HomeMy WebLinkAbout1707 . t
BorroMrer and Lendar coveaaat and aQree eu foUows:
1. Pwment o! Prlt~clpwl aad Ibterest. Bo~ower shall prompt~y pay when due tha principal of aad intere~t on the indebtednes~ ~
evideaoed by t1~s Note. propa~rment and lata chu~ as provided in the Note, and the principal of and intere~t o~ at~y I~ture Advances ~ecured
by thi~ Worf~a~a ~
2. I+~tnd~ [or Tue~ wnd IASUr~ace. Subjed to applicable law or b a written waiv~ by I.ender. Borrower shall p~y to Lender on the day
monttily iastaUaneuts of priqcipal and int~ere~t are paYable under the Note, until the Note is paid in fuU. a sum (herein "I~nds") eQual b one
• cwelRh of tbe yearly taxe. and assessmenv which mey actain priority over chia Mortgage. and ground renta on the Propedy. if any. plus oat
twelfth oiyearly premium instal~ments for hazard insuranoe. Plus onetwelRh of yearly premium installmenta for mortgage insuranoe. if any.
all ar nasonably estunated iaitial~y and from time to tiiae by I.ender on the basis of asaessments and bills and reasonable eetimates thereof.
• The FLads ahall bs held ia en institation We deposita or aooounta of which ars ins~ued or guaranteed by a Federel or 3tate agency i
(iacludiu~ Leader if Lender is such an iaatitution). I.ender shall apply the F'unds to pay said tases, assessmant,. insuranoe premiums and i
ground nnb. Lender may not chasgs for so holding end applying the Fhnds, anelyzing said acoount, or verifying and cornpiling aaid
assesem~ts and biW. unlees L~der pay~ Borrower intereat on the fl~nda and applicabk law permits Lender to make auch a charge. Borrowa ~
and Lendez m~y a~ree ia writiaQ at the tiane of e:ecntion of this Mortgage that intereat oa the FLnds shall be paid to Bornower. and unless
wch ~gremaent u mada or appiicable iaw iequitw suc~ inier~i to be paid. Lend~ shall nat be required tu ~r Barro~ eny intere~ or
eerning~ op the Ptiu?ds. Lendaz tha116ive to Borro~rer. Mrithout charB0. an annnal aooounting of the Ftinde showing credits aad debits to the
Ptiads and We purpo~e for which eae}~ debit to the PY~nda was a?ade. The F~nds are pledged as additional exurity for the sums sacured by thii
Mortgage.
If the amonnt of the Plrnde held by Lender. bgether with the fnture monthly iastallmente oE PLnda payable prior tothe due dat~es of tazea,
asseesments. insuranoe preminms and gronnd renta, ahall exoaed the amount reqnired to pay said ta:ea. asaesaments. insurance premiums
and grouad renfa as Wey fall dne. such esoees shall be. at Borrower's option. either prompdy repaid to Borrower o: credited to Borrower on !
monthly insWlments of P~ads. If the amount of the Fbnda held by Lender ahall not be sui~cient to pay tauea, asseaementa, insurance i
pnminms and ground rents as they faU due. Borro~rer shall pey to Lender any amount neceseary to make up the deficiency within 30 days
from the date notice is mailed by Lender to Borrowrr requesting payment thereof.
Upoa payment in fnll ~ all sums aecnred by this Mortgage, Lender shall pmmpdy refund to Borrower any funde held by Lend~. If ander
paragraph 18 hereof We Propedy ia eold or the Pmperty is otherwiee aoquired by Lender. LeAder ahall apply, no later than immediately prior
to the sale of the Property or its aoquieition by Lender, any Phnds held by Lender at the time of application as a credit againet the aums secured
by thia Mortgage.
3. Applk~adon of Payments. Unleas applicable law providea othe:wiee, all paymente received by Lender u~?der the Note and
paragraphs 1 and 2 hereof s6a1! be applied by Lender firat in payment of amounta payable to Lender by Borrower under paragraph 2 hereof.
thea to intereat payable oa the Note. then to the principal of the Note. aad,then to intereet and princapal on any PLture Advances.
4. Charges; I3eas. Borrower shall pay all t~ee, aeeeasmeats and other charges. fines and impositions attributable to the Property which
may attain a priority over this Mortgage. and leaaehold payreente or gronnd rents, if any, in the manner provided under paragraph 2 hereof or, :
if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower ahall promptly furniah to Lender ~
all noticee of amounta due undez this paragraph, and in the event Borrow~ ahall make payment directly, Borrower shall promptly fumish to
[.ender reoeipts evidencing such paymenta. Borrower ahall promptly diacharge any iien which has prioriiy over ~his Morigage; provided, ihal
Borrower ahall aot be required to discharge any such lien ao long as Borrower ahall agree in writinB to the payment of the obligation secured by
auch lien in a manner acceptable to Lender, or shall in good faith contest auch lien by, ordefend enforceenent of such lien in, legal pra.~eedings
which operate to prevent the enforcement of the li~ or forfeiture of the Property or any part thereof.
5. Hazard Insuranee. BorroN?er she11 teep the improveineata now ezisting or hereafter erected on the Property insured ageiast loes by
fin, hazarde included a+ithin the term "e:tended ooverage," and euch other hazards as Lender may require and in auch amounta aad for auch -
p~iods ae Lender may require: pmvided, that Lender ahall not require such ooverage amount eaceeding the minimum, se may be required by
atate or federal regulations governing activities of Lender, or that amount of coverage required to pay the eume eecured by this Mortgage. `
whichever ia the greater.
The inauranoe carrier providine the insurance shall be choaen by Borrower subject to approval by Lender, provided, that auch appmvel
shall not be unreaeonably withheld. All premiums on insurance policies ahall be paid in the mannet provided under paragraph 2 hereof or, if
~ not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier.
~ All inaurance policiee and renewala thereof ehall be in form acceptable to Lender and shaU include a atandard mortgage clauee in favor of
and in form acceptable to Lender. Lender shall have the right b hold the policies and renewals thereof, and Borrower ahall promptly furniah to
~ i,ender all reaewal notices and all receipta of paid preminme. In the event of lose, Borrower ahall give prompt notice to the insurance carrier
~ and Lender. Leader may mal~e proof of lose if not made promptly by Borrower.
Unleee Lender and Borrower otherwise agree in writing, insurance pmoeeds ahaU be applied to restoration or repair of the Property
~ damaged, provided such reetoration or repair is economically feasible and the eecurity of thia Mortgage is not thereby impaired. If auch
restoration ar repair ie not economically feasible or if the security of this Mortgage would be impaired the inaurance proceeda ehall be applied
to the suma seciued by this Mortgage. with the ~cesa, if any. paid to Borrower. If the Property ie abandoned by Borrower. or if Borrower faila to
reepond to Lender within 30 daye from the date notice ie mailed by Lender to Borrower that the insurance carrier offets to settle a claim fot
inaarance benefits, Lender ia authorized to coUect and apply the inaurance prooeede at Lender e option either to reatoration or repair of the
Property or tbe sums secured by Wis Mortgage.
Unleas I.ender and Borirower othetvviee agree in writinB, anY euch application of proceeda to principal shall not e~ctend or poetpone lhe due
date of the monthly inatallmeats referred to in paragraphe 1 and 2 hereof or changE the amount of euch inatallmente. U under paragraph 18
~ hereuf the Property ie soquired bY Lender, all right, tide and intereat of Borrower in snd to any insnrance poliriee and in and to the grooeede
there~f resnlting from damage to Property prior to the sale or aoquieition shall pase to Lender to the extent of the eama eecored by this
Martgage immediately prior to such sale or aoqnisition. ~
6. Preservetion and Mainteaance of Property; Leaseholda; Condominume; Planned Unit Developmente. Borrower ehall keep
the Property in good tepair and ehall not rnmmit waste or permit impairment or deterioration of the Property and ahall rnmply with the
provisions of any leaee if thi8 Mortgage ie on a leasehold. If this Mortgage ie on a unit in a oondominium or a planned unit development,
Borrower ahali per[orm all of Borrower a obligations under the declaration or rnvenanta creatingor governing the condominium or planned
unit development~ the by-lewe and regulatione of the condominium or planned unit development, and oonstituent documents. If s
~ wndominium or planned unit development rider is e~ceruted by Borrower and recorded together with thie Mortgage, the oovenants end
agreemente of auch rider shal) be incorporated into and shall emend and supplement the covenanta and agreements of thia Mortgage as ifthe
~ rider were a part hereof. ~
q 7. Protectioa oi Lender's Security. If Borrower faila to perform the oovenante and agreements oontsiaed in this Mortgage, or if any
actiwn or prooeeding is oommenoed which materiallY affects Lende~s interest in the Property. including, but not limited b, emineat domain,
~ inwlveacy, oode eaforoement, or arrangemmts or prooeeding~ involving a bankrapt or decedent, then L.ender at Lender's option.npon ~
notioe b Botrower may make sach appearanoa. disbarse snch snm~ and take snch action as ia ne~esary to protec't I.ender i interest~ ~
iadoding, bat not limited to, disbursement of tea~onable attorney's feee and entry upon the Property to make repairs. If I.ender required ~
mortgage insarence as e condition of making the loan eecured by thia Mortgage. Borrowrr aha11 pay the preaninms *e~luired b mai~tain _
snch insarance in effect nntil such time as the requinment for auch inaurance terminates in acoordance with Borrower's and T.eadds ;
writtm agreema~t or applicabk I.aw. BoTrower shall pay the amount of all mortgage insurance premiume in the mann~ provided under :
~ Mypamounts disbureed by Lender perauant to thie paragraph 7, with intereet thereon, shell become additional indebtedness of y
Borrower ~ecueed by this Mortgage. Ualess Borrowet and Lender agree to other terms of payment, such emounb shall be payabk apon }
~ notioe from Lenda to Borrower requesting payment theceof, and ahell bear interest from the date of diaburaement at the rate payable fmm
time to time on outslanding principal under the Note nnless payment of interest at such rate would be oontrary to applicable law. in which ~
event anch amounta ahali bear intereat at the highest rete permisaible under eppliceble law. Nothing contained in this paregraph 7. shall
require I,ender to incur any e:pense or take any action here~nder.
~ `~Rt 3~ PA
~ . i ~.1706 .
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