HomeMy WebLinkAbout2134 _ ' c _ . . . . `i
. ~
i
, ~ , ~
Uttt~ouw Oova~+et~ns. HoROwer atd Lende~ coveaant and asroe ss follows:
~~qM~M ~f hi~t~l aM l~Mnd. Botrowe~ shali prornW~) WY M?hen due the ptincipsl ot and interat on ehe
i~debtedoat evidenoed by tbe Note, pnpapmeat ~nd late clwnec a.c ~ovided in the Note. and the p~incip~l ot and interat
oa anr Putute Advanca ~ecut~ed b~r this Mort~s~e. ,
2. l1~i~ tK Ta~s a~ Irw+NCa Subjat to :pplicat?k law ar to a written waiver by Leeder. eo~ ~n•u wr
to I.eader on the day moethly installments ot principal and interesl ~rc paysMe unde~ the Note. until the Note is paid in tull,
a wm (htrein "Fut~'~ eqwl to onatweltth ot the yeari~• tax~~ anJ assasmeets which may attain prio~itp over ihis :
Mo~a~e. and ~rouad reaa on cbe P~openy. if aey, plus one-tweltth ot yearl~i~ premium iauallmeets tor huard ir~wnnce, ;
plw oae-tweltlh ot yeariy premium in:tallmen~s tor mon~a=e insursnce. if any. all as reasonably estima~ed initially and trom
dme to time by Lender oa tbe basis of auasments and hills and rcasonabk estimata thereof.
71~e PWn~ sha11 be held in an institwic+n the deposiea or accouna of ~rhich are insured or `uuanteed by a Federal ot
state asency (iecludinj L,tnder if Lcnder is such an institutionl. I_ender shall apply the Funds to pay uid taxes. a~++~~s.
imuranoa premiums snd ~ound rcnts. l_ender may not ch~rae for s~+ holdin` and applyios the Funds. analyzins said accoun~ ~
or vetityins,and comqlins said assessments aod ~ilh. u~las Lender pays Borrower interat on the Funds and applicabk law
permits I~eoder to make wch a charge. Borrowe~ and Lender may a~rce in writin~' at the tirm of execution of this
Monsa~e tbat inteeat on the Fun~ slwll be paid to Borrower. and unlas sucb streement is made or applicabk bw
r+equiea wch intst~est to be paid~ Lender shall not be requircd to pay Bo~rower any interest or arnings on the Funds. Lender
shall pve to Borrower. ~vitlrout charae. an a~nwl aooountina of the Funds showinj credits and debits to the Funds and the
purpae for which ead~ debit to tbe Funds was made. Tln Fu~ds ate pledged u additiooal security for the sums secured
bY t6is MortpR• ~
If t6e anaunt ot tl~e Fur~ hdd by Lender. together with the future awnthly installments of Funds payabk prior to ;
tbe due data of taua. auasmaits. inwrana premiums and grour~d re~ts, shall exceed the amou~t required to pay said tua. ~
as~meots, inturaaca premiua~s and gr~wmd reMs u they fall due. such excess shaU be. at Borrower's option. either ~
prompttp repaW to Bon+ower or cradital to Borrowu on monthly installments of Funds. If the amount of the Funds
hdd by Lendsr shaU not be wf6cient to pay taxes. asaasments. insurance premiums and ~round rents ss they fall due.
Borrowe~ ~6a11 pay to Larder any amount eecasary to make up the deficiency within 30 days from the date notice is mailod
by Lender to Borrower requestin~ PaYment theroof.
Upoa payment ia full of dt sums ~ecured by this Mongage, l.ender shall promptly refund to Borrower any Fun~
hdd bp Lender. If uader panjraph 18 hereof the Prope~ty is sold or the Ptopeny u otherwise acquired by Lender. Lender
abaU apply, 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 swns secured by this Mortgage.
3. A~lic~tia~ ot ?~p~eMs. U~less applicabk law provides otherwise. all payments receivod by Lender under the
No~e aad paragaphs 1 aod 2 hereof shall be appliod by Lenckr lint in payme~t of amounts payable to Lender by Borrower
under pacaaraph 2 hereof, thwi to iaterest payabk on the Note. then to the principal, of th~ Note. and the~ to interat and
principal on any Future Advanoes.
1. CWrtex Lkas. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to
the Prope~ty which may attain a priority over this Mongage, and leasehold payments or ground rtnts. if any. in the manner
provided under puagraph 2 hereof or, if not paid in wch manner, by Borrower making payment. when duc, dicecdy to the
psyee thereof. Borrower ahall promptly fumish to Lender all notica of amouots due under this paragraph. and ia the eveat
Borrower shall make payment directly. Borrower shall promptly turnish to l.ender rcceipts evidencing such payments. .
Borrovrer shall promptly discharge any lien which hu priority over this Mortgage: provided, that Borrower shall not be
~cquirod to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by
such lien in a manner acaptabk to Lender. or shall in good [aith cantest such lien by, or defend enforcement of such lien in,
legal proceedings which operate to prevent the enforcement ot the lien or forfeiture of the Property or any Part thereof.
S. Hazard leauawce. Borrower shall keep the impro.ements now existing or hereafter erected on the Propeny insurod
against loss by 6r+e, huards included within the term "extended coverage", and such other haurds as •Lender may rcquire'
and in wch amouols and for such periods as Lender may require: provided, that Lender shall not requirc that the amouni of
such coverage exceed that amount of coverage required to pay the sums secured by this Mort~a6e.
The insurance~carrier providing the i~surance shall be chosen by Borrower subjcet to.approva) by Lender. provided.
that wch appmval shall not~be unr~aconably withheld. All premiums on insurance poli~ies shai! be paid in tfie manner
i pmvided under paragraph 2 hereof or. if not paid in such manner. by Borrower making paytnent, vrhen due, direcQy to the
~ imurance carrier.
! All insurance policies and renewals therrof shall be in form acceptable to Lender and shall include a standard mortgage
j clause in favor of and in [orm acceptable to Lender. Lender shall have the right to hold the policies and renewals thercof,
l and Borrow~e~ shall promptly furnish to Lender all renewal notices and all receipts of paid premiums_ In the event of loss. ;
~ Borrower shall grve promp~ r~otice to the insurance carrier and Lender. Lertder may make proaf of loss if not made promptly ;
~ by Borrower.
E Ualsss Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to ratoration or repair of °
~ the Propeny damaged, provickd such restoration or repair is economically feasible and the security of this Mortgage is ;
not thereby impaired. lf 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 sums secured by this Mortgage, with the excas. if any. paid '
to Borrower_ If the Property is abandoned by Borrower, or if Borrower (ails to respond to Lender within 30 days trom the
date aotice is maded by Lender to Borrower that the insurance carrie~ ofiers to settle a claim for insurance benefits, Lender
is authoriud to collect and apply the insurance procceds at Lender's option either to restoration or repa~r of ihe Property :
or to t6e sums ucured by this Mortgage. `
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall nat extend
or postpone ~he due date of the monthly installmentc referred to in paragraphc I and 2 hereof or change the amount of
such installmeats. If under paragraph 18 hereof the ProFerty is acquired by Lender, aU right, title and interest of Borrower
in and to any tnsurance policies and in and to the proceeds thereof resulung (rom damage to the Property prior to th~ sak 3
or uquisition shall pass to Lender to the eatent of the sums secu~cd by this Mortgage immediately preor to such sale or
acquisition. .
6. rresenation aod Maiotenance oi PropeAy; I.easehul~; Condominiums; Planned Udt Devebpments. Borrower
~ shall Iceep the Property in good repair and shall not comrpi~ K~aste or permit impairment or deterioration of the Property
~ and shall comply with the provisions of ar?,y lease it th~s Mortgage ic on a leaschold. If this Mortgage is on a unit in a :
condominium or a planned unit development, Borrow~er shall perform all of Borrawer's obligations under the declaration `
~ or covenants creatiag or governing the condommium or planned unit development, the by-laws and regulations of the
~ condominium or planned unit development. and constituent Jocuments. It a condominium or planned unit ekvelopment
rider is executed by Borrower and recorded ~ugether wi~h th~~ hlortgage, the covenants and agreements of such riJer z
~ shall be incorporated into and shall amend anJ supplcment the covenants and agreements. of this Mortgage as if the rider s
~ were a part htreof. =
~ 7. Prolection of Leode~'s Securlty. If Borrower faik ta perform the covenants and agreements contained in this
~ Mortgage, or if any acuon or proceedmg ic rummenred whirh materially aRrc~s I.enJer's interest in the Property,
including. but nut limited lo, em~nent domain. incc~lvency, a•de en(orcem~nl, or arrangements or proeeedings invoh•ing a ~
bankrupt or deceJent. thcn l.ender at I.ender's option, upi~n nohce to Borrower, ma~ make such appearances, disburse such ~ J
sums and take such ac~ion as is nece~sary tu protecl Lender's mterest. mcluJing, but not lim~ted to, disbursement of
reasonable at~omey's fccti and entry uFx~n thc Propcrty ta makc rcpair~. If Lrnder requircd mortgage insurance as a
cond~~ion ~~f making the loan tiecureJ by this M~~rtgage. BorraHCr shall ~ay the premiums reqi~ireJ to maintain such ~
~nturance in eBect until tiuch time as ihe rcyuirement for .uch msutancc tcrminatei in :~ecordanee with Borrower's and
F.
~ - . ~K 3~2 ra~E z1~2 =