HomeMy WebLinkAbout0419 UNQQRLI COVENANTl. Borrower and La~der coveoant and asra as tollows:
1. I~weN o~ hrc~i aN ]Nerpf. 8orrower shall promp~l~ psY when due the principal of and intcfest on the
it~debtednea evideaoed by the Nde. Prepayment and late chargec ac p~ovided in the Note. aod the principal ot ~nd interat
on any Futuro Advsnces socwnd by thi: Mortsaje.
2. Fai tor TuM a~i I~wrre~. Subject to applicabk law ..r to a written waiver by l.ander. BorroN?er shall pay
to I.ender on the day monthly installments of ptincipal and intcrec~ arc payaMe under the Note. until the Note is paid in full,
a sua~ (hercin "Fund~'7 eqwl to onc-tweltth of the yea~i~~ tasc~ and assessexnts which may attain priority ove~ this
Mott~a~e. a~d jround rmb on tbe Propeny. if any. E+lus onatwelfth of yearty prcmium iastaltme~ts for hszard insurance.
plus oao-twelfth ot yearly prcmium installments tor mongsge inu~rance. if any. all u rcaso~ably atimaled initially aod E~+om
pme to time by Le~er on the buis ot asses~mcnts and hills and rcasonabk estimata thereof.
'IUe Funds shall be held in an institution the depos~a or accounts of which are irtsured or gwraoteed by a Federal ot
itate aaency (including Leeder if Lender is such an institution). 1_ender shall apply the Funds to pay said 1aza, sssessments.
inturance premiums and ground rcnts. l.ender may na charge for sc+ holding and spplyint the F~indc, analyzin~ uid account,
or vtrifyin~ and compiling said assessments and bills. unkss Lender pays Borrower intercst on the Funds and applicable law ,
pernuts Lender to make such a charge. Borrower and l.ender may agree in writing at the time o( eaecution ot this
Motigage tbat interest on the Fuads shall be paid to Borrower. and unlas such agrcement is made or applicabk Isw
requira such interest to be paid. Lender shall not be rcquired to pay Borrower any intercst or earnings on the Funds. l.ender
sbaU pve W Borrower, without charge, an annual accouoting of the Funds showing credits and debits to the Funds and the
purpoae for which eaeh debit to the Funds wu made. The Funds are pledged u additional socurity for the sums securcd
by this Mortp~e.
lf t6e amount o! the Funds held by Lender, together with the future monthly installments of Funds payable prior to
t6e due data of tua. asu.ssments, insurance premiums and ground rcnts, shall exceed the amount required to pay said taxes.
assewnents. insurance premiums and grouod rents u they fall due, such excess shall be, at Borrower's option, either
prompUy repaid to Borrower or credited to Borrower on monthly instaltments of Funds. lf the amount of the Funds
tield by Leuder shall not be suf6cieat to pay tua. assessments, insurance premiums and ground rents u they fall due,
Borro*?er shall pay to Lender any amou~t nocGSSary to make up the deficiency within 30 days from Ihe date noticc is mailed
by Lender to Bonower requEsting payment thereof.
Upoa payment in fuU of stl sumt securcd by this Mortgage, l.ender shall promptly refund to Borrower any Funds
held by Leader. If under pusgraph 18 hercof the Property i~ sold or the Properey is othenvise acquired by Lender, Lender
shdl apply. iw Ister than immediately prior ~o the sale of the Property or its acquisition by Lender. any Funds held bv
I,ender at the time of application u a credit against the sums socured by this Mortgage.
3. A'pik~t~ ot Payde~ta. Unltss applicable law provides wherwise. all payments rcceived by Lender under the
Note and pangraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
uader psragraph 2 hereof, then to interest Payable on the Note, then to the principal of the Note, and then to interest and
principal on any Futun Advanas.
4. Chs~es; Lieas. Borcower shall Pay all taxes, assessments and other c6arges, fines and impositions attributable to
the Property which may attain a priority over this Mortgage, and leasehold payments or gmund rents. if any. in the manaer
providtd under paragraph 2 hercof or, if not paid in such manner, by Borrower making payment, when due, direcdy to the
psyee theroof.' Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph. and in the event
Borrower shall make payment directly, Borrower shall promptly furnish to L.ender receipts ~videncing such payments.
Borrower shall promptly discAarge any lien which has prio~ity over this Mongage; provided, that Borrower shall not be
rcquired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligatiun secured by
such lien in a manneT acceptable to l.ender, or shall in good (aith contest such lien by, or defend enforcement of such lien in.
legal proceedings which operate to prevent the en(orcement of the I~en or forfeiture of the Property or any part thereof.
' S. Hasud i~ra~ce. $orrower shall keep the improvements now existing or hereafter erected on the Property insured _
i against loss by firc, hazards included within the term "extended coverage", and such other hazards as Lender may require
i wd in such amounts and for such periods as 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 secored ~by this I?tortgage.
i ~'Il~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
s th,at such approval shall not be unreasonably withheld. ~ All premiums on insurance policies shail be paid in the manner
; provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcily to the
~ insurance carrier.
~ All insurance policies and re~ewals thereof shall be in form acceptable to Lender and shall include a standatd 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.
~ Borcower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
~ by Borrower.
~ Unless Lenckr and Borrower otherwise agree in writing, insurance proceeds shall be applied ~to restoration or repair of
~ the Property damaged, provicied such restorauon or repair is economically feasible and the security of this Mortgage is
~ not thereby impaired. If such restorat~on or repair is not cconomically feasible or if the secunty of this Mortgage would
be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if anp. paid
~ to Borrower. lf the Property is abandoned.by Borrower, or if Borrower fails to respond to Lender within 30 days irom the
date notice ~s mailed by l.ender to Borrower that the insurance carrier ofiers to setUe a claim for insurance benefits, Lender
~ is aut6~rized to collect and apply the insurance proeeeds at Lender's option either to restoration or repa6r of the Propem•
~ or to t6e sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree m wnting, any soch application of Proceeds to principal shall not extend
~ or postpone the due date of the monthly installments rcferred to in paragrapht I anJ 2 hereof or change the amount of
~ such installmeuts. If under paragraph 18 hereof the ProE,erry is acquired b}• l.ender, ali nght, tide and interest of Borrower
in and to any tnsurance policies and in and to the proceeds thereof result~ng from damage to the Propeny prior to th~ sale
~ or acqwsiUon shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition. •
6. Preservalioa aod Maintenance of Property: Leaseholds; Condominiums; Planned Unit Developments. Borrowcr
shall keep the Property in good repair and shall not comrpit yraste or permit impairment or deterioration of the Property
and shall compl)' with the provis~ons of any lease if thi~ Mortgage ic un a leaschold. If this Mortgage is on a unit in a _
x; condominium or a planned unit development, Borrower shall pertorm all of Borrower's obligations under the declarat~on
~ or coveoants creating or governing the condominium or planned unit development, the by-laws and regulations of the i
condominium or planoed unit development, and constituent Jocumentc. If a conJominium or planned unit development
ti rider ~s e;ecu~ed by Borrower and rerorded together w~th thi. Mortgage. the covenants and agreements of such rider
shall be incorporated into and shall amend and supplement the co~enanlti anJ agreements of this Mortgage as if the riJer
were a part hereof.
7. Protection of I.eader's Securfty. I( Borrower fad~ u~ ~rie~rm the covenants and agreements rontained in this
Mortgage, or if any action or pra:eeding is cummence.l whi~h materially~ a(Trcts Lender's interest in the Pmperty.
includmg. but not lim~ted to. eminent domain. insolvency~, c~x1e enf~~rcement. ar arrangrments or proceedings invohing a
~ bankrupt or decedent. then I.ender at I.ender's option, uExro nntice to Borrow~er. ma} make such appearances, disburse such
~ sums and take such action ac ~s nece~eary lu prolect Lender's imcrest, ~ncluding. but not limited to. Jisbursement of
~ reasonable auorney's fces and en~ry upcm the Propcn}• to make repaus. I( LcnJer rcyuired m~rtgage insurance as a
~ cond~tion ot makmg the loan tecureJ by thiti Martgagr. B~~rru..rr sh.~ll pa}~ the premiums req~ure~l tci mainta~n such
~ insurancc ~in rlkct umil tiuch timc as ~hc requircmcm f~~r tiuch im~uancc tcrminatr~ ~n arcordancc with Borrowcr'. ~nJ
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