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HomeMy WebLinkAbout0925 ? ~ ~ 1 UNIFORM C'ovEh~NTS Burrower and l.endrr c~ve~ant and agret a~ folluWS: 1. P~yment of Principd and lnferest. Borruwer shatl promptiy pay ~hen due thr principal of and mtcrcst on tht indzbtedness evi~+enced by the Note, prepaymen~ and late chargeti a+ provi.ied ~n the Note, and the principal of and iaterest on any Future Advances secured by th~c Mortgage 2. Funds tor Ta:es and Insunnce. Subject to appli.able law ~,r to a wntten waiver by l.ender, Borrower shall pay to (.ender on the day monlhly ~n~tallmenh uf pnn.ipal and ~ntere~i arr payahl~ undrr the Note, until the Note is paid in tull, a sum (hercin "Funds") equal ta unc-t~e'.fth ot ~hc yearly ~a~rti an.l ~«estmentc Hh~ch ma~~ atta~n pnoriry over this Mortgage, anJ ground rents on thc Pro~rt}•. ~1 any. plus ~~ne-t~clf~h uf ycarly prem~um installments for hazard ~nsurance, plus one-twelfth of yearl~• premium inuallment~ (ur m~~rtgaRe in~urancr. ~f any~, all ~t reasonably estfmateJ initially and from time to time hy I.ender ~~n thc ha~~~ ~f a»e~.mrm~ .ind hillc .~nJ rea~~~nable ettimatr~ thereof. The Fundti shall he hel.l in an ~n~Ututu~n thc dr~~tiih ~~r ar~~~unt~ ~~t wh~ch ere iniured or guaraMced by ~ Federal Cf state agenc~ Imcluding 1_endcr if Lru~ier u tiuih aie in,t~tutiunl l rn~ier ~h.ill .~ppl~ ihe Fund~ to pay ~a~d taies, assessments, ~nsuran~e premium~ and FmunJ rrnn l e~~der ~n:~~ n~,t ~h~rgc I~~r h~~l~iin~ .~n.1 a~pltin~ the Fun~i,. ~nal~r~ng ta~d account, or ~•enfy~ng and cump~luig ,~f.l .~.~r..rnrr.l~ .~nJ hilh unlr,. l encl~r Bnrr~~wrr ~nt~rr,t un Ihe Fundc :tnd a~plicahle law permitti l endcr t~. makc .u.-h .h.er~;r H<<rr~~~~rr an~ t r~~,1rr m.,~ .~~trr~ in ..nt~n~ at thr timr ~~t rirrution of this Alixigage thar ~ntrrr~t ~~n thr I~un.i, ,h.i!I hr p:t:J t~~ H~,rr~,~r~. anif un!r„ ,u~h ahrccmrnt i~ made ~~r a~+plicah]e law reywre. surh ~nterc~~ tu hr pa~~1, I cnder .hell nrt h~• rryi.,rr~! t~~ 13~~~~,~ti~r uitrre~t i~r e:~rmngc i,n the Funds. I_ender sha11 gi~•r t~~ Hc~rrowcr, ~?ithout ch::r~;e. .~n .~nn~~;~l .~~~~~unting th~ Furni. .h~~Hiri~ ~redits and dehi~~ tu Ihe F-u~ds and the purpcnc t~~r wh~~h rach Jehit t~~ thr Fun~i~ «a. ma.lr lhe Fun~i~ .irr nle~lkr~1 aJd~hi~nai ~ecunt~ (~~r the .ums secured b~• thi, \1c~rtgagc ' ~f Ihe amuunl 15i F~und, h~ld h~ Lrnilt:. t~~k~thcr ~ith Ihr ttthirr rn~~nthl~ in~t,~llmcnt< <~f Fiin~h p~~'.~blr ~nof lo [he d~e ~lates ta~e~, at~rti~n~inh, insuran~~ prriniurn, .~n~1 ~;n~und r~nt, .tr,~ll r~~reJ thr amount r~ywrr~l t~~ pay said tazes, assessment., insiirancc prrmium~ and ~;n~und renn a~ !hr~ t.,ll ~lur. ,u~h ~.~r~, tihsll he. :~i H~~rruWer'c artwn, ei~her promptly rrp:iid to Burm~rr .~u ~r~ditr~i t~~ R~~rr~~~cr ~~n rn~~nthl} ~n,i;e!Inirnt. ut Fund~ I( the ~mount of thc i=unds held hy l.endrr ~hall nol hr ~u~Ticicnt l~~ pay t.~~r~, .itse~~mrr.t~, in.ur;in:r rrrmium, an~1 ground rentti as they fall due, Borrow~r shall pa~• t~ I endrr .~n~ :~m„i~nt n«r~,a, ~ m.~4.r up thr ~frti•, rn. ~ w ithin da~s from the datc nc,uce m,~iled by Lender ta B:~rr,~wer reyuc~t~n~; r.,~rirnt ihcrr~~t Upcm pa}ment in fu~l af all .~un> >r~.irr~i h~ th~. ~1~~rtc.i~e 1~ndrr Shall ~.~~,m~tly refun~t tu Burr~~.~er an} F?~nds held hy Lcnucr. If imder paragr,~ph 1~ hcrrt~t thr Pruprr~~ i, ,i~lu ur thi f'r~~~rrt•. i. r.thcrui~c acyu~red hy 1 rndcr. I ir.der shall appl). n~~ latcr than im~nrdi.~tr!~ rnr•r t~~ thc .alr ~hr I'r~,~,~rt~ ~,r ii~ ~~yws~ti~~n h~ I eniler. am F=un~1~ held by Lender at Ihc Umr ~,t .ippli..~t~on :rr~li! .s~ain~t Ihr ~;un~ ,c~ur~~t h~ thi• \t~+rtk.~gr 3. Application uf Pa?mcnt+. l nlr., .ip~~l~~:~hl~~ ~,r.~~~~lr. ~~thrn.~.c F~.+~mentti rciri~ed h} I r~ider un~lrr the N~tc and paragra~h. I.~nd ~ hrrr~~t ~h,~ll hr :~E~~,I,~il I rsi~lr~ ~ir,; ,n ~..~~mrn! „f ~m,,unts pay.ihlr ti~ 1 ri:~i<< h} B~~rrowcr under paragra~+h here~~t. then t., intr,r~t ~~,,}ah;r ~~n t}:~• \.~tr th~n i,, thr ~nn;ip.tl ~,t thr N~,tr, an~1 Ih~n t~, interest and pnncipal ~~n :~n} Future Ad~ance.. 4. CharRes; [.iens. B~~rmNCr ,h,~l~ E,.~~ .~11 i.~~r, .~~.r,,:~irnt, .,n~l ~~;h~~ :h.~r~;r.. finr. .~n~l nnpu~ih~,ns aunhut:,hle to the Propert}~ which may attau~ a pnnnt~~ ~~vcr ihi~ ~tc,r~~;ar~c, anci Icauh~~l~i E~a~mcm~ ~~r ~round rent~, if any, in ihe manner providrd undrr paragr.~ph ? hcrec~f ~~r. it nrt ~~.u.1 ~n ,u~h m,~nner h~ B~~rruu~r m.~i~ing pa}m~nt. ~•:hen due. ~iirectl}• to the payee thrrec~f Bnrn,w•er ~hall promr;l~ furnnh t~~ I en~ler all ~~~.,,;~c c,f am~~~inh ~lue under thiti par:~graph. and in the e~ent Borrowcr ~hall m~ke p~~ment J~r«tf~. firrr~,~+.•r .hell E~r~~rn,,n~ ~ur~~i.h t,~ I rntt~r rr~eiptti e~idrni~ng wch patment,. Borro~+er tihall pmmpil} ~1i.ch.itFr an~ lirri ~~h~.h h.~~ ~ric~r~t< <~.tir ;h~~ \1~~rtg~~;i; ~n+viJe~7, ih.+t B~~rri~wer ~h:r11 n~~t Fx ieqwred ~ischarge .~n} tiu~h lirn I~~n~; ,n H~~rr~,urr ~h.~l! .~~~rr yn .~riiin~: tr ~iir ~a}ment ~~t Ihi e~hli~;ah~~n criured h)' such lien in manner ac~r~~ahl~ i~~ I e:~dei, ,h.,ll ~n ~:~~+~~i t,u~h ~~~ntr~~ ~.~~h lirn h~. Jefen~l rnfc~rreme~t of such lien in, legal prc,ceed~ng~ which ~~~er.~tr t.~ ~~rr~rnt th~ rnt~~rrcmrnt ,,t th~ I~r~~ ~~r f~~rtr;iuir ~,f the F'rc,rcrt~ nr any parl thrre~~f. 5. Hazard Incurance. He~rro~+cr ~h.ill ?.~c~ Ihr ~m~n~~.rmrnt. r,,,•... ~~,.t:nR ~u herr~ftrr errrted nn the Pr~~prri} ~nsured against lots hr fire. hazar~lti in:lu~ird Hith~n the tern~ rvr~i~ir~i ~r~r~,itic ..~n~i ,uih other hazardc a~ 1 endcr ma~ reyu~re i an~l in wch anu,unU an~l t~~r ~u:h prn~~~i..~, I rn~lrr rn.~~ rry;;~rr. E~r,~.idr.i. that 1 cn.l~r ~hall r.~~t reyuirr ihat thc arn~~unt of i ~uch ~i~~•eragc e~~eed th.~I amuurt ~~f i~r.rrecc tcyiur:~i h~ t~.~~ thi ~~.itn. ~r~ur~d h~~ th~~ 1t!vl~aY,e ~ The inturanre iarner rr~ntciin~: thr in.~ir.~n.e .h.~li ~r .h~~.cn h~ Bc~rn~:+rr ~uh~ert t~~ apprc,~al hy LenJer. provided. i lhat such a~~m~el ~hall n„t hc ~inrr.~~,,nah;•. .~~tt~'r~ri~{ •~li E~r~:n~~~m~ .~n intiur.~n~~ E.~~I~cieti ~hall he pai~1 ui the m~nner , ; Provided under paragraph ? hrrr~~! ~~r. ~t n~! p.t~.i u; ~~:_h m,~; ~:rr. h~ B,~~rc~urr ma1;~n~: p~yment, when di.e, ~iirectl} to the ' insurance carncr. ~ All insuran~c (~uli.ie~ :~n~i reni".~.~I~ I! ~rc~~I ~h.~ii i~i i!~ ',~rni .~~~i•E~t.~hli tt• l rn~?r: .~n~1 ',h.rll ~nrlud~• ~I:~nJar~l mc~rl~sge ~ clau~c in fa~„r ~~f .~ncl ~n t~~rni .~.:c~,t.~i~;~~ i„ I~ n:l~~~ I~:,~1~ r.~~.:i; f~.~~c th~• !i~h~ I,: h,~l~ ~hc ~.~li.~~. .~n~i rcnr•.+.il. therc~,f. and B~~rn,«er .h.~ll E~r~~m~~tl~ f;~tni~h t~~ 1 rn~:~ :~.~nc.~.:l ~:~~:i.c, .~r,~~ .:II ir,ri~ts ~~t ~r~i~ rren:inm~ In thr e~ent ~f lo~ti, ~ Aorrc,we~ ~h,~ll t;i~c ~ri~rn~t nnU~r t~~ thc :.,.~ir.:~:., ,rr~rr I rnti~r I rn:lrr ~;~.r, ~n.~Fi~ ~rrn~I nf I~;ti~ it rio[ n~.~dr pr~~mp[iy b}~ Bc~rrowcr ~ ~ l~nlcss Lrn~lcr en~l B~~rr~~ucr ;,t~:~r.•. .~~_~rr~~ ~..~~~nt~~ in.ur.:ri.r E~r~~.~r~.l. ~h.~l! h~ .i~~licd rc.Ic~:a[inrt ~,r rep.+ir nf ~ Ihe Prupelt) .lam:~Fc,!, pr~~c,~1~~1 .u~h ;.,I~ tal: ~r ~~i ti~~~.~.t n i•~,~n~~nu..+:l~ ':•.~.~h!i• ,~ni1 thc ~cLt~fi(} ~~f lh~~ ~1of[g3gc' ~t nut therch~ imp.~~red It ~u.h rr~t~,r ~t . n.~r r=i~., r,.~ i ~.,~n~,mi..ill•, Ic.i~it~lr n~ it the tie.unty' ~~f Ihiti ti1c~rlg.+gr we~uld be impaired. th~ insurar.~< <t~~~rc~i. .h.,~f hr .~E~~,I~~.1 t„ ~l~~: ~uni~ ,r.iur,i h~. th~. ~1<~rt~.~~r. •.+;Ih Ihc ~~ce~s. if :~n}, pa~d t~~ Hi~rr~,wer It the Yn~~er!~ .~!~.:n~i,~r.c,': i~, k~~rf~•'.5i'I ~~f [)~~rr~~~+er t.i~l, t,, rr.F,~~ril !i~ I rn~icr within 3(~ da~s (n,m the date ne~U~r n rn.iil~d ht 1 r~;~irr t,~ fi~~rr~~ui: ;hr ~nti:ir.in~e ..,r~~cr r!',cr. t„ ~c!tlr cl.~in, f~~r in,ur.inc~ hcnefit,, l.ende~ authur~te~1 t~~ ~~~Ile~t an~ .~p~l•, thr ;n~~:~.:~:.c ~ r,•c:cr.:, .+t I rn.irr, ~,~!i,~n rilh~•r t~., retitnr.~tion ~~r re{~air e~~ the Prc~periy c~r t~~ the surn, ~~~ure~i h~ th~~ ~turtga~:r Unleti, Ixr~~ier a>>d Ni~If:~Nif ~,th~.r.,i,r ~~~ri :i: ~.,r~;:n~. .~r;~. ,,:,1~ e~,E,ii..,?~nn rf F,r,~cccd~ t~~ ~nn.i~al ~hel{ n~~t c~tend ~ ~r p~~slp~~ni thc ilu~ ciair ~~t th~~ r:~„~:thl~. ii~,~.~llni:nt, rrt~rr~~i t~~. ~~ar.irr.~E~h. hcrrrf nr ~h~n~c ;h~ am~~unt ~f ~ suCh in~Ial':;i;erit, I1 ~~n~ler per.~~:.~~ i; . r fyere~,• rh: Pr,:~x~rt~ .~..{uirr~l i~~ I_r~~.;rr .,il titht, titlc a;iel intcreS; c~t Bnrr~wer ~ ~ in and to an~ :mur.~r,~c pr~licies encl ~n ttir pr,~~c~~t. th~re;,t ie~~iir~n~ !<<~n~ Jarn:~~;e t~~ thc Pm~rt~ pnur t~~ thc sale ~ or acyuuihun ~h.~ll P.t,, t~~ (~n11~r i,~ ;h, c,~cr,t ~~t :hr ,~in5~ tir~;ire~l F•` !h~~ \t,,,l~.i~~ ~r.imed~atrl} pn~~r t~~ ~uch ~ale or ~ acywsition. 6. Presenalion and ~taintcnan.c ~~f Prupcrt~; 1 ea.ch~~ld~: ( nndominium~; Plaimed l nit Oe~elopments. Ii~~rroµer ~ shall kecp th~ Pr~,pert~~ ~n g~~nd r. p.~ir .~nd ~h,~~i n~,t ;:~nirnit E,~rnut ~m~.urme;i~ ;v detcn~,rati~,n ot the Pr~~perty. and sFall c~~mpl} w~th Ihc pr~i~;,i~~tt~ ~~t ,~t~~, iea.c ih~, ~t~,rtti.~~r ~~~r, .i Ir.~srh~,l:l It thi. ~f~~rt~;.egc iti u~i .i unit in a cundum~n~um t~t .1 ~~:ffltlCl~ 11I1iI t~C'.i~~~(~I1'.itll E~~•tf~~.~t'~ .i:.r~ (~t'r1i~f11? .i~l {~uf(~~`ACi`. ~~f~liC:1h(1f1S Uf~ljPf I~1C I~CC~;l~:1h(~fl ' or ~~:ven,~ntti ~re.+hn~; e~r ~e~:rrniht~ thc .,~n~1,~r:~in:nm ~~~.:nn:~1 t~nit ~1r~rl~~~n~rnt Ih~ hv-law~ ,~nd re~ulah„n~ af the e - con~~~min~:~ni e~~ , Isnne~l unu ~le~cl„~~r~c~~r .~n~1 <<~n,~itue•nt ~i~~.umrni~ It a ~~,n;lunurzium ~r ~lenned un~t ~l~~rl~~~ment nder iti r~e~ute~l by Hor:c+~er .~nd r~~.~.r~1_~i ~.,~:ther •.~i~h ttii~ ~1~.rte.~~;c. th~ ~u~rnant~ :~rid agreemrntti ~t tiuch nder ` shall bc ~n~c,rp~,ratc~i :ntc~ .,n~l ,h,~!! .im~r.! ~u~~j~icmrnt thr :~,~~n.~n~~. , n~l .,~rec~mrnt~ ih:~ Mc~rtgagc if thc riJcr s .~ere .s ~,~r; h;..~f. 7. Prolection of Lender's Securit}. It tf,~rn~~.+cr ',~~1~ i~~ rrr(~~rm thc ;~~~~n.~nt~ .~n~1 agrcemenlt r~~ntaincd m th~s ~ At~~rtg~~;r. ~~r ~f an~ .icti~,n „r ~r~~~~~r~1me •,_~,mmrn:r~i ~hi~h m;~!cnall~ efTr~tti 1 cnd~r's interest in the Pr~~perty. ~ including. but nut lim~tcd :u, ~•m~ner.t d~,m.~in. ~n,nl~cni~. ~~~dr rn!~,r~~•ment. ~~r errangcmcnts or pr:weedings invohing a ~ bankru~t ur ~ie.c~lent. then Lender at I en.ler', ~~+UUr. u~+n nr~hre t~~ B~~rre~wrr, nta} make such appea[ances, disburse such ~ sum~ ~nd tai~c such e.t~~~n ;s neceti~ar. t~~ prr~te~s 1 ender~~ mtrreat. ~nilu~lin~;, but not limited t~. disbursement ~ reasonahle atr~~rne:'~. fee. end tnrr~ nF:~~n thr F'r~~pcriy tc~ mal~r rr~~,~ir~ lf Lender reyuire~ m~rtFage incurance at a ~ con~iitu~n e~f m.~king the l~en ~e.tire~l h~. rh~~. ~tr.rtK.~~r. fi~~rr~~~~rr ;hnll ~a~ thc premiums requ~re~ tc• maintam such insurance ~n etTe:t unul ~uch time e1 f~l~' fi~j!Iffl'(11C111 f~~r .uch in5urance t~rmuiates m accordance with Borrower's and ~ + s~ ~oz Yd~F ~5 ~ , _ ~ ~ ~ ~ _ _ _ _~~~.Y~