HomeMy WebLinkAbout0958 Rurruwer and Iknder covenant and agree aa fullowa:
t. Payment of F'rincipel and Interest. Elorrower ahall promptly pay when due the pnncipal uf and intrrrst un the ~nd~bt~Yi~~eNs
evidenced hy the Note, prepayment und lute charges ua providc~cl in the Note, and the principal uf ~jnd interext un anp Future Advances,ec•urrd
by thia hlortgage.
'l. Fundr~ for Texes and Ineuranee. tiubject to applicablr law~ ur tu u wnu~•n wuivrr hy l.e•nder, liurruw•t~r,h:ill p.iy tu l.rnd.•r un thr day
monthly instxllments ut principal ~ind intrre~t are p.+yable undrr thc~ Nute, until the Nute is paid in full, u~um Ih~~rrin "F'unds"1 eyual tu une-
twelfth of the ~~rarly t.~+ces und assessments which may attain pri:~rity uver this 111urtK:~~;c•, and ~ruund re~te; ~,n the Pr~,p~•rty, if uny, plus unP
twelfth of yearl~• prem~um insial?ments fnr haz.ird insurance, plus unPtweifth uf yearly premium installmt•n~, fur murtK:?gr insurance, if any,
all as reasunably estimated initially and from time to tin~e by I.ender on the basis of assessmenls as~d bilis and re:+;s~~nable estimtite~ ihereuf.
The Fands shall be held in an inatitutiun the deposits or flccuunt~5 uf which are insurecl or guaruntrc~ by a Fedrral ur ~t4~te xKency
t~ncluding l.ender if 1.~•nder ia such an inetitutiun). l.ender ehall apply the F unds tu pay s.iid t.?xrs, .issrssmenls, ~nsur<~ncr prrmiuins and
ground rents. I.ender may not eharge for so holding and applyinK the Fundw, ana{yzing sa~d uccuunt, or cerifyinK .ind cumpilinK baid
asaeasnients und bills, unleas l.ender paya Burrow•rr interest on the E und, und applic.~ble law prrmits l R nder tu make surh a charKe•. liunuwer
and I,ender muy agree in wnting at the time uf execution uf this Murt~;aKe that intrrrst on the H unds shaU tx paid to liurn,wer, and unless
such a~r~~ment is made or applicable law requires such interesi k~ br paid, Ixnder shull not Fx• reyuirecl tu puy Kurruwer any interesl or
earnings on the Funda. l.ender shall ~i~~e tu E~urruwer, without charge, an xnnual accuuntinK vf thr t~ unds shuwinK crc~elits :ind debits to the
Funda and the purpose fur w•hich each debit ta the Fund;: wc~y mude. The Funds t?re pled~;~~d as.~dditiunal secuntr• fur thr sum~ Secured by thia
hlortgage.
!f lhe amuunt of the Funds held by Iknder, toKrther «•ith the future munthly ins(aliments of Fund+ pa}•ablt• priur tu tht• dued.~tes of taxea,
aasessments, insurance prem~ums and Kruund rents, shall excred the ~imuunt re~yuired tu p.+y •a~d t~?Yes, as:.r,>ments, in~ur.tn~~r premiums
and ground rents as thep fall due, such exces. shall be, at Iknrow~rr's option, e~ther prumptly rep.~id to t~urrnwer o~ crrdited w Korrower un
munthly installments of Funds. If thr amuunt of the Funda held h~• l.ender shall nut be sufficient to pa>~ taxrs, assessments, insurance
premiums and ground rents ay they fall due, Kc~rruwer sfiaN pa}• to [,c•nder any amuunt ntK•ess.iry to m.ik<• up thf• drficic•nc•y w•ithin :30 days
from the date notice is mailed by I.ender t~~ fii~rruw•er n•quesUnK pa}'mrn[ therruf.
Upon payment in full of al! sums sc~~urrd by this 1lortguKe, Ixnder shall prumpth• refund to (iurru~+•er an~~ funds held b~• (.rnder. If under
paragraph 18 hereof the Yropert~• is suld ur the PrupeCtY IS UL}1PfK'ISP acyuired b~ I.~rnder, I.encit•r.hall appi~~, nu luter than imtnrcliately prior
to the sale cf the f'ropert>• or it~s acyuisitiun b~• [~•nder, any Funds held by 1 h~nder at thc• timr~~f appt~~ ntwn a~ a credit ciKainst thr sums secured
by this btartgage.
3. Applicatmon of Yaymente. l'nl~~ss applirable l,iw~ pru~-ides utherN•i::r, all pa~~ments rrcei~•cd bp (.endc•r under the 1~ote and
paragraphs 1 and 'L hereof sha{] t~r appliecl hy Ix-nder fir:;t in pa>•ment ~~t :irn~~unts p~~~~:~ble fu I.ende•r b}• Rurruµer under p<iraKraph '1 hereof,
then to interest payable on the Notr, thrn t~~ thr pri~ci~~al uf the \ute, attd ttzcn tu ittterrst .~nd pr.ncipal un any Future Ad~•ances.
4. Charges; Liens. Fiurr~~wrr sh,ili p;,~ all t:ixr~, :~..~•.smi~nts and ~rth~•rchar~;rs, line~~ and rmpr.~iti~~n~:ittrihut.~blt•t~~ the Prupertc which
may attain a priuriiy o~~er thi~ ~1~~rt~:.~~;~•, .~nd Iru;t•hnld pay~mc•nt~ ur~;n,un~i r~~nt~, if:in}. in the in:+nn~'f ~I'~1~'1(It'[I Uil(~P: p:u.iKraph'.~. herc~crfur.
iCnot paid iR,uch munn~•r, b~~ Iiurn>~~c~r ni.~kin~; nu~nt,~chi~r, it~~•. ~i~~E•~ thr ~r:~} th~•reti~f f~~~rrn~c~~r ~hall {~r~,mF~tl~ furnish to I.ender
ali nutices of <?muunt~ due under this p:~r:~~:r.~ph. and in tht• ent tiurru~•er ~haU ~nakr p:~~ ment d~rr~ tl~ . l;~~rr~~H c•r ~hall }~r~nnptl}• furnish tu
Lenderrc~~eiptsevi~icncin~;suchp:~}t!~rnt~ li~~rn~ti~~~r~h:~Uprumptl~rli~~~h:+r~;+•:ir:>!if•n~~hu~hh:~:~in~~ritp~~<<~rthi::llurt~;:iKe:pru~~;dtKl.that
Rurruw~•r sh.~U nut }x• n•yu:r~•d tn di.~ h:~r{;r;tn~ :iu l~ li~~n..~.l~~n~; };~~rr,~«~ r~h:~ll ,~~;n•r in ~critin~; tu thE• pa~ rn~~nt ~~f th~•~~irlik:~tiun se~•urrd b}•
.urh lirn ~n mannE•r .icceptak;l~• t~~ 1: •n~i~ r. ~~r .h.+l! ite ~;~,~~~i S:uth ~~„nt~•.t ~u~ h i;~ n h~. „r~t,•r,•~„i,•~~r~~r~ ~~rn~ nt ~~i :u~ h iif•n ~n.l~•~;:~1 pr~~c~•ctilinKs
«~hich upt•rttte tu prt•~•ent th~• ~•nf~~rrrni~~nt uf th,• li~~n ~~r f~~rf~•iturr ~~f th~~ !'r~~{~~~rtt ~~r :ui} p:~rt thrrr~~f
.5. Nazxrd Insurancr. liurn~a er ~h.~ll kr~•p th~• uupru~..~rnc~n:~ n~~H ~•xi::hn~; ~~r nrrraftt•r c~rc•ctc~d un thf• f'!upert~~ intiurrd aKainst luss b~~
fire, hat.~rds ini-{uded within tht• t~~rm "rxtrndrd rruk~•,'~ .,nd wrh ~~thE~r hui:ud~ a, L~•ndrr m.~c rt•yuin• :~nd in such :imuunt~ and fur such
{~eri<<ds :+s Lt•ndrr ma~• rt~yuin•: pru~ ~~{ril. thut l.f•n~i~•r xit;ill n~rt r~•yuir~• tlS.,t th~• .~nn~unt ~+f ~~ch ~•~~~'E•ra};+• rxi F•r~I tlt.~t am~~un[ ~~f cucerx~e
re~uire•d tt~ F;a}~ the• .ums .rrur~•d h~ thi; ~1+~rt~;.~~;~•
"Che in.ur:~nit• ~.•:~rrtrr pr~~csdin~; th~• in<ur:~n:, 't,r ~ h~"~ n},v IS~~rn,~te•r.uhj~~~ t t~~;~pE~n~c,ll hc Lrn~i~•r. {~r~~c~~ir~i. t}i:~t ..u~ h:~p~~ruc,il
vh~~ll nnt he• unre•as,~nahl~~ ~cit}ih~•i~i_ All pn rniun~~ ~t.,ur.~n; {r~lici~•~ ~h:sll h~• }~;+~i1 ~tti th~• n~.sitit~~•r E~r,~e~~~~~~1 un~1~•r p.~r.i~r:iEih'? ht•rtti~f c~r. if
nut p.tid in ,u~~h m:~nnt•r. h}~ li~~rr~~~crr ni:~kin~ E~.icm~ nt. ~~lirn ~lu~~. ~iir~•~ tl~ t~~ th~• ~ri~ur:inc~• r:~rri~•r
A!1 ins~ran~e pulicit~s :~nil n•nt~u ais th~•rc•~~{.h.~l' i~~~ ~n fi~rm ar~ e•pt:~hl~• t~~ l.e•nde•r and,h:~ll includr u,t.~r~l.~rd m~~rtK.{~r:~l:ius~• in fa~~uroC
i and in fr>rm ~icceptahle• tu [x•n;ir~ t.,•«~i,•~=h:~14 h.,.~ :h~• n~:ht t~~ ti~~4i1 th~• {~~~lu ~r.; nn~1 rrnr«:tl: tht•rt•~~f.:~nd }~~~m,wt~r sh:ill pr"mptiy furni~h tu
' txnder all renew•al nuticr~ and :~II rt~re•ipt~ ~~f p:~~~i prt•rniurn~ Irz t~~e• ~~~~~•ut ;~f l~~~s, fi~~r~~.~wer shatl Kicr pr~~mpi n~~UCe to the in::urancr camer
and Lender. [.endrr ma~• makk~ pr~.of ~~f I~~x~ if nnt ;n,~dF• prumptl~~ h~ Fiurru~rr
~ L`nle;s I.end~r and F~~rru~~rr ~~tht•r~~~~r akrrr ~n Hr,t~nk. in.ur.+ni'c• p~~~r~~~•d. .h:~ll ht~ :ippl~rd G~ rf•.tur.iti~m ~~r repair uf thc• Prupert}'
j ciamaged. pn~.~dc~ su~'h rr~t~~r,~tu~n ~~r rt•pair s. ~~'•m~~eniral~~ (ea~~blE~ und th~~ •t~+ urity ~~f thi• ~l~~rtk~i~;r n~,t :he~n•h~: irr.p:~ired. If such
j rrstuiatiun ~~r rep.iir i~ n~~t c~c~~nurni~ .illc :~~ih;~• ~~r if th~• ~ri urit}• ~~f th~s 31~~rtK:ike• ~s~~uld hf~ i:npaired, the• ~n~ur,ince Fzn~ceEKi~ shall be applied
f tu the sums securc~cl hy thi~ 11~~rt~;ak~•. «:t~~ th~ ~f ,~ny. {~aid tn finrn~wrr. If ti~~~ 1'n~pe~rt} i~ ahand~~ncv1 h}• ti~~rr~~wer. nr if Fi~~rruwer f~iils to
re~p~~nd to I.en~er within :ti+ du~ s fr~~in tt:~• ~i:~t~• n~~tu i.~ u~.iilfKi h~ f.e~n~l~•r t~~ }i~:rr~~wrr th:rt thr insurani~c~ ~•amer ~~ffrr. t~~ crttlr a claim for
~ insur~~nce benrfit~. [.~•nde~r ~s :wth~~r.i~•c! t~~ r~~ll~ ~ t un~! .tppl~ tht• ui.urun~ {:n~~ ~~~•~i: :it l,~~ndf~r~~ ~~pLun e~ither t+~ rest~~ratum ~~r repair of the
r i'ruperh• ur the sums ~t•~~ure•d t~~~ thi~ ~l~~rt~::{~;~
~ l'nless l.ender ane~ ~~iCTuv~ rr i~tllrrwl~i• uKre~• in ~cntiriR. ant ~:uc~~ apphc.~u~~n nf pn~i•t~<•~1s tu pnncip.il shall n~~t extene? ur {N ~stpune thedue
~ date uf the month!>• inst.+U~nenie: r~•Cerrc~d t~~ ~n p:+rn~*r~ph: i an~i ~`u•n•~~f ur chank~• tht• ;~m~~unt ~~Csuch ~n.lallmen[s. [f undrr para~raph 18
hereof the Pruperte is ac~ywrf~ hy [A•nric•r, .til nKht. titlr and intere•.t uf li~~rruH er in and tu unt~ insur.~ncr }~ilicies and in ~~nd to the proceeds
~ thereof resultinR from dxm~{Ke tu Pr~~pc•rt~~ pri~~r t~~ thr ,.iie ~~r .+~~}w~itiun ~h~~ll p.c:: t~~ [.c•nde~r ti~ the extent uf the sums ~ecurc~ h~~ this
; MurtwaK~~ immr~diatel~~ prior t~i tiu~•h ~.~lt• ur .tr~aui::zh~~n.
~ 6. Preservation and ~iaintenanc~~<~f f'r<~pE•rty; I.ratiehu{d~;('unduminum~: I'iannt~d L"nit I)evelopmenty. R~~rr~~wershall keep
° t~ie E'r~~pert~~ in ~~x,d repair and ~h::li nut cnnirnit «,~~t~• ~~r {~~~rmit ~nip:iirrzi~•nt ~~r drtt•n~~ratiun nf thc~ Pr~~pe•rt~~ and ~:hall c~~mp{y with the
~ j>ru~~isiuns of any lease if th~5 ~t~~rtk:~ke i~ un ;i i~~:~~~~h~~;~i (f this J1urtk:+~;t• is ~m .i unit in c~~nduminium. ~~r planned unit de4•etopment,
~ fiorr~~w•er shaSl perf~~rm :~ii ~~2 Iiurr~~~.e~r'• ~~hlik:+t~~,u. ~!:~~l~~r th~~~c~~l:~r:~tinn ~~rru~e•nant; ~ r~•.~unRur ~;o~f•rninK thr~•~~ndom;nium ~~r planned
unit de~~e•luprnF•nt. th~ h~~-laiw. an~i n~y:uiuti~~n= ~~+n~i~~s+uniusn ~~r pls~nn~•~1 ~nit dt~~e•1~~pmE•nt. :incl ~urshtuent ducuments. If a
~~unduminium ~~r Nl.innrd unit ~1~•~~rl~~{~rn~•ni rn.i«•r i-~ ~ ~•~~~ut~•d 4~y fi~~rruHEV .~nd rt~rnrdr~ii tukrthr~r w-~th thi~ :~1urtKaKe, the• cuvenants and
~ ~~;rf•rmf~r.t.~~ftiu~hrid~~r~h,i;ih+•in~~~r{~~u:~te•~1~nt~~.~r::-~::~Il,irn~•n~l,~nrl.:~ipplrmt•ntth~•r~~crn;+nt.;~nda~;r<•<•mc•nt~nfth~sll~~rtKc~Kea.ifthe
ridrr were a p:+rt hc~renf.
~ 7. Protection of Lender'e Security. If li~~rr~~w~~~r faito w perforni the co~•enants ~nd <+~;reementA contxined in this hturtgage, or if any
- actiun ~~r pruceedir.g is c~~mmenced w~hich matt•ri.~ll~ afferc8 l.ender'y intereKt ~n :he F'raperty, includinK. h~t not :imited to, eminent dumain,
insolvency, code enforcement, or arrangementN f~r pruceedinRs im•olving a bankrupt or decedent. then [,ender at Ixnder's option,upon
r,otice to Bosruwer may make such appearanceA, di~t~urse auch sume and take such action ae ie necesaary• to protect Lender'e intereet,
including, but not limited to, didh~raement of reasunahle atturne}•'e feee and entry upon the I'roperty to make repairs if L.ender required
mort{~age ineurance ae a condition of mxk~nK the l~r~n yecurecl b~~ this 4tartqaKe, BorroK~er shatl pay the premiums required to maintain
auch ineurance in effect unfil such time aa the rrqu~rement for Auch ineurance terminates in acc~~rdance with RorroK•er's and l.ender'e
w~ntten aKreement or applicable I,~~~v. B~+rruuer shal{ p~~~' tht~ amuunt uf all murtKaKe in~urance premiumN in the manner provided under
'x. paraqraph 'l hereof.
k Ar~y am~~unts dixbursed by [,rnder persu~nt tn thiw paraKraph 7, with ~ntereat thE~reon, yhall t~ec~~me additional indebtednese of
Fiorrower secureci by thin tii~~rtKage l~nleeq t3orrower and I.ender agree to other terms of payment, such amounte ehall be payanle upon
notlrP fTrifTt l,ender to Borrower rrqueetinK pay~ment thereof, and ehall bear intereat frum the date of diAhursement at the rate payable from
~ time ur timr~ un ~~utatandinK principcil under the ti~~te unleey pa~~mer.t uf interest at such rate w~~uld he cantrary tc~ applicahle Isvv, in wh~ch
~ f~vent suc'h sim~~unta Hhall be,ir intere5t at the hiKhest rate permisHibl~ under applicable law. NuthinK containc~l ~n thie paraRraph i, ehall
r~uire Ixn~ier to incur an}~ expensc- ~~r take any zctiun hereunder.
~nr'~ll~i 4~~ Pl6f
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