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HomeMy WebLinkAbout1848UNIFORM ~'ovtN~~rs. Borrowcr anJ t_enJ~r a~ven.~nt an~ aK~~•c as foUuws: 1. Paymrnt of P~inclpal :ad loterest. li~~rroN•~r ~hal) prumptl~• pay ~~hcn Juc ~hc principal uf anJ intcrest on thc inJebtcdncss c~•idencc.l hy Ihc Nw~, p~cp~ymcnt •r~J late chargc. a. pro~•iJed in Ihc Natc, and the principal uf and intcrest on a~y Futurc Adva~ccc sccured by ihix Mortgagc. 2. Funds for Taxes and Ir~surance. Subject to applicable IaH or tu a wrilten waiver hy L~ndcr, Borrawcr shall pay to l.cnder on the day monthly imtallmcntc of princip:~l and intrrc.~ arr payahlc under the No1e, until thc Notc ic paid in full, a sum (hercin "Funds") cqual t~~ unc-t~~•clith ot thc y~arly tar~+ ai:~l ascrc~mcntc which m~~~ auain priority ovcr this Martgage, an~l gn~und renta un Ihe Pmpeny, if an}~. pluc ~me-twelfth uf yrarly premium i~~ltallments for harard imu~ance, plus onatwrlfth af ycarly prcmium inctallmcntc tor mortgagc insurancc, if any, all as r~asunably e~timatc~ initially and irom timc to timc hy Lender on thc br,i~ of ass~s~m~nt~ anJ hill~ anJ rrasonablc ectimates thereot. The Funds shall he hrl.l in an instituticm thc de{x~~ih or .ircuunt~ ~~t which arc imur~d or ~uarantcrd h~ a Federal or .tatc agcnc) 1 including l.cndcr if 1 rnJcr i~ ~uch an in+titulion -. 1 cnd~r ~hall :~pply thc I=unda to pa~ ,:-iJ Ia~c:, assrssments, in~urancc premiums anJ ground rrnh. I.cndcr ma; not chaigc t~,r,~, holding :~nd applying Ihc 1=un~l~. anal~iing ~aid account, or verifying and cunipiling.aiJ a„r.,mcn~s and hilh, unlcas I.~ndcr pays Rorruwrr iMcrrst ~,n thc F~unJ, :ind applicablc 1aw• pennite LenJer tu makc .tkh a charg~. Bc~rrower •rnd 1_rn~ler may :igrec ~n writing at the time uf execution of this ~tortgagc that intcrrst un thc Fun~s .hall Ix p:~id tu BorruHrr, anJ unlc,s such agrecmcnt i~ madc or applicablc laW rcyuires such interest t~~ hc ~aid, I.rndcr ,hall n~-t tx rryuirrd tu pa~• B~~rrc~wcr :~ny intcrest or carning~ on thc i=unds. I.cndcr .hall givc to Borrowcr, without char~c. an annuaf arc~~ui~ting of thr f'unJ~ ,h~,w~ing c~cdits and Jehit~ to thr Funds and thc purposc (or which rach dcbit t.- Ihc I~unJ, wa~ maJr. ~fh~ I unds :ir~ pledgrJ a~ :~ddition:,l sccurit~ f~,r thc sumti securcd by this ~fortgagc. - 1f the amaum of the Funds held h)~ (.~n~er, tugc~her ~~ith ~h~ futurr mumhly in~tallment~ of Fun.l. payabl~ pni~r to ~hc due dates of taxcs, asscssmcnts, insurancr prcmium~ ;~n~l ~n.und rcnts, shall c~~c~J thc amount rcyuircd tc~ pa)~ ~aid taxes, assessmcnh, msuranrc prcmium. anJ gruund rent, ati ~hr} lall duc. ~nch r~rc.s ,h:dl hc. at B~,rruHCr'~ c~ptiun, cithcr promptl~• rcpaid to BorroHer or credncd tu Bnrru~~cr .~u nu~n~hl~~ imtallmcnt, of FunJ.. If thr amoum c~f thc Funds held h~• LrnJ~r ,hall nut be suflicieM to pay ta~cs, as~c~~mrnt~, imunuicr prer_uum~ aml kround rentc as they fall due, Borrowrr shall p~)' to l_cndcr am am~~unt ncrc~,an t„ makc up thr drti.icn~~~ with~n ?f) da~~. (rom thc datc nc~ticc is mailcJ by Lender to Burrower reyucsting pa~•n~rnt ther~ul. ' Upon payment in ftdl ~~f all sum~ srcured b~ thi. lfurtgagr. Lrndrr ~hall p~~~mptl~• retund to Borro~cr ant• Funds hcld by Len.l~r. 1( under paragraph I~ hercol the Prop~rt~ i~ .rld ~~r th~ Prupcrl~ i. ulhen~iu :icyuircd bp Lendcr, Lrnder shall :-pply. no L~t~r th:~n immediatch prior to ~he .ale ~,F th~ Prur~m ur its aryuisiUon hc I.cndcr, am' f~unds held bp Len~irr al thc tenu ut applir.~tion as a crcJit aga~n,t Ihr sum, .ccure~l b~• thn ~lortgagr. 3. Application of !'~ymeMs. Unlr,s aprli~ablc la.v prn~i~ks othcn~i.r. all pe~m~ntti rc:ri~rd b~• I.cndcr undcr thc `u~r :~nd par,~~;raph, I and 2 hrre~~l ~hall tk appli~d by I.endrr fin~ in pa~~mcnt uf .im~,unis pa~:+Mc to I rndcr h~ Borro«cr undrr ~~:.ragra~h ? hcrcut, tlien to ~m~rc,t p~y~ablr on Ihc \otr. ti~rn t~~ thi principal u! th~ Not.. :~n~i thrn t~~ intcrest and +~nn:-~pa! un any Fut~ire Ad~ancc.. J. ('h•rrKes, Licns. Bi~rruwrr .h.~ll pay all t:,~e., .~„c~~mcnt~ :~u~1 ~~thrr rh.~r~r.. finr. .+r.J ~inp~,.iu„~i. :,ttnhutahle ti~ the Pru~:tm~ ~~hi:h ma~• att:~in a rn~,ri~y o~~cr ~hu \fortgagc. and Ica~chotd p:-ymcnt, ~,r ground ~~•nt., if :im~, in thc manncr rro~~i~l-_.; un~l~r ~r,r_~c~:~ph ? hc.cot c,r. ~f nui pa~J in tiuch ni:~nncr, h~ B~~rmH•cr m.~king pa~•mcm. ~~ncn ~lu~. Jimctly to th~ pa)'ec• thcreul. Run~~.~er si„~II prumpt:} furni,h to Lender :~II n~~ticr. ~t amount~ duc undcr Uuti paragr.tph. and in thc e~•ent Brnr.~~~rr lhall n~:ikr p~~m~nt ~Lm~tf~. Hnrn~W~r ~hall ~romp~i~ t~irni,h ti~ I.rn~lcr re«i~t, r•.iJrn~~ng such p.~)~m~nts_ li.>nu:~cr ~hall pr~~m~+tl~' di,rharyr an}' licn ~~hich has pri!~nty „~cr thiti J1~,rtgagc: rm~~~l~~. 1h,~I Hi~rr.~w~r tih.~ll n~~t fx reyu~red iu di~char,c .ui~ •u~h lirn tiu long .~s B~,rruH~r ~hal! :~crrr in ..ntmg tc, thc ~•.~~mrnt .,t thr ~•hhg:~ti,~n ,~rurrd b~• .uch l~en :n a~zi.+nn~r ac.:~~~table t~~ 1~nJer. i~r ~hall +n ~,,N~J i:~ith contr.t w~h lirn h~. ~~r ~iefen~f rnf~,rc~mrnt ~~t tiu~h licn ~n, ie~:~l prr: _~_dine. u nicti u~xr.~tc t~~ prcv~nt thr cnl,,ncmrm ol thr Ircn ~~r fortcitur~ ol thc Pr~~Exr1)~ ur :iny E~art thrre~~f. S. Hatard In:iu:~nrc. k~,rroHrr ,hall I.rcr Ih~ nn~n~~rm~nt. n~;~. r:~,ting ~~r hrre:~t~~r rsr~t~J ~~n ih~ Pr~,~.~ri~• intiurcd .~gaiqst 1~,.',~ tirr. h,,za:.l~ in:lu~l~d Hith:n Ihc I~rm "c~tcndc~l i~~<<•r.iir". an~) .:~.h i~~hcr h:vard~ .~~ 1 rndrr ~n:~~ r~yu~rc an~i i~: ~u~h .un~~!tnc, en~! !rr ~urh ~n•riuJr a, I.cndcr m.~~~ rrywrr: pn,~~dr~t. t~iat I cn.I~r .Icill n~~t rcyuirr th,~t thc ani~~unt uf ,u~h iut•ir:is~c ~~~cr~l ttl:tt amt~unt uf ~~~v~rag~ ~~yuir~d 1~~ pa) Ihr ~cmt~ .rrurcd h~~ thi~ \1orl~.~g~. ~l~hc ~nxiran.c :nrncr providin~ thc imur:sn.c ~hall -x~ ~h~~•rn~h~• Ku~r~.~~rr ~ubject t~~ apprc-~al h~ 1 en~icr, pro~•ided. thec ~u~h a~i,r.,~:,' '~..~ll n~~t hc unrca,un:+hlr u•ithh~ld. :lll prrmium, un in~ur:inc~ p~~tic~cs ,hall 1xn ~:~i~i ~n the m:,nner ;~i •~•i~rd irn~l~r p. rc~,~r..nh 2 hc~rn( or. it nut pai.i in ,uci: m~nner. h~ B~,rro«er mai:~n~ paymcnt. whcn .i~r~. ,i~re::t1~• to the in,ur.~ncc ..~rr:cr_ . :111 ~n~ur:~n~< <,~~I,.~r, :.~i~i icn~:~ ei. thtic,~t ~h:~il !~. in furm .c~:cr;~~.~bl~ tu 1 en:irr .~nit •h.~lt ~n.hiJr a ~t.+n~l.~~d morlc.~~c .lauu ~ri f.,~„r ~~f ar.d i;~ f~•rm .~..c~'~~h;c t~~ Lcnd~r. I~n~r; .h.~ll h.~~r tnr riglit S~~ huld thr ~~~~I~:i~ti .~;ul ~rnr~~al~ thrrr„!. .~nd B~~rr~~«rr ,hal! pn~nipth furn.;h to LcnJrr all rrnr.~.t[ n.,urcti an.l all rcccipts ot peid prcmium•. In ~hc c.~rn~ ot lo... li~~rr.~.-er .h::ll ~:~e prrntpt ~~ouc~ u~ thc inwr.en.~ . arnrr .in~ I.rn~lrr. I.cn.lrr m.i} mal~e prn.~t ~~1 li~~.s ~t n;~t iu.~d~ prumpth• h~ t3urru~tir:. t'nl.:s~ I.en~irr and Sc~:~~~H~r .~th~rHi,~ ~~krrr in ~.ntin~. in,ur,u!:r pr~~rrr~l~ shall tx applicd t~ rc.t~~cation .,r repair ~f the Prvpertc ~la~n.~ge~l. . rr::~ie.i .u.h ri,?uratu~ri ar repair z+ ecunumi: ~Ih tcatiihlr and the tie~urit~`~r~f Ihi. 11ort~:~ge is rn t therehc in~pa~red. I( ~uch ~e~tr~:~~~~~r rr rrpair r, n~~t r..~m~m~~ali~ Irati~hl~ rr if the secuntti of th~. ~t~~rtg:,g~ ~+•oidd. hc ~mpa~r~~. thc insuranct pr_xee.l~ .h~N tk appiieJ io ~hr wnn .«~ue~f b~ th~s :~~OiIK7Lt. KIIFI the erce.s. if an~~. pa~d ~~~ Burruwrr. U t'tt~ Pn~~rt~ i, .~h,~~ui~~nrd h~ B~,rr ~wcr. ,~r ~t Hurn,~~cr fail~ t~, nnpi~nd !0 1:ndcr ~+•ithin 3U da}s fn,m thc .i;~te n~,ticc ~, m.~iled b~ L.:nder t~~ B~~r:.~wer th.,i the ~nsw.+~~~. rerr~~r ~~tien t+> >ettlNa claim fi~r :n~urancc tx~nefit~, I.cnder ,.,tithariie.i te~ c~~llect and appi) the imuranc~ pr~~c~r~ti .il I en.i~r'~ uptivn either tu r~~tor:~~ion ~~r repair of th~ Properl}' ~~~ to lhr ~uin, ti~~~urtd h) ~hi. ~lurtg~Kc Unlr~•. I vzUCr and l3i~cruwtr „Ih'~f'AIN' .~~~ci ~n Hritcng. nn~ ,u, h:~~+}~I~~:~!ion ~~f ~:~~~ac~~ Io prmcip:~l .h:+ll nol ~~tcnd ~•r puslponc thc ~lu~ ~1.,1~ uf ti~r m~~nthh irolallmcntti r~frrr~d t~- in p~rair.~phti t an~i '_ hcrr~~f or ch.ingc th~ ami~unt ~f w~h in,tall:nrr~h. 11 unJcr parag:~ph I:t hcre~~f thc 1'mFx;rt~ i, :~;.~uir~J h~ l.cndrr. .~II right. tidc and intcrest ot Borrowcr ~n and tu an•. -+i,ur.uuc pa;tcic~ .uid in :~nJ tc~ thc pr~,..~~J~ thcre~~t r.~tdtiag Ir~~m d:~rnagc t~ thr Pro~xrt~• prior tu th~ salc or .icy~i:.it~u:~ ,4ial~ pa~s t.~ Lcndcr ~r :hr c~tcnt ~~f thc ~um, ~eeur«I h~ th~. ~t.~rtgag~ immcdiatcl}~ prior to .uch s~lc or acywsiti<~n. 6. Prescnalion and ~taintcnencc of Propert~: I.caschuldti: ('~n~domini~nn.; Planned l-ni1 Ue~elopmc~ls. Bor~oNCr ~h~il kecp thr Pm~ert~~ in gcx~cf repair :~nd ~hall not ~ommi~ u.,tite ~~r ~ erm;t impairmrnt o~ deteriora~i~n of the Propert~• .uid sh~1~ ~ompl~ ~~ith thc pro~•i~wns of an}~ leasc il th„ ~tort~agr iti ~•:~ a Ieaschuld. IS thi, ~ti~rtgae. i~ un .~ ~~nrt in a .unvumimwn ~~r ., planncd unit de~r'~-pmcnt. Borruwcr ,ha!I ~xrl~~rm a~l ~~i 8orruwcr's ~~Fligau~~ns undcr the dcd~raUun .~r ~ovcnant~ rrr:~ting ~~r ~„vet~:ing ;h< i~~nd~•r.>>mum ur p{anned ~in~t de~•rl~~pnirnt. ~he b~•-laws and regulation~ of the ~un•'~,-:,in~um ~,c planne~l unit devc!~~pmem. .~nd :~mtititucn~ J~xuniYnt,. II a cond~,minium or planned unit de~elopmenl rnler !. r~c4_utcd bJ BorroHCr and re,.~rdc~l t~~gcther N::h thn Ai~~rtgage, the covcnantti :~nd agreements i~t <uch nder ~haii Fx ~n~orp~rnlcd into :~nd ~h~ll amcnci and wpplcnunt thc ~~~~cnant~ and agrccmcnts of th~s Mortgage as ~t` Ihc riJcr :.cre a ~.irt hcreof. 7. Proteclioa of t.enders >ecurity. 1( Bnrr~~wer (a:k ro p.•r~~~rm the covenan~s anJ agreements c~~ntained in this ~lortg~g~. or if any :~c~~~m ~~r pr~k~eding ic comn~_n~ed whi fi r:iaterially alTects I.ender's interect in the Propert~•, in~luJ.ng. bu' nut I~rn~teJ t.~. rminent dom~m. ~mol~enc~, code enf~~r~eme~H, or arr:~ngements or pruce~dinKs involvi~g a bau;~ •upt ur de~rd~n~. then I.enJer at I.ender'~ option, up~n n~~tice to Borrower, ma)~ make such appeuances, ciistwrse such sums ~nd i~ke sueh action as is neceticar~• t~. prrter~ Lender's interrct. incli~ding. fiut not limited to, disburxment o( reasonahle atrome}• ~ Ice~ anJ entry u~x+n the Prupert~ to makr re}~air,. 1! I.rnder reynired mort~age inwrance u a ~~~~~'ir~~~n ~~f mal.mg tt;r {uan a.arc.l h~ !hi~ A1~~r1ga~C. BnrruNCr shal) pay thc premiumti rcy;urc.l t~~ maintain such insuranrc in cfic:t urt~l tiuct~ limc a~ It-c rcy:i~rcmcnt 1ot ~u:h ~n~urancc tcrminatr, in :ucordancr K'1~f1 BOff~~N"CCS and ~,~~~9~ ~~~f~847 67'lX ~ ~ ~! ~ - -