HomeMy WebLinkAbout1172 • . ~ . ~
• ` i . ~
UNt?o~~t Oovan~Nrs. Borr~wer aad l.ende~ covenant and atroe ss tollows:
1~ irq'~M ~t lei~ef~l ri 1~Mta1. Borrowe~ ~?all promp~l) WY when due the principal of and inte~at on the
iadeetadna~ evideaoed by tbe NWe. prepayeneot and late charse: a.s ~xovidcd in the Note, and the principal ot and inte~est
aa any Futut+e Advanca ~ecured b~? this Mort
jaK.
2. ~Wi ter T~M Mi l~w~ce. Subject to applicabk law ~x to a written waiver by Lende~, eo~ ~n wr
to Leader on Ihe dsy monthly installnxnts of principal and interest ~re payaMe uode~ the Note. until the Note is paid ie (ull.
a tum (herein "Fw~t'~ eqwl to on~-twelfth of the yea~ly ta~~~ anJ assasments which may anain priority over this
Mo~ase. aad ~round rena on ~be Pe+openy. it ~ny. Ftus Qnrtwelf~h of yearly~ pre~nium iastallments for hazud insurance.
plus oae-tweltth ot yearly premium installments to~ mott~sje iou~noce, if any. all as rcssonably astimated ieitially and trom .
_ dme to t~me by Leader oa the basis of assessments and hills and rcasonabk atimatea theceof.
The Funds shall be beld in an inslitutic+n the deposia or ~ccounts of ~rhich are insured or ~uaraeteod by a Fedenl ot
ttate asency (includin` Lende~ if Lcnde~ is such sn institutionl. 1_eodcr shall apply the Funds to pay said taxa. assessments.
inturanoe premiums and tmund rents. l.ender may not charae fo~ sc+ hoWint and applyias the F~mds. s~alyzin~ said account,
or verifyin~_snd complina aaid uxumeets and bills. unlas Lender pays Borrower interest on the Funds and applicabk law
permiu I~ender to mske such a charge. Borrower and I.tnder may agroe in writi~j at the time of execution of this
Mortpse tbat interat on the F~nds shall be paid to Borrowe~. and uakss such a~eement is made or applicabk law
requira such interat to be paid. Lende~ shafl not be rcquired to pay Borrower any intercst or eamings on the Funds. Lende~
sda11 pve to Bormwer~ witLout chane, an snnwl aaounting of the Funds showin6 crcdits a~d debits to the Funds and the
purpae tor which eaeb debit to tbe Fun~ wzs made. The Funds are pledged u additional security [or the sums secured
by tbis Mortpie. -
It the amount o[ the Fuad~ held by Lender, together with the future monthly installmeots of Funds payabk prior to
tbe due data of tua. assasments. inwrance premiums and ground rcnts, shall exceed the amount required to pay said taxa.
aa~ments, imunnoe prcmiums and around renu u they fall due. wch excess shall be. at Bonower
s op~ion. either
promptly repaid to Borrower a credited to Borrower on monthly installments of Funds. lf the amount of the Funds
bdd b~r Leoder sfiaU aot be wf6cieot to pay taxes. asaessments. insurance premiums and 'gt+ound rents ss they fall due.
Horm~rer s6a11 pay to Lende~ any amount necasary to make up the de5ciency within 30 days from the date notice is mailed
by I.eoder to Borrowet roquatin8 WYment theroof.
Upoa paymeat ia full of dl sums socured by this Mortgage, t_ender sbdl promptly refuad to Bonower any Fun~
held by Lender. If uoder parajraph 18 hereof the Prope~ty ia sold or the Propeny ~s otherwise acquired by Lender, l.ender
:hal! appty. no later than immediately prior to the sak of the Property or its acquisition by Lender. any Funds held bv
I.eoder at the time of application as a credit against the :ums securcd by this Mongage.
3. AtpBedio~ of Pa~~e~b. Unless applicable law provides otherwise, all payments roceivtd by Lender under the
Note and paragraphs 1 and 2 heoeof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
undet pusaraph 2 hereof. t6en to iaterest payable on the Note, then to the principal of the Note, and then to interest and
priucipal on any Future Advances.
(,'Y~es; I3eas. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to -
the property which may attain a priority over this Mortgage. and M.asehold payments or gc~ound rents. if any. in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower rpaki~~ payment. wha~ due. dircctly to the
payee thereaf. Borrower shall promptly fumish to Lender all notices of amounts. dyr under this paragnph. ~nd in the event -
Borrower shall make payment directly. Borrower shall promptly fumish to l.ender receipts ev~deacing such paymtnts.
Borrower shall promptly dixharge any lien which hu priority over this Mortgage; provided, that 8orrower sfiall not be
rcquired to discharge any such lien so long as Borrower shall ag~ee in wrltipg to the payme~t of- the obl;$~jia~?•i~urcd by
such lien in a manner acceptabk to l.~nder, or shall in good faith contes~ such lien by, or defenJ enforcement of such lien in,
kgal proceedings which operate to prevent the enfnrcement of the lien or forfeiture of the Property or any part thercof.
S. Hassrd lawra~ce. Borrowe~ shall k~ep the improvements now existing or hereafter erected on the Property insurod
against loss by firc, 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 requirc that the amount of
such coverage exceed that amount of coverage required to pay the sums secured by this Mortaa6e.
'il~e insurance carrier providing the insurance shall be chosen by Borrower subject to approva! by Lender, provided,
that wch approval shall not be unreasonably withheld. All premiums on insurance policies st~atl be paid in the manner
provided under paragraph 2 hereof or, if not pai~ in such manner, by Borrower making payment, when~ due, directly to the
' insurwce curier.
; All insurance policia and renewals thereof shall be in form accep~able to Lender and shall include a standard mongage
' clause in favor ef and in form acceptable to l.ender. Lender shall have ihe right to hold the policia and renewals thereof,
~ and Borrow•er shall promptly furnish to Lender all renewal notices and all receipts of paid prcmiums. In the event of loss,
~ Borrower shall give prompt notice to the insurance carrier and LenJer. Lertder may make proof of Ioss if not made promptly
by Borrower.
~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to rcstoration or rcpair of
the Property damaged, prov~Jed such rcstoration or repair is economically leasible and the security of this Mortgage is
not thereby impaired. 1( such restoration or repair is no1 rconamically feasible or i( the security of this Morigage 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 if Borrower fails to respond to Lender within 30 days from the
date notice is maileei by Lender to Borrower that ~he insurance carrier ofiers to setUe a claim for insurance bene6ts. Lender
is aut6oriud tu collect and apply ihe insurance procceds at 1_ender's option either to restoration or repa~r of tt~e Propertv
or to the sums secured by this Mortgage.
Unless 1_ender and Borruwer otherwise agree ~n writing, any such applica~ion of proceeds to principal shall not extend
or postpone the duc date of the monthly installments referred to in paragrapht 1 and 2 hereof or change the amount of
such installmepts. If under paragraph 18 hereot the Property is acqwrecf by Lender, all right, title and intercst of Borrower
in and to any Aisurance policies and in and to the proceeds thereof resulting from damage to the Property prior to th~ sale
or acquisition shall pass to Lender to the extent of the su~s sccured by this Mortgagc immediately prior to such sale or
acquisition. ;
6. Preaervation and Naintenance of Property; Leasehulds; Condominiums; Planned Uuit Developments. Borrower
~ shall Iceep the Property in good repair and shall not comro~~ ~'aste or permit impairment or deteriotation of the Propeny
• and shall comply with thc provisions ot any (ease if this Mortgagc i~ ~~n a leaschold. If this Mortgage is on a unit in a ;
F condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaraUon
~ or coveoants creatiag or guverning the condominium or planned unit develupment, the by-laws and regulations of the
condominium or planned unit development, and cons~ituent documents. I( a condominium or planned umt development
riJer ~s exccuted by Borrower and recorded together v?ith ~hiti Mortgagc, the covenants and agreements of such riJcr -
shall be incorporated into and shall amend anJ supplcmeM the cv~enants and agreements of Ihis Mortgage as if the rider
were a part hereof. L
7. Protection of I.ender's Securfty. If Borrower fa~lti i~? pcrli~rm the covenantc anJ agreements contained in this
Mortgage, or if any act~on ur proceeding ic c~~mmence~l wh~ch ma~eriafly afiec~s Lender's mterest in the Property,
~ncluding, but not lim~ted Io, em~nent domain, inu.h~ency. c~?de en(orcemen~, or arrangements or proceedings invol~-ing a _
bankrupt or decedent. then I.ender at I.ender'~ op~ion, uExm nouce to Borrower, m•r~ make svch appearances, disburse such
sums and t~'ke such actiun a~ ~s nece~tiary tu pmtecl Lender's interest. includ~ng. but not lim~ted to, disbursement of
reasonable attorney's tees and emry u~n the Propcr~~• ~o make rcpairc. I( Lender rryuired mortgage insurance as a
condit~on o( making thc loan ~ecurcd by this Mart~tagc. B~~rrowrr sh:~ll pay thc prcmiums rcquired to maintain such
insurance in rftect until tiuch umc as ~he reyuitrment (or ~urh msurance Icrminate~ in arcordance with Borrc~wer's and
;K..
~1R~~~ ParE1~~ ~
~
- - ~ ~
~ .
..w. - . -