HomeMy WebLinkAbout0218 UNIFURM COVElv,~NTS, Borrower and 1_enJrr c~~••cnant :~;~d :~~r~c a~~l~~l~~ws: '
1. Paymeat of Piriacipal and lateresl. iiarrrv~ct .nan r~,,~,?~tih pay whcn due thc prin~i~~.~i~ ~~f and intcrest un ~h~
~:+debtedness evidenced by the Not~. prepaymrnt anJ latr ch.?rgc~ a. ~r~?vi~kd in Ihe [~tate. and the principal ot and mtercst
on a~y Future Advanccc sccureci by th~c Mortg;~gc
2. Funds for Taa~es and lasursnte. Subjrct ti. appG..~? Ic 1;?H ,•r ~a Hrit~rn waiver by I.cnder. Barrower shall pa~•
to I.ender on the day munthly inctallments of pnncip:il ,u?J ~:~~r~r.~ .~r~ p.?~ahlr under th~: Note, until the Note ~s p•rid in (ull.
a sum (hercin "Funds"? equal to anc-tN~lfth o( thc ~~arl~ :a~~. enJ a~.~stmcnt~ which may attain pnority or•cr th~~
Mortgagc, and ground rents on thc Preperty, if any, plu< <mc-n~rl(~h ot ~carly prcmium iostallments for hazard imur;~rxe.
plus on~twelfth of yearly premium installmcnts for mongaFc in+?irancc, i( uny, all as reasc~nably estimated initialty and (rom
time to time by I_ender on the basis c~f ~.u~.~n~cnts an~i h~tl~ .~nd r~.~s~~:tabl~ estimalc's lher~of.
"tl~e Funds shall he held in an inst~twiun thr de{+~~i.. ur ,~~ruunt~ uf which are insurecl or guaranteeJ hp a FcYfera! or
state agency (including Leoder if l.cndcr ~..uch are imt~tutinn I.cndcr ~hall apply thc Funds to pay ~aid ta~~~, as.~ssmcnls,
insurartce premiums aod ground renb. 1 ender ma~ n~.t charge ~o~ ti~. hc.lding and c?pplying the F~md~. analyzing s~id a:c.~unt.
or verifying and compiling aaid assessmenis :ind hill., ~mk.s Lcnder pa~•. Rorrower in~crest on the Fundc and applicahle I:tN
permits LeRder to make such a charge. li~~rroKC~ aad 1_cnJcr m:~y ~grre in writing at the tin~c ~~t c~c~ution ut this
Mortgage thal interest nn !he Funds shall ix~ paid to Borruwer, and unless such agr~~ement is madc ~~r appl~cahle law•
requires such interest to be paid. 1_ender ~hall n.a t.~ reyuircd a. ~ay Burrov?•cr am~ interest or c:~rning, un thc f=und.. (.cu~r
shall give to Borrawer, without charge. an annunl accounting of the FunJs showing credi~s anJ Jebits to thr Fund~ :end the
purpose for which each debit to the Funds wa. ntad+:. The Fund~ arr plc~fged a~ :tdditiona) scK;uril~• for thc sunt, KIUICI~
by this Mortgage.
If the amount of the Funds held by Lendcr, togcther with ~hr iutur~ munthly inct~llments uf Fund, pay:~btc pn~~r to
the due dates of taxes, assessments, insurance premiums anJ ground rent~, shall rxceeci the amount reyaircd to p;e~ ,aid tr~es,
asscssme~ts, insurance premiums and ground rents as thcy fall dur, such c~cecs ~hall be, at ~rrow•er s rpt~.~~. ~~ther
promptly repaid to Borrow~r nr credited t~~ Bormw•er on monthly inst~llments of Funds. If the amount thr Funds
held by Leoder shall not 6e sufE'icient to pay ta~es, assessments, insurance premiumc and ground rents as thc}~ f~ll duz.
Borrower shalt pay ta Lender any amount nec~san• to make up the deficiency within 30 da~:s from the date notice i~ mailyd
by Lender to Borrower requesting pa~~mcnt Ihcrrnf.
Upon payment in full of all sums secured by this Mortgagc. Lender shall promptly refund to Borrokcr ~ny Funds
held by l.e~der. If unde~ paragraph 1 R hcrcof the Property „ sold or thc Propcrt~~ is otherwiu acqu~red ~?y Lendcr, 1_enckr
shal! apply, no later than immediatelp prior to !he sale of thr Prup~ rt}• or its acquisition by I.ender. any Fundc held b~•
Lender at the time of application as a credit agamst the sums secured bp thi~ ~lortgage.
3. Application of Payments. Unlecs applicahle lav?• pmvides othcrN~ice, all payments received by 1_ender uo~er the
Note and paragraphs 1 and 2 hereof shall be app6ed by I_cndcr first in pa}ment of amounts payaMe to Lcnder h~~ HorroNer
under paragraph 2 her+eai, then to inicrest payable on the Note, th~:n a~ thc principal of the Notc, anJ thcn to interese and
principal on any Futurc Advances.
4. C6arges; I.iens. Borrower shall pay all tates, asses~cmcnts and athcr charges, fines and impasitions attributable to
tht Property which may attam a pnoriiy rner this Mortgagc, and leaschold payments or ground rents, if any, in the manner ~
pmvided under paragraph 2 hereof or, if not paid +n such m3nner, by Borrower making payment, when due, diroctly to the
payce thereof. Borruwer shall promptly furnish to l.ender all notices of amounts duc under this paragraph, and ia the eve~t
Borrower shall male payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments_
Borrower shall promptly discharge any lien v?hich has priority over this Mortgage; provided, that 8orrower shal! not be
requited to discharge any such lien so long as Borrower shal! agree in w riUng to the payment of the obligation secured b~
such lien in a.manner acceptable to Lender, or shall in gex~d faith comc.t such lien by, or defend enforcement of such lieo in.
legal proceedings which operate to prevent the enforcement ot thc lien or (orfeiture of the Property or an~• part thercof_
5. Hazard lnsurance. Borrower ~hall keep the ~mpro~~cment~ now cxisdng or hercafter crected on the Property insared ~
against loss h~• fire, hazards included a•ithin the term "extended coverage", and such other hatards ac l.ender ma~ reyuire
and m such amounts and (or sik;h periods as Lender may reyuirc; pmvideJ, that Lender shall not require that the amount of
such coverage excecd that amount of coverage required to pay the sumti secured b~~ this Mortgage_
The insuranee carrier providing the insurance shall be chosen by Borrow•er subject to aPprova! by I_ender, pro~tided.
that sueh a~prbval shaN not be unreawnably witbheld. All prrmiums on insurance palicies shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, vvhen doe, directl~ to thr
insurance carrier=
All insurance p.~iicies and renewals thereof shalt b~. in fom~ accept~ble to Lender anJ shall include a stan~iard mongage
clause rn fa~ur c?f and in form acceptable t~~ I_ender. Lender shall ha~e the right to hold the policies and renew~als thereof.
and Borrower shall promptly furnish to Lender all renewal notices and all receipts ot paid premiums. In the event of IcK~.
Borrower ihall give prompt noticc to the insurance carrier and Lender. Lender may make prcx~f of loss if not made prompth
by Borrower.
Unless Lender and Borrower ethen+i.~: agree in v?•riting, imurance proceeds shall be applied to restoration ~~r repair c,f
the Property damaged, proviJcJ such rctitoraUon or repair is economicall~• feasible and the cecurity of th~s Morteage
not Ihereby impaired. If such restoratiun or repa~r is n~~t cconomically feasihle or if the security of th~s 11f~xtgage w.~~~:d
be impaired. thc insurance proceeJs shall be aQplied to !he sums srcured by Ihis Mortgage. with the excess. if.am~. pa~d
to Borrow~r. If Ihc Pr.~pcrt} is ahanJc~n~ti1 h}~ Hormw~er, ~~r ii Borrow•cr fails tu res~nd to Lender within 30 day~ fmn~ !'t•r
date notice is mailed by Lender to Borrower that the insurance carrier otTen to settte a claim for insu~anee benefit~, Lr:..ir-
is authorized t~. colleet and appl}• the inwrance proceeJs at I.ender's optiun eit~er to restorat~on or repair of the PrnF+en•.
ur to the sums sccurccl hy this ~lorigagc.
Unles~ Isnder and Rormwer Mherwi+e ~gree in writing, an}~ such applic:~uon ~~f pn.ceeds to principal ~h~ll n.~t c.,r~:d
or postpone ~he due date of thc monthh- in~tallments rcfern:d to in paragraph. 1 and 2 hercof or change thc am~:i~nt .~i
such installments. If under paragraph IS hereof the Property is acyuireJ bc LenJer, al! nght, title and interest o1 l3rrr,~a~r
in aod to an}- ensurance poiicies and in and to the proi:eecis thereof resul~ing fr~~m damage to the Property prior to ~hc ~.+o~
or acquisition shall pass to Lender to t,`~c extcnt ~f th~ s~*~?s ~~~re•J h• this Mortgagc immediately prior to such ~:~Ic or
acquisition.
6. Presenation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Derebpments. &~rm.+rr
shail keep the Property in good repair and shal! not romrpit waste ~~r permit impairment or deterioration of the Propem
and shall compl}• Hith the provisions of an}~ lease if this Mortgage un a Icasehald. lf this Mortgage is on a unit in a
condominium ur a planned unit development, Borrow~er shall perf~rm all of Borrower's obligations under the aeclarat,.~~~
ur cove~ants creaung or guvernmg the condominium or pianned unit devele?pment, the by-laws and r+egulalions of the
cvndominium or planoed e~nit de~elopment, and constituent documeni~. If a condominium or planned unit de.~elc?pmcnt
rider is executed by Borrower and recorded together whh ~hit Mc,rtgage, thr cmen•rnts and agreements nf such ri~':r
shall be incorporated inta and shal! amend and suppl~ment the co~cnants anJ agrcemcnts of this Mortgage as if the n.lrr
were a part hereof.
7. Proteet'an of Lenders Security. If Bc~rrow~er fail~ to perform the covenants and agreemenis contained in this
Mortgage. or if any acticx~ or proceeding is cummcnced w•hich materially afiects LenJer's interest in the Propen}.
including, but not limited to, eminent domain. incol~-ency, code enforcement, or arrangements or proceedings imoh~ng a
bankrupt or decedent, then ixnder at Lender's option, upon notice to Borrower, may make such appearances, disburse sexh
sums and take such action as is neressary io protect l~nder's interest, incluJing. but not limited to, disbursemeot of
reasonable attomey's (ees and et~try ,rupon the Propcrty to makc rcpairti. If t_endcr reyuircd mortgage insurance as a i
condition of making the loan secured by~ this Mortgage, Borrov?er sh.?11 pay Ihe premiums requireJ to maintain such
iusurance in effect until such time as the requirement for luch ~nsurance terminates in accordance with $orrow•ers anJ
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