HomeMy WebLinkAbout1896E~rrower and t.ende~ covenant and agree aa follows:
1. Peyment of Princip~i s~d lnterest. Borrowe~ shall promptly pay when due the principal of and intereat u~ the indebtedness
evidenced by tha Note, pnpayment and late charges aa pmvided in the Note, end the principal of and interent on any hLture Advances aecured
by this Mott~age. .
2. Ftinds [or Tases and Insureu~ce. Subject to appliceble luw o~ to a writtrn waiver by l.ende~, l~~rrower ahall pay lo l.eiider un /he day
monthly installments o[ principal and intereat are payable unde~ 1he Note, u~til the Note ia paid.in [ull, a sum Iherein "F unda") equat to one~
•welfth of the yearly ta~cea a~d asseaements which mny attnin priority ~rver thia Mortgage, and ground rents un the E'n-perty, if any, plua ont
twelfth of yearly premium inataUmenta for hazard inaurance, plus unrtwelRh o[yenrly premium inatnllmenta for morlguge inaurance, if any,
all aa reasonably estimated initially and from time to tirt~e by l.ender on the twai8 of ussexaments t~nd billx and reusonable extimatea thereof.
~ The ~nda shail be held in an inatitution the deposits or accounta ot which are insund or guaranteed by a Fede~al or State agency
(including l.ender it I.ender is such an inetitution). Ixnder ehull apply the Funda to pay said taxes, asaeasmenta, inaurance premiuma and
ground re~ta. I.ender may not charge for eo holding and applying the Fuode, analyzing said account, or verifying and compiling said
asseasmenfe and bills. unlees L.ender pays Bo~rower intereat on the E~'unds and applicable law permita l.ender tu make such a charge. f3orrowe~
and Le~der may egree in writing at the time of execution ot this Murtgage that intereet on the Fundsahall be paid to fiorrower, and unleea
auch agreement ia made or applicable law requirea auch intereat to be paid, l.ende~ ahall not be required to pay E3oROwer any intereat or
earnings on the ~nds. Le~der shall give to Borrower, without charge, an annual accounting of the N undx showing credita and debite to lhe
Funda and the purpoee for which each debit to the M unds was made.'1'he h unds are pledged as additiunal aecurity forthe sume secured by this
Mottgage.
If the amou~l of the Funds held by I.ender, toqether with the future mon thly installmenta of M unds payable prior to the due dates of ta:ee,
asaeasmenta, insurance premiume and ground renta, ahall excreci the ~+mount required to pay said laxes, assexsmenta, insurance premiums
and ground renta as they [all due, auch exceas shall be, at E3o~TOwer's uption, eilher promptly repuid to E3orrower or credited b tiorrower on
monthly inetallmenta of Funds. If the amount of the Funde held by [.ender shall not be aufficient to pay taxes, assessments, inaurnnce
premiuma and ground rente ae they fal) due, Borrower shall pay to I~nder a~y amount ne~-erisary to make up the deficiency within 30 daya
from the date notice ie mailed by Lender to Borrower requeatinR payment thereof.
Upon payment i~ full of all aums secured by this Morigage, I.ender ahall prumplly mfund to E3orrower any funds held by l.ender_ I[under
paragraph 18 hereof the Property ia sold or the I'roperiy is otherwise acquired by [.ender, l.ender shali apply, no later than immediately prior
to the sale otthe PropeKy oritsacquiaition by I.ender, any Funds held by I.ender at the time of application as a credit againat the suma secured
by thia Mortgage.
3. Applicstion of Paypients. Unleas applicable (aw pmvides otherwise, all payments recei~ed by I.ender under the Note and
paragraphs 1 and 2 hereof ahall be applied by I.ender firxt in payment o[ nmountx payable to l.ender by Borrower under paragraph 2 hereot,
then to intereat payable on the Note, then to the principal of the Note, nnd then to interest ~nd principal on any Future Advances.
4. Chnrges; Liene. I3orrowerahnll pay aU taxes..~s.gcwsmenl.c .ind uthrrcharKes, fin~~ and impositiuns attrihutahle G- thr 1'roperty which
may atlain a priority over this Mortg.iKe, and le:-sehold paymentx ur Krou nd rentti, if any, in the manner providetl under par.~gr~ph'L hereof or,
~f not paid in such manner, by f3orrower making payment, when du~•, directly tu thr pay~r thererd liorn,wer shall promptly furnish to Ixnder
all notices of amounls due under this paraKraph, and in the event f~rruwer shall make p:-yment directly, Burruwer shall promptly furniah to
I.ender receipta evidencing such pn~ menLv. I~~rruwer shall prumptly discharK~• any lien whieh has priority uver this MurtKage; pmvided, that
Korrower shall not be required lo disch:~rKe.iny such lien sn lonK a~ li~~rruwer shall agrer in writinK tu thi• p:+ymvnt of d~eobliK.ition secured by
such lien in a manner arcept~ible to I.ender, or shall in K~KNi L•~ith cunti~st such lirn by, ur d~f~•nd enforc-e•m~•nt of su~•h lien in. IeKal proteedings
which operate to prevent the enfonrment uf thr lirn or forfi•itum uf th~• Pru~x•rty ur any part ther~~~f.
5_ Hazard Insurance. 13c-rruwer shall kc~p the impn~~ements nuw exietinK or here:dter erecter! on the 1'roperty in`sured ~Kainat loss by
fire, hazards included within the term "extended ~v-veraK~," and such other h:-t:+rds as 1 w~ndrr may require and in such :~mountis and forauch
peri«ls as I.ender may require; providcrl, that I.endrr sh.ill not rtK~uire that lhe :~muunt uf such rnverxKe rxreEd that .imuunt of coveraKe
mquired to pay the sums securtvi by this MortKaK~.
The insuranm carrier prm~idinK th~• insur:+niY• sh:~ll tk• ~•hus~~n by It~rrruwi~r suhjw•t tu a~F-pro~•:d by 1 w•nd~~r, pn~vidrd, that such appro~•al
shall not be unre:+.wnably withh~•ld. All premium. nn insuran~•~~ ~N~li~•i~•. vhall IK• paid in th~• mannrr ~~r~~~•idwl und~~r par.~y~raph 'l hercr~[or, if
not paid in such manner, by Fiurn~w~er makinK p:~y~u~•nt, whrn du:•, dir~rtl~~ t~~ thr in.ur:~n~•e c:+rri~•r.
All insurance policies and renev-als thereof shall t-e in form acci•ptabtr tu I.ender and shall include a standard mortgageclause in favor of
and in form acceptable to l.ender. lxndershall ha~~e thr ritiht to huld the ~Ndi~•i~~ti and re•ni•wals thercy~[, and 13orruv-ershall promptty furnish tu
~.ender all renewal noticex and all receiptx of paid premiums. In th~~ rvent of lu.s, Rurn~w•er tihall Ki~•e prumpt nntice to the insurance c.irrier
~ind I.ender. Ixnder may make pruof ~,f lo~~ if ~ot madr prumptly bY Rurrower.
Unlese I.ender and Rorrower othrrw'-.u aKree in writinK, insuran~-~• pr«•tYKiti tih:~ll tx• applicvl to rrstor~tion or repair of lhe 1'roperty
damaged, pmvided auch mstoration or repair is cr~mumica+lly fea~ible and the s~rurity of this MortKaKe is not therehy impaired. If such
restoration or repair is not economically feasihlr or if the u~-urily uf this MurtKaKr wuul~l t-e impaired, the in3~rance proceeds shall be applied
to the sums secured by this MoriKage. with tht• el[Cf'FS, I~:+n~, p:~id tu Fi~~rruwer. If thr 1'ropcrty is abanduned by Fiorr~wer, or if I3orrower faiie to
respond to I.ender within :i0 days from th~ d.~te noticr is mail~rl b~• 1~e•nder tu Rorrowrr that the insurance carrier offers to aettle a claim for
insurance benefita, l.ender is authorited t~, coll~•t :ind appl~ thc intiur.~ncr pnKti~rls at I,ender's uption either to restoration or repair of the
E'roperty or the sums r,ecured by this MortKaKe.
Unleas I.ender and E3orrowee otherwise aKree in wntiuK, any surh application of pnK•eeds to principal ahall not extend or pc~atpone thedue
date of the monthly inatallmentis referred U~ in par:iKraphs 1.ind'l h~ri~~f nr chanKe the amuunl of such installments. If under paragraph 1H
hereof the Property is acquired by I.ender, :+11 riKht, title and interPSt ~~t Burro~+~•r in nnd to ~ny insurance p~:licies and in and to the proceeds
thereof resulting from damage tn Yroperty prinr to the s:ile ur :~cqwsition ahall p:iss to IRnder to the exlent of the sums secured by this
Mortgage immediately prior to such aale ur acyuisition.
6. Preeervation and MaintenanceotProperty; lA useholds: Condominumy; Planned Unit DevelopmentA. E3orrowershall iceep
the Property in ge,od repair and shall not commit wa.te~ ur {x•rmit imp:~irment or deterioration of the F'ruperty and ahall comply with the
proviaions of any lease if this MoriKaKe is on a leasrhold. If thie MurtKaKe is un a~ unit in :i rnndominium or a planned unit development,
liorrower ahall perform all of Ikxrower's obligatiuns undrr the decl~ratiun nr co~enants ~•rr:~Ur~;or Kuvern~ng the cundominium ur planned
unit development, the by-laws and reRulations of the cnndnminium or planncd unit develupment, and conatituent documente. [f a
condominium or planned unit drvelupment rider is ezi~c•uted by F~~rrowrr and rrc•orderi LuKether with this Mortgage, the eovenante and
.~Kreementfe of such rider ~hall be incorpurated iMu and shall am~•nd :md supplemenl thecueenants:~nd aKnrments of this Mort~aKeas if the
rider were a part hereoL ~ ' '
7. Proteetion of Lender'e Security. If E3orrc~wer faile to perform the covenante and agreemente contained in thie Mortgage, or if any
action or proceeding ie commenced which materially affec4+ l.ende%s intereet in the Pruperty, including, but not limited to, eminent domain,
ineolvenry, code enforcement, or arrangemente or proceedings involvinq a bankrupt or decedent, then [.ender at l.ender'e option,upon
notice to Borrower may make euch appearances, diaburee such auma and take euch action as is necessary~to protect Lender's interest,
including, but not limited to, diebureement of reaeonable attorney's feea and entry upon the Property to make repaire. i[ Lender required
mortgage inauranCe as a condition ot making the loan sefured by this Mortgage, E3orrower shall pay the premiuma required to maintain
euch inaurance in effect until euch time ae the requirement for eu~h ineurance terminatea in nccordance with Borrower'e and Lender s
written agreement or epplicable I.aw. Borwwer ehall pay the amount of all mortKaKe ineurance premiuma in the manner provided under
paragraph 2 hereof.
Any amounta diebureed by Lender persuant to thie par:+graph 7, with intrreat therer,n, ehall become additional indebtedneae of
Borrower eecured by this Mortgage. Unleae Borrower and I.ender agree to other terms uf payment, auch amuunte ehaU be payable upon
notice from Lender to Eiorrower requesting payment thereof, and ehal! bear intereel fmm the date of disbureement at the rate payable from
time to time on outetanding principal under the Nole unlesa paymeot of intereet at auch rate would be rnntrary to applicable law, in which
event euch amounte ehall bear intere~t at the higheat rate permissible under applicable law_ Nothing contained in thie paragraph 7, ehall
require I.ender to incur any eapenre or take any action hereunder.
.
~
~~~ ~ ..
~~'''K.34~ F,,~E~895
:~
~-~~