HomeMy WebLinkAbout0967 UNIFORht C'ovt~N~NTS. BOf~Owcr an~l l.cn~lcr ruvcnant an~i agrcc as folinws: ~
1. Payment of Princlpnl t~nd l~~teresl. fi~~~n~~+•er shall pr~~m~~tl}• pay «hen due the ~rinc;pal of and ini~_rest ~~n the
indehtedness evidencc~l hy the Notc, pr~payment an~i latr rharge. a~ pn~~~i~led in the Note, and the principal of and interest
on any Fut?irc Advancc. serured b~~ this A1~ir~~;agc.
2. Funds tor Taxts and Insurence. Su6ject tu applirablr I:t~v ui t~~ a~vritten ~vaiver hy I.er.der, f~orro«~er shall pay
to Lender on the ~iay ntonthly in~tallmrnts of prinripal a~~d ~nterc~t :~re pa~~ahle under the Note, until the N~~te is paid in full,
a sum (hercin "F~mds") cqual to onc•t~~~rlfth ut thc yc:Ifl}' 11YCi an~i acsccsmcnts ~~•hich may atlain priority ovcr this
Mortgage, and ~;mund rents on thc Nrupcrty, if any, plu~ ~~nc-t~~~elfth of }~early premium installments for hazard insuranc~,•
plus unc•t~ti•elfth c~f ycarly prcmium installmcnts f~~r m~utgagc insurancc, if any, all ac reasonably cstimatc~l initially and from ;
time t~ lime hy Lcndrr on the b:?si~ of n~sessmcnts an~l hill~ anJ reaconablc cc~imates thereof.
'I7ie Funds shall hc he1~1 in an institutiun Ihe dep~~sit~ or ;~~cuunts uf which are insused or gtiaraMced by a Federal or
slate a~ency (including l.endrr i[ Len~ler is such an institutiunl. l.cnder shall apply the ~~~~~is ~:~y~ said tazes, assessments,
insurancc premiums ancl ground r~nt,. I.cndcr ma~~ itiot chargc for ti~~ holdin~; and arpl~~ing ~hc I'unds, anal}~ting said account,
or ~~e~ifying and re~mpiling sai~l as~ct~ments an~l hilh, untcs~ 1_cn~l~r paps Borrowcr interest on the Punds and applicahle law
permits I_en~ler t~ make such a charge. l3i~rn~~~•Cr and Lcn~ler ma)~ agree in ~ti~riting at 1he time of execution of this
Atortgage th;it inter~~t on the f~un~ls ,hall he pai~t tu liurm~~~~r, and unle~s such agrecment is made or applirahle law
requires such int~rest to hc p:?id, I.cndcr shnll nc~t hc rcyuircd t~~ ra~~ R~~rrowcr :iny interest or carnings i~n the Funds. l.endcr
Shall gi~~c to I3orm«~::r, withotit rharge, an annu:?I acr~~unting ~,f thc I~un~l~ tih~,ti~•ing credits and ~fehits to the Funds and the .
purpose 1'~~r whirh each d~hit t~~ thc I~unds was ma~le. "The f=iinds arr ~leelbed as additional security for the sums secured
hy this ~tortgagc.
If the amount of the Funds held h~~ Len~ier, tc~ge~her ~?ith th~ future monthly installments of Fun~i~ pay~able priar to
the due ~lates of taxes, as~cssments, insurance premiums an~1 gmund r~nts, shafl excccd thc amount reyuired ta pay said taxes, '
assessments, insuranre premiums and ground rentc ;~s th~~~ fall due, such crcess shall he, at liorru~~~cr's option, either -
promptly rcp.iid to Borru~scr or crcditrd tu Horro~~~cr un rnonthl}' installmcnts of i=unds. If thc amount of the Funds
held by Lender shall not be sufticient to pay taxes, asse~sments, incurance premiums and ground rents as they~ fall due,
f3orrower shall pay to I.in~er any ~~mount ne~essary~ to make up the ~irficiency ~+~ithin 10 da}'s from the date notice is mailed
hy 1_cnder to Horro~ti~cr rcyucsting pa~~mcnt thcreaf.
. Upon paymcnt in full of all sunu secured by this Murt~;agc, I.cn~ler shall promptly refund to E3orro«~cr any Funds '
held by [_cn~er. If under paragraph 1R hcr~uf the Pruprrt~• is u~ld i~r thr PmE~rrty~ is other«•i~e acquired by l.cnder, 1_ender
shall apply, ~w later than i?nmediatcly~ prior to the tiale of thr Pmperty ~~r i1s :~rquisition hy Lcnder, any Punds hel~l by
[_ender .it the time of appliration .~s a cre~it against the sumti ~eeurt~l h~~ thi~ ~tortgage. ~
3. Application of Paymcnts. Unlecs applirahlc la~~• pru~ i~lrs ~~tttirr~ti i~c, ;?li pa~•mcnts rccei~~ed b}~ Lcndcr un~ler Ihe
Note and paragraphc 1 and 2 her~o( sh:ill hc applie~l hp Len~irr fir.t in pa~~mcnt ~~f amounls payahle t~~ l.cmler hy E3orrower
under paragraph 2 hereof, then to interest payahle un thc Nut~. ~hen t~~ thr principal of the Note, an~i then to interest and
principal ~~n any~ Fut~irc Advances.
4. Charges; t.iens. B~rru«er shall pay all taxes, :?~~~ti~mrnts anc! ~~thrr charge~. fines an~l impositi~~ns attributahle to
thc Property ~~~hich may attain a priority ovcr this ~fartbagr, and IcaschulJ p:rymcnts ur ground rents, if any, in the manner
provided undcr paragraph 2 hcreof or, if not paid in such mannrr, h}~ 8urro~ti•cr making pa~~ment, when due, ~lirectly to the
payee thcrcof. Borrawcr shall prumptly furnish to Lcn~lcr all notircc <~f am~~unts et?~c undcr this paragraph, and in the event
Borro~ser shall make pa}•ment directly, Be~rro~ser .hall ~~rumptly~ furni,h tu Len~;er rec~ip~s evidencing sucli payments.
Borrow~er shall promptl~~ ~lisch,~rg~ any lien ~~hirh has ~~ni~rity ~~~:rr thiti Aturtgage; provi~ied, that f3c~rro«•er shall not be
required to discharge any such lie~~ so lung as I3orroµcr tihal) agrer in ~~:iUng t~~ the pa~•ment of the obligation secured hy
such iien in a manner arceptable t~~ Le7der. ~~r shall in g~~oii (:~ilh c~~nt~.t s~i~h lirn h}•, or ~lefen~l enforcement of such lien in,
Iegal proceedings «•hich operate to prevent tlte enfurce~iirnt uf thr licn ur lorfciture of the Prope~t}' or an}' part thereof.
5. Hazard Insurance. Borro~ser shall kcep the ~mEuu~rmcnt, n~n~ e~isting ~~r hereafter crcc~ed on the Pruperty insured .
against loss h}' fire, h:~zards included ~ti~ithin the term "c~trn~lr~l c~~crrage", an~l such other hazards ac [_ender ma}' reyuire
am1 in such amounts an~l for such pcrio~ls at l.ci~der ma~• rryuirr; {~mvide~l, that I.cnilcr shall not require that thc amount of
such co~'cragr cxrecd that an~otmt i~f cc~~c;agc rcyuired ti~ ra}' thr ~umti ,c~ur~d hy this ~iortgagc.
'the insurance carrier providing thc insurance shall he cho.cn by Barro«er subject to approval hy Lender; provided,
that surh appraval shall not bc unreato»ahly withhcld. All prrmium~ ~~n insur.uuc polirics shall hc paid in thc manner
pruvided ~inder paragraph 2 hereof ur, if nut p.?i~l in such manncr, h~• E3i~rro~?er making payment, when due, directly to the
insurancc carricr. -
All insuranre policir_~ an~l rene«als ther~nf shall hr in f~~rni a~cr{~t;iblc to Lcniler :+nd sh.~ll includc a star~iiard mortbage
rlause in fa~•i~r ~f and in form accept:~hlc lu I.ender. l.~nder ~hall h:~~~ !h~ right ti~ huld the ~~~licies and rene«•als thereof,
and Borr~~~scr sh.?II prc~rnptly~ furnish tu Lendcr all rrne~~al notires an~f c~ll re~cirts af paid ~remiunz~. In the c~~eni of loss,
E3orru~ser ~hall gi~•e peompt notice ti~ the inwranre ~arricr an~ Len~icr. I_eniler ma}' make pro~~t of luss if not made pr<~~nptly
h~ Burru~~cr. .-~n "/nJTn~iun gunrd" endorsen~en~ ur iIS eyui~•nle~t( ma?' he~ reyuircd.
Unless Len~er and Borru~+Lr othcnsis~ abree in «riting, intiurar~r E~n~cec~l~ shall tx: applied to restoration or repair of
the Yraperl}~ ~lamageJ, provi~led such reuora~ion or r~pair is rc~,n~~mir.ill~~ fcasihle and the ~ecurity of this 1lortgagc is
not thereUy impaired. If such retitoraU~~n or repair is n~~t r~i~numi~,~lly feasihle ur ~f the secu:ity cf lhis Iltortgage wuuld
be impair~d, the imurance pruceed~ tihall be applic~l t~~ thr ~ums .c~isre~i b~~ this ~t~~rtgage. ~~'i~h the excess, if any, paid
to F3~~rm~ti~rr. If the Propert}' is .ih:~n~lnne~i h}~ f3c~rrc,~ser. ~~r i( f3e~rm~cer (:~ih tu res~~~n~l to I.ender within 3U days fron~ the
~ate notice is m;~iled b~• [_ender to Bc~rrower that the insur.~n~e carrirr ulfer. ti, ,ct~le a cl.um for insuranc~ hen~;fits, I_ender
i~ authc~rir.e~i t~~ col(ec[ and appl}' the imuranr~ ~rucee~l~ at I.enJer'~ u~U~~n cithcr lo rest~~ration or repai~' of the Propert}'
or tu thc surns srcured hy ~his ;~tortgagc.
Unless Lrndcr and E3or«~~tier othen~ise a~re~ in ~sriting, ar} such applirati<~n uf procceds to principal shall not extend
c~r pustpune thc duc datc uf thc m~,nlhl}~ in~tallmcnts refcrr~d t« in paragraphti I an~! 2 hcrcuf or ::hangc thc amount of =
su~h installments. 1( under paragraph 18 hereof the 1'ro~:rt) is a~yuirc~i h~ Lendcr, all right, title and ir.terest of Borrower ~
in and to an~ insurance policies and in and to thc procee.ls ther~uf resul~ing fron~ Jamage ro the Property prior to the saie ~
or acq~i~ition shall pa~s to Lender tc? the extent uf the ~ums secur«i h} this ~turtgage immeiiiately prior to ~uch sate or
acquisition. . -
b. Prescrvali~n and ~tainlcoance of Yropcrt}; I.ca«holds; ('ondominiurns; Planned Unit Dc~•elopments. Borro~ti•er
shall keep thc Properiy in good repair and shall not commit ~~aste or permit impairment or deterioration of-the Property
and shall compl}• «ith thc provisions of any~ leasc if thiti Aturtbagc ~~n a leaschc~ld. If thi5 ;~tortgagc is on a unit in a
condominium ~~r planned unit ~levclupmrnt, Sorru~ser shall ~crf~~rm all of E3orro~ser's obligatians under the declaration
or covenants creating or governing ihe cunduminium u~ planncd unit ~Icveli,p~j~cnt, the bp-!a«~s and mgulations of the
con~ominium or planned unit devetopment, :ind amstitueiu ~lo~uments. !f a c~mdominium or planned unit de~•elopment
rider is executed by Borrow~er and recorded tc~gether ~tiitf~ thi~ hlc~rtgage, thr co~•enants and agreemcnts of such rider ,
shall be inc~rporated into and shall amend .ui~l supplrment thc covenants an~l agreements af this hlortgage as ~f ihe rider
were a part hereof.
7. Protection oF I,ender's Securily. lf B~~rrower fails t~ per(c~rm the coven.~nts an~i agreements contained in this
Mortgage, or if any action ur proceeding is rommence~i ~ahirh materially~ afTects L~n~ter's interest in the Property, `
including, but nat limited to, eminent domain. insolvenc}~, code cnfi~rcentent, ur arrangements or proceedings involving a
bankn~pt or decedent, then Lender at I.cnder's option, upo~ notice to Borrow~er, ma}• make such appearances, disburse such -
sutns and take such action as is nece~sar}• ro proteci Lender's interest, inclu~ling, but not limited to, disbursement of
reasonable attorney's fces and cn~ry upon thc Property to make rcpairs. If I.cnder rcquired mortgage insurance as a
condition of making the loan secureel b}• this hfortgage, Bornnaer shall pay 1he premiums required to maintain such
insurance in effect until such time as the reyuirement for such insurance terminates in accordance with Borrower's and
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