HomeMy WebLinkAbout0139 UNIFORM COYENANTS. BMfOWCr and l.cnder covenan~ and agrec r~ foilows:
1. P~yment ~f Priacipal aud lateresi. Borruv?•cr shall promptly pay when due the pr~ncipal of and interest on the ;
indebtedness evidenced by the Note, prepayme~t a~d lata charges as provided in the Note, and the principal of and interest
o~ any Foture Advances secured by ~his Mongage. i
2. FLads tor Tasa and (osunace, Subject to applicable law or to a written waiver by Lender. Borrower shall pay '
to l.endcr on the day monthly installments of principal and ~~terect arc payable undcr the Note, until the Note is paid in full, ~
a:um (herein "~unds") equal to one-twelftfi ot thc ycarly taxes and assessments which may attain priority over this ~
Mortgage, and ground renta on the Prope~ty, if any, plus one-twelfth of yeaNy premium i~stallme~ts for hazard iruurance. ~
plus one-tweffth of ysarly premium instaltments fo~ mortgage insurance, i[ any, all as reuonably estimated initially and from
time to time by Let~der on the basis of asxssmc~ts and bills and reaso~able eslimates thercof.
71K Funds shall be held in an institu~ion the depoaits or accounts ot which are insured or guarantced by a Federat or
state agency (including Lender if Lender is such an institutio~i• I_ender shall aPp1Y the Funds to pay said taxes, asseuments,
insurance ptemiums and ground rents. Lende~ may not charge for so holding and applying the Funds, analyzing said account,
or verifying and compiling said assessmeots and bills, unless Lender pays Borrower interest on the Funds and applicable law
permits l.ertde~ to make such a charge. Borrower and Lender may agree in writiog at the time of execution of this
Mottgage that interest on the Fuads shatl be paid to Borrower, and unlcss such agreement is made or applicable law
requires such interat to be paid. Lender shall not be required to pay Borrowe~ any interest or carnings on the Funds. Lender
shatl give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds aad the
purpose for which each debit to the Fuods was made. The Funds are ptedged az additionat socurity for the snms secured
by this Martgage. ~ ~
lf the amount of the Funds held by Lender, togtther virith the future monthly instailments 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~ '
ass~ssments, insurance premiums and ground rents as they fall due, such excess shail be, at Barrower s option. either
promptly repaid to 8orrnwcr or credited to Borrowtr on momhly installments of Funds. If the amovnt of the Funds
held by I.ender shall not be sufficient to pay taxes, assessmPnts, insurance premiums and grou~d rents as they fall due,
Borrower shall pay to Lender any amount n+ecessary to make up the deficiency within 30 days from the date notict is mailed
by Lender to Borrower requating payment thereof.
Upvn payment in ful! of al) sums secured by this Mortgage, l.ender shall promptly refund to Borrower any Funda
~ by L.omier. If under paragraph 18 hcreuf the Property is sold or the Property is otherwiu acquired by Lender, Lender
apply. no later than immediately prior to the sale of the Property or its acquisition by I.ender, any Funds held by
Lender at the time of apptication as a credit against the sums secured by this Mortgage.
3. Applkation of Paymeats. Unless applicable !aw provicies otherwise, all paymtnts received by Lender under the
Note and paragraphs 1 and 2 hereof shall be appGed by I_ender first in papmcnt of amounts payable to Lender by Borrower
under paragraph 2 hercof, then to interest payable on the Note, then to the principal of the Note, and then to i~terat and
principal on any Future Advances. • ;
4. Charges; Lie~. Borrower shall pay all taxes, assessments and other charges, fincs and impositions attributable to
tht Property which may attain a priority over this Mortgage, and leasehold pa~ments or ground rents. if any, in the manner ;
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcdy to the `
payce thercof. Borrower shall promptly furnish to Lender alI notices of amounts due under this paragraph, and in the event
Borrower shall make payme~t directly, Borrower shaU promptly furnish to Lender receipts evidencing such paymonts.
Borrower shall pmmptly discharge any lien which has priority over this Mor~gage; provided, that Borrower shall not be
required to discharge any such lien so long as Borrower shall agree in w-riting to the payment of the obligation secured by
such lien in a manner acceptable to Lender, or shall in good faith contest su~h lien by, or defend enforrement of such lien in.
legal proceedings whech operate to prevent ~he enforcement of the lien or forfeiture of the Property or any part thereof.
S. Hazud I~urance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
against loss by fire, 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 Lendtr shall not require that the ar~ount of
such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage.
T6e ituurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
tbat such approval shall not be unreasonably withheld. All premiums on insurance polieies shall 6e paid in the manner
provided under paragraph 2 hereof or, if nor paid in such manner. by Borrower making payment. when due, directly to the
insurance carriet.
All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
clauu in favor of and in form acceptable to Lender. Lender shall have the right to hotd the policies and renewais thereof,
aad Borrower shall promptly furnish to Lender all renewat notices and all receipts of paid premiums. In the event of loss.
Borrower sha!! give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
by Borrower.
Unless Lender and Borrowcr otherwise agree in writing, insurance proceeds shal( be applied to restoration or repair of
the Propeny damaged, provided such nestoration or repair is economically feasible and the security of this Mortgage is
not thereby impaired. If such restoration or repair is not economically feasibfe or if the security of this Mortgage would
be impaired, the insurance proceeds shall be applied to the sums secured by this Mottgage, with the excess, if any, paid
to Borrower. If the Propertp is ahandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from thc
date notice is mailed by Lender to Borrower that the insurance carrier otTers to setlle a claim for insurance benefits, I.ender
is authorized to co?lect and apply the insurance proceecis at Lender's option either to restoration or repair of the Property
or to the sums xcured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, an~ such apptication 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
such installments. If under paragraph 18 hereof the Property is acquired by Lender, all tight. title and interest of Borrower
in and to any insurance policies and in and to the proceeds thereof resulting from damage to t6e Property prior to the sale
or acquisition shall pass to Lender to the ertent of the sums secured by this Mortgage immediately prior to such sak or
acquisition.
6. Preservatioa aad ~taintenance of Property; Leaseholds; Condominiums; Planned Unjt Devebpmeats. Borrower
shall keep the Propetty in good repair and shall not commit waste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease if this Mortgage is on a leasehold. lf this Mortgage is on a unit in a
candominium or a planned unit development, Borrower shal! perform all of Borrowers obligations under the declaration
or covemants creating or governing the condominium or planned unit development, the by-laws and regulations of the
condominium or planned unit development, and constituent documents_ If a condominium or planned unit development
ridet is executed by Borrower and recorded toge~6er with this Mortgage. the covenants and agreements of such rider
shall be incorporated into and shall ameac! and supplement the covenants and agreements of this Mortgage as if the rider
were a part hereof.
Protectiwt of Lende~s Security. If Borrower fails to perform the covenants and agreements contained in this
Mortgage, or if any action or proceeding is commenced w•hich materially afiects Lender's interest in the Property.
including, but not limited to. eminent domain, insolvency, code enforcemer~t, or arrar~gements or proceedings involving a
bankrupt or decedent~ then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such
sums and take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement of
reasonable attomey's fees and entry upon the Property to make repairs. If [.ender required mortgage insurance as a
condition of making the loan 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 Borrowet's and
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