HomeMy WebLinkAbout0405 UNIFOIII[ COVBNAN7'S. Borrower and l.eader coveaant and agree as follows:
l. lqwe~t ot tnc~lpd ~ei Ist~red. Borrower shall promptly pay when due the principal of a~d interest on the
indebt~dneu evidenced hy the Note, prepaytnent and late charges as provicied in the Note, and the principal of and interest
on my Futuro Advsncea secured by this Mort~a`e.
Z. 14~s tor'l~a ~i low~a~a~e. Sbbject to sppticabk law or to a written waiver by I.ender, $~rrower shall pay
to Lender oa the day monthly installments of principal and intercst are payable unde~ the Note. until the Note is paid in full.
a awn (henin "Fundt'~ eqwl to oac-twelfth oi the yeady taxes and asseasments which may attain priority over this
Mortsages, and ~round rent~ on tbe Properly, if any. plus o~e-twelfth of yearly prcmium installments for hazard insura~ce.
plus ono-twelfth of yqrly premium iastaUmenta tor mort~e insu~sncc. if u:y, all as rcssonably estimated i~itially and from
dme to time by I.ender on the basis of assessmeaq and bills and reasonabk estimates thercof.
The Fundt ~all be hdd ia an institution the deposits or aecounts of which are insurod or guaranteed by a Federal or i
state aaency (includina Leoder if Lender is such an i~titution). Ler~der shall apply the Fbnds to pay said taxes. assessments, ~
insuraaoe premiuma aad ground rents. Lende~ may oot charge fo~ so holdi~g aod applying the Funds, analyzinQ said accoun~
or verifyina and oompling said assessmenb and bills, unlas [.eader pays Borrower interest on the Funds ar~d applicable law
pernuts Lender to make such a cl~arge. Borrower and Lende~ may agree in writing ~t the time of execution of this
Mort6age tbat iaterest on the Funds sball be paid to Borrowu, and unless such agreement is mada or applicabk law
roquites such interest to be paici. L,ender shaU not be roquired to pay Borrower any interest or earaings on the Fundi. Lender ;
ahall pve to Borrowet. without charge. an annual accounting of the Funds showing credita and debits to the Funds and the
purpose for w6ich we6 debit to t6e Funds was made. 'ibe Funds are plodgod as additional sa-.urity for the sums secured
by thia Mort~e.
~ If the amount of tl~e Funds hcld by Lender. together wilh the future awathly installments of Fun~ payable priur to
ihe due data of ta~ces. aaseasments. inaurance premiumc and grou~d rents. shall excood tl~e amount required to pay said taxes.
a~neats. i~uranoe premiums snd ground rents as they tall 'due, such excess shall be, at Borcovv~r's option. e~the~
promptly repaid to Bort+~wer or crodited to Borrowec oa monthly installments of Funds. If tt~e amount of the Funds
l~e1d bq Lender shall not be s~cient to pay taxes. auessmenta, insurance premiums and ground rents as they fall due.
Bomo~ver shall pay to l.eoder any amount c~e~ss~ry to make up the deficieacy within 30 days from the date notice is mailod
bY-I,eader to Bornower ~'o9~p8 WYment thereof.
Upoa payment in full of a11 sums socurod by this Mortgage, Lender shall promptly refund to Borrow~er any Funds
heW by Lender. If under paragrap6 18 hereof the Property u sold or the Property is othenivise acquired by Lender. Lender
aball apply, no later than immedistely prior to the sak of the Property or its acquisition by Lender, any Funds held by "
l.eader at the time of application aa a credit against the sums secured by this Mortgage_
3. Applicatioo ot ~vcats. Unless applicable law providea otherwise, all payrneats nceived by L.ender under the
Note and paragraphs 1 and 2 bereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
uader paragraph 2 herwf. thea to interest payabk oa the Note, the~ to the principal of the Note, and thea to intereat aad `
principd on any Future Advances. 4
4. Ch~u~ts; I3tas. Borrower shall pay all taxes, assessments and other charges, fiexs and impositions attributable to '
t6e Propetty which may attain a prioriry over this Mortgage, and leasehold paymeats or ground rents, if aay, ia the maaner f
p~vided under paragraph 2 heceof or, if not paid in such manner, by Borrower making payment, whea due, dirxtly to the
payee tbereof. Borrower shall promptly furnish to l.eacier all notioe.s of amounts due unckr this Pafagraph, and in the event
- Bornow~er s6a11 make payment direcdy. Borrower shall promptly furnis6 to L.ender receipts evidencing such payments.
Borrower shall promplly dischazge any lien which hu priority over this Mortgage; proridod. that Borrower shall not be ~
required to discharge any such lien so ~g as Borrower shall agroe in writing to We payment of the obligation securod by ~
such liea in a manner aooeptable to Lender. or shall in good faith rnntest such lien by, or defend enforcement of auch lien iq ~
kgal pmceedings which operate to prevent the enforcement of the lien or forfeiture of the Pmperty or any part the~+eof.
S. Harsrd Iasoraoce. Borrower shall koep the improvements now existing or hereafter erected on the Property insured
again:t loss by 6re. hazards included within the term "extended coverage", and such other haurds as I.ender may require
and ia such amounts and for such periods as Lender may require; provided, that L.ender shall not require that 1he amount of
such coverage excced that amount of coverage required to pay the sums socured by this Mortgage.
'Ibe inwranae carrier pmviding the in.wrance shall be chosen by Borrower subject to approval by Lender, provided,
that such appmval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
pmvided under paragraph 2 hereof or, if not paid in soch manner, by Bonower making paymeat, when due, diroctty to t6e
~ insuranx carrier. - -
All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage 3
clause in favor of and in -form acceptabie to Lender. Lender shall have the rig6t to hold t6e policies and renewals thereof,
and Borrower shall pranptly furni:h to Lender all renewal notices and all receipts of paid pnmiums. In the event of loss,
Borrowet shall give prompt nMice to the iasurance carrier aad Lender. Lender may mate p~+nof of bas if not made promptly
by Bonovver. .
Udqs L.ender and Bortower othetwise agree in writing, insurance procceds shall be applied to resWration oc repair of
the Property damaged. provided such restoration or repair is economically feasible and the socurity of this Mortgage is
not thereby impaired. If such restoration or repair is not economically feasible or if t6e security of this Mortgage would ~
be impairod, the inaurance prooeeds shall be applied to tt~e sums secured by t6is Mortgage, with the escess, if any, paid ~
to Borrower. If the Property is abandoned by Borrower, or if Borrower faits to resp~nd to Lender wit6in 30 days from the
date notioe is mailod by Leader to Borrower that the iaiurance camer ofiers to settle a claim for insurance bene8ts, Lender
is authoriud to collect and apply t6e insurance prooads at Lender's optioa cither w restoration or repair of the Property
or to the wass serured by this Mortgage_
Udas L.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 pat~graphs 1 and 2 hereof or change the amount of
wc6 iostailments. If under paragrap6 18 6ereof t~e Property is acquired by I.eader; alt right, title and intereat of Borrower
in and to wy insurance policies and in and to the proceeds t6ereof resulting from damage to the Property prior W the sak ;
or aoquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sak or `
~eservaNo~ aod M~intenaace of Property; Lea~eholds; Condominium~ Plaa~ed Ueit Devebpments. Borrower
s6a11 keep the Property in good repair and sball not comNit waste or permit impairmeat or deterioration of t6e Property
and sha11 cwnply with the pmvisioos of any Iease if•this~Mortgage is on a leasehold. lf this Mortgage is on a unit in a
condomiaium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaratioh i
or covenants creating or governing t6e condominium or planned unit development, t6e by-laws and regulations of the
condominium or planned unit development, and constituent documents. If a condominium or plaaned unit developmeot
rider is exocutod by Borrower and recor~d together with this Mortgage. the covenants and agroements of such rider
shall be inoorporated into aad shall ameod and suppkment tt~e covenants and agr~ments of this Mortgage as if the rider i
were a part hetoof. ;
7, rrot~ctio~ of Leader's Sec~. If Borrower fails to perform the covenants and agrcemeots contained in this 6
Mortgage, or if any action or proceeding is commenced which materially affects I.e~der
s interest in the Property, ~
including. but not limited to, emicent domain, insolvency, code enforcement, or arrangements or proceedings involving a
banlcrupt or docodent, then Leoder at I.ender's option, upon notice to Borrower, may make such appearances, disburse such ~
sua~s and take such actan u is aecessary to protoct Lender
s interest, including, but not limited to, disbursement of
reatooabk atWtney's fees aad entry upon the Property to make repairs. If Lenckr requircd mortgage iruurance as a ;
condition of maltina the loan socur~d by this Mortgage, Borrower shall pay the premiums required to maintain such
io~urance in effect untit such time as the requireroent for such insurance terminates in accordance with Borrower s and
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