HomeMy WebLinkAbout0018 l ' t
~
Ut+uo~ia Gbvan~rns. iocmrvst aad La~det covenant :nd asroe as fdbws: !
~ ir0'MM ~t ~eMei~l M 1¦len~f. Botrowe~ ihall promM~) WY when due tl~e princiPal ot ud interat oe the ' i
;ndeMednew evideooed by tbe Not~„ pcepayiae~t snd late cha~es ss provided in ~he Note. and the princip~l ot aad inteRSt i
aa aoy Futura Advanca ~ecw+ed b~t tAis Mo~a~e. ~
Z. !ri tor Ta~ a~i I~we~cw ~bject to applical+k faw ~x to s written waiver by Lender. 8ormwe~ shsil P~y
to I,Qader on the dsy monthip installments ot ptincipa! and intcrcct are payabk uader the Note, uMil tha NWe is paid 'm tull.
a a~ (h~r+ei~ "Fw~Y"} e~u~l to ouatwelfth of the ~rea~l~ taxc. ~~x! ~ots which may sttaie priority ovu this
Mortsa~e. aad ~round reab on the Propertp. if any. Ftus ooe-tweltth N yeart~i premium iauatimenb hasard insura~-~.
plus ooe-twelfth oE yaarip premiuni installments for mott~sje inu~nnce, it any. sll as ressonably astimated initiaily and fnoaa
tima to time by Lender oa tbe buis ot sssessmcets and biiis and rcasonabk atimates theteof.
'ILa Fund: shall be bdd in an institu~ic+n the deposia or ~ccounts of ~?hich aro insured or_Nan~toed by a Fedenl ot
state aseecy (inchdin` l,eode~ if Leodet is such a~ inuitutionl. 1_ender shall apply the Funds to paY said taxa, as~sas~nents.
' in~uru~oe p~emiums and =round tents. l.tixk~ may o01 charge for ae~ holdina snd applrinj the Fnnds. analytin~ said accoun~ ;
or verityintsnd oomplin~ said assasments and bilh, unku Le~der {~ays Borrowe~ interat on the Funds and applicabk law j
~ pernats Lender to make :uch a char~e. Borrower a~d Lender may a=roe in writin~ at the time of exceution of this• .
Mortp~e tbat intenst on the Funds shall be paid to Borrower. snd unle.u such a~reement is made or applicabk law
requira wch intenst to be paid. Lender shall rat be rcquired to pay Borrower anr intenst oc arnioas on the Fuads. Le~da ;
sba11 siva W Borrowu. witl~out ehar~e. an annwl aocounting of the Funds showing crcdits and debits to the Funek aad the
pnrpota for which acb debit to tha ~uads was ma~e. T'ne ~unds arc piai~3 +.i -.u
;~.~w.:~ ity :t~r :3:~ sums s~rum!
by tltis Mortj,a~e.
If t6e anwu~t ot tbe Fuod~ heW b~? Lende~. together with the futurc monthly installments oE Fuods payabk priot to
t6e due data of tues. asseasments, insurmce premiums and ground rents. shall exceai the amount required to pay said taxa.
~a~ents. i~~ranoe premiutas and ground rents as they fall due. such ezcess shall be. at Borrower's option. either
proo~ptly rep~id to Botrower or credited to Borrower on nwothly installments of Funds. If the amou~t ot the Funds
hdd -by I,end~r shall not be wlRcient to pay tua. assasments. insurance premiums snd 6rnund rents ai they fall due. -
Borrower sb~11 pay W Leader any amount neoasary to make up the deficiency within 30 days from the date notice is mailod
b~? Leader to Borrower ~questin8 WY~nt thereof.
Upon payment in fuU of all sums ~cured by this Mongage, Lender shall promptly refund to Borrower any Fun~
hdd b~r Lender. If uada panjrapl~ l8 heteo[ the Property n sold ot the Property ~s othtrwisc acquired by Lender. Lender
ahall apply, no later than immediately prior to the sak of the Property or ia acquisition by Lender. any Funds held bv
I.eoder at the time of application ss a credit against the sums secured by this Mortgage.
3. A~lic~do~ at tiqr~eNs. Unlas applicabk law provida otherwise. dl payments received by Lendet under the
Mou and para~raphs j and 2 bereof shall be appliod by Lender first in payment of amounls payabk to l.ender by Borrower
under parajraph 2 hereof. then to iatercst payabk on the Nae, then to ihe principal of the Note. and then to inte~est and
principal on any Future Advanoes.
I, C~ Lieas, Borrower shall pay all taaes, ass~ssments and other charges, fines and impcuitions attributabk to
tb~ propetty which may attsin a priority over ihis Mortgage. and kasehold payments or ground rtnts, if any, in the manner
~provided under puajtaph 2 hereof or, if not paid in such manner, by Borrower making payment. whee due, dirxtly to the
payree thereof. Borrowu shall promptly furnish to Lender all notices of amoaats due under this parasnph. and io th~ e~nt ,
Bormwer shall make payment directly. Borrower shall promptly furnish to Lender rcceiQts evidencing such paymenu. `
Borr~ower shall promptly discharge any lien which hu priority over this Mortgage; pmvided. that Bor~ower shall not be
~equired to discharge anv such lien so bng as Borrower shall agree in writing to the payment of tlx obligalinn secured by
such liea in a manner acaptabk to Lender. or shall in good [aith contest such lien by, or defend enforcement of such lia~ ia,
legai proceedings which operate to prevent the enforcement of the lien or forfeiture of the Pcoperty or any put theraof.
S. Hazasd I~e. Borrowtr sliall kap the improvements now ezisting or hereafter erccted on ihe Property insurod ,
against loss by firc, hazards included within the term "extended coverage", and such other haurds as Lender may rcquirc
and in such amounts and [or such periods u Lender may requirr; provided, that [.ender shall not require that the amount of
~ such rnverage exceed that amount of coverage required to pay ~he sums securcd ~by this MortEaae.
'Tbe insuranoe c:rtier providing the insurance shall be chosen by Borrower subject to approval by LenAer. provided,
that such approvd shall not be unreasonabfy withheW. All premiums on insurance policies s1~a11 be paid in the maaner .
' provided under paragnph 2 t~ercof or, if not paid in such maaner. by Borrower making payment, when due. dirocdy to the
~ insuraace carrier.
~ All insurance policies aad 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 policia and renewals thereof.
~ and Bortower shall proroptly furnish to Lender all renewal noticcs and all receipts of paid premiums. In the event of loss.
' Borrower shall give prompE notice to the i~urance carrier and Lender_ Lender may make proof of losa if not made promptly
~ by Borrowcr.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be apPlied to restoration or repair of
the Propeny damaged, provided such restoration or repair is economicaqy feasible and the security of this Mongage is
not ~hereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage woutd
be impaired, the insuranoe proceeds shall be applied to the sums secured by this Mortgage, with the excus. if any. paid
to Borrower. If the Propeny is abandonod by Borrower, or i( Borrower fails to respond to Lender within 30 days (rom the
date aotice is mailed by Lender to Borrower that the insurance carrier of(ers to settle a claim for insurance benefiu, Lender
is aut6oriud to collect.and apply the insurance praxeds at Lender's option either to restoration or repalr of the Property t
or to the sums secured by this Mortgage.
Uatess Lender and Borrower otherwise agree in v?riting, any such application of proceeds to principal shall not eatend
or postpone the due date of the mon~hly installments referred to in parag~aphs 1 and 2 hereof or change the amount of
suc6 installmeats. !f undet paragraph 18 hereof the Property is acquired by l.ender, all right, title and interest of Borrower
in and to any Insurance policia and in and to the proceeds thereof resulung from damage to tbe Property prior to thc sale
~ or acquisition shall pass to I:ender to the extent of the sums secured by this Mortgage immediately prior to such sale or
~ acquisition. ~
6. Prrservatioo aad Maintenance of Property; Leasehulds; Condominiums; Planned Udi Devebpmeats. Borrower
shall keep the ProRerty in good repair and shall not com~pit Waste or permit impairment or deterioration of the Property
s and shall compl}~ with the ptovisions of any lease if this Mortgage ~s on a leaschold. If this Mortgage is on a unit in a
~ condominium or a planned unit development, Borrower shall per(orm all of Borrower s obligations under the declaration
oF coreoants creating or governing the condominium or planned unit development, the by-laws and regulations of the
condominium or ptanned unit development, and constiwent Jocuments. lf a condominium or planned unit development
rider is executed by Borrower and recorded toge~her w~~h ~his Mortgage, the covenants and agreements of such rider
~ shall be incorporated into and shall amend and supplemeni the covenants and agreements of this Mortgage as if the rider
~ were a part hereof.
~ 7. Protection of Leade~s Securfty. If Borrower fads to perform the covenants and agreements canlained in this
Mor~gage, or if any action or proceeding is commenced w•hich materially afiects l.eoJer's interest in the Property,
including. but not I~mited to, eminent domain. insolvency, code en(orcement, or arrangements or proceedings involving a -
bankrupt or decedent. ~hen 1_ender at I_ender's option, upon notice to Borrow~er, ma~ make such appearances, disburse such
~ sums and Iake such ac~ion ac is necessary to protect Lender's interest, induding. b~t not limited to. disbursement of
~ re~sonable auomey's tces and entry upon the Proper~y to make repairs. I( Lcnder rcquircd mortgage insurance as a
~ condition of making the loan ~ecureJ b}• this Mortgage. B~~rrowrr shall pay the premiums requireJ to maintain soch
~ insurance in etiect until such time as Ihe requiremem for ~uch insurance ~erminates m accordance with Borrower s and
~ ~
~ ~~~.3U6 018
~ . .
Y' _ ~.i .
~'S~'~:. . ~ _c.., r.,~.~: .$l.+S~