HomeMy WebLinkAbout0030 Untraw CovaHSN7s. Bormwer and Lender covenant and as~a u follows:
l+ lfyweN of T~Mt~i a~i 1NenM. Bo~rower shaU prompily paY wheo due tbe principal ot aod intereN on the
indeMed~ess evidenoed by the Note. Prepaymeot snd Iste chargec ac ~xovided in Ihe NWe. and the princip~l of snd interest
on aay Futuro Advances saurod by this Mon~aje.
2. !~i tK Tu~s s~i iwe~ee. Subject to applicahk law or to a written waiver by Lender. Borrwver shall pay
to Lende~ on Ihe day monlhl~r installmeots of ptincipal and ~nt~rctl arr ~yable under the Note. until the Note is paid in full.
a sum (herein "Fundt'~ eqwl to one-twelfth ot ~he yeary~ ~a~?c. and assessments which may attain priority ove~ this
Mort~~e. and ~round rcna on t6e Property. it any, E+lus one-twelt~h of yeuly prcmium installments for hasard insurance.
plus oae-twelfth of yesrly prcmium installmenls (or mongage insurancc, if any, all u rcatonably estimated initially and tmm
time to time by Lender on the bssa of assescmcnts and hills and reasonabk estimata thercof.
The Funds shall be held in an ins~itution ~he depos~u o~ accounts o( which aro insured or auaranteed by a Federal ot
state s~ency (includina Lender if Lender is such an ins~itution). I_ender shall apply ~he Funds to pay said taxes. asscsaments.
iaturante premiums and jround n~ts. I.ender may not charge tor se+ hoWing aod applyins the Fundc. analyzing uid account,
or verifyins aod complina said assessmeots and bills, unless Lender pays Borrower interat on ihe Funds and applicable law
permits Lender to make such a charge. Borrower and Lender may aaree in writing at the time o! execution of this
Mort~a~e that interest on the Funds shall be paid to Borrower, and unlas such agrament is made or applicable law
requira such interat to be paid. Lender shall not be rcquired to pay Borrwwer any interat ot earnings on the Funds. Lender
sl~all pve to Bonower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpoae for which each debit to the Funds wu made. The Funds are plodged u additional xcurity [or the sums secured
by this Mortta~e.
If tbe amount of the Funds hcld by Lender, together with tl~e future monthly installments of Funds payabk prior to
t6e due data of taxa. atseasments, insunnce premiums and ground rents, shall exceed the amount rcquircd to pay said taxes.
asse~anents, ituuranct prcmiums and grou~d rents as they fall due, such excesc shall be, at Bor~ower s option, either
pr~omptly repaid to Botr+ower or credited to Borrower on monthly insullments of Funds. If the amount of the Funds
bdd by Leodef shall not be sut5cient to pay taxes. assessments, insurance prcmiums and grnund rents ss they fall due,
Borro~ve~ ahall pay to Lender any amount nocessary to make up the deficicncy within 30 days from the datc notice is mailed
by Leade~ to Borrower requatin8 paYment thereof.
u~ wy~ac ia full of dl sums socueed by this Mortgage, I_ender shall promptly refund to Borrower any Funds
heW by i.ender. lf under puagraQh 18 hercof the Property i~ sold or the Property ~s othervvise acquired by Lender, Lender
a6a11 apply. no later than immediately prior to the sale of the Propeny or its acquisition by Lende~. any Funds held bv
L.ender at the time of application ss a crcdit against the sums securcd by this Mortgage.
3. A~licatlo~ d P~,rmeats. Unless applicable law provida otherwix, all payments received by Lender u~der the
Note and pangraphs 1 and 2 hercof shall be applied by I_ender 6rst in payment ot amounts payable to Lender by Borrower
under paragraph 2 heroof. then to int~rest payable on the Note, then to the principal of the Note. and then to interest and
principal on any Futurc Advances.
e. Char~a; Lieas. Borrower shall pay all taxes, asscssments .and othcr charges, fines and impositions attnbutable to
tbe Property which may attain a Qriority over this Mortgage, and leasehold payments or ground rcnts, if any, in the manner
ptovided under patagnph 2 hercoF or, if not pa~d in such manner, by Borrower making payment, whea due, diroctly to the
payet thereof. Borrower shall promptly furnish to Lender all notices.of amounts due under this paragtaph, and in the event
Bormwer shall make payment directly, Borrower shall promptly tumish to Lender «ceipts evidencing such payments.
Borrower shall pmmpdy discharge any lien which has pnonty over ~his Mortgage: provided, that Borrower shall not be
required to discharge any such lien so long as Barrower shall agree in wrihng to Ihe payment of the obligation secured by
such Ircn io a manreer acceptable to Lender, or shall ~n gocxi faith conte~t such lien by, or Jefend enforcement of such lien in,
legal proceedings which operate to prevent the enforcement of the lien or for(eiture of the Property or any part thercof.
S. Huard I~surance. Borrower shall keep the improvements now- cxisting or hereafter erec~ed on the Property insur~d
against loss by 6re, hazards included with~n the term "extendeJ coverage", and such other hazards as (_ender may require
wd in such amounts and for such periods as Lender may reyuire; provided, that Leniler shall not reyuire that the amount of
such coverage ecceed that amount of coverage required to pay the sums secured by this Mortgage.
'[ln insurance carrier providing the insuran;e shall be chosen by Borrower subject to approval by L~nd~r, provided,
that such approval shall not be unrcasonably withheld. All prem~ums on insurance policies shatl be paid in the manner
provided uoder paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dircctly to the
insurance carrier.
; All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
i clause in favor of and in form acceptable to Lender. 1_ender shall have the right to hold ihe policies and renewals thereof,
aad Borrower shall promptly furn~sh to Lender all renewal nouces and all receipts of paid premiums. In the event of loss.
Borrower shall give prompt notice to the insurance carrier and Lender. LenJer may make proc~f of loss if not made prompdy
by Borrower.
€ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
' the Property damaged, prov~Jed such res~oration. or repair ~s economically feasible and the ucurity of this Mortgage is
~ not ~hereby impaired. If such restoration or repair is nat ecunomically feasible or if the sccurity of this Mortgage would
s be impaired. the insurance procads shall be applied to the sums secureJ 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 Lend~r to Borrower that the insurance carrier offers to settle a claim for insurance benefits. Lender
~ is authorized to collect and •rpply the inwrance proceeJa at Lender's optiun either to restorat~on or repa~r of the Propenv
; or to the sums secured by this Morigage.
= Unless Lender and Borruwer otherwise agree m v?rinng, anp such application of prcxeeds to pnncipal shall not extend
~ or postpone the due date of the monthly inslallmcntt rcferrcd u~ in paragraph~ I and 2 hcrcof or change the amount of
a such installments. If under paragraph I8 hereof the Property is acywred by LenJer. all right, title and interest of Borrower
~ in aod to any Inwrance policies and in and to th~ proceeds thereof resulting from damage to the Property prior to th~ s•rle
or acquisition shall pass to Lender tu che e~tent of the sums ~ecurcd b}• this I?fo~tgagc immediately prior to such sale or
acquisition.
~ b. Preservation and ~taiotenance of Property: Leaseholds: Condominiums; Planned Unit Devdopments. Borrower
3 shall Iceep the Property in good repair and shall not comrpit riastc or permit impairment or deterioration of the Properry
and shall comply with the provisions of any lease, if thi~ Mortgage un a leaschold. If this Mortgage is on a unit in a
= condominwm or a planned unit devrlopment, Borrower ~hal! Fxrfurm all of Borrower's obligat~ons under the declarahun
~ or covenants crcating or governing the condommium or planned unrt develc~pment, the by-laws and regulations of the
; condomin~um or planned unit developmen~. :~nd ronslituent Jexument~. If a cundominium or planned imit iievelopment
- nder ~s executed by Borru.~er and recorded a~gether with thn Mixtgage, the covenants and agreements of such rider
; shall be incorpurated into and shall dmend an~ supplcment Ihe co~enant~ and agreements of th~s Mortgage as if the n~fer
were a part hereof.
E 7. Proteclion of l.ender's Security. If Bi•rmwer (a~l, t~. ~xrf~~rm the covenants anJ agreements contained in this
Mor~gagr, or i( any act~on ~~r proreeding iti'r~~mm~nce.l wh~ch m:+t~rially atT~ctti Lender's mteretit in the Proper~y,
includmg. but m~~ I~mi~ed ta rmment domain. in~~~l.enc}, c~x1e en(~~rcemcnl. ~.r arrangements ~r proceedings invoh~ng a
s bankrupt or JeceJent. then Lender al 1 enJer'ti oplu~n, u~x~n n~~~ice t~~ Bormvrrr, ma~ make such appearancea, disburse such
~ sums and take such ~cuun a~ u neceti~ar} tu pr~~~ect Lcnder'. mtrrest, incluJ~ng. but not Iim~teJ to, disbursement of
~ reasonable att~~mey'~ Icr. end entry uEx~n the Property~ to m~ke rrpa~n. I( Lcnder reynireJ mortgage inwrance as a
~ cunJiUun inak~reg 1he loan SecureJ by th~. 11~~rtg.sKr. B~~rruNCr sh:~ll ~ay the p:em~wns reqwreJ to maintain such
k insurance in cftect um~l such time as ~he reyuirrment for ,uch imuraner trrmin~tr~ in :u~ordanee w~i~h Borrower's and
~ Ei;~r VOcJ ~ 30 ~
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