HomeMy WebLinkAbout2487UNt~t~ Covan~rm. HoROwer and Leoder covenan~ and asrce u follows:
1. l~e~t W hMc~l ri lNe~at. 8o~rower shall p~ompd~ paY wheo due the prirtci~l ot and interest on the
indebtednest evidenced hy the Note, prepayment arid late charrcc ac p~ovided in the Note, and the principal ot and intercsl
on ~ny Future Advances secured by this Mortgase.
_. 14~i ter'fa:~s aM I~wruce. Subjcct to applic~t+k law ~~r to a written waiver by Le~er. Borrowe~ ~Sall pay
to I.~r~der on Ihe day monthly instaflments ot principal anJ intcrcq arc ~yable unde~ the Note. until the Note is paid ie tull,
a tum (hercin "Funds'~ equal to w~e-iwelfth ot the yearly~ ~a~-c. anJ assasments which may attaio priority over this
1Nortsase. and ~round renb on the Pmperty. it any, plus oee-twelf~h of yearly premium installments for huard insurancs.
plus oae-tweltth ot yearly premium installments (or mottgage insurancc, i( any, all as rcasanably estimated initially and tnum
titne to time by Lender on the basis of asses~mcnts and hills and reawnabk estimata theteof.
The Funds shall be held in an instituti~n ~he dtposita or accounls of which ate insured or guannteed by a Federal oT
ttate agency (includina Lende~ if Lcnder is such an ins~itutionl. I.ender shall apply Ihe Funds to pay said taaes. assesame~ts.
insuranc~e Premiums aed ~round rents. I.ender may not charge for sa holding and applying ~he Funds, analyzing caid actount,
or vtrifyin~ arid compiling said assessments aad Aills, unless Lender pays Borrowe~ intercst on the Funds and applicable law
permits Lender to make such a charge. Bc~~rower and Lende~ may agrce in writing at 1he time ot execution o[ this
Mort~ase that intercst on the Funds shall be paid to Borrower. and unlas such agrcement is made or applicable Iaw
requines such intercst to be Paid. Lender shall not be requircd to pay Borrower any interest or earnings oo the Funds. Lender
shall pve to Borrower, without charge, an annual accounting of the Funds showing credits and dtbits to the F'unds and the
purpose tor which each debit to the Funds was made. The Funds aro pledged u additional security for ~he sums socured
by this Morttaae.
If the anwunt of the Funds held by Lender. together w~th the (uture monthly iostallme~ts of Fuads payable prior to
t~-e dne data of taxes. asseuments, i~uurance ~reniiums a~s3 ~~~~r.d :ents, sAalt excttd the as~ttnt reqe~ircd ta Qay said taxa,
assatments, i~surance ptemiums and ground rcnts as they fali due, such excess shall be, at 8or~ower s opt~an, e~ther
protnptly rcpaid to Borr~ower or credettd to Borrower on monthly installments of Funds. 1f thc amount o( ~hc Funds
beW by Leoder shall aot be su~cient to pay taxes. assessments, insurance promiums and ground rents as they (all due,
Homaver sNall pay to Lender any amount necexsary to make up the de8ciency within 30 days from the date notice is mailed
by L,ender to Borrower requesting paymeot thercof.
Upon payment in full of all :ums xcurcd by this Mortgage, l.ender shall promptly refu~d to Borrower any Funds
held by Lender. If under puagraph 18 hereof the Property i~ sold or the Property ~s otherwix acquircd by l_ender, [_ender
shdl apply, no later than immediately prior to the sale of the Propeny or its acquisition by l,ender, any Funds held bv
Leoder at ti~e time of applicatiot~ aa a crcdit against the sums secured by this Mongage.
3. Arpiic,~tloo of Psyments. Unless applicable law provides otherwise, all payments received by Lender under the
Note aad paragnphs I and 2 hereof shall be applied by I.enJer first in payment of amounts payable ~o Lende~ by Borruwer
under paragraph 2 hertot. t6en to i~terest payable on the Note, then to the principal o( the Note. and ~hcn to interest and
principal on any Futurc Advanca.
1. Cbarses; Litas. Borrower shall pay all taxes, acscssmcnts and othcr charges, fines and impositions attributable to
tLe Property which may attain a pnority over this Mortgage, aod leasehold payments or ground rcnts, if any, in the manner
pt+ovided under paragraph 2 hertof or. if na paid in such manner, by Borrower making payment, when due, directly to the
payoe thereal. Borrower shall promptly [urn+sh to LenJer aU notices of amounts due under this paragnph, aod in the event
Borrower shall make payment dirtctly, Borrower shall promp0y turn~sh to Ixnder receipts evidencing such payments.
Borrower shall promptly discharge any lien which has pnority over ~h~c Mortgage: provided, that Borrawer shall not be
rcquired to discharge any such lie~ so long as Borrawer shaN agree in w~nting to the payment of tbe obligatiun secured by
such lien in a manner acceptable to Lender, or shall m good faith contcu such lien by, or defend enfarcement of such lien in,
Iegal proceedings which operate to prevent the enfurcement of thc hen ar torfeiwrc o[ the Property or any part thereof.
S. Huud Inwraece. Borrowcr shall kcep the impravemems no.. cx~sting ur herea(ter erected on the Property insurod
against toss hy firc, haurds inctuded with~n the term "extendeJ coverage", and such other hazards as Lender may require
aad i~ such amounts and for such periods as Lender may require: provided, that l.ender shall not requirc that ~he amaunt ot
such coverage exceed that amount of coverage reqwred ta pay the sums secured by ~h~s Mor~~a6e.
The insurance carrier ptoviding ~he insutance shall be chosen by Bortower subject to approval by Lender, provided,
t6at such approval shall not be unreasonahly withheld. Al! premiums on insurance polic~es shatl be paid in the manne~
provided under paragraph 2 hereof or, ~f not paid in such manner, by Borrower making paymer.t, when due, dircctly to the
insurance carrier.
' All insurance po(iciec and renewals iherrot shaN be in form accepta6le to Lender ~nd sha!! include a s~andard morlgage
clauu in fav~r of and in form acceptable to lxnder. Lender shall have the right to holJ the policies and renewals the:eof,
and Borrow~er shall prompdy [urmsh ta i_ender aU renewal noUces and all rece~pts of paid prcmiums. In the event of Iots,
Borrower shall g~ve prompt noti~e to the inwrance carner and t.ender. Lender may make proof ot loss if not made prompUy
by Borrower.
Unless Lender and BorroNCr otherwne agree in wridng, inwrance proceeds shall be applied to restoration or repair of
the Property damaged, Prov~ded such restorat~on or repa~r ~s economically (easible and the security of this Mortgage is
not ~hereby impa~red. If such restoration or repa~r is not economically feasible or ~f the srcurity of thix Mortgage would
be impaired, the insurance pr~ceeds shall be applied to thc sums secured by this Mortgage, with the excess, if any, pa~d
to Borrower. If the Propert~~ is abandoned by Borrowcr, or it Borrower tails to respond to Lender within 30 days from the
date notice is maded by Ixnder to Borrower that the insurance carrier otTers to seute a claim for insurance bene6ts, 1_ender
is authoriud to coNect and apply the insurance proceeds at l.ender's option either to restoralion or repa~r of the Propert~~
or to !he sums secured by this ~tortgage.
Unless LenJer and Biirrower othervai~e agree m wnting, any such applica~ion of prcx:eeds to pnne~pal shall not e!etend
or postpone ~he duc date of the monthly ins~allmcntc referred to in paragraph~ I and 2 hercoF or change the amount o[
suc6 mstaltmeats. If under paragraph !8 hereof the Property is acywreJ by l.ender, ali nght, title and interest of Borrower
in and to any tnsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to Ihc sale
or acquisition shall pass to Lender to the extent of the ~ums secured by th~s Mortgage immediately priot to such sale or
acquisition.
6. Prcaen•afion and 1Qaintenance of Property: Leasebulds: Condominiums; Planned Unit Devebpmeats. Borrov-•cr
shaU keep the Property in good repair and shall nut comrpit ri~aste or permit impairment or deterioration of the Property
and shall comply with the ptovis~ons of any lease d th~s Mortgage it on a leaschold. If this Morigage is on a unit io a
condomimum or a planned umt deveiopment, Borrow•er shaH pertorm all of Borrower s ob~igations under the declaratwn
or coveoants creat~ng or governmg the condommu~m or planned unit development, the by-iaws and regulations of the
condominium or planned unit de~~do~,ment. and constituent documenta. It a condominium or planned unit development
nder ~s executed by Borrow•er and rernrded together wrth thn Aiortgage, the covenants and ag~eements of such nder
shall be incorporated into and shall ame~d and supplcment thc covenants and agrrements of ~hic Mottgage as if thc r~Jcr
were a part ttreof.
7. Protection of I.ende~'s Securfty. It B~rrc~wer f~~h a. per(c~rm the covenants anJ agreements contained in this
Mortgage, or i( any acaon ~~r proceed~ng ~~ cummenced which materially alTccl~ I.ender's ~nterest in the Pmpert~•,
including. but n~.t f~mited ro. em~nent domain. ms~loency. «-de enforcement, e~r .~rrangements or proceedings mvol~ing a
bankrupt or decedent. ~hen l.ender a~ I.ender'a ophon, upon not~ce ~o Borrower, ma~ make such appearances, dishurse such
sums and ~ake sueh actwn at is neceti~ar~• to protect Lender'c mterest. including. but nrn limited to. disbursement of
reasonable anomey't tcec and entry uExm ~he 1'n•pcn~• t~ ma1.r rep.,ir.. 1( Lcnder rrynired mortgage in~urance a~ a
cund~tion of mak~ng thc loan ~ecurcJ by th~~ :11~-rtgagc. 8arn:ucr sh dl pa~~ Ihr prcmwm~ rcqu~rcd to mai~~tam such
~ruurance in rtfec~ unhl ~uch umc ~t ihc rcyuircmcnt (c~r .uch in;uran;c tcrm~~~tc~ m:~ccordancc wilh BorruNCr'ti ~nd
~-. ~ a-~'~ 3~U P~~f 2485
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