HomeMy WebLinkAbout0730 UNIFORM COVENANTS. BOffOW~~ 3lld LtQIICf COVenant and agr~~e as I'oll~~ws:
1. Pyro~ent of Priacipal aad Iatcrest. Borr.~wer shall prumptl~~ pay uhcn duc thc principa! of n~~d inlerest <~n thc
indabiedness evidcnccd by thc Note, prepayn~nt and late charg~~ a~ providcd ~n !he Notc, and thc principal of and intcrest
on aay Future Advances secueai by this Mortgage.
Foads tor Tues aad lasur~ece. Subject to appli~abk law ~~r to a written waiver by Iander. Borrower sh~ll pay
to i.ender on !he day mo~thly installments of princ:ip:~! and intcrect .~re payable unJer the Note, until the Note is paid in full.
$ at11l1 (~ICiGiit ~~~iifilw ~{;i~iid= Ia3 a:iib•i~:~ii~i'E i:~ S4:i ji~:~)' !2rL`~ ',2^il .~ccweenu.A1S which may attain Qfll)fl~~/ OVCI' f~11i
Mongsge. and ground rents on the P~+dperry, if a~y, plus one-twclfth of yearly prcmium installmcnts for hazard insurancc.
plus one-twelflh of yearly premium installments fa~ mortgage insurancc, if any, alt as rcasonably cctimalcJ initiaily and irom
time to time by Lender on the basis ot asses~ments a~d hills and reasonable estimates thereof. ;
' The Funds shall be held in an ins~ituti~~o Ifn: deposita or accounts of which are insureci or guara~teeJ hy a Federal or
state agency (includiog Lender if t~nde~ is such an institutian). I.cnder shall apply the Funds to pay ~aid ~axes, assessments,
IRSUCBf~CC EffCfI11UI115 811~ gfpUll(f fehis. t_rfitl2F iiiay ~i.?[ c~'iafge i:sf a~i iiitiiu'iit~, .-iicii .i~~i.i}iiiD f~i~ cC;^:~~, :S^relJ~ino c~i~l ai:cn?1Dl_
or verifying and compling saicl asscssments and bills, unless 1_endcr pays Borrowcr intcrest on thc FunJs and applicable law .
permits Lcnder to make such a charge. Borrowcr and l.ende~ may agree in writing at the timc o( cxrcution o[ this • ~
Mortgage that interest .on the Funds shall be paid to Hanower, and unless such agrecment is maJe or appticahle law
rcquires such interat to be paid. Lender shall not he reyuir~•ci to pay B~~rrower any enterest or earnings on the FunJs. I.ender ;
shaU give to Borrower, without charge, a~ annual accounting of the Funds showing creifits and dehits to the Funds and the ~
purpose [or which each debit to the Funds was made. The Funds are plrciged as additional secu~ity for the sums secureJ
by this Mort~age.
lf the amaunt of the Funds held by [.ender, together with ~he iuturc monthly inst•rllmcnts of Funds payablc prior to
tbe due dates of taxes, assessments, insurance premiums and groand rents, shall e~ceed the amount reyuircJ t~ pa~• said taxes,
assessments, ~insurance premiums and ground rents as they fall duc, such ^CCCSS shall be, at E3orrow~er's option, either
pranpdy repaid to Borrower or credited to Borrower on monthty installments of Funds. !f ihe amount ot 1hc I~unds
t~eld by L.tnder shal) not be sufftcieAt to pay taxes, assessments, in~urance premiums and ground rents as thcy fall due,
Borrower shall pay to Lender any amount nccessary to make up the deficiency within 30 days from the date notice is ntiailed
by Lender to Borrower requesting payment thercof. `
Upon payment in full of sil sums secured by this Mortgage, l.ender shal! promptly refund to Borroa•cr any Funds i
l~eld hy I.ender. If under paragraph 18 hereof the Property i~ sold or the ~Property is otherwisc acquircd by Lcnder, LcnJer ~
shall apply, no later than immediatcly prior ro the sale of the PropeAy or its acquisit~on by l.cnder, any Funds i~eiJ oy ~
Lender at the time of application as a credit against the sums sec:ured h~~ ~his 1~longage.
3. Application of Paymeots. Uniess applicable law provieies otherwise, all payments received by t.ender under the ~
Note and paragraphs 1 and 2 hereof shafl be applied by Lender first in p•rymem .~f amoimts payable to Lcndcr hy Borrower
under paragraph 2 hereof. the~ to interest payable on the Note, thcn to thc principal of the Notc, and thcn to intcrest anJ ~
principal on any Future Advances.
4. Charges; IJe~. Borrower shali pay all taxes, assessmcnts and othcr charges, fines and imp~xitions attributable to
the Pr~vpeny which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner
pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, diroctly to the -
payee thereof. Borrower shall promptly furnish to Lendcr all noticcs of amounts duc under this paragraph, and in thc event
Borrower shalt make paymenf directly, 8orrower shall promptly fumish- to Lender receipts evidencing such pay~nents.
Borrower shall promptly discharge any lien which has priority over this Mortgage; provicled, that Borrower shall no1 be
required to dixharge any such lien so long as BorroN~er shall agree in writing to the payment of the obligation secured by
such lien in a manner acceptable to [.ender, or shatl in good faith contrct such lien by, or defend enforcement of such lien in,
tegat proceedings which operate to prevent the enforcement of ~he licn or torfeiture of the Property or any part thereof.
5. Hazar~ lnsurance. Borrower shall keep the improvements no~• existing cir hereafter.erected on the Property i~sured
against loss by fire, 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 reyuirc; pruvided, that Lender shall not nequirc that the amoun! of ;
such coverage exceed that amount of coverage required to pay the seems secared by this Mortgage. '
7'6e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
that such approval shall nat be unreasonably withheld. All prrmiums 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
insuraace carrier.
All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
clause in favor of and in form accep~able to l.ender. Lender shall have the right to hold ~he policies and renew•als thereof,
and Borrower shall promptly furnish to Lender all renewal notices and all receipts af Paid premiums. In the event of loss, ~
$orrower ahall give prompt notice to the insurance carrier and Lender. Lender may make proof of Ioss if not made promptly ;
by Borrower. '
Unless l.encler and Borrower otherv?•ise agrec in writing, insurance proceeds shall be applied to restoration or repair of
the Property damaged, provideJ such restoration or repair is economic.ally feasible and the security of this Mortgage is
not thereby impa~red. If stuh restoration 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. If the Property is abanJoned by Borrower, or i( Borrower fails to respond to Lender within 30 days from the ;
date notice is mailed by Lender ta 8urrow•er that the +nsuraoce carrier ofiers to settle a claim for insurance benefits, l~nder
is aul6orized to collect and apply the insurance proceeds at Lender's option eit6er to restoration or repair of the Propett}' `
or to t6e sums secured by this Mortgage. `
i
• Unless Lender and Borrower otherwise ag~ee in writing, any such appiica~ion of proceeds to prine+pal shall r~ot extend
or postpone the due date of the monthly installments refcrred to in paragrephs I and 2 hereof or change the amount of ;
such installments. If under paragraph 18 hereot the Property is acyuired by Lender, all right, title and interest of Borrower "
in and to any insurance policies and in and to the proceeds thereot resulting from damage to the Property prior to the sale
or acquisition shal! pass to Lender to the extent of tt~e soms secur«1 by this Mortgage immediately prior to such sale or
acquisition.
b. Presen•ation and Maiotrnance of Property: I.easeholds; Condominiums; Pianntd Unit De~ebpments. Borrower
shall keep thc Property in good repair and shall not comroit w~astc or permit impairment or deterioration .of the Property
aod shall comply with thc provisions of any lease if this Mortgage is on a tcaschold. 1f this Mortgage is on a uait in a ~
condominium or a pianned anit development, Borrower shall pcrform all of Borrowers obligations under the declaration
or covenants creating or governing the condominium or planned unit devel~pment, the by-laws and regulations of ~he
condominium or planoed unit development, and constiwent documents. I( a condominium or planned unit devr(opment
rickr is eaecuted by Borrower and recorded tugether with ~his Mortgage, the covenants and agreements of such rider
sha[I be incorporated into and shalt amend aed supplcment the covenants and agreements of this Mortgage as if the rider
were a part hereof.
9. Protectjoa of Leode~'s Security. If Borrower (ails to perform the covenants and agreements contained in ihis
Mortgage, •or if any action or proceeding is commenceJ w~f~ich materially affects Lender's interest in the Property. ~
including, but not limited to, eminent domain, insolvency, code enforcemeot, or arrangements or proceedings involving a
banJcrupt or decedent, ~hen Lender at Lender's option,'upon notice to Borrower, may make such appearances, disburse such f
t
wms and take such action at is neces.sary to prolect [.ender s interest, including, but not limited to, disbursement of ~
teasonable attoroey's fees and e~Iry upon the Property to make rcpairs. It I~nder requircd mortgage insurance as a
condition of making the loan securecl by this MoRgage, Borrower shall pay the premiums required to maintain such
insursnce io ef~ect until such time as the requirement for such insurance terminates in accordance with Bo~mwer's and
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