HomeMy WebLinkAbout1695 UNROtId CovteNANTa. Borrower atd Lender covenant and agree ss follows:
1. hgmetN at ihiael~al atM ltt+teresl. Borrower shall promptly pay when due the principal of and interest on the
indebtednea sviderroed by the Noie. prepayment end late charges ac provided in the Note, and the principal of and interest
oa nay Future Advances st><ured by this Mortgage.
2. (tole fir Tatty anti lnwrtt•ce. Subject to applicable law ur to • written waiver by Lender. Borrower shall pay
to Lender on the day monthly installments of principal and interest are payahk under the Note. until the Note is paid in full,
a sum (herein "Funds' egwl to orre-twelfth of the ytarl~~ raze. and assessments which may attain priority over this
Mortgage, and grarnd rents on the Property, it any, plus one-twelfth of yearly- premium inuallments [or hszard inwraruce.
plus ooatwelfth of yearly prcmitun installments for mortgage insurance, if any, all as reasonably estimated initially and from
time to time by Lender on the basis of assessments and hills and reasonable estimates thereof.
7Ue Funds shall be held in an institution the deposits or accounts of which are imurcd or gwranteed by a Federal or
state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments.
iawranoe premiums and ground rents. Lender may not charge for so holding and applying the Funds. analyzing said account,
or verifying and compiling said assessments and bilk, unless Lender pays Borrower interest on the Funds and applicable law
permits Linder to make such a charge. Borrower and Lender may agree in writing at the -time of execution of this
Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law
requires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
shall give to Borrower. without charge, an annwl accounting of the Funds showing credits and debits to the Funds and the
purpose for which each debit to the Funds was made. The Funds arc pledged as additional security for the sums secured
by this Mortgage. .
TE the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to
the due dates of taxes, assessments, inswance premiums and ground rents, shall exceed the amount required to pay said taxes.
aawmeats, iwuranoe premiums and ground rents as they tall due, such excess shall be, at Borrowers option, either
promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the l+unds
htdd bar Leodt:r sbaU not be srr~cieat to pay taxes, assessments, insurance premiums and ground rents ss they fall drx,
• Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Leader to Borrower requesting payment thereof. '
Upon payment is fuU of all sums secured by this Mortgage, lender shall promptly refund to Borrower any Funds
held by Lender. If under paragraph 18 hereof the Property is sold or the Property rs -otherwise acquired by Lender, Lender
shall apply. rte later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by
Leader at the time of application as a credit against the sums secured by this Mortgage.
3. A~iieatioa of PrtyatteNs. Unless applicable law provides otherwise, all payments received by Lender under the
Note and paragraphs 1 and 2 hereof shalt be applied by Lender first in payment of amounts payable to Lender by Borrower
utsder paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and
principal on any Future Advances.
1. Crtuzes; Lkws Borrower shall pay all taxes. assessments and other charges, fines and impositions attributable to
the Property which may attain a priority over this Mortgage, and leasehold payments or• ground rents, if any, in the manner
provided under paragnph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
payee thereof. Borrower shall promptly furnish to Lender aN notices of amounts due under this paragraph, and in the event
Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be
required to discharge any such lien 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 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. Hazarri Iwwrawee. Borrower shall keep the improvements now existing or herea[ter erected 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.
71re insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
that such approval shall not be unreasonably withheld. All premiums on insurance policies shall 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
inwraace carrier.
All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
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 notices and all receipts of paid premiums. In the event of loss,
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 otherwrse agree in writing, insurance proceeds shall be applied to restoration or repair of
a the Property damaged, provided such restoratron or repair is economically feasible and the security of this Mortgage is
~ not thereby impaired. If stx:h restoration or repair is not economically feasible or it the security of this Mortgage would
be impaired. the insurance proceeds 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 respond to Lender within 30 days from the
date notice is marled by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender
f is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Propert~•
or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree m writing, any such application of pra:eeds 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
t wc6 installments. If under paragraph l8 hereof the Property is acywrecf b}' Lender, all right, title and interest of Borrower
in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale
or acquisition shall pass to Lender to the extent of the sums secured by this M_ ortgage immediately prior to such sale or
acquisition.
3 6. Presenation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower
shall keep the Property in good repair and shall not commit yvaste ar permit impairment or deterioration of the Property
and shall comply with the provisions of any lease if thu Mortgage rs on a leasehold. If this Mortgage is on a unit in a
a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration
or covenants creating or guvernmg the condominium or planned unit development, the by-laws grid regulations of the
condominium or planned unit development. and constituent documents. If a condominium or planned unit development
rider is executed 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 cosenants and agreements of this Mortgage as if the rider
were a part hereof.
7. Protection of Lender's Security. If Borrower fark to perfram the covenants and agreements contained in this
~ Mortgage, ur if any action or proceeding rs commenced whrch materially aliects Lender's interest in the Property,
including. but nut hmaed to, eminent domain. inu•ls•enc), c.xle enforcement. or arrangements or proceedings invoh•ing a
bankrupt or decedent. then Lender at (.ender i option, upon notice tr. Borrower, may make such appearances, dishurse such
sums and take such action as is necessary to protect Lender's interest, including. but not limited to, disbursement of
~ reasonable attorney's fees and entry ulx~n the Property to make reparn. If 1_ender required mortgage insurance as a
condition of making the loan secure) by thee Mortgage. B~•rrower shall pay the premiums required to maintain such
A insurance in effect until such time as the reyuirrment far such insurance terminates in accordance with Borrowers and
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