HomeMy WebLinkAbout2460Un~FOU~ CoveN~t+rs. Borrower and Lender covcnan~ and agree as tollows:
1. h~ineN ot rtieciNl ~ lsteresl. Borruwer shall promptly~ pay when due the principal of aod interest on the
~ndebtednus evideoced by the Note, piepaymenl and late charge~ a~ provided in the Nate, and the principal of and interest
w~ sny Fwure Aaivances secured by ~nis tMiurigegC.
2. F~~ tor Tua and iawrsace. Subject to applic;-hlc law ..r to a written waiver by i_ender. Borrower shall pay
to [.ender on the day monthly ~nstallmenls ot principal anJ ~nirrrN arr payahk under the Note, until the Note is paid in tull,
a sum (hersin "Funds") equal to one-lwelfth af the yearl~ u~~~ and asxssments which may atlain priority over th~s
Mort~ase, and ground re~ta on the Property, it any, plus ooe-~welf~h ot yearly premium installments !or hazard insurance,
~lus one-twelfth of vearlv oremium installments (or mortQaee insurance, if any, all as reasc~nably estimated initially and trom
time to time by I_ender on the basis oi acses.n-cnts ~nd h,lls and reasunable estimatts tfiereof.
'[l~e Funds shall be held in an ins~~~w~c~n ~he deposit. or arcounts ot which arc insured ar guaranteai by a Fedcral or
state agency (including Lender if LenJer ~s such an inshtution). I_cnder ~hall apply the Funds to pay said iaaes, asseumcnts,
insuranee premiums and g-aund rents 1 ertder ma}• not charge tor s~ holding and applying the Fimdc. analy~ing said acc.~unt.
or vsritying and curnpiling said assessments and bills, unless I.ender pays Borrower interest on the Funds and applicahle law
pennits Lender to make such a charge. Borrowtr and t.ender may agree in writing at ~he ~i~ie ot execut~on ot this
Mortgage thri interest on the Funds shall he paid to Borrowu, and unless sucfi agrcement is made or applicable law
rcguircs such interut to be pa~d. Ler.der shall no~ he required to pay Borrower any interest or earn~ng~ on the Funds. 1_enarr
shall give to Borrower, without charge. an annual accounung o( the Funds show~ng credits and debns to the fundi and thc
purpost for which taeh debit to Ihe Funds w•rs made. The Funda are pledged as addit~onal tiecunty for the sums tecured
by this Mortgagt.
If the amount o[ the Funds held by l.ender, together with the future monthly instatlments ot Fund~ payable pnor to
the due dates of tara, assessments, ~nsurance pre~mums and gruund rent,, shall exceed the amount reyu~red ~o pay ~aid taxes,
assessments, insurance premiums and ground rents as they lall due, such excess shall be, at Borrower's opi~an, r~ther
pranptly rtpaid to Borrower or credited to Borrower on monthly installments of Funds. !f the amount o( ~hc F•unds
hold by Lender shall not be sutTcient to pay taxes, assessme~ts, insurance premiums and ground rents as they [all due,
9err~vtr sha!! ~+ay ta Lender any amou~t neressary to make up the deficiency witAin 30 days fram thc date notice ~s ma~led
by Leoder to Borrower rcquuting payment thereof.
Upon payment m full of all sums securcd by this Mongage, l.ender shall promptly refund to Borrower any F'unds
held by [.ender. If under paragraph 18 hereof the Property „ sold or thc Yroperty ~s otherwise acquired by Lendcr. Lrnder
shall apply, no later than immediatcly pnor to thc sale of the Property or its acyws~t~on by l.ender, any F=undc held bv
L.ender at the time of apQlication as a credit against the sumti secured b- this Mortgage.
3. Applicuioa of Payments. Unless applicable law provides otherwis~, all payments received by I.ender under the
Note and Qaragraphs I and 2 hereof shall be apphed by I.enJer firtt in payment ol amuunts payable to Lender by Borruwer
under paragraph 2 hereof, Ihen to ~ntcrest payable on the Note, then to the princ~pal ot the Note, and thcn tn interest and
pnncipal on any Future Advances.
4. Charga; I.iens. Borrower chall pay all t~rrt, a~scs~mcnis and ~~thcr ~hrrgc~. finet anJ imEx~.itaunt attr~butahle t~~
the Property which may attair~ a pnoriry over th~~ Mortgagc, and Ica.chuld paymcnt~ ~v ground rents, if an}•, ~n the manner
peov~ded under paragraph 2 hereof or. ~f not pa~d in tiuch menner, h~ Burrower mak~ng payment, when due, d~recdy to ihe
payoe thereof. Borrower shall prompNy furn~sh te~ LenJer all noUccs of amounts duc under this p:uagnph, and in the event
Borrower shall make payment d~rectly, Borruwer ~hall promp!ly furn~sh lo t.ender receiptt rvidencing wch payment~.
Borrower shall promptly disch~rge any lien which has pru~nty u~cr th~e 4lurtgage: pmvided. that Borrower tihall nc~t be
reqwred to d~scharge any such lirn s:> long as B1~ffUKl[ shall agree m urmng 1~~ the p:+Yment ot !he e~bligaUun secured by~
such lien in a manner acreptablr tu (_ender, ur sh:sll m~;~N~d fa~th cunte~t wch lien h~, er defend enfor~ement of such lien in,
legal proceedingt which oper:~te tu prevent thr entur~etnrm ut th~ licn ~~r torfcnure ~( the Property ur an}• part thereuf.
S. H~zsrd Insurance. Horrower shall keep the impn+vemem. n~~~. e~icung ~~r here.,(~er erected on the F'rnpcr.y msured
against locs hy fire. hazardti includrd uith~n the trrm "«lendrJ c~~verage~~, a:~~+. wch o~her hazardti a~ Lender m~y~ reyuire
and ~n surh amuunts and for such penocl~ ati Le-idrr may rryuirr; pn~vided, that Lrn.lcr tihall not rcyu:rc that ~hc am.~unt ~.[
such coveragr e~ceed that amount i~F c~~verage reyu~red to pay thr ~um~ tiecurcd ~h} thn Morlgage. '
The insurance ::arner providing the imurance shall be cho~en hy 8airower tub~ect tc~ approval by 1_ender; provided.
that such approval sh311 not be unreawnahlp w~thheld All ~rem~um~ un inwrance puliaes tihal) be paid in Ihe manner
pruv~ded undrr paragraph 2 hereof or. ~1 not pa~~l in ,uch mannrr, hy Burrower mak~ng payment, when due. directlp to the
~nsuraoce carrier.
A~I insorancc pulicie~ anJ rcneW alc therrof shall tx ~n form :~ccep~.~M~ to I.en~ler and shall in~lude a standard mortgage
clause m fav~.r ~f and ~n form acceptai~le tr Lender. I.~nd~r shail ha.~e the right tu hold ihe palic~es a~~J renewals there~~f.
and Bormwer ~hall promptly furnich to Lender all rrncK•al noliceti :~nd all receipts oi pa~d premium~. In the e~•ent i~f lo~ti.
Borruwer ,h.+ll gne ~r„mpt nuucr tu the in~u~.~ncr wrncr ~I~(~ LCn~ll'~. LGfT~1Cf ~na} m.ike pna~t „t lu~a if not made prumptl}
hy Borrower.
Unless LeRclrr and B<~rrtrKrr ~rthcr~iti~ a~tree in ~nting. inwrance pr~ke~Jc shall be applied to restoration e~r rep~ir c~f
the Property Janieged, pruv,Jed ~u~h re,turatum ~~r r~pair u rrun~~mic:+ll}• tras:h!e end the security of th~c tit~rtg:.ge ~~
not thereby impaired. II ~u;h r~titorat~un or repair ~s n~~t ~cunumicall~ trati~hlr ur if ~r,e ~ecun~y of Ihi~ Mortgagc w~~uld
be impaired. the msurance pnK:er~, tihall be apphed tc~ thr sum~ ~e.ure~1 b~ thn ytextg:+ge. uith the excess, if a~}, paid
to Born~.~~cr If thc Pr~~~rt~ i, :~harnicmcd h~ Bc~rruw~er. ur +t Borrc.wer fail~ t~~ rc~~~nd t~~ Lender with~n 3U da}•~ fr~~m thr
;iate nut~cr ~. ma~led h~ Lenefer to Bnrruwrr th.it the ~~~~uran;r ~arner c~tien ~~~ ,ettle .~ cl~im for ~nsurance henefits, l.en~ier
~s auth~~nied t~~ collect~ and apply the imuran:e pr~~eeeJ~ at ( rndrr~. upt~~~n ~ithrr te~ re~tur~t~on ar repaer af Ihe Yrc~; ert~
ur to ~hc sum> >~cu~ed h}~ this ~lortgagc
Unlex Lrnder and B~~ffUU'tf UIhCEN11l' .I~fl'l' in ~~nting, an~ ~u~h npplic;~uon ~~f ~+n~:eeds to pnncipal tihall n~~t e~tend
or poslpunC the due ~1ate ~if thi munthh m~Iallmcnt~ referred t~~ tn paragraph~ 1 an~l 2 hCr~~~f or change IhC arnvus~t ~~t
such imtallment,. li un~et paragraph Ib hcre~~( th~ PruFxrty i. acyu~r~d h~ Ixndcr, ~I! nght, ntlc an+1 snterest ul Bc~rr~,~~er
tn and to an} h:~urance pc>iiries :,n.i in :in.1 t;~ thr pn~credti thereut retiulung tn,m da~nag~ t~~ the Propert} pnor tu th~ ,.e~e
or acyw~it~un ~h:~tl pa» to LenJ~r t~~ thc e~tent uf thc ~umti ~cwred hy thiti ~tortgag~ immediatcl}' pnor t~• wch ~:+Ic ~r
acywsition.
6. Presenation ~od ~laintcnance of Propert~: I.easehulds; ('ondomioium~; Planned l:nit Uevelopmrnts. B~~rm~+rr
shall keep th~ Pr~~perty in gc~~~ rr~~air and ~hall rn~t rc~mroit y.aste ~~r ~xrmit impairment or ~lcteriuratiun of the Pn~rx~rt}
aud shall comp!) Hrth the provisiun~ vf any le:ice ~! thi, ~1~,rt;;a~;r i. un a Irasrh„Id. If Iht~ !~tortgage is on .~ ~mit ~n .i
condomin~um or a~~lanned ~;nit dcvcl~~pmenl. Rurrc~HCr .h:,ll ~xrturm :,II ~~f Born~wer's obligat~ons under the decl.~ratn~n
or covenan~c crcat~ng r~r K~~vern~ng thr c~~nd~~niinium ~+r pl:~nne•1 unrt devrlupment, the by-law~~ and regiil:~ti~~n~ ~~f the
cnnduminnim cu plann~d umt dr~cl~~~mient. end cn;uutu~nt J~,~umcnr. It .~ ~un~l~im~nium or plnnncd ~~nit ~tr~rl~:pmcnt
nJer i, e~ecuted by Horruwer ai:J re;~,niril t~~Kether w;th t};~. ~turtga~;e. thr c~~ven:intti and :~greemcn:. +•t ,nch r~~!~r
thalll bt incor;orated int~ and Sh.ill emcnd an~1 tiupplrtnrnl Ihc ~u~.rn,~m~ .~n~i ,~grecmcm~ t~f th~~ M~~rtga~:c a~ ~~ ihr n~irr
~ere a p~rt tereuf.
7. Proteition o( I.ender'~ tiecurSly. IS H~~rn~uer f.~~1. '~~ E•rrt~~rm the c;,~•enent. :~ntl :~Freemesitc ~~~ntamed ~n th~.
Mortgagr. ur if any .i~h~,n ~,r pt~,.~c.iin~ :~ :~~mmrn~c~t ~ahicri rn.~t~rialh .~ITr.tti I en~icr ti~ntcrc.t in thc F'r~~~c•rr~.
includ~nb. hut nut hm~trd t~~. rn?inrrN Jum:un. ~n.,~t~cn~ t. ~:~~iic ~•nt„ncm~nt „r arran~rmrnri t~r pr~,rr~dinc~ in~~~l~in~ a
bankrupt or dc.cJcnt. ~hcn I cnJcr e~ I cndcr', ~~pt~un, <s~~n n~~ticc ~,. Ni~rr~,Krr. nia~ rn,~kr su:h :~~~xaranrc~. ~1i,hur~e wrh
sumti and talc such a~;i~rn .~~ ~s nc~c.,ar~ t~~ pr~~tr.t I.rndcr'. imcr«t. ~r~cln~iin.r hut nrt IimrtcJ t~~. .'.nhur~rmcnl ~~f
r^_asonahlr :~tt~~rnc)~~ Irr~ and rntry up,:u !hr I'ri~pcrlti t~~ m.~1,r rc~,ui. It ( ri~Jr~ ~cy~urr.i nte•rt~;a!~c in~,ur:~r.ee• a~ ,~
~unJ~ti.~r. ~,f ma~,irig Ihc k~.~n ~~e~!ucJ h~ Ihi~ ~1~~rt~.iir. li~vr~•.w~~r tih ~11 ~~et thr E~tcmiun-ti rcy~nrc~1 l~~ n~ai~tLuii ~u~h
~muran~r u~ rt(c.t urztil ~u~h timr e~ ihr rry~iucrzicnt t~~r ~.~r,h ~n.uian.r t~rm~~i:~tr. ~n .u",rdance ~~ith Bc~rn~.~rr'~ .~n~t
a~;.}K.
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