HomeMy WebLinkAbout2435UNIFORM CUVENAN7S. BO«OWt~~:fl1/I I.l'f1l~Cf cuvenant and :~~;rrc as f~~lluws •
1. Payment ot PrincipW aod Inle~est. Rurm~cr .hvll prum~il~ pay Nhrn duc thc princip.~l ~~f and intcrest un thc
~~debtedness eviJencrd by thc No1~, prcpaymrnt ;,nd latr ch.~r~:r. a. pn~vi~lyd'~n ~hr Notc, and thc pnncipal uf and int~rrs~
on any Future Advanccc sccured bp thi~ Mortg.igc
Z. Munds tor Taxrs and Insu~ance. Subjcct tv appli~:,hlr IaH ,~r i~~ a w~~ttrn w•a~vcr b}• Lender, Borrov-'er sh:~ll pa}~
to Ixnder on thc Jay mo~thly ~mtallmcn~s uf pnncipal ;~nJ ~nir~r~~ .~rr ~~yaMr undcr thc Notc, unUl thc Ne~tc i~ paid m(ull.
a sum Iherrin "Funds"1 cyual tu unc-t~~clf~h ~~f thc ~r:ul~ ta~.. anJ ati~r~~mcnl~ which may attain pn~~rity c~~cr ih~+
Mortgage, and g~ound rents on the Pra}xri}. ~f :~ny. plu~ ~~nc-iwrlfth ~~t ~carly prem~um mslallments for h:~zard ~muranre,
plus une-twelfth of yearly premium ~mtallmrntt fur m~,rtgage ~n.urance. ~1 :~n~•. all a~ reat~~nahl~~ etitima~ed inhialiy :~n.f from
time to time by I.ender ~,n Ihc ha~n af a»~wnrnh .~nJ hill~ and re.~~unabl~ ctilnnales Ihei~uf.
The Funds shall he held in an in~nlutit~n thr deFx~.~t. ~~r ,~cr~~unt+.ri which are insured or guaranteeJ hy a Fcde~al or
state ~genc}• f includinG Lender ~f 1_emier i~ ~urh an mtitnution 1. I en~irr ,h:ill apph~ ~he Fundc tci pa~ ~aid la~es, as~esinicnts,
insurance premiums and gn-und ren~, I ender ma~ nt~1 chargc ~~.r ,e. h~~IdinR and applyine the Fi~od~ analyiin~ ~aid arr.~unt.
or ver.fying and compiling said a~se~.ments :inP ublh, unless I.ender pay~ Borrov-•rr inte~est on the Fund~ and ~pplicahle law
permits Lendcr to make ~uch a charge N~~rrowcr and Lender may agrce in N•r~ung at thc tin-< <~t c.~ciuti~~n ut thi~
;tiiortgage that inleretit on tha hun~+ ~hail tk pa~d t~~ iforr~~wer, and unlc,c ~urA agr~emen~ ~~ m:iuc ~~r appiiwi+ir i:~M
requires such interest to be pa~d, Lender ~hall n~~t tx rcyuircd tu pay HurruNCr an~ intcrest ur earnin~~ ~m thr Fund.. LcnJ~r
shall g~~•e to Borrower, without charge. .~n annual aca~unhng o~ the 1-und, >huwing ~redits and dehib t~~ th~ Fund~ an~ th~
purpose (or wh~~h eaeh debil to the l-und~ ~a. maJ~- The FunJ~ arr pleJg~d a~ addiUonal ,tcunl~ 1~~r ~he tium~ ,~cure~f
b~• this Martgage.
If the amoi~nt c~f the Fimds hcld by Lender, ti~gether with th~ ~uturr ~n~~nthly ~mt~llmcnt~ uf Fumlti pa~•:+blr prior t~~
the due ~ates of t~xes, .ts~cx~ments, insuranr~ prrnuwn~ ~n~i gsuunJ rrnt., ~h:,ll cucrd thc :~muunt rcyuired tu pa~ ~aid ta~e~.
assessment~, insurance prcmiums and gruund rents ~i the~~ lall dur, ~uch c~reu .hall txx. ~~ Burruwer'ti ort~~m. cuhrr
promptly repaid to Bormwer ur crcdued to Hi+rroHer on mun~hly im~,~llmcnt+ ~~f Fund.. If thc amuunt ~~f ~h~ F•unds
held by ~ender shall not be sufiicient tc~ pay lax~s, asseti~mcnts, in,uran~r prcm~um~ and ground rrnts as thr~ fall dur,
Borrowrr shall pay to l_ender an} amount ne~c»:~n• t~+ make up Ihe ~etirienrr within 30 ~a}~ irom the datr m~hce i~ n~.ulr:i
by l.ender to Borrower rcyu:titing ps~mrnt th~:rc~~l.
Upun payment ~n fuU of all sums sr~ured b~~ th~. Murig;,ge. Lendcr .hall promptly refund to Borrauer any F~unds
held by I.en~ler. If under paragraph lK hereuf the Propcrty i. ~uW ur ~hr PruExn~ ~s atherwitic ~cyi~ired by Lrnder. LcnJei
shali appfy, no fater thac ~mmediatrl} pnor a~ thc ~ale of thr Pruperty or ~ts acquisition hy Lender, an~~ f~unds held b}•
Lender at the Ume of aQpliration as a:r~dit agaunl ihc sum~ secure~ h~• thi~ ~turtgage. ~
3. Application of Payments. l~n1e~~ applicahle law pruvi~les otherHi.r. all payment~ recei~•ed b~~ Lender unJ~r th~
Note and ,~aragraph~ I and 2 h~re~~f ,h:~ll tx applied h}• I ~nJ~r fir~t in p~~ment ~t an~uunts pa~~ahle to I_~n~ler h}' Borr~~~+e~
under paragraph 2 hrrec~f. Ihen tu intrretit psy'ahle c~n thr ;`vlr, then ei~ thr pnncipal e~f the N~te, and then to interett :,n~l
pnncipal uri :ltty E~Wure Advanc~~.
d. ('6arxes: I.iens. B~~rn~uer ~h:~ll pa} :~II :.~~r~, :~ti~e»mrnts and ~,thrr charg~ti. fines ar.:f ~m~x»ihonc attr~butahEe te~
the Proprtl}~ whi~h may aitairt a pn~~rit}~ uver thi~ ~lortr:i~e, ar.d lea.~chold p:iyment~ or sround rents, if any, in the manner
pruvutrd un.kr p•er~Fr3ph 2 hcrcuf ~~r. if nut E~aiJ ~n ~uch manner, b~ Bcxrower making payment, when due, directly to the
payee thrrec~f. Hiarower sh~ll promptlg furni~h to l.en~er all not~ces of amounts due under this paragraph, and in the e~~ent
Norruwer shal{ make pa~mcnt d~re~!h. 8uiroNer shall prompNy (urni,h ti~ Lender receiptti e~•idencing such paymentti.
Borro•.~er shail pre>mp~ly .iischarKe anY lien Nhich has pnonty ~~ver thiti Mortgage: pru~iJed, that Borrower sh~~l not be
nyuired tv d!~rhaege am tiuch I~cn .~~ lung ,~s B~~:ro~~er ~hall agrer in urihng Icf the payment ~~~ the ~~hliga~i~~n secured hv
wch I~rn ~n :- m.+nner :irce~~able to Lrnder, ur ,hal! m goucf faith c~~nte,t ~uch lirn h~•, or ~fefenJ enforccment of c~ch tien in,
legai prc~cred~ng, .ahi~h uFx::itc to prrsent the enf~+rcemcnt of thr I~~n ~~r forfertur~ of the Property~ or any part there~~f.
S- Ha~ard Insurancr. Horrower sh:~ll k~ep thc imprurrm~M. n~~~ r~ittinF ar hereafter erected on the Property insurcd
~ga,;ist !~}~. h~ firr. h.uar~f~ in,lu~kd w~thin thr tern- °~uendr~l c~~verage", an~ wih other hazards ac t ender may~ reyi~ire
and m tiu~h ~~n•~::nt; :~n.i !:~r w~h Exrs.~Jti .i~ ! erdcr ma} reywrr: ~+mv~de~. that I.enJer tihall not reyuire that the am.~unt ~f
,uch ce~ver, gr c~~:~d th:~t sm~unt =,f co~erage reyuired to pa~ ~he ~ums .ecured ~h~ this Morlgage. .
The ~rour,~n~c ~arr.rr pruv~ding the in~uran:r tih.~ll he .huticn h}• 8orruv-cr subject to approval by 1_en.ier; provided.
thal suci; ~~;~r.~•::~I .h~~! r.~~t be unre.i~ui~ahl~ w~ithheld. :~~! premn~m. c~n imurance pulicies tihall he~ paid in the m~nner
pru~iJed i~nder pars-;rat~s: ~ h~:c::f u,-. ~f m~t p:u~1 in .uch nzann~r, h~ Bc~rrower mak~ng payment, when due, directly to thc
~;~5!uancc ~3tiil'f. • '
A!! i::...ra:.cr F~,~::.;e ...,c: :e ~~..:,l, _~,.,e~,s ~•. !1 tx ~n i::rna .i~~~~~.~hlc. io Lcn.lcr and shall in~ludc a;tanuard mortgage
~laus~ :n fav,~r ~~f and ;r~ f~~rnt :tccept.+hle tn I_ender. I.ender chall ha~~ the right to hold the policies and reneHal~ thereof.
and B;xr~wer .h.~ll pr~mptl~ furni~h t~~ I.cnder ali rcn~wal r~otice~ and all rcee~pts of paid premiumti. In the c~•cnt ~f io~s.
ti.,rr~,~.cr ~':::I! k~v~• ~ r.~i~:pt nnti~c rn ;hc in~ur.ui~c ,.+rncr :ind l.cndcr. Len~cr may make E-ro~,~ of loss i[ not mad2 pr~~mptl~
bc (i~~r;,~w~.•
Unlc~s I•~~Jer .:r~~f R;,r~,. ,.r: ~~+h~_;~+~,, :t:;rLr in ~nting. imurance prucecJc shall be applied to restoration or repeir ~,f
the Pr„peny ti.~m.r;~~f, ,~r. .:,t~.' ,u,t: rr~t~~rati~~i~ ~~r r~~a~r is camiim~r~ll}' feasible and the security of th~s M<~rtK:+ge i~
rn~t thr:eb~ imF~a~rr:i It ~.i:h -~.t~~t.t!i;•n ur r~•j~.i~r ~s n~~t ~i~,n~,rn~~elh t~atihlc or i( the secun~y of this ~lortgagr ~rulJ
bc imF~a~rrJ. ;hr ins~~r:~n« r~~~_Lr_i, ,h.~ll hr a~:E,lir~l t~~ thr .ums ~ecure~i bc this Mortgage. wilh the excets. if :~n~. ~aid
t~~ fS~rr~~~s.r !1 she F'r~~~ert~ ~~ +h.jn~f ~rrd h~ lt~~r~~~u~rr. ~.r if B~~rr~~wer lail~ t~~ respc~nd t~. Lender within 30 days fmm thr
.i:~t~ nuti:r ~, rn::ilr~ n~ Len:fer ru B~,rr~~Hrr th:~t the insuranrr carn~~r ~~tien t~~ ticttlc .t cla~m for ~nsurance benefit~, :.z; Jer
~; auth~~nzeJ ?~~ .~~ilect .;n~1 .,ppiy Iiie ~mu~an~e ptocee~i~ at LrnJ~r~~ uphun rither lu rest~~raUOn or repair of thc Pr.~(?t~rt~
c~r tu Ihe ~ur:u .~~::re~ h~ (h~~ ~luris~agc ~
1%nlr~~ I rn~!~r ,~~id Fi,~,-;,~ur; „thrr.+~•r e~;rrr in unting. am .uch appl~~.~tion ~~f p~e,cceds to pnnc~pal tih.il! ::ut c~tend
~~~ p~•~tpun:: tiic ~i~fe .1~tc :+f thc ni~~nth1; ~c~~t.,liinr-~~~ rrFcrrcd t~~ in paragraph. I and 2 hcreof or changc iht amount ~~t
such in~talt~nent~ I! i~nJer ~ar,~gr~~h !'~ here„f the Prt~pert~ i~ acyu!re~ h~ I.ender. all r~ght. title and interest of B~rr_,w~r
it~ .~nd t~} .~:~~ ~n•.uran~r ~+c~li, ie. ::nd ~re anJ ;~~ th~ prr~ce~lti thrr«,t rc~ulung trum dam~gc tc~ the Propert}~ pn~r tu thc ~.~fc
uc :,cyui-~ti~m .tisl: patis to 1_ender t.~ the e~tent uf th~ wm~ ~ccure~i hy thi~ Aturtgage imrnediately pnor to ~uch ,ale ur
a.yu~s~tiun.
6. Presrr~ati~~n and ~iaintcnan~e of Prapert~; I.ca~chufd+: ( undominiumt; Planncd l~nit De~elopmrnts. bc~rn~.+cr
shal! f.rep ti;L Prc~pcrty~ in g~x~d repeir .,ud tihall ne~t r,•mrrat wastc ur perm~t impa~r~rtent or deterioration of thc Propert~
and :,`i:,il u~mrly ..;th ;h~ ~xu~~sic~~tis oi :+m lease il thi, 3i.+rtLacr ~. ~~n a Iraxh~~ld. If thic Mortgage i4 on a~~s~~! :r: .~
cundumin~um .~r .~ plannrd unit dc~rl~~ptncnt, Burr<~HCr .hel{ pert~~rm all uf Barrowcr's nbl~gaUOns under ~hc dcclar.~ti~~n
or ~~~~v~nant~ crrenng ur ~,~~vcr~ung ihc ~c~nd~nninium c~r plannrd ur:it d~vetupmcnt, the by-laws and regulatiun~ c,f the
:on~lum~n~um c~r planncd ~:nrt devclopmcii~. end c~~mtitucm ~f~xumrnt. If .~ ~unJominium or planned unrt ~lcvclc~pmci~t
r~~1er ~` e~ecuted hy Ko:n~uer ~nd re.~~r~c~) t~~gether Hi1h 1hi~ M~~rtga~e, Ihr cuven:~ntt and agreemen[s u( ~tt~h n~t~t
shall be mcorpe~ratecl intii ,~nit :h.+!I amend an~ ~uppirment the cu~enant~ ,,nd agrecments of Ihis Mortgage as ~f the n~fcr
++~re a part hereof
7. Prot~ctiun of I.enders 5ecurity. If I3orrower (a~lc t<~ Exrf~~rm the covenants and agreemenis conta~ned in thic
Wortgage, or if any act~~~n ur proceeding ~~ cumm~need uh~ch materially afiects Len~er's interest in the Pmpert~.
including, hiit not limited ro. em;tient de~nia~n. ~~itiohency~, cucle enf~irremert, or arrangements o~ pruceedings imahmg a
bankrupt or decedent, the~ 1_endcr at Lender; upt~on, upun n~tice t~~ Horrower, ma} make such appearances. Jishurse such
sums and take such activn as ~s nFCetisary tu Qrotect Lender't interest. ~nclud~ng. but not limrted to, d~chursement e~f
reasonable attomey's (ces and emry up<~n thc Propcrty to makc scpain. fi Lrn~er reyuircd mortgage in~urance a~ a
conditwn o( malcing thc lo:,n secure.f bv this ;N.~rtgaqc. B~rm~cr sh.sll pay thc ~+remiums requireJ to maintain such
imurance in eRect until stich ume :,s the n:yuuemen; (~r ~uch insurancc :~rmir:ates in accordanc~ w~th Borr~~wer', anJ
~':•~~V.L i'bli~Z~3~