HomeMy WebLinkAbout0675 UNiFORUt CoveN~NTS. Bo.rower s.~d Leader cor•enant ar?d a~ree as fotlows:
1. P~went ot P~incipd aad I~tsrat. Bo~rower shal) promptly pay when due the principai ot ar.d interest on ~he •
iadebted~u evidenced by the Nole. prepayment and late charges as providod in the Nate, ar~d tt~e principal of and i~terest
on any Futuro Advances secured by this Moh~a~e.
2. Fr~ tor 7'~~s ~si tawruce. Subject to spplicablc Isw or to a written waiver by Lender, Borrowe~ sball pay
to l.ender on~the day manthly installments of principal a~d interest are payable under the Note, unti! the Note is paid in full.
a sum (hercin "Funds'7 equal to onatwelfth ot the yea~ly ~axes and assessmrnts which may ~ttain priority over this
Monga~e. and ground nnts on the Propeny, i[ ~ny. plus onatwelf~h of yeuly Prcmium i~stallments for hazard inaurance. ~
alus one-twelfth of vearlti• urcmium installments tor mori age in:urance, if any, all as re~sonably estimated initialty and tmm
time to time by Lender on the bas~s of usessme~~s an i s a rcawna e es ~~T •
The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Foderal or
state a~ency (including L.emlet if Lender is such an irtstitution). Lender shall apply the Funds to pay said taxes. assessments.
insurance premiums and ground rznts. Lender may not charge (or so holding a~d applying the Funds. analyzing said account,
or verifying and compiling said assessments and bills. unless Lender pays Borrower interest on the Funds and applicable law
permits Lender to make such a charge. Borrower aad i.ender may agrce in writing at the time of ezecution of this
Mortgage that interat on the Funds shall be paid to Borrowe~. and unless such agreement is made or applicabk law
rcquira such interest to be paid. Lender shall not be rcquircd to pay Borrower a~y interest or camings on the Fuods. Lender
shall give to Bor~ower, without charge, an annual accounting of the Funds showing credits and debits to the Fu~ds and the
purpcue for which each debit~ to the Funds was made. The Funds are pledged as additional security for the sums secured
by this Mortgage.
If the amount of the Funds held by Lender, together with the futurc monthly instaUments of Funds payable prior to
the due data of taues, assessments, insurance premiums and ground rents, shall exceed the amount rcquired to pay said taxes.
assessimnts, insurant•e premiums and ground rents as they fall due, such excess shall be, at Borrower
s op~ion, either
promptly repaid to Bormwer or credited to Borrower un monthly installments of ~Funds. If the amount of the Fun~
held by Leader shall not be sut6cient to pay taxa, 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 days from the date notice is mailed
by Lender to Borrower requating payme~t thereof. , ~ ~
Upon payment in full of all sums secured by this Mortgage. I.ender sh~l ~romp
Uy refund to Borrower any Funda
held by C.ender. If undtr paragraph 18 hereof ~he Property is sold or the P~o~i'Iq'#~s b~iierwise.pcquired by Lender, Lender
shall apply. no later than immcdiately _prior to the sale of the Propecty~~i~A~t}~itioit ~by` Lendcr, Any ,Funds held by
Lender at the time of aPplicauon as a credit against the sums secured b~,~is~M~~ t~~ 4•• y '
3. Applicatioa of Paymeats. Unless applicable lavr proviiies othervYj,~~y~~ ~~d :bY •Lett~er under the
Note and paragraphs 1 and 2 hcreo~ shall be applied by Lender AM'i f~~
p~yment of amounta paya b le to Len der by Borrower
under paragraph 2 hercof, then to interest payable on the Note, then to the principa) of the Note. and then to interest and
principal on any Future Advances.
4. C6ar~es; Lieas. Borrower shall pay all taxes, assessments and other charges, fines and 'empositions attributable to
the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents. if any. in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dirqcdy to the
payoe thereof. Borrower s6a11 promptly furnish to Lender all notices of amounis due un~er this paragraph, and in the event
Borrower shal) make payment direcUy. Borrower shall promptly furnish to Lender receipts evidencing such payments.
Borrower shall promptty dixharge any lien which hu priority over this Mortgage; provided, tha~ Borrower shall not be
required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by
such lien ir~ a manner acceptable to Lender, or shall in good faith contest such lien by. or defend cnforc~ement of such lien in.
legal proceedings which operate to prevent the enforcement of the lien or fodeiture of the Properly or any part thereof.
S. Hazard Insunnce. Borrower sha~l keep the ~mprovements now existing or hereafter erccted on the Property insured
agaiast loss by 6[t, hazards included within the term "extended coverage", and such other hazards as Lender may require
and in wch amounts and for such periods as Lender may require; provided; that Lender shall not tequire that the amount of
such coverage eacced that amount of coverage required to pay the sums secured by this Mortgage. -
'Ibe insurance carrier providing the inturance shall be chosen by Bonovrer subject to approval by Lender. providod,
t6aC such approval shali not be unreasonably withheld. All premiums on insurance policies shall be paid in the mancxr
''i provided_ under paragraph 2 hereof or, if not paid in such. mwner. by Borrower making payment, when due, directty to the
~ insurance carria. _
I All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
E clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof,
~ and Bormwer shall promptly furnish to I.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 Borrower.
Unless Lehder and Borrower otherwise agree in writing. insurance proceeds shalt be applied to restoration or repair of
the Ptoperty damaged, provided such restoration or repair is economically feasible aod the security of this Mortgage is
not thereby impaired. If such restoration or repair is not economically~feasib{e or if the security of this Mortgage would
be impaired, the insuranve procceds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
to Borrower. lf the Property is abandoned bp Borrower, or if Esorrower fails to respond to Lender within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier oflers to settle a claim for insurance benefits. I.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 L.ender and Borrower otherwise agree in writing, any such application of.proceeds to principal shall not extend
or po;tpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
suc6 installments. If under patagraph 18 heroof the Property is a~quired by l.ender, all right, titk and interest of Bonower
in and to any insurance policia and in and to the proceeds thereof resulting from damage to the Property prior to the sale
or acquisition shall pass to Leoder to the extent of the sums secured by this Mortgage immediately prior to such s~k or
acquiaition. "
6. PresenaUoo aod Mainteaance of Property; Lease6olds; Condominiums; Planned Unit Devebpmeals. Borrower
shall keep the Property in good repair and shall not commit waste or permit impairment or dtterioration of the Property
aad 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 ar a planned unit development, Borrower shall perform all of Borrower s obligations under the declaration f
~ or covenants creating or governing the cond~miniutn or planned unit development, the by-laws and regulations of the _
~ condominium or planced unit- development, and constituent documents. If a condominium or planned unit development
rickr is executed by Bortower and rccorded toge~her with ~his Mortgage, the covenants and agreements of such rider
s6a11 be incorpotated into and shall amend and supQlement the covenants and agreements of this Mortgage as if the rider =
~ were a part hereof. ~
~ 7. Protection of Lende~s Security. If Borrower fails to perform the covenants and agreements contained in this
~ Mortgage. or if any action or proceedmg is commenced which materially affects Lender's interest in the Property.
~ including. but not limited to. eminent domain, insolvency code enforcement, or arrangemenu or prozeedings involving a
~ banktipt or decedent, then Lender at Lender s option, upon notice to Borrower, may make such appearances, disburse such
sums and take such action as is necessary to protect ~.ender's interest, incluJing, but not limited to, disbursement of
- reasonable attorney's tees and entry upon the Properry to make repairs. If Lender required mortgage insurance as a
condition of making the loan secured by this Mortgage. Borrov?er shall pay the premiums required to maintain such ~
iasurance in et~ect until such time as the requirement for such insurance terminates in accordance with Borrower's and -
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