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HomeMy WebLinkAbout0709 Ut+trdw Covet+sNrs. Borrowe~ and Lender covenant a~d stree u follow:: ~~.~a ot ~ a.i eo~rowe~ ~nan ~+~om~~y wr when due tbe priacipal ot and interat on the indeMednest evidenced by the NWe, prepsymeot snd late char~ec a.c provided in the Note. and the principal ct aad interest an auy Futurc Advances sxured by this Mortsa~e- 2. ltisi ter T~M a~i lrrra~c~e. Subject w applicabk law .K to a written waiver b~r i.ender, wr to Leoder on the day monthly installments of principal aod intcres~ rrc payst+k under the Note. until the Note is paid ie tull, a aum (herein "Fuac4~~ equal io one-iwil(th of the yearl~~ t~ac. ancl asseuments which may attain prioritp over ~his Mortsaje. and =rw,nd rena on ibe Propeny. if sny. ~+lus one-tweltth of yeuly Prcmium installments tor haur+d inwrance. plus oae-twelfth ot yearly prcmium installments for monga~e insursncc. if any. all as reuonably atimated initially and trom time to time by Lender on the buis of sssesxmcnts and hills and rcasonabk atimates thereof. The F~nds shall be held io an institution the deposiu or accounts of ~vhich arc insured o~ auaraoteed by s Fedenl ot state ssency (iocludina Lender i[ l.cnder is such an institution). 1_ender shall apply the Funds to pay uid taxa. as~tasments. itisuraaoe premiums aod ~ound rcnts. I.ender may nat charae for se+ hoWins and applyinj the Funds. analyzing uid actount, or veriEyins and complins aaid assessmenu and bilh, u~kss Lender pays Borrovve~ interest on the Funds and applicabk Isw permiti L,e~der to make such a charge. Borrowe~ aod L.ender may atree in writi~~ at the time ot exau~ion ot tha Mo~tpse ttut interat on the Funds shall be paid to Borrowe~. and ualas wch aaroement is made or applicabk law requira:uch interest to be paid. l.ender shall not be required to pay Borrower any interat or earnings on the Funds. Lender ~lWI pve to 8orrower. witlwut char~e, ah annual accountina of the Funds slawina credits and debits to the Funds a~ the . purpose for ~rhich each debit to tl~e Funds wac made. The Funds are plodged as additional security tor the sums secured by this Mortiaje. ~ It the amount ot the Fund: held Dy Lender, togethe~ with the tuturc monthly initallmeots of Funds payabk priot to tbe due data of ta~ca. astasmeats. i~urance prcmiums and grou~ rents, shall exceed the amount required to pay said tues. assaaneats. insurance prcmiums and gmund nnu u they fall due, such excess shall be, at Borrower's option, either pr+anptly npaid to Horrawer or crediled to Bomowe.~ on monthly installme~ts o[ Funds. If the amount o[ the Funds lydd by Lender shait aat be sufficieut to pay taxes. ass~smeats. imuracue premiums and ground rcnts ss they (ali due. Bocm~rer sball pay to I~ader any amount necasary to make up the deficiency within 30 days from the date•notice is mailed bp Lender to Hormwer requestin8 WYment theroof. . Upon paymeot ia full of all sums secueed by this Mongage, Lender shall promptly refund to Borrower any Fund~ I~eW by Lender. If under pusEraph t8 hercof ~he Property ia sold or the Propeny u whervvise acquired by Lende~. Le~der seall apply,. no later than immediately prior to the sak of the Property or its acquisition by I.eRder. any Funds held bv T.eader at the time of application as a credit against the :ums socured by this Mortgage. 3. A~io~ ot tqreds. Unless applicabk law provida otherwise, all paymeMa received by l.ender under the Note and paragraphs 1 and 2 hereof shall be applied by Lencler first in payment of amounts payable to Lender by Borrower under paragaph 2 hereo[. tben to interest payabk on the Note, then to the principal of the Note. and then to interest ~and principal on'any Future Advanoes. 1. Crar~es; Lkas. Borrower shall pay all taaes, assessments and other charges, 6nes and impositions attributabk to tho Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manaer ~~ovidod under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, whea due, direcUy to the . W~ ~~E- P~W~Y furaish to Lender all notices of amounts due under this paraaraph. and ia the eveat ~ Borrower shall make payment direcUy, Borrower shall promptly furnish to Lender receipts evideacing such paymt~ts- Borrower shall promptly discharge any {ien which has priority over this Mortgage; providod; that Borrower shall not be requirod to discharge any such lien so long as Borrower shall agcee in writing to the payment of tbe obligatwn securcd by such lien in a manner acceptabk to. Lender. or shalt in good taith contest such lien by. or.defend enfot+ceme~t of such lien ia, legal ptoceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Nazard lea~awce. BorrowYr shall kap the improvements now existing or hereafter erated on the Property i~sured against loss by 6rc, hazards included within the term "extended coverage", and such other hasards as l.ender may requirc and in such amounts and for such periods as Lender may requirc; provided, that Lender shall not rcquirc that the amount of wch rnverage exceed that amount of coverage required to pay the sums secured ~by this Mortaaae. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided. t6at wch approval shall not be unreswnably withheld. All premiums on insurance policies shail be paid in the manner provided under paragraph 2 hereof or, if not pai~ in such manner, by Borcower making payment, when due. dirtctly to the 'I inwrance car~ier. i AlI insurance policies and re~ewals thereof shall be in form acceptable to Lender and shall include a standard mortgage . j clause in favor of and in form acceptabk to l.ender. Lender shall have the right to hold the policia and renewals thercof, - ~ and Borrow~er shall proroptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of lost, I Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ by Borrower. ~ ~ ' Unless Lender and Borrower otherwise agree i~ writing, i~surance proceeds shall be applied to restoration or repair of the Ptoperiy damaged, provided such restora~ion or repair is economically feasible and the security of this Mongage is not Ihereby impaired. I[ such restoration or repair is not economically feasible or if the security of this Mortgage wouW be impaired, the insurance proceeds shall be applied to the sums socured by this Mortgage, with. the excoss, if any. paid to Borrower. IE the Property is abandoned by Borrower, or i( Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier ofters to settle a claim for insunnce benefits, Lender is authorized to collect and apply the insurance proveeds at Lender's option either to restoration or repair of the Property ot to t6e sums securod by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of procetds to principal shall nol extend or postpone the due date of the monthly ins~allments referred to in paragraphs 1 and 2 hereof or change the amount of such inctallmeots. If under paragraph 18 heroof the ProE,erty is acquired by Lender, all right. title and interat of Borrower in and to any Ruurance policies and in and to the proceeds thereof resulting from damage to the Property prior to th~: sale or aoquisition shall pass to Lender to the ~xtent of the sums secured by this Mortgage immediately ptior to such sak or acquisition. . f. P~eaervatioo sad Mainteaance of Property; Lesselalds; Condominiams; Planned Ueit De~dopmeats. Borrower shall kcep the Property in good repair and shall not com~pit yvaste or permit impairment or deterioration of the Property 4 and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a ~ ~ condominium or a ptanned unit .development, Borrower shall pertorm all of Borrowei s obligations under• the declaration ~ or coveoants creating or governing the ,condominium or planned unit development, the by-laws and e+egulations of the ~ condominium or planned unit development, and constituent documems. If a condominium or planned unit development rider is eaecuted by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider ~ shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a patt hereof. 7. Profectios of Lender's Securfty. If Borrower fails to perform the covenants and agreemenu contained in this Mortgage. or if any action or proceeding is commenced which materially affects I.ender i interest in the Property, including, but not lim~t~d to, em~nent domain, insc~lvency, code en(orcement, or arrangements or proceedings involving a - bankrupt or decedent, then l~nder at Lender's op~ion, upon notice to Borrower, may make such appearanca, digburse sueh sums and take such ac~ion as is necessary tu protect l.ender s interest, including. but not limited to, disbursemeot of reuonable auomey's (ees and emry upon the Property ~o make repairs. If Lender requircd mongage insurance as a ~ condition ot making thc loan xecureJ by this Mortgagc, Borrow~cr shall pay thc premiums requireci to maintain such 4 insurance in eBect until such time as the reyuiremenl for such insurance terminates ~n accordance with Borrowers and i e~~x299 ~c~ 709 ~ 4 . ~ - ~ - . - - 1~ ~ _ .~~~u~ s .h_ ..o ~v~ ''S Z ~'"•i--~z . .