HomeMy WebLinkAbout0253 Ut+traw Covet+~t+rs. Bomower aod L.ende~ cove~ant and a~ree ss follows:
1 laywcat of lri~ciNl aoi INerwf. Bo~rower shall promptl~ psy when due the principal of ar~d intcrcst on the
indebttdnest evidencsd by the Nota. p~epayme~t and late chargec ac provided in Ihe Note, and the principal o[ and intercs~
on any Futurc Advances xcured by this Mortpte.
2. 14~i ~er Ta=M a~i l~a~~ce. Subject to applicabk law ur to a written waive~ by Le~der. BoROwer .ahall paY
to [.ender o~ Ihe dsy mwithly installments of principal and ~n~crcc~ .~rc payaMe under the Note. uotil the Note is paid in tull.
a sutn (hercin "Funds") eywl to one-twelfth of ~he yesrl~~ tar?c. and asscssme~ts which tnay attain priority over ~his
Mo~ate. and ~~ound re~ti on tbe Pmperty. if any, plus a~e-~welfth of yearly prcmium installments for haurd i~surance.
plus o~e-twelfth of yearly prcmium installments tor mongage insurancc, it any, all u reasonably estimated initially and from
time to time by I.endtr on the basis of assasrwcnts and hills and rcasonable estimata thereof.
'IUe Funds shall be held in an institwion ~he depos~a or accounts of ~rhich are insurcd or guaranteed by a Federal ot
state ageocy (includina Lender if Lcnder is such an inslitution). 1_ender shall apply Ihe Funds to pay said taxa, asxssmen~s.
insurance prcmiums and ground rents. I.ender may not cha~ge for sn holdi~g and applyioa the R~mdc. analyxins said account,
or verifyin~ and rnmpilin` said assessments and bills, unless Lender pays Bonower interest on the Funds and applicable law
permits Lender to make such a charge. Borrower and l.ender may agree in writing at ~he time of execution o[ this
Mortgaae that interat on the Funds shall be paid to Borrower. and unlas such agreemen~ is made or applicable law
requires such intercst to be paid. Lender shall not be required to pay Borrower any intercst or earnings on the Fuods. Lender .
shall ~ive to Borrower, without charge, an annual accou~ting of the Funds showing credits and debits to the Funds and the
purpose for which each debit to the Funds wu made. The Funds are pledgod u additional security tor the sums secured
by this Mortsaae. '
lf tbe amount of the Fuads held by Lender, toge~htr with the futurc monthly installments of Funds payabk prior to
the due data of taxes, assessmenu. insurance prcmiums and ground rents, shall exceed the amount required to pay said taxa.
asswtaents, insurance prcmiums and ground rents u they (all due, such excess shall be, at Bonower's option, either
promptly rcpaid to Hormwer or crodited to Borrower on monthly installments of Funds. I[ the amount of the Funds
held by Lender shdl not be sulficieat to pay tua, assessments, insurance premiums and gmund rents as they fall due,
Borro~rer shall pay to l.ender any amount necessary to make up the deficiency within 30 days from the date ~otice is mailed
by Lender to Borrower requesting payment thercof.
Upoa payment in full of all sums secured by this Mortgage, l.ender shall promptly refund to Borrower any Funds
held by Lender. If under paragraph 18 hereof the Property i~ sold or the Property ~s othervvise acquircd by Lender. Lender
ahdl apply, no later than im~t~ediately prior to the sale of the Propeny or its acquisition by Lender. any Fun~' held bv
Leader at the time of application u a ccedit against the sums secured by this Mortgage.
3. A~piicatio~ of Pa~e~ts. Unless applicable taw provida otherwise. all payments received by Lender under the
Note aad paragraphs 1 and 2 hereof shall be applied by L.ender first in payment of amounts payable to Lender by Borrower
uader puagraph 2 hereof, t6en to inierest payabk on the Note, then to the principal of the Noto, and then to interest and
principal on any Future Advanoes.
4. C6arta; Lkas. Borcower shall pay all taxes, assessments and othcr charges. fines and impositions attributable to
tbe Property which may attain a priorily over this Mortgage, and leasehold payments or ground rents, if any, in the manner
pr~vided under paragraph 2 hercof or, if not paid ~n such manner, by Borrower making payment, when due, directly to the
payee thercof. Borrower shall promptly furnish to Lenckr alf notices of amouats due under this paragraph. and in the event
Borrower shall maice payment d~rectly, Borrower shall promptly furnish to I.ender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has prionty over this Mortgage; prowded, that Borrower shall not be
rcquired to discharge any such lie~ so long as Borrower shall agree in writing to the payment of the obligation secured by
such lien in a manner acceptable to Lender, or shall in good fai~h contes~ such lien by, or defend enforcement of such lien in,
legal proceedings which operate to prevent ~he enforcement_of the lien or torfe~ture of the Property or any part thereof.
S. H~zard Insnnwce. Borrower shall keep the.~mprovements now existing or hereafter erected on the Property insured
against loss by fire, hazards included w~ithin the term "extended~coverage", and such other hazards as Lender may require
and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of
such coverage exceed that amount of coverage required to pay the sums secured ~by this MoriEage. ~
'It~e insurance carrier providing the insurance shall be chosen by Botrower subject to apQroval by Lender, provided.
that such approval shall not be unreasonably withheld. All premiums on insurance policies sha11 be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
insurance carrier.
~ All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortga.ge
~ claux in favor of and. in form acceptable to Lender. I.ender shall ~ave the right to hold the policies and renewals thereof,
and Borrower shall promptly furnish to Lender all renewal notices nd all receipts of paid premiums. In the event of loss.
Borrower shall g~ve prompl notice to the insurance carrier and Lender. Ler?der may make proc?f of loss if not made prompdy
by Borrower.
i ~ Unless I_ender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
~ the Property damaged, providtd such reatora~ion or repair is economically feasible and the security of this Mortgage is
j not thereby impa~red. !f such restorat~on or repair is not economically feasible or if the security of this Mortgage would
i be impaired, the insurance procecds shall be applied to the sums secureJ by this Mortgage, with the excess, if any. paid
; to Borrower. If the Propert~~ is abandoned by Borrower, or il Borrower fails to respond to Lender within 30 days from the
! date notice is ma~led by Lender to Borrower tha~ the insurance carrier offers to settle a claim for insurance benefits, Lender
; is authoriud to collect and appty the insurance proceeds at l.ender's option either to restoration or repaer of the Propertv
or to t6e sums secured by this Mortgagc.
~ Unless Lender and Borrower otherwise agree in wnting, any such application of pro~:eeds to principal shall not exter.d
= or postQone the due date of the monthly installmcnts referred t~~ in paragraphl I and 2 hereof or change the amount of
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such installments. If under paragraph 18 hereof the ProE.erty ~s acyu~reJ by l.ender, all right, title and interest of Borrower
e in and.to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to tht sale
or acquisidon shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
; acquisition.
6. Preservatioa and Maintenance of Property; l.easehutds; Condominiums; Planned Uait Developments. Borrower
' shall keep the Property in good repair and shall not corr~rpit yvastc or permrt impairment.or deterioration of the Property
~ and shall comply with the provisions of any lease this Mortgage is vn a leaschold. lf this Mortgage is on a imit in a
3 condominium or a planned unit developmcnt, Borrower shall pcr(orm all of Borrower's obGgations under the declaration
~ or covenants creat~ng or governmg the condommium or planned unit development, the by-laws and regulations of the
condominium or planaed unit development, and constiwent J~xumeniti. lf a condominium or planned unit development
rider u executed by Borrower and recorded ~ogether with thi~ Mortgage, the covenants and agreements of such rider
shall be incorporated into and shall amend ~nd supplcment the covcnants anJ agreements of this Mortgage as if the ri~fer
were a part hereof. . .
~ 7. Profection of I.ender's Security. }f B~rn,wer (a~k t~• Fxr(e~rm the covenants anJ agreements rnntained in this
Mortgage, or it any act~on ur proceedmg ic ci~mmenceJ ahich matcriall} aBrcts I.ender's interest in the Property,
~ indudmg, bW n~~t I~m~led to, eminent domain. im~.l~enry, c~~cfe enforcement. or arrangements or proceedings invoh•ing a
bankruPt or decedent. then Lender at LenJer'S opt~on, u~x~n notice to Rorrower, ma} make such appearances, dishurse such
~ sums and take such acuun ati is neces,ar} t~~ pmtect Lender's m~erest, incluJing. but not lim~ted to, disbursement of
~ reasonabte attomey's teec and entry u~x~n thc Property tc. make repair~. I( t.ender reyuired mortgage incurance as a
: cund~t~on of makmg the loan ucure~l by ~hi~ Alurlgagc. BurroNrr sh.ill pap the premiums requ~red to maintain such
s
~ insurance in etiect until tiuch time as ~he reyuirrntem (or ,uch insurancc trrminatr~ in accordanee w~~h Borrower's and
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