HomeMy WebLinkAbout0416 . . ~ ~ . a ~ ~
/ ~ •
UNIFOR:?1 COYEN.~[VTS, Borrov?•er and Lender co~~enant and agrec as follows:
1. Payment of Principd and laterat. Borrowe~ shall promptly pay when due Ihe principal o( and interest on th~
indebtedness evidenced hy the Note, prepayment and latc charges as provided in the Note, and the principal of and interest
on any Future Advances secund by this Mortgage.
2. Funds for T~:es ~nd Inwraoce. Subject to applicable law or to a written waive~ by I_ender, Borrower shafl pay
to I.ender a~ ~he day monthly installments of principal and interest are papabte under the Note, until the N~te is paid i~ full,
a sum (hercin "Funds") equal ta one-twelfih of the yeariy taxes and assessments which tnay attain priority. over this
Mortgagc, and ground rents on ihe Ptnperty. if any. plus ont-twelftfi of yearly premium installments for haza~d insurance,
plus one-twelfth of yeariy premium installments for mortgagc insurance, if any, all as reasonably estimated initially and (rom
time ta time by 1_ender on the basis of auessments and bills and reasonable estimates thereof.
"Il~e Funds shall be hetd in an institution the deposits or accounts of which art insured or guaranteed by a Federal or
state agency (including Lender if Lender is such an institution). t_ender shall apply thc Funds to pay said taxes, assessments,
insurance premiums and ground rents. Lender may not charge for so holding and applying ~he Funds, analyzing said account,
or verifying and compiling said assessments and bills, unless 1_ender pays Borrower interest on the Funds and aQplicable law
permits Lender to make such a charge. Borrower and Lcrrder may agree in v?~riting at the time of execution of this
Mortgage that interest on the Funds shall be Qaid to Borrov?•er, and untess such agreemen~ is made or applicable law
requires such interest to be paid. Lender shall not be required to pay Borrower ;~ny interest or earnings on the Funds. Lender
shall gi~~e to Borrower, without charge, an annual accounting of the t-unds showing ~redits and debits to the Funds and the
purpc~se far which each debit to the Funds was made. The Funds arr pledged as additional security for the sums secured
by this ~iortgage.
lf the amount of the Funds held by Lender, together with thc future monthly installments of Funds payable prior to
the due dates of taxes, assessments, insurance premiums and ground rents, sha11 exceed the amount required to pay said taxes,
assessments, insurance premiums and ground rents as they tall due, such excess shall be, at Borrower's option, either
promptly repaid to Borrovvtr or crcdited to Borrower on monthly installments of Funds. lf the amount of thc Funds
held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due,
Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 da~~s from the date notice is mailed
by Leuder to Borrower requesting payment thereof.
Upon payment in iuii oi aii sums x-curc~ t~j~ i~is ,'.;:,;.~:,gr. c shs!! ~r~~nptly refund to Borrower any Funds
held by I~nder. lf under paragraph 18 hcreof the Propert~~ is sold or thc Propert}~ is othenvise acquired by Lender, Lender
shalt apply, no later than immediatriy prior to the sale of the Propert~• or its acquisition by Lender, any Funds held by
Lender at the lime of application as a ctedit against the sums secured b~• this Mortgage.
3. App4cation of Payments. Unless applicable !aw pro.iJes othen~ise, all payments received by l.ender under the
Note and paragraphs I and 2 hereof shall be appli~d by Lendc~ first in payment of amounts payable to Lender by Borrower
under paragrapfi 2 hereof, then to interest payablc on thc Note, then to the principal of the Note, and then ta interest and
principal on any Future Advances.
4. Charges; Liens. Borrow~er shall pay aU ta~e~, asx:s~ments and othcr charges, fines and impositions attributable to
the Property which may attain a priority over this :~tortgage, and leasehold payments or ground rents, if any, in the manner
ptovided under paragraph 2 hereof or. if not paid in such manner, b}~ Borrower making payment, when due, directly to ihe
payee thereof. Borrower shall promptly furnish to LenJer all notices of amounts duc under this paragraph, and in the event
Borrower shall make payment directl~•, Borrower shall promptly furnish to Lender receipts evidencing such payments.
Borrower shal! promp~ly discharge any lien ~hich has prionty over this Mortgage; provided, that Borrower shall not be
required to discharge any such Iien so tong as BorroKer shall agree in writing to the payment of the obligation secured by
such lien in a manner acceptable to Lender, or shall in good [aith 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. Hazard Insurance. Borrower shatl keep the ~mprovemcnts noN etiisting or hercafter crected on the Properry insured
against loss by fire, hazards included within the term "cxtende.i caverage", and such other hazanis as Lender may require
and in such emounts and for such periods as Lender may require; pro~~ided, that Lender shall not require that the amount of
-such coverage exceed that amount of c~verage required to pa}~ the sums secured by this Mortgage.
'tl~e insurance carrier providing the insura~ce shall be chosen by Borrower subject to approval h; ! e~d?r nrovided.
that such approva( shall not be unreuonahly withheld. All Qremiums on insurance policies shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, b}~ Borrower making payment, when due, direcdy to the
insurance carrier.
All insurance policies and renewals thereof shall be in fomt acceptable to Lender and shali include a standard mortgage
ciause in fa~~or of and in form acceptable to Lender. Lender shall- have the right to hold the policies and renewals thereof,
and Borrower shall promptly furnish ro 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_ 1_ender may make proof ot loss if not made promptly
by Borrower.
Unless Lender and $orrow~er otherv~~ise agree in -ariting, insurance proceeds shall be applied to restoration. or repair of
the Property damaged, prov~ded such restoration or repair ~s economically feasible and the security of this Mortgage is
not thereby impaired. If such restoration or repair is not economicall~• feasible or if ~the security of this Mortgage would
be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, u•ith the excess, if any, paid
to Borrower. !f the Propert}~ is abandoned by 8orrower, or ii 8orrower fails to respond to Lender within 30 days from ihe
date notice is mailed by Lender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender
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 Lender and Borrower ~therwise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments. If under paragraph 18 hereof the Propert}• is acquired b~ [.ender, a(1 right, tide and interesi af Borrower
in and to anc insurance policies and in and to the proceeds thereof resalting from damage to the Propeny F~ior to the sale
or acqwsiuon shall pass to Lxnder to the extent of the sums secureci by this Mortgage immediately prior to such sale or
acquisition.
6. Presenation and ~taiotenance of Property; Leaseholds; Condominiums; Planned Uni! Developments. Borrower
shall keep the Property in goad repair and shall not commit uaste ~r permit impairment or deterioration of the Property
and shali comply~ with the provisions of any lease if this Mor~gage is on a leaschold. !f this ;~lortgage is on a unit in a
condominium or a planned unit de~•elopment, Borrower shall perform all of Borrawer's obligations under the declaration
or covenants creating or governing the condominium or planned unit development, the by-laws and regutations of the
condominium or planned unit developmeni, and constituent documents. If a condominium or planned unit development
rider is executed by~ Borrower and recorded together w~~th this Mortgage, the covenants and agreements of such rider
shall be incorporated into and shall amend and supplement the co~enants and agreements of this Mortgage as if the rider
were a part hereof. "
7. Protection of Lender's Security. If 8orrower fa~ls to perf~rm the cavenants and agreements contained in this
Mortgage, or if any action or proceeding is commenced u•hich materially afiects Lender's interest in the Property,
including, but n~t limited to. eminent domain, in~olvenc~, code enforcement. or arrangements or proceedings involving a
bankrupt or decedent, then l.ender at 1_ender's option, upon n~tice to Borrower, may make such appearances. disburse such
sums and take such action as is necessary to protect Lender's ~ntcrest, including, but. not :imited to. disbursement of
reasonabte attorney's tees and entry upon the Property to make repairs. If Lender required mortgage insurance as a
condition of making the loan secured b}~ this Mortgage. BorroWCr shall pay the premiums required to maintain such
iusurance in et~ect until such time as the reyuirement for such insurance terminates in accordance with Borrower's and
, . . S~~K 286 414 ~