HomeMy WebLinkAbout1641UNIFuR~i C~(-\~::~.an~s. Borruwe~ :~nJ i.cn.irr ru~en:ii~l ;~rnl :~~!rrc a~ (~~Il~~ws:
I. Pa~ment of P~incipal and h~le~est. H~~rmwrr ~hali pr~~mpth p~~• ~hcn ~luc ~h~ principal uf and ~mcrrtit un thc
~ndebtedncss e~•~dcncrd hy thc Nutr, prcpayment and lat~ char~;r. ,~. pmvi~lcd in thc Note, .~nd thc principal ul and ~ntcrest
on any Futurc Advanrcc scrurcd by ihn Mor~gage.
2. Funds tor Taxes aad lncurance. Subject Io appiicablr law or to a w~iuen waiver hy Lender, Horrower shall pay
to IAnder on the da~• monthly inc~allmen~c of prinripal and intere~i are payahlr unJcr the Nate, unt~l thc Nutc ~t paid in tull,
a sum Ihcrcin "Funds"1 cqual to unc-twclt~h ~~( ~hc yearly ~a~c~ rn~i a.~cs.mcntc uhich map aUain pn~~rity uvcr ~hic
Mortgagc, and gruund rents on thc Pmperty, if any~, plut ~~~r-twel(Ih ~~f pcarly prcmium ins~allmcntc tor h:~rard imurance,
plus onc-twclflh af y~carly prcmium installmcn~s for murtgage insu~ancr. if :~ny, alt ati rcau~nahly c+timated ii~itiaUy and (rom
time to lime by I.ender on thc batii. o( a~scscments :~nd hills anJ rcawnablc ectin~atec thereof.
The Fund~ shall he held in an mtititu~i~~n the de~~s~h ur acrounts of which are imured or guaranteeJ h~ a F~ederal ar
statc a~cnc) 1 including l.cndcr if Lcndcr is such an insUtution 1. Lcnder shall apply Ihc Funds to p~)• said taxcs, ac~cssmcnt,,
imura~ce premiums and ground rent~. Lrnder ma~• nat charge for u~ holding and apph~ing the Fund~, anal~~ing taid accounl,
or verif~~ing anJ conzp~ling ~aid a~ce~.ments :tind hill~, unles~ Lender pa~~ liorruwer ~nterest un the Funds and applicahle law
~xrmus I_enUcr tu make ~uch a charge. i3orruwer and Lrnder m~~ agrrc in writing a~ ~hr time o( exrcuti~n oi this
Alartgage thal imere~t un the Funds tihall he pa~d to Barmwer, and unte~s ~uch agreement ~s made or applicahle law
reyuires such interest to he paid, Lcnder sh:~ll not hc reyuircd t~~ pa~ Borrowcr any interest ~~r caroing, on the Funds. Lendcr
~hall gi~•e to Borrower, without charFe, an annual aca~tmUng of 1he FimJ~ tih~~~ing credits and vehils to the f•~unds and thc
pts:~~sc I~~r which cach Jchit to the~i=und~ N71 rnaJc. ~Thc 1-und~ are plcdgrd a~ addiui~n:~l sccunt}~ f~~r thc sum~ sccurcd
hy this :~1ortgage.
1[ the amoun~ of the Funds held hp Len~ler, t~~gethrr wi~h thr future mor.Ihl~• imtallmcnls of Fundti ~:lL'JhIC pn~~r to
thc Jue dates uf ta~es, a~~essments, ins~irancc prrnuum~ anJ gr~~und rentti, shall exrecd ~he amount reyuired t<~ pay ~aid taYCS,
assessments, insurance premiumti and graund renh :~~ thry fall due, tiuch e~ceti~ ~h•~!I be. .it 13~.rru.ver'ti opau~i, r~ther
promptl~• repaid to Borrower or rred~ted Iu Barruwer ~~n m~~nthlti• imt:~llmenls at Fund.. if the amount .( thr 1=unds
held hy Lendrr shall not bt~ suflicient to pay ta~es, asse~timentc, imuranre premium~ and graund rentti as thcy lall due,
Borrower shall pay to I.rnJer an}~ amount necr~~ar~ t.~ make up thr Jrticirnr~ w•ithin ?0 da~~ fmm the date notice iti m~iled
by t.ender to Borrow~er rcyucsting paymrnt ~here~~(
Upon payment in full of all s~ms sccured hy thic Mi~rigagc. 1 cnder shall promptly re(und to Hnrr~~~cr am~ F•l~nds
held by 1_enJer. li under paragraph 1X hereof the Propcrt~ i~ wld ~~r thc Prupen~ ~s otherwi~c aryuired M• 1 ender, f.ender
shall apply, no later th:~n ~mmediatrl} pnor tc~ Ihe tiale af thr Propeny~ or i~s acqu~sition b)~ l.ender, any i~undc held by
Lendrr at the Ume o( ap~lication as a cre~it :~ga~nst the sumti secured hy thiti ~tortgage.
3. Appliration of Payments. Unlecz apr!icahle ~aw pn+~i~les e~ther~ilr, all paymentt received b~~ Lender unJer the
tiotc :~nd ~aragraph~ I and 2 hrreot shall bc appl~cd bt~ I cnJrr fir~t m pa}mcnt ~~f am~~unts payahlc t~~ I.rn~i~r hy Bc-rrc~HCr
under p:~ragraph 2 hereof, then to interetit pe}'ahlc an thr tiotr. thrn t~~.the pri~cipa! o( ihe tit~t~, an~l theie ti~ interest and
pnncipal on any Futurc Advances. .
~1. Ch~r~es; Licns. Bc~rrower tihall ~ay ~II t.i~r~, a~~r~.n~~nts and ~uhrr charFe~. fine~ an~t ~na~xnihon~ attnbutahle to
the Propeny ahich may attain a priority over this :11ort~age, and Icascholcl payment~ rr ground rents, if an}•. in the manner
provided unJer paragraph 2 hereof or. ~f not paid in such manner. M Bormwer m:iking payment, ~hen due, d~rectly to the
payec thereot. Borrower shall promptl~• furn~sh to Lendcr all notices ~f amountc duc under thiti paragraph, and in the event
Korruwer tihafl make pa~ment directh, Bi~rruwer ~h~ll pmmptl~ furn~~h ti~ L~n~lrr reieiptti.rvidenc~ng such paymentti.
Borrower shall promptly dis~-hargc any lien which has ~r,ont}• u~rr thiti ~lurtgagr: prov~~icd, tha~ B~~rr<.wrr shall not he
reyuired to d~scharge any s~ch lirn tio long as Hi~rmHCr tihaf! agrre in ~.r~t~ng t~~ thr ra~ment ~~t the ~~hligati~~n secured b~•
~uch lien in a manner acc~ptable to Lender. e~r .h:,ll in g~x~d faith a~nte.t ,u:h lirn hy, or Jefeml enf~•rreme~t c~f s,ich lien in,
legal proccedingc which operatc to prcvcm thc cniurccmcnt of ihe ;irn ~~r forfeit:~rr ~~f the Pmpert}~ or an~• part thereof.
5. Hazard Insuranct. Borrow•er shall I~eep thc impru«mentti n~~~ r~itiung nn c~rraftcr crcc~cd on thc Pn~Exrty m~ured
against loss hy~ fire, hatards +r~t~~~dcd within thc tcrm "r~t~ndr~i c~~~•cragc'~. and ~~irh othcr hazards as l.cndcr ma}~ rcy~iirc
and in such amounts and for such pcriudti a~ Lcndcr~ma}' rcyuir~; pn~~idc.i, that I.cn~cr ~hall not rcyuire that ~hc am.~tmt of
such co~•erage exce~d that am~~unt of co~~erage reywred 1v pa1 thr wm. .erured hy~ this Mortgage.
The :nsurance rarrier providing the insurance shall he ch~~~en h~~ Borrov.er cubject to appro~~al h}• Lender: provided,
that such approval shall not be unreatiunahly withheld. All premiumti un insurance policies thall he paid ~n [he manner
prov~ded under paragraph 2 h~reof ur. ~f nut paid :n cuch manner, h~ Burrower mak~ng"payinent; when due, d~recU}• to the
insurance carrier_
All insuranee polic~e, anJ reneHals therrrt shall be in form .~c.ert.~hlr tu Len~ier and thall mclude a itandard mnngage
clausc in faror c.f and in form acceptahle tu Lcndcr. Lcndcr ~h:ill h:~:; thc right t~~ hold thr p~~li:ici :~nd rrnc~:+l~ thcrc~f,
and Borrower shail promptl~~ furnish to l.ender all rer:ewal noti~e. a~i~i ell receipts of p~id premium~ In the e~cnt o( lo~s.
B~rrow•er ~hall gi.c prompt noti~~ t~~ the ~nsurance carnrr anc'. I.en~rr Len~irr ma} make pm~~f ~~f luss ~f r~vt m.~de pre~mpth
'~}~ Borrower.
lfnless Lendcr and Borruwcr othcrMi~~ agree in ~~nting, intiurancc pru~crJ. shall bc applied tc. re+t~~ration ~~r repair ~~f
the Propert} ~lamage~. pruvtJcd wch retiWrahon or r~pair it rr~~~~~~mii:~lly fras~hlr and th~ tiect~ril)' of thn ~lnrtg:igC ~~
not thereby impaired if ~uch restoraUon or repair ~s n~~t er~~m~micall~ tr.~.ihle ~~r ~f the secunt}~ of thit ~1~rtgagc ~+~ould
be impaired. the ~nsurance pru~eeds shall be applie~l t~~ thc wm~ xcured M this Murtgage. uith the exce~s, if :~m~, pa~d
~o Borr~~w~rr. IC the Pr~~pert} is :~hand~,ned h~ BU(fl)KL'f. (Df ~t Borrc~wer f.r.l. h~ re~~x~nd t~~ I.rnder within 311 da~~ tmm the
Jatr not~cc i, mailed by~ Lender ti~ Borrowcr that the insur~nrr ~arnrr utTrr. ti~ ~culr :~ cl:~~m fi~r ~n~urar.ec henefitti, Lendcr
i+ a~thonzed ti~ collect and apply the ~mur~ncc procre~~ ;~t I.eti~lcr'~ ~~p!~~~n euher tu rest~~r.iuon ur repair of th~ Property
ur to the sum~ ,rcured by this Mortgagt. ~
Unlrsc Leridcr and Horruwer ~~therwi.r .~grec ~n ~+nhng. an} tiu~h appli~ati„n ~~( pmceed~ to ~rmc~pal ~h.ill n~,t e~tend
or pustpone the due date uf the munthl}• imtallmrn:s rr(errrd t~~ in paragraph. I anil ' her;:~~f ~~r chan~c the amc~unt of
surh irotallmcnb. If unJer paragraph It3 hereaf the P~u~rh iti acyuircJ h~ Lender. all right, nt~e anJ interest ot Horr~~wer
m and tu an~ ir.suranre policies and in c~nd u~ thr prucccd~,there~~t re,tilt~ng frc~m ~1~magr to the Prc~~rt~ pn~~r to thr s:,le
or ~cyw~~tiun Shall pass to Lcnder t~~ the e~tent nf the ~um~ xcureJ h~ thi. ~i~~rtg.~g~ ~mmeuiatel) pnor t~~ ~.ueh ~ale or
acyuisition.
6. Presenation and ~taintenance n( Prope!1~: Leatiehuld~: ('ondominiumti: Planned t'nif 1)e~elopments. Rc~rr~~cr
~hall keep th~ Property in goc~c; r~pair and tihall not cummii w a,te vr Fx rmit ~mpairmer~t or deteriorat~on o( the Pri~~c rt~
and shall con~ply wilh thc provisions uf any lease if thiti ~1~.v:~.~s;r i~ i~n a Ireuh~~ld- li thi~ !1lurtgag~ ~~ un .~ ~:nit t:: a
~_unJomineum ~~r a planrticd unil ~e~rl<~pment. Bc~rruwer ,h;~ll E~crl~~rm all ut Horr~~HCr's ~~h;~~ahons unde~ thr l~l'iiJ[:llll~ll
or wvenants erraUng or guve:ning thr c~~nJ~~minium ~~r ~I~nncJ unit drvrli~pmcnt, the b}•-laHti and reg:il~ti~~n. ~.( the
cun.luminium oi planned unit de~~elopment, .~nJ cunstiturnt Ji~cumrnt. 11 a ~unJi~~tinium or planned nn~t ;fr~rl~•~n~rnt
ri~fer i, cxe~uted b}' Borruwer and rerorded t~~geth~r with th~. !11~~r~~tage, the cmenantti an~1 aerrrmrnh ~~t ,urh nilrr
shall be incorporated into and sh:+ll amend ~nJ tiuppl~ment thr r~~~cnant. :~n~i agrrrments «f th~~ ~~~~f~~:1F!l' ,~. it the n.Jrr
~cre a part hereof. ~
7. Proteclion o( Lenders Securit~•. If K~~rn~~cr f.~~l. t~• prrf~~rm thc r~ven:intti ar:~1 agrrcmcnts <<mta~ncd ~r. shi~
tiiortgage, ur if any acUun ~~r prek~ed~ng i~ i~~mnnnce~l tihirh m:~trriall} .~tiect~ I rnJer'. tnterr.l in the Pt~~~rt}.
ii:tlud~ng. hul n~~t hmited to. rm~ncnt doma~n. in~~~l~cni~. <<,J~ cnt~,r.rmcrit ~~r airangcmcntti ~~r ~r.~crcdin~~ im~c,l~inF a
hankrupl or dree~iem, then LrnJer at I.en~er'~ ~~pt~un, up:~n n~~tice t~~ Bcrn~wer, ma~ m,rke wch :~p~xaranre.. Ji~hune wch
sums and takc such actiun :~~ ~s nccc~.ar~ n~ pmtc.t I cnc!rr~~ ~ntcrr~t. ir:iiu.tin~. hut n~.t limitcd t~~. ~li~hur~cmeni ~~f
reasonahle attome)'~ tceti and ~ntry up~~n th~ Pn~pert~ ti, m:i~,r re~a~r~ I1 I.rndrr reyuire~) mi~rtgage in~ura~ce a~ :~
cunJnic~n c~f •m.~k~ng thc loan ~ccure~l h~ thi~ ~t~~rtga~c Brrn~~~rr sh:~ll ~a~ thc nrcmiums requ~reil t~. maini.+in tiurh
~nsurancc in rtTect unti! tiuch hmc ati thc rcyuirrmcnt f~~r tiuch ;n~uranic trrminatr. in ac~ordancc Hith Bnrr~~wcr'~ anJ
c ~:''li ~
' ~ 351 f~~~~~ 1537
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