HomeMy WebLinkAbout2855UNIFORM COVEN.~NTS. BO~~OwC~ :1f1t1 1.CI1dCf CuYCn~lll and agR~c as (oll~~ws:
1. P~yment of P~inclpal aod lale~rsl. Borruwe~ shall p~umptly pay when due the princip:~l of and interest o~ the
indebtedness evidcncrd by thc Notc, prepaymcnt and latc charg~s a, pruviJed in the Notc, and thc prinripal of and interest
on a~y Future Advances ucured by this Mortgage.
2. Funds for Taaes and Insuance. Subject to applicable law or to a written waivcr by I.ender, Borrower shall pay
to l.ender an thc day monthly i~ctallmen~s of principal and intcre+t arc pa~~able under the Nate, until the tiote is paid in full,
a sum (hcrcin "Funds"- cqual to ane-twelfth o( the ycarly taxes anJ assessmcntc which may attain priority over this
Mortgage, and graund rents an thc Property, if any, plus onc-twcl(~h af ycarly prcmium installmcnts for hazard insurance.
plus one-tw~elith of yearly premium in~tallments tor mortgage insurancr, if any, all as rcasonably estimrteJ initially and from
time to time hy I.ender on thc basi~ of a~sessments and bills anJ rca~unable estimates thereof.
'I~e Funds shali he held in an instilution the deposit+ or :~ccounts ~~f which are insured ar guaranteeJ by a FeJeral or
st~te agency (including Lende~ if l.ender is such an institutionl. I.ender ~hall apply the Funds to pay said tares, assessments,
insurancc prcmiums and g~aund rema. I.rndcr ma~• not chargc for ~u holding and applying thc FunJs, analyzing saiJ account,
or verif}~ing and compiling said asse~smeMs anJ bills, unkss I.ender ~ys Burrower inter~~t on the Funds and applicable law
permits I_ender to makc such a charge. F3urrowe~ and I.cnJcr may agrcc in w•riting at ~hc time of cxecution of this
`tortgage that intercst ~~n ~he FunJs sh~ll t.r paid tu Borrower, anJ unless such agreement is made or ;~pplicable law
reyuires such interest ta he paid, t_cnder shall not hc rcyuircd ~o pa~' Borrowcr uny inte~est or c~rnin~ on the Funds. LenJer
~hall give to Borrower, w~ithout charge, an aonual accounting ~~t the Funds tih~~w~ing credits anJ debits to Ihc Funds anJ ihe
purpose for which rach debit to the f=unds w•as madc. Th~ F~unJs arr plcdgcd as additiunal ~ecurit~~ for the sums secured
by this Mortgagc.
If the amoimt o( thc Funds hcld b~~ I.cndcr, ~ugcthcr Nith thc futurc momhly inuallmcnls ~~f Funds payablc prior to
the due dates of taxes, as~rssmenu, insurance prcmium~ and gmund rems, shaU excr~~f thc amount reyuircd ta pa~• said taxes,
~ssessments, insurance prcmiumc and gruund rentti ac th~y (all Juc, such e~ce~s ~hall be, at Borrow•er's opti~~n, either
promptly repaid to Borro~~•er or crcditcd to B~~rruwer an momhl~• imta!Imrnts of Fund~. If thc amount of the Funds
held by Lender shall nut be sullicient to pay ta~es, assetismcnts, imurance prcmium~ and ground renls as ~hcy fall due,
Borrowcr shaU pay to Lcndcr any amount nccc»arv to inakc up thc J~ticicncy va~ithin 30 Ja~~ from thc datc notice is mailcd
by Lender to Borrower rcyuesting ~r:~~•mcnt ~hereol.
Upon pa}~menl in [uD o( a11 sums securcd b~• ~his Mortgagc. 1 endrr shall promptly refund to BorroH~er any Funds
held by I.cnJer. If imder paragraph 18 hcrruf thc Propcny ~~ sold or ~hc Propcrtp is otherwi~c acquind by Lendcr, I.cnder
shall apply, no latcr than immcdia~rl~ prior to thc ,alc ~-f thc ProExn}~ or i~s acquisition by Lcndcr, any f~unds he1J by
Lendcr at thc timc uf application as a crcJit again~t thc sum~ ucurcJ b~• thiti \tortg:~gc.
3. Application of Payments. Unlecs applirablc laW pr~~~i.lcs otherWise, all payments recei~~ed by Lender under the
Notc and par~graph~ I:~nd 2 hcrcof tih:dl bc applird by Lcndcr fint in pa~~mcm o( :~mounts papablc to 1_cndcr b~• Borrovrer
undcr paragraph ~ hcrcot, then to intrrc.t pa~~abk on thc ;~utr. thcn t~~ thc principal of thc Not~. and thcn t~~ intcrest and
principal on an}' Futurc Advaiiccs.
4. Charges; Liens. Borroacr tih:il) pa}' all ta~cs, :i~~cstiments :md other chargc.. finc~ anJ imp.~~itiunc auributable to
the Propert~~ w•hich may attain a priority over this ~tortgagc. and Icau:hold payments or ground rent~, if any, in the manner
provided under paragraph 2 hcreof or, if nut paid in cuch mannrr. by B~~rrowcr m:iking pa~•ment. ~~hen due. ~ircctly to the
payec thercof. Borrowcr shall promptl~• furnish to Lcnder all notices of amounts duc under thiti paragraph, and in the e~•ent
Borrower shall makc pa)~mCnt dire~th~, HurruHrr ~h•rll promptly (urnish to Lcndrr rc~rip~ti r~id~ncing such pa)'mcnts.
Borrower shall promptly dischargc any licn which has prwrity o.~cr ~hi~ ~~Of1R:lF',L`: prc-~~idrd_ that Bc.rrowcr ~h:+ll not be
reyuired t.~ discharge c~n}• such lien ,o long as Burr~~N•cr tihall :~grer in writirg ~c~ Ihc pa~ment uf thr ~~bhgati~.n ,ecured b}•
wch lien in a manner acceptable to Lender, ~~r ~hall in good faith conte~t ~uch lien h~•, c~r defen.! enforrement of such lien in,
legal pr~xccJing, w•hich opcrate to prevent ~he cnf~~rcement of thc licn ar fortr~turc of the Propert~• or an~ part thereof.
5. Hazard Insuranre. Borro~~rr tihall kccp Ihc impro~•rmcnts n~~~ c~i~ung ~~n c~r~aft~r crrctcd on thc Pmpcrty imu~cd
against loss h~~ fire, hazardc incluJed tiithin Ihc tcrm "r~tended ri»~crag~"_ anJ ~u~h othcr h~tard~ as I.rnder ma~~ reywre
:~nd in surh amounts anJ for such ~x.ricxiti ac Lcndcr ma~~ reyuirc; pr~~vidc.l. ~h~t l.cmfcr ,hall not reyuirc that Ihc amount uf
uich anrragr exce~d that amount af cm~ragc rcyuucd t~. pa~ thr ~um, uururcJ h} thi~ \tor~gagc.
The insuranre carrier providing the inwrance th:~ll Fx ~huun by BurruH~r tiuhjert tc. ~ppro~~al M~ LenJer, prrn~ded,
that such apprrnal ~hall not be Unrcatiunahh• w•ithhrld. Ai! prrnuum. ~~n intiur:~nce policies ~hall 1-~ paid in the manner
prov~ded undcr paragraph 2 hercof ur. il nut p:iid in ~uch manncr. M B~~rrower making pa~•ment, when due, directl}• to the
insurance rarricr.
All insurancc policic~ anJ rcncHals thcrc~~l th:ill Fx in furm acccpt:iblr to I.cnJ~r :~nd shall inrludr a.tan~iard mortgagc
~lausc m fa~•or ~~t and in furm acccptahlc ta LcnJcr. LrnJrr ~h:~ll ha~c thc right ti~ h~~ld thr polirir. :+nd rencual~ thcreof.
and Borr~~w•er sh:~ll promptlp Furnish to I.rndcr all rcexNal no~iceti anJ all rcceipts of paid prcmium,. In the e~cnt of lots.
Borrawcr ~hall gi~~r prompt nuticr to thc ~mur.~ncc carnrr ~nd I_cndcr. i_cnJrr ma~ makc prc~-t of loss i[ nut madc promptl~~
b~• Borrowcr.
Unlcss Lcndcr ar~J Borrow~cr othrn+~.r agrcc in v-riting. intiur:~ncc pr~xccJc shall bc applied t~ rcstoration or repair of
thc Propert~~ JamageJ, pruvi~cd ~uch re,turatwn or repair ~s cronumirallg frasibl~ and thc se~urity of th~ti 1~lortgage is
nut ihereb~• impa~red. I( su~h rc,toraU~~n or rcpair is n~~t r~unumicallt• (casiMe or i! the security of thic lfongage w'uuld
bc ~mpaired, thc insurancc pr~ccds ~hall bc applird ti~ thc ~ums sccure~l h~ thiti Mortg~gc. K ith thc cxccts, if an)~, paid
to Borruw~~r. It thc Propcrt~~ it ahand~mcd M B~~rr~~w~cr, i~r it BorruN~cr failti Ic. res~nd ta I.endcr w~ithin 30 da)'s from the
Jate notice i, m•riled bv l.ender ~o Borrow•er that ihe incurance carrier ~dTer, to set~le a claim for inwrance henefits, Lender
~, authorized to coilect and apply ~he insurance proceeJ~ :~t I.rnJee'1 option either to restora~ion or repair of the Propert)'
~~r to thc sum, ,ccured b~~ this ~fortgagr.
Unlcs~ 1_cndcr and @orruwcr ~ithcn+i~~ agrcc m v-r~ting. an} wch appli.:~tion of pn-cceds to pnncipal shall not c~tcnd
ur p~~stponc ~hc duc d•rtc of thr mi~nthh• im~allmcntt refcrrcd 1~~ in p:~ragraphti I:~nJ 2 hcrcuf or changc thc amount of
such installment~. I( under paragraph l8 hereof the Propern ~~ acyuireJ h~ LenJer. ali nght, title and interest of Borrow~er
in and to an~ ~n~uranrc polic~e~ and in and t~• thc pr.xceds thereot rc~ulung Irom damage to shc Propeny prior to the sale
or ~cyui~ition ~hall pa» to Lcnder to thc c~tcnt of the wms accurcd b~ thu ~tortg~gc immcdiatcl}' prior to such salc or
acyuisition.
6. Presenaliun and ~laintenance of Propert~; Leaceholdti: ('andominiomc; Planned l:nit I)e~•elopments. Horro~~cr
,hall kcep the Prope.rty in g~x~d repair and Shall not commi~ wactc or permit impairment or deteriora~iun of the Propert~~
and shal) cumpl) wilh thc proviswn~ ot any~ Icase il Ihi> >t~~rtgagr iti un a lrasch~~ld. 1( Ihi, ~turtgagc is on a unit in a
~unJcmimum ~~r a planncd umt Jr~~clapm~n~. Borrov-cr .h:,ll Exrfc~rm al~ of Borrowcr's ubligauons undcr thc decl:~ration
~r ca~•cnanh c~c:~tinb or gi~vcrmog th~ condi~minium or planncd umt dcvclopmcnt, thr by-laws and regulation~ of thc
~unJ~~miniurn or planncJ unit dcvclopment, and constitucnt documcm~. If a condominium or planned unit dcvclopmcnt
n.kr u cxccuted b} Borrow~cr anJ rrc~rdcd t~~gcthcr ~ith th~ti M~~rtgagc, thr covcn:-ntt anJ agrecmcnts of ~iich ridcr
~hall be incorEx~rated into and sh~ll amend and wpplrment the cosenants and agreements of this Mortgagc ac ~f the riJer
.+cre a part hcrcof.
7. Protection ~f Lenders Securily. 1( B~•rm~er faih t~ ~xrf~.rm the co~~enants anJ agreements amtained in thic
~lurtgag~. ~~r if any' arhan ~,r procccJmg iti c~~mmcncc.l which mat~rialh• :dT~.•~s 1_endcr'~ intcrctit in thr Pm~xrt}'.
~ncluduig. hirt n~~t limrtcd lu. cmincnt dumain. in.~~l~cnc~. c~x1c rnl~~rccmrnt. ~~r arrangrmcntt ar rr.xccdings ~m~ol~ing a
bankrupt or ~c~rdem. thcn I.c~der at I enJer', option, u~n notice t~ Rorrower. ma~ make tiuch appcarance,. dishurse tiuch
wm~ anJ ~alr such :+cuun a. ~s nccc~~an~ t~~ prc.trct Lcndcr's ~mrrc~t, mcluJing. bu1 n~t limrtcd t~-. d~thursemcnl ot
rcasonahlc aUorncy~ti tccs and cntry uEx~n thc Pr~~pcrt~ t~ makc rcp~irti. (( I.~ndcr rryuire~t m~~rtgagc imur.~ncc a~ :+
~unditiun ~~f making thc lo•rn ticcured b~• th~s ~1~~ng.~gc. Horn~wcr shall pap thc prcmwmti rcquire~l t~~ maintain such
insurence in rtTcct until tiuch timc as thc rcyuircmcnt for ~uch ~nsurancc Icrminatc~ in ac~urdancc w~th Borruwcr's ~nd
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