HomeMy WebLinkAbout0924 . . +
.
UN~polt?.~ CovErt~Nrs. Borrawer and I.enJtr covenant and agrce as foll~~ws:
1. P~ymcnt o[ Pr~nctpal and lnterat. Borrower shall promptl~• pay when due the principal of an~ intereat on the
indebtedneu evidenced by the Note, prepayment and late charges as prvvidtd in the Nott, and t6e principal o( and interest
on any Future Advances secured by this Illortgage.
2. Fnnds for Taza and Insuance. Subject to appli.;able law or to a written waiver by Lender, Borrower shall pay
to L.ender on the day monthly installments of princip~l and intcrest are payable under the Note, until the Note is paid in full,
a sum (herein "Punds") equal to one-twelfth of the y~early taxes and assessments which m$y attain ~+riority over this
Mortgage, and gruund rents on the Property, if any, plus one-twelfth of yearly premium installmcnts for hazard insurance,
plus one-twelfth of yearly premium installments for mortgage insurance, if any, ail as reasonably estimated initially and from
time to time by Lender on the basis of assessments and bills and reasonable estimates thereof.
The Funds shall be held in an institution the deposiu or accounts ot which are insured or guaranteed hy a Federaf or
state :.gency (including Lender if Lender is such an institution). I_ender shal! apply the Funds to pay said taxes, assessrnents,
insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account,
or verifying and compiling said assessments and bills, unless Lender pays Bonower interest on the Funds and applicable law
permits Lentler to make such a charge. Borrower and Lender may agree in writing at the time of execution of this
Mortgage that interest on the Funds shall tse paid to Borrower, and unless surh agreement is made or applicable law '
req~lires such interest to bc paid, I.ender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
shall give to Borrowe~, withoui charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpose for which each debit to che Funds was made. The Funds are pledged as additioaai secur:ty for the sums se~ured
by this Mortgage.
If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to
the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, ~
assessments, insurance premiums and ground rents as thev fall due, such excess shal) be, at Borrower's option, either
promptl,v repaid to Borrower or credited to Borrower on monthly instellments of Funds. If the amount of the Funds
held by Lender shall not be sufficient to pay taKes, assessments, insurance premiums and ground rents as they fall due,
Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Lender to Borrower requesting payment thereof.
Upon payment in full of al! sums secured by this Mortgage, l.ender shall promptly refund to Borrower any Funds
held by l,ender. If under paragraph 18 hereof the Propert~• is sold or the Propc;rty is otherwisc acqui?ed by 1_ender, Lender
shall apply, no later than immediatcly prior to the sale of the Property or its acquisition bp [.ender, any ~unds held by
Lender at the time of application as a credit against the sumc seeured by th~s Mortgage.
3. Applics~tion of Payments. ilnless ap~+licahle !aw• providrs otherwise. ~II payments received by Lender under the
Notc and paragraphs 1 and 2 hereof shall be applicd by Lcndcr firtit m pa~ment of amounts pay~ble to Lendcr by Borrower
under paragraph 2 hereof, then to interest payable on the tiute, thcn to the principal of the Note, and then to interest and
principal on any Future Advances.
4. Chprges; Lieac. Borrower tihall pay alt ta~e~. :~tises~n~cnts a~d uther .harges, fines anJ impositions attributable to
the Property which may attain a priority over this ~lortgage, and leaschold payments c,r g~ound rents, if any, in the manne~
provided under paragraph 2 hereof or, if not paid in such manner. b} Borrcw•cr making payment, when due, direcqy to the
payee thereof. Borrower shall prompdy furnish to Len~ier all notices of ~mounts due under this paragraph, and in the event i
Borrow•er shall make pay~mcnt directl~~. Borro~er shal! promptl~ ti~rnish tu l.ender receipts evidencing such payments.
Borrower sha11 promptly Jischarge any lien ~hich has pncinty incr this 11~,rtgage: provided, that Borrower shall not be
required to discharge any weh lien su long as SarroHer shall agre~ in «riUng t~~ the p~~~ment of the obligation secured by
such lien in a manner acceptable to Lender, c~r tihall in ~~x~~ faith cuntr~~ tiurh lien hy~, or ~iefencl enforcement of such lien iR,
!ega: proceedings which ~per:~te to prevent thc enf~Trremcnt of thc l~en ~~r furfciture of [he Property or an}' part thereof. I
5. Hazard Insurance. Borrouer shall kcep the impru~emcnt~ no~ r,i,ting ~~r hercafter erected on the Property insured '
against loss h}' fire. hazards included within the term "c~tcndeJ ~o~ersge". and such other hazards as I.ender may reyuire i
anJ in such amounts an~l for such ~riuci~ at Lender ma~~ reyuire; rnnide~i, that LenJer shali not reyuire that the amount of
such co~•erage exceed ihat am~~unt ~~f co~crag~ rcyinred ta pay the ti~m~~ ~ecured by th~s Mortgage.
The insurance carrier provid'eng the inwrance ~h:+ll be rht»en by Borrower stibject to appro~~al by Lender, pro~~ided,
that such approval shall not tx: unreasonahl}~ w~ithheld A!I prcmium~ un insurance policies shall be paid in the manner
provided under paragraph 2 hereof or, if nut p:~~d in wch manncr, lh~ B;~rrouer maRing payment, when due, cfirect~y to the
insurance carrier.
A!! insurance poJicie, anJ renewals ther~~~t shall h~ ~n form .u~e~t.~hlr to Len~er and shail include a standard mortgage
clause in fa~~~r uf and in furm acceptahle tu Lender. I.rndcr ,h.~l~ h:~~e the right tu hoid the oolicies and renew•als thereof,
and Borro~+er shall promptl}• furn~sh to Lender ~11 rrnew~l noucec an~i al! receipts cf paid premium~. In the event of loss, ,
Borrower shall gi~e prompt not~ce to the irour:~nce ~arner enel (_ender. l.en~er ma~ make proof of loss if not made promptly
by Borrower.
Unless i.enc!er and B~rruwer other~+iu agree in ~.nt~nr. in~uran~e ~rure~ds shali be applied to restoration or repair of
the Propert} ~amage~i, pr~+~~,.le.i such re.turati.m ~~r rr~:ur i. ~.~~n~~mic.~ily frasihie and the se~urity of th~s ~tortgage is
not ~hereby impaired. If su.:h re~tor:~ti~m or rep~ir is n~~t r~~~n~~mi..,lh lras;hle i~r if the secu~ity~ of this 4lortgage would
be impaired. the insurance pruc:eeds ~hall be :~pplie~l tu the ,urns secure~l h}• !his Mortgage. with the excess, if any, paid
tu Borrawer. It the Prupert~ is ,ihan~~~n~d h~ R"rr~~w~r, c~r it E3urmwer failti t~~ respond to Ixnder w~thin 30 days from the
~iate not~ce i, mailcd b~• Lender tu Borr~~wer th:~t the imurancr ~arricr ~~t(er. t~ ,ettle a claim for in~urance benefits, Lender
is auth~~rized t<, colfect and :~pply the ~nsur.ir~t~r {~n~cec~l, at Lri~J~r'~ ~~ptirn either to restoration ur repair of the Propert}'
ur to thc ium> >crured h}' this Mortgagc.
Unl~ss Lcnder and B~~rruaer other~~~~ .~grce in ~.~r~ting, am tiu~h a~plir:~tion c~f p~~~rceds to pnncipal thali not extend
or postpone the ~ue ~l:~te of the mc+nthl~ intitalim~nt. r~(rrred in paragra~hti I an~! 2 hereof or change the amount of
such ~nstalln~ents. If under patagraph Is hereof !he Yruperty u:~~ywre~ b~ Lender, all right, title and interest of Burrower
~n ;ind to am imura~ce policies and in and t.~ the pruceeJ, thereol rr~ulting f:om damage to the Properry prior to the sale
or acyuisition sh~ll pass to Lender to th~ e~tcnt of the ~iim~ secure~l by this ~lurtgage irnmediatety prior to such saie or
acquis~tion.
6. Preser~ation aod ttaintenance of Propert~; I.easeholds; ('ondominiums; Planned Gnit Developments. $orrow~cr
shalf keep ~hs Property in g~~d repair and Shali not ~ommit wastc or permit impairment or deterioration of the Property
and shali comply~ with the provisions of an} lease if thi~ ~lortgage i. un ~ leaschold. If this !~tortgage is on a unit in a
cundominium ur a planned unit de~el~~pment. Borru.+er ~hall per(orm alt of 8orrower'~ obligat~ons under the declaraUon
or covenarts creatmg or govern~ng the c~md~~m~nium c~r planned unit development, thc by-laws and regula;ions of the
conJominium ~r planned unit development. and constituent dckumems. If a cundominium or planned umt development
nder is executed by Borro~er and recorded tagether ~ith th~~ 1lorigage, the covenants and agreements of s~ch rider
shall be ~ncorporated into and shall :~mend an~ supplement the co~enants anJ agreements of th~s Mortgage as ~f the rider
were a part hereof.
7. Qrotection oF I.enders Security. If 8~~rrc~wer fail~ tc, ~:rf<,rm the covenants an~ agreements contained in this
Mortgage, or if an~~ achon ~~r proceed~ng is commence~i which materiaily affects Lender's interest in the Property,
including, but nnt limited to, eminent domain, ins~lvency. ~ode cnfi~rceme~t, or arrangements or proceedings involving a
bankrupt or decedent. then Lender at Leneier's option, upon nvtice to Borrower, may make such appearances, disburse such
snms and take such actiun as is necessar} tc~ prote~t [_ender's interest, including, but not lim~red to, disbursement of
reasonable attorney's fces and fntry upon the Propcrt}~ to make repairs. lf Lender required mortgage insurance as a
condition of making the loan secured bv this Mortgage. B~rr~uer shalt pay the premiums required to maintain ~such
insurance in efiect wuit such dme as the reyuirement for such insurance terminates ~n accordance with Borrower's and
. . ~
- >
~d:<,~~~~~~-'.,hv~a,.~A„~i'~~.-~,a"r.~,~;~.`'_"..> ....~``~~.-u.~.,~~