HomeMy WebLinkAbout2140UN~F~-RAt ('ovfh~NTS. &~rfow~l~ and l.enJrr ru~~enan~ a~~d agrre a~ tuUaws:
1. Pavmenf of P~incipal aad Interesl. N~~-ruv-•e- sh~li p~ump~ly pay ~hen Juc thc principal of ;,nJ mtcrrst ua ~he
inJebtedncu e~ ~denccd hy the Nutc, prcpayment anJ late chargc. a. pr.~viJrd ~n ~he Nae, and thc principal of and mtercst
on any Future Adva~cc~ cccurcJ by ih~c Mortgage.
2. Funds for Taaes and Insur~nce. Subject lo applicabie law or to a written warver by l.ender, Bortower chall pay
to t.~nder on thc da~• monthly inc~allments ot prinripal and ~ntcreu arr payabie unJcr ~he Note, until the Note is paid in tull,
a sum (herein "~unds"1 equai to une-tM•elfth a( the yearly ta+eec and accescmente wh;ch may at~ain priority ove~ thic
I~lortgagc, aml gruund rents on the Pmperty, if a~y, plus•one-tN~eltth ~~f yca~ly premium installmcMS (or hazard insurance,
plus ooe--welfth of yearly premium installments (ar mortgage insurance, if any, all ac reas~~nably e~timated initially anJ trom
time to timc by I_ender on thc hasi~ o( a.sessmcnts a~d bills ;~nd reatiunahtc estimates thcreaf.
'iT~e Funds shall he held in an inctitution the dep~~sit~ or areounts of which are inwred a~ FCUaranteed hy a Federal or
state aRency liocluding Lender if Lender is su~h an ins~itutionl. LenJe~ ahal! apply the ~unds to pa}~ ~aid ~axes, assessments.
insurance premiums and ground rents. Lender may not charge tor ~a h~lding and applying the Fund., an-rlyzing said acrnunt,
or veritying and rnmpiling said assetsments and hitls, unlcss I.enJer ~}•s Borrower interest an the Funds and applicablc I;~v-
permits t.ender t~i make such a chargc. Rnrrower and l.ender ma}~ agree in writing at the time of rxecwiun ot this
tilortgage thal interest on Ihe Fu~ds shall hc paid to Borrrwer, an~i unle~s such agrecmen~ is ma:1e or applicable law
reyuires surh interest to be paid. t_cnde~ chall not hc reyuired to pay Rorrowe~ ana~ interest or earning~ on tho Funds. I.cnder
shali give to Borrowor, without charge, an annual acrounting ot the FunJ~ showing credits and Jebits to the Funds :~nd the
purpose tor which each Jebit to ihe F~unds was ma~ir. The Fund. arc pl~~ig~Y1 as addrti~~nal securit}• for ~he sum~ secured
by this Mortgage.
1f the amount of the Funds held by l.ender, togethcr with thc futurc monthty inctallmcnts af Fe~nds payable prior to
the due dates of ta!ces, assessments, insurance premium. and gri~und renls, shall erceeci the amount reyuircd lo pay said taxes,
assessment., insurance premiumc and ground rent~ ae thrr (all dur, such erre~c th~ll he, :+t Borrow~er'~ opti~n, e~Iher
prompUy repaid to Borrower or crcdi~ed to Borrower on m~~mhly inc~allmcntc of Fund~. If thc amuunt of thc Funds
held by Lender ~hall not be suff'icient to pay ta~es, asscssmrnt., insiuancc premiumc anJ ground ren~ti as ~hcy fall due,
8orrower shall pay ta !_enJe~ any amount nece~sary u~ make up thr ~et'icirnry within 30 day~ from ~he date notice i~ ma~led
by Lender to Borrower rcyuesting payment ~hereot.
Upon payment in full of all sums secured b~• thi~ Mongage. I.endc~ sha0 promptly refund to B~~rrou•er an}~ Funds
held by LcnJer. If unde~ paragraph Itt hercuf thc Propeny +~ .ald or the Prupcrty !s otherwite acq~nrcd by 1 rndcr, I_cndcr
shal) apply, no later than immedia~cly prior to the ~ale of Ihe Propen}• or its •rcquisihon by l.ender, any Fundc held by
Lender at the time o( application as a c:edi~ aga~nst the sum. cecured by this Martgage.
3. Applicaiion of Paymeats. Unless applicahle law provides otherwite, •rll payments received b~~ Lender un~ter the
Note and paragrapht 1 and 2 hereo! shall be appl~ed hy I.ender fint ~n payment ~~f am~~iints pa~~ahlc t~, I.cn~ler by Borrower
unekr paragraph 2 heaeof, ~hen to interest payablc on the tiutc, lhen to thc principal of the Notc, and thcn to intcreat and
pnncipal on any Future Advances.
4. Charges; Lkas. Borrawer tihall pay ~11 ~a~c~, a,ks~mrnts a~J ~~ther chargec. finet anJ ~mM~`itiuns :~ttnbutable to
the Property which may attain a priority over this Mor~gagc. and leasehold pryments or grouad rents, if any, in the manner
provided under paragraph 2 he~eof or, if not paid in such manner, hy Borrower m:+king payment, when due. Jirectly to the
payee thcrcof. Borrower sholl promptly furn~sh to l.enJer all not~ce~ of amounts duc under this paragraph, and in the event
Borrow~er shrll make payment direc~ly, Borroaer .h~ll prompUy furni~h to I.ender rereip~t rvidencing such payments.
Borrower shall promptl~ dis~;harge any licn Nhich h~s prior~ty ~~ver this Mortgagc; proviJcd, that Borrowcr chall not be
required Io discharge any such lien so long as Bi~rro~~er shall agree in writing Io ~he pa~•ment of the obliga~iun sec:ired b~•
such lien in a manner acceptable to Lender, or thall in g~xl (aith rontc.~ surh lien by, or JefenJ cnforcement of such lien in,
legal proceeding~ whieh operate to prevent the cnfurcement o( the iien or forfeiturr of the Property or an}~ part thereof_
S. Hazard Insurance. t3orrow•er shall i~eep the impro~•en:entti noµ eii~ting or hereafter errc~ed on the Pruperty ~mured
against loss by fire, hazards inrludcd within the term "e~~cndcd covcrage", and such other hazards a~ I.cndcr ma~• reyuire
and in such amounts and for such periods ac 1_ender may reyuire; pn-vided, ~hat Lender ~hall not re~{uire that the am~~unt of
such coverage exceed that amount of coverage reqwred to pay the wm. ~erured by this iiortgage.
"Ihe insurance carrier providing the insurance shaN be chocen by Borrow~er subject to approval by l.ender, provided,
that sueh approval shall not be unreasonahly withheld. All prrmuimti on insurance palicies shall be paid ~n ttx: manner
provided under paragraph 2 hereoF or, ~f not paid m such manner, by Borrower making payment, w~hen due, direcdp to the
insurance carrier.
Ali insurance policiet and reneKals thereof sha!! be in form .errrp~.~blr to LenJrr and shall include a ~tandard mortgage
clause in favor of and in fo~m acceptable to l_ender. Lender ,h.~ll ha.e the nght a~ hold the policies and renewal~ thereof.
and Borrow~er shall promptly furnish to l.endcr aU renewal not~cet anJ all receipts of paid premium~. In the e.~~nt of lost.
Borrower shali give prompt notice to the in~urance carricr and 1_ender. 1_endrr may m:~ke prcx~i of loss if not made promptl~
by Borrower_
Unless I.ender and Borrow~er otherwiu agree in Hrit~ng, imurance pnxeeJ~ shall bc applied to re~toration ~~r repair o(
the Property damageJ, prov~~ed such resturat~~~n or repair ~s ec~ax~micall}~ feas~blr and she ~ecority of this Mortgage ~~
not thereby impaued. If cuch re~toration or repair is n~Tt rcun~~mic:,Ht~ fratiihle or ~f thc secun~}• of this I~l~rtg:+ge would
be impaired, the msurance pra:eeds shall be applieJ t~~ the wms ucured b}~ ~his Mongage. w~th the exce~s,~ if ~n}', paid
to Borr~~wer. If thc Propert~ is abandoned hy Borrow~cr, or +t Borrovver (a:h t~~ resFx~nit to Lcndcr wrth~n 3U da}~+ trom thc
date noticc ~s mailed b~ Lenderta Borrower that ~hr insurancr carner ofTen to sente a claim for ~nsurance benefits, I.ender
ia authorized to collect and apply the insurance procecd~ at I.cnJer's uphvn either to restora~ion ar repair of the Pro~ert)
or to !he sums ~ecureJ by this Mortgage. ' •
Unlest I_ender and Burrower ~therwi~e agree ~n .-nting. an~ se~ch ~pplication ~~f pn.ceeds to pnncipal .h:+ll not e~tehd
or pustpone ~he due date of the momhh~ imtallmemc r~ferred t~~ in paragraph~ f anJ 2 hereuf or change thc amuunt o(
sucfi installment~. If under paragraph 18 hereof the Propert} is acyuued h~ Ixnder. ali nght, dtlc and interest ot Rorr~•wer
in and ~o any insur~nce policies and in anJ to thc proceeds thereot resulting from damage to the Praper~y prior to thc sale
or acywsition shall pass to Lender to thc e~tent of the sum~ xcured b~ thi~ ~t~~rtg~ge immediatel}~ prior tu .uch sale or
acquisition, ,
6. presenalion aud ~taintenance of Property; I.eaceholds; ('ondominiums; Planned l:nit Ue~•elopments. BorroHCr
shall keep ihe Propeny in gocxf repair and shall not commit v-astc ~~r permit impa~rment or Jeterioration oE the Propcrt~•
and shall comply with the provis~ons ot any iease i( thi+ ~ti~rtgagr ~ti i~n a Iraschi~W. li thi~ !~tortgagr is i~n a unn in a
condpminwm or a planncd un~t dcvclopmcn~, Borruwcr .half ~xrf~~rm ail ~~( Borrower's c~htigat~ons iu~dcr thc dcclarahrn
or covenants creating or govermng thc condomimum ur planned un~t ~dcrel~~pment. Ihe by-laws and rcgulaUom ~~f thc
conJominium or planned unit development, and comtituent .i.kumrnt~. I( a c~~ndominium or planned un~~ Je.elr{~ment
nJer ~s etiecuted by Borrower ~nd recarded together with thi~ A1~~rtgage, the rn~~enants and agreemrnt. ~~f wrh nder
shall be incorporated into and shall amend anJ supplcment the co~cn:~nt~ and agreements of th~c Mortgage ac 1f thc ri~ier
were a part hereof.
7. Prolection of I,ender's Security. It Rorrower fa~l~ t~. ~xr(orm the rnvenams and agreements c«ntamed in thic
Mor~gage, or if any action or proceedmg i~ commeneed ~hich matrrialh afTect~ Lender's intereu` id ~he Pn.Fiert~,
including. but nM fim~ted to. eminent domain, insoh~enc~. r~~cie enf~•rcement, ~.r arrangements ~r pruceedings invohing a
bankrupt or decedenl, then 1_ender at I.enJer'+ optron, uEx~n n~a~ce ~~~ H~-rower. mati make such appearance~. diynurse ~uch
sums and take such aclion ac ~s nece«ar~~ to pmtect I.ender'c interesL ~ncluJing. but not lim~ted to. dicbursement ~.f
reasonahle at~orney's fees and entry upon the Proper~y~ tc~ make repairs. If I.ender reyuired mortgage in.urance as .i
cond~tion of making the loan secured b~• Ihis ~1~~rtgage. B~~rr~~wrr shall pay thc premiumx requireJ ta mainta~n .reuh
~nsurance in etTtct until such t~me as the reyuirement for surh, ~ncuranre terminates ~n accordance K•ith Bormw~er's and
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