HomeMy WebLinkAbout0931 ~ UNIFORi~ CpVgNANTa. $onrower and l.endar rnvenant and agree as follows:
l. l~naeat ot lri~clN1 ~ bte~at. Borrowe~ shaii p~omptly pay when due the principal of and interest on !he
indebcedneu eridenced by the Nae. prepayment and late chargcs as providcd in !he Notc, and thc principal of and inlen~t
o~ any Futuce Advances aecured by thia Mortgage.
P~ad~ to~ TaacM a~i Iaa~awce. Subject to spplicabk law or to a writteo waivcr by l.ender~ Borrowe~ shall pay
to Le~tder on the day monthly installments of principal and interest are payabk under the Note, untit thc Note is paid in tuU.
a sua~ (herein "Fuads'~ equal to one-twelfth o[ the yearly taxes and assessments which may attain priority over this
Mortgage, and goound renU on tbe Pmperty, if any. plus w~e-twelfth o! yea~ly p~cmium installmenta for hazard insurance.
plus oaatwelfth of yeatly premium installments for mortgsge insurancc. if any. all ss rcasonably estimated initially and from
time to titne by I.ender on the basis of assessments and bilis aod rcasonabic estimates thercof.
7be Funds ahall be held in an instiiution the depoaits or accounts of which are insured or guarantead by a Fode~,l or
state ageocy (including Leader if Lende~ is such an institutio~). l.ende~ shall apply the Funds to pay said taxes. asussments.
itnuraaoe premiums ar~d graund rents. Lende~ may ~ot charge for sc~ holding and applying the Funds, analyzing said acrnunt,
or verifying and compiling said assessments and bilh. unless Ltnder pays 8orrower interest on the Funds aod applicablt law
permits I.ender to rnake such a charge. Boriower and Lender may agree in writing at the time ot execution ot this
Mortgsge tbat iaterest on. the Fuads shall be paid to Botrower, and unless such agreemen~ is made or applicable law
roquins such interest to be paid. Lender shall not be required to pay Borrower any i~terest or earnings ort the Funds. Lendcr
shall give to Borrower, witlwut charge. an annual aecounting of the Funds showing credits and debits to ihe Funds and the
purpose for which eacb debit to th~ Funds was made. The Funds are pledged as additional security for the sums secured
by this Mortgage. _
If tl~e amount of the Fund: held by [.ender. together with the future monthty instaltments of Funds payabk prior to
the due dstcs of ta~tes, assessmeats. insurance premiums and ground rents, shal! exceed the amount required to pay said taxes,
ass~me~ts. ~nsuranoe premiums and ground rents as they fall due. such excess shall be, at Borrower s option, either
promptly repaid to Borrower or crodited to Borrower on monthly installments of Funds. If thc amount of the Funds
held bY Lender shd~ not be suffeciwt to pay tazes, a~ssments. insurance premiums aad gmund rents as they fa]! due,
Borroaer sball pay to I,ender any anwunt n~ssary to make up the deficiency within 30 days from the date notice is mailed
by I~eader w Borcower roquesting p~yment thereof.
Upon paymeat in full of dl sums socured by this Mortgage, l.ender shall promptly refund to Borrower any Funds
held by Lenck~. If uader paragraph 18 heneof the Property is sold or the Property is otherwise acquircd by Lender. I.endcr
shall apply. no later than immediately prior to the sak of the Property or its acquisition by [.er~der, any Funds held by
I.euder at the time of application as a credit against the aums socured 6y this Mortgage.
3• Alplicatioa ot lqsesls. Unless applicable law provides otherwise, all payments received by Lender under the
Note and paragcaphs 1 and 2 hereof shatl bc applied by I~nder Srst in payment of amounts payable to Lender by Horrower
under puagraph 2 he~+eof. t6en to interest payable on the Note, then to the principal of the Note. and then to interest and
principal on any Future Advanoes.
Chae~e~ I.kns. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to
the PropeRy which may attain a priority over this Mortgage. and leasehold paytnents or gmund rents, if any, in the mwner
providod under paragraph 2 heraaf or. if not paid in such martner, by Borrower making payment, whca due, dirxtly to the
WYa ~~f• Bormwer shall prompUy furnish to Lcnder all notices of amounts due under this paragraph, aod in the event
Bore+ower shall make payment directly. Borrower shall promptly fumish to l.ender receipts evidencing such payments.
Bomower shall promptly discharge yu~y lien which haz priority over this Mortgage; provided, that Bornnwer shall not be
rtquired to discharge any stuh lien so long as Borrower shaN agree in writing io ihe payment of the obligation secured by
such lien in a manner aooeptable to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien in,
kgal pr~oceedings which operate to preveat the enforcement of the lien or forfeiture of th~ Property or any part thereof.
s• Hmrd 1as~rasce. Botrower shall koep the improvements now existing or hereafter erected oa tF~e Property iasured
again:t toss by Sre. hazards included within the term "extended cove~age", and such other hazards as L.ender may require
wd in wch amoanb and for such periods as Leader may require; provided, that L.ender shall not rcquire that tt~e amount of
such coverage eacxed that amount of coverage required to pay the sums secured by this Mongage.
T6e i~urance carrier providing the insurance shall be choseo by Bomower subject to approvat by Lender, providai,
that such approval shatt not be unreaspnably withheW. Ali premiums an insurartc~e policie,s shal) be paid in the manner
provided under paragrap6 2 hereof or. if not paid in such manner, by Borrower malci4g paymeat, w6en due, directty to the
i~uranoe curia.
All insurance policies and renewals ihereof shall be in form acceptable to L.ender and shall include a standard mortgage
clause in favor of and in form acceptabie to Lender. Lender shall have the right to hold the policies and rertewals thereof,
and Bornawer shal! promptly furnish to Lender all renewal notices and all neceipts of paid premiums. In the event of loss.
Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
by Borrower.
Ualps Lender and Borrower otherwise agree in writing, insurance proceeds shaN be applied to restoration or repair of
the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would
be impaired. t6e insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
to Borrower. If the Property is abandoned by Borrower. or if Borrower fails to respond to Lender wit6in 30 days from the
date aotice is mailed by I.ender to Borrower that the insurance carrier ofiers to settle a claim for insurance beoe6ts, I.ender
is authorited to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property ;
or to the sums securod by this Mortgage.
Ua[ess i.ender and Borrower otherwise agree in writing, any such application of procceds to prineipal shal) not extend
or postpwte ihe due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
suc6 installments. If undet paragraph 18 6ereof the Property is acquired by I.ender, all right, title and interest of Bonower
in and to any iusurance policies and in and to the proceeds thereof resultiog from damage to t6e Property prior to the sate
or acquisition shail pass to Lender to the extent of the suriu secured by this Mortgage immediately prior to such sale or
ac,quiaition. .
6. Ynaesvatbn and Mainteaa4ce of Propcrly; I.ease6olds; Condominiums; Planoed Un# Devdopwents. Borrower
shall kap the Property in good repair and shaU not comnpit waste or permit impairment ot deterioration of the Property '
aod shall comply with the provisiona of any lease if this Mortgage is on a teasehofd. If this Mortgage is on a unit in a
condominium or a planned unit development, Borrower shall petform al! 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 ;
coadominium or ptanced unit d~velopment, and constituent documents. If a condominium or planned unit development ~
rider is executed by Borrower and recorded together with this Mortgage. the covenants and agreements of such r+der
ihall be incorporated into and s6a1! amend and supplement the covenants and agreements of this Mortgage as if the rider ~
wen a part hereof. j
7. Protectio~ of Leader's Serurify. If Borrower fails to perform the covenants and agreements contained in this '
Mortgage, or if any action or proceeding is commenced which materially afiects Lender's interest in the Property.
including, but not fimitod to. eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a
banlcrupt or docedtnt, t6en l,endtr ai Lender's option, upon notice to Borrower, may make such appearances, disburse such
swns and take sueh action as is necessary to protoct Lender's interest, including, but not limited to, disbursement of
t~tasonabk attomey's foes and entry upon the Property to make repairs. If Lender required mortgage insurance as a -
conditioa of making the loan secured by this Mortgage, Borrower shatl pay the premiums required to maintaio such ~
insuranee in effoct until such time as the reyuirement for such insurance terminates in accordance with Borrower s and
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