HomeMy WebLinkAbout0651 ~ • ~ . ~ i ~ -
UNIFORM CO~Et~~NTti. BUff(~WCf and LcnJer covcnant an~ ;~kr~~ as foUaws:
i, PAyment of Principal ~ad Inlerest. Burruw•cr shall prun~pt!)~ pay Hhcn due thc principal uf and intcrest un thc
inJebtedncss e~~idcn~ti.i by the Notc, pr~papmcnt and late chargr+ a+ provi~led in the Nate, and the principal of and interest
on any Futurc Advanres securai by this Mortgagc. '
2. Runds for Taa~es and Insura~ce. Subject to apphcable law or to a K~riiten w~aiver hy. Lender, Bortawer chall pay
to I.ender on the day monthly in~tallmentc ot principal and inter~tit arc pa~~able under the Note, until the tiote ic paid in (ull.
a sum (hercin "Funds") cqual to one-IH~elfth ot the ycarl~~ ~a~ec anJ ascessments which may attaio priority oti~cr this
Mortgage, anJ ground rents on the Pmperly, if am~, p)us onc-twelith of y~carly premium installmcnts for hazard insurance.
plus one-twclfth of ~~early premium installments for mor~gage insu~ance, if any, all as rcasun~bly c.limateJ initiall}~ and from
timc to ume by LcnJcr on thc basis ut a,ses~mrnts anJ hills und rea~onable estimates thcreof.
'il~e Fund~ shall he held in an institution the de~~sits or accuunts uf which are insured or guar:inteed h~ a Federal or
st~te agenc)~ f including Lender if l.cnder is tuch an instilution 1. l.ender shall apply the Funds to pa~~ ~aid taxes, ascessments,
insurance premiums and grou~d rent~. l.ender ma~• not charge tor .o holding and appl)'ing the FuiiJs, anah•ting said account,
or verif~•ing and compiling said a~se~,ments und hillx, unlr„ Lendcr pa~s Borrower interest on the FunJs and applicable law
permits Lender to make Such a charge. Rorrawer and Len~er ma~~ a~r~e in writing at the• time o! e~rcution of thi~
Mortgage that interc~t on the Funds shall tk paiJ to Borrow~er, and unless such agrecment is made or applic~hle law
reyuires such interest to be paid, I.cnJer shall nut he reyuirrd to pa~• Borrowc~ anp intcrest or curning, on the Funds. Lender
shall gi~•e to Borrow~er, without charQC, an annual arcoun~ing of th~ Funds ~howing credits and Jehits to.the Funds and the
Ewrpose tor which each dehit to the Funds w~as made. The i=unds arr pledg~d aa addition~! security for the sums secured
by this ~fortgagc. ~
If the amount of the Funds held by Len~cr, tugcther ~~ith the futurc monthly instsllments of FunJs payabl~ prior to
thc due dates of taxes, assessments, insurancr premiums anJ gn~und rents, shall e~ceed th~ amomit reyuired tu pay said taxes,
assessments, insiirance premiums and ground rents .~s thcy~ (all due, such eticecs shall be, at Borro~~•er's opdon, either
promptly rcpaid to Borrower or creditcJ to BorroH•cr on monthly imtallmcnts of Funds. If thc amount of thc Funds
held by Lcnder tihall not be suflicient to pay ta~es, assetsments, insurancc prer.uum~ and ground rrnts as thcp f~ll due,
Borrowrr shaU pay t~~ Lender an}' amuunt neces,arr to make up the detici~ncy within ?0 da~~ trom the Jate nutice is mailed
by Lcader to Borrowcr rcyacsting paymcrit thcre~~l.
Upon paymcnt in futl of all sums secumd b~ this !11ort~;agc. l.end~r shall promptly r~Iund to Borrowrr an~° Funds
held hy Len.ler. If under paragraph 1S hercof the Pro~n~• i~ .rl~ or the Propcrt~ is otherw•is~ acyeiircd b~~ Lrnder, l.cnder
shall apply, na Ic+ter than immediatrl~• prior to the .alc ~~f thc Yrop~rty or its acquisition h~• Lender, any -Funds hcld bp
I_ender :it th~ t?nm of application as a crc~it against the suni, secured by thic Mortgage.
3. Application ui Payments. Unlr.s appliraMe IaN ~m~ i~f~~s othen~~ice. all payments recei~•ed by Cender under the
Notc and par.,graph. 1:~nd'_ hereof shall b~ apph~d b~• Lemhr first inpaymem c?f amounts payablc to L~nJer by Borruwer
undcr paragraph 2 hereaf. then to interctit pa}~ablc on thr tiutc, thcn to th~ principal oC ~hc 1`'c.tr. an~l thcn t~~ interest and
pnncipal ~.n :~n}' Futur~ Ad~~anc~s.
4. CharKes; I.iens. Be~rro~~cr .hall pa}~ aU t:?~c,, :~,~c~cmcnts and ~ther cfiargc~. fine~ :in.i ~mp~~.iu~~~~s attnbinahie to
the Pro~x:rt~~ H t~i~:h may attain a priorit~~ cwer this '~lortgage, and leaschold pa}~mcnts or ground r~ nt5, if an}'. in thc manner
providcd undcr paragraph 2 hc;cof ~r. if nut paid in such manncr, b~• BurruH•cr makin~; pa}~mcnt, ~hcn duc. Jirecth• to thc
pa}'ee thereof. Borrow•cr shall promptl~~ furn~sh to Lender all notices of amounts Jue under this pc~ragraph, and in thc event
Borru~~cr shal) makc pa~•mcnt directl~•. BorroH~r tihall prumptly furnish tc~ Lcndcr re~cir~s r~id~ncing such pa}mcntt_
Borrower shalt pmmptly dis:harge any lien -~~hich has pr.ority o.~cr this Mqrlgagc: providcd, that E3orr~~wer ~hall m~t be
reyuired tu discharbe am• such lien so IuHg as BurroHer shall agree in writing to the payment ot th~ ~~blisati~~n srcured b~`
,uch lien in a manner acceptablc to Lender, or shall in ~~wd faith runt~ct such lien b}•, or Jefend rnforcrment ~~f such lien in,
legal pnu~.rding~ Hhich operate tu prevent th~ eniorccment ol the I~cn ~•r forfeiturc of ihe Propcrty or an~ part thcreof.
; 5. Ha~ard Insurance. BO{'fONtf Sf18U ~:l'c:~ lh~ ~mpru~cmcnt~ no~+ e~i~ting c~n c~rea(tcr ~rctled on the Pr.~p~rt)~ incurcd .
i against lvs; h~ firc, ha•rards in:ludrd H~ithin thc term "r~[rndcJ r~»er.~ge". and such ~~!hcr hazards aa l.~ndcr ma}~ requ~re
~ an.i in ~u.h :,mu<<nts an~ f~r su:h pernxiti Lcndcr ma~• rcyu~rc: prr~vid~~l, that I.en~1~r ~haH not r~yu~rc that thc am~~unt ut
~ wch a~~rragr crcc~d tha; amount ~•f r~~~craec rcyuired t.~ ~a~~ the wm. ,crurcd h~~ thic !11~rtgagr.
The insuranre ~:?rrier ~roviding thc in~urance sh:,ll be ~hi~.rn by Borro~~rr siibject to appro~al h~• 1_en~kr, pro~•ided.
tha~ su.h appro~~al ,i:all nnt be tmrea~onahlt~ ~~~ithhcld. All pr~mium. on insurancc policies shall t+e ~aid in the manner
pnn•ided und~r paragr~ph 2- hereof or, ~C not paid in such manncr, by Borrower making payment, when due, ~1~rectl}- to the _
imurance carrier.
All insi~ranc~ poli~ic~ an~ rc~~~c.~ls therr~,t ~hall tx in form :~cccptablr tu Lcn.lcr artd shall in~li~d~ a.tan:tard mortgagc
~ ~lause in favor and ~n f~~rm .i:~ept:~hle t~~ Lender. I.cnder ,hall ha.e the right t~• huld thc pul~cie, .+~ul ren~~cal~ there.~f.
~ and $orr~~~er ~h;~ll promptl~~ furn;sh to Lendrr all rrnewal nodcec and all receipts of paid prcmium~. In the <<•~nt of loss.
~ Borr.~wer sh:~l! gnc pmmpt noticc to the insuran~e carrirr .,nd !_ender. I_en~er m~~ make pro~~f of loss i! n.~t made pr~~mptl~~
~ b~• Br.rrowcr.
~ Unless Lender a~d Borr~~ti,~r c~thr:~i~e agrec in w~nhng, in~urance pnx~ecJ~ shall bc applicd to rctitvration or rep:~ir of
~ the Pmperty damagrd, pru~•~ded surh r~~toration ur sep~~r is economic~+lly feasibtc and the se:uritp of this ~tort~ag~ ~i
ni~t thereb~ impaired. I( ~u.:h rest~~r:~n.m or r~pair is no~ ~conumicallv (~asihle ur i( the securi~}~ of thit \t~rtgc~gc ~~'uuld
~ be impaired. the insurance proceed~ sha{i be applied la the sums secured b~~ this »ortgage. «ith ~hc ercecs. if any~, paid
to Borrower. If the PruFert}~ is : h:,ndc~ned h} Bormwcr, c~r if Borri~w~er faik t~ res~nd t~ I.endcr w•ithin 30 da~~s fmm the
~ date notice is mailed b~~ Lender to Borrower that the insuran~e c:+rrier ofTen t~ se~tle a cl:~im for insurance txnefits, 1_ender
i~ authorized to ~ollect and appl}' the in~ur~nre proceeds at Lcndcr's opt~an either to restoration or repair of the Pro~rt}'
~ ur to the sum~ ~~wred hy this ~lortgagr.
' Unlcs~ Lender and Burruwer othcr~iu .igrcc in writing, an} such :?ppli~a~ion uf pr~keeds to pnncip.?1 ~hall not c~tend
~ or postponc the due date of the monthl~~ installments rrferrcd t~~ in paragraph. 1 and ? herco( or change thc amount of
~ ~uch imtati~nent~. I[ uniier paragraph I8 hereof the Propert~~ i~ acyuired h~ Lender. ali nght, t;tle and interest ot Borrower
~ in and to an~ in~urance policies and in and _to the prcx:eeds thereof resul~ing irom damage to the Property prior to the s:~le
or acyuismo:> >hall pass to Lender to thc ~~tent of the sums ~ecured b} thi~ ~i~~r~gage immediatel) prior to such sale or
~ acyuisition.
6. Preser~alion and ~iaintcnance of Propert~: t.eascholds; ('ondominiums; Planned L'nit Ucvelopmcnts. BorroH~cr
9 shall kcep thc Property in gcwd repair and shall not cummit ~astc or pcrmit impairmcnt or dclerioration of the Property
and shaif comply with the provisions o( any lease i( this `f~~rtgagc is un a Ieasehuld. lf thiti ~tortgage is on a unit in a
condominium or a plsnned un~t drvclu~ment, BorroNer shall pertorm all ot Borrower's ~~bLg3tions under the declarat~on
~ or co~~cnants creating or governinb thr condominium or planned unit development, the b~-laws and regulations of the
~ c~nJominium or planned ~nit detielopment. and constituent documents. If a condominium or planned un~t de~•elopment
~ riJer i, executed by Borrower and recorded together ~~~th thi~ `1~~rtgage, thc covenants and agreements of such rider
~ sh~ll be incorporated into and shall amend and supplement the co~enants an~ agreements of this Mortgage as if the rider
~erc a part hereof.
} 7. Proteclion of I,enders Security. If Borro~er fails to ~xrfc~rm the coven:~nts anJ agreements contained in this
- Murtgage. or if any~ actlon ar proceeding commrnce~ whi~h matcrially afiects I.en~ier's interest in the Property.
~ncluding. but nut limrted to. eminent domain, imol~•enc~. code enforcement. or arrangemenls or proceedings invol~~~ng a
'''-t bankn~pt or deccdenE, lhen I.ender at Lender's opt~on, upon notice to $orrow~er, ma~ make such appearances, disburse such
sums and take such a~tion as is necessar} tu protcct Lender's interest. mrluding. but not IimiteJ to, disbursement of
reasonahle attomcy'~ fccs and cntry upun the Propeny t~~ make rcpairti. If Lender reyuired mortgage incurance as a
conJitiun of mak~ng thc Io.~n sccured b}~ this M~~rtgagc. Borra~.cr shall pa}• thc premiums rcquired to mainta~n such
insurance in etTect cintil sucn ume ati the reyuircme~it for .t~ch in~urance tcrminates ~n accordance wrth Borrov?~er's and •
3
~ r •
.:i~~r y
sl,L
~ _
~.Y`r'Gr't^ ?`",~~d::'r:c,.. .W.. .+cF..~.~.. , . : t ' . x.s..: Y.~.'W~.Y.S~~