HomeMy WebLinkAbout2976 i•
, fi '
• J
UHtPO1W CovENAPITa. Borrower and Lender covenant and agree as follows:
4 PttS'rrertt et hirrc~l tttati ia~cr~prt. Borrower shall promptly pay when due the principal of and interest on the
indebtedness evidenced by the Note. prepayment and late charges ac provided in the Note, and the principal o[ and interest
on aay Future Advantxs stxtrred by this Mortgage.
>ttii ter Tazea rtrti lttwrtttK~e. Subject to applicabk law ar to a written waiver by Linder, Borrower sh:Il pay
to Lender on the day monthly installrtxnts of principal and interest arc payable under the Note. until the Note is paid in full,
a sum (herein "Futtds'~ equal to one-twelfth of the yearly tars and assessments which may attain priority over this
Mortgage, and ground rents on the Property. it any, plus one-twelfth of yearly premium installments for hazard insurance.
pltu one-twelfth of yearly prcmittm installments for mortgage insurance, if any, all as reasonably estimated initially and from
time to tithe by Lender on the bssis of assessments and hills and reasonable estimates thereof.
The Funds shall be held in an institution the deposits or accounts of which arc insured or guaranteed by a Federal or
state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments.
ittsurartoe Premiums and ground rents. fender may not charge for so holding and applying the Funds. analyting said account,
or verifying and compiling said assessments and bills, 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 tint of execution o[ this
Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law
requires such interest to be paid. Lender shall not be 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 attd the
purpose for which each debit to the Funds was made. The Funds are pledged as additional security [or the sums secured
by this Mortgage.
If the amount of the Fonds 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,
asse:srnents, insurance premiums and ground rents as they 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 Leader shall not be sttf6cieat to pay taxes. assessments, insurance premiums and grou:td rents 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.
Upon payment is full of all ,stuns secured by this Mortgage, !.ender shall promptly refund to Borrower any Funds
held by Lender. If under paragraph !8 hereof the Properly is sold or the Property is otherwise acquired by Lender, Lender
shall apply. no later than immediately prior to the sale of the Properly or its acquisition by Linder, any Funds held by
Lender at tht time of application as a credit against the sums secured by this Mortgage.
3. Application o[ Psyttaetrts. 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.
1. Charges; Lktts. Borrower shall pay all taxes, assessments and other charges, 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, whet due, directly to the
payee thereof. Borrower shall promptly furnish to Lender alt notices of amounts due under this paragraph, aad 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 obligation secured by
such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defenJ enforcement of such lien in,
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any pan thereof.
S. Hanrd Insurswce. Borrower shall keep the improvements now existing or hereafter erected on the Properly insured
against loss h}• fire, hazards included within the term "extended coverage", and such other hazards as Lender may require
and rn 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.
"Ilse 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 or, if not-paid in such manner. by Borrower 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 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 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 wnhng, 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
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 ltlorrower. If the Propert}• is abandoned by Borrower, or if Borrower faits 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 Propene
or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in venting, 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 Ig hereof the Proferty is acquired by Lender, alt right, title and interest of Borrower
in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Properly prior to the sate
or acgttlsition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition.
6. PrYServation and Maintenance of Property; Leaseholds; Condominiums; Planned Unlt li>kvelopments. Borrower
shall keep the Properly in good repair and shall not comrpit Waste or permit impairment or deterioration of the Property
and shall comp!} with the provisions of any tease 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 wrth 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 as if the rider
were a pan hereof.
7. Protection of Lenders Security. If Borrower talk to perform the covenants and agreements contained in this
Mortgage, or if any action or proceeding is armmrneed which materiall}~ affects Lender"s interest in the Propert}•,
including, but nut limited to, eminent domain. insolvency, axle enforcement. or arrangements or proceedings rnvoh•ing a
bankrupt or decedent, then Lender at Lender's option, upon notice to $orrower. ma} make wch appearances, dishurse such
sums and take such action as is necessar}' to protect Lender's interest. including. but not limited to. disbursement of
reasonable attorney's tees and eniry ulx~n the Property to make repairs. If Lender required mortgage insurance as a
conditwn of making the loan secured by this AtortgaRe. $ornisscr shall pa~• the premiums required to maintain such
insurance in rlfect until such ume as the requirement fur wch insurance terminates rn accordance whh Borrower's and
- ~ 319 P~~E2~3