HomeMy WebLinkAbout0721 Untront~ Covar~Nrs. Hotrower and l.eode~ covenant and asrce as tol{ows:
~ h~weN ~t hi~e1M1 aM l~. 6orrower shall promp~ly psy when due the principal ot and intetpt on the
indtbtedt~at evidenoed by the Note. ptepayment and late charetc ac ~xovided in the Note, and the principal ot and inter+at
aa any Futut+e Advances ~ecurod by this Mortsate.
Eris tK Taz~t ~i l~w~a~e. Subject to applicabk law or to a written waiver by Lender, BoRa~re~ shall pay
to Lender on the day monthly inst~llmeets ot principsl aod intercc~ an payaMe under the Note. until the Note is pald ie tull.
a sum (l~erein •'Fuadt'~ eqwl to a~e-tweltth of the yea~l~• ta~?~~ sni! assessments which msy attain priority over this ~
Mortsa~e, and ~round rents on tbe Propeny. it any, plus one-~weltth of yestly p[emium installments for hatard insurance.
plus oae-tweltth of yearly premium installme~ts to~ mon~s~e insu~~ncc. ef any. all u roasonably estimated initially and t~n
tima to time by I.ende~ on the basis of assasmeo~s and hills and reasonable atimata thercot. ~
'Il~e Funds shall be beld in an institution the deposiq or accounts of ~rhich arc insured ot ~uan~teed by a Federal o1r ~
state ase~? !~ncludina I,~nde~ if Lender is such an institution). I.eoder shall apply ~he FLnds to pay said tua. assessments.
insurance pnemiums and tround rcnts. t_ender may not charae !or sc~ holdinj and applying the Fundc. analyzin= uid account, `
or vwifyin~sad compli~j uid assessments and bilk. unless Lender pays Borrower interat on the Funds and applicabk law '
permits I.eoder to make such a char~e. Borrowe~ and Lender may a~rce in writing at ~he time of executio~ of this
Mort~ase tbat ioterest on the Fu~ds shall be paid to Borrower, and unlas such agrtement a made o~ applicabk law
requit~a wd~ interest to be paid. Lende~ shall not be rcquircd to pay Borrower any intetest or tarnings on the Funds. Lender
shall pve W Borrower~ witliout char~e, an anowl accounting of the Funds showin~ crediu and debits to the Funds and ihe
purpose for which eaeh debit to the Funds was made. The Funds arc plodged as additional security for the sums securod
by tha Mortp~e. .
It the amount o[ tbe Funds bdd by L.ender, together with the future monthly installments oE Funds payabk prior to
tbe due dates of tua. assessrt~b, insunnce premiums and g~ound rents, shall eacced the amount required to pay said tua.
aaa~noents. itaurance premiwns and around rents as they tall due. such excess shall be. at Borrower
s option, either
pmmptly npaid to Borrower a credited to Borrower on monthly installments of Funds. If the amount of the Funds
l~dd by Le.od~r sball not be w~t to pay tues. aasessments, insurance premiums and ground rcnu as they fall due,
Bon+o~rer sball p~y to I.ender any amount necasary to make up the deficiency within 30 days trom the date notice is mailed
bp I.eader to Borrower roquatiaa P~Yment theroof.
Upon paymeM in full of all sums secured by this Mortgage. l.ender ahall promptly refund to Borrower any Funds
beld by Leader. If under para=raph 18 hereoi the Property ia sold o~ the Propeny otherwise uquired by Lender. Lender
:hall apply, no later t6an ima~ediately prior to the sak of the Property or its acquisition by Lender. any Fund~ held bv
I.eoder u the time of application as a cradit a~ainst the :ums secured by this Mortgage.
3. A~Ikatio~ d t~. Unkss applicable law provida otherwise. all paymeMs receivcd by Lender under the ~
Note and puagcaphs ! and 2 6ereof shall be applied by Lender first in payment of amounts payaWe to Lender by Borrower
under paragraph 2 hereof, thea to iaterest payabk on the Note, then to the principal of the Note. and then to interat and ;
priacipal on any Futun Advances. -
4. CY~e~ I.k~s. Borrower shall pay all ~axes, assessments and other charges. fines a~d impositions auributable to
t~e Property which may sttsi~ a priocity over this Mortgage, and leaxhQld payments or ground rents. if any, in the manner
peovidod under puaarraph 2 hereof or, if not paid in such manner, by Borrower making payment. whee due, directly to the
payee thereof. Bomower ahdl pranptly furnish to Lender all notices of amounts due under this parsjrsph. and in tl~e eveat
Borruwer shall make payment directly. Borrower shall promptly furnish to Lender rcceipts evidencing such payments.
Horrower shall pruonptly dischuge any lien which has priority over this Mortgage; provided, that Borrower shall not be ~
requirod to discharae any such lien so lopg as Borrower shall agree in writing to the payment of the obligation xcurcd by ~
wcb lien in a manner ~oeptabk to Lender, or shall in good faith contest such lien by, or. defend enforcement of such lien in, ~
kgal proceedings w'hich operate to prevent the enforcement of the lien or forfeiwre of the Pmperty or any part thereof. ~ ;
S. Elarard inwra~ce. Borrower shall keep the improvements now existing or hereafter erected on the Property iraured ~
against loss by 6re, huuds included within the term "extended coverage", and such other hazards as Lender may rcquire ~
and in such amounts and for such periods as Lender may requirc; provided, that Lender shall not requirc that the amount of
wc1~ rnverage eacoed that amount of coverage required to pay the sums securcd by this Monaa~e. -
'Ibe inwranoe carrier providing the insurance shall be chosen by Borrower subjoct to approval by Lender, providod.
that wch approval shall not be unnasonably withheld. All premiums on insurance policia sh~11 be paid in the manner
' provided under parsgnph 2 hercof or, if not pai~.in such manner, by Borrower making payment, whe~ due. dir+ectly to the
~ insunnce carrier.
j All insurance policies and renewals thereof shall be in form acceptable to Lender and shall incJude a standard mortgage
~ dause in favor of and in fortu acceptabk to Lender. Lender shall have the right to hold the policia and r~enewals thercof.
€ and Borrower shall pranptly furnish to Lender all renewal notices and all rcceipts of paid premiums. In the event of loss,
Bortower shall give prompf ~atice to the insurance carrier and Lender. Lender may make proof of loas if not made promptly
~ by Borrower.
Untess Lender and Borrower otherwix agrce in writing, insurance proceeds shall be applied to restoration or rcpair of
i the Property damaged, providod such restont~on or repair is economically feasible and the security of this Morfgage is
~ not thereby impaired. If such restoration or r+epair is not economically feasible or if the security of this Mortgage would
~ be impaired. the insurance prac~eds shall be applied to the sums secured by this Mortgage, with the excess, if any. paid
to Borrower. If the Pmpeny is abandonod by Borrower, or if Borrower fails to respond to L~nder within 30 days from ihe
date tatice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits. Lender
is authorized to collect and apply tbe insurance procads at Lender's option eitber to ratoration or repair of the Propertv
or to the sums securod by this Mortgaga ~
Unlas I.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
or po~stpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of ~
such installmeats. lf under paragraph 18 hereof the ProFerty is acquired by [.ender. all right. titk and interest of Borrower ;
in and to aay Auurance policia and in and to the proceeds thereof resulting from damage to the Property prior to thc sale
~ or acquisitioa shall pasx to Lender to the extent of the sums secured by this hfortgage immodiately prior to such sak or
acqu~itioa. -
~ f. Praervatbo aed MaiNeaance of Property; Lease6olds; Condomiaiums; Planned Unit De~dopmeats. Borrower
~ thall Icoep the Property in good repair and shall not comroit yvaste or permit impairment or deterioration of the Propeny
~ and shall comply with the Qrovisions of any lease if this Mortgage is on a leasehold. lf this Mortgage is on a unit in a
~ condaninium or a planned unit dcvelopment. Borrower shall perform all of Borrower s obligations under the declaration
~ or coveoants creating or governing the condominium or planned unit development, the by-laws and rtgulations of the
~ condominiurn or planned unit development.. and conuituent documents. If a condominium or planned lmit development
~ rider is executed by Borrower and recorded together with this Mortgage, the covenants and agrcements of such rider
~ shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider :
~ wero a part hereof.
~ 7. Protectlon of Ltader'~ Securfty. If Borrower fa~ls to perform the covenants and agreements contained in this ;
~ Mortgage, or if any action or proceeding rs commenced which materially afiecu LenJer's interest in the Froperty. ~
~ including, but not limited to. eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a `
~ bankrupt or decedent. ~hen l.ender at Lender's op~ion, upon notice to Sorrower, ma~• make such appearances, disburse such ~
sums and take :uch action as is necessary tu protect Lender s interest, including, but not limited to, disbursement of ~
reasonabk attomey's fees and en~ry upon the Property to make repairs. If I_ender rcquired mortgage insurance as a 3
condition of making the loan ucureJ by this htnngage. B~ROwer shall pay the premiums requireJ to maintain such ~
iasurance in sBect until such time as the rcquiremem for such ~nsurance terminates in accordance with Borrowers and F
. - t'~~~299 PA~ 7 ~
. 21 ~
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