HomeMy WebLinkAbout2482UHtpo~ CoveN~N1s. Borrower and Lender covenan~ a~d agree as follows:
I. tayasest ot Prisclpd ~d lafered. Batrower shall promptl~• pay w~en due the priocipel at and inte~est on 1he
~ndebtednsu evidenced by the Note, prepayment and late charge. a~ provided ~n Ihe iVote, a~d the principal ot and intercst
0o any Futurc Advances secured by this Mortgage.
2. I~b~ds tor Tues and lawnace. Subject to applic~ble law u~ to a writ~en waive~ by Lender, Borrower shall pay
to L.ender on ~he day monthly ~nstallments of principal and ~nicrc.i ~rr payable under ~he Note, until the Note is paid in (ull,
a tum (hercin. "Fu~ds") equal to one-twelfth of ~he yearl~ ta~~. and assessments which may attain pnority over ~h~s
Mortgaae, and ground rems on the Properly, if any. plus one-twei(~h ot yearly prem~um installmcnts for hazard insurance,
olui nne-IV~elfth tif v~arlv nr~mium inctallm~ntc (nr mnrroao~ incuran« ~t anv all ac reaconablv eSfimaled initiallY and trom
time to time by Lender o~ the basis of asxs~mcros and hills and reawnable eslimata thereof.
The Funds shall be held in an insdtw~on the depcxit. or ~ccounts of which are insured or guaranterci by a Federal or
state agency (including Lender if 1_cnder ~s such an ins~i~ution). I.ender ~hal1 apply the Funds to pay said taxa, assessments,
iruuranee premiums and ground rents I ender ma~~ not charge fur s~ holding and applying the Fi~ndc. analyzing said account.
or verify~ng and compiling said assessmen~s anJ hill~, unless l.ender pays Borrower interest on the fiunds and applicable law
permits Lender to make such a charge. t~rrower and l.ender may agree in writing at the time a( executioo o[ this
Moitgage that interest on the Funds shall be paid ~o Borrower, and unless such agreement is made or appl~cable law
rcquires such interest ro be paid, Lender shall not he requ~reci ta pay Borrower am• imerest or earningt on the Funds. I.cncier
shall give to Borrower, without charge, an annual account~ng of the Funds showmg credits rnd debits to the Funds and the
purpose for which taeh debit to the Funds wa~ made. The Fu~~ds are pleclged a~ additional ~ecunly for the sum~ secured
by this Mortgage.
If the amount o[ the Funds held by Lender, together with the luwre monthly ~nctallments of FunJc payable prior to
the due dates of taxes, asscssments, insuranct premiums and ground rent~, shall etceed the amo~~nt reywred to pay~ aa~d tates,
asseasments, insuran~:e premiums and g~ound renis as they fall due, such excess shall be, at Horrower's op~~i~n, ruher
promptly repaid to Borrower or credited to Borrower on monthly ~nstallments of Punds. I( thz amuu~t of thc Funds
heid by Lender shall not be sufficient to pay taxa, assessments, insurance prem~ums and grounJ rents as th~q t'ali due.
~iTC~f~S 5~:~~~ Y:} :~ ~ :.':'!~~ 3:^.~ 3...v...^.: .^. - .»..:j' ~C ::33~£ ::~. :4: '~C-.~~.~t~n^<~• +Y~:h~n 1[1 .~a~c frrtrrt ehP r~atr nrn-ice ~ti ma~led
~ .. . _, ..
by Lender to Borrower requestmg paymem thereof.
Upon payment in full of all sums secured by this Mortgage, I.ender shall promptly ~cfund to Borrov-~er any Funds
held by Ltnder. If under paragraph 18 hereof ~he Property i. tiold or thc Propeny ~s otherw~ce acquired by Lender, I.ender
s6all apply, no I:ter than ~mmediately prior to the sale of thr Property or rts a:qwsition by I.ender, any Fundc held bv
C.ender at the time of application as a creJit against the sums secured by th~s Mortgage.
3. Appli;~tion of Payments. Unless appl~cable law provides otherw~se, all payments received by Lender under the
Note and paragraphs 1 and 2 hereuf shalt hc applied hy I.ender first ~n pa~ment oF amoimts payable to Le~der by Borruwer
under paragraph 2 hercof, then to ~nteresl pa)•able on the Note, Ihen to thc principal of the Note, and then to ir.terest and
priucipal on any Future Advances.
1. C6arges; Litns. Borrower ~hall pay ~II te~r., a.u~~mrnts and i~th~r chargr~. fineti and im~o~iuunt atlnbutahle to
the Property which may attain a Qr~onty over th~~ Morlgagc. and I~a~chuld paymenb ~~r grouna rents, if an}•, in the manner
provided unJer paragrapt- 2 hereof or. if not paid m tiu~h mannc~. b~ Burrower making payment, w-hen due, directly to the
payee thercoL Borrower shall promp~ly furn~~h tu Lender all noticrs of amounts due under this paragraph, and in the event
Borrower shall mafie pa}ment dire~~l~. HorruW~r ~hall prumptly fumuh te~ Lender receipts evidencirg such payments.
Borrower sha)1 promptly discharge any I~en wh~ch has pnunh uver thic M~ngage: provided, that Borrower shall not be
rcqa~red to d~scharge any >uch lirr. «~ long as B~~rruwer thail ~gr~r ~n uru;ng tr~ thc pa~ment ot the :~bhgatiun secured by
such 6en ~n a manner accr~table ro 1_ender, i~r ~h;,ll in g~K~d !auh con~+~~t ~uch Iren h~, or ~lefen~ enforcement of such lizn in,
legal proceed~ngs wh~ch optrate W pre~•ent Ihe enturreme~t ot th~ lien ~r (or(e~tur~ .~f the Propert} or any pan thereof.
S. Hazard Insu~ance. Borrower shall keep the ~mpru~emem~ n~~~ r~iclmg ,v, h~reaf:c- erected on the Pmperty insured
against loss b?• fire. ha..ard~ ~n.luded w~thin the term "~vende~i cuv~ragc'~, a,d such other hazardc as 1 ender may reyu~re
an~! :n such am~~unti anc'. fer such periodti ac I.e:ider m~~• reyuirr: pn~~ide~i, that I.enJer shall not reyuire that the amuunt ot
such coverage excee~! that amount of co.~erage reqwred to pa~ ~hr tium~ ~ecured h~• th~ti Mor~gage.
'R~e insurance ~arr~er providing the mwran~e ,~:;II be chutirn bY Barrow~r sub~ect t~~ approval by Lender, pro~ided.
that such approval shall not be unrea~anahly w~ithheld All premiiim~ on inturanc~ puliaes ;hall he paid in thc manner
prov~ded under paragr:,ph 2 hereof ur. if not pail in tiuch mannrr, by B~~rro.+er mak~ne p:+yment, when due, d~recdy to the
insurance carner.
All insuranrr ~x~ii~ic~ and rencNals therrut shall he in form eccc~tablc to Len~{~r ~e.~i shatl ~nc!ude a~tandard mortgage
clause in fav~~r ~f and ~r. form a:.,eptahle tu Lender. Lender chall ha.e the nght tu h:~td the policies and renewal~ thereof,
and BorroKer sh.ill pr.~mptl} furnish to I.ender all renrwal noUces and all receipts e~f pa-d premium~. In the event of lot,.
Borrower shall gi~r prnmpt n~~i~ir n~ the ~mUrance carncr :,nd 1 ender. I endrr ma~ make pru~~i ~~f loss ~f ~ot made pr~~mpth
by Borrowe~. -
Unless LenJer and B<~ri~~~rr ~~thrrN,.r agrrr ~n ~nting, imur.,nce pr.KecJt shall Fx apphed to re~toration or rep~ir ~f
the Proper[y~ dama~ed. pr.~~,,ie~ ~u,h re~t~~ra',i+r. or r~p~ir ~s ec~~n~~micaih• fras~hle and the cecurity of thi~ M~rtgage i~
not Ihereby- impaireJ lt wrh retiti~r.~ti~~n ~~r repair is ~~~t ri~~nnmicaih !rr.vhle ur if the secunt}~ of this ~1~xtgage u~~uld
be impaired. the insuran~e pnxeeeis .h~ll be appl~ed tu the tiums xcure.f b~ th~ti 4larigage. w~th the exc~ss, i( a:~c, paid
to Borri~wer 1- the Pr~~prrt~ ~~ .ahan.l~med h} Horruwcr, ur it Hon~~wer fa~lti t~~ r~spc~nd tc~ Lcnder w~thin 30 da}1 frt+m tFr
date noUCe i+ n~ailr~ b~ Lender tc~ Burru~+cr [hat the imuran,r ::+rrrcr ~~tTen m tict~lc a ~I:~im for ~n~urance benefits. I.ender
is authrrize~i t~r ~vllect .~nd ap~+h the imurance procee.l~ :,t I.cndrr , upt~.~n enher t~~ re~tur.ition or repa~r ot the i're~pert~
or to thc wm, secured h~• this ~lortgagc.
[lnlesti I.en~es and Hr.rr~~w~r .~therwi.~ .~grer in wnting. an} such ~ppGcau~.n ~~f ~ri~ireds to pnncipal ~h:~il n~~t ~~tend
or postpune the ~ise datr ~~i thr m~mthi~ intitailmen;~ :cierred t~~ ~n paragraph. I:-ni1 Z hereo( or change the amuum uf
such ~~s(allmeub. It under par:~graph t5 hereut th~ Prop~:rt) i~ acywrcP ub I.enJcr, ali nght, UNe and interes! ut B~rrnµrr
in and to anc tnsuran~e pot~.:ie5 .~n~i in .~nJ t~~ thr pruceed+ thcrevt resul~~ng tr~~m damage to the Property pri~r tu th~ ~.,ie
or acyuisetiun sh:,li pas~ to LenJer t.~ the e~tent uf the .um~ tir:ure~i h~ thi, ~f~~:l~;ag~ immediately~ pnor t~> >uch .:~le or
acq-;isition.
b. Presenation and ~taiMrnancr of Propcrt~; Leacehuld~; ('onduminiumti; Planned l;nit De~elopments. Borro~er
shall keep thc Pru~tty in goud r~pair and ~hall n~~t cumrvit y~aste or Exrmit impairmcnt or deterioratwn of the Propert~
and shall compl} ~.+ith the pro~~~~on~ of any lease it th~. 41~~rcga~e ~~ ~~n :~ [casrh~~ld. If th~~ ~tortgage i+ un a umt in a
condominium or ~ planned un~i .ic~rfupm~ni. f3~=srower .h:,ll ~xrturm all ~,f BormHer's i~bligatrons under the decleratn~n
or covenant~ cre.+t~ng ~~r g.~vern~n:: the c~~nd~~m~mum c.r planned ~init devrl~~pmrnt, the b~•-law, and regulationti ~~f the
lOj~~U(I1101Uf11 Of pianned lifllt ~t'~Cii~~•ltll'ii1. .~fi(~ :ili7~TllUl'iiI ~~f)~U(lit'fU~ ~~ d lt~(Il~iNillllllllil Of ~lanned IIf111 ~Il'~~tll~(1I71L'(ll
r~~1er is ete~uted by Horru~er ar,J rr,~~rdrd t+~grtfirr ~a~th th~. ~t,-:rtg:~ge. thr co~cn:~m~ and agrecm~ni~ ~t ~u.h n~i.r
shall be incorporated ~nto and sh:~ll emend .u~~i :upplrrnent the c~,~rn.+ntti an~ agrermcnt~ ~.! thi. Mi,rtga~c ac i( ;hr n~ler
~ere a part ~ereof.
7. Proteilion o( l.ender's Srcurit~. It K;~rr~~~.~er t.u~. ;~~ ~rt~~rm ihe c~~~er,,,nh an~f ,~Freemrnts r~~nta~ned in th~~
Morrp~ge. „r ~f ,~n} acti~,n ,~r pc~,.ee.im~: ~~ .~~mmrncrJ •..hi~i~ m.~trnalh .~tT:•.r. 1 eniier ~ ~ntcre.t in thr Pmpert}.
mclud~ng. hut n~,t l~m~~ed tu. rm;nrnt d;~ma~n. ~n~~,i~en~t ~~~itr rr1~~r.em~nt. ~~r .,r:.~n~cmrntti i~: ~rr.recdine~ im~~hing a
hars~,rupt ar d~:«len~. thcn I rii~er at I enJer'~ uptinn. up+~n n~,hce ti~ lie~rri+:~_•r. '~i.=~ ±r.~ke tiu.h appearan~c,. ditifi;sr,c ~u.h
SUfiIS 3I11~ I:l~.t' Sll~~l d~lli~ft .~~ IS f1C~.C~~:lf~ I~~ ~1ftdCll ~.l'll~Cf ~ ~(ltl'tC\i. Ifi~lu~lini. hut ili~T iim~tc.f 1!~. l1i~flUfCl'llll'M ~~~
reasonahie att<,me}'~ trr~ .e~i~1 ~-,~fy~ ~~~~~n thr Prnpi•r~•. t~~ n~.~~,r rr,~e . I? 1~~:L:r ._ynirr~t m~~rt~:age in~ur.~r~ce ~~ c~
conJi!:nn ~rf inal~ng thc lu.~n ~c~ure~l h~ thi~ ~1~ut~.~tr. fi,~rrr.~.r ~h~I:• ~.~~ thr E,t~mitnm rcynir~~l t~~ mai~i-:m tiu~h
~nsufantr tn cf(c~t 4nttl ~i~ch ~rtnc a~ Ihc rr.{ucrrmcnt I„r ,u~h in,ut~n.r t_tm~n:~t~'~ in .~~.~iCd~~t.~ t~ilh B;~rn~~.~~r'. nnc:
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