HomeMy WebLinkAbout0953 Burrower and l.ende~ covenant and agree as folluws:
1. Payment of Principal and lntereet. Aorrower ehall promptly pay when due the pnncipal of and ~nte•n•at ~~n thr indebtrJnr~s
evidenced by the Note, prepayment and latechargey ae providecf in the Nute, Hnd the pnncipal uf and ~nt~•rest un any F'utur~• Ad~~uncre src•ur~d
by thie Mortgage.
2. Funde for Taxee and Insurance. tiubject tu appGcable luw ur tu t~ wrilfrn wu~~ rr b}• I.eni~rr, li~irruwrr sh.~ll p.~y tu L~•rtdrr un thr duy
monthly installments of principal and interest are payable under the Nutr, unUl the Nute is pa~d ~n full, ~i sutn 1 hrrE•~n "h'iu~d~"~ eyual tu unP
,twelfth of the yearly taxes and assessmenta which may t~ttuin priority uver this hlurtKage, and Kroun~ rrnt:. un thr I'ruprrt~•, if an>~, plus one-
twelfth of yearly premiwn installments for hazard insurance, plus onrtwelfth of ye.irly premium inst~~llmrnts for nu,rt~;.~~;.• ~n,ur.~nce, if any,
all aa reasonably estimated initially and from time to tirr.e by l.r~der on the basis of axsessmrnts and hilis and reasunahir rstimatrs thereof.
The Funds ahall be held in an inetitution the depoaits or accuuntt; of which are insurcd ur guarantrrd by a Federal ur titate aKency
(including l.ender if I.ender ia auch an inatitution). l.ender shall apply the F unds to pay yuid taxes, ~issessments, i~~surancc• premiums and
ECround rente. Ixnder may not charge for eo holding and applying the Funds, ~?nalyzing said accuunt, ur verifyinK and ci~mpilinK said
assesaments and bilis, unlese I.ender paye Borrower interest on the Fonds and applicahle law permits l.ender tu make such a ch:?rge. liorruwer
and Lender may agree in writing at the time of execution o! this Aturtga~e that intrrrst un the Funds shall be paid to tiurrowrr, and unleas
such agreement ia made or applicabie law requires such intereat to be paid, l.ender shall nut !~e required to pay Burrower any interest or
eamings on the Funde. I.ender ahall give to Borrower, without charge, an annutil ac<~uuntinK of the Punds shoK~inK creciita and drbits to the
Funde and the purpoae for which each debit to the Funda was made. The N'unds are pledK~d eis additiuna! security fur the suma ye~e•ured bv this
1lortgage. "
If the amount uf the Funds held by Ixnder, together w~th the luture munthly instulimrnts uf H'und, p~iyable priur to the due dates of taxea,
asaesamenta, insurance premiums and ground renta, shall excred the amuunt requirecl to pay ~lilld lRXPB, asaessments, insurance premiums
and gtound mnta as they fall due, auch excess shall be, at E3orrower'c option, either promptl~• repa;d to Borrow~rr or crrdited tu E3orrow•er on
monthly installments of Funds. If the amount of the Funds held by [.rnder shall not Fm sufficient ta pay taxrs, sisseasments, insurance
premiums and ground rents as they fall due, Rorrow•er shall pay to l,ender an~• amuunt nrct•ssary to m.?ke up the defic:ency~ •x ithin :t0 days
froru the date notice is mailed bv l.ender to BUifON'Pr requestinK pa~•ment therE~~f.
Upon payment in full of all sums securrd by this h1~rtQaKe, I.ender ahall prumptl>• refund tu lturruw•er any funds held b~~ I.rnder. If under
paragraph 18 hereof the Property ia sold or the Property is otherwise acyuirecl bp (.ender, I.~ nder shali ~?pply, no 1<itrr than immecliately prior
to the sale cf the Property or its acquisition by l.ender, ~ny Funds held by l.ender at the timt-~~f appiicatiun us a crrdit .i~;.?in~ct tht• sums se~ ured
by this Mortgage.
3. Application of Ysymente. Unless appli:able law pro~•idrs utherwisr, all pa}•ments receivc~ bp Ixnder under the i~ute and
paragraphs 1 and 2 hereof sha:l be applied by I.ender first in pa}•meM uf amuunts ~ay:~blc~ tc~ l,ender ?iy HurruH~er under paragraph 'L hrreof,
then to interest payable on the Note, then to the principal of the Note, and then tu intere.t a~:d principal un .~ny F'uture Advances.
4. Charges; I.iens. Eionower shall p.~y all t::xes,.?ssE•ssments and ~~tht•r ch.~r~;rs, fint•~ and imp~ ~siI!~~ns attribut.ih[~• t~~ the Yroperty K•hich
may attain a priurity ~~~•er this hlortKake, and least•hold paymt~nt. ~~r tin~und rt•nts, ~f :~n~•, ~n the• mannrrpru~ ideYl under par.eKraph'j her~~f ur.
if not paid in such manner, by K~,rr~~Ker makin~; p.~}•ment. ~.•ht•n du~•, din•ctic t~~ th~• p.~y~•~~ tht•rcti~f. Fi~~rr~~ki•r ~h:~l! prumptly fu~nish tu I.rnder
all notices of amounLti due under this p.ir.~kraph. and in thr c~~-~•nt f~urrntier .h:+ll m.ikr E~aymt•nt dire•~•tl}•, fiurr~~~.rr ~h.ill pr~unptl)• furnish tu
Lender receipts e~~idencinK such pa~~mi~nts. };urrotiti~er .h,ill pnm~ptl~~ ~i~scharkr an}~ li~•n «~hich h.~ti pri~~.it~• rr thu:llurt~;a~;e: pru: idt~, that
iiurruw~rr shall n~~t be re•yuired t~~ di.~•h;ir~;t~ ~~nc such iic•n lun~; linrru~c<~r ~h;~ll ;~~rt•~• in ~sritin~; tu t h~ p;~} nwnt ~~f t h~• ~~hli~;;iu~~r. sEY urt•d b~~
:uch Iten in a mannrr .icce~~table t~~ Lt•ndrr. ~~r ~h;ell ~n ~;~~~~d f;uth ruiitt st wch lirn i~~~. ~~r~i~~frnd t•nfun ~•rn~•nt ~~f su~~h l~~ n in, Ic•~al pruct•crlinKs
~ti•hich operate to pre~•ent tht• E•nfnrc~•m~•nt uf thc li~~n ~~r fi~rf~•iturv• ~~f [hr 1'n~~n~rt~ ~~r ;~n~ p:~rt thrn•~~2
S. _ Hazard Insurance. Ft~,rr~~wt~r shall kr~•p thi• imE~ru~•t~mrnt. n~~~ rxi;tink a~r h~~ri~,ifte•r f•re~•tc•d un thi• 1'rnpFrty~ inwrt~cl aKa~nst lossby
tire, hazards included K•ithin the trrm "rxtendrd r~~st~raK~•." :ind .uch r,tht~r ha~ard~ uv Lt~ndc~r m:i}• requin• :~nd ~n su~•h amuunts und fursuch
peri~xi~ ci~ l,e•nder ma~~ rt•yuirt•: pn~~•idcK1, that l.rr~dc•r ~h.~ll n-~i rryuin• th.it th<• :imuunt nf su~•h cn~~•r.ik~• c•xcrrd lh:it .~muunt nf rm•rr.~Ke
rr~yuire~ t~i pa}• the ~um~ st•currd h}• thi~ 11~~rt~;:ik~~
The insurance carnrr pru~ i~iin~; th~• in.ur,~nr~ .h.~ll 't~,~ ~ h~~•~~n i~} fi„rnnccr ~ut,~~~~ t t~~ ;~p~~n~~.~i hc I.~•n~i~•r. ,~n~ci~l~•~!. th;,t .~u~~h :~ppn~.~al
shail nut tie unr~usi~ncibl~' tcithhe•Ici :111 pr~•ttuuni: ,~n in~ur:+n~v p~~li;'i~ ~.h:ili h~• ~~.ud ui th~• rn.uin~•r E,n~•: uL•;l un~1~~r E,.ira~;r.i~~h h~•r~.~f~~r. if
n~it paid in su~•h mann~•r, h~ It~~rnn~t~r m:~kinR E~,i~mrnt. ~~h~~n ~1iit•. ~iir~•~ tl~ t~~ thr ~n~urinct~ ~ arnt•r
A11 insurance policies and n•newal; th~•rc•~~f ;h:ill h~• in furrn acc~•~~tr~hlt~ t~~ (.~•nd~•r:~nd.h:~1.1 includ~• a•t+~n~3:~rd m~~rtKa~;t•cl,~usF in f:i~urof
and in furm accept:ihlP tu I,~•ndrr. I.rndrr ~hall ha~ e•th~•rc~;ht U~ h~+l~i th~• p~~ln it•s;inil n•ne•~~:ils tht~re•~:C :~nd It~~rn~we•r:hall pr~~mpth• fumish tu
i.ender all renewal n+~tices :~nd all re•~~ri~~t~ ~~f p:ud pr~•mi~~m. In th~• t•~~t•rit ~~f I~~.s, Ii~~rr~~w~rr:h.~ll R~ce• pri~ni~~t n~~ticr t~~ the• insur:~nct• c.~rrier
and [.ender. I.ender ma~• make prn~~f nf I~~~~ ~f mrt madr pn~mptl~ hc FS~~rn~~+e•r.
l'nless [.rnder and Eiurruw~t~r uthc•r~•i.~• a~;n c• in N ntin~;, insurancr prucrrd~ .h:tll ht• applie•d tn re•.t~~r:~ti~~n nr rrpair nf the~ F'r~~perty
damaRed, pru~•Sdcd ~u~•h rc~.tnr.iti~+n ~~r rt•p;iir i~ ~~n~~rr.i~•~+ll~~ f~:i~ihlr and the• ~rcurit~' ~~f thi~ ~1nrt~:ay;e• i~ nt~t tt:E•reh~: i:np:~ir~•d. (f such
rrstoratiun or rep~iir iti nut ec~mnmi~•all~• fe:i.ihlc~ ur if thr ~nt~~ ~~f this ~L,rt~;aK~• ~c~~uld hc~ i~~paired, thr insur.~n~~rprr~<~t~E~cl,.hall heapplied
to the sums securk~ci b~• this!1lurtkaKe. wi,h thE~ rxr~~~s. ~(;in~~, G~:ud tn }i~irni~~•r. lf thr f'r~~pert~ i~:th;~nd~mt•d h~• 14~~rruwer, ur if K~~rn~wt•r f.iilstu
respund to [.ender within :iu da~~~ frvmi tht ~i:itf• n~~nrr~ i~ ~~,:~;tt~i r~.~ i.•~,~i~~~ fi~~rn~w~•r that th~• in:ur;~nre c.im~•r nff~•r~ t~~::~~ttle claim fur
insurance ~~nefits, I.~•nder is auth~~nzeY1 t~~ ~•~~II~•~ t ancl .~pE~l~ thi• in~ur;inc<• pr~~~ r~~tis :~t f.~•nde~r'~ npti~m e~thc~r t~~ rr.t~~rati~~n ur repair ~~f the
Property or the sums securc~d h~• thi~ ~1nrtk;~kc•
' (!nlessl,enderandHorr~~w•erothf•rHi,t~;~~:rt•~~~nw~n[uiR,:in~~suc~hxpplic:+tinn~~fp.-ucf•i~<t~tupnncip.iltihalln~~textene:~~r~wstp~~nethedue
date of the monthl}• ~nstallmrnts rrfc•rre•d tn ~n p:tr;~~:r.~}~h~ ! and'_' !u•rc~~~f ur ch.inKr ttie amuunt nf su~ h in.[a{.rnrnt~. If :indrr parciKraph 15
hereof !he Froper~y is acyuired b~ I.rnder, a!I riKht, titlt• :~nd in~t•rt~st uC fii~rr~:Kt•r in and t~~ an} in~urancr ~~licirs and in and tc~ thc~ pruceeds
thereof re~ultinR from damaKe to Prupert~• prior tu th~~ ~alr ~~r acyui.itiun ~h:tll pa" t~r [.~~nder tu the extent uf the sums sc•c~urt~ b~• this
MortKaKe immediately prior to such salr ur acyuisiti~~n.
6. Preservation nnd NaintenanceofPropt~rt~; 1.t'llSehold~;('ondominums; Plt~nnrd l~nit I)evelopmentq. R„rr~~~se.*sh.~llkeep
the Pro~ert~• in K«,d repair and ~h:ill nut curnmit ~+,~~:e• ~~r pe•rm~t impairmr•nt ~If (Ik•If C111!:~tu~n uf the I'r~~prrtt and .~tial! c~~mp1~~ w~~th the
pru~~isions uf any lease if this '11c~rtKaKe ic un :i lr.~•t h~>lil If this ~1~~rtk.+Ke ~~n unit ~r. cundnminium nr a pl;~nnt~d unit dc•vrl~~pment,
Fiorruw•er shall perform ~ill ~~f Rurru~ve~r~s ~~hli~;:ih~~n: unr1~•r the~ dF•cl;irati~~n ~~r~ ucE•nu;it; ~ n;~[i~~~ur ~;uct•rn~nk che•cnndurninium nr planned
unit devel+~pment, the b~~-I~+w~~ and re•Kulatu~n~ ~~f eh,~ ~„r.dnminium nr pl;+nn~tii unit dr~crlnpntrnt •~nd c un~htut~nt dururt:ents. If a
cunduminium r,r pianned unit ~Irt~rl~~pn~e•nt n~~rr i~ t\~ I Ull'~ I1~' F~IiTfnK"fY .+fid rFC~~rdri3 t~~~;t•iht•r with thi~ ~tortKaKe, the ar~•enanG~ and
a~re~emF•nts ~if such rider ~hall hE~ in~ ~~rp~~r:~t~~~{ int~ ~,~n~i ~'~.~II arnrnd nnd .uppl~•~nt~nt tht~ i~wc•n:ints:s r~d ~~~;ret•mc~nts nf th~s 11~~rtKaKe as ~f the
rider w~ere a part hereof.
7. Protection of Lender'8 5ecurity. If F;orr~~w•er fails to perform the co~•enantt~ and aRreementc+ contained ~n thie MortRage, or if any
action or proceecfing ie commenced whieh metenally alfects I.ender'e interest in the f'ropert}•, including, but not limited to, eminent domain,
ineolvenc~•, code enforcement, or arrangementx or pmceedinRs in~•olving a bankrupt or decedent, then I.ender at I.ender'e nption,upon
notice to Aorrow~er may make euch appearances, di~burse euch sums a~d take euch action ae ia necessarv to protect I.ender's intereat,
including, but not limitecl to, diabursement of reaeonahle attorney's fees and entry upon the Property to make re~aire. If Lender required
mortgage ineurance as a condition of makinR the luan secured by thie MortgaAe, Rorrower shall pay the premiuma required to maintain
quch ineurance in effect until such time as the reyuirrmt•nt for euch ineurance terminated in accurdance with Fsorrvwer's and I.ender's
_ w-ritten agreement or applicable Law. Sorrower shall p~;y the amnur~t ~rf all murtKaKe intiurance premiume in the manner aro~~ided under
yaraqraph 'L hereof.
Any amuunta diebursed by I.ender perauant to this paraKraph w~ith ~ntFreat thereon, ehall becr~me addi:i~nal indebtedneae of
Florrow•er Hecured by this ;~1ortKaKe. i'nle~s f3urrower and l.ender aKree to otner terms uf p~~y:nent, auch amuunts ahall be pa}•able upon
noti:e from I.ender to F3orruwer reyue~tinK payment thereof, and ehall bear interest fr~~m the date of d~ahurPrment at the rate payable from
time to tirne i~n uutstandinR principat under the :`ate unless payrrent of intereyt at such rate w~~uld be cuntran• tn applicable law, in ~•hich
~•vent su~ h amnuntQ ehall bear interest at the hiKhest rate pennissible under applicahle law. tiothing contained in thie paraKraph 7, shall
require I.endE~r to incur any expense ur take any actiun hereunder.
4a2 ~:~F 953
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