HomeMy WebLinkAbout1632UNIFUR\1 ~ l)YF!`~NTti. HOffON'Cf anJ ( cnJrr ~~~venan! an~l :~~r~c :-~ f~~lli~w~:
1. Payment o( Principal and IMe~etit. H~~rru~er shail pn~m~~th pay ~hen .fue th~ principal of and ~meretit c~n the
~n~iebtedness e~~~drnce~l by thc Note, prepaym~nt and late chargc~ a~ p~u~'i~led in th~ tie~1e, and Ihe prinripal ut anJ intereat
un any Futurc Advancc~ ~ecured by ihi~ Mor~gagr.
2. Funds tor Taxes and lacursnce. Subject lo applirahle law• or to a w•ritten waiver by l.ender, Horro~er Cf11II ~1:i~'
to Lrnder on ~he da~• monthly mct;illmentc o( principal and interec~ arr pa~•ahle wider the Note, unUl the Note ~~ paid in full.
a sum (F:erein "Funds"1 equal to vne-tweltth of the yearly ta~r~ aml ac~rc~mente which ma~• ettam prn~rity over ~hit
Mortgage, and gre~und rents on the Pmperty, if an)•. plus unr-tHCI(~h of ~•carly premium mstallments f~r harard imurance,
plus onc-twclfth of ycarly prcmium installmentc for murtgage msurancc, if any, all ati rea~~~nably e~timated initialh• and (rom
time to lime by I.endcr on Ihe basi~ of a~~es~nun~~ and hill~ :~nd rea~onahle ethmatc~ thcrcof.
The Fundc shalt be held in an instituhc~n the deEx~sil~ ~~r acruun~s uf ~rhich are imured or guaramred b~• a Federal or
state agenr~• 1 incli~ding l.ender if 1 ~nJer i~ such an imtitution 1. 1 ender ~hall applp Ihe Fundt to pa> .aid ~a~es, ac~essments,
insuranre premiums and~gro~~nd rrnh. Lender ma}~ not ~harge t~r .~~ ho~ding and applying the FunJL, anal~•zing said account,
.~r vrrifvinu an~1 rnm~-ilinn c:+i~l accr~cmPmc an~i hilk unlrc. I rnd~: n:~~~ Horrciwcr intcrCSt un the Fundc and applicahle law'
permits LenJcr to make~~uch a rhargc. B~~rrower a~d l.endcr ma)' ag~~C in wnting ~~ thc timc o( exrcution ot thi~
\tortgage that interest ~~n the Funds shall hc paid to Borr~~v-~er, and unlc~s turh :igrecmcnt ~+ made or applirahle law
reyuires s~~h interest to be ~rid. LenJer shall not he reyuired t~~ pa} Bi~rmwer an~ interest or earnin~s on the Funds. l.cndcr
shall gi~•e to Brrrower, wuhaut charge, an ;~nnual accuunting i~f the 1=unJ~ ,howing credits and Jebits to the Fund~ and the
pur~.e f~~r whirh each debi~ to the F~und~ N;lS m~dr. I~he 1=tmd+ ar~ pledg~d a~ addiUi~na) securit}' for Ihe sura~ secured
bp thi. 11~xtgage.
If tht amouM of thc Funds held by Len~i~r, t~~gethcr with thc future monthl~ ~mtallmcnts of Fund~ ~:l)':lI/Il pnnr to
thr due dates ~~f ta~es, as~essments, insurancc premium, and gmund rent., shall e~ceed the amount reyuered to pa~ said taxes,
assessments, insurance premiumti and ground renh a+ thc~ (all Juc. such c~ce,c tihall he. ~~ Hi~rn~~er'c i~phc~n, erther
promptly repaid to BorroNCr ar credued tu B~~rrower on monthly inctallmcnts c~f i=und~. If the amount of thr Funds
held by Lender tihall not be suflieient to pay ta~cc, acsetism~nts, imurancr premium~ and ground rent~ as the~~ f~ll due.
Borrower shall pay to Lender an~• amuunt nece+~an tc~ make up ~he deficienry within i0 da~t fmm the date notice i~ m~iled
by Lender to Borrower rcyues~ing payment therco(.
Upon payment ~n full of all sums secured by thn MurtKage. I endcr shall promptly rcfund tu RorruHCr any~ Funds
held hy Lcnde~. If under paragraph 18 hereof thc Propen~~ ~~ .uld ~~r thc Prupcrty iz otherwi.c ~cquircd by I cndcr, Lcnder
shall spply, no later than ~mmcdiatcly~ prior to the salc of thc Pru~xm or its acquisrtion by Lendcr, ant• Fundc held b}'
Lender at the time of application as a creJit aga~nst the sum, secured by th~t ~1ortgagr.
3. Applicalion of Payments. l)nlcss apph. ablc law pm~ iucs <~thcrw~i.c, :ill payments rccci~~cd b}• I.cndcr urnicr thc
tiote and paragraph+ I and 2 hereof sh:~u ~ a~~~~~a hy I enJcr fir.t ~n pr~ment uf amounts payc~hfe to Lendcr fi}' Borrc.wer
under psragraph 2 hereof, then to ~ntrrrsl p:~yable on thr tiut~, thcn to tFc princip3i o( thc '~atr, and then to interest and
pnncipal on ar~• Futurc Advances.
4. CharRes; Liens. Borrower shall pa~ :+II ta~r~, a~tic~.mcnts and ~~thcr chargc~. finc+ and imp~~tiiuuns attnbutable to
the Property w•hich may attain a pnority over thi~ Alortgagc, and Icasehold payments c~r ground rents, if any. in the manner
provided under paragraph 2 hereof or, if not pa~d in :uch manner, by Bi~rmw•er making payment. ~•hen due. Jirec;~ly to the
pa}'ee thrrcof. Borrower shall promptly furnuh to Lencler all noti.es ot amountl duc under th~~ paragraph, and in the event
fiorrower shall make pa)~ment duectl~, Borrower .hali ~ramptly~ furnith to I_ender receiptti e~•idenc~ng such payments.
Borrower shall promptl~ dix:harge any lien Mhich ha~ pnonty ~~ver thi~ M~~rtgagc; pru.•~dcd. that B~rrow•er sh:+ll not be
reyuired to d~scharge :~ny such lien so long as Bi~rro~~cr tih:+ll :~gree in unUng Ic~ the pa}ment of the obligation secured bp
such lien in a m:~nner acceptable to Lender, or .hall in g.x~d f~rth conte~t ,urh lien b~•, or Jefen~f enf~~rcement of such lien in,
legal proceed~ngs w~hich operate to prevent the ~nfur.:ement of the lien e.s tor(eiture ~~f the Property~ or an}~ part thereof.
S. Hazard Insu~ance. Borrower shall -.eep the improvement. no~ r~iu~ng ~~r hereafter crected on the Pn•perty ~nsured
against loss 6p fire, hazards incluJed within the term "~~~rnde~l c~~vrr~ge'~. and surh other hazardc a~ I.endrr ma}~ reyii~re
and ~n such amaunts and for surh pcriod+ :~~ I.ender may rcywre; pm~~ided. that I.enJer tihall not reyuirc that thc ami~unt of
such covrrage exceed th•rt amount of cmerage required to pa}~ ~hr .umti ~ecured b}~ this `lartgage.
The ~nsurance carrier providing the insurance shall be cho~en by Borrowrr sut~ject to approval by l.ender; pmvided,
that such approval shall not be unreasonahl~~ withheld. All premnim. un insur~nce policies shall be paid in the manner
provided under paragraph 2 hereof or, ~f i?~t paid in such manner, by Borro~er makmg payment, when due, directly to the
insurance carr.er.
All insurance policies and renewals thereaf shall he in forni .~~ce~+i.~Mc to Lendcr and shall ~nrlud~ a~tandard mortgage
clause in fa~~or ~f and in form acceptable tu Lender. I.ender .h.+ll ha~e the right t~~ hold the pi~liries and rene~als therec~f.
and Borruwer shall promptly furnish to Lender all reneN:+l nou~es and all receipts of paid premiumti. In the e~~ent of lots.
Borrower shali g~ve prdmpt not:ce to the imurance carner and LenJer. LenJrr ma~ make pr<x~f ot los~~ if not made pr~mptl~•
b}' Borrower. .
Unless Lender and Borrower othtrK ~tir agree in ~ nt~ng. intiurance pnkccds shall be appiied t~ re~t~~rat.rni ur repair of
the Propert}• damaged, prov~~ed such «~toration ~ir repa~r u eam~~micall~~ frati~ble and the ~ecurity of this !~lortgage i~
o.~t thereby impa~red. 1( such restor:~t~or or repair is nc~t cron~~micall}• (ratiihlc ur ~f the secunt}' nf ~h~t \1~rtg~ge v~'.~uld
be impaued. the insurance proceeds shall be applieJ to the ,ums secured b~ th~s Mortg~ge. ~~th the exce~s, if am•, pa~d
to Borrower. If ~hc Propertt is ahand~,ned h} Bormwcr. ~~r ~f Rorr~~wer (aJ~ tc~ resE-c~nd to Lender within 30 da~~ from the
date notice i~ mailed by Lender to Borrower that the ~nsurance r.unrr e~tTen to ,ettle a cla~m for ~nwrance benehts, I.ender
i~ :~uthonzed to collect and apply- the insurance prc~ceeds at Lcnder'. upUun either to restorat~on or repair of the Propen)
or to the sums `ecured by this Mortgage.
Unless 1_cnder and Borruvrer other.~itie agrec ~n wnting, am si~.h :~pplication u[ prc.~:ceds tv pnnL~pal ~hall not c~tend
or pustpone the due date of the monthl~• imtallm~nts r.;ferrcd t~~ in paragraph~ I and 2 herc~( or changc thc amouM of
such ~nstallment~. If under paragraph 1 S hereof the Propertc n acyuired h} I.ender, ali nght, title and interest of Borre~w~er
in and to an~ insurance policies and in and tc~ thr pr~;FeJs thereof re+ulung fram damage to the Propert~ pnor to thr sale
or acyuisition shall pass to Lender io the e~tent of the sum> >ecured h~ thi~ ~tortgag~ immediatel~ pnor la wch sale or
acyuisition.
6. Presenalion aod ~laintenance of Propert~: I.eauholds; ('undominiumc; Planned l;nil De~dopments. B~rrouer
shall keep the Propeny in gocxi repair and shall not commit waste ~~r permit ~mp:~~rment or deterioration of the Propert}~
and shall comply with thc provisions of any :c.:se if th~~ :1lurtgagr i~ un :+ ,caschold. li thiti ~torig~gr ~S on a unit ~n .i
condominium or a planneJ unat d~~elopment, Borruwrr ~hall Fxrt~~rm ail of Borre•wer's ubligations under the declaraurn
or covenants creating or gi~vermng thc condominiiim ~~r pianned umt develupment, the by-law•~ and regulation~ ~•f the
con~fominium or planned unit development. and c~~nstiU~ent .iucumer.t.. If a conJominium or planned ~m~t de~el:~~ment
nJer is executed b)' Borrower anJ recorded t„gether Mith th~~ ~1i~rtgage. the co~enants and agreemenh ~~f such nJer
shall be incorporated into and shall amend ~nd tiupplcrn~nt thc co~cnaMti and agreements of thiti Morigage a~ if thc riJrr
Here a part hereof.
7. Protection of Len~ers Security. If Bnrr~~~er fa~l` !~~ perf~~rm ~he covenants and agreemenu rrntair.ed ~n this
Martgage. or if any act~on i~r proceed~ng ~ti c~~mmrnce.l Hh~rh mai~riall~ afTrit~ Lender'~ in~ere~t in the Pm~xn~.
including. but not hm~~ed ta eminent domain, imc~l~enc~. c~~e enf~~r~ement, i~r :,rrangements or praceedings im•ol:ing a
bankrupt or de~rJent, then I.ender at I.ender's option, upi~n nut~ce t~~ Borruwer, m~} r.~ake ~uch app~earances, d~~hurle tiuch
sums and take sueh actiun as is necec;ar~ t~~ pn•tect Lender'~ in;erest. ~ncluJing. but not lim~ted lo, dnbursement nf
reasonahle atrorney's fecs and cntry uM~n thc Propcrl~: to makc rc, ain. I( Lender reyuired mort~age inwrance ati a
condrtion of making the loan .ecureJ h} this ~trrtgage. R~~rr~~wrr shall pa}• the nremiums required ~o maimain ~urh
insurance in etTect ur~il such t~me ac the reyuirement for such ~nturance trrmir.ate~ in acrnrdance K•ith Borruwer's ar.d
%'! x351 f'a6f~~~J
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