HomeMy WebLinkAbout2988 Utt!lOt~M ODVt;NMi1~. DorrOwer and Lttoder covenant and sgroa as tolbsvs:
)ti, iitpwt etZ leise4al tttM Ialssed. Borrower :hall promptly pay when due the principal of and inletest on the
:ndabesdrtttes evidereoad by the Note, prepayateat and late charges as provided in the Nola and the principal d and latest
oa tray Ptrtur+s Advances secwsid by thk Moregags.
1 >ltitads liK 7titpa earl iaearaacti. Sribjea to applkabk law err b a written waiver by gender. Hotro~trer tdtop Pal
to Lender oa the day matthly installments of principal and interest ire. payable under the Note. until the Note is paid in tup.
a sum ~a "Fuads'~ equal b oneâ˘twdtth of the yearly taxes and ssseaenaets which may attain priority over this
Mortgap, and gr+oueld tsars oo the may, it any. phis ortatwelfth of yeartli' pretaeium iogalhteereb for hasacd insurance.
plus noes-tsrdith al yearly premium installmena for mortgage inutrana, if auy, all as reasonably astin+ated initially and from
tuna b titres bq Lender oa ebe basis of assessmena and M'Ik and reawnabk estimates thet~eot.
'Itis Platda sbaN be held in an ire:titutiott the deposiq or aecottna o1 which are itettw~ed a gusnttteed by a Federal otr
sWe agency (iochding Lgrtder iELender ~ such an institution). Lender shall apply the Petrels b pay said taxes. a:sasmetNs.
iasuraaoe prareiwres and ground rena. Lender may not charge for sn holding and applying the Furls, analyzing aid account
or vsrifyiag.aad compiling said assasrrtents and bills. unless Leader pays Borrower interest oa the Funds and appliabk law
permits Lender. to make strch a charge. Borrower and Lender may agree in writing at the time of exeeution of this
lr[ortgagNe that interest oa the Funds shall 'be paid to Bon+orru, and unless such agreanaet is made or applicable law
requites such ialaest b be paid, Lender shall not be regetir+ed b pay Borrower any ,Merest or earnings on the Funds.- Lender
abet] giw b Borrower, without charge, an annual aooounting of the Funds :bowing credia and debits b the Funds and the
purpose for which eaten debh to the Funds was made. The Funds are pledged as additional security for the sums secured
by this Mortgngs.
u the amowtt of the Funds held by I.ender. together with the futt~e monthly installments of Funds payable Prior b
the due dates of taxes. sssessnneaa, irtserrattoa premiums and ground rena, shall exceed the amount required to pay said axes,
aaessmeats. inpuaoos prraaitnas and ground-reefs as they fall due, such excess shall be. at Borrower's option. either
proopdy repaid b Borrower a credimd b Borrower os monthly iregalhnaea of Furls. If the amount of the Furls
bald by Leadershall cot be au~cietat to pay taxes, assesstnaets. imurance premiums std ground rants as they fall due
Borro~arer shall pay b Larder any amount ueoasary to make up the deflciertcy within 30 day: from the date notice is mailed
by Lender b Borrower regerestittg payment thereof.
Upon payment is lull of all sums sectned by this Mortgage. Lender shall promptly refund b Borrower any Furls
htdd by Leader. `If under paragraph 18 hereof the Property is sold a the Properly is otherwise acquired by Lender. Larder
abet] apply. ra later rhea immediately prior b the sale of the PropeAy or its sogerisition by Lender, any Funds held by
Lesder at the time of appliatioa as a credit against the-sums secured by this Mortgage.
3. AplYeatlaa et I<eQatests. Unless appliabk law provides otherwise. aQ Paymeas received b~? Lender under the
Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to ,,ender by Borrower
under paragraph 2 btxeof. they b interest payable oo the Note, then to the prirxtipttl of the Note, and then to interest and
principal on any Future Advances. ; ;
1. Cfnrges; ykas. Borrower shall pay all taxes, a:sessntena and other charges. fines and impositions attributable to
the Property which may attain a priorhy over this Mortgage. and kasdtoW payments or mound Lena. if nay. in flee manner
provided wader paragraph 2 hereof or. if not paid in such manner. by Borrower making payrnatt. when due, directly b the
payee thaaof. Borrower:haU pranptly furnish to Lender all notices of amounts due under this paragraph, sad in the event
Harrower :ball make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments.
Borrower shall promptly discharge any lien which ha: priority over this Mortgage; provided. that Borrower shall not be
required b discharge any such lien so bng as Borrower shall agree in writing to the payrneM of the obligation secured by
such lien in a manner acceptable to Lender. or shall in good faith contest such lien by, or defend enforeentaet of such lien iq
legal proceedings which opaste b prevrot the enforcement of the lien or forfeiture of the Property or wy part thereof.
S. >Etssad Iwrawce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
against loss by fire. hazards included within the term "extended coverage.., and such other hazards as Lender tray 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 :nsotuet of coverage required to pay the sums secured Eby this Mortgage.
1be inwrareee carrier providing the insurance shall be chosen by Borrower wbjeet b approval by Fender, provided,
that welt approval shall not be unreasonably withheld. All premiums on itewrattoe policies :hell be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making paynteat, what due, directly to the
enwrance earner.
A!1 insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
clause in favor of and in form sceeptabk to Lender. Lender shall have the right b hold the policies and renewals thereof.
and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid prertuums. In the event of loss,
Borrower shall give prompt notice to the insurance carrier and Lender. Larder may make proof of kus if not made promptly
by Borrower.
Uakss Lender and Borrower otherwise agree in writing. insurance proceeds shall be applied to restoration or repair of
the Property damaged. provided such restoration or repair is economically feasible and the security of this Mortgage is
cot thereby impaired. If such restoration or repair is not economically fSasible or if the security of this Mortgage would
be impaired. the insurance proceeds shall be applied to the wrns secured by this Mortgage, with the excxss, 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 nmice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance betxfits, Lender
is authorized to collect and apply the insurance proooods at Lender's option either to restoration or repair of the Property
or b 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. ],under paragraph 18 hereof the Property is acquired by bender, all right, title and interest of Borrower
is and to any h>surance policies and in and to the proceeds thereof resulting from damage to the Property prior b flee sale
or acquisition shall pass to Lender to the extent of the sums secured by the Mortgage immediately prior to such sale or
acquisition.
f. Ptsser?atioa aai Maiatee~aoce of Property; Leaseholds; Coniomisiirttus; Planned Udt Dereibpsaetsts. Borrower
shall keep the Property in good repair and shall not cotretpit yvaste or permit impairment or deterioration of the Property
and shall comply with the provisiotu of any lease if this Mortgage is on a leasehold. if this Mortgage is on a unit in a
condominium or a plateued unit development. Borrower shalt 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 corutituent documents. If a condominieun or planned unit development
rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreement: of such rider
shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage'as if the rider
were a part hereof.
7. Protection of Lender's S~curlty. 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. insolvertFy. code enforcement, or arrangements or proceedings involving a
bankrupt or decedent. then Lender at Lender's option, upon notice to Borrower, may 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 as a
condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such
' imurance in effect until such time as the requirement for such insurance termenates in accordance with- Borrower's and
eo°~ 3~.6 P~F2967