HomeMy WebLinkAbout0464
• ti~1 • ;l~:i-
UNIPO~M COVBNAIVTS. Borrowe~ and Lende. covenant and s~ra u follows:
l. ~weN ot rti~clNl a~i WereN. Borrower shall prompQy pay when due the principal of and interat on the
indebtednas evidenced by the Note. Prepayment and late chargec s. provided in ~he Note, and the principal ot and interes~
on any Futut~e Advances securod by this Mongaje.
_. l~~ tot Tu~s aMl l~anece. Subject to applicabk law ~.r ~o a writ~en waiver by Lende~. Borrower shall pay
to Lender oo the day monthly installments ot principal and in~crec~ arc Ewyabk uoder the Note. until the Note is paid in tull,
• tum (herein "Funds'~ eqwl to one-twelfth ot the yea~l~~ uu~. anJ ass~smen~s which may at~ain priority over this
Mortsase. and ~tound renu on the Proper~y. if a~y. plus one-twclf~h ot yearly prcmium installments [or hazard insunnce.
plus oae-twelfth of yeatly prcmium installmems (or mortgage iosunncc, it any, all as rcuonably es~imated initially and trom
time to time by ~e~der on the basis of assessmcnts and hills aod reawnable a~imata thereof.
1Ue Funds shtll be held in an institu~ioo the dep~su~ o~ ~ccounts ot which ate insurcd o~ guaraoteed by s Federal ot
state a~ency (includina Lender if l.eoder is such an institwio~ 1. 1_ender ahall apply the Fu~ds to pay said taxa. assessmentt.
insurance Qremiums and ground rents. 1 ender may not charge to~ so holding and applyiog the Fundc. analyting uid account.
or verifyint sod compling said assessrtxots and Mlls, unlas t.ender pays Borrowe~ intetest on the Funds and applicable law
petmits Lender to make such a charge. Bor~owe~ and Lender may agree in writing at ~he time ot execution ot this
Mo~aae that interest on the Funds shall !~e paid to Borrower. and .u~las such agreement is made or applicable law
requira such interat to be paid. Lender shall not be rcquired to pay Bor~ower any interat or earnings on the Funds. l_ender
shall aive to Horrower, 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 wu made. The Fu~~ds are plodged as additional security fo~ the sums secured
by t1~is Moctaaae.
If the amount of the Funds held by Lender, together with ~he futurc monthly instaltments ot Funds payable prior to
the due dates of taxa. assessmenu. insurance prcmiums a~d ground rents, shall exceed Ihe amount required to p~y uid taxes,
asses~ments, insunnce prcmiums and ground rents at they (all due, such excess shall~ be, at Borrower's option, either
prowptly repaid to Borrower or crodited to Borrower o~ monthly installments of Funds. lf the amount ot ~he Funds
held by L.ender shdl not be suAicieot to pay taxa. assessments, insurance premiums and g~ound rents as they [all due,
Borm~ver shall pay to Lender any amount necasary to make up ~he de6ciency within 30 days from the date notice is mailed
by L.ender to Borrower requzsting payment thereof. ~ ~
Upon ptymeat in full of a11 sums securcd by this Mongage, l.ender shall promptly refund to Borrower any Funds
held by Lender. If u~der paragraph 18 hereof the Property i~ sold or ~he Property ~s otherwise acqwrcd by l.ender, l.ender
shdl spply. no later than immediately prior to the sale of the Property or its acquis~tion by I~nder, any Funds held bv
L.eader at the time of aPplication as a crcdit aga~nst the sums xcurcd by this Mon~age.
3. Appticatio~ ot paymeels. U~less applicable law provides otherwix. all payments received by Lender under the
Note aad paragnphs 1 and 2 hereof shatl be appl~ed by I.enJer first in payment ot amounts payable to Lender by Borrower
under paragrapA 2 hereot, then to interest payable on the Note, thcn to the principal of the Nwe, and then to interest and
principd on any Future Advancu.
1. C6ar~es; Liens. Borrowtr shall pay all saxec, actescmeMs and other charges. ~ints and ~mpositions attributable to
the Property which may attain a priotity over this Mortgagc, and lea,chold payments or grouna rcnts, if any, in the manner
provided under paragraph 2 hereo[ or, if nw paid in such manne~, by Borrower making payment, when due, dircctly to the
psyee theroof_ Borrower shall promptly furn~sh to LenJer all not~ces of amounts duc under this paragraph, and in the event
Bormwer shall make payment directly, Borrower ~hall promptly turnish to Lender receipts evidenc~ng such payments.
8orrower shal! promptly Jischarge any lien which has pnonty uver th~c Mortgage; proviJed, that Borrower shall not be
required to discharge any such lien so long as Borrower shall agree in wnung ti~ thc pa~•ment o( the obligatiun ucurcd by
such lien ~n a manner accep~able to Lende~, or sh~ll in g~x~d (a~th conte.t such lien by, or defend enforcement of such lien in.
legal proceedings which operate to prcvent thc enfurrcmem of thr I~en or tor(e~turc ot the PropertS or any part thereof.
S. Hwrd Inwrance. Borrower shall keep ~he ~mprovemem, no~ e~~cUng ur hereafter erected on the Property insured
against ioss by fire, hazards included withm the term "extended coverage". and such other hazards as I.ender may requ~re
and in such amounts and tor such periods ac Lender may reyuirc; provideJ, that I.ender shall not rcquire that ~he amount o[
such coverage exceed that amount of coverage reqwred to pay the si~mc ucured ~by this Mortaa6e.
"[lrc insurance carrier providing the insurance shall tx chosen by Borrower subject to approval by Lender, provided,
that wch approval shall not be unreasonahly withheld. All premiumc on insurance polic~es shatl be paid in the manner
provided under paragraph 2 hereot or, ~f not paiJ in such manner, b~• Bcxrower mak~ng pafinent, when due, direcdy to the
insunnce carrier.
All insurance ~6aec anJ renew•als thereof- shall be in form acceptablr lo I.ender and shall include a standard mortgage
clause in favor af and m(orm acceptable to Lender_ Lcnder ~hall have the right to holJ ~he policies and reneµals ihereof.
and Borrow-~r shall promptly (urnish eo Lender all renewa! not~ces and all receipts of paid premium~. In the event of loss,
Borrowershrll give prompt nouce to the ~nsurance carner •rnd I.enJer. I.ender may make proof ot loss if not made prompdy
by. Borrower.
Unless Lender and Borrower other.v~x agree in wriling, inwrance`pr~xeeJc shall be applied to restoration or repair ot
tht Propetty damaged, provided iuch reltoration or repa~r is economically feasible and ~he security of th~s Mortgage ~s
not thereby impaired. I( such reuorat~un or repair is ni~t ccunum~cally teasihle or i( ~he ucurity o( Ihis Mortgage would
be impa~red, the msurance pruceeds ~hall be applied to ~he sums xcureJ by this Mortgage. wi~h the excess, if any, paid
to Borrower. If the Property is abandoncd hy Borrower, or il Born.wer f:ul~ to rc~pond ta I_ender within 30 days from the
date notice ~s madeci b}• Lender to Borrower that ~he msurance carner at~en to seltle :, rla~m for insurance t+enefits, I_ender
is authoriud to collect and ~pply the insurance proceeds at LenJcr', uptiun either to restorahon or repa~r of ihz Propen~•
or to the sums secured by this Mortgage.
Unless I_ender and Borrower otherv~ ise agree ~n v-nUng, am such application .,f prcr:eeds to prinapal shall not extend
or postpone ~he duc date of the mimthly in~tallmrn~ti rcfcrrcd ~o in par~g~aph~ I and 2 herco( or change the amount ot
such installmenb. It under paragraph 18 hereaf the Prof,erty ~s acyuued hy Ixndcr, ali nght, title and interest o( Borruwcr
in and tu any~ thsurance policia ~nd in and to thr prcxeeds thereof resuli~ng from damage to the Propeny prior to th~ ~ale
or acqws~tion shall pass to l.ender to the e~-tent of the wmc tiecured by thn ~tortgage ~mmed~ately prior to such sale or
acqwsition.
6. Preservation aod ~lainlenance of Property; I.easeholds; ('ondominiums; Planned Unit De~~ebpmcnfs. Borrowcr
shall Iceep the Property in good tepair and shall not comroit y+~aste ~~r permit impairmen~ or deterioraUOn of the Property
and shall compl~ wi~h thc provisions of any leau i( thn Monbage n un ~ Icasrh~~ld. if this Mortgage is on a unit ~n a
condominium or a planned unit Je~~elopment, Burrower ~h:,ll ~rt~.rm all ot Borrower's obligations under the declarat~on
or covenants creahng or guvGrmng the conduminnim or planncd uml devcl~-pmcnt, the by-laws and regulationt bf the
conJominium or planned unit develo~~ment. .~nd com~iti~ent J~kumem~ If a cunJominium or planned unrt development
nJer is ezecWed by f3orrower and recorded ~~~geiher N~th ~h~. !y~~rtgage, the covenantt and agrecments o( tuch` ndcr
shall be ~nco~porated into anJ shall amend anJ supplrment thc co~rnan~s and abreements ot this Mortgage as ~f the ridcr
were a part tereof.
7. Protection of Lender's Security. If H~~rr~~~er f.nl. n~ ~xrt~.rm the covenantc and agreements comained in this
Mor~gagc, or it any acUon ~~r procccding i. :~~minrncc.f uhicn ma~~nall~ .~tirctti LcnJer'c inlcrc.l in thc Pmpcr~~•.
mcludmg. but n~H lim~~ed to. cminem domain. in~~~l~en~~. ~~Kie enti~rcemcnt. „r :~rr:~nRemenl~ or pnxeedings ~m~uh~ing a
bankrupl or deceden~, then l.~nder at I ender'. ~-p~~on, uExm nn~ice ~o Borruwrr. ma~ meke such appearances, di~hune such
sumc and lake sueh acliun a~ is nece«ar}• Iu pmtec~ Lender'c mtere~t. mclnding. biU not limi~ed to, dicbursement of
reaxmable anomey's fceti anJ en~ry u~x~n thc Prc.pcr~} t„ mal.c rc~.,~r~ If Lcnder rcyuired mortgage incuranre at a
cundilion uf makmg Ihc toan .ccureJ h} thn ~1~~r~ge~,c. B~~rrr.wer sh ~II pe~• ~hr prcmnnm rcqu~reJ to maiutam such
insurance in etlect untd ,uch t~me as the nyuirrmen~ t„r ,u~h m;uran;c termin:~te~ in :~ccordan~e H~th Bormwer'~ and
_ ~.~~~ 346 Pa~E 46?
~
_ ±~ T _
. ~ ~~~~-+.°a'.a'f.=? _. _ ~ . .
~,~
=' ~ ~. .~ ~ _v