HomeMy WebLinkAbout0935 ~ ,
Uta~o~w Oo~v~tt~i+ra. Batt~c~wrr uad l~odK aa~r~eoaat aad apw a~ tal~o~i ~~i ' ~ •
l. ~y~t ~f lei~eiNl ai HM~M. Bort+ower d~ pcomptty pq? rviNa ~e t6~ pc~al ot and interat oa tM
~d~edaas evlda~oed by ths No~, pnpaym~nt aad Ws charya at ~avided 'a tM NcMe. aad tbs p~inap~l oI aad ia~at
ad a~? F~rtnro Adranoes ~ecened b~r d~is M~ •
1. ~ws, lrc 71~ ai Lwe~c~. Subject W ~ppliaabb luw or 1o s writ~ea ~?aiwt by I.e~der. Hori~o~ec d~ail p~y '
b Lend~r on t~e day moatbbr ia~tatl~aaati oE prlo~ipsl aad. iatermt are payabaa w~dx tbe Note. w~til tl~e Nots i~ psid ia fu~i.
s wm (b~rdn "Fuod~'9 ~ual ~u ooa~twel[t6 of tLe yeafir Wces ~ad ~+aaane~?ts which may attain priorit~? aver tldt
Moitp~e. sod ~rw~od reah aa tbe Pmparty. ii aqy. Plus oqatvMelfth oE Yeady pro~rti~nn i~ailmeab to~ bautd irtsvraooe.
phn ooat~elftb aE rettly pt+emium imtal~ab for raott~s huura~c~e. if ~oy, ~ as e~omibbr eKbaas~ed h~tiallY aad fro~n
~ tia~e to tta~a by L~ader oa ebe b,tie of a~ee~aq and bilb a~d ~a~at~bk aadaw~et tl~ereot. ~
'I'be Ft~ ~baU be ~eld 'W an iasri~oa tbe depaib or acoounta oi whk~ ara Lx~+ed ot swranteed by a Federal a
~ atsta ~e+~cY f inclndint Lerder if I.eader ~ s~ sn iaqitution). I.eader ~11 apply tbe Pbtd~ W pay :aid ta~ca. uaw+ae~,
in~ur+~oca Pra~un?s and ~rouad reat~. La~der may ~wt cbar~e fw w laldin~ aod appiyius tUa P~nds, anetY~i
oc vpityins and oaapilin~:aid apasnaeatt and bit6. uaba t.eader p~ya Horro~ver iaterett on tbe Funds sod appijcable 1a~r ~
perrnib I.tader to make auch a d~u~e. Borrower aud Lender may ~ree Ia Mritin~ at the Wne of exea~iOa ot tbit
Mortp,~e tbat lntu~t on the Pbn~ :ball be pud to Borrowcr. aad anlen a~ch ap+oemeat ~ made or applicable la~?
req~ret wcb iAterat to be paid, I.eader ~all not be requirad to pay Borro~r~r aay iat~re~t a~ earain~e oa tba F~nds. L~oder
s6atl pve to Borrower~ wlthout cbu~e. an aoaua! aocountinj of the Fuads sho~vin= credib aad debits oo tbe Fwd~ and the
for wl~ich ach dabit to tbe Fw~ was r~da 'Ibe fi~nd~ ~re pied,ed st +~dditiopal :ecurity tor the atau ~ec~re~
a au
bp ~Mocti+ye• - _
If tbe amount of tl~e P1ued~ Deid by Lendar, togaber with cbe future mondily io~allmeob ~ I~mds payabk prior to
the due dstp ot taxa. a~ssmeaq, inwranoe pcuniua~ and ~ouod ranb, shall acoeed tha amount required to paY
awewments, iaiuranoe premtums and ~+ound ra?b as tb~ey fall due. such ex~ sh~U be. at Botwvwe~'s optioa. atha
P~Y to Borrowar cr eseditead to Bornower on moathiy in:tdimena oE Fuads. " If t6e amount ot tbe I~nd~
hdd b~r I,ender s6W not be ~c3snt W p~y tues, ~b. insur~noa premi~ aod pound ra?tt ss tliay fatl. dt~ ~
Borm~ver ~ball pay to Leoder any aniouat neoe~ary to make up tbe d~cieacy witbin 30 days from t!n date notioe b mu'ted
by Leader W Borr~opva re9~A6 P~Y~ot tbereof.
UP~ PzY~ in ful~ of ali ama :eau+ed by this Mo~t6a:e„ Leoder shsd promptty refimd to Borrower any Pt~ad~ -
tieW !ry L.end~r.. If unda para~rap6 l8 he[eof the Property is aMd ot the Pmperty is otherwise aoquired by Lender, Leader
~Ldl spply. no tai~ than imuiediatel~? prior w tha asb of tbe Property ar ib acqui~tia~ by Leadcr, any Funds t~eW by
' L.ander at tbe time of appiicaNon ss a credit againtt the suo~s secured by this Mort~sge. ~ ~
3. A~taitb~ ot laDreab. Unlw applicibk lsw provida otherwiae. dl paymeats reo~ivod by Lender uader tbe
, ~Nate and pan~npbs 1 and 2 hereof :haU ba appliod by L.eader Sist in paymeat of ~a~ounts payabk to La~der bry? Bormwer
• undu para~raph 2 heroof, tLca~ a incereat payabk on the Note, tben to che priocipal of the Nae, and then co iaterat aad
~ P~aip~l aa aay Fntura Advano~. ~ .
4. C`~ IJe~s. Botrowu s6a11 WY ali taxes, asse~nents and oiher chsuges. 8nes and impositia~s attributsble W:
tbe Prope~ty which maq aaa~n a priority aver tdia Mort~age. and tatiehdd paymeata or ~round rents. if aay, in the mtaner
. provided uader pua~raph 2 hereof or. if not p~id in such manner. bY ~ m~~ P~Y~~+ wha~ due, diredly to tbe
psyee tl~ereof. Borrower shaU P~P~Y furnisb co I.endar aU notica of amouaa doe u~nder this paragrap6. and io tha aven~
. Bormw~er shali tnalce piymeat directty, Borrower ~hall promptly furnis6 to Lender r~eoeipts evideacing such psym~nts.
Bonnwa shatl Prn~?PUY discharge wY liea whidi has priority orer this Mo~a~e; pruvided. that Borno~wr,r aball not be
required to discharge any such lien so bng s~s Borrower shal! agoee in vyriting W tLe payment of the obligation secured by
such 1'eea in a man~ aooeptabk to La~3er. or shsli in good faith oontat wc6lien by, or de&ad eaforoemeat of a~ch lia~ iq .
kgal Pmceedin~s M?bic6 uperate w preveat the enforoanent of the lien or forfeiture c[ t6a Prapaty or my put t6ereof.
3. Ha~d Iawtawce. Boirow~a slwU keep the improvearenta now ~xisting or hereafter erected on the Property insured
~8ain~ Mss bY Sre, hazards included within the term "extendod covusge", and wch other hazards as Leoder may ~+eqaire
and in such anwunts aad for wch periods as I.eader may require; pmvided. t6at I~cuder :6aU not iequire t6at tbe amouat of
suc6 coveraae exceed tbat amouot of ooverage nquirod to pay the sums secured try- this .Mortgage.
- Tbe imuranoa carrier pc~oviding tbe insuranc~ ahall be ebosen by Borrovver wbjxt w approval by I.znder. pcovided,
t6at wch approval ahaU aot be unrr~onabfy withhsid• All' p~+emiums on ins~ttancx Qolicia shall be p~d in the atanaer
provided under paragraph 2 heroof or, if not paid in wch manmr. by Borrovru malciae P~Y~t, arha~ d~e. direcfly to tbe
imunnoa curia. -
A1l ins~rana policies and reaewa4 thereof atwli be in form aooeptabk W Lender and ahall include a standard mortgage
clau~ in favor of and in farm acoegtable to Lehder. Lenda ahall bave tf~e right w 6old the policies aod ~+enewah thcroof, ~ ~
and Bornrnver ahall pm~mptly furni~6 to I.enda all nnewal notias_ anci ap reoeipb of paid premiums. In tbe event of loss,
Horrovver ahali give prompt notice to t6e inaurance carrier aad I~ador. Leader may make proof of ba if not made promptiy
by Borrower. -
Unkss Larder and Borrower oiherwise agree in writiag, insuranoe proceods s6a11 be applied to ratoratioa or repair of
tbe Property damagod, provided :uch restoruion or repair is econoanically fasibk and tbe eecurity~ of~ t6is Mortgage is
not thereby impaired. If such nstorxtion or npair ~ aot oconoanically faaibk or if tl~e zecurity of this Mortgage vvould -
be impaired, the insuranoa proceeds shsll be applied to the wms secnred by this Mortgaae, with the e~coess, if aoY. P~
te Borrawer. If :he Propezty is abando~d by Borrawer, or if Borrwver fails to rapood to I.eader wit6in 30 days from the
date notice is mtWed by L,endet to Horrovrer that the iasuranct carrier offers to ~ttle a claim for in:uranv~ beae8ta. Leader _
is a~rthorizod to oolleet and appn? tbe insuranae prooeeds at Lender's option eather to ratoration or~ npsir of the Propearty -
or to tbe wms secuced by thes Mort~e. . .
Unkss I.ender and Borrower Wherwise agroe in writing, any such applicatios~ of proceeds W principal shall not extend
` or postpoae t6e doe date of tbe monthty installments nferred to in puagraphs 1 and 2 hereof or chaag~ the unount of
t s~ iastallments. If under p~ragraph 18 hereof the Property a acquired by ~ender; alt right, tide and intuat of Borrower
ia and a any insuranoe policie~ a~ in and co thc prooeeds t6ecoof raulting from dama~e tfl tbe Propercy prior to the sak
or acq~isition shall pus to Lender to the extent of the swna secured by Wis Martgage immediatdy prior to such sak or
~ ~
f. pe~aenat~ a~d M~teoasce of Propert~ I.~ebl~q Co~doa~Wu~ Pl~ei Udt De?do~eab. BorroNrc~r
sball ka~ the Property in good npair and sbsU not connmit waste or permit impairment cr daerioration of tbe Propaty
and ~hall comply with tha provisi~s of my ksae if tha Mortgage is on a ks~e6old if this Mortgs~e ~ on a uait in a
condominium or a planned unit developmeat; Bonower shall perform all of Barruwer's obli~ations under tbe doclaration
or. oovenanb creatina or governina the condominium or plan~d uoit development, tbe by-Lwi aud ngulationa of the
coadominium or plaaned uait devdopment, and oonstituent documenta. If a oondominium or planned unit developoaeat
~ider is ex~ecuted by Borrower and recordod to~ether with this Mortgage, the coveaana and agree~eats of wch rider
shall be incotporated inw and shall amcnd and supgkmeut the oovenants and ~ts of this Mort~age ss if tbe ridcr
w~ec~a a pait b~. .
7. le+o~ectio~ ot Leadee'i Seeo~iqr. If Borrower faiis to pedorm the ooveaaats snd a=reemenb contained in this
Mort~e, or if any sction or prooeeding ia connm~o~ which materidly affecb Y.ender's inte.nst in tbe Property,
iaclud.ing, but not limitod W. enaineat domain, iaaolvency. code enforament, ~or utan~nedts ~ proooedings involving a
benkrupt or daedent, tben I~en~r at IJeader's option, upon notia to Borrower, may in:ice such appearmoa~ d'aburae wch
aunu aad take suc6 adlon as is naxssary w protect I.endora interest. inciuding, but not limited to. di~bur~t of ~
. res:onabk attornay's fea aad eatry upon tlia Pr+operty to make regain. If L~eader required mo~tssge im~usnoe . as a
condition of makin= tbe bpn aec~red hy this Mortgage. Boaower thall WY n9uired W matntain wch
in~uraaoe in eHoct unW suc6 tiane as tbe mquinment for wch inwrana terminata in soooidanoe with Bomowe~s and
, . . , -
~ s • ; ~ 3' 3
~ . - , ~
- . _ _
~ _ t. - ~ - _ - .
~ . . - - -