HomeMy WebLinkAbout0954 UNIFOR~~ ('ei~~fn~~7s. BoffoN~er and Len~ler crv~nant an~l :~~;ree :i~ fc,llows:
f. Pa~ment of Ptinclpal aod Interesl. liorrower ~hall pr~~m~tl~ pay ~hen due th~ principal of :~nd imcreSt un the
in~ientecines~ e~~idence.l h~~ the i~ot~. prep;iym~nt an~l latc ch:~rgeti a. pr~~~~iifed in the Note, and thc principal of and interest
on any Futur~ Ad~~ancec .ecured b~~ ~his Morlgage.
2. Funds for Taxes and Insurance. Subject t~~ applicahie ia~v or to a wriite~ waiver by I.ender, Narrower shall pay
to !_cndcr on ~he da~• monthly inuallmenls of principal and inl~rect are payahle under the Note, until the No~e is paid in full,
a uim (hercin "Funds") cqual t~ one•tH•clflh af thc yearly ~a~ec and ac~cument~ Nhich may attain pri~uily ~~vcr Ihis
Mortgage, an~l ground reMs on thc Properly, if an~•, plus one-tw•cl(th ~f }•carl~• premium installments !ar hazard instirance,
plus one-twelfth of yearly premium inslallments for mortgage insurancc, i( any, all as rcasonahly estimated initially and trom
time ta time h~~ l.ender on the basic of assessmen~s and hilk and rea~onahle es~imates thereof.
'Rie Funds shall be he{d in an ins~itution the de{x~sit+ or accounts ~f wfiich are insured or guaranteed bp a Federal ar
s~ate agenc~• lincluding 1_ender if Lender is such an institution). Lender shaU apply lhe Funds to Qa~~ said taxes, assessmeMs,
if~surance premiums and ground rents. Lender ma}• not charge lor ~o holding and applying the Funds, anal)•zing said accounl,
or ve~ifying and compiling said assescments and bills, unless I.ender pa~~~ Borrower interest on the Funds and applicahle law
permits'I.ender ta make cuch a charge. Borrower and l.~nder may~ agree in writing at the time of execution oi ihis
nic~rigage that interest on Ihe hunds shall be paid to Hnrrower, and imless such agreement is made or applicahle law -
requires such interest to he paid, Lcnder shall no~ bc required t~~ pa~~ 13e~rrower an}~ interest or earnings on the F~mds. Lender
shal{ gi~•e to Borrower, ~ti•ithout cha~ge, an annuai accoimiing o( the Funds showing credils and dehits to the Funds and the
purpose f~~r which each debit to the E~unds Has made. "The I~~+nds are pledgcd as addi~iona{ security for the sums secured
; by Ihis Mortgage.
If the amount of 1he Funds held by Len~ler. ~ogelher ~~ith the future mon~hly installments of F~inds pay~able prior to
thc due dates of taxes, as~essments, insurance premium~ anJ ground renh, shall e~rced the amount requircd to pay said taxes,
assessments, insurance premiums and ground rente a~ thc}~ fall due, such e~cess shalt be, at 43nrro~~er's optinn, either
promptly repaid to Borrower or credi~ed to E3ormµer on monthl~~ installments of Fundc. lf thc amount of thc Funds
held by Lender shall not be sutlicient to pay taxes, assessments, imurance premiumc and ground renls as ~hey fall due,
Borrower sha14 pay to Lcnder any amount nccessar~• u~ mnke u~ ~he aefirirncy within 30 da~~s irom thc date notice is rnailed
; by Lendzr to ~orr~wer requesting paymrnt thereaf.
Upon payment in full of all sums secured b~~ thi~ Marlgagr. l.cndcr shall promptly refund to Borm~cr any Funds
~ held hy I.cnJer. ii under paragraph 18 hereof the Propert~~ is tiold or the Propert}• is otherwite a~qui~ed by Lender, I.cnder
shall apply, no later than immediatelp prior ta thc sale of ~hr Fro~erty ~u i~s acquisition hy Lendcr, any Fundc hetd by
Lender at the ~ime of application as a crc~fit against thc sumti secured b~• this ;~tortgagr_
3. Application of Paymenfs. Unlets applicahle la~s pru~ i~les otherw~ice. all payments rcreived by Lender unJer the
Note and paragraph~ I and 2 herenf sh:~ll be applird b}• Lcn:ler first in payment of amounts pa~•ahlc to 1_ender h~~ Barrow•er
undcr parag~apfi 2 hereof, thcn to intrrect payabtc on the Nu?e. thrn to thc principal of thc Nute, and thcn to interest and
principal on an}• Future Advances.
A. Charges; Liens. Sorrowcr shall pay all I,~~~., a~xti~m~nls and othrr rh.~rges. fines an~ ~mputitions aur?butahle to
the Property which may attain a prioriry over Ihis Mor~gagc. and leaschold payments c~r ground rents, if any, in the manner
provided under paragraph 2 hereof or. if not paid in such manncr, hy Borrowcr making paymcnt. N•hen due, direcUy to the
payec thereof. Borrowcr shaU promptly furnish to l.ender all noticcs at amounts duc ~mdet this paragrapfi, and in the event
~ Borrower shall make payment direc~ly, HormHrr .hall promptlp furnitih t~~ Lender rereipts c~idencing such payments.
Borrow•er shall promptly dixharge any lien µhich has pnoritp ~~ver ~hic M~~rtgage: provi~ied, that Borrnwer shall not be
rcquired Io discharge any such licn s~~ iong as Borro~ser shall agrec in «riting to thc paymcnt of thc obligation secured b}'
£ such lien in a manner acceptable to Lender, c~r tihall in gc~od l:+ith .•~~ntr~~ such lien hy, or defen.i enforcement of such lien in,
i' legal ptoceedings which opcrate to prcrent thc ~nfurremrnt o( th~ lien or furfeiturc of the Property or any part thereof. i
~ S. H9zard Insurance. Borrower shall ~,cep thc impre+vemcn~~ n~~~ r~i~ting i~n c~rcafter crerted on the Pmpeny insured ;
against loss hy~ firc, hazards included withm the term "~~tcndc~l i~~vrresgr'~, anJ su~h other hazards a~ Lendcr ma~~ reyuire ~
and in such amounts and for such periods as Le~ider ma}- reyuire: pr~.~ided. ?hat t_ender shalf not ~equire that ~he amount of ;
sunc ~overage exceed that amount of roverage req~nred to pay the ~um~ secured by this blortgage.
The insurance carrier providing ~he insur~nre shall be chc~sen by' E3orre~wer si:bject to approval h}~ Lender: provided,
I` that such apptoval shall not be unreasonably withheld. All premi?~mti on insurance policies shall be paid ~n the manner
- provided under pa~agraph 2 hereot or, if nvt paid in such manncr, h}• Borrower making paymeni, when due, directiy to the
insurance carrier.
_ All insurance policies an~ renewals thereof shall be in fomi arce~+tablr to Len~er and shaU inclt~de a standard mortgage
clause m favar of and in form acceptahle tu i_ender. l.rnder .hall ha~e the right t~~ hold the policies and reneti~als thereof.
and Borrow•er shall promptly furnish to Lender all rcnew•al not~ces anJ all receipts ot paid premium~. In tfie event of loss.
Borrower shall gi~•e prompt notice to the insurance carrier and Len~ier. Lendrr ma~ make pro~f of loss if not made promptl}~
_ by Borrower.
Unless l.ender and Borrotier otherwise agree in tiritmg. imurance proceedc shall be applied to rest~,ration or repair of
- the Propert}' damage~, pro~•i~ed such restorauon or repsir ~s econamically (easibfc and the security~ of this Mortgage is
not ihereby impaired. I( such res~oration or repair is nat rc~~n~~mically feasihle or if the securit~• of this Mortgage would
be impafred, the insurance proceeds shall be applied tci the sums secured b~~ thic Mortgage. ~ith the escecs, if any, paid
to Borrower_ If thc Propert~• is abandaned b~ Norrow~cr, or it Borrowcr tails i~~ respond tu I.cndcr within 30 da)~s trom the
d•ate notice is mailed by Lender to Borrower that th~ insurance carrier otTers ~a scllle a cla~m for ~nsurance benrfits, Lender ;
~ is authorized to collect and appl}' the insurance proceeds at Lender's upt~on either to restoraUOn c~r repair of the Propert)
i or to the sums secured by this Mortgage. ~
Unless l.ender and Sorrow~er otherwile agree in K~nting, an~ su~h appiication o( proceeds ro principal shall not estend
~ or postpone the due date of the monthl}~ ins~allments rcfcrred t~~ in paragraphti I and 2 hercof .or change thc amount ot
suc#~ installments. It under paragraph 18 hereof the Propert~ is acyuireJ h~ i.ender, all right, title and interest of Bormwer
; in and to any insurance policies and in and to ~he proceeds thereof resulting frnm damage to the Propert}~ prior to the sale
; or acyuisition shall pass to Lender to the e~tent of the sums secured b} this Atortgage immediatel)• prior to such sale or
~ acquisition.
6. Presenration and ~taiotenance of Property; Leasehnlds; Condominiums; Planned Unit Deti•clopmenls. Borrowe~
~ ~hall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Proper~y
' and shall com 1 with the tovisions of an lease if this Atort i c~s on a leasehold. lt this !11ort a ~ is un a unit in a
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i condominium or a planned unit devetupment, E3orrouer ~hall perforn~ all o( Borrower's obligations under the deciaration C~ _
or covenants creating or governing the condominium ur planned un~t development, the by-laws and regulation~ of the..~;•
conJominium or planued unit development, and constituent Jocuments. If a conJominium or planned unit Je~elopment ~ l;
rider is executed b~~ Borro+~er and recorded together u~ith ihi~ Mor~gage. the covenan~s and agreements of such rider
shall be incorporated into and shall amend and supplement the co~cnants and agrcements of this Mattgage as if the rider
were a part hereof.
7. Protection of Lender's Security. If Barrower fail~ ~o perf~rm the covenan~s anJ agreements comained in this
Mortgage, or if ar~y action. or proceeding is commence~ µhich materialty a(ferts Lender's interest in ~he Propen~~.~~~ ~
including, but not lim+ted to, eminent domain. insn4~•ency, cude enforrement, or arrangements or proceedings invol~•ing a~'
bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, ma}• make such aQpearances, disburse suchlf'~
sums and take such actian as is necessary to protect Lender's interest. ~ncluding, but not limited to. disbursement ofp
reasonable altome 's fces and entr u on the Pro ri 1o makc re airs. It l.ender re uired mort a c insurance as a~"=~ '
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condition of making the toan secured by this Mortgage. BormHCr shall pay the premiums required to maintain such
insuranze in cRec~ un~il siich time as ~he requireme~t for such insurance terminates in accc?rdance with Eorrower's an~i
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