HomeMy WebLinkAbout0805 UNlFOIIA! COVBHANTS. SO~TOWCi ~].;pdtf p0?~tsi~e~ ,~,d ~e b E~Il~o~„s:
~~~/~1 a~ I~ra4 9orma+cr ~ai }Ya~pf~ p~j Nhen clue t1~e principa) of and interest on the
iAdebtednas evidenced by ibe Note, pr,epay~set~t aw~ 1+~c ~r~e,~ b p~ai3ed ,a tAe Note, and the principal of and interest
on aay Future Advances secured by th~s l~tort~~
2. 1P~c tor Tata aMt L~wr~¦cw Sbbjoot ~o, a~irab8c tn cr w a~rreaea wai~rer by Lender. Borrower shail pay
to Leodcr on the day monthty inuapa~ents of p~scip~ai ard,e~crest ate paYabk w~der thc Note. until the Noto ~s paid in full. ,
a sum (hereirt "Funds'7 oqual to aoe~~wditi ot t6e yra~l~ tia,es asi us~sments which anay attain priority over this ~
af'jeartf~peeamnir ~athrnnts ~tor'fiazaTd'tnavranc~,
plus oae-twe)fth of yearty prcmium installm~ti i~a ~rt~;~,~urasve, asr. aii u rcas~nably estimated initially and from
time to time by i.e~der on the buis ot u~ a,.d 1~.~s a.d ~e~ie acimates thereof.
'ihe Funds shal! be held in an institutioe tbe dcpos,~ er ~ocv.o~ oE ~~c6 a~ i~sured o~ guaranteod by a Federal or
state agency (including Lender if t,~oder ~ sud~ as ~1_ L,e~ria ~atl appty ebe Fuad; to pay said taxas. assessments.
insuranve premiums xnd at~ound rrnts. Lender ma~• aot c~~r tax su ho~ua and appl~ring the Funds, analyzing said account.
or verifying and compiling said assessa~pits aad l~s, ~oies Lesdet p~~s Borro~,er ~nterat on the Funds and applicable !aw
' permits Lender to make such a chas~e. Borru~,er aid l.ea~r ~as a~re~ ;Q wrricina at the time of eacecution of this .
Mortgagc that interat on the Fuods sha~i l~c p~d w~~srus,tr, .o~t u,sdb,s suc6 agrnment u made or applicable law
requires such interat to be paid, Leoder shaH ecn be noqu~ai Q.• ~u~ B~,~ru.ret ,nv interest or earnings on the Funds. Lender
shall give to Borrower, without chuge. an anaual acm~ ~f c~e Fuo~is shov?ing credits aad debits to ihe Funds and the
purpase for which each debit to~the Fun~s was nssd~ ~r F~o,ds ar~ pi~tgod ~s ~~io~u~ ~urity for the sums secured
by this Morigage. -
If the amount of the Funds t~dd by Ls~ier, tosetiaer d~c funre m~onthty ~rat~i~ments of Funds pa~sbk prior to
the due dates of tanes. asxssrouns, iasuranc~c pr~ ,asd gc~i ~,caes, sbag ~ccc~ ~ amount requircd co pay said taues,
assessssments, insurance prcmiums and sr~o~d ~~s d~s faa drG su~ ~<<-ess sha1~ bc, at Borrower s option, either
promptly,repaid to Borrower or crodi~c+d to Bc~.+ar ~.~,~chl~r ~sta~nts of Funds. If the amount of the Funds
held by Leader shall not bt wffiamR w pay uxcs, ~ascse. iasnr,ancac pKm~wns and ground rents as they fall due,
.Borrower shall pay to Lender any amouat neoessus M yutc e~ c~e 3~~eocy vr;W;n 30 da?~s from the date notice is maited
by Lender to Borrower oequesting payTrienc el~er~,[.
Upon Raymtnt in full of all. sums secsmod b~~ t~as a1.,r*.g,n~r_ Lea~ie~ shaU promptly refund to Borrower any Funds
heW by I:ender, lf under puaaraph IS heae~d the Pr~open. ,~s v,•id ~[t~rr pcopKrt} ~s othenn,ise acqwred by L.ender. Lender
shall apply, no later than immediatel~• pricr u+ c6c saie ~:be prupcct~ or its xquisition by l.ender, any Funds held by
Lender at the time of application as a cr~ai+t ~scmt d~e s~s socuraf b` this ~lcxtgage.
3. ApplicaliQa of Psy~eats. Unles~ ~+ie i~,, pc.•,~s ucherv?se, al~ payments received by Lender under the
Note and paragraphs 1 and 2 fieroof shall be apptied b~- t.e~sier 5nt ~a pa}m~nt of amounts payable to [.ender by Borrower
under paragraph 2 he[rof. tben to uiterest pa~ible cn r~c \c~ tM w tbc p~iacipa! of the Nae, and then to interest and
_ principal on any Future Advances.
4. C6a~r6e~ I.kas, Borrower shall p~~ ~y t~~es~ a~cs,~ a~d o~ber ~w~ fines and imp~xitions auributable to {
th~ Properry which may attai~~ a psrioii4y o~rer t~s 1?~~ rents, if any. in the manner
pmvided under paragraph 2 heroof or. if not pixl ia s~ aaevcr- 6} Boavrser ~ahins pvymeat, when due. diroctty to ihe
payee thereof. Borrower shall proa~pciy farnisl, ki i~er a~ ~a6~es af ~ due uoder this paragnph. and in the event ~ ~
Sorrower sha!! make pa~~meot d,re,cth•. Borr~n.rr sh,c~ pr~+~ptt~ f~an~sh to Latder t~ce;pts evidencing such payments:
Borrower shall promptlY dixha~8e anY 1~en ~i~ic~ }s~s pcn~tt ~~r this Mo~age; provickd, that Borrower shall not be
required to discharge any such lien w lonb as 8c~arosrr s~ ~esr,c s v~;~ to t6e payment o( the obiigation secured by ~
such tien in a manner acceptable to Leader, c~r s~a~l s~ ~a~d i~ti ~x~eru s~ lien by, w defrnd enforcement of. such lien in, . ` k
legal proceedings which operate to prcveot thc esf~~rarsmt u( tbc Erce or farfuture of ihe Property or any part thereof. •
S. Hazwd Insuraecc Borrov?tir s~ail icap t},~ ~v,~ a,,, z~~,~ a~~ter erected on the Properry insured
against loss by 6re, hazards included w~ithia the tctm °cvc~i~ai ~v.r=„ge-. ~nd su~h other hazards as L.ender may require
and in such amounts and for such periods u L,eadrr ma~ ~ ps~n~d~sf, thac L~ader shall not require that the amount of
such covErage excted that aawunt nf co+rrs~e r~a4u~rod pon c3r s+,ms ucuied bv this Mongaga
The insurance carritr pmvidic~g tbe iasuranoe shap be c~ bs goc~iywrK subject to approval by Lender, provided.
that such approval shail not b~ unir,asoaabiy ~?~i¢~oi~ ~~u~ms oa inuvance poticies sital~ be paid in the manner
- provided under paragraph 2 hereof or, if nat gu~d ia sn~ s~srr, b~c Bc•r~o~a~;er mal~eng payr~t, when due, directly to the •
insurance curier.
AU insurance policies and renrw~ak t},ermf s~tl b~ ~a i~.ra ,a~.c~ to Len.ier and shall include a standard mortgage
c[ause in favor of and in form xoe{~table ~o I.ea3er_ Cr~irr ±h~ 6i~e the r~6t to hold the policies and renew•als thereof.
and Borrow•er shalt proroptly furnish to Lender an rceesai ~~,caxs aad s~ rec~cipts of paid premiumi. In the event of loss,
Borcower shall give prompt not~ce to tbe ~nsur:noc arr,~cY ,sm,i L~dcr, l.,rn.irr may mal~e proof of loss if not made prompdy
_ by Borcower.
Unless Lenrier and Borrov?u otben~?isc apoe ~~.r~ e~wsacA-e Fr~xoe.is stull be applied to restoration or repair of
the P:operiy damaged, providod such mtontx~~ or ~r is a-~ao.~na:ati? frasible and the security of this Mortgage is
not thereby impaircd. If such rator~t~ce~ or repasr ic rk~e c~ti~s.~i;;~iI. f~si~ie or if the security of this Mortgage would
be impaired, the insurance proooods sh:11 be a~piie3 u~ c~r s~ sa;used b~r this ,yongage, with the excess, if any, paid
to Borrower. [f the Pmperty is abandonod M B~rs~.~cr. .~r :f Bc~~~.,er faits tu ~espoc~d to Lender within 30 dsys from the ;
date notice is mailed by L.eridcr ~o Horros.~es tiiai ~c a~c ;.crn,er ottecs co iettk a claim for insurance bene6ts, Lender
is authorized to collect and appl~• the insuran.~e ~~oar,~s x L.tai~r s opck~a either to restoration or repair of the Property
or to the sums secured by this Alortgage.
Unless L.ender and Borrower othetv?ise a~erer m sr~ ae~ sr~h 3ppliration of Qroceeds to principa! sh.~ll not extend
or postpone the_ due date of the montbh~.instaL`me~stf ai#rsr,ed c~~ ~ pai-agraphs 1 and 2 hereof or change the amount of
such installments. If under paragraph IS he~ad tb~ Proprrn a. ~c.{~urrni bc lxnder, al! right, title and interest of Borrowcr
in and to any insurance policies and in and to ~t pr.~aaais t~€a.~t r~.sutt~ns [rom damage to the Property prior to the sale 4
or acquisidon shall pass to I~eoder to tbe a?trnt ~f t~ s~aons s,e~ura~f b~ thas ~textgag,e imrnediately prior to such sale or
acquisition. ~
- 6. Fresenation aod ~iaieteascY ef h~e~ts: [.e~ei~i~ C~i~iu~ ~e~ed Uait Devebpments. Borrow~er
- shall keep the Property in good repair and ~ eoe ~ ~aaae x permit impairmeot or deterioration of the Property
and shall comply with the provis~oas of aa~~ lea~e if t~rs ~?f.,~t~r is a Ie~srhvld ~f this Mortgage is on a unit in a
condominium or a planned onit deve}opmrnt. Sc~~~~.?rr ~ prri~•c~n alt of Borrower s obi~gations under the declaration - ~
or covenants creating or govern,ng tbe coodc~snuu~ .~r ~ ~smt dereioQment, the by-laws and regulations of the
condominium or planned unit devdoprnea~ ~nd ro~yti~xa~ ~aum~ncs_ If a cundominium or planned unit development
rider is executed by Borrowu and rerorded r~~eaber ti~ caes ~iortg~gc_ tbe covenants and agrcements of such rider ~
shal! be incorporated into and shalt amcnd and su~p~e ~r anrc~ts and agreements of th~s Mongage as if the rider ~
were a pait hereof. .
7. Protectioo of Le»de~s Sec~rity. li &~rs.~.~.r :r=;-s e.~. pe:f~Trm th~e covenants and agreements contained in this
Mortgage, or if any act~on or procee~ng ~s c..,a~caac,f ~e~ en~crrialh- aHects l.ender's interest in the Property, •
including. but not limittd to, eminrnt dc~main. sasnhxx++.-+_ ~wie en:.ucem~rnt, or arrangertxnts ot proceedings involving a
bankrupt or decedent, then Lender at l~eoder'~ ~tu+a~,, u~?•e ~ocr « gorrov?zr, may make such appearances, disburse such
sums and take such action u is neclisan- to prraa-i LcaBer's tiater~zst, includ,ng. but not timited to, disbursement of ~
nasonable attomey's fees and entry upc~ the Pr.~pcr~ a~• c?atc rrpazrs. If I.ende~ rcquired mortgage it~surance as a
condition of making the iwn secured b~~ tlus U.~ S.x:.*arr shati p3y Cne premiums required to maintain soch ;
. insurance in effect until such time u ihc raq~resaraa f.Y s:~.fs ,asuran~ar tercrunates in acoordan~e with Bormwer s and ~
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