HomeMy WebLinkAbout1735UNfPOItM COVBNANTS. Sorrowe~ ar~d Lender covenant and agra as tollows:
l. h~weN W hMclrl a~ iNe~at. Borrowe~ shall promptl~• pay when due the principal of snd intercst oo the
indibtednest evidenced by the Note. prepayment and lale cha~gcc ac providcd in the Note, and the principal of and intcrcst
on any Future Advances secured by this Mongage.
2. Fr~ tor 7'ua a~i I~wn~ee. Subject lo applical+le law ~~r ta a written waivet by Lender. Borrower shall pay
to Le~der on ~he day monthly installments of principal a~d ~o~crccl arc ~yshle u~dcr the Note. until the Note is paid io full,
a sum (herein "Fundt") equal to one-twelfth ot the yea~t~ ~a~c. ~nJ assessments which may attain priority ove~ ~his
Morisa`e, and ~round ronts on the Pmperty, if any, plus ane-~welfth ol yea~ly prcmium installments tor hazard insurance,
plus one-twe!(th o[ yea~ly premium installmen~s tor mortgage insurance. it aoy, all as rcascmably estimated initially and [rom
time to time by Lende~ on the basis ot assescmcnts anJ hills and reasonable estimata thercof.
The Funds shall be held in an institutic+n the depos~ts or accounts oF which are insured or guaranteed by a Fcderal oT
~tate ageocy (including Lender if Lender is auch an institutionl. I.ender ahall apply the Funds to pay said uxa, asseume~ts.
j:'~is~.~~ ~rc?*ti~+:?5 a^;! gr--:s^s! --.^.!s ! e!u_!rr .~av •±~~ charqe to~ so holdinR and aPplying Ihe F~indc. analyiing caid account.
or vetifyin~ and comqling said assessments and bilts, uniess t.eode~ pays Bonower interts! on t~e i~unds anS ~Y~~~.~~e t,•::
patmits Ler~der to make such a charge. Bnrrower and Lender may agrce in writing at ~he time ot execution of this
Mort~a~e ehat interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law
requires such intercst to be paid. Leode~ shalt not be rcquired to pay ~orrowe~ any interut uf carn~~~i ~+~ th.e I'unc3a. l.sn~+~r
shall give to Bonower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpose tor which each debit to the Funds wa~ made. The Funds are pledged as addi~ional security (~r ~he sums secured
by this Mort~age.
If the amount of the Funds held by I.ender, together with the future monthly instaUments of Funds payable prior to
the due data of taxa, suessments, insurance prcmiums and ground rents, shall ezceed ~he amount required to pay said taxes,
asse~nents. insuranee prcmiums and ground rents as they (~11 due, such excess shall be, at Borrower's opaon, eithe~
promptly rcpaid to Borrower ot credited to Borrower on monthly instaltments of Funds. It the amount ot thc Funds
l~eW by I.ender shall not be sufficieat to par tua, assessments, insurance premiums and ground rents u Ihey (all due,
Borrower stiall pay to Lender any amount naessary to make up the deficiency within 30 days trom the date na~ic~ is mailed
by Lenckr to Borrower requesting payment thereof_
Upon payment in fuU of all sums murcd by this Mortgage, 1_ender shall promptly refund to Borrower any Funds
held by Leader. If under paragraph 18 hercof Ihe Property i~ sold or the Property ~s otherwiu acqu~rcd by l.ender, Lencfer
s4d1 apply, no later than immediately prior ~o the sale oi the Prope-ty or its acquisition by l~nder, any Funds held bv
Lender at the time of applicatioa as a credit against the sums secured by this Mortgage.
3. Appiicatios o[ Yaymeols. Unless applicablt law providts otherwise, all payments received by l.ender under the
Note and paragraphs 1 and 2 hertof shall be applied by l.ender 6rst in payment of amounts payable to Lender by Borrower
unde~ patagraph 2 hercof, then to interest payable on the Note, then to the principal o( the Note, and then to interest and
principal on any Futurc Advances. '
~. C6aRes; Ijeas. Borrower thaii pay all taaes, atisc~sments and athcr charges. fintt and impositions aur:butable ta
the Property which may auain a prioriry over th~s Mortgage, and leaschold payments or grouna rcnts, if any, in the manner
provided under paragraph 2 heteuf or. ~f not pa~d in ~uch manner, by Borrower making payment, when due, d~rectly to the
payet theroo(. Borrower shall promptly furni,h to Lender all notices of amounts duc under this paragnph, and in the event
Borrower shatl make payment duecUy, Borrow•er tihall promp~ly furmsh to Lender receipts evidencing such payments.
Borrower shall prompdy discharge any lien which has prionry over ~hic Mongage: provided. Ihat Borrower shall not be
rtqu~red to discharge any such lien so long as Barrov-er shall agree in Mnhng t~~ ~hc payment of Ihe obligatii-n securtd by
such I~en ~n a manner acceptab(e to Lender, or sh~tl m gcx+ci faith conte,~ auch lien by, or defenJ enforcemen~ of such lien in,
kgsl procced~ng~ wfiich o~-erate to prevent thc en:~:rcement of the I~en ~r [arfe~t~sre of the Property or any part thereof.
S. Husrd Insunnce. Borrower shall kcep the improvementt now etiisdng ur hereafter erected on the Property msured
against loss by fire, hazards incluJeJ wi~hin the term "etitenJed coverage", and such o~her hazardc as i.ender may~ reyu+re
and ~n such amaunts anJ for such periods as i_ender may requirr, pri-vided, that !_enJer shall not require that the amvunt of
such coverage eaceed that amount of coverage required to pay the sums secured ~by this Mortaage.
The ~nsurance carrier providing the insurance shall ~ chosen by Borrower cubject to approval by Lender, provided,
that such approval shall not be unreawnably withheld. A!t premwms on insurance poliaes chall be paid ~n ~he manntr
prov~ded under paragraph 2 hereof or. ~f not paid in such manner, by Bc~rrower mak~ng payment, when due, direcNy to ihe
insurance carrier_
All insuranec policie~ anJ renewals thereot shall tx in form accep~able to Lender and sha(I inctude a~tandard martgage
clause in f~vor of and in form acceptabie ro i.ender. Lender shall have the right to ho1J the policies and reneKalc thereof,
and Borrower shalt promptly furmsh to Lender all renewal not~res anJ all receipts o( paid premiumt. In the evcnt ot loss,
Borrower shall g~~e pr~~mpt notice to the ~mur~nce carner ~nd (_ender. I.tnder may make proc.t of loss if not made pn+mpUy
by Borrower. ~
Unless i_ender and BorroKer othcrw~ur agree in wnUng, in~urance procecds shaU be applied to restoration or repair of
the Ptopetty damaged, proviJed such re~toraUun or repair is economically feasible and the ucurity of th~s Mortgage ~~
not Ihereby impaired. If such restaration or repa~r is not econ~~mically (eas~hle or if ~he secunly of this ;~tortgage w~.uld
be impaired, the insurance proceeds shall be applied to thc sums serureJ by this Me~rtgage, w~th the exccu, if an}, paid
to Borrower. !f the Propetty is :~bandoned by Borrower. ar it Borrower fa~ls tu res~nd to I.ender within 3U days (rom the
date notice ic m~ded by L,ender to Borrower that the ~nsurance carrier ofTerti to se~~te a cla~m for insurance benefits, I.ender
is authorited to collect and apply the insurance proceeJs at I.ender'ti option either to restorauon or repa~r of the Pmpenc
or to the sums secured by this Mortgage
Unlesc I.ender and Borrower otherv-i~e agree m wnhng. rny such application ~~f pn•ceeds to pnne~pal shaH not eYtend
or poslpone Ihe due date of the mnnthly imtallmcnt~ rcferred 1~~ in paragraph~ 1 and 2 hereot or change lhe amoum o(
such insiallments. It under paragraph :S hereuf the Propert} u acywred hr LenJer, all r~ght, title and interest o( Botn~wer
in and to anp ihwrance policies and ~n and io thr procerds thcreof rewltmg fram Jamage to the Propeny p:ior tu th~ s:,le
or acyuisrtion shall pass to l.ender to thc ertcnt of the wms ucured by this Mortgagc ~mmediatcly priur to wch sale or
acquisition.
6. Preservation aod :~laiatenance of Properl~; [.easeholds; ('ondominiums; Planned Unit Derelopments. Hc,rrouer
shall keep the Property in good repair and tihal! not romrpit y~~astc ur permrt impairment or dtteriorahon of the Propcrtp
and shaU comply~ with thr provisions of any lease ~f thn 4lurtgagr i. un a Ic•rsrhold. It this Mortgage is on a umt in a
condomimum ar a planned umt de~elupment, Borrowcr ~hall Fxr(orm all o( Borrower's obligauons under the aeclarah~~n
or covenants creatmg or govermng the condomimum c.r pianned umt devel~+pment, the by-laws and regulalion~ of the
condominium or planned e~nit develo~~men1. .,nJ constituent J~xumcni~ If a condominium or planned im~t development
nder i~ executed by f3orrow~er anJ recc-rdeJ a~ge~her with th~ti M~rtgage. ~hr covenantc and ~greements c.f tiiich ndcr
shall be incorporated into and shall amend and supplcmem the co~cnantc and agreements of th~s Mc~rtgage a~ ~t the n~icr
were a part t,ereof.
7. Protection ot I.enders Seeurify. If B~rr~~wer f:~d~ t~• ~xrlt~rm the covenantti anJ •rgreemer,ts cuntained in thn
MortgaRe, or i( any action ~~r proceedmg i~ ~~~mmenee~l ~h~ch matcriall~ .~tirct~ Lender'. mtere~~ in ~he Pn.Fxr~v.
~ncluding, bu! n~~t hm~ted ro, rminent domam. im~~henc~, c~x1e cnt~~rcemcnt. ~+r arranFrmrnt~ i~r pr~keedings invi-I.ing a
bankrupt or decedem. thrn Lender a~ i.ender'~ opnon, uEx~n n~~t~ce to B~rrc~wcr, ma~ meke such :ippearance~. duhur~c tiuch
sums and taAe such a~l~un a. ~s ncccti~ary t~~ protcct Lcndcr'c imcresL mclu~hnc. hut n~+~ IimrtcJ to. d~tiburscmcnt ~~(
reasonabte attomey'c frc~ and ~ntry u~~n thc hmpc~i}~ to ma1,c rcpa~r.. It Lciidcr r~yuirrJ mi~rlgage inwrince a~ a
cGndiUun ut mak~ng thc loan tiecured b~ Ihi1 ~1~~rtgagr. H~~rr~.NCr sh ~li pa~ Ih~ prcmiums rcyu~re~ to maiut:,~n ~uch
~nsurance in eftect un~d tuch t~me as the reyurrrment for wch rmutsn;e terminate. m accordance a•ith Borrt+Ncr'ti :~nd
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