HomeMy WebLinkAbout1112UN~~o~ CoveNeNrs. Borrower a~d Lende- covensnt and a~~a u tollows:
1. lyrwe~t ot hi~dNl a~i l~hrest. Bormwer shall promp~ly pay when due the p~iecipal of aod interat on the
~ndebtedneu evideaad by the Note, prepayme~t and late chargec ac p-ovided in the Note, and the principal ot and intercs~
o~ any Future Advaaces secured by this Mortpae.
~. Fr~i [or T~a a~i Irrn~ce. Subject to applical+k law ~-r to a writlen waiver by Lende~. BoRO~we~ sha11 Pay
to Lender on ~he day moruhly installments o[ principal and ~nt~rc~~ rrc payabk under the Note, until the Note is paid in tull.
a sum (hercin "Funds") equal to one-twelfth at the yea~l~~ u~~. and assessments which msy attain priority over this
Mort~a`e. and around rcnts on the Property, if any, plus ooe-~wel(th of yes~ly premium installments tor huard insurance.
plus one-twellth of yearly premium installments for mottgage insunncc, if any, all u rcuonably eslimated initially and trom
time to time by l.ende~ on the basis of assescmcn~s arni hills and rea~onable estimates thercot.
71~e Funds shall be held in an institution the deposit~ or accounts of which are insurcd or guaranteed by a Federal ot
state agency (iocluding Lender it Lender is such an institu~ion). I.ender shall apply the Funds to pay said uxes. assessments.
insurance premiums and ground rents 1 ender may no~ charge tor s~- holding and applyi~s ~he Fundc. aoalyzing said account.
or verifying and compiling said assessmems and bills, unleu t_ender pays Borrower intercst on the Funds and applicable law
permits Le~der to make such a charge. Bc~rrower and l.endu may agrce in writing at ~he time ot ezecution ot this
Mortgage that i~terat on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law
rcquires such interat to be paid. Lender shall ~ot be rcquired to pay Borrowe~ any i~terat or earnings an the Funds. Lendcr
shall give to Bo~rower, without charge, an annual accouming ot the Fu~ds showing credits and debits to the Fuods and the
purpose tor which taeh debit to tht Funds w:u made. The Funds arc pledged as additional security for the sums secured
by this Mortgage.
If the amount o! the Funds held by Lender, together w~th the future monthly installments of _Funds payabfe prior to
the due dates of taxa, asscssments, insurance ptemiums and ground rents, shall exceed the amount required to pay sa~d taxes.
assesame~ts, insurance premiums and ground rents as they fall due, auch excess shall be, ~at Borrower's op~~on, either
proa~ptly repaid to Borrower or cred~ted to Borrower on monthly installments of Funds. If the amount of ~hc Funds
htld by Lender shall not be sufficient to pay taxes, assessments. insurance prcm~ums and ground rents as they tall due,
Borrower shall pay to Lender any amount necessary to make up Ihe deficiency within 30 days (rom the date notice is mailed
by Lender to Borrower requesting payment thereof.
Upon payment in full of all sums xcured by this Mortgage, t_ender shall promptly refund to Borrower any Funds
held by Lenckr. If under paragraph I8 hereof ~he Property i~ sold or the Property ~s otherwis~ acqwrcd by I_ender, I_ender
sball apply. no later than immediately prior to the ule of the Propeny or i~s acquis~tion by I.ender, any Funds held bv
[~oder at !he time ot application as a credit against the sums xcurcd by this Mortgage
3. Appiication of Paymeals. Unless applicable law provides otherwise, all payments rec~ived by Lender under the
Note and paragraphs 1 and 2 hereot shall be appl~ed by I.ender 6rst in payment of amounts payable to l.ender by Borrower
u~der pusgraph 2 hercof, then to interes~ payable o~ the No~e, then ~o the principal o( the Note, and Ihcn to interest and
principal on any Future Advantts.
1. Charges; Liens. Borrower sh~ll pay all larc~, a~tcs~mcMS and othcr charge~. 6nes and impositions ailributable to
the Property which may attain a pnority over this Aiortgagc, and leasehold payments or grouna rents, if any, in the manner
provided under paragraph 2 hereof or, d not paid in such manner, by Sorrower making payment, when due, directly to the
payee thereo[. Borrower shall promptly furnish to t_ender all notices of amounts due under th~s paragraph, and in the event
Borrower shall make payment directly, Borrower shall promptly furnish to l.ender receipts evidencing such payments.
Borrower shall prompUy discharge any lien which has pnonty over thic Mortgage; prov~ded, that Borrower shall not be
rcquued to d~scharge am~ such lien so long as Borrower shall agree in ..n~ing to the paymem of the obligatiun secured by
such lien ~n a manner acreptable to Lender, ut ~h:~ll tn gocxl failh contetit ~uch lien by, or Jefend enforcemenl ot such lien in,
legal oroceed~ngs wh~ch operate tu prevent ~he enforcement of the lien or forteiture of the Property or any part thereof.
S. Hazard Insurance. &~rrower shall ktep the ~mprovemenu ~ow etiisung ~~r hereafter erected on the Pmperty insured
against los. b~~ Arr, h~zards included wi~hm the term "extended coverage", and such other hazards ac I.ender may reywte
and m such amuunts and (ur such periodc as Lender may reyuirr, pro~ided, that I_enJer shall not requirc that the amount ot
such coverage excerd tha~ amount of coverage reqwred ta pay ~he sums secured ~by this Mort~age_ .
The ~nsurance carrier providing the insurance shall be choun by Borrower subject to approval by Lender; provided,
that such app:aval shall nut be unrea~onahly withheld. All prem~umc on insurance polic~es shatl be paid ~n the manner
provlded undrr paragraph Z hereof ur, d not pr~d in such manner, b~~ Borrower making payment, wheo due, directly to the
insurance carner.
All insuran~r pul~ric. an~} renewals themot shalt be in form ~cce~tablr to LenJcr and shal) ~ndude a standard mortgage
claase in fav~.r ~.f and ~n form acceptahle to Lender. !_ender ~hall have the right to hold the policia and renewals thereof.
and Borrower tih:dl prumptly furn~sh to Lender all renewal nohces and all receipts of paid premiums. In the event of lois.
Borruwer ~h.~ll g~~e pn~rnpt n~~!~ce a~ the ~murance carner and I.en~ler. I.ender may make prcx.i of loss if not made prompUy
by Borrower.
Unless ( en~er JII(~ Bi1(fONCf OII1lIMI~I' agrre in wr~t~ng, imurance proceeJs shall be applied to restoration or repair of
the Property dam~ged, prov~ded wrh re~torah~m or repair is economicall}• feasible and the securi~y of th~s Mortgage ~s
not thereb}' impaired. It tu~h restoratiun or repa~r ~s nat econ~~m~cally (ea~iblc or if the secunty of this Mortgage would
be ~mpa~red. the msurance proceeJs shall be applied to the sums secureJ b~~ this Mortgage. with the excess, if an}•, paid
to Borrower I~ thr Pn~perly i~ ~banduncd hy Horrower, or ~t Borrower fails tc, responJ to Lende~ within 30 days from ~he
.iate notice ~s ma~l~~ by Lender to Borrower that the ~nsuranie carrier ofTers to senle a claim for insurance benefits, I_ender
is auth~~r~zcd t~~ ~ullcct and apply the insurancc procteJs at I.cndcr'~ opt~on eithcr to restoration or repaer o! the Properiv
o~ to the sum, ticcured h~• th~s ~fortgagc
Unles~ LenJer ~nd Hutruw-er utherv~~~r agree in wnt~ng, any such applicatian ~~f prcx:eeds to pr~ncipal shal) not extend
or pcxtpune the due Jate of lhr m~~nthh in~tallment~ r~ferred ti~ in paragraph~ I and 2 hereof or change the amount o[
such installment,. It unJer paragraph 18 hereo( the Properry ~s acyuireJ by Lender, all right, tiUe and interest of Borrower
in and to si~y tn~ur:,i~cc pvliacs anJ in and to thc prckceds thereof resulung frum damage to the Properly prior lo th~ sale
or acyws:t~on ~hall pa~s to Lcndcr to the e~tcnt of ~he wms secured hy this I~tortgagc immediately prior to ~uch sale c-r
acqu~sstion.
6. Presenation ~nd ~1ain~en~nce of Properl}; I.eaceholds; ('ondominiums; Planned Unit Developments. Borrov-cr
shall keep thr Propcrt}~ ~n g~x~d repeir and shall not comroit yvaste or permit ~mpa~rment or deterioration of the Propert}~
and shall compl~ ~i~h the prov~s~uns of any lease it this Mortgagc n un a Icaschuld. If this Mortgage is on a unit in a
condominium or a planned unit de~rlupmcnt, Borrower tihall perfortn all o( Borrower's obhgaUOns under the declaraUun
or covenants creating or Kuvern~ng thc cond~minium or planned unit devel~~pment, the by-laws and regulationc of the
condominium or planned unit Jevelu~~~nenl, and com~ituem ~~kumen~~ I( a condominium or planned umt devel~pment
nder it e~ecutrd by~ Horruwer and recurded a~gethe~ with ~hn Mnrtgage, thr covenants and agreements ~f wch ridcr
shall be mcorporated inro and shall amend ~nJ ~upplrment the co.enants and agreements o( tF~ic Mortgage as if the nJer
were a part tereof.
7. Prote~tion of Lender's Securify. I( Bc~rr~~wer f.,il. tn ~rf~~rm the covenam~ aml agreements contained ~n thi~
Mor~gage. c~r d any~ acUUn ~~r pro:eeding ~. cummence~l which materially nfircts Lender'~ inleretil in the Pr~peri~-.
~ncludin~. hu~ m=t lun~tcd t~~. cmincnt domain. in~~•l~cnry. ~~xlc cn(orccmc~l, i,r arrangcmcnK or pruccedings invohinR a
hankrupt or de~rden~, th~n LenJer as 1 enJer'~ opt~on, upc.u n~~t;~~ ~o Horrower, ma~ make such ap~arances, duhurse such
sums and tal~e such .~~u,~n .~. is ne~ee~ar} tu prc~tect t.ender'c ~nterest. including. but not limited to. di~hursement i-(
reasonahlc att~~mc~'~ Irr~ end rmry u~~n thc Pr~~Fxr1~ ti~ m,~kc rcp.i~r~ 11 LrnJcr rryuircd morlgagc insurancc a~ a
u~ndil~nn ~~( making thc I~r:~n uu~urc~l b~ Ihn 111urtg:~gr. H~,rrr•HCr s-i ill pa)~ thr prcmiu~m rcqu~rcd tc~ mainta~n tiuch
insurancr ~n ctfc~t un1Q wih timc a~ tlx rcyu:remcm for ,uch inruran;c tcrminalr~ in :~c~ordancc N~th Bc.rr~~NCr'~ anJ
3~7K 350 ~~~~F 111.1. ,
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