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HomeMy WebLinkAbout0920 ~ , . f UNIFORM COYfh~NTS. BOffON~f and I.en~er r~~~enant an~[ :iKrre a, folluws: 1. Payment of Principal Sod Inleresl. Hurruw~r ~h.ill ~r~~mE~~l~ p;~y when dur the princip.~l ol and ~meresl ~~n the ~ndebtedness e.~dencrd hy thc Note, prepaymcnt and latr ch:~rgr, pr~~vi.ied in the Nole, and Ihe pnnripal uf and inlerrtt on any Future Advaoceti serured b}• th~c Mortgage 2. Funds for Ta:es and lnsura~ca Subjert tu appli.ablr I.~~~ ur to a written waiver by t.ender, Horruwer shall pa~ to I.ender on Ihe day monthly ~nctallmenlti o( principal and intrrr,~ .~rr ~,e~ahle undrr thc Note, unt~l the No;e paid in full, a sum (hercin "FunJs") cyual to ~•nc-twclfth uf the ycarl} ~a~~. an~i a~ti~,~mrnt~ Hhirh ma~• attain pn~~rit} u~c~ ~hi~ Murtgage, and ground rents on the Pmper~y, if an}~, plut ~me-t~clfih ~~f ~~arly prcmium in.stallmems fur halard in5ur~n~e. pli~s one-tKelf~h of ~early premium in>t~llmenis for m~~rtgagr ~nsur;~ncr, if an~•, all ac rea~onahly e~timated inihally and frum - time to time b}' ?.ender on the basi~ af a~~es~mcnts and h~lh and rea~~+nahle eiumates thereof. The Fund~ shal! he held in an institution thc dcEx~sit~ i~r airc~unh ~~1 which arc insured or guaranteed by a Federal or state agency (including l.ender if l.ender i~ such an instituti~.n) 1 enJer tihall appl} the Fundc to pa~ said taxes, assessments, insurance premiums and ground r~nts. Lender may n~~t charge te~r h~~ld~ng and appl~~ing the FundL, analynng said account, or verifying and compiling ~aid assc~sment~ an.i hifl~, unless Lender p~~s Borrow~cr imerest ~~n the Funds and appli~able I:~w permits Lender to make such a charge Korrower and Lrncler ma} agrr~ in wriUng at the tim~ of exerution of this Atortgage that interest on the Funds shall hc paid tu BorruHrr, and untess such agrecment is ma~e or applicable taw requircs such interest to be pa~d, Lender shall not he reyu~rrd tu pa}• H~,rroW er an~ interest or earniog, on the Funds. 1_ender ' shall give to Borrower, without charge, an annual accuunting of the f=unds sh<~wing rredils and debits to the Funds anJ the purpose tor which each debit to the Funds w•as made. The I~und~ arr plcdged a~ add~tional securit}• for the sums secured by this Mortgage. If the amount of the Funds held b}• Lendcr, tugether with thc futurc monthl~~ imtallmeMc of Fun~h payablc prior ta the ~iue dates of taxes, assessmen~s, insuranre premium~ ~nJ ground rent,, shall esceed thc amount reyuircd to pa}• said taxes, assessments, insurance premiums and ground rents the~ fall duc, such ercctis shall tx, at Bi~rrower's opt~on, e~ther promptly rcpaid to Borrower or credited to Borro~~er on munthly ~n,iallmcntc of Funds. If the amount of the Funds held by Lender shall not be suflicient to pay taxes, assessments, imur:+ncc prem~um~ and ground rents as the)• fall due. Borrower shall pa}• to Lender any amount necessary to makr up thr drfic~ency within 30 da~s from the date n~~tice is mailed by l.ender to Borrower reyuesting pa~~ment thercof. j Upon payment ~n full of all sums secured by this M~~rlgage. l ender shall prumptly refund to Borruwer any Funds ' held by I.enJer. If under paragraph 1R hereof thc Propeny wld or thr PruExrt} ~s otherwi~c aryuired by I.ender, l.en~er ~ shall aQply, no later than immediateiy prior io the tiale uf thr Propcrt}' or its acyuis~hon h~• Lender, any~ i~unds held by ~ Lender at the time of application as a crcdit against th~ sumt serure~l by this ?~1i,rtgagc. ~ 3. Applicalion of Payments. Unless applicable law pm~i~les e.ther~i~e, a11 p~yments rereived bp Lender under the Note and paragraphs 1 and 2 hereuf shall bc appl~ed b}~ Lcn~lcr fir~1 ~n pa}ment ut am~~unts payable t~~ Lendcr b}~ Borrower i under paragraph 2 hereof, then to intrrest payable ~~n the tiute, thrn to thr principal u( thc Nia~. :inJ then to interest and ~ principal on an}• Futurc Advances. I 4. Charges; Liens. BorroHer ~hall pay ;~II ta~c~, a,ussmcnts anJ r.thrr ~harge~. fine~ anJ impu~itions attnbutable to ~ the Property which may attain a priority over this 1~tortgage, and Icasch~~ld payments ~~r ground rents, if any, in the manner ~ provided under paragraph 2 hereof or, if not pAid in surh manncr, b}• Borrowcr making pay~ment, whzn due, direcdy to the payee thereof. Borrower shall promptly furnish tu l_eneier all notices of amounts due under this paragraph, and in the event ' Borrower shall make payment directlp, Borrower shall prumptly furnish to I.ender receipts r~idenc~ng such pa}•m~nts. ~ Borrower shall rom tl dischar c an lie~ Hhirh has ~ g~ ~ I P P Y 8 pnont ~ c~ver thi~ Mort a e; ruvided. that Borrower shall not be required to discharge any such lien so long as Be~rruwer shall :ign~ :n Hriting t~ the pa~~ment of the ohligatiem secured b}~ such lien in a manner acceptable to Lender, or chall in g<wd fa~th cante~t such lien b}~, or ~iefend enf~~rcement o( such lien in, legal proceedings w•hich operate to pre~•ent the cnforcement of thr li~n ~~r for[citure of the ProExrt} or an~• part thereof_ ~ S. Hazard Insurance. BorroHer shall kcep the ~mpn~~rmrnt~ nati e~itnng ar her~after crcc~ed on thc Pn~~rty insured against loss bp fire, hazards inctuded ~ithin the term "~~tende~i cuv~ragc", and such other hazardt as Lender may~ reyuire ~ and in such amoiints and for su;:h period~ ati Lender ma}' reyuir~; pru~id~~i, that Lcnder tihall not reyuire that Ihe am~~unt uf ; such coverage exceed that amuunt uf cmerage rrquircd to pa} thc ,iim~ ~e~ured h}• this l~tortgage. 'Ite insurance carrier Froviding the insurance shall .be chosen by Borrower subject to approval b}' I.ender, provided, that such approval shall not be unreasonahly withheid. ,qll premiumti on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, b} Borrower mak~ng payment, when due, direcd}~ to the insurance carrier. All insurance pofi,~es and renewals there~~( shall lx in form ,~c~e~t.~blr to Lender and shall includr a Standard mortgage clause in favor of and in form acrept:~hle ta 1_ender. I.ender .h.~ll have the right to hold the policies anJ renewak Ihereof, and Borrower shall prompU}' furnish to Lender all renewal nutices and all receipls of paid premiumti. In the e~ent of 1ost, , Borrower Shall gi~~e prompt notice to the insur~nce iarner and Lender. I.ender ma~ make proi~f o[ loss if n~~t made rr~~mptl} by Borrower. Unless I ender and Borrow•er otherwiu agree in wnting, imurance prc~ceeds shall be applied t~ rcctvr.?tion ~~r repair of the Propert}~ ~lamaged, provi.led surh retituratiun ar repair is eci~n<~mically feasible and the security~ of thi, ~1c,rtga~e ~s not ~hereb} impaired. If such re5toratiun or r~pair is nrt rcon~,nur.~ll~ fra~ihle or i( the securit~ of thiti Mortgage ~~~,uld be impaired, the insurance proceeds shall be :~pplie~l to the wms se~ure.i b~ this !1lortgage. with thr excets, if am~, paid to Sorruwer. If the Propert~ is ahand~~ned h~ B~rruwcr, ~r it Burrowcr (aih to resExm~3 to Lender within 30 daq~ (mm the date notice is mailed b~• l.ender to Borrowrr th~t thc insurance r~+rnrr ofTen to settle cla~m for insurance henefiti, l.ender ~s authorized to collect and appl}• the insuranre procecds 3t Lcn~fer's aption either tu restoration or repair of ihe Prepert~~ or ro the sum~ ~ecured by this Mortgage. Unless I.e~der and Borrower ~therwise agree m µr~hng, an} such application ~f pr~~ceeds to prmcipal shall not ertend or postponc thc due date of the monthh• installments referred i~~ in paragraph~ 1 and Z hcrcof or change thc amount of such installnzent~. If under paragraph I8 hereof the Property is acyuired h~ Lender. all right, title and interest of Borrower in and to any ~nsurance policies and in and to the proceeds thereol resul~ing from damagc to the Properry pnor to the sale or acyuisition shall pass to L.ender to the e~tent of the sums secured by this Mortgage immediately~ prior to such sale or acquisition. • , 6. Presenalion aod 1laintenance of Property; Leaseholds; ('ondominiums; Pianned Unit De~elopments. Borrower shall keep thc Property in good repair and shall not commit ~aste ur permit impairment or deterioration of the Property and snall comply with the provisians of any lease if this ~1ortg.,ge i~ on a leasehald. If this Mortgagc is on a unit in a condominium or a planned unit de~~elopment, Borrower shall perfarm all of Borrower's obligaUOns under the declarahun or covenants creating or governing the condominium or planned un:t development, the by-laws and regulations of the S condominium or planned unit development, and constituent documems. If a con~iominium or planned ~mit decelopment nder is executed by Borrower and recorded together w~th this Mortgage, the covenants and agreements ~~f such rider . sha!I be incorporated into and shall amend and supplement the cocenants and agreements of ~his Mortgage as if the ri~ier were a part hereof. 7. Protection. of Lender's Security. 1f Borrow•er fail~ ~o perform the covenants and agreements c~ntained in this Mortgage, or if any action or proceeding ~s commenced which materially affects Lender's interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or prcx.eedings im~ol~ing a bankrupt or decedent, then Lender at Le_ider's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement of reasonaole attomey's fees and entry upon the Property to make repairs. If Lender reyuired mortgage insurance as a - condition of making the loan secured by th~s Mortgage, Borrower shail pay the premiums required to maintain such insurance in efiect until such time as the requirement for such insurance terminates in accordance with Borrower's and , a~ox 4~ PaCE . . . ~ - _ _ , = ~b ~ _ ~ ~ - "