HomeMy WebLinkAbout0760 UNIFORM COVENANTS. Bortowe~ and l.ender covenaM and ag~ee aa foliuws:
1. h~,~a~eN of Pirincip~l ~od lsterest. Borrower shall promptly pay when due thc principal of and interest on the
indebtedness evideoced by the Note, prepaymeni and late charges rc proviJed in ihe Note, and the principal of and inlerest
on any Futun Advances secured by this Mortgage.
2. Fbads tor 7lntea ~ad Iaanr~ace. Subject to applicable law or to a written waiver by I.ender. Borrower shall pap
to Lender o~ the day mot~lhly installments of principal and intcrest are payable undcr the Note, u~til the Note is paid in full.
a sum (herei~ "Funds") equal to onatwel[th af the ycarly ~axes and assessments which may attain priority over this
Mo~tgage. and ground nnts o~ the Pt+operty, if any, plus o~e-twcl[th of yca~ly prcmium installments for hazard insurance,
plus oae•twelfth of ywrly premium installmen~s for mottgage ins?~rancc, if any, all as reasonably estimated initially and from
dme to time by I.e~der on the basis of assessmcnts and hills and reasooable estimates thereof. •
'Il~e Funds shall be held in an institution the deposits or acrounts af which are insured or guaranteecl by a Federal or
state agency (including Lender if Lende~ is.such an institution). i.cnder shall apply the Funds to pay said taxes, assessments.
insurance premiums and ground rents. I_ender may not char~r for so holding and applying the F~~ndc, analyzing caid account,
or verifying and compiling said assessments and bills, unless l.ender pay~s Borrower interest on the Funds and applicable law
permits Lender to make such a charge. Borruwer and Lender may agree in writing at the time ot execu~ion oI this
Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreemen~ is made Of applicable law
requires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. I.ender
shall give to Borrower. witlwut charge, an annual accounting of the FunJs showing credits and debits to the Funds and the •
purpoae for which each debit to the Funds was made. 'il~e Funds are pledgcd as additional security for the sums secured
by this Mortgage.
If the amount of the Fuads held by Lender, toge~her with the future monthly installments of Funds payable prior to
the due dates of laxes, assessments, insurance premiums and ground rents, shall exceed the amount reyuired to pay said taxes,
assesunents, insurance premiums and ground rents as they fall due, such excess shall be, at Borrowe~ s option, either
prompdy repaid to Borrower or credited to Borrower on monthl~ irtstallmcnts of Funds. If the amount of thc Funds
held by l.ender shall not be sufficieat to pay taxes. assessments, insurance premiums and ground rents as thcy fall due,
Borrower shall pay to Lender any amount necessary tc? make up the deficiency within 30 days from the date notice is mailed
by I.eader to Borrower requesting payment thereof.
Upon payment in full of all sums secured by this Mortgage, l.ender shall promptly refund to Borrower any Funds
hefd by Lenckr. If under paragraph 18 hereof the Property is sold or the Property is othervvisc acquired by 1_ender, I.ender .
sball apply, no later than immediately prior to the sale of the Property or i~s acquisition by l.cnder, any Funds held by
Lender at the time of application as a credit against the sums secured by this Mortgage.
3. Appiicatjon o[ Paymeots. Unless applicable law proviJes o~henvise, all payments received by Lender under the
Note aad patagraphs 1 and 2 hereof shall be applied by 1_cnder first in payment of amounts payable to Lender by Borrower
under paragraph 2 hereof. then to interest payable on the No~e, then to thc principal of the Note, anJ ~hen to interest and
principal on any Future Advances.
4. Cbarges; Liens. Bonower shall pay all taxes, assessments and othcr charges, Bnes and impositions attributable to
the Propetty which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manuer
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcily to the
payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
Borrower sball make payment directly. Borrower shall promptly furnish to I.ender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be
required to discharge any such lien so long as Bonower shall agree in writing to the payment of the-obligatiun secured by
suc6 liea in a mancur acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in,
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
S. Huard Iosurance. Borrower shall keep the improvements now~ existing or hereafter erected on the Property insured
against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require
and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of
such coverage eaceed that amount of coverage required to pay the sums secured by this Mortgage.
'I7~e ituurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
; provided uoder paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcdy to ihe ;
' icuurance carrier.
` All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
t clause in favor of and in form acceptable to l.ender. Lender shall have the right to hold the policies and renewals thereof,
; and Borrower shall promptly farnish to L.ender 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 promptly
~ by Borrowtr. . ;
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of ~
~ the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
~ not thereby impaired. If such restoration or repair is not economically fcasible or if the security of this Mortgage wo~ld
be impaired, the insurance proceeds shall be applied to the sums secureci by this Mortgage, with the excess, if any, paid ;
~ to Borrow.er_ If the Property is abandoned hy Borrower, or i[ Borrower fails to respond to Lender within 30 days from the =
t
~ date notice is mailed by L.ender to Borrower that the insurance carrier ofters to settle a claim for insurance benefits, l.ender _
is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property ~
~ or to the sums. secured by this Mortgage. - ~
Unless I.ender and Borrower otherwise agree in writing, any such applicalion of proceeds to principal shall not extend
or postpone the due date of the rnonthly installments referred to in paragraphs 1 and 2 hercof or change the amount of
suc6 installments. If under paragraph I8 hereof the Property is acquired by [.ender, all right, title 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 shall pass to L.ender to the extent of the sums secured by this Mortgage immediately prior to such sale or
~ acquisition. " _
~ 6. Preaervation and 1liaintenance of Property; Le~e6olds; Condominiums; Planaed Uait De~elopments. Botrow~cr
s; shall kcep the Property in good tepair and shall not comrqit waste or permit impairment or deterioration of the Property ~
and shall comply with the provisions of any lease if this Mortgage is on a leasehold. 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 covenants creating or governing the condominium or planned unit development, the-by-laws and regulations of the
~ condominium or planoed unit. development, and constituent documents. If a condominium or planned unit development
rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider
y shall be incorporated into and shall amend and supplement the covenants and agreements of this Mongage as if the rider
~ were a part hereof. ~
~ 7. Protectioo of I.ender's Security. If Borrower fa:ls to perform the covenants and agreements contained in this ;
Mortgage, or if any action or proceeding is commenced which materially aRects Lender's interest in the Property. ~
~ including. but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ;
~ bankrupc or decedent, thtn Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such i
~ aums and take auch action as is necessary to protect l.ender s interest, incluJing, but not limited to, disbursement o[
reasonable attomey's fees and entry upon the Property to make repairs. If Lender requircd mohgage insurance as a ~
~ condition of making the Coan xcured by this Mortgage. Borrower shall pay the premiums requireci to maintain such
~ insoiance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and ;
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