HomeMy WebLinkAbout0393 Jai • Ir 1~
UNIFORM Co~t:r.svts. Bcirrow•er and lender ca~scuant and ague as {allows:
1. Pa)ralA1 of Priacipsl turd Interest. Burrower ,hall promptly pay when due the principal of and interest un the
indebtedness r,rdrncrd by the Notr, prepayment and late charge, a+ provided in the Note, and the principal of and interest
on any Future Adr.•ances +ecured by this Mortgage_
2. Feeds tar Toes turd lt~serawce. Subject n~ applicable law or to a written waiver by Lender, Botrow•er ,hall pay
to Lender on the da)• mcutthl)• rn+tallment+ of prirxipal and nttrrr+t are payable under the Note, until the Note is paid in full,
a sum (herein "Funds"1 equal to one-twelfth of the yearly ta+e+ anJ ascessmentc which may attain priority over this
Mortgage, and ground trots on the Property, if any, plus one-tweHth of yearly premium installments far hazard insurance,
plus one-twelfth of )•early premiw>s installments fur mortgage insurance, it any, all as rcaumably e+timated initially and from
time to time by 1_endcr on flee hJSis of as+e+,mein, and hilh anJ rra+unablr estimates thereof.
'Ihe Funds shall he held in an rnsthution tltr depanits or Jrcuunts of which arc insured or gttarantced M• a Fcdtral or
state agrnCy lincittding Lender if Linder i+ wch an institutiunl. 1 coder shall apply the Funds to pay ,aid rates, as+cssmcnts,
insurance premiums and ground rent,. 1 ender may not charge tar ,as holding and applying the Fund+, Jnalynng said account,
asr s•erifring and competing ,aid asus,ntents and MII+, unk++ I ender pet's Borrower interest on the Funds and applicable law
permits 1_crxirr to make such a charge Bc.rrow•rr and I.en:frr may agree in writing at the time of execution of this
\lortgage that interest .~n the Funds shall t.~ paid to &irra~wrr. and unless wch agreement i+ made or applicable law
requires such interest to kte p:erd, Lrrtder ,hall naa he reyuin-d to pt) Borrower sm• interest or earning, on the Funds. Lender
,hall gis~r to Borrower, without charge. Jn annual a:anmting of the fund+,hawing credits and debits to the Funds and the
purpose face which each Jebit to the funds wJ+ made. ~I-ltr Funds ate pledged as additional security far the sums secured
by thts \Mrtgage.
If the amount of the Funds held by Lender, together bith the future monthly installments of Fund+ payable prior to
the due dates of tapes, assts+ntrnts, insurance prrnuum+ .end eround rent,, shah rxcratd the amount reyuirrai to pay said taxes,
assesunent+, insurance premiums and ground rent. a+ they fJll deee. wch c~cc+s shall hc, at Borrower's option, either
promptly repaid to Borrower or credited to Ba•rruwer on monthly installments of Funds. If the amount of the Funds
held M° Lender ,hall oat be sufficient to pay taxes. acx,.merles. inwrancr prcr.uums and ground rents as they fall due,
&~rrawrr shall pas to I_endcr any amount rterrs+ary race ntJkr up the drficarncy within 3Q yia}s fru~-the date notice i, mailed
by I-ender to Bormwtr rcyurstrng payment thrreaat.
Upon payment en full of all sums secured M the: \tortgJge. Lender shall pmmplly refund to Borrower any Funds
held by I_rn.irr. If under paragraph Is hereof the Propem es sold or the Property rs othenx•ice acglnrOd by I coder, Lender
,hall apph•. 00 later than immrdiatel+ prior to the sale of the Property ur ?ts a~ywsitiaxt by Lender, any .funds heW by
1_endtr Jt tt-e Irmo of applicatiasn as a credit agaenst the sum, +ccuresl by thi+ ~lortgagr.
3. Application of Pa)meats. Unless applicahtr law prosiak~s otherwise. all payments reccisrd by lender under the
\ote :end paragraph, t and herca~t shell t>r appLed he I.tnder first m pJymrnt a~f amounts payable to [.ender h)• Borrower
under paragraph ' hereof. then to tntere+t payJbk an the \utt. thin h~ the principal of the Note, and then to interest and
{~nrcrpal on :+!r. FuRtrt Ad,ancrs.
fhar>;es: [.iem. Borru.,rr .hell pay all taxes, .?+sessmrnts and other charge,. fine, and imp;.,iUuns aUnbutahle to
the Prol+em +sh:rh may attain J pnurity o•:rr this ~lortgaie. Jnd IeaxhoW payments ur ground rent,. if an}~, in the manner
pro,•iaied mater paragraph ' hereof a~r.:f nst paed m +uch manner. h+ B~~rntwrr making payment. when dot. directly to the
~axrc th~mrf. Burrower ,hat! promptly' form,.: to Lenakr all notrcrs of amotmt+ due under ibis paragraph. and in the es'ent
Borrower sh,,!t m.rke payment d.rxtn. Borrower ,hall pr.~mptly furne,h to Ixnalrr receipt, r,rdcncmg such payments.
Borra»srr .hail prumpth~ Jixhargr anc lien which has prronty u.rr this ~fortgagt: prusrded. that Burrower ,hall not be
:equrred w discharge any such lien u? long Js &~rruwtr ,hell agree in wnteng to the payment of the ublegatian secured by
wch hen in a m:+rner accruable to Under, or .hall m g.aa,d faith contest ,uch lien ht', or defend enforcement ut such lien tn,
legal pn4rtdrne~ a,hich :>~~trJtt t.~ pta:+~rnt the rnf.~rtrmcnt of the hen .~r farfrrturr of the Property ur am part thereof.
5_ Hazard In+urance. Borrower shall keep the rmprotemrnts rotia txisung ur hereafter erc~ted on the Pr~~prr!y tenured
.rgarnst h•s, M fire. hazard, included ++uh~n Ihr term ~'t+trndtd :.++~r.r~_ .and ,uch other hazard, a, I.endtr me+• reyurre
and rn w;h ,~mol::u; and for su:h peria~d, a. 1 ender etas rra;uire: p:.~aidtai. that I cooler shall our reywre that the amount of
,uch ~:•~rra~~r ex~e~d that amount of ta~sctage rtylIlred L• fins the ~,em~ ~ecurcd by this Mortgage.
The rnsuran~e .arner pros•iding the inwrence shall be rho+en by Borrower ,object to approsal h~ Lend::r, provided,
that ,?rch approsal .hall na~t bt ~inreas: nabh~ withheld. :Vl prernnrm, a•n insurance pa~licies ,hall he paid m the manner
gyros riled under p: raze::pit 2 hereof ur_ !t riot paid in su,h manna:r. b) B.~rro.ser making peymrnt, when due. directly to the
~ in•.uran:e .~rner_
i
All insurance pcthirr~ Jnd renr:tal; tarrta,s ,hat! en term .+:~ert.eblt to I.enairr and ,hall incl!idr a sGena.rrd mortgage
f clause :n favor of and ~n l.am a.cet~'ah:e to 1_ender. Lrndcr ,h.ai: has the right t.• hold the poh~it, and rcn<«ah thereof.
E end Borrar:+cr shslt prom; th furrah tr I ender all renru.rl nutr:es and air receipts of paid premium,. In the tstnt at lo,+,
t &,rr.~wtr sh.aii slue prompt notice to ?he :nsur,r~e .Jrner and Lender. I entice-r ma+ male pn of of loss rf not made prvmpth
Borra:wer.
Unless lender and Borra~wrr othe:wr.r agree in wnt~ng_ irnurana-r prrcerd; shall be applied to restoration a•r repair of
the Property damageai. ~ rurraleai such rtsturauan or repJlr es rcona~micalfy feasible and the ,cruelty ~•f th?s ~lortgagt r,
g not ;herrb+ imparted. IS w,h rr,:orat::•n or repJrr is mgt ttunrntt~Jlly ft:ruble or rf the security of the, ~tortgagr would
! rte impaired. the msu:ancr proceeds sha'.! lee applicai to the wens seaarred by this Mortgage. with the exctas. if any, paid
to Bor:ow:r. If the Pruoert+ i; a'~.:ndonea! h, 13o:n.wtr. or of Borrr~wer laih to respond to Lender within 3U days from the
t gate nuti.e r, mailtai b+ Lender to &~rrower that she msurancr corner ofTer+ to settle :e claim fee insurance ttenefits, I.endrr
autha~rized w tollrct anal apply -the insurance prod-oils at I_rn.icr's epsi.rn either to restoration or repair of the Propem~
or to the sum, ,t~ureat h; this ~lortga~t.
l:nlrss I ender and Borrower utherwe,c agree m anti^g. any su.h appli,ation ~~f pratcceds to pnnc?pat ,hall not extend
,x pus:pone the titre doer of the m.tnthlc imtallment+ referred to in paragraph, t and ? hereof or change the amount of
such installments. II under paragraph 18 hereof the Property a acyuued hs Lender. all right. title aril interest of Borrower
in and to am insurance policies an.l to and ,o the proceeds thereat resultirg from damage to the Properly pricer to the sale
oracyuisitiun shall pass to Lender to the extent of the sum, secured h} thu \1r.rtgage immediately prior to wch sale or
acgwsition.
6. Presenatioo and Maintenance of Property: Leaseholds: Condominiums: Planned l~nit Iks•elopments. Borrower
shall keep the Proptm~ in good repair and shall not commit caste or permit impairment or deterioration of the Property'
aced shall comply with the procisiuns of aoy lease if this Mortgage on a leasehold. if this ~iurtgage is on a unit in a
:undominium or J planned unit drtielrpment. Borrower shall perform all of Bairruwer's obligations under the declaration
~•r ;os•enants a rteung or governing the condomrmum or planned wort decriopmrnt, the bv_ -laws and regulations of the
f ,.onalarmintum or planned unit de+elupment. and constituent aiocuments If a condominium or planned unit deselupment
s
3 rider n executed by Borrower and recorded together with this Mortgage. the cosenants and agreements of wch rider
,hall tx rncurpuraud into and shall Jt»rnd :,rid wpplement the co.enant, ar•.d agreements of the, Mortgage as if the rider s
•.acre a part hereof.
t 7. Protection of i.enders Securih. If &~rrower fJrk to perfr~rm the covenants and agreements contained in this
3 ~fungagt. ar if any anion ur p:octe.ting rs commenced which materially afittts Lender's interest in the Property,
including. hu' •r• ~t in:tited to. eminent domain. inu,hency. caxlr rnfaucement, or arrangements or proceedings em•ah ing a
bankrupt or deardent. tFtn lender at I_rnaier's option, upon notice ta. Borrower, may make such appearances. disburse such
sums :end take such actwn as is neces~arx to pmsrct Lender, interest. includtng_ but oat limned to. disbursement of
reasonahte attomec', fors and entry ulM~n the Propens• to make repau,. If 1_endcr rryuired mortgage inwrance as a
~on.fiUon of making tot loan severed ha this ~larlgJ¢e. Born~aer shall pay the premium, required to mainlJen such
insurancz izr rota until wen wine a; 'ht :eyuirrment fur ,uch •nwrance termutate+ in accordance with Born.wer's and
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