HomeMy WebLinkAbout0965 : ~ ~tiE¦r!.~ ~i~~~ ~]•7 _
~ v~~
()1~11~M ~t1ANii. ~O~f~OM?Or Ilid T~OQ~Or Mtl~oiM iQd ~j1+Of ~i t0~~0'M~:
L l1a.~.a .t M~e4.~ a~i ~hrer. eorwwar 31+an P~r w!' •vbeu ~e u~e prioc~pal oc ana in~a~ac oa a. ~
iM~bte~at aviQa~ccd by the Ncte, prepayment aod !ate chartes u provided in the Nda. and the p~incipal o[ ud ialeren +
aa ~ap Putu~e Ad~nsca s~cwyd by e0is Morc~ase.
Z l~i 1~'1'asrs ani Lweai~cev ~bject to apgti~.+bk laar a to t vvrittea wtivet by Le~. 3on+wrec diatl p~y
1o L~det on the .iay moothty i~rtallme~t~ of principa! and i~terest are paysbk under ths Nota. until the Note i~ pok! ia fu0.
a wn~ (Ae~ein 'Fuudt'y e~val to one-twelftfi of [he yea~ly caxes and ass~nents whkh nuy ittain pcioriq? over Mi~
lNottsa~e. and tramd tenb on the I~mpertp. if any, ptus one-hreldh of yearfy prcmium in~apments fo~ l~ax~rd inwranot,
. pim oao-lwrelfth ot yeart~? prqnium installmenb ior mortQaRe insiirance. if any. all as reasonably estimated iaitially aud tt+oau
tima to time bg? Lendet on the basis of assessments and bilh a~ reasonadk atimata theroof.
'~Ue FWt~ds :Aatl be l~efd in an institsttion the d~posits ~r accounb of wfiich are insured or tuaranteed by • Federal a
, stsoe a~ency (inchdina Lender if Lende~ is such an i~titution). Lende~ shalt apply tbe Funds to p~y said tua, ssreumeets;
imuranoa pre~niunq uad gmund rcnu. Cender maY not cha~ge fo~ w halding aad spplying the Funds. analyzinj uid aooount~
or ~?ecityin= aad compiiina said assasmenes and bilta. un'~ess Lender pays Borrower intercst on tbe Funds and appl~caWe 1a~? •
ptrmits I.eeder to make such a cha~e. Borrower and Lcnder may 'agree in writing at !he time of eacecution ot t6is
Mortsa~e tbat interat on the Funds sl~all be paid to i3orrower. and unlax such agroement is m~de or applicabb laa
requires suc.~ intet~at to br loaid. Lender shall not be required to Qay Borrower any interest or taraings on the Funds. Le~da
s6all pve to Bomower, without charge, an annwl accounting of the Funda showins credits and debits w the Furd~ aod tbe ~
putpos~ for wbich eacA debit to ttx Fuads wu made. Tbe Fursds arc pk~ijed as additional sec~uity fot ths wms secured ?
~ ~ M~~ ;
If tbe amount of the Funds held by Lcn~ler, togtther with the future tnonthly i~statlmeats of Funds payabk prior to <
the due dates of t~cea, assessmenu. imurance premiums artd ground rents, shall eacoed the amount rcquired to pay said buca,
~nts. icuuranoe premiumi and gmund rcnts u they fall due, such excess shall be. at Bo~ower
s optioa, ather =
pranptly ropaid to Borrower ar crodited to Borrower on monthly installments of Funds. If the amouM of the Fw~ds
bdd by I.eoder shall aat be wA'itieat tc pay taxes, asse.ssments, insurance premiums and ground rcnts u thry fall due~
Borro~ver shall p~y to Lrnder amr amount neceuary to mske up the deficiency within 30 diys from the da~e notioe is maikd
by Leader W Borrower r'e9uati~t Payment thereot.
Upon payment ia full af ail sums ~cured bp this Mongage. l.eode~ shall promptly refund tc+ Borrower any Fw~ds
held bq? L.ender. If under paraaraph 18 hereof the Propeny is sald or the Propeny is otherwise acquired by Lender, [.a~dsr
:hai! app~y. no later than immediately prior to the ssk of the Property or its acquisition by Lender, any Fun~s hdd by
Lea~der at the time af application s~ a credic against the sums secured by this Mort~age.
3. A~iieattoi of la~a~e~ts. Unless applicabk law p~ovicles othervrise. all payments rcceived by Lenoer under the
Note aQd pangraphs 1 and 2 hereof sh~il be applied by i.ender first in payment of amounu payabk to Lender by Borrowtr '
under par~nph 2 ixrcof. t6en to interest payabk on the Note, then to the principa! of the Note, and tlun to interat aad
principal on any Future Advanoes. ~ ~
1. C~ar'~a; Lkas. Boaower shall pay all ~axes, asxssmcnts and othcr charges. 6nes and impositions attrebutabk to ~
the Property which may attain a priority ovsr this Mortgagr. and leasehoid paymcnts or grour~ rents, if any. in *.he manaer
provided under paragraph 2 hermf or. if not paid in wch manner, by Borrower making payment, when due, dicectiy to t6t
pAyee thereof. Borrowtr shalE pr~mpUy furnistn to Lencier all notices of amounts due under this paragraph. and in tbe ~veat ,
Borrowtr shal~ make payment directiy. Borrower shall promptly furnish to l.ender receipts evidencing wch payments.
Qorrower shall promptlp dis~charge any lien which has priority over this Mortgage: provided, that Borrower shall not bt
required to discha~e any such lien so :~ng ac Bcirrovrer shall ~Rree in writing to the paymeM of ths obligation securod by
suc6 liea in a roanner aoceptabte to Le~der, or shal( in gc~d faith contest such lien by, or defe~el~enforcement af such liee ia, ~
kaal proceediRgs which operate to prevcnt the enforcement oi the lien or forfature of the:Property or any put thereof.
S. ~nci ;~araste. Borrower shafl krep the improvemeMs now• taistiag.or'hertafter erccted on-the p~~;+~~t~? inwred
against loss by firt, hazards included within the term "ex~ended coverage", and such othe[ haurds u L,eader may requiK •
and in wch amounts ~nd for such periods as Lende~ may requirc; provided, that Len.kr shall not re4uire that the a~wunt o:-
such coverige exceed that unount ot caverage require~ to pa? thc sums sccurcd by this Mortgage. "
'Ibe inwranoe carrier providing ~he insurance shall be chosen by Borrower subjeet to apQroval by Lender provided,
tbat wch approval ~hall not be unreasonably withheld. All premium.e on inwrance policia shall be paid in the manner
psovided undor paragraph 2 hereof or. if not paid in such manner. by Borrowa making paycs~ear. when'due. dircctly to tha
insurance curier. _
AU i.-~.wrance policies and renewals thereof shall be in form acceptable to LenJer ana shall include a standard mortgsse
~i clause in favor of and in form acceptabk to Lender. Lencicr shall have the right to hoid the pt,iicies and rtnewals cheroof, .
~ and Borrower shail promptly furnish ~o Lcnder afl renewal notices and all receipu of paid prcmiams. tn the event of bss. _
Borrower shall give prompt notice to the insurance carrier and Lender. Lender may roake proof of loss if not made-promptty
; !ry Borrower. ~ -
G Unkss Lt~der and Borrower otherwise agree in writing, insurance proceeds shall be applied to restor~don or npair af
~ the Properiy damag~ed. proviJed such restoration or repair is economically feasible and the s~curity of this Mort~a~e is .
~ not thereby impaired. lf such restoration or repair is not economically feasible or if the security of this Mortgage would
° be impairod. the insurance Froceeds shall be applied to th~, sums secureJ by this Mortgage. with the excess. if any, p~id
to Borrovver. tf the Propeny is abandoned by Borrower, or i( Borrower fails to rapc+ad to Lender.within 30 days from tbe
date ootice is mailed by Lender to 8orrowcr that ~he insurance c~rrier ofters to settle a claim for insurance ~enefits, Leoder
+s autborizod to collect and apply the ~~surance procetds at Lcnder's optian eiUur to ruiora~ion or repair of the Propecty
or Eo tbe suau ~ecured by ~his Mortga~-
Unless L.ender and Borrower otherwise ag~ee in wnUng, any such ~pplicatan of proceeds to prinsipa) shall nr,~t exttad
or poatpone the duc date of the mc+nthly in.tallmentc rcferred tu in pxragr~phs 1 anJ 2 hereof or changc the amount of
such installments. tf under paragraph 18 hertof che Froperty is acyuired b} Lender, aU nght, titk and interat of Borrov?u .
in and to any iasurance policits and in and to the proceeds thereo[ resulting fruni damage to the Property prior to the ~k
or acyuisitiort shall pass to Lender to the extent of the sums secured by this !aiortgage immediately Qrior to such sak or
acquaition. , .
haerratjon md Maintenaace of PropertY; f.euehotas; Caadomirriums; ~fsaned U~it DevdoP~weats. Borrower ~
shall k,~ the Property irr gooci repair and shatl not commit wute ur• permit lnpairment or dtterio[siiion of the P'opettr 4
p aad shsll comply with tt~e provisions of any iasse if this Ltortgage is on a Icaschold. lf this Mortgage is on a unit in a ,
~ coadpminium or a planned unit devetopmeat. Borc~cwer shall-ptrform aN of Borrower': oblis~aon: under the decl~r~tion i
or coteaants crezti~ os goveroing .the condors~inium or planned unit development, the by-laws and regulations of ihe ~i
~ ~,ondominium or planoed unit development. and con~tituent ciocuments. I( a condo~tninium or ~lan:titd unit deveiopinent 1
~ rider es executod by Bonower and recorded tosether w~th this Mortgage, the co~ enanb and agroements of sueh rider !
~ tha11 be incorporated into ~nd shall amend and suppicment the covenants and a~roements o~f this Mort~a~e as if the ti~et ;
w~ere a put hera~[.
I 7. prae~~ ot Ls~ers s=c~~n. lf So:rower fails to pertorm the covenants aad a~reasxnts ccrni~ioed in this
[ Monaage. or if any xtion or proceodinj is comme~ced which ms:eriaJly affects L~der's imerat in the Property.
including, but not Grrrited to. eminent demain. insohtncy. code enforoement, or arran~eeneQtt or procredings involvin= s
banlcrupt or ~iecedent, then Lender at L.eader': option. upon notice to Borrorver..may make such zppearanxs, disbune wch .
sums and take such action as is neoe~suy to protcet [.rndlr's intuest, inciuding, but rioi limited i~, dis~enec~eot of
rea~oaable attorney's fees and en~ry upon the Propsrty to rnake reQairs. I~ Lender rcquired mortga;e insuranve ss a
condition of milcing iht laan ~ecurai by this Morsgag:, Borro ~e pre~niurns required to maintain such
i~uance in eBect until such time as the requireroent [or such i~iata in accordance witt~ Botmw~tt': aod "
~ .
. . ~ ~ ~~i 1,
~