HomeMy WebLinkAbout0378 U~ Oovaw~uvrs. Bon~owu atd l,a~der coveaant and a~roe as tollows: •
1. .t r~.~~ ..i w«r.~. eor~ ~.n ~w~r wr When due the p~i~cipal of and interest on the
iadebtedoat evideuoed b~? the Note, Prap,yn~ent aad late char~es as provided in the Note. and the principal ot a~d interal
on any Futuro Advaoces iecu~ed b~r tRit Mortaa~e.
3. !ri t+r 11~m~s a~i L~wea~e. SLbject to, applicabb law or to a writte~ waire~ by Lender. Borrower shsll paY
to Lender oa tbe day moathf~r in~talimeats ot principal and iote~rst are payable uc~der the Note. until the Note is paid in fuU.
,•~a (becein "Pru~'y equal to oaatwdNh of the yearly taxes and assesunents which may attaia priority over tha
1Norttase, and ~ouod ~ena on ~be P~perty. if aay. plns oaatwelfth ot yeul~? Premium installmenb for haz4rd insurance.
Phu ooe-tw~elfth ot yearly prani~n inqalln~eatt tor mort~ase i~surance. if aay. all as reasonably estimated initially and trom
time a tiaie by I.eeder on tbe batis ot ss~epma~ts and bills aod rcssonabk atimata tbereof:
'Ibe pundt sl~all be hdd ia aa it~tiwtio~} the deposits or accounb of which aro inwred or gwrantoed by a Federal or
st~s a~ncp (~ncbdin~ I.eader ii I.eeder is wch an imtitution). t:eader sball appiy the F~nds to p~y uid taxa, assessmcnts.
~mutaoog p~en~iums aod pau~d reab. La~der may not cbaqe for so holding and applying the Runds. analyzint uid aooount, t
or ventrai snd caaplinj said aa~m~ts aad biils. unlas I.e~der p~ys Borrower inte~st on ~he Funds and applicable law ~
peimits Leader to make wch a cl~ar,e. Bormw~r aad Lender may agree in writina at the time of eacocution of this
Motts,ye tbat interat oa tbe Puocts sball be p~id to Bormwe~, and unless such aareement ia made or applicabb law
~+equiret wch iatetest W be paid. La~der shal) not be required to pay Borrowcr any inte~est or earniags on the Funds. Lenckr ;
s6d! pve W Hormrrer. ~?ItLout cbarae. an annual aceounti~ ot tbe Funds ahowi~g crodits and debib to the Fw~ds and the 1
pucpo,e tor ~r6ich ach debit to the Fuads was made. The Funds are plodged as additional security for ~he sums socurcd
~ ~ M~• a
If the amouat of tl~e Ftu~ bdd by Laader; together with the future monthly installmcats of Funds payabk prior to ~
tLe due dstas of tua. sssesuneats, imuranoe pt+emiums and sround rents, sAall exoeod the amount roquircd to pay said t~uces. ~
, ~ts. imwranoe premiumt aod sround rents ss tbey fall due. such eacess shall be. at Botrower's option. either
pooo~ptlr repaid to Bornow~er or credited w Borz+ow~er on monthly installmena of Funds. If the amount of the Funds
beid bp Ireader sball oot be suBcimt to gsy taxa. aa~ssma~ts. iusurar~oe p~eaniums and grouod rents ss they fall due, :
. eo~o+.u,~au p.r co i~ ~r to mal~e up t6e deficiency ~vithin 30 days from the date notioe is maikd '
by I~md~ co Borro~ra ~tina P~~eat t . :
UP~ P~~ iu fuU of dl sutns secu~ed bp this Mortaage, Lender shall P~PUY ~efuad to Bormwer any Funds
6dd b' I.a~der. ii uader paray~p6 18 hereof the Propetty is sold or the Property is otherwise acquired by l.ender. I.ender
s6all spply. ao lata t6ao im~ediately ptior W tbe sak of the Propertp or iu aoquisition by I.eoder. any Funds held by
I.eader at the time of applicatjon a~ a credit asaiast the wa~s sxured by this Mortaaae. ~
3. A~iieatl~¦ ~t l~q~e~ts. Unkss applicabk law provida otherwise, all psyments noceived by Leoder under the
Nors and paraataphs 1 aod 2 heneof shall be applied by l.ender 8rst in payment of amounts payabk to Lender by Borrower
under parasrapli 2 bereof. tbea to interat payabk on tbe Note. then to the principal of the Note, and then to interest and
principal on any Futume Advana;s. .
4. ,CYie~ Ijear. Bortower shaU pay all tues; ass~sments and other charges. 8nes and impositiona attributabk to
d~e Prnpaty w6icb maq attain a priority over this Mortgsge. and k~ehold paymeots or ground ~+enb. if any. in tbe manner
- pmi?ided ~nda paragrapl~ 2 hereof or. if aot paid ia wch manner. bY Borrower anakw8 P~Y~b M?ben d~e. directlY W tbe
P~l?'ee tl~a~eof. Borc~o~wa ~hall pmmptly furnish w Lender aA notioea of aaiounts due under this paragrap6, aod in tba cvent
Borro~rer dull mal~a paymeat direcUy. Borrower s6ap P~~P~Y fumish to ~a~ ~ ~r;a~a~g ~b wr~~.
~'~"e~ ~ P~Y any liea which has priority ovcr this Mortaage; Provided, that Bormwa~ shall not be
~eqwred tn d~scbarse any auch lien so bog as Borrower shall agree in writing to tbe paymeot of the obligatio~ ~red ly
wch li~ in a maana~ aoaptabk to L.wder. or shaq in good fait6 contest such lieo by, or daftad enforcanent of such lien in.
kpt Prnooedin~s M?hich opaate to prev~eat tbe eaforoement ,~f the. liea or forfeiturc of the Pc~nperty or any put thereof.
S. Haari I~wea~ee. Botr~ower sball keeQ the improvements now cxisting or hereafter erected on t6e Property insured
aaaimt bss by S~+e. ha~ds iacl~dcd wit6in the tertn `bxtended coverage•,, and such other•haztrds as I.ender may require- s
aad in wc6 amouats apd for wch periods as [.eoder may require: Provided, that [,ender shall not roquire that the amount of '
such oaveraae eacoeed tlut amouat~of covecage rcquiral to pay the sums secured by this Mortgage.
Tbe inwraooe carrier providing the iawranoe a6a11 be chosw by Borrower subject to approval by Lender, provided, ~ .
~ t6st wch app~nval sl~all not-be nnreasoaaWy witl~6cW. Atl p[raniums on instirat~ policia shall be paid iri the manner
provided undet parapap6 2 beieof or, if not paid in auch manner. by Bornowa makinB P~Y~t, whea dua, directly to tbe
u~utana carria.
Alt imuraoce poticia and reaewats thereof s6att be in form aooeptabk to Le~der and shall include a standard mortgage
'i clw~e in favor of and in form acoeptable to Lendu. Leoder shaQ have the right to hold the policies and renewals theroof,
~ and Borrower shall promptly turnitfi to Lender a11 renewal notices and all raxipts of paid pntniums. In the event of loss,,.
; Boaorver sba11 give prompt notioe to the iasaranoe carrier and Lender. Lender may make proof of loas if not made promptiy
' by Borrower. -
~ Unkas [.eadet and Borrmv~r otherwise agree in writing, insurance proceocls shall be applied to restoration or repair of -
the Pr~nperty damsgod, Pmvided suc6 restontioa or repair is econanicalfy feasibk and ihe socurity of this Mortgage is
not thereby impairod. If sgch rawntion or rcpair is not economically feaaibk or if the soc~uity of ihis Mortgage would
be impaired, the insuranoe proceeds ahal! be applied to the sums socurod by this Mortgage, with tln excess. if any, paid
W BorroNrer. If the Ptoputy is abandonod by Borrower. or if Borrower fails to rapond to Lender within 30 days fmm tbe
date notioe is mailed by I,ender to Bornower that the iasurance carrier otfers to settk a claim for ir~urance bwe6ts, Lender
is autboriud W oolkct and apply the insuranx prooads at Lender's option eitber W raWration or repair of t6e Ptopetty
or w tLe wm~ securod by this Mortgage. _
~ Unkss Lender and Borrower otherwise agroe in writing, any such application of procoais to principal shall not extend
or postpone t6e due date of the monthly instalLnents referrcd to in parographs 1 and 2 hereof or cbange the amount of
s~ in:taUments. If uader paraaraph l8 heroof t6e Pmperty is acquired by I.eader, all right. titk and interest of Borrower .
in and to any inwraooe policia and in and to the prooeods theroof reaulting fmm damage to 1Le Property prior to the sak
or soq~ shall p~su W I.tader to tbe extent of the su~ socured by this Mort~age immcdistely prior to such sak or
ao4uu~ition• _ -
f. iieaerratio~ a~i 1Wai~hea~ce o~t h~operty; Leaserdd~ Condomjniam~ Pboned U~ De~dopmeetr. Borrower
sball kxp the Propaiy in pod npair aad shaU not c~oracoit waste or permit impairmeot a deteriontion of the Property
snd sbaU capply wit6 the provisions of aay k~e if t6is Mortgage is on a kasehoW. If this Mortgage is on a unit in a
condominium or a planoe~ ~mit development, Borrower shall perform all of Borrnw~ers obligations under the declaration
or om?eoanb creatins or governing the coodomioium or planncd unit devebpment, the by-laws and regulations of the
oondominium or plannod unit development, and constituent documents. If a condominiwn or plannod unit devetopment
rida is executed by Borrowa and recorded together with this Mortgage. the covenanta and agrcetnents of such rider
s6aU be incorporated into and s6all amend and suppkment tl~e oovenants and agreements of this Mortgage as if ihe rider
w~ere a put here~of.
'f. ln~eelio~ ot Le¦ier's Sec~ritr. If Borrower fails to perform the covenants and agreemenb contained i~ this
Mort~s~e, or if aay action or prooading is commenoed which materially aQects Lender's interest in the Property.
ioclndina, but not limited to. eminent domain, insolvency. code enforoement, or arrangements or pra~ceedings involving a -
b~nttnpt at decedait, t6en I~r at l.eader's option, upon notice to Borrower, may make such appearances, disburse such
suo~ and take such actioo as is neoes.wy to protxt Lender's interat, including, but not limited to. disbursement of
rea~ooabk aitorney's fea and tatry upon t6e Property to make repairs. If Lender roquired mortgage insuranoe as a
cooditan oE matins t6e Iwn secured by this Mortgage, Borrower shall pay the prcmiums required to maintain auch
iapuaooe in eHect tmW wch time as the nquireax~t for such inwrance terminates in urnrda~ce with Borrower's and
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