HomeMy WebLinkAbout1651 Borrower and Lender covenant and agree ae fallowa:
1. Payment of Principal and Interest. Bormwer shall promptly pay when due the principal of and interest on the indehledne.•+s
evidenced by the Note. prepaymentand latechargea uapmvided in the Note, and the principal of and intereston any Future Advanreasecurcd
by this Mortgage.
'L. btitrtde torTaxesand Insurance. Subject u? applicable law or to a written waiver by Lender, Iturn,wrr shall pay b? Ixnderun the day
monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum Therein "h'ands'") n{ual to one
twelfth of the yearly truces and assessments which mny attain priority over this Morigagr, and gn,und rents on the 1'ru{x•rty, if any, plus one,
twelfth of yearly premium installments for hazard inaun+n+r, plusonrtwelfth ofyeurly premium installments for mortgage insurance, if any,
all us reasonably estimated initially and from time to tine 6y Ixnder on the bads of assessments and bills and rcaaum+blr estimates thereof.
The Funds shall be held in an institution the deposits or am,unts of which are inaurEd or Kuarantefd by a Federal or State agency
!including Lender if Ixnder is such an institution). Lender shall apply the Fonda to pay said taxes, assessments, insurance premiums and
ground rents. Lender may not charge for so holding and applying the Funds, analyzing quid account, or verifying and compiling said
assessments and bills, unless [.ender pays Borrower interest on the Funds and applicable law permits I.c•ndrr 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 he paid W Born?wer, and unless
such agreement is made or applicable law requires such interest t0 be paid, Lender shall not he reyuircd to pay &,rn,wer any inlerrst or
earnings on the Fonda. Lender shall give to Born,wer, without charge, an annual acc•uunting of the Fonda 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 fur the sums secured by this
Mortgage- _
If the amount of the Fonda held by Lender, together with the future monthly installments of h ands payable prior to the due dates of taxes, •
assessments, insurance premiums and ground rents, shall exc.•cd the amount reyuired to pay as?id taxes, assessments, insurance premiums
and gmund rents as they fall due, such excess shall be, at liotmwer's option, Tither promptly rep:+id to Borrower or credited to Borrower on
monthly installments of Funds. if the amount of the Funds held by Ixnder shall not Ix sufficient to pay taxes, assessments, insurance
premiums and gmund rents as they fall due, Born,wer shall pay W Lender any amount nf•c•f :asary to make up the deficiency within a0 days
from the date notice is mailed by Ixnder to liorruwer ref{uctiting payment thereof.
Upon payment in full of all sums secured by this Mortgage, Ixnder shall promptly refund to Borrower any funds held by (,ender. If under
paragraph 18 hereof the Property is sold or the Property is otherwise acyuirccl h}• bender, Lender shall apply, no later than immediately prior
to the sale of the Property or itsacquisilion by Lender, any Funds held by (xnder at the time of application as a credit against the sums secured
by this Mortgage.
3. Application of Payments. Unless applicable law provides utherv?•ise, all payments received by Lender under the Dote and
paragraphs 1 and 2 hereof shall be applied by Ixnder first in payment of amounts payable to Lender by Borrower under paragraph 'L hereof,
then to interest payable on the Note, then to the principal of the \ote, and then to interest and princ•ipa) on any FUture Adtances.
4. Charges; Liens. Kormwer shall pay all taxcc, assessments and othe•r+•harges• fines and im{wsitions attributable to the !'mperty which
may attain a priority over this Mortgage, and leasehold payments ur gnnuul n•nts. if any, in the manner pn,~•idf•fl under paragraphs hereof or,
if not paid in such manner. by Borrower making payment, when du+•. dire•r•tly to the paye•f• then•of. Born,wer shall promptly furnish to Ixnder
all notices of amounts due under this paragraph. and in the e~•ent liorn,wer shall make paynu•nt din•ctl}•. Bormwer shall promptly furnish to
L+•nder receipts evidencing such payments. Itornnver shall prornptl>• discharge :u+}• lien which has priurih• aver this Morgage; provided, that
Burrower shall not t,e n•f{uire•fl to discharge any such lien so lung as Borru.eer sh:+ll agrf•f• in writing b, the paynu•nt of theuhligatiur, scc•urcd by
suf•h lien in a manner acceptably to I xndf•r. nr shall in g+,+,fl f:nth contest such lien by. unle•frnd enfurcenn•nt of suf•h lien in, legal pn,f-+•fdings
which operate to prevent the Enforcement of the lien +,r forf+•itun• +.C the 1'nq,erty +,r any p:vt then•+,f.
Hazard (nauranct•. Burn,a•fv shall kfrp thy irnpro~•e-nu•nts no.v existing or hen:+(ter erfr-tfd on the 1'n,{,f•rty insurer! against loss by
fire. hazards includrel within thf• tyrm "extended coverage." and such other hazards as Lender may n•c{uire :u+d in such amounts and fursurh
periods us Ixnder may n•e{uire: pn,vided, th:?t Lender shall nut n•+tuin• th;+t the arnuunt of such fti,verage exceed that amount of cuve•rage
rf•yuired to pay tht• sums se•e•und I,i• this Murtguge-
The insur.?ncr carrier pr+,ciding the insurancf• sb;dl he ch~~.eu 1,.• It~~rn~~err.uh~f•+•t h• approv:d by Lendf•r: provided. the+t xuch apprv,val
shall not t,c• unreasfn+abh• w•ithhf•Id. All {er+•miums on in~uruu-f• twGcicv ~h;dl I,f• paul m the manner pen u!w! under paragraph here•+,f or, if
nut paid in such manner, by IA,rn,wer making p:+enu•nt. ~~ben due. din•ctlc t+. the i?+<uruur f :+rrier
A11 iraur.+nce policies and renew:?Is thereof .hall Iw• in form acceptabef• to Ie•nder:+nd sh:+Il ine•ludr a standard mortgageclausein f:+vorof
and in form acceptable to I.e•ndrr. f.f•nder shall hace thf• right G. hold the policies and renewals then•+,f. and Korn,wer shall pn,mpth• furnish to
+xnder a!1 renewal notices :+nd all receipts of paid pn•miums. In the f•vent +,f bss, li+,. rower sh:fll give pnanpt notice to the insurance carrier
i and !.ender. !xnder may make proof of loss if nut made promptly by Born,wer
~ Unless Ixnder and lie,rn,wyr utherwse• agree in w•nting, insurance pn,creds sh:dl I,e• apphwl to n•stur.+tiun ur repair of the Property
damaged, provided such rf•stordion .,r repair is fronon+ically ff•asib!f• and the sf•+•unt>• of this ~U,rtg:+gy is nut thereby imp:+ired. if such
~ restoration or repair is notee•onomieallc feasihlf•+,r if the security of this ~lortgagy would In•impaired, theinsur.+nce pn,e•ctdsshall I,rapplied
a, the sums secured by this Mortgage. with the excess, rCam•. paid to Born,w•yr. If the I'ro{,f•rty is abandoned by Borrower. ur if Borrower fails to
respond to Ixnder within :pl days from thy dah• nohce is mailed by !xnder to Burrower that the insurance carrier offers to settle a claim for
insurance t,enefits, Lender is authurizfd to coll+•+•t :uu1 apph• the insuram•y pr+,f•w•ds at I.e•nder's option f•ithyr to rrstor.+tiun or repair of the
E Property or the sums secured by this Mortgage.
I Unless Ixnder and Borrower otherwise agnr• in N•riting. any, such :+pph+ :+tlnn of pr+x•f•eds to pnncipal shall nut extend or p,st{,+,ne thedur
~ date of the monthly installments refi•rnd to in pargraphs 1 :md Y!u•re•+,f or ch:u,ge the:onuunt of such installments- If ender paragraph 1K
hereof the Pmperty is acquired by Ixnder, all right, title and inU•rest of Kurrower in and to any, incur:+nre p+dicies and in and to the proceeds
~ thereof resulting from damage to l'rupf•rty prior to the sale, ur :u•gwsition shall p:+ss G, I,e•nder to the extent of the soma secured by this
~ Jturtgage immediately prior to such salt' or acquisition.
t 6. Preservation and Naintrnancrof Property; Lc•usrholds; ('ondominuma; Planned Unit Ilevelopments. Borrowershall keep
the iroperty in g«,d repair and shall nut commit waste +,r pf•rmit impainne•nt or dytf•rioration of the i'n,pf•rty and shall comply with the
pn,visiona of any lease if this Mortgage is on a If>asehold. !C this Mortgage, +s un a unit in a condominium ur a planned unit development,
!turn,wrr shall perform all of liomnver's obligations under the df•f•I:uatiun or covynants cn•aUngor guve•rmng the condominium or planned
unit development, the by-laws and regulations of the condominium +,r pl:+nnw1 unit devrlupmrnt: and constituent dr,cumentg. If a
~•ondominium or planned unit deve•lopme•nt rider ,s exf>f•utfd by liom,wer and n•e•orded together with thin Mortgage, the crrvenants and
:~grf•e•mentsufsurhridf•rshalllff•in+•urpnratfYlinto:rndshall:unf•nd:uulsupplf•mf•ntthf•r•uce•nantsandagr+•f•mentsufthis~turtgageasifthe
ndf>r were a part hereof.
7. Protection of Lender's Security. If Bom,wrr fails to perform the mvenants and agre•ernenta rnntained in this Mortgage, or if any
action or proceeding is commenced which materially affects Lender's interest in the Property, including, but not limited to, eminent domain,
insolvency, rnde enforcement, or arrangements or pmceedinga involving a bankrupt or decedent, then Ixnder at Ixnder's option,upen `
notice to Bormwer may make such appearances, disburse such soma and take such action as is necessary to protect Lender's interest, t
including, but not limited to, disbursement of reasonable attorney's fern and entry upon the Property to make repairs. If Lender required
r mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain
~ such insurance in effect urti) such Nme as the requirement for such insurance terminates in ace-crdance with Borrower's and Ixnder's
written agreement or applicable 1 mow. Bormwer shall pay thf• amount of all mortgage insurancfpremiums in the manner provided under -
paragraph Y hereoL
Any amounts disbursed by Ixnder persuant to thin paragraph with interest thereon, shall become additional indebtedness of
borrower secured by this Mortgage. Unless l3om,wer and Lender agree to other terms of payment, such amounts shall be payable upon
nr~tice from Lender to Bormwer requesting payment thereof, and shall F,rar intrrest from the date of disbursement at the rate payable from
time G, time on outstanding principal under the !Vote unless payment of inlerrst at such r:+te would l,e rnntrary to applicable law, in which
went such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7, shall
require (xnder to incur any expense or take any action hereunder.
d3 RJ~~ Part1i~Y~