HomeMy WebLinkAbout2591 Horrower and l.ender covenant and agree a~ follows:
l. Psymertt o~ PrinclpAl and interest. Horrower ehall pmmplly pay when due the prir,ripal of und interest on the indebteclneae
evidenced by the Note, prepnyment end late charges as provided in the Nute, and the principnl o[nnd intereet an eny Fulure Advancee aecured
by this Mortgage. ~
2. F~nds tor Taxes e~d Insurance. Subject to appliceble law or 4? a writlen waiver by Ixnder, lt~~rruwer ehuU pi~y to I.ender on the d»y
monthly inetallmenta of principal and intereet are payat~le under the Note, until the Notr ie paid in full, n aum 1 herein "M unda") equal to one
twelfth of the yearly ta~ces and aaseeamente which may altain priority over thia Alortgnge, snd ground rents un the I'r~~perly, if uny, plus unP
twelRh o[yearly premium inetwllmente foT hazard i~au~ance, piua one-twelRh ofyearly premium inRt»Ilmenta fi~r murtgage insurance, if any,
all ee reaeonably eetimnted initially and from time to time by I.ender on the twaia of uxaexxmenls nnd bille and rnusune?ble ratimol~ lhercwf.
Tfie Ftinds ehell be held in nn inetitution the depasite or eccounta of which nre ineured or gueranteed by a Federa) or ~tate ugency
(including l,ender if l.ender is euch an institution): I.ender Rhall apply Ihe Funds ta pay eaid taxei+, uexeaxmente, inaurance premiums and
ground renfe. Lender may not charge for ao holding and epplying the Funds, analyzing said acrount, or verifying and cnmpiling aAid
aeeeeements and bille, unleee I.ender pays E3orrower intereet un the Funde and applicable law permite l.ender to make euch a chnrge: Borrower
end I.ender may agree in ~rriting at the time of execution of this MortgeQe that intereet on the F unda ahall be paid to Borrower, and unless
euch agreement ie made or eppliceble law requirnn euch intereet to t~e paid, I.ender ehnll not be required to pay Iiorrower any intereat or
eernings on the ~nde. l.ender ehall give to 13orrower, without charge, an rnnua) acrounting of the I~'unds ehowing credita and debita to the
Funde and the purpoee [or which each debit to the Funde wns made. The Funda are pleciRed ne ttdditional eecurity for the aums secured by this
Mortgage.
lf the emount of lhe ~nda held by I.ender, tc~ether with the future monthly inataUmenle ot Funds paynble prior to the due datea of tuxea,
eseesamenta, ineurence prnmiume and ground rnnta, ehall excYed the nmount reyuired to pay anid taxee, assesamenta, inaurance premiums
and ground tenta as they fall due, such exceee ehall be, at ib~nwer'e oplion, either promptly repaid to Borrower or credited to I3orrower on
monthly inatallmenta of Fl~nds. If the amount of th~ Funde held by I.ender ahall not be autficientto pay taxea, asxessments, insurance
premiuroe and qround tents ne they fell due, E3orrower ehall pay to l.ender eny amount necessary to make up the deficiency within :30 days
from the dete notice ie mailed by I.ender lo Born,wer requer~ting payment thereuf.
Upon payment in fuU of all eume eecured by lhiB Morigage, I.endpr shal) promptly refund to $orrower any funds held by I.ender. if under
pnragraph 18 hereof the Property ie eold or the I'r~~*ty iR ntherwine acquired by I.ender, l,ende~ rhall apply, no luter than immediately prior
to the sele of the Property or ite ecquieition hy l~ender, ~ny F
unda held by 1~enderat the time of applicntion aa t~ credit aRainat the sums secured
by thie Mortgage.
3. Applieation of Paymente. Unleru applicable lew providee olherwise, All payments received by I.ender under the Note and
paragraphe 1 and 2 hereof ahell be applied by Ixnder firnt in pnymenl of amounte payable to I.ender by Borrower under paragraph `L hereof,
then to intereet payable on the Note, then to the principal of the Nute, nnd then to interest and principal on any Future Advances.
4. Chergee; Liena. Borrower shell pay all taxex, assessmentn and uther charK~, fincw and impositiuns atlrihuta~l~le tu the 1'ro~x~rh~ whii•h
may attain a priority over lhis MortRage, and leasehuld pnymen!a ur Kmund rents, if nny, in the manner providcYl under paraRraiph 2 hereuf or,
i[ not paid in such manner, by Eiorrower making peyment, when due, direcNy to lhe pn~ er therer~L Kurmw er ghall promptl~• furnish to I.ender
aU noticea of amounte due under this para~raph, and in the event Rorn~wer shall make payment direcNy, Horrc,w•er shaU prumptly furnish to
l.ender receipta evidencing such paymentx. i~?rruwer shnll prumptly disch:+rQe nny lien which hag priurit~ over this Mort~;aKe; pruvided, that
13c?rrower shall not be required tn diacharge any such lien so long ax li~,rroM er ehnll aAree in writinR to thP pf~yment of tlie ubliRation aecured by
such lien in a manner acceptable to Ixnder, or shnll in ~cx~ci faith contewt such lien by, ordefend enfi~rcem~•nt of ~uch lien in, l~al pnK•e~in~s
which operate to prevent the enforcement of the lien or forfeiture of the Prc~pertv or nny part thernrf.
5. Hezerd Ineurance. Rorrower ehall keep lhe improvementi+ now existing ur hereafter erected on the I'ruperty insured t~gainst l~~ss b~~
fire, hazarda included within the term "eatended coveraKe," and ~uch other haznrde aA l.ender may require and in such nmuunts and tor such
periode as I.ender mey require: providecl, that l.ender ahall not require euch coveraRe amount excc~linR the minimum, aR may t?e reuuired by~
xtate or federal regulations governinR activities of I.ender, or that amount of coverage required to pa~ the sums secured by this !lfortKaqe,
whichever ie the greater.
The inaurnnce carrier pr~~viding the insuranrn shall tx~ chuaen by Rorruwer subjevt to apprneal hp I.rn~ler, pmvidF~c1, th.~t ~u~•h :+ppro~•:~I
Rhall not be unreasonebly withheid. All premiuma on insurance pdic~ie~s shall 1?e p:~id in the m~nnrr pnn•ided unde~r par.~tiraph hrrw~f or, if
~ not paid in ~auch manner, by li~~rrower m:~kinK payment, when due, dircY•tly tu the in~ur:~nce c~arrier.
All inaurance policies and renewala thereof ehall be in form acceptable to I,ender and shall include a standnrcl mortRaQeclnuse in C.~~•or of
i And in farm acceptable to I,ender. l.ender ehall have the riKht tn hold the p~~liciee and renewals thereof, and Bnrrc~w~er shall prnmptl~• furni~h t~~
j ~.ender all renewel noticee and all receipte of paid premiums. In the event of l~xx, I3orn?wer sh~ll Rive prompt notice to the insur~nce carrier
( end Lender. I.ender may make proof of lose if not made pmmptly by E~rrower.
~ Unleae Lender and Borrower etherv~-ise agree in writing, ineurance proceeds shall be applied to restoration or repair of the I'ruperty
~ damaged, pruvided such reetoration or repair ie economically feasible end the security of thie MortgaRe ia not thernb~ impaired. If euch
E rretoraUon or repair ie not econumically feaeible or if the security otthis Alortgage would be impaired, the insurance pro.~da shall be applied
9 to the eums eecured by thie Mortgage, with the eaceae, if any, paid to Borrower. itthe Property is abandoned by Barrower, or if Borroa•er faila to
' respond lo I.ender within :l0 deya from the date notice is meilPd by I.ender to I3orrower that the insurance carrier offers to settle a claim for
~ inaurance benefite, I.ender ie authorized to collect and apply the ineurance pmceeda at [.ender's option either to restoration or repair of the
~ Property or the aume secured by this Mort{taRe.
Unlese Lender and Borrower otherwiee agree in writing, any such application of prmeede to principal ehall not eatend or postpone the due
~ dete of the monthly inelallmentw referred to in parHRtnphe 1 and `l hereolor chanKe the amount of auch inetallmentA. If under parngraph iR
~ hereof the Prvperty ie acquired by I.ender; ep right, title and intereet of Rorrower in and to any ineurance policiers and in and to the pr~?reeda
thereof reeulting from damage to Properiy prior to the ae~le or acqweition ahall pase to I,endet to the extent of the Rume secured br this
; Mortgage immedintely prior to guch eale or acquiaition.
~ 6. Preeervstion and Maintenenceof Property; I.eaBeholda; Condominume; Planned tJnit Developmente. BormwershaU keep
the Pmperty in Rood repair end ehall not commit waste or permit impairmcnt or deterioration of the Property and ehall rnmply w~th the
pmvieione of any (eaee if thie Mortqn~e ie on a leasehold. If thie MortRage ia on a unit in a rnndominium or a planned unit development,
~ It~~rruwer ehall pertorm all of F3orrower'e obligutiona u~~Pr the declaration or rnvenants creatinKor qoverninK the condominium or planned
unit developmenl, the by-lawe and regulatione of the condominium or planned unit development, and constituent ddcumenti+. If a
~ n,ndominium or planned unit development rider ie exec•uted by Borrower and recorded t~ether with thia Mortgaqe, the cevenants and
~ aKreemenla+of sa~•h rid~r ~hall F~c in~orporated int~~ and sh:~ll amend and eupplemeM thecm~enantti and a~eementK of this Mort~aKe ae if the
rider were a part herer~f.
7. Protection ot i.ender's 3ecarity. If Borrower faile to perform the oovenantn and agreemente conteined in thie Mortgage, or ii any
~ action or proceeding is commenced which materially atfecte I,ender'a interest in the Property, induding, but not limited to, eminent domain,
~ ineolvency. oode enforcement, or atrangements or proceedinge involving a bankrupt or decedent, then I.ender at I.ender e option,upon
~ notice to Borrower mey make euch appearancee,. disburee such suma and take auch action ae ie neceesary to protect Lender e interest,
~ includin~, but not limited to, diebureement of rnseonable attorney'e feee and entry upon the Property to make rnpaire. If Lender required
~ mortgege ineurance aa a condition of makiryt the loan secured by thie Mortgage, Borrower ahall pay the premiume required to maintain
4 euch ineurence in effect until euch time ae the requirement for guch ineurance terminates in accordance with Borrower'e and Lender'e
= writLen aRreement or applicable Lew. Korrower ahall pay the amount of all mortgage ineurance premiume in the manner provided under
para~traph 2 hereof.
~ Any emounte diebureed by I.ender perauant W thie paragraph 7, with intereat thereon, ehaU become additiona) indebtedneee ot
~ Rorrower eecured by thie Mortgage. Unleaa Borrower pnd I.ender aqree to other terms of payment, such amounta ehall be payable upon
~ not~ce trem t.ender to f3orrower requeeting payment theronf, and shall bear intereet fmm the date of diebureement at the rate payable from
time to time on outatandinq principal under the Note unleen payment of intereet at euch rate would be rnntrary to applicable law, in which
event such amounte ehal) bear interest at the highest rate permiseible under applicabie law. (Yothing contained in this paragraph 7, shall
~ requirn I.ender to incur any ex~~enae or take an3 action hereunder.
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