HomeMy WebLinkAbout0964 UNIFORM COVE NANTS Hiirr~n~rr ,in~1 l ~•rur+ ~ ~,v~•r,~nt ,ir•~~ ,~•.~i~.~. t~, .
1 Payment of Pr~ncipal end Interest. Prepeyment and Late Charyds Nc.r~„:.~•~ .~i~ ;,i~,
uf dnd inlereSl on U~e debl t!v~drn~ed t~y Ihe Nc~ltr enil ;fny ~irr(i_~y n~eni ,~r~i1 f.if~• t.';~~i;~e•~ i1u~• ,.~~~1,
2. Funds for Taxes and Insuranco Sub~t~et Iu d(q~~it .ftile~ ~:~Y~ ui ti, a Y~tr,t~rr~ y,;~.L~•i ?r, ~i•~:il~•~ 3~ rr~,;.rr i i
c~n Ihe da~• mumhly paymentS ar~ tlutr un~ltrr I~!tr 1\r~te unhl !ht~ Nc,lt• ~S {,~i,~l ~r: 1,:!1 Su~,: ~ f„r~u~ ~~rr,;,.~ !.~,n~. !,~,.•~~t~ ~ r,,~
taxes and <155eSSmenIS whiCh niJY aitain ur~c~r~fy uver th~s Secur~ty InShun,F•nt ibi tir,eri~ Ir.itir~~u!U ~r:t•nr~, nr yr~ ~t ,..,,i<. t~~,-
Proper~y. il ;fny. IC) Yetirly htitdrel intiurifnCr_ {~r.•ni~uins and 1~1~ ~edrly n~urty,~y~• ~n~.ur,tn~ ~~rr~n~urr ,1 ,~~i~ ~i,~•5~• :t~-'r:`, ,~rr ~ ;i'~c•~1
e~crOW it~mS Lender may vSt~rnatr Ihr Fun<1~ Aue un tl~e b7fS~5 ul cuirent ildi:i tind ~1•itSUt~ifI11Y ~~1Ir~~:,fif'S UI Iiilt~tf? r~,~ ~uti•. ~t~•~~~~
The Funds sh,~ll bf• hel0 in ~n +nSt~lutiUn IhN dr.~iuS~iS ur ~ftcvui~iti i,} w!~~i :~rt• ,ntiuit•~7 c,% y~~;udnh•~~d i~~ a fr~frrd'. ~..i ~ldtr
,~yency Imclud~riy Lt~nder ~f Lt~nder i•, su~ h,~n ~nstituhe,n! lr.nder ti~~.~i1 <+~,~~I~ !ri~• f unds to {ititi t~,~• ~•SC r„w ~t~•n~~. ; ~-nurr rr~;» ~~:.t
cht~tgB ~ur holcl~ny ~nd apply~ny I/ltt f undl an~~lyt~ny Ihe a~i.uizn; ~~r v~~ril~~ny Ihe• e5~ tuv~ ~t~•n,4 i,nir•~.5 ~r~nil.ri ~;d~ B„rr~,•::~•~
interest un thr. funds and <fp{ilic:Itiirr ittw !ierniilS Le~der tu n;<ike ~>u~:h a ch,~ryt• E3c,rruwc•r ;tnd lrr,tte~r r~,.ty ,~yrrrr ,n vvr,s:ny tr~,~~
~nte~rest shall be pauf on the Funds Unierss ~~n dyrr~teint~nl ~5 ni~dr• rir ,~p~,~~i,,~Glt• I,fw ~t~qu~rt•S if!(1•~~•1t fC: ~)k• {,:~~if lt~nclru ~~~~~li nu' Gc~
reywred to pay BorrowNr any ~ntrresl ur e.irmnys un 1!:Er f unUS L~rs~d~rr sr~;~ll y~~~r t~, Burruv~rei w~n~uut ci~.~ry~• an ;inni,.~f ~i,;,r~t~~~e~
c,f tlie Funds shuw~~g cred~ts lfnd dt~b~ls to Ih~> Funds and Ihe uur~~u ~e fur wh~ch c.~c.h rlt•h~t tu t~~r• f c,nr15 w,+ti n~c1r Tt~f• F un:1~.
P~edyed as add~tronai secur~ly tor the sumS secure~d by this Strcunty In~lrun~r~nt
If the amount of ;hr. Funds held by Lernir.r toyelher vw~tt~ IhFr lutun~ rnonth!~- ~,ayrn~•n~s uf ~urids ~,ay.ibir• O~~U/ IU I~!f,' (~1/4• O:~t.•~
c>f the esCrow ~IemS. Shali exceed Ihe amuunt reqU~fed 10 piiy !he CSCrGW ~tenis whrn due t'~~• t•xce•ss sti,ilt t~:~ at Bu~~uv+rr 5 op!~un
~•~ther prumptly repaid to Borruwer or crediiE+d tu 8r~rrowr,r un rnonihly ~~ayrnF•ntti r,f F un~1s 11 it~t• amuunt uf th~, Fi:nds helcS !r. ! e•ndrr
,ti nut suft~c~ent to pay Ihe escrow ~tems wh~rn du~• Burruwer Sha~i ~iay to Lentlr.r any anu~unt r.trces5ar~ tu makt• up l~+t• d~•f ~i ~e•r.r~ ~n
~,ne ur more payments as reqiured by Lender
Upon paymen~ ~n (ull of all SurnS Secured by !~~~5 Sr.cur~iy Insir~en~ent Lender ti!~all prumptly refund tu Bune~wer any F unds i~f•lit
hy Lender U under parayraph 19 thF~ PropertY ~s tiuld or acqu~red b~~ Lt~ndrr Lenderr 5h,ill ,~~~ply nu lace•r ~han ,mrned~atrly pr~ur t~, thr
~.a~e of !he Pruperty or its atqu~sition by Lend:•r any Funds held t>y Lender ~it the t~me c~f <lppl~cahun a5 a crNCf~t dya~nst tne surns
iF;cu~ed by lh~s Secunty Inslrument
3 Applieation of Payments Uniess appl~cable law prov~des utherw~tie ~~II payments rer.t~ivrc) by Lc•nder iind~rr parayrti~i!~s 1
~nd 2 shaU be appl~ed t~rst to late ch~ryes due under the Note. scrcOnd tt~ p~ep~,yrnent ct~aryes due un~f~r~ thF~ Nute ih~rd to ~uno~fn[S
~~.~vable under paragraph 2. fourth. tu ~nterest due and I~st Io pnnupal due
4. Cherges: Liens 8orrower st~~tll pay all taxes assessrr.trnts chdryes f~ntrs and ~inpus~huris atlr~bult+UlN to tht• Properl~
,n,h~t h may alt.fin pnc~nty ovr.r th~s Se~:ur~ty Instrument. and leasehc~id payments or yround rentti ~f ,jny Bprtnwrr s!~all p~i~ !hE!Sf'
~;t,I~yahonS ~n the manner provide~<f in par.~yr~ph 2. or i1 nut paid ~n that rnannr.r. Bo?rower Sh:1~l p;iV lht'tn on I~mF• due•ctly tu It,e
~,~•r~,un uwed ~aymenf Burruwer shall prumptly furn~sh to Ler~der all nuhces ut ~~muur~ts tu be pa~d und~~r th~s parayr~~ph If Burrc,w~•r
~~.~ktes Uiese payments ducCtly 8orrower shall promptly furmsh tc~ le~nder receiFts ev~denciny ttie paymrnls
Borrower shaU prum~Uy d~scharye any I~en wh~ch has pnor~ty uver Ih~s Secur~ty ~nstruriient unless Eionuvrer (at ayr~-e5 ~n
.v~:t~a~g tu ihe paym~nt ut the r~bliyat~ur securr.d by ttie ~~en ~n ,f manri~~r accepl~ble to Lends~r ~b1 cuntests u~ yuud fa~tt! t?~e s~~rn b~ ur
~:~•I~rrids aya~nst enforcf•mc•nt of the lit~n in ley~l pruceed~nys wh~cl~ ~n itie Lender 5 o~~in~un oper~ite tc~ prevNnt the f>nfurcement ui
'+~r I~r.n or turle~ture of ~ny parl uf tt~e Prop~rrly. ur Ic? secures !rc;m thr hn1~Yr of tht~ I~r.n an .~qrrer~ient Sat~sfactory to Lendrr
.utx,rd~nat~ny the lien to tl~~s Secunty In~,Uument II Lt~nder determ~ne5 tt~at any ~iart e~i ihr. Pro{~erty ;S ~.ub~r.ct tu a I~en wh~ch rn,~y
,,tt:nn pnor~ly over Ihis Sf~cur~ty Insvument Lender rr,~~• yive Bu?toWer ~ nohce ~deniFly~ny ihe I+en 9~ . re~wer s!it+ll Sat~sty ihF~ I~en nr
~ fkr~ ~~ne or more of the ~ChunS Set torth ab~ive w~th~n 10 days ol tht~ y~v~ny ut nuhc.e
5 Harard Insurance. Bu~ruwer shaN ke~ep thF~ unpruverner~ts ru~w e•x~strr~y c~r herealtF~r errct~•d un 1'~F Pr<~~~erty ~r»ured
,iq,i~nSt Ioss by }~rec. hdtard5 ~nCluc]ed wiih~n tha lerm extfri?ded coveraye and any ottier t~arard~ }or wh~ch Lencfer requ~res
r~~,urance Th~s inlurance shalt be ma~ntained ~n Ihe amounts ancf ~or thr• pe~,uds th~t iender rt~quues ThP ~nsurance carrer
t~~::vuh~y the ~~suran~:e shail he ctwsr.n by Burruwer suG~ect to Ler~de~r s ap~uuval wh~c>> shali nut t~e unreasvnaDty wuhheiA
AII ~nsurance pol~c~es and rE~newals s!~a11 be acceptable tu LendNr and shalt ~nclude a stancfard mortyaye clause Lender shall
':.iv~~ the t~yht !u huld the pulic~es anrl ?enr.wal5 If Lr.nder re~Vu~res Borruwer ~h;~ll prumptly yrvr tu Lender ai! rece~pls o~ pa~A
~ ;,r~•rn~ums and renewal notices In the eveM ul I~~ss BurruwE~r sr~~~ll y~ve ~!ru~npt not+ce to the in5urancF carner and Lr.~der Lende~
` ~~:,iy make prool o} IoSS not made promptly by Bottower
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Unless Lendr.r and Bosrower utherwise ayree ~n wntiny ~nsurancrr pr~K~~ecfs sh,ill be appi~ed to rPStoratiun c~r repa~r af !h~~
i P•+,~~~•rty tlam.~yec1 if Itie rr~sturat~un cr repair ~5 ewr.um~c,~ify feati~bie and Lender s secunly ~s nul lessened if (iie res[cratwn or
! -~•~,,~~r ~5 nut econurnir,illy }~~~is~ble ur Lr.n~fer S seciir~ty wuuid t~e IF~ssened !hr msurancr procer.ds shall be appl~ed tu the surns
,~•i.~~rrd by Ihi1 Secunty Inslrument whr.ther or nut Ihen due w~th any f•xc.ess pa~A to Bortower I} Burruwe? abanduns the Property
~ ,r ifu~•s nvt answer wili~~n 30 days a nohce from LendFr that Ihe ~nSUrarice carr~rr has olfered tu SetUe a cla~n~ tlien tender rnay
~,Ilr•c t tl~t• ~nSUr~jnCr. precrf~ds Lrnd~r may use Ihe proceeds to r~~i;3~r ur rESlure [he Pto~eriy or !o pdy surns ~ecured by th~s Secu+~t,
s
` :•~~.vurnf•nt wi~ethrr or not the~n due ihe 3Q day penoct w~ll bt•ym wlien !he rtiolice ~s y~ven
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F UnfE=SS L~nder and Burruwer utherw~sc~ ayrt~e in wni~ny any ~ppl~cat~on of pruceeds to pr~ncipal sh,~il not e~~er.d or poslpone
~ ~f~~• ~fut• date ol thF• munthly z~ayrr~ents referred to ~n par~yraphs 1 and 2 or c?,anye tt~e anount of Ihe payments If under parayraph 19
~ '~:r Pr,~~~~rty i5 a[c~u~rtrd by Lender Borrc;wer 5 tsyht 1<~ any ~nsurance policies ~nd prcx:eeds resulhny trorn damage to the Property
~ ~~r~ur to the acqu~bil~on s!iail p~ss to Lender tu the e~tenl ut Ihe sums secured by this Secur~ly Instrurnr.nl ~mmed~ately pr,or to the
~ :t~.(,U~St11UlI
6 Preservat~on and Msintenence of Property. Leaseholds Borr_nwer stiali not destroy damage or Substant~a;ly change the
} f'rnpf•rty allow Iti~• Pruperry to deler~crate ur ~urnm~t waste If t~us Sec~uity instrument ~s on a lease!~old 8orrower ahalt comply w,t?e
4
~ 'r~t• p~owy~ons of the le.~se, arid if Borrower acquires lee htlFr ~o ihe PtUpe~ty the leasehold and fee trtle shall not n~trye unless Lender
~ i:~r«~~~s tc~ ti~e mer~er ~n wr~Lng
~ 7 Protection of Lender's Rights in the Property: Mortgage Insura~ce 11 Borrower fa~Is ~o periurm the covPnants and
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~ +~irEr~•inenls contained ~n ih~s Secunty Instrt~ment or t~~ere ~s a Irya{ proceeel,ng that rnay s+yn~f~cantly affc~ct lencier 5 r~yhts ~n the
~ F'r~~prrty (such as a proce:ecl,ny in bankru~ftcy probate fur condrmn~I~un ur to ent~~rce laws or regulat~onsi then Lende~ may du and
~ ;:.~y f~~r whatever is necessary to protr.ct thp vafur. ul Ih~ Pruperty anA Lender s riyhls in th~ ProGerty Lender s dCt~ons mdy incluife
i
~r.!y~n~; ~ny sur.~s sE~cured by a I~en wh~ch has pnur~ty uver Ili~s St•CU~~1y tnSUicrneM appr.army ~r r_pur; pay+ng reasunable a~ternrys
- +~~~r4 .frd rrY,cr:n~ on It~r P~c,~~r,rty tu rn;~he rt~~,a~r5 Althuugt~ i.r~ncler rn~y take dr hun unc3r°r th~s par,iyraph ~ LE•ncfer dves not ~iave tu
~ f~; tin
Any ,~rnt;unlS d~SburSe•d bY L endF~r undt~r I!~is pardyrapt~ 7 sh,fil brCUnzf• adt]~honal dr.bt uf BcrsrUWB( secured by Itiis Sr~cunty
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; ~n•,Ir,~rnent Unlt~s5 8orrowrr and Lt~~~dt•r ;~yree tt~ other tr~rmti uf payrnrnt ttirs~ arreuunl5 shall bear mler~tsi Irom thf~ d:tte nt
1;tt~urtiFrme~nl .ft t!ie N<~Se +a?e :inr1 shdll btt payabl~ with ~r~terest u~~un not~t:f~ trum L enrler M Burrov,~c•r ff'QilBSting paym~nt
If LenAr.r rttquired mortyaye ~n5uran~~ .is con!1~tiun u} makiny tht~ luan se~~ urNd t>y this Se•curity Instrumr~nt Borrower sh,iU
~'.fy (tIB V1BR1i~i~T1S Ip(~~l~ff~d to ma~nta~n !he ~nsurance in t~lft•tt unt~l such t~snN ,~5 the• rt•qin~tr+nenl (ar the ~nsur~er~ce terrr:~nat•~s ~n
•+i c u~d~tnCQ w~lh Borrpwer s~~rt~1 L~~r~dP~ 5 writit~n ~qrr~t•rtient or ap~~lii aGlr I.tw
_ a(nfpBCt~On LPridt~r c~r itS dyent rn,~y rn.ike~ r~•.~tiundhlr• r•nt~~et5 u~x~n ,in~1 ~n~,peclurnS uf Ihe Pru~>rrt~~ lencfer sh~~il y~vt•
~ f~nrr~~wer not~ce dl 11~e t+mf~ ul or ~~nur tv dn ir,S~~rrch~~n ~pr~r,ly~ny r~~.f5ur~d~ir cauSr fc~r tlif~ inS~u3~t~iin
t 9 Co~demnaUOn ih~~ pruCeeds 01 .iny .fw.irr) ~~r ~ I.f~m !!~r d[1fTid(yY5 d~rPrt ot c~in~ryUen1:.91 ~n r<~nnN~:tron wa(~ti ,~ny
~.,n~l~~+tin.~t~un ur qfhr~~ IJk~nc~ uf <Iny ~~,~rt ~~f tt~~• Pru~i~~rty ur lu! ~~;nvr~dr~i e• ~n i~ru u~ cuntlernn~t~on dte he~r~•h~ dti5~,yn~rd an~! >haii t~r•
;~,~~~f tulendrr [1 R ~
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