HomeMy WebLinkAbout0169 Ut+traw CovaN~trrs. HorroMer and Let~de~ covtnant and a=ree ss follows:
1. I~t d hi~c~l a~i t~M~ee~al. Borrowe~ ~aU Pr~M~f WY when due tbe priocipal of and inte~at on the
irniebtednat evider~ocd by the Nota. prepayma~t and late cha~ a.~ ~uovided in the Nwe, and the principsl ot and inteoal
aa my Fwuro Advances secw+ed by this Mort~sse.
!ri tor Taaus s~i I~wr~cti. Subject to applicabk law ~.r to a written waive~ by Lender. Borro~we~ shall paY
to Leader on the day monthlp installments ot principal and iotcrcc~ arc payaMe under the Note. until the Note is paid in full,
a=um (herein "Funds'7 equal to one-tvretfth ot the yea~iy taxc. uxl auasme~ts which may attain prioriqr ove~ this
Mortjaje. and ~round renb on tbe Propeny. if aey, plus a~e-twelfih of yearly~ premium installments for huard iowrance.
plus ooc~twelfth ot yearly premium installments tor mortgage insu~ancc, if any, all u reasonably estimated initially snd trom
bime to time by Lender on the buis of assessmcnts and 1+ills and rcuonabk atimata thertof.
'11~e Funds shall be held in an institution the deposiu or accounu ot ~rhich are insured or guannteed by a Fcderal ot
state a~ency (includina Le~der if Lcnder is tuch an institutionl. 1_ender shall apply the ~nds to pay said tua, asaa:ments,
iawrance pemiums at~d around rcnts. t.ender may na charge fo~ sc+ holdina snd applyina the Fund.s. analytin` said account,
or verifyint~d compilin~ said assessments and bills. unless Lender pays Borrower interat on ihc Fu~ds and applicable law
petmits I.ender to mske such a charge. Borrowe~ and Lender may agree in writing at the time of execution of this
Mort~e that interat on the Fuads shall be paid to Borrower. and ualas such aareement is made or applicabk law
requira wch interat to be paid. l.ender shall ~ot be rcquired to p~y Borrower any interest or earnings on the Funds. Lender ~
shaU pve to Borrower, without charge, an aanual accounting of the Fuods showina credits and debits to the Funds and the
purpoae for which each de~it to the Funds was made. 'i'!~e Funds arc plodged u additional security for ihe sums secured
by tsa Mortpse. ;
If the amount o[ the Fun~ held by Lender, togelher with the future monthly installments of Funds payabk prior to
t6e due data of taxa. auasmeats, insurance premiums and ground rents, shall exceed the amount r~equired to pay said tues.
assewnenta. ie~urana prcmiums and ground re~ts as they fall dut, such eacess shall be. at Borrower's option, either
promptly repaid to Borr~uwer or credited to Borrower on monthly installments of Funds. If the amount of the Funds
bdd by l.eoder shall not be auKicieat to pay tues, asxssments, insurance premiums and ground renta ss they fall due.
Borr~o~ror sha11 pay to Lender any amount necessary to make up ttx deficiency within 30 days from the date notice is mailed
by Lender to Horrower requesting p~ymeot thereof. :
Upoa payn~ent ia fuA of dl sums ~curod by this Mortgage, t_ender sf~all promptly rcfund to Bonower any Fun~ '
held by Leader. If under puagrsph 18 hereot the Property ia sold or the Propeny ~s otherwise uquired, by Lender, Lender `
~hall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held bv #
I.eader at the time of application as a credit agsinst the sums secured by this Mortgage. t
3. A~piieatio~ aE Pa~seetr. Unless applicable law provida otherwix, all payments roceived by Lender under the
Note aad paragraphs 1 and 2 hereof shall bo applied by Lende~ 6rst in payment of amounts payable to Lr_nder by Borrower ~
under paragtaph 2 hereof. t6en to interest payable on the Note, then to the principal of the Note. and then to interut and
principal on any Future Advanoes. , .
4. CWutes; Liem. Borrower shall pay all taxes, assessments and other charges. fines and impositions attributable to
the Propetty which may attain a priority over this Mortgage, and lessehold payments or ground rents, if any. i~ the manaer
provided under paragrsph 2 hercof or, if not paid in such manner, by Borrower making payment. when due. diroctly to the
psyee Wereof. Borrower shall promptly fumish to Lender all notices of amounts due under this paragraph, and ia the event
Borrower shaJl make payment direcUy. Borrower shall promptly tumish to Lender rectiQts evidencing such payments.
Bonower shall promptly discharge any lien which hu priority over this Mottgage: pmvided, that Borrower shall oot be
requircd to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligatiun ucured by
such lien in a manner acceptable to Lender, or shall in good faith contes~ such lien by, or defend enforcement of such lien in.
fegal proceedings which oporate to prevent the enforcement of the I~en or forfeiwre of the Propeny or any part thereof.
S. Huard 1naHawce. Borrower shall koep the improvements now existing or hereafter erected on the Property iruurod
against loss by 6rc, hazards included within the term "extended coverage", and such other hazards as Lender may rcquirc
and in such amounts and for such periods as Lender may require; provided, that Lencier shall not require that the amount of
such coverage eaceed that amount of coverage required to pay the sums secured ~by this Mortaa~e. ,
'ILe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
that such approval sha11 not be unreasonably withheld. All premiums on insurance policies sha11 be paid in the manner
providod under paragraph 2 hereof or, if not pai~ in such manner, by Borrower making payment, when due, directly to the
i insunnce carrier.
f All insurance poficies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
~ clause in favor of and in form ascepiable to Lender. Lender shall have the right to hold the policies and renewals thereof,
wd Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid prcmiums. in the event of loss.
~ Borrower shall give prompt notice to the insurance carrier and Lender. Lertder may make proof of loss if not made promptly
~ by Borrower_ .
Unless Lender and Borrower otherwise agree in writ~ng, insurance proceeds shall be applied to restoration or repair of
§ the PropFrty damaged, provided such restoration or repair is economicaUy feasible and the security of this Mortgage is
e not thereby impaired. If such restoration or repair is not economically tcasible 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
~ to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
~ date notice is mailecl by Lender to Borrower that the insurance carrier ofTers to settle a claim for insurance benefits, Lender
~ is aut6orized to collect and apply the insurance Qroceeds at Lender's option either to restora~ion or repa~r of the Propertv
or to the sums secured by this Mortgage.
~ Unless Lender and Borrower otherwise agree in writing, any such applica~ion of proceeds to principal shall not extend
~ or postpone the due date of the monthly installmems rcferred to in paragraphc I and 2 hereof or change the amount of
c suc6 installments. If under paragraph 18 hereof the ProE,erty is acquired by Lender, all right, title and interest of Borrower
~ in aod io any insurance policies and in and to the proceeds thereof resulung trom damage to the Property prior to th~ sale .
~ or acquisition shall pass to l.ender to the extcnt of the sums secured by this Mortgage immediately prior to such sale or
: acquisition.
j 6. Preaervatloo and :11~intenaace of Property; [.e~schulds; Condominiums; Planned Uoit Devebpments. Borrower
- shall keep the Property in good repair and shall not commit yvaste or permit impairment or deterioration of the Property
~ and shall compl~• with the provisions of any lease it th~s Mortgage ic on a leaschold. If this Mortgage is on a unit in a
; condominium or a Qlanned unit development, Borrower shall pertorm all of Borrower's obligations under the declarat~on
3 or covenants creating or govern~ng the condominium or planned unit development, Ihe by-laws and regulations of the
condominium or planned unit development, and constituent documemc. If a condominium or planned unit cievelopment
~ rider is eaecuted by Borrower and recorded ~ogether whh this Mortgage, the covenants and agreements of such rider
: shall be incorporated into and shall amend and supptement the covenants and agreements of this Mortgage as if the rider
wtre a part hereof. `
' 7. Protection of Leode~'s Securfty. If Borrower fails t~ perform the covenants and agreements contained in ihis {
_ Mor~gage, or if any action or proceeding is commenced which materially afiects I.ender's interest in the Property,
~ including. but nc~t limited to, eminent domain. insolvency, code enforcement, or arrangements or proceedings invol'ving a
~ bankrupt or deccden~, thcn !_ender at f.enJer's option, upon notice to Borrower, ma~• make such aPpearances,. disburse such ~
~ sums and take such action as is necescary tu protect Lender's mterest, including. but not limrted to, disbursement of ,
~ re~sonable auorney's fce~ and emry upon the Propcr~y ta makc rcpairs. I( I.cnder reyuireJ mortgage insurance as a I
~ condit~on of making thc loan SecureJ by this Mortgage. Borrawer shall pay Ihc premiums requireJ to maintain such
~ insu~ance in eliect until such time as the reyuirement for wch insurancc term~nates in accordance wi~h Borrov?er's and
~ ~ c'~!
~ ~ ` ~ 310~ F«:: 169
~