HomeMy WebLinkAbout0801. .l1 ~ -i~a
UNIFORM CoYGN.~NTS. BOffPWC~ :1I1tI I_CIIJ~f l'~~~~Cna~t and agrcC a~ foUows:
1. Payment of Princlpal aad lnteresl. (3orruwer shal) promptly pay w•hcn duc thc principal of and intcrest on thc
indebtedncss cviden~-~.1 by thc N~tc, prepaymcnt and I~tc chargcs a~ pmvided in thc Note, and the principal of and interest
on a~y Future Advancec secureJ by this Martg;~ge.
Z. Ruads for Taxes And Insurnnce. Subjcct t~ applirablc law• or to a wnt~en waiver by I_ender. ROffON~cr shall pay
to l.endcr on ~hc day manthly installmcnts of principal and intcrc~t are payahlc unJcr thc Notc, u~til the Nate ic paid in full,
a sum (hercin "FunJs") ~qual to onc-t~•elfth o( thc yrarl~• taxce an~ accrssmcnti vvhich may a~tain priority ovcr this
Mo~tgagc, an.l ground rents ~n the Pn~perty, if any, plus unc-twclflh ~~f ~•rarly prcmium ins~allmcnts for hazard inw~ance.
plus onc-twclfth af vcarly prcmium in~tallntcnts (or mortgagc insurancc, if any, all as rcax~nably cstimatcd initially and from
time Io time hy I_endcr on thc basic of a+.estiments :~nd bills and reationablr ectimat~~s thercot.
The Funds shall be heW in an in~titution the deEx-sit~ o~ arcounti of which are insured or guarantecd hy a Federal or
state agenc~• lincluding LenJer if 1_ender i+ ~uch an instituti~~nl. 1 eniler shall ap~+ly the Fundx to pay ~aid taxes, atsessment~,
insurancc prcmiums and ground rrnt~. I.endcr may not chargc t~~r ~o hoWing and ;ippl?•ing thc Fundti, analyzing said .~ccou~t,
or verifying and compiling said asse~~ments and bills, unlc~. Lcndcr pa~, Borrowcr intcrcst on the FunJs and applicable law
permits I.endcr tu makc such a chargc. Borrawer and I.rndcr may agrcc in Kriting at thc time ot cxecution o[ thi~
~tortgage th~t inler~yl un the Fun~ls shall he paiJ to E3~~rruM•cr, and unle~s such agreemenl ~~ made or applicable law
rcyuires such interest to he ~iJ, Lendcr shall not tx rcyuircJ tu pa~ Rurrow•cr any intcrest or carnin~h ~~n the Funds. Lendcr
~hall gi~~e to Burrow~er, without rharbe, an annual arcuunting of ~he 1=unds ~huwing credits and Jebits to Ihe Funds and the
purpose f~v ahich rach Jebit tu the I~unds ~~a~ maJc. The I~un~l~ a:r pleJged ss aJJitiuna) se.:urily (or ~he sums secured
hy this ~tortgagc.
lf the amount of the Funds hcld by I.cnder, t~~gc~hcr ~ith thr futurr munthl~• in~t.dlmentc of FunJs pay:~blc priar to
thc due dates ~~f ta~es, as~essments, insuranre pr~mwm~ anJ ground r~nts, shall c~cred ~hc amount reyuircJ to pay said taxes.
ass~;ssmentti, insuran~~e premiumti and grounJ rcnh ac th~~ fall duc. ~uch c~ce« <hall bc, at BorroWcr'c option, cither
promplly repaid to Borrowcr ur cr~di~~J lu Borruwcr on m~~nthly imtallm~nh of Fundw If thc amount of the Funds
held by Lendcr tihall not be suflicient to pay taxcs, as~;.~ments, imurancr prcmwm. an~l groimd rentc as they f~tl due.
Born~w~r shall pa~• to !_ende~ an~• amuu~t neceti~ar~ lu makr up Ihe d~tfrienr)• within 30 da}~ from the date notice is mailed
by Lendcr to Borrower rcyucsting paymrnt thcrcot.
Upon payment in fuU of all sums x~urcd b}' thiti ~1ur~gagc. 1.cnJcr shall prumptly rcfunJ Io Borrowcr any Funds
held hy LcnJcr. lt undcr paragraph 1S hcrcof ~hc Pro~xrt~~ ~~ ,uld ur thc Pr~~Exrt~ i~ uthcnri.r acq~nred by I.cndcr, I.cndcr
shall apply, no later than immrdiatcl~ prior tu the ~ale ~~i thc Pn•~xrt~~ ur its acyuitiition b~• Ler.Jer, any 1=unds helJ by
1_ender at Ihe tim~ uf application ~s a rreJit agaimt the sum~ ~ecured h~ Ihiti \Ic-rtgagr.
3. Applic~tion of Paymcnls. l:nlr~~ appli~aMc law• pro~i~lcc ~~Ih~rwi,r. all payment+ re~~ivecl b}' Lcndcr un~lrr thc
Nut~ anJ paragraph. t and 2 h~re.,f tih:Jl Ix appli~J by I.cnd~r fint ~n paymcnt ut amounts pa~:~Mc to I.rndcr b~~ Borruaer
undrr paragraph ? hrrcol. thcn t~ mtrre~t pa}'ablc an thc \utr. thcn ti~ th~ principal of thc No~r. :~nd Ihcn a. intcrest and
pnnc~pal un any Futurc Advanccs.
~i. ('harkes: Liens. $~,rroHCr ~hall pa~~ all ~a~cs, :~~.r~,m~ntt ~nd .~thrr charge., finc, and irn~x„it~unc attnbulahle to
the Propert~~ which may attain a priority c~~er thi. \fort~;aEC, and Icasrhold payments ~~r ground rents, if an}•, in the manner
pro~~idcd unJrr p:~r.~graph 2 h~rrof or. -f not pa~J ~n w~h manncr, hy Borrow~cr m.iking pa~•mcnt, ~~hen due. directl}' to the
pa}'ee thcreot. Borrowcr shall promp~h~ furni~h tu Lcndrr all nouccs ot amounts duc unJer Ihis paragraph, and in thc e~•ent
BorruNer tih:dl m~kr pacmcnt dire.ti~. Born.~cr ,hall pr~~mptl~ lurnish tu Lcnd~r r~:~ipt~ r~idrnr~ng such pa~•mcntc.
BorroHCr tihall promp~l)• dikhargr an~~ licn «hich h.i~ pnonty i.vcr ~hic lfurtRaFe: pr.~~~~.IcJ. th:~~ B;~rruw~cr ~hal) not bc
reqwred to d~schar,•e an} ~uch lirn tio long :is f3~~rruwrr ~hail agr~r in ~~riting to thc pa~mrnt ut the ~bligatiun secured by
.uch lien in a manncr accrptablc m I.cndcr, ~~r .hall in g~+.xl (ai~h ~untr~t ,urh licn h}. ~•r Jcfcn.l rnfarcrmrnt ut surh licn in,
legal pr.kerding. ~hich o~x~atc to pre~•rr-t thr cnfurrcmcnt ot th~ li~n c.r furtc~turr of thc Pro~xrt) ~-r an~• part tiureuf.
5. Hazard Imurance. Horro~~cr tihall F,ccp thr imrru~rmcnt~ nc~u r~i,nng ~~n c~rr:~ftcr rrrrtcd on thc Pr~~Exrt~• imurcd
against lu., h~• fir~. hazard. includcd ~~ithin thc tcrm "r~trnJr:l ruvrra,~~", an.+. ,u:h athcr hazard. a. I.cndcr ma~~ reyuirc
.~n~1 m such :~m.~unt: ~nJ tor such ~xrii~, a~ Lcndrr ma~ reyuirc: ~r.nidr~i. that l rnJcr .hail nut rcyuiri that thc antuunt of
~uch ~u~~raer c~ce~d that ami,unt ~~f c~ncragc r~ywred i~, ~•a~ thc .um~ .riurcJ h~ Ihi. ~1r.r[gacc-
~The ~nsurance rarricr providing the imuranre ~h:~ll tx ~hu.rn h}~ Burru.~rr ~uhjrct tr approcal fn• 1 en~l~r, pro~•ided.
that surh appruval ,hall ni~t tx: unreawnc~hl~ «ithhrld. :\II prrmium. un in~urancr ~~lirec~ .hall h~ ~aid ~n thr manncr
pmvidcd und~r p:uagr:~ph 2 hcre~•f ur. if nut p.+id in wch mann~r, b~ B~~~rowcr mak~ng paymcnt, uhcn due, ~firectly to thc
imurancc carricr.
At! insuranrc policie, an.l ren~Hek therc~~t ~hall tx in furm a~cept.~blr tu 1 enJ~r ~nd shall isicludr .i tir.~n.lard mons;age
~l~utic in fa~~~r nf an~ in furm a«cptahl~ i~~ I.cnJct. L~nd~r .h.~ll ha~~ thr right t:~ hold tht ~~li~i~~ .~nJ rrnc~~alc thereuf.
.~nd Borr~•~~cr .hall prumptl}' furnish to Lendrr all rrncw:~l nunceti and ;~II receipts o( paiJ premium~. In thc e~cnt of lo~+.
Bormwcr ,h.~lt gnc prumpt non~~ t.~ ~hc imuc.~n~r :arnrr .~nd Lc~idrr. I cn~~r n~a~ makr pruu! ~~t lo~s if nut m:~dc prumpd}
h~ Borrowcr.
Unlcss 1_endcr an~ Borruw~r ~,thrn~nc agr~r in ~~nUng. imuranic pr~wcc~l~ shall b~: applied t~~ re.toration ur rep~ir of
[hc Propcrt~ ~iamag~.l. pru~~~JeJ ,uch re~t~~ratiun ur rc~:ur i~ r~un~,nti~.~ll) Ir.~sihl~ ~nd lh~ ~t:curity of thi~ 11i~rlgagc ic
not thereb~• impaireJ. If ~u~h rc,turetum ur rrpair is nrt «„n„nu~.~lh fz:,~ihlc ur if the security of this !11~xtgage w•ould
bc ~mpaired. thc insurancc pra_ce~ti .hall br :ippli~~1 t~~ thr tium~ ~~curc~l h~ thi~ ~1ortg:~gr. H nh ~hc cxcc~s, if :+n~•, paid
te Born~wrr. It thc Propcn~ i. ,~han~l~~ncd h~ Burr~~~er. ~~r it Borr~+w~cr tail~ t~ respcmd t~ I.cndcr w•ithin 3l1 days (mm thc
date notice ~~ ~n:~ilcd b}• Lender li~ Burr~~wrr Ihat thr intiur.~nc~ c:irnrr ~~tier~ ~~- tiettle :~ cleim for imurance benefib, t_ender
i~ auth~uizeJ t~~ cullect and appl} the in~uranr~~ p~ucce~~ at I_en~cr'~ uptu~n eithrr tu r~~turruon ar repair of the Propen~.
ur to thc sum~ x.:ured b~• thi~ ~fortgag~.
Unlest Lender and BurruHer ~~therwi.r ,~grre in Nntmg, am such appli:ation ~+f pnkredti lo pnix:~pal shall not e~~end
~~r Ex~slponc thc duc ~lat~ uf th~ m~~n~hl~ ir„tallmcnt~ r~tcrrcd t~~ in para~;r.iph, I:u~J ? hcrcuf ~x rhange Ihc amoum of
w~h imtallmrnts. it unJcr paragr,~ph lt3 hcrcof thc Pmpcrt~ iti acyu~rcJ h~ Lend~r, ali nght, tidc anJ interest o[ Bormw-cr
in and tu am imur.~nrc policie~ an~i in and to th~ pnxcedti Ihcreut r~w:dting fn,izi Jam:,ge to the Proper~y prio: to thc s~le
ur acyuuiUon +hall pa~s to Lcnder to the c~tcnt of the ~unu ~ccured b~ this ~turtg~ge unmediatcl}~ prior tu ~uch aale or
acyuisitivn.
6. Presenatioq and ~laintrnance of Propert~; I.e•atiehulds: ('ondominiomti; Planned l;nit Ue~elopmenls. RorroKCr
,hai9 k~cp thr Prupertp in g~x~d repair and shall not rommit .+atitc ~~r permii impa~rmcnt or deterioration of the Property
.-nd sh~ll cumply with thc pro~~isiuns o[ an} Icasc ~t thi. ~furtgagr i1 ~,n a Ir~srhi~ld. I( thi~ ~t~~rtgage iti on a unit in a
~~n~i~minium ~u a planncd unit Jc~rlupmrnt. Borr~~wcr .hall Exrform all uf Borr~~wcr's ubligati~~ns under thc dcclarat~on
ur cc~v~nant~ crratsng ur g~~vcrnirtg lhr condumimum cir planncd unit devclupmcnt. the by-lawc ;~nd regulationti ~~f thc
~un~uminium ~~r planned unit dcvrlupment. .~nd am~litu~nt documenl~. I( a rundaminium or planncd unit de~•clopmcnt
nJcr iti c~ecu~cd n~ t3orruwer and re.urdcd wgc~hrr w~~h thi~ hi~~rtgagr, the co~cnant~ ~nd agrecments of wch nder
~h.Jl bc incor~wratcd into an~! sh~ll .~mcnd an~1 supplcmcnt thc ca~cnantt :~nd abrccmcnts of thi• Mortgagc as if thc ri~er
~rre a part hercof.
7. Proleclion of Lenders Security~. 11 R~~rr~~Ner faik t~~ Exrf~~rm the cm~en.~mc an~ agreements ri~ntained in thic
~tongagr. ur if any act~un ~~r prcx~cding ~~ r~~mmrncc.l Hhich mat~riall~ :+tirct~ t.cndcr's intcrest in thc Pmpcrt~.
mcludins. hut n„1 limitrd tv. cm~ncn~ domain. in~~d~cnc~. c~xlc c~fur~~mrm. ~~r arr.~necmcnts ~.r ~r~•cecdincs inv~~l~~mg a
bankrupt ur Jr~c~cnt. Ihcn Lcndcr at Lcndrr'~ ~.pU<•n. upon not~cc t~~ Borr<.wrr. ma~ m:~kc ~uch ap~arances_ Jishur,~ wch
tiumti anJ ta{~~ such acti~,n .~. ~s nece~.an tu pr~,tre~ Lendrr c interr~t. inrlud~ng. but n~rt limrted tu. Ji~burscment rt
rcason:-M~ ~tt~~rney". trc~ anJ cntry uFxm thr 1'ro~rt~ to makr rcra~n. If I.rndcr reyuireJ mrrtgagr imur~n~c a~ e
cund~h~~n ~+f mak~ng th~ loan xcure~l ht thi~ ~t~•ttgacr. Hrrru~~~r sh.~ll pa)• thr prcmmm~ rcquire~) I~~ m~inl.un ~uch
insurancc in ciTect until ~u.h timc ati ~hc rcyi~ircment for tiu~h insuranrc trrm~natr~ in accordan~c w~~h Borrowcr's and
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