HomeMy WebLinkAbout0157 j~ ~ : + ,
UNIFORM CO\'l'.N~NIS. BUffUWCf ;~nd I.rnJrr c~~vcnan~ :~~~~I .~~:~rr a~ I~~II~,Nti
1. Ptyment of Principal ~pd infcresl. Hu~rrHrr .h:~l! , irn~~~(~ pa> ~~hrn ~1ur thr princi~~.~i ,~t and ~ntcrest un th~
~~debtedness evidence~l by the Nc?t~, prepa}~ment :?nd l.~t~ cl~.ue.•. ~.ruv,,led u? ihe '`ntr. :+nd the principal of and ~niercc~
on any Future Adv;~nces secured by Ihic Murt~;:~gr.
~ 2. Fuads tor Taies aad Insuraace. Subjrrl ~o apph. I.• L~~~ ~u a HriUcn K':IWCf by I.cntlcr, l3orrur?cr sh;Jl pa).
ta I.endcr on thc day mcxuhly in~tallmrnt~ ~?f pnncip.~l .u~~ n~;~~~r.~ .~r, ~~.~}ahlr undcr th~ Nutc. untit thc Notc ic p~id m full.
a sum (hercin "FunJs^? ryual tu unc-tw~lFth ~~f ~Fk ~r:~rl~ :.~t~. ,~~nl ,,..c,•mcnt. which may au:un pnority ~~~er ilu.
Mortgagc, and ground rents on thc Pmpcr~y, if any. plu< <~nr•!~~rltth ~~1 ~rarly prcmium instatlmcnts for h:?zard in,ur.~nre,
plus one-twelfth of yearly premium inst;~lhncnh t~?r m~utga~;c m.nrancr. any, all as rca.~.nably c~timatcd ini~ially an.l (rom
time to time by t.ender on thr h:?si~ o( a~uu~,mrnl? aiui ~•:~1~ .in~: r~ewnahl~ Cslimat~ti thcrrof.
"i't~e Funds shalt he held in a~~ ~n+t~iee~,~~n tl~r dc~x~,i.. ~u .ni,~unt~ ul whirh •rre intiured ~u guarantccd hy a F~derat or
state agency (including l.ender i[ l.enJer u.u~h .~n imututu~n r 1 rn~cr ,hall apply the Funds te~ pay ~:~id ta~e~, a»~ssn~cntti,
insuranc~ premiums a~d gmund rent~ I rndcr nia~ n~~t charge t~~r hi~lding and apph•ing Ihr FunJ. anat~~rinE saiJ a:c.~unt.
or verifying and compiting saiJ asses.mrnt~ :,n~l h~lh, unlr., 1 endcr p~~. Hurruwer in~crest ~~n the FunJs :~nJ applirahle I.~N
permits l.endtr t~~ makc such a chargr. It„rruwcr and Lrn.icr may a~rcc in wnting at ~hr ti~ne r~r~utiun uf ~hn
Mortgage that interest on thc Funds ~hall F~ pa~d ta Horruw~r, and unlc.> >uch agrecmcnt i. mad~ ur apE~lic~hlc IaH•
reyuires such interest to he paiJ, Lender .h;~ll n~~~ t,r r~yuircJ t~~ pa~ B~~rrowrr :~m intcrest ~+r c:~rning, ~~n th~ Fund~. Lu~d:,
shall give to Bo~rower, withoui ~hargc. :~n anr~~r,~! ar~uunling ~~f Ihe FunJ, ~h~~Ning ~reJitc and dchh~ tu Ih~ Fund~ .~n~ th~
purpose for which each debit to the F=und~ ~va. n?~~r "i~he Fund. ar~ rl~Yigrd a~ additi~,nal ~ccurit~ (~~r thr .un., ~rrurcd
by this ~lortgage.
If the amotent of the Funds hetd hy Lcndtr, i«~ethcr uith thr futurr ruunthly imta!lm~nts uf F~mJ~ pa)•:~bl~ pri~~r t~~
the due dates of taxp, as~essments, ~nsurance premiums and gmund rcnt~. shali e~cr~d th~ amuwu rcyuircu ta pa~ .ai~l ta~c,,
assessme~ts, insurance premiums and ground rems as the~• f:,ll dur. +uch r~cr.s ~hall tx:, at B~~rroWer'c i.pn.~u, rrthcr
prompUy repaid to Borrower or credi~ed ti~ BorruH•er on monthh• im~allm~nt, of Fund~. if the amc~unt of thr I•i~nds
hetd by Lender shalt not be sufficient to pay t~xcs, a~.c~;~+mcnts. imeuanrr premiums :~nJ gn~und rents a+ ~hr~• fall dur.
Borrower shall pay to Lender any amount necess•rn• to make up the deficirncy within 30 Ja~~~ fmm the datc n~+ti~e i, mailyd
by Leader to Borrawer rcyuesting papmrnt thcreut.
Upon payment in full of all sums sccured b~• thit Mortgage, I.enJcr shall promptl}• refund to Horr~?NCr am~ Fumis
held hy I.ender. If under paragraph 1R hercof the Property i~ u•ld ~~r thr Propcrt~~ is uthen+•icr acyuio~d by I.endcr, I.en~ic~
shall apply, no latcr than immediatrl~• prior to thc ~alc o( thr ProM:rty or its acquis~tion hp I.cndcr, any Punds hcld by •
l.ender at the time ot application as a credit against ihe sum~ secured b}• thn ~torlgagc.
3. Application oF Payments. linles~ applicable la~~• pro~i~t~s i~thenai~r, aN paymcnts receitied b~~ I.ender umler the
Note and psragraphc I and 2 hereu! shal! be apphed by I.rnder fint ~n p:~imrnt ~it ~muunts payab~e to Lender b~• Borm~~cr
under pa[agraph 2 hereof, then to intrrest papablc on the tiutc. then to thr principal c~f thc Note, and thcn ti. interest and _
principa~ on am~ Futurc Advances.
4. CharRes; Liens. Borrower shall pa}~ alf taxel. a,scs~mrnts and ~uhrr chargr~, fines an~t impcnitiuns attrebut.•h!e to
the Property which may attaio a pr~~rity ~vcr this Atortgage, and leasehuld ~~aymcnts or ground ~ents, if any, in the manner
provided under paragraph 2 hereof or. if n~~t paid in such manner, b~ BorroWCr m:?king payment. when due, directly to the
payee thercof. Borrower shall prompdy furnish tu l.endcr all natices of amounts duc under this paragraph, and in the event
Borrower shall make payment directl~~, Borrow•er ~hatl promptl~ furnish tc? l.erider receipts evidencing sueh payments.
Borrower sha!! promptly desrharge any lic~ .+hich has pr~onty u~•cr thi~ Atungagr: pruviJcd, that Borrower shall nat be
f required to discharge any such lien ui iong as Burrower ~hall :~grrc in wri~~ng to the pa~~mcnt of the obligati~~~ secured b}•
, such lien in a manner acceptable to Lender, or ~hall in g~x,d C:+ith contr~i au~h lien hy, or defend enforcement of such lien in,
~ ' ' Iegaf proceed~ng, which operate to pre~•ent the enforcement of the l~en or forteiture uf the Property or any part thereof.
~ S. ' Hazard losurance. Horrower shaN kee thc im ro~•cmenl, n~~~s c~i.tin c~r herrafter crcctcd on the Pro
I P p g pcrty insarcd
f against loss by fire, hazarJs included w•ith~n the term "r~tehde~i ~ovrrage". and such other hazard~ a~ Lende~ ma~• reyuire
~ and in such am~~unts and for such periocis as Lender ma)• reyuire: pm~•ided, that Len.ler shall not reyuire that the am~.unt o(
! such coverage excecd that amuunt uf roveragc reyuired to ~a~ the .ums tir.:ured h~• this \lortgage.
i The insurancc rarrier providing thc insuranre shall be chusen b~• Borra~~cr ,ubjcct to aRproval hy I.cndcr; provided, ~
k that such appmval shall not be_~mrcascmahly withhcld. All premiumti on insurancc policics shall bc paid in thc manncr
~ provided under paragraph 2 hereof or, if not prid in such m:,nner, by~ Borrou•er making payment, when due, directlv to th~
insurance carrier.
i AI! insutancr policie, anJ renewals therc~~t shali tk in f.~rm :iccept:~ble to1_~ndcr and shall include a standard mortgage
clause in favur ~f and in form aeceptable t~~ Lender. Lender tihall ha~e the right t~. hold the policies :~nd rene~al~ thereuf.
; and Born•w•er shall promptl}• furnish to I.ender all rencKa) notice~ and all receipts o( paid premium~. In the eti•ent oi lo~..
Borr~~w•er sh~lt gi~~e pri,mpt notice to the inaur:?n~e carrier and Lender, Lender ma~ make proof of loss if not made pmmptl~
by Borrower_
: Unless Lender anJ Borrc~w~cr othcrHi~r a~rrr in µriting, in~urance pnn-eeJs sha11 bc applied to restoration or rePair
` the Property' ~iamaged, provi~ieJ ,uch rc~t~~ra~~rn ~~r repair is econamic:?U}• feasihlc and .the ~ecurity of this M~rtgag~
not thcreb} impa~red. 11 such re,tur.~t+v~~ or rcpau is nt~t ca~nnmir:~tl~~ fcasiMc or il ~he security of this Atortg.~gr u~~~.:~!
! be impa~red. the insurance pruccr~s ;hall be applieJ to the sums se~ured b~~ this Mortgage, knh the excess, if am, pa~d
j to Borr.~wer. It Ihe Pr~~pert~ i~ ahan~l~~ne~! h~ liorr~~HCr, ix it Korrower fril~ t~. resEx~nd to Lender w~ithin 30 da}~, fr.~n• :i~•r
~late notice i. mail~d b~~ I.ender to Born»~er that the insurancr carrier otien to ~ettle a d:~±n~ for iruurance benefib, 1~:. 1.•-
it authurized to collect and apph~ ihe in.uranre prt~ceedi :?t Lender's upti~~n eithcr ie~ restoratiun or repair of the Pr:~~~r~ .
~ or to thc sum. ~ccureJ h~• thi~ ~turtgagc.
Unles~ Ler.~cr and Burn,w~er i,thcrHi.c agrrc in writin6. an} surh applir:Nion ~~f rri~ceed~ to pnncipai ~hall nut c.,~••.d
~ or pustp~ne thL duc datc of thc monthi~ imtallmcnts rrfcrrcd t~~ in paracraph. !;ini! ? hcreof ot rhan~c thc am~~~int ~~t
~ such instaUmenb. !f under paragraph lti hereof thc Pro~x:rt~ is acyuireJ h~ LenJrr. .~11 right, tide and interest ~~t B~~rr~~•.+:r
in and to an~ in~urance ~licies and in anJ ro thr pr~;eeds ihereol r~suitmg tr~~m dam:~g~ to the Propert}~ prior tu th~ ,.~i~
or acyuisitian sh~~ll pass to Le~ider to thr e~t~nt uf the sums ~ecurcd b~ th~s ~tortgage immediatel}' prior tu such ~:~tr e~r
acquisition.
6. Presenation and ltaintcnance of Properts: I.casehulds: ('ondominiums; Planned Unit De~elopments. Rorm.~rr
shall keep thc Pmpert}' in goud repair and shatl not comroit Kastr ~~r permit imp~irment or deterioration of the Propert~
and shatl comph• w~ith the provisiuns of an}~ Iease if thi~ ~ti~rtgagc ~~n a Icasch~~ld. If this hlortg~ge is on a ~mit in a
conJomimum ~~r a p(anned unit Je~~efopment. Borre~wer ~halt ~xrt~~rm al! uf Borrvwer's ~~bGgauons under thc decl:uatirn
or co~eoants crcating ~r gt~vernin~ thc rondi~min~um or pl~nnrd unit devcli~pment, the b~•-laws and regulation< <~f thc
condominium or planned unit de~•el~~pmcnt. :~nd constiturnt .I~ki~men« 11 a cun~luminium or planned ?mit ~Ierclopmcnt
nder is execut~d b}~ Berrower and recorded tugether ~~ith thi. ~irrtgage, thr rovenants and agreement. of ~uch r~':r
shall be ~ncorporated into and shali amcad ancl wpplement thr ro~enant. an~l agrecments of thn Mortgage as if the n.lcr
were a part hereof.
7. Protection of I,enders Security. I( B~~rro~?er fail~ tn ~rfi~rm the co~•cnant~ an~i agreements contained in lhi~
Mortgage, or if any act~on ~~r proceeding i~ commenceel Hhich m.~l~riall~• a(Trrts Len.ler's interest in the Pr~.~rt~.
including, but not lim~ted to, emincnt doma:n, in«~Ivcnc~, cc~dc cnf~~r~cnicnt, c,r :~rrangcments or proceedings inv~l~ing a
bankrupt or decedent. then l.ender at ! ender's opti~n, upon ne~tice tc~ F3orrow•er. m:?~ make such appearances, dishurse such
sums and take such action as is necettiar}~ t~~ priitect Lendrr's in[crest, including, but not limrted to, disbursement of
reasonable attomey's fees and entry upun ~he Prop~:rt}~ to makc rcpair,. lf Lcnder rcyuire:l mortgage insurance as a
condition of making thc I«an sc:wred b~ this ~turtg:+~c, 8c,rr~~ucr sh:dl pst• thc prcmiur~is rrqu~red to maintain such
insurance in ~(fect unti! such time as thc rcyuirement for wch insuranre terminatr. ~n ,ccordance w•ith Bormwer'. an~
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