HomeMy WebLinkAbout0512 ~ : f
Unt~w~ir Covew~erts. Hon+owet aeid lrends~ covenant and ssrce a= tollows:
h0?weM of tei~elM1 a~i 1~Iae~1. eotrower shall promP~~) P~Y when due tbe principsl of and interat on the
indebtednat evidenood bp the Note, p~a~n~ent ~~td late char~cs a.c ~vided in the Note. and the principsl ot and interest
oa ~oy Futun Advances s~ecu~ed bp this Mortjasa. i
irri hr T~s ~i 1r~c~e. ~bject to applicabk law ~x to a writte~ waivef by i.ender. Bo~m~e~ sh+~l P~y ;
to Leader oe the day nw~nthly instdlments of principal and intcrest arc payahk uode~ the Nota. until the Note is paid in tull.
a sum (lwrcin "Fund~'q eqwl to one-twdith of the yea~i)' ~az~~ am! ass~ssments which may attain priority ove~ this
Matsaje. and Sround ~entt oa t4e Prnperty. it any. plus one-twtlf~h of yeariy~ peanium insalimeets tor huard ,~ns~rance.
aut ooe-tweltth ot yeulY praaium installment: tor mott~a~e ins~irancc, if any. all u rcasonably estimated initiallyl~i from
time to time by l.andet on tNe b~is of assessments and hills and rcasonabk atim~tes thercof•
7Ue Funds shall be heW in an institution ~he dsposita or accou~ts of ~?hich arc insured or Nua~~~ed by a Federal ot
state sjtncy (iecludin~ L,ender if Leoder is such an institution l. l.ender sdall apply Ihe Funds to pay said taxa, assa:men~.
so
itnunnoa premiums and ~wund rents. I_ende~ may not charge for s~+ holdin~ and aPplYina the Funds. analyzin~ said accoun~
or verityins aod complin~ said assasments and bills. unlas Lender p~ys BoROM?e~ interat oh the Funds and applicabk law
permits La~der to make such a chuse. Borrower aad Lendtr may agrce in writins at the time of execution of this
Mott~sfe tbst i~terat on the Flmds sball be p~id to Borcowe~. and ualas such agrament is made o~ applicabk law
requires wch iattrest to be paid. Lender shall not be rcquired to pay Borrowr. aey intercst or arnings on the Funds. Lender +
sh~11 pve W Borrower, witla~t c6uge. an annwl aocounting of the Funds showina crcdits and debits to the Funds and the' i
purpae for ~rhich eacb debit to tLe Funds wu made. The Funds ue pledged as sdditional socurity [or the sums secured
by this Mortp~e.
If t6e amou~t ot t6e Funds 6eM by Lender. to~e~her with the futurc monthly installments of Funds payabk prior to
the due data of taxes. assessments, insurance Premiums and ground rents, shall exaed the amount requircd to pay said tua.
assaapents. iasurance premiums and Sround ten~s ~s ~heY fall due, such excess shall be. at Borrower's option, either
promptty ~aid to Barower or creditcd to Borrower on monthly inseallments of Funds. If the amou~t of the Funds .
6Nd b~r Lender sball oot be w~ci~t to pay taxa, a~nts. insurance premiums and ground rents ss they fall due.
Boiroaer s6a11 pay to I.ender any amouot neoasary to make up the deficiency within 30 days from the date notice is maikd
by I.eader W Borrower requatin8 WY~nt ihereof. ~
Upon Qayment ia full of all wms socuced by this Mongage. l.ender shall promptly rcfund to Borrower any Funds
hdd by Lender. If uodet paragraph 18 hercof the Property ~a so~d or the Propeny u otherwise acquircd by I.ender. Lender
~aU spply, no later than immediately prar to the sak of the Propeny or its acquisition by Lender, any Funds held bv
L,eoder at the time of application as a credit aaaiast the :ums secured by this Mortgage.
3. A~icatio~ d l~r~eds. Unkss spplicabk law provida otherwise. all payments received by Lender under the
Nota and pangrap6s 1 and 2 heroof shall be applied by Lender 6rst in payment of amounts payable to Lender by Borrower
uader para~raph 2 hereof. t6en to interat payabk on the No~e, the~ to the principal of the Note. and then to interest and
priacipal on any Future Advaoces.
1, Cls~e~ Lie~s. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to
tLe propeRy which may attain a priority over this Mortgage. and leauhold payments or ground rents. if any, in the manner ;
provid~ed under pua6raph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. direcdy to the
payee tliereof. Borrower shall promptly fumish to Lender all notices of amouats due under this paragtsph. and ~n ihe event
Borrower sl~all malce payment directly, Borrower shall promptly furnish to Lender rcccipts evidencing such payments.
Borrower shall pranptly discharge any lien which hu priority over this Mortgage: provided, that Borrower shall not be
required to discharge any such lien so bng as Borrower shall agree in writing to the payment ot the obligation secured by
such lien in a manner aeceptabk to l.ender, or shall in good faith contest such lien by, or defend enforcement of such lien in.
kgal procecdings which opcrate to pnveat the enforcem~nt oi the lien or forfeiture of the Property or any part thereof.
S. Hwrd Iaw~ce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
against loss by fire, hazuds included within the term "extended coverage", and such wher hazards as Lender may require
j and in such amounts and for such periods as Lende~ may require; provided, that Lender shall not requirc that the amount of
j such coverage eaceed that amount of covcrage required to pay the sums secured by this Mortaaae.
i 'ibe inwrancx carrier providing tbe insuranee shall be chosen by Borrower subj~ct to approval by Lender, provided.
i tbat such approval shall not be unressonably withheld. All premiums on insurance policies sha11 be paid in the manner
E providod under paragtaph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, directly to the
~ i~urance carrier.
' All insurance policies a~d renewals thereof shall be in form acceptable to Lender and shall include a standard morigage
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,
Borcower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
by Borrower.
' Unless L~nder and Borrower otherwise agree in writing, i~surance procceds shall be applied to rcstoration or repair of
~ the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
not thereby impaired. lf such restoration or repair is not economically feasible or if the security of this Mortgage would
be impaired, the insurar?ct proceeds shall be applied to the sums secured by this Mortgage, with the eacas. if any. paid
to Borrower. If the Property is abandoned by Borrower, or if Borrower fails t~ rapond to Lender within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier ofiers to setUe a claim for insurance benefits. L.ender ~
is authorized to colltct and apply the insurance proceeds at Lender's option either to restoration or repair of the Propertv ;
or to the sums securcd by this Morigage.
Unleu 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 it~stallments referred to in paragraphs 1 and 2 hereof or change the amount of
such installmeots. If under paragraph 18 hercof the Prof,erty is acquired by C.ender, all right, title and interest of Borrower
in and to any Auurance policies and in aod to the proceeds thereof resulung from damage to the Propeny prior to th.: sale
or acquisition shall pass to l.ender to the extent oE the sums secured by this Mortgage immediately prior to such sale or
acquisition.
6. ttrservation and Mainteaaace of Pmperty; Leasehulds: Condominiums; Plsnned Uoit Devebpmeats. Borrower
~ shall keep the Property in good repair and shall not com~pit yvaste or permit impairment or deterioration of the Property
~ and shall comply with the provisions of any lease if this Mortgage is on a leasehold. It this Mortgage is on a unit in a
~ coodominium or a planned unit development, Borrower sha~l per(orm all of Borrower's obligations under the declaration
oc coveoants creating or govetning the condominium or planned unit development, the by-laws and regulations of the
~ condominium or pl~noed unit development, and constituent documents. If a cundominium or planned unit development
rider is executed by Borrower and recorded together Kith ~his Mortgage, the covenants and agreements ot such rider
~ sha11 be incorporated into and shall amend a~d supplcment the covcnants and agreements of this Mortgage as if the ri~fer
~ were a part hereof. ~
7, profectioe of Leoder's Securfty. If Borrower fa~lc t~ perform the covenants and agreements contained in this
~ Mortgage, or if any action or proceeding is commenced v?hich materially afiects LenJer's interest in the Property.
includmg, but not 6m~ted to, em~nent domain. inu.lvency, code enforcement, or arrangements or proceedings invoh•ing a
~ bankrup~ or decedent, then Lender at Lender's option, upon notice to Borrower, ma~ make such appearances, Jisburse such
~ sums and take such ac~ion as is nece~sary to protect I~nder's mterest. induding, but not lim~ted to, disbursement of
~ reasonable attomey'.s fees and emry upon ~he Proper~y to make repairs If Lender reyuired mortgage insurance as a ,
~ cond~tion ot mak~ng the loan ~ecured by this Mortgagc. Bo~rawer shall pay the premiwns required to maintain such ~
~ insurance in etTect until such time as thc reyuirement for wch insurance terminate~ in accordance with Bormwer s and j
~ '
~ goo~ 307 PAGE 512
~
~
_ _ _ e w
~