HomeMy WebLinkAbout0316 8orrower and LeAder covenant u~d a~ros a~ follow~:
1. Pqrment ot Principal and Iatere~~ ~ioROwer ~hall promptly pay ~rhe~ due the principal of and intece~t oA the iudebtedna~ .
svideaced bY the Note. P»QaYaseat and late char~e~ ru provided jn the Note. and the principal ot and interest on any F~tnrs Advanoa ~ecured ;
bY thi~ blort~a~a ~
2 Ptiad~ for Tases end I nsur~aos. Subjed b applicabi~ Isw or b a written waivar by Lender. Borrawer shall pa,y to I.ender on the day ~
monthly in~tallu~ent~ ot principRl and interat an payable u~der the Note, until ti~s Note u paid in tull. e sum (herein "l~ti?nds") equa! to ons
twelRh oithe ye~rly tases and asseasmeata which may attain prio~Ity over thu Mort~aRe. and ground renb on the Propedy. if aay, plu~ opa i
t.velRh of yearly pmnium installa?ents for hazerd'uunrence. Piw onetwelRh ofyesrljr premium instalima~ts fw mortRa~e uuuraac~, if aay.
all a~ reawnab~y estimated initially sad itom time to time by I.ender on the basia of as~essmenta and bill~ and rrawnabk estimat~+s there~t
1b~ F1?ad~ ~haU be held ia aa ia~titution tiu d~pwita or aooounta of which ars inaured or suarenteed bp a. Federal or 3tate aYency?
(includin~ Lender if Lende~r u such an inatitutio~~ Lendes shsll apply the Funds to pay said taxe~. aNewneats. iruurauca premiuma and
Qrouad r~b. Leadsr m~y aot cbarQe ior so holdins and applyu~ the I~nds. an~lYrii?B said e~ocoun~, or vecityin~ and o~pilin~ wd
a~se~sments and biW ~ nnkw I.ender pays Borrower iute~t oe the F~nd~ end appUcabk la.v pe:mib Lender to meke sach a char~e. Borrowar
and I.eader may a~ree in writin~ at t6e time of esecutioa of thi~ Moetsags that intee+e~t oa the Flinds s6a11 be p~id to Borro~ver. and anlas
snch a~reement is made oe~ applicable lsw reqain~ wch iatee~at to bs paid. I.ender ~hall not be required to ps,y Borrow?a say intered or
earaia~s on the F1~nd~. I.eoder shaU give to Borro~ver. wtthont charQe, an annual aooounting of the P~nd~ ahowing credit~ and debib to the
FLnd~ and ths purpwe !or which esch debit to the Ptindi waa mede.ll~e I~nds are pledQed as additional ~ecnrity fos the sum~ ~ecured by this
Niort~a~e. . .
If the amonnt oithe FLnds held by i~der, together with the fnture awnthly uutallment~ of Ftiuidi payabk prior to ehe duu 3,~tes olt~e~,
as~samenta. insuranae pramium~ and ~rnnnd r~ts. ~hall e~[aaed the amount required Lo pay said ta~~es. aae~ent~. uuuranoe premiuuu
and ground rents as they fe~U doe. ~uch ~oew shaU be. at Boit~owei's option. either Pr'omP~Y-mP~d to Borrower or uedited to Borrower on
monthly inssallmants of F1und~. If We emount of the Pbnda hdd by Lender ahall aot be sufficient to pay tasea, as~eaments, inauranoe
premiuQU and grouad renta aa they tall due. Bormwror shall pay ~o l.ender snY emount aeoeaary to make up the deficisncy within 30 days
from the date notioe is-mailed by l.euder to Borro~re~ requestin~ payment We~eof.
Upoa payment in fiill otall suma ~ecnred by this Mo~a~e. Lender shaU PromPW? refund to Borrow+e~ any tunds heW by I.cnder. Uunder
paragraph 18 hereof the Property is wW or the Property ia othenvise acquired by Lender, Lender shall apply. no Ia4r than immedistely p~ior
to the aale oi the Property or its saquisition by I.ender. any I~nds held by Lender at the time of application as a aedit agauut the aums secured
by thi~ Mor~age.
- 3. Applieation of Paymenta. Unlesa applicabk law provides otherwise. all psyments received by I.ender undrr the Note and
paragraphs 1 end 2 bereof ahall be appGed by Lender fint in payment of aanounes payable b Lender by Borro~va under paragraph 2 hereof,
then to interat pqyable on the Note. thea to the princ~pal of the Note, end tbes to intere~t end principal on aay Fntu~e Advanoee. -
4. Charfer, I.iens. Bornower shaU pay all taxes, esseasmenta aad other charges. fines and impositions attribntable to the Property which
may attain a priority over this Mortgage, and leaiehold paymenta or ground rents. if any. in the manner provided under paragraph 2 hereof or,
if not.paid in such manner, by Borrower making payment, when due. directly to the payee thereof. Borro~rer shall promptly furniah to LendQ
all noticee of amounta due ander this paragraph, and ia the event Borrower shall make payment directly. Borrower ahall promptly furniah to
Lender receipts evidencing auch pa~yments. Borrower ehail pm~nptly diacharge any lien which hss prinrity ove•4h~ Mortgeg~ pmvided, that
Borrower ahaU not be required to discharge any anch lien so lang as Borrower ahall agree in writing b the payanent of the obligation secared by
auch lien in a manaer aooeptable to I~ender, or shall in good faith rnntest such lien by, or defend enforcement of such lien in: legal proceedings
which operate to prevent the eaforoement of the lien or fodeiture of ~the Proprrty or any part thereof.
~iasard Insuraaoe. Borro~r ehall teep the improvemenb now exiating or het+eafter ~rected on the Property insured against loea by
5n. hazards included arithin the ttrm "atended coverage." and ruch other hasarda as I.ender may reqnire and in auch amoants and for snch
periods a~ Lende+r may require: provided. lhat I.ender shall not requin such ooverage amount e:ceeding the minimum, as may be required by
state or federal regulationa governing adivitiea of Lender~ or that amount of ooverage required to pay the suma secnred by thia Mortgage,
whichever is the greater. ~
'1'he inaurance carrier providing the inaurance ahall be chasen by Borrower aubject to_approval by I.ender, provided, that such approval
ahall not be unreasonably withheld. All premiums on insurance policies ehall be paid in the manner provided under paragraph 2 hereof or, if
not paid in auch manner. by Borrowe: making paymen~ when due. directly to ~the insurance carrier.
All iniurance policies and renewab thereof shall be in form aooeptabk to Lender and shall include a standatd mnrtgage clause in favor of
and in form ecaeptable to Lender. I.ender ahaU have the right to hold the policie~ and renewals thereof, and Borrowa shall promptly furnish to
i.ender aU reaew+al notioe~ and sU receipt~ of peid premiums. In the event of loas. Borroaer shall give prompt notice to the ineuranoe carrier
- and I.eader. Lender anay make proof of loss if not made pmmptly by Borrowrr.
~ Unl~ss Lender and Borr~owes oth~rwi~e aQree in writing, insurance prooeede shall be applied to reatoration or repair of the Property
damaged, provided such reetotation a repa'u is economically h~asibk and the eecurity of thia Mortgage is not thaeby impaind. If each
reatoration ar repair is not eoonomically feadble or if the secnrity ot this Mortgage would be impaired, tl~e insnranae prooeeds ahall be applied
to the sumi secared by this ModBeBe. with tbe eioas. if anY. Paid to Borrower. If the Propeety is abaodoned by Borrower. or if Boirower fails to
reapond to I,ender within 30 daya firom the date aotiae is mailed by Lender to Borrower that the insuranoe carrier offers to settle a claim for -
! insurance bene5ts, Lender is suthorized to collect aad apply the iasuranae pmoeeds at Leader s option eithe~ to natoration or e~epair of the
~ Property or the sums secured by this Mortgage.
~ Unleea Lender and Borrower otherwise agree in writing, any ench application of groceed~ to principal shall not atead or postpone thc due
date of the monthly installments referred to in pase8rapha 1 and 2 hereof or change the amonnt of such uutallments. If nndez patagraph 18
hereof the Peopaty is aoquired by Lender. all right. title and interest of Borro.?er in and to any insnranoe policics and in and to tbe proceeds
Wereof reaalting Grom damaS~ b~Y P~r to the ~ale or aoquisition ahall pas~ to Lender to the atent of the sum~ secnred by this
Mortgage immediately prior to ~uch eale or aoquisitioa.
~ 6. Pre~ervation and Maintenance of Property; Lease6otds; Coadominums; Planned Unit Developmenb. Borrower ahall keep
~ the Property in good npair and shall aot oommit waate or permit impairment or deterioration of the Property and ahall comply with the
~ proviriona of any lease if thia Mortgage is on a leaselwld. If tltia Mortgage is oa a unit in a oonc~minium or a planned nnit developmeat,
~ Borrowex shall paform all of Borrower's obligatione under the declaration or covenante creatingor governing We oondoaniniam or planned
uait developm~l, the by-law~ and reguletioas of the condominium or planaed unit devdopment, aad oonstitnent documents. It a
oondominium or planned unit devdopment rider is ~ecuted by Borrower aad recorded together with thi~ Mortgage, the aovenant~ and
~ agreementa of such sider ahall be inrnrporated into end shall amend end supplement the covenanta and agreementa of t;is:Vlortgage as if the
rider wen a part hereot_
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; aCbOA O[ pf00!ld1~$ I~ ~OEd NWI~ mY~u~l aKlC~i IJEIfdlf
~ ln~E['M 1~ vl! P[O~. inclndint, bat not limited to, eminent domain,
in~olveacy, oode entoroement, or uran~ements or pmosedinS~ invoivin~ a bsnksapt or deoedeaL. than Le~d~ at Leadd~ optia~.aPon
~ notioe to Borrower may make ~nch appearanoe~. disbur~e soch ~um~ and take ~ncb action ru i~ neosMary to proted I.eadec'~ interest~
~ indodin~, bat not limited to. di~bn~ent of ree~onable aKo~nney'~ fea and eatry npon the Propetty to make eepain. If I.mder required
; ma~a~e inanrauca a~ a wndition of mal~ing the Ioan ~ecwred by tbi~ Mortgage, Borrowet shdl pty the preminm~ reqnired to maintain
sndi insurmoe in egect until aul~ tim~ a~ We requirement for ~ncb insnsanoe tuminates in aoco~danae with Barowd~ and Lmda'~
t wsittea a~reea~eot ar applicable Law. Borrower shall pay the amount ot all mortgage inawanoe praninm~ in the manner provided nnd~s
s para~raph 2 hareof.
~ Any amonnb di~bnraed by Lenda per~uant to Wi~ PareBrePh.7. with intere~t thereon, shall beoome additional indebtednew of
; Bocrower ~ecnred by thi~ Mortgage. Unle~s Borrower and Lender agree to ofher terms of paymea~ sw~h amomts ~hall be psyabk npon
u notioe trom L~der to Borrowrer reqnesting payment thereoi. and shaU bear intere~t trom the date ot di~bur~ement at tbe rat~e payabk trom
~ time to time on out~tanding principel'under fhe Not,e an1eM payment of inten~t at s~ch rate aould be oontrary to applicable law, in w}uch
~ event snch amount~ ~beU bear inf~ereat a! the hi~hest rate pea~aiwible under applicabk law. Nothing aontained in ihi~ para~raph 7. shall
~ requin I.ender to incnr any e:perue or take any ection herennder.
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