HomeMy WebLinkAbout1683Urv~tux~~ ('~~v~ n.n;7ti. Burrawer anJ Lcn~icr c~»rnan~ ,,nd agrer a~ f~~il~~ws:
1. Pa~ment of Principal and Inlere~l. Borr~~Hrr tihall pr~~mp~l~ pay ~hrn duc thr pnnciprl u( and intrrect un thc
in.lcbtcdncss c~~Jrnrc~l by thc Nutc, p~rpa)~mcnt and lat~ rhargr~ .~~ pr~~vi.lcd in tlx IVi,tc. and Ihc prin.ipal ~.f and intrrett
on any Futu~c Ad~~anrc~ cecured b}~ thi~ Mung~gc.
2. Fundc for Tsxes and insursnce. Subject to applicablc law or to a~~•nuen warvcr hy l.cndcr, Borruwcr ~hall pay
to I.rnder ~~n the day monthly inctallmen~c o( principal and intrre.t are ~ayahle under ihe Ni~te, until Ihe ti.:te n paid in (ull,
a Sum (hercin "Funils") cqual ti~ onc-tuclfih ~~( Ihc ycarly la~r. an~l a«cc~mrntti whi~h may altain pp~+rity ~n•er ihi~
Murtgagc, and gruund rents un thc Pruperty, if :my, plu~ ~~nc-tHrllth u( ~•~a~l}• premium inatallmcntc for harard ~muran~c.
plus one-~HClfth o( }early premium inctallmen~s far m~~rtg3ge insurancr, if any, all a~ rea~unahl~• e~tim:~~eif initially an.l from
~ime to ~imc b}• l.cnder on thc basi~ of a~~es~mems and hill~ anJ re:~~un~bk ectimatec thereof.
The FunJs shall he held in an imti~utic~n ~he deExnit~ or acc~~ums ~.1 which are intiured ur guaranteed h~ a 1=ederal or
state agency 1 including l.ender it 1_enJer ~s such an insUlulion 1. 1 ender ~hall apph ~he Fundc ~o pa~~ tiaid ta~c., ati~essmen~s,
insurance prcmiums and ground « nh 1 cnder ma~• n~,t charFc tar ,~, h~•lding an~ appl~~~ng thc {~und~. :~nal)~nng ~aid ac~ount.
or ~•erif~ing and compiling said assc~iments :uid bills, unless I.endcr pa}+ BormNCr ~nlerest ~~n the FunJs :~nd applirahle I~w
permits l.ender ti. make cuch a ~harge. I3i~rrower and I.enJer ma~ agree ~n +anling at thr Ume of exccution of thi~
:1lortgage Ihat inlerr~t un ~he Fu~ds sh~ll he paiJ to Borruwcr, anJ unle+s euch agr~ement n made or applicable lav-
reyoires such interesl to he ~aid, l.e~dei ~h:+l1 not he reyuired te~ ~-a}• 8<~s:c:s:er :in~ interest c~r earning~ :~n the F:tnd~. I.c:~s!rr
shall gi~•e to Borrow•er, wilhout charge, an annual accuunUng ~~f Ihe F:~nJ~ ,h~~~~•ing credits ~nd drhi~c to Ihe Fundti and thr
purExne far wh~ch cach debit to the Fund~ wa~ maJc lhe I~E~nd~ are pl~dged ~~ ad~iu~~n: 1 secunt~• fi~r the sum> >ecure~
~y thi~ I~tortgagc.
1( the amount ~~f thr Funds held b}• I.emlcr. t~~xe~hrr Nith thr k~ture monthh• imtallmems uf Fun.1. pa~~able pri~~r t~
the due dates of taxe~, a»cs~ments, ~nsuranrc prrmium~ anJ ~ruunJ ~rnt+, shall e~rccd the ~mount rry~ured tu p:~~ ~aid taxeti,
asscssment., insurancc pr~mium. and ground rent+ a~ thr} fall dur, ,uch c~rr,~ .h:~ll hc, at {3i~rruw~r'~ c~pti~~n, r~thcr
promptly repaid to Borrower or credited to Borrovrer on mc~nthl~• imwllmrn~c ~~f f=und~. !f the :~muum of the Fundz
held by Lender ~hall not be sufTicient to pay tareti, acse~timrns~. imur.~nc~ prcm~um~ an~l ground r~nt~ as th~}• f~ll duc.
Borrower shall pa~• to l.ender any amuunt nece+tian t~~ makc i~p the .Irfir~rnr~ wvth~n 30 Ja~~ fmm thc date n.~ti~e i~ mailcd
by Lender to Borrower rcyuesting paymcnt ~here~~L '
Upon paymcnt m full ot all sums sccurrd by th~, !11~~rtgagc. I cndrr shall prompth~ rc(und tu H~~rr~~HCr ~m• Funds
held hy l.en~er. If under paragraph !R hereof the PruEx:rt~ ~~ ,~~Id .x thc Pruperty n otherwi~c aryu~rcd b~• I cnder, Lender
shall apply, no (ater thar. ~nimedititcl} prior ta the ~ale ~~f thr Pro~xrty ur its acquis~tion hy Lendcr. am Fund~ held h~•
Lendrr at the time o( application as a creJit against the sumti ~erured h~ thi~ ~!ortgage
3. Application of Payments. Unle~s ap~li~ahlc I3N' ~lfl~\liies e~th~r~+i,r, el! payment~ rrrcived bt• 1 cnder un~ler the
ivotc and paragraph~ 1 and 2 hereof shall tx applied hy 1 cndrr fir.t m p:~~ment ~~f am~~-:nts pa}~:+hle t.. Lrmier h~• Bi~rr~~~er
undcr p~ragraph 2 hereof, then to imrrev payablr on thr \utr. thrn tr thc principal ~~f the ;~utr. ~ncf ~hcn t~~ interest anJ
principal on an~- Futurc Advances.
~. Ch~rRes; Litns. B~nower ~hall p'sy all t.~~e.. ;~.~r,~mrnts and ~~thrc charFe~. finec ~~~d ~nir~~lihunc attnbutahle to
the Property which may attain a pnoriry over thi~ \tortgagc, and lcatichrld p3ymcnts .~r eround ren~s, if am•. in the manner
provided undcr paragraph ~ hereof or. if not paid ,n curh manner. M Borrower making pa}•ment, uhen due, d~recdy to the
payee thcrcof. Borrower shall promptly furnah t:~ Len~rr all noUCCS of ~mounts duc unJer th~. paragra~ h, and in the event
Borrower shal) make payment directl~. Borruwrr ~hall prumptl} furnitih t~~ I_~nd~r re:cipts e~•tdcncing such pa}•mentc.
Borrower shall promptly~ dischargc any licn Nhi~h has pnont~• u~~r thiti Mortgagc: pru~~~~icd. that B~~rmwcr .hall not bc
reqwred to J~xharge any such lien tio fong as B~~rru~~r .hall agrre in :+r~tinK ta ihr p~~ment c~f th~ ..hligati~~n ~ecured h~~
such lien ~n a manner acc~ptable to Lender, i~r .hall in g:Kxi fanh runte.t wrh lien hv, c~r defen.l enl~~rcement of surh lien in,
legal pnkcedings wh~ch operate to prevent the ~~forremrnt af ihr licn ~~r forte~turc uf the Property ~~r an} part thereof.
S. Hazard Insuranee. Borro~er shall I,ee~+ thc ~mpm~rmrnt~ n~,u ~~i.t~ng ~~r hereafter crected ~~n the Pn~perty insured
against foss hy fire. hazards included within the term "r~lendeJ rucrragc' . anJ surh other hazards at Lcnder ma~ reyuire
and in such amounts an~i fur such p~:riuds a~ Lcndcr m~y rrywrc: pr~~~ ~dc.i. thal Lcn.lrr tihall not reyuirc that thc amrunt of
such co~'erag~ Cxce~d thal amaum uf cc~.erage r~yu~red Io pa) thi ~i~m~ ~crurrd h} !hi• 41or~gage.
"Ihe insurance carrier providing the insuranre shall be rhu;en b~~ Burmv~~r subjecs to appro~•al h}~ I.ender, prm~ided,
tha~ such approval shall not be unrea~onshlti~ withheld. All prenuum. e~n insurance policies thall br paid ~n ~he manner
prov~ded under paragraph 2 hereof ur, if not paid in such manne;, h~ Be+rrower making payment, when due, d:recN}• to the
imuraoce carrier.
All ir,surance pol~cie~ an~i renrHals therec•t shali be in (orm .~r~~~t,~bl~ to 1 en~lcr and tihall include a ~tsn~l~rd m~~rtgage
~lause ~n fa~•~~r of and in form acceptahle ta Lender. Lrnder .h.~ll h:~~e thr right t~~ F~~Id thr pi~li:i~, .~nd rrneHal~ there~~f.
and Borrower shall pr«mptly furnish to l.ender all rrneual noticeti an.l ;~I! receipts of pai~ premium. In the e~ent af 1~~~.
Borrow~cr ~hall g~~~e pmmpt noticc to the ~muranre rarnrr an~i I ~n~i~r. I enJrr ma} makr ~r~a~l ~~f lusti ~t n~~t m:+de pn•mptl}
b~' R~~rrnwer
l.~nless Lender and Borr~~H~r atherw~ur agrec ~n ti~nting, in.ur,~n,c ~r~~cre~i~ shall tk applicd ic~ rc.trrati~~n ~~r rep.~ir ~f
[h~ Propert}• ~lamage.l. pro~•~.ie~ ~u~h retilurahun i~r re~air n rcrn~~miialh fra~~h~~ and the ~ecuntc of thi~ !~1~rtgage ~,
not thereb~~ impaired. If tuch rc~turati~~n or repair is r~~~t r~~,n~mu.:~ll~ (r:~,ihlc ~,r i( thc ucunty ~~f th~c \1~,rtgegc w~,uld
be -mpa~red, the insurance pnxeeJs ~hall be applie~l t~~ thr tiums ~ecure~i h~ thiti Jt~~rtgaer. ~ ith the exce~s, if :,n}~. paid
to Borruaver. If the Property u ahand~~ned M Born~wer, ur ~t B~~rn~wcr ta~lti t~+ rcti~x~nd ti+ I cnJrr w~thin 3t1 da~~ tr~~m the
datr notice i~ ma~led h~ Lender t~~ Bvrrower that the inwr.~ncr c.~rner ~~t(rn i~~ .en{e .~ cl~~m h~r imurance henefit., 1 ender
~. ~uthonzed to collect and ~ppl} the irour:~nce pr~kreJ~ .~1 LrnJer~s rpti~~rt e~ther te~ re~turatinn ~~r rep:~ir ~t the Pr~pertt
ur to the sum> >ccured h}• this Mortgage.
Unless 1_endcr :~nd Burr~~wcr i~therHi.r egrer in Hr~hng. am tiurh :i~pli~ati~~n ,~f prrceeds tu ~+rmcipat .h.~ll r.~t c~tcnd
or pustpone the due date of the m~~nthlc ir.titallmrntti t~ferrrd t~~ ~n paragr~ph. i:~nJ ' herc~~( or char~e tlie am~+unl ~~(
such mstallmenb. If unJer paragraph 1 i{ hereof the Pruxrt~ i, acyiurrJ h. Lendcr, :~II nght, t~tle anJ interest ~~t H~rr.~W er
~n and to am insuranre policie~ aneJ in .ind t~~ Ihr prucee~i~ ther~ut reti~,!ung frum ~amage to ehe Propert: ~n~~r tu th~ ~ale
or acyui~ition shall pass to Lender to the e~tent uf th: ~umti ~ciure~i h} th~. ~1~~rtgag~ immed~alel~ pnor t~~ ~uch ti~le or
acywsition. ~
6. Presenalion and lfaintenance of Propert~: Lcacchold~: ('undominium~; Planned t~nil 1)e~e!opmcnts. Rrrr<~~.cr
ahall kcep the Property in gex~cl repair and ~ha!i r:~i cummit ~t:1111' ~~r pc rmit ~mpairmcnt or Jcteriorahrn uf the Pr.~~+ert}
and shall ~ompl)' uith thc ~itovisu~ns uf an} lessc if Ih~~ ~t~~rt~agr i. rn a Ir.,;rh~~W. li Ih~. \ti~rlg~~e i~ ~~n .~ un~l ~n .~
cvnJominium or a planncd unit Jc~ci~~pmcnt. Bi~rn,WCr ,h:~ll prrt~,rm all uf BurrrHCr~s ~~hligaUans under thc dcclarst„~n
ur covcnants crcahng ur ~uvcrninb ~hc c~~ndunumum rr ~I.,nnrd un~t d~vrl~~pmrnt. Ihr bp-law~ and rrculat~un. ~~f ~hr
cc~nJominium or planned unit devclopmcnt. .,nd i~~n~ti~ucnt ~li:~i:mrnt. (. ;, cun~luminium or planncJ i~nit Jr~rl„~nunt
n~er ~~ executed by Borruwer and rei~~rdrd t~~~,ether ~ith thi. ~1~~rtg.~ge, the c~~~en.+M~ and :~erecment~ ~~f .u.h n~1er
shall be ~ncor(x~r~ted into ~nd thall amcnd arn. ~upplcment thr cr«n.+~t. anii ,ikrermer.tc ~~f th:~ ~1<•rtga~r ~~ il ~hi n.1rr
~rrc a part hercof.
7. Proleclion of I.enders Secorit~•. I( Kurr~•~er fa~l~ tr ~rrf~~rm the ~•~venant~ ar.~i :~~.reements .~~m:unca ,n thi~
Nor.gage. or if any action ~,r pr~eeding ~ti ~i,mmrncr~t u-n~h m:,tcr~alh .~fTr~t` I cn.fer', ~ntere~t in ~he Pn~~rr~.
including. but n„~ lim:ted to. ~m~ncnt d~,m:un. iriu~l~rnic. .~x1r cnh,r~rmcnt, „r .urangcmcntc ~u ~r~~cccdin~s ~n~~~l~ing a
bankrupt or dece~ent, then Lender at I ender'. nph~~n, u;~~n n~~tiie n. R~~rr~~Hrr. m.~~ make ~u~h ap~ar.~nre,. .li.hunc .u.h
sums and take such artion :1~ ~s nece~.ar~ tu pn~trr~ Lcndrr'. inlrrr~t. inrluJinE. hiit n~~t limitrti t~.. di~hursrment ~~f
reasonahle at:ome)'s fres and emry up~m ihe Pr~.pern t~~ makr rcpair~. If Ler.drr rry;~irrd murtEaee imur~nce a~ -e
cnndilt~m ~~f making [he lo~n utcure~l h~ ~hi~ ~t~~rtc.i~r. H~~rr~~~+rr tih.~ll ~+ay thc ~+rcmium~ rcqu~r~~,l r,. maint.un ~u:h
insurance in efTect until ~uch ~ime ~ti th~ reyi~ircme:it :~~r ,u:h ~n~tiran,r ~rrm~ ~atr, m a:cordan,e N'1I~1 BOff~~WCr'. .+r.J
~~r. ~tJ.~ P~~~ 1 e~
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