HomeMy WebLinkAbout0827UN~FORt-t CovEH~tvTS. Borrower and l.ende~ cavenant and agrce as follows:
1. Payment of P~inclpal snd lalerest. Borruvver shall promptly pay when duc the priocipal of and interest on the
indebtedness cvidenced by the Notc, prepayment and late charges as pravided in the Note, and Ihe principal of and intercst
on any Future Advaocec ucured by this Mor~gage.
2. Runds for Tazes and Inauraace. Subject to applicable law or to a writlen waive~ by I_ender, Borrower shall pay
to l.cnder on the day monthly ins~allments of principal and intere~~ are payable under the Note, until thc Note is paid in tull,
a sum (hercin "Funds") equal ta one-twelfth ot the yearly taxec and assessments which may attai~ priority over this
Mortgage, and ground rents on thc Property, if any, plus one-twcltth of yearly premium installments tor hazard insurance,
plus one-tvvelfth of yea~ly premium installme~ts (or mor~gage insurance, if any, all as reaso~ably estimated initially and trom
time to time by t.ender on the basic of assessmentS and bills anJ reasonable estimates thereof.
'Ihe Funds shall he held in an institution the deposits ar accoun~s of which are insured or guaranteed by a Federal ~r
state agency (including Lender if l.ender is such an insti~u~ionl. I.ender shall apply the Funds to pay said taxes, assessments,
insurance premiums and ground rents. I.ender ma}• nut charge for ~o holding and applying the Funds, analyting said account,
or verifying and compiling said assessments and bills, unless Lender p:+y~ Borrowe~ interest on the FunJs and applicahle law
pe~mits I_endrr to make such a charge. Borrower a~d l.ender may agree in writing at ~he time ot execution of this
Mortgage that interest on Ihe Funds shall be paid to Borrower, and unless wch ag~eement is made or applicahle law
reyuires such ~nterest lo he paid, Lender shall not he required to pay Borrower any interest or earnin~ on the Funds. 1_ender
~hall give to Borrower, without cha~ge, an annual accounting of ~he (~unJ~ showing credits anJ debits ta the Funds and the
purpose for which each Jebi~ t~~ the F~unds ~~~a~ made. The Funds are pledged a~ sdditional securit}~ (or the sums secured
by this !1lortgage.
If the amount of the Funds held by LenJer; t~~gether with the future monthly inctallments of Funds pay~~blc pnor to
thc due dates of Ia~ces, as.essments, insurance premiums and ground rent~, shall ercced the amount reyuired to pay said ta?ca,
assessmentc, ~nsuranre premium~ and ground rentc as they fall due, such e+ccecs chall be, at B~~rrower's option, eithe~
promplly rcpaid to Borrower or credued to Bnrrower on moMhly imtallmrnts o( Funds. !f the amoum of the Funds
htld hy Lcndrr ~hall not be suflicient to pay taxes, assessments. ia~ur~ncc premiumc anJ ground rents as they fall due,
Borrower shall pay to l.ende~ an~~ amount neces~ar~ to m~ke up the deficir~cy with~n;0 da}•s Irom ~he Jate notice is mailed
by l.ender to Borrower requesting paymcnt ~hercof.
Upon payment in (ull of all sums scrureJ by thn ~tor~gage. ( cndrt shall promptly rrfund t~~ Borrower any Funds
' held hy LcnJer. If under paragraph Itt hcrcof ~hc Pra~xn~ ~. tioW ~~r ~hc Pn-pert~ u atherwi.c acywred by 1 cnder. 1-cnJer
shall apply. •no later than smmediatrl}• prior ti.'the ~ak i•i the Pm~xrty ~,r its aryuicition h}~ Lender, an}• F=undc helJ by
Lender at the time o( application as a creJit against the sum~ ~ecured b~ thi~ ~1c.rtgagc.
3. Application of Payments. Unlc~s appl~cahlc law pru. idcs athcrN ik. all pa~~mentc rercivcd by I.ender undrr the
I~Iotc and par~graphc 1 and 3 hcreut xhall bc apphcd b}~ Lcndcr fint m pa~ mrm u( amounts papablc to LcnJcr b~• Borruwer
under p~ragraph 2 hereo(, then Io ~ntcrc~l payablc on the tiu~c. Ihrn t~- Ihc principal ot the No~e, and Ihcn ti~ interest and
princ~pal on any Fuwrc Advanccs.
4. Charges; Liens. B~rruwcr ~hall pay all t.~~r~, a~~r~timcnts :~nd ~.~hcr rhargcti. fine~ and ~m~xniti~~nc attnbutable to
the Property~ which may attain a pnority over th~. !1lortgage. and Ieasehold payments or ground ren~s, if any, in the manner
prov~ded undtr paragraph 2 hereof or. ~f not p:~~d in such mann~r, b~• B~rn,v-•cr making payment, when due, directly te the
payee thereof_ Borrower shall promptlp furn~sh to LenJer all noticrs of amounts duc under th~s paragraph, and in the event
Barr~~~er shall make pa~~ment dirertl~ H~~rrc~KCr ~hall prump~lp furnitih te- Lender re~eip~s evidenc~ng such paymentt.
BorroWer ~hall prompth• Jitch~rge an~ ~~ ~.hich has pr~orU~• ~~~cr Ihi~ ~1lurtgage: prov~ded, that Borrower shall nM be
reqwred to d~xharge any~ tuch lien ,o t~..:i~ es Bi~rrowcr shall agrcr in Hnt~~g to the pa)~mem of the ubl~gation secured by
such lien ~n a manner ac~eptable t~~ Lend:r, or ~hali ~n gcxxl faith conte~~ ~uch lirn by, or Jefend enforceme~t ot such lien in,
legal pr~~c~dmg~ which operale t~~ prr.rnt thc cnfur~ement ot thr li~n or (orfeiture of the Property or an~~ part thereof.
S. Hazard Intiurance. Borrower ~hall kccp thc impro.rmem. now c~itiUng on c~rcafter crec~ed on the Prupcrty incured
:~gainst loss hy fire. hazards includ~d N~thin the term "r~~cndes r~~verage", and such other hazards a~ Lender may reyuire
anJ ~n such ~mounts anJ for w~h ~nri.xlti as Lcnder may reyuire; pro.•ide~l, that Lcu~er ~hall not reyuirc that ~he :+mount of
such cuverage e~ceed tha~ am~~unt uf cocerage reqwred t~~ pa} the .um. ~erured h}• th~t !~1or~gage.
The ~nsurance carrfer providinE the inturan~e thall be ch~nen by Borrower subject to approval by Lender; provided,
that such appro~•al lhall n~~~ tx unr~a+onahly withheld. All premium. on insurance policies chall tn paid in the manner
pro~•eded ~mder paragraph ~'~~reof ur. ~f not p~~d in tuch nianner, b} Barrower making payment, when due, d~rectly to the
iniurance rarrier.
All insurance Fx~l~c~e, and renr..als thereM ~hall tx in form :~cceptnblr to 1_enJer and shall includr a~tanJard m~rtgage
clause in fa~~~~r ~•( and m f~~rm accep~ahle tu I.rnder. Lrnder .h~ll ha.c the righi tu hoW ~he p.~licies and renewal~ thereo(.
and Borr.~~er ~h.~ll pramp~ly~ furn~sh to Lender all rrnrwal not~ce. anJ all receipts of paid prem~um. In ~he event of loss.
SorruK•cr ~h.~ll gi~c prompt notice to ~hc ~muran~c carnrr and 1_cndcr. LcnJrr ma~ m~kc prcx.t ot loss ~f not madc promrUq
b}' Borrower. .
Unless I.endcr and Borrowcr orhrrw„c agrer in unUng. inwranre pr<•cecd~ shall be ~pplied ~o re~turation ~r repair of
the Propert~ JamageJ, provi~feJ wch retitorat~on or rep~ir is ecanomi~all~• (eas~blc and the securit}~ of this Mortgage n
not thereby impaired. I( wch retitoratic~n or rep:~ir is n~~t r~anomi~ally fea~iMe or ~f the securit)' of this Mortgage v-~ould
be impaired. the insurance proceeds chall be applieJ tu the sums ~ecureJ b~• th~s Mortg~ge. v-~th the excess, i( any, paid
to Bor~owcr. If the Propertc i~ ah~nd~ned h~ Born~w~er, or ~t Borrower fail~ tu re~Exmd to Lender wrthin 30 da}~s from the
Jate notice is mailed b~• 1_ender to Borrower that the ~nsurance carner otien to cenle a cla~m for in~urance benefils, I.ender
is authorized tc~ collect and apply the insuranre proceeds at LenJer's upt~un either to restoration or ~epair of ~he Property
or to the sum~ xcured by this Mortgagc. ~
Unless LenJer and Borrow•er otherwitie agree in wnting, an} such application ~f proceeds to pnncipal shall not extend
or postpone the due date of the monthlp installmenlc rc(erred to in paragraph~ I and 2 hereof or change ehe amount of
such installments. If under paragraph 18 hereof the Property is acywred by LenJer, all right, title and interest of Borrower
in and to an} insurance pol~cies and in anJ to the pnxecds thereo( resulting from damage to the Property prior to the sale
or acyuisition shall pass to Lender to ihe e~tent ut the sums secured bp this ~tortgage immediately prior to wch sale or
acqu~sition.
6. Pre~er.alion ~od ~taintenance of Propert~; I.ezuholds; ('ondominiums; Planned Unit De~elopments. Berrow•er
shall keep ~he Property in good repair and shall not commit Hastc ~~r pcrmit ~mpairment or deterioration of the Property
and shall comply with the provisions of any lease if this M~~rtgage n un a Icasehutd. If thic ;~tortgagc is on -r ~~nit in a
condomimum or a planned amt devclopment, Borrower ~hall Fxr(orm all of Borrower's obligations under the declaration
or covenanls creating or guvermng the condominwm or planned umt develapment, the by-laws and regulationc of the
condominium or planned unit develapment, and cons~iwent dekumentti. I( a condominium or planned umt de~elopment
nder ~s executed by Borrow•er and recarded tc-gether aith ~hi~ Mortgage, tbe covenants and agreements of ~uch nder
shall be incorporated into and shall amend :~nd suFplement the co~enants anJ agreements of this Mortgage as ~( the riJer
were a part hereof.
7. Protection of Lende~'s Securify. If Borrow~er fail~ to periorm the covenantt and agreements contained in this
Mortgage, or if any action or proceedmg ic commenced w•hich ma~eriaUy~ •rffects 1_ender's interest in the Propeny,
including, but not limited to, eminent domain, insolvency, code enfarcement, or arrangements or proceedings involving a
bankrupt or decedent, then Lender at Lender's option, upon nMice to Borrower, may make such appearances. J~sburse such
sums and take such action as is necessary Io pro~e~t l_ender's intrrest, including, but not limiled to, d~sbursement of
reasonable attomey's fees and entry upon the Propeny to make repa~rs. If Lcnder required mortgage inwrance as a
condrtion o( mak~ng the loan secureJ by ~his Mortgage. Borrower shall pay the premiums requirrd to maintain such
insurance in.efiect unti{ such time as the reqoirement for such insurance terminates m accordance w~th Borrower s and
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