HomeMy WebLinkAbout1190 UNtr~ouH Cbvst+,?nts. Ho~t+ower and Lsnde~ covenam and a~roe ai tollows:
L ~y~t M teMic~l si 6M~red. Borrower shall PromW~) Wr when due the principsl ot and interat oo the
it~d~btedeKa svideuoed bp 1be Nota, pt~eps~t and late chartes a.~ ~xovidcd in the Note. and the principd ot aad interat
aa any Futuro Advanoes ~xured b~? this Iblo~afe.
l~ri 1~ T~ a~i l~wra~ee. Subject to applicabk law ..r to a written waiver by l.endar~ Bormw~ sh~Jl M7
to Lender on the day moathlp instdlmrnts of principal and in~~rcs~ ace payaMe unde~ the Note. until the Note is paid ifl tull.
s wm (hereia "FtuKM'~ eqwl to oae-Iwdlth ot the yearly tax~~ aix! a:sasmeots which may attaia prio~ity ove~ this
Mort~aje, aad ~ound renb oa the Ptepehy. it any, plus onc-twelt~h of yeul~i~ premium i~wallments tor haurd inwrance.
plut oue-twslfth ot yeariy premium insullmmis fo~ mortja~e insurancc, if sny. all as rasonably estimated initially aod tran
~ tima W time by Lende~ oa tbe basis of aua.sments and Mlls and rcasonabk estimata thereof. '
The Flmds:hall be beld in an i~atitutic+n ~he deposics or accounts of ahich arc insured or Nannteed by a Fedenl or
state sse~y (includin= Lender if Lendcr is such an institutioe). I.ende~ shall apply the Funds to par said tues. assessmenb.
itftutanoe premiums and p~ound ~+ents. l.endcr msy not charae fw sc? holdi~ and spplyins the Fund~. analyzins said sccount,
ot verityin~.aad wmpli~ Kid assasments and bilh. unkas Lender pays Borrowe~ interat on the Funds and applicabk law
. permits l~e+der to maice wch a chu:e. Borrowe~ aad Lender may ajree in w~tin` at the time ot ezecution of tha
Mortp,e tbat intsrat on the Funds shall be paid to Borrower. and unlas suc6 atroement is made o~ applicabk la.v
requi~et such interat to be paid. Le~der shall not be required to pay Bonowe~ aoy intercst or arningc on the Funds. Le~der
s6a11 pve b Borrower. witbout cbar~e, an aonual acoountina of the Funds showins crcdits and debits to the Funds and the
purpo~e for which qe6 debit to tbe Funds was made. The Funds arc pledged ss additional security for ~he sums secur,ed
b7? this Mortia~e•
It the amount ot t6e Fund~ btW by Lender. toaether with the future monthly installments of Funds payabk prior to
t6e due data of tua. aueamenb, insuranu premiums and ground re~ts. shall exoood the amount rtquired to pay said taxa.
aaepo~ents. imuranoa premiwra and sround reots u they fall due. such eacess shall be. at Borrower's option. either
pranptly npaid to Bormwer or creditod to Borrower on moothly installments of Funds. lf the amount of the Fund~
bdd bp I.eod~r shall oot be sut6cient to pay taxa. atxs~unents. insurance praniums and ground rents ss they fall due.
Horrower sbsll pay W La~der any amount neoessary to make up the deficioney within 30 days from the date notice is mailed
by l.tade~ to Borrower ne9~upt P~Yment theroof.
Upoa paymeat in full of all wmt secured by this Mongage. Lender ahall promptly rc[und to Bormwer any Fun~
heW by Lender. If uader paraftspb 18 hereof the Property is wld or the Pwperty ~s otherwise acquircd by Lender, Lender
~hall ~pply. ra later than immodiately prior to the sak of the Property or its acquisition by Le~der. any Funds held br
I.ender at the time of applicstion ~ a credit against the :uau socured by.this Mortgage.
3. A~piicatioi ot ~j~esb. Unkss applicable law provida othe~i~viie. 'a1~ payments roceived by i.ender under tfie
Note wd pua~raphs 1 aad 2 bercof shall be applied Dy Lender first~in paytnelot of ~unounts payabk to Lender by Borrower
under parajraph 2 hereof, tben to interest payabk on the Notc. tNea ~lo.the~ pFincip~ of the Note, and then to interat and
ptiacipal on any. Future Advanoas.
. 4. C~e~ Ueas. Borrower shall pay all taxa, assessments and other charges, fines and impositions attributable to
t6e Ptopeuty which may attain a prioriry over this Mortgage, and leas~hold payaxnta or gc~ou~~ rents. if any, in the manner i
pravided under parsgaph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, dirocUy to the
payee thereof. Borrower aball promptly furnish to Lender all notices of amounts due under this para~raph. and in the event
Borrower shall make payment diroctly, Borrower shall promp?ly tumish to Lender receipts evidencing such paymenu.
BoROwa shall promptly discbarge any lien which hu priority over this Mortgage: provided, that Borrower shall not be
etquirod to discharge any such lien so long as Borrower shall agrce in writing to the payment of the obligation securcd by
soch lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend e~forcement of such lien in,
kgal proceedinas which operate to prevent the enforcement of the lien or forEeiture of the Property or any part thereof.
S. Harard tnwrawce. Borrower shall keep the improvements now eaisting or hereafter erected on the Property insura!
against laas by 5rc, hazards included wit6in the term "extended coverage", and such other huards u Lender may rcquire
aad in such amounts and for wch periods as Lender may requirc; provided, that Lender sha11 not requirc that the amount of
such covcrage exceed that amount of coverage required to pay ~he sums secured by this MortEaae.
'Ibe inwranoe cartier providing the insurance shall be choseo by Borrower subject to apQroval by L.ender. prmided.
that such approval shall not be uareasonably withheld. All premiums on insurance policies shatl be paid in the maaner
~ providod under paragraph 2 hereof or, if not pai~ in such manner. by Borrower making payment, when due. directly to the
insurance carrier.
~ All insurance policia aad 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 policia and renewals thereof.
and Borrower shall prompdy furnish to l.ender all renewal notices and all receipts of paid premiums. In the event of loss.
~ Borrower shall give prompt notice ro the insurance carrier and Lender. Lender may make proof of loss if not made promptly
g by Botrower.
~ ' Unless [,ender and Borrower otherwise agree in writing, insurance procceds shall be applied to restoration or repair ot
the Propetty damaged. provided such restorat~on or repair is economically feasible and the security of this Mortgage is
not thenby impaircd. lf such restoration or repair is not economically feasible or if the security of this Mortgage would
be impaired, lhe insuraace procoeds 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 aotice is mailed by Lender to Borrower that the insurance carrier ofTers to seule a claim for insurance benefits. l.ender ;
is aut6orizod to collect and apply the insurance proceeds at Lender's option either to restoration or repalr of the Propertv
or to the sums securod by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
ot postpone the d~ date of the monthly installments referred to in paragraphs 1 and 2 hereof ar change the amount of
wch installmeots. If under paragraph 18 hereof the ProE,erty is acquired by L.ender, all right. title and interest of Borrower
in and to any ihsurance policia and in and to the proceeds thereof resultmg from damage to the Propeny prior to thc safe~
or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acqnisition.
~ 6. hrservatbn and Maintenance of Property: LeaseM?Ids; Condominiums; Planned Unit Derebpmenls. Borrower ?
~ shall keep the Property in good repair and shall not comrvit yvaste or permit impairment or deterioration of the Property
~ and shall comply with the provisions of any lease if this Mortgage ~s on a leaschold. I( this Mortgage is on a unit in a F
condominium or a planned unit development, Borrower shall perfo~m all of Borrowor s obligations under the declaratiun
~ or covenants creating or governing the condominium or planned unit develupment, the by-laws and regulations of the
a condominium or planned unit development, and constituent da:umem~. I( a condominium or planned unit Jevelopment
' rider is executed by Botrower and recorded togeiher with th~c Mortgage, the covenants and agreements o[ such rider
~ shall be incorporated into and shall amend and supplement the covenants and agreements of th~s Mortgage as if the rider
~ were a part hereof. %
~ Protectioa o( Lende~'s Securfty. If Borrower fa~lc tc~ perform the covenants and agreetnents c~ntained in this =
~ Mortgage, or if any action or proceeding is commcnced uh~ch materially ~fiec~s LenJer's ~nterest in the Properry, -
including, but not limited to, eminent domain. in~l~•ency. ccwe enForcement. or arrangements or proceedings involving a
baAkrupt or decedent. ~hen Lender at l.ender's option, upon notice to Borrower, ma}~ make such appearances, disburse such
sums and take such action as is necessary to pmtect l.ender's interest, including. bui not limited to, disbursement of
reasonable auomey's fces and entry upon the Propeny to makc rcpairs. 1( Lcndcr requircJ mortgage insurance as a
~ cond~tion of making the loan secureJ by th~s M~~r~Fage. Barruv?er shall p•ry ~he premiums required to maintain such
insurance in eBect until such time as the reyuiremem for tiuch msurance terminates in :~ecordance with Borrower's and
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