HomeMy WebLinkAbout0104 UN~FOaM CoveN~NTS. Borrower anJ I.enJrr cur'enant and ;~g~re a~ totl~~ws:
1. la~tot Of P~iaclpd aad IMeresl. Hit~r~+w~r .ha!! pr~~mp11~ p~y Nhcn duc thc pnncipal af apd interest ~~n /hc
~ndeMedneu ovidenced by the Notc, prepayment anJ latc rh:~r~;c. pruvidcd ~n thc Note, and thc prinripal of and inleres~
o~ aay Futurc Advances secured by th~c Mor~gage.
Fbads to~ Tuts aod lusuraace. Subject to appiir:,hk Isv? .~r ~o a wriuen waiver by l.ender, Borroutr shaU pay
to [.ender on thc day montAly i~staUments a( pr+nripal ;~nJ ~nlrrr+~ .,rc payahlc unJrr ~hc Note, until the Note is paid in full.
a aum (herein "Funds") equal to one-twclfth o( ~he yrarl~ ta~.• ~nd as.escme~~c which may attain pnority aver th~c
Morlgage, and ground re~ts o~ the Pc+operry, if any, plus onc-twclf~h ot }•ca~ly premium installmen~s for hazard insuranct.
plus one-twelfth of y~arly premium installments for mortgagc insurancc. any, all reasi~nably c~timated ~nitially and trom
time to timc by Lender on the basis ot asses~mrnn and h~ll, and rea,unablc ettim~tc~ thereof.
'll~e Funds shall be held in an insti~u~~on thc deputu. ~~r a~coums ut which are insurcd ar ~tua~aoteed h~~ a Pederal or
state agtocy (including Lender if LcnJer is tuch an institu~ionl. t cnder ~hall apply the Funds to pay saiJ taxes, assessments,
ituurance premiums snd ground rents. ! ender may not charge tor holding and applying ~he F~~ndc. anal~~~ing ~aid acc.~unt.
or verifying and rnmpiling said aucssments and hilla, u~less l.ender pa~~a Barrower imerest on the Funds and applicable law
permits Lender to make such a charge. f~rrawe~ and LenJe~ may agree in wnting at ~he timc ot execution of this
Mortgage that interest on the Funds shall he paid to Borrower, and untess such agreemem i~ made ~~r applicahle law
requircs such interut to be paid, Lender shall no~ bc required to pa~~ Borrower any in~crest or carningti on the Funds. Lendcr
shal) give to Borrowe~, withoul chargt, an annual arcounting i~f Ihe Funds showing credi~s and debits to the Funds and the
purpcue to~ which tach debit to the Funds was made. The f~und~ arr plydged as addi~ianal secutitt far ~he sums cecured
by ~his Mortgage.
If the amount ot tht Funds held by Lcnder, tagether with Ihc futurc mon~hly installmcnts of Funds payablc prior to
the due dates of taxes, assessmeots, insurance premiums anJ graund rents, shall exceed the amount reyuired to pay said taxes,
assessments, insurance premiums and ground rents as ~hcy fall due, such excrss shall be, at Borrower's o~tion, eithcr
pranptly repaid to Borrower or credited to Borrower on monthly instaUments of Funds. If the amaunt of the •Funds
held by Lender shaU not be sufficieat to pay taxes, assessments, insurarx:c premiums anJ ground rents as they (all due,
Bo~rower shall pay to l.ende~ any amount nocessary to make up 1he deficiency within 30 da}~s from the date notice is mailed
by Lender to Borrower requating payment thereof.
Upon payment in full of a!1 sums secured by this Mortgage. I_ender shall promptly refund to Bormwer any Funds
held by Lender. lf under paragraph 18 hereof the Property is sold or the Propcrty is othetwicc acquired by I endcr, Lender
s6d1 apply, no later than immediately prior to the sale ot the Property or i~s acquisiUon by i_ende~, any Funds held by
Leader at the time of application as a credit against ~he sums secured by this 11lortgagr.
3. ApQlieation of payments. Unless applicable law pmvides otherwise, all payments received by t.ender unJer the
Note and paragraphs I aad 2 hereof shall be applicd by Lcnder first in p:?yment of amounis payable to l.cnder bp Borrower
under paragraph 2 hereof. then to interest payable on the Note, then to the principal of the Note, and then t~~ interest and
principai o~ any Future Advances.
4. CLar6es; Lie~. Borrower shall pay all taxes, assescmcnts and othcr chargcs, fines and impositions attributable to
t6e Property which may attain a priority over this Mortgage, and leaschold payments or ground rtnts, if any, in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making paym~nt, when due, directty ta the
payee tf~ereof. Borrower shali promptty furnish to Lender alt notices of amounts due ander this paragraph, and in.the event
Borrower shall mal~e payment directly. Borrower shall promptly furnish to l.ender receipts evideacing such payments.
$orrower shall promptly discharge any lien which has prionty aver this Mortgage; provided, that $orrower shaU not be
rcquired to discharge any such lien so long as Borrower shall agree in writing to the payMent of the obligatioa secured by
such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defenJ enforcement of such lien in,
legal proceedings which operate to prevent the enforcement of the lien or torfeiture of the Property or any part thereof.
S. Huard I~urance. Borrower shall keep the impravement~ no~ existing or hereafter erected on the Property insured
against loss by bre, hazards included withm the term "extended coverage", and such other hazards as Lender may reyuire
I and in such amounts and for such periods ac Lender may require; pr~~videJ, that Lrnder shall not requim that the amount of
! such coverage exceed that amount of coverage required to pay the sums secured ~by this Mort~age.
'Il~e insurance carcier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
that such approval shall not be unreuonably withheld. All premiums on insurance poticies shall be paid in the manner
, provided under paragcaph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
insurance carrier. ~
All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a sta~dard mortgage
clause in favor of and in fotm acceptable to Lender. I_ender shali have the right to hold the poliries and renewals thereof.
and Borrower shall prompUy furaish to Lender all renewal notices and all receipts of paid premiums. In the event of loss.
Borrower shall give prompt notice to the insurance carrier and l.ender_ Lender may make proof of loss if not made prompd}~
; by Borrower_
Untess 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 ~his Mortgage it
not thereby impaired. It such restoration or repair is not cconomically fcasible or i( the security of this Mortgage would
be impaired, the insurance proceeds shall be applieJ to the sums secured by this Mortgage. with the excess, if any, paid
to Borrower. If the Property is abandoned by 8orrower, or if 8orrower fails to respond to Lender within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier of~ers to settle a claim for insurance benefits, Lender
is aut6orized to collect and apply tbe insurance proceeds at Lender's uption either ro rest~ration or repa'sr of the Prapem•
~ or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise :~gree ~n writing, any such applica~ion of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred tc. in paragraphc 1 and 2 hereof or change the amount of
i such installmeats. If under paragraph 18 hereof the Property is acyuired by Lender, al! right, title and interest of $orrower
in and to any insurance policies and in and to the proceeds thereut resutting f~om damage to the Property prior to thr sale
or acquisition shall pass to ,L.ender to the extent of the sums secureci by this Mortgage immediately prior to such sale or
j acquisition.
6. Preservation and Maintenaace of Property; Leasehulds; Condominiums; Planned Uuit Developments. Borrow•cr
shall keep the Propeny in good repair and shall not com~pit w•aste or permit impairment or deterioration of the Property
wd shall comply with the provisions of any lease if this Mortgage ic on a leaschold_ 1f this Mortgage is on a unit in a
condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration
or coveoants creating or governing the condominium or planncd unit development, Ihe by-laws and regulations of the
condominium or plan~ed unit devefopment, and constituent documents. !f a condominium or planned unit development
rider is executed by Borrower and recorded together wilh ~his Mortgage, the covenants and agreements of such rider
shal! be incorporated into and shall amend anJ supplement the covena~ts and agreements of this Mortgage as if the ri.ier
were a part hereof.
7. Protectioo of Leode~'s Security. If Borrower fa~ls to perform the covenants and agreements contained in this
Mortgage, or if any action or proceeding ~s commence~f which materially afirrts 1_ender's interest in !he Propen}•,
including, but not limited to, em~nent domain, inscdvency, code enforcement, or arrangements or p~oceedings involving a
baakrupt or daedent, then Lender at Lender's option, upan notice to Borrower, may make such appearances, dishurse such
swns and take such action as is necessary to protect Le~der's mterest, inctuding, but not limited to, disbursement of
teasonable attomey's fees and entry upon the Property to makc repairs_ If Lrndcr rryuircd mortgage insurance as a
coodition of making the loan secured by this Mortgage. Borrower shall pay the premiums requireJ to maintain such
intvrance in effect until such time as the requirement for such msurance termiriat~s in ac~ordance with Borrower's and
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