HomeMy WebLinkAbout2637Unc~~ Cov~+~~+ts. Hon~ower and Leade~ covenam a~d asroe u Eollow::
~, ~..~.e ot r-~4N ,~.i ~.~. eo~ro~r ~n.u ~+~omP~i~ wr whee due the principal of aod intenst on the
itidebtedaa~ evideaoed by the Note, prcpaymeat and late char~ex a.c provided in the Note, and the principal ot and intaes~
aa any FWuro Adv~nces securod by this Mortsa~e-
2. !ri tor T~ a~i Irse~~e. Subject to applicabk law ~x to a writtee waive~ by Lende~. Bormw~r shall paY
to Lender o~ the day monthly installme~ts of principal and intcrec~ arr payatde untk~ the Note, until the Note is paid in tull,
a wm (hercin '"Fuadt'~ eqwl to onatweltth of the yea~ly taz~~ aixl assasrt~ents which may attain p~ority over this
Mortsaje. aqd ~round rq~u on tbe Propetty. if any. plus o~e-tweltth ot yeariy premium installments tor hszard insurance.
pl~n oae-twelRh of yeatly premium installments tor mott6aae in:unncc. if sny, all u r+easonably estima~ed initially and tmm
time to time by Lender oo the buis of assasmcnts and Mlts and rcuonabk atimates thereot.
'Ibe Ftinds shall be held in an instituticu~ the deposia or ~ccounts of ~rhich at~e i~nured or auarantoed by a Fedenl ot
state ajen~y (includina L,e~de~ if [.¢nder is such an institutionl. 1_cnder shall apply the Fur~ds to pay uid tua. asseumen~s.
imuraaoe premiums and ~muod rents. !_ender may not charge ior sn holdina snd applyina ~he Funds. a~alyzing uid accouo~
or verityi~s~ad compilina said assessments and bills. unkss Le~der pays Borrower iotetest on ihe Fu~ds and applicable law
permits Lender to make such a charge. HoROwe~ aad Lender may agree in writin` at the time of executioo of this
M~ tbat interest on the ~nds sball be paid to 8orrowe~. and ualas such aaroement a made or applicabk 1aw
reqnira such iaterest to be paid. lrende~ shall not be required to pay BoROwe~ any intereat or earnings on the Fu~ds. Lender
shall pve to Borm~ver. witLout char~e. an annual aocounting of the Funds showina crcdits and dtbits to the Funds and ihe
purpae for wrhich ach debit to t6e Funds wu made. The Funds are plodgod as additiona~ security for the sums socured
by th~ Mortp,e.
If the anwunt ot tbe Fuods hdd bp Lende~, togNher with the tuture monthly installments of Funds payabk prar to
the due data of uxa, assarments, iawrance pemiums and ground rcr~ts, shall exoeed the amount required to pay said taxa.
aappnents, intunnoe premiums and around rents u they fall due. such excess shall b~. at Borrower s option, either
promptlp t~epaid to Horcower or aeditod to Borrower on monthly installments of Funds. If- the amount of the Funds
6dd 1ry Lp~der ~fiall not be wfficieM to pay tues. assaund~ts. insurance pcemiums and ~round rents as they (all due,
Borraiw~er sball pay to Leader any amount necasary to make up the deficiency within 30 days trom the date notice is mailed
b~- l~ender to Homower requatina P~Ymeot theroof.
Upon payment io fu11 of all sunu sewrod by this Mortgage, Lender shall promptly refuad to Borrower any Funds
hdd b~- I.toder. If under parasrapb 18 hereo[ the Property is sold or the Propettr a otherwise acquired by l.ender. Lcnder
sball apply, no lata than ima~ediatdy prior to the sale of the Prope~ty or its aoquisition by Lender. any Funds held br
Leoder at tl~e time of application as a c~edit aaaimt the sums sxured by this Mortasae.
3. A~iicati~ at ~q~e~b. Unlas applicabk law provides otherwise. all payments receivod by Lender uniler the
Note and pusgaphs 1 and 2 6eieof shall be applied by l.ender fi~st in payment of smounts payabk to Lender by Borrower
under paraaraph 2 hereof. tbea to interest payabk on the Note, then to the principal of the Note. and then to intercst and
principal oa any Future Advanoa.
1. C~e~ I.ie~s. Borrower shall pay all ~axes, ass~ssments and other charges, fines and impositions allributable to
tbe Propertp which may attain a priority over this Mortgage. and kaschold payments or ground rents. if any. in the manuer
pro~vidod uader paragraph 2 he~+eof or, if not paid in such manner, by Borrower making payment. when due. dircctly to the
paree tbereof. Borrovner:hall promptly fumish to Lender all notices of amouats due under this pars~aph, and in the eveat
Borrower shall make payment directly. Botrower shall promptly furnish to Lender receipts evideocing such payments.
Borrower shdl promply dischuge any lien which has priority over this Mortgage: provided. that Borrower shall-not be
tequired to.discharge any such lien so bng as Borrower shall agree in writing Io the payutent of ibe obligatiun securod by
suc6lien in a manner xaptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of :uch lien in,
leaal proceedings which operate to preveat the enforcement of the lien or forfeiture of the Property or any part theteaf.
S. Hvard lawrawce. Borrower ahall koep the improvements now eaiuina or hereafter eretted on the Property insurod
against loss by 6r+e, hazuds included wit6in the term "eatended cmerage", and a~ch other hazards as Lender may requirc
and in wch amounts and for such periods u Lender may rcquire; provided, that Lender shall not require that the amount af
such rnverage eaceed that amount of rnverage requircd to pay the iium securcd by this Mortsase.
The insurance carrier providing t6e insurance shall be chosen by Borrower subject to approval by Lender. providod.
that wch approval sl~all not be unreasonably withheld. All premiums on insurance policies shdl be paid in the manner
provided under paragnph 2 hercof or, if not paid in such manner, by Borrower making paymrnt. when doe, directly to the
insunnce rarrier.
All insurance policies aad renewals thereof shall be in form acceptable to l.ender and shall include a standard mortgage
clause in favor of and in form acceptabk to Lender. l.ender shall have the right to hold the policia and renewals thereof,
and Borrower shall promptly furnuh to Lender all renewal notices and all receipts of paid premiums. in the event of loss.
Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made pramPtly
by Borrower.
' Unless Lender and Borrower otherwise agree in w~iting, insurance proceods shall be appliod to restoration or rcpair of
the Property damaged, provicied such restorat~on or rcpair is economically teasible and the security of this Mortgage is
not thereby impaircd. lf such rcstoration or rcpair is not economically f~asible or if the security of this 1-iortgage would
be impaired, the insurance procoods shall be applied to the sums secured by this Mortgage, with the excess. if any, paid
to Borrower. If the Propeny is abandoned by Borrower, or i( Borrower [ails to rapond to Lender within 30 days from the
date ewtice is mailed by Lender to Borrower that the insurance carricr ofTers to settle a claim for insurance benefits. Lender
is aut6oriud to collect and apply tt~e insurance proceeds at Lender's option either to ratoration or repaer of the Propertv
or to the wms securod by this Mortgage.
Unlas Lender and Borrower otherwise agree in writing, any such application of procoeds to principal shall not extend
or postpone the due date of the monthly installments referrcd to in paragraphs 1 and 2 hereof or change the amount of
such installmeuts. If under parag~aph 18 hereof the Property is acquired by Lender, all right, titk and interest of Borrower
in and to any ltisurance policies and in and to the proceeds thereof raulting from•damage to the Propehy prior to th~ sale
or acquisition shall pass to i.ender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition.
6. Preservatioo and Maintenance of Property: l.ease6olds; Condominiuau; Planaed U~it Developments. Borrower
shalt kcep the Property in good repair and shall not com~pit yvaste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease i( this Mortgage is on a leasehold. If this Mortgage is on a unit in a
condomiAium or a planned unit development, Borrower shall pedorm all of Borrower's obligations under the declaration
or covenants creatiog or governing the condominium or planned unit development, the by-laws and regulations of the
condominium or planned unit development, and constituent Jocuments. !f a condominium or planned unit development
rider is executed by Borrower and recorded ~ogether with this Morlgage, the covenants and agrcements of such rider
shall be incorporated into and shall amend and supplement the covenants and agreements ot this Mortgage as if the rider
were a part hereof.
7. Protecliou of Leode~s Securfry. If Borrower tailc to perform the covenants and agreements contained in this
Mortgage, or if any action or proceeding ~s commenced which ma~erially aHects Lender's interest in 1he Property.
including, but not limited to, eminent domain, insalvency, code enforcemenl, or arrangemerits or proceedings invol~ing a
bankrupt or decedent, then (_ender at l.enJer's op~ion, upon no~ice to Borrower, may make such appearances, disburse such
sums and ~ake such action as is necessary tu protect l.ender s interest, including. but not limited to, disbursement of
reuonable auomey's fees and emry upon the Properly to make repairs. If Lcnder requircd mortgage insurance as a
condUion of tnaking the loan secureJ by this Mort~eage. Born:wer shali pay Ihe premiums requireJ to maiittain such
insurance in eflec~ until such time u the requirement for such insuran:e termmates ~n accordance wilh Borrower's and
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