HomeMy WebLinkAbout1094U~11i~UltM ~'u~tn~+~is. Borruwcr :~nJ l.~n~l~r ~u~cn;~n~ :ui~t :~gr« :~~ (~~Uc~N~:
1. Paynernt M Principa! aad lnterest. }i~~rruKCr sh;~U pr~~mptl~ pa~• whrn ~lue ;;:; ; ri: cipal o( and inlcrest ~~n ihc
indebtcdneu e~•idencc~l hy thr Notr. prepaymem an~i latr ch:~r~;r. a. pruvizled in ~he Note. and the principal ut and imereq
un any Futurc Advanccc ~ccureJ by thic Murtg.-gc.
2. Ruods for Taxes and Insurance. Subject ~o appli~able law or to a written wa~ver by Lender, B~,rruwer shall pay
tu i_rnJe~ uii ~h~ Jay mon~hly inst~Um~ntti ot pnncipal anJ in~crr,t are pa~~ahle und~r thc Note, unul the Note ~~ paid in full.
a sum Ihcrein "FunJs") ~qual to unc-iHrlfth ~~f Ihc y~arl~~ ta~~. ,uul a~~c~~m~m~ which may attain prioril~' ovcr Ihic
Mortgagc, and grc~und rents un thc Pn~pcrty, if :~n~•, plu~ un~-twrlhh ~~f ~rarly prrmium installm~nts for hazarJ in~urance,
plus one-tN•elfth of yearly premium instahmrnts (ur mortgage inwrancr, if any, all ai r~asunabl~• e+~imated initially~ aml from
~ime to time b~~ l.ender on the batii~ c-f a~~~s~ntrnt~ and hilh anv rra~on;,ble c~umatet thereof.
The Funds shall he held in an imtitution the dcEx~sit+ ur ~rc~~unts ul which are insured or guaranteed b~ a Federal or
state agenc}~ (including I_ender if Lend~r i~ wch ;in i~stitution-. Lcnder ~hall appl~~ Ihe FunJs t~ p:ty ~aic! Iaxe~, assessmentti,
insurancc premiuml a~J ground renh. Lcndcr ma~ ni~t chargc I~~r tiu h~~Wing and apply'ing thc f~und~, ana!}•iing said acc~unt,
or verifying and compiling ~aid asse~.ments and hill,, unles~ Lender pa~. Barmwer imerrst ~~n ~he Funds and applicable law
permits Lender to make such ,i chargc. l3urruw•~r and Lcnder ma}• agrre in N•riting at thc time o( rxc~u~~..;; of this
Mortgage thal interest on the Fund~ tih~ll he paid to BorruN•er, and unle~s iuch :~greement i~ made or applicable law
reyuires $ucti interest to he p~id, Lender shall ni~t tx rcyuireJ to ~~• Bc~rrowcr an~ intcrest or carnin~h on the Funds. I.ender
xhall gi~e to Borrower, without charge. :m ~nnual accuunhng ~~f Ihe f'un~~ tihowing credits and debits to the Funds and the
purpo~e For which eaeh debit tu the Fundx wa~ made. ~~he Fund~ ;ur pledged a~ aJditiunal ~ecurit~• fot the sumti ~ecurcJ
by thi, ~tortgage.
lf the amount of~the Funds held b}' I.cnilcr, togcthcr With tht future mon~ht~~ i~~tallmcn~s of Fumk pa~•ablc prior to
the due dates of taxes, as~essments, insurance premium, an~l kround rents, shaU c~cecd the :,mount rcyuircd to pa} said taxes,
asseasme~tc, insurance premiums and ground rents a. th~~ la!1 due, ~iirh exratis ~hall be, a~ i3urrower'c option, either
promplly repaid to Borrower or ~rcdited to Horro~-er on monihlp in~tallmcnts ~~f Fund.. If the amuum ~~f the Funds
held by l.endcr shall not be wfTicient to pay taxcs, assctismcnts, imur.~nc~ prcmium~ and ground rents as thcy fall due,
Borrowcc shall pay to Lcndcr an~• amount neccltiar~ ~o mak~~ up thc ~kfiricncy within i0 da~s from thc datc no~icc is mailcd
by Lender to Barrower reyuesting payment ~hereol.
Upon payment in full of all sums sccured by thi, M~~ngag~, I.cndrr shall promptly~ refund to Borrcn~er .~ny FunJs
held by I.ender. If under paragraph 18 hereof thr Propcrt~• i~ .~•Id <-r the Propcn~ ~s othenviu acywred b}• I,~nder, Len~ler
shall apply, no latcr than immcdiatcly prior tu thc ~alc ~~( thc Pro~rty ur its acquicition h~~ 1_rndcr, any Funds held by~
Lendcr at thc timc of appliration as a crcdit against thc sumti sccured b}' thiti Mortgagc.
3. Applicalion of Payments. Unle~s applicahie I~w• pruvi~es uthen~ise, all pay~ment~ received b~~ Lender under the
Notc and paragraphc 1 and 2 hereof shall b~ appl~eJ h)' I.ender firtil in p;~~ment u( smounts payablc ta Lcnder b~~ Bi~rrow~er
under paragraph 2 hereof, then to int~re,t p~yable on the '~otc, ~hrn t~~ thc princina! o( the Noh, and then tp interest and
principal on any Future Ad~ances.
4. CharRes; Liens. Borrower ~hall pa~~ all la~~ti, a~.cs.mrnts .~nd i~th~r chargrc, fine~ an~l im~xniti~~ns attributabie to
the Prop~rty which may attain a priority over this ~tor~gagc, and Ica~ehold payments ~,r ground rents, if any, in the manner
provided undrr paragraph 2 hereof or, i[ not paid in tiu~-h manner, bt Borr~-wer making payment, when due, Jirectly to the
payee thereof. Borrower shall promptly furnish to Len~ler all noticec of :~mounts duc ~mder this paragraph, and in the event
Borrow•e: sh;~ll make payment dire~th•, Borrower chall promptly furni+h tu Lender recei~nts evidencmg such pa~•ments.
Borrow~er shal! prompdy dixharge any ~ien ~.hicfi has pr~~srrt~• u~cr thi. Mortg~ge; provi~ed, that Borrower shall not bc
rcquired to discharge any such tien ~o long as BUffON'Cf .lIIIIII agree in H ritmg t~~ the pa~•ment of the obligatiun secured b~•
wch lien in a manner acceptable to Lender, or shall in g~x~d faith c~~nte~t such lien hy, or Jefend enforcement of such lien in,
legal proceedingti which operate to prevent the en(urrement of thr iicn ur furfeiturc of the Property ar any part thereof.
5. Hazard lasurance. Borrower sball kcep the impnn~ment~ nc~k r~icting ~~r hereaftcr crected on thc Pn~~xtty insured
against loss by firc, hazards included within the term °~~tendeJ a-~rragc". and such other hazards ac t.ender may reyuire
and in such amoimts and for such periods :~~ Lender may reyuirc: pru~~ideJ, ~h~t Lender ~hall not reyuire that the amount of
such rnverage exceed that amount of coverage rcywred ±~. pa~~ the ~~im~ .ecured h}~ this Mortgage.
Tne ~nsurance rarner prov~d~ng the insuranre shall be chosen b~• Borro~cr subject to appro:al by I_ender, provided.
that such approval shall not be unreasonahly withheld. All premiurr,. on insurance policies shall be paid in the manner
provided under paragraph 2 hereof or, ~f not paid in such manncr, hy~ B~~rroHer making- payment, when due, direc!ly to the
insurance carrier.
All insurance policieti anJ renewals therec~t thall Fk in form .~rcrri;~blr ti~ l.en~ler and shall incfude a stanJard mortgage
clause in favor c~f and in form accepiable a~ lxnder. Lcndrr ~h:-II h;~~r the righ, to huld the ~licies ~nd renewal~ theree~f.
and Borrow~er chall prompd~• furnish to l.ender aii ren~wal notice~ an~l all rccei~;ts of paid premium.. In ihe e~~ent of lo~s,
Borrower tihall gi~e pmmpt iiotic~ to the ~nauranrc rarner and Len~er. Len~ler ma~ makc pr~x~t o( loss if n~~t n~ade pmmptl~•
by Borrower_
Unless 1_en~er anJ Borruwer othrrwi.~ agr~e in Hriting, intiurance pnkerd~ sh:~ll be upplied to re~t~~ration c~r rep:+ir of
the Praperry ~iam~Red. pruvided such re~torauon or repair it eci~nomicall~• fratiible and the ucurity of th~s M~rigage is
not thereby impaired. If such restorat~nn or repair is nut cr<~n~~miralh• fcasihle ar ~'f the securitt~ of thic :1lortg:~ge w•ould
be impa~red. the insurarece proceeu~ shall be. applie~ t~~ the wms .ecured hy this Mortgage. Hhh the ex~ess, if :~ny, paid
to Borrower. If the Pr<~pert~ is ahand~ned h~ Borr~~wer, c~r ~t Borrnwer f~ih t~~ re~pc~nd to Lcnder within 30 days from the
date notice is mailed. b} l.ender to Borre~w•cr th~t the ir~sur~nce carrirr olien to ~etUe a claim for imurance benefits, I.ender
i~ c~uthorized to collect and apply the ~n~urance proceeds ~t I_rndcr'ti uph~~n e~thcr tu restoration or rcpair of thc Propert}~
ur to the sums aerured hy this Mortgage.
Unlest Lendrr and Borni~~cr atherv~i,r .~grce ~n HnUng, am such application i~f ~nxceds to princ~pal shall not extcnd
or pustponc thc duc date of ihc monthl~• inslallmcnts refcrrcd ti~ in paragraph~ I and 2 hcreof or changc thc amo!int oi
such installments. It under paragraph I8 hereof thc Pmpert} iti ~cyu~rcd b~ Lender, all r~ght, Iitle and interest of Bo:mw~er
in and to am intur~nce policies and in :,nJ ti~ thc pnxceJ~ thereof result~ng Iram damage to the Prapert~• prior to the tiale
or acyuisition ahall pass to Lender to thc e~tent of the ~ums x;cured by ti,i~ ~fortgagc imr.iediatei}• pnor to tuch sale or
acquisition.
6. Preser~alion aad ~taintenance oi Propert~: I.easeholds: ('ondominiumti; Planned Unit Ue~eiopments. Borrowcr
shall keep thc Property in goal repair and shall not commii Haste ur permit impairmcnt or detcrioration of the Property
and sh:~ll comply with the provisions o[ an}' lease if thiti 41~,r~gagc ~~ un a Iraschuld. If thic ~1c~rigagc is on :~ unit in a
condominium ~~r a planned un~t Je~~elopmcnt. Borre~wer .hc~ll perform aU <~f R~~rrovrer's ubl~gations under the declaration
ur covenants creating or g~~verning thc condomimum ur ~lannrd ~imt devel~~pment, the by-laws and regulation~ of the
conJ~minium or planned unit devel~-pment. :md comtitueM ~I~xument,. If a con~iuminium or planned unit ~Ie~~el~pmen:
nder iti executed by Borrowcr :+nd recorded tugether with this M~~r[gage. Ihe co~~enants and agreemenls ~~f such rider
shall hc incorporatcd into ~nJ tihall ~mcnd anif tupplrmrnt thc a~~cnants ancl agrcenzcnts of thi~ Mortgagc as it thc ridcr
~crc a part hereof.
7. Prolection of Lenders Security. If Bc~rr~«~e: faik t~~ ~rf~~rm the covenantti an~i ~greements cuntained in ~his
Mortgage, or if anp act~on ~~r proceeding iti cummence~l ~h~~h m:~tcriall•.• affrcts Lentier's interetit in the Praperty,
including. but n~~t limited to, eminent domain, in~c~l~•cn;~. cudc rn(~~rccmcn~, nr arranRemcnts ~~r pr~-ceedings invohing a
bankrup~ or decedent. then 1_ender at Lender's opui,n, u~,n nc~tice t~~ Borruw~er, mac m.~ke such ap~xarances, d~shurse tiuch
sums •rnd take such artiun a~ is neceti,arc ti~ pmtect Lender'ti ~meresL inclu~hne. hut n~~t limited to. dubursement o(
reasonahlc attorncy's f~cs ar.d cmry -~~~n thc Prupcrtc !<i makc rcpair~. I( Lcndcr reyuircd mortgagc insurancc a~ a
condition of making the loan secure~l b} thiti \1~~rtga~e. F3~+rr~~wrr shstl pa~• thc premiumc 'req~~~re+l t~ maintain such
insurance in elTect until such time ati the reyuiremens for .iich insuranre terminai~s in accordancc with Borrower's and
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