HomeMy WebLinkAbout0978 UNIFORM COY~N~NTS. Bp(fowtf aild L.ender Cu~[naM znil ~nergr ~c /nlln~r~;
1. P~)ment ot Principa! and Inferesl. Hurr~~wct +hall pr~~mp~l~ pay ~hen due ~he principal ot and intercst on the
indebtedn~ss c~ ~dencrJ by the Nutr, prepayment anJ latr ct~argcti a. pruviJed in thc Note. ardlXhF~a~ ~E~n~~~~
on any Futurc Advancec secured by ih~c M~rtgage '
~:.:~as for Ta~ea and Insunnce. ~uoject to appU~aDlc Iaw or to a written wa~ver by Lc~dtt, ~urrov?~er sh~ll pay
to L.ender on the day monthly ~nclallmentc of pr~n~ipal ,~nd ~ntcreu arr pa~ahle unJer the Note, unhl the I~ole is paid in full.
a sum (hercin "Fun~s") equ~l to unc-twclf~h of ihc ~ca~ly la~c~ an~1 assecsmcnis which may~ attain pnority over this
Mort~aae. anJ gr.~und rems ~~n thc Property, ~f any_ plus ~~ne-tuclfth ~f ~cxly prem~um ~ns~allments for haz~rd ~nsuranct,
plus one-tvvclfth of y~early premium inct:~llmeni~ (ur m~~rtgage insurance. ~f any. all ac reasonahly e~timc~ted inihally and Rom
time to time by Lender on thc ha~i~ of astestimcnn ~nJ h{II~ and re~sc~n~ble est~in,?te~ thereof.
The Funds shall he held in an ~n,tituti~~n the de~a~t, or .ir~~~unic ~.f wh~ch :ue mwred or guarantehl by a Federal or
state agcnc~ (including Lender if LcnJcr cuch :~n imtitu~i~~nl I rn.ler .h:~ll .~ppl~ the Funds to pa~ said taxes, assessments,
insurance prcmiums and ground r~nh 1 cnder ma~ not chargr t~.r h~~l~f~ne .~nd a; pl~•ing thc Funds, analy~ing ~aid account,
or verifying and compilirig saiJ a~se~.menl~ :~n~1 h~U~. unlc~~ I ender p~~. H~rrouer inte~tit un the Funds and applicable Iaw
permits len~ler t~ makc such a chargc N~~rruwer and Lciufer m.i~ :icrrr in wnling at ~he time o( e!~ecWion oI this
Mortgage th~t ~ntcrest on the FunJt ~haN tk n~~i~ tu Bl1RVNC(_ :lt1lJ unlr~> >u~h a~rern~ent is maJe or applic~hlt !aw
requires such interest to be paid, Lcnder ~h:ill ni~t Fx rcyi~~reJ t~~ E~.~~ R,+rr~~Ncr .~m intcrest ~r eernings on the Funds. I.ender
shall give ro Borro~•er, w,thout charge. an annual :i,~run~„ig ,,f th~ F unJ, ~h~~~~ng rredils an.l dehi(s to Ihe F~nds and the
puCpose for which cach deh~t tu thc l=unJ~ wa~ m.,eJc ~he fun~t~ .irc p~~Jgc.1 n~ .iJ.litiur..~l c.~urity for the wms seCUred
by this Mortgage
1f the amount of thc Funds held b} I.cnJer. t~~gc~hrr ~~th thr futurc munlhh in.t:illmcnis oE Funds payablc prior to
lhc due dates of ta~c~, assessmcoh, insur~nic prcnuunic ,~mf gr~~un~l renn. ~h~ll cciceJ thr amoun! reyuir~d to pa~• said taxts,
assessments. ~nsurance premium. ~nd gruund rent. .i. th~~ t.~ll ~fur. wch ~~.r~t .hall bc, at HorroNtr't opuon, either
promptly repaid to Borrower ur crcd~ied tu Srrr~~Hrr ~~n m.~nihl~ ~n~~allm~nts ~~f Fund.. If the amoun~ ef the Funds
held by Lendcr ~hall not be sufficitnt to pay ta~c;. ~scc~.m~ntc. in.ur.~n~r prcmium~ anJ gmund rents as they fall due,
Borrower shall pay to 1_ender ~ny amuunt necc~san ir m.i~.r u~+ ihr ~trtir~rnc~ within 30 da~s Crom the date notice is mailed
by 1_ender to Borrow~r rcquesting pa~mcnt thcre~~t
Upon payment ~n full uf all sums s~cured b~ th~. ~1~~rt~.iEt. t rn~ir ~h~ll prom~+Uy refund to Bormwer any Funds
held by LcnJe~. if under paragraph It; hrr~o~ ~he ProExrt~ .~~iJ ~~r ih~ Pm~rt} othcrHi.c ~cquircd by Lende~. I_ender
shall apply, no latcr than ~mmediatrl~ pnur tc• ~hc .ale ~~f ;hr Pri~~crty or i~s acyuisition h~ I.ender any Funds held by
Lii7U~i ai ii-ie iimc uf appii~aiion a~ a crruil :~~ainst thc sum. ~riurc~i h~ thi. ~frrtgagc
3. Applica~ion of Paymtnts. L'nle.~ ap~~l~,ahtr la~ ~rr~i,lis uthrn~~,r .i;i p,~~mentti r~reived b}• L~nder under tht
Note and paragraphc I and 2 hcreut ~h.ill hc ,,~•pl,rJ hy I rnilrr fi:.i in ~.~~mrnt ~~1 am,~unls pap~hlc t~~ i.cnJer by' Borrower
under paragraph 2 hereo(, then tu intrrr.t ~,:;yahl: ~,n ihr \v~r ihrn i~~ ~h~ prin~i~.~l thr \o~r, ,~nJ ~h~n to interest and
principal on an~ Future Advancct. - ,
4. Charges: Liens. B~~rru~cr .h.~ll ~~a~ .ill ~,~~c.. .,-..r..n~rr~~, .~n~l .~th~r :h.~r~;r~. fine, anJ irn~+u.itwns ~ttnbutable to
the Property Nhirh may a~lain a ~ni~rily ~~~~r th~, i1;,rt~,icr. ,,r.~ Ii~.rh~~IJ ~.i~mcnh i~r grosmd rentt. if any~, in the manner
Rrovided undcr paragraph 2 hereu( or. ~f n~~t p.uJ ~n tiu~h rn.~nrrr h~ H,~rr~~N~r m.~I~~nF pa~ment. ~~hen due. direcdy to the
payee thereof. Borrower shall promptl~ fum,.h I rn;irr ~II n~~t~~c. ,~mount. Jue undCr th=s paragraph, and in tht event
Borrower shall makr paymcnt J~rc.tl~ H~~n~~~.rr ,h.,ll rr~~~n~,tl~ turni,h t„ I.rn~irr rc.ci~t~ r~idrnt~ng such paymcnts.
Borrower shall promp~ly Jitrha~gr an~ I~r~~ ~~h~~l~ ~~,;,~r~~~ ,~~rr ~hi, ~lurtga~;,: rru~~JcJ. th.it H~rrower ~hall not be
requirtd to dis~harge an)• cuch lirn ~a long fi~~tr~~~~~z ,h.~ll ni~~r ~n ~.ntin~; t.~ Ih~ ~~.,}ment ot thr ~~hiigati.~n seCUred by
such lien in a manner acceptabl~ iu I ~ndrr. ~~r .t~ !Il ~~e ~,~,~J t.~~th ~.~nt~~i .u~h li~n hy. ~r ~IefenJ enf~.r~rment r.f such lien in,
legal proteedmgc whirh u~x:r.~ec i~~ prc~~nt ~h~ rn',~r.rn~rnt .,I ~h: Lrn ,~r turtc~tur~ th~ ProExrt~ e,r'an~ part thereof.
S. Hatard Insurance. B„rr~,krr .h,,ll ~,rrF, nc~ ,,~~rr,~~.~mrt;t, n~~.. ~~~~.;mg ~~r h~r~af~er crcctrd ~,n the Pr~~~xrty insured
aga~nst {oss by fire. hazard~ in_IuJeJ w~th+n ~h~ ~rrm r~r~u~lr;l .~~~~r.~gc ~n~l ,u.h ~ther hazardc a~ Lcndcr may require
and in such amoiuits anJ (or such pcn~~.l, a~ I cnJ~~ ~o~.~y ~cyu~rr, pr,~.~drJ. ~h~t Lr~~~cr chall nut rcywrc that the amoun~of
.J .l_
:.:ab:. Cn~~~v u~ai ai~i~.uiii ~~i ~~~•c~~~;c I~~t~:~~~i 1~~ ~~.1) IftC ?tittl. ?Cit~(l'U fl? IfSI{ ~7i~f1('~78C.
~The ~nsurance ~arrier rrovidin~; thr inu~r.,nrc .h.~i! he rh~+.rn hy B~~rrc~~~~r cub~ect te approval by Lender; provided, ~
that such approval ~hall not he unrcn~Uf7dI1I\ t~l(IIFI~'I(~ 1II ~l(~1111I;f)1~ ~~n insur.~nce p<~licies ~hall be paid ~n the rnanner
~ provided under paragraph 2 herro( ur. ~f nut p.u~i in .u:h m.,i~n~r, h~ B.vr~~~.er mak~ng payment, when due, directly to the
i~suranct carrier. I
~ AI! insurancc policie~ anJ rcnc~.,Is thcrc~~! chall h, ~n ~~~rn~ .~;,~~,t.~htc r,~ l rn,i~r ~na shall ~n~ludc a ctandard moriga~t II
~ clause i~ f~vnr nf ancl ~r, f„rm :~,.r I.~hlr r; .•.,~1.~. I ..~..i.•. ,~:.:~i ;ti~ ti„~,~ .i•- - ' :~`,°,i:
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~ and BorroNer shall promptly furnish tu Lrnelrr all r.i~~u,~l n.~l~~c. ,,n,i ; II ri~~ripts u( paid premium~ ~In the e~'enI of loss,
Borrower ~h~l! gi~e prompt nut~c~ t~, ihc ni,ur.:n:~ ,.~rr~~r .u,~l 1 rn~ir~ 1 ~n~lrr n,.,~ n~,,1.e ~+r<~rt of loss i( not made•promptly
~ by Borrower. .
Unless Lender anJ Borro~.~r othrrN„~ agr~~ ~n ~~r,~~~:g. ~~;,ur.~~~,c pr,~.c~•J. ~h.~ll Fx :,p~lied io re~toration or repair of
~ the Properly ~amagcd, pt~viJc~ surh re~lurati~~n ur rrp,~~r r,~~~;rmi~.~l:~ rc~<<Mr :u~d ehc ~ecurily of th~s Rtortgage is
~ not ~hereby impa~rcd {f tu~h fc+lof~(tim. Ur r~•r.~if i~ n~~l ~,~~m~nt~..~ll~ f~,i~ih~~ ~~t i( ~he SCCUnO' nf lh~S tloflgegC wOU~d
be imp~~rtd, the ~n,~~rancc rr.~:~eJ~ .hrll b~ .~pplicJ t~: th: ~uni, ~~.urr~! !~~'thi~ ~]~~rtg.~ge wuh ~hc e~cess, if any, paid
to Borri~wer I! thc Propcrt~ I~ ,Ih;~I1t~~~t1C~~ ~t~ff:~~~~t. ~~f i2 H~~~f~~µCf I.+i~~ iC~~.;;t~ I~i ~ ~fl~cf ~•ithin 30 days from the
date noti~e ni:uleJ hc Lender ro Borr.~:tirr rh.~; ihe ~n,ur.~n.c ,.~~r:~r ~~tirn e~~ .r~tlr cl.~~m f~~r ~ntiu~ance henefits, l.ender
~ ~uthur~ceJ t~~ ~~~II~:~ :~nJ :~E~ply Ihe inw!.~n,~ ~~r~~~i~J~ e: 1 cn.irr ~~,~!~,~n ~ilh:r eu rc~t.u.ition or rcp3~r of lhC Propeny
or to thc sur~u ,c:urc~ rhu ,~tortgagc
~ Unlrss I.cnJ~r and k3orr~,w~t i~IhcrHi.i• .ir,-« :n ~~r~;;;.~. .~r~. ~ .~}+~1l~.,ti„~~ ,+f ~ r,~.ied~ to ~nncip~l ~h~ll not cxtend
or p.~ilpUnC Ihe Jiit tlaf2 0( Ih~ nu~nth!•, in.+,~~l:tt::~r. •,fcrr<<1 t~ n~ ~,~r,~~;,,~.h. !.:~i,i ? hcrcuf c~r ~h.~ngc lhc amount Of
such instal!mrnh It i~ndcr p~rasr.iph i~ her~nt rh~• {'~~~~rt~ ,~,y~,~r~;l h. 1 cn.lrr ,~11 r~ght, t~tlc an~i irterest of Borrower
in and io am im!~r.~n,c ~~ii~~e. .ui~ in .~n,i ih~ ~~;,~,:r,f. !h~r~,~; ~c•.:i~:n~ tr,,, ,.'.,n~.~~r t~, thc Pr,~rty pr~or to tht sale
~ or acyw~~hon ,h.~ll p~,s t.~ Lcnd~r to th~ r~t~nt ,~t tt~r ,~ini, ,~~~ir~.t h~ th~, \i,~r~,,~~~ ~n,nieJ~atcl~ pr~or tc• ~uch sale or '
~ acquisition. _ '
6. Presenation aWd ~laintcn•r~ut of Propcrt~: ! ra~rhuldti: ( ~~n~i~,mi~inm.; ('I~nncd t~nit De~dopmcnts. Borrower ~
~ shall lcep ~hc Propcrty in gex~d r~p~ir inJ ,hall ~~.,t .~~mnui ~~.r~tc ;,~rm:t i,n~~.urm~i,~ or cleteri~ra:ion ot ihe Property
: and shall compl~ ~ith thc proviswns vf :,ny Icese ~f !h:. ~t~~ri,.~~r !~.,~~l;,,;J. !f thic \1~~rtbagc i? on ~ unit in a
:ondomin~um ur a planr~~d unit ~lc:rl~~pnirni Fi,~rr,~.~rr .!~.~il ~~.•r!,vr~ .,It ,~t B~~~r~~~cr'c ~,hLgat~.~ns ur,~rr the dccl~~ation
~ Of covenants CfC.iting l~f g.~~•ern+n~ thc i~~n~rni~n;unl ~+r ~ I.~nni~ unit (~i~C~~~~~~tl~nt. IHC b}-la~. efl~ fCSUI3110t15 Of lflt ~
i
~ ~unJominium or planned unit cleLCl.~pmcni. ,~nJ ~~~nsti~~~.•,~t J~~.um.i~i~ 1~ ~~un~l,~minium or planned un~t Jeveiupment
° riJet is cxecuicd by Borrower .,nd r~~ordr~f t~~~r~hrr H,th ihe~ \t,~r~ge~e, thr c~~~en.fnts and .,greement~ of wch rider
~ shall be incorporatcd into an~ sh.~ll .imcnd an~f ~uppl,mcnt 'hr ,;u~en.~nt. ~n~l ,~5•rcmenls of th~s Mor~gage as i( the ridtr
r were a part hereof.
~ 7. Proteclion ot I.ender's Security. If B~+rm.~er fa~l~ t~~ ~:~f~~rm the covers~nts anJ agreements c~ntained in this
- Mortgage, or if any achon ur pro~eeJ~ng iti ~ummence~t whi.h materiall} .,ft~rls LenJer's interesl in the Property,
: including, but not limited ~o. cmment domain. ~n~ol~encq, c~~~e cnforcement. ~ir arrangements or proceedings involving a
~ bankrupt or dec~dent. then I.ender at Lender', opti~~n, uj+cm n~,t~ce t~. B~rrow~er. ma~ make such appearances, disburse such
= sums and take sueh action as ~s ntcecsary t~• prurert Lender's ,nterest. ~ncluding. but not limited to, disbursement of
R reuonable attorney's (ces and entry upon the Propcriy ro mekc repa~rs. If Lender rcquired mortgage insurance as a
~ condition of makiog the loan securcd b}• ~h~s titongage, Borrower sfi~ll pay the premiums required to maintain weh ~
~ insurance in efiect until such time as the rey~irement for~, ps~y~ terminates in accordance with Borrowers and
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