HomeMy WebLinkAbout2100Borrower and l.e~der covenant and a~ee as tollows:
1. Payment ot Principal and Intereat. Borrower ahall promptly pay when due the p~ncipal ot and intereat on the indebtedoeas
evidenced b~ t::a Note, prepayment and late charges ae provided in the Nott, and the pnncipal of and interest on any Future Advancea securrd
by thia Mortgage.
2. Ftitnde for Texes and lnsu~ance. Subject to applicable law or to a writte~ waiver by I.ender. E3orrower shall pay to l.ender on the day
monthly inatallmenta of principa) and intereat are payable under the Note, until the Note ia paid in full, a sum (herein "F unds") eyual to one
twelRh otthe yearly taxea and aeaesamenta which may attain prio~ty over this Mortgage, and ground renta oo the f'ruperty, if any, plua ooe
twelRh of yearly premium installmenta for hazard insurance, plus onetwelfth of yearly p~emium installmenta for mortgage insura~nce, if any,
all as reasonably estimatcd initially and from time to lirue by I.ender on the basis of asses$ments and bills and reasunable extimates therrof.
The Funda ahall be held in an inatitution the deposita or accounta ot which are inaured or guaranteed hy a Feder~~ or State agency
Iincludi~g l.ender if l.ender is euch an institution). l.ender ahall apply the F unds to pay said taxee, assesamente, insurance premiuma and
((round rente. Ixnder may not charge for so holding and applying the Funda, analyzing said account, or verifying and ~Y,mpiling aaid
asaeasmenta and bills, unleae Lender pays Borrower intereat on the Funda and applicable law permits Lender to make auch a charge. Borruwer
and l.ender may z~*~ in Writing at the time of execution of this Moetgage that interest on the Funda ahall be paid to Borrow•e~, and unlesa
euch agreement ia made o~ applicable law requirea euch intereat to be paid, I.ender ahall ~ot be required to pay E3orrower any intereat or
earnings on the Funds. I.ender ehall give to Borrowe~, without charge, an annual accounting ot the H unde showing creditx and debite to the
Funda and the purpose for which each debit to the Funds was made. 7T~e Funds are pledged as additional security for the anme secured by thie
Morigage.
If the amount of the ~nda held by Lender, together with the future monthly inatallmenta of r unds payable prior to the due dates of taxes,
asseaxmenta, inaurance premiums and ground rents, ehall exc2ed the amount requind to pay said taxea, assesamente, insurance premiume
and ground renta as they fall due, auch exceas ahall be, at Bo~~wer's option, either promptly repaid W E3orruwer or credited to E3orrower on
monthly inetaUmenta of Funde~. If the amount of the Funds held by l.ender shaU not be au[ficient to pay taxes, assessmrnta, insurance
premiums and ground renta as they fall due, Borrower shall pay to l.ender any amount neceasary to make up the deficiency within 30 days
from the date notice is mailed by l.ender to Borrower requesting payment thereof.
Upon payment in full of all auma secured by this Mortgage, Ixnder shal! promptly refund to Borrower any funds held by l.ender. l[under
paragraph 18 hereof the Property is sold or the Property is otherwise acquired by l.ender. l.ender shall apFly, no later than immediately prior
to the sele o[ the Property or its acquisition by l.ender, any Funds held by [.ender at the time of appiicaticr~ as a credit aKainst the sums rsecured
by thia Mortgage.
3. Applieation ot Paymente. l;~less applicable law provides otherwise, all payments received by l.ender under the Nute and
paragrapha 1 and 2 hereof shall be applied by l.ender firxt in payment c-f amounts payable to [,ender by Borrower under paragraph 2 hereot,
then W intereat payable on the Note, then to the principal of the Nute, and then to interest and principal on any F uture Advancea.
a. Chargea; Liens. F;ormwershal) pa~• aU taxer., assessments and othrr charges, f nes and impos~tions attributable to the Yroperty which
may attain a priority over this MortKage, and leasehold pa~ ments or Kruund rents, if any, in the manner provided under paragraph'L hereof or,
i! not paid in such mannrr, by Burruv-•er makinK p~ymrnt, w•hen due, dir~•tl~• tu the payee thereof. ti~~rrower shall promptly furnish to I.ender
all notices of amoun~s due undrr this paraKr.iph, .ind in the rvrnt Burr~~K•er shall make pa~~ment direcNy. RnrruN•er shall promptly furnish G~
I.rnder receipts e~•idrncing such p.iyn~ents 13onuwer sh.+ll promptly disrharKr any lien M hich has prionty a~•er this,blurtK.~Ke; provided, that
~rruwer shall na! F-e nY~u~red to discharKe any such lirn sii lunK as Kurrower shali aKrer ~n writinK tu tht• payment uf the~~bliK:~tiun secured by
such lirn in a manner acceptabtr to 1 xnder, or shall ~n ~;~~d f:~~th cunte.t such l~en by, urdefend rnfomemrnt ~~f suc•h lien ~n, le~al pnrc•erdings
which operate tu prevent the rnforcrment i~f thr lien ur forfe~~turr uf thr I'ruperty ur any part thrrc~f.
5. Hazard Insurance. Rorruw•er shall keep thr impruvrments nuv- existing or hereafter erected on the Property insured against (oss by
fire, hazards includecl within the term "rxtrnded co'vrrage." and such othrr hazards as Ixndrr may require and in such amount~ti and for such
perinds as I.ender may myuirr; pm~~idecl, that lxndrr sh.ill nut reyuire that the amuunt uf such rn~•eraKe rxceecf that amount oicuver~Ke
requirrd tu pay the sums sr~•urEd h~• thw M11ortKaKr.
The insurance camrr pnn~~d~n~; thr ~nsuranrr shall tx~ ~•h~~s~~n h~• ft~~rruwrr .ub~eti•t tu apprucal b~• 1~~nde~r, pru~~~de~1, tnat :uch .~pprueal
shall not t-r unreasunablc w•~thh~~ld. All premi~ms un msur:m~•t~ p~~li~•ir. nhaN tK• paid m the mannrr pr~~~-idt~1 undrr par:+~;-aph Y hrrw~f ur, ~f
not paid in suc•h mannrr, b~~ It~~rruwer m.ik~n~; paymrnt, w•hrn dur. dire•i•tl~• tu th~• ~nsurance ~ arrirr
All insurance policies and renewais thereof shall be in form acceptable G- I.e~nder.ind shal) ~nclude a standard murtKa~;eclause ~n fa~•orof
and in form acceptable to t.ender. l.rnder shall ha~•e the riKht G~ huld thr p~~ficieb and renrwals thereof, and Rurrower sh~ll promptly furnish to
~.ender all renewal notices and all recr~pts of p.~id prrm~ums In the rvent of luss, R~~rruMer sh:~ll Kive prumpt notice ur thr insur:~nce camer
and I.ender. I.ender may make pra-f of lo~s if not made prompti>• b~• Knrrow•er.
Unless I.ender and &,rn~wer ~therw~sr aKrre in w•ntinK, ~nsurance procrrds shall be applied to restoration or repair of the I'roperty
damaged, pro~~dcd such restnr~tiun ur rrpair iv r~•~~n~~m~call~ fras~ble ~nd the srcurity of lhis ytortgage is not therrby impaired. If such
rrsG~ration or repair is not ecunomicall~• fN.+sii,1P or if thr sc~vnty of this MortKaKr would be impaired, the ~nsurance proceeds shall beappiied
to the sumssecurrd by thic titortK:iKr, with thr excr.v, ~f :~ny, paid tu Korrov-•rr If the I'ropert ~ is abandoned by F3orrower, or if &~rrow•er fails G~
re~pond tu I.ender wUhin :t~~ day~ (rum the datr nuti~•r ~c ma~lyd by I.Pndrr tu f3urruw~rr that the insurance carrier ufters to settle a claim for
~nsurance benefi~c. I.ender ~s authorizrd tn c~dlrrt .~nd .+pply th~• tnsur.~nce proceeds at I.ender's optiun rither to restoratiun ur repair of the
Yroperty or the sums securrd by this Mt-rtK~+KP
l~'nleas I.ender and Borruwer otherw•ise aKrre ~n w•nt~nK, any such appGcatiun of prc~ceeds tu principal shall not extend or pustpune thedue
date of the monthly installments rrferrrd tu in par:iKraphs 1 and'~ f~ereof or ch~nge the amuunt olsuch inst~~llments. (f under paragr<~ph Iti
hereof the Property ig acquirErl by- I.rnder. :ill riKht, title and interest of Borruwer in and to any insurance policies and in and to the proceeds
thereof resultinR from damaQr to PrnpPrty prior to th~• ti:~le or acyu~sidon shall pass tu I~ender to the extent of the sums secured bv this
~tortgage immediately prior to surh sale or acqwsition.
6. Preservation end Maintenenceof Property: I.easeholds; ('ondominum~;1'lanned Unit Uevelopmenta. E3~-rruwershall keep
the Property in Kood repair and shall nut commit waste ur prrmit ~mpairmrnt or drterioration nf the Fruprrt~ and shall cumply w~th the
pro~•isions of any lease if this 11~~rtKaKe is on a leasehold. If this \1oRKaKr is on a unit ~n a condominium or a planned unit deeelopment,
F3orrower shall perform all c~f I~~rrower's obliRatiuns under the dre•laration nrcovenan~g ~•rrahnKor Kovern~ng the condominium or planned
unit development, the by-law•s and reKulatiuns of the condumemum or planned unit development, and con8tituent documents. If a
condominium or planned un~t devrlupment rider ic t•xrcutrd by fiorruwrr and recurded toKether with this MortgaKe, the covenants and
:iKreements otsuch rider shall t-e ~ncur{x~ratrd int~~ and shall am~•nd and supplrment thecu~~rnant~~ and aKrrrments ~-f this ~fortKaKe as ifthe
nder were a part her~t.
7. ProteMion of Lender'a Security. if Borrower taila to perform the covenante and agreemente contained in this Mortgage, or if any
action or proceeding ie commenced which materially affecte I.ender'a intereet in the Property, including, but not limited to, eminent domain,
ineolvency, code enforcement, or arrangemente or proceedinga involving a bankrupt or decedent, then [,ender at Lender's option,upon
notice to Borrower may make euch appearancee, dieburee euch aume and take euch action se ie neceaeary to protect Lender'e intezest,
~ncluding, but not limited to, diebureement of reasonable attorney'e teee and entry upan the Property to make repaire. If Lender requited
mortgage ineurance se a condition o[ making the loan aecured by this Mortgage, Borrower ahall pay the premiume required to maintain
euch ineurance in effect until euch time ae the requirement [or euch ~neurance terminatea in accordance with Borrower e and I.endei s
written agreement or applicable I~w. Borrower ehall pay the amount of all mortqage inaurance premiume in the manner provided under
paragraph 2 hereof_
Any amounte diaburoed by I.ender perauant to thie paragraph 7, with interest thereon, ahall become additional indebtednese of
Borrower eecured by thie Mortgage. Unleea Borrower and Lender agree to other tern-s of payment, auch amounte shall be payable upon
notice from I,ender to Rorrower requeeting payment thereof, and shall bear intereet from the date of diaburaement at the rate payable from
time to time un outstanding principat under thp Note unleas payment of intereat at auch rate would be contrary to applicable law, in which
event such amounta ehall bear intereat at the higheet rate permiaeible under applicabfe law. Nothing contained in thie paragraph ~, ahall
require l.ender to incur any eapenae or take any action hereunder.
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