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HomeMy WebLinkAbout0904 . . UNIFORM Covpk~wTS. Bu~rawer a~d l.en~er ~u~~en;~nt and aKrce as toUows: - 1. Payment of P~iacipd and totenst. Burrawcr shall prumpily pay when due the princip3l at and intrrest on !he inJebtedoess rvidenccJ by the Note, prepayment anJ !ate rharbc~ as pr.~viJed in the Note, and the principal uf and interesi on a~y Future Ad~~anc~~s secured by this Mortgage. ~ 2. Funds fo~ Taxes and lnsu~ace. Subject to applicable law or to a written waiver by I.ender, Barrower shall pay to Lender on the day monthly instaUmcnls of principal and interect arc payahle unJer thc Note, until the Note is paid in full, a sum (herein "FunJs"1 equal to one-twclfth o! ihe•}~early tarcc and assessmcnts w~hich may attain priority ov~r this Murtgage, and ground rents on the Pmper~y, if any, pluc ~~ne-twelfth of yearly prcmium installments for hazard insurance, plus one-tw•clfth of ~•early prcmium installments to~ mvr~gage insura~ce, if any, al) as rcasonably estimrtCd initiaUy anJ from time to time hy I_ender on ttx; basi. of asscssmints and bills and reasunable estimates thereof. The Funds shall be held in aa institution thc Je~xuit~ ~u arruun~s ~,t which are insured or ~n~arantec.l b~ a Fcdcral or state agenc~• (including Lender it Lender is such :+n imntutiunl. l.ender shall apply the Funds to pa}• saiJ taxes, ac~essments, insurance premiums and ground rents. 1_ender ma~• not charge for w holJing and applying the FunJs, anal}•~ing said arcount, ' or verifying and compiling said as~easments and hills, unless l.ender p:iys Borrower interect on the Funds and applicable law permits I.enJer to make such a charge. i3orrower and [.enJer may agree in writing'at the time ~~f execution of this ~tortgage that interest on the Fun~i ~h~ll be paid to Borrow•cr, and unless such agrecment is made or applicable law reyuires such interest to be paid, 1_ender ahaU not hc rcyuired to pa~• Borrowcr any intcrest or iarning~ c~n the f=unds. LenJer ~haH give to 8ormwer, u~ithout charge, an annual :~ccounting of ~he Funds showing creJits ~nd debits tn the Punds and the pu~pose for which each debit to the FunJs was made. The hunds are pteclged as add~tional se.:urity for the sums secured by this Mortgage. If the amount of the Funds hcld by Lendcr, together K'II~I ~I14' future monthly inctat~mcnts of Fi~n~s pay:+ble _prior to thc due dates of taxes, as~essments, insuranrc premiums an~l grcund rents, shall e~cced the amount required to pay said taxes, ' assessments, insurance premiums and ground rents as thry fall dae, such e~cess shall be, at Borrower's option, cither prompN~• repaid to Borrower ~or credi~ed to Borrow•er on monthly inuallmcnts of Funds. If the :~mount of thc Funds neld by Lender shall not bE sufficient to pay taxes, assessments, in.urancc prer.~iumc and ground rents as they fall due, Borrower shall pay to Lcnder any amount necessary to make up the ~leticiency within 30 da}~ fmm the date notice is n~ailed hy Lender to BorroM~er reyuesting payment thereol. . . , L~Ewn pa~•mcnt ,in full. of all sums secured by thi. Mor~gage. Lcndcr shall promptly refy~nd tv Borrower any Funds held hy Lcn~er. if under puragraph 1R hcreoi thc Propen}• i. ,.~Id ~?r the Propcrt~ is uthen?~ice acquircd by Lendcr. Len~ier ~hall appl~•, rio later than immediatrl~ prior to thc .al~ ~~i the Pro~xrt}' or its-acquisitio~i h)• 1.cnder, any Funds 11e1~ b~• Lendrr at ~he ~ime of application as a crcdit against Ihe sums securcd b~• thi~ hlortgagel~~• ,t. 3• Appliration oi Payments. Unle:s applicahle law prc~~ idcs ~~thenvi,e. ~Il;p;iyr~q~ts~reeaimi ~br ~e,~¢Qanaddls:th~,•:s tiotc and par.~graph~ 1.~nd 2 herrui sh.~ll tx apphcd b~• L~n.lrr hrst in patment c?f amui~nts payaMe to l.cncler b~• Borrower ,.ndrr p~tag+aph 3 hcreol, then to ~ntcre~t payable on th~ tiote. then tn thc princip;~l of the N~~t~. ~nd then to interest and E~rinciE~a! un ~n}• Futurc Adva~2ces. . i. Charke}; I.irns. B~•rro.~cr ~h:.ll p;~y all ta~cs~ at;c~.n?cnts and c+thcr chargr+, fin~~ an~l impu.itions attnbutable to the Propv:-t~~ u•hich may atta~n a priority over this ~tortgage, and leasehotd pa}•mcnts or gro..nd «nts, if .~~y, in the manner _ ~fro~~ided u,~~er par~g~aph 2 hereof or, if not paid in such manner, by Borrower making pa}ment, when due, directly to the l~ayee th,:~.~f. B~rrav?•cr shall promptiy furnish ro Lender all noticrs of amounts duc undcr thic paragraph. and in the event Horro~~er .hall make pa~•ment directh•, BnrroN•cr shall promptl~~ turn~sh to 1_ender recei~t~ rvidencing such pa}~ments. Borro~ver shatl promp~l}• di~charge any lien w•hich has prionty o~er this i4ortgaee; proviJeJ, that 8orrok•er ~h~ll not be rryuired to diu;harge any such lirn so long :is Borrowcr shall agree in writing to the pa}mcnt oi the obligati~~n srcured by .uch Gen iii a manner acceptabir to Lender, or shall in ~o~xl faith contest such iien h~•, or .Iefend rnf.~rcemcnt of s`~ch lien in, legal pr.~;ccdiug. which oper:~tc to prevent thc enforcenient of the l~en ur forleiturc of the Property or any part therevf. 5. Hatard Insuran.e. Borrot~•er ~hal( kcep thc improv~mcnts no~~ c~isung or ti~r~after rtcrtcd on [he Fr~~~xrty iosured ' :,ainst los, h~ hrc. h,;~zrds includ~d Kithin !hc trrm "r~trndc.i ;:i~~•cr.ibc". and ~uch ~~thcr hazards as l_cndrr m.~y rcyuire .~n~i in such amonnts ar.d for surh periodt ae Lender m.~~• reyuire; prczvided, that Lender chall no1 reyuirc that the amc~unt of ` •~:~h cu~•tragr e~cerd !ha! amuunt of cm~erage required s~, pat the ci~ms ~ecurcd ht• th~s Mc~rteake_ ! The insurance ~~rrier pruviding the inwrance shall be cho.en hy Borro«cr subject to approval hy Lender; provided. f ~':at such a~proval :Fa~l not bc uoreawnahl • withheld. :111 remiume on insurance ) p poticies shall tx: paid in the manner ar.n~ided under parair:,~h 2 hereof or, if not paid in such maaner. b~ B.~rruwer making payment, when due. elircctly to the ~murancc carricr. All insurar.Le po;~.:ie. and ren~~ti~ts therr:•f sh:~tt tx ~n f.~rni .~rcept:~blc to [.en.ler an~ ~h,~ll i~~rlude :e cta;~~:;rd mortgage .lauie in tavor ~~t and in furm acceptahle t~. Lender. L•_nder .hall ha.c ihe right to huld th~ ~+uli:ics ~nJ re~~eH•alt thereuf. :~nd Born>wer shall promptl~• furn:sh to Lendcr alt ren~wal notices and all receipts of paid premiumc. ln ttie e~•cnt of ]oss. B~rruwer shall give prompt notice to the insura~~~e .arrier a~id I_ender. Len.i~r ma~ make pr~,~f of loss if n~~t made promptt}~ Burro„~er. Unlcss LenJcr and Borr.~~~cr otherwi~e agrec in writing, insurancc pnkeeds shall be applicd to restorati~n or rep~ir of t:~e Prapert~ :+..,maged, pr~~~iJed cuch restoration .~r rc~air is eron.~mi~aily (easible and the se:urit~• uf this Mortgage is _ not thereb~• impai~ed. If such re~toration or repair is not cconumicall~•~ feasible or i( the securn}~ of this ~lortgage w•o~ald be impairrd, the insurance proce:eJs shalE be .cpnlie~! to the sums se:careJ h} ihis ~9ertgagr, with the excess, if any, paid t~~ B~~rr~iu~r. 11 !he Yropert~ is ah,~nd~~ned b~ Borro~~~cr. ,~r if ~3orrower faih to respond to l.enJer within 30 da}~s from the :ia~c nouce is m::+lcd b)~ Leader to B~rruwer that ~he +i~su;anc~ c:~rricr otTen to settle a ciaim Fo~ insuranre henefits, 1_ender ~.~uthorinJ tc~ ::oUeci and appl} the insurance proceeds at Lcnder'. opt~un either to restora[ion or repair of the Propert}~ to the scu,;~. 1r,ured hy this 11octgag,. Lr,less I.ender anJ Borrow~~r othe;wise agree in tivri,lil~, a~~ s:icn ap~iic:,tion of pr.keeJs to princ~pal shall not extend ~r pvstpene .the Uuc datc of the nu~nthh in~tallmcntti r~frrred tu in p:urgrxphti I and 2 hereof or changc the amount of ~uch instxN~nents. If under paragraph Ifi hereof the ProE~;rt~ i: ;~c.i~ur~d h~ Lender, alt r~ght, title and interest of Borrower ~n and ro am +r~s~~rarce po~icies and ~n <end to the prucecd~ thrreof risulun~ from damage to the Property prior to the sale or acyuiyit~c ~~ha!I pass to Lcnder the extent of the sun~i secur~d h~ ths~ !?i.~rtgage immediateh• prior to such sale or acquisition. 6. Preservalion and ~laintenante of Properl~; f.raceholds; ('ondmninium~; Planncd i-nit ne~•elapmenfs. Sorroaer Shatl keep tli.; Yroperty in goc~d repair and shall not commi~ .~a~te ,~ermit impairment o! deterioration of the Pruperty :.nd shall compl~~ with the provisions of any lease if this Mortga~c :s ur. a tcascholei. If !his Mortgage is on a~mit in a ~undominium or a planned umt ~evelupment, Borrow•er .hall pcrform all ot Borru..er's obligations under the dcclaration or covenants ~riaUng or go~erning the .ondominium or ptanncd nnit dev~l~pmrnt, ,the b}•-taws and regulations o( the con~iumir.wm c~r plann~:i ilnit devel.~pmerti, and constNUrnt e}a:ument~. It a conduminium or planned imit Jevelopment riJer is e;ecuted hy Borrower and recorded togeth~r w~th this Mortgage, the covenants asid agreements of such rider ~hall 't-~ incorporated into and shal! ~mcnd and supplcn?ent the ancnants anJ agreements of th~s Mortgage as if the rider were s part hereof. 'f. Prolerlion of [.ender's Stcerity. If Borroacr faik to Ferf~~rm the coveoants ~nd agreements contained in this Morlgas~c. ~r if any act~on or prxecd~ng ic comr.~cnccd whi~h materially ~ffect~ Lender's ?ntereit in the Property. +nciud~ng but not linuted tu. emine~t domain. insolverx:y. c~xie cn(~rcement. ~,r urangements or proceedi~gs involvio6 a bankrupt or dreedeut, then Lender at Lender's oplion, upon n~tice to &~rrower, :aa~• maice such appearanees, disburx such sums aod take such aitiun as ~s neces4ary~ to pr~~~ect Lender's miere~t. ir?ciudina, but ncx limited to. d"ubursemet~t of reasonahle attomcy's fces and emry u~~n the Property to make rcrairs. If [xnder rcyuired moeig~g! idsurance u a conditi~n of mal~inR the loan xcured b~~ this riurtgage. Borr.~~~ cr shall pay the premiums requife to m~iniain such ~nsurance in etic~: until surh timc as ~he reyuircment for such msurance termi;~ates in accordance w~th Borrower's and . $QUi(~~ f~{ ~ >.x..{.c- - - - - - ~ ~ ~T `fr ~ ~Y ~ . Y ~ F ~~+~..x~~r'~~,..'`~~,`~e`~'~~~.~ . t ~ .e^rt ~'s.*~? -1~.