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HomeMy WebLinkAbout2476 Ut+tro~w Coven~nt's. Botrowe~ and l.ender cove~aot soA atree u tollows: 1. Tqwe~1 ot hMeiNl a~ IMereq. 8o~rower shall promp~l~• pay when due the priacipal ot and interat on the ~ndebtedness evide~ced by the Nwe. Prepaymeot and late char~ca ac p~ovided io Ihe Note. and the principal ot aod interest 0o aoy FWuro Advsnces securod by this Mcutga6e. 2. Ih~~s tor TuM a~i l~wn~. Subject to applicabk law ar to a written waiver by t.ender. Borrower shall pay to Lendcr on ~he day monthly installmen~s ot principal aod im~reu arc payahle under the Note. until the Note is paid in tull. s sum (herein "Funda") cqual to one-tweltth of the yea~l~ usc. and assessme~ts which may attain pno~ity over this Mortsaje. and `tound renu on the Properly. if any. plus one-twelfth of yesrly premium installments for huard insunnce. plus oae-tweltth ot yearly premium installments (or mortgage insunnce. it any, all as rcssonably tstimated initially and trom time to time by Lender on the buis of asxs~mcnts and hills aod reawnable estimala thercof. Tht Funds shall be htld in an institution the depoat~ or accounts of which are insured o~ guannteed by a Ftdenl ot state agency (including Lender if Lender is such an institutionl. 1_ender ahall apply ~he Funds to pay said uxes. asseuments. insuranoe premiums and ground rents. I.ender may not charge tor u+ holding and applying ~he F~mdc. analyzing caid account. or veriEying aod compilina said assessments and bills, unleu I.eoder pays Borrowe~ iMercst on the Funds and applicable law petmits Lender to make such a charge. [iorrower and I.ender rriay ag~ee in writing at the time ot executio~ ot this Mongaae that interal on the Funds shall be~ paid to Borrower, and unlas such ~greement is made or applicable law requira such intercst to be paid. Lender shall not tx rcquircd to pay Borrower any interest or earninp,s on the Fu~ds. Lender shaU aive to Bo~rower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which qeh debit to the Funds wu made. The Funds are pledged as addiuonal security tor ~he sums secured by this Mortpae. IE the amount o[ the Funds held by Lender, together with the future mon~hly instaltments of Funds payable prior to t6e due data of taua, assessments, insunnce prcmiums and ground rents, shall exceed the amount requircd to pay said ~axes. stsaunents, insura~ce prcmiums and ground rents as ~hey fall due, si~ch cxcess shall be, at Borrower s option, ei~her promptly rcpaid to Borrower or credited to Borrower on monthly installments of Funds. I[ the amount of the funds held by Lender shall not be sulficieat to pay taxes. assessments, insurance prem~ums and ground rents u they fall due, Botro~rer sl~all pay to Lender any amount ~ary to make up the deficiency within 30 days trom the date notice is mailed by Lender to Borrower rcquating payment thereof. ' Upoa paymeat in tull of all sums secured by this Mortgage, l_ender ahall promptly rcfund to Borrowe~ any Funds held by [.ender. If under puagraph 18 hercof 1he Properiy i~ sold or the Property ~s othervvise acquired by [_ender, Lender shall appty. no later than immediately prior ~o the sale of the Property or its acquisition by Lender. any T~unds held bv [.ender at the time of application as a credit against the sums secured by this Mortgage. • • 3. Applieatlos ~ Payments. Unless applicable law provides otherwise, atl payments rcceived by Lender unJer the Note and paragnphs 1 aad 2 hercof shall be appl~cd by I.ender first ~n payment of amounts payable to Lender by Borruwer under paragraph 2 hereof, then to interest payable on the Note, then to the principal o( th~ Note, and then to interest and pri~cipal on any Future Advances. 1. C6ar~es; Liens. Borrowcr shall pay all laxr~. :~csescmcnts and othcr chargex, fines and impmitions auributahle to the Property which may attain a priority over th~s Mortgage, and leasehold payments or ground rents, if any, in the manner pmvided under paragraph 2 hereof or. ~f not pa~d ~n tuch manner, hy Borrower making payment, when due, d~rectly to thc payee theteaf. Borrower shall promptly furn~sh to Lender all not~ces of amounts duc under this paragraph, and in the eve~t Borrower shall make payment directly. Borrower shall promp~ly furn~sh to Lender rcceipts evidencing such payments. Borrorver shall promptly dixharge any lien which has pnonty over th~c Martgage: provided, that Borrower shall not be rcquired to discharge any such lien so long as Bc~rrower shall aKree in v-nt~ng t~~ the payment of the obligatiun securcd by such lien in a manner acceptable to Lender, or shall m g~xxi fa~th conte.t such lien by, or JefenJ enforcement of such lien in, legal proctedings which operate to prevent the cnfurcement of thr I~en or for(e~ture of the Property or any part thereof. S. Hazsrd I~uraace. Borrower shall keep the improvemen~~ ni.K et~sung ur hereatter erected on the Property insured against loss by firc. hazards included with~n ~he ~erm "~rtendeJ cuverage", a:~d such other hazardc as t.ender may require and in such amounts and for such periods as Lcnder may require; provided, that LenJer thall not require that the amount of such coverage exceed that amount of coverage rey~ired ~o pay the sumc cecured ~by ~his Mor~Eage. TF~e ~nsurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreawnably withheld. All premium~ on insurance policies shall be paid in the manner provided under paragraph 2 hereof or. ~f not paid in such manner, by Borrower mak~ng payment, when due, directly to the inwrance carner. All insurance ~-I~cie~ and renewals therrof shalt be in torm accept~ble to Lender anJ shall include a standard mortgage clause in favor of and in torm acceptable to I_ender. I_ender shall have the right to hold the policies and renewalt ther~of. and Borrower shall promptly furn~sh to !_ender all renew~l nouces and ~II rcceipts o( paid prcmiums. In the cvent of loss, Borrower shall gn•e prompt noUce to the ~nsurance carner and I.ender. I.ender may make pmc.t of loss if not made promp~ly by Borrower_ Unless Lender •rnd Borrowcr othcrw~~e agree in wnUng, inwrance procecds shall bc applied to restoration or ~epair of lht Proptrty damaged, prov~JeJ such re~torat~on or repair is~ecunomically (easible and the ucurity of th~s Mortgage ~s not thereby impaired. I( ukh restorati~~n or repa~r ~s n~~t rcon~-m~cally Ieasiblc or if the security of th~s Mortgage would be impaired, the insurance proceeds shall be applied tu the sums iecureJ by this Mortgage, w~~h the excess, if any, paid to Borrower If the Propertq ~s abanuc~ned by Horrower, or it Borrower fails t~~ reipond to 1_cnder within 30 days (rnm the date nouce is maded by I~nder to Borrowrr that ~hc iniurrnce carrier olfers ~o settle a cla~m for inwrance benefits, Lender is aut6orized to collect anJ apply the insurance proceeci, at I.ender'~ optiun either to restorauon or repa~r of ihe Pmpert~~ or to the sums sccurcd by this Mortgagc. Unless Lender and Burrower otherv~i~e agree m wntmg, any such :~pplicaiion i~f pruceeds to pnncipal shall not extend or postpone the due d~te o( the m~mthly inuallmcnt~ rcfcrred t~~ in paragraph. 1 and 2 hereof or change ihe amount o( such ~nstallments. If under paragraph IS hereof the PraE,erty i~ acyu~red by Lcndcr, aU nght, t~de and imeres~ of Rors~~wcr in and Iu any Risurance policies and in and tu thr proceedti Ihereol rewlung trom damage to the Property prior to th~ ~ale or acqwsiUOn shall pass to Lender tv the eatent ot the .ur~is sccured hy thu hfortgage immediately prior to such sale or acquisition. " 6. Preserration and ~ttialenance of Property; i.easehulds; ('onduminiums; Planned Unit Developmenls. Borrow~cr shall kcep thc Property in good repair and shall not comrvit y-•astc or perm~t ~mpairment or deterioration of the Property and shall comply- w~ith ~hc provisions of any lease ~t th~s Mor~gagc ~~ un a Icasch~~ld. If this Mortgage is on •r"unit in a condominium or a planned unit development, Borrov-er tihall ~xrt~~rm all ot Borrower's obligaUOns under the declaratiun ur covenants creahng or g~•vern~ng Ihe condominium or planncd un~t devclopmeM, the by-laws and regulationc of the condominium or planned unit devel~~~~ment. and comtitucm d~xumenr. I( a condominium or planned unil development nder ~s execu~ed by Borrower and rernrded a~gether w~th ~h~~ M~rtgage. the covenant~ and agreements af such nder shall be incorporated into and shall amend anJ wpplement the cu~enants and agreementc o( ~h~s Morlgage as ~( the rider were a part t~ereof. . 7. Proteetion of Lenders Securfty. If B~~rr~~~er t.n~. t~~ Exrt~~rm the rovenant~ and agreements contained in this Mor~gage, ur i( any ac~ion ~~r prcxeeJ~ng i~ ~ummcncr~f w hich matrriaily atTrctti I.ender'ti mt~retit in ~he Pmper~~•. mcludmg, but n~~t Lm~~ed to. cmmcnt domam. inH.l~cnc~, uxlc rnft~rirmrnt. ~~r ar~anKrmrntt ur pr~xccdings mvuhing a bankrupi or decedeni, then LenJer :~~ I ender'~ opUon, u~xm nouce ai Barruwrr, ma~ m,~kr such appearances, duhurse sach sumt and take such acUun e~ ~s nccc«ary~ ~~i pmtcct Lcndcr's mtcrctil. ~nclu~hng. but ni+t IimitcJ tu, d~~burscmcnt ~-! re~sonahle atlomey'~ fer~ anJ eh~ry u~~n the Pre~Exrly 1~~ meke rc{~am. II Lcnder rryuirrJ martgage incurance as a conJ~hon c~( mak~~g thc tnan .ccured b}~ thi~ ~1ur~g:ier. H~,rr~:NCr sh ~It pay thr prcm~ums rcyuircd to mainta~n ~uch insurance in rftecl untd wch Umc' ati she reyuirement far ,uch imuran;e 1~rminalr~ m:~c~ordance K`IIFI BMI/~K'Cf \ and ao~K 346 P~GE24`72 . . ~ ~ .