HomeMy WebLinkAbout0010Uwt~o~w CovaN~nrs. Bomowe~ and Leoder covenant and as~ee ss tollows:
1~ ~Mywe~t o[ hMc~l a~/ INee~pf. 8ortower shal) promptl~~ pay whe~ due the principal ot and i~tercst on the
indebtedne~s evider~oed by the Note. Prepayment and late cha~~ea ac p~ovided in Ihe Nde, and_the principal ot tnd inlercst
cn any Future Advu~ces secur~d by this Monsase.
~. RMi ter Ts:w ~M t~ar~ce. Subject to applicohk law ~,~ ta • writtee waive~ by Lrnde~. Borrower ~shall paY
to Leedtr ot~ the day monthly installmenls ot principal aoJ ~nt~rc~~ rrr ~yahle uoder tl-e Note, until ~he Note is paid io tull.
s sum (Mrofn "Fundt'7 eqwl to one-twelfth ot the yearl~ ta~~~ ~oJ assessmenls which may attain pno~ity o~e~ this
Mori~~. and ~round re~ts on the pmpe~ty. it aey, plus ooe-~wel(th ot yeaHy premium i~staflments [or huard insurance,
plw one-twet[th ot yearly premium instaNments tor mortpac insurance, it any, a!I as nasohably es~imated ini~ially and trom
time to time by Lender on the buis ot assescmcnts and hills and reawnable estimata thercot.
The Funds shall be held in an institwion ~hc depocu~ c+r arcounts of which arc insured or guaranteed by a Fedenl or
atate asency (includina I.ender if Lcnder is such an ins~itutioo). I.cnde~ ahall apply the Funds to pay said taxa. sssessments.
insuranoe ptemiums and sround rer-ts. 1 ender may nol charae to~ u+ holdina and apMYins the Funda. analyzinE said atcount.
or verifyin~ and comqlina said assessments and hilla, unless l.ende~ pays Botrower interest on Ih~ Funds and applicable law
permits Leoder to make such a charge. Bc~r~owet and Lende~ may agroe in writins at the time ot ezecu~ion of this
Mot~t~a~e tbat ioterat on the Funds shall he paed to Borrower, and unless such agreement is made or applicable law
requiret such interest to be paid. Lender shall not be rcquired ta pay Borrrnwer any interat or ear~ings on the Funds. l_enck~
shall aive to Borrower~ without charge, an annual accounting ot ~he Funds showing credits and debits ta ~fie Funds aad the
purpose tor which each debit to tht Funds was made. The Funds arc pledged as addi~~onal xcuri~y tor ~he sum~ secu~ed
by tbis Mortpje.
If the amount ot the Funds held by L.ender, together wilh ~he future monthly installmenls of Funds payabie ptior to
the due data uf taxes. asxssments, imurance prcmiums and ground rena, shall ezceed the amount requered to pay sa~d taaes,
as~itnents, irtsurar~ee prcmiums and around rents as ~hey (all due, such excess shqll be, at Borrower's op~ion, e~ther
pranplly rcpaid to Botrowe~ or crod~ted to Barr~ower on mon~hly ~nstallme~ts of Funds. I[ the amount of ~he Funds
held by Leoder shall not be suflicient to pay tua: assessments, insurance prcm~ums and ground rents u thcy fell due,
Borw~re~ shall pajr to Ltnder any amount ~ocessary to make up the defiriency wilhin 30 days irom the date ootice is ma~led
by Lender to Borrower requesting payment theroot.
Upon paymeat in full o[ dl sums secuted by th~s Mortgage, I_cnder shall promptlr rcf~~nd to Borrower any Funds
held by I.ender. It under puatraph !8 he~eof the Prop~rty ia sotd or the Proper~y ~s otherwiu aeqwrcd by l.ender, I_ender
ahall apply, no later th:n immediately prior to the sale of Ihe Pro~xny or its acquisuion by t.ender, any Fundi helJ bv
I.eader at the time of application as a credit against the sums xcurcd by this Mongage.
3. A~pticatio~ ot Paya~eofs. Unless applicable law provicks otherwise, all payments received by [.ender under the
Note at~d paragnphs 1 and 2 hereof shalt bc applied by 1_enJe~ first ~n payment o( amounts payable to Lender by Aorruwer
under paragnph 2 hereof, then to ~ntertst payabk on the Note, then to.the principal of the Note, and then to interest and
principal on any Futute Advances.
4. C6ar=es; Liens. Botrower ~hall pay all taxes, atiustmrnts an~1 othcr chrrgrs. 6net and imp~nit~om auributahle to
1he Property which may attaio a pnority over this Mortgage, and teauhotd payments or ground rtnts, iI any, in the manner
ptovidod onder paragraph 2 hereof or, d n~ pa,d in cuch manner. by Borrower making payment, whet~ due, d~recdy to the
payee thereof. Borrower shall promptly furnish ~o t_en~kr all not~ces of amounts duc under this paragraph, and in thc event
Borrowe~ shall make payment directly. Borrowrr ,hall prompdy (urnish to [xnder receipts evidencing such payments.
Borrower shail prompdy dixharge any lien wh~ch has Pr+~nty c-ver ~h~c Mortgage; proviJed. ~hat Borrower shall not be
reqwred to discharge any surh lien W long ~s Borrower ~hall agrer ~n wnhng t~• ~hc payment oi the obl~ganun secured by
such lien in a manner acceptable to I.ender, or .hrU ~n gcxxi fauh cun~r« such lirn by, or defen~ enforcement of such lien in.
legal proceed~ngs which operatc to prevent the enturcemrnt of ~he t~en or forte~wre cd the Propeny c~r any part thereof-
S. H~zard (esurtace. Horrower shall keeP the ~mpre-vemem. now cviung ur hereaftet erected on the Pr~perty ~nsured
against loss by 6rc. hazarda i~cluckd with~n the term "etitended cuverage". and such o~her hatards a~ I.ender may reyuire
wd ~n such amuunts and for such periods as Lender may reyuire: provided. that I.enJer shall not require that the amount of
such coverage occeed that amount of coverag~ reqwred to pay the ~ums ucurcd ~hy this Mortaade.
'ihe ~nsurance carrier providing ~he ~nsurance shall be chosen by Borrower sobject to approval by Lender, prov~ded,
that wch appro~al sha11 not be unreawoaMy withheld. All premium~ on in~urance policies shall be paid in the manner
proviekd uncier paragraph 2 hereof ur. if not pa~d ~n tiuch man~cr, by B~~rrower mak,ng payment, when due, directty to the
insuranct cuncr.
Al) insunnce ~x~hcitti anJ renewal4 thercnt ~hrll I~e m(orm acccp~ablr to l_rnJer aad shall ~nclude a staodard mortgagt
clause m tavor nf and io form acceptablt to I.enckr. I.ender tihall have the nght tc~ huld the policies and renewalti thereof,
and Borrower shall promptly lurmsh to Lender a(i renewal not~ces and aR recc~pts of paid premium~ In the event of lrns.
Borrower shall g~~N prv-r~p~ n~hce t~> >he tn~urance carner and 1.enJer I_ender ma} make pnx~t o( lo~.c ~t not made prumpll~•
by Borrower.
Unless l.enJer and Borrow•er o~herw,.~ agrcc ~n wnUng, ~nwranct prcx-ecdc shall ~c applied to restoration or repair of
Iht Property Jamaged, prov~deJ wch rccturahun ur rcpa~r is cr~~ni~m~caUc (easiblc and ~he secur~ty of tbit Mnrtgage ~~
not thereby impaucd. If curh restvra~~~~n or repair ~s not :tun~~mically (ras~hlc ur ~f Ihe security o( Ihis Mo~tgage wouW
be impaired. the insura~ce pruceeJs shall be appl~eJ ~o the suma aecure.l by thu MuriKage. w~Ih the ezcecs, if am•, pa~d
to Borrow~r IF ~he Property is abandoned hy Horruwer, or ~t Borrower taitti to respond to 1_ender wdh~n 30 days from thc
date nohce n marled bv Lender to Borrowrr tha~ the ~nsurance carner ofTen to ~eulc a claim f~r iniurance txnefits, l.ender
~s authorized t~~ collect and apply the imurance proceedi at Lender'~ opUun e~thet to restoratwo or repa~r o[ the Pmpem
or to the sum> >ecured h}~ this ~lortgage
Unlesc Lcnder :~nd Bor~uwer otherv-~K ag~re ~n wnting, any such eppl~~;,rion ~~f prekeed• to pnnc~pal ~h:+ll nut c~tend
ar pustpune the due datt ot the m~~nthh installmcm~ rcterred t~~ in paragraph. 1~nd 2 hereo( or changr ti~e amoun~ ut
such installmenb. If under paragraph 18 beteuf the F'ru~,erty n acywreJ b~ Ixnder, ali nght, htle and iMercst of H~rr~~wer
in aod to an~ tnsurance pol~cie~ and ~n anJ tu th~ prcx:ced~ thcreof resulting Irum damage to the Property prior to thc sele
or acquisidon ahall pass to Lender to the eatent of the wms ~ecutcd by th~ti :~lurtgage immedia~ely pnor to wcb ~ele or
~cqu~sition.
6. Presenslion aod ~laiatenance ot Propen~: I.easehnlds; ('onduminiums; Planned Unit Uevelopmenls. B~rro~cr
shall keep the Property in gex~d repair and shall not comroi~ rasre ur permit imp:+irment or dtteriora~ion ot the Propcrty
and shali comply wuh thc prov~s~ons of any lease +t thn tfortg.~gr ~. un .! ICJSI'Flt~Il~. I( this Mvrtgagc is on ~~~nit !n e
condomin~um ur -a planncd unil Jcvelupmcm, Burmwcr tihall ~xrt~~rm a4 ot Borrower's obl~gaUons under ~he J~clarat~rn
or covenants creat~ng ~~r guverning the c~nd~~mm~um or pl~nned unq develupment, the by-lawti and rcgulati~~m ~~( the
condominwm or planneJ un~t develi~pment, and iomtih~ent d~kumrni~ i( a condom~nium or planned umt de~et~~pm~n!
nJer is eaecuted by }iorn,wer rnd reuudrd a~gether uith ihi~ 41~~rtYage, the cnven~nlt and agreemenfs r~! wch ndrr
shall be incorporated into and shall amenJ and wpplcment thr cu~enam~ and agreemrnt~ of !hn Murtgage at i( the nJcr
wcre a part Fercof.
7. Ptoteetion ot I.endet's Security. 1( Harrnwer f,i~i. t~~ Fxrl~,rm the covenant~ anJ a~reemems c~mt~ined in th~c
Mor~gegc, or if any actie-n ur pnx-ce<}~ng i, cumi~trncc~l ,.I,ui~ m.~ter~alh .~fTr~ts 1 cn~ler'r interr~t in thc Pn~prr~-.
~ncluding. but m~t I~mqed t~~. cm~ncnt dom.+m. in~~~l~cn~~. ~,n1r cnt~~r~rment. ~~r .~rrenKcnum~ ~ir pnv_«din~~ im~~I.~nK a
bankn~pt or dcccdent. thcn I.cnJer rt 1 er.Jcr'~ ~,pt~un, uFx~n ni~tice to Norn-wcr. ma~ m.~{;c w~h ap~xarancc~. di~hunr tiuch
sum~ and take suyh e~u~m a~ ~s nccc~.ar} ~u pr~~tc~~ Lcndcr'. mtcrest. incli~~iing hut ni.t tim~tcd tu. ,J~~burscmcnt ~~f
reawnable attt~mey'c ~erti and entry i~p,~ei thc Yrnpcr~~ t~~ maAc rrpnrti !f Lrnde- rry~~irri! m~~rtgagr imu~an~e at :e
cund~tion ut making ~hc. I~~an ~c~urcJ b} th~~ ~1~~rtgaKc. B~~rr. Hcr sh ill ra~ thc prcm~um~ rcyiureJ tt~ mainte~n wch
utsurance tn rt(ect unhl wch Ume a~ ~hc rcyuircmcn~ (~rr ,ach m;wan.r trrmin.itr~ in .~ccordancc w,th $~uru..rr'. and
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