HomeMy WebLinkAbout1223 Uwt~1tM Covttt~utm. Borrower and Leader covenant and agree as follows: of and interep on the
~ ~ ~ a~i Borrower shall promptly pay when due the principal reel of and interest
iadebtednas evidenced by the Note, pcepaymatt and late charges as provided in the Note. and the pri pd
oa soy Future Advsnoes secured by this Mortgage. shall pay
~ gr~ ter 11~zea ttt~ ~a~e. • Stitbject to applicabk law ur to a written w.iver by Leader. Borrawer ~ in full,
to Lender on the day monthly instalttnents of principal and interest are payabk under the Note. until the Note is pa
a sum (herein "Fuads'~ egwl to orte-twelfth of the yearl~• tax~~ and assessmenmium'installments for hazard inwrsrrce.
Mortgage, and ground rafts on the Property. if any. plus one-twelfth of yearly pre
plus otte•twelfth of yearly premium installments for mortgage insurance. if any. all as reasonably estimated initially and from
time to time by Lender oa the basis of assessments and hills and rcasonabk estimates thereof.
The Funds shall be bold in an institution the depusiu or accounts of which are insured or gwra~i~~a aaseessments,
arena agency (including Leader if Lender is such an institutionl. 1_etrder shall apply the Funds to pay
iawt:tree premiums and ground rents. Lender may not charge for so holding and applying the Frttrds, analyzing sal cable
law
or verifyingind compiling said assessments and bilk. unless Lender pays Borrower interest on the Funds and appl
permits Lender to make such a charge. Borrower and Lender may agree in writing ache isr made or applicable law
Mortgage that interest on the Funds shall be paid to Borrower. a~rru~nlessa
uc
nterest or earnings on the Funds. Lender
requires such interest to be paid. Lender shall not be required to pay Y
shall give to Borrower. without charge, an annual accounting of the Funds showasiddition 1 seeurity forttheFsums secured
purpose [or which each debit to the Funds waz made. The Funds are pkdged
by this Mortgage. abk riot to
If the amount of the Funds held by Lender. together with the future monthly installments of Funds pay p
the due dates of taxes. assessments. insurance premrums and ground rents, shall exceed the amount required to pay said taxes,
amts, itaucance premiums and ground rents as they fall due. such excess shall be, at Borrowei s option, either
promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
6e1d by Leader shall not be wfficieat to pay taxes, assessments. insurance premiums and ground rents ss they fall due.
HorTOwer shall pay to Leader any amount necessary to make up the deficiency within 30 days from the date notice is mailed ;
by header to Borrower regttestiag payment thereof.
Upon payment is fuU of all sums secured by this Mortgage, lender shall promptly refund to Borrower any L ndesr
held by header. If under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Fundsr~held by
shall apply. no later than immediately prior to the ssk of the Property or its acquisition by Lender. any
Leader at the time of application as a credit against the sums sceured by this Mortgage.
3. ~ pub. Unless applicable law provides otherwise, all payments received by Lender under the
Note sad pa!*ragra~phs 1 sad 2 hereof shall be applied by Lender first in payment of amounts payabk to Lender by Borrower
under paragraph 2 hereof. then to interest payable on the Note, then to the principal of the Note. and then to interest and
principal on any Future Advatroes.
Cdsrges; Lktas. 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 hu a~rectl~t` tap
pays thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragrap . _
Borrower shall make payment directly, Borrower shall promptly fumish to Lender tha~Borrowe~shapllynot be
Borrower shall promptly discharge any lien which haz priority over this Mortgag : p
required to discharge any such lien so long az 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 enforcement of such lien in.
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
S. Hazard Insnrartce. Borrower shall keep the improvements novv existing or hereafter erected on the Property insured
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 az Lender may require; provided, that Lender shall not require that the amount of
such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage.
'ilte insurarrce 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
I'i provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due, directly to the
j insurance carrier.
j 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,
i Borrower shall give prompt notice to the insurance carrier and 1_ender. 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, provides such restoration 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
t to Borrower. If the Property is abandoned by Borrower, or if Borrower faits to respond to Lender within 30 days from the
r date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insuranc r of he P o ndrty
is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or reps. Pe
or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
f or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments. If under paragraph 18 hereof the Property is acyuired by Lender, all right. title and interest of Borrower
~ in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property 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
acquisition.
Leasehulds• Condominiums; Planned Unit Derebpmenls. Borrower
6. Praen•ation and hiaiatenance of Property;
shall keep the Property in Good repair and shall not commit yvaste or permit impairment or deterioration of the Properly
and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a
condominium or a planned unit development, Borrower shall perform all of Borrowers obligations under the declaration
or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the
y condominium or planned unit development, and constituent documents. If a condominium or planned unit development
" 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 and agreements of this Mortgage as if the rider
were a part hereof.
7: Protection of Leader's Secnrfty. if Borrower fails to perform the covenants and agreements contained in this
Mortgage, or if any action or proceeding is commence.) which materially affects Lender's interest in the Property.
including. but not limited to, eminent domain. insolvency. code enforcement. or arrangements or proceedings invo ving a
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bankrupt or decedent. then lender at Lender's option, upon 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 limited to, disbursement of
reasonable attorney's ices and entry up~m the Property to make repairs. If Lender reyuircd mortgage insurance as a
condition of making the loan secured by this M~~rtgage. Bormwer shall pay the premiums required to maintain such '
insurance in elfect until such time as the reyuirement for such insurance terminates in :recordanee with Borrowers and
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