HomeMy WebLinkAbout2931tiorrower and l.ender covenant end agree as follows:
1. Payment of Principel end Intereet. Borrower shall promptly pay when due the principa) oi a~d intereat un the indebtedneae
evide~ced by the Note, prepayment and late chargea as prvvided in the Note, and the principal of and interest on any Future Advunces secured
by this Mortgage.
'l. Funda forTaxee and Ineurance. Subject to applicable luw or ta a wntten waiver by Lender, Borrower shull pay tol.eoder on the day
monthly inst~+llmente; of principal and intereat are payable under the Nute, until the Note ie paid in full, a sum (herrin "M unda"- eyua) to onP
twelfth of the yearly tvices and assexsmente which may attaio priority over this Mortgage, and gruund rents un the Property, if any, plue one
twelRh otyearly premium installmentec for hazard inxuranc~e, plus onetwelfth ofyearly premium installments for murtgage insurance, if any,
till us rr:~sonably estimated initiully and from time to tiR~e by Ixnder on the busis of assessments and bills t~nd rraxunable estimatrs thereof.
The Hunde ahall be held i~ an inatitution the deposite or accounta of which arn insured or guaranteed by a Federal ur State agency
Iincluding I,ender if l.ender is such an inatitution). Lender ahall apply the Funda to pay said taxea, assesamenta, insurance prrmiums and
ground renta. Ixnder may not charge for eo holding and applying the Funda, analyzing said account, or verifying and compiling said
assessment8 and bills, unless l.ender paye Bor~ower intereat on the Funda and applicable law permits (.ender to make auch a charge. Borruwer
and Ixnder may agree in writing at the timP of execution of thia Mortgage that intereat on the Funds ahall be paid to Rurrower: and unlesa
auch agreement is made or applicable law requirea auch intereat to be paid, l.ender ahall not be required to pay E3orrower any intereat or
rarnings on the Runde. l.ender shall give to Borrower, wi/hout charge, an annual accounting of the Funds shuwing credits and debite to the
Funde s~nd the purpose for which each debit to the Funds was made. 7'he F unds are pledged as additional security for the suma secured by thie
Mortqage.
If the amount of the Funda held by l.ender, together with the future monthly instaliments of F~nds payable prior to the duedates of taxee,
asaessments, inaurance premiums and ground rnnts, shaU excrecl the ~mount required to pay said taxea, assessments, inaurance premiums
and ground rents aa they tall due, such exceas sha11 be, at Bo~TUwer's option, either promptly repaid to Borrower or credited to f3orrower on
monthly inaiaiimenis of runda. If the amount of the Funda held by Lender shall not be au[ficient to pay taxes, asaeasments, inaurance
pmmiums and ground renta as they fall due, Borrower shall pay to I.ender any amount necessary to mske up the deficiency within 30 daye
frum the date notice is mailed bv l.ender to E3orrower rrquestinK payment thereof.
Upon payment in full of all sums secured by this Mortgage, l.ender ahall promptly refund to E3orruwer any funds held by I.ender. ICunder
paragraph 1R hereof the f'roperty is sold or the Yruµzrty is uthervvise acyuired by Lender, I.ender shall apply, no later than immediately prior
to the sale of the f'roperty or ita acquisition by l.ender, any Funds held by I.ender at the time of application as a credit against the sums secured
by this Mortgage. .
3. Applicatioo of Paymenta. Unless applicable law provides otherwise, all paymenks received by I.ender under the Note and
paragraphs 1 and '2 hereof shall be applied b_y I.ender first in payment of amou~ts payable to I.ender by E3orrower under paragraph 2 hereof,
then to interest payable on the Note, then io the pnncipal of the Nute, ancl then to interest and princ:pal on any Future Advances.
4. Chargea; Liens. F;orrower shall pay all taxes, assrssments a~d otht•rcharKes, fines and im~,aitiuns attributable tu the Property which
may attain a pric,rity u~•er this :11ortKaKr, and le~isrhold payments ur ground rents, if any, in the manner pro~~ideci under p:~raKraph `L hereof or,
if not paid in such manner, by liorruwer makinK pa~~ment, when due, d~recth tu the payee thrrev~f. I~urruwrr shali prumptly turnish to I.ender
:ill notices of a~muunts due under th~s paraKraph, .ind m the rcrnt Rurruwer shall make paymrnt dirrc•th~. liurr~~ti~er shall prurnpUy furnish to
Ixnder re~•ripts rvidencing suc•h payments ii~~rruwer shall prumptl~• di+charK+~ any I~rn which has prionty over th~s ~1nrt~aKe: prucided, that
I;orrow•er shall nut ~~ n~c~wmd t~~ disch.ir~e .~n>• such lien au IunK a. Knrruwer shall aKrre ~n ~•ritinK to thi• paqment of the nbliKatiun secured bv
such lien in .~ m:inner accrptablf• tu Lendrr, or shall in KaK1 f:~ith conte•~t .ui•h Grn b}•, ordrf~nd enfurci•me~nt uf such lien ~n, l~•~;~il pr~H~etdinKs
w~hich up~•ratc• tu pre~•ent thr enfurcrint•nt of thi• I~en ur forft•rturr of tht• F'ruprrt~• i~r .~n}• part then~~f.
:~. Hazard Insurance. 1i~~rrow rr shall kee•p thr impru~•ements nuw• exisunK or hereafter erected un the Nruperty insured aKainst luss by
fire, hazards includ~d w•ith~n the t~rm "extendrel co~•eraKr." and such othrr hazards ~s Lrnder map reyu~re and in such amoun4~ and for sueh
prri~~cls as lxndrr ma~• r~Yau~re: prm•~dcKl, that Iw•ndrr sh.+ll ~~~t rtywrr that thr amount uf such nn•er.-Ke exceecl that amuuni of cuveraKe
reyuirf~l to p:~}• the ~ums srcun~ei h~• thi. ~1nrtK:~Kr.
The insuran~r ~•arric•r pn~~ id-ny; th~• ~n,uran~~~• .hall tw rh~~,~•n h}- ft~~rn~w~~•r suh~e•~•t tu .ippri~~ al ht~ Lend~•r, pruvid~til, that ~uch approcal
sh~ill n~~t ~~• unr~~:i,~~n;i}~h• w~ithheld :111 pr.•m~uim ~~n ~nwr:+~z~~f• p~,h~•~r~ ~h:+ll tx• paid ~n thr manne•t pruvid~~1 undi•r p:~ra~;raph '' fif•rfr~f ~~r, ~f
n~~t pa:d in su~•h m,~nnc~r. h~ )A~rn~w~•t mak~n~; p:~ym~~nt. wh~•n ilue•. dirr~•th• t~~ thi~ insur.~ncr c•.irnrr.
All intiurance puii~•~e~ and rrnewals thrrrof shaU t~• ~n furm acceptahlF• d~ I.ender and shall includr ~ stand.ird murtg,iKecl;wse ~n facorof
<~nd in form accept<-ble t~~ 1~•nder- I.rndrr.hal! h:~~•eth~ n~;ht tu h~dd tht• p~~h~•~c•s an~j rrnrK•als thrrri~f, and F3orruw•ershaU prumptly furn~sh t~~
~.ender all renrwal not~cr. and .iU re~•r~pt, ~~f paid premiums In tht~ rcrut uf I~„s. }i~rrm~~er shall Kive promut nutice tu the inwrance carrier
and I.ender. I.ender muy m~ke pr~N~f ~~f loss if nut made pr~,mptly by Fiorrow•er.
l'nless I.ender and Fiorruw~er utherw•ise aKrre ~n w~nunK, in.uranct• prrx•reds sh.+ll he appl~ed to restoration or repair of thr Yropert~•
damaKed, pru~•id~d such rest~mrilun ur rrpa~r ~~ evunumic alh• feasihlr ~nd the sre-unty uf this ~lortgaKP is not thrreb~• impaired. If such
rrsurration or repair is not ecunum~~•alh• fe~:i~~ble~ ur ~f thr .e~vnty i~f this ;11urtKaKt• w•uuld twi:npaired, the insurnnce procrrds shal) t~eapplied
to the sums securrci hy t:uc ;1t~~riKaKr, w~tth thr t~x~•~•~s. ~f am•, paid to Korruwer. If the Pruperey is aband~~ned by Rurruw~Pr.or if Ii~~rrower fails to
re.p~~nd to l,rndrr w•ithin :i~~ day. fr~~m th~• datr nnt~rt• ~s mailFd by I.rnder G~ Ii~~rr~,w•er that thr intiurance carrier offers to settle a claim for
insurance benefitc. I.ender ~s :wthnnz~~i t~~ ~•~~ll~ti•t and apply thr insurance pr~K•c~a~dc at I~ender's uption Nither to restorat~un ~~r repair of the
Property or the sums secured h~• thi~ \inriK:iKc•
l'nless l.ender and 1~~rruw•rr othe•rw•~sr a~rrr ~n wnt~nK. any such applic.~t~un of pr~x~erds to pnncipal ahaJl not extend or postpone thedue
date of the monthl~- inst:~IlmenLti rt•fc~rri~d tu ~n paraKraph- 1 and'L her~~,! ~~; : hange the amourtt of such ~nstallmrnts. If under paragraph 1H
here~f the Pn,perty ig arquir~cl b~• l.rnder, all nKht, title and interest uf I{orrower in and to any msurance policiPS and in and to the proceeds
there~~f resultinK frnm damaKe to 1'roperty prior to the sale ur ac~yuisitivn shall pass to I.endPr tu the extent of the sums secured b~~ th~s
MortKaKe immed~atel~• prior to such :~ale or acquisition.
fi. I'reeer~ation and 4laintenanceotProperty; Lea~eholds:('ond~~minums; Planned Unit Uevelopments. Borrowershall keep
the Properiy in KrH~d repair and ~hall n~ut cummrt waMe nr ~•rmit ~mpc~irment ur deteriorauun uf the Property and shall comply w-ith the
provisioric of any Irase if th~~ 31urtKaKe is on a leasrhold. If th~c 11urtKaKe ~s ~in a unit in a conduminium or a planned unit development,
I~::rr;;wer sha!! perf~rrm all of ti~,rrnwrr's obliKationc ur.ac•r the declarati~m orcovenan~s ~•rc:~t~nKor Ro~~ern-nK the condominium or planned
un~t development, thr by-law~ and rrKulatiuns uf the c~undomin~um or planned unit devrlopment, and ronstituent documents. If a
cund<~m~nium or plannrd un~t de~•rG~pment nder is execut~ by Fi~rrrower and recurdrd tuKether with this Mortgage, the rnvenants and
.~Krrt•mf•nts uf .ui•h ridrr .hall frr ~nc~~rpur.~tcd int~~ :~nd ~hnll :~mend and supplemrnt thrco~enants and aKrerments of this ~lortKaKe as if the
nder wrre :i part hrrf~nf.
7. f'rotection of Lender'e Sec-,:rity. If Borruwer fails u~ perform the covenanta and agrermente contained in thie Mortgage, or if any
action r~r proceeding ie commenced which matenally affecte I.ender'e i~tereet in the Property, including, but not limited to, eminent domain,
ineolvency, rnde enforcement, or arrangemente or proceedinga involving a bankrupt or decedent, then Lender at I.ender'e option,upon
notice to Borrower may make euch appearancee, diaburse euch sume and take euch action as ie necesaary to protect l.ender'a intereat,
including, but not limited to, diebursement of reaeonable attorney's feea and entry upon the Property to make repairo. If I.ender required
mortgage ineurance as a condition of making the loan aecured by thia Mortgage, f3~rrower ahall pay the premiuma required to maintain
such ineurance in effect until euch time ae the requirement for auch ineurance terminates in accordance with Borrower'e and Lender'e
written aqreement or appiicable law. Borrower ahall pay the amount of all mortgage ineurance premiume in the manner provided under
paragraph 2 hereof.
Any amounts diaburaed by I.ender pereuant to thia paragraph 7, with intereet thereon, ahall become additional indebtedneas of
E3orrower secured by thie Mortgage. Unleas E3orrower and I.ender agree to other terme of payment, euch amounte ahall be payable upon
notice from I,ender to Borruwer requeeting payment thereof, and ehall bear intereet from the date of diebursement at the rate payable from
time to t~me on outatanaing principal under the Note unlexs payment of intereat at auch rate would be contrary to applicable law, in which
event such amounte ehal) bear intereet at the higheet rate permisaible under applicable law. Nothing contain~3 in thie paragraph 7, ahall
require l.ender to incur any expense or take any action he~eunder.
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