HomeMy WebLinkAbout1502 UNtraw Covu+~w». Bomo~rer and L,a~de~ cova~an~ and a~roe u(oilows:
~ Aqwe~1 N ref~e~l ari 1N~ee~1. Bormwe~ thall Momptly psY when due tbe priocipal of ar~d intercst on the
indebtedna~s evidenoed b~r the Nota„ pe~epayme~t and late char~ec ac ~ovided in the Note. and the principsl ot and intet+at
aa aoy Fwuro Advaaas secuced b~? this Moctsase.
2. llri 1K Ta~M a~i Iawr~. Subjat to applicahk law .~r to ~ written waive~ by Lender. Borrawer shail pay
to L.eader on the day montht~r installments of principal ar?d intcrc~~ an payahk unde~ the Note. until the Note is paid in tull.
a wm (i~ein "Fw~ds") oqwl to orte-twelfth of the y~early tax~~. anJ auasments which may attain priority over this
Mottsa~a. and =round t~ents on tlie Property. it any. F+lus one-twelflh ot yeatly~ prcmium installments for hazatd insurance.
plus ot~-twelfth of yeulr premium installme~ts to~ mortgate insunncc. if any, all as reasonably atimated initially and fe+om
time to time by Leader on the basis ot assessmenta and hills and reawnabk atimata thereot.
'ibe flmds shall be held in an institutic?n the depoaiu or accounts of which aro insured or guaraoteed by a Federal ot
state a~ency (includina Lender if l.cnder is such an institution). 1_ender shall apply the Funds to pay said tua. usestments.
inwrance premiwns and ~mund rents. 1_ender may na1 charge for sc+ holding snd applying the Fund~. analyzing said account, ,
or verifyinj and cor.~plin~ said assessments and bilh, unless Le~der pays Borrower intercst on the Funds and applicabk law
permits Lender to make such a char~e. Borrower and Lender may agree in writing at the time of exceulion ot this
MoKp~e tbat ioterat on the Funds stiall bc p~id to Borrowe~. and unku such aareement . is made or applicabk law
requira such interest to be psid. Lender shall not be requited to pay Borrower any ietercst or earnings on the Funds. Lende~
s6aU pve to Borrower. without charge, an annual accounting of the Funds showiog credits and debits to the Funds and the
purpose for which each debit to the Funds was made. The Funds arc pledged u additional security for the sums secured
by this MortZaje.
If tbe amou~t ot tba Funds lield by Le~der, together with the future monthly installments of Funds payabk prior to
tbe due data ot taxes, assessmenta, i~urance premiums and ground rents, shall exceod the amount requircd Io pay said taxes.
assw~nts. i~uunnoe prcmiums and ground rcnts u they fall due, such eacess shall be. at Borrower's option, either
prempdy repaid to Borrower ar credited to Horrower on monthly ir~.stallments of Funds. If the amount of the Funds
bdd b~? Lender shall not be wt6ci~nt to pay tues, assessments, insurance premiums a~d ground rents as they [all due,
Borro~ver s4a11 pay to l.ender any amouni necassary to mak~ up the deficiency within 30 days trom the date notice is mailed
by Leader W Bornower requestin8 PaYment thereof. ,
Upoa paya~eat ia full of dl swns socured by this Mortgage, Lencier shall promptly refu~d to Borrower any Funds
held by Lender. If under puagraph 18 hereof the Proper~yT is sold or the Property n otherwise acquited by Lender, Lender
:hall spply. no late~ than immediately prior to the s~k of. the Property or its acquisition by I.ender, any Funds held bv
Leader at the time of apptication as a crcdit against the sums secured by this Mortgage.
3. A~ikatio~ ot la~eNs. Unless applicable !aw provides otherwise, all payments receivod by Lander under the
Note aad paragraphs 1 and 2 hercof shall be applied by Lende~ first in payment of unounts payable to Lender by Borrower
under paragraph 2 hereof. tbea to interest payable on the Note, then to the principal of the Note, and then to interest and
principal on any Future Advanas.
Cis~a; Lieas. Borrower shall pay all taxes, assessments and othcr charges, fines and impositions attributable to
tbe Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner
providod under paragraph 2 hereof ot, it not paid in such manner, by Borrower making payment, when due, directly to the
payee thereof. Bormwer ahall pmmptly furnish to Lender all notices of amounts due under this paragraph. and io the event
Borrower shall make payment directly, Borrower shall promptly fumish to Lender receipts evidencing such payments.
Borrower ahall promp~ly discharge any lien which has priority over this Mongage; provided, that Borrowe~ shall not be
required to discharge any such lien so long as Sorrower shall agree in writing to the payment of the obligation secured by
such lien in a manner acceptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in,
legal proceedings which operate to prevent the enforcement ot thc I~en or furfeiture of the Property or any part thereof.
S. Hszard lnsora~ce. Borrower shall keep the improvements now existing or hereafter erected on ihe Property insurod
against loss by 6re, hazards included with~n the term "extended coverage", and such other huards as Lender may require
and in sucA amounts and for such periods as Lender may require; ~rovided, that Lender shall not require that the amount of
such coverage exceed tha~ amount of coverage required to pay ~he sums secured by this Mortgage. '
7be insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided.
t6at such aPproval shall not be u~rcasonably withheld. All premiums on insurance policies sha11 be paid in the manner
~ provided under paragraph 2 hercof or, if not paid in such manner. by Borrower making payment. when due, dircctly to the
~ insuranc~searrier.
; All:insurance polic~es and renewals thereof shall be in form acceptable to Lender and shall include a standard murtgage
~ clause in favor of and in form acceptabte to Lender. Lender shall have the right to hold the policies and renewals thereof,
~ and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid prcmiums_ In the event of loss.
Borrower shall g~ve prompi notice to the insurance carner and l.ender. Lender may make proof of loss if not made promptly
~ by Borrower.
Ualess Lender and Borrower otherwise agree in writ~ng, insurance proceeds shall be applied to restoration or repair of
the Property damageJ, provided such restorauon or tepair is economically feasible and the security of this Mortgage is
not thereby impaired. If such restoration or repair is not economically feasible or i[ the security of this Mortgage would
be impaired, the insurance pracceds shall be applied to the sums secureJ by this Mortgage, wilh 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 mailed by Lender to Borrower that the insurance carrier ofiers to aeule a claim for insurance benefits, Lender
~ is authoriu~i to collect and apply Ihe insurance proceeds at Lender's optiun either to restoration or repa~r oi the Propen~•
or to the sums sewred hy this Mortgage.
Unless 1_ender and Borruwer otherwi~e ag~ee in w~iting, any such application of prckeeds to principal shall not extend
or postpone the duc Jate of the monthly installmcnts rcferred ta in paragraphs I and 2 hereof or change the amount of
such installmeats. It under parag~aph 18 hereof the Property is acyuired by l.ender, ali nght, title and interest of Borrower
in aud to any Insurance policies and in and to the proceeds thereof resulung from damage to the Properiy prior to thc sale
or acquisition shall pass to Lender to the extent of the ~ums secured by this Mortgage immediately prior to such sale or
acquisitio~i.
~ 6. Preservaljon wd ~faiuten~nce of Property: Leasehulds; Condominiums; Planned Unit Developments. Borrower
shall Iceep the Property in good repair and shall not comro~~ K'aste or permit impairment or deterioration of the Property
~ and shall compl~~ with the ptovisions of any lease it this Mortgage it on a leaschold. If this Mortgage is on a unit in a
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~ condominium or a planned unit ckvelopment, Borrower shall perform all of Borrower's obGgations under the declaration
~ or covenants creatmg or governing the condominium or planned unit develupment, the by-laws and regulations of the
condominium or planned unit development. and constituent document~. I( a condominium or planned unit developmenl
~ nder ~s eaecuted by Borrower and recorded ~ogether with th~s Mortgage, the covenants and agreements of such rider
shall be ~ncorporated into and shall amend anJ supplrment the co~enants anJ agreements of this Mortgage as if the rider
~ were a part hereof_
~ 7. P~otection of Lender's Security. If BormHCr fa~l~ a~ perf~~rm the covenan~c and agreements contained in this ~
Mortgage, or if any act~on ur proceedmg i~ c~~mmcnce~t which matcrially ~fiects Lender's interest in the Propertp,
~ncludmg, but nut limrted to, em~neM domain. ~m~~lrenc~, code rn(arcemenl, ~~r arrangenientc or pn~ceedings invol~•ing a
bankrupt or decedent. then Lender at 1_ender's opt~on, u~~n notice to Borrower, ma} make such appearances, disburse such
= sums ~nd take such actiun as is necectiary tu pri~tect Lender's ~merest. incliuhng, but not limrted to. Jisbursement of
reasonable attorney'c (ees and enlry u~xin the Properiy to make repa~rs. I( Lrnder rey~iinJ mortgage incurance as a
condition of making the loan cecureJ by thu Mur~Ragc, B~~rr~~wer sh:~ll pay thr premiuins requireJ to maintain such
ir~.surancc in ctTcct until wch limc •rs Ihc rcywremcnt for wch imurancc Icrmin:~tr~ in :~rcurdancc w•ith Borruwcr's and
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