HomeMy WebLinkAbout1269~ UN~~o~t Cov~~Krs. Hornower aed Leade. coveoant anA asroe ss follow::
1~ lyweN o1 hM~cfNl a~i t~lereM. 6oroower shall promptlf psY when due the principai ot and intercst on the
indebtednest evideaoed by the Note. prepaymeot aod late chargec ac Movided in the Note. snd the principal oi and interest
on aay Futuro Advancts secw+ed by this Mortaa=e.
_. RMNt tor T~as a~i I~ara~ce. Subject to applicabk law ~x to a writtcn waive~ by [.ende~. Bomower shall pay
to Lender on ~hc day monthly instailments of principal and int~~rc~ arc payaMe under tht Note. until the Note is paid in full,
a aum (henia "Funds") eqwl to or~e-tweltth of ~he yesrf~~ tas~~ aMJ assessments which may attain priority ove~ this
Mort~aje~ and ~mund re~ts on the Pooperty. if a~y, plus one-tweltth of yearly promium installrt~ots for hazard insurance.
plus ooe-twel[th oi yeatly prcmium iestallments [or mongage insurancc, i( any, alt as reasonably estimated initislly snd irom
time to time by Leader o~ the buis of assacmcnts and hills and reasonabk estimates thercof. ~
The Funds shall be held in an i~stitwic~n ~he depasih or accounts of which aro i~nured o~ ~uaranteed by a Fede~al ot
state ajency (includina I.e~der if Lcnder is such an ios~itu~ion). 1_ende~ shall apply the Funds to pay said taxes. assessments.
inturance premiums aod ground oeots. l.ende~ may na chargr far so hc~lding and applying the Fnndc. analyzing ~aid accouot.
or verityinj and complina uid assessments and bills, unless Le~der pays Borrower interest on the Fuods a~d applicable law
permib Lender to make such a charge. Borrowe~ and t.ender may agree in writina at the time ot executioo of this
Mortp~ that interat oo the Funds shall be paid to Borrower, and unlas such a~emem is made or applicable law
r+equit+a auch i~terat to be paid. l.ender shsll not be required to pay Borrower any interest or earniogs on the Funds. l.ender
shaU ~ive to BoROwer~ without charge, an annual accounting ot the Funds showing crcdits and debits to the Funds and the
purpose for which eaeh debit to the Funds wu made. The Funds are plodgod u additional ucurity to~ the sumi sscured
by ttus Mort~aae. -
If tl~e amount of the Fuads heW by Lender, together with the future monthly installments of Funds payable prior to
tLe due dates of tues. asuumenb. insurance premiums and ground rcnts, shall eaceed ~he amount requircd to pay said taxes.
a:spaaents. inturance premiums and ground rents as they fall due, such excess sha11 be, st Borrower s opt~on, eilher
prompQy npaid to Bort+~wer or crodit~d to Borrovrer on mon~hly installments of Fu~ds. lf the amount o[ thc Funds
hdd by I.eoder shall not be wt5ciwt to pay laxa. as~es.unents, ituurance ptemiums and ~gmund reots u they (all due,
Borro~-er s6a11 pay to I.eader any amount necessary to make up ~he deficiency within 30 days irom the date notice is mailed
by l~eade~ to Bomnwer tequestinB P~Yment thereot. .
Upon payment ia full of all w~as sceurod by this Mohgage, t_eoder shall promptly refund to Borrower any Funds
tield by Leoder. If uader pua~aph 18 hercof the Property is sold or the Propeny ~s otherwise acquircd by'Lcnder, i_e~ckr
~6a11 ~pply. no later than .imatediately prior to the sak of the Property or it: acquisition by Lcnder. any Funds held bv
I.eoder at the time of application as a credit against the sums secured by this Mortgage.
3. A~iicatio~ ot Pa~ts. Unless applicable law provida othuwix, all payments received by Lender unJer the
Note aad paragraphs 1 and 2 hereof shall be applied by I_ender 6rst in payment of amounts payabk to Lender by Borrower
uader paragraph 2 heROf. t6ea to interest payable on the No~e, then to the principal of the Note, and then to interest and
principsl on any Future Advanses.
1. Crar=es; I.kas. Bomower shal) pay all taxes, assessments and ott~er cha~ges. fines and impositions attnbutable to
tl~e PropeKy which may attain a priority over this Mwtgage, and leasehold payments or gmuna rents, if aay, in the man~er
pivvided under puagraph 2 hereof or, if not paid in such man~r, by Borrower making payment, when due, directly to the
payee thereof. Borrower shall promptly furnish to Le~de~ all notices oi amounts due under this paragraph, and in the evtnt
Borrower shall make payment d~rectly. Borrower shall promptly (urnish to Lender receip~s evidencing such payments.
Borrower shall promptly dixharge any lien which hu pno~ity over -his Mortgage; provided, ~hat Borrower shall nw be
~equired to dixharge any such lien so iong as Borrower shal! agree in vvrit~ng to the payment of the obligation ucured by
such lien in a manner acceptable to Lender, or sh•rll in good faith contest such lien by, or defend enforcement oi such lien in,
legal proceedings which operate to prevent the enforcement of the lien or [orfature of the Property or a~y part thereof.
S. Hazsrd Inearswce. Borrower shall keep the improvements now etisting or hercafter erecttd on the Property insured
against loss by 6rc, hazards included withm the term "extendeJ coverage", and such other hazards as l.ender may reyuire
and in such amounls and for such periods as Lender may require; provided, that Leoder shall not require that the amount o[
such coverage exceed that amount of coverage required to pay the sums secured ~by ~his Mortaa6e.
"Ibe iasurance carrier providing the insurance shall be chosen by Borrower subject to approval by LenAtr, provided,
tbat such approval sha11 not be unrcasonably withheld. All premiums on insurance polic~es sha11 be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower makmg payment, when due, directly to the
insurance catrier.
All insurance pol+cies and renewals therrof shall be in form accep~eble to Lender and shall include a standard mor~gage
clauu in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof,
and Borrower shall promptly furn~sh to Ixnder all renewal no~ices and all receipts of paid premiums. In the tvent of loss.
Borrower shall g~ve promp~ nutice to the insurance carrier and Lender. Lertder may make pr~f of loss if not made promptly
by Borrower. -
Unless l.encler and Borrower otherv-~~e agree in writmg, inxuraoce proceeds shall be applied to restoration or repair of
the Propeny damaged, provided such restorat~on or repair is economicalty feasible and the security of this JNortgage is
not theroby impaired. If such restorat~on or repair is not rconomically feasiMe or it the security of this Mortgage would
be impaired, the insurance procceJs shall be applied to the sums secureJ by this Mortgage. with the excess, if an}, paid
to Borrower. If the Property is abandoned hy Borrower, or if Borrower fails to respond to Lendcr within 30 days from the
date notice ~s mailed by [.ender to Borrower that the insurance rarrier ofTers to settle a claim for insurance benefils, 1_enJer
is authoriud tv collecl and apply ~he insuranre proceeds at t_cnder's option either to restora~ion or repa~r of the Propertv
or to the sums secureJ by this Mortgage. ~
Unless l.ender and Borrower otherv-~se agree m wnhng, any such application of proceeds to pnncipal shalt not extend
or postpone Ihe due date of the mcmthly installments referred to en paragrapbti 1 and 2 hereof or change the amount ot
such inslallments. tf undet paragraph 18 hereof the Pro~,erty is acywred by Lender, all right, tiUe and interest of Borrowcr
in and to any tnsurance policies and in and ro the proceeds thereot resulung from damage to the Property prior to thc sa(e
or acquisition shall pass to Lender tu the extent of the aums secured by th~s ~tortgage immediately prior to such sale or
acquisition.
6. Preservation and Maiotenance ot PropeA~; Leasehulds; Condomiaiums; Planned Unit Devebpmenls. Bo~rowcr
shall keep the Properiy in good repair and shall not comroil y~•aste ar permu impairment or deterioration of the Property
and shall comply with the proviswns of any tease i( thu Mortgage i~ un a leasehuld. If this Mortgage is on a unit in a
condomimum or a planned nnU develupmeot, Borrower sball perform all of Borrower's obl~gations under the declarati~m
o• coveoants creating or govermng the condominium or planned uni! development, the by-laws and regu)ation~ c•f the
condominium or planned unit develo~,ment, and constituent elocument~. It a condominium or planned imrt Jevelopment
rider is executed by Borrower and recorded rogether Krth thic Mortgage. ~he covenants and agreements of such nder
shall be encorporaled into and shall amend and supplcment the co~enants anJ agreements of thix Mortgage as it the tiJer
were a part hereof.
7. Protertion of Lende~'s Securfty. If B~rrower fa~ls t~, perf~-rm the covenams and agreements contained in this
Mortgage, or if any act~on ~~r proceedmg i~ rummrnce.f wh~ch materiafly .~fTects 1.ender's mterett in tt~e Prc~pert}•.
includ~ng, but not limeied to. rm~ncnt domain. ~nu,henr~. c~~de cnforcemcm. ~,r arrsnRemems or pmceed'engs invohmg a
bankrupt or decedent. then 1_ender at 1_ender'~ ophon, up~m natice to Bcirrower, ma} make wch appearances, Jish~rtie such
sums and ~ake such aclion at ~s necet~ary to protect I.endcr's ~nterest. including. but nM limited to. di~bursemem of
reasonable aUomey's (ce~ and cntry u~x~n thc Propcr~y t~~ makc rcpauti. 1f LcnJrr reyuirrJ m<,rtgage incurance a~ a
cond~Uun o( making thc loan tccure~l hy Ih~~ Mungagc. B~~rrr.wcr sh dl pay thc prcm~umc requ~reJ to mai~ita~n such
insurance in eftect until tiuch tim~: as the reyuiremen~ (or ,uch m~uran:c term~natr~ io accordanee with Borr~~wer'~ and
~-3~347 ,s,~1~f~
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