HomeMy WebLinkAbout2482Ut+tw~H Covat+~wts. Bo~rowe~ and Leoder coveoant and a~roe u tollows:
1. ~qrs~e~t of ~ri~clNi a~i INerpl. Borrower shall prompd) psY wheo due the principal ot aod ioterat on the
iadebt~dne~t evidenoed by the NWa. Prepayment and late chargcc ac provided in the Nwe, and the principal of ~nd interest
o~ any Futuro Advances securod by lhis Mortjaje.
2. l1~i tor T~M a~i Iwrnce. Subject to applicable law ~.r to a written waive~ by Len~k~. Bor*owe~ shsll MY
to Le~der on ~he day monthly installments of principal and intc~cs~ rrc payahk under the Note. until the Note is paid in full,
a ~ua- (herein "Fund~'ry eqwl to one-tweltth ot the yea~l~~ ~ax~~ and auessments which may atain priority over this
Mort~ase. and sround eenb on tbe Prnpe~ty. if any. F+lus one-twel(th ol yea~ly premium inuallments for huard inwrance.
plus oaatweltth of yearly premium installments tor mortgsge insunncc. it any. all u rcaso~ably estimated initially snd tran
time to time by Leader on tbe buis ot assessmcnts and hills and rcasonabk atimata thereof.
The Funds shall be held in an institutic+n ~he deposiu or accou~ts of which are insund ot auannteod by a Fedenl ot
state asency (includin~ I.ender if Le~de~ is such an institutionl. I.eoder shall aPp1Y the ~nds to pay said tua. assasments.
imuranoe p[emiums and ground ants. I.eoder may not ebarge lot u+ holding and applyi~a the F~mdc. analyzing said account.
or verifyint aod complina said assessments and bills, unlas Lender pays Borrower intercst on the Funds artd applicabk law
permits I~eatfer to make such a charge. Borrower and Lender may agrce in writing at the time ot execution ot this
Mo~t,pse that interat on the Fuads shall be paid to Borrowe~. and unlas such aarcement a mad~ o~ applicabk ~aw
requira wch interest to be paud. Leeder shall not be required to pay Borrower any interost or arnings on the Fu~ds. I.ende~
s6aU pve to Borcower~ witlaut charge, an annual accounting of the Funds showina credits and debits to ~he Funds and the
purpose for which each debit to tbe Funds was made. The Funds arc plodgod u additiooal security for the sums secured
by this Mortpte.
If the amount of the Fuads held by Lender, togelher with the future monthly installments of Funds payabk prior to
the due dates of tues. asussmeats. insurance prcmiums and ground rents, shall exceed the amount required to pay uid tues.
u~ts, insuranoe pretniwns and ground rents u they fall due. such excess shall be. at Borrower's option. either
p[omptly repaid to Hormwtr or crodited to Bornower on monthly installments of Funds. It the amount ot the Funds
6dd bq Leoder shaU not be wtficient to pay taxes. ~ments. insuranoe premiums and geound renu as they fall due.
Borra~ro~ sball pay to Lendtr anq amount neoasary to make up the deficiency within 30 days trom the date noticc is maikd
bg- I.eader to Borrowa toquatin8 payment theroof.
Upon paymeot in fuU of aU w~as secured by this Mongage, l_ender shall promptly refuad to Borrower my Funds
beld bp Leoder. If uadet paraaraph 18 hereof the Property ia sold or thc Properey ~s otherwise acquired by Lender. I.ender
:hall apply. no later than immodiately prior to the sak of the Propeny or its acquisition by I.ender. any Fur~ds held bv
I~eoder at tha time of application as a c~dit saainst the sums secur~ed by ~his Mortgage.
3. A~io~ at lq~e~b. Unkss applicabk law provida otherwise. all payments rcceivod by Lender under the
Note and parsarsphs 1 and 2 hereof shall be applied by Lender fitst in payment of amounts payable to Lender by Borrower
under pa[sgaph 2 heroof. tben to interest payabk on the Nde. th~o to the principal of the Note. and then to interest and
principsl on aay Futurc Advanoes.
4. Ci~ I3e~s. Borcovrer shall pay all ~axcs, assessments and other charges. fines and impositions at~ributable to
tbe Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. in the manner
providod under puagnph 2 hereof or, i( not paid in such manner, by Borrower making payment. whp~ due, directly to the
payee t6e~+eof. Borrower shall promptly furnish to Lender all notices of amounts due under this para=rsph. and in tbe event
8ornower shall make payment directly. Borrower shall promptly fumish to Lender raxipu evideacing such payments.
Borro~ver shall pmmptly discharge any lien which has priority over this Mortgage; providod, that Borrower shall not be
requircd to discharge any such lien so long as Borrower shall agrce in writ~og to the payment of the obligatiun secured by
suc6lien in a manner acceptabk to Le~der, or shall in good faith contest such lien by, or defenJ enforcement of sueh lien in.
kaal proceedings which operate to prevent the enforcement of ~he lien or torteiture of the Property or any part thereof.
S. Aazari Iow~aK~e. Borrower shall koep the improvements now existing or hereafter erectod on the Property insurod
againtt luas by 6re, hazards included within the term "extendeJ coverage", and such other hazards as Lender may requirc
and in such amounts and for such periods az Lender may requirc: provided, that t_ender shall not requirc that the amount of
such rnverage exceed that amount of covenge rcquired to pay the sums securcd ~by tbis Mortaaae.
'ILe insurance carrier providing the inwrance shall be chosen by Borrower subject to approval by Lender. provided.
tbat wch approval shall not be unrcasonably withheld. All premiums on insurance policies shdl be paid in the maaner
pmvided uockr paragraph 2 hercof or, if not paid in such manner. by Borrower making payment, when due, dircctty to the
iowrance curier.
All insurance policies and ronewals thereof shall be in form accep~able to Lender and shall include a standard mortgage
cltuse in favor of and in form uceptable to Lender. Lender shall have the right to hold ~he policies and rcnewals thereof.
and Borrower shall promptly furnuh to Lender all renewal notices and all receipts of paid premiums. In the event of loss.
Borrowe~ shall give prompt notice to the insurance catrier and Lender. Lertder may make proof of loss if not made promptly
by Borrower.
~ Ualess Lender and Borrower otherwise agree in writing, insurance procceds shall be applied to restoration or repair of
the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
not ~hereby impaircd. I[ such restoration or rcpair is not economically feasible or if the security of this Mortgage would
be impaired. the insurance proceuis shall be applied to the sums secured by this Mortgage, with the excess. if any. paid
to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to l.ender within 30 days from tht
date notice is mailed by L.ender to Borrower that the insurance carrier ofiers to settle a_ claim for insurance benefits, L.ender
is autborizod to collect and apply the insurance procoeds at Lender's option either to restoration or repa~r of the Propertv
or to the sums secured by this Mortgage_
Unless L.ender and Borrower otherwise agree in writing, any such appfication uf proceeds to principal shall not extend
or poatpone the due date of the monthly installments re(erred to in paragraphs 1 and 2 hertof or change the amount of
wc6 installmeats. If under patagraph 18 hereof the Property is acquired by Lender, all right. titk and interest of Borrower
in and to any insurance policies and in and to the proceeds thereof resul~ing from damage to the Ptoperly prior to Ih.: sale
or uquisition shall pass to Lender to the extent oE the sums sccured by this Mortgage immediately prior to such sak or
acquisition.
6. h+esecvation and Maiotenance of Propertr; Leasehulds; Condominiums; Planned Ueit De~ebpments. Borrower
shall kcep the Property in good repair and shall not comrpit yvaste or permit impairment or deterioration of the Property
wd shal) comply with the provisions of any lease if this Mortgage ~s on a leaschold. If this Mortgage is on a unit in a
coadominium or a planned unit development, Borrower shall per(orm all of Borrower s obligations under ihe doclaration
or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the
condominium or planoed unit ckvelo~men~, and constituent documemc. 1( a cundominium or planned unit Jevelopment
rider is executed by Borrower and reco~Jed together with ~his Mortgage, the covenants and agrcements of such rider
shall be incorporated into and shall amend anJ supplement the covenants and agreements ot Ihis Mortgage as if the riJer
were a part hereof.
7. Protectioa of Lender's 5ecurity. If Borrower fa~ls to perform the covenants and agreements contained in this
Mortgage, or if any act~on or proceedmg ~c cummenced wh~ch materially _aBects LenJer's interest in the Properry. .
includmg, but not limUed to, rminent domain. insc~lvency. code en(orcement, or arrangements or pruceedings involving a
bankrupt or decedem, then Ixnder at Lender's option, upon no~ice to Borrower, may make such appearanca, disburse such
sums and take such action as is neces.sary to protect Lender's interest, incloJing. but not lim~ted to, disbursement of
reuonable attorney's (ees and en~ry up~~n thc Proper~y to makc repairs. I( 1_cnder reqiiircd mortgage insurance as a
condition o( making Ihe loai~ secureJ by th~s Mongage. Borrr.wer sh.dl pay the premiums reqoireJ to maintain such
insurance in eficct until such time as the reyuiremem tor ~uch msuran:e terminates in accordance with Borrower s and
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