HomeMy WebLinkAbout0851 Ut+troR~t Oovan~rm. Bort~ower ud Lender oovenant and atree u tollows:
1. iq~est ~t !d¦eiMl a~i l~le~al. 9orrowe~ shall promptly pay wAen due tbe principal ot and interat oe the
indebtedt~at evidenoed by the Nde, prepayment sod late chatgec a.a ~xovided in the Nde. and the principd ot and inte~+est
on any F~ture Advanca secwed by this Mottsa~e.
2. !~t h~'I1~~s a~i law~~ca Subject to applicabk law ~~r to a written waive~ by Lendu. Borrower shall WY
to Lender on Ihe day monthly installme~ts of principal and intercct arc payaMe u~der the Note, until the Note is paid in tull.
s s~en (herein "Funds'~ eqwl to one-twdith of the yearl~• tax~~ ancl auasments which may attain prioriry ove~ this
Mat~a~e, and jwund rena on cbe Poopeny. if any, E+lus ooe-tweltth of yeuty~ poemium inuallments for hatard inwrance.
plus ~e-twelfth of yearly premium installments tor mon6age insurancc, if any, all u reasonably estimated initislly and fmm
time to time by Lender on tbe buis of assessments and hills and rcasonabk estim~ta thereof.
The Funds sMll be held in an inslitwion the deposia or accounts of which are itaured or gwrantoed by a Federal ot
state a~ency (ir~cludina I.ender if Lcnder is such an institutionl. I_ender shall apply the Funds to pay uid taxa, assessme~~s.
iawrance premiums and ~ound rcnts. I.ender may na charge for so holdina and applyinj the F~mds. analyzing said account,
or verifyin~aod compilint uid sssasments and bills. unless LeAder pays Bon~ower interat on the Funds and applicabk law
. permia Lender to make such a charge. Borrowe~ aad Lsnder may asree in writina at the time of execution of this
Mortp~e that interat on the Fuads shall be paid to Bomower. and uakss such a~oement a made or applicabk law
requira such interat to be paid. Lender shall no1 be required to pay Bonower any interat or earnings on the Funds. Let~der
sl~all pve to Borrowe~~ witbout charee, an annual aocounting of the Funds showina credits and debits to the Funds and the
purpose for which eac6 debit to tbe Funds wu made. The Funds are pledged u additional security for the sums securcd
by thi: Mortp~e. :
If tbe amount o[ tbe Fuads htld by Le~der, together with the future monthly installments of Funds payabk prior to
tbe due data of ta~ces. assessments. insurance premiums and around rents, shall exceed the amount requircd to pay said tues.
aueameats, uuuranoe premiums and ground renu as they tall due. such excess shall be. at Borrower
s option, either
pcomptly repaid to Borrower ~ cradited to Borrower on monthly installments of Funds. If the amount of the Funds
hdd by Leoder slull aot be wBciwt to pay taxes. a~smcnts, insurance pcemiums and geound rcnts as they fall due,
Boira~ver sball pay to Lrender any amount necessary to make up the deficiency within 30 days fwm the date notice is mailed
by Leoder to Horrower requesting payment theroof.
Upon paymeat ia ful) of dl surqs secund by this Mongage, Lender shall promptly retu~d to Borrower any Funds
l~eld by I.~nder. If uadet puagnph 18 hereof the Property is sold or the Propeny is otherwise acquired by Lender. Lender
s6a11 apply, no later than immodiately prior to the sak of the Propeny or its acquisition by Lendsr. any Funds held bv
I.eader at the time of application u a credit against the :ums secured by this Mortgage.
3. A~p~catiow oE Pa~e~ls. Unless applicable law provides otherwix, all payments received by Lender under the
Note atd puagraphs I and 2 hereof shall be appliod by Lender first in payment of amounta payable to Lender by Borrower
under paragraph 2 heroof. then to interest payabk on the Nwe, then to the principal of the Note, and thcn to ir?terest and
principal on any Future Advanoes.
4. C~ex Lieas. Borrower shall pay all tazes, assessments and other charges, fioes and impositions atlributable to
tbe Property which may attain a priority over this Mortgagc, and kasehold payments or gmu~ rents, if any. in the manner
Providod under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. direcdy to the
payoe tbeieof. Borrower shall promptly fumish to Lender all notices of amounts due under this paragraph. and io the event
Borrower shall make payment directly, Borrower shall promptly fumish to Lender receipts evidencing such payments.
Borrowe~ shall pranptly discharge any lien which hu priority over this Mortgage; provided, that Borrower shall not be
required to discharge any such lien so long u Borrower shall agree io w~itiog to the payment of the obligation secured by
suc6lien in a manner acceptabk to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien in.
legal proceedings which operate to prcvent the enforcement of the lien or forfeiture of the Property or any part thereof.
S. Hazud lswrance. Borrower shall keep the improvements now existing or hereafter erected on the Property insurod
against loss by firc, hazards included within the term "eatended coverage", and such other hazards as Le~der may require
and in such amounts and for such periods u Lender may requitt; pravided, that Lender shall not requirc that the amount of
such coverage eaceed that amount of coverage required to pay the sums securcd by this Mortaa6e.
'Ibe insurance carricr providing the inwrance shall be chosen by Borrower subject to approval by Lender. provided,
thst such approval shall not be unrcasonably withheld_ All premiums on insurance policies sha11 be paid in the manner
' provided under paragraph 2 hereof or, if not pai~ in such manner. by Borrower making payment, when due. direcdy to the
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IDSUI~CC Cil~Itf.
~ All insurance policia 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 l.ender. l.ender shall have the right to hold the policies and renewals thereof,
~ and Borrower shall promptly furnish to Lender all renewal notices and al! receipts of paid prcmiums. In the event of loss.
i Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
~ by Borrower.
~ Ualess Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
~ the Property damaged, provided such restorat~on 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 Pmperty is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
date notice is mailed by l.ender to Borrower that ~he insurance ca~rier offers to settle a claim for insurance benefits. l.ender
~ is authorized to collect and apply the insurance procceds at Lender's option either to restoration or repa~r of the Propenv
~ or to the sums secured by this Morigage.
Unlus Lender and Borrower othetwise agree in writing, any such application of proceeds to principal shall not extend
~ or postpone the due date of the monthly itistallments referred to in paragraphc 1 and 2 hereof or change the amount of
such installmeuts. If under paragraph 18 hereof the ProE,erty is acquired by L.enJer, all right, tide and interest of Borrower
~ in aod to any tnsurance policies and in and to the proceeds thereof resulung from damage to the Propeny prior to thc sale
~ or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior ta such sale or
~ a.cquisition.
~ 6. Prcsen•atioe and Naintenance of Property; Leasehulds; Condominiums; Planned Udt Developments. Borrower
shall keep the Property in govd repair and shall not comroi~ ~aste or permit impa~rment or deterioration of the Property
aod shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a
y condominium ot a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration
;j or covenants creatiag or governing the condominium or planned unit developme~t, the by-laws and mgulations of the
q condominium or planoed unit development, and constituent da:umen~~. 1t a condominium or planned unit development
~ rider is executed by Borrower and recorded toge~her wi~h this Mortgage, the covenants and agreements of such rider
; shall be incorporated into and shall amend and supplement the co~•enants anJ agreements of th~s Mortgage as if the rider
~ were a part hereof.
~ 7. Protection of Lende~'s Security. if Borrower fails tn per(orm the covenants anJ agreements contained in this
~ Mortgage, or if any acdon or proceeding commenced Hh~ch materiall}~ afiectc Lender's interest in the Properry.
~ includ~ng. but n~l limrted to. eminent domain, ins~h~ency, code enforcement. or :~rrangements or proceedings invol~~ing a
bankrupt or decedent. then l.ender al I.enJer'~ option, upon notice to Borrov?er, ma} make such appearances, disburse such
~ sums and take such action as is necessar~~ tu pmtect lRnder's mterest. including. but not limired to, disbursement of
~ reasonable attorney's (ces and entry up~m the Proper~y to make repair~. If I.ender reyuircd mortgage insurance as a
~ condrtion ot making thc loan cecureJ b}• this Morlgagc. Borr~~wcr shall pay thc premiums requireJ to maintain such
~ iruurance in efiect until such time as the reyuiremem fot ~uch insurance ~erminates m:~ccordance with Borrovver's anJ
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