HomeMy WebLinkAbout0945 . .M Ji~~U !.r: F ~1
UNIFORM COVEN~NiS. BO~rowtt and LCn~1ef C~~enant and agree as foliows:
1. P~yment of P~inclpal and Interest. Born~~rr shall prumptly pay Nhen due ~he principal of and interut on the
indebtedness e~ ~denc~d hy the Note, prepayment and I•rte ch~rge~ a~ pruvided in the Nate. and the principa! of and intercst
on any Futurc Ad~•ance~ secured by th~c MortgaRe.
2. Funds (or Taxa and insurance. Subject tu appli~ablc law or to a written wa~ver by Lender, Borrower shall pay
to Lender on the d~y monlhly in~~allments o[ prin~ipal and ~ntcre~t are payable undtr thc Natt, untd the No1e ~s paid in full.
a sum (h~rcin "Funds") equal to une-twelfth of thc ycarl} ta>e~ an~ assessmeni. which may attain pnority aver this
Mort~age, anJ ground rents on Ihc Property, if any, plus c•ne-twel(th of ~•e3rly prem~um installm:nts for hazard insurance,
plus one-tN•e1Rh of yearly premium inclallmenu for m~~rt~aFe insurance. i( any, all ac reasonably ectimated initially and fr~m
time to time by I_endcr on ihe basis of atisei~mrn~. _~n~ hill~ ~nd reasunable eshmates ~hereof.
Tht Funds shall he held in an imtitutinn the de~'~itc or arc~~un~s ~~1 w~hich ~re inwred or guarantetd b)• a Ftderal or
state agency (including Lender ef l.cnder i, ~uch an imtiwti~nl. I cn~icr ,hall apply the Funds to pa~• said taxes, assessments,
insurance premiums and ground rcnh I ende~ m~~' n~H charg~ tor hrlJing .~n~i plying the Funds, analyring said account,
or verifying and c~mpiling said asccscments ~n~l hilh. u~ilcc~ I end~r pa~, [3c.rro~cr intere~t un the Funds and applicable law
permits (.ender to make such ~ charge B~~rmNCr and l.rn~cr ma} acrrr ~n K•riting at the time of execulion o[ this
Mortgage that interest ~~n ~he Funds ~hall Fk pai~ to B~~rrrNrr, anJ unlc,s ~uch agreemeni is made or applicable law
requires such interest to be paid, 1 cndcr ~hall not hc rcyuireJ t~~ p.~~ H~~rruHCr .~n~ interest or earnings on the Funds. i_ender
shall gi~'e tu Hl~ffOWCf, N1(F10UI ch~rgc. ~n annu,sl a.~runhng ~~f the Funih shrwinb rredits anJ dehits to the Funds and lht
purpose for wh~ch cach dcbit tu thc (=unJ~ Ha~ maJr ihr f und~ .irc plc~gr~! a+ .~JJ~uan,~l c.rurity for the sums seCUred
by this btortgage.
If the amount of thc Funds held b~ I.en~lcr. t~~~:cther ~~ith thr future munihl~ ~mt:illmcn~s of Funds pay~blc prior to
ihe dut datt~ .~f t.+.es, :~s;cssm~nt,, ~nsur.,n~e prcmium, ,~n.f ~r~~~~nJ r~nt,. ~hall e~.rc:f thc an~ount req~;red to pa~• said taxts,
assessmentc, in,urance premium. and gr~~und rentti th~} I.ill ~iuc. wch c~~e,t shall be. ~t Borrower's opuun, either
promptly repaid to Borruwer ur crediied t~~ Brrr~~wcr .~n n~~mihl~ ~nctallmrntc ~~f Fs~nd~. If the amount of ~he Funds
held by Lender ~hall not be sufFcient to pa~~ ta~e~. acse~.mrnic, imur.~ncc premium~ ~n~l grounJ rents as they fall due,
Borrowcr shall pay t~ Lender iny amuunt neccs~ar~ tr m,~l.c up ihc Jrti~irnry w•ithin ~0 Ja~~ (rom Ihe date notice is mailed
by Lender to Borrower rcqucsting paymcnt thcrc~~t
Upon pa}ment in full of all sums sccured h~ ih~~ ~1nrt~.~gr. I rndrr tih:+ll ~rom~+tl} rtfund to BorroKer any Funds
held hy Len~er. If u~der pa~agraph Ix hercut the Pruprrt~ .~~IJ ~~r ih~ Yr~~r~ny othcrw~.c a~quired by l.ender, Lender
shall apply, no later than immcdiatrl}• pnur to ~he •alc ~~t thr Pn~~~r!) ur it~ .icyui~ihon b~ I.ender any Funds held by
Lender at thc hmc of application a~ ~~rc~i~ aFaimt Ih~ cum~ .e~urc~l h~ thi~ ~tc~rtgagc
3. Applicalion of Payments. Unlr.. ~p~t~rahlr law ~n~~~,f~s n~tirn.i,r all p:i~mentti rereivcd b~• Lender undtr the
Note and paragraphc 1 and 2 hereut ,h.~ll bc ap~I~rJ h~ I ~nJcr fir.t ~n ~.~~mrnt am~~unts payahle to I.cnder by Borrower
under paragraph 2 hereof, then to in~~rc.t ~~yaMr un ~hr ~~ar. if:cn i~~ th~ prin~ipal thc Notr, anJ thcn to interest and
principal on any Future Advanccs.
4. Charges; Lkns. Borro~cr .h.~ll ~~ay .ill i.~~r.. .~"r~.m~nh .~n~1 ~~thrr rhargc~. fincc anJ im~~~iUunt aRnbutable to
the Propcrt~• which may attain a pru~rily ~~vcr ih~. \1~~rt~at~•. .~n~ ir~~rh~~l~l ~..~~mcntti ~,r ground rents, if any, in the mantter
provided undcr paragraph 2 hcrcuf or. ~f n~~t ~.u~i ~n tu:h m.~nn~r M B~ur~~.+rr m.J.iug pa~ment. ~hen dut. direcdy to the
payce thcreof. Borrower shall promptl~ funu.h i.~ I rn~lrr el! n~v~~r. ~~I .~m.~unt, ~luc undcr thic par~graph, and in the event
Borrower shall makc paymcnt dirc~th. tf~~rr~~wrr .h:~ll ~:~mi~,tl~ turnnh t~~ I.rn~rr rrrript? c~~arncing sucn paymcnis. -
Borrower shall promptly Jischa~gr an~ l~cn ~+h~.h h.,, ~~r~~~ni~ ~~~.•r ih~, ~lurtg,~;r: rruv~Jcd. th:,t B~rrower chall not be
required to d~scharge ao}• ~u.h lirn .u I~~ng R~~~:uti~~~ .h.~tl .~4rrr in Hn~~ng t~~ thc ~a}ment of thr ~~hligati~~n secured by
such hen ~n a manner acceptablc iu I.~nJrr. ~~i ~h.Jl ~n c~~.~~1 t.~uh ~~~ntr~i ~u~h lirn h~, ~r .lefen~ enf~r.cment ~~f such lien in,
legat proceeding~ Khich o~xr.~te t.~ prc~~nt th~ ~nt•,r,rm.•n~ ut ~i~~ I~rn .~r turfr~tur~ ~.f the Propert} or'~n~ part thereof.
S. Hazard Incur~nce. B~•rm~rr .h:~lf },r~~~ ~l~~ :n~ri~~.rmrru. nn~+ r~~~t~ng ~~r h~rcaf~cr crcc~ed on the Pmperty insurtd
against loss by fire, hazards incluJrJ ~~;h~n ~hc tern, r~t.•n~1rJ ~~~.~r.~~;r ;,nJ ~u.h other hazard~ ac Lender may require
and in surh an.c~ints anJ f.~r ~urh rnnu~~ r. t rndr~ ~:i.~~ r~uuuc: nnntdr.l. ~hat I.cnJcr chall not reyiurc that the amounl'Of
SuCh coverzdc C~CC~d th~l am~iunl .~f c~»~tac~ r~yu~i~J I+, Ihr .uni~ .c:urCJ hy Ih~s `lotlg~gc.
The ~nsurance carrier ~rovidin~ th~ imur.~n.~ .h.+lt he ~h~~.rn h} B~~rru~~r ~ubject t~ approval by Lender; provided,
that such approval ~hall not bc unrc.~.vnahl~ ~..itt,h~ld :11~ p,~ni~~~m. ~~n imur.~nr~ policics ahall bc paid ~n thc manner
provided under paragraph 2 hcreut ur. ~t nut p.u~l in ,u~h m~nncr, h~ (3~vr.~~+er making payment, when due, directly to the
i insurance catrier.
; All insurancc policies an~1 rcnc~:,ts thcrc.~t ~hall hr in ~~~r~n .~,c~pi.~hl~ t~~ l cn,l~r ~~a shall includc a standard mongags
; clause in favor of and m form a;:eptable i~~ Lcn~er. I.~n~r~ ~h.~ll h.~.~ th~ cight t~~ hold the policies and renewalc thereof,
€ and Borrower shall promptly turn~sh w Len~frr rll r~n~u,~l nt,i~~r• :in~l ~II ~c~ripis o( paid prcmium~ In the event of loss,
~ Borrower ~hall g~~c prontpt no[i.~ Iu ~h~ ~neur.i~i,i ~.~ri!~r ,~n:f I inJir 1 ~n~trr m.~} m.~1.c [~roc~t o( loss if not made-promptly
: by Borrower. .
~ Unless Lender encl Borrower Mhcn+~.~ a~;rcr in ~~nting. in~ur•~n.c p~~~.rcJ~ sh:~ll tx applied t~ re~toration or repair of
i the Property ~:am:igc~f, pmvi~leJ su.h re~tnrati~~n ~~r rrpa~r ~ti «,~~~~~nei..~ll~ I~z~ihl~ ~nd thc se~urity of this Mortgage is
~ not thereby impa~rcd if :u~h re,toratmn or rc{~.ur n n~~t .•.~~~~~~m~..~ll. ~~.~~ihlc ~~r ~f the secunt}• of this Mortgage would
~ be ~mpaired, the ins~~rance pr~~ceed~ sh.ill bc .~ppl~c~ t~~ ;hr .um, ~~:~~rc,i 1•~ ih~~ ~t~~rtb.~ge_ ++~~h the e~cess, if any, paid
to Borri~wcr. 11 Ihc Propert~ i~ .ih:in~f~~nc~t f,~ 13~,rr+.~~.r. ,+r ~I B~~r•rHCr I.ul. r~.p~~ai~! tn t endcr within 30 days from the
date notice m:ul~J b~ !_ender iu Borr,n~rr ~h.~i ~hr ~n.ur.~n.c ~,~~~,~r ~:tFrn .r~~l~ ~!:~~m f~~r ~nwrance henefits, I.end~r
is ~uthunteJ i:~ ~ull~,t :uid :~ppl} ~he i~~eur.in_i• E~r~~cc~J, al I cnii~r'. r~t~~~n itlh~i l~~ resl~~ration or rcpair of [hC PropeKy
or to the sur~i~ .ecureJ ;hii ;~fortgagc
I?nlrcc I cr,it~r .~nd Fiurr~,v«r cdhCt~ai,~ .i_~rC~ ~n ~+r~hr... .~r`. ~'i.h .~I'plt~.~'i~m rf,~.cedti to (~nnCip~l ,hall not cxtend
~ or puitponc ihe ~iuc tl~l~ uf lhr n~onlhl~ in~l.illntrnt. :~!~~r~•i1 ;~er.ieraF~h. I.:n~l hcrc~,f ~~r ihangc (hc dmOUnl of
~ such in,tal!mrnt~ It nn~er par~gr.~ph Ir he;~ut thc Pr:~~xrl~ „.i:,;u~rr.l h•. I.cn~rr .,II right, title ~n~! interesl of Botrower
in and tu an~ imur.~n,:~ ~oliiies ~nd in .~nJ Ih: ~~<<~.:r.~. '.h~ri,,t '~•~uit:n~ tn,~~± J.~ni.~~;~ lu th~ Proper~y pnor to the salt
~ or acyw~thon ~h:~ll p.~ti, I.cndcr to th~ ~~tcc~t .~t thr ,~r~i. ,~~urr.f h~ th~, \1,~rt~,.~b~ ~~nmtdiatcl~ Fnor t~~ ~uch sale or
~ acquisition.
6. Presen~~iun •rud ~1~intc~i•rnce of Propcrt~; t c~.ch~~ldti; f~~~ndnminiuue~; i't~»ncd Unif [kcelopments. Borrower
stiall kcep thc Propctty in gu~~d r~~air and :hall n.~t c~mm~~ ~~.~~tc :~r pcrm:t imE~~irmert or detenoration of the Property ~
~ and shall comply uith Ihc provisiuns Ica~e if ~h.. \1~~ri~.~~r ,~n Ic.~,~h~~ld. If ?hi~ ~turtgag~ is on ~ uni( in a
~ Conduminium ur a planned unit J~•.~Irpni:nt. R~~*rr~~cr ~h.~l~ ~~rt.~rn~ .,!I „t B~un•Her's ~~hlig~ti~~ns urd~r the declaration
~ or ~ovenants c(c~ting ur g~~~~ern~r,b thr :<~n~~~n~;n~um ~~r ~I.~nnrd ~~i~~t dcvcl~~pm;nt. thr byJaw~ and regulatianz of the j
~ cunJominium or planned unit dcvcl~~pmcnt. ,~n~i <<~n.u~urn~ ~.~:um~nc~ 11 a~.~nJ~~minium or planned unit Jcvelupment
~ nJer is exewted by~ Borrowe~ ~nd rec~rdr~f t~~grihrr U~ih ih~. ~1~~rtg.,Ke, ihr ~o4en~nts and ~greements of such rider
~
~ shall be incorporsted in~o anJ sh.+ll ,imcnd ~ntl ~uppl~m~nt th~ ~u.cn.int5 an~l as~~~mrnts o( thic Mor~gage as if the rider
~ were a part hereof.
~
7. Protection of Lender's Security. If B.~rmuer t.nl~ t~. r~r!~~rm the ~oven:,nts anJ agreements cuntained in this
~ Mortgage, or if any action or proceedmg n commeneeJ .?hich mat~riall} ~flccts LenJer's interest in the Property,
~ includ~ng, but not timited to. cminent domain. in~ol~•ency. c~de cnforcement. ~ir arrangements or proceedings involvin~ a
~ bankrupt or decedent, ihen 1_ender at I.ender'~ ~ption, u~n n~t~ce tn Sorrower, ma~ `make such appearances, disburse such
sums and take such action as is nece~sary t~• protect Lender's micrest, in.luding. but not limited to, disbuntrtxnt of
reasonable attorney's tces and ~ntry upon thc Propeny !o m~ke rcpairc If Le~der required mortgage inwrance as a
~ cond~tion of mak~ng the loan securcd by th~s 4lortgagc, Borm~rr shall pay thc premiums required to maintain wch
~ iasurance in tfiect until such time as the requirement for such ~nwnn:e terminates in accordance with Borrower's and
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