HomeMy WebLinkAbout0542 UN~fuKt~~ Co~•t•r.~~~s. Borrower anJ l.rn~~r ~~~~~cnant anJ agrrc fuUuw~:
1. Paymrnt of P~incipal ~ad Inte~esl. t3urruH~r ~hall prun?~aly pay ~hrn duc ~hc princip:tl c~f anJ intrrest un thc
in.lebtedn~ss r~iJencc.l hy th~ Nut~, pr~pa)~mcn~ and 1:?tc cha~gc. pruvidcd in thc Na~e, and the prin~ipal uf and intercst
un any Futurr Advanrra .ccureJ bp thic Mortgagc. ~
2. Funds tor Tsxes and Insuranca Subjccl tn applicablc law• or to a~vrittcn waivcr by Lrndcr, f3orrowcr shall pap
tu l.ender cm the Jay m~mlhly inuallment` of principal :inJ intrr~.t arc payahle unJer the N~~te, until 1he NoR is paid in full,
a sum (hrrcin "Funds") ~qual t~ une•t~~clfth of the }~rarl~' ta~r. aod ac~ei~mentc ~vhich may attain priurity over this
\1~irtgage, an~l ground rents on the Pmpc~t~•, if any, pluc anc-twelfih uf ycarly prcmium,installments fot hatard msurance,
plus on~-twrlfth of ~•carly premium inctallments t~~r mortgage insuranrc, if any, all as rcasonably cstimatcd iniiially anJ from
~imc to timc h~• I.cndcr on thc b•rsix ot ati~~~~n~cntt and hill~ and rea~unablc estimat~~s thcr~uf.
The FunJ~ shall be held in an in,titution thr depo~it~ ur ar~runts of which are insurecf or guarantc~~l h~~ a i~eJeral or
~tatc agcnc~• (including Lcndcr ii Lcn~ler i..uch an institutiunl. 1 cndcr shall apply thc Fundc to pa~• ~aid taxc., as~cssment~,
.nsurancc prcmiums and grounJ rcnts. t.cnJcr ma~ not chargr for ~o holdiiig and apph•ing thc 1'unds, analyzing said account,
or ~•erif)~ing and compiling said a~sc~.mcnts and hills, unlcss I cndrr pa~~s Borrawcr intcrest an thc Funds and applicable law
~rmits l.endcr to makr ~uch a charge. Rorruwer and I.cnder may agr~e in writing at the Ume uf ~~ecution ot this
~tortgage that intcrest un thc Fundc shall bc paiJ to Borruwrr, and unlc~s ~uch agrccment is made or applicable law
reyuires such interest to he ~id, Lcnder shall not Fx reyuir~d tu pa) Rorrowcr .~ny inlcrest or carning~ un the Funds. l_cnder
tihall gi~~c t~~ B~~rrow•er, without churge, an annual accuun~ing uf the I=un~h ~howing credits and debits to Ihe I~unds and the
purpose for whinc ~ach Jebit tu the ll~nds v?~as maJe. The f~unds are pl~~lged as addition~) securitp for Ihe sums secured
hy this \lortgage.
If thc amount of !he Funds hcld by Lcn~icr, tugcthcr with thr tuturc munthl~ ins~allmcnts of Fun~ls payablc pnor to
th~ due Jates of ta~e+, a~sessments, insurance prcmiums and gruiu~d rents, shall exceed the amount ~equired tu pay said taxes,
assessments, insurance prcmiums and ground rent. as ~hcy fall duc. such e~cess shall be, at BorroHer's option, rither
prompdy repaid to Borrower or creditcd tc~ B~~rmwer un momhly imtallments of Fundc. If the amount of the Funds
held by Lender shall nol be sufhcient to pay ta~es, astietisments, in.ur:mcc preraiumc and ground rents as ihc~• fall due,
Borruwcr shall pa}' to Lendrr an?• am~~unt neccs~ar~~ to makr up thc .!~tir~rnc}• within ?0 da~s fnWn thc datc noticc is niailcJ
by Lender to Borruwer reyueating pa~~ment ~hercol.
Upon paymcnt in full of all sums scrured b~• this M.xtgag~, 1_cnd~r shall prompUy r~tun~l tu Borrc~~~cr am~ Funds
held hy I.cn~ier. If under paragraph i!+ hereof the Propertv i~ srlJ or the Propert~ is otherw~iu acquin:d by l.ender, Lender
shall apply. no latcr than mimcdiatcl~ prior tu thc .alc of thr Pr~~Exrty or i~s aryu~tition b~ I_cndcr, any Fundc held by
Lendcr at thc timc .d applira~ion as a creJit against th~ sum~ scrured M• thu :~lortgagr.
3. Application of Payments. Unlc,s appli~ablc la~v pro~ ides othcr~vi,c. all p:~ymcnts rc:~ived b~• l.cndcr un~ier the
~lotc ;ind p:~raEra~h. 1 and 2 hcrrof shalt bc applicd b~' I.cnJ~r fir,t in p~~mcnt uf am~,unts payablc t~• l.rn~er by BorroHer
undc~ par~~;raph hrreoL then to in~~rca p.~~•ablc ~~n the Kotr. Ihen t~? the prinripal uf thc Notc. an.! then t~~ intcrest and
,~nr..ipal un :u~}~ Futi:rc Ad~~anccs.
4. Ciear~cs: I.icns. B~~rruHCf -hall pa)• :~II ta~t., a.u~cm~nts :+nd .+ther rharLC~. 6ncc .~n.l imp~„itiuns attribu~:ihle to
,hr 1'mp~:rty ?~hicn n~av axtain a pnorit}• uver this ~tortga~~. and IcauholJ paymcnts or ground r~nts, if an~~, in the manner
E~ruvi~eci un:lcr p::-.~graE~h 2 hcreof nr. if
not p.~id in such manncr. h~• B~~rroH~cr m::king pa~•mcn~. ~~hen duc, directly to thc
pa~e~: ther~of. Borru~+er shall promp~h funei.h tu Len~ler all nuuccs of amounts due under thi: aar~graph, and in the event
Borru«cr ~haH m:~kc pa~ment d,re~tl~, Hc~rrow~r shall promptly furn~sh tu LcnJcr rc.ripts c~~idcnring such pa}•m~nts.
}3~~rro~~er tihall pr.~m~+th~ Jiccharg~ am' licn .~hirh ha. prionn• uvcr this ~lortgagc: prc,~~.ic.l, th:u Borr.~wcr ~hall not bc
r~yiured.IO ~is~har,c.an)' .uch lirn ~o long as Bi•rro~+cr ~h:~ll aRr~c in Writing to thc pa~mcni .~1 thc obliga~i~~:~ .c~ured M•
~uch ;ien in a manncr arcrptab~~ tu l.cnder, ~r tihall in g~a~ faith ~.~ntr~t surh lirn by, or .!efen~i ~nf~~re~mrnt of ;uch lien in,
i~gal pnkrrd~ng~ Khi~h o~~r.~tc to pre~~nt thc cni~~rccnirnt of thc li~n ur forfe~ture uf thc Yro~:rt~~ .~r am part thereof.
5. Hatard fn~oraiire. li~~rrowcr shall ~cc~ thc imrr~~~•cmc~n~ ni~~~ r~i~ung ~~n c~rr:~it~r circled on thc N~~~ncrry•imured
~,ainst lr., I.v firc. h;ua:J. in~luded with:n the term "~~tende.l c~~vrr.tge". anJ such ~~!he? harard. ac LrnJrr may r~yuire
.~n.i in ~u~l~ ott*.~u!~t, :~n~! t~~r tiu.h r_•r~od. a~ Lcnd~r ma~ r~yuir~: prr~iJ~~l_ thut Lr.n~ltr ~hatl nrt rcyi~irc [hat thc am~~unt o[
,u~h ~~i~rra~r ~~ir~i1 U,a; am~~unt uf a~~cragc reyturrd m~r~~ thr ,unt, .crurec! b~' thi, \loriga~;~.
'fhe i:uurrui~~ :~rrirr providing thc insur.?nme ~hall ix: chu.cn hv Borro~~er subjcc, to appro~~al hy l.cn~lcr, provided.
~h;~t su.h ap~~r.~~ai ~'isll n~~t b~~ unrca:~mahh' w~ithh~ld. :VI prrmium, ~m insurance p~~licics ~hall br ~:iid in the mrnner
;~r~,:~dcd ctn~cr t~a~h 2 h~~cof u~. ~t nut p.ii~i in such manncr. by B~~rr~wer making pa~~mcnt, whcn dtre, directly to thc
,murancr .:arncr.
All insurancc p:~l~c~c. an~1 rcne~~al: thcr~t~l shall hr in furm :s.crptablr to 1_cnJcr an.l shail ~n~lud~ x tit:in~~ard moneagc
~ .luu~c ir. f.~~~~r of an.l in i~~rm ar~cptahte t~~ 1_cnd~r. Lccidcr .haN h.~<< thc right tu hold thr poli~i~, .ind r~p~aalt :hcr~.~f.
' :~nd 8~rro~+cr shali p~~~~~ptl~ [urn~~h to !_end~r all renei~al nouces and all receipts of paid premi~nn.. In the e~~ent of lost.
~ li~~rr~~w•cr ~h.~lt gi~e pn~mpt nouce to ~he ~nwranc~ earrirr an~! Lende~. Len~rr ma~ mal.e pm:~f rf loss if not made prampth
l~~ 13.,rrow•er.
Lnless 1 ender and Be~rr.~w~r othcrW i,.: agrcr in ti riting, in~ttr:~nce pnker.ls ~hal) be applied to resturation ur repair of
' che Property ~iamage.t, rr~~vi~tcd such re~turauon ur rcpair ~s cconomirally feasible and the se~urit}~ of th~s 1lortgage is
~ rn~t inereh~ impa~red. If surh re~tor:,t~rr. or rcp:+ir is n~~~ er~m~+micalh fea,iMe or ~f the securit~~ o! this Atortgage w~uuld
~ !,e impa~rcd. thc insi:r~ncc proc~c.l~ :h:~,i tx: .~pplie.i t~~ thc wms s~cure.l b~ this 1~lurtgagc. wi~h thc cxrc~i, if :in}', pa~d
z ;n (i~~rruHrT If thr Pr~~pcrtc ii a~~.n~i.~ncu h~ B~~rrrwrr, ar if lii•rrc~wcr tailti to rca~nd tu I.~nder w~ithin 30 da~~s (rom thc •
s ~at~ ~~•t~ee m~ile~' h~ LenJer to B.~rruuer that the in~uraci~e carrer uticr. to .rttle a ciaem f~~ ~nsurance henefits, l.ender
.~u;Il(`fIZGtI h.ollect and :~~p~r the in,uran~r rnx:eed~ at Lend~r"~ uptiun ei?hcr to rescoration or repair of the Propeny
i ,~r to th~ sunu ,~.ur~d th~s ~Sortgagc
Unlcs; l.cnder :+iid BurruH~er othen?i.r .,gree m.~rit~ng, am such appli~:ition ~+f pro.:~eds to principal tihall not extend
~ ~~r pustponc the d~ic Jate o( thr monthi~~ in~tailmcnt~ refcrrcd t~~ in p.~ragr:?ph, I and 2 hcrcuf or changc the amount of
~ ,uch imtai`ment~. It under paragraph i tS hereof the ProFx:rtt »:~cyuirrd h~ Lcn.frr. ~II right, tide and interest of Borrow~er
~ in :~nd ~c~ an~ imurame poiicies ::nJ in and t~~ thc pnkeed~ therec~t rr~ultiiig irom da~;~age to the Property prior to the sale
~ or acyuiaiue :,h:cll pass to L~fider to thc e~tent ut the sum~ ~ecur~J h.: thu ~f.•rtg~g~ immediatch• prior to such sale or
~ :?cyuisition.
~ 6. Preser.alion and ~taintenance of PropeA}: Leaseholds; Condominioms: Planned Unit De~•elopments. BnrroK•cr
~t,all keep the Pmperty in euod repair and shall not commit ~astc ~~r permit :mpairment ar dctcri~ration ot the Property
K .,nd shall compl~~ :vith thc provisions of any leasc it thu Mortgagr on Ic:,schold. II thi, ~tortgag~ is on a unit in a
' condominiuni ~~r a~lanned unrt .1e:cl~~pmenL Borrower .holl ~r(orm aU ~~f Borr.~~~er~~ ~~bl~gations unJer the declaration
~ ~r rovenant; cr~ating ur bu~crning the ~~~ndomimum ~~r planncd unit devel~~pmcnt. th~ b~•-lau~s and n:gulations of the
' ..~rn!~~min~utii or plannLJ i~nit de~•ct~~pment. .~nd ~unstitu~nt documents. If a~on~iominium or ~lanned unit Je~rlopment
n.1er •~tiecuted b~ Borrower and re~~~rded tobether ~+i;h thi~ M~~~tgage, the rn~•enanb and .~greements of ~uch nder
tih:~ll h: in.:orpurnte~l into and shall ~meiid and ~upplement the c~~~cnantc :u~d agrecments o( this Mortgage as if the rider
.+rrc a part hcrcof.
3 7. Protcrtion of I.ender's 5ecurity. If BorrnHCr fails to pcrfc•rm the covenants and agreements contained in this
Mortgagr. ~~r if any a~twn ur pr.x~e~1~nF ~c ~ommenceJ ~hi~h m:~ierially aftects Lender's interest in the Property,
; in:!ud~nL. but nnt hni;tcd tu. em~ncn~ doniain. ~~~solvenc}~, code cnturrement, or arrangements or prc?~ecdings invol~~ing a
bani;ru~t or decedent, ihen I.ender at I.ender'~ vpuon, upon notice t~ Borrower, ma~• make such appearances, disburx such
- sums and take such a~tion a~ ~s nece~sary to protc~t Lender's inter~st, includ~ng, but not limrted to. disbursement of
f rea~ot~ahle attume~•'s I~es and entry up~~n the Prupert} to makc repairti. If Lcnder required mortgage insurance as a '
.:und~tcon uf making thr loan sccureJ b} rhit M~~rtgaec. B~~rr~~ti~cr shall pa)• thc prcmiums requ~red to maintain such
~ ~nsurance' in ettect un?il ,uch time as :he rcyuiremeR! for such msurance terminate~ in accordance w•ith Borrow•er's anJ
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