HomeMy WebLinkAbout0837 Untra~~t Oover+erm. Hor[~ower and Lerde~ covenant and a~roe as tollows:
1~s~t ot M~e~l aM 1~1ereM. 8o~roww shall promM~) WY when due tbe principal ot and iMe~est oo the
indebtednw evide~oed by tbe Note. prepaymeat and late cFwr~ a.c ~xovided i~ the Note. and the pri~cip~l of and Mteresl
on aay Futuro Advances secured this Mortss~e. ~
2. 14N~ ter'11~z~s Mi l~wn~ea ~Subject to appl~cabk law ..r to a writtee wsiver by Leoder, soR~ ~ wr
to Lender on the dsy monlhly instdime~ts of principal and intercst ar~ paYaMe unde~ the Note. uetil tAa Note is paid i~ tull.
• tuan (he~ "Fun~b'7 equs! to one-twelfth ot the yea~ly taz~~. anJ assessme~ts which eaay attain prioriq? ove~ this
Mort~ase. and ~round rents on the Pmpeny. if any, plus one-twelfth of Yeu1~? prentium i~staliments for hazard insurance.
plus ooe-twel[th ot yeuly prcmium installmenta tor monta~e inu~rance, if any, all u reato~ably estimated initially aod tro~aa
time to time by I.eader on tin basis of assessments and hills_ a~?d rcasonabk atimata theteof.
'~Ue Funds shall be held ie an instituticM ~he deposia or aaounts of which arc inwted w Eua~~~~oed by • Fede~=~ o~
sute ajeocy (includina Lender it Lcnder is such an institution). 1_ender shall apply the Funds to pay said tua, assessmeMs.
imur~noe p~emiums and ~mund rcots. i_ende~ may nat charge for re~ holdins and spplyiot the Funds. analyzin` said accoun~
or verityin~and complin~ ~id sssessments and bilh, unless Lender pays Bormwe~ interat on the Fur~ds and applicabk law
permits I.ender to make wch a charge. Borrower aud Lender may asree ie writ~na at ~1~e time ot exceutioo ot this
Mort~aje that iaterat on the Funds shall be paid to Borrower. and ualess such a~eement is made or applicable law
requires such interat to be paid. Lender shall not be rcquirad to pay Borrower any interat or earniogs on the Funds. Ler~der
slWl aive to Borrower. witlwut charge, an annwl accounting of the Funds showina credits and debits to the Funds at~d the
purpose tor which each debit to tbe Funds was made• The Funds are pledged u additional security for the sums securod
by this Mortpee.
If t6e amount ot the Fuadt held by Lender, together with the future rnonthly installments of Funds payabk prior to
the due data of tues. aasestmenb. ~nsurance premiums and ground rents, shall exceed the amount tequired to p~y uid taxa.
aae~nxats. iasuranoe premiums and ground rcnts u they fall due. such excess shail be. at Borrower
s option. either
promptly repaid to Borrower or croditod to Borrower oe monthly insullr?xnts of Funds. If the amount of the Funds
heW by L,ender shall not be wfficieat to pay tues, ~asmeots. insurance premiums and ground rents ss they fall due.
Hoaower sball pay to Leader any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Lender W Borrower tequatia8 WY~nt theroof.
Upa~ payment in full of dl suras secural by this Mortgage. Lender shaU promptly cefund to Borrowor any Funds
held bp Lender. If undtr puasraplt 18 hereof the Propertp is sold or the Property a otherwise acquired by Lender. Lender
s6aU apply. no later than immediately prior to the sale of the PropeRy or its acquisition by Lender. any Funds hdd bv
I.eoder at the time of application as a credit against the sums socurod by this Mortgage. ~ •
3. A~pBcatio~ oE Pyr~eels. Unless applicabk law provida othenvise, all payments r~ceived by I.ender under Ihe
Note and patagraphs 1 and 2 bereof shall be applied bj?' Lc4~der first in payment of amounu payabk to L~nder by Borrower
under pangraph 2 heceof. t6ea to iaterest payabk on.tba Note. then to the principal of the Note. and then to interest and
prit~cipal on a~y Future Advances.
1. Cbartes; Lieas Borrower shall pay all ~axes, assessments and other charges. fines and impositions attributable to
t6e Ptoperty which may attain a priority over fhis Mortgage, and Icssehold payments or ground rtnts, if any. in the manner
provided undcr paragraph 2 hcroof or, if not paid in such manner. by Borrower making payment, when due. dicecdy to the
payee tl~ercof. Borrowe.~ shall promptly furnish to Lender all notices of amounu due under this paragraph, and in the event
Borrower shall inalce payment directly. Borrower shall promptly fumish to L.ender receipts evidencing such payments.
Borrower ~hdl promptly discharge any lien which has prioriry over this Mortgage: provided, that Borrower shall not be
rcquircd to dixharge 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 contest such lien by, or defend enfo~+cement of sueh lien in,
kga! proceedings which operate to prevent the enforcement of the lien or forfeiture of -the Property or any part thereof.
S. Aarard Inso~awce. Boirower shall keep the improvements now existing or hereafter erected on the Property iasured
against loss by fire, ha~tds included within the term "extended covcrage", and such other hazards u Lendtr may rcquire
and in such amounts and for such periods as [.ender may requirc; provided, that Lender shall not require that the amount of
such coverage eaceed that amount of coverage required to pay the sums secured by this Mortaaae.
1Le iraurance carrier providing the insurance shall be chosen by Bonower subject to approval by Lender. provided.
that wch apQroval shall not be unreaconably withheld. All premiums on insurance policies sha11 be paid in the maaner
provided uoder paragraph 2 hereof or, if not pai~ in such manner, by Borrower making payment, when due, directly to the
insuraace 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 acceptab{e to L.ender. Lender shall have ihe right to hold the poficies and renewals thereof,
and Borrov?er shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss.
j Borrower shall give prompE notice to the insurance carrier and Lender. Lerider may make proof of loss if not made promptly
' by Borrower.
' Unless Le~der and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
the Propeny damaged, providod such restoration or repair is economically feasible and the security of this Mortgage is
not thereby impaired. I( such restoration or repair is not economically feasi6le or if the security of ihis Mortgage would
~ be impaired. the insurance proceeds shall be applied to the sams secured by this Mortgage, with the excess, if any, paid
to Borrower. If the Property is abandoned by Borrower, or if Borrawer fails to respond to Lender within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier ofien 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 repa~r of the Propertv
or to t6e sums secured by this Mortgage.
Ualess Lender and Borrower otherwise agree in writing, a~y sach application of proceeds to principal shall not extend
or poatpone the due date of the monthly installments referred to in paragraphc I and 2 hereof or change the amount•of
sucb installmeats. If under paragraph 18 hereof the Propeny is acquired by Lender, all right, title and interest of Borrower
in and to any Itisurance policies and in and to the proceeds thereof resulting from damage to the Property prior to. th.; sale
or acquisition shall pass to l.ender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition. -
6. Preservatioo and Maintenaoce of Property; Leauholds; Condominiums; Planned Uoit Dereloptntats. Borrower
shall koep the Property in good repair and shall not comro~t Kaste or permit impairment or deterioration of the Property
~ aod shall comply with the provisions of any lease i[ this Mortgage is on a leasehold. If this Mortgage is on a unit in a
condominium .or a pl~nned unit development, Borrower shall per(orm all of Borrower's obligations under the declaration
~ or covenants creating or govern~ng the condommium or planned unit develupment, the by-laws and regulations of the
~ condominium or planned unit development. and constiwent Jocuments. If a condominium or planned unit development
rider is executed by Borrower and recorded together with this Mongage, the covenants and agreements of such rider
shall be incorporated into and shall amend and supplement the covenants and agreements.of this Mortgage as if the rider ,
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were a part hereof. ~
~ 7. Protection of Lender's Security. If Borrower fails t~ perform the covenants anJ agreements contained in this ;
Mortgage, or if any action ur proceeding is rummenced which materially afiects 1_enJer's interest in the Propeny. '
including, but m,t Gm~ted to, eminent domain. inu~l~•enc}~. ~cx1e enforcement, or arrangemcnts or proceedings invol~ing a
bankrupt or decedent. then Lender at l.ender's option, upon notice to Borrower, ma}~ make such appearances, disburse such
sums and take such action as is nece~sar~• tu protect Lendcr's interest, including. but not limited to, disbursement of ;
reasonable at~omey's (ces and entry upon the Properry to make repairs. lF Lcndcr reyuireJ mortgage insurance as a
condition of making thc loan secureJ by th~s Mor~gage. Borrower shall pay the premiums requireJ to maintain sucfi
insurance in rfiect until such time as the reyuirement for such ~nsuranee termmates in accordance with Borrower s and
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