HomeMy WebLinkAbout0595 . ~ _ _ r _ . _
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UHtpatu COVttNAtiTe. Borrower and Leakr ooveaaat sad agree ss follows:
1. Trytrscrrt o[ hiiaclgttl ~ ,4~M~ l3orto~rer,shait pcoanp~y. p!~ whefi dues the priadpal of rub iatere~ oa the ~ .
iadebtedapt evidertoed by the Note, pripaytnent and late char~.as'pro~Ided,ia'tlte Note, and ~M ptiacipat of sad interest '
ar any Pearls Advaaoes secaevd~ try ~ ldatgKe. ~
s ~ ~ 'n~.e a.i Stirb)ea to appllcsbk lw or ~ a writtar waiver by teod.r. Borrows sltaq l+~r
to Laadarr ou itaa.day tiioathly iatta!ltr~ats of princppa! and interest aro payable ands the Note, omit the Note is paid in full.
a arm (ttereia "Fwda'~ equal. a orre•twelfth of tM yeargr. razes and .aaasareaa wHiclt may aaaia paorlty over thu
Mortgage, sad ground reaa oa the Ptwpaty, is nay, plus o0e.tweinh of yearly slum i~stauareoa for hazard iasuraooe,
plus mre-tw~ich of y~?pretYtivat i:,w»m~a ror,nortsajt?;,>:ura„a, it soy, art ~ twonabty area in~iiany and ft~oro
dme to lima by Latrdeir oa the basis of assewnean and hilts std reasonable estimates thet+eof. ~ t
The t~ttnds shat! be ltetd in an iasdtutioa the dapaid or aaouaa of which are ietsmed a guaranteed by a Pederal or
state ageticy (itxludtag Leader if Lender is such as iastiwtioa), lender shall apply the Funds to pay said ~ ase~tena.
insurance premiums and ground react. Lender may ant charge for so holding and applying the Funds, analyzing:aid aocouat,
or verifying and vompiling said assasmena sod bills, unless Leader pays Borrower iaterest oa the Pond: and applicable law
permia Larder to _ make such a char,a. Borrvwa~ sad Lender may agree in writing at the time of ezecudar of this
Mortgage that interest on the ltlrnds shag be paid to BorrovveF, and unless such agreement is mere or applicable law
regains roar interest to be paid. Lender shall rwt be'required to pay Borrower any interest or earniaapp oa the Puads. Leader
shall giiro to Boirosirec, without char,a, an annual aeoounting of the Funds showing credits and debit to the Funds and lira
purpose~oror~ each debit to the Funds was made, The Funds are pledged as additional security for the sums secured
Tf the amount of the Fund: held by Lender, together with the futon monthly installraeats of Funds payable prior to ~ ~
the due dates of taxes, auaameats, iastrraace premiums and ground rents, shall exoad the aatouat required to pay said fazes.
asse:aeoents. insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option. either ~
promptly repaid to Borrower or credited to Borrower oa monthly installments of Funds. If the amount of tlre~ Funds
held by Leader sbaU not be suBcieat to pay fazes, assesamenb, insurance premiums and ground nob' as they fall due,
Borrower :ball pay to Lender any amount nooeaaary 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 sums secut+ed by this Mortgage, Lender shall prompdy refund to Borrower any Funds
held by Lender. If under pataaraph 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 1
Leader at the time of application as a credit against the sums secured by this Mortgage.
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3. A~iicsfieta of >npaseab. 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 Nets, and then to interest and
principal oa any Future Advanves. .
4. Cirarge~ Bars. Borrower shall pay all taxes, assessments and other charges, Saes. and-impositions attributable to
the Property which may attain a priority over this Mortgage, and leasehold payment: or ground npa, if any, in~the manner
provided carder paragraph 2 hereof or. if not paid in such manner. by Borrower making psyment, when due, directly to the
payee thereof. Borrower shall prompdy furnish to Lender all notices of amounts due under this paragraph, and la the avant
Borrower a>;all, make payment direcdy. Borrower shall pranptty famish to Lender receipts evidencing such payments. '
Boma~rer 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 accxptabk to Lender, or shall in good faith contest such lien by, or defend eaforrearent of such lien iq
legal proceedings which operate to prtveat the enforcement of the lien or forfeiture of the Property or any part thereof.
S. Aasard Larranoe. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
against loss by Ere. hazards included within the term "extended coverage", and such other hazards as Leader may roquiro
and in such amounts and for such periods as Leader may require; provided. that Lender shall not require that the amount of
such coverage exceed. that amount of coverage required to pay the sums secur+od by this Mortgage.
The inwnnve carrier providing the insurance shall be chosen by Borrower ;object to approval by Lender. provided,
that such approval shall not be unreascsnab :~ithheld. All praaiums on insurance policies ahaU be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner. by Borrower makmg payment, whw due, directly to the
insurance carrier.
All insurance policies and ratewals thereof shall be in form acveptabk to Lender and shalt 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 prompdy furnuh to Lender all renewal notices and all receipt: of paid premiums. In the event of loss,
Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of lore if not mart 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 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 iosuraaoe proceeds shall be applied to the nanny sxurcd by this Mortgage, with .the excess, if nay. Paid
to Borrower. If the Property is abandoned by Borrower, or if Borrower faits to respond to Lender within 30 days fray the
date notice is mailed by Lender to Borrower that the inwrance carrier offers to settle a claim for insurance .benefit:, Larder
is authorized to collcet 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 Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
of postpone the due date of the monthly installments referred to in paragraphs 1 and Z hereof or change the amount of
~ suc6 installments. If wader paragraph l8 hereof the Property is acquired by header, all right, title and interest of Borrower
' is and to any insurance 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 sueh.sata or
acquisition.
f. 1Maervatliota aria IMaiotesiatres of Property; Lease6oldr, Coodorrrirdsuas; tlanirea Utilt Ikrdopmeeb. Borrower
shalt keep the Property is good repair and shall rat commit waste or permit impairment or deterioration of the Property
and :ball comply with the provisions.of any lease if this Mortgage is oa a leasehold. If this Mortgage b on a unit in a
condominium or a planned unit development, Borrower shall perform all of Bornower's obGgatioru under the declaration
or covataats creating or governing the condominium or planned unit development, the by--laws and regulatior>s 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 Chia Mortgage, the covenants and agreements of such rider
shall be incorporated into and shall amend and supplement the covenants and agroemeata of this Mortgage as if the rider
were a part hereof.
7. Protectlost of Leader'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 Leader's interest in the Property,
including. but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a
bankrupt or decadent, then Lender at Lender's option, upon votive to Borrower, may make such appearancas. disburse such
sums and take such action as is necessary to protect Lender': interest, including. but not limited to, disbursement of
reasonable attorney's foes and entry upon the Prolxrty to make repairs. If Lender required mortgage iasuraaoe ss a
condition of making the loan secured by this Mortgage, Borrower :hall pay the premiumm required to maintain such
insurance in effect until such time as the requirement for such insurance terminates is avvordance with BorrowePs and
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