HomeMy WebLinkAbout2084Untra~~ Covat+s~s. Bortowet snd l.a~de• covensnt and a~roe u follows:
f. lfys~M N hie~l a~/ I~Ierpl. 8orrowu shali {xomptly paY when due the priecipai ot and interest oo the
~ndebtedna~ evidenoed b~r tbe Nole. pnpaymeot and Iste chu~ec ae ~ovided in the Nae. ~ed the principal ot and intercst
oa aoy Future Advaaces secwed b~r tl~is Mortjafe.
_. E1Ni hr Ta~ ri I~w~ca Subject to applicabk law ar to s writ~en waiver by Lender. Borrower shall pay
to Lender on ~he dar monthly installmenls ot prirrcipal and im~rcat ~rc payahk unde~ Ihe Note, until the Nole is paid in tull.
• sum (heKin "Fundt'~ eqwl to one-tweltth ot the yeari~ ~a~~~ snJ ~ssasments which may attain priority over this
Mortsase, and ~round ra,a oa ebe Prope~ry. it aoy, plus ooe-twelf~h of reuly prcmium inslallments tor huard i~surance,
plut ooe-twel(th ot yeuly premium insullments (ot mottasge.insurancc. if any, all u rcasonably estimated initially and trom
time to time by l.ender on the basis of assessmcn~s and hills and reasonabk atimata Ihereof.
'Ibe Funds shall be held in an inslitution the deposia or accounls of ~rhich aro insured or suaranteed by a Fedenl or
t4te asencp (iecludina Lender i[ Lcode~ is such an i~slitutiool. I.eoder shall apply ~he Funds to pay said uaa. useuments.
iu~urarioe premiums and anouod rcnts_ I.ender may na chsrge tor u~ holdins and spplyinj ~he F~indc. analyzin~ caid account,
or verifyin~ and oomplin~ said sssessments ~nd bilh, unless Lender pays Borrower ioterat on the Funds and applicable law
permit~ I~ender to make such a charge. Borrower and Lender may a~ree io writin` at ~he time of execution ot this
Monp~e t6at interest on the Funds shall be paid to Borrower, and unlas such a~eemen~ is made or applicable law
oequires wd~ interat to be paid. Lender shall nw be required to pay Borrower any intercst or earnings on the Funds. I_ender
s1iaU pve W Bormwer, witlwut charse, an annual accountina ot the Funds showi~a credits and debits to the Funds and the
purpose [or which tach debit to tlfe Funds was made. The Funds arc plodgod u additional security tor the sums setured
by t~ Mottj,a~e.
If the anaunt ot the Funds held by Lender, together with the tuture monfhly installrt-ents of Funds payable prior to
the due data of tua. assessments. irauranct ptemiums and ~round rcnts, shall exceed the amount required to pay said taxa,
a~uaseats, iasurauce premiums and grour~d teats u they fall duc, such eacess shall be, at Borrower's opt~on, either
pramptlr repaid to Borrower or credited to Bo~mwer on monthly installments ot Funds. It the amount of thc Funds
bdd bq I.eoder shap not be suf6cient to pay taxes, aisessn-e~ts, insurance premiums and ground rents u they fall due,
Bare~rer shall pay to I.ender any amount necessary to make up the deflciency within 30 days (rom the date notice is mailed
by Leoder to'Botrc+wer requatina paYment thereof. •
Upon payment in fuU of dl swas secured by this Mortgage, I.ender shall promptly tetund to Borrower any Funds
held by Lender. If ut~da puaaraph 18 hereof the PropeAy i~ sold or the Property ~s dhenvise acqu~red by Lender, I_ender
~all apply. no later tban immediately prior to the sak ot the Property or its acquisition by I.ender. any Funds held bv
I~eoder at Ihe tiax of applicatan as a credit aaainst the sums socured by this Mongage.
3. A~iicatia~ ot ~eeats. Unless applicable law provida o~herwise, all payments received by Lender under the
Note and paragnphs I aod 2lxteof shall be applied by i_ender first in payment ot amounts payable to Ltnder by Borrower
uader pata~aph 2 heroof. then to iaterest payabk on the Nae, then to the principal of the Note, and then to intcrest and
principal on any Future Advaooes.
1. t,'rar~es; I.kas. Borrower shall pay all taxet, asxssments and other charges. fines and impositions atlributable to
tbe Property which ~nay attain a pr~ority over this Mortgage, and leasehold payments or grouna rcnts, if any, i~ the manner
p~avided under paragraph 2 hereof or, if nd pa~d ~n such manner, by Borrower making payment, whe~ due, directly to the
payae therzof. Borrower shall promptly furn~sh to Len.kr all notices of amounts due under ihis paragraph. and in the ~rrtnt
Borrower shall make payment d~rectly, Borrower shal) promptly (urmsh to l.ender receipts evidencing such payments.
Bonower shall ptumptly dixharge any lien which hu pnonty over this Mortgage; provided, that Borrower shall not be
oequirod to discharge any such fien so long as Borrower shall agree in vvrit~ng to the payment ot the obligatiun secured by
such I~en ~n a manner acceptable to Lender, or sh•rll„~n good tai~h contec~ such lien by, or defend enforcement of such lien in,
kgal proceedings which operate to prevent the enturcement ot the I~en or torfature of the Property or any part thercof.
S. Hs~ard lewr~wct. Borrower shalt keep the ~mprovements nov- existing or he~eatter erected on the Property irtsured
against loss by 6rc, hazards included withm the tcrm "extcndeJ covcrage", and such other hazards as t_ender may reyuire
and ~n such amounts and fo~ such periods as Lender may require; providcd, that Lenckr shall not rcquire that the amount of
wch corerage eaceed that amoum of coverage required to pay thr sums securcd by ~h~s Mort6a6e.
'Ibe insurance carrier providing 11~e insurance shall be chosen by Borrower subject to approval by Lender, provided,
t6at wch approval sha11 not be unrcuonably wuhheld. All prem~umc on insurance polic~cs shall be paid. ~n the manner
providod uoder paragraph 2 hercof or, ~f not pa~d in iuch manner, by &-rrower makmg payment, when due, dircctly to the
inwrance curier.
All insurance pol~c~es and renewals therers: shall be in form acceptable to Lender and shall ~nclude a standard mortgage
dause in favor of and in form uceptabk ~o Lender. Lender thall have the right to hold the policies and renewals thereof.
aad Borrower shall promptly fum~sh to Lender a0 renewal notices and all receipts ot paid prcmium~. In the event ot loss.
Borrower sh.ll g~ve prompt nouce to the ~nwrance carner and l.ender. Lender may make proof of loss if not made promplly
by Borrower.
Unless Lender and Borrower otherw~se agree in writing. insura~ce procceds shall be applied ~o restoration or repair of
the Property damaged, prov~Jed ~uch restora~~on or repa~r ~s economically feasible and the security of th~s Mortgage is
not thereby impaired. I( such restorahon or repa~r ~s not ernnomically teasible or if the security ot this Mortgage would
be impa~red. the msurance proceeJs shall be applied to the sums secureJ by this Moctgage. with the excess, if an}•, paid
to 8orrower If the Ptoperty is abancioned by Borrower, or i! Borrower fads to respond to l.ender within 30 days ftom the
date not~ce ~s mailed by Lender to Borrower that the insurance carrier o(ien ~o settle a claim for insurance lxnefits, I_ender
~s authoriud to collect and apply the insuranre proceeJs at I.ender's option e~ther ro restoration or repa~r of the Propert~~
or to the sum~ xcu~ed by this ~lortgage.
Unless lxoJer and Borrower otherv~~se agree ~n v-nhng, any such application of proceeds to pnncipal shall not extend
or postpone the due date of ~he monthly installment~ rcferred to in paragraph~ 1 and 2 hereof or change the amount of
such installmeats_ It under paragraph 18 hercof ~he ProE,erty a acywred b~ l,ender, ali nght, tiUe and interest of Borrower
in and to any lnsur~~ce policia and in arxl to the proceecls ~hereof resolung trom Jamage to the Propeny prior to thc sale
or acquisiUon shall pass to Lendcr to thc extent ot the wms xcured by this Mortgage immediately prior to such sale or
acquisition. '
6. tresen~stfoo and :-tainlenance of Property; t_easehulds; ('ondominiums; Plsnned Unlt Developmenls. Borrower
shall keep the Property in goc~d repair and shall not c;omrpit y--aste or perm~t ~mpaument or deterioration of the Properry
and shall comply with the provis~ons of ~ny lease ~t this Mortgage ~~ un a Icasch~.ld. If this Mortgage is on a uni~ m a
coodominium or a planned umt Je.elopment, Borrower ~hall per(orm ell of Borrower's obl~gat~ons under ihe declaratwn
or covenants creatiog or governmg Ihe condominium or planned unrt development, the by-laws and regulation~ of the
condominium or planoed unit develo~,ment, and constituent Jocument~. I( a canJominium or planned unit development
nder ~s executed by Borrower and recorded together v-ith ~h~c Mortgage, the covenants and agrcements ot cuch rider
shall be ~ncorporated ~nlo and shall emend anJ cupplement ~he co~•enan~s ~nd agreements ot th~s Mortgage as if the nJer
were a part t~ereo(. •
7. Protatioo ot I.eader's Security. It B~rrower fa~l~ t~~ ~nrf~~rm the covenents and agreements contained in this
Mortgage, or if any action or proceedmg ic commeneed which materiallp aBects I.enJer's ~nterest in the Proper~}•.
including, but not I~m~ted to. emment doma~n. inu.lvency. code cn(orctment, or arrangements or proceedings invoh~ing a
bankrupt or deccdent. tficn Lender ~t I.enJer'~ upuon, upnn nonce ~o Borrower. may make such appearances, dishurse such
sums and take such ~ction es ~s necessary w protect t_ender's ~ntercst. incluJing. bu~ not lim~ted to, disbursement of
reasonable altomey i tecs ~nd entry upon the Properiy to make rcpairc. It I.cnder rcyuircJ mortgagc in~urance as a
cond~tion of makmg the losn ~ecured by thn Mortgage. Borrower shall pay the premiu-ns rcquireJ lo mai~~ta+n such
insurance in eHect un~il wch time as' the rcyuircmen~ for wch msuran;e termmates in accordance with Borrower'c and
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