HomeMy WebLinkAbout0116 UNIFORM COVEN~NTS, BOffOWGf a0~ IRO~1Cf C~~YCn;t~ll and aKrre f~~Uowc~ •
1. Pi,~'111tp1 OI P~IIICI~I aD1I Ipltfl5l. HurmNC~ ,haU ~.r~~mptl~ pap v?hcn duc thr princi~~al o( and interest on ~he
~adebtedness evidenced by the Note, p~epayment and late ch:,rgr, ~ravided m ~he N~~e. and ~he principal of and ~nterest
on aay Future Advances securcd by this Mortgagr. -
F11111LS ~6~ T~lB Stld ~IWlnptt. Subject to applirahic Iav? rr u. •r wriueo waiver by t.ender. Bartowe~ shall pay
to l.ende~ on ~he day monthly inctallments of principal anJ mtrrr.l ~rc ~.?yahl~ un~ler th~ Nate, until the Nute is paid in full.
a sum (herein "Funds") equal to one-taclfth i?( the yra~t~ ia~r. an.l acuscment~ v?hich may attain priority over ~h~~
Mortgage, and ground rrnts on the Property, if any. plus ~ne-twcl(~h ~?1 ~early premium installments for hazard insurance.
plus one-twelfth of yearly premium installment. f~x m~rtgage ~nciirancc, i( any, all ac rcaconably estimated initially anJ from
time to lime by I.ender on the basis af ~~sc«mcnts anJ hilt~ and rra.onabtr ect~mates thereof.
The Funds shal! be held in an institut~~~n thr de~x,ti~n or ~ccuunts ~~I which are insureJ or guaranteed by a Federal or
state ageocy (including Lender if LcnJe~ ~s auch an institu~ionl. 1 cnde~ ~hall apply Ihe Funds lo p•r)' ~aid ~a~es, assessments,
insuranet premiums and ground rc~ts 1 ender ma~• n~l charge tor holding and applying the FnnJc. '~naly~ing ~aid account.
or v~rifying and compiling aaid auessments and bill~, unless Lender ~y. Borrower interest on ~he Funds and applicable law
permits Lender to make such a charge. Borrower and I~endcr may ag~ee in N~nting at the ~ime of executiun ot this
Mortgage that interest ~n the Funds shall hc ~?aid to Barrower, •rnd unless ~uch agrcement is madc or applirahtc law
requires such interest to be paid, Lendcr shalt n~~ tx reyuired to ~y Ba~rowcr any intrrest or carning~ on the Funds. 1_ender
sha11 give to Borrower, witAout charge. an annual accaunting ~t 1he Funds ~howing credits and debits to the Funds and 1he
purpose for which each debit to the Fundi wa~ maJe. The f=und~ are pledged as additional secunty for the sumi secured
by this Morfgage.
If the amount o( the Funds held by ixnder, together with thc future monthly inst:~llmcnts of Fund~ pa~•ablc prior to
the due data of taxes, assessments, insurance premiums :~nd ground rent~, shall excceci the amount reyuired t~~ pa}~ said taxes,
asussments, insurance premiums and ground rents as they (~11 due, such e~cesc shall be, at Botrower's option, either
promptly repaid to Borrower or credi~ed to Borrower on monihly ~ns~ritments of Funds. If the amount of the •}-unds
held by Lender shatl not be sufficient to pay taxes, assessments, insur~ncc premiums and ground rents as they fall due,
Borrower shall pay to Lender any amount necessa~y to make up Ihe deficiency within 30 days from the date notice is mailed
by Leqder to Borrower requesting payment thercot. '
Upon payment i~ full of a11 sums secured by this Mortgage, 1_ender shaN promptly re[und to Borrower any Funds
held by LenJer. If noder patagraph 18 hereot the Propc!ty «~Id or thc Propcrty is othervvicc acq~ured by Lcndcr, !_cnder
shall apply, no later than immediately prior to the sale of the Property or its acquisitian hy l.ender, any Funds he1J by
Lender at the time of application as a credit agaiost the sums secured by th~s Mongagr.
3. A~plication of Paymeats. Unless applicabie iaw provides otherwise, atl payments received by l.ender unJer the
Note and paragraphs 1 and 2 hereof sha!! be app6ed by 1_cnJer first in payme~t o( amuunts payable to Lcnder by Borrow~er
under patagraph 2 hertof, then to interest payabic on the Notc, then to the principal ot the Note, and then to interest and
principal on any Future Advances.
4. C6uges; Liens, Borrower shall pay all tate~, a~tessmcnts and other charges, finec and impositions attribeitable to
the Property which may attaio a priorety over this Mortgage, and leasehold payments or ground rents, if any, in the manner
provid~d under paragraph 2 hereof or, if not paid in such manner, by Borrow~r making payment, when due, directly to the
payee ther+eo(. Borrowet shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
Borrower shal) make payment directly, BorroNer shalt promptiy furnish tc? Lender receipts evideacing such payments.
$orrower shall pmmptly discharge any lien which has prionty over this Mortgage; provided, that Borrower shall not be
required to discharge any such lien so long as Borrower shall agree in w•riting to the payment of the obligation secured by
such lien in a manner acceptable to Lender, or shall in goai faith contest suc6 lien by, or defend enforcement of such lien in,
legai proceed~ngs which operate to prevent the enfvrcement of the I+en or lorfeiture of the Property or any part thereof.
S. Hazard Insuraact. Borrower sha!! keep the improvements now existing or hereafte~ erected on the Propcrty insured
against loss by fire, hazards included within the term "cxtendeJ coverage", and such other hazards as Lender may reyuire
and in such amounts and for such periods as I_ender may reyuire; provided, that Lender shall not require that the amount o[
such coverage eaceed that amount of coverage requ~red to pa~- the sums seceered ~bp ~his Mortgage.
"Ihe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided.
that such approval sha11 not be unreasonably withheld. All prcmiums on insurance policies shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manncr, by Borrower making payment, when due, dir~ectiy to the
insurance carrier.
AU insurance policies and renewals thereof shall tx: in form acceptable to Lender and shall include a standard mortgage
clause in favor af and in fotm acceptable to 1_ender_ Lender shall have the right to hold the policies and renewalx thereof,
and Borrower shall promptly furnish to Lender all renewat nodces and atl receipts af paid premiume. In the event of lass.
Borrower shaH g+ve prompt notice to ~hc insuranre carricr and 1_ender_ !_ender ma}• make proof of loss if not made promptl}•
by Borrower.
Unless Lender and Borrower otherv?•ise agrcc in writing, insurance proceeds shall be applied to restoration or repair of
the Property Jamaged, provided such restorauon or repa~r is economically feasible and the security of thes Mortgage ~s
not thereby impaired_ If surh restorati~~n or repair is nc.t economically feasible or it the security of this Mortgage would
be impaired, the insurance proceeds shall be dpplied to the sums secureJ by this Mortgage. with the excess, if any, paid
to Borrower. If the Property is abandoned by Horrower, or if Borrower tails to respond ta Lender within 30 days from the
date notice is mailed by l.ender to Borrower that the insurance rarrier ofiers to settle a claim for insurance benefits, I_endcr
is authorized to collect and apply the insurance proceeds st Lender's option either to restoration or repair of the Pmpen~~
or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree ~n writing, any sucfi spplica~ion of prcxeeds ~o principai shall not extend
or postpone the due date of the monthh~ instaNmentc rcferred to in paragraphs 1 and 2 hereof or change thr amouot of
such insiallments. lf under paragraph I8 hereof the Property is acyuired by L.ender, all right, title and i~terest of Borrowcr
in and to any insurance policies and in and to the pro~:eeds thereo( resulting from damage to the Property prior to thr sale
or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior ta such sale or
acquisition.
6. Presen~atJon and Maintenance of Propert~•; I.easehnlds; Condominiums; Planned Unit Developments. Borrowcr
shall keep the Property in good repair and shall noc comroit waste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease if this Mc~rtgage i~ on a Ieasehotd. If this Mortgage is on a unit in a
condominium or a planned unit devetopment, Borrower ~haU pcrfurm all of Borrower's obligations under the declaratiun
or covenants creating or governing the condommium or planned unit devefopment, the by-laws and regulations of the
condominium or planned unit development, and constitucnt dcxumentti. If a condominium or planned unit Jevelopment
rider is executed by Borrower and recorded tugether Hith thi~ Mortgage, the covenants and agreements of such ridcr
shall be incorporated into and shall amend aod supplcment the covenants and agrcements of this Morigage as if the riJcr
were a part hereof. . ;
7. Protection of Lender's Securfty. If.Borower fail~ m perform the covenants and agreements contained in this
Mortgage, or if any action or proceeding ~s commenceJ which materially a(iects I.ender's interest in the Property,
ineluding, but not Jimited to, eminent domain, insolvency, cc?de enforrement, or arrangrments or proceedings invol~•ing a
bankrupt or decedent, Ihen l.ender at 1_ender'x option, upon notice ta Borrower, ma}• make such appearances, disborse such
sutns and take such action as is necessary ro pro~ect Lender's ~nterest, including, but not limited to, disbursement of
reasonable attomey's fees and en~ry upon tbc Property to makc rcpairs. If I.cndcr reyuircd martgage insurance as a
condition of making the loan secured by this MortgaRe, Rurrower sh:+ll pay the premitrms requrred to maintain such
insuranee in eRect until sueh time as the reyuiremem for ~uch insurance terminates in accordance with Borrower's and
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