HomeMy WebLinkAbout0621:•t'~ . l~• ~
~~s: ~ t ~~~
UNIrWIM COYlNAN7's. Bomnvre~ and l.ender coveoant and sjrce u foilows:
1. ~ of hi~elMl a~ l~tere~t. 8ormwer shail promp~l~ pay when due the principal of and intercst on the
indtbtednat evidenad by the Note, Prepayme~t and latc chargcc ac p~ovided in the Note. and the principal of and intercst
oe any Future Advances securod by this Mott~ase.
2. ihNds tor Ta:a Mi I~we~c4. Subject to applicahk law ~~r to a written waiver by l.ender, Borrower shall pay
to L.ender on the day monlhly instaliments of principal and in~ercc~ arc paysble uoder the Note. uotil the Note is paid in full.
s suen (hereia "Fundt'7 equal to onctwelfth of the yearl~~ ta~-c. anJ asxssments which may attain priority over this
Mwtsaje. and around rena on the Property. if any, Flus one-twel(~h of yearly prcmium installments fo~ huard insurance.
plus ouo-twelfth of ytarly prcmium installments tor mortgage insura~cc, if any, all as reuonably estimated initially and from
time to time by Lender on tl~e buis ot assessmcnts and hills and rea~onable atimata theteof.
The Funds shall be held in an institution the depociu or accounts of ~rhich arc insurcd or gw~anteed by a Federal or
state agency (i~cludina Lender if Lender is such an institution). I.ender ahall apply the Funds to pay said uxa. assessmenls.
insurance premiums and ground tents. I.ender may na~ charge for so holding and applying the Funds. analyzing caid actount,
or verifyint and compiling said assessments and bills, unless Lender pays Borrowe~ interest on the Funds and applicable law
permits Le~der to make such a charge. Barrower and Lender may agrce in writing at the time ot execution ot this
Mortgaae that interat on the Funds shall be paid to Borrower, and unlas such agreeme~t is made or applicable law
requira sucA intercst to be paid. Lender shall not be rcquired to pay Borrower aoy interat or earnings oo the Funds. Lender
shall ~ive 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 Fm~ds are pledged u additional security for ~he sums secured
by this Mortga~e.
If the amount of the Fuads held by Lender, togethe~ with the future mo~thly installments of Funds payabk prior to
t6e due dates of taxa, assessmeots. insurance prcmiums a~d ground rc~ts, shall exceed the amount requircd to pay said taxa.
assessments. insura~oe premiums and ground rcnts u they fall due, such exccss shall be. at Borrower s option, either
pranptly repaid to Borrower or crodited to Borrower on monthly installments of Funds. If the amount o( the Funds
held by Lender shall not be wt6cieat to pay taxa, a~sessments, insurance ptemiums and ground renu as they fall due.
Borro~ver shall pay to Lender any amount nocessary to make up ~he deficiency within 30 days trom the date notice is mailed
by Leoder to Borrower requesting payment thereof.
Upon paymeat ia full of all surtu ~cured by this Mortgage, l.ender shall promptly retund to Borrower any Fu~ds
held by Lender. If under paragraph 18 hereoi the Property ia sold or the Property ~s othervvise acquired by Lender, Lender
s6dl apply. no later Wan immodiately prior Io the sale of the Property or its acquisition by l.ender. any Funds held bv
Lender at the time of application u a credit against the sums secured by this Mortgage.
3. Applicatioa ot P~me^ts. Unl~ss applicable law provides o~hervvise, all payments received by Lender under the
Note aad paragraphs 1 and 2 hereof shall be applied by l.ender first in paymeot ot amou~ts payable to Lender by Borrower
ut~der paragraph 2 heroof. then to interest payabk on the Note, then to the principal of the Note. and then to interest and
principal on any Future Advances.
~. C6ar~es; Lie~. Bonower shall pay all taxes. as~estmcnts and other charges, fines and impositions at~ributable to
the Property which may attain a priority over this Mortgage, and leasehold payments or ground rcnts, if any, in the manner
provided under paragraph 2 hereo[ or, if not paid in such manner, by Borrower making payme~t, whtn due, directly to the
payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph. and in the event
Bormwer shall make payment directly, Borrower shall promptly fum~sh to Lender reeeipts evidencing sueh payments_
Borrower shall promptly discharge any lien which has priority over thic Mortgage; provided, that Borrower shall not be
required to discharge any such lien so long as Borrower shall agree in v-~nt~ng to ~he payment of the obl~gatiun secured by
such I~en in a manner acceptable Io Lender, or shall in good faith contec~ such lien by, or defend enforcement of such lien in,
legal proceedings which operate to prevent the e~forcement o( the lien or forfe~ture af the Property or aoy pan thereof.
S. Hazard Insuraact. Borrower shall keep the improvements noa etisting or herea(ter erected on the Property insurod
against lo~.s by 6re, hazards included withm the term "extended coverage", and such othcr hazards u Lender may require
wd in such amountc anJ for such periods as Lender may require; provided, that Lender shall not requirc that the amount o[
such coverage exceed Ihat amount of coverage required to pay the sums secured ~by this Mort6age.
'I~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
that such approval shall not be unrcasonably withheld. All premium~ on insurarx:e polic~es shatl be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower makmg payment, when due, directly to the
insurance carrier.
All insurance policies and renewals therrof shall be in form accep~able to Lender and shall include a stand3rd mortgage
clause in favor of and in form acceptable to Lender. t_ender ~hall have the right to hold the policia and renewals thereof.
and Borrower shall promptly furmsh to Lender all renewal notices and all receipts of paid prcmiums. In the event of loss,
Borrower shall grve prompt notice to the ~nsurance carner and LenJer. Lender ma}• make proof of loss if not made promptly
by Borrower.
Unless Leneier and Bonower o~herw~~.c agree in wnUng, insurance procceds shall be applied to restoration or repair of
the Property damaged, prov~ded such restorat~on or repair is economically (euible and the security of th~s Mortgage is
not thereby impaircd. It such resturation or repair is not economicaUy (easibte or it the security of this Mortgage would
be impaired, the insurance proceeJs shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
to Borrower. If the Property ~x abandoned by Borrower, or it Borrower fails to respond to Lender within 30 days from Ihe
date notice is maded by I_ender to Borrower ~hat the ~nsurance carrier otTers to settle a claim for insurance benefits, Ixnder
is aW6orized to collect and apply the insurance proceeds at Lendcr's option e~the~ to restoration or repa~r of the Propern
or to the sums secured by this Nortgage.
Unless Lender and Borrower otherv-ise agree m writing. any such application of proceeds to pnncipal shall not ea~end
or postpone the due date of the monthly i~stallmenlc referred to in paragraphti 1 and 2 hereof or change the amount of
such installments. If under paragraph 18 hereof thc Property is acy~aired b} Lendcr, aU nght, tiUe and interat of Borrower
in aad to any ihsurance policia and in and to th~ proceeds thereof resultmg from damage to the Propeny prior to th~ sale
or acquisition shall pass to l.ender to the extent of the ~ums secured by this Mortgage immediately prior to such sale or
acquisition.
6. Presen•alion aod ~1ainten~nce of Properiy; Leasehulds: Condominiums; Planned Uait Devebpments. Borrow•er
shall kcep the Propeny in good repair and shall not comroit yvastc or permit impairment or deteriotation of the Property
and shall comply with the provis~ons of any lease ~( thu Mortgage n on a leaschuld_ If this Mortgage is on a unit in a
condominium or a planned umt devclopment, Borrow•er shall ~+erfo~m all of Borrower's obl~gations under the declarat~on
or covenants creahng or govermng 1he condomimum or planned ~mh development, the by-laws and tegulations of tht
conJominium or planoed unit development, and constiwem J~umen~~. If a condominium or planned unit Jevelopment
r~der ~s execwed by Borrower and rernrded ~ogethe~ with ~hn Mortgage, the covenants and agreements of such nder
shall be incorporated into and shall nmend anJ supplement the co~enants and agreements of th~s Mortgage as if Ihe riJer
were a part t~ereof.
7. Protection ot Lender's 5ecurfty. If Borrower fa~l~ a, per(~~rm the covenan~s anJ agreements rontained in this
Mortgage, or if any action ~~r proceeding i~ cummenced v-hich mrterially alTcc~s Lender's interest in the Pmperty.
~nclud~ng, but nut lim~ted to. emment domam. m~~.h~ency. c~xie enf~~rcement. ~,r-~rrangements or pr.ueedings mvol~~~ng a
bankrupt or decedent. then l.ender at I.ender'~ oplion, upon natice to Borrower. ma~ make such appearances, Jisburse such
sums and taKe such actiem ati ~s necec~ar~~ t~- pro~ect Lender s mterest, incluJmg. but not lim~ted to. J~sbursement o(
reasonable auorney's tce~ and en~ry uFxm ~hc Propcr~y to make repairs. 1f I.rnder reyuircJ mortgage in~urance as a
condihon o( makmg the loan secureJ b~• th~s ~fongagr, B~•rrr.wer sh.~l) pa)~ the premiums requireJ to maintam such
insurance in eBect until tiuch time as the reyuiremen~ for ~uch m,uran;c termmatr~ in accordanee wilh Borrow•er's anJ
- . ~ 8~345 P,~ si9
~
E
~.~_ ~ ~
~~~~~ ~.-~ ~. .._~ .~ _-- -~ - .~5~ ~'~