HomeMy WebLinkAbout2703 Uwtraw t;;ovttnar+». Borrower sad Lauder covenant and agree ss fellows:
)ti. laymeN of ltiiaelMl soi WetnM. Borrowwer shall Promptly pay when due the principal of and interest oa the
iadebtedrtas evidetstxd by the Mots. prepayment and late charges as Provided in the Nde, and the principal of sad interest
ast any Future Advances secw+ed by this Mortgage. goer shall pay
lrri fer ?ass and Itrarsaca Subject to applicable law tx to a written waiver by Lender.
to Leader on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full. '
a sum (hsrein "Ftrads'~ equal to one-twelfth of the yearly taxc~ and assessments which may attain priority over this
Mortgage, and ground teat oa the Property. if any. plus orte-twelfth of yearly premium installments for haurd insurance. }
plus one-twelith of yearly premium installments for mortgage insurance. it any. all as ressortably estimated initially and from
time to time by Leader on the basis of assessments and hills and reasonable estimates thereof.
7be Funds shall be held in an institution the deposits or accounts of which arc inserted or gwranteed by a Federal of
state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay uid taxes. assessments.
iasutaaoe premiums and ground rents. Lender may nil charge for so holding and applying the Frtnds. analyzing said account,
or vsrifying_srtd compiling said assessments and bilk, unless Lender pays Borrower interest on the Funds and applicable law
permitt Lender to make such a charge. Borrower and Lender may agree in writing at the time of exceution of the
Mortgage that interat on the Funds shall be paid to Borrower. and unless such agreement is made or applicable law ;
regtrit+es such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender ,
sbaU give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpose for which each dt~it to the Funds was made. The.Funds arc pledged as additional security for the sums secured '
by the 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, insurartoe premiums and ground rents as they tall due, such excess shall be, at Borrower's option, either
promptly repaid to Borrower a credited to Borrower on monthly installments of Funds. If the amount of the Funds
heW by Leader shill not be sufficient to pay taxes, assessments. insurance premiums and ground rents as they fall due.
Borrower shall pay to Leader any amount necessary to make up the deficiency within 30 days tram the date notice is mailed
by Deader to Borrower requesting payment thereof.
Upon payment is fuU of all sums secured by this Mortgage, lender shall promptly refund to Borrower any Funds . .
held by Leader. If under paragraph 18 hereof the Property is sold or the Properly is otherwise acquired by Lender, Lender
shall apply. no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by
Leader at the time of application as a credit against the sums secured by this Mortgage.
3. ApNieatioa st Pap~soeab. Unless applicable law provides otherwise, all payments received by Lender under the
Note and paragraphs 1 and 2 hereof shall be applied by I.gtder first in payment of amount; payable to Lender by Borrower
under paragraph 2 hereof. then to interest payable on the Nae, 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 is the event
Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments.
Borrowu shall promptly discharge any lien which has priority over this Mongage; provided, that Borrower shall not be
requited 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 manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforrement of such lien ia,
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
S. Hazard Irtstrrswce. Borrower shall keep the improvements now existing or hereafter erected on the Properly insured t
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 may require; provided, that Lender shall not require that the amount of
such rnverage exceed that amount of coverage required to pay the sums secured Eby this Mortgage.
'ILe 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 cwt paid in such manner, by Borrower making payment. when due, directly to the
instrraace carrier.
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 notices and all receipts of paid premiums. In the event of loss,
Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
by Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
¢ the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
p not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would
E 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
E date notice is mailed 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 Progeny
I or to the sums secured by this Mortgage.
E Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments. I[ under paragraph 18 hereof the Property ~s acquired by Lender, all right, title and interest of Borrower
a in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Progeny prior to the sale
or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acgtsition.
6. ir+eserratioa and Maiatcnaace of Progeny; Leaseholds; Condominiums; Planntd Unit Devebpmeats. Borrower
shall koep the Progeny in good repair and shall not commit yvaste or permit impairment or deterioration of the Progeny
~ and shall comply with the provisions of any lease if this Mortgage ~s on a leasehold. If 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 condominium or planned unit development, the by-laws and regulations of the
' condominium or planned unit development, and constituent da-uments. If a condominium or planned unit development
s rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider
shall be incorporated into and shall amend and supplement the covenants anJ agreements of this Mongage as it the rider
'f were a pan hereof.
7. Protectiou of Gender's Security. If Borrower fade to perform the covenants and agreements contained in this
Mongage, or if any action or proceeding ~s commenced which materially affects Lender's interest in the Property,
including. but nut limited to. eminent domain. insolvency, code enforcement. or arrangements or proceedings involving a
bankrupt or decedent, then Lender a1 Lender's option, ulxon notice to Borrower, may make such appearances, disburse such
sums and take such action as is necessary to protect Lender's interest, including. but not limned to, disbursement of
r reasonable attorney's fees and entry upon the Properly to make repairs. If Lender required mortgage insurance as a
cund~tion of making the loan secured by this Mongage. Born?wer shall pay the premiwns required to maintain such
' insurance in eBect until such time as the requirement fur such insurance terminates m accordance with Borrower's and
s 6001(~0~~ PACE~V~i