HomeMy WebLinkAbout0938 UNIFORM COV8NAN7'S. Borrower and l.ender covenant and agree as tollows:
1. ly~~eat ot PrMcl~at asi lwtered. Ho~rower shall promptly pay when duc the principal of and interest on Ihe
indebe~u evidenved by ~he Nao. prepaymeat ~ad late charges as praviikd in the Note, and 1he principal of and interest
oa aay Future Advances socured by this Mortgs~e.
2. ~ tor Tssa s~ laars~ce. Sbbject to applicable law or to a written waive~ by l.ender, Borrower shail pay
to i.ender on the day monthly installments of Qrincipal and interest are payable u~der the Note. until the Note is paid in futl.
a sum (herein "Funds") equal to o~e-twcifth of the yeariy taxes aad assessmc~ts which may at~ain priority over this '
141ort~age. ~d goouttd n~b oa the Property. if any. plus one-twellth of yea~ly premium installments for hazard insurance, '
plus onatwelfth of yeuly premium installments tor mortgage i~surance, if any. all as r+easonably estimated initially and fmm
time to time by L.ender on the b~sis of ~sments and bills and reasonabk estimates thercof.
'Ibe Funds ahall be 6tid in an institution the deposits a~ accounts of which arc iruuted or guaranleod by a Faferal or
state agency (including Lender if Ler~der is soch an institution). l_ender shall apply the Funds to pay said taxes. assessments.
imurance premiurtu and gmut~d re~ts. Lender may oot charge for so holding and applying the F~~rtcic, analyzing said account, ~
or verifying aad compiling said sssessmtnts and bills. untess [.ender pays Bon~ower interest on the Funds and applic:bk law `
~ permits Len~r to make such a charge. Borrower and Lender may agrce in writing at the time ot executio~ ot this
Mortgige that interest on tbe Fuads shall be paid to Borrower, and unless such agreement is made or applicabk law
requirea such interest to be paid. Lender shall not ba roquired to pay Borrower any interest or earnings on the Funds. Le~der
s6all give to Borrower. without charge. an annual accounting of the Funds showing credits and dcbits to the F~+nds and the ,
purpoae for which.aach debit to the Funds was made. Tl~e Funds art pledged as additional security for the sums secured
by this Mortgage.
If t6e amount of the Fuads held by Lender. together with the future monthly installments of Funcis payabk prior to
t6e due dstes of ta~ces~ assassmenta, insurance premiums and ground rents, sha8 exceod the amouai required to pay said taxes, :
a:s~nents. insuranoe premiums and ground rents as tbey tall due. such excess shall be, at Borrower's opti~n. either
ptomptly rcpaid to Borcower or croditod to Borrower on monthly installme~ts of Funds. If the amount of thc Funds
heM by I.enckr shaU not be sut6Cieat to pay taxes. assessmenta. insurance premiums and gmund rents as they fall due,
Botro~ver s6al! pay to L~eader aay amount nec~ssary to make up tbe deficieocy within 30 days trom the date notice is mailed
by Lender to Borrower requesting payment thereof.
Upon payment in full of all sutns secured by this Mortgage, l.ender shall p~omptly refund to Borrower any Funds
heW by Lender. If under paragraph 18 hereof the PropeKy i~ sold or ihc Propeny is otherwise acquired by Lender. [_ender
s6a11 apply, no later than immodiately prior to the sale of the Property or its acquisition by I.ender. any Funds held by
I.ender at the time of applisation as a credit ~gainst the sums socured by this Mortgage. i
3• Ap~icaUow d P~ree~b. Unless applicabk law prorides otherwise. all payments receivod by L.ender under the
Note and paragraphs 1 and 2 hereof shall be applied by I.ender first in payment ot amounts payabte to Lender by Borrower
under patagraph 2 Gereof, t6en to interat payable oa the Note, then ~o the principal of the Note, and then to interest and
principai on a~y Future Advanoes,
4• C6ar~efi I3ta~. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributabk to - y
the Prupetty which may~ attain a prioriry over this Mortgage, and leasehold payments or ground rents. if any. in the manner
pmv i d e
d un d
er paragraph 2 hereof or, if nat paid in such manner, by Borrower making pay~nent, when due.~ dirxdy to t6e ;
payee the~+eof. Bomower shall promptly furnish to Lender al! notices of amounts due under this paragraph, and io the event
Bormwer s6all make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. ~
Borrower shall pmmptly discharge any lien which has priority over this Mortgage; providod. that Borrower shall not be
required to discharge any such lien so long as Borrower shatl agree in writing to the payment of the obligation socured by
suc6lien in a manner aoceptable to I.ender. or shall in good faith contest such lien by, or defe~d enforeement of such lien in,
legal pmceedings which operate to pnvent the enforcement of the lien or fodeiture of the Property or any part thereof. 4
S• Harsrd lasurance. Borrower sl~all keep the improvements now existing or hereafter erected on the Prop~rty insured -
agaimt loss by fir+e, hazards included within the term •'extended coverage". and such other hazards as Lender may require
and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of -
such eoverage eaceed that amount of coverage required to pay the sums secured by this Mortgage.
'I'he inwrance carrier providirig t6e insurance shall be chosen by Bonower subject to approval by I.ender, provided, ;
that auch approval shall not be unnawnably withhdd. All premiums on insuranee pattcies shall be paid in the manner
provided under puagraph 2 hereof or, if not paid in such manner, by Borrower mafcing payment, when due, direcdy to the
inaurance carri~. -
All iasurance policies and renewals thereof shall be in form acceptable to [.ender and shall include a standard mortgage
clause in favor of and in form acceptable to i.ender. Lender shall have the rigi~t to hotd the policies and renewals thereof, -
and Borrower shall promptfy furaish to Lender all renewal notices and a!1 receipts of paid premiums. In the event of loss.
Borrower shall give prompt notice to ihe insurance carrier and L.ender. Lender may make proof of loas if not made promptly
by Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall 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 lhereby impaired_ If such restoration or repair is not economically feasible or if the socurity of this Mortgage would
be impaired, the insurance procceds shall be applied to the sums secured by this Mortgage, with the excess, iE any. paid
to $orrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
date no6ce is maile,d by I.ender to Borrower that tt~e insurance carrier offers to settle a claim for insurance benefits, Lender
is authorized to collect and apply t6e insurance proceeds at Lender's option eit6er to restoration or repair of the Property
or W We sucro securod by t6is Mortgage.
Unlats I.ender and Bonower otherwise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date of the manthly installments referred to in paragraphs l and 2 hereof or change the amount of
such installments. If under paragraph 18 heroof the Property is acquired by Leoder, alt right~ tide and interest of Borrower
in and to any insurance policies and in and to the proceeds thereof resul~ing from damage to the Property prior to the sale
or acquisition shall pass to I.ender to the extent of the sums secured by this Mortgage immediateiy prior to such sale or
acquiaition. -
6. Ptrservatbn and Ma~nteaaace of Property; [,easebolds; Condomiaiums; Planoed Ueit Devdopmeats. Borrower
sball keep the Proporty in good repair and shaU not comcDit waste or permit impairment or deterioration of the Property
and a6all comply with the provisioos of any lease 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 vovenants creating or governing the condominium or planned unit development. the by-laws and regulations of the
condominiwn or planned unit development, and constituent documents. If a condominium or planned unit development
rider is executed by Botrower and recorded together with this Mortgage, the covenants and agreements of such rider :
s6all be incorporated iato and s6a11 amend and supplement the covenants and agreements of this Mortgage as if ihe rider °
were a patt hereaf. _
7. Protecfioe of Leede~'s Security. If Borrower fails to perform the covenants and agreements contained in this }
Mongage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property.
including, but not limited to. eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a
banlcrupt or decedent, then Lender at l.eader's option, upon notice to Borrower, may make such appearances, disburse such
suats and take sueh action as is necessary to protect I.ender's interest, including, but not limited to. disbursement of
reasoaabk attomey's fea and entry upon the Property to make repairs. If [.eoder required mortgage insurance as a
coadition of making the loan secuced by this Mortgage. Borrower shall pay the premiums required to maintain such
inwrance in eQect until such time as the requirement for such insurance terminates in accordance with Borrowers and -
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