HomeMy WebLinkAbout1517UNIFORM COVF.N~NTS. BuffOwe~ and 1_Cndtf C~vt~anl and ~glee as tallaws:
1. P~ymeal uf P~inclpal and In1e~.~1. Bu~ruw~i ~hall p~an~p~ly pay whcn Jue the principal af and inicrcst on the
inJeb~cdnes~ eviJcncc~l hy Ihe_ Nutc, pr~paymcnt and 1•r~c chargc+ a. pr.wi.lcd m thc Nole, and Ih~ princ~pal af and iMeres~
on a~y Fu~ure Advaorr~ securcd by Ih~~ 1-1o~~gage.
2. Funds for Tases and Insurance. Subjrc~ ~o applicable law ~r to a wrilten waiver bj~ I.eoder. Burrower shall pay
to I.enJer an ~hc Jay mon~hly ~nsl~llments of principal and mtc~c~~ ~~r payabk unJer ~he Notc, ~intil ~he Note is paid in (ull,
a sum lherein "FunJs") rqwl ~o une•twrU~h u( ~he ye~rly i~~rs and •reces~mentc which may auain pnoriry uver ~his
Mor~gagr, and gruund rents on ~he P~a~ny, ~f ~ny, plu~ unr-twclt~h o( ycarly pr~mium mst•rllmen~s tur harard ~nsurance,
plus une-lwelfth ~f yearly prcmium imlallmrn~s tar mur~gagc ~nsurance. ~( any, all ac rna~on•rbly c~limaicd ini~i~lly a~J trom
timc ta time by 1_endr~ ~m ~hc hasi~ ot •rs~cssmcn~i and b~ll~ and rtaeunrblc etlintates thcrco(.
The hunds shalt hr helJ in an in~ti~utiun ihc de~x~~t~ or accuun~+ u~ which a~~ imurcd or guaranteed by a Federal or
~~•rlc ~bcncy (iocludu-g I.cn.lcr if I rmlc~ i~ ~uch :m in~dluUun) 1 rn~l~r ~hrll apply Ihc I~undc to p:~y ~:~i~f laxc~, ac~~ttu~cnls,
imuranc~ pr~n~ium~ and g~uund rrn~~ 1 cnd~r may n~~~ charg~ tur ~~, h~~ldiug and :~~~iy~~,~ ~n~ r•u~~~i., :IIIJI}~nng said accuunl,
ur vcnlying au~l cuu~pdin~ .aid a~.r..nKnl~ anil b~ll., uulr~. 1 cn~lrr pu~. Iturtuwi~ ~nl~rr~l un Ihc I~und~ :~nd applirahle law
~xnmh I.rndrr tu n~a{.r ~ucl~ a rhargc. Dunuw~r auJ I.rudr~ n~ay :~g~r~ ~n wnling al Ihr tiiu< <~f ~x~ruliun o( thia
t~tu~~gagc ~h:N iotrrr~l un ~1~~ Fun~l, .h•rU tx MiJ ~i~ Burruwrr, anJ unlcas wch abr~cmcnt is n~a.l~ ur appl~c•rblc law
r~yu~res such ~nlerc~~ ~u t~ p.uJ. I rnJcr ~hall nu~ hr rcywrrJ t~~ pay 11.~rruwcr any ~mrrest ur earnings un Ihe I~und+. I enJrr
~hrll grv~ tu 13arruwce, w~thuul chargr. an annual accuun~ing at ~hr 1-unJ~ ~huwmg cr~Jils •rnd Jehits w ~hc Nund~.anJ ~h~
pur~x-~c tar which rach ~Ichil tu Ihc I~ui~d~ wa~ mrd~. ~IFte I~und~ ar~ plcJgrJ as add~hunal ~r~urity for ~hc su~ns srcut~d
hy ~h~~ \turlgad~_
It !hc amuunt of thc Funds held hy I.cmkr, togclher with thc futu~e manthty ~nstallmcnts uf F~m~ls payablc prior to
~hc dur Ja~r~ uf ~axca, a»cs~mcoh, ~nsur:uic~ prrmiuma and bmund r~m,, shall cxcceJ ~hr amuum rey~ureJ tu ~+.~~~ .aid taxc.,
•rs~ssmcnt~, ~nsuranre pr~miuros ~ud g~uun~ rcnh r+ 1he)~ lall duc, cuch excc+s ~hall tx:, at Barruwcr's uph~~n. ~ithcr
promptly rcpaid to Burro~ver or cr~di~cd tu Burrower on m~~nthly ~mt:+llmenls uf I=und,. If thc amuun~ of thr 1=unds
held by l.end~r ~hall nut In sullicitnt to pay ~a~c~, asse~smrn~s, imurao~r premiumti and grounJ rcn~c as ~h,:y f~ll Jue.
H.~rruw~r ~hall pa)' to L~nd~r auy aumum nccc»a~y to m:~lc up th~ drfi.irncy w~thin i0 days trum ~hc Jalr notirc is m~il~d
by Lendet tc~ Be~rrowcr rcyura~~ng paymrn~ thcrc.~l.
UEx~n p~)mrn~ ~n full uf all sums srcurrJ by ~his Mong.igc. I.cndcr shall promplly rctund to Born~wcr any F'v~nJs
held by I cnJc~_ I( undrr p•rragraph Ix h~rrul ~hc Pru~nr~) ~. wld ar ~hc Propcrly ~s olherwiee a~quircd hy 1~nJcr. I.cndcr
~hall apply. nu latcr Ih~n unmcJia~rly priur lu Ih~ .alc of ~hc 1'ru~xrty or its acquis~tiun by Lrnd~r. any Funds helJ by
I~nJ~r at thr ~im~ uf appliration :IS :1 l'(l'llll aga~n~t 1h~ aum~ ~rcured by Ih~~ Mnrtgagc.
3. Appliralion ot P•rymcnt~. Unl~.. apphraM~ Irw p~ovnlcs u~hrrw•ix~, all payments reccived by I.ender undcr Ihe
Notc ~nd p.~ragraph~ 1 aud 2 h~reul ,h:Jl t-n appl~~d hy I rmlrr lini ~n p~ymrnt ut amuunts payablr tu I cn.kr by Uc,rruwer
undcr paragraph 2 hereot, then 10 ~nlrr~~~ payaMc un ~hr Nuic, ~hen ta thr principal o( ihe N~~~~, an~l Ihrn to intcresl anJ
~,nncip~l u~~ any Futurr Advancr,:
J. ('hargr~; I.ienti. U~nru~~cr ~hal) pay all 1.~~~+. a~~~+~in~t~l~ and ~Hh~r rhargc.. finc. ~nd ~m~x»iliuns aUrihut•rble to
ihe Prupert~ which may auain a pnori~y uvc~ tt-ic Alurtgrgc, and Icaurhul~l paymcros or bround renh. i( any, in thc manner
providtd unJcr paragraph 2 hcreof ur. if nut p.ud m,uch mannrr. hy H~~rmH`cr makinb paym~nt, ••hcn duc. J~rcctly to thc
paycc Ihrrcot. Borruwc~ ~h:dl promptly lurn~.h ~u I.~ml~r all nu~icr~ ul amuunts du~ ~mJrr Ih~~ par.~graph. anJ in ~h~ cvcnt
liurruwer ~h:~l) malr paymcnt d~rr.~l~. liur~~~~~~r ~hall p~.~~np~ly hun~.l~ ~.. I.~nilcr r~c~ipt~ rviJrnring auch p~ymcnt.
Borrower shall prampily Ji.~h~rgr any h~n ~.hi~h has pnur~t~~ uvrr th~~ I~turtga~c: provi~kJ. ~hat H~,~ruwcr .hall nut tx:
r~ywted tu d~~chrrg~ any ~u~h I~~n ~u lung as N~~rruM~~ ~hall .~g~« in wi~Ung lu th~ prymcnt ul thc ~~bhgation ~~curcd b)•
~uch I~rn ~n •r manixr ac~rptahlr ~u l.rnd~r_ ur .h~ll in ~~xxl I~nh ~.-ntr,~ .uch lirn by. ar ~kf~nd rnfurcrmc~~~ ot surh lien in,
legal pr~-ittding, v-hich u~xr.~lr tu pr~v~nl Ihc ~nlurcrmrni ut ~hc licn ur (urfchure of Ihc ProExrly u~ aoy part thrreuf.
S. 11•rr•rrd In~uranrr. IlurruNrr ,h:~ll l~cp ~h~ ~mpr~~.rmrn~, nu.. c~i~ting ~,~ hcrra(Irr rrcclyd .m Ihc Pru~xr~y ~murrd
~gainsl lu.~ hy firr. h:u:~tJ~ incluJrd Hithm 1hr Irrni "r~trnJcJ cuvri:~g~". anJ such olhcr hazard~ ac 1 cnJ~r ma~ rcyuir~
.~nJ in wch .~maunl. an.l ta~ ~uch ~k~a~.l. .~~ I cuJrr may r~yu~r~: ~r~~viJr.l, lhat 1_~n~lcr +hall ni~~ rcyuirc lhal Ihc am~~un1 u(
,u~h cuvcr~~~ c~crrJ ~h:~~ antuunl ut cu~~~tagr rcyw~rd tu ~a~ ~ht vun. ,ccurcJ by this Morlgag~.
'I~he nuur•rnce ~a~ncr pruviJing ~hc im~uan:c ~h.ill ix: .hu.cn hy IlurruNrr ~ubjc~l to approval hy I.enJcr, provided,
Ihat w.h J~~fOV;lI .h•rll nul lx ~inrca~un:~bly ~vithhrld. All prcsnwmc u+: insur•rncc paGcics ~hall F-~ paiJ ~n th~ manncr
pn~vidcd unJ~r paragraph 2 hcre~~f ~r. ~I nui pa~~l in ,urh mannrr. hy H~~rroKcr mak~ng paymem, whcn due, ~hrrctly to ~hc
inwrancc ~arncr.
All imurrnce pol~c~e~ anJ rencN~k ~h~r~~~l ~hall tk in fonn .iccep6~b1~ to I.eoJcr and shall inchidr a+~:~nJard mortgage
clause ~n favur uf anJ m f~,rm ac~cpt~hlc w LrnJ~i. I~nJ~i .hal! h:~v~ Ihc right lu hu1J Ih~ Ex~licic~ and rcncHal, th~r~i~f.
~nd Bnrr.-~cr ~h:dl prumpil~~ furn~sh ~u I.cnJrt all rcnrwal o.~~i~r~ and .~U ~~«~~~: ot ~~:~~d ~~C~~~~~~~~.. i„ thc ~vcnt <~t lo~~,
Hurrowrr ~h:~ll g~vr pmmpt nut~~r w ~hc imui:~ncr rarnrr .u-J 1 cnJcr. I~nJrr m~y m:~l.c pnw~t uf lu» N nu~ m:~Jc prumpil~.
h~ Borruwcr.
Unlc~s Lender and Borruwrr othcrw•ix agrec in wnung, imurance pr~xecds shall bc applied t~ rc~turation or repair of
lhc Pruprr~~ Jamagr~l. prowJ~J ~uch rr,~urat~un ur r~p:ur u r~un~~mic:~lly (easibl~ 'rnd Ih~ u~mily of Ilus Miir(gag~ ~~
nut iherrby impa~rcJ II wch re~tura~u~n or rep:ur is niN ~i~~nunucally (~.~~ihlc or it ~he securily o( Ihu hlottbagc v-uulJ
tx ~mpa~rrd. thc ~nsurancc ps+xecJ~ ,hall tx: appGcJ w ~hc ~omti xcurcJ hy ~his Mortg~gr. wuh thc c~rc,s. if any. pa~d
~u Burr~wrr. II ~hc Pr~~~xr~~ ~~ .IFI'JOIIUDI'lI Il~ BUffUNI'f, ur ~1 liurruwcr Icuh ~~~ rC~(n~iul 1~~ I end~r wuhin 3l1 daya Irum ihr
J:~~~ nuUcc ~s mailcJ hj 1_rndcr lu 13urruvr~r Ihat ~hc uuur.uicr .arncr ulirr. ~o ~eul~ a cl:um fnr ~~uur•rncc txncfi~+, I_cnJcr
n authunreJ tu :~dlcci and apply Ihr ~mur.~nrr pr~~crcd~ .~1 1 rn~l~r'~ upliun ciihcr to ny~urauun or tepau i~f Ih~ Pro~x:tly
~-r w ~hc wuu ~rcurrJ hy thi~ Murtgagc
Unlca~ LenJcr and E3urruwcr uthenvise •rgree in wrhing, any such application of procetds to pnnc~pal shall not e~tend
or puslpunc th~ du~ Ja~r uf Ihc munlhly inslallmcnli r~tcrrcd tu in paragraph. 1 and 2 hcrcof or changc th~ amuunt ~~f
such im~allmcnt~ II unJer paragraph 18 hcrcu( ~hc Pru~xrly ~~ •rcywre.l h~ Lrnder, ali ngh1. UUc anJ in~cresl ut Rorruwcr
u~ and w ~ny imuran.~ ~hcica and ~n anJ a- ~I~c pnkrcd, ~hrrcul rr~ul~ing Ir.~m Jaitiiag~ ~o thc Pru~xny pn~~r !u thc ~alc
ur acywaition shall ~aas Io LcnJ~t ~u Ihc c~lcnl ut th~ ~uau ~r~urrJ by thi~'111orlgagc immcJiatcly pr~or tu ~urh ~aic ur
acquisition.
6. Preservalfon aad ~taiatenance of PropeAy; I.eaceh~-lit~; ('ondominiums; Plsnned Unil 1)evelopmenls. Horrowcr
shall i:eep the Propeny in ga-d repair and shalf not commit NJSIC or {krmi~ ~mpairmcnt or Jcteriorat~un o( ~he Pru~x:rry
and shal) comply with 1he provis~um uf any lease ~t thu I~ti~rlg.~gr i~ un a I~~schuld. If this Murlgag~ is un .- unh in a
condominuim ur •r plrnned unu Jrvcl~-pmrm, Burrov-cr ~hall ~xrlonn all of Borruwcr's ubligaU~~ns unJcr ~hc dcclai•ru~-n
ur cuvcnanls crraUng or guvern~ng ~hc condomioium or pl~nnrd uml Jcvrl~~pmcn~, ~he by-laws •rnd r~gula~iom uf ~hc
.onJominn~m or planncd uni~ Jcvclupmen~. anJ ~uns~ilucn~ .I~xwnrn~~. It a c.~ndominium or planncJ um~ ~I~~rlopn~cnl
n.lrt ~s r~e~ul~d by liurr~~w~t anJ ~riurJcJ Iug~lhcr N~ilh 1h~~ M~~rtgag~, thc cc~vcnanls and agrccmcm~ of ~~~~h n~lrr
~hall bc incurpuratrJ uHO and ~hall am~nJ and ,uppl~mrnt ~hr cu.cnan~~ an.l agrrcmcnts of Ihis 111ur~gagc ~s it Ih~ ri.lcr
werc a patt hereof_
7. Prolerlion ot I.ender's Securily. lf Borrower fa~lc ~o perform the covenan~s anJ agreemenls contained in Ihis
Mor~gagc, ur ~t any aclion ur pr~xceJing ic commenced which malcrially aQrc~s LenJer's ~nterest in Ihc Propcrtp.
including, but not Gm~tcd ~o, cmin~nt domain, imulvrncy, c~-Jc rn(arcrmcnt, or arrangrmcnls or pr~kccdings mvoh~mg a
bankrup~ or decedenl. ~hen (.enJer a1 I.enJet'~ up~iun, u~x-n nuticc ~i~ Notrower, may niake ~uch ap{xarancc~, duhurx ~uch
sums and take such ac~iun ~s ~s neccs~ary lu pmlcct Lcndrr'. imcrc+~, mcluJing, bu~ nol Iimi~cJ ta, disburscmem of
reasonable aUOmey's I~cs and cmry u~x~n ~hc t'ropcr~y ~u m.~kc rcp„~r~. I( I.cndcr rcquircJ mortgage imurancc as a
cund~uon of makmg thc loan xcurcJ by ~ha Ator~g~gc, H~~n~~wr~ ah:,ll pay ~hc prcmiums req~nrcJ ~o mainta~n su~h
insutanee in eBect until such timc as ~hc reyuircment for ~urh msurancc ~crmmates ~n ~ccord~nce with Borruwer's and
~o~K 34s ~~~E i~~. `3
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