HomeMy WebLinkAbout0601 UNIlOR?~ COVlNAtiTS. Borrower and Lende~ coveoan~ and a~roe ss follows:
~~eat ot tei~tlpl si 1~NereM. Borrowe~ shall promptly psy whee due the priecipal ot and inte~est on the
it~debtednest evideneed by the Nde. prepaytneot snd late cFwraec a~ Movided in the Note, aod the principal o( snd interest
oa aay Future Advances securod by this Mortsase. ,
~ l~wi ter'la~M a~i [~w~MCe. Subject to applic~bk law ar to a writteo waiver b~? Lender. 8omewe~ shall pay
to Lender on Ihe day monthly inualtments ot principal sud intcrcal arc ~yat?k under the Note, uMil the Note is paid io tull.
a sum (henin "Fund~'~ equal to onatwelfth of the yea~l~• tsac. ancl assessme~ts which may attain priority over this
Mwtjaje. and ~rour~d rents on tbe Pe~openy. if any, ~+lus one-twel(~h of yearty prcmium inuallments ior hszard insurance.
plus one-tweltth of yearly promium installmen~s tor mongage insunncc, if any. all u rcawnably estimated initially and tmm
time to tin~e by l.ender on tbe basis of asse.ccme~ts and hitls and rcaaonabk es~imata thercof.
The Funds shall be held in an institution the depos~ta or acco~nts of vrhich ue insured or guarantced by s Fedenl ot
state asency (includint Lende~ if Lct?der is such a~ institutiool. 1_ender shall applythe Funds to pay uid taxa. assessments.
iusuranoe premiums and ~round rcnts. 1_ender may not charge for so holding and applyin~ the F~~nda. analyzing said account,
or verifyin~ and rnmplinj said assessments and bills, unless Leader pays Bonower interest on the Funds and applicable law
permits Lender to make such a charge. Barrowe~ and L.eoder may agree in w~tin~ at the time of executioo of this
Monjase that intercst on the Fuads shall t+e paid to Borrower..and unlas such agreement a made or applicabk law
roquira such interat to be paid. Lender shall not be rcquircd to par Bo~rawe~ any interat or earnings on the Fu~ds. Lender
shatl pve to Borrower, witlwut charge, an annwl accounting of Ihe Funds showing crcdits and debits to the Funds and the
purpose for which each d~bit to the Funds wu made. The Funds arc plodged u additional socurity for the sums secured
by thi: Mortsaje.
If the amount of the Fut~ held by L,ender, together with the. future mo~thly installments of Funds payabk prior to
tl~e due data of tues. assessmeats. i~aurance premiums and ground rents, shall exceed the amount required to pay said uxa.
aaewneats. insunnce premiums and gmund rents as they fall due: such excess shall be. at Borrower's option, either
promptly repaid to Horrower or creditod to Horrower oii monthly insullments of Funds. If the amount of the Fun~ .
hdd by Leoder shall aot be sui6ciwt to pay tsxes, as~ssments. insurance premiums and ground rents u they (al! due,
Borm~ve~ shall pay to I.ender a~y amount necessary to make up the deficiency within 30 days from the date notice is mailed
bry Leode~~ to Borrawer requqtina payment theroof.
Up~on payment in fuU of all wnu mcured by this Mongage, l.ender shall promptly refund to Borrower any Funds
hrJd by Lenckr. If under pusgraph 18 heroof the Propeny ia sold or the Propeny ~s ahenvise acquircd by Lender. Le~der
sbaU apply. no later than ima~ediately prior to the sak of the Pmpeny or its acquisition by I.ender. any Funds held bv
I.eader at the time of application ai s cralit against the sums secured by this Mortgage.
3. A~piicatio~ ot Papreas, Unlas applicable law provieiu otherwise, all payments received by Lender under the
Note and paragaphs 1 and 2 hereof shall be applied by 1_e~der first in payment of amounts payable to Lender by Borrower
under 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.
4. C6ar~es; Lieas. Borrower shall pay all taxes, assessments and other charges, fincs and impositions attributable to
the Pr~operty which ipay attain a priority over this-Mortgage, and leaschold payments or ground rents. if any. in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. whee due. d'et+ectly to the
payee the~eof. Borrower shall promptly furnish to Le~der all natices of amounts due under this paragnph. and ia the event
Borrower shall malce payment directly. Borrower shall promptly turnish to Lender ra.-eipts evidencing such payments. '
Borrower shall promptly dixharge any lien which has priority over this Mortgage; provided, that Borrower shall not be
rtquircd to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligatiun securcd by
such lien in a manner acceptable to Lender, or shall in good faith contes~ such lien by, or defend enforcement of such lien ~in.
legal proceedings whicli operate to prevent the enforcement of the Gen or forfeiture of the Propeny or any part ~h~roof.
S. Hazsrd Iawrance. Borrower shall kap the improvements now existing or hereafter erccted on the Property insured
against loss by 6re, hazards included within the term "extendeJ coverage', and such other hazards as I_ender may require
and in such amounts and for such periods as Lender may require; provided, that Lender shall not requirc that the amount of
such coverage exceed that amount of c-0verage required to pay the sums secured by this Mortgase.
The iasurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided,
Wat wch approval shall not be unrcasonably withheW. All premiums on insurance policies shail be paid in the manner
provided under paragraph 2 hereof or, if not pai~ in such manner. by Borrower making payment. when due, directly to the
~ inwrance 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. l.ender shall have the right to hold the policies and renewals thereof,
~ and Borrower shall promptly furaish to Lender all renewal notices and all receipts of paid premiums. In the event of loss,
Borrower shall give prompt notice to the insurance catrier and Lender. Lertder may make proof of loss if not made promptly
~ by Borrower.
~ Ualess Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
the Property damaged, provicied such restoration or repair is economically feasible and the security of this Mortgage is .
not thereby impa~red. If such restoration or repa~r is not economically feasible or if 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 Propetty is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier oHera to settle a claim for insurance benefits, Lender
is authorizod to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Properi~
or to t6e sums secured by this Mortgage.
Ualess Lender and Borrower otherwise agree in writing, any such aPplication of proceeds to principal shall not extend
or postpone the due date of the monthly installmcnts referred to in paragraphs 1 and 2 hereof or change the amount of
such irtstallments. If under paragraph 18 hereof the Property is acquireci by~ I.ender, all right, title and interest ot Borrower
in and to any insurance policies and in and to thc proceeds thereof resultmg from damage to the Property prior to th~ sale
or acquisition shall pass to L.ender to the extent of the aums secured by this l~iortgage immediately prior to such sale or
acquisition.
~ 6. Yreservatioo and Maintenaace of Property; Leasehulds; Condominiums; Planned Uait De~elopments. Borrow•er
shall kcep the Property in good repair and shall not com~oit yvaste or permit impairment or deterioration of the Property
and shall comply~ with the provisions of any lease if th~s Mongage on a leaschold. 1f this Mortgage is on a unit in a
~ condominium or a planned unit development, Borrower shall per(orm all o( Borrower s ob6gations under the declaration
~ or covenants creating or governing the condominium or planned unit development, the by-Iaws and regulations of ihe
~ condominium or planoed unit development, and constituent documents. I( a condominium or planned unrt development ~
_ rider is executed by Borrower and recorded together ..ith thic Mortgage, the covenants and agreemenls of such rider ;
' shall be incorporated ~nto and shal{ amend anJ supplement the co~enams and agreements of this Mortgage as if the rider
~ were a part hereof. -
~ 7. Profection of I.ender's Securify. If Borrower faik ta perform the covenants and agreements contained in this
Morlgage, or i[ any action or proceeding is ci~mmenced wh~cb materially afiectt LenJer's snterest in the Property,
~ including, but not 6mrted to. eminent domain. in~oh•enry, code enforcement. or arrangements or pr~xeedings invoking a 1
~ bankrup~ or deceJent, then 1_ender aE t.ender's option, up~n notice to Borrower, ma} make such appearances, d~shurse such 3
r sums and ~ake such action es is necessary tu prwec~ l.ender's mterext, including. but not limited to, disbursement of ~
~ reasonable auorney's fccs and entry uFxm thc Propcr~y ta makc rcpairs. If Lrnder reyuired mortgage insurance as a ~
~ conditiun o( mak~ng the loan secureJ by Ihi~ Murtgage. B~~rmwrr shall pay the premiums reqwreJ to maintain auch x
insuranee in rfTect until ~i~ch timc as the reyu~remenl for wch mwrance Ierminatc~ in accordanee with Borrower's anJ ~
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