HomeMy WebLinkAbout2035 Borrower and L.e~der covenant and a~ee a~ foUows:
1. Payaaeat ot PriACipal and latere~t. Borrower ehall prompUy pay when due the pri~cipal of and intereat on the indcbtednes~
evidenced by We Note, prepayme~t and late charges as provided i~ the Note, and the principal of and intenal on any fl~tun Advancea secured
by ehu Mort~a~e.
2. [~nd~ tar T~es Rnd lusuranoe. 3ubject to applicable law or to a writlen waiver by Le~der. Borrower shall pay to Lender o~ the day
monthly inttallments of principal and interest are payable under the Note, until the Note ia paid in full, a sumjherein "Fl~nda") equal to one
~ twelRh of the year~j? taxea and assessments which may attain priority over this Mortgage, and ground rents on the Pmperty, if any, plue ont
twelRh of yearly prcmium installments for hasard ineurance, plus on~twelfth of yearly premium instaliments for mortgage inaurance, i[any.
aU as reasonably estimated initially and trom time to time by L.ender on the beais of asseaemeots and billa and ~eaaonable eetimetea thereof.
The P~nd~ shaU be held in an institution the deposita or accounte ef which are inaured or guaranteed by a Federal or State agency
(including Lenda if Lender is such an institution). Lender shall apply the Eti~da to pay said taxes, assesementa, insura~ce premiums and
ground rents. Lend~ m~y not charge for so holding and applying the Flmds, analyzing said acconnt, or ve~ifying and compiting said
aesessmenta end bills, unlees Lender pays Botcowet intereet on the ~Lnds and applicable law permits Lender to make such a charge. Borrower
and I.~nder may agree in w?~itinB at the time of e:ecution of this Mortgage that interest on the ~nda ahall be paid to Borrower. and unless `
euch agrcement is made or applicable law requires such inLereat Lo be paid, Lender ehall not be required to pay Bormwer anv intereat or ;
eamings on the P~nds. Lender ahall give to Borrower, without charge, an annua! accounting of the Funda showing credits and debits to the E
Funds and We parpose for ~rAich each debit to the FLnda was made. The Funds are pledged as additional security for the auma eecured by this
Mottgage. '
If the amount of the P~nda held by I.ender, together with the future monthly installments otFunds payable prior to the due dates of taxes, !
sesesamenta. inaurance premiums and ground rents, shall excred the amount required ta pay said taxea. aseesementa, insurance preminms
and gronnd rents as they fell due, such exoess ehall be, at Borrower'e option, either promptly repaid to Borrower or credited to Borrower on
monthly inafsllanenta of Phnds. If the amount of the Funde held by l.ender ahall not be aufficient W pay ta:ea, asaeaements, ineurance
premiums and ground nnts se they fall due, Borrower shall pay to I.ender any amount necessary to make up the deficiency within 30 daya
from the date notice is mailed by I.ender to Borrower requesting payment thereof.
Upon payment in full of all euma secured by this Mortgage. Lender ahaU promptly refund to Borrower any funds held by I.ender. If under
paragraph 18 hereof Lhe Property ie eold or the Property is otherwise acquired by I.ender, Lender shall apply, no later than immediately prior :
to the sale of the Property or ita aoqaieition by I.ender, any Funds held by I.ender at the time of application as a rredit againat the suma secured ~
;
by this Mortgage.
3. Application of Paymeats. Unlesa applicable Iaw provides otherwise, all paymenta received by Lender under the Note and ~
paragraphs 1 and 2 hereof ahall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, ~
then Lo interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. _
4. Charges; Liens. Borrowershall pay all taxes, assessments and otherrharges, fines and impositions attributable to the Property which
may attain a ptiority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or,
if not paid in sach manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender
all notices of amounts due nnder thia paragraph, and in the event Eiorrower shall make payment directly, Qormwer shnil promptly furnish to
lxnder receipts evidencing such payments. ~3orrower shall promptly discharge any lien which has priority over this Morigage; provided, that
Borrower aha11 not be required to discharge any such lien so long vs Ei~rrower shall agree in writing to the payment of the obligation secured by _
such lien in a manner acceptable to Lender, or shall in good faith n~ntest such lien by, ordefend enforcement o[such lien in, legal proceedings
which operate to prevent the enforcement of the lien or forfeiture of the Propertp or any part thereof.
5. Hazard Insurance. Borrower shall keep the impro~ements now existing or hereafter erected on the Property insured against loss by
fire, hazarda included wilhin the term "extended coverage," and such other hazards as I.ender may requim and in such amounts and for such
periods as Lender may require; provided, that Lender shall not require that the amount of such coveraQe exceed that amount of coveraqe
required to pay the aums secured by this Mortgaqe.
The insurance carrier providinR the insuranm shall be chosen b~ Rurrower subject tn approval b~• I.ender, provided, that such approval
shall not be unreasonably withheld. All premiums un inwrance policirs shall be p.~id in the manner pro~•idecl; nder paruKraph 2 hermf or, if
not paid in such manner, by Borrower makinK pxymc•nt, when due, diree•tl~• tu the in~urance carrier.
All inaurance policiea and mnewals thereof shall be in form acceptable to I.ender and shall include a standard mortgage clause in favor of
~ and in form acceptable to Lender_ l.endershall have the right to hold the policies and renewals thereof, and E3~rrower shall prompdy furnish to
~ i.ender all mnewal notices and all receipts ot paid premiuma. In the event of lcus. E3orn~wer shall give prompt notice to the insurance carrier
~ and Lender. Lender may make proof of ioss if not made promptly by I3otrower.
Unleas Lender and Bonower otherwise a~ree in writing, insurance proceeds shall be applied to restoration or mpair of the Property
s damaged, provided auch restoration or repair is economically [easible and the security of this Mortgage is not thereby impaired. If such
restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied
to the aume secured by this Mortgage, with the excess, itany, paid to Borrov?er_ If the Property is abandoned by E3orrower, or if Borrower faila to
reapond to Lender within :j0 days ftom the date notice is mailed by l.ender to Borrower that the insurance carrier of~ers to aettle a claim for
inaurance benefita, Lender is authorized to collect and apply the insurance proceeds at I.ender's option either to restoration or repair of the
Property or the sums eecured by this Mortgage. -
Unleas Lender end Borrower otherwise agree in writing, any such application of pmceeds to principal ahall not extend or poatpone thedue
date of the monthly installments referred to in paraqr:~phs 1 and 2 hereot or change the amount of such installments. If under paragraph 18
hereof the Property ia acquired by l.ender, all right, title and interest of I3~nower in and to any insurance policies and in and to the proceeds
thereof reaulting from damage to Property prior to the sale or acqwsition shall pass to l.ender to the extent of the aums secured by this
!~tortgage immediately prior to such sale or acquisition_
6. Preservation and Maintenance of Property: Leaseholda; Condominums; Ylanned Unil Developmenta. Borrower shall keep
the Property in good mpair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the
pruvisions of any lease if this Mortgage is on a leasehold. If this MortKage is on a unit in a condominium or a planned unit development,
E~nrrower ehall perform all of Borrower's obligations under the declaration or covenants creatinKor goveming thecondominium or ptanned
unit development, the bylaws and regulations of the condominium ur planned unit development, and constituent documents. If a
condominium or planned unit development rider is executed by Rorrower and`recorded t~ether with thia Mortgage, the eovenants and
.~Rreements of such rider shall be incorporated into and shall amend and supplement thPCOVenants and agreementsof this Mortgageasif the
~ nder wem a part hereof.
,;r 7. Protection ot I.ender'e 3ecurity. If Borrower faila to perform the covenanta and agreemente rnntained in thie Mortgage, or if any
~ action or proceeding is commenced which materially aftecte I.ender'e intereat in the Property, including, but not limited to, eminent domain,
inxolvency, oode enforcement, or arrangemente or proceedings involving a bankrupt or decedent, then Lender at Lender's option,upon
~ n~tice to Borrower may make auch appearances, dieburee euch sume and take such action as iB neceseary to protect I.endei s intereat,
induding, but not limited to, diebureement of reasonable attorney's feea end entry upon the Property to make repaire. If Lender required I
~ mortgage insurance ae a condition of making the loan secured by thie Mortgage, Borrower ahal) pay the premiume required to maintain
such insnrance in effect until euch time se the requirement for euch inaurance terminates in accordance with Borrower'e and L.endei s •
w~ritten agreement or applicable Law. Borrower ahall pay the amount of ap mortgage inaurance premiuma in the manner provided undet
paragraph 2 hereoL ~
My amounte diebursed by Lender pereuant to thia paragraph 7, with intereet thereon, ahall become additional indebtednesa of
Korrower secured by this Mortgage. Unlese Borrower and I.ender agree to other terma of payment, euch amounta ehall be payable upon :
notice from Lender to Borrower requeating payment theteof, and shall bear intereat fmm the date of diabureement at the rate payable fram
time to time on outalanding principal under the Note unleas payment of interest at auch r~te would be contrary to applicable law, in which
event eueh amounta ahaU bear interest at the higheat rate permisaible under applicable law. Nothing contained in thie paragraph ehall
require Lender to incur any expense or take any action hereunder. •
~ _ ~r~'?K312 ~.,~E2(1.33 .
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