HomeMy WebLinkAbout2913UNI~oRtN CoveH~tvrs. Bonower and I.endrr cuvenant and aKrre a~ foUnwc•
1. hy~nent ot Prlocipai sod laterest. HurruNrr ~hall prompil~ pay v-hcn Jur Ihc pnncipal o( and ~nteresl un ihe
indebtedness evidenced by the Nole. Prepay.menl and late ch:~rgr. a. pn-vided in tht Notc. and the ptincipal ot snd inlercsl
o~ aoy Future Advances secured by Ihis Mortgage
2. I~wds to~ Tua aad lesnraace. Subjecl ta applicablc la~+ u~ ta a written warver by I•ender, Botrower shall pay
to I.ender on Ihe day monthly inctallmen~s of princ~pol anJ ~ntrrr.~ ar~ ~ayahlc under thc Note, unUl the Note is paid in tall.
a sum (hercin "FunJs") equal to u~c-twel(th ~( ~hc ycarl~ ta~r, anJ a~.cssmrntc vrhich may attain priorily over ~h~c
Morigage, and ground rents on the Pmperty. ~f any. plu~ unc-~wcl(~h al yca~ly premium installments tor hazard insurance,
plus one-twel[th of yearly premium installmcn~c tar m~rtgagc insurrncc. i( any, all as rcasonably ~stima~ed initially and trom
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71~e Funds shal) t~e held in an instituhi~n ~hr deFx»i~~ ~~r acc.~unts ol which are insureJ or ~~aranteed by a FeJeral or
state agency (including Lender it l_cndc~ ~s ~uch an imtitutionl. 1 ender ~hall apply ~hc Funds to pay ~aid taxes, astessnients,
insura~ce premiums and ground ren~s 1 ender may not charge tor ~~ holding and •rpplying Ihe F~indc. :u~aly~ing ~aid accuunt.
or verifyi~g and compiling said asses+mcn~s and hilh, unlcs~ Lender pay~ Bormwer in~erest on thc Funds and applicable law
permits l.ender to make such a charge Honower and t_enJer may agree in writing at ~he ~ime of executi~~n ot this
Mortgage that ioterat on the Funds shall tx: pa~d to Bor~ower, and unless wch agrcemen~ n m:~de or appl~rable law
requires such intCrcst to be paid, I_ender ihall nM he reyuired ~o pay Borrower am• inlerest or earning~ on thc Funds. l.ender
shall give to Borrower, without charge, an annual accuuming of the I~und> >howing credits ~nd deh~t+ to ~hr 1=unJ~ anJ the
purpcue for which tach debit to the Funds was maJe~ The Funds are pleclged as additional se~:unry for the sums secured
by this Mortgage.
If the amount of the Funds held by 1_ender, togelher wilh the iuture monlhlY inctallmcnts ot Funds payablc prior to
t6e due data of laxes, assessments, insurance premiums and ground rents, shaU excced the ~mount rcyu~red to pay ~aid tates,
usatunents, insurance premiums and ground rents as they fall due, cuch eicets tihall be, ~t Borrower's optu~n, r~~her
promptly repaid to Borrower or credi~ed to Borrower on monthly inst~llments af Funds. If the a~nount o( the Funds
held by Leader shall not be sufl'icient to pay taxes, asscssments, insur~ncc premiums and ground rentx as thc~~ fall due,
Borrower shall pay to Lender any amount necessary to make up ~he deficiency withm a0 days from the date notice is mailed
by l.ender to Borrower requesting payment ~hercoC.
Upon payment in full of all sums securcd by th~s Mortgage, 1_cnder shall prompUy refund tu Borrovrer any Funds
held by Lender. If under paragraph 1R hereot the Property i, suld or the Proper~y ~s otherwice acquired by 1_enJer, I.ender
s6dl apply. no later than immtdiately prior to the salc of thc Property or its acquisrtion by Lender, any Funds held by
L.ende~ at the timt of application as a credit against the sum~ secured by th~s Mortgage.
3. Applicatioa of Paymeats. Unlec~ applicable law providcs othcrwise, all payments rcccived by Lcnder unJer the
Note and paragraphs 1 and 2 hereof sh~ll bc applieJ by Lcndcr firct in paymcnt of amounts payablc to LenJer by Borrower
under paragraph 2 hercof, then to intcretit payablc on the Notc, then to thc principal of the Note, and then to interest :~nJ
principa) on any Future Advances.
4. C6arges; Liens. Borrower tihall pay a!I taxct, atiw:s~mentc and ~thcr charges, finec and ~mFxxitions attributable to
the Property which may attain a priority over this blor~gagc, and leaschold payments or ground rents, if any, in the manner
prnvided under paragraph 2 hereof or. ~f not paid in such manner. by Borrower making payment, wh~n due, directly to the
payx thereof_ Borrower shall promp~ly furn~sh to I.en~er all notices of amounts due under th~s paragraph, and in the event
Borrower shall make payment directl~•. Borrow~er shall prompUy tarnish to Ixnder rereipts evidencing such payments.
Borrower shall promptly discharge any lien wh~ch has pnonty ovcr this Mortgagr, prov~ded, that 8orrower ~iiaii ~-~t b~
required to discharge any such lien so long as Borrower shall :+gree in wnting to Ihe payment of the obhgatiun secured by
such lien in a manner accep'table to Lender, ~~r shall m g~c1 faith contr~t such lien by, or defenJ enforcemeM of such lien in,
legal proceedings which operate to prevent the eoforcemenl of the lien or tor(eiture of the Property or any part thereof.
S. Hazsrd lasurance. Borrower shall keep the improvements n~w exisiing or hereatter erected on the Property insured
against loss by 6re, hazards included within the term "extended ::overage", and such other hazardc as Lender may reyuire
and in such amounts and for such periods as Lender may reyuirc; provided, that LenJer shall not reyuire that the amount o(
sw:h coverage exceed that amount of coverage required ro pa}• the tums secured ~by th~s Morlgage.
'Ilte ~nsurance carrier providing the insur•rnce SI18II bC chosen by Borrowe: subject to approval by Lender, provided.
that such approval shall not be unreasonably withheld. All premiumc on insurance policies shall be paid in 1he manner
provided under paragraph 2 he~eof or, if not pa~d in such maoner, by Borrower making payment, when due, directly to the
insurance carrier.
All insurance poiicies and renewals thcreot shall be in form HCCC~iJhlt' to LenJer and sh~ll indude a ctandard mortgage
clause in favor of and in form acceptable to Lender. t.ender shall have the right to hold the policies and renewals thereof,
and Borrower shall promptly furnish to I.eriJer all renrwal notices and all rece~pts of paid premium~. In the event of lo~s.
Borrower shall Kive prompt notice to the in~ur.~nce carner ard l.ender. Lender may make proof of loss if not made prompth
by Borrower.
Unless Lenckr and Borrow•er i~therN ~,r agrer in wnt~ng, imurance proceeJs shall be applied to restoration or repair of
the Property damaged, pro~•R~ed sueh te~turatwn or repair is economically (easible •rnd the tecurity of this Morlgage is
not -thereby impa~red. If such re~tocation or tepair is n~~t rcunumic~lly trasihle or it the xcunry of this Mortgage wouid
be impairtd, the insurance procee~is shall be applied to the sums secured by this Mortgage. with the excess, i[ an}, paid
to BorrowPr.' If the Proper~y is ~banJoned hy Horrowcr, ~~r it Borruwer fails to respond to 1_enJer within 30 days from thr
date notice is mailed by Lender W Borrov-er that the insurance carrier o(iers to settle a claim for insuranee benefits, I.er.der
is authorized to collect and .,ppl} the inwrance proceeJ~ at Lender's option either to restoration or repair af the Pmpen~
or to the sums sccured by this Afortgagc
Un1esS l.ender and Borruwer otherwi,c agree in wrhing. any such appliratian of prcx:eeds to pnncipal shall not ertend
or postpone the due dat~ of the monthly installment~ rcferred tu in paragraph~ I and 2 hercof or change Ihe amount ot
such installments. If under paragraph 18 hereot ~he P~operty is acyuired h~ l.ender, all right, tiUe and interest of Bormwer
in and to any insurance policies and in and to the p~oceeds thereof resulung frum damage to the Property prior to Ihr a~le
or acquisition shall pass to Lender to the extent ot the tiums yecured by this :~iortgage immediately prior to such sale or
acquesition.
6. Prestrvalioo and 111aintenanct of Propertv; Leaseholds; Condominiums; Planned l,'nit Devdupments. Bormwcr
shall keep the Property in good repair ar~d shall not comroit waste or perm~t impairment or deterioration of ihe Property
and shall comply with the provisions of any lease ~f ~h~s Mortgage n~~n a leaschi~ld. !f this Mortgage is on a unit in a
condominium or ~ planned unit ckvelopment, Borrower tihall Fxrf~~rm all of Borrower's obl~gauons under the declaratu~n
or covenants creating or govermng the condominium or planned unit develupment, the by-laws and regulations of the
condominium or planned unit Jevelopment. ~nd constiwent d«:umems. If a conJominium or planned unit development
nder is executed by Borrower and rerorded tuge~her K~th this Mc~rtgage, thc covenants anJ agreements of such riJer
shall be incorporated into and shal~ amend an~l supplement the covenants anJ agreements of th~s Mortgage as i( the ri.icr
were a part hereof.
7, protectioo ot Leader's Securtfy. If Borruwer faik to perform the covenants and agreements contained in thic
Mortgage, or if any action or proceedmg ~ti cu:nmenced which materially rficcts I.ender's interest in the Property.
including, but not limited to, eminent domain, in,c~{venc., axie enforcement, or arrangements or proceedings invol~ing a
bankrupt or decedent. Ihen Ixnder at l.ender'~ option. upon notice to Borrower, may make such appearances, dishurse such
sums and take such action as ~s nececsary to protec~ Lender's mterest, inciuding. but nu1 IimiteJ to, disbursement of
reasonable attorney's fees and cntry upon thc Property to makc rcpairs. I( I.cnder rcyoirrd mortgage insurance a~ a
condition of making the loan secureJ by this Mortgage. B~rrower shall pay the prem~u-ns requireJ to maintain such
iniurance in effect until such time as the reyuiremem for tiuch .msurance terminate~ in accordanc~ with Bormwer'c anJ
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