HomeMy WebLinkAbout0852 UNIFURII CUVBNANTS. 8orrawe~ and l.cndr~ cove~ant and agrCe as follows:
l. Yaymenf ot Principd and lnteresf. Borrower shall promptiy pay wh~n dua the prin:ipal oE and inter~st on the
indebtedocu evidenad by the Nota~ propaymant and late charges as provided in the Notr. and tha principal of a~J interest
on aoy Future Advances secured by this Mohgaga.
2. Fun~is tor Taaes ~nd Insurance. Subject to applicable law or to a written waiver by I.ender. Uorrowe~ shall pay
to Lcndar on ~hc day monthly installments of principal and inte~est a~e payabla undtc the I~ote, until thc !~ota is paid in full.
a sum (hcrcin "Funds") equal to on~twalEth oE the yea~ly taxcs and assessments which may attai~ priority ove~ this
Mo~tgaRa. and g~ou~d nents on the Pcnperty. if any. Plus one-twalith of yearly premium installments fo~ huard insurance.
plus onr-tw•elEth of )early premium i~stallments tor mortgage insurance, it any. all aa rcasonably cstimated initially an~1 from
time to tima by Lendar on the basis of assessments and bills anct rcaso~able estimates thereof.
'Ilie Funds shall bt held in an institution the deposib or accounts oi which arr insured or guaranteed by a~ Fs~feral or
state agancy (inclnding I.eoder if Le~der +s such an institution). Lender shall apply the Funds to pay said taxes. assessments,
insurancx premiums and grou~d tents. Lender may not eharge to~ so holding and applying the Funds. analycing said account.
or verifying aad compiling said assasmc~b and bills, unless Leader pays Bonower i~tercst on the Fundi and applicable law
permits [.ender to make such a cha~ge. Bor~ower and Lender may ag~ee in writing ~i the time of GCCCt1~tOQ of this
Mongage that interat on the Funds shall be paid to Borrower. and unless such lgreemznt is made or applicable law
rcquires such intcrest to ba paid, Lender shall not be ~cquired to pay Borrowe~ a~y int~rest o~ earniags on tha Funds. ~ Le~der
shall gitii to Borrowe~. without charge. an annual acrnuntiag of the Funds showing credit~ and dzbits to the Funds and the
purpose for tivhich each debit to the Funds was made. The Funds are pledged as additiunal security tor tha snms securrd
by this l~tortgsge. ~
If thc amount of the Funds held by Lender, togethe~ with the tuturc monthly instatiments af Funds payable prior to
the due dates of taxa. assexsments, insu~ance pnmiums and g~ound rents. shall cxceed the amount required to pay said taxa. ~
asscuments. insurance premiums and gtou~d rents as they fati due. such excess shaN br. at Borrowers option, either
promptly repaid to Borc~war or ecedited to Borrower on monthly installmeots of Funds. If the amount of the Fu~ds
held by Lender shall not be suf6cient to pay taxes. auessments. insurancc premiums and ground rents as they fall due.
Borrower shatl pay to L~ec~der any amount axessary to make up the deficie~cy within 30 days from the date notice is mailefl
by I.ender to Borrower requating payment tlureof. ~
Upon paymrnt in ful! of al! sums secured by this Mortgage. Lender shall promptly refund to Borrowe~ any Funds
held by Lender. If uader pu~graph 18 hereof the Pwperty is sold or the Pmperty is othenvisa acquired by Lender, I.e~der
shall apply. no later than immediately prior to tha sala of the Property or its acquisition by Leader. aay Funds held by
t.ender at the time of application as a c~edit agaiast the suau securcd by this Mortgage.
3. Applicstioa ~ P~mentr. Unless applicable law ~rovides oiherwise. all payments received by Lender under the
Note and paragraphs I and 2 hereof shall be applied by Lc~der 8rst in payment of amounts payable to Lender by Borrower
under paragraph 2 henof, then to intettst payabk on the Note, then to the principal of the Note, aad theo to intemt and
priacipal on any Future Advaaces.
4. Cbarges; I,ie~a. Boaower shatt pay atl taxes. asstssments and other chatges, fines aad impositions attributable to
the Property which ruay aitaia a prioriry over this Mortgage, aRd leasehold payments or gmund rents. if any. io the manner
providcK! under pazasgraph 2 hereof or, if not paid in such-manner, by Harrower making paytnent. when due, directly to tha
payee thcreof. Borrower shall promptly funaish to Lender all notices of amounts due under thit paragraph. and ia t6e event
Bortower shall make payment directly. Borrower shall promptiy furnish to Lutder receipis evidencing such payments.
Borcower ahall prompdy discharge any leen which has priority over this Mortgage; provided. that Borrower shall not be
requind to discharge aay such lien so long u Borrower shall agree in writing to the paym~nt of the obligation secured by
such lien in a manner acceptabk to Lender, or shall i~ good faith contest sueh lien by. or defend enforcement of such Iien iq
legal proceedings which operat~ to prevent the enfo~+cement of the lien or forfeitwe of the Property or a~y part thereof.
S. Hszard Inwrsmca Bocrower shatl keep the improvements rtow existing or hereafter erectcd on the Property insured
agair~st loss by fire. 6azuds included wit6in the ternt "extend~d coveraga", aad such other hazards as Lender may require
and in such amountt and for such ptriods as Lwder may require; provided. that Lender shall not cequire that tht aznount of
such covarage excad that amouat of cover~ge required to pay the sums secured by this Mortgage.
'I1~e insurance cartier providing the insurance shall be chosen by Borrower subjxt to approval by Lender, providod,
thai such approvat sball not be unnasonably withheld. A!1 pnmiums on insurance policia shall be paid in the mannec
provided uuder paragraph 2 heroof or. if nat paid in such manner. by Borrower malcing paymen~ when due, directly to the
insurance carriet. ~ - - ~ ' . . , .
Atl insurance poiicia and re~ewals thereof shall be in torm acceptahle to Lender anJ snae~ ;nciu~k a~iau~a,~ i;~or:ga~e
clause in favor of ac~d in form acceptable to I.ender. I.tnder s6a11 have the right to hold the policies aad rznewals thereof,
and Borrower shall prompdy furnish to Leoder all renewal notioes and all raxipts of paid premiums. I~ the event of loss.
Borrower ahall give prompt notice to the insurance cacrier and Lender. Lender may make proof of toss if not made promptiy
by Borrower.
Unless Lender and Borrower otherwise agree in writing. insurance prococds shatl be applied to ratoration or npair of ~
the Property damaged, provided such restoratioa or repair is economicaUy feasible and thz security of this Mortgage is
not thereby impaircd. If such restoration ot repair is not ecoaomicaQy feasible or if the security of this Mortgage would
be impaired. the insurance proceeds shall be apptied to the sums secured by this Mortgagt. with the txctss. if any, paid
to Borrower. lf the Property is abandoned by Borrower, or if Borrower faits to nspond to Lender within 30 days from the
date notice is mailed by Lende~ to Borrower tharthe insuraoce carrier offets to uttle a claim for insurance benefits. I.ender
is authorized to collect and apply the insurance proceeds at Lender
s option either to restoration or repair of t6e Property
or tu the sums saurod by this Mortgage. -
Unless Lender aad Bonowar othemise 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 paragraphs 1 and 2 hareof or change the amount"of
! such installments. If under paragraph 18 hereof t6e Property is acquired by I.e~der. all right, tide and interat of Borrower
~ in and to any iasuraace polici~s and in and to the proceeds thereaf resultiog from damage to t6e Propany prior io the sale ~
! or acquisition shall p3ss to Leader to the extent of the sums xcured by this Mortgaga immediately prior to such sale or
acquisition.
~ 6. Preservation and Maintenance of Property; Lcaseholds; Condominiums; Planned Unit Devdopments. Borrower
shall keep the Property in good repair and shall aot commit waste or permit impairment or deterioration of the Property
and shalt comply with the Qrovisions of any lease if this Mortgage is on a)easehold. If this Mortgage is on a unit in a
coadominiurr~ or a planned unit development, 8orrower shall pertorm all of Borrower'a obligstions under the declaration
or covenants creating or governing the condominium or planned unit development. the by-laws and regulations of the
condominium or planned unit development, aed constituent documents. If a condominium or ptanned unit development
rider is executed by IIorrower and recorded together with this ylortgage. ihe covenants and agreements of such rider
shall be incorporated into and shat! amend and supplement the coveaants and agreemenis of this MoRgage as if the rider
were a part hercof.
7. Protection of I.ender's Security. If $ortower fails to perform the covenants and ag~eements contained in this ~
Mortgage, or if any action or proce~ding is commenced which materiatty af~ects Lender's interest in the Presperty.
inctuding. but not limited to. eminent domain. ir~.wlvency, code enforcement, or arrangements or ptoceedings involving a
~ bankrupt or decedent, then Lender at Lender's option~ upn~ notice to Borrower~ may make such appeaiances. disburse such
sur~s and take such action as is aecessary to protect Lenders interest, inciuding. but not limited to, disbursement of ,
~ reasonable attomey's fees and entry upon the Property to make repairs. If L.ender required mortgage insurance as a ~
condition of making the loan secured by this Mortgage. 8orrower shal! pay the premiums required to maintaia such ~
~ insu~artca in effect unti! such l:mt as the requirement for such insurance terminates in accordance witn Bo~cow~c's and x
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