HomeMy WebLinkAbout0021 UNtFOaM CoveNnNrs. Borrower and l.endcr cuvenant and aRrre a~ foliows: ,
1. hymeat of Pdncip~d aad Inte~est. Horr~~wer tihall pr~~mp~l~ pay ~hcn duc the p~incipat of and interest on the
~ndebtedness evidenced by the Note, prepaymen~ aod iate chargr. a. pruvi~icd ~n ~he Note, and the principal of and m~erest
or~ uty Future Advances secured by this Mor~gagc.
2. Fuads for Ta~[a and Iawnace. Subject to appli~~hle laH ur to •r vrriuen waiver by l.ender, Borrower shall pay
to I.ender on thc day monthly installmentz of principal a:~J ~n~r~c.~ .~rr p:?yablc unJcr thc Note, unlil the Note is paid in full.
a sum (herein "Funds") equal to one•twelfth M the yrarl~ ta~r. dnJ aacscment~ which may attain priuriry ovcr this
Mortgage, and g~ound rents on the Pmperry, if a~y, plus ~~nc-tNC)fih c~t ycarly prcmium installments for hazard insurance,
plus ooe-twelfth of yearly premium installm~n~s for mortgagc rosu~ancc. ~f any, all a~ reasonably cstimaled initially anJ trom
time to time by 1_ende~ on the basi~ of a.sc~.mcros and hillti and ~ca,unablc ectimatec thereof.
"il~e Funds shall he held in an institu~ion thc depo.~t. ~•r .,rc~~unts ot which are insured or guaranteed hy a Fcderal or
state agency (including L~nder if Lender ic tiuch an insthutionl_ I.ender ~hall apply ~h4 Funds ta pay aaid taxes, assessments,
insurance uromiums and Araund rents. 1 ende~ may not charge tor holding and applying the Fnndc. an:~l~•Ting ~aict acc~iunt.
or verifying and compiling said assessmen~s and hifl~, unlcss Lender p•r}~~ K~vraw•er ~ncer~se un ii~r ~U~~~s r~r~~ :.t.r
permits Lendtr to make such a charge. Borrower and l.cndcr may agree in writing at thc timc of exe~ution of this
Mortgage that interat on the Funds shall t?~: paid to Borruwer, and unless such agreement is madc ar applirable law
rcquires such inttrest to be paid. Lende~ shall ~o~ be reyuired to B«rrower any interest or earning, on the Funds. t.ender
shall give to Borrower, without charge, an annual accuunNng c?f the FunJs showing credils and debits t~• the Funds and the
~urpose for which each debit to the Funds wa.'m•adr. The Fund~ are pleJged as additi~~nal securit}• f~r the sum~ secured
by this Mortgage. ,
If the amount of the Funds held by Lender, together with the iuture monthly inctatlments oi Funds payablc prior to
the due dates of taxes, assessments, insurance prenuums and ground rents,'shaU exceed the amount reyuired to pay ~aid taxes,
asses~ne~ts, insuranc~ premiums and ground rents as they fall due, such excess shall be, at Borrower's o~~~on, either
pranptly repaid to Borrower or credited to Borrower on monthly ~nstallments of Funds. I( the amount of ~hc Hunds
held by Lender shall not be stil6cient to pay taxes, assessments, insurancc prcmiums and ground rents as they fall due.
Borrowe~ shal! pay to l.ender any amount necessary to make up ~he deficiency within 30 da}•s ~ram the date n~tice is mailed
by Lender fo Borrower rcquesting paymcnt thereof.
Upon payment in full of all sums secured by this Mortgage, Lcnder shall promptty refund to BorroK•cr anp Funds
helA by Lender. If under paragraph 18 hereof the Property i~ sold or the Property is olherwisc acquired by l.cndcr, 1_ender
shal! apply, no later than immediately priur to the sale of the Propetty or its acquisrtion by I.ender, any Funds held by
Lender at the time of application as a crcdit against the sums secured by this Mortgagc.
3. Application of Paymeats. Unless applicable law~ proviJes otherwitie, all payments received by t.ender under the
Note and paragraphs 1 and 2 hereof shall be apptieJ by I.ender first in pa~ment ~f amounts payable tp 1_ender by 8orrower
under paragraph 2 hereof, then to interest payable on the Nwr, then to the principal of the Note, and thcn to intcrest and
principal on any Future Advanoes.
4. C6~rEes; Lie~. Borcower shall pay all taxrs, assessmcnts and other chargcs, fines and impositions attributable to
the Property which may attain a priori~y over this Mortgage, and Icaschotd payments or groond rents, if any, in tbe manner
p[+ovided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, whe~ due, directly to the
payx thereof. Borrower shall promptly furnish to Lender all notices of amounts due under ihis paragraph, and in the event
Borrower shall make payment directly, Borrow~er shall promptly furnish to Lender receipts evidencing such payments.
Borrower shall promptly 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 shaft ;~gree in writing to the payment of the obligation secured by -
such lien in a manner acceptable to Lender, or shal! in good (aith contetii such lien hy, or defend enforcement of such lien in,
kgal proceedings whieh operate to prevent the enforcement of the tien or forfe~ture of the Propeny or any part thereof_
S. Hat,ard Iruurance. Borrower shall keep the improvements now cxisteng or hereafter erected on the Property insured
against loss by fire, hazards included within the term "exten~ied coverage", and such other hazards as Lender may reyui~e
i and in such amounts and for such periods as I_ender may require; pmvided, that Lender shall not reyuire that the amount of
such coverage exceed that amount of coverage required to pay the sams secured ~by this Mortgage.
'[t~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner .
providod uader paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
insurance cazrier.
All insurance policies and renewals thereof shall be in form areeptable to Cender and shall include a standard mortgage
clause in favor of and in form acceptable to l.ender. l.ender shal) have the right to hold the policies and renewals thereof,
and Borrower shall promptly furnish to Lender all renewal noUces and aU receipts of paid premiums. In the event of loss,
Borrower shall give prompt notice to the insurance carrier and Cender. Lender may make proof of loss if not made promptly
' by Borrower. ~
Ualess Lender and Borrower otherwise agree in w~iting, inwrance procecds shall be applied to restoration or.repair of
the Property damaged, provided such restorat~on or repair is economicall~~.feasihle and the securiry of this Mortgage is
not thereby impaired. lt such restoration or repair is not rcort<~mically feasiblr or ef the security of this Mortgage wc•uld
' be impaired, the insurance proceeds shall be applied to thc sums secured by this Mortgage, with the excess, if any, paid
to Borrower. If the Propert~• is abandoned hy Borrower, or if Borrower fails to respond to 1_ender within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier ofiers to settte a claim for insurance bene6ts, l.ender
is authorized to collect and apply tt?e insurance proceeiis at !_ender's option either to restoration or repa~r of the Propert~•
or to the sums secured by this Mortgage.
Unlus Lender and Borrower otherwise agrce in wrrting, any such application of proceeds to prineipal shall not extend
or pcutpone the due date of the monthlp instat(ments rcferred to in paragraphs I and 2 hereaf or change ihe amount of ~
such installmeots. If under paragraph !8 hereof thc Property is acyuired by~ Lendcr, all right, title and interest of Borrower
in.and to any insurance policies and in and to the proceeds thereof resultmg from damage to the Property prior to th~ ~ale
or acquisidon shall pass to L.ender to the extent of the sums seeured by this hlortgagc immediately prior to such sale or
acquisition.
6. Prrservation and Maintenaace of Property; Leaseholds; Condominiums; Planned Unit Devtlopments. Borrow•cr ~
shall kcep the Property in good repair and shall not comroit waste c~r permit- impairment or deterioration of the Property
and shall comply with the provisions of any lease ~f this Mortgage i, on a Icaschold. If this Mortgage is on a unit in ~
condominium or a planned unit development, Borrower shal( perform all of Borrower's obligations under the declaratrun
or covenants creating or governing the condommium or planncd unit development, the by-laws and . mgulations of the
condominium or planned unit development. and constituent documents. !f a condominium ot planned unit development
rider is executed by Bortower and recorded together with this Mortgage, the covenants and agreements of such ridcr
shall be incorporated into and shall amend and supplement the cvvenants and agrcements of this Mortgage as if the riJer
were a part hereaf. .
7. Praechon of Lender's Security. If Borrower faik to perform the covenants anJ agrcements contained in this
Mortgage, or if any action or proceeding is commenced ~vhich materially atfects I.ender's interest in the Praperty.
ineluding, but .not limited to, eminent domain, insolvency, c~x1e enforcement, or arrangemenis or proceedings invoh•ing a
bankrupt or daedent, then Lender at t.ender's option, upon notice to Borrower, ma~• make such appearances, disburse such
sums and t~lce such action as is necessary to pr~tect l~nder'c interest, induJing, but not limited to, disbursement of
reasonable attomey's [ees and entry upon the Propcrty to makc rcpairs. I( I.cnder reyuired mortgage insurance as a
condition of making the loan secured by this Mongage, B~.rmwer shall pay the premiums requireJ to maintain such
insuranct in eHul untit such time as the reyeeirement for such msurance terminates in accordanee with $orrower s anJ
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