HomeMy WebLinkAbout2920UN~~o~ Coven~nn. Borrowe~ snd L~ender coveoan~ and asrce u follows:
1. ~,rwe~f d hi~clNl a~i IMsrat. 8o~rowe~ shall p~omp~ly pay when due ihe principal of and intercst on the
indebtednest evidenced ~y the Note. ptepayment and late chargee a~ provided in the Note, and the principd ot and intercst
en aoy Futurc Advaoces securad by this Monaate.
2. t4~i tor Tn~a a~i lwn~ca Subjett to applica~+k law ar to a writlen waive~ by Lende~. Bortower shall pay
to I.ender on the day mo~thly i~stallments of p~incipal and imcrecl arr payable unde~ ~he Note. uotil the Note is paid i~ (ull,
a sum (herein "Funds") equal to on~-twel(th of the yearl~ usc. anJ assasments which msy attain priority over ~his
Mortsaje. and `round rents on the Ptoper~y, it any, plus one-tweltth of yearly premium installments for huard ~nsurance.
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time to time by Ler~der on the buis ot assescmcnts and hitls and reawnable atimates thereot.
71~e Funds shall be held in an institution ~he deposu~ or accounts of ahich are insured or ~uaranteed by a Fcdenl ot
state a~ency (includina Lender if Lcnder is iuch an ins~itutionl. I.e~der ahall apply the Funds to pay said uxes. assessments.
insurance premiums and g~ound rents I.ender may n~~ charge tor u- holding and ap(+lying the Fundc. analyzing caid account.
or veritying and compling said asxssments and biffs, unlas I.ender pays Bonower interat on Ihe Funds and appl~cable law
permits [.ender to make such a charge. Borrower and Lender may agroe in writing at the time oi execution ot this
Mottgage that interest on the Funds shall !+e paid to Borrower, and unlcss such sgreement is made or applicable law
requires such ioterat to be paid. Lender shall not be rcquired to pay Borrower any interat or earnings on the Funds. l_ender
shall pve to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpose for which each debit to the Funds was made. The Funds are pledged u additio~al secunty for the sums secured
by this Mortpge.
If the amount ot the Funds held by Lender, togelher w~th the future mon~hly installments ot Funds payable priot to
t6e dttt data of taxes. assessments. insurance prcmiurtu and ground rcnts, shall exceed the amount required to pay sa~d taxes.
aasas~nents, insurance pnmiums and ground rents u they (all due, such eacess shall be, at Borrower's opuon, e~ther
pranptly rcpaid to Borrower or crodited to Borrower on monthly ~nstallments of Funds_ If the amount o( the Funds
hdd by l.eoder shall not be sutFcieat to pay taxes, assessments, insurance prcmiums and ground rents u they fall due,
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Borrower s[~aii pay io Lender any amouni ncccs~aiy iu ~i~awc uN i~~c ~c'u~ic~~.~ :~:C~.~.. .,~ ..0~'3 ~:^..^.: ~ t3~iC L
by Le~ler to Borrower rrquesting payment thercof.
Upoa payment in full of dl sums secured by this M~r~gage, l.ender shall promptly refund to Borrower any Funds
held by Lendtr. If under paragraph 18 hercof the Propetty i~ sold or the Property ~s othervviu acqu~rcd by l.ender, l.ender
s6a11 apply, no later than immediately prior to the sale ot the Property or its acquis~tion by l.ender, any Funds held bv
I.eoder at the time ot application u a credit against the sums securcd by ~his Mortgage.
3. Application o[ Paymeatt. Unless applicable law provicies otherwise, all payments received by Lender under ~he
Note aad paragraphs 1 and 2 hereof shall be appl~ed by I.ender 6rst in payment oi amounts payablc to Lender by Borroa•er
under paragraph 2 hereof, then to mlerest payable on the Note, then to the principal o( the Note, and Ihen to interest and
principal on any Future Advances.
4. Char~es; Lkns. Borrower ~hall pay all Ia~e~. asscssmcnts and other charges, fines anJ imp~nit~ons attnbutable to
the Property which may attain a priority over this Mor~gage, and leacehold paymcnts or grouna rents, if any, in the manne~
provided under paragraph 2 hereo( or: d not paid m such manncr, by Barrowe~ making payment. wheo due, directly to the
payee theneof. Borrower shall promp~ly furnish to LenJer all nodces of amounts due under this paragnph, and in the event
Borrower shall make payment duecU~, Bo~rower shall ~somptly furnish to le~~ier rr~Giptc evidenang such payments_
Borrower shall prompdy dixharge any lien which has pnonty over thic Mortgage: provided, that Borrower shall not be
requ~red to discharge any such lien w long as Rorrower shall agree in wnhng t~~ the payment of 1he obligatiun secured by
such lien ~n a manner acreptable to Lender, or ih•rll ~n gcxxi fauh cunte+~ such lien b~•, or defend enforcement o( such lien in,
legal proceedmgs which aper-rte to prevent the enfurcement o( ihr I~en or forteiwre of the Property or any part the~eof.
S. Haza~d I~unnce. Borrower shall keep thr improvementti now et~sUng ur hereafcer erected on the Property insured
against loss hy fire.•hazarJs included within the term "extcnded coverage", a:~d such other hazards as l.ender may require
and ~n such amounts and for such periods ac I_tnder may reyuire; provideJ, that 1_enJer shall not require that tho amount oi
such coverage eaceed that amount of coverage required to pay'the sums cecured ~by th~s Mort6age.
'Il~e insurance carner providing the insurance shall be chosen by Borrower subject to approval by Lender; provided,
that such approval shall not be unreasonably withhetd. All prem~um~ on insurance policies shall be paid ~n the manner
prov~ded under paragraph 2 hereof or, i( not p~id in such manner, by B~rrower mak~ng payment, when due, d~rcctly to the
insurance carr~er.
Al) insurance pohc~eti and renewals therrut shall he in form acceptable to LenJer and sh~ll include a standard mortgage
tiause in favor of and m form acceptable to LenJer. Lender ~h~ll have the right to hold the policits and renewals inereof,
and Borrower shall prompdy furmsh to Lencier all renewal not~ces and all receipts o( paid premiumc. In the event of loss.
Botrower tih~ll gi~~e pmmpt noUce to thc insurance ;.arncr •rnd l.enJer. Lender ma}' make pr~af ot loss if not made prompNy
by Borrower. '
Unless l.ender and Borrawer othrrw~k agree m wnting. in,urance procecJs shall bc applied to restoration or repair of
the Property damaged. proviJed iuch retilorat~un ur repair ~c ea~n~mically feasible and 1he security of th~s Mortgage is
not thereby impaired. 1! ~uch reuoralion or repa~r ~s ni~t rconum~cally frasible ur it the xcunty of this Mortgage would
be impaired. the msurance proceeds shall be applied to thc sums secured by thic Mortgage. w~th the excess, if any, paid
eo Borrower. If the Propert~~ is abanduned hy Borrower. or it Borrower tads to respo~~d to 1_ender with~n 30 days (rom the
date not~ce ~s maded b~• Lender to Borrowe~ that the ~nsurance carrier otfen to se~~le a claim for msurance txnefits, 1_ender
is authorit.ed tu cullect and apply the ~mutance proceed~ at Lender's up~~.~n either t~ restorauon or repa~r of the Propert~•
or ~o th4 sum~ sccured hy th~s ~tortgagc.
Unlesc LenJer and Hurruwer otherKise agree m wnting, any such applicalion of pr~etds lo pnncipal shali not ~xtend
or pcxtpone the duc datc nf thr munthh• installments refcrred to in paragraph~ I and 2 hercof or change the amount ot
such installmen~s. It under paragraph I8.hereof thc Property i~ aci~wred hy LenJcr, ali nght, tide and interest of Bormwcr
in aad to an} Inwrance policies and in :~nd to thr proceeds thereo[ resuUing trom damage to the Proper~y prior to th~ sale
or acqws~uon shall pass ~o Lender tu the eatent of thc ~um~ aecured by th~s :~tortgage immediately prior to such ~a!e or
acquisition. . .
6. Presen~ation aod ~taiMenance ot Proprtt~; I.easehulds; ('ondominiums; Planned Unit De~•elopmenls. BormNCr
shall keep thc Propcrty in g~wd repair and .haH not comrDit Kastc ~~r perm~t ~mpa~rment or dereriora~ion of the Properry
aod shall comply w•rth th~ proviswns of eny lease ~( th„ Mortgage ~. un a lcascheld. If this Mortgage is on a uni~ in a
condomimum or a planned un~t drvrlopmen~, Borrower ~hall Fxrlorm all of Borrower's obl~gat~ons under the declarati.~n
or covenants creaung or guvernmg ~he condomimum or planned umt devetupment. the by-laws and regulationc of the
condominium or planned unit development. and comtituent d~xumenl~ I( a cunJominium or planned umt devclopmert
nder is executed by•Borr~~~-er ~nd recorJeJ tuge~her wuh thi~ M~,rtgage, the covenantt and :~greements af ~uch nder
shall be ~ncorporateJ into and shall amend and tiuppicment thc co.enantti anJ agreements ot this Mortgage as ~f thsN n~fer
were a part Feteof. .
7. Proteclion of [.cnder's 5ecurfty. It R~~rmwer (a~l~ t~~ Exrf~.rm the co~enant~ and agreements contained ~n this
Mortgage, or if any achon ur proceeding -~ commenced Hhicn materially .~fircts Lender's interest in Ihe Propeny.
mclud~ng. but not lim~ted to, em~nent doma~n. m~ohency. cucie enforcement. ~~r arrangements or proceedings ~nvoh~ng a
bankrupt or deceden~. ~hen I.enJer at I.ender"~ op~~on, upon nouce io Borrower. m~~ make such appearances, dishurse such
sums and take such action at is necessary tu protect l.ender's ~Merest. including. but not limited to, disbursement of
reasonable anomey'z tces and en~ry u~m the Propcny to make rcpairc. I( I.cnder rcyuircd mortgage insurance as a
condition of making thc loan ucureJ b~ ~hn Mortgagc. B~rrawrr sh.ill pay thc premiums requireJ to mai~~ta~R such
iruurance in efiect unul such ume as the reyuirement for wch ~nyuran;e termmates ~n accordance w~lh Borrower'~ and
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