HomeMy WebLinkAbout0091 UNIFOR~! CO\'ENAVTS. BOTft1N0~ df1(~ I_Cf1~IC~ CQVC(l:~nt ;uid ag~~ti ac (ollnws:
l. Piymenf of P~inctpa! and lnte~esf. Bo~n~wcr shall pn~mptly pay v?•hcn due the prinrip:,) of and intrra:t o~i the
indehtc~dness eviJeoccd by the Note, p~epayment and late chargei ac proviJ~d in thc Note, aiiJ the principal of and int~rrst
on any Futu~e Adva~ccs securcd by this 1?lortgage,
2. Funds fo~ Taxes and Insuraace. Subject to applicable law or to a w•ritten waiver by Lender. Borrower shall pay
to l.~:ndar on ~he day monthly installments of principal and inte~.:st ~rc payabl~ undc~ lhe Note. until thc ~Iotc ic paid in tull,
a sum (hcr~in "Funds") equal to onc-twcltth of the ycarly taxes an~l aucssme~ts Nhich may attain priority ovrr this
rlurtgagc, a~J grou~d teats an thc Property. if any, plus one-twelfth of yratly pr~mium installmcots for hazard in~urance,
plus onr-twclfth of yearly prcmium installments for mohgagc insurance. if any. all as reasonabty~ estimatcd initially and (~om
~ime to timc by I_e~der on the basis of assessmcnts and bips and reasunabl~ atimates thcrrof.
'R~e Funds shall be held in an i~stitution the deposits or accounts of which art insurrci or guaranteeJ by a FeJeral or
state agency (including Lender it Lender is such a~ institution). Lender shall apply the Funds to pay~ said taxes. ass~tsments.
insurance premiums and ground rents. Le~xier may not cha~ge for so holding und applyi~g the Fuocis, analyzing said accou~t~
or ~•e~ifying and compiling said assessments a~d bills. unleu Lcr?der pays Bonowe~ interest on thc Funds and applicable law
permits Le~de~ to make such a charge. Borrowe~ and Lender may agree in writing at the time of execution of this
Atortgage that interest on the Funds shall be paid to Borrower, and unless such agreeme~t is made or applicable law
reyuircs such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lendc~
shall gi~e to Borrower, without charge. an annual accounting of the Funds showing credits and debits to the Funds and the
purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured
by this ~lortgage.
If the amount of the Funds held by Leoder. together with the tuture monthly installm~nts of Furt~s payablc prior to
~he due dates of taxes. assessments. iasura~ce premiums and ground rents, shall exceed the amount roquired to pay said taxes.
assessments. insurance premiuau and ground rents as they fall due. such excess shall be. at Borrower s optian. either
p~omptly repaid to Borrower ot credited to Borrower on mon~hly installments of Fuads. If the amount of the Funds
held by Leader shall not be sut6cient to pay taxes. assessments, insuraoce premiums and ground rents as they fall due,
Borrower shall pay to Lender any amour~t nocessary to make up the deficiency within 30.da}s from the date notice is mailcd
by Lende~ to Borrower requesting payment theioof.
Upon payment in fu11 of dl sums secu~+ed by this Mortgage, I.ender shall promptly retund to Borrow~er any Fu~ds
held by Leader. If under puagrap6 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Lende~
sdall apply, no later than immediately prior to the sale of the Property or its acquisition by I.ender, any Funds held by
: Lender at the time of application as a credit against the sums secured by this Mongagc.
- 3. Appllcation ot Pa~ments. Unless applicable law provides otherwise. all payments recei~ed b~• Lender under the
i Notc and paragraphs 1 and 2 hercof shall be applied by Lender first in paymenf of amounts payable to Lender by Bor~ower
; under par.~graph 2 herrof. then to interest payablc on the Notc, thcn to the principal of the I~ote. and then to interest and
' principal on any Future Advances.
4: C6arges; Lkm. BorrowYr shall pay all taxes, assessments and other charges, fines and impositions attributable to
the Property which may attain a priority over this Mortgage. and leasehold payments or gmund rents, if any. in ihe manner
' pro~ickd under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment. when due. directly to the
payec thereof. Borrower shall pc+omptly furnish to Lender all notices of amounts due under this paiagraph. and in the eveat
Borrower shall make paymeot direcUy. Borrowe~ shall promptly furnish to l.ender receipts evidencing such payments.
Borrower shall pmmptly discharge any lien which has priority ovcr this Mortgage; pr+ovided. that Borrower shall not be '
required to discharge any such lien so long as Borrower shall agree_ io writing to the payment oE the obligation secured b~
such liea in a manner acceptable to Lender, or sball in good faith contest such lien by, or defend enforccment of such lien ia,
legal proceedings which operate to preveat the enforcement of the lien or forfciture of the Property or an}• part thereof.
~ S. Hazard Inwrauce. Bocrower shall keep the improvements now existing or hereafter erected on the Property insured
against loss by fite. hazards included within the term "extended coverage", a~d such other hazards as Lender may require
and in such atnounts aad for such perFods as Lender may require; provided. that Lender shall not require that the amount of
such rnvenge exceed tbat amount of coverage required to pay the sums secured by this Mortgagc.
The iosuraace carrier. pcoviding the insurance shall be chosen by Borrower subjeet to approval by Lender. providod,
that such appmval sball not be unreasonably withheld. All premiums o~ insurance policiu shaU be paid in the manaer
provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment. when due. di~+ectly to the
insurance carrier.
~ AU insurance policies and renewals thereof shall be in form acceptable to I.ender and shall include a standard mortgage
clauu in favor of and in form acceptable to I.ender. L.ender shall have the right to hold the policies and renewals thereof,
and Borrower shall prompdy furnish to Leoder all renewal notices and all receipts of paid premiums. In tha ~vent of loss,
! Bormwer shall give pc~ompt notice to the insurance carrier and L.ender. Lender may make proof of loss if not made promQtly
by Borrower. •
Unless Lender aad Bonower otherwise agree in writing, insurance proceeds shail be applied to restoration or repair of
the Property damaged, pmvided such restoration or repair is economically feasible and the security of this Afortgage is
not thereby impair~ed. If such restoration or repair is not economically feasible or if the security of this ~tortgage would ;
~ be impaired. the insurance proceeds shall be applied to the sums secured by this Mortgage, with tht excess, if any, paid
to Borrower. If the Pmperty is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 daya from the
date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender
is authorizod to collect and apply the insurance proceeds at Lender's option eit6er to restoration or repair of the Pmperty
or to the sums secured by this Mortgage. _
Ualess I.ender and Bonower otherwise agree in writing. any such application of proceeds to principal shall not extend
or pcutpone th~ due date of the monthly inuaifinents referred to in puagraphs 1 and 2 hereof or change the amount "of
suc6 installments. If under puagraph 18 heroof the Property is acquired by Lender. all right, tide and interest of Borrower
in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale ;
or acquisition sha{l pasc to Lender to the ea~tent of the sunu secur`ed by this Mortgage immediately prior to such sale or '
acquisition. ~
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6. Preser~atioa snd Maintenaace of Property; Lerueholds; Condominiums; Planned Uait Developments. Borrowcr ?
shall keep~ the Property in good repair and shall not commit v?aste or permit impairment or deterioration of the Property
and shalt comply with the provisions of any kase if this Mortgage is on a leasehold. If this Mortgage is on a unit in a
condominium or a planoed unit development, Borrower shall per[orm all of Borrower
s oblig,ations under the declaration ~
or covenants creating or governing tbe condominium or planned unit development, the by-laws and regulations of the
~ condominium or planned unit development. and constituent documents. I( a condominium or planned unit development ~
k rider is executed by Borrower and recorded together with this 1liorigage, the covenants and agreements o[ such rider ;
~ shall be incorporated iato and sball •amend and supplement the covenants and agrcements of this Mortgage as if the rider ;
~ were a part hereof. ;
~ 7. Protection of Lender's Securi . ~
~ ty If BorroNer fails to perform the covenants and agrcements contained in this
~ Mortgage, or if any action or procceding is commenced which materially aQccts Ltnder's interest in the Property. ;
includ;ng. but not limited to. eminent domain. insolvency, code enforcement, or arrangements or proceedings involving a ~
bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower~ may make such appearanccs, disburse such °t
sums and take tuch action as is necessary to protect Lender s interest, including. but not limited to. disbursement of ~
rcasonable attomey's fees and entry upon the Property to make rcpairs. If L.ender required mortgage insurance as a ;
condition of mal:ing the loan secured by this Mortgage, Borrowcr shall pay the premiums required to maintain such ~
insuranr: in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and
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