HomeMy WebLinkAbout1809Ur+~~aur CoveN~Nn. Borrowar and Lender covenant and a`~ee u[ollows:
1. l~weM ot hi~clMl a~i iNend. Borrower shall promptly pay wheo due the pri~cipal of and intercst on tAe
~ndebtednest evidenced by the Note. Prepayment and late chargec ac p~orided in the Note, and the principal of ind interest
on aoy Futurc Advances securod by this Mortgage.
2. Ft~i tor Ta~a a~wi iaara~ce. Subject tu apQlic~ble law or to a written waive~ by Lender. Borrower shall pay
to Lender on the day monthly installmen~s o[ principal and int~rec~ arc payahle under the Note, untii the Note is paid in (ull.
a:um (herein "Funds'~ equal to one•twelfth of the yearl; usc~ xnJ assessmer-~s which may attain pnority over ~his
jNortsase. and `rou~d reea on the Pmperty, it any, plus ooe-tweltth ot yea~ly prcmium installments for hazard insur~nce,
plus o~e-tweltth of yearly premium installments for mortgage insurancc, it any, all as reasonably estimated initially and trom
time to time by Leoder on the buis of acsacments a~d hills and reasonable estimates thercof.
71~e Funds shall be htld in an institution ~he depocit~ or accounts ol which are insurcd or guannteed by a Federal ot
state agency (including Lender if Lender is such an i~stitu~ionl. I.ender ~hall apply ~he Funds to pay said taxts. assessments.
insuranc~ ~emiums and ground rents. l.ender may no~ charge lor so holding and applying the F~~ndc. analyiing said account.
or verifyin~ a~d compiling said assessmeots and hills, unless Lender pays Borrower interat on the Funds and applicable law
pennits Le~er to make such a charge. Bc~rrower and Lender may agree in writing at the time ot execution oi this
Mortgage that interat on the Funds shall he paid to Borrower, and unlas such agreement is made or applicable law
rcquires such interest to be paid. Ler.der shall nat be rcquircd to pay Borrower any interat or tarnings on the Funds. l.e~drr
shall sive to Borrower, without chargt, an annual accounting of the Funds showing credits and debils to the Funds and the
purpose for which eaeh debit to the Funds was made. The Fuuds are pledged u additional ucurity tor the sums secured
by this Mortaage.
If the amount o[ the Funds held by Lender, together with the future monthly installments of Funds payable pnor to
the due data of ~aza, assessments. insurance premiums and ground rents, shall eaceed the amount requircd to pay said taxes,
sssestments. insurance prcmiums and grouod rents as they fall due, such excess shall be, at Borrower s oplion, either
pmmptly repaid to Borrower or crodited to Borrower on monthly installments of Funds. If the amount o( the Funds
held by Lender shall not be sulficieat to pay laxa, asxssments, insurance prcmiums and ground rents as they (all due,
Harrower shall pay to Lender a~y amou~t necessary to make up the deficiency within 30 days trom the date notice is mailed
by Lender to Borrower requesting payment thereof.
Upoa payme~t in full of all sums securcd by this Mortgage, t_ender shall promptly rcfund ta Borrower any Funds
held by L.ender. If under puagraph 18 hereot ~he Property ~~ sold or the Properry ~s othervvise acqu~rcd by l.ender, Lender
shdl apply. no later than immediately prior to the sale of the Property or i~s acquisition by t_ender, any Funds held bv
Leoder at the time of application as a credit against the sums secured by this Mortgage. .
3. App~ication of Paymeots. Unless applicable law provides otherwise, all Paymenls received by t_ender under the
Note and paragnphs 1 and 2 hereuf shall be applied by I.ender first in payment o( amounts payable to Lender by Borruvver
undet pangraph 2 hercof, then to interest payable on the No~e. ~hen to thc principal o( the Note, and then to interest and
principal on any Future Advances.
1. C6ar~es; Lie~. Borrower chall pay all taxet. asa:stmenls and other charges, finec anJ ~mpotiihons attribut:~ble to
the Property which may attain a priority over this Mor~gagc, and leasehnld payments or grouna rents, if any, in the manner
pmvided under paragraph 2 hereo( or. ~f not paid in such manner, by Borrower making payment, when due, directly to the
payce thereof. Borrower shall promp~ly furmsh tu Lender all notices of amounts due under this paragraph, and in the event
Borrower shall make payment directly~. Borrower shall promptly fmnish to I.ender receipts evidencmg such Qayments.
Borrower shall promp~ly discharge any lien which has prian~y over ~hic Mor~gage; provided, that Borrower shall not be
rrquired to d~scharge any such lien w long as Borrower shall agree in Nnttng t~~ the paymen~ ot the obligatiun secured by
such lien in a manner acceptable to Lender, or shal: ~n g~xai faith contes~ ~uch lien by. or defend enforcement of such lien in,
legal proccedings which operate to prevent the enforcemrnt of ~he lien or forfenure of the Propen~• or any part thereof_
S. Nuud Insuranct. Borrower shall kcep the impravcmcnt~ now cxisting or hereafter erecttd on the Property msurod
against loss by fire, hazards included with~n the term "extenJed coverage", and such other hazards as 1_ender may reyu~re
wd in such amounts and for such periods as Lender may reyu~re; pr~~videJ, Ihat 1_enJer shall not require that the amount o[
such coverage exceed that amount of rnverage required to pay ~he tumt secured ~by this Mortgage.
The insura~~ce carrier providing ~he insurance shall be chosen by Borrower subject to approval by Lendtr, provided,
that such approval shall not be unreawnahly withheld. All premiumc on insurance policies shall be paid in the manner
provided under paragraph 2 hereof or, if not pai•i ~n such manner, b~• B~rrower mak~ng •payment, when due, dirccUy to the
insurance curier. "
All insurance Ewlicies and renewals therrof shall t-e in fomi acceptable to Leoder and shall include a s~andard mortgage
clause in favor of and in form acceptable to Lender. Lender shall have the nght to hold the policies and renewak thereof,
and Borrower shall promptly furo~sh to Lender all renewal notices and all receipts of paid premiumc. In the event of lo~s,
Borrower ~hall gi~e prompt noace to the imurance carner and Lender. Lender ma} make prcx.f of loss if not made promptly
by Borrower.
Unless Lender and Borrow•er other.~•~~e agree in wnnng, inwrance pruceedc shall be applied to restoration or repair of
the Property damaged, provided such resturahon or repair is economicaUy (eas~ble and the security of th~s Mortgage is
not thereby impaired. I( siich restoration or repa~r ~s nat econc~micall~• (casihle or ~f the security of this Mortgage would
be impaired. the insurance proceeJs shall be applied to the sums secureJ by th~s Mortgage. with Ihe excess, if a~}•, paid
to Borrower. If the Property is abandoncd by Borrower, or ~1 Borrowcr (ailti to respc-nd to 1_enJer withirs 30 days (rom the
datc notice ~~ mailcd by Lender to $orrow~er that the insurance :arnrr oflen ~o setUe :, cla~m for insurance benefits, 1_enJer
is authoriud tu collect and apply~ the insurancc proceeJs at Lendcr's optian e~ther to rest~~rat~on or repa~r of the Propert~•
or to thc sum~ xcurecl by this Mortgagc.
Unlesc LenJer and $urru~+er c.therwuc agrcc in wr~ting, any such appli~atio~ ~~f pn~eeds to pnnc~pal shall not crtend
or postpone the due date ~f the mcmthl} imtallmemt r~ferreJ t~. in paragraph~ I and 2 hereo( or change the amount of
such mstallmeab. If under paragraph IS hereo( thc Propert~ n acyu~rcd h} LenJcr. ali nght, litic and interest of Aorruw•cr
in aod to any Inwrance policies anJ in and to thr proceeds thereot resulting frum drmage to the Property prior to thc sale
or acquis~t~on shall pass to Lender tu the extent uf the ~ums aecured b~• thi~ titortgage immediately pnor to tiuch sale or
acqu~sition. ~
6. Presen~ation ~od ~t~iolenance of Propert~; I,eauhulds: ('ondominiums; Planned Unit Developments. Borrowcr
shall keep the Propeny in gaod repair and shall not cumroi~ y~aste c~r perm~t ~mp~~rment or deterioration of the Property
and shall comply with thc provisions of any lease ~f this Mor~g:~ge ~ti an a leaschold. I[ this Mortgage is on a~mit in a
condomimum or a planned unit dcvcluPment, Borro~•er ~hal! Fxrtorm all of Borrower's obLgaUOns under the dedarat~un
or covenants. creat~ng or governing ~he condumin~um or pl~nhed un~t devel~~pment, the by-laws and regulation~ of the
condominium or planned unit develo~,ment. ~nd a~n~tituent Jurumemti I( r conJominium or planned umt devel~pment
nJer ~s eaecuted by Borrower and reu~rded t~,gether w~th ih~. M~~rtgage. tbr ci~venants and agreements of v~ch rsdrr
shall be ~ncorporated into and shall amend and wpplcment the co~cnants and •rgreemems of th~ti Mortgage as ~f the ri.tcr
were a part Fereof.
7. Prote~tion of Ixnders Securify. If Hi•rr~~NCr f:~~h tn ~rl~~rm the covenantc and agreements ~ontained m thi~
Mortgage, or if any actiun ~~r prcxecdmg i~ iummrnce~f uh~~h matenalh .~tTrct~ I en~ler'c interetil in Ihe PmFxr~~.
mcluding, but n~~t I~mited to, cminent dom:~in. ~m~.l~cnc~. ~;~dc rnf~~rrcm~nt. ~~r arrangcnzentt ~r pr~xcedings invol~ing a
bankrupt or decedenl. then I.ender at l.enJer'ti c~pUOn, u~xm nunce to Korrower. m~~ makc wch appearances, dnhune wch
sums and lake such acticm a~ is ncccti~ary tu pm~cct Lcndcr'c mtcrest. incliuling. bu1 niit limitcd to. di~burscmcM u(
reawnahle altome}'~ (eee and en~ry u~~n !he P:aper~~~ t~ mal~e re~nir~. 11 l.cnder rrynircd mi~rtgage imurance a: a
cunJmun ~~( makmg thc loan ~ccurcd b} thu At~~nga~c. H~~rn:~cr ;h ~II pay thr prcmium~ rcyinreJ to maint~~n wch
insurance in rlkct snul wch Umc •rti Ihc reyuucmcnt f~~r ~u~h ~muran:c lrrminatc~ ~n :icwrdancc w•i~h Barrrwcr', anJ
k~;~349 ~~~~1~09
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