HomeMy WebLinkAbout0820 UNIFORM COVEN~rtTS. Borrower and LCndrr cuvenanl and agrrc aa foUuws:
1. P~yauat of Priacipd aod lolenst. Hc?rruwcr shall ~romp~ly psy whcn duc the principai of and interost on thc
i~ilebtedaess evide~ced by Ihe Note. prepayment and late charg~~ pn~vi~Md in Ihe Note, and Ihe principal of and interest
on aay Futuro Advances secured by this Mortgage.
2. Rbnds to~ Tues aad lasuraoee. Subject to applic:?Me law .x to a w~riucn waiver by l.ender, Borrower shull pa)'
to L.endc~ on thc ~1ay monthly installments of principal and ~ni~rr~~ arc payablr unJcr the Note, until the Nute is paid in full.
s sum (herein "Funds") equal to one-tweltth M thc y~a~i~ ~a~~. ~nJ a~ccs~men~s which may attain r~~~~~~~y over thi.
Mortgage, and grou~d re~ts on the Praperty, if any, plus onc-twclhh ot ~•ca~ly premium installmcnts for hazard ~nsurancc,
plui onrtwelfth of yearly premium installments for mor~gage insurance. ~f any, all as reaconabty ectimated initially and from
time to time by t_endrr on the basis of assessments and hills and rca~unabl~ eslimales thercof.
'i~e Funds shall be held in an institution thc depos~t~ or a~cuun~s of whirh are insured or guarantecd hy a 1=cdcral or
stat~ agency (including Lender if Lender ic such an instiwtion). Lender ahall apply the Funds to pay said taxrs, a«cssments,
insurance premiwns and grc~und rents. l.ender may not charge t~~r s~~ holding :~n~l ~pplying ~he Fund~, analyting ~aid account,
or verifying and compiling said assessments and hill~, unlcss l.ender pa~~ Burrower interest on !he FunJs and applicable laa•
petmits Lender to make such a charge. Born~v?•er and l.ender may agrce in writing at ~he time ~~f exccuti~~n ot this
Mortgage that interest on the Funds shall hc paiJ to Borrower, and u~less such agreement is maJe ~~r •rpplirahle law
rcquirp such interest to be paid. Lender shall not he requirecl to ~y Borrowcr any interest or carnings an thr I=undc. I.cndcr
shall give to Borrower, without charge, an aonuel aca~un~ing of the funJs shuwing creJits and debits to the Fund, :?nd the
purpoae for which each debit to the Funds was made. The Funds arc plecigeci as additiunal securit~• for ~he sum~ secured
by this Mortgage. .
If the amount of the Funds held by l.ender, together with ~he iuturc monthly installmcnts of Fund~ p~~~ablc pnor to
the due dates of taaces, assessments, insurance premiums and ground rents, shall e~ceed the amount reyuired to ~aid ta~es,
assatsments, insuranee premiums and ground rents as they fall due, such ezcec~S shall be, at Borrower s opti.~n, either
promptly repaid to $orrower or credited to Borrowe~ on momhly installments o( Funds. If the amount of thc F unds
held by Lender shall not be sufi~icient to pay tares, assessments, insu~ance prcmiums and ground rents as thcy f:ill due,
Borrower shall pay to Lender any amount necessan• ta make up the deficiency within 30 da}~s from the date notice is mailed
by Lender to Borrower requesting paymcnt ~herec~t.
Upon payment in ful) of all sums secured by this Mortgage, l_endcr shall promptly refund to Borruwer any Funds
F~eld by Lenckr. If under parag~aph 1R hereof the Pro~erty i~ wld or the Property is othenvisc acquired by I_cnder, I.ender
shall apply. no later than immediately prior to the sale of the Property or its acquis~tion b~• [_cnder, any Funds field by
Leoder at the time of application as a credit against the sums secureJ by this hlongage.
3. Applicatloa of Payments. Unless applicable lavv provides otherwise, all payments recci~•ed by Lender unJer the
Note and paragraphs I and 2 hereof shall be applied by l.endcr first in pa}~ment of amounts payable to Lender hy~ Borrower
under paragraph 2 hereof, then to interest payablc on the Notc, thcn to the principal of the Note,- and then to interest and
principal on any-Future Advances.
4. C6argss; Lie~. Bonower shall pay aU taxes, asscssmeots and othcr chargcs, fines and impositions at~ributable to
the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, i~ ihe manner
providecl under paragraph 2 hereof or, if not paid in such manner, by Borrow•er making payment, when due, directly to the
payce ther+~f. Borrower shall promptly furnish~to Lender all notices of amounts due under this parag~aph, and in the event
Borrower shall make payment directly. Borrower shall promptly furnish to Leneler receipts evidencing such payments.
Borrower shall promptly diuharge any lieo vvhich has priority over this Mortgagc: provided, that Borrower shall not bc
required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secuted by
such leen in a manner 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 ar torfeiture of the Property or any part thereof.
S. Hszard Insurance. Borrower shall keep the improvements now cxisting or hereafter erccted on the Property insured
against loss by 6re, hazards included within the term "extended coverage", and such other hazards as Lender may reyuire
and in such amounts and for such periods as Lender may requirc; pmvideJ, that Lender shall not requirc that the amount o[
such coverage exceed that amount of cm~erage required to pay the sums secured by this Mortgage.
f The insurance carrier providing tbe insurance shall be chosen by Borrower subject to approval by Lender, provided,
j that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner .
j provided under paragraph 2 hercof or, if not paid in such manner, by Borro~~~er making payment, when due, directly to the
~ insurance carrier.
~ All insurance policies and renew•als thereof shall be in form acceptable to LenJer and shall inciude a standard mortgage
4 clause in favor of and in form acc-eptable to L.ender. Lender shall have the right to hold the policies and renewals thereof.
E and Borrower shall promptly furnish to Lender all renewa) notices and all receipts of paid premiums. In the event of lo~s.
~ Borrower shall give prompt notice to the insurance carrier and I_ender. Lender may make proof of loss if not made promptly
~ by Borrower.
~ Unless Lender and Barrow•er othen+~~u; agree in w•riting, insurance procecds shall bc applied to restoration or repair of
the Property damaged, provided such reatoration or repair is economically feasible and the security of this Mortgage i~
not thereby impaired. If such retitorat~on or repair is not economically feasible or if the security of this Mortgage would
be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage. with the excess, if an}•, paid
to Borrower. (f the Propertp is abandoncc! hy Borrow~tr, or if Borrower fails to res~nd to Lender within 30 days from the
date notice is mailed by l.ender to Bormwer that the insurance carrier otiers to settle a claim for insurance benefits, 1_ender
is authorized to collect and apply the insurance proceeds at Lender's option either to restoralion or repair of the Pr~~pert~~
or to the sunu sccurcd by this Mortgagc.
Unless Lender and Borruwer otherwise agree ~n writing, any such appliration ~~f prcneeds to principal shall not c~tend
~ or postpone the due date of the monthl}• installmcnts referred tc? in paragreph, f and 2 hcrcof or change thc am~unt o[
such installmenis. If under paragraph 18 hereof the Property is acyuireJ b~ LenJer, aU right, title and interest of Borr~.wer
~ in and to any insurance policies and in and to the pra;eeds thereof result~ng from damage to the Property prior to thc aaie
or acquisition shall pass to Lender to the extent of the sums secured by this htortgage immediately prior ta such sale or
~ acquisition.
~ 6. Presenatioo and Maintenance of Property: Leaseholds; Condominiums; Plpnned Unit Dt~•elopments. BorroH~cr
r shall keep the Property in gc~od repair and shall not comroit waste or permit impairment or deterioration of the Property
~ and shall compl~ with the provisions of any lease if this Mortgage is un a Icaschold. lt this Mortgage is on a unit in ~
~ condominium or a planned unit development, Borrow•er shall per(o~m all of Borrower's obligations under the declaratii~n ~
~ or covenants creatiog or governing the condominium or planned unit development, the by-laws and regulations of thc
~ condominium or planned imit development, and constituent Jocuments. If a condominium or planned unit de~•elopment .
; rider is executed by Borrower and recorded together v?ith this Mortgage, the covenants and agreements of such ridcr
~ shall be incorporated into and shatl amend anJ supplement the covenants and agreements of this Mortgage as if the riJer
~ were a part hereof. •
~ 7. Protcetioo of Leade~s Security. If Borrower fails to pertorm the covenants and agreements contained in this ~
~ Morlgage. or if any action or proceeding is commenccd which materially afiects Lender's interest in the Propert~~.
including, but not limited to, eminent domain, insolvency, cocle enforcement, or arrangements or proceedings invoh•ing a
~ bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such ~
sutns and take such action as is necessary to protect Ixnder's ~nterest, inchiding, but not limited to, disbursement t~f
reasonable attorney's fecs and entry upon the Property to makc repairs. If Lcndcr reyuircd mortgage inwrance as a !
~ condition of making the loan secured by this Mortgage. Borrov?cr shall pay the premiums requireJ to maintain such
~ insurance in efTect until such time as the requirement for such ~nsurance terminatr~ in accordance w•ith Borrower s and ~
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