HomeMy WebLinkAbout0926 UN[ratt~t CovEN~Nrs. Bottower and l.en~ler c.~venant and agree as follovvs: ~ ~
1. hyaunt ot Principd aod lnterest. Borrower shal! promptly pay when due the principal of and intrrest o~ the
mdeDttdneu evideneed by the Note, prepayment and late charges as provided in the Note, and the pnncipal of and ietercst
on any Futurc Advances stcured by th~s Mortgage.
2. F~nd~ for Ta~[es and lawrasce. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
to L.ender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full.
a sum (herein "Funds"? equal to one-ta•dith of the yearly taxes and assescments wh~ch may aU~~n pnority over this
Mortgage, and ground rents on the Prop~rty, if any, plus one-twelfth of yearly premium installments fur ha[ard ~nsurance,
plus one-twelfth of yearly premium i~stallments fo~ mortgage insurance, if any, all as reasonabl}~ estimated initiall~• and from
time to time by !_e~der on the basis of assessments and bills and reasonabl~ estimata thereof.
The Funds shall tx held in an institution the doposits or accounts of which arc insured or guaranteeci by a Federal or
state agency ( including Lender if Lender is such an institution) _ Lender shall apply the Funds to pa}• said tatri, assessments,
insurance premiums and ground rents. I.ender may not charge for so hoiding and applying the Funds, analyzing said account,
or verifying and rnmpiling said assessments and bills, unless i.ender pays Borrower interest on the Funds and applicahle law
ipermits Lender 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 be paid to Borrower, and unless such agreement is m~de or applicable law
requires such interest ta be paid, Lender shall not be required to pay 9orrower an}• interest or earnings on the Funds. I_ender
shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpose for whirh each debit t~~ the Funds w•as made. The Funds are pledged as additiunal se~uritv for the sums secured
by this Mortgage.
If the amount of tl~e Funds held by I_ender, togcther with the future monthfy inslsllments of Fun~is payable prior to
the due dates of taxes, assessments, insurance premiums and ground rents, shall exrced the amount reyuirrd to pa}' said taxes,
assessments, insur~nce premiums and ground rents as the~ fall due, such e~cess sh311 be, at Borrower's option, either
prompdy repaid to BorroHer or crcdued to Bormwer on m.~:ithh~ installmcnts of Fund~. ]f the amount of thc Funds
held by Lender shall not bc suflicient to pay taxes, assessments, in~uranrc prem~ums and ground rents as they fall due,
Borrower shall pay to Lender an~ 3nmunt necessary t.~ make up the .iefirienc~ w•ithin ;0 da~s from the date nntice is mailed
by Leader to Borrow~er reyuesting pa~~ment thereot.
Upon payment in full of all sums sersucd b~ this Mung:,gr. I cndcr shall promptl}• rcfund to Horro~~~er an~• Funds
held by Lender. If under paragraph IR hcreof the Propem ~ald rr thc Pro~ert} ~s otherwice arqu~red b~• Lender, l.endcr
shall apply, no later than immediatch prior tu the ~ale rf thc Prop~n~ or it~ acquisition h) Lcndcr, an~ Funda hel~i by
Lender at the time o( application as a rreJit aga~nst th~ sum. ~ecured b~ th~~ Atortgage.
3. Application of Pa)ments. Unle.~ ap~.licablc law prr~i~les othenvi;e, all pa}ments re.ei~~ed b}• i ender un~fer the
Not~; and paragraphc I and 2 hereof shall be appl~ed h~ l ender firu in pa~ment ~~f amr~~nts payahle to Lender h}~ Born~wer
under paragraph 2 hereof. then to ~nterest pa~ahle an the tiv~~, then t~~ the principal of the 1`'ote, and then to interest and
principal on am~ Future Ad~•ances.
4. Charges; Ciens. BorroHer shall pa~ all ta~eti, acc~s.ments and .~ther charges, fines and impositions attnbutahle to
the Propert}~ which may attain a Qnority over th~s ~tortgage, and leaaehold payments ~r ground rents, if an}~. in the manner
provided under paragraph 2 hereof ~r. if not paid ~n such manner, b~ Borrow•er making pa~•ment, w~hen due, directly to the
payee thereof. Borro~•er shall promptl~~ furnish to Lender al{ notice: of amoimts due under this paragraph, and in the e~~ent
Borrower shall make pa~ment dire.tl}•, Born:~~r ~hall promptl~ furnish t~~ Lender recei~ts evidencing such pa}'ments.
Borrow2r shall promptl}~ discharge any l~en ~hi~h has ~rior.t} ~~~cr this ~lortgage; provided, that Borrower shall not be
reqwred to discharge am~ such lien so long ;is B~~rroH~r shatl agree in ~rit~ng t~~ the pa}•ment of the obligation secured by
such lien in a manner acceptable to 1_ender, or shall in g.xxi [aith ronte~t such lien hy, or defend enforcement of such lien in,
legal prcxeedings W hich o~erate t~~ pre~~ent thc enfrrcement ot the l~en ~r torfeiture of the Propert)• or ~n}' part thereof.
S. Hazard Insumnce. Borrower shali I.cep the ~mprc~~rmentti no~~ e~isting or hercafter erected n~ the Property insured
against loss by fire, hazards includ~d within the term "~~ten~r.i r~~vera~,e". and such ather hazard~ as Lender ma}• require
and m such amounts and for su. h period~ a~ Lcnder ma~ reyuire; ~r~~~ idcd, that LcnJcr :hal! not reyuire that the amount of
such c~:~~erage exceed that amount uf co~erage rryu~red t~~ }~a~ the wm. ~ecured h~ this titongage ~
T~e ~nsurance carrier providing the insiiran~e shall txx rh<«en b} Horr~~~~er subject tc• approval h~• I.ender, provided,
that such approval shal{ not he unreasonahh ~cithheld All ~ rrm~uma an insurance policies shall be paid in the manner i
provided under paragraph 2 here~~f or. ,f not paid in such manncr. h~ B.~rroHer makmg payment, when due, directly to the
insurance carrier.
Ii All insurance policies an~i ren~wals there~~f shall he in form .ir~e~t:+hl~ tu (.en.ler and shall include a standard mort~agc
f rlause in fa~~~~r rf and in furm ac~eptahle tr Lender Lrn~cr ~h.ill ha~c thc right tr h~~ld the poli~ies and rene~al~ thereof,
~ and Borroaer shall promptl~ furnish t~~ Lendcr all r.ne~~al nut~ce~ an~i al! receipts of p:~id premium,. In the e~ent of loss.
Berrow•er shall gi~e pmmpt notirc t.~ thc insurancr ~arnrr an~i l cndc~. I en~fer ma} mal.e pro~~t of luss if n~~t made pmmptl}•
E bp Borrower.
; l~'nless Lender and Borrower ~ther~+i.~ a~re~ in ~~nting. in.,~r.inre ~r~~~cc~1~ shall hc applied ro retturati~~n or repair of
3 the Property .lamaged, pmvi.le~1 such ~rtitoratirn rr r~~xir is «ro,umicall~ f~atiihle and the tr~urit~ of thi~ I~t~rtgage it
~ not thereb~~ impaired. lf such re~torat~rn or repair is n~~t ci~~n~~mir:,ll~ l~asihle ~~r ~t the secunt~ of this ~tortgage u•ould
be impaired, the insurance pr~kee~i~ shall be applie~i t~~ thr sums serure.l hc this Li~rtgag~. ~+~th the e~cess, if any, paid
to Barrower. If the Propert~ i~ ahand~~ned M R~~rrr~?•cr, ~~r ~t Avrm~+er tailti t~~ respe~nd tn Lendcr within 3l) da~s from the
date netice is mailed b~~ Lender to Bormuer that the ~nsur:~nce rarnrr ~~tie~s m cettle ;i claim f~~r insurance benefits, I.em.ier
is authorized to collect and appl~ the tnsuranre ~+mcee.is at I enJ~r~s uptirn either t~~ restorauon ur repair o( the Propeny ,
or to the sums se~ured by this ~lortgage.
LJnless Lender and Borrower otherwice acree in ~.nting. an~ ~uch a~~~+lir,~tian ~~f ~n~~reds t~~ rrncipal ~hall not e~tend
or postpone the due date uf the me~nthl~ in~tal.lmrnt~ referred t~~ in {~aracr:~}~h~ 1:in~1 herr~~f ~~r rhangc thr amcxmt of ;
such installments. If under paragraph tR hereof the Pmrcrt} i~ aryuire~'. n~ l.ct:,icr :ill !~ght, title an~1 interest of Borr<~wer
in and to any insurance policies and in and t~~ the ~roceeds thereut resulting frrm dan?.tKe te~ !he Prupert~ pric~r to the sale
~ or acquisition shall pass to Lender t~~ the e~tent of the sum~ secured h~ thi. ~:rrte:~r° immediatcly prior t~~ tiuch sale or
~ acquisition.
~ 6. Presenation and itaintenance of Propert}: l.easeholds; (~ondominium~: 1'lanned l'nit De~ctopmrnts. Rorrower
E shall keep the Propeny in good repair and ~hail not commit ~+a~te rr ~c m~t ~^~~~.~:rmcnt or ~eterii~ration of the Properl}~
and shall compl} with the provicions of an} lease if thiti '~trrik.+ec <~~i a le.,~c' •Id if thi; 11.~rtgaer is on a~mit in a
condominium or a planned un~t de~~et~~pmrnt, Bornn~er ~ha!t ~crfrrm :i! rt H~~rr~~«er's ~~hl~ga~~rns under the declaratic~n
or covenants creat~ng or g~~verni~g the crnd~~mmium ~~r E~I;~nned nn s de.ei+~}~rncnt. the b}• !a«~ ard regulati<~n~ af the
condominium or planned unit de~elopment. .ind cc>n~tituent ~irrum~ni~ lf a i~~n~l~~minium or ~lanned ~~nit cle~elc~pment
nder is executed b}~ [iorrower and recorded a~gether µith th~~ \frrtgage. the c<•~enanis and :igreement. ~~F cuch nder
' shall be incor~ratecl int~ and shall amend and surplement the cr~enantc an~i agreements ~f th~s ~ti~ngage a~ if the ri~er
wcre a part hereof.
7. Protection of Lender's Securit}~. lf A~rr~n+er (a~l~ t~~ rer(~~rm the rovenant~ and agreements ~~~ntaincd i~ thic
` M~~rtgage, or if an} action ~~r pro~eeding i~ cemm~nce~i ~+hirh materiall~ afTect~ I ender't intere~t in the Pr<~pen~~,
~ including, hut nnt limited t~~, eminent dumain, inc~l~en.+. c~~de rnf~~rrement, ~~r arrangements c~r ~mceedin¢s im•ol~inR a
~ bankrupt or decedem. then 1_ender at 1_ender'~ orti~~n, u~~n n~~t~ce tr Bc~rr~~wer, m;i~ make such ap~+earance~, d~~hurse ~uch
~ sums and take such acti~~n as is nece~car~ t~~ pmtect Lender'c mtrrrct, inclu~iing, hul nc.t limited to, disbursement ~f
g reasonahle attorne~~~ fees and entry upc~n the Pmpenc m maF.c re~~~r~ li Ler,der reyuired mortgage i~~urance at a
rondition of making the Ic~an ~ecure.l h~ th~s ~t~~rt~aer. Nrrr~~Hrr shal! i~ay the premium~ required t~ maintain cuch
insurance in eKect until ~uch t~me as ?he reyuirement fnr wch in~u~ance tcrminates in aceordance with Bormwer's and
~ g+.)rIK `lOi7 P~~~E J~ U
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