HomeMy WebLinkAbout0754 UNIFORM COVl:NANTS. BOffOWE~ ~fl(J L.CDtJC[ l'l?vCO:till and agrce a~ folluws~
1. P~mea! ot Priacipal and laterest. Born~wer shall promptiy pay whcn due ~he principal of and inte~cst on the
indebtedness evidenced by the Note, prepayment anJ lat~ charge. a. pruviJed m ~he Note, and the principal of and intercst
on any Future Advances secured by this Mor~gage.
Z. F1~ads to~ Tua aad Insuraace. Subject to appiicablc law ar to a written vitaiv~r by Lcnder, Barrower shall pay
to Lenckr on the day monthly installments of principal anJ ~ntcr~~~ are payable under lhe Note, until the Note ~c pai~ in iuii.
a sum (herein "Funds") equal to ane-twelfth ot thc ye~rly taxcx and a~KSSmcnts w•hich may attain pnority over this
Martgage, a~d ground rents an the Property, if any, plus unc-twrlfth ui ~carly premium installments far hazard insurancc,
plus one-twelfth of ytarly premium installmcnts for mortgage insurancr, it any, all as reasonably c~tim:+ted initially and from
time to time by Lender on the basis o( assessmcnts and bilts and rra~onahle est~mates thcrcof.
't~e Funds shall t~e held in an instiwtian ~hc depnsits or acc~~unts of which arr insureJ or guaranteeJ by a Federal or
state agency (including Le~der.if 1_ender is such an institutiun). 1 endrr ahall apply the Funds to pa)' ~aid taxes, assessments, '
insurance premiums aod ground rents. 1_ender may n~it charge lor halJing and applying thc Fnnd~. analyti~g ~aid account, ?
or verifying and compiling said asse~smen~s and bills, unless I.ender pa~•s Borrower interest on the Funds and applicable I:~w
permits Lender to make such a charge. Borruwer and Lrnder may agrec in w•riting at the Iime of execution af this ;
Mortgage that interest on the Funds shall tx: paid to E3orrower, and unlcss such ~grrcment is madc or applicable law
rcquires such interest to be paid, Lender shall not bc reyuircd to pay B~?rruu~er any intcrest or earnings on the FunJs. LenJer
shall give to Borrower, without charge, an annu:~l accounting of Ihe Funds showing credits anJ debits to the f=unds and the
purpose for whi~h each debit to the Funds w;~s made. The Fund~ are pl~~lged a~ addrtional security for the sums secur~d
by t:~i~ Mortgage. .
If the amount of the Funds held by LenJer, together with thc future monthly installmcnts of Funds pay:+ble prior to
the due dates af taxes, assessmentz, insurance premiums ~nd ground rent~, shall excecvi Ihe amount reyuired to pay said taxes,
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assessinents, insurance premiums and ground ren~s as ~ney iaii uur, .ucn r.cc., ~i~aii i~, ai oaniaihci i apc~:,r~.
prompUy repaid to Borrower or credited to Borrower on monthly installmcnts of Funds. If thc amount of the F unds }
held by Lender shall not be sufficient to pay taxes, assessmcnts, insurance premiums and grounJ rents as thry fall due, '
Borrow~r shall pay to Lender any amount necessary to make up ihe deficiency within 30 days (rom the date notice is mailed ~
by Lender to Borruwer requesting payment thercof. ~
Upon payment in full of all sums sccured by this Mortgagc. Lcnder shall promptly refund to Borrowcr any Funds
held by I.ender. lf under paragraph 1~, hcreof the Propcrty i~ u~ld or thc Propcrt}• is otherwisc acq~urcd by Lender, Lcnder ~
sha11 apply, no later than immediately prior to the sale of the Property or its acquisrtior. by [.cndcr, any Funds held by
I.ender at the time of application as a credit against the sums secured by this I~tortgage.
3. Apptication of Paymeats. Unless applicable law proviJes otherwise, all payments received by Lender ~nJer the
Note and paragraphs 1 and 2 hereof shall be appl~ed by Lender fir~ct in payment ot amounts payable to l.ender by Borrower
undcr paragraph 2 hercof, then to intrrest payable on the Notc, thcn to the principal of thc Notc, and thcn to interest and ~
principal on any Future Advances.
4. C6arges; Lkas. Borrowcr shall pay all t:~~c~, a~u:ssmcnts and i~thcr charges, fines anJ ~mpositions attributable to
the Propert}~ which may attain a priority over this ~iortgage, and leasehold paymcnts or ground rents, if any, in ihe manner
provided under paragraph 2 hereaf or, it not paid in surh manner, by Borrower making payment, when due, directly to the
payce thereof. Bczrrower shall promptly furnish to Lender all notir~~s of amounts due under this paragraph, and in the event
Borrower shall make payment directl~~. Burrower shall promptly furnish to Lender receipts evidenc~ng such payments.
Borrow~r shall prompQy discharge any ~lien which has priority uver this Mortgage: proviJed, that Borrower shall not be
required to discharge any such lien so long as Borrower shall agree in v?riUng to the oayment of the obligation secured by
such lien in a manner acceptable to lxnder, or shall in good f~ith contetit such lien by, or defend enforcement of such lien in,
legal proceedings which operate to ptevent thc enforcement of thr 6en or forfeiture of the Property or any part thereof.
S. Huud Iasura :ee. Borrower shall kcep thc ~mpruvements now existing or hercafter crected on the Property insured
against loss hy fire, ha•rards included within the term "extended coverage", and such othe~ hazards as tRnder may require
and in such amounts and for such periocls as Lender may reyuire; provideJ, that LenJer shall not require that the amount of
; such coverage exceed that amoun~ o[ coverage required to pay the sums secured by this Mortgage.
j The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by l.ender. providtd,
~ that such approval shall not be unreasonably withheld. All prcmium~ on insurance policies shall be paid in the manner
i provided under paragraph 2 hereof or, if not paid in such manner, by Borrow-er making payment, when due, direcdy to the
i insurance carrier.
All insurance ~+Olicies and renew~als thereof shall b~: in form accepiable to Lender and shall include a slandard mortgage
clause in favor of and in form acceptable to t_ender. l.enJer shall have the right to hold the policies and renewals thereof,
and Borrower shall prompdy furnish to Lender all renewal nouces and all receipts of paid premiums. In the event of loss.
Borrower shall give prompt nouce to the insurance carrier anJ Lender. 1_ender may mal~e proof of loss if not made prompdy
by Borrower.
I Unless Lender and Borrower otherwne agrec in v?~riUnb, insurance proceed~ shall be applied to restoration or repair of
~ the Property damaged, prov~ded such rcstoration or repa~r is economically feasible and the secnrity of this Mortgage is
not ~hereby impaired. If such restoration or repa~r is not economic~lly feasihle or if the security of this Mortgage would
be impaired, the insurance prcx:eeds shall be applied to the sums sccured by this Mortgage, with the eacess, if any. paid
to Borrower. lf the Propert~ is abandoncd h} Borrower, or if Borrower fails to respond to [_ender within 30 days from the
date notice is maited by l.ender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lendet
is authorized to collect and apply the insurance proceeds at I,ender's option either to restoration or repair of the Properiy
or to the sums securec! hy this Mortgage.
Unless Lender and Borrower otherv?ise agree in w•riting, any~ such appli~ation of proceeds to principal shall not extend
or postpone the duc date of thc manlhly in~tallments referred to in paragraphc 1 and 2 hercof or change the amount of
such installments. If under paragraph !8 hereof the Propert}~ is acyu~rcd b}• Lender, all right, title and interest of Borrower
in and to any insurance policies and in ariJ to the procceds thereo[ resulting from damage to the Property prior to the sale
or acquisition shall pass to Lender to the e~tcnt of the sums ~ecured by this Mortgagc immediately prior to such sale or
acquisition.
6. presenation wd ~1~intenance of Property; [,ea~holdr. Condomioiums; Planned Unit Devebpments. Borrower
shall kcep the Property in goud repair and shall not comroit waste or permit impairment or deterioration of the Property
and shall comply with thc provisions of any lease if this Mortgage iti on Icaschold. If this Mortgage is on a unit in a
condominium or a planned unit development, Borrower shall perfurm all of Borrower's obligations under the declaration
or coveoants creating or governing the condommium or planned unit development, the by-laws and r+egulations of the
condominium or planned unit development, and constituent d~uments. If a condominium or planned unit cievelopment
rider is executed by Botrower and recorded together w•ith this Mortgage, the covenants and agreements of such rider
shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider
were a part hereof.
7, protectioo of Lende~'s Security. If Borrow•er fail. to perform the covenants anJ agreements contained in ihis
Mortgage, or if any action or proceeding ~s commence~l which materially afiects I~nder's interest in the Property,
including, but not limited to, eminent domain, insolvenc~~, coeie en(orcement, or arrangements ar proceedings involving a
bankruot or decedent, then Lender at Lender's option, u~n notice ta Horrower, may make such appearances, disburse such
swns and take sueh action as is necessary to protect I.ender's mterest, incluJing. but not limited to, disbursement of
reasonable attomty's fees and en~ry upon the Propcrry to makc rcpairl. If 1_cnder rcquircd mortgage insurance as a
condition of making the loan secured b}~ this Mortgagr. Burrc?wrr sh~ll pay the p:emiums requireJ to maintain such
insurance iu effect until such time as ihe reyuiremem for tiuch insurance tcrminatcs in agcordance with Bormwers and
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