HomeMy WebLinkAbout1225UNIFORM COVFN.~NTS. BO~fON'Cf and LcnJcr ruvc~r.int a~~d agrre a. toUuw.~ '
1. Paymeaf oi Princlpal aod IMeral. Horn~Ner tihall prum~tly pay Hhcn duc thc principal of aiiJ intcrest un the
indebtcdncu evidcnccJ by thc Notc, prepaymcnt anJ la~r chargc~ :~t pruvi~led in thc Notc, and thc prinripsl of and intercst
on any Fulurc Adva~ces cecurcci b~~ th~s Mo~tgagc.
2. Rnads tor Taxa and Insunace. Subjcct to applicable law ~~r ta a wrilte~ waiver by I.cnder, f3orrowcr shall pay
to IxnJer on ~he d~y mamhly instaUments af principal anJ"interr~~ a~c payable under the Notr, until the Note ic paid in full,
a sum Iherein "Funds") equal to une-twelfth ~~t th~ ~carl~~ taaec anJ a~cectimente which may auain pri~~rily over ~hit
Mortgage, anJ ground rents on the Pmperly, if a~~~, plu. ~mr-~NCI(~h i~f }•carly prcmium installmcntx for hazard imurance.
plus onc-~wclfth c~f ycarly premium in~t~llmrnts tor mungage insurancc, ~t any, all ati reas.~nably c~timatcd initially and trom
time to time by I.ender on thc hasiti ot a~ces~mcntc aaJ h~lh and r~a,unablc estimatcs thereof.
The FunJ~ shall he held in an institutiun thr deEx»ib or :,cr~~unts ~~t which are in~ured o~ guarantrcd by a rc~icral or
statc agcncy (includin~ Lender if I_cndcr i. wch an inui~ution)• t cndrr ~hall appl~~ thc Fundc to p:ry ~~iJ taxcs, a~ccssments,
insurance prcmiums and ground rent. t.cnder ma~• nM cha:gc for ~~. hulJin~ :~nd applying thc I~unJs, analy~ri~g ~aiJ account,
or ~•erif}~ing and compding tiaid asscti~mcnts :~nd bitls, unlccc I.cnJcr pat~ tiorrow~cr intcrrst .~n the Funds and :~pplicable law
pcrmits I.cnder tu makc such a chargc. Hurrow~r and I.cndcr may aFrec in wnung at thc timr ot cxccution a[ this
Mortgage that interes~ ~-n ~he Funds .h~ll he paiJ to Borruwer, ~nd unle.s ~uch ag~rrmrn~ i, made ~u applicable law
reyuires such interest ta he ~aid. l.ender .hall not he reyu~rrd a+ pa~• HurraW er an}• interett or earnings on the rund~. Lender
shall givc M Borrower, ~+ithout chargc. ~n a~~nua! accuunting of thr f=iu~J~ showi~~g credils an~l dcbits tu 1hC FunJs and thc
purpose for which each debit to the i~undti w:a maJe. "The !•und~ are p1~~lgrJ a~ ad~litiunal s~k:urit~• tor the sumti ~ecured
hy thi~ ~fortgage.
If the amoum ~~f Ihe F~:nds held b}~ Lender, tuge~hcr with thc tuture munthly ~ml~llm~nt~ ~•f Fun~l. payablc pnor to
thc duc datcs of iaxcs, ac~cssmcnts, insuranrc premium. an~l gmund rents, sh•rll cxccrd thc amount rcyuircd to pa}• said t~~cs,
assessmentti. insurance prcmiumc and ground rent. :,ti thr~ (:~II d~!r. ,urh rrrc.ti ~hall be, at BOffON'Cf's opi~on, cither
promptly rcpaid to Borrower or crrdhcd tu Brrmwer un monthly imtallmcntc ~~f f=~md~. If thc amount ~•f thc Funds
held by LenJer shall not be sufTicient to pay ~axes, accr,timrnts, imurance prcm~um~ ~nd gmund rents as ~hcy fall due,
Borrower shall nay to Lender any am~~unt neces~ary t~- make up the deticirncy w•i~hin 30 da~~ from Ihe date notice i+ mailed
5y I.endcr to Borrow•er reyuesting paymcnt thcrcof.
Upon payment in full of all sums secured by th~ti ~t~~ngagr. 1 endrr ,hall promplly reluml ~i~ HorruHC~ any FunJs
held hy I.cndcr. It under parag~aph It; hcreol ~hr Pru~rt~~ i~ tiold ~~r thr Nru~+cn~ IS plFllfW1\l' acqu~red b}• 1 cndcr, I.cndcr
shall apply, no latcr than ~mmcdiatrl~ pri~~r tu thc tak ~~I 1h~ Pro~xrt} ur ils aryuisition hy LcnJcr. any f~undc hclJ by
Lender :~t ~he t~me of application as ~ crrJit :~gain~t Ihe sum, xcured b~• th~c 1~1or1gage.
3. Applicalion of PaymeMs. Unle« applirahlr law pro~•i~les otherw•iu. a!I payment~ received by t.ender undcr the
Notc and paragraphti 1 and 2 hcrcc~f tih~ll t-r applicd h~~ Lrndrr fir~~ in pay~ment uf amuums pa~:tblc tu Lr„dcr by $orrowcr
undcr parag~aph 2 hcreof, then to intrrc~t payaMr ~~n shc tiu~r, thrn ~u th~ principal of thc Notc, an~l th~n to intcrest and
principal ~~n any f~uture Ad~•anccs.
~t. CharRes: I-KI15. Hl~f(OKCf \II:III F1:1}' dll t.~~«; a..r~.mcnts and u~hrr rhar~;r,. fine. :~n~l ~m~x,~iti~,n~ annbutable to
the Properi~• which may attain a pr~urit~~ ~,ver ~hi. ~1or~gage. :~nd Ica`rhold payment+ or ground rentc, i[ any. in the manner
providcd unJcr paragraph 2 hcreo( or. ~( nc~t pa~d in tiuch mannrr, b~ Borrowcr making paymcnt. whcn duc. d~rec0y to thc
payec thcrcof. Borrower shall promptl}• (urnitih to I.enJer all noticec of amount~ duc undcr thi~ paragraph, and in she event
BorroHer shall make payment directl~. Bi~rru~rr ~hall prumptly iurni,h t~~ Lender re~eip~~ ev~drncmg such paymentti.
Borrowcr shall promp~l}~ diuh:~rgr an}• i~~_n NF111I1 FI:IS pni~nt~• ~~~•rr thi~ Alortga~c: pr.~vided. ~h:,t B~xruw~cr tihall not bc
reqwrcd tu d~xhargc an)• such licn ~o long es B~,rruKrr tih.~ll agrcc in wnt~ng Iu thc p•r~mcnt ol thc ~~bliga~iun securcd b}.
wch lien in a manner acreptable to Lender, ur .hall in g~MKI (ai~h r~~ntr.i wch lirn h~, or ~efen~l cnforcemcm uf such lien in,
lega) proccrding~ w~hich aEx:ra[e to pre~•ent the eniar~emen~ ot thr lirn ~~r forl~~ture e~f tfie Propert}' ur :~ny part Iherc~~f_
S. Hazard Inwraoce. Hurrowcr tihall lrep the impn~~rmcnt~ now r~i,~~ng ~~r hrrca(tcr crrcicJ on the Pr.~~~ty ~ntured
against lo~ti h~• fire. hazard~ includcd ~i~hm thc term "r~tenJc~f cuvcragr", an~l such other hazard~ a~ I.endrr may rcyuuc
~n~l m such antounts and for such periuel~ a~ Lender m~y~ rcyuire: pru~ide~l, that LcnJcr ,hali nut reyuire tt-at the ~muunt af
wch coveragr exceed that amuunt af rrn~rag~ rcyuirrd to pa} th~ tium~ ucured M` Ih~s ~lortgage.
The insurance carrier providing tlx: iasuranrc ~hall be rhu.cn b~~ B~~rruwer ~ubject to appruval hy Len~+.er, pro~ided.
that such appro~•al shall not tx: unreasonahl}• withhcld_ Al) prcmium~ on insurancc ~licics ~hall Fn paid ~n thc manner
pravided under paragraph 2 hereof or, d not paid in such manner, by B~~rrower makmg payment, when due, directly to the
~nsurance carrier. •
Ail insurancc ~licicti and renr~~k thcrr~~t ~hall Fx in form .+r~r~*t,~hlr tu LcnJcr ;~nd shall ~nrludc a~taaJ:~rd mortgagc
clause ~n f~~•or of and in form acieptable a~ Lender. Lrnder ~h.~!1 havr Ihe right ti~ h~~W the pulirieti anJ rene~~alt therrof,
and BarroNer ahall promptl~~ furnish ~o Lcndcr all rcncwal nuureti and :~II rccr~pls of paid prcmium.. In th~ c~~cnt of lou.
Borruw•er tihall gi~e pmmpt notice ~o the ~nrur:~ncr cernrr and t e:~~cr. I en~lcr me~ m~Ae pro.~l of loss ~f n~~t made promptly
b} Borruwcr.
Unless t_ender and Borruwcr ahcrN„~ agrec in wnUng, imurancc pnkcrd~ shall be applicd t~• re~tiuation ~~r repair of
thc Pro;r:rty ~amagcJ, prov~dcd wch re~lc-ratu,n or repair n cc~~n~~mic.~ll}' trasibl~ and thc u:curity of thiti Mortgegc ~s
not thereby irnpa~rcd. If surh re+IoraU~m or rcpair is n~~[ c.~~n~anic~lh fc.~~ihlc or if Ihe sc~ur~ty of this Mortgage w~~~uld
be impaired. the insurance proceeds .hall be applied to the wmti tiecureJ h~• ~h~s ~te-rtgage. w~th the excecs, if any, paid
to Bc~rruwer. If the Pmpert~ is ahand~•ned h} Burmwer, or ~i i3~rn~N•er fail~ t~~ re~pcmd t~ 1 cnder within 30 day~ fmm thc
date nolice ~~ m:uled b~ Lendrr to Borruwrr that the insurance ~:uner utfen to ietlle a claim for imurance benefih, Lender
i~ aWhunzed a~ cotlect and appl} the in~ur~ncc proceeds ~t I.ender'~ uption e~ther to restura~ion ur repair o( thr Property
ur to thc wm> >ccurcd by this Mortgagc.
Unlest Lendcr and Burru~-er otherwi,r agree in Hr~Ung. an~ ~urh applicaiian uf pnn:cedti ta pnncipal ~hall not evend
or pustpi~nc tbc duc d:~tc of thc mun~hl~ in~tallmrnt~ rcfcrrcd t~~ in par:~graph~ I and 2 hcreo( or changc ihe amount ~~f
such installments. !f under paragr•rph 18 hereof ~he Pru~rt~ a acywreJ h~ I.ender, ali nght, tide anJ interest of 13orrower
in and to an~• in~urance policies and in and to the pro.;rcd+ thereot re~ulting trom damage to the Propeny prior to thc sale
or acyuisrtiun ~h~ll pass to Lcnder to thc e.~tent ~~f thc wmti securrd by thi~ ,fortgegc ~n~mediatc{y prior ta ~uch sale or
acquisition.
6. Presenalion and ~tainfen~nce of Prupert~; I,eatirhold~; ('ondominiumc; Pl~nned l~'nit Ih~~elopments. Rorrow•cr
tihall keep thc Properry in goud repair and shall not cummit K;tSII ur permit impairment or de~eriorat~on of the Property
and shall rnmply with thc provisions of any lease i( ~hi~ `lurtgagr ~~ ~~n ~ kaschuld. If this M~xtgage is on a unit in a.
cor.dominium nr a pianned umt de~~elopment. Borr~~wer ,hall perform all o! Borrower's obbgations under ~he declaration
or covenants crertmg or guverning the c~~nJumm~um or planncd un~~ dcvelopment, the by-laws and rcgulatiun~ of the
conJominium or planned unit developnient, end contitituent docamenls. I( a condominium or plsnned un~t devclopment
r~~er is execu~ed by BorruK•er •rnJ recorded tuge~her w~th thn 111~~rtgage. the covenants and agreements ~~f wch r~der
shall be incorporated into and shall amend anJ ~upplement the co~enams and agreements of th~c Mortgage 8S if the rider
W ere a part hereof.
7. Proteclion of I,ender's Security. I( Borrow•er (~ils to per(~~rm the covenants anJ agreements c~~ntained in thic
Mortgage, or i( any :~.t~on nr proceeding i~ cummenced ~h~ch matcrially aRects I.enJer's interest in the Property.
includmg, but n~~t limrted to.,~minent dom:+in, mcolvency, ccxle enforcement, or arrangements or prcueedings involving a
bankrupt or deceJent, then l.ender at t_enJer's oplicrn, upon notice to Borrower, may r.~ake such appearance~, disburse such
sums and take such action as is necessary to prMect I_ender's interest. irxluding, but not limhed to, d~sbursement o(
reasonable attomey's fccs and entry upon ~hc Property to make rc~airc. (t I.cnder rcyuireJ mortgagc inwrance as a
condi~ion of making the loan cecured by ~hia M~~ngage. Borruwer shxll pay the premiums required to maintain such
i,uurance in eBect unlil such time as the reyuirement for such msurance terminates ~n ~ccordance with Borrower s and
; t,~349 Pa~Fszzs
~ 9omc •
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