HomeMy WebLinkAbout0973 UN~Fat~?t Covew.yrs. Bom~v?er and Leckier co~ticnant and a~tce u foik~ws:
1. ~we~t oE hi~ciMl a~ t~leiesf. ea~~ ~i ao~ir wr Mt,~~ due the principai of and interest on the
indebtodnas evideneed by the Note. pr~pa)~meat ud late charEes as provi~kd ~n the Nae, and the principal of and interest
on any Future Advances securod by ~h~s Munaaae-
i m..~ %'r.R.~ ~ t....~..~= c.,l.:er~ u. _~eg1:c~61e iaMr or w a writtea waiver bv l.ende~. BoROW~~ snan wr
to Lender on the day monthly inualir~xnu of pri~cipal and ~atcr+est are paysble undtr the Note, uatil the Note is paid in full.
a sum (he~in "Fuadt"1 oqual to oao-twtlfth of the yea~iy tsca aad sssasmrna which a~ay attain priority over this E
Mattaae. and tround ~r~c aa t6e P~nperty, it any, ptus a~e-tvrelfth ~)Yarl~r Qranium iastalla~ents for hazard insurance.
plus one-twelfth of y~tattr pranium instailmena for ntottaase insurance. iE any, all as reasonaely estimated initially and from ;
time to time by Leuder on t6e buis c?f ass~smeaa acd bills aod reaxx~abk escimaea thereof. }
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i[A'r [-iiiLiii iiiiii UG fRAi iii iil iLiXi~iii~i3i iiii ii*r~aiT.saii Va ciiLZascsa ' w:s ~ s a~-'-"'_'- : :
sbte agency (includina Lende~ if l.~nder is such an i~ticuao~l. Leoder shall apply tAe Funds to pay said tues. assasmeats. ,
iasuranoe p~+emiums aad 6round rrnts. Leode~ ma~ oc~t cbarse f.x so holdin6 and applyina the Fuads. analyzing ssid account, '
or verifying aad oomplin~ uid assa:n~rnu and ~lls, unkss Leoder pa~s Borron-er interest oa the Funds at~ appliqble law =
permits Lender to make sudi a chuse. Borro~?w aod I~rnder msy a~ree in writing at the time of execution of this ;
Mo~taaae that iaterat on the Funds sl~ali be paid to Borro~rer. and unlas wch- agrce~nent is made o~ applicabk law ;
rcquira wch inta~at to be piid. Le~der s4a11 not be ~c~quired tb pa~ Brrr.~rer any interat or earaings on the Fuads. [.endet #
sbaq aive to Homowet. without charga an annual aocauuin~ of tl~c Fucxis shovrina credits and debits to the Funds and the ~
purpose for which ead~ debit to the Funds wu nude_ The Funds ar~ pk.igrd u additional xcuriry for the sums securcd ;
by this Mortgaae.
ff tt~e amount of the Funds hdd by L~rnit~, to~e~her Nith th~ future montM) installments of Funds payable prior to
the due data of tua, asussma~cs, insuran~Y ptrmiums and around rrnts. shall Giceed the amount req~ired to pay said tua.
assdsments, insuranoe prrmiums and grvund rrnts as tl~c~ tall due, such e.tctss shall be, at Borrower's option. either
pranptly repaid to Bormwer or crrd~~ed to Born~we~ on morsthlY installm~ents of Funds. lf the amount of the Funds ;
beld by Leoder shaU not bt su~amt to pay ta~es, a~ssments, inwrance premioms arni grour~d rents as they fall due. ,
Borro~ver shall pay to i~end~t any amount noaessar~~ to mate up the deficienc~~ within 30 da~5 trom the date notice is mailed ~
by l.ender to Borrower requestiag pa~ment therrot_ ~ ~
Upon paymeat ;n fuq of all simts sexured by tlus !N~rt~aae. t_~nder shall promptly refund to Borrower any Funds i
held by Lender. If under parasraph 18 hereof thc Propcct~ a sc~td or the Prapertp is othennrise acquired by Lender, I.ender ,
s6a11 spply, no later than immediatcl~~ priot t~ the sak of the Properi~ .x i~s acquisition by I.ender, any Funds held by ~
l.eader at the time of a~pplicatioa as a cndit a~unu the wats secured b~ this Nortgage_
3. A~iicatio~ of tiy~e~ts. Unkss appliubk law~ pro.•i.ies otlxcv?ise, all payments received by Lender under the
Note aad,paragraphs 1 and 2 htrcof shall b~ applied by Lender first in pa~ment of am~x~nts payabk to Lende~ by Borrower
unckr paragraph 2 hercof, th~n to intcrest payabk c?n tlx \utc. tF~ tu the principal of tTK Note, and then to interest and
principal on any Future Advances_
C~ I.k~s. Borrov?rr stull pa~ all ta~rs, ass~rscrt~nts and Mhzr char~es. fints and impositions attributabk to
the Property which may attain a prio[iry o~Yr this ~lortga~e. and leaschold pa}ments or ground rents, if any, in the manaer
provided unde~ paragraph 2 hcroof or, if aot pa~d ~n wch manncr, b~ Borrov?tr making payment, when due, directly to the
payec t6~[eof. Bormwrr siull pmmptly fumish to Len3er all notxes of amounts due under this paragraph. and in the event
Borrower shall make payment dirocth~, Bo~n~wrr shatl prcxnptly fumish to Lender receipts evidencing such payments.
Borrower shall promptly discharge any lien v?hwh hu p~iorit~ o~er this htongagc: provided, that Borrower shall not be
required to discharge any such lien so bng as Borrow~er shall ~t~ee in v?rit~r?g to the payment of the obligation secured by
wch lien in a man~xr ac~eeptabk to l~nd~r, ur shall io eo~~d iaith contrst s~hh lien by. or defenJ enforcement of such lien ia.
kgal procetdings which operat~ to prc~rnt the enf~xcemrnt of the tern ~•r furfeiture of the Property or any part thereof.
S. Haard l~uawce. BorrowYr shall loep the ~mpm~ements naN ~~i;ting or her~afler erected on the Property iosured ~
against loss by fire, haurds included w~ith,n the term "r~ta~de.i c~~~erage". and such other hazards as Lender may require
and in such amounts and for wch periods u Lender ma~ rr~quire; ~xo~ ide.i. that Lender shall not require that the amount of ;
such rnverage exaeod that anwuat of co,~rrage rrcquired ta pati the siuns stcured by this Mortgage_ i
'Ibe iowranoe carricr providing tbe iowrance shafl be clws~n b~ Borrov?~er subject to approval by Lender, provided,
I Wat wch approval shall not be untr~sooably witht~cld All premiums on inwrance policies shall be paid in the manner
~ providod unde~ paragr~aph 2 henof or_ ~f not paid in such mann~r. b~~ BorroWer makin8 payment, when due, directly to the
insurance carrier. '
~ All inwrance policie~ and renz..als thene.~f sh.ili b~ in f~ren acc~p~abk to Lender and shal! include a standard mortgage
~ clauu in favor of and in form x~~eptable t~ l.endtr. Leoder sha{I ha.~c the rigbt to hold the policies and renewals thereof.
~ and Borrower shall prompdy fucnish tc+ Lend~r all rYnev?al nouces and atI rc.eipts of paid premiums. In the event of loss,
I Borrower shall gi~e prompt naice to the i~uran;r camtr ind L~nd~r. Lendrr ma~- make proof of loss if not made prompUy
; by Borrower.
t Unless Lender and Borrow•er ott~rM,se agn~ in W nt~ng, inwrance pro:er.ls shall be applied to restoration or repair of
i the Property damagal, pro~•i3ecl such itCStORfK~(1 Oi nepair is e~~.~n.xnicalh- fzasible and the security of this Mortgage is
; not thereby impaired_ lf such rrsto~ae,or: or rtipair is n.~t zti.u~uni:ail?• leasihle cx if the security of this Mortgage would
~ b~ impaired, the insuranc~e prc~~eds shall be applie~i to the wms secure.i b}- this '.Nortgage, v?°ith the excess. if any, paid
to Borrower. If the Propem is :~t*an.loned b~ B.irn~Wrr. rr it Burmwer faits t~• respood to Lender within 30 days from the
date notice is mailod bp Lendet to Borrov?er that the ~nsunn~Y :amer otTen to senle a claim for insurance benefits, Lender
is aut6orized to colkct and appt~ tht i~auranoe proorais ac l rn.irr's optic~n rithzr to resturation or repair of the Property
or to the sums secured b~~ this 1lortgag~e.
~ Unless Lender and Borrrn~~er c~therv?sx agrer ~n wr~ting, an~ such appli~atior of proceeds to principal shall not extend
or postpone the due date of the monthi~ installments rcferned t.~ in puagraphs 1 and 2 hereof or change the amount of
~ suc6 installments. If under paragnph i8 beroof the Propert~- a acywred 6}~ Leoder, all right, tide and interest of Borrower
~ in aod to an}~ i~nurance policies and in and to thr pro~mis thereof resutung from damage to the Property prior to the sale
~ or acquisition shall pus to Lend~r to tb~ eatent af tht wms sr~ured b~ this ~tortgage immediately prior to such sak or
~ acquisition. ' -
~ 6. Prese~~stioo ad Na~teaa~ce of hored~: Ctaselald~ Cowdoai~igas: Plaaaed Ueit Derebpmeats. Borrower
~ shall keep the Property in good repair and shall aot rommit wute or perwt impairment or deterioration of the Property
and shall compl~• with the pro~~s~ons of any kax if th?s ~lc~rtgage is un a leasehold. If this Mortgage is on a unit in a
condomin~um or a planned un~t dc~~elc~pintnt. &xniwv shall perfcxm all of Bormwer's obligations under the declaration
or coveoants creating or governmg the ~~d~~mm~um or pianned unit deve{opment, the by-laws and regalations of the
~ condominium or planoed unit de~~e{oprneot, and c.~nuituznt dauments_ If a condominium or planned unit development
rider is executed by Borrovrer and recorded toge[her with th~s 1?fonRage, the covenants and agrcements of such rider
~ shall be incotporated ~nto and s6a11 amcnd an.i suF+pkment the co.enants and agreements of this Mortgage as if the rider
~ were a part hereof.
~ 7. Protectioa of I.ewde~'s Sec~. If Bc~rmv?er fails to pzrform the covenants and agreements contained in this
Mortgage, or if any act~on or proce~e~i~ng ~s c.~nmenced v?hwh materially aftects Lender's interest in the Property.
~ includine. but not limitod to. eminent domain. ~cu~altYnc~•_ ~wde t~fori~ement_ or urangemente cu ~+mceedin¢~ involving a
~ hankrupt or decedent, thcn t~nder at Lender's opic~n, upon not?ce t~ Borrc~vrer, may make such appearances, disburse such
~ sums and take such action u is noaes.su~~ tu prutect Lender s~nterat, ioclefding, but not limited to, disbursement of
reasonabk attomey's fers and entry u~c~n the ProQem to makc rcpairs_ If Lender required mortgage insurance as a
~ condition of making the ban socurai b~~ this MoregaK~e. Born•wer sha11 pay the prcmiums required to maintain such
~ insuranoe in effect until such eime as the rrquirr~nent [or such mwrance termin~tes in accordance with Borrower s and
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