HomeMy WebLinkAbout2929 UNit'otLM CofeN~rtrs. Borrower snd Lender covenant and agree u follows:
1. tay>weot of hMclpel art Wetreat. Borrower shall promptly pay when due the principal of and interest on the
indebtedr>su evidenced by the Note. prepayment and late charges ac provided in the Note, and ttte principal of and interest
on nay Future Advances secured by this Mortgage.
2, Fends lot Tun atti Itwtratte~. Subject to applicable law ar to a written waiver by Lender, Borrower shall pay
to Lender on the day monthly installments of principal and interest arc payable under the Note. until the Note is paid in loft,
a rum (herein "Funds") equal to one-twelfth of the yearly talc. and assessments which may attain priority over this
Mortgage, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance,
plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and froth
time to lime by Lender on the basis of assessments and hills and reasonable estimates thereof.
The Funds shall bt held in an institutian the deposits or accounts of which are insured or guaranteed by a Federal or
state agtncy (including Lender i[ Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments.
insurance premiums and ground rents. Lender may hat charge for su holding and applying the Frrndc, analyzing said account,
or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
permiu Lender to make such a charge. Barrower and Lender may agree in writing at the time of execution of this
Mortgage that interest on the Funds shah be paid to Borrower, and unless such agreement is made or applicable law
requires such interest to be paid. Lender shall not bo required to pay Borrower any interest or earnings on the Funds. Lender
shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpose for which each debit to the Funds wu made. The Funds arc pledged as additional security for the sums secured
by this Mortgage.
If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to
the due dates of taxes, assessments, insurance premiums and ground rents, shalt exceed the amount required to pay said taxes,
asswattnrents, insurance premiums and ground rents as thty fall due, such excess shall be, at Borrowers option, either
promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
held by Lender shall not be suf6cieat to pay taxes, assessments, insurance premiums and ground rents as they fall due,
Horrowtr 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.
Upon payment in full of all sums secured by this Mortgage, lender shall promptly refund to Borrower any Funds
heW by Lender. If under paragraph 18 hereof the Property is sold or the Properly rs otherwise acquired by Lender, Lender
shall apply, rto later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by
Lender at the time of application u a credit against the sums secured by this Mortgage.
3. Appliestios of Payareats. Unless applicable law provides otherwise, all payments received by Lender under the
Note and paragraphs 1 sad 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 Advantxs.
i. Charges; Liens. Burrasvzr snail pay all saxes, assessrnznis and other chargez, 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 under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when 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 furnish 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 obligatian secured by
such lien in a manner acceptable to Lender, or shall in good faith contest such lien hy, or defend enforcement 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. Hazard lnsuranee. Borrower shall ketp 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 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 by this Mortgage.
The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
provided under paragraph 2 hereof ot, if not paid in such manner, by Barrower making payment, when due, directly to the
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 shat! 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 loss,
Borrower shall grve prompt notice to the insurance carrier and tender. Lender may make proaf of loss if not made promptly
by Borrower.
Unless Lender and Borrower othen+•ise agree in writing, insurance proceeds shall be applied to restoration or repair of
the Property damaged, provided such restoratron or repair is economically feasible and the security of this Mortgage is
not thereby impaired. If such restoraLon 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 excess, if any, paid
to Borrower. If the Property is abandoned by Borrower, or it Barrower fails to respond to Lender within 30 days from the
date notice is marled by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender
is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Propert~•
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 I8 hereof the Property is acquired by Lender, ati right, title and interest of Barrower
in and to any hrsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the 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. Preservation and ltaintenance of~ Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower
shall keep the Property in good repair and shall not comrpit y+•aste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease if thrs Mortgage rs 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 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 documems. If a condominium or planned unit development
rider is exgcutrd by Borrower and recorded fugether wpb thrs Mortgage, the covenants and agreements of such rider
shall be incdrf?orated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider
were a part hOreof.
7. Protection of Ixnders Security. If Barrower fart. a• perform the covenants and agreements captained in this
Mortgage, ar if any actron ur proceeding rs cammenced whrch materially affects Lender's interest in the Property,
indudrng. but hat Irmrted to, emrnent domain. insakency. cixle enforcement. ar arrangements or proceedings invoking a
bankrupt or decedent, then Lender at (.ender', option, upon native to Borrower, may make such appearances, disburse such
sums and take such action ac is necessary eo prated Lender's rnterest. includrng. hue not limned tu, disbursement of
reasonable attorney's tee. and entry uprm the Property to make repairs. If Lender reyrrired mortgage insurance as a
condrewn of makrng the loan secured by thrs Mortgage, Barnw?rr shall pay the premiums required la maintain such
insurance in elfect until web time as the requirement far wch rnursance terminates rn :rccardanee with Borrower's and
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. I;x 319 P~~E 295
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