HomeMy WebLinkAbout1118. s,
UNt~aw CoveH~rm. Horrowe~ ~d Lender coveosot and aj~se as follows:
l. ~weN ot hi~eiNl aM iNereN. 8o~rower shall promp~l~ pay when due the principal of and interest on the
~ndebtednea evide~ed by the Note. prePaymeot and late chargec ac provided in the Note. and the p~ncipal of and interesl
on aoy Futuro Advances secured by this Mortaaje.
2. Fr~i for Tuea s~i i~wn~ce. Subject to applicablc law ar ~o a written waiver by Lende~. Borrowe~ sha~~ Par
to Leoder o~ the dsy monthly mstallments o( pnocipal anJ m~~rcc~ r~e paysble unde~ the Note, until the Note is paid in tull.
a tum (hercin "Fund~") equal to oae-twelfth ot the yea~l~~ tas~. and assessments which may attaio priority ove~ this
Mort~aje. and <<ound rents on the Pmputy. it aey, plus one-twelfth of yearly promium installments for hazard insurance.
plus ooe-tweltth of yearly prcmium installments tor mortgage ins~irancc. if any, all as rcuanably estimated initially and trom
time to time by l.ender o~ the basis ot assescmcnts anti hills and reaaonable atimata lhercof.
The Fur~ds shall be held in an instituti~n the deposus or accounls ol which are insured or guaranteed by a Fedenl ot
state ageocy (including Lender if Lender is such a~ ios~itutionl. I.ender ahall apply the Funds to pay said taxes. asxssmeots.
insuranca premiums and ground tents I.ender may not charge for si+ holding and applying the F~mde. analyzing said account.
or verifyin~ and compiling said asussments and bills, unless l.ender pays Borrower interest on Ihe Funds and applicable law
permia Lender to make such a charge. Borrower and I.ender may agrce in writina at the time ot execution ot this
MoKgaae that i~terat on the Funds shall be paid to Borrower. and unless such agrcement is made or applicable law
requires such interest to be paid. Lender shall not be rcquired to pay Borrower any intercst or earnings on the Funds. l.ender
shall pve to Borrower, without charge, an.annual accounting ot the Funds showing credits and debits to the Funds and the
purpose for which each debit to the Funds was made. The Funds arc pledged as addi~ional security tor ~he sums secured
by this Mortgaae,
If the amount o[ the Funds held by Lender, togelher w~th the future monthly installments of FunJs payable prior to
t6e due dates of taxa. assessments. i~surance prcmiums and ground rents, shall exceed the amount required to pay said taaes,
assattnents. insurance prcmiums and ground rents as ~hey tall due, such excess shall be, at Borrower s optian, either
pranptly repaid to Borrower or credited to Borrower on monthty installments ot Funds_ If the amount o( ~he Funds
heW bj- L.eodar shall noi be sutficieoi to p~y taxa. asxssments, insutance prem~ums and graund rents as thty fali due,
Borro~-er shall pay to Lende~ any amount necessary to make up the de6ciency within 30 days from the date notice is mailed
by Leoder to Bonower roquatting payment thereof.
Upoa payment in full of dl sums xcured by ihis Mor~gage, l.ender shall promptly refund to Borrower any Funds
i~eid by Lender. if under puagnph i8 hereof ~he Propeny i~ soid or the Propeny ~s otnerwise acquired 'oy Lender, Lcncic:
ahdl apply. no later than immediately prior to the sale of the Property or i~s acquisition by Lender, any Funds held bv
Leader at the time of application u a credit against the sums secured by this Mortgage.
3. Applic~tloa of Payn~eats. Unless applicable law provides otherwise, all payments received by Lender under the
Note and paragnphs 1 and 2 hereof shall be appl~ed by 1_ender 6tst in payment ot amounts payable to Lender by Borrower
uoder puagraph 2 hercof. t6en to interest payable on the Note, then to the principal of the Note, and then to interest and
principal on any Future Advances.
4. Ch~r~es; I3eat. Borrower ~hall pay all taxec, assestments and other charges, finec anJ impositions attnbutable to
t6e Property which may attain a priority over ~his Mortgage, and leaiehold payments or grouna rents, if any, in the manner
provided under paragraph 2 hereo! or, if not paid in such manner, by Borrower making payment, when due, directly to the
paya thereof. Borrower shall promptly furnish to Lender all nouces of amounts due under this paragraph, and in the event
Borrower shall make payment d~rectly. Borrower shall promp~ly (urn~sh to l.ender receipts evidenc~ng such payments.
Borrower shall promptly discharge any lien which has priority o~rer th~c Mongage: provided. ~hat Borrower shall not be
reqwred to dixharge any such lien w long as Borrower shall agree in wrning ta the payment of the obligation securcd by
such lien in a manner acceptabk ro Lender, or sh•rll m good taith contect such lien by, or defend enfarcement of such lien in,
Iegal proceed~ngs which operate to prevent the enfurcement of thr I:en or torfeiture of the Property or any part thereof.
S. H~zsrd Insunnce. Borrower shall 1:eep ~he ~mprovement~ now cxitung ur herea(~er erected on the P~operty insured
against loss by fire, hazards included wi~hm the term "extendeJ coverage". ar~d such o~her hazards ac I_ender may reyuire
and in such amounts and for such periods ac t_ender may reyuirc; provideJ. ~hat l.enJer shall not require that the amount of
sueh coverage exceed that amount of coverage requ~red to pay ~h~ sumc cecured ~by this Mortaage.
"[l~e insurance carrier providing ~he insuranre shall be choun by Borrower subject to approval by Lender, provided.
tbat such approval shall not be unreasonably withheld. All premium~ on insurance polic~es shall be paid in the manner
provided under paragraph 2 hereof ur, ~f not pa~~! in such manner, by Borrower mak~ng payment, when due, directly to the
i~surance carrier.
All insurance policies anJ renewals thereof shall be in form acceptabtr to Lender and shall indude a standard mortgage
clause in favor of and ~n form acceptable to Lender. Lender chall ha~•e the righ~ to hold ~he policies and renewals thereof,
and Borrower shall promptly [urnish to Lender all renewal notices and all receip~s of paid prcmiums. In the event of loss,
Borrower shall grve prompt nouce to the insurance carrier and Lender. Lender ma} make prcx~( of loss if not made prompUy
by Borrower.
Unless Lende~ and Borrow~er otherw~u 3gree in wnting, inwrance proceeds shall bc applied to restoration or repair of
the Property damaged, prov~ded wch re~rorahon or repair is economicall}~ feasiblc and the security of th~s Mortgage i4
not thereby impaired. If such restorat~on or repair is ~ut cconom~rally (casihle or it ~he security of this Mortgage would
be impaired, the insurance praceeds shall be applied to the sums secured by this Mortgage. w~th the excess, if any, paid
to Borrower. If the Property is abanJoned by Borrower, or it Borrower fails to respond to Lender within 30 days (rom the
date notice is mailed by Lender to Borrower that ~he msurance carner otTers to settle a claim for insurance benefits, Lender
is authorized w collect and apply the insurance proceed~ rt 1_ender's option either to restorauon or repaer of the Prapen~•
or to the sum~ sccured by this Mortgage.
Unless LenJer and Borruwer otherw~tie agree ~n v~nling, an~~ such application ~~f prcx:eeds to pnne~pal shall not extend
or postpune the due d:~te of ~he monthly~ installmentc referred t~~ in paragraph~ I and 2 herco( or change the amount o(
such installment,. If under paragraph 18 hereof the ProE.erty is acywred b} l,ender, ali nght, Utle and interest ot Borrawcr
in and to an~~ tnsurance policies and in and to thr proceeds thereof resulting from damage to the Property prior to thr sale
or acquisiUon shall pass to Lend.r to the e~tent ot the ,ums secured by this Mortgage immediately pfior to such sale or
acquisition.
6. Presenation aod ~tainten~nce of P~operi~: [.eauhulds; ('ondominiums; Planned Unit Developmenls. Borrowcr
shall keep the Property in good repair and shall not comrpii yvastc or perm~t impa~rment or deteriorat~on of the Property
aad shall compl~• with the provisions af any leax ~f this 111ortgage ~t on a Ieasehold. If this Mor~gage is on a imit in a
condominwm or a planned umt developmem, Borrow•er chall perti~rm all of Borrower's obbgations under the declarat~un
or covenants creatmg or governing the condominium or planned unit development, the by-laws and regulations of the
conJominium or planned unit Jevelopment_ .md cor.slitucnt d~xumcnt~. 1( a conJominium or planned umt devclopmcnt
nder ~s eaeruted by Borrower and recorded tt*ge~her -.~~h ~h~~ Mortgage, the covenants and agreements of such ndcr
shall be incorporated imo and shall amend anJ ~upplcment the cu.enants anJ agreements of ~his Mortgage as if the r+Jer
wcre a part Fereof. '
7. Proteclion of I.enders Securfty. I( Hc~rmNCr t.,~l~ a~ per(~~rm the covenan~~ and agreemen~s rnntained in Ihis
Mor~gage, or i( any act~on ur prcxeed~ng ~~ c~~mmrnce~l Hh~cn ma~enallp alTect~ Lender's interetit in the Pmpert:•.
~ncluding. bu~ nM limited ~a rminent domain. in~~lvenc~, axle rnt~~rcement. ~~r arrangements or proceedings ~m•ul.~mg a
bankrupt or deceden~. then LenJer at I.enJer'; option, upon notice to BorroNCr. ma~• make such appearance~, d~shur.e such
sums and take such acuun a~ ~s necee~ary ta pn-tect t.ender'c interest, includ~ng. but not Iim~~eJ to. Jicbursernem of
reasonable at~omey's ter~ and entry u~~n ~he Prc~peric to maAe rep.,~r~. I( I.enJer reyuircJ mi~rtgage in~uranc~ a~ a
cundihon of makmg ~ihc I~~ao ~ccure~l b~ thi~ ~lurtg.~gc. B~~rrc~cr sh.~ll pa~• ~hr prcmiwns rcqu~reJ to mai~uam tiuch
insurance in ctkct unl~l tiuch umc a~ Ihc reyu~rcmcnl f~r ~urh imuran:c trrminatc~ in .~ccordancc w:th Borruwcr'ti anJ
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