HomeMy WebLinkAbout0293UN~FOR[N CoveN~Nt~s. Borrower and L.ende~ covenan~ and agrce as foilows:
1. laymeat ot P~iacipal wd laterest. Bor~ower shall pr~mptly pay when due the principal of and interest on the
indebtedness evidenced by the Notc, prepayment and late charges as provided ~n the Note, and the principal ot and ~ntercst
on a~y Futuro Advances secu~ed by this Mo~~gage.
2. FuAda tor Tuts and lasura~ce. Subject to applic~ble I~w or to a writlen waive~ by l.ender, Borrower shall pay
ta l.ender on the day monthly installments of principal and interect are payable under the Note, until the Note ic paid in tull.
a sum (herei~ "Funds") equal ~o one-twelflh of ~he yearly taxes aod ascessmcnts which may attain prio~ity over this
Mortgage, and ground rents on the Prope~ty, if a~y, plus one-tweltth o( yearly premium installments to~ hazard insutance.
plus one-twelt~h ot yearly premium installmcnts tor mortgage insurance, it any, all as rcasonably estima~ed initially and trom
time to time by l.eoder on thc basis ot assessments and bills and reawnable estimata thereot.
The Funds shall he held in an institution the deposits or accouots o( which are insured or guaranteed by a Ftderal or
state agency ( including Lender if l.ender is such an institutian ). [_enJer shall apply the Funds to pay said taxes, assessments.
~nsurance premiums and ground rents. 1_ender may not charge for ~o holding and applying the Funds, analyzing said account,
or verifying and compiling said assessmems and bills, unless l.ender pays Borrower interat on the Funds and applicable law
permits ~ender to make such a charge. Barrower and I.ender may •rgree in writing at the time o[ execution o[ this
Mortgage that interest on the Fu~ds ~hall 6e paid to Borrawer, aod unless auch agreement is made or applicable law
rcquires such ~nterest to be paid, I.ender shal) ~ot bc reyuireJ to pay B~~rrower ~ny interest or earnings on the Funds. 1_ender
shall give io 6orrowe[, without charge. a~ a~nual aca~unting of ~he Fu~ds showing credits and debits to the Funds and the
purpose for which each debit to the Funds was made. The Fund~ are pledged as additional secu~ity (or the sums secured
by this Mortgagc.
If the amount of the Funds held by l.ender, tagether wi~h ~he (u~ure monthly inct•rllments of Funds payeble prior to
the due dates of ~axes, assessments, i~surance premiums and ground rents, shall exceal the amount reyuired to pay said taxes,
assessments, insu~ance premiums and ground rents as they (all due, cuch excecs thall be, at l3orrawer's op~ion, either
promptly repaid to. Borrower ur credited tu Borrow•er on monlhly inslallments of Fundc. If the amount a( thc Funds
held by Lendcr shall not be suflicient to pay taxes, assessments, imurancc prem~um~ anJ ground re~tc as they fall due,
Borrower shall pay to Lender any amount necessary to make up the deficirncy within 30 days (rom the date natice is mailed
by Lender to Borrawer requesting paymcnt ~hereat.
Upon payment ~n full o( all sums secured by thic M~.ngage. I.ender shall prompUy refu~d to Borrower any FunJs
held by 1.enJer. If undet paragtaph IR hcre~~f Ihc Propcrty ~< <ald or ~hc Propcr~~• is o~herwicc acqwred by I.enJer. l.ender
shall apply, no later than ~mmcdiatcly prior to the ~ale ~~f ~hr Propcny ar its ~cqwsition b~~ Lender, any Fundc helJ by
Lender at tht time ot application as a credit aga~nst the sum~ ~ecured b} thi> hfortgage.
3. Application of Payments. Unlecs appl~cable lav-• proviJes otherv-i+e. all pa~~meMc reccived by I.ender unJer the
Note and paragra~+hc 1 and 2 hereof ~hall be appl~cd by 1 endrr fint m pa~ment o( amounts payable ti~ 1_ender by Borrower
undrr paragraph 2 hereof, then to ~ntctcst payahle ~~n the No~c, ~hen w thr principal o( the No~e, anJ then to interest and
principal on any Future Advances.
4. CharRes; Lkns. Borrower tihall pay' all ta~c~, a~~et~ments :~nd othir rharge._ fincti anJ imExnitions atlr~butable to
~he Property which may attain a pnority over this 11ortgage, and Ica~ehofd payments or ground rentz, if any, in the manner
provided under paragraph 2 hereot or, if not pa~d in wch m:~nner, b~• Borcowcr making payment, when due, d~rectly to the
payce thercof. Borrower shall promp~ly furn~sh to Lendcr all not~ces af amounts due under this paragraph, and in the event
Borrower shall make paymer.~ d~recU}•, Borrow•cr tihall prumpily (urn~sh tc~ Lender receip~s evidencmg such payments.
Borrovrer shall promptly discharge any Gen which has pnont~• o~er thic Murtg~ge; prov~Jed. ~hat Borrower chall not be
requ~red to d~uharge ~ny such lien so long as B~rrower shall ~grer in writ~ng to the payment of ~he obligatie~n secured by
such lien ~n a manner accep~able to I_ender, or shall in g~xxi fanh cc~nte.~ suc6 lien by, or defend enforcement ot such lien in,
legal pr~xeed~ngs which operate to prevent the cn(orcemrnt o( thr hen or forfeiturr of the Property or any part thereof.
S. Haza~d Insurance. Borrower shall keep the ~mprovcmem, noN c~icung or hercafter erected on the Pn~perty insured
against loss by fire, haza:ds included withm the term "r~tended coverage", and such other hazards a~ Lender may reyuirt
anJ ~n such amounts and for such periodc a~ l.ender may reyuire: provided, that I.enJer chall not reyuire that ~he amount of
cuch co~~erage erceed thal amuunt vf co~erage reyuired to pa~ the •.um~ ~ecured by ~his Mortgage.
The ~nsurance carrier providing the. insurance shall be chocen by Borrower subjec~ to approval by (_enJer; provided.
that such approval chall not be unrea~onably withheld. All prem~umt „n insurance ~licies shaU i+e paid in the manner
provided unJer paragraph 2 hereo( or, ~f nut paid in s~~ch manner, by Burrower making payment, when due, directly to the
insurance carrier.
All insuranre policieti and renewals there~f shall be in form accep~ablr to 1_ender and shall include •r ~tanJard mottgage
clause in favor of and in form acceptable to LenJer. Lendrr .hall ha~e ~he right ~o hoW the poliries rnd rencvvalt thereof,
and Borruw~er th~ll prompU~~ furnish to l.ender all renewal notice+ and :dl receipts of paid premium~. In the e.•ent of loss.
Borrc~wer ~h:-II gi~e prompt noUCt to the ~nwran~e c:+rner end I.ender. I ender ma}• make prcx~t af loss rf not made p[omptly
by Borrower.
Unless Lender and Borrower otherK~x agrcc in wnting. imurance prcxecd~ shall be applied to retitoration or repair of
the Property Jamaged, prov~Jed such restoratu~n or rep•r~r is ec~~nomically feasible and ~he security of this Mortgage is
not thereb~~ impa~red. I( such restora~ion or repa~r is not economir.~ll~• (ea~ible or ~t the security of th~s Mortgage would
be impa~red, the msurance proceeds shall be applied to the cums secureJ by this Mortgage, w~~h the excess, if any, paid
to Borrower. If ~he Propert~• is abandoned by Borrower, or ~t Borrower tails to respond to I.ender w~thin 30 days trom the
date notice ~s mailed by Lender to Borrower that ~he insurance carner ofTerc to seule a claim for insurance benefits, l.ender
is authorized to collect and apply the ~murance proceeds at Lender's optiun either to restoration or repair o[ the Property
or to the sums secured by this Mortgage.
Unless 1_e~der and Borrower olherwise agree m writing, any such application of proceeds to principal shall not extend
or postpone the due Jate of ~he momhly installmen~c referred to in paragrapht 1 and 2 hereot or change ~he amount of
such ~astallments. It under paragraph 18 htreof the Property ~s acyu~red by Lender, all righ~, title and interest of Borrower
in and to an}~ insurance policies and in and to the proceeds thereot resulung from damage to the Proper~y prior to ~he sale
or acquisition shall pass to Lender to the extent ot the sums secureci by this l~tortgage ~mmediately prior ~o such sale or
acquisition.
6. Preservalion and ~taiotenance of Property; Leaseholds; ('ondominiums; Planned Unit tkvelopments. Borrov-•er
shall kcep thc Property in good repair and shall not commit vvaste or permit impa~rment or deterioration of the Property
and shall comply wilh the provis~ons ot any lease i( ~his Mortgage iti on a Irasehold~. It this Mortgage is on a unit in a
condomimum or a planned unit development, Borrower shall pertorm all of Borrower's oMigaUons under the declaraUOn
or covenants creating or govermng the condomini~m or planned umt development, the by-laws and regulations of the
condominium or planned unit developmem, and constiwent documems. I( a condominium or planned unit development
nder ~s executed by Borrower and rccorded together with th~ti Mortgage, ~he covenants and agreemen~s ot such rider
shall be incorporated ~nto and shall amend and supplement the co~enams and agreements of this Mortgage as i( the rider
were a part hereof_
7. Proteclion of Lende~s Security. 1t Borrower fads to perfo~m the covenants and agreements contained in this
Mortgage, or if any act~on or proceedmg ~s commenceJ which materially aRects I_ender's interest in the Propeny,
including, but not limrted to, em~nent domain, insolvency, code enforcement, or arrangements or proceedings involving a
bankrupt or decedenl, then I.ender at t_ender's option, uQon notice to Borrovver, may make such appearances, disburse such
sums and take such action as is necessuy to protect Lender's imerest. ~ncluding, but not limited to, d~sbursement of
teuonable atlomey's tees and entry upon the Properry to make rcpairc. If Lender rcquireJ murtgagc insurance as a
condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such
insurance in eBect until such time as ~he requirement (or such insurance terminates in accordance with Borrower s and
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