HomeMy WebLinkAbout0343 UNIFORI~ COVENANTS. Borrowe~ and I.cnder covenant and agrce as tollow::
1. Payme~t of Principal and lnlecest. Borrowe[ shall promptly pay whcn due the principal of and interest on the ~
inclebtcdneu cvidcnccd by the Note. prepayment and late charges as providcd in the Notc. ~nd th~ principal ot aad interest
on aay Futurc Advances securcd by this Martgage. ~
2. 1~rads for Ta~[a and IASUrance. Subject to applicabie law or to a wri~~en waiver by Lcndcr, Borrowc~ shall pay t
~ to l.eade~ on the day monthly installmc~ts of principal and interest arc payable undcr thc Note, uotil ~he Note is paid in full. ~
a sum (hercin "Funds") equal to one-ta~rl[!h at ~he ~rearty taces and asseasmc~ts which may attain priority ovcr this ~
Mortgage, and ~round rsnts oa tho Property. if any. plus ot~c-iwctGh of yeuly prcmium installments tor huard insurancc.
plus one-iwclfth of yeuly pr+emium installmeMi tor mortYage inauranca. it sny. all as reuonabty cstimated initially an~ Irom
time to time by Lender on the basis of assessmeots and biils and rcasonabk eslimates theroot,
1 Tt~e Funds shall be held in an institution the deposits or accounts of which are insured or guaranteod by ~ Federal or
state agency (inciuding Lender if Le~der is such an institution). ~ender ahall apply the Funds to ~y said taxes, assessmcnts.
imurancc premiums ~d ground rents. Lender may not charse for so holding and applying the Funds. analyzins said account.
or vcrifyie~ and compilin~ suid assessments ~nd bills. unkss Lcndcr pa~z Borrower intcrat on the Funds and applicable law
permits L,ec~der to make such a charge. Borrower and Lender may agrce in writing at the time of exaution of this
Mortgage that interest on the Funds shalt be-paid to Borrower. and nnlas such agrcement is made or applicable law
re~uira such interat to be paid, I.ender shalt not be roquircd to pay Borrower any interest or carnings on the Fund:. I.cnder
sball give to Borrower, without charge. an a~nwl accountiog of the Funds showing c~edits and debita to the Funds and the
pu~poae for which cach dcbit to the Funds was made. Thc Funds are plcdgod u additio~al security for the sums secured
by this Mortgage.
It tha amount of the Funds held by Lcnder, together with the [uture monthly installments of Funds payabk prior to
tl~e due data of ta~ces~ asussmeqts, insurance premiums and ground rents. shall exceed the amount requi~+ed to pay aaid taxa.
assessments. inauranca premiuma and ground rents u they fal! due. such excess shall be, at Borrower's optioo, either
promptly repaid to~ Borrower ot credited to Bornuwer on monthly inslallments of Funds. If the ~mount of the Funds
!~M by Lender not be s~icieat to pay taxes. asxs.unents, insunnce premiums and gawnd rents as they fall due,
Bomo~wer shaU pay t IJender any amount necessary to make up the deRciency within 30 days from the date notice is mailed
by I.endet to Bo ec roquestiag paYment thereo[.
Upoq paytqent n foU of all sums secured by this Mortgagt. Lender shall promptly refund to Borrower any Funds
held by I.eqder. If nder paragraph 18 hereof the Propcrty is sold or tht Propeny is otherwise acquired by I.ender. I.rnder
shaU appfy. no 1 t6an immediately prior to the sak of the Property or its aequisition by Lende~, any Funds t~eld by
Lende~ at tbe ti of apptication as a ~red~i agaiast the sums secund by this Mortgagt.
3: A oE P~pae~ts. Unlcss applicabk law provides othetwise. aq payments racivod by Lendet under the
Note ated pa hs 1 and 2 her~eof shall be applied by l.ender $rst in payment of amounls payable to Lender by Borrower
undcr pacagraph 2 hereof, ihen to interest payabk on the Notc, then to ihe principal ot tt~e Note. and then to intcrest and ~
principal on any Future Advances.
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C~arge~ Lieas. BorrowYr shatl pay atl taxes. assessments and other chaeges, fl~es and impositions attributabk to
the Praperty which may attain a prioriry over this Mortgage, and leasehold payments or ground renta. if aay, ia the manner
provided under puagraph 2 hereof or. if not paid in such manner. by Borrower making payment. when due, dirocHy to the
paYee thec~ooE• Borrower shall prompHy furnish to L.ender all notioes of amounfs due under this paragnpb, aod ~n the event
Borrower shaff raake payment dircetly. Borrower shal! promptly furaish to Lender roceipts evide~cing wch payments.
Borrower shall promptly diacharge any lien which has priority over this Mortgage; providod, that Borrowa shall not be
requind to discbuge any such licn soJong as Borrower shall agroe in writing W t6e payanent of the obligation secured by
such litn in a manner aeceptabk to Lender. or shall in good faith contat such Iien by. or defend enforcement of tuch lieu in,
~e8al proceediQBs wbich operate to prevent the enfonerr~eet of the lien or forfeitun of the Property or any part thcreof.
- S. Hasard Ias~rranca Borruwer shal! keep ihe improvements now existing or hereafter erected oa the Property insured
against loas by 8re. hazards included within the term "extended coverage". aad such other hazards as L.ender may require
and in such amounts and for such periods.as I.enc{er may require; provided. that Lender shall not require that the amount of
such coverage exceed that amount of coverage r~cquired to pay the sums secured by this Mortgage.
1he i~wrance carrier providing th~ insurance sball be chosen by Borrower subject to approval by Lender. provided.
that such approval s6a11 not be unressonably withheld. All premiums on iawrance policies sha11 be paid in the manner
pmvided uader pardgraph 2 hereof or, if not paid in such manaer, by Borrower making payment, when due. dinectly to the
insuranc~ carria.
All insurance policies and reaewals thcreof shap be in form acceptable to Lender and shaU include a standard mortgage
ciause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and nnewais thereof,
and Borrow~er shall promptly furnish to Lender all renewal ~otices and alI receipts of paid pretniums. In the event of loss,
Borrowu shalt give prompt notice to the insurance carrier and I.ender. Lender may make proof of ]oss if not made promptly
by Borrowu. ~
Unless Leoder and Borrawer otherwise agrce in writing. insuraace proceeds shall be applied to rostoration or repair of
the Property damaged. provided such restoration or repair is economically feasibk and the security of tbis Mortgage is
not thtreby impaind. If such restoration or repair is not economically feasible or if the security of this Mortgage would ~
be impaired, the insurance procecds shall be applied to the sums socured by this Mottgage, with the excess, if any, paid
to Borrower. if the Property is abandone.i by Borrower. or if Borrower fails to respond to Lender within 30 days from the ~
date natice is mailed by Leader to Borrower that the insurance carrier oRers to settie a claim for insurance benefits, Lender €
is autharited to colfect and apply che iruurance Qra~xeds at Lender
s oplion either to restoration or repair of the Properly ~
or to the sums secured by this Mortgage. ~
Unless Lender and Borrower otheruise agree in writing. any such application of proceeds to principal shall not extend
or postpone the due date of the monthiy installments referred to in paragraphs 1 and 2 hereof or change the amou~t ~of ~
such installments. If urtder paragraph 18 hertof the Property is acquired by Lendcr, all rig6t, titte and intercat of Bor~owcr
in ar.d to any insurance policies and in and to the proceeds thcreof resulting from damage to the Propecty prior to the sale
or acquisition shal! pass to Lender to the e~tent of the sums secured by this Afortgagc immediately prior to such sate or
acquisition.
6. Presen~alton aad ~t~intenance of Pmpet[y; Lcaseholds; Condominiur»s; Planned Unit Ue~~elopments. Borrowcr
shall keep the Propeny in good repair and shall not commit a•aste or permit impairment or dcterioration of the Propcrty
and shall comply with thc provisions of an}• lease if this :lfortgagc is on al~'aschold. If ihis i~to~tgagc is on a unit in a
condominium or a planned unit de~•elopment. Borrower shall perform all of Borrowers obtigations under the declaratian
or covenants creating or governing the condominium or plaonrd unit deveMpment. the by-laws and regulations of the
~condominium or planned unit development. and constituent documents. If a condominium or planned imit Jevelopment
cicler is executed by Borruw•er and rc~orded together v?~ith this tiiorigage, the covenants and agreements of such rid~r
shall be inrorporated into and shall amend and supplement the covenants and agrcements of this ltTortgage as if ~h~ ridcr
\ were a part hereof. ~
7. Protectioa of Lender's Seeurity. If Borrow~er fails to perlotm the covenanls and agreements contained in this
Mortgage. or if any action or proceeding is commenced which mat~rially aRects Lender s interest in the Prop.:r~y. ?
including. but not limited to. eminent domain, insolvency, codc en(orcement, or arrangements or proceedings invol~~ing a
bankrupt or decedent. ~hen [_ender at Lender's option~ upon notice to Borrower, may make such aPpearances, disburse such
sums and take such aclion as is necessary to protect Ixncler s interest, including. but not limitcd to. disbursemcot of
reasonabie attorney's fees and cn~ry upon thc Property to make rcpairs. If Lcnder required mortgage insurancc a~ a
condition of making the loan secured b~~ this Mortgage. Burroucr shall pay the prcmiums required to maintain such ;
insurance in efiect until such time as thc rcquiremtnt far such insurance tcrminates in accordanct with Borrower s and
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