HomeMy WebLinkAbout2569-~ ~; ..:~, i t
•~ ~, ~
.; y • '.- L
. ~.:
UNtt~oaat WVlNAN». Borrower and Lender covenant and agree as follows:
1. hyoent of IhMefpal tttatt Interest. Borrower shall promptl)• pay when due the principal of and interest on the
indebtedness evidenced by the Note. Prepayment and late charges ac provided in the Note, and the principal of and interest
an any Fwurc Advances secured by this Mortgage.
2. lt4~tis tote Tess antl Ittwrsrtce. Subject to applicable law or to a written waiver by Lender. Borrower shall pay
to Lender on the day monthly installments of principal and interest err payable under the Note. until the Note is paid in full.
a sttun (Itercin "Funds") equal to one-twelfth of the year)}~ taxc~. and assessments which may attain priority over this
Mortgage. and grottnd rcnu on the Property. it any, plus otte•twelfth of yearly premium installments for hazard insurance,
plus otte-twelfth of yearly premium installments for mongage insurance, it any, all as reasonably estimated initially and from
time to time by Lender on the basis of assessments and hills and reasonable estimates thereof.
'I1te Funds shall be held in an institution the deposits or accounts of which arc insured or guaranteed by a Federal of
state agency (including Lender i[ Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments.
insurance premiums and ground rents. lender may not charge for so holding and applying the Funds. analyzing said account.
or verifying and rnmpiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
permits Lender to make such a charge. Harrower 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 agreement is made 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 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 was made. The Funds are pledged as additional security for the sums secured
by this Mortgage.
If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to
the due dates of taxes. assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes.
asse:stnents, 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 on monthly installments of Funds. If the amount of the Funds
held by Leader shall not be suflicieat to pay taxes, assessments, insurance premiums and ground rents as they fall due,
Borrower shall pay to Lender any amount nocessary to make up the deficiency within 30 days from the date notice is mailed
by Lender to Borrower requesting payment thereof.
Upon payment in full of all sums secured by this Mortgage, lender shall promptly refund to Borrower any Funds
held by Lender. If under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender, lender
shall apply. no later than imrnodiately prior to the sale of the Property or its acquisition by Lender, any Funds held by
Lender at the time of application as a credit against the sums secured by this Mortgage.
3. Application of Payments. 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 heroof, then to interest payable on the Note, then to the principal of the Note. and then to interest and
principal on any Future Advances.
1. Charges; Liens. 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 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 furnish to Lender all notices of amounts due under this paragraph, and in 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 trot be
required to discharge any such lien so long :u Borrower shall agree in writing to the payment of the obligation secured by
such lien in a manner acceptable to Lender, or shall m good faith contest such lien hy, or defend enforcement of such lien in,
kgal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
S. Hazard Instrranee. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
against loss by fire, hazards included within the term "extended coverage". and such other hazards as Lender may require
and m such amounts and for such periods as Lender may require: provided, that tender shall not require that the amount of
such coverage exceed that amount of coverage required to pay the Sums secured ~by this Mortgage.
The 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
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 otherw~x agree in writing, imurance proceeds shall be applied to restoration or repair of
the Property damaged, provided such restoration or repair is economically feasible and the security of Slits Mortgage is
not thereby impaired. It such restoration or repair is nat economically (easihlr 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 an}•, paid
to Borrower. If the Property is abandoned by Borrower, or it Borrower fails to respond to lender within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier otters to settle a claim for insurance benefits, IRnder
is authorized to collect and apply the imurance proceeds at Lender's option either to restoration or repair of the Properts•
or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree m writing, any such applicaaion of proceeds to principal shall not extend
or postpone the due date of the monthN• installments referred to in paragraph. 1 and 2 hereof or change the amount of
such installments. If under paragraph 18 hereof the ProFerty is acyutred by Lender, all right, title and interest of Borrower
in and to any Rtsurance policies and in and to SFr 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 b}• this Mortgage immediately prior to such sale or
acquisition.
6. Presenation and Maintenance of Propert~•; Leaseholds: Condominiums; Planned Uuit Derebpments. B~rrowcr
shall keep the Property in good repair and shall not comrpit y~•aste or permit impairment or deterioration of the Property
and shall compl} with the provisions of any lease tf Slits Mortgage is on a leasehold. If this Mortgage is on a trait 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 umt development, the by-laws and regulations of the
condominium or planned unit develoi~ment, and constituent documents. If a condominium or planned unit development
rider is executed by Borrower and rernrded together whh thn Mortgage, the covenants and agreements 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 Fereof.
7. Protection of Lender's Securlfy. If B~.rrllNCr fails t~~ perform the covenants and agreements contained in this
Mortgage, or if any action or prcxeedmg is cummrncrd which materially affects Lender'. interest in the Property.
including. but niH limited to. rmtnent domain. ins~.lvenc}, cixlc enforcement. r.r arrangements or proxeedings tnvoh~mg a
bankrupt or decedent. then Lender at 1 endrr's option, upon notice to Borrower. ma} make such appearances, disburse such
sums and take such action as is ncccssar} tc~ protect Lcndcr's mtcresl. including. but not limited to, dtsbursrment of
reasonable auomey's fret and entry up~m the Property to make repnirs. 1( Lender required mortgage insurance as a
condition of making the loan secured h} Slits M~-rtgage. Borrower sh ill pay the premiums require) to maiutam such
insurance in rlftct until such time as the requirement for such in~uran;e trrm-nates in accordance with Borr~•wcr's and
8 1i _~4 P«Gf~.~i5~