HomeMy WebLinkAbout2505UNIFURM CovFN~NTS. BurrOwc~ and Lcndcr r~~vtn:~nt aml a~;rr~ a. f~~lli~w,
1. Paymeal of Principd and I~terest. Iiurn~Hrr .h:lli ~~,~nq.~i~ ~l:l~' HFIC11 tlur the prinri~~.~l ~,1 anJ mterest un the
~~debtedneu evidenced by the Notr, prepaymrnt aml I.~~c ~h;~rti~ .~. ~ruvi;l~d in thc Nnte, :+nd thc princ~pal uf and ~ntrrcst
on any Future Advanccc serured by thi+ Martgogc
2. Funds tot Ta:es ~nd lnsurance. Subjcc~ to appli:.~hlc IaH ~,r ~o a Hntirn NJlvcr by L.i~der. Borruwcr ~h:+ll pa}~
to I.e~-der on the day munthly ~nstallmen~s ~~I pnnc~p.~l .~n~l u~ir~~•.~ .~n• pa~ahlr wi~~r ~hr N~titc. until the tinte i~ paid in (ulj.
a sum (hercin "Funds") cyual to enr cti~~lfth rf thc yr:arl~ ~:~~.~ .:,n~! a.,r„mrnt. ~h:ch ma}• :Nr.un pn~~rily ovcr th~.
Mortgage, and ground rents ~~n thc Pru~xriy~. ~f any. plu~ ~~nr-t~rllih ~~t ~rarly prrm~um ~netallm~nts for h:+rard ~mur.~nce.
plus one-twelf~h of yearly premium im~alhncnt~ (~~r m~~rt~tagc iii~nran.r. il :+nY. all :t~ r~a~unahly e~t~maicd init~~lly an~i irom
itrrC t~ tir:e h~ l.er.c3er on thc b3Ei~ :s~ a~~it•.~~~~~nt~ :~t~il h:!1~ a:tc! r~:3~=.,s:.ehlc estinsatce thcrc~*!
The Funds shall he held ~n an ~mi~~uu~~n thr dcEx~~~t. ~~r .~.~.wn~~ ~~t whirh arc insured or guarantr~J h) ~ I=cderal or
state agency (including Lender if Le~i~rr ~. ~u~h .~~~ in.t~tui~nn-. 1 ~nder ,h:~tl :~pph the Pund. tu p:~) ti.ud ta~eti, ati.etsmentti,
insurance premiums and grou~d rem~ 1 ender ma~ n~~t rharg~ tc~r ~~, huld~ng :~nd ap~lyine ~hi• f•limh a~~:~l~~iin~ ~aid a~~~~unt.
or verifying ard compiling sai~ as,c+.mrnt, .u~.i h~lh, unlr.. Lcndcr pa~+ B~~rruwcr intcrr,t ~~n thc Fun~ts ;~nd appGcaMc !a~
permits Lender to make surh a char~e li~~rrcwcr and I.cn~er m.~y :~Lr~r i~~ wnUri~; at Ihr timc ~~! c.~rrutiun of tht+
Mortgage that intere>t on the Funds .hall hc ~;,~d to Hnrn,wrr, anJ unle+> >uch agrceiurn~ n m:+dc ~~r ap{~licahlc I:~~.
rcquires such interest to tx paid, t ender ~h:+U n~~t Fk rryuired ~~~ p:~~• B~~rre~v~cr .~re~ interest i~r c:~rmn~, ~~n thr Fund~ I.cndrr
shall give to Borrower, wilhout charge. :~n :~nnic:! acct~unhnK ~~f the Fun~h ~h~~w~:ig rredits anJ drhit~ U~ thc Fund~ anJ thc
purpost (or which each debit tu the Fundti w:~. madr l he Fun~. arr ~-IrJg~d a~ a~l~i~nu~~a! tiecur.~t~• t~•r thr ~um+ ,ecurr~
by this Mortgage.
lf 1he amouM of tht Funds hc!d h}• I en~irr, t~~gether H~!h ~hc.tutur~ -n~~nthh imt:~llnien~ti c~i Fun~i~ p,~}:;i~k ~.r~~r ti~
the due Jates of taxes, as~esaments, ~nsuranrc prenuum~ anJ Er~~un~l rrnh. ~hatl c~.r~d thc amuun. rrywrrd t~~ pa~ .aid ~a>c~,
assessments, insurance premium+ and•gr.~und rentc a~ thr~ t:~ll dur. .unc ~ur.t ~h:-II i~c, :,t li.~rru~cr'~ ~~pu~~n. r~ther
prompUy repaid to Borrower or cr~dned t~> B~~rruwer un niunthly imt.ilim~ntc of Fund~ If the :imuun! ~~f th~ f~unds
held by Lender shall not t+e sufficient to pay ta~es, a~se~~mcnu, imuran~c prem~um. and K~uund r~ntti as thr~~ fall duc.
Borrower shall pay to 1_ender ~n~• amount nece+~an ;~~ m.~ke ~~n the detir~rnr~' within ~0 da« ir..m ~he date n<,uce i, ~n:,~lyd
by l.ender to Borrower requcsUng pay~ncnt ~here~~t.
Upon payment ~n (ull of all sum~ securrd b~ thi~ Mong~~r. I.Cnd~r shall promptly~ retund ~o Borr.~NCr anp Funds
hdd hy l~nder. If undzr paragraph lh hcreuf the YroExrty i, ,~~Id ~~r thc Pf0~1Cf1) IS OIF1CEN't~~ •scyu~red h)' Lcndcr. Lcndcr
shall apply, nu later than immediatrty prior t~~ the ,ale a( th~ Pn~~xrty e.r its aryw~~uc~n h~~ Lender, any Fundti nel~ b~
Lender at the Ume o( appliration as a cr~dit agau~tit the sunt~ secured h} th~~ \tortgagr.
3. Applicalion of Payments. lfnteu aprncahle law pm~~Jrs i,thrtwi~c. atl pa~~menh re:ri~rd b~• Lendrr un.lrr thr
Note and paragraphs i and 2 herrus tih:Jl be applied by I rn~rr fint in p:+~me~it ~~t am~~i~nts pa}abtc t~~ Len~lcr h}~ B<~r:_~W~r
under paragraph 2 hereo(, thcn tu intrrc~t ~?:IY:lhlr un thr 'V~~tr, thrn ti~ thc prinupal ~~t thr tiuir, :+n~i thca t.~ intrn•tt ar~~l
principal on any Futurc Advanccs.
4. Ctwrges; Litt~s. Bor~ov.cr .ha!I p:iy :~I! ta~r~, :~;,r~`n~rnlti and ~~thir chargeti. fine, and imE~»ihunt attrihutahle tu
the Property ~•hich may ~ttain a pnority ~~vrr thiti ~tun~;~ec :~nd Ica>rhe~l~1 ~~aymentti ur ground rents, if any. ~n the manner
prov~ded under paragraph 2 hcreof or. ~f nut pniJ ~n u~rh fll:lllllCf, Il~" Bl1ffUN"t'f m~king paymcnt, when due, directly to thc
payee thercof. Borrower shall promp~ly Furnuh tu Lemtcr all n~iicrti of amounK due under thiti pa~agnph. and in the event
Borrower shall make p~}ment d~r~cth. H~~rn~wer ~h:~ll pr~~mptl~ hunitih t~i Ixn~ier re«iptti r.ider.c~ng ~uch payment~.
.. ~ ..~ ~..
nurroNer snaii piunlDUy ui~~l~a~gC any i~c~~ ~iu~ii ii.~s E~~iu~~~~ ~r.ci iiii~ :.iv~iKatic. ~nvy~~icu. ii~ai u~~i~.:.+~i +u..u .-::,: ....
reywred to d~scharge any cuch lien to lung as B~~rruw~r ,hall :~gre~ in ~rihng t~~ the pa}~ment af the ~~hligati~+n serured b}•
such lien ~n a manner acce~+tablr !n I.ender, ~~r .hall in gih*d faiti~ cunt~+t wrh lien h~~, or ~efen.i enf~rcrmrnt ~~f such lien in.
legal prMCedings which operale to pre~ent thc cnt~~r:ement of thr I~rn ur ~~rf~iture of the Propert}~ c~r any~ part thereof
S. Hazard lnsurance. Borrower shall 1,rep chr impn~~emenh n~~~ r~~titmg ~~r hereafter cre~ted on the Pr~~perty incured
against loss M• fire, hazards included w~thin the trrm `~r+lcn~cJ cu~~rsKr~~. and tiuch o~her hazardc a~ Lender ma1' reyuire
and m such amounts and f~~r such pcri~~; ac Lcndcr ma}~ rcy~nrc, pruvide~i. that l cnJcr tihall not rryuirc that thc amount ~~[
~uch eoveragr e<ceed that amuun~ ~~f _o~•erage reyuired Icr Pa~ thc ~umti ~e~ured ~hy thrs :~1o-tgage.
The ~nsurance c:arrier providing the inserance °.hall he rhosen hy~ B~~rre~wer subject to approval h}• Len:fer, provided.
that such approval ,hall not be unrra.unahly w•i,hheld All ~rcin~um~ e+n imur:,nce pc~licies ~hall be paid in the manner
provided under paragraph 2 here<~f ur, ~t no: p~id in such manner, b}• N~~rrc~wer making p~yment, when due, directly to the
insurance carner.
All insuranr~ pulicie, ~n~ r~nrtitiah thcr~,~f .h.~ll hr ~n f~~rn~ .~~ccE~t.+blr to I.cziJer .~nd ~h.~ll ~n~ludr a~tand.~rd mortgagc~
clause in fa~•~~r ~.1 arid .n fvrm a«cptahlc t„ t cridrr. Lrndrr ,h.~ll h:~.r the right !~~ h~,W the p~~li~ies and renewals thererf.
~nd Borrowcr tih:~Jl promptl}~ furnish tc~ I.rndcr a~l rrne~:,1 nuti~r~ .u~d al! receiris of paid nrenuurn,. In the evcnt of lrn~.
BoCn~wcr tihal! K~~e prutnp[ nc~tii~ h, !h~ ~mur:,~~_r carr~~•r .uut 1 cn~l~r I cn~lrr rnay make pr~~ri <,f Ios~s if not madc pr~~mp!I~
by Burrower.
Unless !_cnJer an~ B~rr~>wcr ~~ttirr~,._• ~~rcr in ar~t~ng. ~n~~~r.~nce rr.krr~ti sh.~ll tx ~p~l~ed !~~ rc~t~~ratii~n ~r repair ~~f
the Pruperty ~amaged. ~ruv~~icei ~u~h ri,t~.rati~,r ~,r rc(~eir „ r~,~n~~m~~.~llt fcatitM~ and the tiecuril~ of lhtti ~lnrtgagr iti
not thereby impaired. lt SUih ~c.t~u.~u~~n ur :rp~~r u n,~t ~_~~n„mi..~ll~ ±~•.+tiihlc ur if the secunl} of th~ti ~t~xtbage u~~~;fd
be ~mpa~red. the msurance p:urteJ~ ~h:,ll bc eppl~e~1 n, Ih~~ iums ;e~urc~i h~ thr, Murtgage. ~ith thc excetis. if am~. {~a~d
(o B~rr~iwrr. It the 1'ru~rt~ n.~h.~n~l~~nr~i ?,~ lS~~r<<,w~r. ~,r ;t N~,rr~~HCr t.ul~ t~, respund t~~ Lender w-lhin 311 da~•. fn~m thr
Jate notice „ maiieu b~ lxu~irr t~~ Burn~~rr !h,~t thc imuran:r ..~rnrr ~~tirr, !i, uttle .t cfaim f~~r insurance benefit~, Lensler
is •suthurizrd ~.~ ce~llec? :~nd ~ppi~ thc in,uran;r ~ru~er~~ :~t I c•n.i~r~, ~~pt~~~n eithrr t~~ resl~~t:~tson ur repair ut thc Pn~pcn~
ur to thc sum~ ~e:ureil hy ttii~ 1lurtgagr
Unleit i.cnder and Hurr~~H~er ~,thrrw~.c eKicc ~n wr~ting. an} ~urh appii~:~uun vf ~r~,cceJs tu pnnc~pa! tih:~!1 nut ~~tend
or pustp~m~ the ~iuc d~tc .~f th~~ m~~mhlti in~tailnientt ;rferred t.~ in par.~craph, i anil 2 here~~f or ~hange the ::muunt ~~t
such inst~tlments fi unJer paraeraph I~: hereuf thc l=ruExrt~ i, acyture~l ht I.end~~r, ali nght, t~t!c and interest ot B<~rr~:+er
~n and to an} ~murance ~~lic~es ~n~1 ~n :ui~ tc~ th~ pn,~rr~:, thrre~d retiulting tr~~m J:~~uage t~i the Pruprrty ptic~r !o thr .:~ir
or acyuu~t~on ahal: pass t<~ Lcnder t" the e~tent ~~[ ihe ,um` .c~urrd h~ thiti ~lurtg~ge immed:ately prior [~~ ,uch ,ale or
acyuisition.
6. Presenaliun and ~lain~enance ~~f Propert~; Lrauhnlds; ('ondo~nini:cr.is; Planned Cnit Uevelopmrnts. Bc~rru~+rr
shall keep thc Pruperty in goc~d repair and ~hall nc~t .;omroit ~.:ist~ ur perm~t impairment or deteriorauun of the Pru~x:rty
and snaii CO(Tl~!)' Hll~l (~tl' protiiv~n„ iii ai~~ iC3ii, ii iili. :~~~i:ii.iPC i, c:R :l il':iSl'~::;(i. ~i :~i', ~~::ii~Jr,~ Il :n~ :i ii~ il 0.. ..
cundomin~um ur a planned unit .letel~~pment. F3urruu~r ,hall ~x•rt~~rm all u! Burr~~:ser~s nbLgaUOns under the declaraU~~n
or covenanis creat~ng ur guve~nen~; thr ce~nd~~minium ur pl.~nnrd utiit Je~~efi~pment, thC by-laws and reguiati.~m ~~f the
condominium or planned unit ~letielt~pment. .~nd r~,n;titu~nt ~t~~,i:mcn~. It ., .~~n~':;~minium or planned ~mit ife~rl:,rrncnt
nJer ~s e;ecuted by F3urruwer and re«,r~lrcl t~~gethir u~th th~. ~t~,rtg.~~~. thr c~nen.~nh .~nd agreemenh r~( ,uch n~l~r
shall be .ncorporated into en~f sh.~ll ~~~~r~,d :~n~l ~uE:plrmenl thc :~~•.rnanlti and.a6reementti ~~f ~h~. Murtgage as if Ihe n~lcr
were a part hereof. '
7. Protection of Lenders ti~curity. if B~~rn~HCr t.ulti t~~ pcr-~~rm the covenantti and ci¢reements cimtained in th~c
Mortgagc. or if dny act~on ur prc~:cc~~nK ~, ~~,mmrncc~i which rn.~trrially .~:irrtti Lcnder~ intcrc~t in thc Pr~~~xri}.
inctuding. but no[ limited ro. emineni dc~main. in~.~l~eni~. ~udr enl~~rrrment. ~~r arr~n~rment~ „r ~r~xee:iin~;s imult~ri~; ~
bankrupt or dcccden~, thcn l.~~e~lcr at i cndcr'. ~+pti~~n. +~p.>r. ~~~~ticc t~~ 13~~rn~HCr, ina~ makc ~uch ap~aranccti. ~la~hur,c ~uch
sums arld take such .+ctiun .+~ is neccs.~.•~ t~~ pri~tcct Lendcr ~ irtcrctit, in~lu~linE. hut nc~t lim~tcd t~~, di~hursemem ~~f
reasonabi~ atterney'ti feet end en~ry un~,n thc Pr~~~rty tc~ m;~Ar repa~r.. l.' !~ndcs :ey~,irr:i rn~,rt~;age inwr.+ncc at a
condi~iun of mak~og thc loan ~ccure~l hc t!::. M~~r~k~a~r. B~~rr~n~rr sh:~ll pay~ th~ prcm~unn rcy~nre~1 t~~ maint.un wrh
insurance i~ rftect unul wch ume a~ ihe rrynirement t~~~ •,uch inwr~n:c trrrninateti in .~c~<,rdanc~~ H,th Bi~rr~,~•er'. :~nel
~;:'~x351 ~~~t2,50~
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