HomeMy WebLinkAbout0793 UtrtTOrtat (bvawet+rs. borrower sad Lender covenant and agrex ss folbws:
>k ~yasetlt et leMteltal etstl lttlesest. Borrower shall promptly pay when due the principal of raid interest on the
atdebtedrtas tvidettoed by the Note. ptrepaymeat and late charges ss provided in the Nora, and the principal oI sad interest
oa any Fultut Advances segued by this Mortgsge.
3. lyttais hr '11mas tttM luwr~ce. Subject to spplicabk taw ex ro a written waiver by Lender. Borrower shall pay
to Leader oa the day monthly ittstallatents of principal and interest arc. paysble under the Note. until the Note is paid le full.
a stun (lttrein "Fuads'~ equal to orte-twelfth of the yearly taxe.~c and asse:srrteets which may attain priority over this
Mortgage. and grotutd t^eab on the Property. it any. plus one-twelfth of yearly' premium installments for hazard inwrance.
plus one-twelfth of yearly premium installments for mortgage insurance, if any. all as reasonably estimated initially and frown
time to tithe by Leader oa the basis of assessments and hills and reasonable estimates thereof.
'iLe Fund: shall bt held in an institution the deposits or accounts of which art iraured or gwranteed by a Federal of
start agency (including header i[ Lender is such an institutionl. Lender shall apply the Funds ro pay said taxes. asse:sneertts.
iesurarece premiums and ground rents. Lender may not charge For so holding and applying the Funds, analyzing said account.
or verifyittg-sad compiling said assessments and bilk, unless Leader 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 agreemrnt a wade 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 ro Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpoee~or ~h each debit to the Funds was made, The Funds arc pledged as additional security for the sums secured
If the amount o[' the 1Fuad: bell by Lender, together with the future monthly installments of Funds payable prior to
the dtte dates of taxes. assessment:. insurance premiums and ground rents, dull exceed the amount required to pay said taxes.
asaesameats, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either
promptly repaid to Borrower a credited to Borrower on monthly installment: of Funds.' It the amount of the Funds
bald by Leader dull not be suRicieat-to pay taxes. assessments, iraurarece premiums and ground rents ss they fall due.
Borrower ttball pay to Leader any amount necessary to make up the deficiency within 30 days from the: date notice is mailed
by Leader ro Borrower t+equesting payment thereof.
Upon payment is full of all sums secut'cd by this Mortgage; Lender slap promptly refund to Borrower any Funds
held by Leader. If under paragraph 18 hereof the Property is sold or the Property rs otberwise acquired by Lender. Lender
:hall apply. no later titan immediately prior to the: sale of the Property or its acquisition by Lender, any Funds held by
Leader at the time of application a: a credit against the sums secured by this Mortgage.
3. A~licatitrt at lap~taeab. Unless applicable law provides otherwise, all payments received by Lender under the
Note sad 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 Advattcxs.
1. Crarges; IJeas. 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 tinder paragraph 2 hereof or. if not paid in wch manner, by Borrower making payment. whet due, directly to the •
payee thereof. Borrower shall promptly tarnish to Lender all notices of amounts due under this paragraph. sad in the event -
Borrower shall make payment -directly, Borrower shall promptly famish to Lender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall rat be -
requir~od to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by
sucb lien in a manner acceptable to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien its,
legal proceedings which operate to prevent the enforcement of the lien or forfeiture o[ the Property or any part thereof.
S. IHarard Iatwraaee. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
against loos by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require
sad 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 Eby this Mortgage. I
'Ibe insurance carrier providing the inwrance shall be chosen by Borrower subject to approval by Lender. provided,
that such approval shall not be unreasonably withheld. All premiums on inwrance 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
instrraace carrier. - - •
All insurance policies and renewals tberrof 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 therewf,
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.
j Uakas l.en~er and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
I 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 Wvould
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 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 or repair of the Property
or to the sums secured by this Mortgage.
Unless ixnder and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend i
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 Property is acquired by fender, all right, title and interest of Borrower
in sad to any Auurance 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 scoured by this Mortgage immediately prior to such sale or
acquisition. -
6. Prcser.:tioa and :1lsiatenance of Property; Leaseholds; Condominiums; Planned Unit Developments. 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 i( 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
I or covenants creating or governing the condominium or planned unit development, the by-taws and regulations of the
I condominium or planned unit development. and constituent documents. If a condominium or planned unit development j
rider is executed by Borrower and recorded together v?hh this Mortgage, the covenants and agreements of such rider t
j 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 Lender's Security. It Borrower fads to perform the covenants and agreements contained in this s
Mortgage, or if any action or proceeding is commenced which materially affects tender's interest in the Property, {
~ including. but not limited to, eminent domain. insolvency. code enforcement. or arrangements or proceedings involving a
bankrupt or decedent. then Lender at Lender's option, upon notice to Borrower, rosy make such appearances, disburse such
sums and take such action as is necessary to protect Lender's interest, including. but not limned to. disbursement of
reasonable attorneys tees and entry upon the Property to make repairs. If 1_ender reyuircd mortgage insurance as a
condition of making the loan xcured by this Mortgage. Bom:wer shall pay the premiums required to maintain such
insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrowers and
r