HomeMy WebLinkAbout0930 ~ .
U~:IF~q'.1 C~~'E,:Af~TS 9rnro~rr• Z~A lenc~er CO~Hndnt ,lntt d~j~ep .~t }u~lowS
~ 1 Pavment of Pr~nc~pil and Intc~est 8u~~o~~~r sn~'I prum(~:I~ <<n~• v.~~«n tlu~•.u,r ~~n~~tma~ u1 ~nA ~~~tc~etl on tn~ ~n-
ClbtCCnBSS tl~ncetl U~ tt~P ~~utr {u~•{ti.t:++~ent ~~ed I~te ch.lr~il•; .~s pru~uf~~~l u~ tl,n N<~tr .~ntt Ilin pnni ~t~Jf .lnr1 intl•~CS! On
3ny Futu~r a.ivances ScCurrtt !i~• th~~ ~lu~l~;aye
2 Funds (ot Taaes and li~sur,u~cc S~~htett 1~~ at~(~~~c,~t,ie I~~v tn a~i~~tten w:nvr~ 1?y ~enner pnr~uwp~ si»tl~pay ~p
~P~dC~ O~1 IhK ~L~y m.~n~hl~• u~<l.lllmn~lli ~i1 ~vinC~{?.tl JuJ ~nte~~l•~I d~~• ~~J}:!hht unit~•~ t.~n ~~~~IC until 11?e N~~Nr K p.ud u~ lull J S~frt1
~hc`rC~n ~ funds l rr~udl b~ Un~• I~4rNlh Ut ~hn ~~r.ulp I.~a~~ .In~) .~StioS~n~~u~c ~vir.i h m.l~• ett.~u~ (n~t~nty hvr,r ~h~~ A~1Mly.~q~. dnd
g~0u(1A ~Ct~tS o~~ lh~ Prp~~~~Iy J++y plus i~nn 1KCIIIII OI Y~,111~ ~llt•nnum u~;t~llmnnis fu~ I~.~tlrtl uecu~anCe pluti rn~p twr.lllh Of
~ yeJ~iy prE+~n~un~ inSt~lln~gnls fOr m~?r1~~J~~C iusu~.~nCC ~l ~ny ;?ll .lS tc.~5u~f:~bly t•~Inn:~tB+1 nul~:~lly .uKl hoin t~m~: In t~~T~r by lenttCf
on ihe b~t~t ol .~titir»mcnti .iucl Inlls .~n~l u•.~ti~~n.ildc c•~hn»t~~~ Il~u~~nf
Th~ Fun~li sh.fll Ir~ h~'1~1 ~n .tti ~n~Utui~un Ih~• ~Ie~~c~~iK ~~r .~c~'u~uq~ ~d ?yh~r.l~ a~t• ntsu~Ml t~~ c~u.~r.tnicc~l hy :i Fc~li;~.~l ur t1a1C
agCnCy i~~~~tud~ny l~naler il Lr~~~icr >u~.h .~n u~~htuln>nl L~t~~ilc~ >:i.dl .q~~dy Ilie ~urnl~ tu ~~.~y ti:utl I:u~~s. a~sCti+~n~nis. ~n-
Sw~nCC ;~-~i»~u~~ts tnd i~rou~nl ~c~~h LCn~1t~i ttta~r ~~ot Clii~!~e lur ~u liulifini~ ,uirl :~p~ily~n~~ Il~e FUMIS. i111JIY)Ult~ Sillfi ifCCUUII~. Of
venl~~ng an~i con?p~6ng sa~cf assess~nr~~ts anA bdis unlrss lc~Nlcr ~?ays E~un~~we~ ~ute~est un the Funds :~nd a~~pt~cal,le 1aw per-
m~ts lender tu ~nake such a ch,u~~e 8unower and Lciuie: m~y :~g~~•e ~n wnt~n~~ Ihe ~~me ol execuuon ut th~s Mo~tyage that ~n-
Ie~est on !he Funds snall be pa~d to E3orrower. ind unless wch ayr~en?ent is maeie or ~~phc. ble I~w ~eqwres suCh ~n!erC~t to be
pa~d, le~~de~ shatl nut bc requ~red ta pay Honower ~~~y ~Merest or rar~urn~s un the funds lenclor shall Jwe to 8wrowcr, ~v~thout
ch3rc~e. an annual aCtounh~iy at the Funds show~nn c~cd~t5 a~~~t de1,NS tu the f~in~ls an~l tl~e ~~u~~~ose !or v11u~:h each dub~t Io the
Funds.Was madc. The Funds are pledt~C~) as .idd~t~O~wl SeCwity Ita Ihc su~»s sCCUred by thtis Mo~H~aga
I( the amount ol the Funds hcltt hy lcn~le~. loc~ethcr w~th thc luture mo~ithly ~nstallmCnis ol Funds pa~atile pnot to lhe due
dates of ta?es. ~SSCSS?n~nts insura~icC prcm~ums ~~id grounA ~c~~ls. Sh~l) exC~ed :hC amOUnt ret~wicd to pay Sa:d texe5.
assessme~~ts.~~~sura~~ce ~xem~un~s anei grpund rr.nts as they (alt due. such excess sh:~l~ lie. at Borrowers opt~on. e~th~r promptly
repd~d w Borro~ver or cred~te~l to Bor«.wer o~~ ~~~o~uhly mstal4n~cn~s ol funds ft the amnunt of the Funds held by l.ender shal!
not be suthc~ent to pay taxes ~ssCSSrneMs. u~sw~nce prCm~ums ~nd lround ~ents as they lall due. Boriower shat{ pay to Lender
any amouM necessary to make up tl~e dcl~aency w~th~n 30 d~ys f~um the date notice ~s mailed by lender to Borrowe~
requesuny paYment thereot-
VAp~ Piyment in 1ul{ u~ aii sums se~i:~~:~ i~y th~s Mort~~a~C. L~nder sh~ll promntly rc(und to Borrowcr any Funda held by
Lender U under p~ra~~raph 18 ftcrcol llic Pto~~Ctty ts 5old O~ th.; Piope~ty ~s u~herw~se acqu~red by Lender. Lcnder shall apply, no
later than immecua~ely pnor to the sate ot the Property o~ ~ts acqu~srt~un hy lende~. :tny Furids held by Lender al the bme Ot
app~~ca!~on as a cred~t a~a~nst the sums secured by th~s Mortgaqe ~
3. Application of Payn:ents. Unless app~~~ibie law prov~des otherw~se. all payments recewed by lendcr under the Note -
and paragraphs 1 and 2 hereoi shafl be app6~~d by Lender h:st ~n payrr~~nt oi amounts payable to Le~dc~ hy Borrowe? under
parag~aph 2 hereof, thcn to ~nterest payab!e or the Nute. then to the pr~napa{ ot ~he No~e. a~~d then ~o mterest and pnnnpal on
eny Future Advances.
~ 4. Charges: Liens. Borrower shatl pay a~l taxes. assessments and utt~er char~es. f~nes and ~mpos~uons attnbutable to the
Propercy wh~cli may atta~n a p~~or~[y over tn~s Mortgage. and Ieasehold paymen~s or yround rents. ~I any. in ti~e manner provided
undeT paragraph 2 hereoi or, ii not pa~d ~n such manner. by Borrav~er ma~,~~g payment. when due. d~rec~ly to the payee thereo~.
Bo~r4wer sha~! promp~ty turn~sh to tender atl no~~ces o} amounu due undcr ~h~s ~aragraph. and m the eveni Borrower shafl
make payment d~rectly. Borrower shall prornptly (um~sh to Lende~ rece+pts ev~denc~ny such paysnenis. Sorro~ver shall promptly
discharge any lien which has pr~or~ty over ~h~s Mongage: p?ov~ded. ~hat Borrower shatl not be reqwred to d~scharge any such ~
lien so tong as Bo~rowes shall agree ~n writ~ng to the payment of tt~e obl:yat~on secured by such !~en m a manner accepiabte to
Lender, or shafi in good ta~th contest such hen by. of ctelend enforcement ot such I~en in. tegal proceed~ngs wh~ch opera~e to
prevent the entorcement of the lien or forteiture ot the Prop~rty or any part.tnereoi.
5. Hazard Insurance. Borrower shalt keep the improvernents_noyv exisung on c~rea`ter erected on ihe Froperty insured
against loss by fre, hazards intluded wilhin the term "exte~cled co~erage". and sucli otl~er hazards as lender may require and
~I in such amounts and to~ such penods as Lender may reqwre. prot~ded. ~hat Lender shalt not reQwre that Ihe amount ot such
coverage eYceed that amount of coverage requ~r~d to pay ~he su~ns seu~red by th~s Mortyage.
j Tfie msurance carriar prov~deng the insurance sh~11 be chosen by Bofrower subject to approval by Lender: provided. that
~ such approval shall not be unreasonably w~thheld Alt premwms on ~nsurante pohc~es shall be paid in the mann~r prov~ded un-
~ der paragraph 2 hereo( or. it qot paid in such mannQr. by Borrav.er mak~nc~ payment. when due. d~rectty to the msurance carrier.
All insurance po6ues and ?enewals thereof sh~ll be in lorm acteptaa~~ to Lender and shaU inciude a stanAard mortgage
! clause in (avor ot and ~n form ac~eptil?le to Lender lender sl:~ll have the ng~~t so hc~ld tl~e ~ol~c~es and renewals the~eo(. ar.d
t
Borrower shalt prompUy fu~nish to Lender a11 renewal not~ces and :,II recr~~:ts of paid prem~ums In the eve~~t of loss. Borro~ver
~ shall give prompt not~ce to the ~nsurance carner and Lendei Leuder m~y in~ke proc~i uF ioss not made promplty by Borrower.
Unless lender and Borrov~er othe~wis~ agrEe m wr~t~ny. ~nsur~nce p~oceeds shal! t~e ay~pAeci tu ressuras~r.n or repair oi tfie
Property damaged. provided such restorat~on or repa~r ~s econc~m~ca~ly (e,~s~ble and ~he se~:~~nty of th~s Atorl~lage ~s not thereby
impaned I( such restoration o~ repa~r ~s not econom~cilly (eas~hie ur ~1 the security ot th~s A1ort~~a~~e ~vould bc impaueA. the in-
surance proceeds shafl bc apphed to the s~nns 5ecurnd l~y ~h~s Mor~~~aqe, wnh the excess. ~t any. pa~d to Borro~ver If the
Praperty is abandoned Gy Qurcuwer, or ~f Bo~rower ta+ls to res{~ond ~o te:~de? with:n 30 days from the clate ~~utrce is maded by
Lender to Borrower ihat the msurance c~rrier ot(ers to sCtUC a ~laim tor ~nsurance benehts. lender ~s authonied lo collect ~nd
apply the ~nsurance proce~ds at lend~r~s Opt~On Cit?+~r t0 rpS~orP!~^^ If{+~~r lhn prUpC?ty N~~ Ihe Sums SCCUrCA by lhis
Mortgage.
tfnless Lender ~nd 8orrower olhe~wice agree in wnt~ng, any such inpGc~fion o( procee~l5 lo pctnC~p~l sh~l! not exlCnd or
posipone the c:ue date o( the monthty ~nstallments re(erred fu u~ p~~~s)ra~~hs 1 anct 2 hereot or chi~~ye the amo~u~t ot such ~n-
~ 5lallmeri5 I( under p~ragraph 1 S herr.of tiie Propcrty ~s ~upnrcd hy LCntl~~. ~ill r~ght. tulc ~nd inte+tst ot So~rower m ~n;1 to any
~ ir.surance po~+aes and ~n anc! to thc procceds therco( resultiny (rom d,~m:~gc ro the Propeily ~~nor tu thc s~lc or acqu~s~hun sh~ll
~ pass w Lender to the extene of the sums socurecl by th~5 PJlo~i~~a~e ~m~neel~afely ~~nor to snch sale ui ~cq~ns~t~on
6. Preservation and Mainienance of Propr.rly; LeascholJs; Cundon»~iiu~t~s: Pl~nned Unit Dcvelopinents. Dorro~ver
€ shatl keep the Prapcrty in good repair :~nd shail not Commat w:iste or ~.crm~l ~mpa~rmrnt cx dr.1Cr~~r~t~on ul th^ Propcrty ~nd
shall comply v~~th the Prov~s~ons ot any lease th~s M:?~t~a~~e +s e,n a ieasehol~S H tlns 1,Su~tc~,iqe ~5 o~i i unit ui ~ Condonunium
! or a planned umt ~:evelup~nent BOr~Owe? Sh;711 (le~(ntm ~II O~ BO~~(~?ve~~S UbI~~~~tiO~lS untlu !h~• ~tecl~i~t~~~~ c~r Mv~~~a+itscreat~r~g
~ or qovemmy the Conclum~nw~n cr pt:~nneil un~t de~efepn,ent. tY.e hy l.~ws ancl rt~qutat~n~~ti c~( ll~c Co~ufonv~vun~ u~ ~~linnc:t ~:n~l
~ devvlopnie~~1. and i:unst~tuent ~i~~cumen(s If 0 co~~AUmin~:~m oi pli;inet+. un~l develo~iment iuler ~5 e~ecutC~f b~ Ronowt•r and
recorded toy~ther w~tl~ itti~s A,lqtiy3~~. t1~C COVPndnlS Jnti ,i~yeen~r•nls ol suc~i rnt;:r st;.~11 I~r inco~{~o~alyd ~ntn .nui ~h:df .+~nend
~ and supplemeM the covenants and ag~ee~nents ol it~+s Mu~i~~agc ~s ~I 1f~c r~~fe~ wc~r. a part hcicut J
~ 7. Prob:ction o( Lender's Secur~ty. If Borrow~r taJs to {?erfors~i U~e coven~nts and ay~eements CvnliirecS ~n th~s
~ MOrt~3~JQ 01 i( any iiCtiOn Or proceed~ng ~s cornmence~f ~vhich m,~tP~i.~11y .IUt~CIS le~n~lrr S ~~~Irr~~St m Ihe Pr(i?~~r(~• niClu.t~~~~) hu!
~ nJI IimiiBd to. eminr.nt Aoma~n ~i~soWenCy Cot1e enlorceme•nt O? arranr,~~~~i•nts or ~nnCertim~lt n~~~~Ivin:~ ii hdnl.rut~1 O~
deceAent tnrn len~ter at le~aer s o~~(ion, upon no~~ce to Borro~vr•r mav m.~.r su~1~ ~~r~rea~ances A~sh.~ir,e suCh ~.nns d~~d
taAe such acnon as recessarv t0 ts{Ot~.t1 lenQ~~ s~me~est irc~un~ng bul nVj ~~~n~lr(1 10 cUS~urseme~t ot r~as~~~aU~e ~Iturnpy S
(e65 ~nd ent~y uPon ine P,~pert~• to ma;s repa~is I} lMitlPr r~i~u~ree murtyn~;e m~u~~nce as ~ reayonnl~,r a:1~~~nev s tres a~d
z entry uDOn Ih~. P~O;;Zrty i0 Ir7J~Q ~CDJ~tS If Le~ne~ !C(~U~~t•t~ r••ort7aye ~nwra~~ca ~s a co~~ef~t~on o` Td~~n:~ :t~L wan secu~ed by
~ Lh~S !~tortyoye. i7u~~ower Shn:l p,;y ihe prem~ums reQu:rFC! M n~,~~ntam Suth ~r.sur~nCC +n 811eCt u~ihf SuCh t~mP ds the
rrQu~reme~t Ic,r s..tn ~njuidr.Ce tN~'~~~~3TZ5 ~n aCCUrGance v?~U~ Ba~ru..c~r s a~~~f lenner s w~~~~en a~jrremrnt e+ appl~cau~e 'avi
80rrGw(•r gha'I DJy l~.~ dmOu~~I O! J'1 m~rt~,lc;~ ~~SUr~nIP µrem~ums ~n 1'+f ma~,~~@~ DtOrc!?A unArr i~.~~ay.aoh 2 hrrB4f
d00K `t`t~ Pa~'t ~til,~