HomeMy WebLinkAbout0965 ~ U~~Fatu Co«r ~~rs. Bo[t+=wec anJ Lendt~ covmant and agie u folbws:
t. Pa~~meat of P~iucipa! aoi lnterest. 8cxto+~w shall pmmptly pay v?hen due the principal of and interest on the
iri~lcb~rdneu e~i~encCd by tAe Note. P~epaymeat aad late charges as ~oveciod io the Note, and the prirtcipai of aod interest
on anv Futurc Advanc~,~s stcured by this Mongata.
2. Fueds for Taars sad losurawce. Subject to applicabk law or to a vr~itcea waivzr bp l.ende~. gorra~ra shal~ paY
to I.enJer on the day motuhly iastatlmc~ts oI priocipa! and 'eote~ ar~e payabk undet the Not0. uotil the Nota is paid in tu1~,
~ su,~n (l~ercin ••Funds'
) equal to one~twYlfth ot the yeadY tates and asassments which may attai~ priority oMer this
Afoitgage, and ac~ound ceats o~ the P~+operty. if any. }+lus one-twelfth of ~euly premium i~stallments for hazard inwcance.
pius one-twelfth c+f ~euly pcemium installmeats for moctgage i~~rance. if aay, all as eeasonably atimated initialt~ artd tro~a
Nme to time by Lender on the basis of auasme~u and bills ard reaso~abk es~imates thereof.
The Funds shall be iield in an inuitution the deposits or accounts ot ahich ue insu~+ed o~ sua~anteed b) z Federal or
state agancy (iocluding l.eader if I.eoder is such an iastitution). Lender stiall apply the Fuads co pay uid tax,zs. asse~menis.
insursn~,~e pctmiums aad grouad reats. Cende~ may not cha~grc for so Aotdi~g acid applytiog tl~e Fu~1s. analytiag uid acoount~
or .~e~ifji~g aad compiling uid assasmcnts and bills„ unku I.~ader pnys gornw,e~ intenxt o~ the Fw~dt aad applicabk law
permits l.ender to make such i C~li~&C. BOITOMflf apd [,eOd~,Y tD~y 1g[~,Y iA Mn1~IDa 1l lllt tltii! O~ G~CtCUtlOlt OI l~lii
~tartsagz chat intenst on the Fuads shall be paid to Borrowrr. and unlzss such aareement is made or applicaWe taw
re~ui^zs such into~st to be p~id, Lender sha!! aot be re~quired to ps}~ Bnrrower an} intrrcst or earnin~s oa tbe Funds. Lende:
shal! give to Borrowtr, without chuge, aa aanwt aeoou~tiag of the Fwkis showing credits aad debits to the Fwtds aad the
purpose for which eaeh d~it to the Fuads wu tnade. Tne Funcis an pledgod u additioaal socvritp fot the sums secured
by ch?c ~tongage.
Ii the amount of iha Fuads h~ld by Lender. tosetl~er +rith the future monthiy instaUmeats of Fuads gayabk prior to
thr due tfata of tara, sssessma4ts, itawanoe p~+emiums and Eround reucs. shall araed tbe amount ~equired to pay said ta~es,
assessments. iasuranee premiums and gi+ound rents u tbey fall due. such e~ccess shalt bc, at Borrower
s o~iou~ eithet
promptly reQaid to BoFmwer or cradited to Borrower oa mon[hly inuattmena of Fuads. If tha amouut of the Funds
hetd by Leader shai! not be u+6cieat w pa~ ta~?es~ ass~r~cs~ insurance prrmiums and gro~u~d rents as they fap due.
Borrow~r s~all pzy to Lender any amouat neoeuary to make up t1x detciency within 30 days from the date notice is maikd '
by Lenda to Horrower requating psym~nt the~+oof.
Upoa paymeat in fult of alt uuns axured by this 1?tortgage, Le~r shaq pmmptly ceEund to Borr~wer any Funds ~
held by Lender. It under paragraph 18 heneof the PropeAy is sold or tbe Propercy is dhawise acquiird by Leader. L.ender
shall apply. no later than immediatdy ptior to the sak of the Properh ot its a:quisition by Irender. aay Funds hdd by
LeGdrr at the timc of applicatioa as a ccedit agaiost the sums secured by this ~fortgage. ~
3. Appiiatiow of Pa~rnieNs, Unlecs applicabk law pmvides otherwise, all payments reeei~~ed by Lender und~r the
~ Note wd parag~aQhs 1 and 2 beroof shail be applied by Lp~r 6rst in pay~ent of ~mounts payabl~ to Lender by Bormvrer
' undrr pangrsph 2 hereof. then to inte~est payabk on tht Note, then to thc princi~al of the Not~ and then to interest and
principal oa any Future Advaooes.
4. C6a~e~ I3eas. Bortowtr shalt pay all taxes. assiss~nentt and ottxr cfia~ges,~ Rnes and impasitioas attributabie to
the Prope~ty which may attain a prioritjr over tha Mortgag~e. x~ k~uhold paymcev or grc+uad miis, if any. in the manner
proti-id~d under p~ragraph 2 hereof or. if not paid in such ma~u~er, by Borrower makir48 WY~t, whai due, directiy to ihe
payee theceof. Borrower sball praaptly furnish M Lendcr aU notices of amouats due uader this paragapb, a~ in tbe eveat
Borruv?e~ shall make payment direcdy. Sorrower shall promptly furnish to Lrnder reeeipts eviden~cing such payments.
Bo~rower shall pmmptty discharg~e any lien whirh has pr+o~ity o.rr thes I?~ortgage; pnuvidod, that Bormwer shall not be
required to disc,'~arge any such lirn so bng as Borrowrr shall agroe ia v?riting to the payvnent of the obligatiun secured by
such lien in a manner aooeptabk to Lender. or shall in good faith contat wc~ liea by, or defead rnforament of wch lia~ in,
k6a1 prooeedings whicl~ oporue to prevent the enf~ement of the liea or forfature of the Pmperty or aoy part thtreof.
~ S. Hazard Iosnraaee. Borrowet shatt kap the improi~ements rrow e.iistiaa or ha+~after erectod on ihe Pr~petty insurod
, against loss by fire, hazarrds includod within the term °txtonded coverage°, aad such other hazards as Ler~der may require
and in such amounu and for wch periods as Lender may rcquire; pr+ovided, thaf Lencler s,hail not require that the aroount of
such coverage excoed that amount of covtra,ge required to pay the wms secured by this Mortgage.
The iowranco catrier providins t6e euuranoe shap ba choseie by Borrovrer wbjoci to approval 6y Lender, pmvided.
that such apprnval sha!! not be uorrzsooably wxhhdd. All -pre~uiums on ins~uanoe policies shall be paid in the tnannet
prov;ded under paragraph 2 hu~eof or, if not paid iQSUCh nuaa~. by Borrower c~aking PaYment, w6a~ d~e. dic~ec~lY to ths
inwrance carriet.
AU inwrance pdicies aad renewals th~rouf s6ali he in form aooeptable to Lsnd~r and shaU indude a u~ndard mortgage
clause in favor of and in form acoeptable to Lender. i~ndzr shali have the right to hold tho policies and ncewals tAereof,
aad Borrowu shall promptly furnish to Lcnder al! re~ewal notio~ aod ap rx~ipts of paed pnraiwns._ In the eveat of loss.
Borrowe~ shaft give pt~mpt notic~e to the ic~suranoe carrier a~ La~dcr. CenAer m~y mate proof of foas if not madt pramptiy
by Bormwer.
Unkss I.ender and Borrower otherwise a,g~ce in writing. insurance procecds sha11 ba appli~d to restoration or npair of
the ProPcrtl? duna8ed. Pcovided such rcstoruion or crpair is erniwmicaliy fra.ubk and tht szcurity of th~s Atortgage is
not thercby impaired. If suc6 restoration or repair is not e.rononnicatly feas~"t+le or if the security of this 1?tortgage wouW
be impaired, the insuraax prooeeds shall 6e applied to the ~ums secured by this MortgagG, with the exc~ss. if any, paid
to Borrower. If tbs Pmperty is abandaned bp Borrower, or if Borr~ow~ faik to rapo~d to Itader within 30 da}s imm the
date notice is mailed by Lendcr to Borrowrr thst t6o iasurance carrier offers to xtQe a claim for insurance bene5ts, Lender
is authoriud to oolloct and apptp the i~ucu~oe proooods at I~eader's option atber to ratoration ar repair of tbe Property
or tu the sums secured by this MortgaEe.
Unlcss Lender aod Borrower otherwise agroe io writiag. any such apglication ot prooeeds to principal shall not extend
ar postpone the due date of the awathfy iostallments referned to ia parigraphs 1 and 2 hercof or change the amount "of
such installments. If under garagraph 18 6ereof t6e Property is acquired by Ltnder. a~l right, title snd interest of Borrower
in and to any iosuran~c policies and in aad to ihe pnoooeds therrof resulting from damage to the Pcopcrty pri~r to the sale _
or acquisition shall pass to L~ender to the eateat of the sums serured by this ~lartgage immediatdy prior to such sate or
acquisition.
6. Preser~-atioa and Maieteeaaoe of Yc~eat~r, I.e~schdds' Cowdouiaiua~ Phaaed Usit Dtrcbpmeees. Bormwer
s6ap keep the Property in good ~epair and shali not oommit waste or Qem~it urepaireneat or deterioration of the Propzrty
and shall compljr witb the provisions of wy lease if this 1ltortgege is on a kasehold. If this Mortgage is on e unit in a
coadominium or a planned unit dcvebpmcnt, Borrov?~er shaq pcrform all of Borrowec's ebligaziau under the ~eclaration
or covenants crtatiag or govcrniag tbe condom~nium or plan~d unit ~evebpmznt, the by-laws and tegulations of the
condominium or pianned uoit deveiopa~e~t, and oonstiUxnt dc+cur~xnts. !f a condwnmium or planned unit develvpa~ent
ridrr is exccutod by Borrower and roeorded together with this I?iortgage, the cov~nants and agroements of such rider
shaU be incorporated into and s6a11 amend aod suppkment the covenants and agreanents of this Mortgage as if the rider
wett a paR herCOf. ~
7. Protectioa of Leadsr's Secarii~. if Borrcwrer faiis to pcrform the om~arzt~ snd sgoements contained in this ~
ldortgage. or if any action or praceediug is commexed xhich ru.terially attocts t~erxier's intaest in the Property,
including, but cat limitod to, tmiaent domain, insolvency, code rnfon~tment or urmgements or in i~volvin a
bankrupt or docsdent. thea Len~r a*_ i,endcr's optioq upoa ootice to Borro~r, ma m~lce wch p~~ ~ s
sums ~nd take s~h aaioa as is to Y ~R;rznres. disburse wct~
nooeswy protoct Lcnder
s interrst. induding. but aot limstod to. d~sb~~rxment of
r~easonabk attorner
s fees aad eatrp upon the Property to ~nalce repairs. If Lender roquircd mortgage icuwance as a
condi:ion of making ibe loan xcurod by thii 1?tortgaae. Bor~i.cr shall pay the prcmiwns roqnired to maintain wch
insura~n~e in etfect unt~7 wch timt as the requuement for ~ insuran~e termiaata in aocordance wit6 gorc,vw~~s anci
80~~~ P~E s~
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