HomeMy WebLinkAbout1623UNIFt-R~i ~'u~~t !. ~y ~ s. Hurruwcr anJ I.cn~irr c~~~cnant an~l agrrc a~ folluws:
1. Payment of Principal aad Inle~est. Burruwrr shall ~~mmpily pay whrn Juc thr principal uf anJ ~n~crest un ~he
indebredncss c~idencc~i hy ~hc Nutr, prcpaymcnt anJ la~c chargr. a. provi~lcd in thc Note. and thc principal uf and ~ntc~est
on any Futurc Advanccc ~ecureJ by thi~ Murtgagc.
2. Funds tor Taxes and Insurance. Subject ta applicablc law or to a wnlten waiver by l.cnder, Borrowcr shall pay
to I.rnJer on the day~ mon~hly ~mtallmen~c of principal :ind intere~t are pa~~atile under the Note, unU) the Note ic paid in lull.
a sum Ihercin "Funds") equal t~~ ~.ne-twclfth of thc yearly ~ta~r. anJ as~escmcntc Hhich may :~ltain pn~~riry ovcr Ihis
Mortgagc, an.l ground rrnK on Ihc Pn~perty, if any, pluc one-tK~clf~h ~if y~arly premium mstallmcnls tor hatard inwra~ce,
pluc one-tNClfth uf yearly prrmium installmenls tor ~ior~gage insur,~nce, if any, all ac reat~•naM~• e~lim~ted init~ally and from
time to ~ime h}• I.endcr on thc ba~i~ of a~scssmcnts a~d hillc and rra~onablc e~limatcc Ihereaf. •
The Funds shall he held in an ins~itution thc deEx~sit~ or accounts e+t whirh are intured or guaranteed hy a FcJeral or
state agenc~• 1 including l.ender it I.enJcr is such an ins~itutian 1. Lender ~hall apply the Funds to pa~• ~a~d taxe., ascessments,
insurance premiumc and ground rrnh. I.ende~ may not charge tor w holdin~ anJ :~pplying ~he Fund~, anal}•7ing ~•rid account,
or verify~ing and rampilinR said a~se»ments and hills. unless l.ender na~~~ Borruwer ~nierca ~n ~he Fundc and :~~nlicahle law
permits Lender tu make such a charge. B~~rrower and LenJer ma}• agree in writing at the time of exe~ution of thi~
At~~rtgage that inlerc~t ~~n Ihe FunJs shall he paid to Bormw•er, and unless tiuch agreemeni i. made or applicable law
reyuires such interest to he paid, Lender ~h:,ll n~~~ hc reyuired to p~~ Burruw~er an} in:crest or carningti on 1he Funds. l.endcr
shall give to Borrower, wilhout charge, :~n annual arcuunting uf Ihe I=und~ ~howing credits and debits to the F~undc and the
purpose (or which cach drbi~ to the 1=unJ~ was made. I'he Fui~d~ ;ur plydg~J :is addini~n;il secur~t}• for the sum~ ~ecured
hy this Mortgage.
If the amount of ~hr Fun~s hcld by I.enJcr, t~~gcthcr Aith ~hc futurr monthh~ in~tallmcnts of Funds payablc prior to
the due Jates of taxes, as~rssrnentti, insurance pr~miunn and gn~und rent~, shall excreJ the amount required Io p:~~~ said taxes,
assessmentc, insuranre premiumti and gruund renh a. thr~ (:-II dur, such e~c~.s ShaU be, ::~ H~~rre~wer'c c~phon, e~ther
promptl~• rcpaid to l3orrowe~ ur crcdited tu Borrower on mi~mhly inctallments ~~f Fund.. !( thc :~mount of thc F~unds
held by Lender shall not be suflicieM lo pay taxes, asse~timcnls, imurance prcm~umc anJ ground renls as thc~• fatl due,
Borrowcr shall pay to Lender an~• amvunt nere~ian ti~ make up thc Jrfir~rnr} with~n 30 Jay~ fn~m the date n~,tice is mailed
by Lender to Borrower rcyuesting paymcnt thereo(.
Upon payment in full of aU sums sewreJ b~ thi. Mongagr, i endr~ shall promptiy reiund tu He~rr~~wer any Fun~is
held hy t_~n~er. If under paragraph lh hcrcof ~hr Propem~ ~~ .~~Id or thc Propcrt~ ~s otherw~tic acyu~r~d b~• L~ndcr, I.cnder
shall appiy, no (ater than immediatrl} prior to the ~ale uf thc ProFxrty or ~ts acyuisrtion b}' l.endcr, an~ Fund~ helJ by
l.endcr :~t the Ume of application as a credit against the sum~ secured h~ Ihi~ ~tortgage.
3. Application o[ Payments. Unle~s applicaMe law• pm~•~des olhrrHi~, :~II payments received b~~ l.cnd~r under Ihe
Not~ and paragraphs 1 and 2 hcrco( sh:ill tx applicd b}• Lcn~cr fir~t in pa~mcnt uf amuimts pa}•ahlc t~~ I.cn~cr hy Bormwer
under paragraph 2 hereol, then to inte:e1i psya:;;c :~n ih~ I~ati, thcn ~i~ th~ principal o( the 1`~~1r, a~i~! Ihcn t~r interest anJ
princ~pal c~n any Futurc Advances.
S. Char~es; Liens. Borrower tihall pay all ta~~ti, a~~c~tintrnls :~nd ~~ther rh:uge+, finec ~n~l imp~nitiimt attnbutahle to
the Property which may attain a prioriry over this I-tortgage. •rnd leasehold p;~~•mcnts or ground rents, if an}•, in ihe manner
provideJ und~r paragraph 2 hereof or. if not pa~d +n such manner, h}~ Bormwer m:~king pa~•ment. when d~~e, directly to the
pay~ee thcreof. Borrower sh~ll promptly furni~h to LenJer all nouces of amoums duc under thi~ paragraph, and in the event
Borrower shail makc pa~•mcnt dire~tl~, Borrowcr ~h~ll promptly~ (urnitih t~. I.cndcr rcccipt~ ecidcncmg such paymrnts.
Borrower shall promptly dixh•rrge any iien which has pn~nry uvcr thi. ~t~~rtga~:c; pruvidcd. ~h:~t B~rr~wer ~hall not be
reywred to d~xharge any wch lirn su long as Barrc~uer ~hall agree in ..nhn~ ti~ ~hr pa~•ment o( the ~~bligati~~n secured b~•
wch hen ~n a manner aceeptable ro LendPr, ~~r ~hall in g<x~d faith rontc~t wch lien b~•. or defend enfnrcement of surh lien in,
legal prcxeedingc khich oper:~te to prevent thc cnft~rcenzcnt of ~hc lien or (urfe~:iur of the Propert)' or :~m~ part thcreof.
S. Huard Insur~nce. Bor.oHer shall kecp the ~mpru.rmen~. no~ c~ititing i~n c~rraftcr crccied ~~n thc F'mpcrty in~ured
against loss hy fire, hazards inrluJcd w•ithm thc tcrm "r~tcndcJ co~•cra~;c". ~nd si~ch othcr hazard~ a~ Lcndcr ma}- rcyu~re
snd in such amoi~nts and for such perioclc ati Lender msy rryuir~; pr~~~iJeJ, that LenJrr.~hall not reyuire that the am~~i~nt e~f
such co~•erage eseeed th~t amouM ~~.` rrnerage reywred t~~ pa~ the wm, ~ecured h~• this Mortgage.
The insurance carrier providi~~g the insuranre shall be ch~~~en by Bormwer subject to approval by Len~ler; pravided.
that surh approval shall not be unrcasunably withheld. ~VI pre~n~ums on insurance pc~licies chall he paiJ ~n the manner
provided uoder paragraph 2 hereaf or, if not paid in such manner, b} Borrower making payment. when due, directly to the
insurauce carrier.
Al! insurance policieti ar.d renew:~ls therec~f shall ~: in form .~rce~t:~blr to I.en~i~r and shall incldde ~~tandard mc.rtbage
clause m(avor i~f and in form acrep~~tde tu Lender. Lender ;h.~ll ha~e the right t~~ hold the p.liries and renewalt there~~f,
and Borrower shall promptl~~ furnish to I.ender all rcneual not~reti an.i all rereipts of paid ~ rcmiiim~. In the e~ent of lo~s.
Borrower ~h~ll g~~e prompt noticr to thc insurar.ic rarnrr and I.en~rr. i.endrr ina~ makc pn~c~f c•f loss if n~~t m:~de prc~mptl~
by Borrc~wer_
Unless Lender ~nd Borrc~wer MherKitir agrer in ~~nUng, imuran~e pr~kcrd~ sh~ll tx applied tc. rrtit~~ration or rep:iir ~f
the Propert} .lamage~l, pruvi~ed su~h rc~toration or repair is e«~rn~m~c.~Uy~ fr~cihlc and the tecurit}' of th~c Mnrtgagr i~
no1 thereby impaired. I( wch re,turation or rep~ir ~s n~~t er~~rn~mic~ll}• f~a~ihle or if the secunt~• of thi~ ~tortgagr w~~uld
be ~mpa~red. the insurance pr~xeeds ;hall be applieJ a~ the wms ~ecureJ b~ this Murtgage, with the e~ce.s, if :mr, paid
t~ Sorr.~wer. It the Propert~ is aband~~ned h~ Hixn,wer_ ~.r it l3urre~wrr (a:lti t~~ resFxmd t~ LenJer w~th~n 3ll dap~ in.m thc
Jatr noUCC +ti n~ailed by Lender to Bormwer that the insurance ..,rrier c~tier~ t~> >rt~lr a claim fi~r in~urance henefit`, I.enJer
i. authorized t~~ collect and ~ppl~~ the ~nsura:~ce proc:eed~ at LenJcr', upti.~n eith~r te. resti~rat~on ~~r repa~~ c~f the Propert~
ur to the sum. ~ccured b~~ this Mortgage.
Unlesc 1_ender and Borruwer ~~therwiu agre~ m Knting, am such appli~ation ~+f pn+cceJs to principal ~hnll n~t e~tend
or pustp~me Ihe J~~e date o( the m~~nthl}• installme~~~c reterrec; t~~ in par~~raph. t an~i ? here~~f or change the amc~unt o;
~uct~ ~mtaUment~. It ~nder paragraph !ti hereof the Propert~ i. acyu~red M I.ender, ali nght, Ude and interect ot Korn~wer
~n and io an~ insurance pol~cies and in ::~~d tc~ the prcx:eeds there~~t re~ulung (n~n~ d~magc to the PropenS pni~r t~~ ~h~ s:,le
or acywsitivn sh~ll pa~s to LenJer tc~ thr e~tent vf the ~ums :,ecured h} thu ~lurtg~gc immedia:el} pnor t~~ tiuch sale or
acywsit~on. ~
6. Preserration aod ~lainlcnance of Properi}; I.easehulds; ('ondominium~; Planned l~nil Developmenls. F3.~rroHCr
shall kcep ihc Property in gcwd r~p.~ir and shall n~t commit «astc ~~r perm~t imp:~irment or deterioration of the Propert~
and shall compl~• with ihc provi~iuns of ~ny feasc i( thi` ~1~~rtge~;r ~~ un ~ Ir.~sch~~ld. li th~+ ~lortg•sgr iti un a~mrt ir a
con~lominium ~~r a plannrd un~t .Ir~•el~~pment. BormNCr ~h,~ll Exrlurm :,It ut Borr~~HC.-'s ~~hl~gahons under thc decl:~raU~~n
or co~•cnants :rcating or guvcrn~ng thc ~~~ndi~min~um ur pl.innrJ unit dcvcl~~pmcnt, thc b}~-lawti and regiilati~~n. ..f the
con~tt,minium or planned unit de~eli~~men:. :,nd c~~n;tituem ~lixumcnt~ If ~ r.~n.iuminium or planned unit ~1e.el~~~ment
n~ler i~ executed b}~ Bern~w~r and recorded i~~grther H;th th~. ~l:~rtgake. the co~•enamt anu i~~reemrnt. «f ~~ich r~.!rr
shall be :~c~rporate~i into and shall amend anJ tu[~plement the c~»rnann ;~n~i agreemen!1 of thi~ Mortgagc a~ 7( thr n:irr
werc a part hcreaf.
7. Protecfion ot Lenders Security. If Bc~rr~~~er f:~~l, t~~ ~rt~~rm the r~venant~ an~1 agrremciits c~mt:~ined ~n thi.
Mo~tgage. or if any action <~r pnkeed~ng is c~~mmrnee~i whirh m~tcriall~ :~tTectti I.enJer', interetit in the Pr:.~xrt~.
mcluding. b~it n~~t limited to. emincnt dom:+in. imoheri~~. i~~de en(uicrmrnt. ~~r arrangementt e~r pr.•ceedings im•c~l~ ing a
bankrupt or deceJent, then I.ender at ! ender', ~.pUi~n, up~n ni~t~ce ti~ Borre~wer, m:~y m:~ke ~urh ap~xaranceti. J~~hurse tiurh
sumt a~d take such action a~ is ncrc~.an t~~ pn~trct Lcndcr'~ intcrest, incluJing, hut n~~t limitcd Ic~, di~hurscmcnt ~~f
reasonahle attorncy's fces and emry upr~n Ihc Pmpert~ t~~ mal~c repair.. I( 1_~ndrr rcyuircd mi~rtgage in~ur:~nce a~ a
c~nJitu~n of making tt~~ Ic~an secure~i hc th~~ ~1~~rtga~e, li,~rr~~.+rr shall p~~• the ~remiums require~l t~~ maintain wch
inwrance in etTect umil tiuch time ati thc rcyuirer7ent fc~r ,uch ~nsuranre Ierntinalrs ~n accordancc with Bormwer's and
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