HomeMy WebLinkAbout0421 t3orn,wer and l.ender covenant and agree ua fuUow~s:
l. Payme~t of Nrincipal and Intereet. Korn,wer ahall prumptly puy when due the pri~cipHl of und inte~eat on Ihe indeF,trd~exc+
evidenced by the Note, prepeyment and late charKes as pmvided in the Note, nnd the princip~l of nnd inte~est on any Future Advnnces aecu~ed
by this Morigage.
'l. Flu~de for Tsxes and Inaurance. Subject to applici~ble Inw or t~ a written waiver by (.ender, l~rruwer ehall puy tu I.cnder un the dciy
monthly inatallmenta uf principal and inferest are payuble unde~ the Nute, until the Nute is paid in full, u sum lherein "N unda") equnl tu onr
twelRh of the yearly ttucea and i?asexsmrnts which muy attaiin priority uver this Mortguge, und ground rents un the P~o~x rty, if uny, plus une~
twelfth otyearly premium instnlimentx for hnznrd insurunce, plus onetweltih ofyenrly premium inatailments for morlKugc insuranrn, if any,
iill us reasonubly eatima~ted initinlly and from time to tin~e by I.ender on the bnsis of assessmenlx and bills und reusonable r+timatc~x thereof.
The Flrnds shal) be held in an institution the deposita o~ accounta of which are inau~ed or guarunteed by a Federal or State agency
lincluding t.ender if t.ender ia such nn inetitution). I.ender shall apply the F u~ds to pi~y said taxea, uxsexxmenla, inaurnnce premiums and
Kround rente. l.ender may not charge for eo holding and applying the Funda, unalyzing said uccount, or verifying and compiling eaid
usseaamenta and billa, uniesa l.ender pnya Borrowe~ intereat on the Funds tind npplictible Iaw permitez l.ender to mnke auch a cht~rge. Borrower
and [,ender may agree in writing at the time of execution of thie Mortgage that intereat o~ the Funds shull be pt~id tu t;orruwcr, and unlesa
auch agreement ia made oT applicable luw requiree such intereat io be paid, l~ender ahall not be rEquired to pay Borrower any interest or
earnings o~ the F~nda. Lender ehall give lo I3orrower, without charge, an unnuAl iiccuunting of the F u~ds showing crc~clitx ~nd debila tn the
Funda and the purpose for which each debit to the FunJs veae made. The Funda t~re pledged i~s ndditional aerurily for the vume xecured by thie
Mortgage.
If the amount of lhe Funda held by Ixnder, together with the futam munthly installmentx of Funda payable pric~r to?he duedtUes uf tt~zet+,
assesamente, insurance premiums and Rround mnta, ahall exc
•ed the nmount requimd to p~y anid taxee, assexsmenta, ineurance premiums
and ground rnnta as they fall due, such excess xhall be, nt l3orruwer'4 option, eilher promptly mpuid to 13orrowe~ or crediteYl t~? liorruwer on
mo~thly inatallmenta uf F~nds. IC the ttmount of the Funds held by I.ender shall nut be auf~cient to puy tuxei+, asseaKmenta, insurance
premiuma and ground renta as they fall due, E3urrower shall pay to l.ender nny nmount nece.ss~ry to mnke up lhe deficiency within :t(~ days
fmm the date notice ia mailed by l.ender to ~rruwer rnyuestinQ pi~yment thereol.
Upon payment in full of all sume secured by this MortKage, l~ender shail prompdy mfund to Borrower nny funds held by 1 xnder. lf under
paragraph 18 hereof ihe Property is sold or the ['roperty is othemise acquired t?y I.ender, I.ender 4hall f~pply, no latcr than immedifdely prior
to the sale of the Property or ite acquisition by l.ender, any Funds held by I.ender ut the time of npplicntion as a credit agsiinst the xums xcrurrd
by thia Mortgage.
3. Application of Paymente. Unlesa applicable l:iw provides otherwise, all payments receieed by I.ender under the Note and
paragrt?phs 1 and 2 hereof ahall be applied by l.ender firat in puyment of nmounts p.iyable to I.ender by Borruwer under pnragraph Z hermf,
then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Muture Advnnces_
4. Chargea; Liena. Rorrower shnU pt~y nll t.ixes, assessments and uther cha~Kes, fines and impusitiunti attrihutable to the Pro~x~rt}• w~hich
may .ittain n priority overthis h1orL+caKe, and le~~.~ehold payments urKround rents, if any, in them.~nnrr providecl underpnr:~Kra~ph'l hereof~~r,
if nol paid in such manner, by Born~wer m:ikinQ ps~yment, H hen due, dirertly to th~ p:?yee thereY~C Rnrmw~~rshnll promptly furnish to I.end~~r
.ill notices of nmounls due under this paraKrnph, und in the event Rorruwer shall make payment direY•lly, Rorruwer shall promptly furnish tu
(.ender receipts r~•idencing such paymen~c_ F~?rruw•er shall prompth• discharK~• any lirn which h:~s pri~~rity ~~~•er this Murtti:+Ke: pruvidt~l, th:~t
Fiurrower shall not be required to disch.irge any such lien so IonK us H~~rruwer shall :q;rcr in writinK to t he payment uf the obl i~;;?t ion sirurtYl hy
.uch lien in a manner a~cceptable tu I.ender, or shall in K~K~cI f.~ith cunti:ct tiui h lien t~v, ~~rdefc~nd ~•nfi,r~•~~m~~nt uf such liE~n in, lt~~;al pnK•~•~~1inKc
w•hich operate to prevent the rnforc~ement of the lien ur furfeitun• of lhe !'roFx~rt~ ur am~ p:~rt there~~f.
5. Hazaed Inaurance. I3ortower Ahall keep the improvements novr exislinK or hereafter erected on the Property insured aKainst l~~ss hy
Tirn, hazards included within the term "extended c~?veraKe," and :~uch other hazards as I.ender may reyuire and in such :~moun~s and for such
periods as I.ender may require; provided, that l.ender ahall not require such coveraKe nmuunt excerdinK the minimum, as may t~e requircd by
state or federal regulations gaverning activities of I.ender, or that ~m~,unt of coverage required to pay the sums securcYf by this MurtKaKe.
whicrtever is the gmater.
The insur.~nm camer providinK the insuraner shall tx• ch~~sen b~• fiorruwf~r subje~•t tu:~ppn~v.~l h~• Iw~nd~•r; ~~ru~~id~Y1, that such appro~:J
.hall not be unrea.4unably withheld. All pmmium~ on insurancr polirics sh:ill t?e p:iid in the manner pnn•id~~1 undf•r p:~rc~Kr.iph h~•ny~f or, if
nut paid in such manner, bp li~~rruwer makinK pa~ment, whi•n du~, dirrc•tly t~~ th~~ insurance carrier.
All insurance policies and renewals thereof ahall he in form acceptable to I.ender and shall include a standarcl mortKaKe clause in favor of
xnd in form acceptable to I.ender. Lendershall have the right to hold the policies ~nd renewals therec?f, and Rorrower gh~+ll promptly furnish to
i.c~nder al1 mnewal notices and all receipts of paid premiums. In the event of loss, Born~wer shall Kive prompt notice to the in,urance c:?rrier
and I.ender. I.ender mny make proof of los.4 if not made pn,mptly by Bormwer_
tiniess I.ender and F3orrower otherwise aKree in writinK, insuranm pra eecls shall be applied to rest~,ration or repair of the Property
~1amaRed, pmvided auch restoration or repair is economically feasiMe and the security of this MortKaQe is nnt thereby impaired. If such
i rrstoration or repair is not economically feasible or itthe security of this MortgaKe would 1?e impaired, the insurance proceecls Rhall be applied
~ to the sums secured by this ~lortgage, wrth the excess, if any, paid to Borrower. if the F'roperty is abandnned by (iorrower, or if E~rmwer fails tn
re,pond to l.ender within :30 days from the date notice is mailed by I.ender to Rurrower that the insurance carrier offers to settle a claim for
` insurance benefits, I.ender is authorized to collect and apply the insurance pmceeds ut I.ender's option either to restoratinn or repair ~f the
~ Property or the sums secured by this MorlKaRe.
~ Unleas l,ender and Borrov?er otherv?ise aQree in writing, any such application i~f pmceeds k?principal shall not extend or postpnne thedue
~ date of the monthly installments referred to in paragraphs 1 and 2 hereof or chanKe the amount of such installmenL4. If under paraRraph Iri
; hereof the Property is acqaired by I~ender, all riQht, title and interest of Rorrower in and to any insurance policies and in and to the Proceeds
~ thereof reaulting from damage to Property prior to the sale or acqwsition shall pass to I.ender to the eztent of the sums secured by this
~ 11ortRage immediately prior to auch sale or acquisition.
~ 6. Preaervation and Maintenance of Property; l.easeholda; Condominums; Ylanned Unit I)evelopments. F3orrowershall keep
the I'roperty in good rnpair and sha11 not rnmmit waste or permit impairment or deterioration of the Property and shall comply with the
E provisions of any lease if this MortKage is on a leasehold. If this MortKage iR on a unit in a condominium or a planned unit development,
~ (3orrower shall perform all of Borrower'a obliKations under the declaration orcovenants creatinKor qoverning thecondominium or planned
~ unit development, the by-laws and regulations of the coreduminium or planned unit development, and conatituent document~g. (f a
~ c•ondominium or planned unit devetopment rider is executed by F3~rrower and recorded together v~-ith this Mortqaqe, the rnvenanta and
~ aKreemenLs of such rider shall tx~ incorporatrd into and shall umend and supplement thecovenants and aKreemen~suf this MortgaKe as if the
rider were a part hereof.
~ 7. Protection ot Lender'e Security. If Borrower faile to perform the covenants and agreements contained in thie Mortgage, or if any
action or proceeding ie commenced which materially affects Lender'a interest in the Property, including, but not limited to, eminent domain,
~ ineolvency, oode entorcement, or arrengemente or proceedinga involving e bnnkrupt or decedent, then l.ender at Lender'a option,upon
~ notice to Borrower may make euch appearances, dieburee euch aume and take euch action se is neceasary to protect [,ender'e interest,
t including, but not limited to, diebureement uf reasonable attorney's fees and entry upon the Property to make repa'us. If Lender required
~ mortgage ineurance as a condition of making the loan aecured by this Mortgage, Borrower ahaU pay the prnmiums required to maintain
- euch inaurance in eftect until euch time se the requirement for auch ineurance terminates in accordance with Borrowei s and Lendei e
~ written agreement or applicable Law. Borrower shall pay the amount of all mortgage ineurance premiume in the manner provided under
paregraph 2 hereof_
Any amounts dieburaed by I.ender persuant to thia paragraph with intereat thereon, ahall become additional indebtedneae of
~ Borrower eecured by this Mortgage. Unlesa Rorrower and I.ender agree to other terma of payment, auch amounte ehall be payable upon
notice from I.ender to Borrower requesting payment thereof, and ahall bear interest from the date of diaburaement at the rate payable from
~ time to time on outetanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which
~ event euch amounla ehall bear intereet at the higheet rate permiseible under applicable law. Nothinq contained in this paragraph ahall
require I.ender u~ incur any expense or take any action~ hPreunder.
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