HomeMy WebLinkAbout2715UNJtOR/y CpY8NAN7~. Borrower and l,onder covensnt and ajrce a: follow::
1. iqweat ot hbc1N1 a~i INenst. 6orrowe~ sha0 promptly pay when due the principYl of and interest on the
~nd~bl~dnas evidenced by ehe Nae. ptepayment aod late chargec ac provided in the Note, and the principal of aed intercst
0o aay Future Advances secured by this Mrrtga~e.
2. Fwi tor Tup aM iwn~ce. Subject to applicahk !aw ~~r !a a writlen waiver by Lende~. Bo~-~~ ~~n wr
to [.ender on the day mca.~thly installments ot principal anJ intere~l arr payable under the Note. until the Note is paid in tull,
a sum (heroin "Fued:'~ eqwi to one-tweltth of ~he yea~l~~ ~asc. ~nJ assasments which may attain priority ove~ this
Mott~a~e. and ~round ~ts on the Pmperly. if any, plus oee-twelt~h of yearty premium installments fo~ hazsrd insurance.
plers a~e-tweltth of yearly pnmium inuallme~ts for mortgage insurancc. it any, all as rcuonably estimated ioitially and trom
time to time by Lender on the buis of asus~mcnts and hills and rcasonable atimates thercof.
'Il~e Funds shall be held in an institution the depos~u or accounts o( which arc insured o~ guaranteod by a Federal ot
state agency (including Lender iE Lcrtder is such an institution). !_ender ahap apply ~be Funds to pay said uxa. assessments.
insutsnoe premiums and ground ronts. I.ende~ may ~ot charge tor so holding and applying the F~indc, analyzing said account.
or verifyint snd compling said asscssments and bills, untess Lender pays Borrower interat on the Funds and applicable law
permits i.eeder to make such a charge. 8orrower aad l.ender may ag~ee in writing at the time ot ezecwion of this
Mort~aae tbst interat on the Funds s6a11 be paid to Bo~rower, and u~iess such agrcement is made or applicable law
reyuira such intetat to be paid. Lendcr shall not be rcquired to pay Borrower any interest or earnings o~ the Funds. Lender
shall ~ive to Borrower~ without charge. an aonual accounting of ~he Funds showing crodits aod debits to the Funds and the
putpoat for which e:ch debi! to the Funds wu made. The Funds arc plodged as additional security for ~he sums cecured
by this Mo~tsaae.
If tl~e amount o[ the Funds held by Le~ier, together with the future monthly i~statlments o[ Funds payable prior to
ihe due dates of taxes, auessments. iraurance premiums and ground rcnts, shall excced the amount required to pay said tazes.
asse~n-ents. insurance prcmiums and ground rents as they fall due, such exc~ss shall be. at Borrower s option, either
praapdy repaid to Bornnwet or cte~ited to Bormwer on monthly installments of Fu~ds. Jf the amount o( the Funds
held by Lend~ shall not be suf6cient to pay taxes. assessments, insurance premiums and groemd rents as ~hey tall due.
Botrower shaU pay to Ler~der any amount necessary to make up the de6ciency v-ithin 30 days from the date notice is mailed
by Lender to Borrower requesting pzyment thereof.
Upoa payment in full of all sums secured by this Mortgage, l.ender shall promptly refund to Bormwer any Funds
held by Lende~. If under pusgraph 18 hereof the Property ia sold or the Property ~s othtrwise acquircd by Lender, l.ender
sball s,pply. no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held bv
l.eackr at the time of application as a credit against the sums secured by this Mongage.
3. Applicatios oE Payme~ts. Unless applicable law provides otherwiu, ali payments received by l.ender under ihe
Note aad paragcaphs 1 and 2 hereof shall be applied by 1_ender 6nt in payme~t of amoants payabie to Leoder by Borrower
under puagraph 2 hereof. then to interest payable on the No~e, then to the principal of the Note, and then to interest and
principal on any Future Advanc~s.
4. C6arter, Liens. Borrower ~hall pay all taxe~. acsescmcnts and othcr charges, fines and impositions attributable io
We Propetty which may attain a pr~ority over this Mortgage, and leasehold payments or ground rtnts, if any, in the manner
provided under parag~aph 2 hereof or. if not paid in such manner, by Borrower making payment,.when due, dircctly to the
pa7roe thereof. Borrower shall promptly furnish to Lender all notices of amounts due under-this paragraph. and in the event
Borrower shall make payment directly, Borrower shail promptty turn~sh to Lender receipts evidencing sueh payments.
Bortower shal) promptly dixharge any lien which has prionty ovcr this Mortgage; providcd, that Borrower shall not be
rcquired to discharge any such lien so long as Borrower shall agree in wn~ing to the payment o( the obligatiun securcd by
sucd lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defenJ enforcement of such lien in.
legal proceedings which operate to prevent the enforcement of the l~en or forfe~~ure of ~he Proptny or any part thercof.
S. Hazud lnsurawce. Borrower shall keep the improvementti now cxisting ~,r hereafter erected on the Propeny insured
against loss by 6rc, hazards included withm the term "cxtendeJ cove~age". and such o~her hazards as Lender may require
wd in such amo~~nts and for such periods as Lender may reyuirc: provided, that LenJer shatt not requirc that the amount of
such coverage exceed that amount of coverage required ~o pay the sums secured ~by this Mortgage_
'Ihe insurance carrier providing the insurance shall be chosen 'by Borrower subject to approval by [.ender, provided,
that such approval shall not be unceasonably withheld. All premwms on insurance policies shatl be paid in the manner
provided under parag~aph 2 hereof or, d not paid in such manner, by BorroK•er mak~ng payment, when due, directly to ihe
insurance carrier.
All insurance Ewlscies and renewals therrof shall be in form acceptable to Lender ~nd shall include a slandard mortgage
clause in favor of and in form acceptable to Lender_ L_ender thall have the right to hold the policies and renewals thereof.
and Borrov~er shall promptly furn~sh to Lender all renewal oo~~ces and al! recei~ts of paid prtmiums. In the event of loss.
Borrower shall grve ~mmpt nouce to the ~nsurance carner and l.ender. Lender ma~• make pr~f ot loss if not made prompUy
by Borrower.
Unless Lender and Borrower othervrik; agree in writ~ng, intiurance proceeJs shall be applied to restoration or repair of
ihe Property damaged, prov~ded such restoration or repair is economically feasiblc and the security of this Mortgage is
not thereby impaired. 1( such restaration or repair is not rconomicaUy~ feasible or i( the ucunty of this Mortgage would
be impaired, the insurance proceeJs shall be applied to the sums secured by this Mortgage. wi~h the excess, i[ any, paid
to Borrawer. If the Propeny is abandoned by Borrower, or it 8orrower fails to respand tc~ 1_ender within 30 days from the
date notice is mailed by l.ender to Borrower tha~ the insurance carrier ofTers to settle a claim for insurance benefits, Lender
is aut6oriud to collect and apply the inwrance proeeeda at Lender's option either to restorauon or repa~r of the Pmpem•
or to the sums secured by this ~Iortgage.
Unless Lender and Borruwer othen~ise agree in wri~ing, any such npplica~ion af prcxeeds to pnncipal shall not extend
or postpone the due date of ~he monthly installmcros rcfcrred t~~ in paragraph~ I and 2 hereof or change the amount of
sucb installmeats. If under paragraph 18 hereof the Property is acywred by Lender, ali nght, tiUe and interest ot Borrower
in aad to any Ihsurance poiicies and in and ro thr proceeds thereof resulnng (rom damage to the Propeny prior to thr sale
or acquisition shall pass to Lcnder to the extent of thc ~ums accured by th~s Atortgage immediately prior to such sale or
acquisition. .
6. Preservation aod ~taintenance of Propcrt~~: Leaseholds; ('ondominiums; Plsnned linit Devebpmenls. Borrov-•cr
shall keep the Property in good repair and shall not comroit ytiaste or perm~t impairment or deterioration of the Property
and shall compl~ with thc provis~ons of any lease it th~s Mortg~ge ~~ on a leasehold. If this Mortgage is on a unit in a
condomin~um or a planned umt devclopment, Borrow•er shall ~xrfarm all ot Borrower's obligations under the declarahon
or coveuants creat~ng or governing ~he condommium or planncd un~t development, the by-laws and regulations of the
condominium or planned unit devela~,ment. and conslituenl d~xumentc. !I a condominium or planned unit Jevelopment
rickr ~s executed by Borrow•er and rernrJed ~ogether whh ~hi~ Mortgage, the covenants and agreemems of ~uch rider
shall be incorporated into and shall amend anJ•supplrment the co.enams and agreements of this Mortgage as if the rider
were a part Fereof.
'1. Protaian ot i.ender's Securfty. If R~.rroKCr fad. ta ~nrfc,rm th^ covenantz anJ agreements contained in ihic
Mortgage, or if any acbon ~~r proreedmg is cummence~l ~h~rh ma~rriatly- aficcit Lender's ~nterest in ~he Propert~•,
~ncludmg, but not bmded ro, eminent domam. mWlvenc~. cade rn(~~rrement. ~,r arr:,ngements or proceedings invoh•mg a
bankrupt or deceden~. then l.ende~ at LenJer'~ c~puon, uFxm no~ice u~ Borrow•er. ma~ make such appearanees. dishurse such
sums and take sech actiun ~c ~s nece~tiar~ tu protect I.e~rder'c mterest. includtng. but nrn Iim+teJ to, di~bursement of
reasonahle auome}'s (cc~ and emry u~m ~hc Propcrh• t~, make rcpair~. If Lrnder rcyuircJ mor~gage inwrance aS a
condiUon o( makmg thc loan +ecurcJ b} this ~lurtgagc: B~-rrr•wcr sh.dl pay thc prcmiums rcquueJ ta mainia~n such
insutance in rfiect undl wch umc as the rcyuircmcm f~r wch m;uran:c Icrm~natcs in .~ccordancc wi~h Bormwcr'. and
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