HomeMy WebLinkAbout0259 1 ~
Ut+traw CoveN~Nrs. Borrower and L,et~de~ covenant a~d a~rce u tollows: '
1 hywe~t ot hi~ciNl a~i lwtensl. Borrowe~ shall p~omptly pay when due the principal of and interat on the
indebtedness evide~ced by the Note. Ptepayrtfent and late chargec ac provided in Ihe Nots, and the principal of a~d interest
en any Future Advances sec~ued by this Mortgase.
2. Fr~i tor T~a u~ l~aus~ce. Subject to applicahlc law ~~r to a written waiver by l.ender. Borro~ver shall pay
to Lender on Ihe day monthly installments o[ principal and ~ntcrcct arc payahk unde~ the Note, uotil the Note is paid in (ull.
a swn (herein "Funds") eqwl to one-twelfth ot the yea~l~ us~. anJ usessments which may attain priority over ~his
Mort~a~e, and ground renu on the Pmperty. if any, ptus one-twelfth of yea~ly premium installmeou for Aazard insunnce.
plus one-tweltth of yearly prcmium installments for mongage insurancc. if any, all as reuonably estimated initially and (rom
time to time by l.ender oo the buis of assessmcnts and hills and reawnabk atimata thercof.
71~e Funds shall be held in an institwion ~he depoaita or accounts o/ ~rAich are insured or guaranteod by a Fedenl ot
state ageocy (including Le~der if Lcnder is such an institution). I.ender shall apply the Funds to pay said taxa. assestmen~s.
insuranoe Qremiums and g~ouad tents. t.ender may not charge tor sc+ holding and applying the Fundc. analytint said account,
or verifyin~ and compling said assessmeots and hills, uoless Lender pays Borrower intercst on the Funds and applicable law
permiu Lender to make such a charge. Borrower and Lender may agree in writing at the time of exaution o[ lhis
Mott~age that intercst on the Funds shall be ~aid to Borrowe~, and unless such agreement is made or applicable law
requires such interat to be paid. L.ender shall nat be rcquired to pay Bor~owe~ any interat or earnings on the Funds. Lender
slull ~ive to Borrower, without charge, an annual accounting of ~he Funds showing credits and debits to the Funds a~d the
purpoae for which eaeh debit to the Funds wu made. The Funds are pledged u addi~ional security for the sums secured
by this Mortaage. ~ "
If the amount o[ the Funds held by L.ender, togelher with the future monthly installments at Funds payabk prior to
the due data of taxes, assessments, insurance prcmiums and ground rcnts, shall exceed the amount required to pay said taxes.
assessments, inaurance premiums and gmund rcnts u they fall duc, such excess shall be, at Borrower's optian, either
promptly repaid to Borrower or crodited to Borrower on monthly installments of Funds. lf the amount of the Funds
hdd by Lender shall not be suificieat to pay tua, assessmeots, insurance prcmiums and ground rents u they fall due,
Borto~ver shall pay to Lender any amount necessary to make up the de6ciency within 30 days from the date notice is mailed
by I.ende~ to Borrower rcquesting payment thereof.
Upon paymeat in ful! of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
held by l.ender. If under puagraph 18 hereof the Property i~ sold or the Property is otherwise acquircd by Lender, I.e~d..r
s6a11 apply. no later than immediately prior to the sale of the Propeny or its acquisition by Lender, any Fundc held bv
L.eoder at the time of application u a credit against the sums securcd by this Mortgage.
3. A'pliestio~ ot Payments. Unless applicable law provides othenvise. all payments received by Lender under the
Note aad paragraphs 1 and 2 henof shall bg applied by Lender first in payme~t ot amounts payable to Lender by Borrower
uader pangraph 2 hereof, then to interest payable on ihe Note, then to the principal of the Note, and then to interest and
principal on any Future Advancas.
4. C6~rtes; Liess. Borrower shall pay ail taxes, assessments and othcr charges, fines and impositions attributable to
tbe Property which may attain a pnority over this Mortgage, and leasehold payments or ground rents, if any, in the manner
provided ander paragraph 2 hereof or, if not paid in~such manner, by Borrower making payment, when due, diroctly to the
payee thereof. Borrower shall promp~ly furnish to Lenckr all notices of amounts due under this paragraph, and in the event
Borrower shall make payment directly. Borrower shall promptly furnish to L.ender receipts' evidencing such payments.
Borrower shall promptly discharge any lien which has pr~onty over this Mortgage; provided, that Borrower shaU not be
rcqu~red to discharge any such lien so long as Borrower shall agree in writ~ng ta the payment of the obligatiun securcd by
such lien in a manner acceplable to Lender, or shall in gaxi faith contest such lien by, or defend enforcement of such lien in. .
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
S. Hazud Insnrsace. Borrower shall keep the improvements naw eaisting or hereafter erecled on the Property insured
against loss by fire, hazards included within 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 Mortgage.
~ "Il~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
; that such approval shall not ix unreasonably withheld. All premiums on insurance policies shatl be paid in the manner
k provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
i insunnce carrier.
~ All insurance policies and renewals therrof shall be in form acceptable to Lender and shall include a standard mongage
; clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, .
~ and Borrower shall promptly furnish to Lender all renewal not~ces and all receipts of paid premiums. In the event of loss,
` Borrower shall give prompl 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 in writing, insurance proceecis shall be applied to restoration or repair of
; the Property damaged, prov~Jed such restoration or repair is economically feasible and the securiry of this Mortgage is
~ not thereby impaired. If such restorat~on or repair is not economically feasible or if the security of this Mortgage would
= be impaired, the insurance proceeJs shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
~ to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to res~nd to Lender within 30 days from the
g date notice is mailed by Lendet to Borrower that the insurance carrier ofTers to settle a claim for insurance benefits, Lender
' is authorized to colkct and apQly the insurance proceeds at Lender's optiun either to restoration or repaer of the Propert~•
q or to the sums secured by this Mortgage:
~ Unless Lender aod Borrower otherwix :~gree m wnting, any such application of pr~eeds to pnncipal shall not extend
or postpone the due date of the monthly ins~allmems rcferred to in puagraph~ I:~nd 2 hereof or change the amount of
~ such installments. If under paragraph 18 hereof the ProE,erty is acyuired h}• Lender, all right, tide and interest of Borrower
n in aad to any Insurance policies and in and to thr prviceeds thereof resulting from damage to the Property prior to thc sale
~ or acquisition shall pass to Lender to the extent ot the sums secured by this Mortgage immediately prior to such sale or
~ acquisition.
6. Presenation aod ~laintenance of Propert~; l.ezsehulds; Condominiums; Planned Unit Devebpments. Borrower
3 shall keep the Property in good repair and shall not comroit y?•aste or permit impairment or deterioration of the Property
? and shall comply with the provisions of any lease ~f this hiortgage is un a leasch~~ld. If this Mortgage is on a unit in a
~ condominium or a planned unit cievclopment, Borrower shall pertorm all of Borrower's obfigations under the declaratioh
or covenants creahng or governing the condommium or pl:~nned unit development, the by-laws and regalations of the
; condominium or planned unit development. and constituent documem~. I( a conJominium or planned unit development
? riJer ~s executed by Borrower and recorded t~~gether with ~hiti Mortgage, the covenants an~ agreements of such rider ~
~ shall be incorporated into.and shall amend anJ supplement the co~enants anJ agreements of this Mortgage as if the riJer
were a part hereof. ~ ~
7. Proteclion of Ixnders Securfty. If Bnrr~.wer fa~lti t~~ ~xrf~~rm the covenantc an~l agreements contained in this
_ Morlgage, or if any action ur proceeding cummrnce~t w hi~h materially afirc~s I.en~er's interest in Ihe Pmperty, ~
~ ~
~ includ~ng, but n~~t hmited tu, cmment domain. in~~.l~ency, c~x)e enf~~rremenl. ~r .,rrangem~ntc or pr~xeedings invols•ing a
~ bankrupt or decedent. ~hen Lendcr at 1 enJcr's opti~.n, u~~n notice t~, Borruwer. m:~} make such appearances, dishurse such -
:5 sums and lake such actiun a; ~s nece~~ar~~ t~+ prutect l_ender's interest, incluJing, but not lim~red to, disbursement of
z reasonable at~omey'1 fceti and eniry up~~n the Propcn~• t~ make repain. If Lcnder reyuireJ mortgage inwrance as a
~ cond~U<>n o( making Ihc loan ucureJ b} Ihi~ l~t~~rlgagr. B~~rn.~cr sh:dl pa~~ thr prcmiums required Io maintain such
~ iruurance in ctFcct unl~l tiuch t~mc ati ~hc reyuircmcnt fc•r ,uch insurancr tcrmin:i~c~ m:?c~ordancc wrth Borrowcr's and
aeax 301 e~cE 259
;
~ .
- -
~ ~ - ~
y
~
~ a_~;~~~~ . ~ *'~s-' _ _ r-s>
~...x