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HomeMy WebLinkAbout0819 Un[raw Oovew~rns. Homo~rer and Lende~ covenant and a~~a as follows: ~~e~t et Tri~tipl a~i We~esl. Borwws~ shall {+romptly par when due the pri~cipai ot and interat oe the u~debeedne~ evidenoed b~r ~he Naa p~wYane~e and laie charaec ac ~+rovided in the Note. aod the principal ot aad intenest oa soy Future Advances sxured this Mortsa~e. ' 3. Ewi tor Ta~s a~i Iwn~ee. Subject to applicabk law u~ to a written waiver by I.ender, Borro~rer shdi pay to Lender on the day monthly installments of principsl and intcres~ an payat+le under the Nota. until the Note is paid in tull, a tuen (hereio "Fund~'~ eqwl to o~-twelfth o/ the yea~ly ~ax~~ ani! asxssments which may attain priority over this 1Na'tsase. and ~round reets on tbe Pnuperty. it any, plus one~-twelflh of yearly ptemium instalimeots for haurd insun~ce. plus ooe-tweltth oE yearly Prauium installments fo~ mortaage insunncc, it any. all u reasonably estimated initially and fmm time to time by l.endet on tl~e bssis of assessmcots and hills and rcason~bk atimates thereof. 'Ibe Fu~ds shall be lxld in an instituticu~ the deposiu or accoun~s of which arc insured or auaranteed by a Federsl ot state s~ency (includina Lende~ if Lender is such an institutianl- 1_ender shall apply the Funds to pay said taxts. assasments. iawrat~oe (xemiums and ~round rcnts. 1_ender may na~ cha~ge fo~ u~ holdinE and aPplyins ~he Fund~. analyzint said account, or vrrifyin~.and comqlina said as3asmen~s and bilk, unkss Lender pays Borrower i~tercu on the Funds and applicabk law ~ permits Le~der to make such a charge. Borrower and Lender may agrce in writina at the time of execution of this Mort~e that interat on the Fuads shall ba paid to Bonowet. and uakss such agreement is made or applicabk law requira such interat to be paid. Ler~der shall not be rcquircd to pay Borrower any intercst or earnings on the Fu~ds. I.ende~ ; shaU pve to Borrowe~~ without charge. ao a~nual accou~ting of tt~e Funds showing credits and debits to the Funds and the ptupose for which ach debit to the Funds was made. The Funds are pledged u additional security for the sums securcd by this Mortpse. - lf tbe amount o[ the Funds heW by Le~der, together with the future monthly installments of Funds payabk prior to tl~e due data of tua. assasmeata, i~uurance premiums and ground rents, shall exceed the amount roquired to pay said taxa, assawa~ents. insurance premiums snd around reets u they tall due. such excess shall be. at Borrowei s option. either promptly rcpaid to Borrower or credited to Bormwer on monthly installments of Funds. If~ tl~e amount of the Funds beW by Lender shall aot be wt6cieat to pay ta~ces. asles.unenu, insurance premiums and ground re~ts as they fall due, Borm~rer sball pay to I.eader a~y amount necasary to.make up ~he deficiency within 30 days trom the date notice is mailed by Leoda to Bormwer requestia8 WYment thereof. • ~ j• ~ Upon payment in fuD of all ~wps securcd by this Mongage, l.ender shall promptly refuad to Bonower any Funds I~eW by Lender. If under panaraph 1$ hereof ihe Propeny ia sold or the Propeny u otherwise acquircd by Lender. Lc~der abaU appty. no later tl~an imdKdiately prior to the sak of the Property or its' scquisition by I.ender, any Funds held bv Leoder at the dme of application u a credit against the sums secured by thif, I~oct6s~e. 3. A~licatio~ ot lay~cds. Unless applicable law provides otherwist~ ,al~ pr+yments received by Lende~ under the Note and paragraplu 1 and 2 hereof shall be applied by t.enckr first in payment of amounts payable to Lender by Borrower uader paragraph 2 heteof. then to intcrest payabk on the Note, then to the principal of the Note. and then to interat and principal on any Future Advancts. 1. Chsr~a; Lie~s. Borrower shall pay all taxes, assessments and othcr charges, fines and impositions atlributable to tbe Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. in the manaer provided under paragraph 2 hercof or, if not paid in such manner, by Bc~rrower making payment. wheo doe. diroctly to the papee thereof. Bortower shall promptly fumish to Lender all notices of amounts due under this paragtaph. and in ihe event . Borrower shall make payment directly, Borrower shap promptly furnish to Lender receipts evidencing such payments. _ Borrower shall promplly discharge any.lien which hu priority over this Mongage; providtd, 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 secured by such lien in a manner acceptabk to Lender, or shall in good faith contes~ such lien by, or defenJ enforcement of such lien in, ~ kgal proceedings which operate to preveat the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hsurd I~~ce. Borrowe~ shall keep the ~mprovements now existing or hereafter erected on the Propeny insured against loss by firc, hazards included within the term "extended coverage", and such other hazards as Lender may require ~ wd in wch amounu and for such periods as Lender may require; provided, that l.ender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortaage. T6e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, prnvided. that such approval shall not be unreasonably withheld. All premiums on insurance policies shail be paid in the manner providod under pa~agraph 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 ther~of shaN be in form aeceptable to Lender and shall include a standard mortgage claux in favor of and in form acceptable to Lender. Lender shall have the right to hold the policia and renewals thertof, ~ and Borrower shall promptly furnish to Leader all renewal notices and all receipts of paid prcmiums. In the event of Ioss, Borrower shall give p~ompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ by. Borrower. - ; Ualess Lender and Borrower otherw~se agrec in writing, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provickd such restoration or repair is economically feasible and the security of this Mortgage is ~ not ~hereby impaired. If such restoration or repair is not economically (easible or i( the security of this Mortgage would ~ be impaired. the insurance procceds shall be applied to the sums secured by this Mortgage, with the excess, if any. paid ~ to Borrower. If the Property is abando~ed by Borrower, or it Borrower fails to respond to Lender within 30 days from the ; date notice is maded by [.ender to Borrower that ~he insurance carrier offers to settle a claim for insurance benefits. Lender • is authorized to collect and apply the insurance proeeeds at Lender's option either to restoration or repair of the Propertv or to the sums securod by this Mortgage. Unl~ss Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ or postpone the due datc of the monthly installments reEerred to in paragraphc 1 and 2 hereof or change the amount of ! such installments. It under paragraph 18 hereof the Property is acquired by Lender, all right, tide and interest of Borrower ~ in and to any tnsurance policies and in and to the proceeds thereof result~ng from damage to the Property prior to thc sale or acquisition shal! pass to Lender to the extent of the sums secured by this l~tortgage immediately prior to such sale or ~ acquisition. ~ 6. Presen•atioa and ~taintenance of Prope~ty; Leasehulds; Condominiums; Planned Unit Devebpments. Borrowcr ~ shall kcep the Property in good repair and shall not comroit yvaste or permit impairment or deterioration of the Property - ~ and shall comply~ with the provisions of any lease i[ this Mor~gage ~s on a leaschold. If this Mortgage is on a unit in a $ condominium or a planned unit developmen~, Borrower shall pcrform all of Borrower's obligations under the declaration or covenants creating or governing Ihe condominium or ptanned unit develvpment, the by-laws and regulations of the ~ condominium or Planned unit development, and constituent documents. If a condominium ot planned unit development : rider ~s executed by Borrower and recorded together wi~Fi this Mortgage, the covenants and agreements of such nder ~ ; shall be incorporated ~nto and shall amend and supplcment the covenants and agreements of this Mortgage as if the rider were a part hereof: 7. Profectioa of Lender's Securfty. If BorroNer failc t~~ perform the covenants anJ agreements contained in this ~ Mortgage, or if any action vr proceeJing ~s cummcnced ahich materially afircts Lender's interest in the Property, : includmg, but not lim~ted to. eminent domain, inx~lvenry, code enforcement._ or arrangemer.ts or proceedings involving a ~ bankrupt or decedent. then I.encler at 1_endet i option, upon notice ~o Borrower, map make such appearances, Jishurse such _ sums and take such action as is necessary to protect Lender's mterest, including, but not limited to, Jisbursement of ~ rcasonable attomey's (ces and enlry up~m the Propcrty mrke repaus_ If Lender reyuired mortgage insurance as a ' ~ cond~Uon o( mak~ng the loan cecured by thia Mortgage. B~~rruwer shall pay Ihe premiums required to maintain such iruurance in rfiect umil ~uch time as ~he reyuirement (or .uch insurance terminates m accordanee w•ith Borrower's and i a'~~~K302 819 ; - , ~ ~ . ~ : ~ ; - f ~ : _ :-<x.. . ~ _ _ .