HomeMy WebLinkAbout1777 LINt~Rri Covtutetvrs. Borrower std Leader covenant and agree u folbws:
)ti. i~jwsM st lsielrsl atsi Islesesl. Borrower shall promptly pay when due the principal of and interest on the
itdtsb~ednea evideatxd by the Note. prcpsyrttatt and late charges ac provided in the Note, and the principal of and interest
oa any Future Advances secured by this Mortgage.
ilti.i ffar lanes atttl iawrtree: Subject to applicable law or to a written waiver by Lender, Borrower shall pay
to Leader oa the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full,
a start (herein "Fuads'~ equal to one-twelfth of the yearf~~ tax~~ and auesstrunts which may attain priority over this
Mortgage, and ground rents on the Property, it any, plus otu•tweltth of yearly premium installments for hazard insurance.
plus one-twelfth of yearly premium installments for mortgage insurance, it any, all as reasonably estimated initially and tray
time to time by Lender on the buffs of assessments and hills and reasonable estimates thereof. ~
The Funds shall be held in an institution the deposits orrccounts of which arc insured or guaranteed by a Federal of
state agency (including Lender if Lender is such an institution). 1_ender shall apply the Funds to pay said taxes. assessments.
insurance premiums and ground rents. 1_ender may not charge for zn holding and applying the Frmds, analyzing said account,
or verifying-artd eompling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
permi4 Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this
Mortgage that interest on the Funds shall be paid to Borrower. and unless such agroement is made or applicable law
requires such interest to be paid. Lander shall not be required to pay Borrower any interest or earnings on the Funds. Lender
shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpose for which each debit to the Funds was made. The Funds are pledgod as additional security for the sums secured
by this Mortgage.
U the: amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to
the due dates of taxes, assessments. inwranoe premiums and ground rents, shall exceed the amount required to pay said taxes.
assasraeats. insuratue premiums and ground renu u they fall due, such excess shall be. at Borrowers option, either
pranptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
bald by Lender shall not be wt6cient to pay taxes, assessments, insurance premiums and ground rents as they fall due,
Borr+amer shall pay to herder any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Lender to Borrower requesting payment thereof.
Upon payment in full of all sorts: secured by this Mortgage, tender shall promptly refund to Borrower any Funds
held by Leader. If under paragraph 18 hereof flu Property is sold or the Property rs otherwise acquired by Lender, Lender
shall apply. no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by
Lender at the time of application as a credit against the sums secutxd by this Mortgage.
3. A~iicatios off lgtee~. Unless applicable law provides otherwisei aM payments received by Lender under the
Note sad paragraphs 1 sad 2 hereof shall be applied by Lender first in paymlat of amounts payable to Lender by Borrower
under parsgraph 2 hereof. then to interest payable on the Note, then to the principal of tlt~ Note. and then to interest and
principal on any Future Advances.
1. CYsrge~ Lfiess. Borrower shall pay all taxes, assessments and other charges, tines and impositions attributable to
the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents. if any. in the mentor
providod under parsgraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragrsph, and in the event
Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower- shall not be
required to discharge any such lien so long as 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. Httr~ laaKatiee. Borrower shall keep the improvements now 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 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 secured Eby this Mortgage.
'Ilu inwrantx carrier providing the insurance shall be chosen by Borrower subject to approval by [.ender, provided,
that such approval shall not be uar+easortably withheld. All premiums on insurance policies shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
insurance carrier.
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,
Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
by Borrower.
s ~ Unles: Lender and Borrower otherwise agree in writing, insurance procceds shall be applied to restoratan or repair of
~ the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
g 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
to Borrower. If the Property is abandoned by Borrower, or i( Borrower fails to respond to Lender within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender
is authorized to collect and a the insurance rocxeds at Lender's o lion either to restoration or re
PPIY P p pair of the Property
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
s 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 acquired by Lender, all right, title and interest of Borrower
in and to any Assurance 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. _
6. )rrcservatioa and Maintenance of Property; Leaseholds; Condominiums; Phoned Unit Devebpaxats. Borrower
shall keep the Property in good repair and shall not comrpit 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. It this Mortgage is on a unit in a
4i condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration
or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the
condominium or planned unit development, and constituent documents. !f a condominium or planned unit development
rider is executed by Borrower and recorded together with this Mortgage, the covenants and agrcements 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 Security. If Borrower fads to perform the covenants and agreements contained in this
Mortgage, or if any action or proceeding is commenced which materially affects lender's interest in the Property,
including, but not limited to. eminent domain. inx?Ivency. code enforcement. or arrangements or proceedings involving a
bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such
sums and lake such action as is necessary to protect Lender's interest. including. but not limited to, disbursement of
reasonable atlomey's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a
condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such
insurance in effect until such time as the requirement 'far wch insurance terminates in accordance with Borrower's and
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