HomeMy WebLinkAbout2714 Untwstnt froveNarm. Borrower and Leader covenant and agree u follows:
4 ltpwetN of lsiatipl ttrt[ IMenat.. Borrower shall promptly pay when due the principal of and interest on the
itrdebtedrrtsit evidenced by the Note. prepayment and lets charges as provided in the Note, acrd the principal of and interest
on any Future Advances secured by this Mortgage.
2. RMi for Talus tttd Irrsttra*ce. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
to Lender on the day rrwnthly installments of principal and interest arc payable under the Note. until the Note is paid in full,
a sum (herein "Funds' equal to one-twelfth of the yearly taxi. and assessments which may attain priority over this
Mortgage. and ground rents on the Property. if any, plus one-twelfth of yearly premium installments for hazard insurance.
plus orx-twelfth of yearly premium installments for mortgage insurance, it any, all u reasonably estimated initially and from
time to tune by Lender on the buffs of assessntcnts and hills and reasonable estimates thereof.
The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal of
state agency (including Lender it Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments.
insutaaoe premiums and ground rents. lender may not charge for so holding and applying the Funds, analyzing said account,
or verifying acrd 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 of this
Mortgage that interest on the Funds shall be paid to Borrower. and unless such agroetnent is made or applicable law .
regtrir+es such interest to be paid, Lender shall not be required to pay Borrower any interat 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 and the
purpose for which each debit to the Funds wu made. The Funds are pledged u additional security for the sums secured
by this Mortgage.
If the arrrount. of the- Funds held by Lender, together with the future monthly installments of Funds payable prior to
the due dates of fazes. assessments; insurance premiums and ground rents, shall exceed the amount required to pay said taxes.
assetmaents, insurance prcmiurns and ground rents u they fall due, such excess shall be. at Borcower
s option; either
promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
htdd b'!' Lender shall not be wlGcieat to pay taxes, assessments, insurance premiums and ground rents u they fall drx,
Borrower shall pay to Lender 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 in [ell of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Fund:
held by Lender. If under ptrrsgraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender, Lender
shall apply, rro later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by
Lender at the tithe of application as a credit against the sums secured by this Mortgage.
3. A~deatiors o[ lapmerrds. 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 ariy Future Advance.
4. Crarges; Lktas. 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 rmder paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
payee thereof. Borrower shall promptly furnish to Lender all 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 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 defend enforcement of such lien in,
legal proceedings which operate to prevent the enforcement o[ the lien or forfeiture of the Property or any part thereof.
S. Hazard Inrr~rarree. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
against loss by fire, hazuds 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.
71re 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 he 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 otherwrsc agree in writing, insurance proceeds shall be applied to restoration or repair of
~ the Properly 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 abanDuned by Burrower, or if Borrower fails to respond to Lender within 30 days from the
date notice is marled by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender
t is authorized to collect anD apply the insurance pn+ceeDs 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 m writing, any such application of prcx:eedr to principal shall not extend
t or postpone the Duc Date of the monthly installments referred to rn paragraphs 1 anD 2 hereof or change the amount of
such installmenu. If under paragraph 18 hereof the Property is acquired by Lender, all right, title 2nd, interest of Borrower
in and to any Arsurance policies and in anD to the proceeds thereof resuitrng from Damage to the Property prior to the sale
t or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
Y
acquisition..
r 6. Preservation and 11>untenance of Property: I.easehulds; Condominiums: Planned Unit Devebpments. Borrower
shall kr_p the Property in good repair and shall not commit yvaste or permit impairment or deterioration of the Property
( and shall comply with the provisions of any lease if th+s Mortgage +s on a leasehold. If this Mortgage is on a unit in a
condominwm or a planned unit Development, Borrower shall perform all of Borrower's obbgations under the declaration
or covenants creat+ng or governing the condortr+n+++m ur planned unit development, the by-laws and regulations of the
condominium or planned unit Development, and constituent Documents. I(a condominium or planned unit Development
~ nJer is executed by Borrower anD recorDeD together ss+th th+s Mortgage, the covenants and agreements of such rider
shall be incorpurateD +nto anD shall amend anJ supplement the covenants anD agreements of this Mortgage as if the rifer
were a part hereof.
j 7. Profectioa of Lender's Security. If Borrower fa+k to perform the covenants anJ agreements contained in this
Mortgage, or if any action ur procceJ+ng +s commcrtccJ which materially affects Lender's interest in the Property,
including. but nut limited to. em+nent duma+n. inu+lvency, axle enforcement, or arrangements or proceedings invoicing a
bankrupt or JecedeM, then Lender at Lender's option, ulxm notice to Borrower, may make such appearances, Disburse such
sums anD take such action as rs necessary to protect Lender's interest, including. but not lim+ted to. disbursement of
reasonable a!torney's fees anD entry upon the Property to make repairs. If Lender reyuircJ mortgage insurance as a
condition of making the loan secure) by the Mertg.ige. Born:wcr sh_rll pay the premiums require) to maiuta+n such
inuurance in elkct until such time as the requirement fur such msurart.e terminates m accordance with Borrower's anD
i
z ~I;~3z7 ~~~E27
13
_ _