HomeMy WebLinkAbout0929UN~FOat-t CovEN~NTS. Borrowe~ and Lender cov~~ant and agree as follows:
1. Paymenl ot P~i~cipal wd late~cst. Borrowcr shall promptly pay whcn duc ~he principal of and inte~est on the
indebtedneu evidenced by thc Notc, prcpayment and late chargec ac ~+rovided in the Nate, and the principal at and intercs~
on any Future Adva~ces secured by this Morlgagc.
2. Funds to~ Tases aod Insunace. Subjecl to applicable law or to a written waiver by l.ender, Borrower shall pay
to l.ender on ~he day monthly ins~allments of principal and interect are payahle undcr the Note. until the Note is paid in full,
a sum (herein "F~nds") equal to anc-twelfth of thc yearly taxes anJ ascessmentc which may attai~ priority over this
Mortgage, anJ g~ound re~ts on the Propetty, if any, plus one-twelt~h af yearly premium installmeots tor hazard insurance.
plus one-twelfth of yearly premium installments (or mortgage insurancc, it any, all as reasonably estimated initially and trom
time to timc by Lender on the basis ot assessmcntt and bills and reasonable es~imates thereof.
'Il~e Funds shall he held in an institution ~he deposits or accaunts of which are insured or guaranteed hy a Federal or
state agency (including Lender if I_ender is such an ins~itution). l.ender ~hall apply the Fa~ds to pay said ~atia, assessments,
insurance premiums and graund rents. I_ender may not charge for ~o holding and applying Ihe Funds, analyt.ing said account,
or verifying and compding said assessments aod bills, unless l.ender papa Borrower interest on the Funds and applicable law
permits Lender to make such a cha~ge. Barrower and l.ende~ may agree in wnting at the time of execution of this
M~~rtgage that intere~~ on the Funds shall he paia to Borrawer, and u~less such agreement is made or applicable law
reyuires such interest to he paid, l.ender shall not be required to pay Borrower any intcrest or earnings an the Funds. I.enJer
~hall gi~e to Borrawer, without charge, an annual accounting of ~he Funds showing credits anJ debits to the Funds and the
purpo~e f~~r whirh rach debit ta ~he F=unds was maJe. The Fund~ •rre pledgeJ as additional security tor the sums secured
by this Mortgage.
If the amount of the Funds held by Le~Jer, toge~her vaith the future monthly ins~allments of FunJs payablc priar to
the due dates uf ta?ces, assessments, insurance prem~ums and ground rents, shall excced the amount reyuired to p~y said taxos,
assessments, insuranre premiums and ground rents as they fall due, such e+ccect shall be, at l3.,rrower's option, e~ther
prompdy repaid to Borrower or credrted to Borrower on monthly inctallmems of Funds. !t the amount of thc Funds
held by Lender shall not be sufficitnt to pay taxes, assessments, in+ur~nce prem~um~ and ground rents as they tall due,
Borrower shaU pay to Lender any amount nece~~ar~• ~o makc up the ~eficirncy within 10 Jays from the date notice is mailed
by Lender to Borrower rcquesting paymcnt thercof.
Upon paymenl in fuU of all sums secured by thic Mur~gage. Lender shall prompNy re(und to Borr~~wer •rny Funds
held by 1_cnJer. 1t under paragraph 18 hereof the Propcrtp i~ ~old or the Pmpcr~} is otherwicc acyuired by l.cnJer. 1_cnJer
shall apply, no later than immediatcl~~ prior to the .ale of th~ Pro~rty .~r iis acyws~Uon hy Lender, any Fundc held by
Lender at ihe ame ot application as a creJi~ against the sum~ secured h~~ th~~ llfortgage.
3. Appfic~tion of Payments. Unlres applicahle lav-• pro.•iJes otherv-iu. •rll pa}~ments received by l.ender unJcr the
Notc and paragraph~ I and 2 hercof sh.~ll be appl~cd b}' Lcndcr fir~~ ~n paymcnt o( amuunts pa~~ablc ta Lcndcr hy Bnrrower
undcr paragraph 2 hereof, Ihen to ~nteres~ payabtc on thc tiute, thrn ~o the principal ut the Notc. and thrn tu interest and
pnncipal on any Futurc Advances. ,
4. Charges; Liens. BorroNCr ~hall pa~• ,~ll ia~c~, a~~ctitimrnls end ~~thcr rhargr., finc~ and ~m~xniUonc aUnbu~ahle to
the Property which may attain a priarity over thi~ 111ortgagc. ~nd Ica;ehi~ld paymcnts or ground rents, if any, in the manner
provided undcr paragraph 2 hcreof or, if not pa~d in such mannrr. by B~~rruwcr making paymen~. when due, Jirectly to the
payee thcrcof. Borrowcr shall promp~ly (urnish ~o Lender all notices of amounts duc imder this paragraph, and in the event
Horruwer sh:,ll make payment d~recUy, Burroarr ~hall prumptl~ huoi~h u~ Lrn~ier recripts e~•idencing such payments_
Borrouer shall promptly discharge ar.y lien whirh has priont~• i-ver this Murtgagr, proviJed, that Borrower chall nc~t be
reqwred to d~scharge •rn}• such lien so long as Borro:+er shall agrce in Hnhng tc> ~he payment of thc obligaliun secured by
wch lien in a manner acceptable ~0 1_ender. or ~h•rll in gcxrJ faith amtr~t such lien by, or defend enforcement of such lien in,
legal pnxeeding~ w•hich operate to prevent thc en(orrement uf thc I~en or (orteiturr of the Propertp or :~n)' part thcreof.
S. Hazard Insuranee. Borroaer shall keep the ~mprovemem~ nou e~i~ting ~~r hereafter errcteJ on the Property ~ncured
against loss b~~ 6re, hazards incluJed whhin the term "~ttende~i coverage", and such other hazardc ac l.ender may reyuire
anJ in auch amotmts and for such periods ac I.enJer may reyuirr; pravideJ, that l.ender shall not reyuire that the amount of
such co~~erage excecd that amount of rnvcrage reqwred ~o pa}~ the ~um. ~ecured h}~ this Morlgage.
The insurance carrier providing ~he insuran~e shall be choun bp Borrower s-~hject to approval b~~ I.ender: provided,
that surh approval shall not be unreatonably w~ithheid. All prrm~um~ on insuranre policies shall tx paid ~n ~hc manner
prov~ded under paragraph 2 hereof or, if not paid in stich manner, by B~~rrower making payment, when due, d~rectly to the
~nsurance carrier_
All insurance ~hcie~ anJ renew~ls thereM ~hall tx in form arcepteble to I.rniler and shal! ~nclude a~tandard mortgage
clause in favr~r of and in form acceptahle ta Lrnder. LenJcr tihall ha~e the right ti• h~~ld ~he pc~liries and renev-alc ihereof,
and Bo~rower tihall promptlp furnish to Lender aU rrnrv-al not~ceti and ~11 receipis ot paid premium,. In the e.~ent o[ loss,
Borrower ,hall g~ve prompt notice to the inauran~e c~rner and I.ender. I_endrr m~y make pruot of toss if not made promptly
by Borrower.
Unlcss Lcnder and Barrow~cr othcrw~u: agrec in ~nUng. inwrancc pnkecJs shall bc applicd to restoration ur repair of
the Property JamageJ, proviJed wch re~torauon or repair is economic:dl~• fea~ible and the cecurity of th~s Martgage ic
not thereb}• impaired. It such reuoration or repa~r is n~~t cconum~rally (casihte or ~f the security of this 1~lortgage would
be ~mpaired. ~he ~nsurance proceeds shall be applied ~o thc tums sccured by Ihic Mortgage, w~th the excecs, if any, paid
to Borr.~wer. If ~he Property is abandoned hy Borruwer, or ~1 Barrower faih ta respond to I_endcr within 30 days from the
date notice is maded b}~ Lender to Borrower ~hat the insurance carner ~~tTen to ~ettle a daim for ~murance benefits, Ixnder
~ti authorized to collect and apply the imuranc~ proeeeJ~ at I.rnder's optiun either to restoration or repair of the Property
n~ tn t~e 5~~~~~ ys~~~red hy thic Morlgage
Unless Lender and Borrower otherv~ise agree ir. writing, any such ~pplication of proceeds to pnncipal shall not extend
or postpone the due Jate of the monthly installments rcferred to in para¢raph~ I and 2 hercof or change ~he amount ot
such installment~. It under paragraph 18 hereof the Property u acywred by~ LenJe!, ali ngh~, ~iUe and interest of Borrower
in and to an} inwranre poticies and in and to thc prcxeeds thcreo( resul~~ng trom .iamage to the Property pnor to the sale
or acquisition shall pass to Lender to the extent of the sums secured by~ this t~tortgage immediately prior to ~uch sale or
acquisition.
6. Preser~alion and ~laiotenance of Propert~; l.easeholds; ('ondominiums; Planned linif Ik~~elopmenls. Borrower
shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property
and shall comply with the provisions o( any leau it this Mortgage ~c on a Icaseh~~ld. If thic Morlgage is on a unit in a
condomimum or a planned on~t developmeni, Borrower shatl perform all of Borrower's obligations under ~he declarat~on
or covenants creaUng or govermng the condomm~um or planned uait development. Ihe by-laws and regulations of the
conJominwm or planned unit development, and constituent documems. If a conJominium or Planned umt Jevelapment
nJer is executed by Borrower and recorded together w~th ~hi~ Morlgage, the covenan~s and agreements of cuch nder
shall be incorporated ~nto and sh•rll amend and supQlcment the co.cnants and agrcements of thi~ Mortgage as if the riJer
were a part hereof.
7. Prolection nf Lende~'s Security. tf Borrower failc to perform the covenants and agreements contained in this
Morlgage, or if any action or proceedmg is commenced wh~ch ma~erially ~liects l.ender's interes~ in the Property,
including, but n~t limited tu, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a
bankrupt or decedent, then l.ender at Lender's option, upon notice to Borrower, may make such appearances, disburse such
sums and take such action as is- necessary to protect l_ender's interest. including, but not limrted to, disbursement of
reasonable attomey's fees and entry upon the Property to make repairc. If l.ender required mortgage insurance as a
condition of making the loan xcured by ~his Mortgage, Borrower shall pay the premiums required to maintain .such
msurance in effect until such time as ~he requirement for such msurance terminates in accordance with Borrower s and
s
~
y
`=.7
P'.::.~...
X'~ _.r,.'...: ' : ~.'. _
e,~'~ 349 PAGE 9`30
~
~_,. _.. . .. : -'". ~-'s~::~'