HomeMy WebLinkAbout2471UtvtFORM CovFN~Nrs. Borrower a~d I.eodrr ruvenao~ :~nd a~;ree a~ f~ll~~ws
1. P~yment of Principal aad I~te~esl. Harrowcr .h:~ll pn,mptl~ pay ..hcn duc thc pnncipai ~,f and intcrest un thc
~adebteduess evidenced by tiie Notr, prepaymrot anJ late ch:~rgr. a. pruvidrd in thr Note, and the pnncipal ~~f and iMere~l
on any Future Advances stcureJ by Ih~~ M~~rtgagc
Z. Funds fo~ Taza and lasuraace. Subject ~o ~ppli~:,hic I.~W ~~r u~ a wri~~en w;-~ver by I.ender. Borrower ~hall pay
to l.ender on t5c Jay mon~h~y m~tallmcn~a of pnnc~pal anJ intrr~.~ .+rr ~.~~•aM~ undcr thc Nate, unhl ihe tiote i~ paid in fuil.
a sum (herein "Funds") cqual to one-tHCI(~h c•l ~hc -~arh ia~~~ :,n~i a~~r~~mcnt~ ~h~ch may~ auain pn~~rity over ~h~,
Mortgage, and gro~nd rents on the Property, if :-ny. plu. +~nc-~~:clf~h ~~I ~ra~lg prc~nium mslalimentc for hazard ~mur.,nrr.
plus one-twelfth of yearly premium intitallmrm~ f~~r m~~rlgagc ~mnrancr. ~t any, all a~ rcawnably c~timated in~t~:~lly :~nJ trum
ume ~o ume oy i.enaer on thc ba~iti ol a~~c~~n~rnl~ anU hCl~ .~i1~1 IC.~~un:-bIC CtiUt11:~lCS thCf~~~l.
7T~e Funds shall he held in an imluutiun thr de{x~,~~. +~r. uc«~uiitc al whirh are insured or gu.~r:inteed M a 1•c.ier~l or
state agency (inciuding Lendrr ~f I.endrr n,uch an inst~tuti~n 1. 1 cnJer ~hall apply the Fundc to p~y ~aid ta~eti, as~~ssmrnts,
insurance premiumt and ground renh 1 ender n~a) n~t charge t~.r ;~~ h~~ld~ng and appl~•ing the Fuud~. arr::!}•nn~ .aid :~rc:~unt.
or verifying and compiling said astie~ament~ a:~J h~ll., rinlr~s Lcnder pay, Burrower ~ntcrest on thc Fund~ and appl~cablc law
permits Lender to m~ke ~uch ;~ charge. R~~rrowcr and Lrnder may :~grre ~n wntmg at ~hr lin-r of c~ciuuun ul thi~
Mortgage ~hat interest on the FunJs shall tx p:+id tu Borruwer, rnJ unles> >uch agrcemen~ i. neadr ur appl~~ahlC L~a
requires such interest to be paid, l.ender tihall n~a tx~ reyu~red to pa)• ~3orrciwer am interest ur carnin~:, ~~n the (~+m~i~. Lcn~r~
shall give to Borrower, without _harge. an annua! ac~uunhng of Ih~ Fund> >huw~ng credits and drhih t~~ thr f~und~ anJ th~
purpose for whtch each debit ta the Fund~ w;u maJr. The Funds a« pl~dgrd ~~ :1lJlI1hVt1:lI ~~curt~ t~~r ~hr wm, .rcurr.!
by this Mortgage. '
If the amount of the Funds held h~• Lender, t~~gether with thc (utur~ munthly ~mlallmenl~ u( Fun~h ~ay~ablr pnnr t~~
the due dates of taxes, as~essmenis, insuranre prenuums ~nJ ~ruund rr~~n, shall c~crrd thc amuunt reywrrd w p:~} .aid ta~c~,
assessmen~s, insurance premiums and gruund rents as thcy tali dur, such c~cr.s tihall bc, at 13~~rrowcr', .+~u~+n. ~~thrr
prompUy repaid to Borrower or credned to Burrovver un munthly m,t~llmcnlti o( f~und,. lf the amuunt ~~f th~ I~un:i+
held by Lender shall not be sufficient to pay taxcs, assessm~nts, in~urancc prcmiumti snd ground rent~ as thry f.~ll dur.
Borrower shall pav to Lender anv amc~um ne~cc.;,r~~ ~~~ makC ~m ~h~~ :irficiencv within 30 ~1~~~ trom the dat~ nuL~e i~ ni.ule~
by Lender to Borrower reyuesting pa~•mcnt thereol.
Upon payment m full ot all sums secured by this MonRage. Lender shall promptly retunJ to Burru~er any FunJs
held by I.ender. lt under paragraph 1 R hercof the Propcrty ~. ,uld or thc Propcrty is utherwi~c acyuired by Lrndcr, Lrn.icr
s6all apply, no late~ than immediatrl}- pnor to thc ~atc of the Propcny or its acquisition b}• Lcndcr, any~ Fun.i~ hcl~ b~
Lender at the time o( application as a cr~dit against the sum~ secured hy thi~ I~tartgage.
3. Application of PaymeMx Unlecs appl~cable laN• provi~les otherwitir. .ill paqments recei~eJ b}• Lrnder un~ier thr
ivote and paragraph~ 1 and 2 hereof shall be appti~d by l.cnder 6n~ in pa~mrnt i~l amuunls payablc t~~ !_in~lrr hy~ [3orroHrr
under paragraph 2 hereof, then to interctit payablc un thr Nutc, thcn t~~ thc prin~ipal o( the Nut~. .md thcn ~~~ intrrrti~ ;~n~i
pnncipal on any Future Advances.
4. C6s~es; Liens. Borrower ahalt pa~~ all taxe~, acces~mrnts ~nd c~thc: chargeti, fines and ~m~niUons :~t~nbut3hle t:~
the Propetly which may attain a pnonty ovcr Ih~s Mnrtgage, and leakhold payments ~ir ground rente. if an}•, in ~he manner
provided under paragraph 2 hereof or, if not p-+id in such manne:, by Borrower making payment. when due, directly to the
payce thereof. Borrower shall promp~ly furnish to Lender all not~cec of amounts ~iuc under th:s paragrapt~, and in thc event
Borrower shall make pa}Tnent directl~, Borro~+er ~hall promp[ly furnish tt~ Lender rereipts e~idenc~ng such payment~.
Borrower shall prampily discharge any lien .+hich has priont~• uver thu Mongage: prov~Jed, that Burrower chall not be
requireci to discharge an~• such licn so long :~s Borrower Shall ~grer in ~r~t~ng ti~ the payment of the obl~ga!~~=n secured h}~
such lien in a manner acceptable to !_ender, or .hall m goocl faith cuntr,t ~uch lirn by, or defend enf<~rcement of wch lien ~n,
legal proceedingc w~hich operate to preven[ the cnfurcemcnt ol th~ I~en or forfcitun• of the Property or any part thereof.
S. Hrzard /nsurance. Borrow•er shall L,~ep the impnevemrnt~ now exicUng ~~r herrafter erectcd on lhe ProExrty -murec!
against loss by firc, h~zards in.luded withm thc term °c~tcnJc~l wver:-gc", and such other hazard~ as Lender ma}~ reyuire
anJ ~n such amounts and t:~r such periocl~ as t.ender ma}~ reyuire: pmvided, that Lender shall not reyuirc that the am~~unt ~~f
such coveragr e~ceed that amount of cc~verage reywred ~o pa~ the tumti ~ecured ~h}• this Mortgage. .
'R~e insurance rarr~er provi~ing the inzurance tih:~ll be chosen by Borruaer sub;ect to approval hy Lender; provided.
that such approval shall not bc unrea~unahl}' withheld. All premium~ on insurance policies snall t.~ paid in the manner
provided under paragraph 2 hereof ur, if not pa~d in ssch manner, t~y Bnrrower making payment, when due, directl}~ tn th~
insuranre carner.
All insurancc F-uhc~e, anJ reneNals thercuf shall be m form aceeptablr to LenJer and shall include a ~tandard mnrtgagc
claus: in fav~r ~f and ~n furm a~ceptahle to I.ender. i.~nder shall have the right to huld the poliries and renewalc thercof.
and BorroNCr sh:dl p~~~mptiy furnish to Lender aU nnewal nouces and ali rcccipts of paid premium~. In the ~vent ~~f lo...
Borrower sh:ttl c«e p~c~mpt nuhc~ t~~ ehc in~ur.u~ce wrner anJ I_ender. I.en~lcr m~} make ~rouf of los.s if not made promptl~
by Borrower.
Unless I_ender and Bnrruwc: otherw:~~ agr~e in ~•nt~ng, in~urance pr.xeeds sha~l t,. applied tc~ restor~tion ~~r repair ~~f
the Yroperty damaged, prowde~ wrh rc.tc~rati~m ~~r repair is rccm~~micall~~ featible and the tiecuriry of thiti ~c~(tgaRC ~~
not thereby impaucJ. 1t surh rc,tur.~tnm ur rep~ir is n~~t «un~~micall~ fcatiihlr ~r ~f the sewnt}• of ihi+ Martgage ar~uld
be impa~red. the insuran~c pnxeecl• sh.,il in applirJ tu the wmti ~e~eue~l h~ this Mortgage. H~th ~hc excets, if am. pa,d
to Borrower. Ii thc Propert~ i~ :~han~l~•ncd h~ Burrt~wer, or it Bc~rr~~wcr failti ti~ res~nd t~ Lender w~th~n 3U days fr~~m thr
~late notice ;~ mailed by Lender t~. Borruwcr that the insurance carrier otter~ to ~et~le :i claim f~~r in~ura~ice benetits, t.enJ~:
i~ autht~rized to coAect ~nd appi~ the imurance proceeds at LenJer', opt~i~n cuh~r tu rc~stvratwn e~r repair ot !h~ Yrc~~:n:
or to the wms ~ecured by this ~iurigage.
CJnless I.ender and Borruwer ~~therr~i.r :~gree ~n wnting. an} surh .:pplir:stion „f pr~r_•eeds to pnnc~pal ~hall nc~~ ~~send
or p.>stpone the due date of the mc~nthi} installment~ refcrred t.~ in paragraph~ t ancl 2 hereof or change the am~~uni ~~f
such installment~. If under paragraph 1 h hereof the Propc:rt} is acyiureJ h~ l~nder. ~II tight, title and imerest ot 13~rr~~ucr
in and to any insurance ~~t~ciet :~nd in ai~d t~~ the proceeds rhere~~t retiulticg tmm ~a+»age to the Property ~±nor to" thr s:,!e
or acy~!s~tion shall pass to Lender to the e~tent ~( the sums secured b} this :4lortgage ~mmediately pnor t<~ iuch ,ale ~~r
acquisition.
6. Prcsenation and ~tuotenance of Pruperi~: I.easehulds. ('ondominiums; Planned Unit Developmrnls. Bixro~arr
shall keep the Propeny in g~wc~ repair ~nd tihall not comrpit waste or permit impairme~t or deterioration of the Pro{x:rt~•
and shail complp ~vith the provisiuns of any lease ~i thi~ Murtqace i. ~~n a Icasehold. If thic M~rtgage is on a unit in e
condomin~um or a planned un~t de~elupment, Horrc~wer ~hall Exrt~~rm all c~f Borrower's obl~gations under the declarah~~n
or coveoants creating or governing the condcrminium or planncd unit development, the by-laws and regulatiunc ~~f ~he
condominium or planned unit development, and corstituent dcx-umeni, If a condominium or planned umt ilr~el~~~mc:it
nder ~s executed by SorroHCr and rec~~rded t~~gether Hith thi~ Mnrtgage. the coven.ints and agreements ~( wch n~icr
shall be ~ncorporated into anJ shell emc~d ~nJ tiupplcment thc cvvrnants and agreemenls of this Mortgagr at if th~ n~lrr
were a part hereof.
7. Protectioo of I,enders Security. 1( N~rrower fai{~ t~ prrfurm the roven:~nts an~i agrecments cuntained ~n th~t
Morigage, or if any achon or proeeedmg ~+ c~~mmcncr~t uhich materially~ afiects Leniler'~ mteres~ in the PmFxrt~,
including, but not limited to. rmincnt domain. ~n~~lvcnc}, ax)c cnturccmcnt. or arr~n~~mcnts or prcxccding~ m~~~h~ng a
bankrupt or decedent, then I.ender at Lender't ~phon, upun notice tc- Norrowrr, ma.~ !nake such appearanceti. dishune ~uch
sums and take such action as ~s neces,ar}• tu pratect Lender's interest. includ~ng. but nc-t lim~ted to, dnbursement ~~f
re~sonable attorney's tecs and en!ry upt~se the Propcrty to make rcpairs. If I.cnder rcy~nrc~i mortgage imurance a, a
condilion of making the loan secured by Ihis M~~rtga~,e. B~~rn~wcr shall pa}' th~ premiu~m rcy«ire~l to mainta~n wrh
insurance in efiect until such Ume as the rcyuirement for wch ins~rance terminate~ ~n .~ccordanc~~ H•uh Bor:.~wer'. ;,nd
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