HomeMy WebLinkAbout0269 U~ttraw CovaNeHrs. Bo~m~wer snd Lende~ covenant and aj~oe u foliows:
1. la~rwe~t ef hi~e~i ri IMe~at. 8orrower shall promptly psY when due tbe principal ot a~d i~te~est on the
indebtednas evide~etd b1j? the Nd0. p~payment aod late charaec ac ~xovided in the Note. and the principal ot and intera~
on any Futu~ Advances secured by this Mortsase.
2. F1Mi tor TuN a~i I~arares. Subject to applicabk law ~~r to a written waiver by Lende~, Borro~wer shall pay
to Leoder on the day monthly installments of principal and in~cre~l a~c payat+te under the Note. until the Note is paid in full,
a tum (herein "Fund~") equal to on~-tweltth ot the yea~l~• ~a~c. an~l assessments which may attain priority ove~ this
Morts~e. and ~round rents on the Propeny, if any, plus one-tweltth of ye~~ty~ prcmium installmeots for hazard inwrance.
plus ooe-twel[th of yearlY Premium installmeols tor mohgsge insurancc. if any, all as reasonably estimated initialty and trom
time to time by Le~der on tl~e basis of assessmcnts and hitls and rcasonabk atimata thereof.
7l~e Funds sAall be beld i~ ao institution the deposiu or accounts of ~rhich aro i~surcd or `uaranteed by a Federal ot
nate a~eocy (includina L.ende~ if Lcnder is such an institution). 1_ender shall apply the Funds to pay uid laxa. astessmen~s.
infunnoe ptemiums and =round rents. I.ender may nat charge Ior sc~ holding and applyioj the Funds. analyzina said account,
or verityin`.aod compilin~ said asssssmeats aad bills, unleu Lender pays Borrowe~ interest oe the Funds and applicable law
permits Le~der to make wch a charge. Horrower and Lender may a~ree in writi~a at the time of executioo ot this
Mo~t~age that interaf on the Funds shall be paid to Borrower. and ualeu such agrceme~t is made or applicabk law
rcquira such i~terat to be paid. Lender shall not be rcquircd to pay Borrower any intercst or earnings on the Funds. Lender
sball pve to Borrower, without charge, an annual accountiog of the Funds showing credits and debits to the Funds and the
purpose for which eacb debit to the Funds was made. The Funds arc pledged u sdditional socurity for ~he sums secured
by this Mortjase.
If tbe amount ot the Fund: held by Le~der, together with the future monthly installments of Funds payabk prior to
t6e due data of taxes. auessmeatt, insuraoce prcmiums a~d ground rents, shall exceed the amount rcquired to pay said taxa.
assa~o~eats. insurance premiums and gmund rents as they falt due. such exccss shall be. at Borrower s option, either
promptly repaid to Borr~wer or cc~edited to Horrower o~ monthly installments of Funds. lf the amount ot the Funds
hdd by Lender shall not be sufC~ci~nt to pay tua. asxssments, insurance prcmiums and ground rcnts as they fall due,
Borm~ver shall pay to Lender any amount necessary to make up ~he deficie~cy within 30 days from the date notice is mailed
by Leader to Borrower requating payment thereof.
Upon payment ia full of all tums socurod by this Mortgage, l.ender shall promptly refund to Borrower any Funds
heW by Lender. If under psraaraph 18 hercof the Property ia sold or the Property ~s othervvise acquired by Lender, Lender
s6all appty. ra later than immediately prior to the sak of the Property or its acquisition by Lender. any Funds held bv
I.ender at the time of application as a credit against the sums securcd by this Mortgage.
3. A~plicatlo~ ot Payee~. Unless applicable law provides otherwise, all payments received by Lender under the
Note aad paragcaphs 1 and 2 hercof shall be applied by I_enJer 6rst in payment ot amounts payable to Lender by Borrower
under paragraph 2 hertof. ttxn to interest payabk on the Note, then to the principal of the Note, and then to interest and
principal on any Future Advances.
4. Crar`es; Lkas. Borrower shall pay all taxes, assessmcnts and othcr 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
p~mrided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
payee theroof. Borrower shall promptly furnish to Lenckr all notices of amounts due under this paragraph, and io the event
Borrower shall malce payment direcUy. Borrower shall prompUy (umish to l.ender 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 bng 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 contest such lien by, or defenJ enforcement of such lien in,
legal proccedings which operate to prevent the entorcement o( ~he lien or forfeiture of the Property or any part thereof. i
S. Hazud Insr~awce. Borrower shall keep the ~mprovements now existing or hereafttr erected o~ the Propeny insured
against loss by fire, hazards incl?~ded withm the term "eatendeJ coverage", and such other hazards as Lender may require
and m such amuunts and for such periods as Lender may rcquirc; provided, that Lender shall not rcquire that the amount of
such coverage exceed that amount of coverage required to pay the sums secured ~by this Morl6age.
The insurance carrier providing the insurance shall be chosen by Bonower subject to approval by Lender, provided.
that wch approval shall not be unrcaconably withheld. All prcmiums on insurance policies shafl be paid in the manner
provided uoder paragraph 2 hereot or, if not paid in such manner, by Borrower making payment, when due, directly to the }
insunnce 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 Borrowe~ shall promptly furnish to Lender all renewal notices and all receipts of paid prcmiums. In the event of loss.
' Borrower shall gwe prompt notice to the ~nsurance carrier ~nd l_ender. Lertder may make proof of loss if not made promptly
by Borrower.
! Unless Lenckr and Borrower otherw~se ag~ee in writ~ng, insurance procceds shaU be applied to restoration or rcpair of
s the Property damaged, proviJed such restorat~on or repair is economically feasible and the security of this Mortgage is
~ not ~hereby impaired. I( such restoraUon or repair is n~u 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 it Borrower fails to rapond to Lender within 30 days from the
2 date notice is mailed by Lender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender
~ is authoriud to coUect and apply the insurance procceds at Lender'i opt~on ehher to restoration or repair of ihe Propertv
or to t6e sums secured by this Mortgage:
~ Unless Lender and Borrower otherv??ise agree in writing, any such application of prckeeds to principal shall not extend
~ or postpone the due date of the monthly installmems referred t~~ in paragraph~ 1 anJ 2 hereof or change the amount of
~ such installmepts. It under paragraph 18 hereof the YroFerty is acywred by Lender, ali nght, tide and interest o( Borrower
# in aod to any insurance policies and in and to the proceeds thereof result~ng from damage to the Property prior to th~ sale
~ or acqwsition shall pass to Lender to the extent of the sums secureci by this hlortgage immcdiately prior to sueh sale or
~ acquisition.
~ 6. Presenalloo aad ~laintenaace of PropertY; Leaseholds; Condominiums; Planned Unit Devebpments. Borrowcr
~ shall keep the Property in good repair and shall not com~pit y?astc or permit impairment or deterioration of the Properry
~ and shall compl}~ with the provisions of any lease if thb Mungage on a Icaschold. It this Mortgage is on a unit in a
condominium or a planned unit devetopment, Borrovvet ~hall ~rform all of Borrower's obligaUOns under the declaration
or coveoants creat~ng or governmg the condomm~um or planned unit development, the by-laws and regulations of ihe
condominium or planoed unit development. ~nd constituent Jcx:ument~. It a condominium or planned unit Jevelopment
~ rider is execWed by Borrower and recorded together wi~h ~hiti Mortgage, the covenams and agreements of such rider
~ shall be incorporated into and shall amend and supplcment thc co~cnants anJ agreements of this Mortgage as if the riJer
' were a part hereof_ •
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~ 7. Protection o( Lende~'s Security. If F3orroKer fa~l. t~• perfc~rm the covenants and agreements contained in ihis
a Mortgage, or if any action ur proceeding i~ cummence~l which ma~erially atirct~ I.enJer's interes~ in the Property,
~K; including. but nut bmited to, eminent dumain. inc~~l~~ency, coJe en(~~rcemen~, i,r arrangcments or proeeedings invoh•ing a
bankn~pt or decedent. then I.ender at l.ender'. option, up~n nouce to Borrower, ma~ make such appearances, dishurse such
~ sums and take such ac~ion ati is necet~ary ~u protect Lender's mtrrest, induJing. but not limited to, disbursement of ;
reasonaMe auomey'~ (cec and entry u~xir? the Properl~• lo makc repairti. If Lcndcr reyuircd mortgage insurance as a '
condit~on makmg thc loan ~ccured b}' thia A1~~riFagc. B~irrawrr shall pa}• thc prcmiums requireJ to maintain such
~ insurance in efiect umil such time as ~he reyuircment (or tiuch msurance tcrminatr~ ~n :~c.ordance whh Borrower's and
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~ , . • gUCK JO~ ~AfE 269 '
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