HomeMy WebLinkAbout06331 . , M ~ ~ . .
• ~~! ~, \~'•~S ~
Untro~ut Covat+aHts. Bo~rower a~d Leade~ cove~ant and a`ree u follows:
l. ~we~t ot hY~e1N1 a~i 1Ne~at. 8orrower shall promptl~• pay when due the principal of and interest on thc
iadebtednat evidenoed by the Note, prepayment aod late charge~ ac p~ovided in the Note, aod the principal of and interest
on aay Future Advances secured by this Mortga~e. .
_. lh~~i [or TazM a~i Iown~ce. Subject to applicahk law ~~r to a written waiver by [.eoder. Borrowe~ shall pay
to Lender on the day monthly installments of principal and intcre~~ rrr ~yable under the Note, until the Note is paid in tull.
a sum (he~+ei~ •'Fund:'~ eqwl to or~e-twelfth of the yea~l~~ ~axc. and usasmen~s which miy attain priority over this
1Nortsaje. and ~mund cr,~fs on the Property. it any. F+lus one-~welf~h of yearly prcmium installmeets for huard insurance.
plus wn-twel[th of yearly prcmium inuallments tor mongage insunncc, if any, atl u rcuonably estimated initially and trom
time to time by Le~der on the basis of assescmcnts and hills a~d reasonable estimata thercof.
The Funds shall be held in an institution the deposiu o~ accounts of which arc insured or guaranteed by a Fedenl ot
state agency (including Ler~de~ if Lcnder is such an inslitutionl. I.ender shall apply Ihe Funds to pay said uxa. assessments,
insuranoe premiums and gnwnd rcnts. I.ender may nat charge tor u+ holding and applying ~he F~mdc. analyzing said account.
or verityin~ s~d rnmpiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
permits Lender to malce such a charge, Borrower and Lender may agree in writing at ~he time of execution ot this
Mort~age that interat on the Funds shall be paid to Borrower, and unless such agrcement is made or applicable law
requires such inttrcst to be paid. l.ender shall no~ be required to pay Borrower any interat or earnings on the Funds. Lender
shaU ~ive to Honower. without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpose [or wAich each debit to the Funds was made. The Funds arc plodged u additional xcu~ity for ~he sums secured
by this Mortjaae.
If the amount ot the Fut~dt held by Lender, togeiher with ~he future monthly installments of Funds payable prior to
the due data of taxes. assessments. imurance premiums and g~ound rcnts, shall exceed the amount required to pay said taxa.
ass~aents. insurance premiums and ground rents u they tall due, such ezcess shall be, at Borrower's option, either
promptly repaid to Borrower or credited to Borrower on mon~hly installments of Funds. lf the amount of the Funds
tidd by Lender shall not be wificieat to pay taxes, asstssments, insurance prcmiums and ground renu as they fall due.
Bort~ower sAall pay to Lender any amount necassary to make up the de6ciency within 30 days trom ~he date notice is mailed
by Lender to Horrower requesting payment theroof. -
Upoa paymeat ia full of all sutns securcd by this Mor~gage, l_ender shall promptly re[und to Borrower any Funds
held by Lender. If under pusgraph 18 hercof the PropeRy i~ sc~ld or the Property is otherwise acquired by Lender, Lender
ahall apply, no later than immediately prior to the sale of the Propeny or its acquisition by Lender. any Funds held bv
I.eader at the time ot applicatiors u a credit against the sums securcd by this Mongage.
3. Appiicatio~ of Pa~eats. Unless applicable law provides otherwix, all payments received by Lender under the
Note aad pangnphs 1 and 2 hereof shall be applied by I_ender first in payment of amounts payable to Lender by Borrower
under parsgraph 2 hereof, then to inierest payable on the Note, then to the principal of the Note, and then to interest and
principd on any Future Advances.
1. CbarEcs; Lieas. Borrower shall pay all taxec, assessments and other charges. 6nes and impositions attributable to
t6e Property which may attain a priority over this Mortgage, and leauhold payments or ground rents, if any, in ihe manaer
provided under paragtaph 2 hercof or. if not paid in such manner, by Borrower making payment, when due, diroctly to the
payoe thereof. Botrower shall promp~iy 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 I.ender ~eceipts evidencing such payments.
Borrower shall promplly dischargr any lien which has priority over thic Mortgage: provicied, that Borrower shall not be
rcquircd to discharge any such lien so long as Borrower shall agree in vrnt~ng ti. ~he payment ot the obligation secured by
such lien in a manne~ acceptable ~o Lender, or shall m good laith conlect such lien by, or defend enforcement of such lien in.
legal proceedings which operate to prevent the enfurcement of the I~en or forteiture of the Property or any part ihereof.
S. Hazard Insnrawce. Borrower shall keep the improvements now eiisting ur hereatter erected on the Propeny insured
against loss by firc, hazards incluJed within the term "extendeJ coverage", and such other hazards as Lender may require
and in such amounts and tor such periods as Lender may require; provided, that Lender shall not requirc that the amount of
such coverage exceed that amount of coverage required to pay the sums secured by ~his Mortaaae.
'il~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
that such approval shall not be unrcasonahly withheld. All premiums on insurance policies shall be paid in the manner
provided under pa~agraph 2 hereo( or, if not paid in such manner, by Borrower mak~ng payment, when due, dircctly to the
iowrance curier.
Atl insurance policies anJ renewals thereof shall be in form accep~able to Lender and shall include a standard mongage
clauu in favor of and in form acceptable to Lender. Lender shall ha~e the right to hold the policies and renewals thereof.
and Borrower shall promptly futn~sh to Lender all renewa! notices and all receipts of paid prcmiums_ In the event of loss.
Borrower shall grve prompt natice to the insu~ance carrier and l.ender. Lender may make proc~f o[ loss if not made promptly
by Borrower.
Unless Lenekr and Borrower otherw~se agree in writing, insurance proceeds shall be applied to restoration or repair of
the Property damaged. proviJed such restora~ion or repa~~ is economically feasible and the security of this Mortgage is
not thercbf impaired. If such restoration or repair is no~ rconomically (easible or i( ~he securiry of this Mongage would
be impaired. the insurance proceeds shall be applied to the sums secureJ by this Mongage, with the excess, if any. paid
to Borrower. If the Property is abandoned by Borrower, or il Borrower fails to respond to Lender within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier ofiers to settle a claim for insurance bene6ts, Lender
is aut6oriud to colltct and apply the insurance proceeds at Lender's option e~ther to restora~ion or repaer of the Pmperty
o~ to the sums secured by this Mortgage.
Unless Lender and Borrower otherv-ise agree in wnting, any such applica~ion uf prcxeeds to principal shall not extend
or postpone the dae date of the monthly installmentc referred to in paragraph~ t and 2 hereof or change the amount of
sucb installme4ls. If under paragraph 18 hereof the ProE.erty ~s acyu~red b} Lender, ali nght, title and interest of Borrower
in and to any insurance policies and in and to thr proceeds thereof ~esul~~r.g from damage to the Property prior to th~ sale
or acquisition shall pass to Lender to the eatem ot the sums secured by this rtortgage immediately prior to such sale or
acquisition.
6. Preservatioa and 1laiotenance of Propert~•; l,easehulds: Condominiums; Planned Unit Developments. Borrow~cr
shall keep the Property in good repair and shall not comroit y-aste or permit impairment or deterioration of the Property
aod shall comply with the ptovisions of any lease if th~s 14iortgagc n vn a leaschold. !f this Mortgage is on a unit in a
condominium or a planned unrt development. Borrower shall per(orm all ot Borrower's obligations under the declaratwn
ur covenants creatmg or governmg ~he condominium or planned unit develupment, the by-laws and regulations of the
conJominium or planned unit development, and constituent d~xument~ I( a conJominium or planned ~mi~ development
rider ~s eaecuted by Borrower and recorded together wi~h thi~ Mortgage, the covenants and agreemeots ot such rider
shall be incorporated into and shall amend and supplement the co~enants and agreements of this Mortgage as if the rider
were a part tereof.
7. Protection ot I.eade~s Securfty. It Borr~.wer fa~l. tn pert~~rm Ihe covenants anJ agreements contained in this
Mortgage, or if any action ~~r proceedmg iti rummenccil Nhich ma~erially aBrcts I.ender's mterest in the Propeny.
includmg, but no~ limited to. cmincnt doma~n. ~na.lvcnc~, axlc cn(i~rccmcnt, or -rrranFcmrnK c-r proccedings invol~mg a
bankrup~ or decedent. then I.ender at I.ender'~ opt~on, u~xm notice to Borrower, ma~ make such appearances, Jishurse such
sums and take such ac~ion•a~ ~s necetitary tu prolect Lender's imeres~. ~wcluJing. bat not lim~ted to, dabursement of
reasonable attomey's tces and eniry uM~n ~hc Propen}~ to make rcpair~. 1( I.cndcr rcyuireJ mor~gage incurance as a
condAion o( making thc loan ~ecereJ by this Mortgagc. B~~rn:wcr sh.dl pa~~ thr prcmiums rcquireJ lo mai~~la~n such
insurance in etTect unul such t~me as ~he reyoiremem f~r wch m;ur•rn;c ~erminate~ m aecordanee w~ith Born~v-•cr's anJ
' s ~ ~345 P~ ~3i