HomeMy WebLinkAbout2907UNtFatM CoveN~r+rs. Bortower and I.ender c~~venant and :~grrc a~ tollows:
1. tiymeN ot Pciac~d and lotensl. Hormwer ~hall promp~l~ pay v-h~n due the principal ot and mterest un thc
indebtedneu evidenced by the Note, prcpayment and latc charg~. a. provi~kd ~n the Notc. and the principal ot and mtercs~
o~ any Futurc Adva~cet secured by ~his Mor~gage.
2. ihad~ tor Tauea iad iawtaaee. Subjccl ta applic:-hlc laa ~~r ~o a w~itten waivcr by I.ender. Aortower shaU pay
to Lende~ on the day monthly installmeots of principal anJ mtr~c.i rr~ p~yablc unde~ thc Nate, until the Note is paid in full,
s sum (herein "FunJs") equal to ooe=twcltth ot the yearh ~a~r. anJ asces+mentc wh~ch may attain pnority mer lhic
Mort~sge, and ground cents on the Pro{x~~y, if any, plu~ ~~ne-tv-•cl(ih ot ycarly premium ins~allments fo~ hazard insurance,
plus one-twelfth of yearly prcmium installmen~s tor mortgage ~~~surancc. ~f any, all at rcasonably ectimated initially and t~om
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'Il~e Furtds shall be held in an insth;~t~on thc dcp~nit~ or arcuums ot which~ are insured or guaranteeJ by a Fcde~al or
slate agency (including Lender if (_cnder i> >uch an insli~ution ). I.cnJcr ~hall apply thc Funds to pay ~aid taxcs, asseumcnts,
insurance premiums and ground rents 1 ender may nol charge fur ~~ h~~lding and applying Ihe F~in~1~. analy~ing caid account,
or verifying and compiling said assescmcots •roJ hifh, u~less I.ender pay~ Borrowe~ interest on ~he Funds a~d applicable law
permits Lender to make such a charge. &~rr~N•er and I.ender m•ry agree in wnting at the time o( executiun ot thi~
Mortgage that interest an the Fu~ds shall t+e paiJ to Bor~ower, and unless such agreement is made or applicahl: law
rcquires such interest to be paid. l.ender shall not be rcquired to pay Borrower any interat or earnings ~~n the Funds. I.ender
shall give to Borrower, without charge, an •rnnual accounting of ~he F=unds ~howing r~edits anJ dehi~s to the Funds anJ the
purpose for which tach debit to the Funds was made. The Funds are pledgtd a~ addit~onal secunty tor ~he sums secureJ
by this Mortgaga'
lf the amo~nt ot the Funds held by LenJer, togelher with the futurc mon~hly inctallmen~s of FunJs payablc prior to
tl~e due data of taxes, azsessments, insurance premiums and ground rents, shall excerd ehe amount reywred to pay said ta?ces,
assesstnents. insurance premiums and ground rcnts as ~hey f•rll due, such e+ecess shall be, at Borrow~er's option, either
protnptly repaid to Borrower or ctcdited to Borr~wer on monthly installments of Funds. If the amount of ~hc 1-unds
held by Lender shall not be sut~cient to pay taxes, assessments, imurance prcmi~~m~ anJ ground rents as they fall due,
Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 da}~s trom the date notice is mailed
by l.ender to Borrower rcquesting payment there~f.
Upoe~ paymtnt in full of all sums secured by this Mortgage, l.endcr shall promptly rc(und to Bo~rower any Funds
heW by Lender. If under paragraph 18 herrof the Propcrty ~. sold or thc Property is otherwisc acquired by l.ender, I.ender
s6d1 apply, no later than immediatcly prior to the sale of tM: Prop~:rty or its acquis~tion by I.ender, any Funds helJ by
I.eoder at the time of application as a credit against the sumx securec! b}• th~c Mortgage.
3. ApplkNbn of Paymeats. Unlecs applicable law provides otherv-•ise. all payments received by Lender under ~he
Note and paragraphs 1 and 2 hereof ~hall bc~ appl~ed by I_ender fint m payment o( amounts payable to Lcnder by Borrower
under paragraph 2 hercof. then to interest payahlc c~n thc Note. then to thc principal of thc Notc, anJ thcn to interest and
principal on any Future Advances.
~. C6arges; Lkas. Borrower th:~ll pap :~ll taxc~, a~kssmcnts and o~hcr chargeti, fines and impo~itions attributable to
tbe Property which may attain a priority ovcr thit Mortgagc, and leasehold paymcnts or ground rtnts, i[ any, in the manner
pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly tc the
payee theroof. Borrower shall promptly furmsh tu Lender all notices of amounts due under this paragnph, and in tha event
Borrower shall make payment dire~:tly, Borrower ~hall promptly (urnish to l~nder receipts evidencing such payments.
Borrower shall prompUy discharge any I~en which has prionty over this i~lortgage; provi~eci, tnat 8orrower ~haii uui i,c
required to dixharge any such lien u~ long as Borrower shall agree in Nriting t~~ the payment of the obligatiun secured by
suc6lien in a manner acceptable to Lender, or shall in good fa~th contect such lien by, or defenJ enforcement of such lien in,
legal proceed~ngs which operate to prevent the enforcement of the lien or forfe~ture of the Property or any part thereof.
S. Hazard i~unace. Borrower shall keep the improvement~ no~ cxisting or hereafter erected on the Pmperty insured
against loss by fire, hazards included within the term "e~~endeJ coverage", and such other hazards as I_ender may reyuire
and in such amounts and for such periods as Lender may reyuirc; pmvided, that Lender shall not require that the amount of
such coverage exceed that amount af coverage reqwred to pay the sumt cecured ~b}• this Mortgage.
'il~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
that such approval shall not be unreasonably withheld. All prem~ums on insurance policies shall be paid in the manner
provided under paragraph 2 hereof or. ~f not paid in such manner, by B~~rrower making payment, when due, directly to the
insurance carrier.
All insurance policie4 anJ renewals there~if shall be in form accept~ble to LenJer an~! shalt include a standard mortgage
clause in favor of and in form acceptahle to I.ender. 1_ender ,hall have the right to h~ld the policies ar,d renewalc thereof.
and liorrower shall promp~ly furnish to 1_ender alt renew•rl notiees and all receipts of paid premiumc. In ihe event of locs,
Borrower shall give prompt nohce to the insurance carrier :~nd Lender. 1_ender may make proof of loss if not made prompd}•
by Borrowcr.
Unless Lender and Borrower otherw„r agree in wnting, imurance procecds shall be applied to restoration or repair af
the Property damaged, prorideJ such re~~oration or repa~r is ecunomically feasible and the security of this Mortgage ~~
not thereby impaired. I[ such restorauon or repair is n~~t «e~num~cally teasihle or ~f the secunty of this Mortgage wouid
be impaired. the insurance proc:eeds shall be a~nlied to the sums sec~reJ b}• this Mortgage, with the excess, if an~•, pa~d
to Borrower. If the Proper!} is ahanduned by Borrower, or ~t Be-rr~wer fails to respond to Lender w~thin 3U days fr~m the
date notice is ma~leci by Lender to Borrower that the insuran~e carricr offers to seule a claim for insurance benefits, l.ender
is autborized to collect and apply the in~u~ance proceeds at I.ender's ~ption either ta rest~ration or repair of the Pro~ertc
or to the sums secured by this Mortgagc.
Unless l.ender and Borrower otherwise agree m wnting, any such applicalion of prckeeds to pnnapal shall not e~tend
or postpone the due date of the momhly ins~allmcnts rcferred t~~ in paragraphs I and 2 hereot or change the amount of
such installments. If under paragraph I8 hereot thc Property is acywred h~ LenJcr, ali nght, title and interest ot Borr~~wcr
in and to any insurance policies and in and to the ~roc:eecis thereof resufung from damage to the Propeny. p~ior to th~ sale
or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition.
6. Presenation and Maintenance of PropertY: I.easeholds; Condominiums; Planned Uuit Derelopments. E3orrowcr
shall keep ihe Property in good repair and shall not comrpit wastc or permit impa=rment or deterioration of the Proper~y
and shall comply with the provisions of any lease it th~~ Mortgagc ~~ un a le:~schold. I( this Mortgage is on a unrt in a
condominium or a planned unrt Jevelopment, Bo~rower shall perfurm all of Borrower's obligations under the declarahon
or covenants creating or governing the condomm~um or planned unit dcvelupment, the by-laws and regulation~ of tl~e
condominium or planned unit developmem, and constituent d~xument~. I( a condominium or planned unit Jevelopment
rider is executed by Borrower and recorded together w~th thic Mortg~e. the covenants and agreements of such rider
shall be incorporated into and shall arnend and supplement the covenants and agreements of this Mortgage as ~f the riJer
were a part hereof.
7. Protectioe of Lender's Secarity. If Borrower (atik t~ per(orm the covenants anJ agreements contained in this
Mortgage, or if any action or proceeding ~s commcnced which materially aRects I.ender's interest in the Property.
including, but not limited to, eminent domain. insc.lvency, code enf~rcement, or arrangements or prcxeedings involving a
bankrupt or decedent, then txnder al Lender's opdon, upem notice to Borrower, may make such appearances, dishurse such
swns and take sueh action as is necec.sary to protect txnder's mrerest, including, but not limrted to, disbursement of
reasonable auomey's (ees and entry upc~n the Property 1o makc repairs. If I.cnder rcyi~ircJ mortgage inwrance as a
condition ot making the loan secured by this Mortgagc, Borrowrr shall pay thc prcmiums rcquireJ to maintain such
insuranee in efTect until such timc as ~he rcyuiremenl for wch msurance terminates in accordanc~ w~th Borrower's and
~ ~ b~~K349 Q~~;E2!~Of
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