinK the l~~an arcured hy th~w !~toriKxKe, F~,rruwer shall pay the premiume reyuired to maintain
t: yu~h insurance in effect untii euch time as thF reyuirement fr~r yu~h ~nsuran:e trrminatee ~n ac~ord.mce with Rurruaer'~ and l,ender'e
~ ::ntten aKreement or applicuble [.:~w. fiurrnw•er shall pay th~ amuunt ~~f all m~~rtKaKe inhuran~ r prem~umti ~n the m.+nnrr prov~ded ~nder
~ y:+raKraph 1 herer~f.
~ Any amnunte dieburqeci h~- (.~~nANr prr:+uant ur thts paraKr~ph µ~~th intrn•Nt tht•rr~~n, yhal! hrc~~mt~ ~~dd~tion.+i indebtrdneed of
~ fi~~rruwer necured h}- thiA ~1~~rtKaK~~ l'nleev F~,rrnwrr ~~nd l~ender .?Krre t~~ uther tern~a uf pa~mPnt, ~urh am~~untt~ ah:~ll'w pai}•ahle upon
~ n~~tice fr~~m l.ender t~~ Ei~rruK•er rc~yuF~at~nK payment thereuf, t~nd ahall bear intercet fri~m thr• datr ~~f d:yhuryema•nt et the rate pa~ahlP from
~ !ime [o t~me un nutNtandinK pnnc~pal under the :Vute unle»s payment of ~ntereet at :+uch r.~te wuuld tw ~•~mtrxn to appl~cat~le law, in wh~ch
' .•~ent eurh .im~~untA ehail bear ~nterest at thr htKhrst ratr permivaihle undf•r applicahle I.iK ti~~th~nK runta~neci in this paraKraph ahell
~ r.~uire i.ender to incur any c•xpensN nr takP Hny Hction hereundPr
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