HomeMy WebLinkAbout0973 UHtROara CovEN,~NTS, Borrower an~i t.enJer cavenant and agree as foUows:
1. ~'~es1 0~ rri~eiMl ari lde~t. Borrow•er shall prcxnpUy paY when due the principal of and interest on the
indebtednett evidenced by tbe Note, ptepayment and late chargts as prasrickd in tht Note, and the principsl uf and iotertst
on u?y Futurc Advaqces secored by this Mor~gs~e. _
2. F1~ws for Tu~s sar I~wra~ee, Subject to appiicabk law or to a written waiver by Lender, $orrower shall pay
to Lender oe the day monthly ~nstallments of principal an~ intctest are pay~ble under the NMe, until the Note is paid in [u0,
a:um (htrtin "Fua~") equal to onc-twelfth of Ihe yea~ly taxes and assessments which may attain priority over this
Mortgage, and ground rerttt on the Pmpeny, ii any, plees onc-twe!!th of yearly promium inuallmenta for huard inw~snce.
plus one-twelfth of yearly premium installmcnts for mottgaae insurance, if any, all as r~ssonabiy estimated initislly and tmm
time to time by Lender on the basis of assessments and bills and reasonable estimates thertof.
The Funds shall be heM in a~ instilutiot~ the deposits ur accounts of which are iraurcd or guaranteed by a Federal or
state aaer~cy (irtcludina Leader if Lender is such an institution). Lender shall apply the Funds to pay said taxa, ssscssments,
insuraace premiums and ground rcnts. Lender may not charge for so holding and applying the Funds, analyzing aaid account,
or verifying and compling said asxssments and bills, unleu Lender pays Borrower interat on the Funds and applicabk law
petmits Lcn~r to mtke such a chuge. 9orrower and Lender may agree in writing at the time of execution of thh
Mortgage that interest o~ the Funds shal! he p~aid to Borrower, and unloss such agrcemertt is made or applicabk law
requitts sucti intarest to be paid, Lender shal) not be rcquired to pay Borrower any interest or earaings on the Funds. l.ender
shaU give to Borrower, without ~harge, an annual accounting of the Funds showing credits and d~bits to the Funds aad the
purpoae for which eaeh debit to the Funds was made. T6e Funds arc plocfg~ed as additiooa! securiry for the sums sxured
by Ihis Mortgage.
If the amount of the Fundt t?~!d by i.ender, together with the future monthly installments of Funds payabk prior to
the due dates of taxes, assessmems, insurance premiums and ground rents, shap exceed the amount requicai to pay said taxa,
assess[nents, insurance premiums uid ground rents as they fal! due, such cxcws shal! be, at Borrower s option, either
promptly repaid to Bormwer or cteditod to Borrower on monlhly installments of Funds. If the amount of the Funds
held by Lender shall aot be sul5cieat to pay taxes, assessments, insurance premiums and ground rents as they fail due,
&nnower shall pay to I.ender any amount necessary to make up the deficiency within 30 days from the date rwtice is mailod
by Lend~r to Borrowor req~stidg payment thereof.
Upon payment in full of all :wns ~cured by this Mortgage, t_ender shall promptly refund to Borrower any Funda
held by Lcnder. If under paragraph 18 hereof the Property is sold o~ the Property is otherwise acquired by Lender, I.ender
s6all appty, no later than immediately prior to the ssle of the Property or its acquisition by l.ender, aQy Funds held by
Lendcr at the time of application ~ a credit against the sums secured by this Mortgage.
3. A~plicatioi o~f p~~us-a4, Unfess applicabk law provides otherwise, all payments received by LeRder under the
Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of smounls payable to l.ender by Borrower
under puagraph 2 hereof, ttxn to interest payable on the Note, then to the principai of the Note, and then to interest and
principal on any Future Advaoces. ~
, 4. C6a~tr, Lk~s. Borrower shall pay all taxes, assessments and other ~harges, fines and impositior~s attributabk to
~ the Property which may attain a priority over this Mortgage, and lessehold payments or ground rents, if any, in tbe manner
! provided under paragraph 2 hereof or. if not paid in such manner, by Borrower ma{cing payment, whtn due, diroct2y to the
payee thereof. Borrower shali promptiy furnish to Lenckr all.noticu of amounts due under this paraaraph, and in tbe event
Borrower shall makt payment dirSCdy, Borrower shall promptly fumish to Lender receipts evidencing such payments.
Borrower shall protnptly discharge any lien which hzc priority over this Mongage; provided, that Borrawer shall not b~
' required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secuced by
~ such lien in a manner acceQtabk to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in,
; legal proceedings which operate to prevent the enforcement of the lien or fod~iture of the Proparty or any part thereof.
~ s• Hatud lswrssce. $ortower shall keep the improvements now existing or hereafter erected on the Property insured
against loss by- fire. hazards included within the term "extended co~erage", and such other hazards as Lender may require
and in such amounts and for such periods as Lender may require; pravided, that Lender shall ~ot require that the amount of
such coverage excced lhat amount of coverage required to pay the sums secured by this Mongage.
The insuraoce carrier providing the insurancx shall be chosen by Borrower :ubjoct to approval by L.eader, providod,
t6at such approval shall not be unreasonably withheld. All premiurtu on insurance policies shall be paid in the man~r
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making paymwi, when due, dirxUy to the
insurance carrier.
All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
clause in favor of and in form acceptable to Lender. Lender shall have the right to hotd the policies ar~d renewals thereof,
and Borrower shalt promptty furnish ta Lender all renewal notices and all receipis of paid premiums. In the event of loss,
Borrower sha!! give prompt notice to the insurance carrier and Lender. Lend~r may make proof of loss if not made promptly
by Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance procceds shall be appiiod to restoration or repair of
the Property damaged, provided such restoration or repair is economica!!y feasible and the security of this Mortgage is
not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would
be impai~ed, the insurance procceds shall be applied to the sums secured by this Mortgage, wi~h the excess, if any. paid
to Borrower. If the Property is abandoned by Borrower, or if Borrower faits to respoad to Leader within 30 days from the
date notice is mailed by Ixnder to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender
is authorized to coUect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
or to the sums securcd by this Mortgage.
Unless I.ender and Borrower otherwise agree in writing, any such apptication of proce~ds to principal sha~l not extend
or postpone the due date of the monthly instaUments refefred to in paragraphs 1 and 2 hereof or change the amount of
sucb instalfinents. If under paragraph 18 hereof ttee Property is acquired by I.~nder, all right, titk and interat of $ottower
in and to any iosurance policits and in a~d to the proceeds thereof resultiag from damage to the Property prior to the salt
or acquisition shall pass to I.eader to the extent of the sums secured by this Mortgage immediately prior to such sak or
acquititan.
6. Presenation a~ Maiatensince of Property; Leaseholds; Condominiums; Plaased Uait DevebpmeAfs. $ortower
shall keep the Property ia good repair and shall aot commit waste or permit impairment or deterioration of the Property
and shall comply with the provisions of any kase if this Mortgage is on a leasehold. If this Mortgage is on a unit in a
condominium or a planned unit development, Borrower sha11 perform alt of Borrower's obligations under the declaration
or coveQants creating or governing the condominium or planned unit development, the by-laws and regulations of the
condominium or planded unit development, a~d constituent documents. If a condominiunn or planned unit development
ridcr is executed by Borrower and recorded tagether with this Mortgage, the covenants and agreements of such rider
shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider
were a part heraof.
7. PrMectioo of Leoder's Secwity. If Borrower fails to perform the covenants and agreements contained in this
Mortgage, or if any action or procceding is commenced which materiaily af~ects Lender's interest in ihe Property,
including, but not limited to, eminent domain, insoivency, code enforcement, or arrangements or proceedings involving a
bankrupt or decedent, then I.ender at Lender's option, upon notice to Borrower, may malce auch appearances, disburse such
sutns and take such action as ia necessary to protect Lender's interest, ie~cluding, but not limited to, disbursement of
reasonable attoroty's fees and entry upon the Property to make repairs. If [.ender required mortgage in3urance u a
condition of making the lo~n secured by this Mortgage, Borrower shall pay the promiums required to maintain such
insurance in ef[ui u~ti! such lime as ~he requirement for, such insurance terminatcs in accordance wit6 Borrower~ and
~ ea»"c'~~7 PAaF ~Q
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