HomeMy WebLinkAbout0050 's
UNttro~at Cover~~t+ss. Bornower and Leoder covenaM and agree as tollows:
l. l~St ot hl~l aM I~. Borrower shall promptlY paY when duc thc principal of snd interest on the ;
iadebtedaat evidenoed by Wa Note, propaymeal and late charges as p~ovided i~ the Note, and the p~incipal of and intercst
oa ~ny F~ure Adv~nces secured by tha Mataag~.
Z. ~~i tor 71t~rs ~i L~n¦ea Subject to applicabk law or to a written waiver by I.ender. Bo~rowe~ sbali pay ~
to I,enckr on the dsy moothly installm~nts ot principal and intercst are payabk unde~ the Note. untii the Note is paid in tull.
s s~ (Aerein "Fuadt'~ equal ,to ot~o-twelfth of the yearly taxes and assasments which msy attxin priority ove~ this
Mo~e. and Sround rents on the Pcnperty. if any. plus one-twelfth of yeariy prcmium instaltments for hazsrd insuranoe,
P~~ ~~fW o[ yeuly preraium iastalla~b for mortgag~e insunnce, AAj?, all u ressonably estimated inilially and trom
time to time by Leader oa tbe baais of asseasmeats and bills and reaso~abk estimatts thereof.
'lbe Pbnds ~haQ be hNd io an institution the deposics o~ accounts of which are i~sured or guaranteed by a Foderal or
state a~ency (iacluding Ltqdet if Lender is such an inatitution). I.ender shall appty the Ftirtds to pay said taxes. asse:sments. ~
~atutanoe p~emiums aud Sround rents. Lender may not charge for so holding and applying the Funds, analyzi~g uid asoount,
or verifyint and compiliag said auessme~ts and bills. unkss L.eader p~ys Borrower interest on the Funds and applipbte law ;
permits Leaikr to make such a charge. Borrower and Lender may agree in writing at the time of exxution of this ~
Mart~s that intec~est on the Funds sh~Jl be paid to Bomower. and unlesa such agreemeat g made or applicable law '
re9uires wch iate~at to be pid, Leader sha11 ~ot be required to pay Borrower any interest or earnings on the Fuads. Lender {
sLall pve to $orrower. witboot charge. an annual aooounting of the Funds showing credits and debits to the Funds and the
ptcpae for which each debit to t6e Fuads wu made, 'ILe Funds ane ptedged as additional security for the sums secured
by th~ Martasye.
If the amount of the Fundt heW by Lender, togethe~ with the futurc monthly installments of Funds payabk prior to
t6e due d~ta of ta~ces. ~saameata, insurance premiums and ground rents. shall eacceed the amount roquired to pay said wces.
sa~nents. ~nw~ance pnmiums and ground rents as they fal! due. such e:cess shall be, :t Borrower's option. either ;
pranptty repajd to Bormwer w cradited to Bomower on monthly installments of Fuads. If the amouat of the Funds
l~dd b'Y Lender shall not be w~t to pay t~uces, a~ssments. insurance premiums and gcuund rents ss they fall due,
Bon+o~rer s6a11 Wy to Lzoder any amount neoessary to make up tbe de.~iciency within 30 days !mm the date notioe is maikd ~
by L,eader w Bort~uwer ro4~o8 WY~nt tberoof. ~
Upon parmeot iu fuU of all wms secural by this Mortgage, Leoder shaU promptly refund to Borrower any Fun~ ;
bdd by L~ender. If undex paragapb 18 hereof the Property is sold or the Property is otherwise ~quired by Lender. L.ender
~hall apptY. ~w later than immediateiy ptior to the sale of the Property or its aoquiaition by I.ender. any Fuads held by ;
Irader at tha time of application ~ s c~edit against the sums socured by this Mortasge.
3- Al~ik~atiN ef tiq~esb. Unkss applicabk law provida otherwise, all payanents receivod by Lender under the
Note and paraarap6s 1 and 2 hereof s6all be appliod by L.enckr fi~st in payment of amounts payable to I.ender by Borrower
under paraaraph 2 l~ereof, then to interest payabk on tha Note, then to the principal of tht Note, aad then to interau aad
P~~+PV oa aay Futu~+e Advaooes. .
4. C~e~ IJea~. Horrower shall psy all taues, assessments and other charges, fiaes and impositions attributabk to i
the Propaty which may auain a priority ow:r this Mortgage, and kssehold payments or ground rents, if any, in the manner t
pmvided under para,grap6 2 herwf or, if not paid in such manner, by $orrower making payment, w6ai due, diroctty W the '
P~Y'~ ~f. Bon+aw~a sha11 promptly furnish to I.endcr aU notioa of amounta due under this paragrsph, aod in the ev~t '
Bormwer s6AU malce payment direcUy. Borrower shaU promptly furaish to l.ender rcoeipts evide~cins we6 paymeats.
Botrow~~ sha11 PmmP~19 dischar~e ~ny liea which has priority over this Matgage; Provided, that Borro~w~er shall not be
requ~red W disc6uge any auch lian so bng as Borrower aha11 agru in writing to tht paywent of the obligatiae secund by
sucb liea in a tnanner aooeptabk to Leader, or shal! in good faith contest such lien by, or defead enforoement of such liea iq
1e,~a1 pmaeedings which operate to prevent the enforounent of thc lien or forfeiture of the Property or any part theroof.
s- Narard i~wrake. Borrower ahall keep the improvements now eacisting or hereafter erectod on the Property inwred
s8aiost loss by 6tt, hazarda included wit6in t6e tecm "extended coverage and such other haucds ss Lender may roquire
and in auc6 amountt aad for wci~ periods at L~nder may require; provided. that Lender sbal! not roquire that the amouat of
wch corerase es~eod that amo~u~t of oov~erage roquircd to pay the sums axured by this Mortgage. 't
'ILe inwranoe carrier providing th~ insurance shall be chosea by Borrower :ubjoct to approva) by Lender. provided, ;
that wch approval sha11 not be ui~onabty wit6beld. All premiums on inauranae poiicies shall be p:id io t6e manner
providod under paraacaph 2 6eroof or, if na paid in such manner. by Borrower makin8 PiY~t, wben dut, direcdy to the
iawranx artier.
All inwranoe policies and reaewals tbereof shall be in form acceptabk to L.ender aod shall include a standard mortgage
clause in favor of and in form aoceptabk to l.eoder. Lender shaN have the right to hold t6e policia aad reuewa~ therwf.
aad Bormw~er shal! promptfy furnish to I.ender a!1 renewal notioes and all raxipts of paid pitmiums. In tl~e event of loss,
BornQwer shall give prompt notice to the inswanoe carrier and l.ender. La~der may make proof of bsa if not made ~omptly
by Borrower.
Unkts Lender aad Borrower otberwise agroe in writiag. _insuranoe proc~eods shall be appliod to restoration or repair of
the Proputy damaged~ provided such restoration or repair is oconomically feaaibk and the sxurity of this Mortgag~ is
not t6ereby impairod. If suc6 ratoratior~ or npair is not eooaomicaUy feasible or if the socurity of ihis Mortgage would
be impaired, the iiuuraaoe proceeds shall be appliod to the sums suured by t6is Mortgage. with the eaccess. if any, Paid
w Bort~ver. If tl~e Property is abandoned by Borrower, or if Borrowar fails to respond to Leader within 30 dan from the
date notioe is mailed by Leoder to Borrower that the.insuranoe carrier offets to settk a claim for iawranoe beaeSts, Leader
is aut6orized m oolloct and appty tbe imarance prooceds at l~nder'a option ather W nstoration or regair of t6e Property
or tn the wms aecurtd by this Mort~e.
Unkis Lender and Borrower otherwise agrce io writing, any such application af proceeds W principal shall nd extend
or portpone the due date af the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
wcb insWlments. If under paragraph t8 beroof the Property is aoquired by L~ender, all right~ titk and interest of Borrower
in and to any iaturaooe policia and in and to t6e proccods theroof resulting from damage to tbe Ptoperty prior to ihe sak
or aoquisition s6all paa w I~euder to the extent of tbe sur~ sxurod by this Mortgage immediately prior to such sale or
f. lte~cnatio~ a~i Mai~tewa~ce of Pro~ertT Leaschofd~ Condomiei~~ P1a~ued U~ Drveb~enb. Botrower
shalt keep the Property in good repair and :hall not comn0ut waste or permit impairment or deteriontion of ti~e Property
and s6att comply wit6 the provisioos of any k~e if this Mortgage is on a leaaehold. If this Mottg~ge is on a unit in a ~
oondomiaium or a planned unit development. Bomower shall perform all of Borrowet
s obligatio~ uader the doclazation
or oovwanb creating or governing tbe condominium or Qlanned unit development, the bylaws and reaulations of tbe `
oondomiaium or planned unit devdopment, and constituent docwnents. If a condominium or plaunod unit devclopment {
rida is e~ecuted by Borrowa and rxordod together with this MortBage. ihe coveaants and agroements of such rider
ahall be inoorPorated into and s6all ameod and supplement the oovenants and agreemcnts of this Mortgage u if the rider ;
were s p~rt hereof.
9. Te~olecfio~ at I~s Sec~cil~. If Borrower fails to perform the covenanta and agreements contained in this
Mottja~e, or if a~r action ot proaeding is commenocd which materially affects I.ender's interat in the Property. ~
iacludina. bat not limitod to, aninu~t domain, insolvency, code en[oroement, or arrangements or proceedings involving a ~
baokrupt or de~oda~t, t6eo I.ender at t.ender's option. upon noiia to Borrower, may malce such appearanca, diaburse such ~
wmts aod teke wch action as it neoes~ary to protoct l.ende~s interest. including. but not limitod to. diabutsement of
reatonabk attomay's fea and eatry upon t6e Property to make repairs. If Lender r+equired mortgsge imwance as a 4
oondition of makina ihe ban secund by this Mortgage, Borrower shall pay, the premiu~ roquired to maintain such i
imutaaa ia eHeat nntil such time as the requirement for such insurance terminates io accordance wit6 Bortuwer's and t
. . 600K~75 PbGE ~V