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HomeMy WebLinkAbout2009UnnwuM Covu+~rm. 8orrower and Leader cov~an~ and sjree u tollows: L. h~~eN ot rrl~elMl ~i IMerp1. 8orrowe~ shall promp~lf pay when due the principsl ot and interest on the indeptednat evidenoed bp tbe Notd. ptepayment and late chartc~ ac provided in the Nde, and the princiQal ot and intercs~ on aoy Fwuro Advances securod by thi: Mortsase. _. ~1Ni tor T~M ~M l~wrree. Subject to applicabk law ~,r to a writtee waiver bp l.ender. eo~~ ~+.n wr to Lendar on the dsy mo~thly inuallments ot principsl and iotc~c~~ ore payaMe unde~ the NMe. until the Note is {+aid in tull. a tum (herein "Fund~'y equal to one-twelfth ot ~he yearly ~asc. an~l assessments which may attain pnority over this Mortsase. and ~round rents on the Property, if sny. plus one-twelf~h ol yearly premium inslallments tor hazard insunnce. plus oae-tvreltth of yearly premium installments tor mottgsse insunncc. if any. all u reasanably estimated initially and trom time to time by Lender on the bssis of assescments and hills and reasonabk estirnata thercot. 7Ue Funds shall be held in a~ institutic+n the deposia or accou~ts of ~rhich are imured or guannteed by a Fedsral or state ajency (includina Lende~ if Lcoder is such an inslitutionl. I.ender shall apply the Funds to pay said uxa. asseumenu. imuranoe p~emiums snd;routd ronts. I.ender may ~01 charge to~ u+ holding and applyinj ~he Funds. analyzin` saiJ account. or verityinj and compilin` uid sssessments aod bills, unless ~ender pays Borrower interest on the Fu~ds and applicable law permits I.ender to mske :uch a charge. Borrower and [.ender may agrce in writing at the time of exocutioo ot this Monpje tbat interat on the Funds shall be paid to Bormwer. and unlas such agrsement is made or applicabk law requira such inteoat to be paid. Lender shall ~ot be rcquired to pay Borrower any interat or earnings on the Funds. Lender shaU pve to Borrower. without charge, an annual accounting of ~he Funds showina credits aod debits to the Funds a~d the purpose tor which eaeh debit to the Funds wu made. The Fu~~ds arc pledged as additional secunty (or the sums secured by tbis Mortpse. If tbe amount ot the Fund~ held by Lender, together with the futurc monthly installmenls of Funds payabk prior to t6e due data of ta~tes. auessments. insurance premiums and g~ound rents, shall exceed the amount rcquircd lo pay sa~d taxa. saet~ments, insurance prcmiums and ground rents u they (all due, such excess shall be, at Borrower s option, either pranptly repaid to Borruwer or credited to Bormwer oe momhly i~sullments of Funds. It the amou~t ot the Funds beld by Leuder sfiall not be wt~ient to psy taua. assessments, insurance ptemiums and ground rents ss they tall due, Borw~-er sball pay to Lender any amount necessary to make up the de6ciency within 30 days trom the date notice is mailed by Leoder W Borrower requatin8 paYment thercof. Upoa paymeat in full oE all ~was secueod by this Mortgage, l.ender shall promptly retund to Borrower any Funds held by l.ender. If under panitaph 18 heroof the PropeAy is sold or the Propeny ~s dhervvise acquired by Lender, l_ender s6all spply. no later than immediately prior to the sale ot the PropeRy or i~s acquisition by Lender. any Funds held bv Leoder at the time ot application ~ a credit against the sums securcd by this Mortgage. 3. Arplleatio~ ot Pqoe~ls. Unlcss applicable law provides othervvise, all payments received by Lende~ unde~ the Note aad paragraphs 1 and 2 hereo( shall be applied by LenJer first in payment o[ amounts payable to Lender by Borrower under parsaraph 2 hereof. then to interest payable on the Note, the~ to the prioci~l o~,the Note. and then to interest and principal on any Future Advanoes. . ~ ~. C6aRes; Lkas. Borrower shall pay all ~azes, assessments and other charges, fines and imposi~ions attr~bu~able to tbe Property which may attain a priority over this Mor~gage, and leasehold payments or grouna rents, if any, io the manner provided under paragraph 2 hercot or, it not paid in such manncr, by Borrower making payment. when due, Jirectly to the payee the~+eo[. Borrower shall promptly (urn~sh to LenJer all notices of amounts due under this para~raph, and in the event Borrower shall make payment direcUy. Borrower shall prompUy furn~sh to Lender receipts evidencing such payments. Bonowe~ shall promptly discharge any lien which has pnonty over th~c Mortgage; provided, ~hat Borrower shall not be rcquired to discharge any such lien so long as Borrower shall agree in v-~rit~ng ~o the payment of the obligatiun secdred by such lien in a manntr acceptable ~o Lender, or sh•rll ~n good tai~h conte.~ such lien by, or defend enforcement ot such lien in, Iegal proceedings which operate to prevent the entorcemen~ of ~he hen or forfeiture of the Property or any part thereof_ S. Haiard larnrance. Borrower shall keep the ~mprovements now e:isting or hereafter erected on the Property insured against loss by firc, hazards included with~n the term "eztendeJ coverage", and such o~her hazards as I_ender may rryuire and in such amounts and for such periods as Lender may require; provided, Ihat t_ender shall not rcquirc that the amount of such coverage exceed that amount of coverage required to pay the sums securcd by this Mort~age. 'Il~e msurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that wch approval shall not be unteasonably withheld. All prcm~ums on i~surance polic~es shatl be paid in the manner provided under paragraph 2 hercof or, ~f not pai~ in such manner, by Borrower making payment, when due, directly to the i~sunnce curier. All insurance policits and renewals therro( shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. l.ender shall have the right ta hold the policiu and re~ewals thereof. and Borrower shall promptly furauh to Lender all renewal notices and all receipts of paid premiums. In the eveni of loss, Borrawer shall give prompt notice to the ~nsurance carner and I.ender. t_ender may make proo( of loss if not made prompUy by Borrower. Unless Lender and Borrower otherwi~e agree in writ~ng, in~urance procceds shall be applied ~o restoration or repair of th~ Property damaged, prov~ded such restorat~on or repair is economically feasib{e and ~he securily of th~s Mortgage is not thereby impa~red. It such restoratiun or repair is nw economically feasible or if the security of this Mortgage would be impaired, the insurance prceeeJs shall be applied to the sums secureJ by this Mortgage, with ~he excess, i( any, pa~d to Borrower. I( the Property ~s abandoned by Borrower, or i( Borrawer fails tc~ respond to [_ender within 30 days from the Jate notice is mailed by Lendtr to Borrower thal ~he insurance carrier otTerx ~o setUe :~ claim for insurance benefits, Lender is aut6oriud to collect and apply the imurance proceesls at 1_ender's option either to restoration or repa~r of the Propettv or to the sums secured by this Mortgage. Unless Lender and Horrower otherwi~c agree in wnting, eny such applicalion of pra:eeds to pnncipal shall nat extend or postpone the due date of the monthly installments rcferred a. in paragraph~ I and 2 hercof or change ~he amount o[ such installments. It under patagraph 18 hertof the Property is acywreJ bp Lendcr, ali ngh~, tiUe and interest o[ Borrower in and to any tnsurance policies and in and to ~he proceeds thereof resulting trom damage to tbe Properry prior to th~ sale or acquisidon shall pass to lxnder to the extent ot the sums secured by this Mortgage immediately prior to such sate or acquisition. 6. Praervalbn and :1lsuntenance of Property; Leasehulds; Condominiums; Plsnned Un3t Developmenls. Borrowcr shall keep the Property in good repair and shall not comroi~ y~~aste or perm~t impairment or deteriotation of the Propcrry and shall comply~ with the provisions of any lease ~f this M~rtgage s~ on a leaseh~~ld. It this Mortgege is on a unit in a condominwm or a planned unit developmcnt, Borrower shall pcrform all ot Borrowers obligations under the dcclaratwn or covenants creat~ng ur govern~ng Ihe condom~nium or planned unh development, the by-laws and regulation~ uf the condominium or planned unit development, and cons~ituent d~ument~. If a conJominium or planned unrt development rider is executed by Borrower and recorded toge~her whh thn Mortgage, ~he covenants and •rgreements of wch ndcr shall be incorporated mto and shall amend and supplement the co~enants anJ agreements of this Mortgage as it ~he rider were a part hereof. 7. Proteetioo ot I.ender's Securfty. If Borr~iwer fail. t~~ pert~rm the covenants and agreements containcd in this Mortgage, or i( any acbon or proceeding n cummence.l whi~h malerially atTert~ I.enJer's ~nteretit in 1he Pmperty, ~ncluding, but not iim~ted to, emmcnt domain. inc~.lvency, c~-Je en(orcemem, or arrangcmcnts or pn~cccdings involring a bankrupt or deceden~. ~hcn 1_ender at I.ender'i option, upon not~ce to Borrower. may make such appearances, dishurse such sums and ~ake such action ac ~s neceti~ary tu pro~ect I.ender's imerest, includmg. but not limrted to, disbursement ~~f reasonablc attomey's (ees and en~ry upon the Property to make repairc. I( t.ender reyuireJ m~~rtgage in~urance ac a cond~ticn ot makmg the loan SecureJ hp Ihis Mortgage. Bc~rn:wcr sh.~ll pay thc premiums requireJ to mainta~n cuch insunnee in rfiect unul such dme as the reyuiremen~ for wch mwran:e ~ermmate~ in aecordanee with Borr~~wer'~ and r~~ii~~47 racE~ . ~ . _ ~u~ _ . - - , F; ._ -~-~.~~.~;~ R -- _ ~.:: .