HomeMy WebLinkAbout0925 Ux~o~~ Cbvet~~tvr~a. Dorno~rer aad l~der ooveaant aad ajroe as f
l. ~ ot lrL~efMl a~i l~t~red. 8ornower thall P~P~Y WY~•~ tbe pria~~[ and interat au the
indebtednaa svidenood by tl~e Note. prepaymant aad late char~es as provided in the Note. and the principsl of and iatanst ~
oa aay Future Advano~ sxurod by this Mortsase.
S. PMM~ ht 1Lm~s a¦i I~wn~w Sbbject to applicaWa law or w s wtittea waiv~et by Lot~der. Bosrower shaU psy ;
to Lender oa the dsy ma~thty iastdlmena of priacipal aud inte~est ara paysbk unde~ the Note, until the Note is paid ia fuU.
s sum (henia "Fun~'~ eqwl to oao-tWrelfth of the yearly wces and au~na~b which may attaiu prio~ity over tha
Mort~ase, and ground ra~b on the Property, if my, plus ooe-twelhh af ye,ady preaaiwa i~Wla~enq for baurd insurance,
ptus onatwdith of yeady premium intWlmenta for mort,~s~e inwranoe. if aay, dl a reasonably estlmated 'u~itially aad froa~
tirne to time by Len~kr ca t6e bssis of aasassmeats and bilis and n~swnabk estimata thereof.
'Ibe Ft~n~ sbap be beW in•an institutio~ the deposits or acoounb of w~bich ue i~ured or gwraateed by a Federnl or
atate agencY (includin~ Lender if Leader ia auch aa i~titution). ~.e~aer ~u .~qy c~ ~ w~y u;a suauneab.
iasnranoe prwniums and srw~nd reats. Lender may no1 char~e for so holdin~ and applyiaa the Funds. anatyzia~ said accoun~ t
or verifyiag and compiliag aaid assessrneats and bills, unlas Lender pays Borrowe~ interat oa the Funda aad applicabk law
petmits I~ender to make soch a charga. Borrower and Lender may agra in writing at the time pf eicecution of this ~
Mortgag~t that iaterest oa the Ftind: shall be pa~id to Borrower~ aad unless such agroement ia mada or appliabb law. ;
rcquira such iaterest to be paid. L,epder shall not be required to pay Borrower any iateraat or earnings on the Funds. Lender
ahall ~ive to Borrower~ without chuge. aa aanual aooou~ting of the Funds showiaa credits and debits W the Funds and the
purpo~ for w6ich each debit to the Funds was made. T6e Funds are pledged as additioaal sec~rity for the sums secured ~
by this Mortpge. '
If the amount of the Funds heW by Leader, together with the future month{y installmeata of Funds payabk prior to
the due dates of taxes, asuasmants. inaurance premivms and ground rents, shall exeecd the amouat tequircd to pay aaid taxea.
asae~anents. insuraace premiua~s and ground rents as they fall due, suc6 eacsess shaq be, at Borrower's option. either ~
prompdy repaid to Borrovrer or crodited to Bornower oo moathly installments of Funds. If the amount of the Fuads i
6e1d by Lender shaq not be sufficieat to pay taxes. assessm~nts. insurana premiums and gruund ronts aa they fall due, ~
Bomower shall pay to Leader any amount neoessary to make up the defic;ency arithin 30 daya fwm the date notice is mailad
by Lender W Borrower ~+equesting payment thereof.
Upon payanent in fuU'of all :ums secured.by this Mortgage. Leader shall pramptly refuad to Borrower any Funds
heW by Lender. If under paragnph 18 hersof the Propecty is sold or the Property ia otherwise acquired by Lender. Lender
shall apply. no later than immediately prior to the sale of the Property or its aoquisition by Lend~r, aay Funds held by
Leader at the time of application aa a credit agaiast thc sums socwed by this Mortgage. .
3~. Applicatlo~ of ?~me~tr. Unless applicabk !aw providea otherwise, all payments received by Lender uader the
Note and paragraphs 1 and 2 heroof shall be applied by I.eader 8~st in payment of amounts payable to Lender by Borrower
under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, aad then to interat and
pri~ipal on any Futun Advanas.
C~e~ Lie4s. Borrower shall pay all taxes, assessments and other charges, fincs and impositions attributable to
the Propaty which may attaia a priority over this Mortgage, and leacehold payments or gmund reats, if any, ia the manner
providal under paragraph 2 hereof ot, if not paid in such manner. by Borrower making payment, wha~ due, directly to the
j payee theroof. Borrower shaU promptly furnish to L.ender all notices of amounts due under this puagraph, and in the event
Bomower shall make payment directiy, .Bonower shall prompUy furnish to Lender raxipts evideacing such paymeats.
Borrower shall pranpdy discharge any lien which hat priority over this Mortgage; pmvided, that Bonower shall not be
requered to discharge any such lien so bag as Borrower shall agree in writing to tlk payment of the obligation securod by
suc6 lien in a manar aooeptabk to Lenekr, or shall in good faith oontest such lien by; or defend enforcement of such lien in.
legal proccedings which operate to prevent the enforcement of the lien or forfeiture of the Property or aay part t6eteof.
S. Hmrd Iosnraece. Borrower shall kcep the improvements now existing or hereafter erected on the Property imured
against loss by 8re. ha7su~ds included within the term "extended coverage", and such other hazards as Lender may require
and in such amounts and for auch periods as Lender may require; provided. that Lender shall not requiro that the amount of
such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage.
! 'Ibe iraurance carrier providing the insurance shal! be chosen by Boaower subject to approval by Lender, pmvidod,
' that such approval shall not be unreasonably withheld. All premiums oa insurance policies shall be paid in the manner
F providod under paragraph 2 bereof or, if not paid in such mancer, by Borrower making payment, when due. dirxtty to the
~ insuranc~ carrier.
All insurance policies and renewals thereof shall be in form acceptable to Lender and shalt include a standard mortgage
clause in favor of and in form acceptable to I.ender. Lender shall have the rig6t to hold the policies and renewals thereof,
and Borrower shal{ prompdy fumiah to I.ender all renewal notices and all recxipts of gaid p~+emiums. In the event of loss,
Borrower ahaU give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
by Bonower.
Unlesa Lender and Borrower otherwise agrce in writing, insurance procoods shall be applied to restoration or npair of _
the Property damaged. pmvided such restoration or repair is economically feasible and the security of this Mortgage is
not thereby impaired. If such restoration or repair ia not economically feasible or if the security of this Mortgage would
i be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the exeess, if any. paid
~ to Borrower. If the Pmperty is abandoned by Borcower, or if Borrower fails to reapoad to Lender within 30 days from the
4 date notice is mailed by Leader to Borrower that the insurance carrier of[ers to settle a ciaim for iasnrance benefits, Lender .
is authorized to collect and apply the incurance proveeds at I.ender's option either to "restoration or repair of the Property
` or to the sums secural by this Mortgage.
i Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
! or p~tporn the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
_ such installments. If under paragraph 18 heroof the Property is acquired by Lender, all rig6t. tide and interest of Borrower
~ in and to any iawrance policies and in and to the proceods thereof resulting from damage to tbe Property prior to We sale
g or acquisidon shall pass to Lender to the ezteot of ibe surtu secutod by this Mortgage immediately prior to such sale or
f acquisition.
~ 6. Pnservatioa and Maiateoance of Property; I.ease6olds; Condomialum~ Plaonsd Udt Devebpments. Borrower
~ shall koep the Property in good repair and shall not oommit waste or permit impairment or deterioration of the Property
and shaA comply with the provisioas of any kase if this Mortgage is on a leaaehotd. If this Mortgage is on a unit in a
~ condominium or a planned unit development, Borrower shall perform all of Borrower's obligatioos under the doclaration
` or covenaats creating or governing the condomioium or planned unit development, the by-laws and ngulations of the
condominium or planned unit development, and constituent documeats. If a condominium or planned unit development
` rider is eacecuted by Bornower and recorded together with tl~is Mortgage, the covenants and agreements of such rider
shall be incorporated into and shall ameod aad supplement the oovenants and agreements of this Mortgage as if the rider
were a patt hereof.
9. Protectioo of Lender's Security. If Borrower fails to perform the covenanta and agreements contained in this
Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property,
including, but not limited to, emicent domain, insolvency, code enforcement, or arrangements or prooeedings involving a
' bankrupt or decedent, then Leader at Lender'a option, upon aotice to Borrower, may make such appearances, disburse such
~ sums and take such action as is neoessary to protect I.ender's interest, including, but not limited to, disbursement of
~ reaaonable attomey's fces and eatry upon the Property to. makc repairs. If Leoder required mortgage insurance as a
r condition of making the loan socured by t6ia Mortgage, Borrower shall pay the promiums required to mazntain wch
` inaurance in effest until such time as the requirement for such insuraaoe terntinates in acxot+dance wiW Borroarer's sod
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