HomeMy WebLinkAbout0182 UNfPOIUN COVHNANTS. Botrowe~ and l.cnckr covenant and agra u tollows:
l. !~t ot P~clNl ~d INercal. Horrawer shall promptly pay whcn due the p~incipal ot and ioterest on the
indebtednac avide~ced by tl~a Note. prepaymeat and late charges as p~avided in the Note, and the principal of and intercst
on any Futuoe Advaaces securod by this Mortta~e.
1 Fiwit tor Ta~s a~d I~au~ce. Subject ta applicabk law or to a written waiver by I.cnder. Borrowe~ shall pay
to Lender oe Ihe day mo~thfy installments of principal and interest are pay~ble unde~ the Note, until the Note is paid in tull,
a aum (herein "Funds") oqual to o~e-twelfth ot the yeariy taxes anJ assessmeots which may attain priority over this
Mo~a~e, and ground reets on the Pt+openy. it a~y, plus one-tweltth of yearly prcmium instaNmcnts tor hazard insurance. ~
plus oae~twelfth of yearly prcmium iastallme~ta tor mortgage insu~ancc, it a~y. all as reuonably cstitnated initially and from
time to tIme by I.ender o~ the buis of assessments and Mlls and rcuonabk estimates thcreof.
Tt~es Funds shall be beld in an institution thc dcpoaiu or accaunts ot which are insurod or guaranteai by a Foderal or
atate agency (i~cludinE Leader if Lender is auch an institution). l.ende~ shali apply thc Funds to pay said Iaxcs. assessmenta.
insurance premiums aod ground rcnts. Lende~ may not charg~e for so holding and ap~+lying the Fundx, aoalyzing said account.
or verifying aad compiling said assessments and bills, unless I_ender pays Barrower interest on ~he Funds aod applicable law
permia Lende~ to make such a charge. Barrower and Lender may agree in writing at the time of exceution of this
Mortgage that interest on the Funds shall be paid to Borrower, ar~d unless such agreemtnt i~ maJe or applicable law
roquires such interat to be paid~ l.erukr shaU not be rcquircd to pay Bor~ower any interest or earnings on the Funds. Ixndcr
shaU aive to Borrower, without charge. an annual accounting of ~he Funds showing crcdits and debits to the Funds and the
purpoae for which each debi? to the Funds was made. The Funds are plodged as additional socurity for the sums secureci
by this Mortgage.
If the amount of the Fuads held by I.ender, together with the tuture monthly i~stallments of Funds payable prior to
the due data of taxes; assessmeats, inturance pnmiums and ground rents, shall exceed the amount royuired to pay said ta~ces,
a:sesuaents, insurance prcmiums and ground rents as ~hey tail due, such excess shal! be, at 13orrower s op~ion, either
pranptly rcpaid to 8ornower or croditod to Bomower on monthly installments of Fu~ds. If the amount oi the Funds
held by I.eader shaU not be sufGcieot to p~y tauces. a~sessme~ts. insurance premiums and ground rents as they fall due,
Borrower shall pay to Lende~ any amount nocessary to make up the deficiency within 30 days from the date notice is mailed
by Lender to Borrower roquesting payment thereof. -
Upoa payment ia full of al! stims secured by this Morlgage, l_ende~ shall promptly refund to Borrower any Funds
held by Lender. lf under paragraph 18 hereof the Property ia sold or thc Property is othervvise acquic+ed by Ixnder, I.enJer
ahdl apply. no later thaa immediately ptior to the sak ot the PropeKy or ita acquisition by Ixnder. a~y Funds held by
I.ender at the time of applicatioa as a credit against the sums sxured by this Mortgage.
3. A~plieatio~ ot P~q~e~b. Unkss apPlicable law provicks otherwise. all payments receiv~d by Lender uncler the
Note and parsgraphs I and 2 hereof shall be applied by I.ender first in payment of amounts payable to 1_encier by Borrower
under paragraph 2 hereof, t6en to interest payable on the Note, then to the principal of the Note. and then to interest and
principal on any Futurc Advances. .
4. Cl~e~ Lkaa. 8arrower shall Qay all taxes, asscssmcnts and other charges, flnes and impositia~s attributabk to
tbe Pr~uperty which msy attnin a priority over this Mortgage, and kasehold payments or ground rents. it any. in the manner
provided under paragraph 2 heroof or, if not paid in such manner, by Borrower making payment, when due. dirxdy to the
psyee thereof. Borrower shall pmmptly furnish to Lencier all ootioes of amoants due under this ps~rsgrapb, aod in the evwt
Borrower shall make payment dirrcUy. Borrower shall prompUy fumi~h to l.ender receipts evide~cing .such payments.
Borrower shall promptly discharge any lien which hu priority over this Mortgagc: provided. that $ortower shaU not be
ra~uired to disc6arge any such lien so long as Borrower shall agree in writing to the payment of the obligation serured by
wch lien in a manner ac:oeptabk to Lender, or shall in good faith contest such lien by. or defend enforcement of auch lirn in,
kgal proc~oedings which opetate to prevent the enforcement of the lien or fodeiture of the Property or any part lhereof.
S. Hanrd Iwearsoce. Borrower st~all kcep the improvements now existing or hereafter erected on the Property iasured
against loss by 6re, hazuds included within the term "extended coverage", and such other hazards as Lender may requirc _
and in such amounts and for auch periods as Leoder may r~equine; provided, that Lender shaU not require that the amount of -
such rnverag~e exoood that amouot of coverage required to pay the sums securcd by this Mortgage.
'Ibe iraurance carrier providing the insurance s6a11 be chosen by Borcower subject to apQroval by Lender, provided.
tbat sueh approval shdl not be unreazonably withbeld. All premiums on in,wrance policiea shdl be Qaid in the manner
providod under paragraph 2 heroof or~ if not paid in such manner, by Borrower malcing payn~t, when due, diroctly to the
iawraax carrier.
All insurance policies and renewals thereof shalf be in form acceptab{e to ixnder and shal) include a standard mortgage :
ctause in favor of and in form acceptabk to Lender. Lender shall have the right to hold the policies and renewals thereof,
snd Borrower sf~all prompUy furnish to Leader all rencwal notices and all receipts of paid premiums. In the event of loss.
Borrower sha!! give prompt nolice to thc insurance carrier and Lender. Lender may make proof of loss if not made promptly
by Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance procceds sha11 be applied to restoration or repair of
the Pmperty damaged, provickd such restoration or repair is economicaUy feasible and the security of this Mortgage is
not thereby impaired. If such restoration or repair is not economicalty feasible or if the security of this Morigage wou{d
be impaired, the insurance prococds shall be applied to the sums secured by this Mortgage, with the excess. if any, paid
to Borrower. lf the Property is abandoned by Borrower. or if Borrower fails to respond to Lender within 30 days from the
date aotice is maitod by Lender to Borrower that the insurance carrier ofiers to scttle a claim for insurance benefits. L.ender
is aut6orizod to colkct and apply t6e insurance proceeds at Ixnder's option either to restoration or repair of the Propocty
or to t6e sums securod by lhis Mortgage.
Unlas l.ender and Bonower otherwise agree in writing, ar~y such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in pangraphs 1 and 2 hereof or change the amount of
wch installments. If under patagraph 18 t~ereof the Property is acquired by Lender, all right. title and interest of Borrower
in and to any insurance policies aad in and to the proceecls thereof resul~ing from damage to the Propetty prior io the sale
or acquisi6oa shall pass to L.ender to the eztent of the sums secured by this Mortgage immediately prior to such sale or
acq~isitioa.
6. Trriervatioo sed Maintenaoce ot Propertr; I.easeholds; ('ondominiums; Planoed Ueit Devdoproeots. Borrower
sh~ll lceep the Property in good repair a~d shall not comrpit waste or permit impairment or deterioration of the Property
and ahal! comply with the provisioat of any leate if this Mortgage is on a leasehold. If this Morigage is on a unit in a
coadaninium or a plannod unit development. Borrower sball per(orm all of Borrower s obligations under the declaration
or covenants creating or governing the condominium or planned unit development. the by-laws and regulations of the
condominium or planned uait development. and constituent eiocuments. If a condominium or ptanned unit cfevelopment
rider is esecuted by Borrower and recorded together with this Mortgage. ~he covenants and agreements of such rider
,thall be incorporattd into and s6a11 amend and supplement the covenants and agreements of this Mortgage as if the rider
wert a put hereof.
7, Protectb~ of Leader's Secndty. If Borrower fails to per(orm the covenants and agreements contained in this
Mortgage, or if any action or proceeding is commenced which materially afiects l.encier's interest in the Property.
iacluding, but not limited to. eroinent domain, ir~solvency, code enforcement, or arrangements or proceedings involving a
bankrupt or deccdent, then Lender at Lender's option, upon notice to Borrower, may make such appearances. disburse such
sums and take such action as ia n~cessary to protcet Lender s interest, iocluding, but not limited to. disbursement of
ressonabk attomey's fees and entry upon the Property to makc repairs. If Lender required mortgage insurance as a
condition of maicing the ioan socurod by this MoRgage, Borrower shall pay the premiums required to maintain such
imuranoe in etfxt unti! such dme as the requirement for such insurance terminates in accordance with Borrower s and
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