HomeMy WebLinkAbout0624 UNIFORM COVENANTS. BOfTOW!• and LenJcr covcnant and :~Kr~~c foiluws:
1. laya~cet of Ptinc~al aod !nle~est.' &irr~~wc~ shall pramp~l} pay whet~ di?e thc principal o( and interest c~n ~hc
indebttdness evidencod by !he Note, ptepaymenl and late chargc. a. pruvided in the Note, and Ihe pri~cipal of and intercst
o~ any Futurc Advances securod by this Martgage.
2. Frads tor Taies and Ia~uts~ce, Subject to applirahle law ~~r to a w~ritten KJIV@f by l.ender, Borrowcr shafl pay
to Lencier on ~hc day monthly installments ot prinripat and ~ntcrc.t .«r payablc imdrr the Notc, until the No~e ic paid in full.
a sum (herein "Fum1s") equal to one-twelfth ot Ihc yc.+rly ta~r~ and as~ssment~ which may' aUain pnurity over ~bn
• Mortgage, and ground reots on the Properry, if any, plus onc-twclflh ol yearly premium installmcnts fur hazard insurance.
plus one-twelfth oE yearly premium installments for mongage insurance. aoy, all as rcasonably estimatcd initialh• anJ from
time to time by [.ender on the basis ot asscssmcnts and hiHs and re:i~unable estimates then~>f.
'il~e Funds shall be held in an institution the dep~~~t~ or acrounts o( which are insureJ or guaranteed by a Federal or
state agency (including l.ender if 1_c~xier is such an ins~itutiunl. I.cndcr ahall apply the Fundx to pay ~aid ta~cs, ascctsmcnts,
insurance premiums 3od graund rents. 1_ender may not eharge tor sc. hotding and .~r~iying the Fundc analyzmg sa~J account,
or vtrifying an~! compiling said assessmeots and t~ills, unless l.cnJer p•r~~s Bormwer intcrest on the Funds and applirahle law~
permits L.ender to make such a charge. H.i~rower and lxnder may agree in wriling at thr time of exe~utiun this
Mortgage that intercst on the ~unJs shall be paid to Borruwer, and unless such agreemen~ is made or applicable law
requires such interost to tx paid, l.ender shaN not he reyuirc~l to pay Horrower any intcrest or earnings nn thc Fund~. l.cndcr
shall give to Barrower, without charge, an an~ual acrnunting of ~he FunJs showing creJils anJ debit~ to the f=unds anJ the
purpose for which each debil to tht Funds wx. made. The Fuads arc pleclged a~ additiunal securit~• fc•r the som~ secured
by this Mortgage.
If the amount of the Funds held by Lendcr, toge~hcr with thc futurc monthly in~tallments of Funds payablc prior to
the due dates of taxes, assessments, insuranrc ptemiums and ground rents, shall cxccccl the amaunl reyuired tu pa~~ ~aid ta~es,
assessmonts~ insurance premiums and ground rents as they fall duc, such .excess shall be, at Borrower's option, ci~her
ptanptly repaid to Bormwer or credited to BorroN~er on monthly installments of Funds. If the amouni ~~f th~ I-unds
held by Lendet shall not be sutficient to pay Iaxes, assessments, insur:+ncc premiums and ground rents as ~hcy fall duc,
Borrow~r shall pay to Lender any amount necessary to make up the deficiency within 30 da~s from the date notice is mailed
by l.ender to Borrower requesting paymcm ~hercof.
Upon payment in fuil of all sums sct;ured by this Mortgage, I.ender shall promptly refund to Borrower ~ny Funds
held by L.encier. lt under paragraph 18 hereof the Properiy i~ sold or the Property is otherwice acqwred b}~ l.ender, l.ender
shall aQply, no later than immediatcly prior to the sale of the Property or its acquisition by t.cnder, any Fundc held by
Lender at the time of application as a crrdit against the sums secured by this Mortgage.
3. Applic~ion ot Paymests. Unicss applicabk law provides otherwise, a!! paymeals reccived by Lcnder unJer the
Note and paragraphs 1 and 2 hereof shall be appliec! by I.cnder first in payment oi amounts payable to Lender by Borrouer i
under paragraph 2 hereof, then to interest payable on the Notr, then to thc principal of the Notc, and thcn to interest an~
principal on any Future Advances.
Q. Chargt~ Liens. Borrower shall pay all taaces. asscssments and other chargcs, firies and impositions attributaMe to
the Property wbich may atlain a priority over Ihis Mortgage, and leasehold payments or ground rents, if any, in the manner
provided under patagtaph ~ hereof or, if not paid in such man~er, by Barrower making payment, when due, directly ta the
payce thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
Bormwer shall make payment directl}•, Borrower shal! prompt~y furnish to l.encier receipts evidencing such payments.
Borrower shall promp~ly dixharge any lie~ which has priority over this Mortgage; proviJed, that Barrower shall not be
required to discharge any such lien xo long as Borrower shall aKree in writing ta the payment of the obligation secured by
such lien in a manner aceeptab(e to Lender, or shatl in good faith contest such fien hy, or defend enforcement of such lien in,
legal proceedings which operate to preveot the enforcement of the lien nr forfeiture of the Property or any part thereof.
5. Hazard Insurance. Borrow~er shall keep the improvements now• existing ~~r hereafter erected on the Properry insured
against loss by fire, hazards includec! with~n the term "e?cteoded coverage", and such Mher hazards as l.ender ma} require
and in such amounts anJ for such periods ac Lender may requirc: provided; that Lender shall not reyuire that the amount of
such coverage exceed that amount ef coverage rcquired to pay the si~ms secured by this Mortgage.
The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided,
that such apptoval shall not be unreasonably withheld. All premiums on insurance pc~licies shall be paid in thc manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrow~er making payment, when due, directly to the
insurance carrier.
All insuranre policies anJ renewals thereof shall be in form acceptable to Lender and shall include a stand:~rd mortgage
clause in favor of and in form acceptable to l.ender_ l.ender shall'have ihe right to hold the policies and renewals thereof.
and Borrow•er si~all promptly furnish to Lender aU renew•at notices and all receipts of paid premiums. In the c~~ent of loss.
Borrower shai! give prompt noUCC to the insurance carrier and Lender. Lender may make prcx~f of loss if not made prompdy
by Borrower.
Unless Lender and Borrower otherwi,e agree in w•riting, insurance proceeds shali be applied to restoration or repair of
the Property damaged, provi.fed such restoration or repair is economically fcasible and the seeurity of lhis Mortgage ic
noi thereby impaircd_ If such restor~tion or repair is not eronomically feasible or if the security of this A1orlgage Would
be impaired, the insurance proceeds shall be applied to the sums secured by this Morigage. with the excess, if an)•, pa~d
to Borrower. If the Property is abandoned h}• &~rrower, or if Borrower faits to res~nd to Lender within 30 days from the
date notic~ is maited 6y Lender to Borraw~er that the insurance carreer ofTers to seule a claim for insurance henefits. 1_ender '
is authorized to collect and appl~~ the insurance proceeds at Lender's option eithcr to restoration or repair oI the Propert} -
or to the sums secureei by this Morigage.
Unless Lender and Borrow•er othen~ix agree in writing, an~~ such appiication of prcx;ceds to principal shall nvt c~tend
or postpone the due date of the monthl~~ installmems rcferred to in paragraph~ 1 and 2 hercof or changc the amount of
such installments. If under paragraph 18 t~ereof the Praperty is acyuircd b~ Lender, aU right, tidc and interest ot Bvrr~~wer
in and to any insurance policies and in and to the prcx;eeds thereof resulting from damage to the Property prior to th~ sale ;
or acquuition shall pass to Lender to the e~tent of the sums secured by this Rlortgage imrnediately prior to such sale or
acquisition.
6. Presena[ion ~nd ~faintenance of Property: I,easeholds; Condominiums; Planned Unit Derelopments. Borrow~cr
shall keep thc Property in good repair and shall not comroit waste or permit impairment or deterioration of the Propen~•
and shall comply w•ith the provisions of any lease if this Mortgage iti un a leaschold. If this Mortgagc is on a imit in s
condominium ur a planned unit devclopmcnt, Borrower chall E+erform aU of Borrower's obligations under the declarati.~n f
or covenants creating or guverning the condominium or planned unit develc~pment, the by-laws and rcgulationc of the
condominium or ptanned unit cievelopment, and constituent Jcxuments. If a condominium or planned unit development {
ricitr is executed by Borrow~er and recorded Iugether wi~h this M~~rtgage, the covenants and agreements of s~rch ridrr ~
shalt be incorporated +nto and shal! amend and supplcment the covenants anJ agrrcments of this Mortgage as if the riJer
were a part hereof.
7. Protertioo of Lende~'s Seeurity. If Borrow~er failc t~ perfc~rm the covenants and agreements contained in thi~ ~
Mortgage, or if any aciion or proceeding is commeneed u~hich matcrially atiects i.ender's interest in the Proprrt}, ~
ineluding, but not timited to. eminent domain, insolvency, a~de eniorcement. or arrangemenis or proeeedings involving a '
bankrupe or deredent, then Lender at l.ender's option, upon notice to Borrower, ma~• make such appearances. Jishurse such
sums and take such action as is necessary to prc~tect 1_ender's imerest, incluJing, bi~t not limited to, disbursement of
reasonable attomey's fees and en~ry upon the Property ~o makc repairs. If LcnJer rey~~ircd mortgage insurance as a
condition of making the toart secured by this Mortgage. RormHCr sh.,l1 pay the premiu~ns requireJ to maintain such
insuru~ce in efi`ect until such time as the reyuirement tor ~uch insurancc trrminatr~ in :iccorda~~ce with Borrower ~ and
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