HomeMy WebLinkAbout2670 r
i
'r ~
Urtp~ORLt COVtuuArt>ftt, BOttotYK and Leadsr covenant and agroe as follows: I
)!'tyatay at ihitttii~al t1tM ItNereM. Borrower :hall promptly Pay when dw the principal of and interest on the
iadebtedrtees evidettoed by the Note. prepayttaeat and late charges ss provided in the Nots, and the principal of affil intetea
as any Futuro Advances securod by this Mortgage. ~
3. ltii fir Tttaae turttl lasstra~ee. Subject to applicable law ar to a written waiver by Leader. Borrower shall pity
ro Leader oa the day monthly ittstallrrtents o[ principal and intereN arc payable under the Notts until the Note is paid in tuU,
a tttm (ltaeia "Fuads'q equal to one-twdith of the yearly tax~~ and assesstrtertts which tttay attain priority over this
I?Iortgttge, and grwtrtd r!atts on the Property. it any. plus one-twelfth of yearly' promium installtents for hazard inwrance.
plus one-twelfth of yearly premitmt installments for mortgage insurance, it arty. all ss reasonably estimated initially and from ~
time to lima by Leader at the buffs of assessments and hills and reasonable estimates thereto.
The Fonds :hall be bt:ld in an institution the deposits or accounts of which are irtsttred or guaranteed by a Federal or
state agency (iachtding ltertder i[ Lender is such an institution). I~rtdet shall apply the Funds to pay said taxes. sssessrrterttts. ;
insttrsttoe premiums and ground ants. Lender may not charge for sc~ holding and applying the Funds. analyzing said account.
or verifyingartd oompling said assessments and bills. unku Leader pays Borrower interest on the Funds and appliabk law
petrntits Lender to make such a charge. Borrower sad 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 a made or applicable taw
reequiret 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 annual 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 aro pledged as additional security for the sums secured
by thk Mortgage. -
Tf the amount of the Funds held by Lender, together with the future tttonthly installments of Funds payable prior to
the due dates of taxes„ ataessnteats, imuranee premiums and ground rents. shall exceed the amount requited to pay said taxes.
snesortaents, insurance premiums and ground rend u they fall due, such excess shall .be, at Borrower's option. either
promptly repaid_to Borrower a crodited to Borrower on monthly installments of Funds. If the amount of the Funds
held by Leader shall not be wtBc~ent to pay taxes. assessments, insurance premiums and ground roots as they fall due,
Borrower shall pay to Fender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Leader m Borrower tegttesting payment thereof.
Upon paymet~ is full of ap stttm secured by this Mongage, Lender shall promptly refund to Borrower any Funds
held by Lender. If under paragraph 18 hereof the Property is sold or the Property a otherwise acquired by Lender. Lender
.shall apply. no later than imatediatdy prior to the sale of the Property or its acquisition by Lender, any Funds held by
Leader at the time of spplicatitw as a credit against the sums secured by this Mortgage.
.3. A~eatioa et Unless applicable law provides otherwise, all payments received by Lender under the +
Note and paragraphs I and 2 hereof•shall be applied by Lender first in payment of amounts payable to Lender by Borrower ~
under paragrsph 2 hereof. rhea to interest payable on the Note, then to the principal of the Nae, and then to interest and
principal on any Future Advaotxs:
4. Ctsrtrges; Lipts. 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, it any. in the manner
provided under puagraph 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 all notices of amounts due under this paragraph, and in the event
Borrower shall make payment directly. Borrower shall promptly tarnish. 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 bog 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. Hazard lawrawce. Borrower shall keep the improvements now existing or hereafter 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.
The inwrantx carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided.
t
that such approval shall not be unreasonably withheld. All premiums on insurance policies shill be paid in the manner
'I ~v~ cnuderr~
agraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the €
All insurance policies and rocewals thereof shall be in form acceptable.to Lender and shall include a standard mortgage
clause in faYOi of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, '
r and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums..in the event of loss, t
Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loos if not made promptly
by Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
the Property damaged, provided 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 feasib{e 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 Property is abandoned by Borrower, or it Borrower fails to respond to Lender within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender
is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
or to the sums secured by this Mortgage.
Unless 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 installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower
in and to any inuurance 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 Mortgage immediately prior to such sale or
acquisition.
f. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit 1Devdopraeats. Borrower
shall keep the Property in good repair and shall not commit yvaste or permit impairment or deterioration of the Property
and shall compl} with the provisions of any lease if this Mortgage is on a leasehold. if this Mortgage is on a unit in a
s condominium or a planned unit development, Borrower shall perform all of Borrowers obligations under the declaration
or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the
condominium or planndd 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 covenants and agreements of this Mortgage as if the riper
were a part hereof.
7. Protection of Leader's Security. If Borrower fads to perform the covenants anD agreements contained in this
Mortgage, or if any action or proceeding is commenceD which materially affects Lender's interest in the Property,
°s including, but not limited to, eminent domain. insolvency, code enforcement. or arrangements or proceedings invoh•ing a
bankrupt or decedent. then lender at Lender's option, upon notice to Borrower, rots}' make such appearances, disburse such
sums and take such action as is necessary to protect Lender's interest. including. but not limited to. disbursement of
reasonable attorney's ices and entry upon the Property to make- repairs. If 1_cnder reyuircD mortgage insurance as a
condition of making the loan secureD by this Mortgage. Bc~rnwer shall pay the premiums requireD to maintain such
~ insurance in rftect until such time as the requirement for such insurance terminates in accordance with Borrowers and
~ BGGr 3Vt~ ~ 26'lJV ~
_ a~F
~ 4
_ _
-r~•~
~ - -