HomeMy WebLinkAbout0826UNif'uRM C'ovi N~tv~s. Horruacr anil ( cn~lc~ c~~~~aaiil .inJ .~~rrc :~~ (~~U~~w~:
1. Pa}'menl uf P~inclpal and i~len+l. It~aruw~r ~h:ill p~un~~~th pay ~~hcn ~lur ~hr r~~„~~~:d uf and intcic~l un thc
indchtcdncss c~~dcncc.l hy thr N~~t~. ~«r:iynt~nl and I.~lr ch:u~r. .i. ~~ruvi~kJ in ~hr I~i~tc. :uid thc princ~pal ut and ~mrrcct
on any Futurr Ad~~ancr..crurcd b~' Ih~~ Murlg:~gc
2. Fundc fo~ Taxes and losurance. Subjcc~ ta ~rr~~~abir laN o~ tu a~vnt~cn waivcr by I.rndcr, liur~uwcr ~hall pa~.
to Lcndcr an ihc day m~~nlhly im~allmrmc of prirn•ipal and in~rrr.t arr ~•a~•ahlr und~r Ihc Nutc, unl~l ~h~ :vatr i~ paid in (ull.
a sum Ihcrrin "run~li'1 cyual 1~~ unc•IHCIf~h u( ~hc )r.~rly ta~r. :~n~l a~.c~~tncnt~ Hhich may alt:un prinriry ovcr ~h~s
At~~rlgagc. an~l gruund renls c~n Ihc Pmpert~•. if :~m'• plu~ ~~nr-n~rlfih ~~f ~rarly prcmuim inctallmcntc fur h:v:~rd ~n~ur.~ncc.
plus on~-INClfth of ycarly prcmium intlallmcntti k~r m~~rtgagc imiir.~ncr. ~1 an}'. all a~ ~ca.~,nahly c.t~matr~l ini~ially :~nd from
limc to tint~ bv Lcndrr on thr baci~ of a~~~~~m~nl~ and hill~ and r~;~uaiahlr ~~tim:~t~ti Ihc~eo(.
The FunJ. shall hc hcld in an imlilutii~n ~hr dc~x~~it. or arr~~nnt~ ~,1 wh~ch arc imurcJ ~~r ~uar,~nlrcd h~ a I~cdcr.~l or
statc agcnc~ 1 inrluding Lrndrr if Lcndcr i~ ~urh :~n imunui~~n 1. 1 cndci ~hall apph thc I~und~ 1i• pa) ~aid ~a~cti. :~ti+r~~mrnb.
insurancc premiumc and ~rounJ rrnh. 1 ciedcr roa~ n~~~ rhargc tur .~• h~~lchn~ and :~ppl~inc thr I~und.. :~n:J~iin~ ~:i~d arcount.
or verif~ing and c~~mpiling ~aid a~,c~.mcnts and hill.. unlc~~ 1 rndrr pa~. fi~,rmwc~ intcrc+t i,n ~hr flind~ :~nd applicahlc law
pcrmits l.cndrr t~• makc wch a ch.irgc li~~rruwcr and I.rmlcr ma~ acrrc ~n wriUn~: :~t thc timc ~~t c~rcuti~~n uf thii
~lartgagc Ihal intcrc~t un th~ Funds ~hall Fx paiJ tu li~,rmHC~. .inJ unl~~~ ~uch :~~rccmrnl i~ mad~ ur applirahlc law
rcyuire, surh interctit to he paid. I.enJcr .hall n~~~ Ix r~ywre~l t., pa~ R~,rmHC~ an~ imcrctit ~~r carmn~:~ ~,n the Fund~. I rndcr
~hall give to B~,rrowcr. Hithout chargc. an :~nnual ac~~,unUn~; ul ~h~ 1 un~h ~h~~~~ii~~ ~r«hl~ and ~~hil~ to th~ 1=unJ~ an~ Ihc
pur~xnr t~~r w~hich cach Jchit t~, Ih~ 1•unJti ~~:~~ madr. I h~ Fun~l~ arr plyd~~J a~ adJiuunal ~c~unty' for Ihc wnu ~c~ur~d
by thi. \tortgage.
lf the amoun~ of th~ Funds h~ld h~~ I.cn~lrr. ~~~gr~hc~ ~~th ~hr Ituur~ nu~nthh' imt:~llm~nh af F~iin~l~ p:~~'.ibl~ pn~~r li~
~hc duc dalc~ uf t~xc., asustim~n~~. insuranrr prrmium, and L~~~un~t rrnt,. tihall r~cc~d th~ anx~unt re~~wred t~. p:~y .:~id t:~~c..
as~rssment.. insurancc premium. :uid gn~unJ rent. :~. ~hr~ t:Ji dur. .unc ~~~r.~ ~h:+ll Ik. at B~,rru"cr'. u~t~„n. r~thrr
promptl)' rcpaid to Bormw~r ix crrdilyd tu H~•rruHCr vn numthh in.tallmrnh ~~f 1=iend•. If thc amuun! ~•f thr I~undti
held by Lendrr .hall not tx ,uflicient to pay ta~rti. acu~,mrnt,. in.ur.~n~r prem~um. an.! gruuod rrn~. a. thcr f:~ll duc.
B:~rrowcr shall pa~ 1~ l.cndcr an~ amowtit ncrc»ar~ ~~~ ma~~ up thr drti:irnr~ wi~h~n ?n ~fa~~ tr.~m thr datc ni~hc~ i~ m~ilyd
by LcnJCr to B~~rrow•cr rcyucsting pa~incnt Ihcrr~~t
Upon payment ~n full ~~f all sums sccurrd b~ th~~ ~t~,rie:~cr. I rndrr .hatl pro~nrth rrt~m~l t~, fiorr.,tirr :in~ ~~unds
held by Lcndcr. I( undcr par•rgraph IS hrreuf thr Pru~xrt~ i..rld ~n ~hr P~~,~krt~ ~. ~Hhcrwiu acy~urcd by 1 cndcr. I rn~lcr
ahall apply. no latcr than ~mmcdiatcl~ pri~,r to thc ,ak ~~t thr Pm~xrty ~•r n. .icyw~uu,n h~• I.cndrr. ant I~und~ hclJ b~.
Lend~r at !hc time ~~f applir,~tion as a cre~lit agaimt ~hr ~i~n-. `cctucd h~ th~. ~1~~rtgacc.
3. Application uf PaymeMs. linlc.~ appli~aM~ ~a~~ ~•r,~~iJrt rthrr~~i~r. all pa~mcnh rr~•cicrd b}' I rndcr unikr thc
\otc anJ paragraph. I anJ 2 hcrcu( tih:dl F+r appl~rd hy I rn~lcr fint ~n p:~~~ncnt ~~t amuums p:i}':~hlc 1„ I rn~lcr h}' Horr~~NCr
undcr paragraph ~ hcrcoi. thcn tu imrrc.t pa}aMr .~n thr \o~r. thrn tu thr prin~ipat ~~t thc tiut~. :~n~l ~hrn t„ iMrrc,t and
pnncipal un any FuUirr Ad~~an~~~.
4. CharRes: Lkns. Barro.~rr .hall pa~ alt I.~~r.. .~..r..mrntti .~nd ~~~h~r ch.~r~r.. finr. :~nJ im~~~.iti~~nc attr~b~it:+hle to
thc Propeny Nhich may att:~in a pri~~rity ovcr th~~ ~ti~rtga~c. .~nd Ira.rh~~l~l ~~.~ymcnt~ ~~r ground rent~. if am~. in thc manncr
pruviJrd und~r paragraph 2 hcrcot or. if nut p:~id in ~uch mannrr. h~ 13~~rr~~H~r making pa~•mcnt. whcn dur. Jircctl~' to thc
pa}•ec ~hrreof_ Borrower shali prompil~~ furm:h tu I.cn~irr all noucr, ~~( amuunlti ~luc under thiti par.~graph, and in thc c~•en~
NorruKCr ~hall makr pa~•mcnt dirccth. N.~rr~,~~cr .hall prumptl) turni,h tr I.~ndcr rrzciph r~id~ncm~ wch pa}~mcnt~-
Horrowcr tihall promptl~• dischargc an~' licn ti,h~ch tia. rn~,nl~ „~rr thn \turtgagc: rru~•-.Icd. th:~t Burruwcr .hall n~~1 tx
reywred tu J~~rharge any ~uch lirn tu Ic~ng .~s B~,rru~~rr ~h:ill .i~rec in ti~rihng Ic. the pa~mem uf ~hr ~~hliEati~,n tierurcd h~•
,uch I~en in a manner accrptabl~ tu I.endrr, ~~r .hall -n ~.h~~i t.~i~h rrnt~.i .u~h lien b~•, or defend enf~~rccmrnt of tiu~-h iien in,
Icgal pr~xecd~ng~ which opcratc tu prevcnt thr rnt~~rcrmcnt ol thr li~n ~,r tort~~ture of thc 1'm~rts cir am~ part ~hrrr~~f.
5. Hatard Insurance. l3orrowcr shall {,c~p thc ~m~n+~rmriet, n~~~. r~i~un~ nn c~r~aftrr crcctrd :~n ~hc Pr~yxr~~• m~urcd
against lo~s h}• fire, hatard~ includcd withm ~h~ Icrm ~'r~~rnJrJ ~~~~rragr'~. :inJ ~cirh othcr hazard~ a~ I.rndcr m:~t~ rcyuirc
~nil m such amount~ anJ for wch {xri~xl. a. I.cndcr me) rryuur: ~~n~.idc.1. ~h:d I.cn.lcr ~hall not rcyuire that thc am~an~t ot
wch coccragc c~ccrd that amaum uf c~~~rragc r~yu~rrd t~, ~-a~ ~hr ~um. .rrur~d h~ Ih~~ ~lortgagc.
Thc rosurancc carricr providing ~hc in,ur.,n:r tihall Ix ch~~.rn hc B~~rru~-cr ~uhjcct to app~o~al b~ Lcndcr pm~ided.
that surh apprmal ~hal) not bc unr~awnabh~ H•ithhrld All prcmium~ un inwr:~nr~ pc~Gars ~hall hr paid in th~ manncr
provided undrr par~graph 2 hereof ur, ~f not p:ud in .urh n~annrr, h~ B~~rmti,er mak~ng pa~•ment. ~~hcn duc. ~I~rrcth• to the
insurancc carricr.
All insurancc ~licic, and renr~alc thrr~~~~ ~hall h~ ~n f„nn .u:~~».~hl~ ta I.ru~trr .~n~i ~h.~ll ~cicluJ~ .~ ,tars.L~rd murtg:~gc
clausc in fa~•~~r c~f and in form acceptahlc t~~ I.rndcr. I rnd~r .h.~ll h.~.r thr rigM t~~ fu~ld thr p~~li:ir, .inil rrnr~.al~ thcrci~f.
and Borruwcr ~hall promptly furnish tu Lcndcr all rrnrH.~l n~,trcr. :~nJ all rrcr~rts ~-t paid prcn~~um.. In thc r~~rnt of 1~~~.
Borrow~cr ,h:i~l gi~r prorttpt nuUC~ tu th~ inwr.rncr carnrr .ind I cn~trr. 1 rn.irr m.~~ m.iF~~ pn•ut i,f lu» ~t n.~t m.~Jc (~rumpNs
h~• Burmwcr.
Unl~ss I.cndcr and Borruwcr othrrH~.r ~~rrr in .~ntin~. in.ur.uirr ~~rr~rr~i, tih:Jl tk :~rri~~a -~, rr~t~,r.~ti~.n ~•r rep:~ir ~~f
IhC Prvpcrty dam.tgcil. pf~~~•tJ~d ~u~h re.turatum ~~r fr(~.ur i~ ~i~~nu!n~~aih f~:~~ihli :~nd Ih~ ~ccttril) uf th~~ ~1i~rlgag~ ~~
n~,t thcrebc impa~rcJ. It ~uch rc.t~~r~tu~n or rip:ur ~t nrt i•~~~rn~m~:.~lh ~.e~iM~ rr it thc criunlc uf ~hiti ~1i~r[g.i~~ w•i~uW
be ~mpa~red_ thc insurance proceedti ~hall In ap(~licd !u thr ~um~ .~iur~~i h~ thn ~turtg.~gr. ~~itfi th~ e~«~S. i( am. paid
ta B~~rruwcr. II thc Propcrl~ iti ahand~~ne~l h~ liurr~,wrr. „r ~l B~~rrrw~r I.ul, t~~ rr~(rm~l t~ I ~nJrr u~ilhin 3U da~~ tr~~m thc
~atc notitc iti mailed b~- Lcndcr t~~ Hurn,wrr that thr ~nwrancc r.~rnrr ~~~Irr. t~~ .rnlr .~ ~I.um f~,r ~nuuanc~ hcsi~tih. I.cnJcr
i~ autharir_eJ t~, co11ec1 and apply ~he m~uranrr pruc~rJ~ :it I.rn.i~r~, ~,ptn~n cith~r t~~ re~~~,r.~Ue~n ~,r repair M thc Propert~
ur to thc sum..rcurcJ h}~ ~his Mortgagc.
llnlesc Lendcr and Burrawcr otherwi.c .igrre in .~nUng. ant ~uch :~~nt~~.~u,,-, ~,f pmcred~ lo ~rincipal ~hall n~~l e~tcnd
ur Fx~stpone thc duc Jatc of thc m~~nthh imt~llmrnt. rrtcrrrd t~~ in p:uacr,~ph. 1 anil _' hcrcuf or rhan~r thc anw~mt uf
~urh installmcnt~. ft under paragraph IK hcrcof thc 1'ru~xr~~ i, acyuirr~l h~ I.rndcr, all right, htk and intcrctit ut t3orru~cr
in and tu am imuranrt pohcies anJ in and ti~ thr pnx;c~d, thcreot rr.ulting In,m Jain.~gr to thc Pr~~Exrt~ pnur tu thr tialc
ur acyui~ition shall pass to Lcndcr to thc c~trnt i~f thc ~um. ~~~ured h~ Ihi. ~f~~rtc.~g~ immedial~l~ prior t~~ wch tialc or
acyuisition.
6. Presenation and ~lainten~nce of Yropert}: I.caticholds; ('undominiumti; Plannrd t;nit 1)e~elnpmcnls. B~rrower
shall keep thc Property in gooci rcpair and shall not commit waste ~~r perm~t ~mpa~rmcnt or Jeterioratiun of the Pro~xrt}~
and shall complp with thc provisions of an}' Icase if thn `1urt~agr ~ti .~n a tc.i~rhuld. I! thi~ ~tortga~~ i~ un :~ unit in a
cundominium or a planncd unit Jcvclupmcm, BorroHer .hall ~xrt~~rm aU ut Borru~cr"s ~~bl~ga~ions undcr thc Jcciaration
or covenants crcatmg or govcrning thc condominium ~~r plannrd unit dcvcl~~pmrni. thc b~•-la:ss and regulationc of thc
conJominium or planned unit development. and contitituent Jocumenh. If a run~l~~minium or pl~nncd umt ~Ie~•clopment
riJer is executed by f3orrower and recordeJ together w~th thi~ ~1~~rtgagc. ~he crnenant~ anJ agre~mcnls ~~( siich rider
shall be incorporated into and shall amend and supplcment thr a~~~nanlti :~n~l agrermcnts of th~ti Mor~gagc as if ~hc ridcr
were a part hereof.
7. Protection of Lender's Security. If Borrow~er faih tn ~xr(~~rm thc rmcnants anJ agrecmcnts containcd in thit
Mortgage, or if any action or proceedmg is commcnccd Hhirh matrrialh• :dtccte I.ender's intcretit in thc Property.
including, but not limited to, eminent domain. insc~l~~cnc}•. u~de cn(~•rccmcnt. ~~r arr.~ngcmcnts or pr~kccdings invoh•ing a
bankrupt or decedent, ~hen 1_ender at I.ender'a ophon, uEx-n n~~tice t~. Borrow•er. ma} make such ap~xarances. J~sburse ~uch
sums and take sueh action as is necestiary to protect Lender's imrrect, incluJ~ng, but not limi~ed to. Jitibursement o(
reasonable attorney's fecs and entry upon the Property t~~ makc rrp:~ir.. It t.endcr reyuired mortgage inwrance as a
condition of making thc loan secured by this Alortgagc. B~~rn+wrr shall pa~• thc prcmiums rcquircd t~ maintain such
inwrance in eBect until such time as the reyuirement for .uch insuranrc terminates in accordance with Borrower s and
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