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HomeMy WebLinkAbout0480 UNIFt?RM C'ort!~+~rs. Borruwcr ~nJ l.rn.l~r ~~~vCnanl an~t a~~~~ fulluws: 1. Paymrnt ui Prinripal aad IMe~rsf, lirrruH~r ~h:~li prumrtl~ pay Nhcn ~ii~c tlir prin~ipal ui .~nJ inirr~st un the indebtedncss e~~d~nc~d by ihc Nute. prrpayn~rnt anJ l:+te chargc. pruvi.l~d in the ~ote, and the prin.~~>31 uf and int~rrst on any Futu~c Advanrrs ticru~ed by thi. hlurtgagc. 2. Fundc for Taxes and Insurance. Subject ti~ ap~licabic lav?~ ~~r to a wriUcn ~~•aivrr hy Lcndcr, I~OR~~NCf .hali pay~ to I_cndcr ~n ihc-da~~ mi~nthly in.t:illmrnts o[ principal :ind i~urr~.t :,r~ parahtc un~lcr thc Note. ~intil thr is paid in full. a sum (herein "FunJs"1 cyual tci one-tµrl(th of the ~•c:ul+ ta~r. and a.uctimcnt~ whi~h ma~• at~:~in pri~~rit~~ o~•e:r ~his ~fartgagc, an.l grc~und rents on thc Pmperty, if an~~, pl~~s ~mc-t~~cltth ~~f y~a~l}• pr~mium ~nstatlments for har.~rd imuranrC, ~lus onc-t~velfth of }earl~• pr~mium installmems for mor~gage msurancr. ~f any. all a~ rr.i~unahl~' cuun.~t~.t im~~;,llc and from time ~o time hy l.ender on thc hasi. of a,scs,m~ntti and hiil, and r~a,.~nable estimatr~ thereol. Thc FunJs shal! hc hcW in ari in~~~tutirn ~hc dcp.»it. or .,~r.~unts ol whi:h arr insur~d ~~r guar:~nt~c~l h~ a I=.:dcral or it~te agenc~• (including Lender ii I.en~l~r is ~uch an in.ti~ution) 1 rn~cr.h,~~l appl~• the Fun~f; to pa) ..~i.l t,~~c., ass~ssments, ~nsurancc prcmiums and ground r~nts. I.cndcr ma~ not charge fi~r ~u h~d~ing .~nd appl~ing ~hc I=un.ts, :?naly~inb .aid :+ccount, ~•r vcrif~ing and c~,mpiting ~aid a~.r~sments anJ bilts. unl~ac I.cnder pa~x B~~rrowcr intere~t ~n~ r•~~~~a, and :~pplicahle law' permits [_ci~~er !o r~~ake ~uch a ch.irg~. {3orr~~wer and Lrn~er n?ay :.gre~ in ~vriting at thi lim~ ui c~.•r?ition u[ thi~ ~tortgage that intcrest .~n thc I~und~ ,hall hc paiJ 1.~ Borr.~HCr, and unl~ss ~uch agrrcni~nt i, m:t~c ~x ap; licahlc iaM• rcyuires such intercst to t?e p.,~J, l.ender yhall not tk r~yuirc~i ~u pa~ t;orm~~er an~• intrr~st or carning. ~?n thc f=i~nJt, f.enJer ,halt gi~e tu E3~~~roH~r, ~~ithuut .hnrge. :~n :~n?iua) accuii~~ti~ig of !he l~un~> >hoH•ing eredits an~ ~~hhs !o th~ 1=und~ and th~ ~ purpose fur w•hich each ~Iebit to th~ Funds ~~as ~»aJe. Th~ I und, are pl~tilg~d as additi~~n:~l security for the ~ums secur~d by thi~ ~fortgagc. If the amount uf the Funds held by I_~n.l~r. tugeth~r ~.i~h ~hc futt~r~ muntli?}~ in.talln~ents of F~~nJ~ ~a}~ablc pri.~r to the duc dates ~~f taxcs, ;u.~ssmer~ts, insuranc~ premiun~+ anJ gr:~und rcnt,, shall e~cc~d the am.~unt r~yuirrd tv said t:i~es, assessme:nts, insuran~e premiume .,nd ground rent. :~s thry (.~II due, ~uch cxce>c shall tx, at Burro~«r~~ opnun, either prompU)~ repaid to Borro~~cr ur cr~ditcd to Brrrowcr on mcntt~ly in~~allm~nts of Fund.. 1( thc am~~unt c~f thc l=unds held by Lrnder tihall nut bc au$icient to pa)~ ta~cs, asx~tir?~rnts, imur.in~c prer.~ium~ ami gmunJ r~nts as th~y fall due, Borrower tihall pa}' to l_rnder .~n)' aR~ount nCi~yLan' to makr ~~p the d~h:ierny w•ithin ~:~0 "d'a~~ tmmalir ~latr nuticc mniled hti• l.en~ier to Borri~wer rryurating pa)mrnt ther~.~l. ~Jpon pa~m~nt ~n fuU c,( all aums sccur~d uy thi. 4lurtg:~g~, 1_cnd~r ShaU pr.~m~~tl~- rcfun~! to H~y,s~1nser un~ F:in.1s held h~• Len~l~r. If under pacagraph IS hcrruf thc ProExrt~ n..old ur the Pr~~~icr~~ Ath~nvi.r acqt?i~c'~hM l crnter, Lcnder shall app!)~. iiu l.et~r th:~n iiumcdiatrl~ prior to thc ,alc rl,thc Pr~~xrty,~r ita a~yuisition hY Lcnder,•~r1Y Rfnd, hcld b)• Len~rr at the Uuie ~,t appli~ation cr~Jit again~t th~ sumti u,~cureJ b}, thes M~rien~a.• ; 3. Appl~ralion uf Pa}ments. Unlc„ :~ppli~ahle ia~~• pro~ i.ics o~hen. i.r. alt p:~~'ment~ r~.•civcd by 1_cnder un~ler the \~t~ ;~l~ t~r.~graph. I.~nd h~r~,? ,h:,tl b~ appf~.d b~' I.~n~icr tir,t in r.c. rr,~~~t rf am~•unts ~:i~,~hl~ tr+ I.rn~ier b~ Borr~»~er us:dcr E,:~;~cr.~~h ~~cre~~r. then tu intcre,t r:i~'ahle ~~i~ ti~~ ~~~tc. lh~n t,• 1h~ prin~i~~:it .~t ttic N~•~.. an~1 then t,.~ interest and t,nncipal v+~ auy Fu!.ir~ Ad~ancc~. a. ('hary~es: I_!~'115. ~~~rru~~rr .h.~ll pay all ta~~., .~~~r~.m:nt, anJ c~th~r :h:u~«. fi+i~. ::n~! i~~i~,~,.iu~~n, attnbutahle tu the Pru~nr.~ whi~h n~a~ att.un a ~riuriry ~~ver ttiis Vortg~ge, and Icatieuh.~ld paymeitt, ~~r gr.~i~ad rr,~t.. if an~. in thr manner prutiidc~! unur~ ~>ar.~g~.,ph Z 1lcreof <~r. if nu1 p.~id in ,urh manncr, n~ R~~rro~~rr n~.+kin~_ pa~nicnt. whcn du~. d;rcctl~• to thc pa~e~ t!icr.~~f. ~3~~rr;»>rr sh,it: prom;•tl}• fur~ush to Lencler all notices of amount; due undcr thi, ragraph, and in the e~•ent F3orr.~~er ~nall m:,{.~ pa~mei~~ dir~ctl~, l3orrowrr ~hall promptl~• furri,n to t.en.kr re~ri~,t. r.id~n~e~i ~uch `atments. Burro~cec .i~all pr.~:n~t!~~ Ji~ch:ugr •in)' licn ~+hich has prit~rit~• ~~c~r thi~ ~lortgak~: rru+•~Jrd. ihat Bc~;n•~a~cr ~hall nrt bc ~ rcyt~ircd tu .t:srhatge .u~y ,er:h lirn loi~g .is B~~rroN~r ~~a{I agrcc in ~~riting 1~ Ih~ pa_:nient ~~t th~ ~~bliL:~~i~~n ,«ured b~. f ,is~f~ ~ien ~n a n~:~nn~~ ac..~;~ta~tc t~~ Lendcr, or tihali in K.x~d ;:~ith ~.,nte.~ auch lirn h~•. ~,r .iefen.l .:~f<,r:rm~nt ~~f ,u,h lien ~n, ~ i~g:~i pr,~.~•~d~i:,t• ~+hn:ti .~rcr.~ti t.~ pr~~cnt thr ~nti~rcer:unt o! th~ Lr~i ~~r ;orfcitur~ .~f the Pr~inettc or atn part tt~~reof. 7 F 5. I1~1dr~1 Intiurar,ce. B.~r:o~+rr .ha~f kccp Ihc imni~~~cm~nt. nc~,~~ ~~i,ting ~u hercalt~r r~~itcd i~n !hc Yr~~}~crt~~ im+ued ~ .~ga~nat Icn; ~.c fir~. h;::_srd. :~~:l:~:Ir~ auh:n thr t~rm °~~trndcil ~~n~r.~Lr". an.! :u:h ~~thrs raz:~rds a~ 1 r~~d~r ma~ r~yuirc ~ .~mi ~n ~u~-!~ .~z~~„~rnt, an~f ?.~r s~~th ncr~:nl, l.rndrr m,i~~ r~yuirr. ,~.,~idi.'. that 1 rn.~rr .}iali n~~t reyuir~ th:it thc :un.,unt c.f > ,~i~h c~,~c!.s;r :~~ce~d t~i:~~ a~~t~•a:it r: :mrrati~' rcyuir~d t~~ p.sc thc .um~ :ernrrd i~~- ttin ~tun~za; c. ~ The insur.~ncc :a-~~cr nr~vu!i~,g thc imuren~c shaii tk .hu,~~i h~ Hctrr;~~.~; .~~hjeci t~~ appr,n:,! h~• Len.lrr: pr~~~~ided, 4 ~t;.,t ,.<<'ri ;~~j~r,~~.:1 .h dl rt.N h~ unre:~.~:nahlv ~ti•i?hheld. :111 prcmium, vn imuranc.; poi;ci« ~hall hc i~.~i:l ~n thc manncr ~ i,nni.ic.1 uu,i.•r p.:ra,:,iph 2 h~rco! ur. il not paid in su~h n?:,nncr. b~ H.~r~o~~•~r mak?nb p.~ymcat. whcn due. ~iircctl~• to the _ ~n.u;:~nce :ar.icr. ~ .All in;uran•.'~ ~oL~te~ 3n.1 rCne:'.+.t;~ tft~rc~~t tihall ik i~t furr~t :~~.epL~blc !o l.~t~.lc: :inil st~.~ll ir~l~ld~ a~t.i!}elar~l m~~nL~~fe ~ :~~:u~ ;n far,~r ~~t a~~.~ i;~ i„rn~ :u:c~~l.,t~le t.~ Lcnd~r. 1 r~~a~r .ha;t h:~~c iir~ nght h.dd th: ~.,;i~~r, an~! r~n~~tial, th~rrrf. ~ .~ud B~•r;.~.~rr.h:~ll pr.~mr!h~ fu:r•:,h t~, Lcn~lcr ~rnrw~l nohcc~ anil ali receipt: ol raiJ ~rcn~i~im, ln thr c•;rm i~f ~o>,. ~ tirrr~~.~e~ ,n::!! L~~ c pn,;iipt nou.~ tv thc :nsur,:.i.i .:arr~cr .ir..1 LenJer Lcn.lrr m.+ti make Pr~~r•! of lix~ ~t r~~,t i~~a.lc rr~~mp11} = t~~ tirrr~:~+~r ~ Unless Le~~l~r sn~'. Borru~+c: rthrr~+i,r a~r~c in ~.rit:m~. imur.:nre pro.•~r~i, si~all ~ apE~lied to rc.t~~~ati~i~~ ~.r repair ~~i . 3 tne Pr~pert~ :1 ~t~~a~t,t. ~;rvi..le~! ~u~t: r~~turau~+n ~~r rrpeir ~s cco:u~miia;l~• fras~bf~ anc! the ~~~urit}~ of tfn, i1~~rtg.,g~ i~ £ not thercb~ impaircd. !t such rc,turat~im or re~~.~ir is not r.onrmi~,~ii~ f~.~,it~le .~r if tt~c s~cur~tc ef thf-. 1ft~rtg:,s:c ~~uu:d F:: impa:rr~l. thz insurancc pr•k~e.'~ .h~~~ tr ap(~Ir~cl ta ihc stj:ns xcure,i h} ihi, ~torigage. ~~~tE~ the e~.~~s. if :in~. paid ; ~a B.~rr~~wrr. 11 Ihi Yr~,~;t~ i, ~~:,nJ,~tu~1 h~ B~~;r~~~.tr. ,.~r if tic~rr~.~~+~r f:~i{. t~~ rr~,n~~n.l tc, I~nd~r ~vithm 30 da~~ fr~~m thc 4 ~iat~ nouce i~ maiie' h~ l.ender iu B~~~rc+Her th: t the ~+i5u : n~c :ai~r ~~f':n t~> >e~tir a cl:~im f~~r ;n.uranc~ henrfit., I.ender ~ a:;thvrize~ t:. ~~lle.t :~n~i ap~1}' th~ imtuan~r ~rr.cerd. at I.cr..l~r'. upti~m eithrr tu reatr~.:tiun .,r repair nf Ihe Nr~,peny ur to thc sur,u ,.r~urcct t,~ thi; ilortga~e. ~ :;nlccti l rnd~r and Borr~:H~r ,~th~n~i;~• .~grce ~n .?r.ti~.e. .in•. ~:i.h a~~ ii.at«,F~ i~f ~r~~cccd> t~~ rrmc~p.il ,hall nut c~tcnd ~ti F1i~SI~I):1~ IF1C (~U~ J~[l' T~'L Ill~,~nthl~~ in~ta1~111Ci11. (.~CiiC(~ !ti F)Ai::i~:l~)!1~ ~.l{ll~ ? hcre~~t O( l'~i:lilLl' Iflt :1I?lOU(1~ OT ° ~ ~~:~h in,;al~m~~b. 11 un.ier par.~graph [K hereo( th~ i'~~~~rtc :+cui+~ree1 hi l.eii~l~r_ :~11 nght, t;tlr and interest ui Bormu~er ~ in c?nd tu ::n. in~ur,cn~c policie~ ::i+.~ ~n .~n.! t~ th~ pr~~,c«i• thcrc,>i r~~~slnn~ `:~~m aa:nag~ to thc ProExrty prior t~ thr ~ale or acyw~it~~,: ~hall pa~. to Lcn~ier tu the e~tent ~~f the ~uln, sc~ur~~.1 h~. thi•. \lurt~ :?g~ inunediatch~ prior to s,ich sa(e or ~ a:yuisitton. ~ 6. Prescr~ation a~id ~laintrnance of Properi~: Lcasehotd~: ('ondominium~; Pla+inc.i l;ni! De.-e•lo~ments_ Borrow~cr " ~ha(( {;cep ~h~ Pr~~p.:rty in guad repair and .shal! not cemmi~ u:,,tr «r pcrn;:~ ;m~~a~rmrnt or ~1ct~reoration of the Propert}~ rs s+ed shall cnmpl} ~+ith the pro~'i,ions of an) Icasc :f thiti ~1~~rtgab~ ~~n .i I~::,eh.dJ. 11 thi; ~tort~ag~ i> on unit in a 3 ~on~lomin~uln ar a p!: nn~d unit .1r.~lrpmcnt, Borruwcr .hall ptrf~~rm a!I Born•wcr's uhicga!~ons undcr thc dectarati~~n ,~r co~•ena:!t~ creat~ng +~r g~~~cr~un~ th~ ~rndu?n~~ui~m or ptannrd ::n~t dr~~ch~pnt~nt, th~ bt'-la~~s and regulatwns of thc ; ~um?~~minwm cir pla~~nre,' unit ~e~•ei.•,~»~~nt. ,~n,1 ~~~n~tituent ~ocunr~nt~. If a.u,~.luminium or pl.,nned unit de~clopment - r:~le~ is ~~~e.ut~J be Borro~~~r and rr.c•rdr~ t~~getner .~:tiz i;~i, M~•~-tga~:e, the c~~~~enants a»d agreement, of ~uch rider ~heU tx .urorpor.~tecl in:~~ and •h.ill smcnd an~i su~pi,ment the co<<n:~r.ts ::n.i agreemrcit, oi ttu~ Murtgage as if thr rider s Hcr~ :t ~.iri hereof. 7. Proteclion of I.ender~ 1.curit}•. if Snrro~~er fail. tn ~rrf~~rm the :c~venanl+ and :+ereements contained in this ~lortga5~•. , s if an} ~cti„n or p:o~~e~':ing i. coRimen~e~.' ~.~h'~ti mat~rialh afiecl~ Lender's intere~t in thr Propert~•. 7(~liUllifib. `lUl :1.~( ~"~~ill'J tllllOLl~l dVfll.iin. in..,hcn~~. c~~c1c C(1~(1fiCllll'tll. l`( :1ff1(l,~ments Of ~1(1`:C::din~s int•oi~i~iq a = '~anl.: :p' deccJent. ?hen l.ender a! I.ender'. ~~ption, upon notice Borrvwer, m~~ make such appearan.es, dishunr such ~ sum~ .,r.d tak~ s~~eh a~ti.sn as is nerec.ar+ to pr~~tect I_ender'~ ~~:t.rest. ine l~s.iing. b,u not limited to, disbursement of rcasonahlc at~~me~•'s Ic~~ and tn~ry up.~ : the Propert} tu m.~ke rc~.+irc. if Lrnder req~:ire.1 morigage in~urance 34 s cun~iit~un of making the loan sc;~~rcd b~ this ~1.~rtga~e. B~~rs.~wer shal! pa}• thr prcmi:im~ req~ire~ to maintain su~h ~ insurance ~n ct~~.t timii such time as thc rey~~is~nu~t f•x ,~tch in,urance t:rmirrates tt1 ~:tCiOl~:ltlCl K11}1 BUr1't?K'Cf5 and ; E GGK ~ ~ , . _ - _ -