HomeMy WebLinkAbout0587 UNIFUR~f (~ovE~~!~TS. H~xrc~wer an~l I.ender ccive~~:,nt and :~Krrr a, t~?U~~wt:
' i. Pa~mcnt o~ P~incipal aad IMerrst. tiurruwe~ shell prump~l~• ~ay ::';rz ~l:.:~ ihr principal of and mterest an th~
indebtrdnrss e~ide~crd hy thr Notc, ptcpaymrnt and late char~~~ proviJed m the ~tntr, and the princ~pal oi and ~nterest
on any Fuwre Advancrc ~urcd hy th~. Mongagc "
2. Funds tor Taxa and insuraore. Subjec~ t~~ applicable law• ~~r t~ a w~itten waiver by I.ender, f3orrawer shall pay
to l.ender on ~he Jay mon~hly int~~um.~nts ~,f principal a~d mter~~u are payat~uaJQr~he ~tc, umil the hatc is paid in full,
a sum (hercin "Funds") equal to unc-lw~lfth o( thc yearl}~ ~a~es and assasments whic may attain p~iority over this
Mortgage, anJ g~ound rents ~n the ProE+erty, if any, plus onatwelfth of yearly premium i~stallmeo~s for hazard insurance.
plus one-twelfth of yearly premium installmrnts (or mortgage ~osurance, any, all a~ reasonably estimated initially and !rom
time Ia hme by l.ender on thc basis ot as~essmrn~s and hills and reas~~nable eslimata taereof. •
"il~e Funds shall t~e held in an institw~~~n the depcuUs or accounts o( wtlich ar~ insured or guaranteed by a Federal or
state agency lincluding Lcnder ii l.cnder is such an institution). l.ender sh~ll apply the Fundt to pay said taxes, asstssments,
insurance premiums and ground ren~s. I.ende~ may not charge (or so holding and applying the Fuods, ac~lyzing said accouM,
or ve~ifying and comp~ling said ~sseatments and hills, unless I.ender {+a~~~ Borruwer interest on the Fu~ds and applicable law
permits l_ender to make such a charge. Borrower and Lender may agrre in writing at Iht timt ot execution of this
Mortgage ~hat interat on the Funds shall be paid to Borrower, and unle» such agreement is made or applicable law
reyuires such interest to be paid, Lender shall not be required to pay BorroN•~r .~ny interesl or tarnings an the Funds. Lende~
shall gi~~e to Borrower, without charge. an •rnnual accounling of ~he fun:1~ ,how~ng credits and debits lo the Funds and the ~
purpose for which eaeh debit to the Funds wa~ madr. The Funds arr pl~tilged a~ additional security for the sums securtd
by this Mortgag~.
; If the amount of the Funds held by l.endrr, toge~her with the (utu~e monthly inctallments of Funds payable prior to
~hr due dates of taxes, ass~ssments, ~nsuranr~ premiums and ground renh, shall eacceJ ~hc amount requircd to pay said taxa. '
asxssrr?ents, insurance premiumc and gruund rents ac they tall due, sueh e~cecs chall be, at Bexrower's oplion, either ~
prompUy repaid to Borrower or cred~ted tu Borrower on mon~hly ~ns~:,llmrnt, uf Funds. tf the amount of the Funds
held by Lender shal) not be sufTicient to pay taxcs, asse~sments, in+urance premiums anJ ground rents as they fall du~,
Bormwer shall pay to Lender any amaunt nttcs~an w make up thr Jeficicncy withiR 30 days from the date notice is mailecl '
II by ~.ender to Borrower reyucsting paymcnt thercof. `
Upon payment in full of all sums securcd b~• th~s Mortgage, l cnder shall promp~ly re(und to Borrower any Funds ~
hctd by l.ender. If under paragraph 18 hereuf ~he Propeny is sold or thc F'ruExrt~ ~s otherwise acqu~red by l.ender, I.ender
shal) app:y. rto later than immediately prior to thc ~ale of the ProE?crt}~ ur us acyu~sition by t.endcr, any Funds held by
Cender a~ the time of application as a credit againct the sum~ secured M ch~s ~fongage.
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3. Applkstion of Payments. Unle~s applicable law prov~des othcrwisc. all paymcnts received by Lcnder under the f
Note and paragraphs 1 and 2 hcreof shall b~: applicd by l.cnder first in pa~~mrnt u( amo~mts payable to I.ender by Borrower t
under paragraph 2 hercot, then to intrrest payablc on thr ~io~e, thcn to th~ principal of the Note, and ~hen to interest and -
principal on any Future Advaocrs.
' 4. Charges; Lkas. Borrower shall pay all Iaxe~. as~cscments and ather chargr.. fines and impusi~ions attributable to
~ the Propert}~ which may attain a prioriry over this Mortgage, and IeaseholJ pa~~ments or ground rents, i[ any, in the manntr
~ provided under paragraph 2 hereof or, if not paid in such manner, by Borr~~wer making payment, w~hen due, direcdy to the
payee thereof. 8orrower shall promptly furnish to Lender all noticrs of amounts duc under this paragraph, and in the event
Borrower shall make payment direc;U~•, Borrower shaq promptly furnich t~? l.~ndcr receipts e~~idencing suc:h payments.
Borrower shall prompdy dixharge any lien Nhich has pnonty over this Mor~gage: pmvided, that Borrowe~ shall not be -
required to d~s~:harge any~ such lien sc~ long as Bor~ower shall :~grre in writ~ng t.• the payment of the obligation secured by
such lien in a manner acceptable to Lender, or shall in good fai~h contest ,~~~h lien bp. or defend enforcement of such lien in,
legal proceedings which operate to prevent the enforcement of the I~en or torf~iture of the Property or any part thereof.
S. Hazard Insurance. Borrower ~hall kcep the ~mprorement~ now c~i.ung or hercafter ercctcd on the Property ~nsured
against loss by fire, hazards included within the term "extended coveragc". and such other hazards as Lender ma~• require
and in such amounts and for such perials as I_ender may reyuirc; pn.vid~d, that I.ender shall not require that the amuunt of
such coverage exceed that amount of co~erage reqwred to ~+a} ~he wm. ucured b~• this `iortgage.
7he insurance rarrier providing the insurance shall be chosen b~• Burrc.wer subject to approval by Lender; provided,
that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
provided under paragraph 2 hereof or, ~f not paid in such~mann~Y, by Borrower making payment, when due, direcUy to the
insurance carrier.
All insurance policies and renewals thereof shali be in fortn acceptablr to I.ender and shall include a standard mortgage
clause m favor of and in form acceptable to Lendcr. L~nder shall have thr right to hold the policies and renew•als thereof, •
and BorroK•er s6a11 promptly [urnish to I_endcr all rcnewal notices and all receipts of paid premiumc. In the event of loss,
Borrower shall give prompt notice ro ~he insurance ~:~rnrr and Lender. Lender ma}• make pro~( of loss if not made promptl~•
b}' BUf(OK'Ci.
Unless Lendrrand Borrow•er othrrwi,e agree in writing. insurance pr~ke~d~ shall be applied to restoration or repair of
the Propert~• damageJ, pmviJeJ sitch re~torahon or repa~r ~s rronomic:dl}• fc:uible and the security of this Mortgage is
not thereb~• impa~red. If wch restor.iUnn or repair is not ec.mam~calh• fca,iMe or if the security of this Mortgage would
be impaired, the ~nsurance procecsl5 shall be applied to the sums secureil h~ thi~ ~1ong:,ge. w~~h thc excess, if any, paid
to Borruwer If the Propcrt~ i~ ahand~~n~d bt Borr~ucr, ar it Borrower fail~ t~~ re~Fx~nd to I.ender within 3U days from the
date notice ~i ma~led bp Lender to Borrower thrt thr ~nsurance ~arn~r otTers a~ Settle a cl:~im fo~ imurance benefits. 1_ender
i~ authoriud to collect and apply the ins~rance proceeJs at Lender's opt~un r~ther to restoration or repair ef the Property
or to thc sums ~ecured b~• this Mortgagc.
Unless [~nder and Borrower othen+ise •rgree in wnt~ng, any such application of prcx;eeds to principal shall not e!ctend
or postpone the due date of the monthl} instaltments rcferrcd to in paragraphc 1 end ? hercof or change the amount of
such installments. If uniler paragraph 18 hereof ~he Propert}~ i~ acywred b}~ Lendcr, all right, tide and interest of 3orrower
in and to an~~ insurance policies and in an~ to the pra:et~is thereof resuh~ng from damage to the Property prior to the sale
or acquisition shall pass to Lender to the extent of the sum~ iccured b~ thi~ :~fortgage immediately prior to such sale or
acquisition.
6. Presen•ation aod 1f9intenance of Property: Leaseholds; ('ondominiums; Planned (Jnit De~elopments. Borrower
shall keep thc Property in good repair and shall not commit waste or permi~ impairment or deterioration of the Property
and shall comply with the provisions of any lease if ~h~s Mortgagc is on a leaschold. If this Mortgage is on a unit in a
condominium or a planned unit devclopment, Borrower tihall perform all of Bormwer's ubl~gations undet the declaration
or covenants creating or governing the condominium or planned unrt development, the bv-lav?•s and re¢uiationc of the
condominium or planned unit development, and constituent documents. If a condominium or planned unit de~~elopment
rickr is executed by Borrower and recordeJ tugether v?~ith thic M~~rtgage, the covenants and agreements of such rider
shall be incorporated into and shall amend anJ supplement ihe cm•enants and agreements of this Mortgage as if the rider
were a part hereof.
Protection of I.ender's Security. I( Borr~wer fails to perform the covenants and agreements contained in this
Mortgage, or if any action ur proceeding is commenced w~hich materially afiects I.ender's interest in the Property,
including, but not limited to, eminent domain. ina~lvency, code en(orcement. or arrangements or proceedings involving a
bankrupt ~r decedent, then Lender at Lender's option, upon notice to Rorrower, may make such appearances, disburse sueh
sums and take such action as is necessary to protect Lender s~nterest, inc{uding, bu~ not limited to, disbursement of
reasonabie attomey's fees aad eatry upon the Propert} to makc repairs. If Lender rcquircd mortgage insurance as a
condition ot making the loan secured by th~s Mortgage. Borrower shall pay the premiums required to maintain such
insurance in efiect until such time ax the requirement for such insurance terminates ~n accocdance with Borrower's and
6~ .r~OU ~'A~t 5~~
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