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HomeMy WebLinkAbout1709U!vIFuRM (~~-vtr.~~v~~. BurruHer :~nJ 1~nJrr iu~cn:~nt and :~grrc .~~ f~~U~~w~ !. Ps~menf ot Principa! ~nd Intere~l. Ifu~nT~rr ~h:Jl prum~~il} pay ~hcn duc th~ pnncip.~l ul :~n~l ~ntrrrct un ihc in.lehtrdness e~idencc.l hy thi Nut~. prrpaymrnt and I;~te ch;uge. .~. ~mviJed ~n ~hr !vu~e, and the principal ~.f and intrrect on any Futurr AJvance~ .ecured Ay thi~ Morigagr 2. Fundc tor Taxes and Insunnce. Sub~er~ ta apptirablc law or ~o a wnt~en warvc~ Ay 1 cnder, liorri~HCr .hall pa}~ to I.enJer ~,n the Jay mon~hly ~m~allmen~~ of p~incipal and in~crr.t are pa~•ahlr undcr thc Not~, until ~hc `atr i~ p~id m(ull. a sum (her~in "Fun~ls") cytr.~l t~~ unc-tw~ltlh ~~( Ihc y~arly la~r~ anJ ac~rti.mcnlc which may aua~n priuriry ovrr thiti I~iurtgagc, an~l gruund rents on ~hr Pro{xn~•. J anp. plu. ~~nc-twcllih uf ycarly~ prrmium inct:.llmcnlc tor tiaiard ~nu~r.~ncr, plu~ une-twclf~h c~f yearly premium mttallmenlc (or mungage nuurancr, if any, ~II a~ rca~~~nahl}• e.timated initially aml (mm timc to timc by Lendcr un thr baci~ of a»es~ntcnls and hill~ and rrawnahlc cchmatcs ihcrro( ~?-e Fund~ shall hc held in :~n im~i~uti~~n the de~nit+ ~~r arr~~unts ~~f whirh are inwred ~~r gu:~ranlccd h~ a I=ederal or ~tatr agc~ic~• 1 inrlud~ng I.ende~ ~f Lrn~ler i~ surh an insti.uUUn l. I rnder ~hall appl~ thc E~undc t~ pa) ~aid taxe~, a~~etsment~, imuranrc prcmiums ~nd ground rrnt. 1 rnder ma}• nut chargc I~~r .~, h~~iJin~; and :~ppl~ing ~hc 1=un.h. an:ih•~~~~ ti:~id accca~nt. or verifpin~ and ri~mpil~ng ~aid a»e~~mentc and h~ll~, unle~~ Lender pa~~ BorruH~cr ~ntere~t un thc I~unJ~ and applirahle law prrmits I.endcr t~• makc ~uch a rh:ugc BurruH~cr and l.cndcr ma~ agrr~ ~n anting at thc timr of rxecuuon o( Ihi~ lllortgage that intrre~t un thc Funds tihall hc p:+id tu Bnrruwcr, and unlc+~ wch agrremcnt n made ~~r app6cahle law rcyuirra such interest to he pa~d, I.cnder ~hall nat Fx rcyuir~d t~~ pa~ B~+rma~rr an~ intrrest or carnin~;~ ~~n the Funds. Lendrr ~hall give to B~:rror~•er, whhoul char~e. :~n annual arr~,unting ul lhe 1-und> >hi~wing rrrJi~c an~l ~ehilc Io the Fund~ snJ thr purjx~.c f~,r wh~ch rach dchet to Ihc FunJ~ N J1 madr. I h~ 1-und~ ;ur ~IkdgrJ ati ad~ih~~n:~l ~ccurit~ f~,r thr wm> >ecured b~• thi. \tortgage. 1f the aniount of thr Fands held hy I.enJcr, t~~gr~hrr wrth thc futur~ momhly in~l:~llmrM~ uf ~un~h p:~}~:+hle prior t~ the due J•r~es ~~f ta~r,, as,cs~ments. insuranre prrnuum~ anif gr„und ren!,, shaH c~,rrd ~he ami,unt rryuir~d t~, pa~ ti~~d ta~c~. assessmenlti, msurance premium. and gruund renh a. ihr~ tall due, wch e~ce.t .hall tx. at li~un~~er\ ~~pti~~n, i~ither promp~h• rcpaid to BorroHer or crcdned tu B~uruwer un munthly ~mr.~llment, i~f F~:nd~. If thc am~~unt ~~f th~ :=undt held by Lender ~hall not M- sufiicient ta pay ta~ec. a~setitmrn~,. ~murunce prrmium. an~l gmund rent. a~ thr~~ fall due. Borrowrr shall pav to l.endcr an}~ amuunt ncrc~~ar~ n, m:ikr up thc Jrficirnr~ w~th~n l0 J~~. fri~m thc datc n~,~~rr ~~ mailcd by I_ender to Borrower rcuuesUn~ paYm~nt Ihere~~l Upon paymcnt ~n fuli of all sums ucurrd hy thiti M~~rtgagr. 1 rnJ~r ~hall promptly rcfunii t~~ H~~rn~~~er :~n~ F=unds held hy LenJer. It under paragraph 1~ herc~~f thr Proprm ~. ~~dd i~r thc f'r~~~-er~} n utherw~iu acyinrrd hy 1 rnder, Lrndcr shall apply, no latcr th•rn immcdi:qrly priu~ ~u thc .alc ~~f thr Pru, crt~ ur itt :~cyws~tion h~ Lrndcr. an~ Fundc hcld b~• l.enJer r1 the time uf application as a cre~~t against the sum~ cec~ued h} thn ~lortgage. 3. Application of Payments. linlc~~ appli~aMc laa pr~~~~~ies l1lFllfN'I~l', JII F1a~~mem~ rei~i~•ed by I ender ~~n.lrr the l~otc and paragraph~ 1 and 2 hcre~~f ~h:~ll tx~ ~ppli~d.b}' 1 rndrr fir~t in p:~~mcist ~~f amuunts p:~)'aMe t~~ 1 rn~lrr hp B~~rn,HCr undrr p:-ragraph ~ hcreof. then to intrrr~t p;-p~hlr ~~n thr \ut~, thcn to thc prin~ipal of the ?`c~t~, an~i th~n t~. interest and pnnc~pal on :~n~• Fu~urc Advances. 4. Char~es; Liens. Hi.rroHCr ~hall pay all t.i~r~_ ;~.~r~~mrnls and ~~thcr rharKr., finc~ an.i ~m~~~~iti~~n~ attnbutahle to the Property w~hich may attain a~nority over ~hi~ \1urt~;ag~, anei leac~h~~ld paymentti <x ground ren!ti, if an~~, in thc manner pruviJrd un~cr paragraph 2 hcrcaf or, if n~~t paid in ,u~h manner. h~ Bormwrr m:~kinF paymcnt. when doe. Jirectly to the payee thcreof. Borruwer sh~ll promp~ly furn~sh ta Lenii~r al! nouces of :~m~~un~~ dur under this paragraph. and in the event Horruwer Shall makr payment dirccll~. B~~rrowrr ,hall pn,mptly furni~h t~, Lendrr re~ript~ e~idrncing su.h payments. Borrower shall prompUy disrh:,rgc any~ hcn ~h~:h has pn~~nly u.rr Ihi~ ~lurtgagc; pru~•i~icJ. that B~~rr~wcr ~h~ll not tx reywred tu discharge an~• ~uch lien ti~~ long as 13~~rruH~r ~hall :~grre ~n unting t~~ thr p~yment ~~f th~ .~hligati~~n se~ured b)' ~uch hen ~n a manner acceptable to Lender, ur ~hall in g~.~~J faith c~~nt~.t wch lirn h~, ~~r ~Ie(en.i enf~~reement e.t such lien in, leg~l prctiredingc which operatc to pre~~~n~ the enfurccnui~t ot thr iirn i~r turfeiturr ~~f !he Propert}~ ~~r any part thereof. 5. Hazard Insurance. Borrower ~hall ~,cep thr ~mpru~rmrnt~ n~~~ r~i.tm~; ,~n c~reaitcr crrcted on thc Pn~Fxrty ~ncurcd aga~nst losi h~• firr, hazard~ includcd wrth~~ thr tcrm "~~Icndc~l ~~~~rragr'~. and ~uch rnhcr hazard~ a~ Lrndcr ma~ reyu~re ~n~ m such amuunts and for surh pcri~xi•. a~ I.rndcr ma}~ rryuirr: ~r~~~id~.i, that Lcn.lcr ~fiall nui rcy-nrr that ~hc ~muunt ~~f su~h cuveragc e~cerd Iha1 a:tii~unt i+f ci~~crage r~yinrrd t„ pa~ Ih~ .um. ~eiurcd h)~ thiti ~lortgagc 71~e ~nsurance carner providinb the imuranre ~h:+ll be rh«.cn h~ Bi~rm~rr wb~ect to appruval h~• Lender, provided, that such ;~pproval shall not be unrrasunahl}• w~ithheld. All prrmium. un insurance policies tihall he paid i» the manner prov~ded under paragraph 2 herrof ur, if nut paid in such manner, h~ H~~rruwer mak~ng payment, ahen due, d~rectl}' to the inwrance carrier. All inw~ance pol~cieti an~i rencw~ls therec~t shall tx in fi~rn: .a~.r~t.~hlr to LrnJrr :~nd ~ha;l inrludr a~t:,n~iard m~utgage clau~e in fa~•~~r i~f and in fi~rm arceptahle tu t.ender. I en~er .t~.~ll ha~r Ihr nght t~~ hrld ti~c p~~liii~L end rrnrual~ thereuf. and Barruwer si~ail promp~ly furnish to Lrndrr all renrKal nutire, anJ all reccipts af paid premium. In the event ~~f I~«. Burruw~cr ,hal! g~vc pmmpt noucr tu the irourenre c.~rncr .~n~ I~n~1rr. I en~irr ma~ makc pna~t ~~f luss it ni~t m:,Jc pn~mptl} ny~ ~o«<,W~~ l,'nless Lendcr and BormHCr oth~tr~nc agrec ~n ~~nhnL. in~uraitr~ E~r~,.cr~i~ sha!! tx ap~l~ed t~~ rr,t~,ratinn ur rep:~ir of th~ Pr~~~er~} ~l~magrcl. pruvi~ied ~uch re+Iorah~,n ~~r rrE~3~r iti c~~+i~~,ntiiall} tratiihi~ :u~d th~ ~ecurity u( thi~ !11c~rtgegt i, not thercb}~ impa~rrd. If wch rctituratii~n or repair r n~~t rr.,n~,m~~.~ll: f~.i~~hlr ur it Shc ~ccur~t~ ~~f thi~ ~lrrtg.~t;r w~~uld be ~mpa~red. the msurance pr~xeed~ tih~ll be appli~i: I~, thr ~utm ~i~urc~i M lh~~ '.11.~rtg.~gr. µ~~h th~~ e~~etis. if :~rn'. pa~d tn Born~w•rr If Ihe Properl~ i~ ahan~nned h} B~~rr~~Hrr. ~~r ~t K~~rr~~wrr ta:l~ ~r. res~~n.1 !~~ I ~ndrr w~th~n ?~- da}~ imm the ~latc notice i, maiied b}' 1_ender t~, Borr~~wcr that thc ~n,ur,~n~r ~.~rnrr ~~1f~n t„ ~~ttle n cLum (~,r imurancc hencfit., Le~dcr „ authunred tc c~~llect :ind apply the -mur~ncr pr~x.~eJ~ ~t LenJrr~~ upt~.•n ~ither t~~ re~turet~c~n ~,r repair uf iht f'ropertt ur to the sum~ ,ccurcd h}• thi~ !~toiigagc. l;nlest I.ender ~nd Burr~~M~r i,ther~+i~r agre~ in ~~nhn6. am ~uil~ .~~pltc.~u~~n ~~( p-~~~ced~ tu (~nnci~+al ~ti.~ll nut e~tend or p~~stpcmc Ihc duc datn a( Ihc m~+nthl~~ in.tallrn~nt~ r~fcrrc~ t~~ in ~:ara~ raph~ 1 en~i ' here~~f ~~r chancc thr an~rum o( sucfi imtaltments. It unJer paragr:~ph 1 ti hereo( the Prc~prrt~ iti acyu~rr~f h~ LenJrr, .~II nght, htle and interest ~t R~rn~wer ~n and to an} imur;,nrc policies an~f in and u~ thr ptucecdti there~,! rr~ulting frum darnngr tc~ th~ Prupen~ pn~~r h, ~hr ~.~Ie or acyuuition ahall pass to l.ender t~~ [h~ r~tent uf th~ ~um, ~rcurr~3 h~ thi~ ~t~~rtga-;r intmediaieh prior t~~ ~ueh ~al~ au , acyuisition. 6. Presenation ~nd ~tainlenance of Properi}; Lcatiehuld~; (~ondominium~; Planned t'nit 1)e~elopmenls. B~rrc~t-r: ~hall kcep thr Proprrty ~n g~xx1 re~1a~r and .hall not a+mmit «a~tc r•r pcrmit impairrzicnt or dctcriorat~~~n ~~( thc Pr~~~crt: 3n~ ch,.~II ~t,n2rll~ k-i~F; rh~• ~^.:L:R':,..:P.S Rf ..^;' ~£3~.°. :! r{~:. 1~: ::` .. . .. .. !:..,:~:`!L. ~: :~i:, ~:: ~:ti:: ~. .,~~ .. ,~~~~. .~~ .. • 'r~ condomin:um ~,r a planncu unit ~tr~rl~~pmcnt. Born,wcr .h.~lf F,rrt„rrn :,II uf Ri~rmHCr~s ~,hlig:~h~ms unJcr th~ drel.ir.:t~rn or cc~rcnants crcaUng ur guvcrning thr <<~n~umin~um .,r {~I.~nnc~i unrt ~cvrl~~pmcnt. thr M-la«~ and rc~;~ilah~,n. rf the c~~nJ~,minium c~r planned unit ~ie~el~,pment. .~nd r~,muiurn~ J~kumen!. It :~ :~,nJ~,minium or pl~nncd i~n~t .ir~el~~~r~ient nJer iti eKecutcd by Borruwcr and rrr~,rdrd t~+gethrr with thi. ~t~~rt~:~~;r. thr c~nen:~ntti :~n~ :~s~rrement. ~~t .uch n.itr shall be ~ncorporatcJ into and ~h.~ll .~r.icnd :,n~1 tiurpl~ment thc c~~lrn.mt, :~n~i ;~grcrmrnlti ~~f th~. ~1~~rt~.a~r a~ if thr n~lrr •aere a rart hereof. 7. Protection of I,enders Securify. If K~~rr~~~+er (:~~I. t~~ ~crf~~rm the ~~ceriant~ an~t a~:rrements :~mt~inid in thn MUflgd~'l'. l)i i( 3I1~~ :ll'UUfI ~~r pnxceding i~ «~mmrnic~l µfllif~ melrriail~- .~ftr.t~ ! cn~icr~~ ~ntcre.l in thr Pr~~~xr~}~. ~ncl~dinb. hut nul hnuted to. rmincnt d~~rn:un. im~~l~cn~~, ~~~Jr rnt~~r:~mcnt. ~~r arr:~nErmrnt~ ~,r ~r~xcrdini~ in~~~l~in~ a bankrupt or dcccdcnt. thcn Lcndcr .~t I en~cr'~ ~~pt«m. u~~n n~m~r t~~ Ii~rruwrr. m;n m,ikc w.•h ap~x:~rancc.. .ii~hunr .iich surns and takc such acnun :iti is ncce~~ar~ n~ pn~tr.t I.cndcr~. ~ntrrc~t. ~nrlu.ling. hut n~~t limrtcd t~~. Ji.hursrmrnt rf rc~sc~naMc attornc;~c fr~s and cmry upun thr Pm~xr~~ tu m.~l~c rc~:ur.. If Lrndrt rryuire~i rn~,rt~;~cc inwr~nrc a~ e conJ~tic~n i~f making th~ Ic~an kcure~i M!hi1 ~1~~rt~acr. li~•rr~~~cr ~hall pa~ thc prcmit;mti requireJ t~~ maint.+~:i ~uch ~nsurance in eKect unNl ,uch Ume .~. the reyu~rrmenl fnr .uch ~n~~nanre terminatr4 ~n a~cordan~c H~th Borrrwer'~ and ~ : ~x ~51 ~~.~,f 17Q5