HomeMy WebLinkAbout0264 •
UNIFO1tM CoveNAN7s. Botrower artd Lendcr covenant and agrrc as tallows:
1. laraept ot Pri~cipl a~d lalerest. Bc~rmwer sh.~ll prumptl~ pay Nhcn thc p~incipel of and i~te~ut on the
~ndebtedness evidencxd by the Notc. prepayment aoJ late char~r~ a. proviJed in t~Natc, and the pr+~cipa! of and in~tres~
on any Future Advsnces secur+ed by this Mortgage. "
2. Th~ds for Tua ~nd Issrrs»ce. Subject to appli~;,hic law ur ~o a wriuen waiver by l.ender, Borrower shall pay ~
to Le~de~ on the day monlhly installmcnts ot principal and ~nicrr~t arr pa}•able under thc Note, until thc Note is paid in [uil.
a sum (herein "Funds") equal to one-twelfth of tix ycarly ia~~. anJ acsessmcnts which may attain prioriry over ~this
Mortgage. and ground rentt on the Prapetly, if any. ~+lus onc-twclfth o! yearly premium installments for hazard insuranct.
plus one-twelfth of yearly premium installmenis for mortgage iiis~~rancc. it aey, all ac reasonably estimated initially and from
time to time by L~nder oe the basis of asscs~mcnts and hills and reax~nable atimates thcreof.
'Ibe Funds shall be held in an inslitu~ion tix de~u~ or accouats of which are insured or guaranteed by a Federal or
state aget~cy (iocludi~g Lcnder if Lender is such an inslitutian). l.ender ahall apply ~he Funds to pay said ~axes. assessments.
insurance premiums and ground rcnts. I ender may not charge tar so hnlding and applying the Fund~. analyzing caid acc~unt.
o~ ve~fying and compiling ss~id assessments and bill~, unless l.ender pays Borrower interest on the Funds and applicable law
permits Lender to make such a charge. 8orn•wer aod l.ende~ may agret in writing at the time o( execution of this ;
Moirtgage tbat interat on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law
rcquic~s such interat to be paid. l.ender shall nnt he requireci to pay Borrower any interest or earnings on tfx Funds, t_ender
shall give lo Borrower~ without charge, an annual aca?unting af the Funds showing credits and debits to the Funds and the
purpoae for which each debit to the Funds was madc. The Funds are pledged as" additional security for ~he sums secured
by t6is Mongage.
If the amouM of tbe Funds held by Lender, toge~her with the fuwre monthly instailments of Funds payabte Prior to
tbe due dates of taxa. assessmrnts, insurance premiums and ground rer~ts, shall exceed the amount required to pay said taxes,
stses~nents~ insuranee premiums and ground rents as they fall due, such excecs shall be, at Bor~ower s oplion, either
promptly repaid to Bormwer or credited to Borrower on monthly installments of Funds. If the amount of the Funds
held by L.ender shall not be sul6cieat to pay taxes, assessments, insur•rnce prcmiums anJ ground rents as they fall due,
Borrower shall pay to Lender any amount necessar~~ to make up the deficiency within 30 days irom the date notice is mailed
by Lender to Borrower requesting payment thereof.
Upon payment in full of all sums secured by this Mor~gage, l.ender shail promptly refund to Borrower any Funds
held by Lender. If under pazagraph t8 hereof the Property ia sold-or the Property is othenvise acquired by Lender, Lender
sh~l apply. no later than immediatefy prior to the sale of the P~operiy or i~s acquisition Ay Lend~r, any Funds held by
i.eoder at the time of application as a credit against the sums secured by this Mongagc.
3. Application of Payments. Unless applicable law• provides otherwix. all paymeots received by Lender under the _
Note and paragraphs t aad 2 henof shalt be apphed by I.endc~ first in payment of amounts payable !o Lcnder by Borrower ;
under paragraph 2 hereof. then to interest payable on the Note, then to the principal of the -Note, and then to interest and ;
priacipal on any Future Advances.
1• Charsa; Lieas. Borrower shall pay all taxes, asscssments and other charges, fines and impositions attributable to
t6e Property which may attain a priority over this Mortgage, and teasehold payments or gmund rents, i( any. in the manner .
pmvidod under puagraph 2 hereof or, if no! paid in such manner, by Bomower making payment, whea due, diroctly to the
payee theroof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in tt~e event
Barnower shall tnalce payment directly, Borrower shal! promptly (urnish to Lender receipts evidencing such payments.
Bormwer shall promptly discharge any tien which has priority over this Mortgage; provided. that Borrower shall not be -
rcquired to discharge any such lien so long az Borrower shall. agree in writiog to the payment of the obligatiun secured by
such liea in a manner accepiable to Lender, or shall in goc~d faith contest such lien hy, or deEenJ enforcemer.t of such lien in,
legal proce~dings whieh operate to preveot the enforcement o[ the lien or [odeiture of the Propetty or any part thereof.
S• Huard Ixsuraace. Bocrower shall keep the improvement"s noa• existing or hereafter erected on the Property insured
against loss by-fire, hazards included within the term "extended coverage", and such other hazards as Lender may require
and i~ such amounts and for such periods as Lender may require; provided, that l.ender shall not require that the amount of
such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage.
T6~ insurance carrier providing the insurance shal! be chosen by Bonower subject to approval by Lender. provided,
that auch appmval.shall not be unreasonably withheld. All premiums 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
insurance curier.
Ail 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 acceptable to I.ender. Ixnder shall have the right to hold the policies and renewals thereof,
utd Borrower shall promptly furnish ta Lender all renewal notices and all receipts of paid premiums. In the event of loss,
Borrower shall give prompt notice to the insuranct carrier and Lender, Lender may make proof of loss if not made promptly
by Borrower.
Unless Lender and Borrower otherwise agrce in writing, insurance proceeds shall be applied to restoration or repaii' of
the Property damaged, proviJecl such restorat~on or repair is economically feasi6le and the security of this Mortgage is
not thereby impaired. If such restoration or rcpair is nnt economically feasible or if the security of this Mortgage would .
be impaired, the insuraace proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any. paid
to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
date dotice is mailed by l.ender to Borrower that the insurance carrier offers to sett(e a claim for insurance benefits. Lender
is authoriud to cotlect and apply the insurance proceeds at Lender's option either to restoration ot repa'sr of the Propem•
or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in w•riting, any such application of proceeds to principal shall not extend
or postpone the due date of the month(y installments referred to in paragraphs 1 and 2 hereof or change the amount of -
sucb installmeots. !f under ~aragraph 18 hereof the Property is acquired by Lender, all right, title and interat of Borrower ;
in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Propeny prior to th~ sale
or acquisiti~n shall pass to Lender to the extent oE the sums secured by this Mortgage immediately prior to such sale or
acquisition.
6. Pnservatioo ~ud Maioteaanee of Properly; Leasehulds; Condominiums; Pla»ntd Unit Ue?dopmeAts. Borrower
shal! keep the Property in good repair and shall not comroit waste or permit impairment or deterioration of the Property
and shall comply with the provisions of any Itase if this 1~iortgage ~s on a leaschold. If this Mortgage is on a unit in a ~
condominium or a planned unit devetopment, Borrower shatl perform alt of Borrowers obiigations under the declaration
or covenants creating or governiog the condominium or planned unit development, the by-laws and regulations of ihe
condominium or planned unit development, and conslituent documents. If a condominium or planned unit Jevelopment
rider is executed by Bonower and recorded together with this Mortgage, the covenants and agreements of such rider
shall be inc,orporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider
were a part hereof. f
7. Protectb~ ~t Leuder's Securfty. It Borrower fails to perform the covenants and agreements contained in this a
Mortgage, or if any acUOn or proceeding is commenced w~hich materia!ly affects LenJer's interest in the Properry, '
ineluding. but not limitod to, eminent domain, insolvency, code enforcement, or arrangements or proceedings invohing a =
baekrupl or decedent. thsn l.ender at Lender's option, apon notice to Borrower, may make such appearances~ disburse such ~
wma and take such action as is necessary to protecf Lender s inrerest, including, but not limited to. disbursement' of ~
reasonabk attorney's ftes and eatry upon the Properry to make repairs. If Leneier required mortgage insurance as a '
condition of making the loan secured by this Morigage. Borrowcr shall a the #
p y premiums requireJ to maintain such
insutar~ce in effect until such dme u the requirement (or such ?nsurance terminates in accordaRCe. with Borrower s and
' ~ (1 R ~ ;
~ _ ~~0~?95 ft,~f 2~3 ~
~ ~ _ _ _ - . _ _ _ _ _ _
- - - ~ t~.
-
. -