HomeMy WebLinkAbout1098Ucv~tc~xrt ('uvr~~~rs. Borruwcr :~nd 1 cnJrr ~~~~cn,,n~ ;in~l ;~grrr :~. f~~ll~:w~:
l. Payment oi Princlpal aod Interest. Nurru~~4r tih:,ll p~umptly pay whcn duc lhc principal af and in~crest un thc
i~~ebtcdncss evidcnccd by thc Nut~, prcp~ymrnt ~nd lat~ ch:~rgc. a, pruvi~icd in ihc No1c, .~nd ihc prinripal ot and in~rres~
an any Fu~ure Adva~ce~ ~ecured by~ thi~ Mortgage.
2. Fu~ds for Taxes and Insuraace. Subject to applirable luw or to a written waiver by t.ender. Borruwer shali pay
co I.cn~lcr on thr day monthly in.~t~llmcnts of principal :ui:i intrrc~t :-rc ~ayahlc under thc Natc, until Ihc Notc ~c p:~id in full,
a sum (hcrrin "FunJs") ryual to unc-tw~lfth uf ~hc ~carl}• ~a~c~ an~l a~~rsc~nc~ts which map attain priurity over this
Mortgagc, anJ ground re~ts on thc Pmpen~; if :~m•. plus ~~nc-twclf~h of ycarl~~ prrmium installmcnts for haa~rd ~murancc,
plus onc-twclflh of prarly prcmium installmcnt~ for mortgagc insurancr, i( anp. ~II as rcasonabl}• c~timatcd initially and trom
time to time hp Lender an thc basi~ ~f ~~~~s~mentc and hilk .~nd rc~~unable e+tima~~~ thereot.
'fhe Funds shall he held in an institutiun the deEx~sits ~,r acc~,unts of which are insured or guaranteed by a Federal or
state ~g~ncy ( inciuding Lender if Lender is such .~n institutiun 1. I.rn~ier ,h~ll apply thc Funds to p:~~• ,aid taxes, asseuments,
insurancc prcmiums and ground rent,. I.rndcr m~y not chargc lor .~~ holding and applying thc Funds, ana!)~cing ~aiJ account,
t>r ~•er~fyinb a~d san:p:ling ~a;ci assz;:nh,~~t~ :in~t hiti., -ii-i~.~ [.r~~der pa~•~ Hurruw~r inler~~st on tl~e Fund~ and appiicabie iaw
pcrmits Lendc~ ta makc such a chargc l3orruwcr and I.cndcr m:~y agrec in writing at thr timc uf cxccut~an of this
Mortgage that intcrest on Ihe Funds shall i~e paiJ t~~ Borruwer, and unlrss wch agreement is made or applicable law
rcyuires suc:~ interest to he paid, Lender sh~ll not be reyuired to pap Rorrowrr any intcrest or carnings on the Funds. !.cnder
shall give to Borrower, without cha~ge, an annual accounting af Ihc I=un~~ showing credils and debits to !he Funds and the
purpose for which caeh debit tu the Funds H~a~ maJe. '~he t=unds are ple~gcd :1s additianal ~ecuri~~~ for the sums secured
by this Mortgage. -
If the amount of the Funds held b~• I.en~ier. t~~ge~hrr with ~he (uture monthl~~ ins~allments of Fun~l~ payable prior to
the due dates af tax~~, as~essments, insurance prcmium~ and gmund rent~, shaU exceed the amount «yuired tu prp said taxes,
assessmenh, ~nsuranee premiums and ground rent. :e. the~~ fall du~, such ercecs SF17II hC, 8l Borrower's optii~n, enher
prompUy repaid to Borrow-er or credited to Bormwer on momhl}• installm~nts uf Fund,. If the amount af the Funds
held by Lender shall not be sufficient to pay taxcs, as~ccssmenls, imuranc~ prcmiums and ground rents as they fall duc,
Borrower shal! pay to Lender any am~unt necessar~~ to m~ke up ~he defirienc~~ within 30 d•r~~ tram the date notict is mailed
by Lende~ to Borroaer rcyuesting paymcnt ~hercof.
Upon payment in full of all sums secured by thic Mortg.~~c. Lend~r shall promptly refimd to Borru~•er any FunJs
held hy I.ender. If under paragraph 113 hcreof the Propcrt~• it ,rld or the Propcrt~ ~s otherwitic ~cqu~~cd by Lcnder, Lender
shall apply, no later than immediatcly prior to the .alc of thr Praperty or iis acyuis~ti~~n b~• I.cnder, any~ Funds held bp
Lender at thc time ot appliration as a credit asainst the sum. secured h}• this hlortgage.
3. Application of Yayments. Unlecs applicable IaM• procidcs otherH;ise, all payments r~ceived by Lender unJer the
Notc and paragraphs ! and 2 hereof shall be appli~d by I endcr first in payment i~( ~mounts pay:~ble to Lender hy Borrow•er
under paragraph 2 hereof, then to interest pa~•able on thr tiote. thcn t~~ th~ prncipal of the i~otc, ~nd Ihcn to interest :~nd
principal on any Futurc Advanccs.
4. C6arges; Liens. Borrowcr tihall pay all taxcs, a.ut~ments :~nd othcr chargrs. finc, and im~x~sitii~nc nunbutable to
the Propert~• which may attain a priority ovcr this Atortgagc, and Icasehold payments or ground rents, if any, in the manner
provided under paragraph 2 hereof or. if nut paid in such manner, hy Borrow~er m~king payment, w•hen due. directly to t:~e
payee thereof. Borrower shall prompdy furnish ~o Lender all noticcs of amounts duc under this paragraph. and in the event
Borrow•er shall make payment directl}•, Borrowrr tih~ll prumptl~~ furnish tu Lender receipts e~~~dencmg such payments.
Borrow~er shall prompUy dixharge any lien which has pnority over thi~ Alortgage: provided, that Borrower shall not be
required to disi:harge any such lien w long as Borrower ~hall agrec in ~rit~ng tu the pa}~ment ot the obligation secured b~~
such fien in a manner accepteblc to Lender, c~r shaii in g~xxl tauh conte~~ such lien b~•, or defend enforcement of such Iien in,
legal proceeding~ which operate to preverd the enfurcement o( thr hen ~-r forfeiturc of the Propertp or an~~ part thereof.
S. Hazard Insurance. Borruwer shall kcep thc ~mpruvem~m~ no.. c~i~ting or hercafter crected on the Pro~rry insured
against loss hy fire, hazards included w•i~hin thc term "~~trnde~l awcrage", anJ such other hazardt as I.cnder ma~• reyuire
and in such amounts and for such periods as t_enJer may reyuirc; provided. that Lender shall not reyuire that the am~~unt of
~uch coverage exceed that amoum of coverage required ~o pay thc tiumti ucured by this Mor~gage.
The insurance carrier providing the insurance shall be chosen bp Borrower subject to approval by Lender, provided,
that such approval sha11 not be unreasonaMy withheld. All premiumc an insurance policies shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, hy B~~rrower making payment, when due, directly to the
insurance carrier.
All insuranee policieti anJ renewals theree~t shall tx in form :ir~ept.ible to I.ender and shal! ~nclude a uanJ:~rd mortgage
clause in favor of and in form acceptahle t~~ Lender. Lcndcr ~h:~ll ha.c the right t~~ hald the poiicies and renrkalt thereof.
and Borrow~er sh:~ll prompUq furniah to I.ender all rencwal noucc~ and all receipts of paid premiumti. In the e~ent of losc.
Borrower tihall gi~~e prompt noUce to the inyurance carrier and Lender. I.ender ma}• make prcx~f ot toss if not made pr~mpd}
bp Borrower.
Unless 1_ender and Borrow~cr otherH~k agrec in .+ritdng. imurance p~u~a:d, shall bc applied to restoration or repair of
the Property Jam~ged, provided such re~toration ur repa~r is ecunomic:~ll~~ fcasiblc :~nd the security of tFis 11i~rtgage ~~
not ihereb~• impaireJ. If such re~toration or repair is not econumi..~lly frasihle or if the securitp of this Mortgage would
be impaired. the insurance proceeds shafl be applied t~~ the sums xcured by this Mortgage. ~•ith the exceu, if any, paid
to Borrower. If the Property is ahanJoncd h} Borruwrr, or it Borr~wer taiii to res~+c~nJ to I.ender within 3U da}'s from the
date notice is mailed by Lencier ta Borrower that ihe ~nsurance cc~rrier otien t~i ,eule a claim for imurance benefits, 1_ender
i~ :+uthorized to collect anJ apply (he insurancr proceeds at Lender's upti:~n e~ther to restoration or repair of the Propert}•
or to the sum> >ecured by this ~iorigagc.
Unless Lender and Borruwer otherw~x ~grec in wnting. am si:ch applic.uion i~f pnx;ceJs to pnncipal shall not extend
or pustpone the duc date of the monthl~~ installmcnts refcrrcd t~~ in paraeraph~ 1 aaJ 2 hereof or change the amount of
such installmenb. If under paragraph t8 hereuf the Yroperty i~ acywred h}~ Lender, ali nght, title and interest o( Borrower
in and tu an~ insurance pulicies and in and to th~ pnxeeds thereat retiulting from damage to ihe Propert}' prior to the sale
or acyuisition shall pass to 1.enJer to the e~tent of the tiums secured hy this :~tortg:~ge immediately prior to `uch sale or
acquisition.
6. Presenation aod ~laiatrnance of P~opert~: I.eacehulds: ('ondominiums; Planned Unit Uevelopments. Borrowcr
shall kcep thc Propcrty in good repair and shall not commit wastc or permit impa~rment or deterioration of the Property
~.^.d sha!! costsply ~vith thc pro~is:ons a: an}• lcase if ih~~ .L3:~~tgag~ ~, .,n a tcaschuid. 1f thi, ~iortgage is on a unit in a
conJominium or s planncd unit devel~~pmenc, Sorn~HCr .h~ll Exr(~~rm ~II of Borrower's obligations under the declaration
or covenants creating or governing lhe conJ~~m~nium c~r plannrd umt develupment, the by-laws and regulations of the
conJamin~um or planoed unit development. and c~nstituenl d~umen~~. If a con~ominium or planned un~t dc~el~pment
r~Jer ~s e~ecuted by Borruwer JIl(I recorded tugether Hith thiti Mortgage. Ihe co~•enants and agreemenls ~~f wch n.ler
shall be incoroorated into and shall amcnd an~ `upplcaient the co~enants an~ agrecments of Ih~ti Me~rtgage ~~ if the rider
wcre a part hereof_
7. Proteclion of I.enders Security. If $c~rm~~er laik t~~ ~xrf~~rm the coven:~n15 anJ agreements a~ntained in thic
Mortgage, or if any action ur proceed~ng i~ rommenerd which mc~ttrialh• afTrcts I.enJer's intere~t in the Pro~:rty~,
including. bt:t n<~t lim~tcd to, cmincnt domain. in.~,hcnc~, c~~dc cnf~~rccmcnt, c~r arrangcmcnts or proccedings imoh~ing a
bankrupt or deredent. then Lender at I.ender's oplion, uEx~n ne~tice to Borrower, ma~ make such ap~xarances, di~burse tiuch
sums ~nd take sueh action ac is nece«ar~~ te~ prolect Lender'c ~merest. in~lud~ng. but not limited to, di~bursement of
reasonahle attome~~'s fces and entry u~m the Propenc t~~ make repair~. If Lendcr reyuired mi~rtgage inturance as a
conJrtion of mak~ng thc loan sccurcJ b~~ this ~1~~rtgagr. B~~rn~Wrr shall pay thc prcmiums -eq!:~rcd to maintam such
insurance in efIect until ~uch time a~ the rcyuirement for ~uch insurance terminates in accordance with Borrow•cr's and
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