HomeMy WebLinkAbout2466UN~tuRtN ('avHrv~[v7s. Borrower anJ I.rnder cuvenant and a~;rre ~s f~ll~~wc:
1. Paymenf of Principai and I~te~est. Bormwer ~h:+ll prum~,tl~ pay Nhcn due the pnncip.,l ~~f and intrrest un thc
~ndebtedness evidence~ by the Notc, prepaymrnt :,nd I~te ch:~rgr. .~. ~m~•ided ~n the Note, and Ihe principal of and ~nteres~
nn any Fulure Advancec cecured hy th~c Morteae.e.
2. Funds tor Tua ~+nd Insuraace. Subjec~ ~o applir~hlc I:~v- ~~r t~ a Hnuen warver by l.rnder, Bortower shall pay
to Ixnder on the day manthly inctatlments of p~incipal and int~~rr~t .~rc p~~'ahl~ under the Note, unt~l the I~ote ~c paid in (ull,
a sum (hercin "FunJi') cqual to one-tw~lflh o( thc yrarh ta~~•. and a..r,~mrnt~ wh~ch ma~• att:~in pnurity uvcr ~hiti
Mortgagc, anJ ground re~ts on the Prupcrty, if any. plu~ unc-1K~If~h ut y~arly premium installmcnts tor harard ~muranre.
plus one-twelfth of yearly premium installments (or mortgagc insi~rancc. ~f ;in~~, all a~ rcasonabl~• cctimated initiall~~ anJ from
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"Il~e Funds shal) he held in an in~tituuun Ihr de{x~~in or ,~rcuunls of which are insured or guarantee~i hy a{=ederal or
state agency (including Lender if l.ender i~ wch an in~utution). I.enJer,hall apply ~he Funds to p:~~• aaid tares. ascessmcnts,
insurance premiums and gmund rents. 1 ender m:~t• not charge tor +~~ hi~tding and •rpplying the Fundc. anal~zing ~aid account.
or veri[ying and rnmpiling sai~ asse»ments and bill~, i!nlrss I.endrr {w}•~ Borrower in~erest ~~n the Funds and applicahle law
permits I.ender to make such a charge. R~~rruwer ar.d 1.enJer ma}~ ag~ee in writing at the timc ol exr_cuti~,n of this
Mortgage ihat interest on the Funds shall tx. pa~d tu Borruwer, and unles~ such agreemem is mad~ or :ipplicable law
requires such interest to be paid, l.ender ~hall n~~ tk reyuired to pa}• Rorrower :~m inlerest or earn:ngti ~~n thc Fund~. I.endtr
shall give to Borrower, without charge. an annual accuunt~ng o( the Fund+ showing credits and deh~ls u~ the FwiJ~ and the
purpost for which eaeh debit to the Funds w~s maJr. T~e (=iinct~ are pleciged a~ sJditiunal secunry f~~r the sumt secured
by this Mortgage.
lf the amount of the Funds held by LenJcr, together wi~h thc fi~turc monthly inctallmcnl~ o( Fundc pay~able prior to
the due dates of taxes, assessments, insurance prcmiums and grou~~d rent~, shall ~xierd the amount reyuired ~o pa? +aid ta.rr:.
assessmentc, insitrance premiums and ground rents as they falt dur, such exre.s shall be, a~ B~xrowe~ s oph~~n, either
prompUy repaid to Borrower or cred~led to Borrower on mun~hly in.tallmcMs of Funds. If liic amoun~ of thc i-unds
held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums aiid ground rent, as they fall .iue,
Borrower shall pay to Lender any ~:naunt necessary to make up the deficiency withi~ 30 day~ trom the date notice i~ mailed
by Lender to Bormwer requesting paymcnt ther~rof. -.
Upon payment in full of all aums secured by this Mortgage, Lendrr shall promptly refund to BorroN•er any Funds
held by ixnder. If under paragraph 1R hereof the Property ~. sold or the Propcrty rs otherwi.c acquired b}• I.ender, I.cnder
shali apply, no later than immediately prior to the saEe .~f the Propeny or its acquisition b~~ Lender, any Funds held by
Lender at the time of application as a credit against the suma secured hy this Atortgage.
3. Application of Payments. Unless applicabie law pravides otherwise, ali payments rereived by Lender under the
Note and paragraphs I and 2 hereuf shall be apphed by I.ender first m psymcnt of amuunts payablc tu Lender by, Borrower
under parag~aph ~ hereof, then to inlerest payable on the Note, then to the principal of the Note, and then to intrrest and
pnncipal un any Futurc Advances.
4. CharRes; i.iens. Borrower shall pay all tares, assessments and othcr charges. fines and im~+c~sitions attributable to
the Propert~~ a~hich may attain a pnority over lhis :~lortgage, and leasehold payments or gruund rents, if an~•, in the ma~ner
provideJ undcr paragraph 2 hereof or, if nat p:~id m such manner, b~~ Bi~rrower making payment, when due, directly to the
payee thereof. Rorrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
Borrower shall make payment dirertly. Borrower shall prompti} fumish to l.ender receipts evidencing such payments.
Borrower shall promptly discharge any lien which nas priority ~~ver this Mortgag°: provided, that Borrower shall not be
reqwred to Jucharge any such lien so long as Borrower shall agree in Nriting to the payment of the obligatiun secured b}'
wch lien ~n a manner acceptable to Lender, or shall in gooci faith contest such lien by, or defend enforcemeM of such lien ir,.
legal prucrec:u~gs which operate to prevent the enforcement of the lien or forfeiture of th~ Property ~r any part thereof.
S. Hazard Insurance. Bc~rrower shall keeQ the ~mpro~•ements now existing or hereafter erected on the Property insured
against lots h~~ firc. hazards included within the term "extenued coverage", and such other hazards as Lender ma}' require
and in such amuuuts and for such periods as Lender m3y require: ~ro~•ided, that Lender shall not reyuire that the amount of
such co~•erage ecceed that amount of coverage required ~o pap the sums secured ~b}• this Mortgage.
The ~nsurance ~arrier providing the insusance shall be chosen b}• Borrower subject to approval by Lender, provided,
that wch approval shall not be unreasonably withheld. All premiumc on insurance policies shall L~ paid in the manner
prov~ded under paragraFh 2 hereof or, ~f not paid in such manner, hy Borrower making payment, when due, directly to the
insurance ca~ner.
All insurancr Fwlicies and renewals therrof shal! be in form accep~abte to Lender and shall include a standard mortgage
clause ~n fav~~r r~f and in Eorm acceptable to Ixnder. L~nder ~hall have the right to hold the policies and renewals thereof,
an~~ B~rn~wer ,hal! prumpUy furnisn to Lender all renev-a! not~ces and all receipts of paid premium;. In the event of loss.
Borr~~µer ,h:~!! Ki~~e pri~mpt notice to the insur~nce carrier and l.ender. Lender ma~ make prcx•f ot loss if not made prompt:}
by $~~rn,wer
Unless i endrr and Borrower othcrw•i+e agrec in ~nting, insurance procecJs shall be applied ta rest~ration or repair of
the Propei~y ~iamage.i, proviJeJ such re~toratu~n or repa~r is eco~~omicall}• feas6ble and the security of this Mortgage is
not thereby impaired if soch restoraUim or repa~r is n~~: ~c~~nom~cally feasible or it the security of Ihis :~tortgage vvould
be imyaired. the imurance proceeds shall be applied to the sums secureJ b}• this Mortgage, with the excess, if anp, paid
tu Borr~~wrr II ~he Propert~ is abanduned h~~ Rorrower, or if Borrower fails to respond to Lender within 30 days from the
~1a1e nouce ~~ mail~d by Lender to Borrower that the insurance carrier ofiers to settle a claim for 6~surance benefits, 1_ender
is authonreJ tu ce~ifect and apply the insurance Proceeds ~t Lender's opti~•n either to restoration or repair of thc Propert~
or to 'hc ~u-n, ~~c~~red by ~his ~tortgagc.
l,~nleic t ender and Borruwer otherwisc agree in w~riting. any such application of prckeeds to pnneipal shall not e~tend
or posiEx~ne the due ~ate of the monthly installmcnta referred t~• in paragraphti 1 and 2 hereof or char.ge the amount of
such in.taUment~. If under paragraph IK hereot the Property is acywred b} Lender, all right, tide and interest of Borrow•er
in aod tu an~ ~nserance policies and in ~nd to the proceeds thereot resulung Irom damage to the Property prior to th~ sale
or acyu:~~tiun ~h.,l! pass to Lender to the extent of the sums secured h~- thu Aturtgage immediately prior to such salc or
acqwsition.
6. Presenation aud ~taintenance o( Propert~; Le~sehulds; ('ondominioms; Planned Unit De~~elopments. Borro..cr
shall keep thc Property in good repair and shall not comro~~ K'aste c: permit impairment or deterioration of the Property
and st~aU a:mplp aith the provisions of any lease if th~s Mortgage is un a Icasehold. If this Mortgage is on a unit in ~
conJominium ~~r a planned unit development. Borrow•er shall f+erf~~rm all of Borrower's obl~gations under the declarati.~n
or covenants creating or guverning the condominium or pl:~nned unit development, ihe by-laws and regulations of the
conJominium oj planned unit development. :~nd constituent Jcxu*nentc. If a condominium or planned unit development
c~der ~s r~ecuted by Borruwer and recorded together Hith ~his Mortgage, the covenants and agreements of such rider
shal! be -ncorporated into and shall amend and supplement the cuvcnams. and agreements of this Mortgage as if the ri.ler
werc a Part hereof.
7. Prot~ctioo of Lender's Securfty. If Borrower faiis tc~ perform the covenants and agreements cuntained in this
Mortgage, or if any action or proceedmg ~s commenceJ w hirh materially stiects I.ender's interest in the Propert}~.
includmg, but not limrted to, eminent domain, in~lvency, code enforcement, or arrangrments or proceedings ~nvohing a
bankru~ or decedent, then l.ender at Lender's option, upon notice to Borrower, may make such appearances. Jisburse such
sums and take such action as is necessary to protect Lender's mterest, incluJ~ng, but not lim~ted to, disbursement of
reasonable attorney's fees ~nd entry upon the Property ~o make repairs. If 1~~der rcquircd mo~tgage insurance as a
condition of mak+ng the loan secured by this Mortgage. Born.ucr shall pay the prcmiums reyuired to maintain such
insurar~ce i~~ eBect until such time as the reyuirement for tiuch insurance terminates in accordanc~ with Borrower's anJ
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