HomeMy WebLinkAbout1775 Unt~ottte Covet~tnrns. borrower sod bender covenant and agree u follows:
1. >Asyttttest of rtiefMl atN IMernt. Borrower :hall promptly pay when due the pritt.ipal of and interest on the
indebtedness evidertoed by the Note, prepayment and tats charges ac providr:d in the Note, and the principal o[ and interest
oe any Future Advances sectued by this Morgsge.
2. 1t'tNi i'or Tasas aai Iawra~ett. Subject to applicable law ~w to a written waiver by Lender, Borrower shall pay
to Lender on the day monthly inuallments of principal and interest are payable under the Note. until the Note is paid in full,
a sum (herein "Ftrrtds'ry egwl to one-twelfth of the yearly faze. and assessments which may attain priority over this
Mortgage. and ground renb on the Property, if any. plus one-twelfth of yearly premium installttxnts for haurd insurance,
plus one-twelfth o[ yearly premium installments for mortgage insurance. if any, all as reasonably estimated initially and from
time to titre by Lender on the buffs of assessments and hills and reasonable estimates thereof.
The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal of
state agency (including Lender if Lender is such an institution). 1_ender shall apply the Funds to pay said taxes. assessments,
insurance premiums and ground rents. Lender may not charge for sr+ holding and applying the Frrnds. analyzing said account,
or verifying and compiling uid assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
permits Lerrrler to make such a charge. Borrower and Lender may agree in writing at the time of execution of this
Mortgage that interest on the Funds shall be paid to Borrowsr, and unless such agreement is made or applicable law
requires such interest to be paid, Lender shall not be required to pay Borrower any intcrcst 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 v.u made. The .Funds arc pledged as additional security for the sums secured
by thu Mortgage.
If the amount o[ the- Funds held by Lender, together with the future monthly installments of Funds payable prior to.
the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
assessments, insurance premiums and ground rents u they fall due, such excess shall be, at Borrowers option, either
promptly repaid to Borrower of credited to Borrower on monthly installments of Funds. If the amount of the Funds
held by Lender shall not be sui6cient to ply taxes, assessments, insurance premiums and ground rents as they fall due,
Bortrortrer shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Lender to Borrower requesting payment thereof.
Upon payment in full of all sums secured by this Mortgage, t_snder shall promptly refund to Borrower any Funds
held by Lender. I[ under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender, Lender
:hall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by
Lender at the time of application as a credit against the sums secured by this Mortgage.
3. Application of I't~yoeMs. Unless applicable law provides otherwise, all payments received by Lender under the
Note and paragraphs 1 and 2 hereof shall be applied by Lender 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. Charges;. Lkas. 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, if any, in the manner
provided under paragraph 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 furnish 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 long as Borrower shall agree in writing to the payment of the obligation secured by
such lien in a manrrer acttptable 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. Hued Insurance. 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 ma~• 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 insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
insurance curler.
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 Borrower shall promptly furnish to Lender all renewal notrces and all receipts of paid premiums. In the event of loss,
Borrower shall gwe prompt notice to the insurance career and Lender. Lender may make proof o[ loss if not made promptly
by Borrower. '
Unless Lender and Borrower otherwrse agree in writing, insurance proceeds shall be applied to restoration or repair of
the Property damaged, provided such restoratron or repair is economically feasible and the security of this Mortgage is
not thereby impaired. If such restoration or repair 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 Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
date notice is marled 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 Propem•
or to the sums secured by this Mortgage.
Unless (.ender and Borrower otherwise agree rn writing, any such application of proceeds to principal shall not extend
? or postpone the due date of the monthly installments referred to in paragraph. I and 2 hereof or change the amount of
such installments. If under paragraph 18 hereof the Profert}• is acyurred by Lender, ell right, title and interest of Borrower
in and to any fnsuranre policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale
I or acquisition shall pass to Lender to the extent of the sums secured by this :Mortgage immediately prior to such sale or
acquisition.
~ 6. Presenation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower
shall keep the Property in good repair and shall not comrpit y?aste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease if thee Mortgage rs on a leasehold. It this Mortgage is on a unit in a
condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration
or covenants creating or governing the condomrmum or planned umt development, the by-laws and regulations of the
condominium or planned unit development. and constituent documents. If a condominium or planned unit development
rider rs executed by Borrower and recorded together with the. Mortgage, the covenants and agreements of such rider
shall be incorporated into and shall amend and supplement the covenants and agreements of thee Mortgage as if the rider
were a part hereof.
7. Protection of Lender's Security. If Borrower Earls to perform the covenants and agreements contained in Chic
Mortgage, or if any action ur proceeding rs commenced which materially affects Lender's interest in the Property.
including. but not limited to. emrncnt domain. inu~lvenc}. crnle enforcement. or arrangements or pr~xeedings involving a
1 bankrupt or decedent. then Lender at Lender's option, upon notice to Borrower, may m:~ke such appearances, disburse such
sums and take such action as is necessary to protect Lender's rnterest. mcluding. but not limned to, disbursement of
reasonable auomey's tees and emry ulx~n the Property to make repairs. I( i.ender reyuircd mortgage insurance as a
cundiUon of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such
insurance in effect until such time as the requirement (or such imurance terminates rn accordance with Borrower's and
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