HomeMy WebLinkAbout0771UNIFURM COYFN.aNTS. BOITOWCf 8(1lI LCI1lICf CuYCllant :iud a~!r~C a~ (oUc~ws:
1. Paymeaf of P~incipal aad Intetesl. W-rruwcr shall prumpUy p~y vvhcn duc the principal c-( and imcres~ ~n thc
indebtedneu cviJcnccJ hy the Noic, prepayment and lalc cha~gc. a. provi~kd in Ihc Note, a~d Ihe prinripal of and intens~
on any Futurc Advanccc sccured by thic Morlgagc.
2. Fuads for Tases and lasurance. Subjec~ ~o applicabk law or lo a written waiver by l.ender. lbrrower shall pay
to l.cndcr an ~hc day moolhly inctallmcnts of principal and ~ntcrc~t are payablc undcr Ihc Notc, uotil thc Notc ic paid in (ull,
a sum lhercin "Fu~Js") equal to c~ne-tw~elfth o( ~he ye:irly tare. anJ accessmentc which may attain pri~~rity over this
Mortgagc, a~d gruund rents ao thc Properly, if any, pluc one-tN~clfth of ycarly prcmium inslallmc~ts for hazard insurance.
plus one-tv-~elfth of yearly prcmium installmcn~s fo~ mortgagc insurancc. it any, all as rcasonably c~tima~cd inilially anJ trom
time to tintc hy I-endcr an thc t~asis o( as~essmcnts and hills and rea~unablc eslimatcs Ihereof.
The Funds shall he held in an institution the depc~sits or accounta o( which are insured or guaranteeJ by a Fecieral or
state ageiicy (including Lender if Lender is such an institulion). I.ender shall apply Ihe Funds to pay s:-id taxes, asseuments,
insurance premiums and graund renls. I.ender ma~• not charge (or ~o holJing and applying Ihe Funds, anal~~zing said account,
or verifying and campiling said asse~sments anJ hills, unless l.ender pa~. Borrawer imerest on the Funds and applicable law
permiis Lendcr to makc such a chargc. Borr~~wer and Lendcr may aercc in writi~g at thc timc of execution of this
Mortgage thal interest on thc FunJs shall he paid to B~rrowcr, anJ unlc~s such agrccment is madc or applicable taw
requires such interest to be paid. 1_ender shall n~t he requireJ a• p:~y Rc~~rower any interesl or earnings on ihe Funds. 1_ender
~hall gi~e to Borrower, without charge, an annual accuunt~ng of ~he t=unJ> >how•ing creJits and Jebits to ~he Fundc anJ the
purpose for which each debit t~~ the Funds was made. The Fund~ arc pleclged a~ additional securiry for the sums secured
by this Alortgagc.
lf ~he amount of the Funds held by ~cnJer, togc~her Ni~h thc tuture mamhly inctailmcnts of FunJ~ payablc p~ior ta
thc due dates of ~axes, as~cssmems, insuranrc prcmium~ anJ g~ound rcnts, shaU excceci thc amount requircd ta pay said ta~es.
assessmentc, insurance premiums and gmund rentc as ~hc}~ fall duc. ~uch e~ce~s ~hall be, at Borrow~er s ophon, cithe~
promptl~ rcpaid to Borr~ow•er or crcdited to Borrawer on momhly inctallmcnlc of Fund._ If thc amount of thc: Funds
held by Lendcr chall not be suff'icient to pay ~axes, assessmcnts, imurancc premn~mc and ground rents as they fall di~c,
Borrower shall pay lo Lender an~• amount necessar~• ~o make up the drficirnc~• wilhin ~0 Ja~•s trom the date notice is mailed
by Ltnder to Borrowe~ requesting pa~•mcnt ~hcrcof.
Upon payment in full ot all sums sc~:ured by this Mor~gagc. I.cndcr shall promptly rc[und to Bnrrowc~ any Funds
held by I.enJer. If under paragraph 1R hercof ~hc Propchy ic wld or ~hc Prapcrty ~s o~herwice acquircd by l.ender, Lender
shall apply. no later than immcdiatcly prior to thc .alc of thr ProE-crty or i~s acquis~tion h~~ I.endcr, any Funds held by
Lender at the time of application as a crcJi~ against. ~hr sum~ secured b}~ this Mortgagr.
3. Application of Paymeats. Unlecs applicahle law• pmvides otherwisc, all payments recci~~ed by I.ender unJer the
~fote and pang~aphs 1 and 2 hereof shall bc applicJ by Lcndrr fin~ in p~~~mcm ~~f am~~unts payable to I.cndcr by Borrovrer
under paragraph 2 hercof, then to intcresl pa}•ablc ~~n Ihe Notc, thcn to th~ principa) o! the Notc, and ~hen to intcrest •rnd
principal on any Futurc Advances.
4. Clwrges; Lkns. Borrowe~ sh:dl pay all ~a~c~. a.kscmrn~s and othcr chargc~, fines and imExxitiix~s attrib~uahle to
the Property which may attain a priority ovcr this Mongage. •rnd IeascholJ paymenls or ground rents, if aoy, in the manner
provided under paragraph 2 hereo[ or. if not paid in such manner. by Borrower making payment, when due, Jirectly to the
payee thereof. Borrower shali promptly turnish to Lender all noticcs of amounts duc under this paragraph, and in the event
Horrower shall make payment direcUy. Horrov-er shaU promptly turnish to Lender receipis evidencing such payments.
Borrower shal) prompQy discharge any lien ~.hich has prionty uver this Mortgagr, provided, that Borrower thall not be
required to discharge any such lien so long •rs Borrower shall agree in writing to the payment of the obligatic~n secured b~~
such lien in a manner acceplable to Lender, or ahall in gcxKl fai~h conte.t s~ich lien hy, or JefenJ enforcement of such lien in,
legal proceedings which operate to prevent the enfurcement of thr hen or (orfeiture of the Property or any part thereot_
S. Hazard Insurance. Borrower shall keep ~he impmvements no~ c~icling or hercafter crected on the Properry insured
against loss by 6re, hazards induded within the term "r~tended covcrage", and such other hazard~ as I_ender may reyuire
and in such amounls and for such periods as 1_cndcr may rcyuirc: providcd, ~hat LcnJcr shall not requirc that thc amoun~ of
such coverage exceed that amount of co~~erage required to pa}' the wm< <ecured by this Mortgage.
The insurance carrier providing the insurance shall be chosen by Borrower subjecl to approval by Lender; provided,
that such approval shall not be unreasonahly wilhheld. All premium~ ~n insurance policies shall ~x paid in the manner
provided under paragraph 2 hereof or, if not paid in si~ch manner, by BorroNer making payment, when due, directly to the
insurance carrier.
All insurance policies anJ renew;~ls thereof shall tx in form acceptable to Lender and shall include a titandard mortgage
clause in fa~or of and in form acceptable to Lender. Lender tihall have ~he right ta hold the ~licies and renew~alc thereof.
and Borrower shall promptl~ furnish to LenJer all renevral no~ices and :~II receipts of paid premium.. In the e~ent af lass,
Borrower shall grve prompt notice t~ Ihe insurance carrier and I.ender. Lender may make pro~~l of loss if not made promptly
by Borrower.
Unless Lender and Borrow•er otherv-•isc agrcc in writing. inwranre pnxecds shall be applicd to rc~toration or repair of
the Property damageJ, proviJeJ such res~oratwn or repair is ecunomically feasiblc and the security of th~s Mortgage is
not lhereby impaired. I( such restoration or repair is not ccvnomirally frasible or if the serurity of this Mortgrge would
be impaired. the insurance proceeds shall be rpplieJ tv the sums secureJ b~• this Morlgrge. w~ith the e~ccea, if any, paid
to Borrowcr_ If thc Propert~~ is abandoncd h~ Barrawcr, or it Bormwcr fails to res~nd to Lcndcr within 3U days from thc
date notice is mailed by Lender to Borrower that the insurance carrier otTen to setde a claim for imurance benefits, LenJer
is authoriTed to collect and apply the insurance proceeds at I.enJer's aption either to restoration or repair of the Property
or to the sums secured by this Mortgage.
Unless Leoder and Borrower otherwise agree in writing, any such application o( proceeds to principal shall not extcnd
or postpone ~he duc date of the monthly ins~allmcnts rcfcrrcd t~• in par•rgraphs I and 2 hereof or change ~he amount of
such installments. (f under paragraph 18 hereof the Property is acyuireJ hy I.ender, -r{I right, title and interest ot Borrower
in and to any insurance policies and in and to the proceecis thereof resul~ing from damage to the Property prior to the sale
or acyuisition shall pass to Lender to the e~tent of the sums secureci by this Mortg:~ge immediatety prior to such sale or
acquisition.
6. Presenallon and ~ltaintenance of Property; I.ezseholds; Condominiums; Planned Unit Derebpmenls. Borrow~er
shall keep the Property in good repair and shail not commit waste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease if this Mortgage is on a Icaschold. If this Mortgage is on a unit in a
condominium or a planned unit development, Borrower shall perform all of Borrower s obligations under the declaration
or covtnants creating or governing the condominium or planned unit development. ~he by-laws and regulations of the
condominium or planned uait development, and constituent Jocuments. !f a conJominium or planned unit Jevelopment
rider is executed by Borrower and recorded together with this Mortgage. the covenants and agreements of such rickr
shall be incorporated into and shall amend and supplement the covenams and agrecments of this Mortgage as if the riJer
were a part hereof.
7. Proteclba of Leoder's Security. If Borrower fails ~o per(orm the covenants and agreements contained in this
Mortgage, or if any action or proceeding is commenced which ma~erially aHects 1_ender's interest in the Property.
including, but not_limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a
bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such
sums and take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement of
reasonable attomey's fees and entry upon the Property to makc rcpairs. if Lcnder required mortgage insurance as a
condition of making the loan secured by this Mortgage. Borrow~er shall pay the premiums required to maintain such
insurance in effect until such time az the requirement for such insurancc terminates in accordance with Borrower s and
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