HomeMy WebLinkAbout0206 . . g
UNIFORi?t.COVlNANTS. Borrower and Lanck~ covenant and agreo as tollows: ~
I. 1'aJrmeat ot Frinclpd sad lat~resl. Borrowat shall p~omptly pay when due the principal o[ and intecest on the {
indabtedneu evidenced by the Note, ptepaymeat and lata chargas as providcd in the Note, and the principal of and interest
on aay Futuro~ Advances secured by this Mo~aae.
2. Fuads tor Tas~s and l~uraeca Subject to applicabk law or to a written waiver by Lende~. 6orrowe~ shall pay
to Lender on tho day monthly instaliments of principal and intercst are payable uncler the Note. until the Note is paid in tull.
a sum (herein "~Lnds'~ eqwt to one-twelfth of the ycarly taxes and asseumentt which may attain pdo[ity ove~ this
Mortgage. and ground rents on tho Property. if aay. plus onatwelfth of ycarly prcmium irattallments for hatard insurance,
plus oc~-twelEth of yeuly pnmium installments tor mortgs~es inwrance. if a~y. all as reasonably estimated initially and from •
time to time by Leadar on the. basis of assessments and bills a~d reasonabk estimates thereof.
'11~e Furtds shall be beld ia an institution the depoaib or accounts of which arc insurod or guarantecd by a Federal or
sWte age~cy (including Leader if I.eude~ u auch an institutioa). Lender s6a11 apply ihe Funds to pay said taxes. assasments.
iasuranoe prcmiums and gmuad reats. Le~e~ may not chuge for so holding and applying the Funds. analyziog uid accoun~
o~ verifying and compiling said a~teuments and bills. unkss Leader pays Borrower ioterest on Ihe Funds aad appticable law
pecmits Lender to make such A chuges. Borrower aad I.tndec may agrca in writing at the dme of extcution of ihis ~
Mortgage that interest on the Fuads shall be paid to Borrower. and unless such agreement is mada or applicable law
requira such interest to be paid. Lender shall not be requi~od to pay Rorrower any interat or eamings on the Funds. I.eader ~
shall give to Bormwer, witbout charge. an annual accounting of the Funds showieg crodits and debits to the Funds and the .
purpoae for which eacb debit to the Funds was made. Tbe Funds are pledged as additional_seciuity for the sums socuood
by this Mortg~ge. :
If the amount of the Funds held by I.ende~. together with the future monthly installmenu of Funds payable prior to :
the dua dates of taxes, assessments, iawranoe pnmiums and ground rents. shall excead the amount requiced to pay said taxes. ;
assessments, insurancx premiums aad ground reab as t6ey [all due. such eaccess shali be. at Borcower's option. either
promptly npaid to Borrower or creditai W Bon»wer oa monthly install~nents of Fuads. 1f the amount of the Funds
held by Lender shaU not be su~cieot to psy taxes, assessments. insurance p~e~niums and graund rents as they fall due.
Borrawer shall pay W I.endar aay amouat neoauary to maka up the deficieney withia 30 days from the date norica is mailcd
by I.eader to Borrowec rcqwxtin8 Payanent thereof. -
Upoa payment in full of aU sums secueed by this Moctgage. Lendet shall promptly refuad to Borrower aay Funds
held by Lender. If und~r paragrapb IS i~eieof the Propecty is sold or the Property is othera?ise aoquired by Lender. Lender
aball apply. no later t6an immediatdy prior to the sale of the Property or its acquisition by I.ender. aay Funds held by
Leader at the time oE applicatbn as a crcdit against the-suau secured by this Mortgage.
3. Appliatiow ot Pap~ueM~ Unless applicabk law provides otherwise, all pay~neats received by Lendar uader the
Note aad paragcaphs 1 aud 2 herwf shali ba appliod by Lender 8rst in paytmat of amouats payabk to Lender by Borrower
onder paragraph 2 hei+eof t6en to interest payabk oa the Note. thea to the pr~incipAl of the Not~ and thea to interest and
principal on any Future Advaaces.
C4ar~e~ Lie¦s. Bon~ower shall pay all taxes. asses.unents and other charges. ftnes aad impositions attributable to
the prope~ty which may attain a priocity over this Mortgage, and kasehold payanents or gmund nats. if any, in the manne~
provided uader para,gaph 2 he[eof or, if not.paid ia such manner. by Borrower making paymea~ wheA due. direcdy to tho
payee thereof. Horrower aball pranptly fun~ish to Lender all notices of amounts due under this paragapb, and in the eva~t
Bormwer shall make payment diroctly, Borrower shafl promptly fumish to Lender reoeipts evidencing such payments.
Botrowet thall prnmptly di~charge any tien which has priority_ over this Mortgage: provickd, that Borrower shall not be
roquired to dischuge aay such lien so bns as Borrower shall agree in writiag to the payment of tbe obligatioa secured by
suc6 lien in a manar aooeptabk to I~?der, or shatl in good faith contest such lien by. or defead eaEorcement of such l~n iq
legal proceedings which c~erate W prevcqtthe enforoement~of the liea or forfeitun of tl~e Propecty or any part tberoof.
5. Haz~rd I~raoea Borrowet sbqll keep the improvements now existing or hereaftec ecected on the Property inwred
against loss by Sre. hazuds included withia the term "extended coverage••. aad such other hazards as Leader may require
and in such amounts aad for wch periods as L.eader may require; pmvided; that Lender shall not roquire that the amount of
such cover~ge exoeed tbat amount of coverage nquired to pay the sums sccured by this Mortga~e. ~
'Ibe insurance carrier provldina ths iawranoe shall be chosen by Borrower subject to approval by Leader. providod. ~
that such approval sball not be uanawnably withheld. AA pnemiums on inwranca policia shatt be paid in the manner
provided under par~graph 2 hereof or. if not paid in such manner. bY Boirowa mskiii8 Pal?ment, wha~ due. directly to the
insurance carrier. . . . ~
All inwranoe policies and c+enewals thereof shall be-in fortn a~xeptabk to Leader aad shap inclu~ a standazd arortgage
clause in favor of and in form aooeptaWe to Lender. Lendu s6s11 have the right w hold tbe policies and renewals thenof.
~ and Borrower shall promptly furniah W Lender aU nnewal noticxs and all reocipts of paid premiums. In the evwt of loss,
~ Bomower shall give prompt notioe to the insuranoe carrier and L.ender. I~endu may malce proof of loss if not made promptly
~ by Bornower. .
Unlas Lcndor and Borrower otherwise agree in writing, insuranoe procceds shaU be appliod to restora6on or npair of
the Property damqged. _ provided such restontion or repair is economically feasibk and the securitj? of this Mortgage is
not thereby impaired. If s~ch ratoration or repair is not oconomically feasibk or if the security of this Mortgage would
be impaired, the insuranoe proceeds shall be applied to t6e aums secund by this Mottga8e. with the excess, if any. Psid
to Borrower. If the Prnperty is abandoaod by Borrower, or if Borrower fails to respond to Lender within 30 days from tbe
date notice is mailod by Leoder to Borrower that the insurance carrier otfers to settle a claim for insuranoe bene6ts, I~ender
is authoriud w colte~t and apply tbe iasurance prooeeds at Lender's option ather to c~storatioa or npair of tbe Pmperiy
or W the wms secured by t6is Mortga~e.
Unkss Lender and Borrower otherwise agree ie vrriting, any such application of prooeeds~to principai shall not extend
or poatpone the due date of tbe monthly instalienents referred to in paragraphs 1 and 2 hereof or change the amount "of
such installments. If under paragrap~t 18 hersof the Propaty is acquired by Leader. all rig6t, titk and intaat of Borrower
in and to any insurance policies and in and to the p~oceeds thereof raulting from damage to the Property prior to t6e sak
or acquisitioa shall pas,s W I.euder to the eTCtent of the sums sec~ued by this Mortgage immediately prior to sucb sab or
ao9uisition.
6. Preservaiba ~nd M~teoance of Propert~, I.a~se6olds; Condomjniemr Planoed Unit Derelopmeob. Borrower
ahall keep the Propecty in good repair aad shall not commit waste or permit impair~mnt or deterioradon of the Property
~ and shil}~comply with the provisions of any lesse if this Mortgage is on a. leasehold. If this Mortgage is on a unit .in a
condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration
or covenants creadng or governi~g t6e condominium or planned unit development, the by-laws and regulations of the
condominium or planned unit development, and const$uent documents. If a condominium or planntd unit development
rider is executed by Borrowu and recordai together with this Mortgage, the covenants and agreements of such rider
shall be incorporatod into aod s6aQ amead and supplement the coveaants and agreements of this Mortgage u if the ridec _
were a part 6e~+eof.
7. Protectios ot Leoder's Secadt~. IE Borrower fails to perform the covenants aad agreements contained in this ~
Mongage, or if any action or pruceeding is commenced which materially at[cets Lendei
s interest ia the Pcoperty. ~
including, but not limited to, einiaent domain, insolvency. code enforeement, or arrangements or procoediogs involving a
baakrupt or decedent, then L~ender d Lender's option, upon notice to Borrower, may make such appe:uances. disburse such
sums and take sach action u is neoasuy to protect Lender's interest~ including. but not limited to. disbursement of
reasonabk attomey's fees and eotry upon the Property to make rcpairs. IE Lender required mortgage insurance as a
coadition of makiag the loan stcured by thia Mortgage. Borrower ahall pay the premiwns requircd to mawtain such
iasurance in effcet until suc6 tirne as Ihe requirement for such insurance terminates in accordance with Bornnwer's and
~
.
_ $o~K 2~~ t~~F 205
. ~_t ._.._r....~.~~_ . - . . .
- . . _ . - - ~ -