HomeMy WebLinkAbout0919 Uvit~utt~t Covf~i:vr~. 8orruwcr:+nc1 lx~lJrr:~~~ei~ant .u~J a~rrr a~ fi~llnws:
Pay~mcnt of PrIncIpy! and lnteresL l3~~rr~~?str ~hall pr~~mptl~~ pa)~ .~hcn ~f~e thr prinripal uf and intrrcit on thc
in.iebtednrss evidenceJ by thc Notr, prep~ymcnt and late chargr. a. pruviJ~d in the Note, and the prin~ipal uf and interect
un any Futurc Advancrs secured by this Mortgagc.
2. Fonds for Taxes and Insucance. Subject to appli~~~bl~ LiH or to a written waiver by Lender, Borroa•er shaU pa~
to [.cnder an !he day monthly instatlments of prinri~~al ae~d ~i~tcn.t .uc p~yablc undcr ihe Nate, until the Notc is paid in full,
a sum Iherein "Fun~s") eyual t.~ .ine-twelfth of the yearl~• ta:c. an~l a~eessments which may attain priority over thi;
Mortgage, and ground rents on the Prope.rt~•, if any, plus one-t~elfth ~~t ycarl~• premium installnicnts for hazard inwrance,
plus one-twelfth of }~early premium inst-allm~uts for mortgage insuranc~, if any, all as reasonably estim~te~i initially and from
time to time by Lender on the basis of assessments and hiAs an~i rea~onablc estimates thereof.
The Funds shall hc; held in an institution thc deposits or accou,its uf which are iiisured or guaranteeJ b}• a Federal or
state agency tin~luding Lender if Lcnder is such an instit~tti~~n). Lc~~der shall apply the Funds to pay ~aid taxes, acsessments,
insurance premiums and ground rents. l.ender nia~ not charge (or,e~ holding and applying the Funds. analy~ing said accounl.
or ~•erif)'ing and compiling said assessments an~i bills, unlcss Lender pays Borrow~er interest on the Funds and applicable law
pe:rmit~ Le~der t~~ n~ake such a chargc. B~~rruwer and I_rnder ma}• agrce in writing at th:: timz of execution of this
Mortgage that interest on the F~~nds shall be pai~ to B.~rr.~wer, and unless such agreement i~ made ~x applicahle !aw
reqi~ires such interest to be paid, Lender shall not he reyuired t~~ pa~ Bc~rrower any interest or carning, on the Funds. l.en~ler
~hall give to Borrower, without charge, an annual :?ccuunting uf the Fun~i, ~huwing eredits and debits to ihe Funds and the
purpose (or whirh rach debit tu the Funds was maJr. The Fun~a are pk~ged as addition~il securit}' for the sums eecured
by this A4ortgage.
If the amount of the Fimds held by 1_eneier, togrther with thr future monthl~• in;tallments of Fun~s pa~•abl~ pri~r to
the due dates of ta~es, assessments, insurance premiums and gruunJ rent~, sh:?II exceed the amount required ta pa~• said ta~es,
assessments, insurance premium~ and ground rents :~s th~y f;ill diir, such exce~s shall be, at Borrow~er's option, either
prompd~~ repaid to Borrower ur credited tu BorroH~er on monthl}' imt~llments of Fund~. If the amoi~nt of the Funds
held by Lender shal! not be suflicient to pay tares, assessmcnts. inwrancc premiun;s and gro?md ~ents as the~~ fall due,
Borrower shall pa}' to Lender anp amount necessarp to make up the .t~ficirncy~ within 30 da~s from the date n~~tice is mailed
by Lender to Borrower requesting payment thereof.
Upon payment in full of ail sums secured by this Me~rtgag~. Lender sha!! pron~ptly refund to Bnrrc~~~er an~• Funds
held by Len~fer. If under paragraph 1R hereuf the Property is .~~Id c~r th~ Pro~•crt} is otherw~ise acquired by Lendcr, Lender
shall apply, no later than ir~mediately prior to the sale af thc Property or its acquisitfon h} i.ender, an}~ Fundc held b}~
Lender at the time of application as a credit against the sums ;ecured b~~ th~~ ~tortgage.
3. Application of Payments. Unless applicahte la~~• pmri~l~s othcr«+.r, a11 payments recei~~ed by I.ender un~ler the
tiote artd patagraphs I and 2 hereof sh.ill bc applicd b~~ l.endcr fint in ~a~m~nt ul amuunts pa~•able to I_ender h~~ Borro~~er
under paragraph 2 hereof, then to interest payablc on the N~tc, thrn to th~ principal of thc Not~, and thcn tu interest and
principal on any Future Advances.
4. Charges; Lienc. Borrowcr sh.ill pay atl ta~c~, a~~easmcnts and othcr ch.+rges, fines an~l impc~sitiuns atiributahle to
the Property «•hich may attain a priority ovcr this ~fvrtgage, and lcasch~ld payments or ground rents, if any, in the manrcr
provided under paragraph 2 hercof or. if not pasd in such manner, b} Borrou•er making payment, when due, direcdy to thc
payee thereoF. Borrower shall promptly furnish to Len.ier all notices nf amounts du~ under this parabraph, and in the e~'ent
Borruwer ~hall make payment directl~•, Bc>rruHCr ,hall prompd~• furnish to I.ender receipts e~idenring such payments.
. Borroa•er shall promptly dischsrge an}' lien ~hi~h has prinrit}' t~~er this ~1ortgagc; previded, th:~t Borrower tihall n~t bc
required tv discharge any such lien so long as BnrroHCr shall agree in ~+riting to the pa~~ment uf the e~hligati~~n securcd b~~
sueh lien in a manner aceeptable to Lender, ~~r ~hall in gcx~d faith c~~nte,t such lien hy, or defen~f enforcement of such tien in.
lebal proceedings w•hich operate to prevent thc enfor~~ment ~f thr I~cn or forfe+ture of the Propert}' or an}• part thereof.
5. Hazard Insurance. Borrow~er shall keep the improvrr_~cnt. noti+ esi5ting i~r henaftcr crerted on the Pn~pert}• inst~red
against loss b}' fire, hazards included within thc tcrm "r~tendr~f ~o~crige", and su~h other hazard~ as I.ender ma}~ reyuirc
anel ~n such :~mounts and for such perivds as l.ender ma) rcyuire; pro~ ideci, that Lender shall not require that the ame.unt of
such co~•erage exceed that amount of ca~•erage reyuired to pa~~ the ,um~ serured by this Mortgage.
The insurance carrier prov~ding the insurance shal! be chcnen b}' Borrotier subject to approval by Lender, provided,
that such approval shall not be unreasonahly withhetd. All premium~ on insurance policies shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, h} Borrower making payment, when due, ~tirectly~ to the
inwrance carrier.
All insurance policie~ and reneuals thereof shall br in form acce~t.+ble to t.en~er and shall include a titar,:l:ird mortgage
clause in favor of and in form acceptabte to Lender. Lend~r ~hull ha~r thc right tu hold thc policies and rene~+als ther~of,
and Borro~cer shall promptl}~ furnish to Lender all ren~wal n~~tice~ an~i all rec~ipts of paid premium.. in the e~•ent of lass.
Borroµ~er ~h~~ll bi~e prompt notice to the inaurance carrier and l.en~er. Lenelcr ma~~ make proof of loss if nut made prc,mptl~
by Borrower.
Unless I_ender and Borro~er otherwi~c agree in writing. imurance pmcceds shall M: applied to re~toratinn ~,r repair of
th~ Property damaged, provieled such restoration or repair is e~unumicall~~ feasible and the security of this 11~rtgage i,
~ot thereb}~ impaired. If s~ch restoration or repair is ne~t rc.m~~nti~.:l!} fcasihle or if the security~ of this ~1~rtgage would
'u~: impaired. the insurance pr~:eeds shall be ~pplic~i to the wms .~r~~re.i b~ ~h~~ Mong~ge. wf~h the e~cc~s, if an}'. paid
to Borruwer. 1~ the Propert) is ahandoned h~ Borrower, or it Borr~~~~er f:+ih t~~ respond to Lender within 30 da}s from thc
~iate notice is mailed b}' Lender to Borrnw~er that the insizrance c.~rri~r ~~tier. ti~ settle :i claim for insurance herTefits, I_ene~er
i, authorized to colfect and apply the insurance proceeda :~t l.en~ler\ optiun cithcr to restoration or repair ~f the Pro}krt}
or to the sun~s ~ecured hy this ~lortgage.
Untess l.ender and Borruw~er otheruise ~gree in ~tir~tinb, am such appli,ation of procceds to pnncipal .h:~ll not cxtend
or pustponc the due date of the monthly~ installmrnts refrrred t~~ in para~rapi~ti 1 and 2 here<~f or chanee the amoi~nt of
su~h instal{mcnta. It under paragraph IS hereof the F'ru~:rty i~ ~.-yiiirrd h~ I_ender. al! right, tide and intcrest of I3orr~~~~c~
in and tn an} insurance poli~ies and ;~i and tr th~ ~n,~ee~l, thc:rec~t ~c,ulting from dam:ige to the Pro~rt} pri~~r to the safe
or ~cyui~ition ~h.;ll p:~.s to Lender to ,hc c~tent of th~ tiun~ti sc.:urrcS h} thi, ~turt~.~g~ immediatel~~ prior t~~ luch ~ale or
acquisition.
6. Preser~ation and ~fainlcnance of Prupcrt~: (.eatclinlds: t'undon~iniunt~: Planned Gnit De~•elopmcnt~. finrro~tier
si~.~!! keep tne P~opert} in guud r~p:,ir and shall rot ~ommit «:sstc ur permit imp:~irment or dcteriorstiun of the Prc•~ert}
and shall comply ~sith the provisiuns of any lease i( thi, \t~~rt~;agc i~ ~~n a ieasehrl~. If thiti ~tortgaee is c~n a imit in n
con~uminium rr a planncd unit ~ic~clopmrnt. Burrcn~er ~h,~Il ~rrf~~rm :tll Borr~~~~cr's ~~hhgations tmdcr thc Jcclarati~-n
~~r co~•enant~ creating ~r g~,vernin~ thc r~,nde~rninii+m ~,r t~la~ned ~~nit dcvrlopmrnt. th~ b}•-laws 8t1(~ regulati~,i~~ of the
;onel~~min~un~ or planned unit ~1e~elopment. and ~on~titucnt ao~umrnt,. If a cun~l~~minitim or planned nmt ~i<<elr~mcnt
ri~icr ~s c~ecu!cd b} Borruwcr :,nd recordc~i tr~ethcr :~ith thi. !~t~~rtgagc, thr cincnants and agrecm~nts c~t ~nch ri~tcr
sha11 be: incorp~cateel into .~nd sh:~ll am~nd ;~n~ tiupplrment tii~ coticn;int~ :inci ~~r~cmrnts ~i th~; ~1~~rtgage :n if the ri~!er
ticrc a p~rt hereof.
7. Protection of Lenders Security~. I! R~~rr~~~ticr (eil. ;r ~~rf~~rm thc cm~cnants an~l agrcements rc,ni:uned in thi~
4lortgage, or if any action ar proceeJia~; ~ummrn.r~; ~+hirh m:,teriall~ ;~IT~_~t~ Lender's interc5t i~ the Pr~~pert~.
includin~, but n~t limited to, eminent demain, in~~~l~en.~. ~~~de cnfnr~em~nt. ur arrangements or ~r;.ce~din~s invol~ing a
bankrupt or decc.ient, then [_ender at lxn~ter's ~~~tivn, u~nn n~~tire t~~ Sc~rmuer, ma~ make such appearan~es, Ji`hurse such
sums :+ttd take such acti~m a~ is ne~eti.ary~ t~~ pn~tc~t Lender'~ ~n[cretit, includine, bui n~t limited tn, disburccment ~~f
reasonablr attomc}'~ tr:~ and entry upnn thc Propert}• t~~ m:~F.r rc~air.. If l.endcr rcyuircJ m~~rtbage in~ur.+ncc as a
condition of making thc loan sc~ure~i b} !his ~t~~rtg.~ec. B~~rn~~+~r sFi:e~l ps)~ thc premiums requireel t~i maint.iin surh
insuranee in effect until tiuch time as thc n~{uirrmen: for ~uch ;nsuranc~e tc,-min:ltes in aecordance rtith Borr~~wer'1 an~
BOr~ P~
: - -~L,~ ~ .
_.o......~'~,3s~ ~ _r.~... , _.-ti~ ~
~