HomeMy WebLinkAbout1094Un~~aw CoveN~Nrs. Borrower and l.ender coveoant and aa~a u follows:
1. T~,~ws~t ot hi~clMl a~i IMe~st. 8orrower shall promp~l~• pay when due Ihe principal ot and interest on the
indebtedness evidenced by the Note. prepayment snd late chargcc ac provided in the Note. ~nd the priocipal of and iotercst
on say Future Advances secured by this Mortpae.
2. 1h~Ns tor T~ta ao~ I~rs~ce. Subjttt to applical+k law ar to a written w~iver by l.endcr. Bo~rower shall pay
to Lender on the day monthly mstallments ot principal ux1 ~ntcrc~~ arr payahk under the Note, until the Note is paid in tull,
a tum (heroin "Funds") equal to one-twelf~h ot ~he yearl~ ta~r. anJ assasmsnts which may attain pnority over this
Mortsa~e. and ~rou~d rents on the Propeny, if ~ny. ~+lus cx~e-twelt~h of yearly premium insqllments [o~ hazard insurance.
plus one-twel[th of yearly premium inslallmems for mo~tgage insunncc, if any, all as reason~bly atimated initially and from
time to time by l.ende~ on the basis of asses~mcros a~xi hills and reason~bk es~imates thereof.
71~e Funds shall be held in an institution ~hc deposu~ or accounts of ~vhich are insurcd or 6uaranteed by a Federal ot
state agency (including Lende~ if Lcnder is such an institutionl- 1_ender xhall apply the Funds to pay said taxes, asxssments.
insunnce prcmiums and grcwnd rcnts. 1 ender may not cha-ge tor s<+ holding and applyina the F~mdc. analyzing said account.
or verityin~ and compiling said asxssmeots and bills, unless l.e~der pays Botrowet interest on the Funds and applicable law
permiu Lender to make such a charge. Bn~rower and Lender may agrce in writing at ~he time ot exccution of ihis
Mortgaae that interest o~ Ihe Funds shall hc paid ~o Borrowe~, and unless such aarcement is made o~ applicable law
requira such inte~at to be paid. lender shall na be rcquircd to pay Borrowe~ any in~erest or earnings on the Funds. l.ende~
shall give to Borrower, without charge. an annual accounling ot the Funds showing credits and debi~s to the Funds and the
purpose tor which each debit to the Funds was made. The Funds are plodged as additional securily tor the sums securcd
by this Mortpge.
If the amount of the Funds held ~y Lendu, togelher wnh the future monthly installments of Fundc payable prior to
the cf~ d~tes ~f ~w;es; ascrscmmts; insurance {.+-emiums and grrn~nd rents, shap exceed ~he amew~~t rec~uired to pay said taxes.
ssswments, insurance premiums and ground rents as they fall due, such excess shall be, at Hor~ower s op~ion, either
promptly repaid to Borrower or crodited to Borrower on monthly insiallments of Fund:. If the amount ot the funds
hdd by ~ Lender shall not be sut6cient to pay tues. assessments, insurance premiums and g~ound rents u they tall due,
Borrower shall pty to l.ender any amount necessar~' to make up Ihe deficiency within 30 days (rom the date notice is mailed
by Lender to Borrower reyuesting payment thereof.
Upon payment in full of all sums Kcured by this Mortgage, l.ender shal! promptly refund to Borrower any Fun~
held by Lenckr. If under puagraph 18 herco[ the Property i~ sold or the ProExrty ~s ottierwise acqwrcd by l.ender, l.ender
shall apply. no later than immediately prior to the ule of the Propeny or its. acquisition by Lender, any Funds held bv
Leoder at the time of applicatiun as a credit against the sums socurcd by this Mangage.
3. Appllcation ot Paymeots. Unless applicable law provides otherwise, all Payments received by Lender under Ihe
Nota and Paragraphc I and 2 hereot shall be applrcd by I.ender first in payment of amounts payable to Lender by Borrower
under paragraph 2 hercof, then to interest payable on the Note, then to the principal of the Nde. anJ lhen to interest and
pnncipal on any Future Advances.
~. Charga; Lk~. Borrower chal) pay all taxe~, a~uscmeMS and olhcr charges, flnes and ~mposiUons attr~bulable to
the Property which may attain a pnorily over ~his Mortgage, and Icasehoid payments or ground rents, if any, io the manner
p~ov~ded under paragraph 2 hereof or, d not pa~d m such manne~, by Borrower making payment, wheo due, directly to ihe
payee thercof. Borrower shall promptly furnish to I.enJer all no~~ces of amounts due under this paragraph, and in the event
Borrower shall make payment d~recUy, Borrower thall promptly turn~sh to Leneler rcceip~s evidencing such payments.
Borrower shall prompNy discharge any lien which has pr~onty over th~~ Mortgage: prov~ded. ~hat Borrower shall not be
reqwred to dixharge any tuch lien w long :~s &xrower shall agree i~ wnung l~• the payment of the obligatiun secured by
such hen m a manner acceptable to Lender, or shall m gaxi fai~h come,~ such lirn by_ or defenJ enforcement of such lien in,
legal proccedings wh~ch operate to prevent the enturcemcm o( thc I~en or (orfeiwrc ci( the Property or any part thereof.
S. Hazard In.curance_ Bortower shall keep the ~mprovement~ nov~ etisUng or hereatter erected on the Pmperty insured
against Icxs hy fire. hazard~ included within the term "estenJeJ coverage", a~d such other hazuds as l.ender may reyuire
and m such amounts and tor such pcriods as Lender may require; ~rmided, that I.ender ihall not reyuire that the amount of
such coverage eccerd Ihat amount a( coverage requ~red to pay the sumc ucured ~by ~his htortgaae.
The ~nsurance carner providing the insurance shall be chosen by Borrower subject to approval by Lender; provided,
that such approval shall nnt be unreasonably withheld. All premium~ on insurance policies shatl be paid ~n the manner
prov~ded under p:~~agraph 2 hereof or, if not pai~J in such manner, b}• B~rrower makmg payment, when due, dirccNy to thc
incurance rarner.
All insuranc~ pul~;~e. rnJ senewak thereof sh~U tx in forni .,ccep~ablr ro Lender and shall include a s~andard mortgage
claost in favor of and ~n form acceptable ~o LenJer. i.ender shal! have the right to hoW the policies and renewals thereof.
and 8orrower ~h:{il prumptly furn~sh to 1_ender al) reneNal nohcec and all receipts ot paid prcmiumti. In the event of lo~c.
Borr~~wer ~h.~ll g~~•e prumpt noticr t~~ the ~murance carner ~nd I.ender. I_ertJer may make pr«~t ot ~oss if not made pre~mptl~
by Borrower
Unless Lcnder anJ Borruwcr other~,.e agree m wnt~ng. in~urance proceeJc sha11 bc applied to restoration or repair ot
the Proper~y d.~m:eged. pr<~v~ded wch re.torahon or repair ~s economically feasible and the security of lh~c Mcxtgage i~
not Ihereby impauee~ I( ~u~h re~loratiun or repair ~s nu~ rcon~~m~cally leatihlc or ~t the secunty of this Mortgage wouW
be ~mpa~red, thr ~nwrance pruceeJ~ shall be applieJ to the sums xcureJ by thit Mortgage, with the excess, if an}~, paid
t~ Borrower II thc Prupert} n abanduned hy Horrower, or d Borrower fa~ls to respond to I.enJer within 30 days from the
Jate nut:ce ~~ m.ule~i b~ I.ea:ier to Burruw•cr that ~he ~nsurancc carrier ofien eo setUe a claim for insurance benefits, l.ender
~s authonted t~~ cullect ~nd .,pply ~he imurance procreds a1 Lender'~ opt~an euher to ratora~ion or repa~r of lhe Propen~•
or to thc sum. sccurcJ hy this ~torlgagc
Unlesc I.enJer and Burn~wer ulherKiu .+gree m wnbng, am such applicauon ~~f pr~xeeds to pnncipal shafl not extend
or Ewstpunc the duc datc of Ihe m~mthh• imlallment~ rcferred ti- in paragraph~ I and 2 hereof or change the amount o(
such ~nstallmen~i. If under paragraph IK hereo( the Yroperty is acyuired by Lender, aU nght, title and interest of Borr~~w•er
in and to an} fntiur~nce policies and in and te~ ihe prcxeeJs thereuf resulung frum Jamage to the Property prior to the s~le
or acyuisrtion shall pass ~o Lender a~ the eatent ot the sums sec:ured by this !~lortgage ~mmediately pnor to ~uch sale or
acqwsit:on.
6. Presenafiarc ~od ~laintenance of Property: l.easehulds; Condominiums; Pianeed Unit De~ebpments. Borrower
shall keep thc Pr~~per~~ in g.wci rcpair and shall not cumroit y~astc ur perm~t irnpairment or deterioration of the Proper~}•
and shall comply wi~h the provis~vns of any Itase ~t thi~ Mi~rtgage i. un a Iraxh~~ld. It thic Mottgage is on a nnit in a
condominwm rr r plsnneJ umt .1e~rl~~pment. Borruwer ~nall ~rf~~rm all o[ Borrower's ob6gations under the declaratirn
or covenants cre:+ung nr g~~vern~ng IM: condum~nium or planned umt develnpment, ~he by-laws and re~ulatiom of the
condominium or planned unit devcl~~~~mcnt. .~nd c~nstiwcnt d~xumcnt~ 1( a~ondominium or planned unit Jevel~pmcnt
nJer ~s execu~ed by Horruwer and recorded ingether with thi~ l1~~rtgage, the covenams and •rgreements o( cuch rider
shall be ~ncorFwrated ~nto and ahell emend anJ wpplcmrnt the co~enants an~ agreements ot this Morlgage as if the n~ler
Nere a part F,ereof.
7. Proteclion of Lender's tiecu~fty. If B~rm~cr f,~l. t~. ~xrl~.rm the covenan~~ anJ agreements conta~ned in thi~
Mortgage, ur if any a~c~~m •~r pnxeeding ~+ c~~mmrnce~l Hhicn materiall} afiects (_ender'~ mterev in Ihe Pr~pert~•.
mcluding, hul n~~~ lirtu~ed t~~, rmment domain. ~nW~l~enry, aale enf~~rcemrm. ~~r arrangemcntc or pnxeedings ~nvol.ing a
Aankn~pt ur Jeceder.~. thci~ I ender at 1 ender'~ ~~phon, upim notice to Horrow~cr, ma} make wch appearances, dishurse such
s~mc and ~al~e such e~uun a~ ~s nece~~ary tu pn.tect I.ender's interest. mcl~~Jin~. but no1 Iimi~eJ to. J~sbursement of
reasonable auc~mey'~ tec~ and entry u~~n thc Properl~• to makc re~+eirs. If Lrndc~ rcyuireJ mortgage inwrance a~ a
cGnd~tiun ~~f making thc loan ~ecured b~~ thi~ M~~ngagc. B~~rrcHCr sh dl ~ay thc prcrniums required to mai~ita~n such
in.~urance in rttect .un~il tiuch timc a~ thc reyuircmcnt (or wch ~muran;c tcrmmatc~ in .~c:ordancc with Borr~~wcr's and
K
i~`:.7A' ~ U~r:E~~
~ ,
t
; ~
~ ~ .. _. . . . : _ . _ . ' ~_ . . ~ ¢~