HomeMy WebLinkAbout0700 UNIFORM COVBNANT3. BOfroWt~ aOd LCDdt~ Covtn~nt ~nd ag~ee as foUuws: .
1. Paymtat of P~'iaclpal aod l4ferest. Hotrower shall promptly pay whcn duL ihe principal ot ~nd intcrest ~~n the
indebtedneu evidenced by the Note, prepayment and late chardrs as pn?vided ~n the No~e, and the principal uf and interest
on any Futurc Advances stcured by this Mortgage. ~
2. l~ads tor Taues aed luior~oce. Subject to applicable lavv or to a written waiver by I.ende~, Borrower shall pay
to I.ender on the day moothly installments o[ princip~l and intcrest arc payable under the Note, tmtil thc Note is paid in (ull,
a tum (herei~ "Funds") equal to one-tweKth of the yrarty laxes and asussmrnts which may attain pri~~riry avcr this
Morigsge. and ground rcnts on the Property, if any, pl~a one-twelfth af ycarly prcmium inslallments for ha~ard i~surance.
plus one-twelfth of yearly premium installments tor mo~tgagc insurancc, if any, all as rcasonably estimated initially and irom
time to time by Lender on the basis of asses.smenls and hills and reasonablc estimates thcreof.
'IT~e Funds shal) be held in an institution the deposits or accounts ot which are insured or guaranteed by a Fcderal or
state agency (including Lender if L.ender is such an institution). I.ender shall apply ~he Funds to pay said taxes, assessments,
iatucance premiums and Eround rents. Lender may not charge fo~ so halding and applying ~he f~unds, analyzing ~aid account,
or verifying ac~d rnmpiling said ass~ssments and bills, unless I_endcr pays Bbrrowcr intcrest on the Funds and applicable law
permits Le~de~ ta make such a charge. Borrower and [.e~Jer may agree in writing at thc time of eaccutian of this
Mortgage that interest on the Fuads shall be paid to Borrower, and unless such agreemenl is made or applicable iaw
requires such interest to be paid. Leoder shall not be reyuired to pay &~rrower ~ny intcrest or carnings an the Funds. I_endcr
shall give to Borrower, without charge, an annual accounting of the Funds ~howing credits and debits to the Funds and the
purpose for which each debit to the Funds was made. The Funels arc pleJg~.•c1 as additional secutity for the sums secured
by this Mortgage.
If the amount of the Funds held by l.e~der, together with the future monthly installmcnts ot Funds payablc priar to
the due dates of taxes. assessments. insurance premiums and ground rcnts, shall exceed the amount reyuired ~a pay said ta.ies.
asse~ntents, insurance premiums and ground rents as they fall due, such exre~s shall be, at Borrower's option, either
promptly repaid to Bormvrer w credited to Borrovrer on monthly installmcnts of Funds. 1[ the amount of thc Funds
held by l.ender shall aot be sut6cient to pay taxes, assessments, insurance premiums and ground rents as tin:y fal! due,
Borrower shall pay to Lertder any amount necessary to make up the deficieney within 30 day~s trom the date notice is mailed
by Lender to Borrower requesting payment thereof.
Upcxt payment in full of all sumt secural by this Morlgage, Lender shall promptly refond to Borrowe~ any Funds
~ heW by Lender. lf under paragraph 18 hereof the Propcrty i~ wld o~ the Property is oti~crwisc acquired by l_ender, I.cndcr
shall apply, no iater than immediately prior to the sale of 1he Property or its acquisition by [xnder, any Funds held by
I.eoder at the time of application u a creciit against the sums secured by this Mortgage.
3. ApQlicatbn of Pa~me~fs. Unless applicable law provides otherwise, all payments received by Lender under ihe
Note and paragraphs 1 and 2 hereof shafl be applied by I.cnder first in payment of amounts payablc to Lcnder by Borrower
under paragraph 2 hereof. then to interest payable on the Note, then to the principal of the Note. and thcn to interest anJ
principal on any Future Advances.
4. Cba~es; Lk~. Borrower shall pay all taxes, assessmcnts and othcr chargcs, fines and impositions attributable to
tbe Property which may attain a priority over this Mortgage, and leasehold payments or grou~d rents, if any, in the manaer
pmvided under puagraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
payee thereof. Borrower s6alf prompUy fumish to Lender all notices of amounts due under this paragraph. and in the event
Borrower shall make payment directly, Borrower shall promptly fumish to I.ender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has priority over this Mortgage; provi:kd, that Borrower shall not be
roquired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secu[ed by
such lien in a manner acceptabk to l.ender, 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 fodeiture of the Property or any part thereof.
S. Huud l~nnce. Borrower shall keeF the improvements now existing or hereafter erected on the Property insured
aAainst loss by &re, hazatds included within the term "extended coverage", and such other hazards as l.ender may require
and in such amounts and for such periods as Lender may require; provided, that Lencier shall not require that the amount of
such rnverage exceed that amount of coverage required to pay the sums secured by this Mortgage.
The i~urance carrier providing the insurance shall be chosen by Borrower subject to approva! by Lender, provided,
Wat such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
; iawrance carrier.
All insurance policies and renewals thereof shall be in form acceptablc to [,enckr and shall include a standard mortgage
clause in favor of and in fosm acceptable to Lender. l.ender shalf have the right to hold the policies and renewals thereof,
( and Bormwer shall promptly furnish to [.ender all renewal notices and all receipts of Raid premiums. In the event of loss,
~ Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not mad~ promptty
by Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shatl be applied to restoration or repair of
~ the Property damaged, provided such restoration or repair is economically feasible and the security of this Morlgage is
~ not thereby impaired. If such restoration or repair is not economically fcasible or if the security of this Mortgage would
be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess. if any, paid
to Borrower. !f the Property is abandoned by Borrower, or it Borrower fails to respond to txnder within 30 days from the
date notice is mailed by Lender to 8orrower that the insurance carrier ofien to settle a ctaim for insurance benefits. l.ender
is authorized to collect and apply t6e insurance proceeds at Lencler's option either to restoration or repair of ihe Property
or to the sums secured by this Mortgage.
Unless i.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
suc6 installmeots. If under paragraph 18 6ereof the Property is acquired by l.ender, all right. tide and interest of Borrower
in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale
or acquisition shall pass to I.ender to th~ extent of the sums secured by this Mortgage immediately prior to such sale or
~ acquisition.
~ 6. Preaervat~oa aod Mainteaance of Property; I.ease6ulds; Condominiums; Planned Unit Devebpments. BOrrower
~ shall Iccep the Property in good repair and shall not comroit waste or permit impairment or deterioration of the Property
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and shall comply with the provisions of any lease if this Mortgage is on a leaschold. If ihis Mortgage is on a unit in a
~ condominium or a planned unit development. Borrower shall perform all of Borrower's obligations under ihe declaration
~ or covenants creatiag or governing the condominium or planned ur.it ~evelopment. the by-laws and regulations of !he
y~ condominium or planued unit, development, and constituent documents. If a condominium or planned unit development
~ rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider
~ s6a11 be incorporated into and s6all amend and supplement the covcnants and agreements of this Mortgage as if the rider
~
~ were a part hereof.
~ 7. Protection of Leeder's Security. If Borrower (ails to perform the covenants and agreements contained in this
~ Mortgage, or if any action or proceeding is commenced which materially aRects Lender's interest in the Property.
ineluding. but not limited to, eminent domain, insolvency, code enforcemenl, or arrangements or proceedings involving a
~ banlcrupt or decedent, then Lender at l.ender's o~tion, upon notice to Borrower, may make such appearances, disburse such
~ sums and talce auch action as is necessaty to protect l.ender's interest, inclading, but not limited to, disbursement of
~ reatonable attorney's fas and entry upon the Property to makc rcpairs. If I.cnder required mortgage insurance as a
condition of making the ban secured by this Mortgage, Borrower shall pay the premiums required to maintain such
~ insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower s and
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