HomeMy WebLinkAbout0312 Ut+[polt~t Covetr~rrrs. Bomower and l~ende~ rnvenant and agree u follows:
1. !~t ot tA~c}~I a~i l~e~ed. Borrower shall prcxnptly pay when due the principa) ot and interest oo the
iadebtednw evideooed by the Note, prepayment aad late chsrges as provickd in the Nate, and the principal of aod interest
oa my Future Advances secwtd by this Mortgaae.
2. Elwi tor'I~aa pi l~a~ce. Stibject to applicabk law or to a written waive~ by l.ender. Borrower shall pay
to Leadw on the day monthlp installments ot principal and intcrest are paysbk unde~ the Notc. until the Nate is paid in full.
a sum (herein "Fuad~'~ equal to one-tweifth ot the y~a~ly taxes and ass~s.unents which may attain priority over this
Mortaage. aod gr+ound r+e~ts on tbe Property. if any. plus ono-tweltth of yearly premium installments for huard ir?sura~ce.
plus ono-twelfth of yearly premium installments for motigage insurar~cc, if any. all as reasonably estimated initially a~d from
dme to time by I.ender on tbe basis of assasments and bills and rcasonabk estimates thereof.
'iLe ~nds shall be 6eW in an institution tht deposits or accounts of which are insurod or gua~anteod by a Federal or
state agency (including Leader if Lender is such an institution). l.ender shall apply the Funds to pay said taxa, sssessments.
iasurat~oe premiums aad ground rents_ Lender may not charge for so holding and ap~+lying the Fnnds, analycing said account,
ar s~trifying aud cumpiling sai~ ass~sres~ais aad b':!!s. uatcss t~tr pays Sarro+xsr intertst on the Fus~sis and a~+plicable law ~
permits Leade~ to make such a cAargc. Borrower and Leader may agree in writing at the timc of eseculion of this
Mortga$e that iaterest on the Fuod: shall be paid to Borrower. and unless such agreement is madc or applicable law
requires such iaterest to be paid. Lender shall not be roquirod to pay Borrower any interest or eamings on the Funds. I.ender
sbaU give to Bormwer, without charge. an annual accounting of the Funds showing crcdits and debits to the Fuods and the
purpose for which each debit to tbe Funds was made. The Funds are pledged as additional security for the sums sxured
by t6is Mortaage.
If t6e amount of t6e Funda heW by Le~der, together with the future monthly installments of Funds payabk prior to
tbe due dates of tues. atsestments. inaurance premiums and ground rents. shatl exccod the amount required to pay said taxes.
assa~ments, insuranoe premiums and ground rcnts as they fall due, such excess shall be. at Borrower s option, either
promptly repaid to Bormw~er or craditod to Borrawer oa monthly installments of Funds. !f the amount of thc Funda
bdd by Leoder s6all not be su~cawt to pay tues, asxssments. insurance premiums anc! ground re~ts u they fall due.
Borm~ve~ shall pay to l.et~der any anwunt neoasary to make up tl~e de6ciency wiWin 30 days from the date notice is mailod
by Leader to Borrower ~questin8 P~Y~nt theroof.
Upon payment in full of all sums :ocuizd by this Mortgage, l.ender shall promptly refund to Borrower any Funds
I~eld by Lender. If uada paragrap6 18 hercof the Property is sold or the Propeny is othervvise acquired by Lender. I.ender
shall apply, ao later tl~an immediately prior to ihe sale of the Property or its acquisition by Lender, any Funds held by
I.eader at t6e time of applic~tiou as a credit against the sums secured by this Mortgage. -
3. A~iicatio~ of T~ab. Unless applipibk law provides otherwise. all payments r~ceived by Lender under the
Note and paragnphs 1 and 2 beroof shatl be applied by l.ender 6~si in paymeni uf ~m~unts payabte to l.ender by Borrower
under para~aph 2 he~+eof. then to interest payabk on the Note, then to the principal of the Note, and then to interest aad
prinapal on any Future Adva~.
4. C~ Iie~s. Bomower shall pay all taaes, assessments and other charges, 6nes and impositions attributabk to
tbe Pnopaty which may attsia a priotitp over this Mcxtgagt, and kasehold payments or ground rents, if any. in tb~ manner
providod uoder paragraph 2 heneof or, if not paid in such manner, by 8orrov~rer making paym~nt, whea due, directly to the
WYa tbeteof. Borrov?er ahall pmmptly fw~nish to l.ender all notioes of amoun~ due under this parsgraph. and in the eveat
Bor~+ower s6all make payment dirocdy. Borrower shall promptly fumish to Lsnder reaeipts evidencing such payments.
Borr+arva stiatl prnmptly discbarge any liea which has priority over this Mortgage; provided, that Borrower shall not be
rsquirod to diac6uge any such lien so bng as Borrower shall agree in writing to t6e payment of the obligatan secured by
wch liea in a mwntr aoceptable to Lender, or shall in good faith contest such iien by. or defend enforcemeot of such liea in,
legal pr~ings which operate to prevent the enforcement ot the lien or forfeiture of the Property or any put the~eof-
S. Haard Iaw~a~ce. Borrov?r~r shall keep the improvements now ex'~sting or hereafter crected on the Property inwred
against loss by Ett, ha7udt°included within the term "extended coverage", and such otl~er ha~rdt as Lender may require
and in auch amounts and for such periodc a4 Lentkr may require; provided, t6at Lender shall not iequire that the amount of
' we6 ooverage e~coeed that amount of coverage requirod to pay ihe sums sxured by this Mortgage.
'Ibe inwranoe carrier providing the inwrance shall be chosen by Borrower subject to approval by Lender, providod,
that such approval shall aot be unnasonably withheld. All premiums on insuranoe policies s6a11 be paid in the manner
I'I provided under para,gtap6 2 heroof or, if not paid in such manner, by Borrower making paymeat, w6en due, directly to t6e
~ insuranx carrier.
A1! iawrance policias and reoewala thereof shall be in form acoeptabk to Lender and shall include a standud mortgage
clause in favor of and in form acoeptabk to Lender. l.ender shall have tl~e rig6t to hold t6e policies and renewals thereof,
and Borrower shall promptly furnish to I.ender all renewal notices and all receipts of paid premiums. In the event of loas,
Bornower shall give prompt notice to the insurance carrier and La~der. Lender may make proof of loss if not made promptly
by ~orrower.
Unless Lender and Borrower otherwise agree in writing, insurance procoeds shall be applied to restoratioa or repair of
the Propeny damagod. provided such restoration or repair is economically feasible and the socurity of this Mortgage is
not tt~ereby impairod. If suc6 restoration or repair is not economically feasible or if the socurity of ihis Mortgage would
be impaired, the insurance proooeds shall be applied to the swns secured by this Mortgage, with the excess. if any. paid
to Borrower. If the Property a abar~doned by Borrower, or i[ Borrower fails to respond to Lender within 30 days from ihe
date notice is mailod by I.ender to Borrower that the insurance carrier offers to setUe a claim for insurance beoe5ts, Lender
is authorized to coUoct and apply the insurance procxeds at l.ender's option either to restoration or repair of We Property
or W the sums securod by ihis Mortgage. ~
Unless Lender and Borrower othenvise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in par~graphs 1 and 2 hereof or change the amount of
suc6 iostallmeots. If under paragrap6 18 hercof the Property is acquired by Leoder, all right, title and interat of Borrower
in and to any insurance policies and ia and to the proceeds thereof resultiag from damage to the Properiy prior to the sale
or aoquisition shall pass to L,ender to the extent of the sums secured by this Mortgage immodiately prior to such sak or
acquaition.
f. Praervatioa a~d Mamteaaece of Prope~ty; [.c~se6olds; Condominiam~ rfanaed Unit Devdopmeats. Borrower
shall koep the Property in good repair and shall not comnpit waste or permit impairn~ent or deterioration of the Property '
wd s6aU comply with the provisions of any kase if this Mortgage is on a leasehold. If this Morlgage is on a unit in a--- ;
condominium or a planned unit developme~t, Borrower shall perform all of Borrower'a obligations under the declaration
or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the `
condominium or ptanned unit development, and constituent documents. 1t a condominium or planned unit development `
rider is exceuted by Borrower ~and recorded together with this Mortgage, the covenants and agreements of such rider
s6all be inoorporated into and sball amend and supQlement the covenants and agreements of this Mortgage as if tht rider
were a part hereof.
7, p~ot~ctio~ of ~.esae~s Secuiq. If Borrower fails to perform the covenants and agreements contained in this ~
Mortgsae, or if any xtion or proceeding is commenceci which materially atTects [.ender's interest in the Property, 4
including. but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a
bankrupt or docedeot, then Leoder at l.ender's option, upon notice to Borrower. may make such appearances, disburse such
~u~s and ~vice wc1~ xtion as is nocessary to protcxt Lender
s interest. including, but not limited to. disbursement of
reatonable atiomey's fees and entry upon the Property to makc repairs. If Lcndcr required mortgage insurance as a
coodit'aa oE making the losn secured by this Morigage, Borrower shall pay the premiurtu required to maintain such
imuranoe in eHoct until such tiau az the r+equirement for such insurance terminates in accordance with Borrower's and
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