HomeMy WebLinkAbout1814UNtFORt~t CovtN.~H~rs. Borr~wer and l.endcr cuvcnant anJ :-grce as (olluws:
1. Payment of P~incipal aad Interesl. 13orruw•cr shall prumptly pay whcn duc thc principal of and intcrest un ihc
inJcbtedncss evidcnccd by thc Notc, p~cpayment and latc charges as proviJcd in thc Note, a~d the principal of and interest
on any Future Advancec secured by Ihic Mortgage.
2. Fu~ds for Taxes and I~urance. Subject lo applicable law or to a written waiver by l.ender. Borrower shall pay
to I.cndcr on ~hc day monthly in~tallmcnls of principal and intcrc~t arc payahlc unJc~ 1hc Nate, until thc Nntc is paid in [ull,
a sum (herein "Funds"1 equal !o unc-twelf~h o( ~hc ycarly taxes and ascessmcros which may attain priority aver this
Martgagc, and gmund rents o~ the Pr+opcrry, if any, ptus onc-tH•clfth uf yearly premium installmcnts for hazard insurance.
plus one•tw~~lfth of yearly premium inst:~llmcnts for mortgage insurance, if any, all as rcasonably estimated ioitially and from
timc to timc by l.cndcr on thc basis of asscssmrnts and bills anJ rea+onablc cstimatcs thercof.
The Funds shall he held in an in~titution Ihe depusits or acc<~unts o( which are insurecf ar guaranteeJ by a Federal or
state agency (including Lende~ if t.ender is such an institution). 1_ender ~hall ~ppl}~ the Funds to pay said ~axes, ascessments,
insurancc prcmiums and gmund rents. I.endcr map not chargc for ~c~ holding and applying thc Funds, analyzing saiJ accounl,
or verif)~ing and compiling said asse+~ments anJ biUs, unles~ Lender pays Borrower interest o~ the FunJs and applicable law
permits Lender to makc such a charge. Borrower and Lender. may agree in writing at ~he lime of execution of this
~tortgagc that intcrest ~~n the Funds shall hc paid to Barrowcr, and unlcss such agrecment is made or applicable !aw
requires such interest to be paid, Lender ~hall not hc rcyuire~ t~• p:~r R~~rrower any interest or earning~ on the Funds. I.ender
~hall gi~~r to Barrower, K~ithout charge, an annual aca~unting of th~ Funds showing credits and dehits to the Funds and the
purpose [or whirh each debit to thc f~unds was madc. Thc~ t=unds •rre plcdged as additional security tor the sums secured
hy this \lortgagc.
!f the amount of the Funds held by t_cndcr, tugcther w•ith ~he future momhly ins~allments of FunJs payablc prior to
the due Jates of taxes, as~essments, insurancc premiums and gr~,und rents, shall e~cccd the amount reyuired to pa)' said taxes,
assessmen4s, insurance premiums and ground rentc ac ~he~~ fall due, such exce,s shall bc, at Borrower's option, either
promptl~• rcpaid to Borrower or crcclitcd tu Born~w•cr un mon~hly inctallmcnts of Fimd,. If Ihc amount of thc Funds
held by l.~nder sha11 not bc suflicient to pay taxes, aste<smrms, in,urancc prcmiumc anJ ground rents as thcy fall due,
Borrowcr shall pay to I.ender any amount neces~ar~• t~~ make up the deficirnc}• within 30 da~~s from the date notice is mailed
by Lender to Borrower rcyuesting pa)~mcnt thercoL
Upon payment in full of all sums securrd by thi. Mungag~. I.endrr shall promptly refund to Borruw•er :~n~• FunJs
held hy Lcnder. If under paragraph 1S hercof thc Pro~xm• is ~old or che Propcr~~ rs otherw~icc acqturcd by t_cndcr, LcnJer
shall apply, no latcr than immcdiatcly prior to thc sale ~~f ~h~ Pro~x:rty or its acquisition b~• I.cndcr, any Fundc heW by
Lendcr at thc timc of application as a crcJit against Ih~ sum. sccured b~~ th~s ~lortgagc.
3. Application of Paymcnts. Unlc~c applicahlc law~ proviJcs othcr~~•isc, all paymcnts rercivcd by i_cndcr unJcr thc
Notc and paragraphc 1 and 2 hcreof shall bc applicd by I.cndcr first in pa~•mcnt ot amuunts pay~:+blc to I.cndcr by Borruw~er
undcr paragraph 2 hcrcof, thcn tu intcres~ payahlc on thc ~ac. thcn to th~ principal of thc Notc, and ~hcn to intcrest and
principal on an~• FWurc Advanccs.
4. CharRes; Liens. Borr~~~~cr ,hall pa}• all ta~cs, a,.~stimrnts and othrr chargcti, fincs an~l imp.~sitions attrib~U:~hle to
the Propert~• H•hich ma~~ attain a priority over ~his ~lortgagc, and lea~ehold payments ar ground rents, if any, in the manner
providcd undcr paragraph 2 hcrcof or, if not paid in surh manncr, b~~ Borruwcr making pa~•mcnt, v-hcn duc. direcil~• to ihc
payee thenof. Borrow~er shall promptly (i~rnish to LenJer all notices of amounts Jue under this paragraph, and in the event
t3orrow~er shall makc pa~•mcnt dir~tith, BorroWrr tihall prumptly (urni.h to_Lcnder re~cip~s r~id~ncing such pa)mcnts.
Borrower tihall promptl~~ dischargr an~• licn ~~hich has pnonty .~.~rr thi~ Mortgagc; pr~n~idcJ, that Borrowcr ~hall nut bc
required to dixharge an~• such lirn tio long as Borrowar tihall agrce in uriting t~~ thc pa~~mcnt uF Ihc t~bligatiun secured b~•
such lien in a manner acccptablc to Lcndcr, or tihall in g~xxi faith contr,t ti+~ch licn h}~, or ~Icfcn.i cnforcemrnt of such licn in,
lcgal pmcccdingti wfiich opcratc to prevcnt thc cnforccmcnt of thr I~~n or forfriture i~f thc Propcrty or an}• par~ thcrcuf.
- 5. Hazard Insurance. 13vrro~~cr tihall k~ti;p thc improvrmcntti no~~ c~ititing ~~n c~rraftcr crectcd on thc Pr~~Exr~~• insurcd
against lo~c h~• fir~. hazards includcd H~ithin thc tcrm "~xtcndc.l cuvcr.~gc". ami ~urh ~1hcr harard~ a~ I.cndcr ma~• rcyuirc
:,nd in such .im.,unts and (or such ~xriudti a~ I.endcr ma~• rcyuirc: pr~~.~idc.i. that LcnJ~r ~hall not rcyuirc that thc amount of
such r~n•rragr c~rced that amount of cm•cragc reyuircd tu p:~~~ thc ,um, .rrurcd h~ th~. ~1or!gagc.
Thc insurancc carricr providink thc insurancc sh:~ll hc: chi~,cn b~~ Borrowrr suhjcct t~. appro~~al bp 1_cn~lcr: provided,
that surh approcal .hall n~~t bc unrcr~onahl~• ~vithhcld. :VI prrmium. un insur.~ncc polici~s tihall hr paid i~i thc manner
provided undcr paragraph 2 hercof ur. if not paiJ in such manner, by B~~rro~~er making payment, when due, JirecUy to the
insurancc carrier_
All insurancc policic~ anJ ren~.~als thcre~~t shall txx in forni .~ccr~~ablr to Lcmhr and ~hall ~ncludc a~tanJard mortgagc
~lause in f:~~~~~r ~f and in farm acceptahle m I.rndcr. LenJer .h.~ll he~c thc right t~~ hold the ~~licies ~nd rcncwalc thereof.
and Borru•.~er shalt prompih• furnish to Lender all renrwal nodceti and all rrceipts of paid premium,. In the e~•ent of locs,
Borrow•er ~hal! gi~•c prumpt notic~ t~~ Ihe insur.~nce carricr and Lender_ 1_enJer ma}• make prcwf of loss if n~~t made prompUy~
by~ Borrowcr.
Unless I.enJer and Barruw•cr other~~~>r agrce in writing. imurancc pnx-crd~ shall tx: applied to retitc.ration or repair of
thc Propcrty damagcd, pruvi~cd wch rc~tora~ion or rcp:ur i~ cconomically frasiblc and thc sccurity of this Morlgage is
not thecebt impaired. I( surh restoration or repair is nut ramumicalh~ (aasible or if the securit~• of ~his Morlgag~ ~•ould
be impaired, the insurance pruceeds ,hall be xp~licd to thr wms ucureJ b~ this Morig~ge. ~~ith the excecs, if any, paid
to Borr~-vrer_ It the Propertc is ahanduned h~ liorr~~w•er. or i( Borr~~wer faik t~ res~nd to I.ender within 30 da~•~ from the
~ate notice iti mailed by l.ender to Borruw~er th:~t the insurancc rarner otTers to setlle a claim for inwrance t~enefit~, Lender
i~ authnrizeel to collect and appl}• the imuranrc proceeJti at Lender's opu~~n either to resturation or repair of the Propert~'
or to thc sum> >ccurcd by this ~fortgagr. ~
Unles~ 1_~ndrr and I3orrawcr uther~~.r agrec in writing, an} such appli~ation of procceds lo principal shall nat e~lend
or pustponc thc duc datc of thc m~~nthl~~ im~allmcntc refcrrcd to in paragraphti 1 an~1 °_ hcrcof or changc thc amount o(
such installments. 11 under paragraph l8 hereof the 1'ropert~~ is acyuired h~ Lendcr, all right, tiUe and interest of Bormwer
in and to an~ insurance policiCS and in .~nJ to thc proc;eeds iheree~f reault~ng from damage to the Property prior to thc sale
or acyui~ition ~halt p•r~i to Lender tu the c~tent of the sums arcurcd b~ this ~lortgagc immediately prior to such sale or
acyuisitiun.
6. Presenation and ~lainlcnance of Properl~: I.casehulds; Condominiums; Planned Unit Developments. Borrower
sh•rll kcep thc Propcrty in gcx~cl rcpair and shall not commi~ wastc ~~r permit impairmcnt or dcterioration of the Proper~~~
and sh:,ll comply with the pro~~isions of any lease i( Ihi~ ~1ortgage iti un a Irasch~~ld. If thiti ;lfortgage is on a unit in a
condomin~um ur a planncd un~t .lrvrlopmcnt, Borrowcr ,hall ~x rform ~II of Borruwcr's ubligat~ons undcr ~hc dcclaration
ur covenantti crr~ting or guvermng the cond~~minium or planncd unit Jcveli~pment, the by-laa•s and regulationc of the
cun~ominium ~~r planneJ unit de~~elopmem. :+nd constituent documenic. I( ~ condominium or planned unit Ja.~~elopment
n~er :, e~ecuted by l3orrower rnd rccorded tuge~her wi~h th~~ ~tortgage, the covenant~ and agreements o( such rider
shall be incorExirated into and shall amend and supplcment the co~•enams and agreemcnts of this Mortgage as if thc riJer
ti~rc a part hcrcof.
7. Prolection of Lenders Security. If B~,rroHCr fail~ ~o ~xrf~~rm the covenants and agreements contained in this
Mortgagc. ur if anp acdon ur prcx-redmg ~~ ~~•mm~nceJ which matrriall~• atTrcts Len~er's interec~ in the Property,
includ~ng. hut n~~t limitcd tu. emincnt domain, in.~rl~cnc~~, axlc cnl~~rrcmcnt. or arrangcmcnts or procccdings invol~•ing a
bankrupt or dr~cdcnt, th~n I.cnJcr at LcnJcr's optiun. upon noticc tc~ Rorrowcr, ma~ m:~kc auch appcaranceti. Jishursc ~i~ch
sumti and takr such actiun as ~s nccettiar~ to prutcct Lcndcr s int~rc~L includin~. but n~~t IimiteJ to. di~burscmcnt ~~f
rcasonahic attorncy's tcrs and cn~ry up~ai thc Pmpcrt~•. to makc rcpain. 11 I.cndcr rcyuirc.l mortgagc imurancc a~ :i
wnd~ti~~n of making ~hr la~n W:coreJ b~ this ~t~~rtgagr. l3i~rn~~+rr sh:~ll pa~• thr premiums required to maintain wch
insurance in ctiect until ~~ich time as the reyuirrment (or .uch in~urance terminatr~ in accordanec with Born•w~ers anJ
- g~oK34fi P~~,~i~l~
_ r ~.~.__ ~ ~ _ _ _ _._~
~