HomeMy WebLinkAbout2836UHtFwtM CovFN~N7~s. Borrower anJ l.endrr c~~venant and agree a~ folluws~
1. hyneat of Ptincfpal aod laterest. Hurn~wrr ~hall p~umpil~ pay whrn due ~h~ pnncipal o( end inlerest o~ Ihc
indebtedness evidenceJ by the Note, prepayment and late ch:~r~;r. :~. pruvi~kd in ~he Note, and the principal ot and ~ntercsl
on aoy Futurc Advances secu~ed by th~s Mnrtgage.
2. innnds tor Tua and Iasunnce. Subjcct ta applic~hlc law ~•r t~ a N•rit~en waiver by I.ender, Borrower shall pay
to Lender on the day monthly installments ot prinripal anJ m~rrr~~ .~rc pavahlc unJer the Notc, until the Note is paid in full.
a sum (henin "Funds") equa) to one-tv-rlt~h of thc ycarl~ ~a~~~ anJ as~cs.mentc which may altain priority over this
Mortgage. and ground rents on ~he Propcrty, if any. plus ~~nc-twcltth ol ycarly prcmium installments tor hazard in~urance,
plus one•twelhh of yearly premium installmem~ tor mortgagc insurancc. ~( any, all at rcau~nably etitimated initially anJ trom
time to time by l.ender on thc basic of a~scs~mrntt anJ h:lh and reawnabtc ectimatcc thereof.
71x Funds shall t+c held in an insti~ut~~~n ~hr de~»~i. or ,~rcuun~s ot which art insured or (Cuaranteed by a Fcderal or
state agency (including Lende~ if I_cnJer i~ such an imti~utianl. I.ender ~hall apply the Funds to pay iaid taxes, assessments,
insurance premiums and graund rcnts. 1 ender ma~~ no~ charge tor ~~ holding and applying the Funds. analy~ing said account.
or verifyi~g and rnmpiling said asses.ments anJ hilb, unless l.cnder pay~ Borrower interest an the Funds ard •rpplicable law
permits Lender to make such a cha~ge. [3orrower and I.ender may ugree in writing at the time of execution af this
Mortgage that interest on Ihe Funds shall he paiJ to Borruwer, and unles~ such agrecmcnt is made or applicable law
rcquires such interest to he paid, l.ender shall n~t tn required to pay Rorrc~wer any interest or earning~ o~ the Funds. I.enJer
shall give to Borrower, without chargt, an annu~l acc~~unting of ihe Funds showing credits and deb~ts to the Funds anJ the
purpoae for which each debit ta the Funds was made. The Fund~ are pledb d as additional securiry tor the sums ~ecured
by this Mortgage.
If tht amount ot thc Funds held by LenJer, Iogcther v-ith ihc futurc monthly in~tallmcnts of Funds payablc pnor to
tht due dates of taxes, assessments, insurance premiums anJ ground rent~, shall erceed Ihe amount reywred to pay said taxts,
assessments, insurance premiums and ground renh ac they (all due. such e~ceec shall be, a~ H~~rrower's ~~pt~<.n, either
pranpUy repaid to Borrower or credited to Borrower on monthly inctallments of Fun~s. {f thc amoun~ of thc Funds
held by Lender shall not be sulficient to pay~taxes, assessments, in~uraoce premiums an.i ground rents as thcy fall duc,
Borrower shall pay to Lender any amount necessar}• to make up the defic~ency within 30 da~•s trom ~he date notice is mailed
by L.ender to Borrower rcquesting payment the~eot.
Upon payment in full of all sums sccured by th~s Mortgage, 1_ender shall promptly refund to Borrower any Funds
held by Lenckt. If under paragraph 18 hereof the Property i. ~old or the Property ~s otherwice acquired by I_ender, Lender
shdl apply. no later than immediatcly prior to the sale u( thc P~oFx rty or its acquisition by Lender, any Funds held by
Leader at the time of application as a creJit against the sum~ secured hy thn Mortgage_
3. Applicatioa of Paymeats. Unless applicable law proviJes othe~w•itie, all payments tecei~ed by Lender under the
Note and paragraphs 1 and 2 hereof shall bc apphcd by Lcr.der fint in pa}me~t ut amounts payable to I.ender b}~ Borrower
under paragraph 2 hercof, then to interett payablc on the tiute, then tu the principal o( the Note, and then t.. interest and
principal on any Future Advanccs.
4. Charges; I.ie~. Borrower ~hall pay all t.ixr~, a,tes~mrnts and o~hcr chargcs. fines anJ impositions attributable to
the Property which may attain a prioriry over ~his Mortgage, and leaschold payments or ground rents, if any, in the manner
provided under paragraph 2 hereof or_ if nut pa~d ~n such m~nner, by Borrower making payment, when due, directly to ihe
payce thereof. Borrower shall promptly furnish ta t_encier alt notices o! amounts due under this paragrapl~, and in the event
Borrower shall make payment direcily. Borrov-•er shall prompUy (urnish to Lender rereipts evidencing sach payments.
Borrower shall promp~ly discharge any lien uhich has pnonty over this Mortgage; provided, that Borrower shall not be
required to discharge any such licn so long as Borrower shall agrer in wri~mg ta the payment of the obligation secured by
such lien in a manner acceptable to l.ender, or shall in gocxi f;~ith contest ~uch iien by, or defend enforcement of such lien in,
legal proceedings which operate to prevent the enforcement of thc lien or (orfeiwre of the Propert} or any part thereof_
S. Hazsrd Inwrance. Borrower shall kcep the ~mprovcmcnh now exi~ung or hereafter erected on the Properry insured
against loss by ftre, hazarJs inrluded within the term °extendcd coverage", and such o~her hazards as 1_ender may reyuire
and in such amounts and (or surh perioels ac Lcnder m~y rcywrc; prov~ded, that Lender shall not reyuire that thc amount cif
such coverage exceed that amount of coverage reyuired to pa}~ the sums ~ecured ~hy this Mortgage. .
'Il~e insurance carrier providing the insurance shall be chosen by Borrovver subject to approval by Lender; provided.
that such approval shall not be unreawnably•withheld. All premiumc on insurance policies shall be paid in the manner
providod under paragraph 2 hereof or, ~f not pa~d in such manner, by Borrower making payment, when due, directly to the
insurance carrier. •
All insurance policies and renewa{s thercof ahall be in form acceptable to Lender and shall include a ctandard mortgage
claux in favor of and in form acceptable to I.ender. I.rnder shall have the right to hold the policies and renewalt ihereof,
and Bo~rower shall promptly furnish to Lender all renewal notices and all rcceipls of paid premiumc. In the event of locs,
Borrower shall g~ve pri~mpt noUCe to the ~n~urance carner and Lender. I.enJer ma~ make pra~f ot loss if not made promptly
by Borrower.
Unless Lender and Borrower otherw~.c agree ~n wnting, insurance proceeds shall be applied to restoration ~,r. repair o(
the Property damaged, prov~ded ~uch retilorati~~n ~-r rcp~~r is economieally (easible and the securiry of th~s Mortgage is
not thereby impa~red. !f such restorat:~n or repa~r ~s n~~t ~conomiwll}' fea?ihlr or if the seeurity of this Mortgase w•ould
be impaired, the insurance proceeJs shall be ap~hed t~~ the sums se~:iired by this Mortgage, w~th Ihe excess, if an}•, paid
to Rorrower. If Ihe Propert~• is aha~doned by Rorrower. ~~r ~t Borrower fa~ls to resFxmd to I_ender within 30 days from the
date notice ~s mailecf by I.ender to Borrower that ~he ~murance carrier otTen to ~etNe a claim for insurance benefits, 1_ender
is authorized to collect and apply the ~n~urance proc:eedi ~t I.ender's optiun eUher to rptoration or repair ot the Pmpen~•
or to the sums sccured by this Mortgagc
Unless Lender and Sorrower otherW ix agree m u•riting, an} such applica~ion ~~f prcx:eeds to principal shall not c~tend
or postpone the due date of the monthly installmcnts rcferred to in paragraph~ 1 and 2 hercof or change the amount of
such insiallmeots. If unJer paragraph 18 hereof the Propert~~ is acywrrd h~ Lender, ali nght, tiUe and interest of Barrowcr
in aod to any insurance policies and i~ and to the proc:eeds thereot resulting from damage to the Property prior to th~ sale
or acquisiUOn shall pass to 1_ender to the e~tent of the +ums ~ccured by ihis Mortgage +mmediately prior to such ~ale or
acquisition.
6. PftdtfY~floO a~ ~1aiDlepallct ot Property; I.eatieholds; Condominiums; Planned Unit Ikvelopments. Borrower
shal! keep the Property in good repair and shall not com~uit wastc or permit impairment or deterioration of the Property
and shal) comply with the provisions of any~ lease it this Mortgage ~ti un a Ieaseh~ld. If this Mortgage ~is on a unit in a
condominium or a planned unit development, Borruwer shall per/~~rm all of Borrower's obl~gations under the declaratu~n
or covenants creating or govermng the condom~nium or planned un~t devel~pment, the by-laws and regulations of tfie
condominium or planned unit Jevelopment, and constituent dorumentti. If a conJominium or planned un~t development
rider +s executed by Borrower and recorded tugether with thi~ Mortgage, the covenants and agreements o( such rider
shall be incorporated into and shall amend and wpPlement the co~•enants and agreements of this Mortgage as i( the riJer
were a Part hereof.
7. Proftctioo of Leoder's SecurSty. If B~rrowe: failc t~~ perf~~rm the covenants and agreements contained in this
Mortgage. or if any acuon or proceeding is commenced which materially afiects l.ender's interest in the Property.
includmg, but not IimUed to, eminent domain. insolvency, ccx~c enf~rcement, or arrangements or proceedings invol~•ing a
bankrupt or decedent, then I ender at Lender's upt~on, upon notice ~~ Borrower. ma}• make such appearances, ~hshurse such
sums and take such action as ~s nececsary t~~ protect Lender s~nterest, induding, bul not limrted to, d~cbursement o(
reasonabk attomey's fces and emry u~n the Proper~~• to makc repa~r5. 1( LenJcr reyuircJ mortgage inwrance as a
conduion of making the loan secured by th~s MIIfI(~ARC. BOffONI'f shalt pay the premiu~ns requireJ to maintain such
imutance in eRect until such time as ~he n:yuirement for wch ~niurancc terminate~ in accordanc~ with Borrower's and
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