HomeMy WebLinkAbout2494Ut+r~aw Coven~Nrs. Bomowe~ and Leode- covenant and sj~a u tolbws:
1. !~t ot hi~clNl a~i INsrat. Borrowe~ shali promp~ly pay whe~ due tbe priacipal ot and iate~at on tAe
~ndebtedness evidencsd by the Note. Prepayment aod late chargcc ac provided in ~he Note. and the principd ot wd ~nte~est
on any Futuoe Adv~oces secured by this Mort~age.
2. 14~i tor Tues Mi I~wua~ce. Subject to applicabk law ar ~o a written waiver by Leoder. Bor*~ shs1~ Wy
to Lender on ~he day monthly installmen~s of principal ~nd ~ntcrca arr payaMe unde~ the Note, until thc Note is paid '+~ full.
a sum (herein "Funds'~ equal to one-tweitth of the yea~i~ us~~. aMl assasments which may ataia priority over this
Mo~aje. and ~mund rents oa the Pruperty. it any. ~-lus one-twelhh ot yea~ty premium installments for hazard ~nwrance.
plus oae-twelfth of yesrly premium installments tor mortgage insurancc. it any, all as reasonably estimated ioitially and t~oan
time to time by Lender o~ the buis of assescmcros and hills and rcasonabk atimata thereof.
71re Funds shall be held in an insti~ution the deposu- or rccounts of ahich arc insured or Suannteed by a Feden~ a
state agency (including LeRder if Lender is such ao insti~utionl- 1_eader ahall apply the Funds to pay said taxa, usasmcn~s.
insurance premiums and g~ound rcnts 1 ender may not charge tor s~- holding and applyins the Fnnd~. snalyzing said account,
or vttifyin~ stid rnmpiling said assessments and bills, unless Lender pays Borrower interest on the Fu~ds and applicabk ~aw
permits Lender to make such a charge. Borrower and I.ender may a~ree in writina at the ~ime of e~aution ot this
Mongage that interat on the Fu~ds shall be paid to Borrowc~, and unlas such a~eemcnt is made or appliabk larr
requires such intercst to be paid. Lender shall nc~t be rcquired to pay Borrower any interat ot earn~ngs on the Funds: Lender
shall aive to Borrower, without charge, an annual accounting af the Funds showins credits and debits to the Funds and the
purpose for which each debit to the Funds w~s made. The Funds arc plodged u additional socu~~ty tor the sums secured
by this Mortpae.
If the amount ot the Funds held by [.ender, togdher with the future monthly installments of Funds payabk pRw to
t6e due data of taxa. uussments, insurance prcmiums and ground rcnts, shall exceed the amoun[ requircd to pa) sa~d tua.
atsasments. insurance premiums and grou~d rents u they (all due: such excess shall be, at Borrower's opaon. e~ther
pranpUy rcpaid to Borrower or credited to Borrower on monthly installments of Funds_ If the amount of ~he funds
hdd by Lender shall not be sutFicient to pay taxes. assessmenu, insurance pre~iums and around tentt u ~hep fall due,
Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 da~Y trom the date notice n mailod
by Lender to Borrower requesting payment thercof.
Upoa paymeat in full of dl sums securcd by this Mortgage, I_ender shall promptly rc(und to Borrower any Funds
heW by Leader. If under paragraph 18 hereof the Property ia sold or the Propeny ~s aherwise acqu~red by Lender, Lrndcr
shdl apply. no later than immediately prior to the sale of the Propeny or its acquis~tion by Lender, any Funds h~ld bv
I.ender at the time of application u a credit against the sums socured by this Mortgage_
3. Applic~m ot Paymeots. Unless applicable law prov~des otherwise, all payments received by Lender under thc
Note and pangraphs I and 2 hereof shall be applied by I.ender fitst in payment of amounts payabk to Lendcr by Borrower
uader paragraph 2 hereof, then to interest payable on the Notc, then to the principal of the Note, and thcn to interest and
principal on any Future Advances. .
1. CAartes; Lkas. Borrower shall pay all taces. atses.~ments and other charges. finec and ~mposit~ons auribuuble to
tht Properiy which may attain a Qriority over this Mortgage, and lea;ehold payments or grouna rents, if any.~in the manner
provided under paragraph 2 hereo( or, if nut paid m such manner, by Borrow•er making payment, whea duc, dirccUy to the
payee theroof. Borrower shall promptly furnish to LenJer all not~ces of amounts due under thss parasraph, and in the eveat
Bormwer shal! make payment d~rectly. Borrower shall promptly furn~sh to Lender receipts evidenung such payments.
Borrower shall promptly discharge any lien which hu prtonty over th~c Mortgage; provided, that Borrower shall not be
rcquired to discharge any such lien so long as Borrower shall agree in ~-rUing t~ the pay~ment of the obligaticro securcd by
such lien in a manner acceptable to Lender, or shall m ga~d faith conte~t such lien bp. or defend enforcement of such lirn in,
legal proceedings which operate to prevent the enfurcement of the lien or torfeiture of the Property or any put thereof-
S. Hmrd Insutance. Borrower shall ketp the ~mprovemen~ti no~. ea~sung or hereafter erected on the ~operty insured
against loss by fite, hazards included wi~hin the term "extcndeJ roverage". a:~~ such aher huards u l.ender may rcquirc
wd in such amounts and for such periods as l_ender may requirc; provided, that Lender shall not rrquirc that the amount of
such coverage exceed that amount of coverage required to pay ~he sums secured ~by th~s Mortaa~e_
The insurance carrier providing the insuran~e shall be chosen by Borrov-er subjcct to approval by Lender, provided,
that such approval shall not be unreasonably withheld. All premwms on insurance pelicees si-a11 be paid in the maoner
provided uader paragraph 2 hereof or, d not paid in such manner, by Borrower makmg payment, when due. dircctiy to the
iasurance carrier.
Alf insurance policie; and renewals thereo( shall be in form acceptable to Lender and shall mclude a sundard mortgage-
clause in favor of and in form acceptable to l_ender. Lender shall ha.•e the right to hold the peliciex and nnewah thereof.
and Borrower shall promptly furnish to Lender all renewal nouces and all receip~s of paid prcmiums_ In the event of loss.
13orrower shall grve prompt notice to the ~nsurance carner :~nd 1_ender. 1_ender map makt proot of loss if not made promptly
by Borrower.
Unless LenJer and Borrow•er othen+~K; agree in wnting, insurance proceeds shall be applied to rcstontion or rcpair of
the Property damaged, provided such re~lorat~on or repau a ernnomically feas~ble and Ihe security of th~s Mortgage ~s
not Ihereby impaired. If such reuorahon or repa~r is n~t cconomicalty (easible or if the secunty of th~s Mortgagt vrould
be impaired, the insurance proceeds shal! be applied to the sums secured by this Mortgage_ wrth she excess, if a~}•, pa~d
to Borrower. If the Property is abanJoned h}• Burrower. or it Bc~rrower fads to respond to Lender w~thin 30 da}s from the
date notice is mailed b}• Lender to Horrower that the ~nsurance carrier oHen to se~Ne a daim for ~nsurance benefits, Lende:
is aut6orized to collect and apply the inwranre proceeJi at Lender'i option eu6er ta restorauon or repoer of the Propenv
or to the sums secured by this ~fortgage.
Unless Lender and Borruwer otherv-ise agree ~n untmg. any such application ~~f proceeds to pnnapal shall not e~tend
or postpone the due date of the m~n!hly~ imtallmcntc referred to in paragraph~ 1 anJ ? hereof or change the amount of
such installments. If under paragraph I S hereof the Pro f,erty is acywred h~ Lender, ali nght, tiUe and interat of Borrower
in and to any it~surance policies and in and to the proceeds therect resulung from damage to the Propeny prior to thc sale
or acqwsition shall pass to Lender to the extent of the wm> >ecuted ,~~ thn ~tortgage ~mmediately prior to such sak or
acquisition.
6. Presenation ~od ~taintenance of Property: I.easehulds; ('undominiums; Planned l;oit De~ebpmen~. Borrov-er
shail keep the Property in good repair and shall not comivit y~aste or permit ~mpa~rment or deterierauon of the Propert}•
and shall comply~ with the provis~ons of any lease if thi~ :N~~rtgage ~c on a leasehold. If th~s Afottgage is on a unit m a
condomin~um or a planned umt Je~~elopment. Borrower ~hall pcrform all of Borrower's obLgaUOns under ttie declaratsvn
or covenants creatmg or guvermng ~he condomimum or planned umt devel~~pment, the by-laws and regulatione of the
condominium or planoed unit develo~,ment_ ~nd constituent d~xument~ If a conJominium or planned ~mrt de.elopment
rider ~s eaecuted by Borrower and recc~rded te~gether N~th ~hi~ M.~rt~tage. the co~•enants an~i agretments ~f such nd,r
shall be incorporated ~nto anJ sh~ll amend and supplrment thc co~cnants and agreements of th~s Mortgage as if ttx nder
were a part F~ereof. ~
7. Protection ot I.enders SecurSty. I( B~•rrower fa~l. t~~ pcr(~.rm the covenants and agreements contamed ~n this
Morlgage, or if any a~t~on ur proceeding ~~ cummrncrd Hh~cn matenall} eflr:ti i ender"s ,nterest in the Pr~pern.
includmg, but n~~t limited to. em~nent dumam. in~~~l~enc), «x1c rn(~~rcemcnt. ~.r arran~em~ntt or proceedings m~oh~ng a
bankrupt or decedent. then l_enJer at I.ender'~ optinn, upun n~t~ce to Borrov-~er. m~~ make ~uch appearances. J~shurse such
sums and take such acti~~n ati is nece~~ar} tu pmtect Lender'c mterest. mcluding but nc.t lim~~ed to. dicbursemenl ut
reasonable attomey'ti f~e~ ~nd emry u~xm the I'r~pcr~~• to mel~c rcp.,~r.. I( Lender reyuired m~~ngage inwrance as a
cvndiUon o( makmg thc loan tiecured b} thiti ~1~~ngagr. R~~rrr...er sh.~ll pa~• thr prem~ums requ~reJ to mai~ita~n wch
iruurance in eltect until tiuch t~mc at the reyu~remenl !~r wch m,uran:e termmatrs ,n .,c,ordance v-~th Borrrwer's and
a~;~~~
- ,`° 346 PM~~ 2490 ~