HomeMy WebLinkAbout0213 UNp~ORl~I COVBNANTS. Bomower and Le~der covec~ant and a~roe as tollows:
1!~t ot ttrelMl „r tren,~, eo~rowe~ ~,an ~+~omaiy P,y when due tbe priocipal ot aod iats~l oo the
indebtedna~ evideaoed b~r tbe Note. prepayment and late chargec as ~+rovided in ~he Note. and the.princip~l ot uW interat
aa anr FWurc Advaaces securod bp this Mwt=sse-
2. !~i tK Taons awi lawn~ee. ~bject to applicabie law ar to a written waive~ by Le~der, so~ .h.n wr
to Leader on ~he day monthly installments of principal and intcrcst are payabk under the Note, until the Note is p~W in [ull.
a surn (hercin •'Fur~'7 eqwl to onrtwelfth ot ~he yea~l~• ax~~ anJ assasments which may attain priority ow~ this
Mortsase. ~nd ~round renb on tbe Prope~ty. it any, plus one-twelfth of yqrl~r~ peemium installments for huard inwrance.
plus oae-twelfth of yearly premium installments for mortgage insorancc, if any, all u rcawnably atimated initidly and trom
time to time by I.eudc~ on tbe basis of assa.tmcn~s and hills and reasonabk atimates thereof.
The Funds shall be beld in a~ institu~icu~ the deposiu or ~ccounts of which arc i~aured or ~uaraoteed by • Federal ot
state ssency (includina Lende~ if L.ender is such an institution). 1_ende~ sAall apply the Funds to pay uid tues, s1~~~s.
iuwranoe ~emiums and ~round rcnts. t.ende~ may no1 charge tor u+ ho{dina snd aPplYinj the Funds. aoalyzin~ said account,
or verifyi~j and complios uid assessments and bills, unlas Leoder pays Borrower interat on the Funds and applicable law
pwmitt Leader to make :uch a charge. Borrower and Lender may agree in writin` at the time ot exxution ot tha
Mort=a~e tbat interat on the fl~nds shall be paid to Borrower, and ualas such aaroement is made ot applicabk law
requira such intersst to be paid. I.ande~ shall not be rcquired to pay Borrower aoy interat or earnings on the Funds. Lender
sl~aU pve W Borrower. witbout charge, an annual accountiog of the Funds showina credits a~d debits to the Funds and the
p~upose for ~rhich each debit to the Funds wzs made. The Funds arc pledgod u additiooal security for the sums secured
by this Mortpse.
If t'x amount of tl~e Fua~ bdd by Lender, together with the futurc monthly installments of Funds payabk prior to
t6e due dates of tues. auessments, inwrance premiums and ground rents, shall exceod the amount required to pay said tues,
aa~wmeats, iraurance premiums snd ground reets u they fall due. such excess shall be. at Borrower's option. either
promptly repiid to Borc~ower ~ credited to Horrower oe monthly install~nts of Funds. If the amount of the Funds
hdd by Lender shaU uot be su~cient to pay taza, a~ssmena. uuurance premiums and ground rents as they fall due.
Bo~rower aball pay to Lender any amount ~ecessary to make up the deficiency within 30 days from the date notice is mailed
by I.eader to Borrower requestia8 WYment thercof.
Upon payment in full of dl wrtLS securod by this Mortgage, Lender shall promptly refund to Borrower any Funds
NeW by Leader. If under paragaph 18 hereof the Property ia sold or the Pmperey ~s otherwise acquired by Lender. Lender
ahaU apply. no later Wan immediately prior to the sak of the Property or its acquisition by Le~der. any Fundc held bv
i.eoder at the time of application ~ a credit against the sums secured by this Mort6age.
3. A~iicatio~ d ls~. Unlas applicabk law provides otherwise, all payments received by I.ender under the
Note and paragrsphs 1 and 2 hereof shall be appliod by Lender first in payment of unounts payabk to Lender by Borrower
under parsaraph 2 he[eof, tben to i~terest payabk on the Note, then to the principal of the Note. and then to interest and
principal on any Future Advancxs.
4. CraRa; i3e~s. Borrower shall pay all taxes, assessments and other chargu, fines and impositions attributable to
tbe Propeny which may attain a priority over this Mortgage, and leasehold payments or ground rents. if any, ia the manner
pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due. diroctly to the
payee thereof. Borrower shall promptly fumish to Lender all notices of amounts due under this para~rsph. and in t6e eveat
Borrower shall make payment directly, Borrower shall promptly turnish to l.ender rcceiQts -evidencing such paymenu.
Bonower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be
rcquired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secutrd by
suc6lien in a manner acceptabk to Lender, or shall in good faith contest such lien by. or defend enforceme~t of such lien ia.
kgal proceedings which operate to prevent the enforcement of the lian or forfeiture of the Property or any part thereof.
S. Hasard inwrs~ce. Borrower shall keep the improvements now existing or hereafter erocted on the Property insured
against loss by firc, hazards included wit6in the term "extended coverage", and such other hazards as Lender may rcquire
and in wch unounts and for such periods u Lender may requirc; provided, that Lender sball not require that the amount of
such rnverage exceed that amount of coverage rcquired to pay the sums securcd ~by this Mort~a~e.
'Ibe insuranoe carrier providing tt~e insurance shall be chosen by Bottower subjoct to approval by Lender. pmvided,
t6at wch approval shall not be unreasonably withheld: All premiums on insurance policies shail be paid in the manner
providod under paragraph 2 hereof or. if not paid in such maoner. by Borrower making paymen~ when due, dircctly to the
~i insurance carrier.
~ All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
f clause in favor of and in fortn acceptabk to Lender. Ixnder shall have the right to hold the policia and ronewals thereof,
~ aod Borrower shall promptly furnish to Lender all renewal ~otices and all receipts of paid pnmiums. In the event of loss,
Borrower shall give prompE notice to the'insurance carrier and Lender. Lender may make proof of loas if not madt promptly
i by Borrower.
~ Ualess Lender and Borrower otherwise agree in wnting, i~surance proceeds shall be applied to restoration or repair of
the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
not thereby impaircd. lf such restoration or repair is not economically feasible or if the security of this Mortgage would
be impaired, the insurance procecds shall be applied to the sums secured by this Mottgage, with the excass, if any, paid
to Borrower. If the Propeny is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier ofiors to settle a claim for insurance benefits. L.ender
~ is authorized to collect and apply the insurance procads at Lender's option either to restoration or repa+r of the Propeny
or to 26e sums securod by this Mortgage.
~ 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 installmeots. If under paragraph 18 hereof the Pro~,erty is acquired by Lender, all right, title and interest of Borrower
in and to any R?surance policies and in and to the proceeds thereof raulting from damage to the Property prior to thc sale
~ or acquisition shall pass to Lender to ihe extent of the sums secured by this Mortgage immediately prior to such sale or
~ acquisition.
~ 6. Yn~ser.vatbn aod Maintenance of Prope~ty; I.easelwlds; Condominiums; Planned UAit Devdopmeats. Borrower
a shall ketp the Property in good repair and shall not com~uit Waste or permit impairment or deterioration of the Property
~ and shall comply with the provisions of any lease i[ this Mortgagc is on a leasehold. If this :Mortgage is on a unit in a
~ condominium or a planned unit development, 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 regulations of the
~ condominium or planned unit development, and constituent document~. If a condominium or planned unit development
rider ~s executed by Borrower and recorded together w~ith this Mortgage, the covenants and agreements of such ridcr .
~ shall be incorporated ~nto and shall amend and suPplement the covenants and agreements of this Mortgage. as if the rider
~ were a part hereof. .
~ 7. PrMection of I,ende~'s Securfty. If Barrower fa~k to perform the covenants and agreements contained in this
~ Mortgage, or if any acUOn or proceeding is cummenceJ wh~ch materially aHects Lender's interest in the Property,
~ induding, but n~~t lim~ted to, eminent domain. insolvency, code enforcement, or drrangements or proceedings involving a
~ bankrupt or decedent. ~hen t.ender at I.enJer'~ option, upon notice to Borrower, may make such appearances, disburse such
~ sums and take such ac~ion as is necessary tu pmtect Lender's interest, including. bui not limited to, disbursement of
~ reuonable attorney's fees and entry upon the Property to make repairs. If Lcnder requircd mortgage insurance as a_
~ cond~tion of making the loan secured by this Mongage. Borrower shall pay the premiums requireJ to maintain such
insurance in efiect until soch time as the reyuiremem for tiuch msurance terminates ~n accordance with Borrowec s and
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