HomeMy WebLinkAbout0792 UH~Fatty Covet+~NTS: Borro~ver and l~~Je~ covcnant a~d agree as toilows:
1. l~sest oi triscipl asd Interat. 13orn?wer shall prump~lp pay when due Ihe pri~cipal ot and interest c~n the
indebtedne:s evidenced by the Note, piepaytnent and late charges as pn~vided in the Note, and the principal ot and interes~
on aay Futuoe Advances secured by this Mor~gage. -
Fti~ tor Tua ae~ lsa~ra~ce. Subjcct to applicable law or to a writlen waiver by I.ender. BoROwer shall pay
to I.ende~ on the day monthly installments ot principal and ~n~erest are payable under the Notc, until the Note is paid in full,
a sum (herein "Fuadt") tqual to one-twel(th of the ycarly taxcs and assessments which may attain priarity over this
Mortgage. and ground rcntt on the Property, if any, plus one-twelfth of yca~iy premium installments for hazard insurance,
plus one-twelfth ot yearly premium installments (or martgage insurance, if any, all as rcasc~nably ectima~ed initially and (rom
time to time by Lender o~ the basis ot assessmcnts and bills anci reawnable eslimatcs thcrcot.
'Il~e Funds shall be held in an institution the deposits or accounts o( which are insured or guaranteed by a Federal or
state agency (including I.ender if l.ender is such an institution). I.ender shall apply the Funds to pay said taxes, assessments.
it~suranoe premiums and ground renls. I_ender may not charge (a~ so holding ancl applying ~he Fnnds, analyzing said account,
or verifying ar~d rnmpiling said asxssments and bills, unless I_endcr pays Borrowcr interest on the Fu~ds and applicable law
permits Lende~ to make such a charge. Borrawer a~d I.ender may agrce in writing at the time af execution of this
Mortgage that i~terest on the Funds shall he paid to Borrower, and unless such agreement is maJe or applicabk law
requires such interost to be paid. Lender shall not be rcquireil ta pay Barrower ~ny interest or earnings on the Funds. Lender
shall give to Bonower, without charge, an annual accountiog of ~he FunJs showing credits anJ dehits to the Funds and the
purp~se for which each debit to the Funds was made. The Funds are plaiged as additional socurity for ~he sums secured
by Wis Mortgage.
If the amount of the Funds held by I.ender, together with the tuture monthly installments of FunJs payabk prior to
the due dates af taxes~ u.xssments. iruurance premiums and ground rents, shall exceed the amount reyuired to pay said taxes,
a~nts, insuranoe premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either
prompUy repaid to Borrower or crodited to Borrower on monthly installments of Funds. If the amount ai thc Funds
held by Lender shall not be sufficitat to pay taxes, assescments, insurance premiums and ground rents as they fall due,
Bormwer stwll p~y to Leade~ any amounl nocessary to make up the deficiency within 30 days from the date notice is mailed
by Leoder to Borrower requesting payment thereoL
Upoo payment in full of all aums socu~d by this Mortgage, I.ender shall promptly refund to Borrower any Funcls
held by i.ender. lf under paragtaph 18 hercof the Property is sold or «N: Property is dhtrwise acquired by Lender, I.ender
shall apply. no later than immediately prior to the sale of the Property or its acquisition by l.endcr, any Funds held by
[.ender at the time of application as a credit against the sums socurod by this Mortgage.
3. A~p~icatioa o[ pqoeus. Unless applicable law proviJes otherwise, all payments received by Lender unckr the
Note aad paragraphs 1 and 2 hereof shall be applied by t_endcr first in payment of amounts payable to Lender by Borrower
under puagraph 2 hereof. then to interest payable on the Note, then to the principal of the Note. and then to interest and
principal on any Future Advanoes.
CWr~e~ IJe~s. Borrower shall pay all taxes, assessmcnts and other charges, fines and impositions attributabk to
tbe Property which may attain a priority over this Mongage, and leasehold payments or ground rents, if any, in the manaer
p~ovidod under puagraph 2 hereof or, if not paid in such manner. by Borrower making payment, w1x~ due. dirtctly to the
payee theteof. Borrower s6all promptly fumish lo Lender all notices of amouats due under this paragraph, and in the event
Bornower shal! malce payment directly. Bo~rower shall promptly fumish to l.ender receipts evidencing such payments.
Borrower sha!! promptfy discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be
required to discharge any such lien so long as Borrower shall agree in writing to the payment o! Ihe obfigation socured by
suc6 liea in a manner acceptable .to Lender,, or shall in gaod [aith cbntest such lien by, or defend enforcemcnt of such lien in,
legal procoedings which operate to prevent the en[orcement of the lien or fodeiture of the Property or any part thereof.
S. Hmrd Insorsnce. Borrower shall keep the improvements now existing or hercafter erected on the Property insurod
against loss by 6r~e, hazazds included within the term "extended coverage", and such other hazards as l.ender may requirc
and in wch amountt and for such periods a~ Lender may require; provided, that I.encier shall not require that the amount of
such coverage exceed that amount of coverage required to pay the sums secured by this Morlgage:
1be insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided,
that such approval shall not be unnasonably withheld. All premiums on insurance policies shall be paid ~in the manner
providod under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
iawrance carrier.
All insurance policies and renewals thereof shall be in form acceptabk to Lenckr and shall include a standard mortgage
clause in favor of and in form acceptable to l.ender. Lender shali have the right to hold the policies and renewals thereof.
'i and Borrower shall proropdy furniah to Leoder a0 renewal notices and all receipts of paid premiums. Id the event of loss,
Borrower shall give prompt notice to the insurance catrier and Lender. Lender may make proof of loss if not made promptly
by Borrower.
~ Unlesc Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
~ the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
~ not thereby impaired. If such restoration or repair is not economically feasible or if ihe security of ihis Mortgage would
~ be impairod, the insurance prceoeds shall be applied to the sums secured by this Mortgage, wi~h the excess, if any, paid
~ to Borrower. If the Property is abandoned by Borrower, or i( BorroMrer fails to respond to Lender within 30 days from the
~ date nodce is mailod by I.ender to Borrower that the insurance carrier oBers to setUe a claim for insurance benefits. Lender
~ is authorizod to collect and apply 16e insurance prooeeds at Lender's option either to restoration or repair of the Property
~ or w the sums•sccured by this Mortgage_
Unless L.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
-or postpone the due date of the monthly installments rcferred to in paragraphs 1 and 2 i~ereof or change the amount of
suc6 installments. If under paragraph 18 heroof the Property is acquired by Leoder, all right, titk and interest of Borrower
in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale
or acquisition shall pass to l.ender to the txtent of the sums secured by this Mortgage immediately prior to such sak or
ao9uisition.
6. hesenatio~ aod Maintenaoce of Property; I.ea9eholds; Condominiurn~ Planned Ueit Devdopmeets. Borrower
~ st~all keep the Property in good repair and shall not comivit waste or permit impairment or deterioration of the Property
~ and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a
~ condominium or a planned unit development, Borrower shall perform all of Borrower
s obligations under ihe declaration
~ or coveaants creating or governing the condominium or planned unit development, the by-laws and regulations of the
~ condominium or planned unit development, and constituent Jocuments. If a condominium or planned tmit development
~ rider is eaocutod by Borrower and recorded together with this Mortgage. the covenants and agreements of such rider
r shall be incorporated into and sball amend and supplement the covenants anJ agree~nents of this Mortgage as if the ricier
wen a part heroof. _
E 7. Pr~otectb~ of Le~der's Secnrity. If Borrower fails to perform the covenants and agreements contained in this
~ Mcxtg~e, or if any xtion or proceeding is commenced which materially afiects Lender's interest in the Property,
~ inetuding, but not limited to, eminent domain, insolvency, ccxk enforcement, or arrangements or proceedings involving a
~ bankrupt or deoedent, then l.ender at l.eoder's option, upon notice to Borrower, may make such appearances, disburse such
~ sums and take such action u is necessary to protect L.ender s intcrest, including, but not limited to, disbursement of
~ rea~onsbk attotney's feu and entry upon the Property to makc rcpairs. It I.cndcr required mortgage insurance at a
condition of making the ban socurul by this Morigage, Borrower shall pay the premiums required to maintain such
in~urance in efloct until such time as ~he rcquirement for such insurance tcrminates in accordance with Borrower s and
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