HomeMy WebLinkAbout1182UN~toR~-~ Cavtrv~rvTS. Borrower and l.ender a~ven;~nt aoJ ag~ec as (ollows:
1. Payment ot Princips! aad Infe~est. H(~ffl~wer shall promptly pay w~hen Juc the principal o( and inte~est un the
indcbtedncss evidenccd by ~he Note, prcpaymcnt and latc charge~ ~s proviJed in ~he Nate, and the principal o( and ~ntercs~
on any Future Advances secured by this Mortgage.
2. Funds for Taxes and Inwrsace. Subject ta applicable lav-• ar to a written waiver by l.ender, Barrawer ~hall pay
ta Ixnde~ on ~he day monthly installments ot principal and intercct are payable unJer thc Note, until thc Note is paid in full,
a sum (hercin "FunJs") equal to anc-Iwcltlh of the yearly taxe~ anJ ascessmenlc which may attain priority avcr this
Morigagc, anJ graund rents an thc Property, if any, plus ane-twel(~h at yearly premium installmcnts tor hazard insurancc,
plus one-tw•elflh of yearly premium installments tor mortgagc insurancc, if any, all a~ rcas~~nably cstimated initially and from
time ~o lime by l.ender on the basic ot assessments a~d hills and rea~~ablc esti~natcs thereo(.
'il~e Funds shall he held in an institu~ion the depositc or accc~unts of which arc insurcd or guarantecd by a Federal or
state agency lincluding l.ende~ if I.ender is such an institution). I.ender ~hall apply~ the Funds to pay said taxes, assessments,
insurance premiums and graund rents. I.ender may not charge lor ~o holding and applying Ihe Funds, analyzing said accounl,
or verifying and compiling said asse~sments and hills, unless 1_ender ~ys Borrowe~ interest an Ihe Funds and -rpplicahle law
permits t.ender to make such a charge. Borrower and l.ender may agree in writing at ~he Iime ot execution of ihis
Mortgage that in~erest un Ihe Funds shall be paid to Borravver, anJ unless such agreement is made or applicahle law
reyuircs such interest to be paid. I.cnder shall not hc reyuired to pay Rorrowe~ any intr~est or earnings on the Funds. I.ender
shatl gi~•e to Borrower, without charge, an annual accuunting of the FunJs shawing credits anJ dehits to the Funds and the
purpose for which each debit to the Funds was made. The Fund~ are pledged as additiona) security for the sums secured
by thi~ Mortgage.
If the amoum of the Funds held by l.ender, t~~gether wi~h thc future manthly installmenls af Funds payablc prior to
the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount requircd ta pay said taxes,
assessments, insuranee premiums and ground rents ac they (all due, such ercecs shall be, at Borrower't op~ion, either
promptly rcpaid to Borrower or crcdited to Bormwer on monthly ~n~~allments o[ Fundc. If the amount of thc Funds
held by Lender shall not be suff'icient to pay taxes, assessmcnts, imurancc premiumc anJ graund rents as thcy fall due,
Borrower shall pay to Lender any amount necessary to make up the Jefirienry within 30 days from the date notice is mailed
by Lender to Borrower requesting paymcnt thercof_
Upon payment in [ull of all sums secured by th~c Mortgage, I.endcr shall promptly re(unJ to Bo~rower any Funds
held by LenJer. lf under paragraph 18 hereo[ ~hc Propcrty i~ u~ld or thr Property is o~herwicc arqwrcd b~~ Lcnder, 1_ender
shall apply, no later than immediately prior to the sale of thc Propeny or its acquisition by l.ender, anp Funds held by
LenJer at the time of application as a credit aga~nst the sumc secureJ by th~s Mortgage.
3. Application of Paymeafs. Unlecs applicable law pro~iJes otherwise, all payments received b~• l.ender unJer the
Note and paragraphs 1 and 2 hereof shall bc applied by 1_ender first m payment ot amounts payable to Lendcr by Borrower
under paragraph 2 hereot, then tu intcrest payable on the tiotc: thcn to the principal of the Notc, and then to interest and
principal on any Future Advances.
4. C6arRes; Lk~. Borrower shall pay all ta+cc~. atiKSCmeMs and other charges, finet anJ impo~itions attnbutable to
the Property which may attain a priority over this `lortgage, and leacehold payments or ground rents, i[ any, in the manner
provided under paragraph 2 hereof or, i[ not paid in tuch manner, by Borrow~er r*making paymenl, when due, directly to ihe
payee thereof. Borrower shall promptly furnish ta Lender all notices of amounts duc under this paragraph, and in the event
Borrow~er shall make payment directly, Borrow•er tihall promptly furnish to I.ender receipts evidencmg such payments.
Borrower shall promptly discharge any lien which has priority over ~his Mortgage; provided, that Borrower shall not be
required to discharge any such lien so long as Borrow•er shall agree in writing to the payment of the obligation secured by
such lien in a manner acceptable to L.ender, or shall in gc~1 (aith conte~~ s~~ch lien hy, or defend enforcement of such li~n in,
legal proceedings which operate to prevent the enjurcement ot the hen or (orfeiture of the Propert}• r.r any part thereof.
S. Hazard Insurance. Borrow•er shall keep'the improvcments now cristing c.r herca(ter crccted on the Property insured
against loss hy fire, hazards included within the term "etitended coverage", and such other hazards a~ l.ender may reyuire
and m such amounts and for such periods as Lender may reyuirc; pmvide.l. ~hat I.ender shall not reyuire. that the amount of
such coverage exceed that amount of coverage required to pa~• the cum~ secured hy this Mortgage.
"I7~e insurance carrier providing ~he insurance shall be choun by BorroK•er subject to approvai by Lender; provid~d,
that such approval sha;! not be unreasonahly withheld. All premium~ on insurance policies shall t+e paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
insurance carrier.
'Al) insurance ~licies anJ renew•als thereof shall be in (orn~ acceptable to Lender and shall include a c~andard mortgage
clause in favor of and in form acceplable w Lender. !_endtr ~h:~ll ha.e the right ~i- hold thr policirs and renewalc thereof,
and Borrower shall promptly [urnish to Lender atl renew-al notices and all receipts of paid premiumti_ In the e~•ent of loc~.
Borrower sh:~ll give prumpt notice to the insurance carrier ~nJ 1_ender. l.ender may~ make prcx~f of loss if not made prc-mPtl~~
by Borrower_
Unless 1_ender and Borrower othervvise agrec in w~nNng, intiuranre procecds shall be applied to re~toration or repair of
the Properly damageJ, pmvideJ such restoration or repair is economicall}• feasihle :+nd the security of this Mortgage i~
not thereby impaired. If such restoration or repair is not econi~mically frasihle or i( the securit~~ of this Mortgage v-~ould
be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage. v-nh the excess, if any~, paid
to Borrower. If the Property is abandoned hy Borrow•er, or it Borrower tails t~~ respc-nd ta 1_ender wrthin 30 da~~s from the
date notice is mailed by J_ender to Bormwer ~hat ~he ~nsur:~nce c~rner ofien to seule a claim for insurance benefits, 1_ender
~a authorized to collect and apply the insurance proceeds •rt Lender's op~ion either to restoration or repair of the Propert~~
or to the sums secureci by this Mortgage.
Unless Lender and Borrower.otherw•ice agrce in wn~ing, any such application c~f prc~ceeds to pnncipal chall not extend
or pustpone the due date of lhe monthly installmems rclerred to in par~graph~ 1 and 2 hereof or change the amount o(
such installmenb. If unJer paragraph 18 hereof the Propert~ ~s acywreJ h}• l~nder, all right, title and intere5~ of Aorr~w~er
in and to any ~nsurance policiu anJ in and to the proceeds thereot re~ulung from damage to the Proper~y prior to ~he sale
or acyuisition shall pass to Lender to the e~tent ef the ~umi ~ecureJ by this Mortgage immediatel}~ prior to tiuch sale or
acquisition. ~
6. Preservation and 1laiaten~nce ot Propert~; I.easeholds; ('ondominiums; P19nned Unit Developmenls. Borrow•cr
shali keep the Properly in good repair and shall not commit waste or permit impairment or deterioration of the Property~
and shall comply with the provisions of any lease if th~+ ,tilortgage ~~ ~.n a Iraschold. li thi~ h1ortgage is on ~ unit in a
condominium or a planned unit Jevelopment, Borrower ,h-rll pcrform all ot Borruwer's obhgations under the declarati~•n
or covenants creating or governing the candom~nium or planned umt development, thc by-laws and regulations of the
condominium or planned unit development, and constituent document~. If a condominium or planned ~m~t Je~elc•pment
nJer is executed by f3orrower and recorded together v-~th thi~ hlnrtgage, the covenants and agreement, of such rider
shall be incorporated into and shall amend and supplement the co.enams and agreements of this Mortgage as i! the riJer
~ere a part hereof_
7. P~ofection of I,ender's Security. lf Borrower fail. ~a pert~rm the covenantx an~i agreements contained in this
Mortgage, or if any action or proceeding ic commenced which materially afiecls Lender's interes~ in the Prc,F,er~~•,
includmg. but not fimrted to, eminent domain, insoh~enc~~, code en(orrement, or arrangements or proceedings invol.•ing a
bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearancea. Jishurse such
sums and take such action as is necestiary to pro~ect l~nder'c interest. ~ncluding, but not limited to. disbursement o(
reasonahle attorney's tces and entry upon ~he Property to makc repairs. If Lender required mortgage inwrance as a
condnion of making the loan secured b}• ~his Mortgage. B~.rmwer shall pay the premiums requireJ M maintain such
insurance in efTect until such time as the reyuirement for ~uch ~nsuraRCC terminates ~n accordance with Borrower s and
`~x 349 ~~GE 118~
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