HomeMy WebLinkAbout2500Ur+IFO~tw CoveN~N7s. Borrower and Lender covenanl and agrce as foliows:
1. hy~cat ot P~isciptl and lafcrest. Borrower shall promp~l~• pey when due the principal at and interest on the
indebtedness e~idenced by the Note, prepaytnent and late charge~ ac provided ~n the Note, and the principal of ~nd intercst
0o any Future Advances secured by this Mot~gage.
2. Fa~ tor Tua aad lasunnce. Subject to applicable law ar ~o s written warve~ by Lender. Borrower shall pay
to l.ende~ on ~he day monthly ~nuallments ot principal aad ~mcrc~~ arr payabk under the Note, until the Note ~s paid in tull.
a tum (herein "Funds") equal to one-tweltlh af ~he yeart~ ia~~~ anJ assessmc~ts v-•hich may attain pnority ove~ this
Mort~ase, and gtound ren~ on the Prope~ty, if any, plus o~e-twelfth of yearly premium installments tor hazard insurance,
olus one-twelfth of vearlv oremium installments tor mortAalte insurancc. ~f any, all as ressonably estimated initially and from
time to time by Lender on the basis o( asses~mcnls and hills ~nd rea,unable eslimata thereot.
Tf~e Funds shall t~e held in an insiitu~i~n ~hc depocu~ or ~rcoun~s of which are insured or guarant~ai by a Federal or
state ageocy (including Lend~r if Lcnder is wch ~n insti;utionl. I.ender ahall apply the Funds to p~y ia~d taxes, assessments,
insuranee premiums and ground rents 1 ender may not charge tor ,o holJing and applying ~he Fundc. analyring ~aid account.
or verifying and compiling said assessments anJ bill~, unless I.ender pay~ Borrower interest un the Funds and applicable law
permits Lender to make such a chacge. Borrowe~ and [.ender may agree in wnt~ng at ihe lime of execution of this
Mortgage that interest on thr Funds shall be paid to Borrower, and unless such agreement is made or applicable law
rcquires such interest to be paid, Lender shall not t-e requireJ to pay Borrower any interest or earnings on the Fundi. I.enotr
shall give to Borrower, without charge. an annual a.^counting o( the funds show~ng credits and debits to the Funds and the
putpose for which each debit to the Funds wa~ madc. The Fuud~ :~re pl~~lged a~ additiunal ~ecunty [or the sums secured
by this Mortgage.
If the amount of the Funds held hy Lernier, toge~her wrth ~he fuwre monthly ~nstallments of Fur~ds payeble pnor to
the due dates of taxes, assessments, insurance premiums and ground rent~, shatl exceed the amou~t reyuired tu pay said t~xes,
assess.~nents, insurance premiums and ground rents as they fall ~ue, such e±~cetis shall be, at Borrower's opt~on, either
promptly repaid to Borrower or credhed to Horrower on momhly +nstallments of Funds. !f ihe amount af Ihc f•unds
held by Lender shall not be sufficient to pay taxes, assessments. insurance prem~ums and greund rents as ~hey f:~ll duc,
grf.~,=~ ~ti_!~ ~~ r., t l~~r ~nv amn«nt ne~ec,ary te. rnakE up th~ cfeficienc~• within 30 da~s from the date noUCe is mailed
uy Lender to Borrower requesting payment thereof. .. ~
Upon payment ~n full of all sums securcd by this Mortgagc. I.ender shall prompUy re(-ind to Borrovver any Funds
hold by Lender. If under paragraph 18 hereof the Property ~. cold or the Propeny ~s otherw~ce acqu~red by Lender, l.ender
shall apply. no later than immediately prior to thr sale o( the Propeny or i~s acqwsuion by [.ender, anp Fundc held bv
Lender at the time of application as a credit against the sum~ secured by th~s Mortgage.
3. Application oE Ps)menls. Unless applicable law provides othervvise, all payments received by Lender under the
Note and paragraphs 1 and 2 hereof ,h:+ll be apptied by t.cnJer first in payment of amounts pay:,ble to l.ender by Dorru~er
under paragraph 2 hereof, then to ~nterest pa~•aMe on the Ncte, then Iu the principal of the Note, and then to i~terest and
principal on any Future Advances.
S. C6ar~es: LietU. Borrower ~hall pay all tarr~. at~rti~mrnts and c~th~r ch~rge~. fine~ and im{x~~iuuns at!nbutahle tu
the PropeRy~ ~+hich may attain a pnoriry over th~t 1lostgage, and l~a~ehvld p~yment~ or grouna rentc, if anp, in the manner
provided under paragraph 2 hereof or, ~f nut pa~d ~n ~uch manner. b} Borrc~w~er making pa}ment, when due. ~i~rectly to the
pay~e thettof. Borrower shall promptly furn~~h [u LenJer all notice~ of amounts due under this paragraph, and in the e.•ent
Sorrower shatl make paymer.t d~rectly. Ht~rrower ~hall prumpU~ furn~sh to t.ender receipt~ ev~dcnc~ng such payments.
Borrower shall promptly diuiiarge any licn which ha~ pnonty aver th~~ Mc~rigage: prov~ded. that Borrower shall not be
rtqwred to discharge any such fier. w long :,s Kur:u~cr shsll ~krec m Knting te~ the pa~•ment uf Ihe obi~gatum secured b}•
such hen ~n a manner acreptable ~o Lender, ur .h:,l! in g~~.~d faith cuntr~t ~uch Gen b~, or defend enforcrment of such lien in,
legal ptcxeedings whict- op~:ratc to prevent thc enfur~ement ot thr lien ~~r forfcnur.r ~f the Propert~ or any part thereo(.
S. Haza~d I~urance. Bonrow~er shall {,eep the impn~~ement~ rn~w e~i+ting :~r hercafter erected on the Pmpcrty ~nsured
against io~s tiy firc, hazards included with~n the lerm "r~iended ~uverage". a:d such other hazardc a~ Lendcr ma}~ reyuire
and in such amuunts and for surh periuds a; Lender m.~y' reywrr, pn~vided, that Lcn.ler tihall not reyuire that the amount c:
such crnerage ecceed that amount c~f coverage rcyuired to pa} the wms ,ecured hy~ th;, :4lortgage.
'R~e insurance carner providing the imurame sh~ll be chocen bY Bormwcr sub~ect to approval hy I_ender, provided,
that such approval shall not be unreasc~nahl}• withheld. All prrmium~ un insuranc~ pc~licies chall be paid m the manner
prov~ded under paragr:,ph 2 hereui ur, if not pai~l in ~uth manner, h} B:~rrower makmc p:+ymcnt, when due, direcUy to ihc
~nsurance carner.
All insurancr ~+ulicic, an~l rcrcKals thcrr~t shalt tx ~n torm :~~ccptabfc t~~ Len~lrr ard ~hall +ncludc a titandc+rd mongagc
clause -n favor ~f and ~n form acceptahle ir Lrader. Le~d~r shall ha~e Ihe rigM h~ hold the ;r_~liries and renewals thereof.
and Borr~KCr shsll pr.~mptl~ furn~sh to Lender ;~II renrwal not~cet and all receipts of pa~d prem~um. In the e.ent of lo~~.
Borrower ~hsll g~~•~ pn~~npt nuucc tu Ihe ~n~ur,~nce ~arr~er and LenJer. (_en.lrr ma} maAe prr.~~~ i~t loss if nut made pr~~mptl~
bV Borrow•er
Unless Ler~~ler and Borr~~~~r uth•_rH~~_~ egree m untmg. ~~~wran.r pn•cee~iti shall tx a~pl~ed tc• resturation ~~r repair of
the Property ~1:,maRe~f. pruvi~le~l ~u~h rr.~uraliun ix rc~a~r i~ rc~~ne~mic~lh• frasihle arid the ~ecurity of lhts 4iortgage ~~
not therebc impared It ~uch re~n,r~ti~,n or rep~ir ~s nrt rc~munucall~ Ira~~hle ur if the ucunt+~ of thic ~turtgagr w~~uld
be impaired. the msurar.ce pr~ke«15 ~h~ll be :,pplieJ tu thr sums ~ecur~~! b)' tht~ ~1~~rtgage. wuh the exeecs, ~f an~. pa~d
to Borruwe: I! the Pr~~Fxrt} ~~ ahan~l.~nc~l hy B~~rmKCr. ~v ii B~~rn~wer la~l~ t~~ rcti~nd to I.ender wrthin 30 days fr~~m the
Jate nutice ~+ m:ul~d ht Len~er t~~ Bor:.~wrr th,~t thr ~nsur.~nie c:~rnrr e~fl,rti ~~ ~etUe ;~ cl.~im far m~urance henefih, Ler,~ier
is authunred tu iuliec; an~l ap~lc the ~mur~nce pr~~eee~~ at LrnJcr'~ ~~ptiun e~thcr t~~ reitorauon c~r repa~r of the Pr<~pert~
or to thc sum~ ,crureJ hy ihi, ~tortgag~
lJnles• I.CIll3l'I .~nd Hurr~~w~r ~aher~i.~ egree ~n wnt~ng. an~ tuch ~pptiration ~+f prrceeJs to pnncipal tihall nut ~~~end
or p~~stpone the elne ~latr ~~t the m~mthl•. n~titaL'mcnt~ r~ferred t~~ ii~ para~r~ph~ I:inii 2 here~( ot change the amuunt ~~f
such ~nstalfinent~. 1~ un~fer para~;r:,ph 1 K hereut !h~ f'r~~µrt~ is ~cyuirrd h~ L~n~icr. eli nght, titlc ~nd in~ercit ut Bnrr~~.~~r
in and to an~ ~wr.~nrc ~~licies .,nd in .~nd ;u th~ pr~~.crd, thcrc~~t rrwlt~ng tmm ~amage te thc Prupert}• pnor tc th~ .:,Ic
or acqwiition shal! pass tu 1_ender t~~ thr e~tert uf the .um~ secure.i h} this ~tc~rtgag~ +mmed~ately pnor tc. wch s:~le or
acquisition_
S. Presenation and itaintenance of Properi~; Lcacehutds, ('~-ndominiums; Planned l;nit De~elupmenls. 8nrra..~r
shall keep th~ P:~~pert~ in go<rc1 r~p:~ir and ~halt not comron Kaste ur permit impa~rment or deteriorat~on of t;~e Pre~pc:rt}
and shal) c:~mply wrth the pro~:swns ot an} lease ~t th~~ ~turt~.~yr ~. un :, Ir~seh~~ld. lf thiti '~1~~rtgaec i~ on a~init in .s
condominium or a planncd ~n~t Jetirl~~pment. B~~rrrHCr .h~l! t•rrt~xm 311 of Bvrmwer's ot~i~gations imder the decl.~ratirn
or covenant5 ~re~t~ng ur ~~~ycrnint~ thr c~mdi~mmium i~r plannrd unit d~tvel~~pmrnt, the hc-laws and reeulatic~n~ c~f the
condaminium or planned unit Je~elr~~~ment. .~nJ c~,~~titurn: ~i~+.umeni. If a r~~n~luminsum or pL~nned nr1~t ~1~~ri~~pment
n~fer i~ e~eculed fiy Bt~rtuwcr .~n:l rrc~~rdrd It+gclhcr uilh thi. ~1~~rt~a~;c. thr ~oacnaMti and agreemen!~ of ~u.h n•',~r
shall be ~ncorpor~ted ~nt~ an~t sh.~ll .~mcnd .,n~i ,u~pl~~n~nt thc ~~~~.cn.~nt~ .in~1 at~rcrments .~f th~. tit„rtga~:e as i( tne n:i~r
were a part 'r,ereof.
7. Prote~lion o( I.ender's Secur(f~. II Hrrr:~~+er f:,il. tt~ r~st~~rm the cm•en:~ntti .~r~l agrcemenis ~untained ~n thit
Morlgagc. ~~r t( sny ~cUnn ~~r prucrc~iing !~ .~,tntnrnr~•~1 .~hi~ii nt.it~rtall~ .iiTr:tti Lcr.clrr ~ inter~til in thr Pr~~~rr+~.
incltidinb. but n~,t lira!!_d t~,. em!ncnt d„m:~in. i:~.,~l~rn~~. ~u;ic rntrr~~m~nt „r .~r:.~n~:rmrntti ~~r pr~kcedine~ im~~l~ing a
bankn~pt ur dc~cdcnt. th~n 1 enJer at I endrr', ~;~,~i~,n, u~~n ne.hce s~. ti:,rru~+rr. nr.~~ me;,r w:h appear.~ncc`. .1~~},urtie w~h
sums and takr su~h e.tn,n .~~ ~5 nc~~„art t~, pt~,tc~t Lindrr~, ~ntcrc~t. in~i~i~ii;ig h~it n~~t l~mitc~ !~:. ~ti~hursrmcnt ~,f
reaconahle at~i,rney'~ frr~ .,:~d eritry u~,~n ihr Pr~~pert~ te~ m.~l~r rt,,~~r~ It Lrn~irr r~y~iirr~! mrrt~age in~=.ir:~nce a. ,+
cunJitu~n uf making Ihc Icr~n ~ccure.t h~ thiti ~1urt~;.~cr. B:~rr~~t~cr Sh ~ll ~ay th~ r:cm~untti rcyuire~f !~, maint,~~n ~u~h
in~urauce ~n rt(e~t unhl ~uch ume :~~ ~hc reyinrc~::,~u t,,r w,h ~QZ~taa:~ Irrmin:~trti in .u:.•rdancc Nith $e~rn~..rr'. <~nJ
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