HomeMy WebLinkAbout0639. ~ + ~
`-~- '~ t
{ j iL `.. .~.
UNIlORN COYlNANTS. Bomower and Leader covenant and asra u tollows:
~. tqweN o~ hM~e1N1 aN I~terest. Borrower shall promptl~ pay when due the principal ot and iotercst on the
indebtednas avidenced by the Not0. pnpayment snd late charga ac provided in the Note, and the principal of and interest
on any Future Advances secured by this Mortqge.
2. Pwi tor Tua a~i l~wra~ce. Subject to applicabk law ar to a written waiver by l.eode~. HorTOMrc~ sha~~ WY
to Lender on Ihe dsy monthly installments of principal and intc~cct ~rc ~yaMe unde~ the Nott. until the Note is paid in tull.
a stnn (herein "Funds'ry oqual to one-twelfth of 1he yea~ly ta~-~~ and assasments which ms~- attain priority over this
Mori~ase. and ~round rents on the Pt+operty. if a~y, plus one-twelfth of yea~ly premium itutallments (or huard insunnce:
plus oae-twellth of yeuly prcmium installmen~s tor mottgage insurancc. if any, all u reuonably estimated initially and from
dme to time by Le~ckr on the basis ot assessincros and hills and rcasonabk atimata ~hereof.
The Funds shall be held in ao institution the depos~u or accouMS of which arc inst~rcd o~ guannteed by a Federal ot
state a~ency (including Lender if Lender is such an institution). I.ender shall apply the Funds to pay said uxa. assesxments.
insuranoe premiums and ~ound rcnts. l.ender may na1 charge tor so holding and applying the Fnnds. analyzing said account,
or verityins and compiling uid assessments and Mlls, unleu ~ender pays Borrower ioterest on the Funds aod applicable law
permits Lender to make such a charge. Borrowe~ a~d Lender may agree in writing at the time ot execution ot this
Mo~age tbat intercst on the Funds sAall be paid to Borrowe~. and unless such agrcement is made o~ applicable law
requires such interat to be paid. Lender shall not be rcquired to pay Borrowe~ any ioterat or carni~gs on the Funds. Lender
shall aive to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpo~e for which earh debit to the Funds wu made. The Funds arc pledged as addi~ional security for ~he sums secured
by this Mort=aat.
If the amount ot the Funds held by Lender, together with ~he future mon~hly installments of Funds payable prior to
the due data of taxa. uussments. insutanct prcmiums and ground rcots, shall exceed the amount requircd ~o pay said taxes.
ssswments. insurance premiums and ground rents u they fall due, such ezcess shall be. at Borrower s op~ian, either
pranpqy repaid to Botmwer or creditod to Bormwer on monthly installments of Funds. If the amount of the Funds
6eld by I.ender shdl not be sulficient to pay taues. asxssments, insurance premiums and ground renu u they fall due,
Bortower shall pay to L.ender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Leader to Borrower requating payment thereof.
Upoa payment in full of all sums xcured by this Mongage, t.ender shall promptly retund to Borrower any Funds
held by Lender. It under paragraph 18 herco[ the Propeny ia sold or the Propeny is othervvise acquircd by Lender, Lender
sbdl apply, no later than immediately prior to the sale of the Propeny or its acquisition by Lender. any Funds held bv
L.eader at the time of application u a crcdit against the sums secured by this Mortgage_
3. Applic~tioe of P~meats. Unless applicable law provides otherwix, all payments received by Lender under the
Note aod pangraphs 1 and 2 hereof shall be apPlied by 1_ender 6rst in payment ot amounts payable to Lender by Borrower
under puagraph 2 hereof, then to interest payable on the Note, ~hen to the principal of the NMe. and then to intercst and
principal on any Futun Advances.
4. C6arees; Utas. Borrower shall pay all taxes, aueumcnts and athcr cfiarges, fines and impositions attributable to
the Propetty which mar attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner
provided under paragraph 2 hereof or, i[ not paid in such manner, by Borrower making payment, when due, directly to the
payx thereof. Bortower shall promptly [urnish to Lencier all notica of amounts due under this paragraph. and in the event
Borrower shall make payment directly. Borrower shall prompUy fumish to Lender receipts evidencing such payments_
Borrower shill ptomptly dixharge any lien which has prionty over th~s Mortgage; provided, that Borrower shall not be
required to discharge any such lien so long as Borrower shall agree in vrrn~ng tc- the payment ot the obligation xcurcd by
such lien in a manner accePtable to Lender, or shatl in good taieh contest such lien by, or Jefend enforcement of such lien in,
legal proceedings which operate to prevent the enforcement of the I~en or forfe~mre of the Property or any psrt thereot.
S. Hazud I~urawce. Bocrower shall keep the improvements now• existing ur herea(ter erec~ed on the Property insured
against loss by firc, hazards included withm the term "extended coverage", and such other hazards u Lender may requirt
wd in such amounts and for such periods as Lender may reyuire; provided, that LenJer shall not reyuirc that the amount of
such coverage exceed that amount of coverage tequired to pay the sums secured ~by this MortEa6e.
71~e insuranc~ carrier providing the insurance shall be chosen by Borrower subject to apQtoval by-Lendtr, provided,
that such approval shall not be unieasonably withheld. All premiums on insurance poliaes shall be paid in the manner
ptovided 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 renew•als therrof shall be in form accept:~ble to Lender and shall include a standard morigage
clause in favor of and in form acceptable to Lender. Lender chall have the right to hold ~he policia and renewals thereof,
and Borrower shall promptly furmsh to Lender all renewat nouces and all receipts of paid prcmi~mt. In the event of loss.
Bortower shall grve prompt notice to ~he insurance carner and l.ender. Ltmier may make proof of loss if not madt promptly
by Borrower.
Unless Lender and Borrower othervv~se agree in writ~ng, insurance proceeJs shall be applied to restoration or repair of
the Property damaged, proviJed such restoral~on or repair is economically feasible and the security of this Mortgage is
not thereby impaired. It such restoration or repair is not economically (easible or if the securi~y ot this Mortgage would
be impaired. the ins4rance procceds shall be applied to the sums secureJ by this Mortgage. vvilh the excess, if any, paid
to Borrower. If the Proper~y is abandoned by Borrower, or it Borrower fails to respond to Lender within 30 days from the
date notice is maded by Lender to Borrower that ~he insurance carrier offers to settle a claim for insurance benefits, l.ender
is authorized to collect and apply the insurance Proceeds at Lender'~ option either to restoration or repaer of the Propem•
or to t6e sums secured by this Mortgage.
Unless Lender and Borrower otherv-ise agree ~n writing, an}~ such application of proceeds to pnncipa) shall not extend
or postpone the due date of the monthly installmcnts rcferred to in paragraph~ 1 and 2 hereof or change the amount of
such installments. If under patagraph 18 heteof the ProE.erty i~ acywreci b~ Lender, ali nght, tiUe and interest of Borrower
in and to any h-su~ance policies and in and to the proceeds thereof resul~~ng from damage to the Property prior to th~ aale
or acquisition shall Pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition:
6. Prexrvalion and ;~laintenance of Propert}~: t.easeholds; ('ondominiums; Planoed Uait Derebpments. Borrower
shall kcep the Property in good repair and shall not comtpit y~aste or permit impairment or deterioration of the Ptoperty
and sha11 comply- with the ptovisions of any lease if this Martgage ~s on a leaschold. I[ this Mortgage is on a unit in a
condomimum or a planned unit devclopment, Borrow•er sball pcrform all of Bormwer's obLgations under the declaratiun
or coveoants creat~ng or governing the condam~nium or plan~ed unit development, the by-laws and rcgulations of the
candominium or planned unit develo~,ment. and cons~ituent Ja:umenr~. I( a condominium or planned unit Jevelopment
rider ~s eaecuted by Borrower and recorded together w~th th~c Mortgage, the covenants and agreements of such rider
shall be ~ncorporated mto and shall amend anJ supplement the covenants and agreements of this Mortgage as if the riJer
were a part F~ereof. .
7. Protection of I.e~der's Secu~Sty. If Rorrower fa~lc t~~ per(~~rm the covenams anJ agreements contained in this
Mortgage, or i( any actux~ ur proceeding i~ cummenced ~hich mat~rially .~fircit 1_ender's interest in the Property.
includmg, but not limited ~o. em~nent domam. in~~lvcncy. axic cn(~.rcemrnt. ~r a~rangemcnts or proceedings ~nvoh~mg a
bankrupt or decedent. then 1_ender at I.enJer'~ option, upem nouce to Borrower, ma~ make such appearances, d~sburse such
sums and ~ake such action a~ ~s nececsar~~ ~~~ pr~tec~ Lender'c interest. ~ncluJing. but not IimiteJ to, d~sbursement of
reasonable auorne~'s fces and en~ry u~xm thc Pmpen}• to makc rcpair~. If Lcndcr reyuired mortgage inwrance as a
cundUwn ot makmg the loan secureJ b} this Mortgage. Bi.rrr.wcr sh.~ll pa~• Ihr premiums requireJ lo maintain such
iruurance in etTect until siich time as the n:yuircment f~r ,uch msuran,e termin•rtes in accordance w~th Borr~~wer's and
g~3~5 P~E 637