HomeMy WebLinkAbout1106UNIlO~M COVBNANTS. 8ottower aed l,ender covensnt and atree u follows:
~. ~rwe~t ot hi~clNl ~i l~h~sf. Borrower shall prompily pyy when due the principal ot and interest on the
indebtednest evidenced by the Note. prcpayment and late chargec ac provided in the Note, and Ihe p~ncipal ot and iotersst
oa my Futuro Advances secured by tAis Mongate.
Z. Fti~is tor TatM a~i I~wrasee. Subject to applicahk law or ~o a written waiver by l.ender. Borrower shall pay
to Lendw o~ the day montAly installmen~s of principal and ~n~~rcct arr payable unde~ the Note, until Ihe Note is paid in full.
a sum (herein "Funds'~ equal to a~-tweltth of the yea~l~ tasc. xixl usessments which may attain priority over ~his
Mortsaje. and ~mund reots on the Pr+operty. if aoy, plus one-twelUh ot yeuly premium installments for hazard insurance.
plus oae•tweltth of ye~rly prcmium installmems for mongage insurancc. it a~y, all as roasonably estimated initially and tmm
time to time by Lender on the buis ot assessmcnts and hills and reasonabk estimates thercot.
'Il~e Funds shall be held in an inslitu~ion the depoc~t- or accounls ot which are insured or guaranteed by a Federal ot
state ageocy (includina l.ender i[ Lender is such an institutionl. I.ender ahatl apply the Funds to pay said ~axa. assessme~ts.
insuranoe premiums and atound ronts. l.ender may nat charge lor so holding and applying the Fi~ndc, analyzing caid account.
o~ veri[yin~ and compling uid asussmeots and bills, unless I_cnder pays Borrower interat on the Funds and applicable law
permits Lender to make such a charge. Bor~ower and Ler~der may agree in writing at the ~ime o( executiun ot this
Mort~aje that interat on the Funds shall t~e paid to Borrower, aod unlas such agrcement is made or applicablc law
requires such interat to be paid. Lende~ sAall not be rcquircd to pay Borrowe~ any interest or earnings on the Funds. t_ender
shaq ~ive to Borrower, without charge, an annual account~ng ot the Funds showing credits and debits to the Funds and the
purpose for which eaeh debit to the Funds wu made. The Funds are plodged u additional ucurily for the sums securcd
by this Mortpae.
If the amount of the Funds held by Lender, toge~her with the future monthly installments of Funds payable prior to
the due data of taxa. usessments. insurance prcmiums and ground rents, shall exceed the amount required to pay said taxes,
sueaments. insurance premiums and ground rents as ~hey (all due, such excess shall be, at Borrower s op~ion, either
pranptly rcpaid to Borrower or c[edited to Borrower on monthly installment: of Funds. If the amount of ttx Funds
held by Lender shall not be suflicient to pay tues. assescments, insurance premiums and ground rents as they fall due,
Bormw-er shall pay to Lender any amou~t nececsary to make up the deficiency within 30 days from the date natice is mailed
by Lende~ W Borrower requesting payment thercof.
Upon paymeat ia full of dl sums secured by this Mor~gage, 1_ender shall promptly retund to Borrower any Funds
held by Lender. If under putgnph 18 hercot the Property ia sold or the Property ~s aherwise acqu~rrd by Lender, Lendcr
abdl apPly. no later than immediately prior to the sale o( the Property or its acquisition by Lende~, any Funds held bv
I.eode~ at the time ot application u a credit against the sums securcd by th~s Mortgage.
3. A~plicatjoa ot Paya~esfs. Unless applicable law providu otherwise, all payments received by [.ender under the
Nott aad paragraphs 1 and 2 hereo( shall be appl~ed by l.enJe~ 6rst in payment of amounts payable to Lender by Borrower
under puagraph 2 heroof. then to interest payable on the Noie, then to the principal of the Note, and then to interest and
prir~ipal on any Future Advances.
~. Chsrtes; Lk~. Borrower shall pay all lrxec. assessments and other charges, finec and ~mposit~onc attributable to
the Property which may atlai~ a priority over th~s Mortgage, and leasehold payments or ground rents, if any, in the manner
poovided under paragraph 2 hercof or. i( not pa~d ~n such manner, by Borrower making payment, when due, dircctly to the
payee thetoof. Borrower shall promptly furnish to Lender all notices of amounts due under th~s p~ragraph, aad in tht event
Borrowe~ shall malce payment directly, Borrower shall promptly (urmsh to lxnder receipts evidencmg such payments.
Borrower shall promptly discharge any lien which has pnonty over th~c Mortgage; prov~ded, that Borrower shall not be
rtqwred to discharge any such lien so long as Borrower shall agree in wn~mg a~ the payment oi the obligation secured by
such lien in a manner acceptable to lxnder; or sh•rll m gauf ta~th conte~t ~uch lien by, or defend enforcement af such lien i~,
legal proceed~ngs which opente to prevrnt the entorcement o( the I~en or fer:e~hur of ~he Propeny or any part thereo(.
S. Hazard I~orance. Borrawer shall keep the ~mprovement. no.. c~ist~ng or hereaftcr erected on the Property insured
against loss by fire, hazards included withm the term "e~tendeJ c«verage", and such nlhef hazards as l.ender may reyuire
and in such amounts and for such periods as Lender may~ reyuire; provideJ, that LenJer shall nc-~ require that tt~e amuunt of
such coverage exceed that amount of coverage reqwred to pay the sums secured ~by th~s Morlgase.
"i7~e insurance carner providing the insurance shall be chosen by Borrower sobject to approval by LenAer, provided,
that sucA approval shall not be unreasonabty withheld. All prem~umc on insurance policies shall be paid in the manner
provided under paragraph 2 hereo[ or, if reot paid in such manner, by Borrower mak~ng payment, when due, dircctly to the
insurance carrier_
All insurance pohcies aod renewals thereot shall be in form acceptable to l_ender and shall ~nciude a standard mortgage
clauu in favar of and in form acceptable to Lender. Lender shall have the right to hold the policies and renev-als thereof,
and Borrow~er shall prompdy turnish to Lender all renewal not~ces and all rece~pts of paid premiumt. In the event of locs.
Borrower ahall grve prompt not~ce to the ~nsurrnce carner and !.enJer. 1_enJer ma}• make pr«.t of loss if not made promptly
by Borrower.
Unless Lender and Borrower otherN~x: agree in writing, insurance proceeJs shal) be applied to restoration or repair of
the Property damage~, provided such restorat~on or repair is economically teasible and tbe security o[ this Mortgage i4
not ~hereby impa~red. I( such reetorat~on or repair is ni~t economically (easible or ~t the security o( this Mortgage would
be impaired, the insurance proceeds shall be appfieJ to the sums secured by ~his Mortgage. w,th the excess, if an~•, paid
to Borrower. If the Property is abandoned by Borrower, or it Borrower fa~ls t~. respond to I_ender with~n 30 days from the
date notice is maileJ by Ixnder to Borrower ~hat the insur~nce c:+rricr o(fers ~o sei~le ~ claim for insurance benefits, Lender
is authorized to collect and apply the insuranre proeeeJi at Lender's opti~~n e~cher to reslorrtion or repaer ~t the Propem•
or to the sums sccured by this Mortgage.
Unless l.ender and Borrower otherwi,e :~gree m wn~ing, any~ such application af pr~xeeds to pnnc~pal shall not etitend
or postpone the due date of ~he momhly installmentc referred ti~ in paragraph~ I and 2 hereof or change the amount o(
such mstallmcuts. If under paragraph 18 hereuf the Property ~s acyuired h~ lxnJcr, aU nght, title and interest of Borrower
in and to any Itisurance policia and in and to the proceeds thcreof resulung from damage to the Propeny prior to th~ sale
or acquisition shall pass to Lender to the extent ot the sums secured by th~s rtortgage immediately pnor to such sale or
acquisition.
6. Preservation ~nd ~taintenanct of Propcrly: Leaseholds; Condominiums; Planned Unit Developments. BorroHCr
shall keep the Property in good repair and shall no~ comroii y~'aste or permrt impairment or deterioration of the Property
and shall compl~• with the provisions of any lease ~( th~~ M~-rtgagr n on a leaschnld. 1( this Mortgage is on a unit ~n a
condominium or a planned unit develupmem. Borrower ~hall Fxrfarm all of Borrower's obhgat~ons under the declarati~~n
or covenants creat~ng or governmg the condumimum or planned umt development, the by-laws and regulationc of the
condominium or planned unit Jevelo~,ment, and rnnstituent ~ikument~ If a condominium or planned urzi~ de.el~pment
nder ~s ezecWed by Bortower and recorded t~~gether w~~h th~~ M~rtgage, the covenants and agreements o( wch ndcr
shall be ~ncorporaled ~nto and shall amend and supplement thc co~cnanb and agrrements of this Mortgage as if the rnler
were a part t~ereof.
7. Proteetion of I,endtr's Secu~ity. I( Bi.rr~~..cr fail. t~~ pcrt~~rm 1he ~-ovenantc and agreements a~ntained in this
Mor~g~ge, or i( any action ur proceed~ng i~ cummcnce~t Khicn ma-erially .~flrc~c LrnJer's ~ntere~t in the Pmperiy,
~ncludmg. but nut bmited to. cm~ncnt domain. ~m~.l~cncy. ~ocic rnt~~rrcmrnt. ~~r arranRcmrntc or proccedings invohing a
bankrupl or decedenl, then Lender at I.ender's opuon, uExm n~~lice to Borrowcr, ma~ make ~uch appearances, J~tibune such
sums and take wch artion a~ is ncccti~an t~~ pmlcct I.cndcr'c intcrcSt. incluJing. but nc-t Iim~tcJ to, d~sburscmcnt of
rcasonable a~lomey'~ (eec and emry u~~n the Proper~~ Ie~ make repe~r~ If Lrnder rry~iired mortgage imurance ac a
condi~~on o( making Ihe loan secored by ~hn M~~rt~age. B~.rrr.wcr sh ill pa~~ thr premwm~ reyu~reJ t~ mai~ita~n such
insurance in ~Itect unld ~uch time as the reywrement fc~r .uch imuran;e termin:~t~:. ~n :ic~~~rdance wi~h Born~NCr'~ and
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~l'~~350 f~~~f1~.~'
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