HomeMy WebLinkAbout2405l~orrower etxl Lender covenant and agree as folluws:
1. Psyment ot Principal end lnterest. Borrower shall promptly pay when due the principal of and interrst on the indebtednese
evidenced by the Note, prepayment and late chargee aa provided in the Note, and the pnnc~pnl of and ~oterest ua a~y Future Advances secu~ed
by this Mortgage.
2. ~tnda tqr Tases and Insurnnce. Subject to applicable luw or tu a writtr~ wuiver by l.ender, I3orruwrr ahall pay to l.ender on the day
munthly installmenta oi principal and interest a~e payable unde~ the Note, until the Nate ia paid in fuil, a eum (he~ein "f~ unda"- equal to on~
twelfth otthe yearly taxes and asseasments which may attain priority over thia Mortgnge, and ground rents un the Property, if any, plus one
t weltth ~tyearly premium installmenta for hazard insurance, plus onrtwelflh otyea~ty prrmium installmPOts for murtgage inau~ance, i[any,
<~ I1 ae reaeonably etstimated initeally and from time to tiR~e by Ixnder on lhe baais of asaesxme~ts t~nd bills and reiisonable extimates thereof.
The F1nda ghaU be held in an inatitution the depoeita or accounta ot which are inaured or guaranteed by a Federal o~ State agency
~~ncluding ~.ender if I.ender is auch a~ inatitution). l.ender ahall apply the Funda to pay sa~d laxea, asaese-menta, inau~ance p~emiums nnd
Kround rents. I.ender may not eharge [or eo holding and applying ihe Funds, aoalyzing eaid account, ur verifying and compiling said
asaesamenta and bi!!a, unleea Lender paye Borrower intereat on the Funde and applicable law permits [.ende~ tu makeauch a charqe. E3orrower
and [.ender may agcee in writing at the time of execution o[ this Mortgage that intereat on the Funda shall be paid to Rorn,wer, and unleas
such agreement is made or applicable law requires such intemst to be paid, l.ender ahall not be reouired to pay E3orrower any i~tereat ot
~~e~rninge on the Ftinde. I.ender ehall give to Barrovrer, vvithout charge, an annuul accounting of the F~~ds showing creditx and debite to the
Funda and the purpose for which each debit to the Funds was made. The F unds are ptedged as additional eW~curity for the sums secured by this
:~tortgage.
If the amount of the Ftinda held by I.ender, together with the future mo~thly inatallments of h unda payable prior to the duedates of taxes,
•:~c4eeament,a, insurance premiuma and Rrc~und renta, ahall excred the nmount required to pay said taxea, axarsxments, insurance premiums
.~ ud ~round renta aa they taU due, such excess shall be, at Bo~mwer's option, either promptly repaid to E3orrower or credited to Borrower on
monthly inatallments of Funda. If the amount of the Funda held by I.ender shaU t~ot be sufficient to pay taxea, assesaments, in$urance
pmmiuma and ground renta as they fall due, Iiorrower shall pay W l.ender any amuunt neressary to make up the deficie~cy within 30 days
froin the date notice is mailed by I.ender to Korrower requesling payment the~eot
Upon payment in full of al) aurns secured by this Mortgage, l.ender aha1) promptly refund to Iiorrower any funds hetd by lxnder. If under
paragraph 18 hereof the Property is sold or the Property is othemiae acquired by l.ender, I.ender ahall apply, no later than immediately prior
t~ ~ the sale of the Propetty or ita acquiaition by txnder, any Fundw hrid by l.ender at the time of application as a credit against the sums secured
by thia Mortgage.
3. Application of Paymenta. Unless appficaUle law provides othenvise, ali puyments received by Ixnder un~er the Note and
paragrapha 1 and 2 hereot ehall be applied by l.ender first in payment of amonntx payable to l.ender by Aorruwer under paragraph 2 hereof,
then W intetest payable on the Note, then lo the principal of the ti'ote, and then to interest and principal on any Future Advancea_
4. C harges; Liene. E3orrowershall pay a!1 taxee, a~5rsame~nls and utht•r charKeg, fincw and impositions attributable t~~ the Property which
m.-y attain a priority over lhis MortKaKe, and leasehold pa~ men4s or Kn~und rents, if any, in the manner provided under paragraph 2 hereof or,
;f not paid in such mAnner, by Borrower makinK payment, whco due, direc-tly tn the p:~y~r thereuf. 13ormwersh:~11 promptly furnish to [.ender
:~Il notices uf amoun~s due under this paraKraph. :~nd in thP r~-ent Korrua•er shall make payment direY•tly, Iiorn+wer shal) promptly furnish to
Le•nder receiptA evidencing such paymen~s. }3~,rr~~wer sh.+ll prumptly diccharKr any liet-which has priorily over this ~tortKuKe; provided, that
l;~ ~rrower shall not be required to discharKe am surh lien su lonK :lS I~IRUWrr shall aKrec~ in writin~; to the pa~•mrnt of theubligation secured by
~ue~h lien in a manner acceptable to f.endt•r, ur sh:ill in ~;~Nx1 i3ith cunt~~t such lien by, urdefi•nd enforcementufsuch lien in, lc~al procrc~iings
~. hich operate to prevent the enfurceme~t of the lien or furfretare• of thE• Pru~~ert~ or :iny part thCrc~~f.
:~. Hazard Insurance. 13orrower shall keep the improvements now~ existinK or hereafter erected un the~Propeity insured a~ainst ~osa by
ti rt•, hazards included within the term "extendrd cuveraKe," and such nther haiards us Ixnder may require ~nd in~such amounts and for auch
pz•riods as [.ender may reyui~e; provided, that I.endi~r shali n~~t rfY~uire th:~t thr amount of such rnreraKe exe+erd lhat amount of coverage
rF~~uircd to pa~• the sums secure~+ by this ;11ortKaKe. --•
The insuranm carrier pro~•idin~; the insur.m~•r shall IH• chusrn b~• li~~rruw~er ~uFrj~ti•t tu appru~~:~l hy Ia~ncti•r, pr~~~•idril, that .uch :~ppr~~val
=h.ilt not be unre:~ufnably w•ithh~•Id. All premium~ un insur.~nr~• p~.li~•er..h:~l! 1~• paid i~i thr mannrr pru~•id~Yl und~•r p:ir.iy;raph'? hercr~f ~~r, if
n~~t paid in such manner, by Fi~~rr~ ~ver m:~kinK p:~ymrnt, wh~•n du~~, ~lir.r•th- t~~ th~• m.urancr c:~rrtt~r
All insurance policier+and renrwals thereof shull t-e in form acceptahl~• tu 1~•nder.~nd shall include a standard mortgaqeclause in favorof
:+nd in form arceptable to Iknder. {.rndershall hii~'N LI1P flKlll LU huld thr {,~~licies and renew•als thrre±~f, and 8nrrow•ersh:~l! promptly furnish to
~.r•nder all renewal notices and al! receipts of paid prrmiums_ In thr r~~etit ~~f luss, Kurn~w~er shall Kirr prumpt notice W the incurance carrier
:,nd l.ender. l.ender may make pr«-f of loss if not madr promptly bc Rorrowrr.
Unless l.ender and I3~~rrnwer otherwise aKree in wnt~nK, insurancr pnx•e~~ds shall t-r applicKl tu rPSturation or repair of the ['roperty
~i,imaqed, pro~~ded such restoratiun or rrpair iti cronnmic.iUy fea~iblr and !he srcunt~• uf this :NnrtKa~e is not thereby impaired. If such
re~,toration or rnpair is not ecom:micall~ feasible ~~r if thr strurih• uf this NortK:iKe w•uuld t~e i~paired, the insurance prr-ceeds shall beapplied
t„ the sums secured by this MortKage, with thf• exc~~~c, if an}•, paid to f3~~rrower. if thP f'ropeRy is.~banduned by I~rrov-er, or if Eiorrower fails tci
re•,pond to I,ender within 3(1 days from the datf~ nut~ct• is m:~ilwi by I.rnder tu k~~rrow•er that the insurance carrier offerz~ to settle a claim for
insurance benefits. I.ender is auth~,rizcd to c-ollEY•t and :ip~~h• !h~• intiur.~nct~ pnK~ridti at 1.~•nder's optinn either to restoration ur repair of the
Properiy or the sums secured by this lllortK:~Ke.
l;nlesa I.ender and Borrower otherwise aKrt>c in K•ritinK. am such applii•ation of pr~-eeds to principal shall not extend or qustpone thedue
riate of the monthly instaUments referted G~ in paraKraphs 1 and l her~~r~f ur change thr amount of such installmentR. If under paragraph lA
hereof the Pmperty is acquirrd by I.ender, all right, title and interNSt of Burn,wer in and to :~ny insurance policies and in and to the proceeds
thereof resulting from damaKe to I'roperty prior to the sale or acymsitiun shall pa:~5 G~ l~ender to the extent of the sums secured by this
~t~~rtgage immediately prior to auch sale or acquisitiun.
6. Preservation and Maintenanceof Property: l,e~aseholds; ('ondominums; Planned Unit Developmente. Borrow•erahali keep
the Property in good repair and shall nut commit w•aat~• ~~r permit ~mpairment nr deterioratiun of the 1'mperty and shaU comply w~th the
pruvisions of any lease if th~s MortKaKe is on a leasehuld. If this MortKaKe i~ on .i unit in u~vndomi~iiun~ or a planned unit deveiopment,
fturrower ahall perform alt of (3orrower's ub1iK.~tiunc under the declaratiun urc<n•ertants ~•re•:+tin~;ur Ko~erm~K thP condominium or planned
unit development, the bylaws and regulations uf the condominium or planncrl unit devrlopmrnt, and constituent documents. If a
~~~,ndominium or plannecl unit developmenl rider is exEruted by I~~rrower and rrci~rded t~~ether with this Mortgage, the covenanta and
.~Kreements of such rider shal! ~re inc~~rporattYl ~nty and sh:-II am~~nd and supplemi~nt thr cuv~~nants and aKreements of this MortQaKe as if the
nder were a part hereof. ,
7. Protection ot I.ender's 3ecurity. If E3~rrower fails to perform the covenante and agreemente contained in thia Mortgage, or if any
action or proceeding ie commenced which materially aftects [.ender'e intereat in the Property, including, but not limited to, eminent domain,
ineolvency, oode entorcement, or arrangemente or pmceedinga involving a bankrupt or decedent, Lhen I.ender at I.ender'a option,upon
notice to Borrower'may make auch appearances, diaburee auch sume and take auch aMion ae ie neceseary to protect Lender's interest,
including, but not limited to, diebureement of reasonable attorney's feea and entry upon the Property to make repaire. If I.ender required
mortgage ineurance ae a condition of making the loan ercured by thia Mortgage, E3orrower ahall pay the premiume required to maintain
such ineurance in effect until such time as the requiremrnt for auch inaurance terminatea in accordance with Borrower'a and I.endei e
written agreement or applicable Law. E3orrower ahall pay the amount of all morlgage ineurance premiuma in the manner provided undet
paragraph 2 hereof. , ,
Any amounte disbursed by I.ender pereuant to thia paragraph 1, with intereet thereon, shall becnme additional indebtedness of
F3orrower eerured by thie ltortgage. Unleea Borrvwer and I.ender agree b other terme o( payment, auch amounte ehall be payable npon
notice from Lender to E3orrower requeeting payment thereof, and shull bear intereat fmm the date of diabureement at the rate payable trom
time to time on outstanding principal under the Note unlras payment ~,f intereet at auch rate would be contrary to applicable law, in which
event euch amounta ahal) bear intereat at the highest rate permissible under applicahle law. Nothing contained in thie paragraph 7, ehell
require I,ender to incur any expenae ot take any action hereunder.
~.~~~~ r~~~z~o~
~~~~