HomeMy WebLinkAbout1841UNIFORM CO~~Ft~~NTS. Borrower anJ I.enJrr co~•cnant ao~ agrre as foU~~ws:
1. Paymeat of Princlpsl aad lnlerest. Barrower sh•rll promptiy pay w~hcn duc the principal of anJ int~rest on thc
indebtedness e~•idcnccd hy thc Note, prepaymcnt and late chargcs as proviJcd in ihc Nate, and the principal of and intcrest
on any Future Advancec secured by thi~ Mortgage.
Z. Funds for Taxes and lnsunnce. Subject to applicable law ar to a written waiver by I.ender, Rorrow~er shall pay
to L.ender on the day monthly inuallmenlc of principal and interr~~ are payable unde~ the Note, until the Notc is paid in full,
a sum (hercin "FunJs") cqual to one-twclfth of ~hc ycarly taxec aiid ascessmcnls which may at~ain priority over this
Mortgagc, a~d ground rcnts an thc Pmperry, if any, plus onc-twclith of ~•rarly prcmium installmcnts for hazard insurance,
plus one-twelfth af yearly prcmium inuallments (or mortgage insurance, i! any, all as reasunably estimated initially and (rom
time to lime hy I.ender on the ha~i, of asscccmcnts and bills and rea~~~nable estimates thcreof.
The Funds shall he held in an insti~ution the deEx~sit~ or accounts ot which are insureci or guaranteed bp a Federal or
state agenc~~ /including ~ender if 1_ender is such an insti~utionl. I.ender shall apply~ the Funds to pay .aid taxes, assessments,
insurancc prcmiums and ground rents. l.cndcr may not chargc fo~.o holding anJ applying thc Fund~, anal~•zing said account,
ar verifying and compiling said assessments and bills, unlrs~ Lender pays Barrower imeres~ on ~he Funds anJ applicable law
permits l.cndcr to makc such a charge. f3ormwer and Lendcr may agrec in writing at thc timc ot cxc~:ution of this
Nortgage that interest ~~n the Funds shall he ~id_ to Borrower, and unless such agrrcmem is maJe or applicable law
reyuires such interest ta be ~id.l.cnder shall n~~t tx: rcyuircJ to p:i~~ Rorruwcr any interest ur carnin~ an the Funds. I.ender
shall give to Borrower, without charge, an annual accounting of the FunJs ~howing crcdits and Jebits to Ihe Funds and the
purpc~se for which rach debit to ~he Funds~ was madr. The (=und~ arc pledgrd as additional securit~• for the sums secured
hy this ~tortgagc.
If the amuunt of the Funds hcld by Lcndcr. togethcr with the fuiure monthly inst:dlmcnts of FunJs pa~~ablc prior to
the due dates of taxes, a~scssments, insuranre premiums and ground rents. shall exceed the amount reyuireci to pay said taxes,
assessments, insuranre prcmiums and ground rents a~ thr~~ lell duc, such c~cc~s shall bc, at Borrowcrs option, cithcr
promptly rcpaid to Borrow~cr or crcdited to Bormwcr on monthly in~tallmcnts of Fund.. If thc amount af thc Funds
held by Lender shall nut be sulTicient to pay taxes, assc~sments, imurancc prcmiums anJ ground rents as they fall due,
Borrower shaU pay to 1_ender an~• amuunt n~~:es~an~ tu make up the deficienc~~ within 30 ~a~•s irom the date notice is mailed
by Lcndcr to Borrowcr rcyucsting pa~~mcnt thcrcof.
Upnn payment in full of all sums securrd by this M~xlga4r. Lender sn~n ~«~n~~iy refund lo Borrow~er any~ Funds
held hy LcnJer. lf undcr paragraph It+ hcreof thc Prap~:rt~• ic u~ld or ~hc Propcrt~• is othcn~~isc acquimd by Lendcr, I.ender
shall apply, nu later than immcdiatrl~• prior to thc ~alc of thc Pro{+~n~• or its acyuisition by Lender, an~• Funds helJ b~
Lend~r :~t the time of application as a creJit aga~nst Ihe sum. secured b~• this ~fortgagr.
3. ApplicaGon of~PaSments. Unle~s applicablr la~ti• pro~•i.les other~ise, all payment~ recri~~ed by l.ender unJrr the
Note and paragraphc 1 and 2 hereof shall be applicd by Lender fint in payment of amuunts p•ryablc to Lendrr by Barmw~er
undcr paragraph ? hcreof, thcn tu intcrc~t pa}'ablc on thc tiotc, thcn t~~ thc principal of thc Notc, anJ thrn to intcrest and
principal on an}• Future Advanccs.
J. CharRes; I.iens. Borro~~cr tih:~ll pa)• all Ia~c~, a~~eti,mcnts and othcr chargc~. fincs an.l imEx~,iti~mc aUnbutable to
the Propert~• ~~•hich may attain a prioriry over this ~tortgagc, and leasch~~ld payments or grotmd rents, if an~~, in the manner
provideJ unJ~r paragraph..2 herrof or, if nut paid in ~uch manner, b~~ Borrow~cr making pa~~ment. ~•hen due. ~lirectly to the
payec thcrcof. Borrowcr shall promptly furnish to Lender all noticcs of amounts duc undcr this paragraph, and in the event
Borrowcr shall makr pa~~ment dirccth, Borrowrr ~hall promptl~ (urnitih to Lendrr rerript~ c~idcnrmg si~rh paymcnts.
BorroHer shall pmmptlp dischargc any~ licn ~~hich has priority ovcr this Murtgagc; pr.~vi~IcJ, th~t Burmv-•cr chall nut-bc
rcquired to dix;harge an~~ such licn so long as Borrow•er shall agrec in wriling to thc pa~ment ot thr ob6gatiun ticrured b}'
such lien in a manner-acceptable to Lender, or shall in g~xal faith conte,~ tiuch lirn h~•, or ~Iefen~l enturrrmrnt of such lien in.
legal prcxceding~ which opcratc to pre~~em thc cnf.~rcement of thc licn ~~r forfciturc uf the Propert~• or an~ pa~t thcreof.
5. Hazard Insurance. Burrowcr_shall k~cp thc ~mpn.~•rmcnts nu~+ c~i~ting un c~rcaftcr cr~cted on thc Pr~~Ekrt}' in~urcd
against loss h~• fire. hazardti includcd ~.~i~hin thc tcrm "~~tcnJrJ ru~•cr.~gc", an~ surh othcr hazardt a. Lcndcr ma~~ rcyuirc
~nd in surh :~m~~unts anJ far su~h ~x riuJ. a. Lcndcr ma~~ rcyuirc; pro~ idcJ, lhat Lcn~l~r ~hall not rcyuirc that ihc amount of
such cu~•erage e~cecd that am~~unt of cn~er:~ge reyuired ti~ ra~ th~ ~iim~ .r~urrd h~- th~. :1lortgag~_
The insuranre carrier providing thr intiurance ~hall tx: chu~en by Borro~.rr ~~ibject to appro~al b~• Len~ler, provided,
that surh approval .hall not be unrcationahh~ H~ithheld. :VI premiumti on insurance policies ~hall be paid in the manner
provided undrr par:~graph 2 hereof ur. if nut paid in such manncr, b~~ B~~rrower making pa~•ment, w~hen due. J~recd~• to the
insurance carricr.
.. All insurancc policicti anJ rcnc«als thcrrc.t tihall tx in farm :icc~pt,~blr to I.cnJer and shall inrludc :~ .r.uidard mortgagc
rlausc in favor i~f and in f~~rm a~ccptahlc tu Lcudcr_ 1_rnd~r ,hall ha~r thr right t~~ huld th~ ~x.lirirs :~rd r~ncw~al~ thcrc~~f.
and Borroacr shall promptl}• furnish to l.ender all renewal notices an~ all receipts of paid prentium.. In th~ e~•ent af loss,
B~rrow•er tihall gi~-c prumpt notice tu thc imur.~nr~ r.uricr and I.ender_ LenJrr m~~~ makc prcx•f oi loss iC not madc prompd)•
b)' Borrower.
Unlcss 1_cndcr rnJ Bortow~cr othcn~i.~ acrec in ~criting, inwrancc pr~krcJti shall txe applicd to rc~turation or repair of
the Property JamageJ, prov~ded such r~~toraU~m or repair is cconumicall~• feasiblr and the serurity of this :~tortgage is
not thereb~~ impaircd_ If surh rcstoraUon or rcpair is n~~t ~cun~~nti~all)• f~atihle or if the securit~• of this 1lortgage w•ould
be impaired. the insurance procer.dti shall be applie.i t~~ the ~ums serured b~• this Mortgage. ~~ith ~he excess. if any, paid
to BorroN•rr_ !1 thc Propert~ is abandoncd h~ Borr~.a•cr. c.r it Borrrw•cr failc to respond to I.ender within 30 da}~s from the
date notice is mailed b}~ Lender to Borrow•er th:~t the insurancc carrier otTen to senle a claim far imurance i:enefits, Lender
i+ authorized to collect and appl~• the insuranrc pruceeds -rt LcnJer's uption either to restoration or repair.of the Propert~~
ur to thc sum, ~rcured h~~ this ~lortgagc.
Unless Lender and Borruwer othen+i~c agrer in writing, am such applic:~tion of pr~x-eeds to principal tihall not extend
or pustponc thc duc Jatc of thc mamhl~• ir.~tailmcniti rc(crred t~~ in paragraphti I and 2 hcreof or changc ~hc amount of
such in5tallments_ 11 under paragraph L8 hereof the Propert~ is acyuire~ hc LenJcr, all right, tide anJ interest ot Borrow~er
in ~nd to am insurance poli~ies and in and ro the pr~xeecls thereof resulting from damage to th'e Propert~~ priar Lo the sale
or acyui~ition sh:~ll pa~s to Lcndcr to thc c~tcnt of thc tium~ sccurcd b~ thi~ \tortg:~gc immediatcl)~ prior to ~uch salc: or
acquisition.
6. Presenalion and ~taintrnance oi Propert~; Leaseholds; (bndominiumc; Planned Unit De~•elopments. Borrower
shall keep the Property in good repair and shall not commit Haste or permit impairment or deterioraUun of the Property
and shall rompl~• tiith the proviswns uf any lease i( this lfortgage ~ti un a Icasehold. If this :lfortgage is on a unit in a
condontinium or a planncd unit dc~•clopmem, Borrowcr ~hall pcr(orm all of Borruwcr's obl~gat~ons undcr thc dcclaration
or covenants rrcating or guvernmg the condominium or pl~nned unit development, the b~•-law•s and rcgulationc of the
~on~lomin~um ur planneJ unit development, :+nd ronstituent documents. If a condaminium or planned unit devcli~pment
ri~ler iti exeruted by Borrower and recordeJ together wnh thi. Mortgage, the covenants and agreements of such rider
shatl be ~n.orpvrateJ into and shall ~m~nd an~ supplcment ihe co~enants anJ agrcemcnts of th~~ M~~rtgage as if thc riJ~r
Ncrc a part hcrcof.
7. Proleclion of Lenders Security. If Bormwer faik to Ex:rform the covenants and agrecmcnts contained in thi~
Mongagr. or if any~ ac~ion ur proceeding i~ ri~mmenced which materially a(iects l.ender's interest in thr Propert~•.
including. but not limited to. eminent domain, imolcency. c~xle enf~~rcement, or arrangements or pr~.ccedings invol~•ing a
bankrupt or de~~Jent. then Lender at LenJer's option, upon notice to Borrow~er, mac make such ap~arance~. dishur~e tiurh
sums and take such action as is nece~.an• to prote~t I.ender's intcrett. including. but n~t IimrteJ to. di~bursement of
reasonahlc attorncy''s t~zs :~nd entry u~x~n the Pr~pcrt}' to make repair~. If Lrnder reyuircd m~~rtgage inwrance as a
conJiui~n ~~f making thc loan ticcured b}' thi• ~1~~rtgagc. B~~rr~~wcr shall pa)• thc prcmiumc rcqu~red t~. maintain such
insuranc~ in clic~t unti) +uch timc as ~hc rcyuircmcnt for ~uch insurancc tcrminatrs in accordancc w~~h Borrrwcr's an~1
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