HomeMy WebLinkAbout0619 . " ~
.
UNIFOAM CO\'ENANTS. BO~fON'Cf :1t1tI 1.~OlICf CM~cnan~ and ag«~e as foliuws:
1. P~ymeat of A~inclpsl and lalcrest. Horruwer shall prumptly pay Nhen duc th~ principal of aoJ intrrcst un thc
indebtedness eviJc~ccd by thc Notc, p~cpa~•mcnt and late cf~urbc. as pruvided in the Note, and the principal of and ?nterest
on any Future Advances secured bp this Mortgage. ~
Fuods for 3'a~ces and lasurance. Subject to applicable law• or to a written waiver by I_ender, Borrower chall pay
to Lender on the day monthly ins~allrnents o[ principal and inlere~t are payablc under the Notc, until the Note ic paid in tull, '
a sum (hercin "Funds") cqual to ~~nc-twclfth a! the yea~lp tuxec an~ ass~ssntents which may attain priority over this ~
Mo~tgage. anJ ground rents on the Pmpeny. ;r Any, plus ~~nc-twclhh ~~f ~~carly premium installments for hazard insurancc. F
plus one-twelfth of yearly premium installments (ur mortgage insurance, if ar?y, al! as rcasanably estimated initially and trom
time to time t»~ Lender on the hasis of ~~ses~mcnts and hills and reasunable cstimates thereof.
"Tl~e Funds shatl bc hctd in an inslitutian thc de~x?sit~ or a~cuunts of which are insurecl or guarantccd hy a Fcdcral or
state agei~c~~ (including Lender;f Lender is such an institution). I_cnder shall apply the Funds to pay +aid taxes, assessments,
insurance premiums and ground rcnts. I.ende~ may not rharge for so holding and applying the Funds, analyzing said account,
or verifying and campiling said asscs~ments and bills, unless l.ender pays Borrowcr interest on ihe FunJs and applicable law
permits l.cnder to make such a charge. 8orrower and 1_ender may agrce in writing at the time o( c~~Y:ution ot this
Afortgage that interest on thc FunJs shall bc paiJ to Borruw~er, and u~less such agrecment is made or applicahle law r
requires such interest to be paid, l.cnder shall not be reyuircd to pa~• Burr~~w•er any i~tcrest or carnings on 1he Funcls, l.cnder
shall give ta Borrower, without cha~ge, an annuai acr~~unting of the Funds showing credits •rrul Jebits to the Funds and the
purpose for which each debit to thc Funds was maJe. The Funds arc plcdged as additional securit~~ for thc sums secured
by this Mo~tgage.
lf the amount of the Funds held by Lender, tc~gcthcr wi~h thc fuwre monthty insta{iments of FimJs pay~ble prior !o
the due dates of taxcs, asse3sments, insurance premiums ;~nd g~o:ind rents, shall excced the amount reyuircd to pa~~ said taxes,
assessmenls, insurance premiums and ground rentc ac they fall due, such ercess shall be, at Borrawers option, either
promptl~• repaid to Borrow~r or credited to Born~N•er on mc?nthl~ installments uf Funds. !f the amount of thc Funds
held by Lender shall not be sufficient to pay taxes, assessments, insur.~nce pteraiums and ground rents as they~ fall ~due. ~
Borrower shall pay to i_ender any amount nece~.san• to make i~p the defiri~ncy within 30 da}s irom the date notice is ~nailed °
by Lender to Borrower myuesting payment thereul. >
Upon payment i~ full of all sums se~:ured by thic Mortgage, l.cnJcr shall promptly rcf~md t6 Borrowcr any Funcls „F
held by l.cnJcr. If under paragraph IR hercof the Property ~s wld or ~hr Propcrty is otherwise acquircd by l.ender. LcnJer ' :
shaU apply, no later than immediately prior to 1he sale of the Pro~xrty ar its acquisition by Lender, any Funds held by ~
Lensler •rt the time of application as a credit against the sums secured h~• this ~9ortgage. ;
3. Application of Payments. Unless applicahle law pr~~~•i~les othenvisr. all payments re~ci~~cd by I_ender undcr the
Notc :~nd paragraphs 1 and 2 hcrcuf shall br applicd b~~ Lcndcr fint in pa~hicnt af amounts pa}•ablc lo l.cnJer by Borrower
under paragraph 2 hereof, then to intrrest p~yable rn the Nvte_ thcn t~+ thc principal of the Note, anJ ~hcn to imerest and
principsl c~n an}' Futurc Advanccs.
4. CharRes; I.iens. B~rro~~~cr .h.~ll pay all t~xcs, :ssse~~ments and ~ther charge~. fines an.l ~mp.~~itions auributable to
the Property which may attain a prioriry ~ver this l~tortgagc, and leau:hold pa~•ments or ground rents, if any. in the manner
provided un~er paragraph 2 hereof or. if not paid in such msnner, b~~ Borrow•er making payment. when duc. Jirecdp to the
Payee thercof. Borrotivcr shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
Borro~~er tihall makr p~~•ment dir~~itl~~, Borcov~~er shall pr~~mptly f~irni~h ta Lender receipts r~idtnring such payments_
Borrow~er shall promptly disch:?rge an~~ licn ~~hich has prior~ty u~~cr this Mortgage: ~+mvi~cd. th:~t Borrowcr tihall no: be
required to discha~ge an~• such licn so long as Borrower shal! agrce in ~+n~ing to the pa}•ment ~f the obligatiun secured b~•
wch lien in a nianner acee~~tlble to Lender, or shall in g«x! faith contr~t xuch lien hp~, or defen~ enforeement of such lien in,
legal pr~~:crdingc K•hich op~:ratc to prevent thc enlorcemcnt o( thc Gcn ~~r forfchure oF the Propc~ity or°any part thereof.
5. Hazard Insurance. Borrower shall kecp the impruvcment. noH c~i~ung un c~rrafter ct+ectsdon'the Propcrty insured
against loss h~• fir4, hazardc included w•ithin the term "cltrndec! rovcrage", and surh other hazards asr l~nder_may,myu~re ~
an~l ~r. surh am~~~lnt~ and tor such ~xricxls as Le~xier ma~ rcyuire; pm~•ide~1, that Len~er shall not reyui~e that the amout?t uf
such ~u~•era~~ e~ceec~ that amuunt of co~~erage reyuir~d ~o pa~~ the .um~ serured h~• this ;1lortgage.
The insurancr ~a~rier providing the insuranre shalt be ch~~~en by Butrowrr subject to appra~~al hy 1_en~7er, provided, ~
that surh ap{~m~al tihdli not be unrea,unahl~• withhcld. AI! prcmium~ on insurance policies shall be paid in thc manner ~
pn~~~ided undrr paragraph 2 he:cu! or. if nut p.?id in such nianner, by BurroNer making payment, when due, directly to the ;
insurance carrier. ~
All insurancc ~licies anJ rene~als there.~i shall ix in fomi acceptabte to L~n~e~ anJ shall include .i standard mor~gage -
~lause in favor ol and in f~~rm acceptabte to I_ender. I.ender .hall ha~e the right tu hold ~h~ peliries and rene~sals thereof.
and Borru~+er ~hall promptl~• furmsh to Lender all rencwal notices and all receipis of paid prcmium~. In the event of lo,s.
Borruwer ~halt gice pmittipt notica; to the i~uurance carrier and I.enJer. LenJer ma~~ mai:e pnwf of loss if not made prompdy
b~• Bormwer.
Untess I cnder and $orrower o*heru ese agrec in u•riling. insurance prckecJ~ shall be applied to restoratian or repair of
the Property d~m:~ged, pro~~iJcJ such rc~toration or repair ~s economically~ feasible and the security of this :1lortgage is '
no: thereb)~ impaired. If such resiorat~on or repair is not ~corx,mi.alh• feasiMe or if the security of this Martgage ~•outd
be impaired, the insurance pra:eeds shall be appiieci to thc sums secureJ by ihis Mortgage, v?ith the excess, if any, paid
to Borrvwcr. 1f the Propcrt}• is ab:~r~doned b~ Borrow~er. ~r it Borm«cr fails to res}x~nd to Lender within 30 days from the
datc notice is mailed by l.ender to Borrow~er that the insuranee carricr o(~ers to se~Ue a claim for insurance benefits, I_ender
is authorized to collect and apply the in,urancc proceeds at Lender's optiun either to restoration or repair of the Propeny~
ur to thc sums sccurct! by this 1ltortgage.
L`nless l.cnder and BorroK•cr othensise agree in u•riting. am~ such application oF pr~xceds to principal shaU not Cxtend
or pustpone thc due date uf the monthly inatallmcnts rcferred t~. in paragraphs 1 and 2 hereuf or change thc amount of
such installmcnts. 1! under paragraph IS hereof the Propc:rt~~ is acyu~red b~ Lender. ~il right, titie and interest of Borrower
in and to am insurance pniicies and in and to the proceeds thereof resulting from dan~age to the Properiy prior to the sale z
or acquiset~o~~ shall pa~s to Lender to the extent of the sums secured by this ;11~rtgage immediately prior to such sale or -
acquisition.
, 6. Presenation and ~taintenance of PropertS; Leasehnlds; Condominiums;~ Pianned i?nit Dea~elopments. 8orrow~er `
shall keep thc Property in good repair and shatt not commit Kaste or permit impairment or deterioration of the Property
and shall compfy~ with the provisions of any lease if this Atongage is on a Icaschvld. If this Mortgage is on a unit in a
ronJomin?um or a pianned unit devele~p~ncnt. $orroWer shall perform all of Borrow~cr's obligations under the declaration
or ~ovenants creating or governing the c~ndominium or planned unit devclopment, the by-laws and regiilations of the
conduminium or planned unit Jeveiupment. and constituent documents. )f a condominium or planned unit development ;
riJer is e~ecuted b}• Borruwer and rer~rded together with this M~rtgage, the covenants and agreements of such riJer i
sball be ~ncorpor:tted into and shall amend an~ supplement the co~enants and agreements of this Mortgage as if the riJer
Herc a part hereof. `
:
~ Protection of Lenders Security. If Borrov?~er faitc to ~xrf~rm the c~ve~anls anJ agreements contained in this _ ~
Mortgage. or if any' actron ur pro.:eedmg +c rommcnced which m•rterially aficcts 1_ender's in~eresl in the Properiy. ~
incl~ding. bu~ nat limited to. eminent domain. insol~~ency, code cntorcement. or arrangements ar proceedings invol~~ing a
bankrupt or de~edent, then LenJer at Lender's option, upon notice to Borrower, ma~ make such appearanc , disburse such 3
sums and take such activn as is necessary to pr~~tert t.ender's interest, including, but not lim~ud to. ~isbursement of }
reasonable attorney s f~ec and entry upon the Property tu makc repairs. If Lender reyuired mixtgage insizrance as a 3
cond~tion of mal:ing th~ loan secured b~~ this Mortga~e. Borroacr shall pay the premiums requireJ tn maintain such g
insuranee in ef(ect until such time as the rey~~irem~nt for wch msuranee terminates in accordance with Borrowers and ±
4
• f
g~ 284 P~~ ~19 :
~
,
K , ~ ~ ~Fs~
~ ~ -
. ~.v°x~:~~,..-_ r.~..."+-_.u.~- - `