HomeMy WebLinkAbout1039 ~
Untrai~t CovaHenrs. 8orroww and Leade~ cove,~ant and a~ra u follow::
l~ITweN of hi~ef~l a~i IM~eraf. Borrowe~ ahall promptly pay when due tbe principal ot a~d interat on the
~rtdebtednea evidenocd by tbe NWe, pt~epaymeot snd late cha~gec a.c ~ovided in the Noto, and the p~ncipsl ot snd interest
on aay Futtt~e Advances axwed by this Mortsa~e.
Z. 1hNi tK TazM s~i ia~¦n~a~e. Subject to applic~bk law ~u to a written waive~ bgr Lender. Borr~owe~ shall paY
to Leader on the dsy monthly instdlments ot principal and intcrc~l arc payaMe unde~ the Note. until the Note is paid in tull,
a wm (herein "Fuad~'~ equal to one-twdith of the yeaA~~ tax~~ anJ asstssme~ts which may attain priority ove~ this
Mor~e, ana ~row,d reua on che pwpeny. it any, plus one-twelfth of yearly premium iastallments for hazard insunnce,
' plta onttweltth o[ yearly premi~un installments for mo~taa~e insunncc, if any, all u rcasonably estimated initially and troan
time to time by Leader oa the. basis ot asstssmcnts and hills and reasonabk estimata lhereof.
' 7Le PWnds shall be beld in an institution the deposia or •raounts of ~rhich aro insured or guannteed by a Federal ot
state saency (iacludin` Ltnder if Lcnder is such an institmionl. I_ender shall apply the Funds to pay said taxa. ssseuments.
imuranoe premiums and ~muttd tents. l.ender may no~ charge for sc~ hoWi~g snd applyins ~he Funds. analyzing said account,
or vatifyint.and oomplin~ uid assessmenu and bilh, untas Lender Pays Borrower intercst on the Funds aod appticabk Isw
pernti4 Le~der to make such a char~e. Borrower and Lender may aaroe in writin~ at the time ot eaaution of this
Mortp~e tbat interat on the Fundt shall be paid to Borrower. and ualas such aareement is made or applicabk law
r~equira wch interest to be paid. Lender shall oot be rcquired to pay Bormwer any interest or arnings on the Funds. l.ender
shall pve to Borrower~ wit6out charge, an annual accounting of the Funds showina credits and debits to the Funds and the
purpote for which eaeh debit to tue Funds wu made. The Funds are pledgod u additional security tor the sums socured
by thi: Mortpse.
If tLe amount ot the Fundt hetd by i.ender. together with the future monthly installments of Funds payabk prior to
the due data of tua. asxssmeats, irtsunnce premiums and ground reots. shall exceed the amount requircd to pay said taxa,
a~meau. insuranoe premiums and ground rcnts u they tall due, such excess shall be, at Bonower s option, either
promptly repaid to Bormwer or credited to Borrower on monthly installme~ts of Funds. If the amount ot the Funds
held b~? Lender shall not be sut6cieat to pay taxa, sssessments, insurance premiums and ground rents as they (all due,
Borro~rer s6a11 pay to Lender any amount necessary to make up the deficieocy within 30 days trom the date notice is mailed
by I.eader W Borrower rcyuestiag payment thereof.
Upon payatent in full of all twas =ecured by this Mortgage, t_ender shall promptly refund to Borrower any Fun~
held by I.ender. lf under Qaratraph 18 hercot the Property ia sold or the Propeny ~s otherwise acquired by Lendcr, L.~nder
s6a11 apply. no later ihan immediately prior to the sak of the Property or its acquisition by Lender. any Funds held bv
I.eoder at the time of appliation as a crcdit against the sums sccured by this Mortgage.
3. A~Ikatio~ at P~. Unlas applicable law provides othenvise, all paymenis received by Lender under the
Note aad pangnphs 1 aad 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
nnder parsgraph 2 hereof, then to interest payabk on the Note, then to the principal of the Note. and then to interest and
principal on any Futurc Advanas.
1. ChsRes; Liens. Borrower shall pay all Iaaes, assessments and other charges. fines and impositions attribulable to
tbe Property which may attain a priority over this Mortgagc, and leasehold payments or ground rents, if any. in the manner
provided under pangnph 2 hercof or, if not paid in such manner, by Borrower making payment, when due. directly to the
payee theroof. Horrower ahall promptly furnish to Lender all notices of amounts due under this para~raph. and in the event
8omower shall make payment directly, Borrower shall promptly furnish to l.ender receipts evidencing such payments.
Borrower shall _prompUy discharge any lien which has priority over this Mortgage; 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 obligation securcd by
suc6lien ih a manner acceptable ~o Lender, or shall in good taith contcs~ ~uch lien by, or defend enforcement of such lien in,
Iegal proceedings which op~rate to prevent the enforcement o( the 6en or forteiture of the Property or any part thereof.
S. Hazard I~urawce. Borrower shall kap the improvements now eaisting or hereafter erected o~ the Property insured
against loss by 8re, hazards includecl within the term "eztended coverage", and such other hazards as I.ender may require
and i~ wch amounts and for such periods as Lender may reyuire; provided, that Le~Jer shall not require that the amount of
such coverage exceed that amount of coverag~ required to pay the sums secured by this Mortaage.
The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided.
thu wch approval shall not be unreawnably withheld. All premiums on insurance policiu shafl be paid in the manner
provided under paragraph 2 hereof or, if not pai~ in such manner. by Borrower making payment, when due, dircctly to the
; inwrance carrier.
~ All insurance policies and renewals thereof shall be in form accop~able to Lender and shall include a standard mortgage
~ clause in favor of and in form uceptable to Lender. Lender shall have the right to hold the policies and renewals thercof,
( and Borrower shall promptly furnish to Lender all renewal no~ices and all receipts ot paid prcmiums. In the event of loss,
Borrower shall give prompt notice to the insurance carrier and Lender. Lertder may make proof o[ loss if not made promptly
~ by Borrower.
Unless Lender and Borrower otherwise agree in wnting, insurance proceeds shall be applied to restoration or repair of
~ the Property damaged, provided such restonuon or repair is economically feasible and the security of this Mortgage is
not thereby impaired. It such restorat~on or repair is not economically feasible or if ~he 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 it Borrower fails to respond to Lender within 30 days irom the
~ date notice is mailed by Lender to Borrower that the insurance carrier ofTers ~o settle a claim for insurance benefits. Lender
is authoriud to collect and apply the insu~ance proceeds at 1_ender's option either to restoration or repa~r of the Propertv
or to t6e sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, ar.y such application of proceeds to principal shall not extend
or postpone the due date of the monthly installmcros referred to in paragraph~ I and 2 hereof or change the amoimt of
such installments. If under paragraph 18 hereof the Pro~,erty is acyu~red hy Lender, all righ~, title and interest of Borrower
in aod to any It~surance policia and in and to the proceeds thereof resulting (rom damage to the Propeny prior to th~ sale
~ or acquisition shall pass to Lender to the extent of the ~ums secured by this Mortgage immediately prior to such sale or
acquisition. .
~ 6. Preservalion and Mainteaance of Property: Leasehulds; Condominiums; Planned Unit Devebpments. Borrower
` shall keep the Property in good repair and shall not comroit ~vaste or permit impairment or deterioration of the Property
$ and shall comply with the provisions of any lease if this Mortgage on a leauhold. !f this Mortgage is on a unit in a
condominium or a planned unit devclopment, Borrower shall perform all of Borrower's obligations under the declaratioR
~ or coveoants creating or govern~ng ~he condaminium or planned unit development. ~he by-laws and tegulations of the
~ condominium or planned unit development. and constituent Joe:umem~. If a condominium or planned unit development
~ rider is executed by Borrower and rernrded togeiher w~th tha Mortgage, ~he covenants and agreements of such riJer
~ shall be incorporated mto and shall amend anJ supplement the co~-enan~s and agreements of this Mortgage as it the riJer
; wert a part hereof.
~ 1. Protection ot Lender's Security. If Borrower f~ilc te~ perf~rm Ihe covenants anJ agreements contained in ihis
~ Mortgage, or i( any action or proceeding i~ commenced wh~ch materially a(Tectc Lender's ~nterest in the Properly.
includmg, but not limded to, eminent domam, inu~h~ency, ccxle en(orcement, or arrangements or proceedings invoh•ing a
~ bankrupt or decedent, then Lender at I.ender'S oP~ian, upim notice to Borrowc~, may m~ke such appearances, dishurse such
sums and ~ake such ac~ion as is necessary to prutect l.endrr's mterest, includ~ng. bu~ not lim~ted to, disbursement of
~ reasonable at~omey's (ces and entry upcm the Proper~~• to make repa~r~. If I.rnder reyuireJ mortgage in~urance as a
~ condilion uf making thc loan ~ccurcd b}• Ihu Murtgagc. B~~rmwc~ shall pay thc prcmiums requireJ to mainlain such
insutance in rfkct until ~uch time as Ihc feyuiremen~ (~x .uch insurancc trrminaleti ~n accordanee with Borr~.v?er', and
~
~
~ ''~~12 fa~E1037
3'1::K ~
~~KK~.~.n.-. ~ . _ - x_-. ~