HomeMy WebLinkAbout2935 4 ,
Untrottua Covar+xtrn. Borrower and Lender cotenant and agres u follows:
>L ~ of lfrlrAelN1 w iMeraR. Borrower shall promptly pay when due the principal of and interest on the
ittdebtedrrgs eviderroed by the Note, prepayment and late charges ac provided in the Note. and the principal of and interest
rtes any Future Advances sxw~ed by this Mortgage.
2. lttteis fete 71a:~s tW itwtr~ae. Subject to applicable law rx to a written waiver by Lender. Borrower shall pay
to Lender on the day monthly installments o[ principal and interest arc payable under the Note. until the Note is paid in full.
a sum (herein "Fttads'q egwl to are-twelfth of the yearl~~ tax~~ and assessments which tray attain priority over this
Mortgage, and Sround rent on the Property, if any,.plus one-twelfth of yearly premium installments for hazard insurance.
plus oae-twelfth of yearly premium installments for mortgage insurance, if any, all u reasonably estimated initially and Iran
time to time by Lender on tbt hues of assessments and hills and reasonable estimates thereof.
The Fbnds shall be held in an institution the deposiq or accounts of which are instrr+cd or gwranteed by a Federal of
state agency (including Lender if Lender is such an institution). 1_ender shall apply the Funds to pay said taxes, assessments,
insurance premiums and ground trots. Lender may not charge for so holding and applying the Funds, analyzing said account.
or verifying and compiling said assessments and bilk, unless Lender pays Borrower interest on the Funds and applicable law
permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution o[ this
Mortgage that interest on the Funds shall bt paid to Borrower. and unless such agreement is made or applicable law
rtequitra such interest to be paid. Lenckr shall not be required to pay Borrower any interest or earnings on the Funds. Lender
shall give to Borrower, without charge. an snow) accounting of the Funds showing crediu and debits to the Funds and the
pupoae for which each debit to the Funds was made. The Funds are pledged u additional security for the sums secured
by t6a Mortgs~e.
Tf 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, shall exceed the amount required to pay said taxes.
asxasroents, insurance prt:tniurns and ground rents as they fall du.., such excess shalt Ix, at Borcowr:r's option, either
promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
Geld sty Lender shag sot be sufficient to pay taxes, assessments. insurance premiums and ground rents u they fall due,
Botroa?er:ball pay to Leader 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 stpru secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
heW by Lender. If under paragraph 18 hereof the Property is sold a the Property u otherwise acquired by Lender, Lender
shall apply. no later than immediately prior to the sak of the Property or its acquisition by Lender. any Funds held by
Lender at the time of appliation as a credit against the sums stxured by this Mortgage.
3. Appikafian o[ 1!'ayeenb. Unless applicable jaw provides otherwise, all payments received by Lender under the
Note soil paragraphs l and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
under paragraph 2 hetneof. then to interest payable on the Note, then to the principal of the Note. and then to interest and
principal on any Future Advances.
1, Charges. Liens. Borrower shall pay all fazes, assessments and other charges, fines and impositiuas atiriauzabie .u
the Property which rrray 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 tber+eof. 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 famish to Lender receipts evidencing such payments.
Borrower shall promptly discharge any lien which hu priority over this Mortgage; provided. that Borrower shall not be
required to discharge any such lien so bog as 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 contest such lien by, 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 lawrsisre. Borrower shall keep the improvements now existing or hereafter eructed on the Property insured
against loos by fire, hazards included within the term "extended coverage", and such other hazards u 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 irrsiiranoe carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided.
thu wch approval shall not be unreasonably withheld. All premiums on insurance policies shill be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dit+ectty to the -
instrraace 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 alt 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 and Borrower otherwise agree in writing, insurance proceeds shalt be applied to restoratan 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
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 to 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 insurance benefits, 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 Ixnder 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 I and 2 hereof or change the amount of
such installments. If under paragraph 18 hereof the ProFerty is acquired by Lender, all right, title and interest of Borrower
in and to any Assurance 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. Praerration and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower
shall keep the Property in good repair and shall not comrpit yvaste 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 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. 1(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 shah amend and supplement the covenants and agreements of this Mortgage as if the rider
were a part hereof.
7. Protectan of Lender'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 [_ender's interest in the Property.
including, but not limited to, eminent domain. insolvency, code enforcement, or arrangements or proceedings involving a
~ bankrupt or dtcedent, 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 Lender's interest, includingt. 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
' insurance in effect until such time as the reyuircmem for such msurance terminates in accordance with Borrower's and
~~>>~3~9 Pa~E~9~?
- ~I