HomeMy WebLinkAbout2251 Urttrortnt povtttvsrtTS. Borrower and Larder covenant and ague as follows:
1. lstyaeat of PrMtc1N1 eM Ltenaf. Borroa?esr :ball P~Pdy PaY when due the prindpal of and interest on the.
indebtodnens eviekaoeid br the Note, prepagtttertt and late charges as provided in the Note. and the principal of and interest
an any Pttture Advanoa.secured by this Matgtrge. -
S. Ilfisnis Mott 1laatss trrtd Ittwratacw Subject to applicable law or to a written waiver by Lender. Borrower shall pay
to Lender on the day monthly installments of principal and interest are payable uetder the Note. until the Note is paid in full.
ti sutra (herein "Fuads'q equal to one-tvvdfut of the yearly_ taxes sad assesamatta whkh tray attain priority over the
Mortgage, sad ground tenb on the Property. if any, phrs one•twelfth of yearly premium installmenb foc hazard insw'aoce,
plus ones-tweUth of yearly premium installments for mortgage insurance. if any, all as reasonably estimated initially and from
time to tints by Lender on the basis of aasasmenta and bilk and reasonable estimates thereof.
Tbe fitnds shall be held in an institutiotr the deposit: or accounts of which are insured or guarrtnteed by si Federal or
state agency (including Lender if Lender is such an imtitutian). Lender dtall apply the Fund: to pay :aid taxes, a:acasments.
irtsuranoe premiums and ground rears. Lender trr:y not charge for so holding and applying the Funds, analyzing said account,
or verifying and oompiWtg said a:sasments and bilk, unless Lender pays Borrower interest on the Fund: and. applicable Lw
permits Lender to matte such a chats ~ou~aeror and Lender may agree in writing at the time of execution of this
Mortgage that interest on the Fund: shall be paid to Borrower, and unless such agreement is made or applicable law
requires such interest to be peed, Lender shall not be required tq pay Borrower any interest or earnings on the Funds. Lender
shall give to Borro~iwer, without charges, an annual aooounting of the Funds showing credits and debits to the Funds sad the
purpose for which each debit to the Funds wsa made. The Funds are pledged as additional security for the sums sextrred ;
by this Mortgage.
Tf the amount of toes Fund: held by Lender, together with the futon monthly installments of Funds payable prior to
the due dates of taxes, assessments, insurance premiums and ground ants, shall exceed then amount required to pay said taxes.
assessments, iraunnoe premiums and ground rafts as they fall due. such excess shall be, at Borrower's option, either
promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
hesld by Lender shall not be sut6ciemt to pay taxes. ateessasents, insurance premiums and ground nnta as they fall due, _
Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Lender to Borrower requesting Payment thereof. -
Upoa payment in full of aq stuns secured by this Mortgage. Lender shall promptly refund to Borrower any Funds
held by Lender. If undo paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by
Lender at tbe time of application as a credit against the sums sxured by this Mortgage. -
3. Appikation of Pgnreatr. Unless applicable law provides--otherwise, ally paymentsreceived Eby Lender under the
Note and paragraphs 1 and 2 hereof shall be applied by Leader first in payment o~ amounts payable to Lender by Borrower
under paragraph 2 hereof, then to interest payable on the Note, then to the principal of,tlie. Note, .and thtiu to interest and
principal on any Future Advances. .
4. Chtrgem Liens. Harrower shall pay all taxes, assessments and other chatges~ fines: and impositions attributable to
the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. in the manner
provided tm~er paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, whey due, directly to the
Payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this Paragraph, and in the event
Borrower shall make payment directly. Borrower shall promptly fumish to Lender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be
required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by
such Bert in a manger aoceptabk to Le~r~ or shall inr good faith contest such lien by, or defend enforcement of such lies in,
legal proceedings which operate tQ pnveit the enforcement of the lien or forfeiture of the Property or any part thereof.
5. Hazard Iasnrance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
against lass by fine, hazards included within the farm "extended coverage", and such other hazards ss 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
~ suc6 coverage exceed that amount of coverage required to pay lli% sums secured 6y this Mortgage.
The insurance carrier providing the inswance shall be chosen by Borrower subject to approval by Lender, provided,
that such approval shall not be unreasonably withheld. All premiums on inswanee policies shall be paid in the aoanner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the l
insurance carrier.
All 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 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. In the event of Ions,
! Borrower shall give prompt notice to the insurance carrier and Lender. Lader may make proof of loss if not made promptly
by Borrower.
Unless Lender and Borrower otherwise agrce in writing, inswance proceeds shall be applied to restoratlen or repair of
the- Property damaged, provided such restoration or repair is economically feasible 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 a
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 faik to respond to Lender within 30 days from the
date mtiee is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender
is authorized to tolled and apply the insurance proceeds at Lenders 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
I 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 l8 beresof the Property k 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 the sale
or _acquusition shall pass to Linder to the extent of tbe sutra secured by this Mortgage immediately prior to such sale or
acquisition. _ ~
6. Preservadon sad Maintenance of Property; Lernelreildey Condominiums; Pisaaed Unit Ikvelopmcnts. Borrower
shall keep the Property in good repair and shall not commit waste 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 Borrower's obligations under the declazation
or ooveoaats 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 irtcwrpo~rated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider
wen a part hereof.
7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contait!ed 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, may make such appearanees,_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 i6swancx as a
condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such
insurantx k effect until such time as the requirement for such insurance terminates in aecotdanoe with Borrover's and
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