HomeMy WebLinkAbout0412 E3orrowe~ and l.cnder covenant and agree as followa:
1. Peyment of Pirincipal and Inte~eet. E;orrower ahall promptly pay when due the principal ot and intereet on Ihe indebtedneea
evidenced by the Note, p~epayment and late cha~ges xe provided in the Nute, and lhe principal of nnd interrsl un uny F
uture Advancea eecured
by this Mortgage.
2. Fltt~de tor Taxee and lneutance. Subject to upplicuble law or to a writtrn waiver by l.ender, t~rn~wer shull pt?y to l.rnder on the day '
manthly inetallments of pri~cipal and intereat are payable under the Note, until the Nutc ia pa~id in full, aum Iherrin "Funda") eyual to one~
twelRh otthe yearly taxes and uacrssmenta which muy attni~ priority over thia Mortgnge, nnd gn?und rents cm the Pruperty, if tiny, plus one
twelRh of yearly premium inatallments for haznrd insun~n~r, plue~ onPtwelfth ofyearly premium insta?Ilmrnte+fur mortg:~Ke inauri~nce, if any,
all as reaeonably eatimated initially a~d from time to timc by I.ender on the bxsis of as.arxxmentx and bilis und n•usonablr extimatex thereuf.
The Fl~nde ehall be held in an inatitution the depoaits or accou~ta of v~hich are ineured or gunrantred by a Federal or State agency
iincluding l.ender if l.ender ie such an inatitution). I.ender ahall apply the Funds to pny auid taxes, aeu?easmrnle, inaurance premiumd und
ground renta. I.ender may not charge for eo holding and applying the Funda, analyzing eaid accounl, or verifying and compilinK aaid
asaeaemente and bills, unleea I.ender pnye Borrower i~tereat on the Funds and applicable law permita I.ender to make auch u charge. liorrower
and I.ende~ may agree in writing at the time of execution ot thie MovtKaKe that intereat on the !~'unds ehull be paid to 13orrower, and unlras
euch agreement ie made or applicable law requirea such intereat to be puid, I.ender shnU not be required to pay Borrower any interret or
earninga on the Flinda. [.ender ahall give to Borrower, without charRe, pn Hnnual acti-ountinK of the Runde showing credita und debite to the
Funda and the purpc?se tor which eACh debit to the Funda waa made. The F unda ure pledged as i?dditionul security for the euma secured by this
Morlgage.
Itthe amount of the FLnda held by l.ender, tc~gether with the future monthly inau?Ilmentx of M unda pt~yable priur to thc due datea of taxea,
asaesemente, inaurance prnmiuma and ground renta, shall exczed the amount myuired to pny at~id l~xes, assessmenta, insurs~nce premiuma
xnd ground rents se lhey fall due, such exceea ehall be, at Eio~TOwer'a option, either promptly re{u~id to 13orrower ur credited to l3orrower on
monthly inetallmenta of Funda. If the amount of lhe Funda held by l~ender ahall not t?e sufficient W pay taxes, asseeu~mentx, inaurance
pmmiums and ground renta as they fall due, Borrower ahall puy to Ixnder any nmount neceseary to make up the deficiency w~thin 30 days
fmm the date notice is mailed by I.ender to F3orruwer requesting payment thereof.
Upon psyment in full olall auma secured by this Mortgage, I.ender shnll promptly rnfund to I~rrower any funda held by l.ender. If under
paragraph 18 hereof the Property iR sold or the E'roperty is otherwise acquired by l.ender, I.ender shalt apply, nu laier thi~n immcdiately prior
to the sale of the Property or its acquiaition by I~ender, any Funds held by l.ender at the time of applicatiun aR u credit ngainst the sums securrd
by this Morigage.
3. Application of Paymenta. Unlese applicable law provides otherwise, all paymentx receivecl by I.ender under the Nole and
paraqrapha 1 and 2 hereot ehaU be applied by [.ender firat in payment of amuunts pny~ble to l.ender by Rorrower under pnragraph Y hermf,
then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on s~ny_huture Ad~ancea.
4. Chargea; Liene. Borrowerahall pay all taxea, assessments and other charges, fines and im~~sitiuns;~ttribut:~blc• tu th~~ Propeny whi~•h
may attain a priorityo~ erthis Mortgage, and lettsehold paymentsorground rentx, if any, in the manner providMl under p.~ruKraph 1~. herr~~f ur,
if not paid in such mnnner, b~• Borrower making payment, when due, directly to the pa~ cr therc.~f. liurn~K~er shall pruinpth• furnish tu I A•nd~•r
all notices of nmounGs due under this paragraph, and in the evenl Borrower tihall make paymrnt dircr•tly, Rurn~K•t~r shall prumpUy furnish to
I,ender receipts evidencing such payments. F3orruwer shall promptly dischargr any Gen which h.~s priorit~ over this D1urt~;a~;e; provid~Y1, that
liortower shall not be required to discharge any such lien so long as Fiorrower xhall agrre in writin~ tn the p:~yment nf thi•obliKatiun scY•un~i b}•
~uch lien in ~ manner acceptabletu l,ender, orshall in g«x1 t~ith cwntext surh lien },v, ordefend e~furcrment uf tiu~~h li~•n in,1~~.~1 pnK•~~rl~nK~
w•hich operate to prevent the enforcement of the lien or forfeiturr of the Property or anv part therc~~f. '
5. Hazard Ineurance. E3orrower ehall keep the impmvementa now existing or hereafter erected on the I'roperty insurEd aK:~inst luss by
fire, hazarda included wilhin the term "extended coveraqe," and such other hazarda as I.ender m~y reyuire and in such amuunts and [or such
periods as I.ender may require; provided, that I.ender shall not reyuire auch coverage amount exceedinK the minimum, as may be reyuired by
state or [ederal regulationa governing activitiee of l.ender, or that amount of coverage rc~~uired tu pay the sums securcd by this Mort~aKe,
whichever is the greater.
The insurance carrier providing the insurance shall be chatien by Borrow~er subjcrt tu appro~•al b~• 1 ~•n~i~•r, pru~•idc~cl, th:U such .~pproval
shall not be unreasonably withheld. All premiums un insur~nce policies shall tx~ paid in the m.uine•r pr~n•id~~l undt•r par.~Kraph h~~r:r?f ur, if
not paid in such manner, by I3orrower making pt~yment, when due, directly to the insurance carrii•r.
' All insurance policies'and renewale thereof ahall be in form acceptable to I.ender nnd shall indude a st~+ndani mortKaKe clause in tavor of
andin[ormacceptabletoLender_[.enderehallhavetherighttoholdthepoliciesandrenewalsthere~~f,andRorrowershallprompUyfurnishtu
~ i.ender all renewal notices and all receipte of paid premiuma. In the event of losa, Born~wer shaU Rive prompt notice to thr insurance c:~rrier
{ and l.ender. Lender may make proof ot losa if not made pmmptly by E3orrower.
! Unlesa I.ender and Borrawer otherwie~e agree in writing, inaurance proceecls ehall be applied to restoration or repair of the 1'roperty
~ damaged, provided such restoration or repair is economically fenaible and the scrurity of thia hlortgage ia not thereby impaired. If such
~ restoration or repair is not economically feasible or if the e~ecurity of this Murtgage wuuld be impaired, the ineurance proceeda shall be applied
~ t~ the aums secured by Lhis Mortgage, with the excesa, if any, paid to Korrower. If the I'roperty is abandoned by Borrower, or if &~rruwer fails to
reapond to I.ender within 30 daya from the date notice ia maitecl by t.ender b Rorrower that the inaurance carrier offers to settle a claim for
~ ~naurance benefite, I.ender is authorized to collect and apply the inaurance proceeda at I.ender's optiun either to restoration ar repair uf the
Property or the auma secured by thie Mortgage.
; Unleas Lender and Borrower otherwise agree in writing, any auch applicalion of pmceeds tn principal ahall n~t extend or postpune thedue
date of the monthly inatallmenta referred to in paragrapha 1 and 2 hereof or chanKe the amount otsuch inataUmente. If under paraKraph 1H
hereof the Property ie acquired by I.ender, all right, title and interest of I3orrower in and to any insurance policies and in and to the proceede
thereof reeulting from damage to Property prior to the sale or acquisition shall paxs to I.ender to the extent uf the aums aecured by thie
:41ortQage immediately prior to auch sale or acquiaition.
~ 6. Preeervation and Maintensnce of Property; Leaseholds; Condominume; Planned Unit Uevelopmente. F~rrowerahall kcep
~ the Property in good repair and shall not commit waste or permit impairment or deterioration ot the Yroperty and shaD cumply with the
provis~one of any lease if this Mortgaqe ia on a leasehold. If thie Mortgaqe ie on a unit in a cundominium or a planned unit development,
~ Borrower ahall perform all of F3orrower'a obligationa under the declaration orcovenanta cre.itinqor goveming the condominium or planned
~ unit development, the by-laws and regulations of the condominium or planned unit development, and conatituent documents. If a
~ c ondominium or planned unit development rider is eaecuted by Bonower and recorded together with this Mortgage, the rnvenants and
~ aKreements of such rider ahall be incorporated into and Ahall amend and supplement thecovenants and agreementsof this MortAage as if the
~ rider were a part hereof.
Protection of Lender'e Security. If Borrower faile to perform the aovenante and agreemente contained in thie Mortgage, or if any
~ aMion or prooeeding ie commenced which materially affecta Lender'e intereat in the Property, including, but not limited to, eminent dumain,
~ inaolvency, code enforcement, or arrangements or proceedinge involving a bankrupt or decedent, then Lender at l.ender e option,upon
~ notice to Borrower may make euch appearances, dieburse euch atune and take such action ae ie nereasery w protect Lender'e intereat,
~ including, Sut not limited to, diabureement of reaaonable attorney'e feee and entry upon the Property to malce repaire. If Lender required
F mortgage ineurance ae s condition of making the loan eecured by thie Mortgage, Borrower shall pay the premiume required to maintain
~ euch ineurance in effect until euch time ae the requirement for auch ineurance terminatea in accordance vrith Borrower's and Lender's
w-ritten agreement or epplicable I.aw. Borrower ehall pay the amount of all mortgaqe ineurance premiume in the manner provided under
~ paragraph 2 hereof.
~ My amounte diebureed by [xnder pereuant to thie paragraph 7, with intereet thereon, ehall becrome additional indebtedneHa of
; Fk~rrower aecured by this Mortgage. Unlees I3orruwer and Lender agree to other terms of payment, auch amounte ahall be payable upon
~ notice from I.ender to Borrower requeBting payment thereof, and ahall bear intereat from the date of diaburaement at !he rate payable from
~ time to time on outetar~ding principal under the Note unleae payment of intereat at auch rate would be contrxry to applicable law, in which
~ evenl auch amounte ahall bear intereat at the higheat rate permissible under applicable law. Noth~ng contained in thie paragraph 7, ehall
~ require [.ender to incur any expenee or take any ection hereunder. ~
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