HomeMy WebLinkAbout1691Utiifutt~~ (~uvi n~ti~~ H~ur.~Ner :uiJ I rn~tcr ~u~rn:~nt and a~;~rc .~, fuUuws:
1. Pa~~nrnt ot Principal and Inle~r~t. Ii~,rn~Her .hall pr„ni~~tl~ pay ~hen ~luc thr pr~ncipal u( .~nd inierest un the
indchtrdncss c~~drnc~~l hy thr !~utr, prcpaymrnt and latc ~hat~c~ .~~ ~+n-vi~led in thc Note, and ihc princip;~l o( and mtr~rcl
on any Futura Advanr~~ .ccurcd by ihi~ Mur~gagr.
2. Fundc for Taxes and la+utance. Subjecl to applicabie I:IN' pf l0 a writien warver hy I.ender, Borruwer ~hall pay
to l.cndcr un Ihr day monihly ~n~tallmcnts uf pnnrip~l and in~rr«t arc ~ayahlc undc~ thc N~~te, unUl ~he tic~tc ic paiJ in full,
a sum Ihcrcin "Funds"- cyual tu unc-tNrltlh o( thc ~•rarly Ia~r~ an.l a~~rctimcnt~ v-hich ma~• at~ain pni~rily ovc~ thrc
111rrtgagc, an~l g~uund rrnts on the Propcrty, ~f any, plcu i~ne-~wel(~h ~~( ~•rarly presnium ins~:~llmcnts for har+rd imura~ce.
pluc ~-nc-tKC{fth of }•rarly premium in~talimcnt~ tor morlgagc insurancr, if any, all ati reac~~nabl}• estim;,tcJ iniUall~ and from
lime to time hy LenJcr on thr ba~i. o( c-~~etcm~m~ and h~lh anJ «:~u~nablc e~umale~ thereof.
The Fundc shal) hc held in an imtituhun the deEx~~it. c.r acr~~unts uf whirh are incured or guar:tnleed by~ a Federal or
state agrnr) (inclttding l.ender if I.rniler ~~ such an institution). LenJrr ,hall appl}• ~he F~undc to pa) ~aiJ tates, at~ecsments,
insuran~c prerniumc and grounJ rrm~ 1 cnder ma~ not charge t~~r.~~ halJing and appl~ing thc Fund~, anal}ring ~aid account,
ur ~•erif~~~ng an~l a~mpiling +ai~ asu„mcnt~ :u~d hill~, unlcsti 1 enJcr pa~• Borrowcr mtcr~wt on the FunJti and applicabie law
~rmits Lendrr t~- make curh a charge ~ B~~rruwer and t.ender nia} ;~grec in vrn~ing •rt thr ~imc of exect+Uim o( ihi~
~tortgage thal intrre~t ~~n Ih~ NunJ~ tihall I~e paiJ to Horruwer, and unlesti ~uch agrecment ~s made or applicahle law
reyuires such interest to be paid, Lcnder tih:~ll not hc rryuire~l t~~ pay I;~~rruwer am intcrest ur carnings un the Funds. I endrr
shall givc to Bnrrcn~~cr, without chargc, aii annual a~c~~unt~ng ~~t thc Fun~, ~haw•~ng credils anJ ~Jchits to thc Fund~ and thc
~iurp~±.r i~~r wnicn rach uebit tc~ ~he i=unU~ ~„ m~~~. ~he i un~, arr pl~-~1grJ a~ aJJiUun:~l aecunt}• (~v ihe sum~ tieaurrd
b}• thi. ~lurtgage.
If the amount o( ihe Funds hcld b~~ Len~ier. tuge~her a~~h thc fuwr~ m~~nthl~~ imlallments o( F!indc pa~•able prior to
thr ~ue da~es af ~a~e~, a»essment~, insurance prem~um~ anJ gr~~und rrnts. shall exceed the amount « yuired u~ paY said.ta~es,
asussmentc, insur~nrc premiumc and ground rent. a~ thr~ t~ll duc, such cuc.ti .hall bc. at N~•rroH~cr'~ ophan, chhcr
promptl~~ repaid to Borrower or cred~ted u- Bt~rruwer on munthl}~ imta~lmrmti c~f Fund.. If the amuun~ ot the Funds
held by l.ender ~hall not be sufiicient to pay ~~~ec, as~e~,mrnts, imurancr premu~m~ and gmund rent. as Ihey fall due,
Borrower shall pay to Lender an~• amount ne~a:»ar~ t~~ makr up thr ~I~fi~~~n~~ aith~n 30 da~~ frc~m the date ~auce i1 mailed
by Lender to Borrower rcyucst~ng paymcni there~~(.
Upon pay~ment in fuil o( al! sums secureJ by th~. 1!artgage. 1 cndrr shaU prompll~ refund to Bc~rr~~Her anp Funds
held hy I.cn~fer. If under paragraph Itc herc.~f th~ Prup~n~ i. ~uW i~r thc Propcrty is otherwi~c acquirrd !1y I cndcr, Lcnder
~hall apply, no later Ihan immediatcl~ priur tc~ thc ~ate uf th~ Pru~xrt~ .~; it. acqu~s~tion hp Lcnurr, an}• Fundc held by
Lendrr at the Ume of application as a cre~-t against the sum~ secured h} th~~ ~tortgage.
3. Applicalion of Pa~ments. l,tnle.a ap~l~rahle la~ pm~i~iec c•thrnci~r. ~II payments rectived b}• Lendei under the
Nutr and paragr~ph~ I~nd 2 hcreof ~hall tx appl~rd M• I cn~ter finf in pa~ment ~~f am~~unts pa~~:~hlc to Lcn~lcr h~~ Borrc.Ner
undcr paragraph 2 hcreof, then to imere~t p~}~ablr un thr tiutc, thrn t~~ thc principal <~f the IVo~c, ~nd thrn to interest and
pnnc~pal on an}• Future Advances.
4. CharRes; Litns. Bi~rrower ~hall pay .ill ta~r~. :~..rti.m~nts :md ~~thrr rharges. fine~ an~i ~mp~~,itiunc attnbutahle to
~hc Property which may attain a priurity over th~ti ~turtg~kc, and IeatiehoW paymcnts ar ground rents, i! any, in the manner
provided unJ~r paragraph 2 hereof or. if nc~t paid in cuch manner. by Bc~rraaer makinF pa~•ment, ~fien due. Jire.~ly to the
payee thereof. Borrower shall promptly furn~sh to Lender atl not~ceti of :smountc due under th~t paragraph, and in the event
HorruWer shatl make payment direc~{}, Borrowrr tihall prumpll~ furni+h tc~ I.ender rcceiptti e.idrnc~ng such paymcntti.
Borrow•er shall promptly dixharge an}• lien whi~h hss pru~ntp o~rr thiti ~lurtgag~; providcd, th:it Hnrrower ~hail n~~t he
reyu~red ta dikharge any ~uch licn u~ long ,~s Bi~rruwr• tih~ll :~grre in writing ti~ thr pa~mem ofi the ohligali~m secured by
wch lien in a m~nner acceptable to Lender, r~ ~hall in g~x~J f:~ith cuntetit ~u~h lien hy, or ~Iefen.l enf~~rcement of such lien in,
legal prixeedmgti w•hich operate to prevent thc cnf~~rccmcnt ot thr lir~ i.r fur(c~ture ~~f the Property or am~ part there~tif.
5. Hazard Insur~nce. Borrower shall keep thc impro~cment~ n~~~ rti~ung i~r hereafter errcted on the Pmper~y insured
:-g•rinst loss h~• fire, hazards inrluJed Hithin the term "r~tende~i c~•vrragr'~, anJ such ~ther hazardt a~ Lender ma~~ rey~nre
an.i ~n such amounts and for wch periuJti a. Lendcr ma}~ reyiure; pnn ~Jed. that Lender tihail not reyuire that the am~~unt of
such covcrage exrccd th•rt am~~um ~~t co~~cragc rcqwr~d t~~ pa~ th~ .um. .ccured hy this Atortgagc.
The msurance carrier providing the insur~nre shall be chrtien b} BorruKCr subject to appro~•al by Lender; provided,
that such approvai tihall not be unreationahl~• withheld. All premiumti on insur~nce polic~es ~hall be paid ~n the manner
pro~•,ded under paragraph 2 hereuf or. if not paid in such manner, hy Burrvwer makmg payment, w•hen due. direcdy to the
insurance carrier.
All insurance polic~e~ and renew~ls there~~f shall he in larm .~rce~t.~hl•• tu LenJrr and shall inrludr a.tan~i~rd m~rtgage
clau~e in fa~~i~r ~( and ~n form acceptahle t~~ Lender. 1 enJrr ,h.Jl h:~.~ the right a~ hold the p~~licie~ and reneual~ there~~f.
and Borruwer shall prompN}• furmsh t~ Lender all renewal nouce~ anJ all receipts of p~id premium, In the e~ent of lo~t.
Bc•rrouer ~hall g~~e pron~pt n~uc~ to the in~uranre ~a;nrr .i~d Len~icr. I.end~r m;~~ make pr~x~t c~f lois it n~.t made pr~~mpth
by Borrc~wer.
Uniess I.cnder ~nd Borruw~r athcn+~~c agrec in ~~n~in~:. in+uranie pnwcedti shall tx applied t~ retit~~ratic~n ur rcp:+ir of
ih~ Prupert}' damageJ, pruviJed wch re~torat~~m i~r tcp:ur ~ti ec~,n~,~iu~all~ (e~~~M~ and the ~e~uril} of th~s !11~~rlg:igr ~~
nnt thereb~ impa~red. If 1uch retituretion or repair is n~~t r~~~ns,mi.:,U~ fra,ihle or if the secunt}• of th~t ~tortgagr wrs~ld
t~e ~mpa~red. the insurance pnkeedti shall be applie~l t~~ the tiumti ucure~l h~ thi~ ~1~~ngagr. ~,~h the exce.s, i( an}~. paid
t~~ Bon~,w•~r. It the Prc~pertt is ah:~ndc,ned h} H~~rn,K~r. ~,r i~ BormHCr ta~l~ tu rc4~,nd to LenJcr wit;?:n 3q da~ti fr~~m ihc
~~te noiice ~~ m:1I:lL b}' Lender to Borre~er thJl IIIC If11UfJIlil' carner ;~ttrr~ u> >etilr a cl~im f~~r imurance benefitti, LenJer
i+ authonzed tu collect anJ appl} the imurance prucrrJs ~t I.rn~l~r~ti optu~n euher U~ resloraUOn or repa~r nf lhe Propen~
or to the sum~ .ecured h}~ th~s Mortgage.
Unlex Lcnucr and Borruwer ~~then+i~r :~grrc ~n ~nt~n~, :~n} ,e~.h applicati~n ~~f ~ru~ceds to pnncipal .h:Jl n~t c~tcnd
or pustpone thc duc datc uf thc m~mthl~- in~tallmrnts refcrrcd h~ in ~~ragrapht I amf ? hcrc~~f or ch~ngc thc am~~unt of
such i-utallnient~ It ur~Jer paragraph f ti hereot thc Propert} „ ar.~uire~ h~ I.rndrr. .~II nght, t~tlc and intcrett of Hormwer
m and to any imurance policies and in ~nd tc• thr proceeJti thereul re,ulung (n~m darn:~ge to the Propert~ prn~r to th~ ~ale
or acyw~ition sh:,li pa~s to Lrnder to the e~tent uf the sunn ~ecured h~ thi, ~f~~rtgegr immediateh~ pnos t~~ ~uch tiale or
acywsition.
6. Presenation aod ~lainlcnance of Propert~: I.ea~ehuldti: (~undon.iriu~m; Planned t~nil Ue~e~opmems. B~•rrowcr
sha;! kcep thr Property~ in g~xi rcpair and ~hal1 not cummit u~ttc ~~r permrt ~mpairmcnt or deterioration .~( the Pr~~~+ert}
and shall compt} with the provis~uns of ~ny lease if th~. ~t„t~a~r ,~ ,~n .i Irasrh~~ld. If thi. 1lurtg~gr i~ un _~ unu in .~
runJuminium ~~r a pianncd un~t Jr~rlupmcnt. Borr„ucr .h.~fl Ekrt~~rm all rt B~xn,wer's „hiigauuns !~ndrr thr dccl.~r~tirn
or cuvenants creatin~ ur g~~vern~ng ~hc c~~nd~~m~nn~m ,~s ~ I,~nnrJ unit de~~rl~~pment, thr h~~-laws and regnlatiun. i~f thr
~onJ~~minwm or planned unit de~cl~~pment. .,nd c~~r,titucnt ~io~umcnr. If a cun~ii~minium or planned unit .lc~clr~.mcnt
n~ler i~ e~ecuted b}' Horruwer and recc~rded tugether u~Ih Ihi~ ~1~~rlt~age. [hi c~venantt and ag,-eement. ~~f ~uch nJer
shall_be incorEx~rated mto and tih.~lf amend anJ 1u~plcment ihe c~~~enanh .,ni! :igrrem.^ntc of Ih~~ ti1~~rtgagc e. if the ri~i~r
~aere a part hereof.
7. Protection of I.enders Security. If B~~rr~~~er fa~l. t~~ Exrf~~rm the .~ven:~nt~ an~f agreemenss ~untained ~n thi.
~lortgagr, or if an}' ~ctii~n ~~r pro~eeding ~. r~~mmrnce.t ~h~~t~ m:~trrialh ;~tTr~tti (.en~fer'. ~ntere~t in thr Pmpert~.
~ncluc!mg. hi~t n~~t hmitcd tv. cmincnt dom:~in, imi~l~cn~~. <<~dc rnt~~r:rmrnt, rr ,~rran~;rmcnts c~r pr~kccdings ~ncul~inc a
5ankrupt or ~ieredent. then Lender ~t I enJer'~ c~pti~~n. uEx~n nuh~r ~~~ B~~rr<~Hrr, m.n make wrh :~pExarance,. J~~hurtie ~uch
sums and take such artiun ,n is ne~e~.ar} t~~ pru~cct Lender~s imcre~t. ~nrluiling, hut nc~t lim~ted to, Ji~bursemeni ~~f
rcasonahlc attorncy's (cc~ and cmry up~~n thr Prc~pcrl~ 1c~ m:~kc rcpnir.. 1( Lcndrr reyuircd m~~rtgagc inwrancc a~ a
~un~lihon of making thc loan u-cure~1 n~ thiti ~1ung.~CC. B~~r~~~NC~ shall pa~ thc premiums rcquircJ ti. maint.~in tiuch
insurance in efTeit until tiuch Ume as the reyuirement i~~r .urh mu~ranrc trrminates in ~crnrJance w~th Borr~~wer'~ anJ
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