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HomeMy WebLinkAbout0241 . ..~.r ' : 1 ` a t± UNn~o~t CovBx~uvTS. Bonnwar aad Leader coveaaat and agra u follorvs: 1. ~ of hl~e}~I ari I~he~ad. Borrower ~ail promptiY WY whea due t6e principal ot aad interott on the ~ indebtednea evideno~ by the Note. prap~ymeat and late char~es as pravided in the Note. and the ptidcipal ot aad interea ~ ; oa aay M~tun Advanas ~ec~u+ed by this Mort~a~e. • - Z. ltiM~ tor Tazes aei Lra~ee. Subjxt to appiicabk law or to a writtea waiv~er by LerKkc. Borrower s1~U paY co Lender a, ibn day moaihly iu~al~,aena of pr;acipal and ;n~ers~ aro psyabk under ~he Naa unul che Noce ~ paid in fuu, s+um (becein "Fundt'~ eqwl to one-twdith of the yeady tu~s and asse~sments which may attain priority over tha INorti+~e. and tround raia oa tbe Pe~operty~ if wy. plua ono-twelfth of yeariy prcauuan insWLneab for hazard i~auranoe. ptus one-tw~llth ot yeariy premium ia~alhpenb to~ mo~aae inwranee. i[ aay. all as reuonsbly ~atimsted laitiaUy aad from time to time by Leader on tbe bauis of au~srnenb and bilb and ra~sonabb atinu~ta thareot. 'ILe F~w~ ~11 be beld ia aa iaititutioo tbe depaits or :ccouab of ~rhich an iosured or tutranteed by a Fakral ~ ' state ~ency (iacludin~ I.euder if Lender ia such a~ imtitution). Lc~w aGall appiy ihe FLndt to pay said tazes. assessmeats, inaunnc~e pnmiwra and gr~ound reats. Lendar mAy not chug~e for so 1wldiag and apWrinS the Funds, ~nalyr3aa said acoount, or ve~ityias and compiliag aaid a:sasmeab and bilh. unka Lqrder pays Borrower interest oa the Fundt and applipibk law ' permits L~der to make such a char~e. Borrower and Leader may agrce io writing at the time of execution of this Mort~a~e t6at intecest on the Funds sh~U be paid to Borrower. and untess suc6 ag+eement ia made or applicabk law t r~equins wch iattrrat to be paid. I.endar shall nw be required to p~y Borrower apy intenst or earoiagi on t6e F~ads. Lendec € shaU pve to Borrower, without charge. an aanw! aooounting of tbe Funds s6owi~g credits aad debits to the Fuada and tLe purpoae for which each debit to the Fuads was made. T6e Funds are pkdged as additional security fot the sums aecured by thia Mortga~es, . a If the smounS of tbe Fuad: hcM by Lender, together with the future moathly installmcnta of Funds payabk priqr to thc due data of taxa. asseasmenb. iawrante pnmiums and grour~d rents. shail euceed the ardount roquircd to pay aaid taxa. a~e~?ts. inwranoe prwniums and grou~d ra~ts as tbey fall due. such eacoess shati ba, at 8omowe~'s optiop. either promptty ~ to Borrow~er ac credited to Borrow~ar on monthly idstallments of Funds. lf tbe amouat of the Fuadi hdd. 6y Lenckr shW not be ~at to y~y tax~s. a~ssmenb. insurance pna?iwna and ground reets ss they faU due. Bot*~?~~ s1~a11 WY a L~~ any an~ouot oeoeuary to make up the deficiency within 30 days from the date notioe is mailed by Ltdde~ to Bortower rc9~~n8 WYment tbereof. Ul~ PzY~ ia full o~ all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Fun~ ~ 1+_~~ 1,1? T~ie~_ if u„der mrasranl~ 18 he~ t6e Prouerty is sold or thc P[+opecty is otlkrvvise acquired by Lender, I.ender s6all apply. no later than immediately pcior to tl~e sale of the Property or its acquisition by l.enaer, any rw~ds neio oy I.eader at the time of application as a c~+edit agaiast the sums sxurod by this Mortgage. ~ A!l~tb+t et lrqwe~b. Unless applieabk law provida othenvisa, aU psymeats received by Lendec under the Note and para~rsphs 1 and 2 6ereof ahall be appliod by Lender 8rst in paymeot of amounts payabk to Lender by Borrower under paragraph 2 hereof, then to iaterest payabk on the Note, then to the priocipal of the Note, aad thcn to interat and priacipal on aay Futun Advanoa. 4. Cia~ Lice~. Horrow~er shaif pay a1i texes, ~ments a.-?d othes clsasgtr, flaes and imposilions attribatabie to the PropaHy which may attain a priority over this Mortgage, ~and kaschold payments or ~C+ound reats. if any, in the manner pmrided under puagraph 2 hereof or. if not paid in such manner. by Borrower makwg payment, wba~ due, directly to the Pi7+a thereof. Borr~owa siwll promptly furnish to I.eader aq notioes of amoun~ due under this paragrtpb~ and in the eveat Borrow~er stialt make paya4ent directly, Borrower shall pranptly furnish to l,ender raxipts evidencing such payments. BorroW?er shall promptly discharge any liea which has priority over this Mortgage; provided. that Borrowei shall not be rcquired to discharge any sach lien so bog as Borrower shall agree in writing to t6e payment of the abligadoa aocured by - such Iiea in a manner ~cceptab~k to Lendec, or shali in good faitli contest such lieo by, or defa~d enfonement of auch liai in, legal procadings which operate to prevent the enfor+eement of the lien or fodeiture of the property or any put theroof. S. Na~rd 1wra~ca . Borrower slwU keep the improvcments now existing or heresfter erected oa the Property insured agai~t laas by rue, hazarda included wit6in t6e term "extended coverage•,. aad such Mher hazards as I.ender may require and in wch amouots aad for auch perads as Lender may require: Pmvidod, t6at I.~nder shall not require that the amount of s~ch covcrsg~e excoed i6at unount of covenge required to pay the sums sxurod by this Mortgage. Tbe inwranoe carrier providing the insuranea s6a11 be chose,n by BorroNrer subject to approvai by Lender, provid~, thu wch approval shall not be unressonably with6eld. All premiums on insunnoe palicia ahatl be paid in the manner provided under parngraph 2 hereof or. if not paid in wch manner, by Bomowex makin8 paymeat, wben dae„ dinctly to tbe inse:fiance cutia. , All insuranze pol~cies ancl r~newals thereof s6a11 be in fonn acceptabk to Lender and shall include a standard mortgage clause in favor of and ia forar scoeptabk to Lender. Le~der shaU have 1he right to 6otd the poticies and ~enewals theroof, and Borcower shall promptly furnish to Leader siU renewal notioes and a!) roceipu of paid prerniums. 1n the event of loss, Botrowu shall give promq notioe to the insuranoe carrier and Lender. Lender may make proof of loaa if not made promptly by Borrower. Unk~ Lender and Borrower otherwise agrce in writing, insuranoe proceeds :hal[ be applied to restoration or repair of ~~Pt~Y Provided such restoration or npair ia oconomically feasible and the security of this Mortgage is not tbereby impaired, If sue6 nswration or repair is not economicaUy feaaibk or if the axurity of this Matgage would be impained, tbe insuranca proc~ads shal! be applied to tlie sums secured by this Mortgage, with the eaccas. if any. Paid : w Borro~?er• If t6e Property is ab~ndoned by Borrower, or if Borrower fails to respond to Leader arithin 30 days from tbe date notioe is mailed by Le~der to Bomower that the imsua~xx carrier offers to setUe a claim for insuranoe benefits, Lender is authocited to colkd and appty tl~ i~urance prooeods at Leod~r's option ather w ratoration or repair of the Pmperty or a the wms secured by this Mortgag~e. ~OICSS LCllQEC 8Ra ~O~IUWC~ oiDCrwlse agfCC iIl v?riiiug, ai~~i 5iia". i:~,~:;Cai:v:. Ls'~ j.:...:~ Y.Z E.~".-11 ~tnt ~;tP,~ or poatpone the due ~ta of tbe awnthly iastallments referred to in paragrap6s 1 and 2 hereof or chwge the amouat of s~ch insta~lmants. If undet paragraph l8 hereof ehe Property is aequirod by I~eader, all right, title aad interest of Borrower ia a~ to any imuranc~ policies and in aod W the ~x~eeds tbetoof rauldus from damage to the Property prior to the sate r or uquisidq~ shall psss W Lender to tbe ezteoE of t`he swna securod by this Morigage immcdiately prior to wch sale or aat+LS+tioa- - 6. le+aerratio~ aoa Maiotcoaoe~ ot Propedy; LeasE6old~ Coadomiaiem~ Pfsaaed Ue~ Devdopa~eab. Bornower ahall keep tln Properiy in good npxir and sh~ll not commit waste or pern~it impairment or detuioration of the Property ~~~P~Y ~d~ the provisions of any kase if this Mortgage is on a ieasehoW. If ~ this Mortgage is on a uait in a coodoaiiaiuat or a planned unit developmeat; Borrowu s6a11 perform aU of Boirowefs obligations under the doclustion . or covenaats creatiaa or governiag the condaminium or plaaned unit developmcnt, the bylaws aad ngulations of the condominium or plaanod unif davelopraent, and constituent documents. If a condominium or planned unit devetopraent ridec is acocuted by Bolrower aod recorded together with this Mortgage, tbe covaoaots and a~reaneats of such rider sha11 be inoorpon~d iuto and sball ameod and suppkment the oovenants and agreements of this Mortgage ~ if the rider were a part bereof. . 7• rrotectfo~ of Lada's Secor~. If Borrower fails to perform the oovenants aad agreemenb oontained in tf~is Mortgage. or if any action or prooeoding a commeoood which materisliy a~ects I.ender's interest in t6e Propert3+. inctuding, but not limitod to, ~~at domain. iosolvency. code enfonemGnt, or arrangements or proceodiag~ involving a banlcrupt or dooedent, then I.eoder ai Leader's option. upon notice to Borro~ver, mny rtuke such aPPearanas, disbu~se such wms and take wch actiun as is necessary to protect L,ender's interest, including, but not- limite~ to, disbur~ement of reatonabk atWmey's fea and entry upon ti~e Praperty to make repairs. If Leoder roquired mqtga~e inwranoe as a condition of making the loaa xcured by thi: Mortgage. Borrower :hall pay t6e premiucnt roquired to maintain such insurana in eHect unW suc6 time ss the requirement for such insurarnx tereniaates in axordanoe with Bamwer's and ~ ! ~ ' 1. ~ I ` l ) 0 C ~A~/~ _ ; . ~ • , . - sooK 2~ paCf c-~ ~ . .