HomeMy WebLinkAbout1663UN~FUx~t ('u~•~ ~ahis Hi~rruwer :~nJ I.cn~lrr cu~~cn:in~ anil :~Krrr :~~ fi~U~~wc:
I. Pa~menl of Principal aod Inleresl. Hur~owrr chall prumpil~ pay ~hcn dur thr principai u( and mtrrc~t un thc
indebtrdncss c~idcncr.l by Ih~ ~liitr, prcpaymcnl and latc rhar~;r~ a. pmvi~led m the Nutc. ~nd Ihc princ~pa) of and imrrect
on any Futurr Ad~ ancc+ ~ecured by thi~ Mungagc.
2. Fundc (or Taxes and Insurance. Subject to 3pp~icable lavr ur ~o a wnUen vva~vcr by 1...+~~:.~, ~;.~~:_:::~r :~::;: ~:ag~
to I.ender ~n ~he Jay m~~~uhly inc~allments o( prinripal and ~ntcrecl are payahlc under the Note, unUl thc Nu1c ie p~id in full.
a sum Ihercin "FunJs"- ~qual tc~ unc-tHrlhh of Ihc ycarly ta~c~ anil a«r~tim~nt~ ~hich m•r~• atWin pn~~rity uvrr Ihis
!~tortgage, anJ gr~~un~ renls on the Property, if an~•, plue ~~ne-twrlfth c~f ~~rarly prcmium installments for har+rd in~urance,
plus one-tHrlfth of ye:~rly premium installmcntc tor murtgage insurancr. if any, all a~ rca~unahi}~ e~~imated initially and from
~ime to ~ime b~• l.ender un the ba~i~ of a,cestmem~ and h-U~ anJ rra~on~hle rctimate~ !hercof.
The Funds shall he he1J in an in~titutiun the de{x~sit~ or arc~~un!c ~~f which are imured or ~iaranteed h}~ a i=ederal or
ct~te agcnr~• 1 inch~d~ng l.ende~ if Lender i. such an inst~~ution ). I endrr shall appl}• the Fundc to pay ~a~d ta~c~, as~essmenu,
insur•rnce premiums and ground rent~ I_rnder ma~ no~ charge lor .~~ holding ~r.d applying ~hr Fun~l,, :~nalyzing said accoum,
ur verif~ing and c~~mpiling said as,e.~ments and hills, unlcs~ Lender pa~~~ Borrower inter~tit on Ihe f~unds and applic:+hlc taw
permits 1_ender c+~ make ~urh a charge Horrower and LenJer :z~s}• agrcc in w~riting at thc ~ime uf execut~on of thi~
~tortgage that inl~rest un the Funds shall he paid to Borruwer, and unlesc such agrrement i~ made e~r applicahle iaw
reyuires such interest to bc paid, Lender shall not hc rcyuirrd to pa}• B~~rruwCr am interest or earning~ on the Funds. Lcnder
.hall gi~•e to Born•wer, without charge, an annual arcuunung e~f the Fund~ sh~~wing credils anJ dehitc m!he Fund~ and the
pur~se for which each Jebit t~~ the Fund~ N;11 made. 'The Fund~ arr plrJgeJ as addiuun:il secu:ity for the sum~ ,ee:ureJ
h}' Ihis ~lortgage.
1f the amoum of the Fimds hcid by 1_enJcr. tugcther Nith th~ (uturc m<~i~Ihl~• ~mtallmcnts of Fun~lti ~ay~:,ble prior to
thc due dates of taxc~, as~~ismCnts, ~nsur~nce prrnuium and gruund rents, shall e~ceed the amount reyuirrd to pa~• said taxes,
assessment~, ~nsurance prcmiumti •rnd gruund renR a~ thcy~ tall dur, surh e~~<« ~hall bc, a~ 13~vrower'~ i~pu~~n, c~ther
prompUy rcpaid to Borro:~cr or crcdi~cd tu Barrowcr on momhly imt~llments ~~f Fund.. 1~ thc a~nount ~~f thr F~unds
held by Lrnder .hall not be sufTieient ~o pay la~es, a~sescmcnts, imur~ncr premwm~ and gruund rentti as the~• fall due,
Borrower shall pa~ to 1_ender an~• amount nece~san• ta make up thr drficicnr~ within ~0 ~a~~ fr~m the date nc.t~ce is m~iled
by Lender to Borrow•er reyuesting payment thereof.
Upon payment m full of all sums serurrd by th~. Murtg~ge. ( endcr ~hall promptly re(und to Rorrower an~• Funds
held by Lender. lf under paragraph 1R hereof the Propert~ ~~ ,old ur thr Proper~y is otherwice aryu~rcd by I ender, 1_cnder
shall apply, no later than immediatcl~ prior u, the ~ale uf thc Propcrt~ ~,r it~ ~cyuisiuon hy 1_endcr. ar» F~und~ held b~•
Lender at the hme uf application as a cr~dit aga~nst the sum~ tiec~rred h~ ~hi. Mortgag~.
3. Applicalion of Payments. lJnle~s aprhrahlc law~ prc~~iJcs othrrwi+e, all payments rcccivcd b~• I.rnder undcr the
Notc and paragraphc I and 2. hereuf tihall be applicd by I.ender fir~t in ~+a~•ment ~~( am~~unts payahle to Lrnd~r by Borrower
under paragraph 2 hereof, then to interr~t p~~•ahlr ~.n the tiute, ~hcn t~~ thc principal o( the ?~i~tr, anJ thcn tu interest and
priiscipai on :~ny Future Advances.
4. Charges; Liens. B~.rrower .hall pay all i:~~~.. :,,.r~~mrnts and ~•thrr chargc~. fincc and imFx~~iti~~ns ~ttnbutahle to
the Propert~• w•hich may attain a priority over thiti ~torlg3gc, and Icasrhald payments ur ground rents, if an~•, in the manner
provided under paragraph 2 hereof or. if not paid in cuch manner, h~ Bormwer making pa~~ment, uhen due. d~rec0y to the
payee thercof. Borrower shall promptly furn~sh to Len~cr all nohces of amounts duc under thit paragraph. and in the event
Borrower shrll makc payment directl~. Borrowcr .hail prompNy furni~h 1~~ l.endi r rereipt~ c~•~drnc~ng such payments.
Borrower shall promptly Jischarge any I~cn ~hich has prsi~nty u:,r ~hi~ M~~r~gage; proviJed, that Borrower chall not be
required to d~uharge any such lien so long as B~~rro~er tihall agree in ~ritmg li• the pa}•ment ot the obhgxtiun secured hy
such 6en in a manner acreptable ~o Lender, i~r shall in gta~d fanh c.mte.t ,uch lien h}•, or ~efen~l enf~~rrement of such lien in,
legal pmcecdingt whict-i t~peratc to prevent thc rnfrr~emrnt ~f thr I~en i~r forfe~turr o[ thc Property~ e~r any part thereof.
5. Hazard Insurance. Borrower sha11 I~cep the imprc~~cment. nnw c~i~hng ~~r hercafter crrcted on the Pr~~perty~ intiured
against loss hy fire, h~zards inciuded w~~thin thc term "r~tende~i coverage". and wrh rnher hazards a~ I.rnd~r ma}~ rcyuire
~nJ ~n such ~muunts and tor surh periuJ~ a~ I.ender may~ rryu~rc; pr~~~~deJ. tha! Len~er ~hall not reyuire that the ~m~~unt c.f
such c~~~~rrage exceed that ~muunt ~~f ro~erage requucd to pa~ ~he ~um. ~rcured hy thi~ ~lorlgage.
The msurance carrier providing the insur~nce ~hall be chu~en by Borruwrr subject M approval b)' I_ender; prrn~ided.
that such approval shall not be unreasonabl}~ withheld. AU prrmium. on insurrnce polic~es shall be paid in the manner
provided under paragraph 2 hereof or. ~f not paid in tuch mannrr, b~• Borrower makmg payment, when due, ~iirrcdy to the
~nsurance ca:rier.
Al) insurance polic~es an~ rencKals ihereof shall tx in form er~ept:~bl~ to LenJrr and shall in~ludc a~tandard mortgage
clause ~n [a~~~~r ~~f and in iorm arceptable tu I.ender_ I.rnJcr .h:~~l h:nr the r~ght t~~ hold thr p~~lirirti and rencwal~ ther~uf,
and Borrower shall promptly furnish to Lendcr all renewal notirc. ;,nd all reccipts of paid prem~um~ In the e~cnt of lo«.
Borrower ~hatl g~.~e prompt notice tu th~ in~ur~nre carnrr anJ LenJrr. I.en~i~ r may ma~r pmi~t af loss ~f n~n ma~e pr.~n:~ th
by Burrower.
Unless I.enJer •+nd BarroKCr otherw„e agr~e in ~nting. ~n.ur~nre pr~kerdc shall be applied Ic. :e~t~~ratic~n ~~r rep:+ir ~(
the Property~ ~IamaKeJ. pmv~~led w~h re~toratwn or rrpa~r is ec~,numicafl~ fravMr and thr ~ecurit}• ~~f th~, Mc•rigage ~~
nut thereb~ impaired. 1f wch retituraUc~n or rcpa~r is nrt ri~~n~~i:~~::~llv f~.,~~Mr or if the securn~~ of this ~1~~rtgagc wc~uld
be impaired, the insurance pra:eeds sh~ll oe ~pplie~i t~. the wm~ ucure~l h~ thn Mc~rtgage. w~ih the ercetis, if an~•, paid
to Borruwer. If thc Propertc is ahandi~ned h~ Barr~~~+cr. ur it Burmwer Lel~ t~~ res~md ~o I endrr w~thin 30 Ja~~ tr~.m the
Jate notice i+ mailed b}' Lender ta Borrouer that the ~niurancr :arn~r i~tter~ to ~et~le a rlaim f~r imurance henefitti, l.ender
i~ authorizeJ to rollect and appl} the insurancr prucecd> at 1_enJer~~ uptiun either to rest~~ra;ton c~r repair c.f the Propert}
ur to the wm> >ccurcd by thu Martgagc.
Unles~ Lender and Be~rruwer otherwi.r ~gree in :.nhng. am ~urh appli~:~t~~~n ~~f pn.ceeds to ~+r~nc~pal .h:~ll nnt ettend
or pustponc the duc d~tc of thc m~m~hh~ ins:allmcntti refcrred t~• ~n paragr:~ph~ 1 anJ ? hcrec~( or changc thc amc~uni o(
su~h mstallments. If under paragraph I8 hereof the Propr.rt~ ~. acyuurJ h~ i.ender, all nKht, tide and ~nterest t~t Born~~cr
in and to an} insurance poLcies ar<d in and ~c~ thr pre~aeeds thrre~~t re~ulung fr.~m ll8fllagr to the Propen~ pn~~r to the ~:,Ie
or acyw~ition sh~lt pass to Lender ~o th~ e~tent of the ~um> >rcurcJ M th~. ~t~~rtg~g~ immeJiatel~~ pnor t~~ ~uch ,~le or
acyuisition.
6. Pressr~alion aod ~laintcnance of Propert~: I.eacehuld~; ('undontinium~; Planned l'nit 1)e~elopments. H~rroucr
~h+!! krep the Property in gcwd repair and tihall not commit K:11I1' rr perm~t imp:urmem or deterioranc~n ~f the Fmpcrt}
and shall compl) with thc provitiiuns of any~ (e:tse if th~ti ~t~~rtgege i~ ~~n a Ir~srh~~ld. li th~, ~1~~rtgagr ~< <~n a'~:nit in a
cun~ominium ur a planncd unit Jrvcl~~pmcnt. BormHCr .hall rcrt~~rm eU ~~f Borru.-cr's ~~hl~~au~~ns und=r thr dreler~urn
ur covenants creatsng c~r g~~vermn~, thr cezndi~mm~um ~~r ~IennrJ umt devrl~~pmcnt, thr b} lawti and rrculatu~m ~+f the
conJuminwm or planned i;nit devclopment. end ci~n~tituent .i~xumrnt~ II a cun.lominium or ~I~nned n~ut .!~.rl~~~ment
nJir is executed b}' BorruHer and recorded t~~bether uith thi. ~1~~rtgag~. ~hr cc~~enantc ,irtd eRreement~ ~~t ~.u~h r~elrr
shall be incorporated into and ~hall amend anJ ~upplcme~it the a~~rn.~mti .~n~1 .~greememt <~f th„ 1lorigagc ~~ ~( lhe ri.l~r
Ncrc :~ part hereof.
7. Protection of Lenders Security. If H~~rmwcr f:~il. i~~ p~rf~+rrn the crnenantti an~t agreements r~+ntained in this
Mortgegr. ur ~f :~ny achon ~,r proceeding ~c c~~mmrnce~! Hh~:h mat~rialh .~tteclti Len:ler', ~nterr~t in thr Pm~xrn.
~ncludmg, hu! n~~t limited to. emment domain, intii~hen~~. ~~.~: cnt~~ricmenL ~~r arr:~nRcrncnlc ~~r ~+r~~ceedings ~nv..l~ing a
bankrup~ or dece~ent. then 1_ender at LenJer'~ opti~~~. u~~n n~~tice t~~ H~rr~~wer, ma~ mak~ ~uch ~p~xarance,. Ji`hunr tiuch
sums and take such action a~ is neces~ar} t~~ prn~ert Lender", intrrett, inrlu~~ng. hut n~~t hm~teJ te~, d:tih~;rsement ~~f
reasonahle attome}'~ fces and cntry up~m the Prapcrt~ te~ m.i~,c rrpair~. II Lrndcr reyuircd m~.rtgage smuranrc a. a
c~~nditu~n of makmg thc loan .ccured M th~~ ~1~~rtg;icc. H~~rr~~urr sh.~ll ~:~} thc prcmium~ rcquire~l tc~ maint.iin ~iirh
~nsuranee in eNect until s~:ch hme ~; Ihe reyuirrment fur ~u~h in~urance tcrmtnatr• in aecordanee Kitn Borr~~veer'> and
G~:~'x 351 ~~a~t 1f 5y