HomeMy WebLinkAbout0931 Utttrastra CovEr+AwTa. 9ortower gad Leader covenant and agree ss Iollows:
1 fllpMeot at Prlaclrsi ttttttl i¦Ietfal. Borrower shall promptly pay when due the principal of and interest on the
:rtdebtedrtat evideead by the Note. prepaymaft sad late charter ac provided in the Nde. and the principal of and interest
as goy FttRUre Advatfoes secured by this Mortgage.
1tt~tis fir Taaaa arttl Istsasaac~e. Subject to applicable law ~x to a written waiver by Lender. Hon+orner shall pay
to Leader on the dsy moutlfly iastalUrfents of principal std interest art payable under the Note. until the Nde is paid in full,
a stress thti+e+n "Funds' equal to orris-twelfth of the yearly ta>.« and assessments which tttay anain priority over this
MoctpBe. and pound rents oa the Property. if any, plus aao-twelfth of yearly premium installments for hoard ituttrance.
plus noestwelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initislty and from
elms to time by Leader oa the bstisis of assessments and hills and reasonable euimates thereof.
7Le Fonds shall be held in an institution the deposits or accounts of ttrlfich are irfwrcd or guaranteed by a Federal of
state sgeary (inchnding Lender i[ Lender is such an institution). 1_ender shall apply the Funds co pay said taxes. sssessrrfeMs.
inwraooe premiums atd trourd rents. lender may nd charge form holding and applying the Fllndc. analyzint said account.
or verityinsaad compiling said assessments and bilk, unless Leader pays Borrower interest on the Funds and appigbk law
permits Larder to make such a chute. Borrower and. [:ender may atrse in writing at the time of execution of this
Mortjaae that interest oa the Funds shall be paid to Borrower. and uakss such apoerrfettt is made or applipbk law
requires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
shall pee to Borrower, without charge, an annwl accounting of the Funds showing credits and debits to the Funds and the
purpose for which eatdf debit to the Funds was made. The Funds are plodged as additional security for the sums secured
by tha Mortgtuae.
If the amount of the Funds heW by Lender. together with the future monthly installments of Funds payibk prior to
the due dates of taxes. sssessmeats, insurance premiums and ground rents, shall exceed the amount required to pay said taxes.
sssesstaeats. insurance premiuttns and around rents as they tall 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
brad by Lender shall nd be sul6cieat to pray taxes, anessrrfertts. insurance premiums and ground rents as they fall due,
Bor~orner shall pay to Leader any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Leader to Borrower requesting payment thereof. - .
Upon payment is full of all stems socurod by this Mortgage, lender shall promptly refund to Borrower any Fund:
hNd by Lender. if under paragraph 18 hereof the Property is sold or the Property rs dherwise 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
Leader u the time of application as a credit against the sums secured by this Mortgage.
3. A~iicatlma of Pq~. Unless applicable law provides otherwise, all payments received by. Lender under the
Nde and puagraphs 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 Nde, then to the principal of the Nde, and then to interest and
principal on any Future Advances.
1. Ctraraes; [3tas. 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
providod under puagraph 2 hereof or, if nd paid in such manner, by Borrower making payment; when due, directly to the '
payee thereof. Borrower shall promptly furnish to Lender aU ratites of amounts due under this paragraph, and im the event
Borrower shall matt payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments.
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requirod to discharge any such lien so brag as Borrower shall agree in writing to the payaxnt 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 ia,
legal proceedings which operate to prevent the enforcement of the hen or forfedure of the Property or any part thereof.
S. Biarard Irwrance. Borower shall kcep the improvements now existing or hereafter erected on the Property insured
against loss by fire, bazaar included within the term "euerlded coverage", and such abet hazards as Lender may require
and in such amounts and for such periods as Lender may require; provided, shat Lender shall not require that the amount of
such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage.
j 'Itye insurance curler 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
I; provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
inwraace carrier.
All inwrance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
j clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof,
I gad Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss.
E Borrower shalt give prumptpotice to the Insurance career and Lender. Lender may make proof of loss if not made promptly
by Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
the Property damaged, provided such rcstontion or repair is economically feasible and the security of. this Mortgage is
rat 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 eaccess. if any. paid
to Borrower. If the Property is abandoned by Borrower. or if Borrower fails to respond to Leader within 30 days from the
date ratite Is marled by Lender to Borrower t!rat the insurance carrier offers to settle a claim for insurance benefits, Lender
is authorized to collect and apply the insurance proceeds at Lender i option either to restoration or repair of the Propene
or to the wins secured by this Mortgage.
Unless lender and Borrower otherwise agree m venting. 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 18 hereof the Property Is acyuaed by Lender. all right, title and interest of Borrower
in gad to gay itlsuratlce policies and in and to the proceeds thereof resulting from damage to the Properly prior to the sale
or acquisition shall pass to Lender to the eitent of the sums secured by this Mortgage immediately prior to such sale or
acquisition.
6. Presenation ssd Maintenance of Property; LeastboMs; Corfdomiftiums; Planned Unit Derelopmeats. Borrower
' shall keep the Property in good repair and shall rat commit yraste or permit impairment or deterioration of the Properly
and shall comply s.ith the provinons of any lease If th,s Mortgage is tin a leasehold- If this Mortgage is on a unit in a
condominium or a planned and devcloprnertt. Borrower shall perturm all of Borrower's obligations under the declaraUun
or covenants creauag or guvermng 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 incorporated Into and. shall amend and supplement the covenants and agreements of this Mortgage as if the rider
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were a pan hereof.
7. Protection of LendePs Secorfq. If Borrower fa,ls to perform the covenants and agrcemenis contained in this
Mortgage, or if any action ur proceeding n commenced which materially affects Lender's interest in the Property.
including. but nut limned to. eminent domain. inu.henc}. code enforcement. or arrangements or proceedings invoh•ing a
bankrupt or decedent. then Lender at Lender's option, upi~n notice to Borrower. may make su:h appearances. disburse such
sums and take such e~tiun as is necessary- to protect Lender's interest, including. but not limned to. disbursement of
reasonable attorney's fees and entry upon the Pmpeny to make repairs. If ).ender reyuired mortgage insurance as a
cond,twn of making the loan xcureJ by this MunRaee. BorruNCr shall pay the premiums required to maintain such
Inuurance in effect until verb ame as the requirement for such msuranee terminates m accordance with Borrowers and
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