HomeMy WebLinkAbout1019 t'r~EOaat Covfr~c.rs. Boirower :~nd l.endcr covcuant and .~Rrcr as [o11oMZ:
1. PaYment of Principal and lnterest. Borrow•er ~hall prump~l~• p•r~• whrn cluc tlie principal aud intcrest on the
inel~bteclness e~•idenced by the \ote, ~~re~~ayment and latr charges as pro~•ided iu the \ote, and tl~e priucipal of aud intet-
est on any Future Advanca secu~rd b~• this ~lortgage. .
2, fl?nds [o~ Taxea and Insu~ance. Subjea to applicable law or to a w~itteix wai~~er b}• l.ender. RorroN•er shall pay
io l.ender en the day monthly iustallmcuts ot pri~~cipal and interest are pa}~ablr under the \ote, until thr \otr is ~aid i~
(ull, a sum (herein "Funds') eq4a1 tu one•twrl(th u[ the yearl~• taxes and a~,r~+mrnts which ma~~ attain pri~~rity o~~er this
\lurtgage, and ground rencs on the Properq•, i[ any, plus one-tNelEth o[ yearly premium inctallments (or har.~rd insurauce,
plus on~tNdtth ot yearly premium inswllmrnt. tor mortgage iu+urance. i( any, all as rcax,naWy estimatect initiall~ and trom
time to time by Leoder on the basis o( asse~smeuts and bills aud reasouablc estimates U~rmu(.
1'he Funds shall be held in an institution the de~wsits or accounts ot Mhich are iasureYl or ~uarantecd by a Federal or
state agency (induding Lender if Lende~ is uich au institution). Lender shaU apply the Fuuds to Pa}• said taxes, assesunents,
insurance premiums and Rround rents. l.ender may not charge tor so holding and appl~inR the Funds, anal~~:inR wid ac-
count, or ~~cYitying and compiling said assessments and bills, unless Lender pa~s Aorruwer interest on the Funds and ap-
plicable law Permiu Lender to make such a charRe. Borrower and Lender may agrce in writiu~ at tht iime of execution of
this \tortgage thac inte~est on the Funds ~hrll be paid to Borrow•er, and unless sud~ aRrecment is made or applicable law .
requirrs such interat to be paid. I.ender shall uoi be required to pay BorroMer any in~e~est or earninRs on the Funds. Lender
shall giee to Borrowe~, without charR~, an annual accounting o( the Funds shoMiuR creditt and debits te~ the Funds and the
purpose tor which each debit to the Funds N•as made. The Funds are plecigeci as :!(~(IIU0113I securit~ tor the sums secured
by this \lortgage.
It the amount o[ the Funds held bp Lender, toqether with the futurt monthly installments a( Funds payablt prior to
the due dates di taxes, assessments, inwrance premiums and Rround rents, shall exceed the amoupt requirecl to pay said •
taxes, assessments, insurance premiums and Rround rents as the~ fall due, such excess shall be, at BorroMer's option, either
promptly repaid to BorroMer or crediteci to Borrower on monthl~~ installments u[ Fundc. I( the amount o( the Funds held
by l.ende~ shall not be sufticient to pay tares, atsessments, insurance premiums and Rrouud rents as ther• fall due. Borrower
shall pa}• to I.ender an}' amount necessary to make up the deficiency within 30 da~s from the date notice is mailed b~ Lender
to BorroMer requesting pa~~nent thereoL
Upon payment in full oE all sums secureci b}~ this \tortRage. Lender shall promptl~• re(und to Rorroxer any Funds
held by Lcnder. I[ under paragraph 18 herrnt the Property is sold or the Property is othen.•ise acquircd b~• l.cnder, Lender
shall app!}•, no later than immediatelp prior to the sale ot the ProPert~• or its acquisition by Ixnder, anv Funds held b}
Lender at the time o[ applir. tion as a credit a~ainst the sums ~ecurecl b}~ this ~fortRaRe_
3. Application oE Payments Unless appiicable law pro~•ides otherNise, all pa}~ments recei~•eci b~• Lender under the
~ote and paragraphs I and 2 hereot ~hall be applied b~• Lender (irst in pa~•mcnt of amounts ~a~able to I.ender by IiorroNer
under para~{raph 2 hereot, then to intere.t pa~aUle ~~n ~he \'ote, then to the principal o( thc \ote. and chen to interest and
principal on any Future Advanca.
4. Charges: Litns. BorroMer shap pav all taxes, assessment~ anct other charRes, fines and impositionc attributable to -
the Propcrt}~ which may attain a priorit}• o~•er this ~tortgage, aiid Icauholct pa~-ments or ground rents. i( au~~, in the man-
ner pm~•ided under paragraph 2 hereof or. i[ ~wt paid in such manuer, b~ BorroHCr makinR pa~~ment, Mhen due, directl}• to
che pa}•ec thereof. Borrower shall promptl~• turnish to Lender all notices of amounts duc under ehis para~raph, and in che
e~•ent BormMer shall make pa~Tnent directh•, BorroMer shall prompth• furnish to Lender receipts e~~idencinR wch paytnents.
BorroN•er shall prompdy discharqe am• lien Mhich hac priority mer this \tortgaRe; proei~ted, that $orroN•er s.hall not be re-
yuireei to dixharge an}• such lien so louy, as BorroH•er shall agree in writinR to the pa}~ment ot the obligation securecl by such •
lien in a manner acceptable to Lender. or shall in R~«xl taith cm?test such lien b~•, or defeud enforcemeut ~t such lien in, le- ~
gal proceedinRs which operate to prevrnt the entorcement of the lien or for[eiture ~f the Yropert~~ or any part thereof.
5. Hazazd Insunnct. Borroher shal! keep the improvemrnts IIAN existing or hereafter erecteci on the Property in- -
sureci against loss by tire, hazards induded M•itl~in the term "extendcYi cncerage", and wch other harards as Leuder may re-
quire and in such amounts and for such peri<xts as I~nder ma~• rec~uire: pro~•ided, that Lender shall uot require that the
amount of such co~etage exceed that amount o[ co~eraRe requireci to pa~• the sums secured b~~ this \IortRaRe.
~ The insurance carrier providing the insurance shali be chosen bv BorroNer subject to appro~al bc l.ender: pm~•ided. "
' that wch appro~•al shall not be unreau~nabl~• H-ithheld. all prrmiums nn insurance ~licies shall he paid in the manner
i pro~~ided under para~;raph 2 hereof or. if not paid in such manner, b~ Bottower makinR pa~~nent. when due, direcdy to
i thc insurance carrier. ~
.~ll insurance policies and rener.als therrc~f shall be in form acceptable to Lender and shall include :e standard mort- '
! Rage clau.e in ta~•or of and in form acceptable to Lender. Lender tihall ha~~e the riRht to hold the ~x~licies and renewals
thereof, and Borrower shall prompth• [urnish to Lender all rene~cal notices and all receipts ot paid premiumc. In the ecent ~
s of loss. BorroMer shall gi~•e prompt notice to the insurance carrier and Lender. Lender ma~~ make ~~rc~t o( loss i[ not made
E prompdy b~~ Borrower.
Unless Lender and Borrower otherhise aRree in NritinR, imurance proceeds shall Fe applied to restoration or repair of
t the Property damaged, pro~•ided such restoration or repair is economicalh• teasible and the securit~• this \fortRaRe is not
; thereb~• impaired. I[ such restoration or repair is not economicalh• (easible or if the securit~• nf this \IortRa~e Nould be im-
~ paired, tlie insurance proceeds shall be applied to the sums securecl b~• this ~fortgaRe, with the excess, it an?•, paid to Bor- -
~ ror.er. If the Property is abandoned bp Borrower, or iE BorroMer fails to respond to I.ender within 30 da~~s (rom the date
notice is mailed by Lender to I3orroNer that the in5urance carrier nffen to settle a claim for insurance benefits, Lender is
; authorizecl to collect and applr the insurance proceeds at Lender's option either to restoration o~ repair ot the ProPert) or
to the sums secured b}• this \tortqaRe.
f Unless Lender and Borrower otherwiu~ aRree in writinq, anv such application of proceedc t~ principal shall not extend
or postpone the due date of the monthl~• installments re[erred t~~ in paraRraphs I ancl 2 hereot or chanRe the amount of such
in•tallments. I( under paraRraph 18 hcreo( the Propert~• is acyuired b~ I.ender, all riRht, title :~nd interest of Bonowet in
+ and to an}• insarance policie~ and in and to the proceeds thereo( resultinR trom damaRe t~ the Propert}- prior to the sale or
~ acyuisition shall pasc to Lender to the extent o( the sums ~ecured b~~ this \tortRaRe immediatel}• prior to such sale or
; acquisition.
6. Preatrvation and ~faintenance of Proixrt}•; I.easeholds: Condominiums; Plannecl Unit De~elopments. Borrower
_ sl~all keep the Property in Rood repair and thall not commit waste or permit impairment nr deterioration of the Propert~•
_ and shall compl}• with the pro~~ision~ of am• IeaSe if this ~(ortRaRe is on a leasehold. It this ~(ortRaRe is on a unit in a
~ condominium or a planned unit de~•clopment. Borrower shall fx•rform all of Aorroher's ubliRations under the dedaration
¢ or co~•enants creatinR or go~•erninR the u~ndominium or planned unit de~•elopment, the bc•laNS and reRulations ot the condo- •
~ minium or planned unit development, and constituent documents. I( a condomiuium ~~r planned unit de.elopment rider is
executed b}~ Borrower and recorded toRether with this ~iortgape, the cocenants and aRreements ot such rider shall be in-
corporateci into and shalt amend and supplement the co~~enantc anel aRreemena of this ~IortRaRe as if the rider were a part '
hereof.
7. Protection of Lender's Security. If Borrower fails to perform the co~-enants and aRreementc contained in this
_ \IortqaRe, or if an}• action or pr«eedinR is commenced ~+hich materially a(fects I.ender's interest in the Propert}~, including. ;
~ but not limited to. eminent domain, insnl~encc, uxle enforcement, or arranRements nr proceedinR~ inc~l.inR a bankrupt
~ or decedent. then 1_ender at Lender's option, upon notice to Bormwer. may make ~uch appearantes, disburse such cunis
~ and take such action as ic necessan~ to protect t.ender's interest, includinK, but n~~t limited u~. disbursement o( reasonable
~ attorne~'s tees and entry upon the Propertv tn make repairs. I( Lender reyuircd m~rtKaRe insurar~ce as a condition o[
_ makinR the loan secured bc this ~(ortRaRe. R~rroNer shall pa~ the premiumc required to maintain such insurance in et-
fece until wch time as the reyuirement for ~uch inwrance terminatec in accordance w•ith BorroNeri and Lender's written
;j
~ ` _ - g~~~r ?•erc t
' "~3U4 1019
~
Y
-