HomeMy WebLinkAbout0644UN~FORt-t CoveN.~yTS. Borrower and LcnJer rovenant and agrce a~ follows:
l. Paymeat of P~inclpsl aad taterest. Born~w-er shall promptly pay ~•hen due the principai of and interest on the
indebtedness evidenceJ by the Note, prepayme~t and late charge~ as proviJed in the Note, and the principal of and interes~
an any Future Advances secureci by this Mortgage.
2. Fundt for Taxe9 and lnsura~ce. Subject to applicable law• ar ~o a written vvaiver by [.ende~, Borrow~er shall pay
to l.ender on ~he day monthly installments o[ principal and interest are pa~~able under the Note, until the Nate ic paid in full.
a sum (hcrcin "FunJs") equal to one-twelflh of thc ycarly taxec anJ as~escmcnts vrhich may attain priarity over this
Mortgage, and ground rcnts on Ihc Prnperly, if any, plus o~e-tw-elfth of ~•carly premium ins~allments far hazard insurance.
plus one-tw•clfth of yearly prcmium installments tor morlgagc insurancc, if any, all as reasonably ectimated i~itiall~ and tmm
timc to timc by 1_cnder on thc basis of a~ses~mrnts anJ bills and reaionable estimatcs thereof.
'il~e Funds shall he held in an institution the depusits or accounts of which are insured ar guaranteeJ by a Federal or
state agency (including Lender if I_ender is such an institution). Lender shall ~pply the Funds to pa~• said taxes, assasments,
insurancc prcmiums and ground r~nts. l.rndcr may not charge for si~ hi,lding and applying thc Funds, anal}•zing said accaunt,
ur ~•erifying and compiling saiJ asse~~ments and bills, unless Lender ~}•s Borrawer i~terest on the Funds and applicable !aw
permits 1_ender lo make such a charge. Borrower anJ t_enJer may agree in writing at the time of execution of this
Mortgage that intere~t un the Funds shall he paiJ to Borr~~wer, and unless such agreement is m;~de or applicahle law
rcyuires such interest to be paid. Lcnder ~hall not bc rcyuirc,~l to pay Borruwcr any interest or carnin~ on the Funds. I_ender
~hall give to Borrawer, without charge, an •rnnual accuunting of the 1=und~ show~ing credits and debits to the Funds and the
purpuse for which cach debit to the Funds w~as madc. The Funds arc pleJged as additional securit~~ for the sums secured
by this ~tartgage.
If the amount of thc Funds hcld by I_c~~cr, togcthcr with thc futurc monthl~• in~tallments of Funds payablc prior to
the due dates of taxes, assessmcnts, insurance premiums anJ gmund rents, shall excced the amount reyuired to pa~• said taxes,
~ssessments, insurance premiums and ground rentc a~ thep fall dur, such erce~s shall be, at Borrow~er s option, either
promptly repaid to BorroH~er or credited tu Borrow•er on monthl~• installmcmc of Funds. If Ihe amount of the Funds
held by Lender shal) not bc sutticient to pay taxcs, ascecsments, imurancc premium~ :~nJ groond rents as ~he?~ fall due,
Borrower shall pa}• to Lender an~• amount neres~an tv m•rke up the dnc~icnc~~ within 30 Ja~ti (rom the date notice is mailed
by Lender to Borrower rcyucsting p:tymcnt thercof.
Upon payment in full of all sums se~-ured by this Atortgag~. Lcnder shall promptl~• refunJ to Borrower ~ny Funds
held by LenJer. I( under paragraph IS hcrcof thc Property ic k~IJ or ~hc Propcrty is othcn~~i~c acywred b~• I.cnder. 1_enJer
shall apply, no later than immediatcl~• prior to the sale of th~ Pro~rt~ or its acquisition hy Lender, an~ Fundt held b~•
Lender at Ihc timc ~~f application as a crrdit against thc sumti sccured h~~ thn ~fortgagc.
3. Application of Payn~rnts. Unless applicahle la~ pn~.•iJes otherai~e, all payments recei~ed b~• Lender unJer the
~ote and paragraph~ 1 and 2 hcrcuf tihall bi: apphed by Lrnd~r fint m pa~•ment of amuunts payaMe to Lender tn Born•Ker
undrr paragraph 2 hereof, then to interc~t payablc un thc ~otr. then to thc principal of the Note, and thcn to intcrest and
principal on an~~ Futurc Advanccs.
4. CharRes; Liens. Borro~ticr ,h:ill pay a!I ~a~c~, :-.ks~mrnts anJ oth~r chargc,. finet an~ imM~tiitirns attributable to
the Propert~• w~hich may attain a priority rn~er this ~tor~gage. :~nd IcaschoW paymcnts or ground r~nts, if an}•. in thc manner
provided under paragraph 2 hereof or. if not paid in cuch manner. b~ Borrower making pa~~ment, when due, directh• to tfie
pa~•ec thcreof. Borrower shall piomp~ly furmsh to Lendcr all nouccs of am~-unts duc under thi~ paragraph. and in the e~•ent
Borro~+•er shall make payment directl~, Hormwer ~hall promptl} lurnish to Lender re.~i~tti r~idencing such payments_
Borrower shall promp~l~• dischargr an~• lien ~~hich has pr~ont~• .-.er this ~turtgage: pra~:.IeJ. ~hat Burrower th~ll not be
required ro diuharge an}~ such lien so long as Borrower shall agrce in writing tc~ the pa~ment oi thr ~~bligati~~n cecured bc
tiuch lien in a manner acceptable to Lender, ur ~hall in g~xx1 f~ith cuntr~~ .uch lirn h~~, ~r .Iefeo~ enfor~ement of such lien in,
legal pnxeedingc K•hich operate to pre~•cnt thc. enforcement of thr licn :.r lorf~itur< <~f the ProEx.rt~~ or am part thereof.
5. Hazard lnsurance. Borrowrr shall kcep the impri~~rment. n~~~. c~icunc c~n c~rralter rrcrted on thc Pr~~~rt}• incurcd
ngainst loss h}• firc, hazards includc~i withm thc tcrm "~~tcnJcd cavrr,~g~", anJ sn:h othcr hazard~ a~ 1 cndtr ma~~ reywre
~nJ in surh amounts and for surh pcriod. ati Lcndcr ma~• rcyuirc: pru~idcd, that Lcndrr .hall not r~yuirc that t~c amuunt of
.uch c~~~•cragr c~cc~d tha~ amuunl nf covcragc rcyuirrd ~u ~-a~ thc ,umti .c~urcd h~• thic ~fortgagc.
The insurance ~arrier providin~ thc insuranre tihall Fx. ~hu~rn b~~ Borru~~~r ,ubject to ~ppm~al hc LenJer; pro~~ided.
that surh appro~al ~hall not bi; unrea~onahlc w•ithhrld. ~Vi pr~mium. on insuranr~ Fx~licie~ ~hall h~ paid ~n the manner
provided undcr paragraph 2 hereof ur. if nc-t paid in such manner, b~• B~~rro~.er mak~ne payment. when due. d~rcctl}• to the
,nsurancc carrier.
All insurance policiet and ren~~ali there~~t shali tk in form .i:crrtablr to I_~nJcr anJ sh:~ll includr a ~tan~l:,rd m~~rt~age
~lausc in fa~•c~r of and ;n form acrcptahle a. Lcndcr. Lrndcr .hall ha~c thc right t~~ hold thc p.~lirir, and ren~ti~als thcrcof.
and Borrow~er shal! prompth• furnish to [_ender all ren~~al noiices an~ all receipts of paid premium.. ln the event of locs.
Borrower Shall gire prompt notice tv the insur.mcc carrier and I.ender_ 1_enJer ma} make prex~t of loss if n~~t maJe promptl~~
b}' Borrower.
Unless Lendcr anJ Borrowcr othcrwi.~: agrec in ~~ntmg. inwrance procecdc shall bc applied to retit~~ration or repair of
the Propert~• Jamaged, pri~~•ideJ wch re.toratsun ur rcpaur is ccone~mi~allp feasible and the ~ecurit}• of thu Zt~rtgagc ~s
not thereb}' impaired. I( surh re5torai~on or repair is n~~t rc~~n~~miiall}• fra~iMe or if the securit~~ of this ~iortgage w•ould
be impaired. the insurance pr~eed~ shall be applird t~~ the ~ums tiecured b}~ this Mortgagr. Nith ~he ercecs, if am~, paid
to Borrowcr_ I( thc Propert~ is :~band~~ncd h~ Borr~~wcr, ~r ~t Bormwer faih tc. res~nd to 1_endcr veethin 30 da~~ from the
~ate noticr is mailed b~~ Lender t~~ BormH•rr th:~t the insurance r~rrier ~~tTers to seule a claim for ~n~uranre benefits, 1_ender
~. ~uthorized to collect and apph the ~nsurancc proccedl at Lcnder's option either to restoration or repair of the Propert~~
ur to thc sum~ ~ccureJ b}• this ~forigagc.
l~`nless i.cnd~r and Borruwcr othen~iu agrec m wnting_ an~~ such appliration of pr~wceds Io pnncipa) ~hall not c~tcnd
~~r pustponc thc duc datc o[ thc m~~nthh• in~tallnicnts rcfcrrcd t~~ in par~graph. 1 ar,.! ? h~~t'.of or chanec the amount of
Such installment~. I( under paragrrph 18 hereof the Propert~- is acyuired h~ Lender. ali nght, tide anJ interest of Borrox•er
m and tu an} imurance policies and in and to the proceeds thereot resulting trom damage to the Property~ prior to the sale
or acyui~ition ~hall pass to L~:nder to the e~tent uf the ~ums ~ecureJ b~ thi~ ~tortgage ~mmediatel~~ pnor to Such sale or
acyuisition.
6. Presena~ion and ~laintenance of Properl~: I.easehold~; ('ondominiums; Planned l:nit I)ecelopments. Borrowcr
~hall kecp th~ Properry in good repair and shall not commi~ ~.aste or permit impairmcnt or deterioration of the Properta-
and shall comply~ with thc provisions of any lease ~f this ~lortga~ee iti un •r Iraschold. If thi~ ~lortgage is ~n a unit in a
~onduminium ~~r a plrnned umt ck~~ctopmcnt, Borrower shall pcrtorm rll of Borrower's ubligat~ons ~nder the declarat~.~n
or co~enantti crrating or guverning the r~nd~»ninium or planned unit dcvclopment. ihe b}•-laws and rcgulationc of the
conJuminium or planncJ unit Jc~•clopmcnt. :+nd constihicM documcncs. If a condominium or planr.ed unrt dc.~clopmcnt
n~1er ~~ c.recuted by Borrower and recordeJ t~~gether with thiti Mortgage, the co~•enants anJ agreements of ~uch nder
shall be ~ncorEwrated into and shall amcnd and tiupplrment the co~enants and agreemcnts of this Mongage as if the rider
«<rc a part hcrcof.
7. Proteclion of Lenders Securitj~. If BorroNer fadl tn ~rf~~rm the covenants an~i xercements coniained ±n thi~
Mortgab~. ur if an}~ action ~~r ~+roceedmg i~ ci~mmenccJ whirh materiall~~ :,tT~rts Len~ler'ti interest in the Pr~~pert~.
includmg. but n~~t linu~cd ~~~. cmincnt domain. im~il~cnct, cudc cnfi~rccmcnl. or arrangcmcntc or pr.~ccedings im•ohmg a
bankrupt or decrJent. then I ender at Lender', ~~pUon. upon notice te. Bormw•cr. ma~ make wch ap~xarance.. dishune such
sums and take such ac~iun as is neceti~an t.~ pmtret 1_ender's mtrrest. including. but not I~mited to. di~bursement of
rc~sonahlc attorncy's fccs and cntry u~n thc Propcrty~ to makc repa:r~. If I.rndcr rcyuirell mongacc in.uranzc a~ a
wnJrti~~n ~~f m:ikmg thc loan cccure~l M thi~ ~1ur2gagc. Bi~rn~Hrr shall pa}• Ihc prcmiums rcqu~re~ ti. mainte~n such
insurance in rdect until tiuch time as th~ rryuirement for tiurh insurance terminatcs m accordance w~ith Borrrwer's and
_ ~ a~`~ 347 ~~~E 641
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