HomeMy WebLinkAbout0960 UNIFORM COV@NANTS, Borrower and I.enJer a~venunt and agr~~c a~ folluws:
1. P~ymeat of Pdncipal aad laferesl. Barrower shall prum~tly pay whcn Jue th~ princip:,l of and intcrest un the
in~btedness evidenced by the Note. prepayment a~J late chargrs a. pn~viJed m thc No~e, and the prinripai of and interest
on any Future Advanccs sccured by this Mortgagc.
2. i~eds for Tues aad Inwraace, Subjcct to applirablc law• or to a written waivcr by Lcnder, Borrowcr shall pay
to Lender o~ the day mon~hly installments of principal and intcrect arc payablc ~inJer the Notc, u~til thc Note is paid in tull.
s sum (htrcin "FunJs") equal ta une-twelfth at the ycarly taxrc a~d asscssmcnts w•hich may auain pnority ovc~ th~s
Mortgage, and ground rents on the Pr+aperty, if any, ptus onc-twclfth ot yearly premium installments for hazard insurance,
plus one-twclFlh of ycarly pnmium installments tor mortgagc ~nsurancr, if any, all as rcasonably c+timatcd initially anJ from
time to time by I.ender on thc basis of assessmcnls anJ hills a~x1 reasunablc estimates thereof.
'il~e Funds shall be held in an institution the deposits or arcounts uf which :~re insured or guaranteecl by a Federal or
state agency (including l.ender if Lender is such an institation). I.ender shall apply ~he Funds to pay said laxes, assessments,
insurance premiums and ground rents. Lender may nM chuge lor s~ hoWing and applying the Fnnds. anal~ri~g taid acCOUnI,
or verifying and compiling said assessmeots and bills, unless l.ender pays Borrower intcrest on 1he Funds and appticable iaw
permifs L.ender to make such a charge. Borrower and l.enJer may :+gree in writing at the lime of exttution ot ihis
Mortgage that intertst on the Fumis shall he paid to Eiarrawer, and unle~t ~uch ag~eemen~ is made or applicable law
rcquires such interest to be paid,•Lender shall not hc rcyuired to pay Borrower any inlerest or carninby ~~n the Funds. I.ender
shall give to Borrower, without charge, an annual accaunting of the f=unds showing credils and debits to the Funds and the
putpose [or which cach debit to the Funds was madc. The Funds arc plcdgecl as addition~l sec;urity for thc sumz ~ecured
by tAis Mortgage,
lf the amou~t of the Funds held by Lender, tage~her with the futurc monthly ins~allments of Fundc pay:~blc prior to
the due dates of taxes, assessments, insurance premiums and ground r~nh, shall exceeci the :~mount ~eyuired to pa)• said taxes,
assasrnents. insurance premiums and ground rents as they fall due, such cxcess shall be, at Borrower'c option, cither
pranptly repaid to Borrower or credited to Borrowet on momhly installments of Funds. !f the amount of thc F•unds
held by Leader shall not be sufficient to pay taxes, assessmcnts, insurancc premiums and ground ~cnts as thcy fall duc.
Borrower shalt pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is maileci
by Lender to Borrower requesting payment thereof. ~
Upon payment in full of all sums secured by this Mortgage, l.endcr shall promptly refund to Burrowc~ am• Funds
held by i.encler. lf under paragraph 18 hereof t6e Property is u~ld or the Propert}• is othenviu; acquired by l.ender, I.ender
shall apply, no later than immediatrly prior to the sale of the Propeny or iis acquisition by I.cnder, any Funds held by
Leader at the time of application as a credit against the sums secured by this Mortgage.
3. Applicatlon oE Payments. Unlecs applicahle law provides othervvise, all paymenls received by i_ender under the
Note and patagraphs 1 and 2 hereof shall be applicd by Lendcr first in paymcn~ of amuunts payablc to 1_cnder by Borr.~wer
under paragraph 2 hereof, then to interest payable on the Noie, then ~0 1hc principal ot the Note, and thcn to intcrest and
principal on any Future Advances. •
4. C6arges; I,kns. Borrower shall pay al) trxes, asccscments and othcr ch~rges, fines and impositions attributable to
the Property which may attain a priority over this Mortgage, and leasehold payme~~s or ground rents, if any, in the manner
pcuvided uncter paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
payee thereof. Borrowet shall promptly [urnish to Lender all notices of amounts due under this paragraph, and in the event
Bornower shall make payment directly. Borrower shall promptly furnish ta I.ender receipts evidencing such payments.
_ Borrower shall promptly discharge any lien w~hich iiu prioriry over this Mortgage; provicled, that Borrower shall oot be
required to discharge any such lien so long as Borrov?•er shal) agree in writing to the payment of the obligation secured by
sttch lien in a manner acceptable to Lender, or shall in good faith contcst such lien by, or defend enforcement of such lien in,
legal pr~oceedings which operate to prevent the enfor~~ement of the lien or forfeiture of the Property or any part thereof.
S. Huard Insurance. Borrower shall keep the improvemcnts no~- existing or hereafter erected an the Property insured
agaiast loss by fire, hazards included withrn the term "extended coverage", and such o~her hazard~ as I_ender may require
and in such amounts and for such periods as Lcnder may require; pn~vided, that Lender shall not reyuire that the amount of
such coverage eaceed that amount of coverage required to pay the sums secured by this Mortgage.
"il~e insurance carrier providing the insurance shaU be chosen by Bonower subject to approval by Lender, provided.
that such appro+a! shall not be unreasonably withheld_ All premiums on insurance policies shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, directly to the
insurance carrier.
Att insurance policies anJ renewals thereof shail be in form acceptable to Lencler and shal! include a standard morlgage
clause in favor of and in form acceptable to Lencier. Lender shall have the right to hold the policies and renew~als thereof.
and Borrower shall promplly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss,
Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptty
by Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
the Property damaged, proviJeii such rcstoration or repair is economically feasible and the security of this Mortgage is
not thereby impaired. I[ such restoration or repair is not economicalfy feasibte or i( the security of this Mortgage would
be impaired, the insurance proceeds shall be applied to the sums secureJ by this Mortgage, wi~h the excess, if any, paid
to Borrower. If the Propert}• is abandoned hy Borrower, or if E3orrower fails to respond ta Ixnder within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender
is autborized to collect and apply the insurance proceecis at i_ender's option either to restoration or repair of the Properiy
or to the sums secured by this Morigage.
Unless l.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
or postpone the duc date of thc monthly installmcnts referred t~ in paragraphs 1 and 2 hercof or change the amount of
suc6 instatlments. If under paragraph t 8 hereof the Property is acyuireci by Lencier, all right, title and interest of Borrower
in and to any ensurance policies and in and to the proceeds thereot resulting from damage to the Praperty prior to the sale
or acquisidon shall pass to Lende~ te the extent ot the sums secured by this Mortgage immediately prior to such sale or
acc~,k'sition.
6.. Preservation aod Maintenance of Property; [.erseholds; Coodominiutac; Planned Unit Devebpments. Borrowcr
shalt keep the Property in good repair and shal! not comopit waste or permil impairment or deterioration of the Property
and shall comply with the provisions of any lease if this Mortgage i~ on a Icasehold. 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 coveoants creating or governiog the condominium or ptanned unit development, the by-laws and regulationc o[ ihe
condominium or planned unit development, and constituent cbcuments. If a condaminium or planned unit development
rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider
shall be incorporated into and shall amend and supplement the covenants and agrcements of this Mortgage as if the riJer
werc a part i~ereof.
7. Prottetioo of Lesder's Security. If Borrawer fails to perform the covenants and agreements contained in ihis
Mortgage, or if any action or proceeding is commenced which materially afiects 1_enJer's interest in the Propeny,
including, but not limited to, eminent domain, insolvency, ccxk enforcement, or arrangements ar proceedings involving a
bankrupt o[ decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such
sutnt and take :uch actiort as is necessary to protect Lender
s interest, incloding, but not lim~ted to, disburxment ot
reasonable attorney's fees and entry upon the Propehy to make rcpairs. lf Lender required mortgage insurance as a
condition of making thc loan stcureci by this Morigage, Bc~rrower shall pay the premiums requiretf to m~intain such
imwan~x in effect unlil sue6 time as thc reyuirement for such insurance terminates in accordance with Bormwer
s a~d
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