HomeMy WebLinkAbout1464 ~ f f ~ ,
~ aL•.
UwtiwRat Oovat+awts. Horrowet and Lender covenant and agroe of follows:
>L, )Agwetat erT M¦clMl ttM ItslereM. Borrower shall promptly pay when due the principal of and interest on the
irtdebtednps evidenced by the Note, prepayment and late charges as provided in the Note. and the principal of and interest
oa say Future Advances secured by this Moetgsge.
fittieis tar Tttacet arai Iaeertttxe. Sltbject to applicabk law ~x to a written waiver by Lender, Borrower :hall pay
to Lender on the day monthly installments of principal and interest arc. payabk under the Note, until the Note is paid in full.
a auea (herein "Fuadt'~ equal to one-twelfth c~i rifle ye.ris i,.,?~..,;u rKnts which troy attain priority over this
Mortgage. and ground read on the Properly. if any. plus one-twelfth of yearly premium uWalhrrena for heard insurance,
plus one-twel[th of yeady premium iauallments for mottga~e insurance, if any. all as reasonably estimated initially and from
time to time by Leader oa the basis of assessments and hills and reasonabk estimates thereof.
'lbe Funds shall be held in an institution the deposits or accounts of whkh are insuued or gwrartieed by a Federal of
state agency (including Lender if Lender is such an institutionl. tender shalt apply the Fwrds to pay said taxes. assessments.
iawranoa premiums and ground rents. lender may not charge for so holding and applying the Funds. analyzing said account,
or verifying_aad compiling said assessments and bilk. unless Lender pays Borrower interest on the Funds and applicabk law
parntits Leader to make such a charge. Borrower sad Lender may agree in writing at the titttt of execution of this
Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicabk law '
!lira such i"<~rest M be paid. Leger wha!! net be regeti~ !o I+try Etrumwer any interest or earnings on the Funds. lender
shall pve to Borrower. without charge, an annual accountsng of tlrE Funds showing credits and debits to the Funds and the
purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured
by this Mortgage.
Tf the amount o[ the Funds held by Lender, together with the future monthly installments of Funds' payable prior to
the due dates of taxes, assessments, irwrranee premiums and ground rents, shall exceed the amount required to pay said taxes.
asseatmaats. insurance premiums and ground rents as they fall due, such excess shall be, at Borrowers option, either
promptly rspaid to Borrower or credited to Borrower on monthly installments of Funds. if the amount of the Funds
htrW by Lender shall not be sufficient to pay taxes. assessments, insurance premiums and ground rents u they fall due.
Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days [rom the date notice is mailed
by Lender to Borrower requesting payment thereof. -
Upoa payment in full of all sums secured by this Mortgage, Lender sh:fl promptly refund to Borrower any Fund:
Held by Lender. If under paragraph 18 hereof the Property is sold or the Properly rs 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
Leader at the time of application as a credit against the sums secured by this Mortgage.
3. A~iicatloa of Prgneea. 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 Borcower
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 Advaaoes.
4. Ciarges; Litsa. Borrower shall pay all taxes, assessments and other charges. tines and impositions attributable to
the Property which taay 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 furnrsh to Lender ail notices of amounts due under this paragraph. and is the event
Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments.
Borrower shall promptly discharge any lien which h~~ ~rinnty wpr this Mortgage; provided. that Borcower shall not be
rtquired to discharge any such lien so long as. Borrower shall agree in writing to the payment o[ the obligation secured by
such lien in a manner acceptable to Lender, or shall in good [aith contest such lien by, or defend enforrement of such lien ia,
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the -Property or any part thereof.
S. Harard Iwrsaar. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
against loss 6y 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.
'Ibe 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
E` clause in favor of and in foim 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. 1n the event of loss,
Borcower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of k>ss 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 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 it 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 Properly 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 ur 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
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 tnsuranee policies and in end to the proceeds thereat resulting from damage to the Properly 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. )rreservatioo and Maintenance of Property; Leaseholds; fondominiums; Planned Ualt Devebprttents. 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. If a condominium or planned unit development -
rider is executed by Borrower and recorded together with this Mortgage, the covenants and agrcements 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 part hereof.
7. Protection 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 Lender's interest in the Property,
including. but nvt limilCd tu. emurent domain. irtii~i~Cncy. code cnfurcement, or arrangements or proceedings involving a i
bankrupt or decedent. then Ixnder at Lender's option, upon notice to Borrower, may make such appearances, disbufse such
sums and take such action as is necessary to protect Lender's interest, including. but not limited to, disbursement of
reasonable attorney's fees and entry upon the Property to make repairs. It 1_ender required mortgage insurance as a
condition of making the loan secured by this Mortgage. Barcuwer shall pay the premiums required to maintain such
insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and ~ i~
s
,
8001 t~ PAGE~~2' {