HomeMy WebLinkAbout0484 Ut+t~astw Oovariat+ts. llort+ower std I~endsr ixss'atant and agree ss folbws:
8. iytttottt et ~rtiae4at abed Llnesl. 1orrower shall promptly pay when due the principal of and iatereq oa the
indebeedrrps sviderrood bP the Note, prepaymatt and labs charges as provided in the NoN. and the priittdpa! of and intetat
an say Future Advattoss secured by the Mortgage.
liitltti fir'!'';- ~'~!sitee. Subject to applicable law or to • written waiver by Lertder. 8on+ower ttbap pay
to Lendx on the day ttrwnthiy iastallmerrts of principal and intercN arc. payable under the Note. until the Hots a paW in full.
• sttm (Aesein "Fuode'~ egtral to one-eMrelfeh of the yearly tax~c and a:sesstnsnts which taay attain priority owr this
Mortgage. and gramd rents on the Peopsrty. if any. plus ottatwelfth of yeart~~ pr+easittm installtrtenb for hazard irrwnrrce.
plus otse-twelfth of yearly pranittm it>:tdlmarts for mortgage inurrance. if any. all ss teasonabty estimated initially and troth
time to time by Lender on the bass of assessments and hills and reasonable euimates thetYOf.
7Ue Fltnds shall be bead in an inuituticm the deposits or accounts of which ate insured or gwraataed by a Federal of
gate agenry (iochding Lgnder If Lender a such an institution). Lender shall apply the Panels to pay said taxes. as:asmarts.
inautanoe premiums and gr+ourtd rents. Lender may not charge form heading and applying the Funds. analyzing said account.
or virifying~ad compiling said anesaments and bills, unatxs Leader pays Borrower interest on the Funds and applicabN law
permits I.errder to make such a chuge. Borrower anti Lender may agree in writing at the time of execution of this
Mortgage that interest on the Funds shall be paid to Borrower, std ualas such agreement is made or applicable .law
requires such intetat to be paid. Letdu shall not be required to pay Borrowu any interest or earnings on the Funds. Lender
shari» to Borrower. wittrottt charge, an annual acxounting of the Funds showing credits and debits to the Funds and the
purpose for which tech debit to the Funds was made. The Funds are paedged as additional security for the sums secured
by the Mme,
If the amount of the Funds held by Lender, togaher with the future monthly installments of Funds payable prior to
the due dates of taxes, assasmatts, irtwranoe premiums and grourd rents. shall exceed the amount required to pay said taxes,
ast~mdrts. insurance premiums and ground rents as they fall due. such excess shall be, at Borrower's option. either
promptly repaid to BQrt~owu a credited to Borrower oe monthly installments of Funds. If the amount of the Funds
bttW bar Lender shall not be twf8cieot to pay taxes, asaessrrrteats. insurance premiums and ground rents ss they fall due,
Bottoaer shall pay to Lardu any amount neoeaary to make up the deficiency within 30 days from the date notice h mailed
by Lender to Borrower requiting payment thereof.
Upon payme~ in fuB of alt sums secured by this Mortgage. Lender shall promptly refund to Borrower any Funds
held by Lender. If under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender, Lrnder
dtall apply. rte later than immediately prior to the sale of the Property or its acquisition by Leader, any Funds held by
Lender at the time of application as a credit sgaiast the sums secured by this Mortgage.
3. A~iieatian of laymenls. Unless applicable law provides otherwise. all payments received by Lender under the
Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
under paragraph 2 hereof. then to interest payable on the Note, then to the principal of the Note. and then to interest and
. principal on any Future Advances. - -
4. Cttarge~ 1Liens. Borrower shall pay all taxes, assessments and other charges, fines sad impositions attributable to
the Property whisk may attain a priority ova this Mortgage, and kssehold payments or ground rents, if any, in the manner
provided under pusgraph 2 hereof or, if rat paid in such manner, by Borrower making payment. when due. directly to the
payee tltcr+eof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph. anti in the event
Borrower shop make payment directly. Borrower shall promptly famish to Lender receipts evidencing such payments.
Borroarsr shall promptly discharge any lien which hss priority over this Mortgage: provided. that Borrower shall not be
required to discharge any such lien so bng az Borrower 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 rnntest such lien by, or defend enforcement of such liar iq
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
S. Ha:srd Iearrarrce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
agairr:t loss by fire. hazards included within the term "extended coverage". and such other hazards as Lender may require
and in such amounts and for such 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 Eby this Mortgage.
'Ibe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided,
flat such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrowu making payment, when due, directly to the
I insurance curler. -
{ AU inwrance poicies and 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 policies and renewals thereof.
` and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. to the event of Ions,
Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loos if not made promptly
by Borrower. -
Unkas L..,a,.~ wd Borrower otherwise agrce in writing. insurance proceeds shall be applied to restoration or repair of
the Property damaged. provided such restoration or repair is economically feazible and the security of this Mortgage is
not thueby impaired. If such restoration or repair is not economically feazible 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 excess, if any. paid
to Borrower. If the Property is abandoned by Borrower, or if Borrower fails fo respond to Lender within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insuranrx batefits, Lender -
is authorized 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 eruallments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments. If under paragraph 18 heroof the Property is acquired by Lender, all right, title and interest of Borrower
in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to tta: sale
or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition.
6. ]h+ierratloa and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Devebpmerrts. Borrower
shall keep the Property in good repair and shall not commit yvazte or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a
condominium or a planned unit development, Borrower shall perform all of Borrowers 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 constituent documents. If a condominium or planned unit development
rider is executed by Borrower and recorded together with this Mortgage. the covenants and agreements of such rider
shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage az if the rider
were a part hereof.
7. Protection of Lerder's Security. If Borrower fails to perform the covenants and agreements contained in this
Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property,
including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a
bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, n•.ay make such appearances, disburse such
sums and take such action as is necessary to protect Lenders interest, including. but not limited to, disbursement of
reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance az a
condition of making the loan secured by this Mortgage. Borrower shall' pay the premiums required to maintain such
insurance in effect until such time az the requirement for such insurance terminates in accordance with Borrower's and
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