HomeMy WebLinkAbout0677 UNIlORI~ COVlNAl1T~. Borro~ver and L.ender rnvenan~ and ajroe as tollows:
1~e~t ~f ~ei~e1M1 a~i We~eM. Borrowe~ shall promptl) psY when due tbe priocipal of aod interat on the
indebtednqs evidenoed by tbe Nda pKp~y~~t and late charaec a.~ pravided in the Note. and tha ptincipal ot and inteoat
oa any FWuro Advances securod b~r this Mortjs~e.
!~i tsr TuM s~i lawrre~. Subject to spplicabk law .x ~o a writteo waiver b~r Lender, eoRO~?N ~i wr
to I.ee~der on the day manthly installments of principsl and intcrcc~ are payaMe unde~ the Note. uotil the Note is psid in tull.
a ium (herein "Fund~'~ eqwl to ooa-twel(th ot ~he yea~l~~ tax~~ anJ assasments which may attsin priority ovet this
. Mortjase. snd ~round rmts on tbe Property. if any. plus onc-twelfth of yeuty premium installmen~ [or hazard inwrance,
plus oaatweltth ot yearly prcmium installments (or mortgaae insurance, if any, all u rcuonabiy estimated initially aod froan .
time to time by i.euder on the buis of assasmcnts and hills and reasonabk atimata thereot.
The Funds shall be IxW in ae ios~itutic?n ~he deposia or accoun~ of which are inwred or ~wranteed by a Federal ot
state asency (includina Lender if Lcoder is such an institution). I.ender shall apply the Fu~ds to pay uid taxa. as~tasments.
inwranoe premiums and =round rents. I.ende~ may not charae fo~ sc+ holdins and aPplYint the Fonda. analyzin~ said account,
or vtrifyio= sad complins said assessments and bilh. unleu Lender p~ys Bormwer intercst on the Funds and applicabk law
permita Lender to make such a charge. Borrowe~ aad Lender may a~ree io writin~ at the time ot exceution ot tha
Mortp~e that interat on the Funds shall be paid to Borrowe~. and u~las such ajrceme~t is made o~ applipbk law .
requires auch interat to be pzid. Lender shall not be requircd to pay Bo~rowe~ any interest or earnings on the Funds. Lender
shall pve to Borrower~ without charge, an annual ac~countina of the Fu~ds showina credits and debits to the Funds and the
purpose tor which eacb debit to tbe Funds was made. The Funds are pledgod u addiUonal security tor ~he sums secured
by this MortZaae.
~f tt~e amount o[ the Fuads held by l,ender, together with Ihe future monthly instaUments of Funds payable prior to
the due data of tues. suasments. inwnnce premiums and g~ound rcats, shall ea~ceed the amount rcquired to pay said taxes.
au~t~ents. insurance premiums aad ground rents as they fall due. surh excess shall be. at Borrower's option. either
Pr~~tiY ~~ai~ t~ Bv7~r~i c~fi c'.i~i~: icz ~:,.;~~ecr a~ m.~ntltt~ ir~stallm~nts oE Fu~ds. If tQe amount of the ~unds
bdd by Lendcr sAaU not be s~d6cient to pay tua. assasments, insunnce premiums and gmund renta ss they fall due.
Horm~rer sbafl pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Lende~ to Borrower requatia8 PaYment .theroof.
Upoa payment in full of dl suma secueed by this Mo~tgage, 4ender shall promptlr refu~d to Bomower any Fun~
held by L,ende~. If uoder paragraph 18 hercof the Property u sold or the Property ~s ahervvise acquired by Lender. Lender
s6a11 apply, no Ister ttian imrt~ediately prior to the sak of the Property or it: acquisition by [.ender. any Funds held bv
I.ender at the time of apptication as a credit against the :ums secured by thii Mortgage. ~ .
3. A~tlc~io~ ot ra~ed~. Unless applicable law provida otherwise, all payments raeived by Lender under the
Note and paragraphs 1 aad 2 hereof shall be applied by LenJer 6rst in payment of amounts payabk to Le~der by Borrower '
u~der par~graph 2 hereof. thea to interest payabk on the Note, then to the principal of~the Note. and then to i~tercst at~d
princiQal on any Future Advances. -
1. Crtrses; I.kas. Borrower shall pay all laxes, assessments and other charges. fines and impositions attributabk to
tbe Prope~ty which may attain a priority over this Mortgage, and leasehold payments or ground rents. if any. in the manaer
pmvided under parsgtaph 2 hereof or, if not paid in such manner, by Borrower making payme~t, when due. direcdy to the
psyee tbereof. Borrower shall prompdy furnish to Lender all notices of amounts due under this para~raph. and in the event
Borrower shaq make paymont dircctly, Borrower shall promptly furnish to l.ender rcceipts ev~dencing such payme~ts.
Borrower shall promptly discharge any lien which has priority over this Mortgage: provided. that Bormwer shall not be :
required to discharge any such lien so long u Borrower shall agree in writing to the payment of the obligation secured by
wch lien in a manner acceptabk to Lender. or shall ingood faith contest such lien by, or defend enforcement of such lien in,
kgal proccedings which operate to prevent the enforcement of the lien or fodeiture of the Property or any part theroof.
S. Hasard learasce. Borrower shall keep the improvements now existing or hereafter erated on the Property insurod
sgainst loss by fire, haurds included with~n the term "extendeJ coverage", and such other hazards as Lender may rcquire
wd in such amounts and for such periods as Lender may ~equire; provided, that [.ender shall not requirc that the amount of
such coverage eaceed that amount of coverage required to pay the sums securcd by this MortEa~e.
The insuranoe curier providing the inwrance shall be chosen by Borrower subjoct to approval by Lender. providod.
thst wch approval sha11 not be unreasonably withheld. All premiums on insura~ce policies shall be paid in the manner -
provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making pay,tnent, when due, directly to the {
I iusurance curier. k
; AU insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
~ clause in favor of and in form uceptable. to Lender. Lender shall have the rig6t to hold the policia and rcnewals thercof,
f and Borrower shall promptly furnish to Leader all renewal notices and all receipts of paid premiums. in the event of loss. -
~ Borrower shall give prompt notice ro the insurance carrier and Lender. Lender may make proof of loss if not made promptly .
by Horrowcr. _ ~
~ Ualess Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to rcstoration or repair of
the Property damaged, providai. such restorat~on or repair is economicaliy feasible and the security of this Mortgage is
not thereby impaircd_ If such rcstoration or repair is not economically feasib{e or if the security of ihis Mortgage would
be impaired, the insurance proceeds shall be applied to the sums socured by this Mortgage, with the excas, if any. paid
to Borrower_ If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
date notice is mailed by L.ender to Borrower that the insurance carrier oHers to settle a claim for i~suraace bene6ts, Lender
is aut6oriud to collect and apply the insurance procteds at Lender i opteon either to restoration ot repair of the Property
or to the sums sccured by this Mortgagt, `
Unless L.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend #
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
suc6 installme4ts. !f under paragraph 18 hereof the Propeny is acquired by l.ender, all right. title and interest of Borrower
in and to any Auurance policies and in and to the proceods theroof resulting from damage to the Property prior to th~: sale
or acquisition shall pass to Leader to the extent of the sums securod by this Mortgage immediately prior to such sak or
acquisition. -
6. Treservatioa aod Maiateoance of Property; Lcasehulds; Condominiums; Pisnoed U~it Derebpmeais. Borrower
shall keep the Property in good cepair and shall not cwnroit yvute or permit impairment or deterioration of the Property
~ and shall compiy with the provisions of any iease if this Mortgage is on a leasehold. 1[ this Mongage is on a unit in a
~ condominium or a planned unit development, Borrower shall perform all of Borrowers obligations under the doclaration
~ or covenants creating or governing the condominium or planned unit development. the by-laws and regulations of the
~ condominium.or planned unit development, and constituent Jocumems. If a condominium or planned imit development
rider is executed by Borrowet and recorded together wi~h this Mortgage, the covenants and agreements of sueh rider '
~ shall be incorporated into and shall amend and supplement the covenants and agreements of this Mongage as if the rider ~
~ were a part hereof. . ~ ~
~
~ T. Protertion of Leodels Securitr. If Borrower fails to perform the covenants and agrecments contained in this -
Mortgage, or if any action or proceeding ~s cummenced which ma~erially afTects Lender's interest in the Propeny. ~
~ including, but not limited to, eminent domain, inu?Ivency, code en(orcement, or arrangements or procetdings involving a i
bankrupt or deced~nt. ~hen Ler~der at Lender's option, upon notice to Borrower, may make such appearances. disburse such ~
sums and take such ac~ion as is necessary tu pra~ect Lender s~nterest, including, but not limited to, disbursement of :
reasonable attorney's tees and en~ry upon the Property to make repairs. 1t Lender requircd mortgage insurance as a {
~ condition ot making ~he loan secureJ by ~his Mongage. Borrower shall pay the premiums required to maintain such
~ insurance in eBect until such time as the reyiiirement tor such msurance term~nates in accordance with Borrower s and
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_ ~ . ~JFK299 P~~E 677 ~
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