HomeMy WebLinkAbout0607 . - -
_ _
- ~ ~ _
UNIFOtaM t~[1VBNANTa. Borrower and Leader coYerunt anil~toa ai follows:
1. ltgmait of lriaclla! aoi iMasast. Borrower shall P~PdY pet when due the prindpal of and interest oa the `
indebtedness evidenced by the Note, ptepaytaent sad late charges as provided in the Note. and the principal of sad &rtat+at }
on a~ Future Advaoas secrtrad by this Mortgage, j
1 ltta>i >lbr 7~sotae w larsas~aee. subsea a~ npplkable aw or to • written waiter by Lander, Borr~ ahap pey
to Lender oa the day monthly instaltmenq o[ principal and interest arc payable under the Note, until the Note is paid in fuU,
a swn (herein "Ftrnds'~ equal to eras-hw+elftb of. the yearyy taxes and asssasatents which rosy aRtaitt priority over this
Mortgage. sad ground rgrq on the Property. U any. phn onatwelfth of Y~Y premiuat q for hazard insurance:. #
plus one-twelfth of yearly premium ittataUtneaq for mortgage inwranoe, if any, set as nuwnably eatitrtatod initislty anti from j
time to time by Lender on the basis of assessmenq and bills and rtursonabk dtitnatd thereof. I
The Funds ahap be held is an institution the deposiq or atxoueb of which are imured or gwraotw bIr a Pederd or
state agency (Iacludiag Lender if Leader a-such as inuitgtion). Lender shall apply the Fora to-pat staid tattea, asseameots.
irtsuraaoe premiums and ground t+enq. Leader may not charge for so holding and applying the Funds. anatyziag said account.
or verifying sad caapiling said ateesstnents and bilb. unless Lender pays Borrower interest on the Funds and applicable aw
ptrrAip .Leader to make such a Borrower and Lander may agree in writing at the tune of execution of this
Mortgage that interest- on the Funds sirs!! be paid to Borrower, and unless such agreenreat a made or applicable law
requires such interest to be paid. Lander shall not be required to pay. Borraver any interest or earnings oo the Ftrad:. bander
shall give to Borrower. without charge. as annual aooounting of the Funds showing crediq and debiq to the Funds and the
prrpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured
by this Mortgage.
Tf the amount of the Funds. held by Lender, together with the future monthly installmenq of Funds payable prior to
the due cLtes of taxes, assessments, insurance premiwns and ground rents, shall exceed the anaunt required to pay acid taxes.
assessments, insurance premiums and ground renq as they fall due, such excess shall be, at Borrower's option, either
praaptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
had by Fender shall not be atdBcieat to pay taxes, asses:meaq, insurance premiums and ground renq as they faU due.
Borrower shall pay to Leads any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Leader to Borrower requesting Payment thereof.
Upon Payment in fait of all sums secured by this Mortgage. Lender shall promptly refund to Borrower any firads
treld by Lender, If under paragraph f8 hereo[ the Property is sold or the Property is otherwise acguicgi•by Leader. Leader
shall apply, no later than immediately prior to the sale of the Pro~~ty_'pe~ifs!~+iquiatioir by Laa~der. soy Funds held by
Leader at the time of application as a credit against the sums secured by this Mimed
~ • ~1
3. A~catiea of Pap~aseafs. Unless applicable law provides otherw~se,,,~,alg1py~Rs i~eit~ b9` ~ r the
Note and paragraphs 1 sad 2 hereof shall be applied by Lender first:4ti'~iiymdn~ of rrmoppta payaltR}lo~~HAi~ Borrower
under poragraph 2 hereof. then to interest payable on the Note, thq~te~the°pNt~cl~~f,the.Nose ;aodttltedah~fi~rest sad
principal on any Future Advances. ~;~,;,.uG a
CrargeK Liens. Borrower shall pay all taxes, assessments and other charges, tines sad impositions attributable to
the Property which may attain a priority over this Mortgage, and leasehold payment: or ground rents, if any, in the manner
provided under paragraph 2 hereof or. if not-paid in such manner. by Borrower malting payment. whoa due. directly m the
payee thereof. Borcawer shalt promptly furnish to Lander all notices of amounts due under this paragraph, and in the event
. Borrower shall make payment directly, Borrower shall promptly famish to Lender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall sot be
required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by j
such lien in a mariner aaeptabk to Lender, or shall in good faith contest such lien by, or defend eafor+cement of such lien in;
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
S. Hagrd Irrwraaee. Borrower shall keep the improvements now exiuing or hereafter erected oa the Property inwred
against loss by fires harards included within the Eerm '.extended-coverage'.-and such_other_hazar+ds as I,esder_ may-require
sad in such amounts sad for wch periods as Lender may require; provided, that Lender shall not require that the amount of
such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage.
The imuranee carrier providing the inwraace shall be chosen by Borrower subject to approval by Lender, provided,
that such approval shall not be unreasonably withheld. Alt premiums on inwnnoe policies shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, whew. due, directly to the
insurance carrier.
All insurance poUcies and renewals thereof shall be in form acceptable to Lender sad shall include a standard mortgage
clause in favor of and in form atxxptabk to Lender. Lender shall have the right to hold the policies and renewals thereof,
sad Borrower shall promptly furnish to Lender a!1 renewal notices and all receipts of paid premiums. In the event of loss,
Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
by Borrower.
_ Unless Lender sad Borrower otherwise agree in writing, insurance pracetds shall be applied to restoration or repair of
the Property damaged, provided such restoration or repair is economicaAy feasible and the security of this Mortgage is
not tlter~y unpaired. If such restoration or repair is not economicapy feasible or'if the security of this Mortgage wouM
be impaired, the irouraace proceeds shall be applied to the sum; secured by this Mortgage, with the exas:, if an)r, paid
to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to L.eoder within 30 days from the
date notice is mailed by Leader to Borrower that the instrance carrier offers to settle a claim for imuraace beaefiq, Lender
is autborirsad to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments. If under paragraph 18 hereof the Property is acquired by header, all right, tick sad interest of Borrower
in and to any insurance pdicies and in and to the proceeds thereof resulting from damage to the Property Prior to the sale
or aequisitiaar shall pros to Leader to the extort of the sums secured by this Mortgage immediately prior to such sale or
acquisition.
i. Prraerratbo ai Maiateaaoct of Property; I.easelwld~ Coedomiairrara; Pfawrrei Udt Devdoprnea~b. Borrower
shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property
sad shall comply with the provision of any lease if the Mortgage is on a leasehold. If this Mortgage b on a unit in a
condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the: declaration
or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the
condominium or planned unit development, and conuituent documents. If a condominium or plu?ned unit development
rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider
shat! be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider
were a part hereof.
7. Prsotactioa of Leader's Security. If Borrower fails to perform the covenants and agreements contained in this
Mortgage, or if any action or procxediag is commenced which materially affects Lender's interest is the Property,
including, but not limited to, eminent domain, irrsoivency, code enforcement, or arrangements or procxeding: involving a
bankrupt or decYdent, then Lender at Leader's option, upon notice to Borrower, may make such appearances. disburse such
sums and take such action as is necessary to protect Ltnde~s interest, including, but not limited to, disbutaemeat of
reasonable attorney's fees and entry upon the Property to make repairs. if Lender required mortgage imuraaoe as a
condition of making the loan secured by this Mortgage, Borcower shalt pay the premiums required w maintain such
insurance in effect until such time as the requirement fpr such =irr~r~lnoe terminates in aecordanoe with Borr+ower's sad
ao~x3~5 P~cE X05