HomeMy WebLinkAbout0465 UNlF(1RM COYENANTS. Borrower asd Leadar covenant and ag~ee as [ollows:
1. Pqmeot ot P~iaclpN aad lste~at. Bo~rower shall promptly pay when due the principal of and interest on the ~
iadebtedness evidenced by the Note. prepayment and late charges as provided in the Note, and the principa! of and intercst
on any Future Advances secured by this Mortgage.
2. Ftiad~ tor Taxes ~sd t~wea~ce. Sbbject to applicabk law or to a written waiver by Le~der, Borrower shall pay
to I.ender on the day monthly inataliments of principal and interest are payable under the Note. untii the Note is paid in [ull.
a sum (herein "Funde") equal to onatweifth of the yea~ty taxcs and asscuments which may attain priority over this
Mortgage, and ground rents on the Pr+~perty. if any. plus onatwelfth of ycarly premium instaliments for hazard insurance.
plus one-twelflh of yearly premium instaliments for mortgage insurance, if any. all u reasonablyZstimated initialiy and from
time to time by L.e~der oa the basis of assessments and bills and reasonable estimates thereof. ~
The Funds shall be heid in an institution -the deposits or accounts of which are insured or guaranteed by a Federal or
state agency (including Lender if Lender is such an institution). Lender shall apply ihe Funds to pay said taxes, assessments.
insurance premiums and ground rents. I.ender may not charge for so holding and apQlying the Fu~ds. analyzing said accoun~
or verifying and compifing said assessments and bills. u~less Lender pays 8orrower i~terat on the Funds artd applicable !aw
pennits Lender to make such a char~e, Borrower and Lender may agree in writing at the time of execution of this
Mortgagc that interest on the Funds shall be paid to Borrower~ and unlcss such ~ agreement is made or applicable law
requires such interest to be paid. Leader shall not be rcquired to pay Borrower any interest or earnings on the Funds. i.ender
shall give to Borrower, without charge, an annual accounting of the Funds showing crediis and debits to the Funds and the
purpose for which each debit to the Funds was mads. The Funds are pledged as additional security for the sums sccurcd
by this Mortgage. -
If the amount of the Fut~ds held by I.ender, together with the future monthly installments of Funds payable prior to
the due dates of taxes, assessments, insurance pr~miums and ground rents, shall exceed the amount required to pay said taxes. .
assessmeRts, insurance premiums and ground rents as they fall due, such excess shall be, at Bonower s option, either
promptlp repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
held by Lender shall not be sufficecnt to pay tazes, assessments, insurance premiums and ground rents as they faU due,
Borrower shatl pay to Lender any amount nxessary to make up the deficiency within 30 days from the date notice is mailed ~
by Lender to Borrawer requesting payment thereof.
Upon payment in full of all sums secured by this Mortgage, l.ender shall promptly refund to Borrower any Funds ~
held by l,ender. If under paragraph 18 hereof the Property is sotd or thc Pruperty is otherwise acquired by Lender, Lender
shall apply, no later than immediately preor to the sale of the Properly or its acquisitian by Lcnder, any Funds held by
Lender at the time of application as a credit against the sums secured by this Mortgage.
3. Applicatioo ot Paymeats. Unless applicable law provides othenvise, all payments received by Lender under the
Note and paragraphs I and 2 hereof shall be applied by Lender fi~st in pa~•ment of amounts payable to Lender by Borrower
under paragraph 2 hereof, then to interest pa~•ablc on the Note. then to the principal of the Note, and then to interest and
principal on any Future Advances.
4. Cl~arges; Liens. Borrower shall pay all taxes, assessments and o~hec charges, fines and impositions attributabk to
the Property which may attain a priority over this Mortgage, and leasehold payments or gmund rents, if any. in tt~e manner
provided under paragraph 2 herrof or, if not paid in such manner, by Borrower making payment, when due, directly to the
payee ther+eof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
Borrower shall make payment directly. Borrower ~hap promptly furnish to Lendet receipts evidencing such payments.
Borrower shall promptly discharge any lien w•hich has priority over this Mongage; provided, that Borrower shall not be
required to discharge any such lien so tong as Borrow•er shall agree in w•riting to !he payment of the obligation secured by ~
such lien in a manner acceptable to l.ender, or shall in good faith contest such lien by, or defend enforcement of such lien in.
legal proceedings which operate to prevent the enf~rcement of the ~lien or forfeiture of the Property or any part thereof.
S. Hazard lnsuraace. Borrower shall keep the impro~~ements now existing or hereafter erected on the Property insured
against ioss by fire, hazards included within the term "eatended coverage". and such o~her hazards as I.ender may require
and in such amounts and for such periods as Lender may require; provided. that Lender shall not require that the amount of
such coverage ezceed that amount of co~~erage required to pay the sums secured by this Mortgage.
'Il~e insurance carrier providing the insurance shall be chosen by Borcower subject to approval by Lender, provided,
that such approval shalt not be unreasonably withheld. All premiumc 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 carrier.
All insurance policies and reaewals thereof shatl be in form acceptable to Lender aad sha11 include a standard mortgage
clause in favor of and in form acceptable to L.ender. Lender shall have the right to hold the policies and renewals thereof, ;
and Bonower shall promptly furnish to 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. Lender may make proof of loss if not made prpmptiy
by Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
the Propeny damaged, provided such restoration or repair is economicaUy feasible and the security of this Mortgage is _
not thereby impaired. If such restoration or repair is not economically fcasible or if the secutity~of this Mortgage would
be impaired, the insurance praceeds shall be appiied to the sums secured by this Mortgage, with the excess, if any. paid ~
to Berrower. If the Property is abaadoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the '
date notice is mailed by Lender to Borrower that the insurance carrier ofien to settle a claim for insurance benefits, Lcnder .
is authoriud to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Propetty
or to the sums secured by this Mortgage.
~ Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shalf not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereQf or change the amount of
such installments. If under paragraph 18 hereof the Property is acquired b} ixnder; alt right, tide and interest of Borrower •
in and to any insurance poticies and in aod to the proceeds thereof resulting from damage to the Property prior to the sale
or acquisition shall pass to Lender to the extent'of the sums secured by this Mortgage iminediately prior to such sale or
acquisition.
6. Presen•ation and `taiotenance of Properiy: l.easeholds; Condominiums; Planned Uait De~elopments. Borrower
shall keep. the Property in good repair and shall not commit waste or permit irr~pairment or deterioration of the Property ~
and shall comply with the provisions of any lease if this Mongage is on a leasehold. If this Mortgage is on a unit in a ~
condominium or a planned unit development, Borrower shall perform all of Borrower s abligations under the declaration
or covenants crcating or governing the condominium or planned unit devetopment, the by-iaws and regulations of the
condominium or planoed unit deveiopment, and constituent Jocuments. )f a condominium or planned unit development ~
rider is executed by Borrowet and recorded together with this Mortgage, the covenants and agreements of such rider ;
shall be incorporaled into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider ~
were a part hereof.
7. Protection of Lender's Security. I( Borrower fails to perforn~ the covenants and agreements contained in this
;4lortgage, or if any action or proceeding is commenced which materially afTects Lender's interest in the Property, ¢
including, but not limited to, eminent domain, insolvency, ccxle enforcement, or arrangements or proceedings involving a :
bankrupt or decedent, then Lender at Lender's option, upon no~ice to Borrow•er, may make such appearances, disburse such ~
sums and take such action as is necessary to protect Lender s interest, including, but not limited to. disbursement of ~
reasonable attomey's lees and entry upon the Property to make repairs. If Lender required mortgage insurance as a ~ ~
condition of making the loan secured b}~ this Mortgage. Borrower shall pay the premiums required to maintain such ~
insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and ~
~ F~p~ 295 Pa~ '464 ~
~
g _
~ , y - - _ - _
Y~>• s- ~ 4~
~
~ ~ ,a„k ,