HomeMy WebLinkAbout2447UN~FORt.~ CovFN+Nrs. Borrower and 1.enJrr cuvenant :~nd ~Rr~c a. (oll~~Nti
1. P~ymeat of P~incipd and IMerest. Bi~rr~~w~r .h:,ll pmm~ih pay ~hen ~lue the princi~~al of and ~~tcrest un ~hc
~ndebtedness evidenced by the Note, preprymrnt an~ latr ch:~f~;r. .~. pr:~vided ~n Ihr Noie, and lhe pnncipal o( and ~n~r~esi
on any Futu:: !!d~ances secured by thi~ Mortgagc
2. Funds for Taxes and Insutance. Subject to appli.ahlr laK ~~r ~~i a Nril~rn warver by Lrndcr, Rarrower shail pa)~
to Ixnder on thc Jay monthly ~nualfmcntc of pnncipal and inirr~.i .~rr r.~y•rhlr ~mJ~r th, N~~tc, unul Ihc Votc ~~ ~~id in tull.
a sum (herein "FunJs") cqual to enc t~cl[th c.( th~ }•e:~rl} t;~~c. ars~! a:;.s~n:~nt. ~ihic~t mac~ attain p:e.~ri~F• z~FCr ,~~~~
Mortgage, and ground rents on ~he Pmpcr~y, if any. rlu~ ~~nr-twcll~h ut ~rarly prrmium ins~allments for hatard ~n,ur.~nre.
plus one-rwelfth af yearly premium inuallmcn~. (or m~~ngagc ~nwrancr. ~f .~ny, all a~ «as~~nably cwm.ltcd ini~~alh an.t trom
time to timc by 1_ender on thc bati~~ of a~~C~~n~~nh .~n~ hill~ anil rr.:~unahl~ C~UmatCi thCr~~~~.
'ihe Funds shall he held in an ~mti~uti~~n ;hr dc~x~~~t+ ~~r ,~.cuun~~ ~~t whirh are insurrd i~r guarantccd h~ a 1~rder:~l or
state ageney (incluJing Lender if Lender ~. ~uch :~n imlrtuiii~n ). 1 rnJer ,hall apply ti~e F'undc tn p~} ~:ud ta~e~, ,ti~e~tirnents,
insurance premiums and grou~d rent. I ender mav ni~t charge t~.r u~ hc~lding :~nd applyin¢ ~hr F~m~i.. ana:yiinF .aid :~~~:~unt.
^- vr.ifying and campiling saiJ asse~~ments and h~lh, unles~ Lender ~~~ Borrow•er ~merest un the Fund~ anJ :~pplicahle I~w
ptrm;ts i_ender to make such a charFe. B~~rruwer and Lender may aQree in a•ntmg at ~hc tinir ul r~rrin~un ~~f thi~
Mortgage that interest on ~he FunJs shall t.c p~id to Bc~rre~w~er, and unlese ~uch agrcem~nt u ma~lr ur appl~~ahlc I:-w
reouires such interest ta be paid, I.ender ~hall n~~t Fxr reyuire4 to ~a Burruw•cr am intcrest or carn~n~..m thr Fund.. Lrndrr
shaU give to Borrower, without charge, an annuat accuunung uf Ihe Fund. ~huNing credits and drh~1~ t~~ Ihe Fund~ anJ th~
purpose for wh~ch each debit to the Fund~ w:-i maJr.. The hu~d~ ar~ plcdgtJ as addihunal ~e~unl~ ti~r thc tiu~n~ .rrurc~t
by this Mortgage.
If the amount of the F~mds held by l.cnder, togeiher Hith th~ lutur~ monthl~ im~allmrnt~ of Fiimi~ pa~:~bl:: pn~~r tc~
lhe due dates of taxes, assr~sments, insur~ncc premium~ ar.i! g~uunJ renb, ~hall r~.ccd thc amount r~yu~rcd tu p:~~ .ai~ t:~~cti,
assessments, insurance nremiums and ground rents ati th~y t:~tl dur, such erre~s \FI:III hC, :il H~~rruwer'ti u~t~~~n, r~thrr
prompQy repaid to E3orrower or creditr~ io Borruwer on mun~niy ~nuaiimcntc ot Fund~. ii thc amuum rf thr FunJ+
held by Lender shall not be sufTicient to pay taxes, assetsmcots. ~mur.~nc~ prcmium; and ground rrntc as thc. f.~il duc.
Borrower shall pay to !_ender an~~ amount nece~san~ to make up the drficiency w~ithin ?0 da~ti hum ~he date :x~ticr ~. n::,iird
by l.tnder to Borrower reyuesting pay~mcnt ~hercof.
Upon payment in full of all sums sccured bv this Mortgage, Lcndcr shall promptly~ rr(und to B~~rru~~r any I~unJs
held by Lender. If under paragraph 1R hereo€ !he Propcrt}• „,ald or the Propcrt~ is otherwi,c acyuired b}~ Lcndrr. I rn~irr
sha11 apply, no later than immediatrly prior ~o the ~ale of the ProEx:ny or i~s acyu~sition by I.endcr, an~~ Funu~ helJ hy
Lender at tfie time of application as a credit agau~st the sum~ secured by :hi~ ~tortgag~.
3. Applicati~n of Payments. l'nle,s apphcable law pm.•iJes othensi.r, all payments recei~rd b~ I.ender un.i~r th~
Note and paragraphc t and 2 hcreof ~h:~ll tx~ appl~ed by ! rnd~r fint in p:~~ment of amounts payable ti~ Lrieder h~~ Borru~.~r
under paragraph 2 hereof, then :u ~~tcrest pa}'ahlc on thr tiutr, Ihen io thc princip~l of the tiotc, and thcn t.~ int~rc,t :,n~1
pr~ncipal on any Future Advances.
4. C6arges; Liens. Borrowcr ;`~al) pa}~ all ta~c~. atitirti.mrnts and r.th~r rhargcs, fineti anJ im~~ciUOm a:tnbut;~h~e t~~
the Propert}~ N~hich may attain a priority over this Mortgage, and leasch~~ld payments or ground rents, if am•, in the manner
provided under paragraph 2 hcreof or. if not p:,id in such manner, by Borrowrr makiag payment. when duc, dirertly to thc
payee thencof. Borrower shall prompNy furnish to I.ender all nodces of amounts duc unuer this paragr~ph, and in the event
Borrower shall make payment directly, tiorrower shall promptly (urnish to Lender rrreipte rvidenang such pay~m~nts.
Borrower shall promptly discharge any lien which has pnonty rner thic Mongage; proviJed, th~t B~rrower shall not ~
required to d~srharge any such lien cu long ~s Borrower sh:~li agrec in ~-nt~ng Ii~ the payment ~~f tFe obligetiun ~ecured b~~
such lien ~n a manner acceptahle ta I_ender, ur ~hall in gocxi t:~ith contctit ~uch lien by, or defen~ enfurcemrnt of such lien in.
legal proceedings which operate to prevent the enf~~rcement of tl~c lirn ~r for(e~turr of the Propertp or ~m ~.art thereof.
~. Hazard Insurance. Borrower shall kecp the ~mprovement, n~~w c~itting or hereafter erected on the Pmpcrt~• inwrcd
agair~st loss b}~ firc, hazards inclodee! within the term "~~tende~i c.werage". and such nther hazard~ ac I.ender ma}~ reyu~re
and in ctich amnunts and for such periodc a~ I_ender m:+y° reyuire: pm~~ided, that l.ender shall not reyuire that the am~~ur-t ~~f
such coverage e~ceed that amuuni of coverage reyuired to pa}~ the ~um~ 4ecured ~b}' this Mortgage. .
The ~nsurance carner providing the imurance shall be ihosen by Borrower subject to approval by Lender; provided.
that suci: approval shal! not bc unreasonably withhcld. All prenuumti on insuranrc policies Shall be paid in the mann.r
provided under p~ragraph 2 herei~f ur, it not paid in such manner, h} B~~rrower mak~ng paymen-, w•he~ due. directly t~ the
insurance carrer.
All insurancr ~~hcic, anJ rcn~Hals thcrcc~t shal! :n in form :~ccc~t:,blr to Len~rr and sh:~ll includc a~tandard mnrtgagc
c:ause in ~a~or ~f and in form acceptahle t~~ 1_ender. Lender sh:,ll h:eve the right t~ huld the ~licies and renrual~ therei~f.
and Borrower ,h~li prompdy furn~sh to I.ender ali rrneHal nc~uceti and all r~ceipts of paid nremium,. In the event ~f lo,~.
Borrnwer ~hall grve prompt nouce to the ~muran~e carncr and Lendr~. I.ender ma}' make prcx.t of lo~.s ~f not made prc~n~ptl~
by Borrower.
Unless Lender anJ Borru~.~r other~~ti~ agre~ in ~nting, imurancc pnxeeJc shall be applied tii re,t~~rati<~n ~ir repeir ~~f
the Propertv damaced, pru~•~~c~3 ~uch re.toratu}n ~~r repair ic camomicall}• (easible and the security of th~s M~rtgage i~
not thercby in~pa~red. I1 su:h r~,tr.r.,h~•n or repair is n~~t rc~~numicall)' fcatiihlC ur ~( the secunty ~f Ihic 1t~~rtga~e w~•uld
be impa~red. the insurance pr~xee~f~ ,h.~ll tx: applied to thr sums ~ecureJ i~~• this M~rtgage. Hith the exce~s, if :~n~. ~a~d
[o ttorrowcr. If the Properh is .~h;~n:l~~n~d hy H~~rmwcr. ~r it Bormwer f~ils t~~ res~~nd ti~ Lendcr wrthin 3U day~ trom thr
Jate notice i~ m:,ile~i by Lender t~. Sorruwer that the insurance carricr .~tier, to settle :~ claim for ~nsurance Fxnefit~, I_rrJe:
is authorized t.~ collect and apply the imuran~e procceds st Len~rr's .iptiun euhcr to resturauon ur repair of the Pr~~~xr.ti
or tn thc sum~ secured by this ~lurtgagc.
Unless Lend~r and $orr~+wer c~therwix agrec in ~nting, an} surh applicahon ~,f pnkeeds to pnncipal .h.~lt n.~t c~tend
or•postpone the due date of the munthi~• intitallments referred t~~ in paracraph~ I and 2 hereof or change the amc~t!nt ~~f
such installments. If under paragraph fK hereof the Pr:,pe,rt~ ~~ acyuire~ h~ [.end~r, ali nght, !~tle and imerest ~~t B~rn~HCr
in and to an} ~nsurance policies anJ ~n and t.~ th~ pruceeds thereuf rrtiuhing Irom dam.~ge tc• the Propert}~ pri~r to th~ ~,~i~
or acquisition ahall pass to Lender to thc e~tcnt ot thc Sums ~ccured b}' this tilortgage immed~ately pnor to tiuch ,alc or
acquisition.
6. Presenalion aod ~laintcnance ~-f Proprrty; I.easet~oldti; Cundurniniums; Planned linit Ue~elopmenls. H~~rmarr
shall keep the Property in guvd repair and shaU not comrvit H aste ur perm~t impairment or de~erioration of the PruFx rt}
and shall comply~ µith thc provis~oiu of any Ic~sc if thi, ~turty;age i~ un a Icaschc~ld. If thi~ tilortgagc is on :~ nn~t ir. .~
conciomini~~m or a planned unit de~rlupment, Borruw•er ~h.:l( ~rt~~rm ali of Borri~wer's obligaUOns under the decl.irah~~n
or covenants crcating or gi~verning the cond~uninium or .p~anned unit develupmrnt, the by-laws and regulatiun~ of the
condominium or pianned unit Jevclopment, and amstiuicnt ~ocumcn~. If a cundc~minium or planned unit ~Icvclc~pment
nder is executed by E~rruH•er :,nd recorded tngeth~r with thi~ M~~rtgage, the a~venam~ and agreements of si~ch ncl~r
sha11 be mcorporated into and Sfiall sniend ~n~ wppkment the cuv~nants :~nd agreements of this M~irtgage as if the riJer
were a part herwf.
7. Protectioo of I.enders Securfty. If Borrower fa~l~ t~~ [xrf~irm the covenant~ anJ agreements cimtained sn thic
Mottgage, or if any actio~ ur procceding ~ti cummence;l wh~ch matrriall}~ a(Tect~ Lender's imerest in thc P-•~~crt}.
including, 5ut nat limrted ta, emioent domam. inu~Ivenr}, c~>de ~nf~~r~cment. <~r arrangementc or pruceedings incol.~ng a
bankrupt or decedent, then Len:ier at Lender'~ oplion, up~in ncHice M B~rrower, m~} make wch apExarames. .iuhune such
sums and take such action as is necestiary~ tu protrct I.ender': in~rrest. inclu~ling. but ni~t IimUed lo. Jisbursement rf
reasonable atlorney's fees anJ entry upe~n the Property to make rcpauti. I( Lcn~lcr reyuircd mortgage intiuance ~~ a
cond~tion of making the loan Se~ureJ b}• this M~•ng:~ge, B~,rmwcr shall pay Ihe prcmiuins reyu~re~l t~ maint.un tiu~h
insurance in effect until such time as thc reyuirement for wch insurancc terminatrs ~n :~c.ordanc~• w~lh Bor~~~ur~r'y and
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