HomeMy WebLinkAbout1409Ur+~FOR~t CovEtveNTS. 8orrower and Lendcr cmeoaa~ and agree as taUows:
l. P~yment ot Puiaclpal aod laterest. Borruwo~ shall promptly pay v-hen Jue the principal ot and interest on the
indebtedness evidenced by the Note, prepaymeot and late charges as pravided ~n the Note, and the princ~pal of and mtercst
on any Future Advances secured by this Mortgage.
Z. Fuads tor Tues ~nd I~urssce. Subject to applicable law ar to a written warver by l.ender, Borrower shall p~y
to I.ender an ~he day moothly fns~allmcros of principal and intuect are payabk unJer the Note, until the Note is paid in tul1,
a sum (hertin "Funds") equal Ia one-twelfth ot the yearly ta~es and ascessmcnts which may atta~n pnority over this
Mortgago, and grou~d renis o~ the Property, ii any, plus one-twcltth of yearly premium ~nstallments for hazard ~nsurance,
plus one•Iwelfth af ytarly ptemium i~stallments tor mortgage ins+irance. ~t any, all a~ reuonab{y atimaud initially and irom
time to ~imc by Lendcr on the basiti o( a~sessmemS anJ bilh anJ reawnable ect~mates thereot.
The Funds shall he heW in an instiwtii,n thc deEx~sit+ ~~r a..aun~~ ~~f which are insured or Ruaranteed h~ a Fcderal or
state ageac}• ( indudmg Lender ~f 1.rndcr ~+ iuch an ~n~tituti~n 1 1 endcr ~hall appl~ the Fundc to pa~ ~aid t~~e+, a~.issmem~.
insurance premium~ and ground rent~ I.ender ma~ n~~t charge 1ar w h~.iding and apph~nF the FunJ~. analy~~~ng ~aid account.
o~ verifyiog and romp~ling saiJ asse»ments and bills, unlest 1 rnJer p:,~~ Borruwrr intcrc+t on the FuaJc and applicablt law•
permits l.ender to make such a charge Borrovver and I.cnJer may agrce in Hnting at ~hc time of eiecu~io~ ~( thi+
Mortgage that intrre~t on the Funds ~haH t+e paid ta Borr~=wer, and unle~ti ~uch rgreement ~~ made ~u ;,ppl~cable law
reyuires wch intercst to be pa~d, I.ender shall nM tx reywred u~ ~}~ Burrower anv mtcresl ~~r earoin~s on the Fund~. I.enJer
~hall gi~•e to Borrawer, without charge, an annual accuunting of Ihe Funds ~howmg ~redits anJ deb~tt to th~ Fund~ and thc
purpose f~~r which eacfi debit to the Funds wa~ made. The 1=und~ are pleJged a, aJd~t~onal secunt}• for the sums ~ecurrd
by this Mortgage.
If the amoun~ of the Fimds held by Lender, togcther ~ith thc futurc monthly ~n~tallmcntc of Fund~ pa~•ablc pnor to
the due da~es oi taxe~, as~essmen~~, insurance premwms and ground rent~, shall e~cced thc amount reyu~rcd ~o pa~~ SaiJ tares,
assessmentc, inw~ance premiums and ground rent~ a~ ~hr) tall dur. ~urfi etce•ti ~hail t~, :+~ B~rrower'~ opt~on, e~ther
promatly repaid to Borrower ur crcd~ted ~o Borrower on momhl~ imtallmrnts of Fund.. If thc amou~t ot thc Nunds
held by Lender chall not be sufficient to pay taxes, assetcments. in+urance prem~um. rnd ground rents as thcy fall due.
Borrower shall pay to Lender any amount necessar}• to m:,ke up ~he dcficienc~~ vvuhin ~0 ~a}~ fmm ~he date n~tice is mailed
by 1_eader to Borrower request~ng payment thereot.
Upon payment m full of all sums scc~red by ~h~s Mortga~c. 1 cnder shall promptly rcfund lo Hor~oNCr any' FunJs
held hy I.ender. 1( under paragraph 1R hcreof ~he Pro~xrty ~. ~rIJ or ~he Propcr~~ ~s otherwicc aryuired by Lender, I.cnder
shall apply, no {ater than ~mmediatrly prior to the ~ate of the Propeny or ~ts acquu~uon b~ l.ender, any Fund~ he~d by
Lender at the time of application as a credit against thc sumc ~ecuced h} th~. \lortgage.
3. Applicalion of Paymenls. Unlecs app6raMe l~w• pr~~~ides otherwik, all pa}ment~ received by t.enckr under the
Note and paragraphc 1 and 2 hereot shall be appl~ed by LenJcr firtit m pa~mcnt ot am~.smts pa~~able t.• I.ender by Borrov-er
under paragraph ~ hereot, then to ~ntcres~ payablc on thc Nute. then t.~ thr prinr~pal of the Note, and ~hcn to interest anJ
prmcipal on any Futurc Advances. -
4. Charges; Ckns. Borrowcr ,hall pa~~ all ~arr~, a,KS~m~nts ~nd ~ahrr rh~rgr., fine~ and im~xx~Uons aunbntahle to
the Property which may attain a pnority over th~t Alortgage. and leasch~~ld payments or ground rents, if any. in the manner
provided under paragraph 2 hereof or. ~f not paid ~n w~•h manncr. by B~rmNCr making payment, when due, d~recdy to the
payee thereoL Borrower shall prompdy furn-ih to l_endcr all nouccs of amounts duc under th~s paragraph, and in the tvent
Borrovrer shall make payment d~rerUy, Burrower ~hal) pmmptl~ (urn~sh to l.endcr receipiti rvidenc~ng such papmentc.
Borrower shal) premplly dischargc any Len Khirh has pr~ont~• a~cr th~ti ~turtgage: prov~JcJ. Ihat B~~rrow~cr ~hall not be
reqw~ed to d~scharge any tuch (ien x~ long as Borrower shall ~gree in wnting t~~ the pa~~ment of ~he obliga~i~~n .ecured b~~
such lien ~n a manner accep~able to I.ender, or ~halt in g.xx1 t:-ith contc~t tuch tien h~. or defend en(oreement of such lien +n.
legal proceed~ngc which operate to prevent the enforrement o( the I~en or (or(eiture of the Pr~perty or an~~ put ~hereof.
5. Hazard Insurance. Borrower shall keCp the ~mpro~rmenl~ no~ e~i~t~ng or hereafter erected on the Prop~rty ~n~ured
against loss by 6re, hazards included withm the term "ruendeJ coverage'~. anJ such other hazards ac Lender ma}' rryuirt
and ~n such amounts and (or such periodc ac Lertde~ may reyu~rr, provided, that Lender shall not reyuire that the amount of
such crnerage exceed that amoun~ of co~erage requ~red to pa~ the wm. ~ecured hy~ this Mor~gagC
The insurance carrier providing ~he insurance shall be ~hocen b~• SorroNCr subject to approval by Lender, provided.
that such approval shall not be unreasonahly withheld. All prem~um~ an insurance policies shall t-e paid in the manner
prov~ded under paragraph 2 hereof or, if not paid in such ma~ner, by Boreower mak~ng payment, vvhen due, d~rectly to the
insurancc carrier.
All insuranee pohcies and renewalc there~t chall Fx in form acceptrblc to Len.icr rnd shall mclude e~tanJard mortgage
clause ~n favor of and ~n form acceptaMe t~. Lender. Lrnd~r ~fiaH'hr~e thc tight t~~ h~~ld the p~~li~:es and rene~al~ thereof.
and Borrov-er shall promptlp furnish to l.endcr all rrncwal not~rc, and all rcceipts o[ paid premium.. Irt the r•ent ot lo~s.
Borrower shall give prompt notice ~O ~Flt It1~UfJlll'C l7ffll( and Lender. Le~der ma~ make prcx.t of foss ~t not made pr.~mpd~~
by Bortower.
Unless l.ender and Borrowe~ otherM~~e agrec ~n wnbng. intiura~ce pri•ceed~ shaN be appGed t~ it~to~alion or repair of
the Property damaged, proviJed such re.~orahon or repair ~s eionomicall) feasiblt and ~he tiecurity of th~s Mor~gage ic
not thereby impaired. It such restorrhon or repau is n~» economic~llt• feavhle or if the secunty of this Mortgage would
be impaired. tfie ~nsurance proceeds shall be applieJ ta the sums secureJ b} this 1-tortgage. w~th the ezcecs, if any. pa~d
to Borrower. If Ihe Propertl~ is ahandnned h~ Borrow•er, c.r ~t Bormv-er faitti t~ respond ta Lender vir~tfi~n 30 da}~ ftom 1ht
date notice is mailed by Lender to Borrower that ihe ~nsurance ~:+rner ot(er+ ta settlr a claim for insurance benefits, I_ender
is authorized to collec~ aqd apply the ~nsurancr proceeds at I.ender'~ opt~un e~ther to restoration or repair of the Property
or to the sums secured hy this Mortgage.
Unlest Lender and Borrower otherv-itie ~gree ~n HnUng. an~ such application af prc~ceedc to pr~ne~pal sfiall not e~tend
or postpone the Jue date of the monthly installmcntc referred to in paragraphti I anJ 2 hercof or change the amount of
sucfi instatlments. It under patagraph IS hereof the Prapert~ n acyuired h~ Lender. ali nght, tiUe and m~erest of Borrower
in and to any ~nsurance policiu and i~ and to the prcxeeds thereof resu{~~ng from damage to Ihe Property pnor to the sale
or acquisition shall pass t~ Lender to the e~ten~ of the Sums ucureJ b} this ~tortgage immediatet.• pr~or t~~ wch sale or
acquisition.
6. Preser~alion aod ~faintenance of Propert~; [.eauhol¢s; ('ondominiumc; Planned Unit Ue~elopments. BorroKer
shall keep the Property +n goai repair and shall not commit wastc or pe~mit impa~rment or detcrioration of the Property
and shall comply w~ith thc provisions of any Icase i( ~h~s Mortgagc ~. on a(caschold. It thic 1~tortgag~ is on a unit in a
condominwm or a planned unrt development, Borroaer shall ~xrform all of Borruwer's obligauons under the declarauon
or covenants creatmg or govermng the condom~nium or plannrd umt development, thc by-laws and regulationc of the
condominium or planned uait developmem. and constiwent documem~. It a condominium or planned unu Je~e;apment
nder ~s exeeuted by Borrower and recorded toge~her w•~th thi~ ~tortgage, the coYenants aad agreements ot such nder
shall be incorporated into and shall amend anJ supplement the co.enants and agreements ot this Mor~gage as ~f tht rider
wett a part hereof.
7. Protection of Lender's Security. If B~rrower fa~l~ to perform ~he covenants anJ agreements contained in this
Mortgage, or ~f any acUOn or proceeding ~c commenee~! which materially :eHectc I.ender's ~nterest in the Property.
including, but not limited to, eminent domain, insolvency. code en(orrement, or arrangemen~s or proceedings involving a
bankrup~ or decedent. ~hen Leoder at Lender's option, upon no~ice ~o Borrower, ma~~ make such appearances, d~shurse such
sums and takt such actioo as is necescary to protect 1_ender's ~nterest. mctudmg. but not lim~ted to, disbursement of
reuonabk attomey's (ees and en~ry upon the Property to makc rcpa~rc: 1( 1_endcr required mortgage insurance as a
condition of making the loan secured by this Mortgage. Borroaer shall pay the premiums required to mainu~n such
insurance in effect until such time as the requiremen~ ibr such msurance terminates in accordance with Borrower s and
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