HomeMy WebLinkAbout0967 l~u~~kW t'u~f.~`r. H~~rruRer nnd l.rnder covenent and e~rer a;, f„ll~~ws
1. Payment of Principal ~nd Inter~~t Horrower •hall promptJy pay when due the pnncip~l ~nd ~ntcrc~t
?ndebtcdnes~ ev~denced by the Nc~te end Iste chu~es as provided ~n the No~e
2. Fupd~ tor T~es ~d la~ur~nce. tiub~ect to ~ppUceble Isw or s w~ntten waiver by l.ender, Borrowrer ~h~ll pay
to l.ender on the a~y monthly psymenti o( pru~c~p~l and intere~t are p~y~ble under the I`ote, until the Note i~ paid in
fu!!, ••um Ihere?n "Funds"1 eQual ta one~tweltth of the yearly tues ~nd •ese~rmenta (includin~ condomin~um and
pl~nned urut development a~aeaemente, J~ny) ~vtuch may ~tta~n pnonty over tRie'.Nottg~~e ind p~ound rents on th•
Property, J•ny, plus one-tweltth of yearly prem~um in~tallmenta !or hazetd ?naurance, plu• one-tw~elfth ot yeuly
premium inatallments for mortgege ineurence, tt any, ell as reesonebiy est?meted initietly •nd (rom time to time by
l.ender on the besu of nesessroents end bille end rcssonable eet~mstrs thereof. Borrower •hall nflt be obli~~ud to
mnl?e euch paymenta ot Funds to Lender to the e:tent thet Borrower makes such paymenta to the holder ot ~ prior
mortaege or deed ut trust if auch holder is an inshtutional lender.
If Borrower pays Funds to Lender, the F unda ehall be held ?n en ~nst~tution the depoeita or eccounta of w~hich are
~neured or guaranteed by~ a Eederal or etete egency Iinc~uu~~~~ i.r~~~~~ ~:.~~~~er ~e such en inatitution). Lender sAal1
apply tbe Fundi to pey said teiee, asseesments, insurance premiums end ground renta. Lender msy not char~e for w
hold~ng ~nd applying the Funds. r~^~ said eccount or venfying end comp~ling ssid asse~aments and bille, unltss
Lender peys E3orrower interest on the Funds end epplicable lew permits I,ender to make auch a charge. Borrower and
l,ender mey agree ?n wr~ting at the hme uf eiecution ot ~t1~6 :.iungsge thet interest on the Funde •hal! de paid to
E3orrower, and unless such agreement ?s mede or appluable lew requires such ~ntereat to be p~id, Lender ~hal1 not b~
required to pey Borrow•er eny interest or eerninga on the Funds. Le~der ~hell give to Borrow~er, w~ithout char~e, an
annual eccount~ng of the Funds 9how~ng cred~ta and debitn to the Funds end the purpose for wh~ch eech debit to tht
Funds w•es made The Fund~ are pledRed as addihonal secunty for the sums secured by this Mortgage.
If the emc~unt :~f the Funds held hy Lender, t«gether with thr future monthly instellments ot Funda peyable pnor to
th~ due dates nf ta:es, e,.rs,mrnts. insurdnce premiums and grouz~ rents, shal! ez:~r~ !he emount requ~red to p~y
~eid te:es, essr,sments, in~urance prem~ums and ground rents es they fall dut, such e:cess shell be, at Borrower't
:>ption, either promptEy repaid to Borrow~er or credited to E3orrow~er on monthl~• instellmenta of Fundt. If the ~mount o[
the Fund~ held by I,ender +hall nut be suffic~ent to pay ta:es, assetsments, insurance premiuma and ground renta u
the~~ faU due. ~iorrowrr shall pe~ to I.ender am amount necessary to meke up the deCciency in one or more psymenta ~t
[,ender may requ~re
L'p~n peytne~it in full of ell 4ums.erured b~• this M~rtgege. Lender shall promptly refund to Borrow~•et any Fund~
heid b~ Lender II under paregreph i~ herec,f the Pruperty is sold or the Yroperty ig otherwiee scqutred by Lender.
Lender shall epply, n~ later then immed~etet} pnor to the sele of the Property or ~ts ecqu~~it~on by I.ender, ~ny Fund•
held by Lender et the time af epplicehon as e cred?t aga~nst the sum~ secured by th~a tilortge¢e.
~ 3. Application ot P~ymenta. l~nless epplicable law provides othervr~ae, al! paymenta rece~ved by Lender undsr
F ±he tiote end paragraphs 1 and'2 hereof sheli be epplied by Lender ~irst in par~ment ot amounts payable to Lender by
S
; i3~,rrower under paragreph hereol, then co interest peyable on the 1ote, end then to the pttn!'ipsl of the Note.
4. Prior yiortgages and Deed~ of Trust; C6arges; I,iens. Borrower shall periorm ell of Barro~er'~ obli~ationa
f ~~nder a.~y mortgeRe, deed of trust or other secunty egreement v?~th e Len w•hich hes pnonty over thi• Mort;a`e,
; :ncluding Borrower~s co~~enanta ~,o make pepments Rhen due. Borrow~er shall pay or cause to be paid a!1 tues,
~
; :,ssessments and ather charges, fines and unposit~ons attnbutehle to the Pr~:perty whuh mey ettain e pnonty over thi•
! `~lortgege and leesehold pa~ments or ground rents. J eny.
F S. Nazard In6urance. f~~~rrower sheil keep the impro~emrnts nr.w ez?st;ng or hereefter erccted on the Property
~ .nsured ega~nst loss by fire, hezerds ?nciuded within the term "estended coverege", and such other hetard~ aa Lender
~ rr,ey requ?re and in such emuunts end !or such penods es Lender may reyu?re
~ ~rhe insurance c arrier prov~ding the ~nsuran: e,heli be cho~en by Horrower suh~ert to eppro~ a? by Lender, prov?ded,
s '~:at ,uch appr~~~al ,hall nut be unreasunahly w~thheld :~11 insurence pul~cie, and renewals thereof shell be in e form
~ <ep!ahle tr, i.encirr and shell include a,tendard mortga~e c!ause in fa~~,r ~,t and ~n a f~>rm ace eptable to Lender Len-
s irr ,hall he~e the nght to h~,id the p~,lirirs ~nd renrwals there~>f, sisb~ect tn the trm~~ am m~~rtRege, deed of wat or
s •hrr +ecurity aKreem,rnt uith a i~en wh~ch has pn~,nty ~~er th~w LS~,rt~age
~ !n the ecent o( loss, Borcc;wer shali e pr~mpt n~hce to the insurence carr~er and Lender Lender may melte proof
~ ,f loss J not made p:omptly by Eiorruwer
` lt the Yroperty is abandoned by Borruwer, or if Borrower fa~ls to respund to Lender v~~th~n 30 d~ye from the d~te
E r~r,t~ce ~s mailed b} Lender to Rorrov?er that the ~nsurance catr~er affers to settle a cieim [or inautence bQnefita, I,ender
~ ;5 euthonzed to cnilect end apply the ~nsurance pr~,ceeds et Lendrr b Op(iOf1 e~ther to restora~on or repair o! th•
t'ropercy or to the sums secured by th~s Mortgege
~ 8. Presen ation and Naintenance ot Property; Leasesolda; Condominium~; Pldnned Uoit Develo~
meats. E3orroa~r sheli Iceep the Prr,perty in good repe?r end shall not commit a•a,te or permit impaitment or
~ :etenoration of the Prr~perty and shai! c~~mply w~th the pro~~is~ons of any leese if tAia tiiortgage i~ on ~ leeeehold. Uthi•
° tilortRage is ~n e un~t ~n e cordominium or a planned un?t de~ei~,pemrnt, Borrower shall pertorm all oI Borrow~er'~
~
~ hli~ations under the declaration or co~enents creahng or go~~erning tht condom~nium or plenned unit developmtnt,
+he by-l~ws and re~lationa of the condominium or plenned unit development, and conaUtutnt documents.
7. Protection of Lender's Security. If Borrower fails to perform the co*~enanta snd egteemenu contained in th~s
E `t~~regege. ~r ~f am ecr~r. r,r pmceeding is commenced wtuch metenelly affecta Lender's intereat in the Property, th~n
I.PndPr et l.ender's ~~pti~~n. ~.~p~,n nnhct to H~rrow~er. mey meice ~uch appearence~, d~sburse auch aume, ~ncludin~
-~a~~,r,ahlF att~~-^e•.~ fee~ en~ take such act~on a~ ~s nece5san to protect l.ender's ?nteresG II Lender requ?red
~c~~r!~~,2e ;n~~_~ranre ac n c~~r,dit~un of mak;nR the luan ~ec~r~d hy th~s tilortgage, &~rrower ~hall pay the prem~umt
-eyuirr~ tn memta;n ~~.;ch insurenc~ ~n Pffect until such t~me e~ the requvement for such ~nsursnce termin~te• in
c~,r~~a~re w~th $~~rz~~wer'ti And I.ender'~ w-titt~n eRreement or eppi~ceblt iaw.
.4r.~ Hf.'l~~U!i!~ ~i~st~~~r~ed b~ Lenc~et p~~r5uant t~ th~s pereRraph with ~ntere9t ther~~n. ~t the tiote r~te, •hall
•~f•< <~f:1P A~t~iit,~,nel ,n~iet,tednec. uf Rorrower ~~cured by thi~ tiiurtgage l'nie;s Borrov~•er end Lender s~ree to other
~~•rm< <~(;,a~mrnt. ~.uch em~~unts shell be Re~ahlr upr,n r.ot~ce from Lender tn Ek,rrower reguesting peyment thereaf.
'.:,th~rR <<~nta;ned ~n th~s pareRreph ' sheil fPQUIf~ I,ender to lncur eny e:pense or Leke nny ection hereundtr.
_ i~. Inspection. Lencier mey meke nr caus~ tu he made reascneble entnes upon end inspechons o( the Property.
;;ru.~~ied %!:at l.enrler shall Ri~e Borr~~wer n~tice ~n~~r [v any auch inspect~un sp~cJying ree~oneble cs~~~e there(or
-rieted to l,ender s~nterest in the Propert:
8. ~'ondemnation. The pr~cerda r>f en} ewerd ur ciaim f~~r demeges, d~rect or consequent~al, tn connection with
en~ c+~nc~emnetion ~r ~ther teking of th~_ Property. ~~r pert th~reof, or fur conveyance in lieu of condemn~tion, ete
heret~~ e~vRned e~d ~hell be paid to Lender, sut-~;rct t~~ the tertns ~f eny mortgege, deed of trutt or other ~ecunty
~~reemrnt w-~[h e liPn which has pn~~nt} ~3~er this ~1~,rtRegt
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