HomeMy WebLinkAbout0463 ~ r ! . w~ + ' ~'Js
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UNiFORM CoveN~r?rs. Aorrower and l.ender covenant and agra aa foQows:
l. la~meat o[ hiocipd ~ad Lterat. Bormwer shall promptly pay when due the principal of and interest on the ;
indebtedncu evidenced by the Note. prepaymeat ~nd late charges u provided in the Note. and the principal of snd interest
on any Future Advances aecured by this Mortga~e.
2. Fund~ [or Ta:a a~ Inwra~~e. Stibject to appiicsbk law or to a written waiver by Lender. Borrower shali pay
to Leader on the day monthly installments of principal and interest are payable under the Note. until the Note is paid in full, ~
a sum (hercin "Fund~") equal to ono-tw~ifth of the yeady taxes and assasmcnis which may attain priority over this ~
Mortgage. and ~mund'rents o~ the Property. if any, plus one-twelfth of yearly premium installme~ts for hazard insurance. ~
plus one-twelfth of yearly premium installments for mortgage insurance. if any. all as rtasonably estimated initially and fmm ;
time to time by Lender on the buis of assessmenu and bills end rcasonabk estimates thereof. !
'Itie Funds shall be held in aa institution the depoaits or accounts of which are insured or gwrsnteed by a Federal or ~
state a~ency (lncluding Lender if Lender is auch ap institution). Lender shall apply the Funds to pay said tua. asiessmants.
iasurance premiums and grouad rents. Lender may not charge tor so holding and applying the Funds. analyzing said account,
or verifying aad compiling said assessments and bills. unlcu Lender pays Borrower interest on the Funds and applicable law
permits Lende~ to make such a charge. Borrower and L.ender may agrce in writing at the time of eacecution of this
Mortgage that interest on 1he Fuads shall be paid to Borrower. and unless such agrcement is made or applicable law
rcquira such interat to be paid. Le~der shall not be roquired to pay Borrower any interest or eamings on the Funds. Lender
shall give to Borrower, without charge, an anoual accounting of the Funds showing credits and debits to the Funds and the
purpose for which each dsbit to the Fu~ds wu made. The Funds arc pledged as additional socurity for the sums securcd
by this Mottgage. ~
If the amount of the Fa.~.'.~ UM~4 .'.:.:.a~:. together with the futurc monthly installments of Funds payable prior to
the due dates of taxes. auessments. insurance Premiums and ground rents, shall exceed the amount required to pay said ta~ces.
assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower
s option, either
promptly rcpaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
held by Lender shall not be suf6cient to pay taxes, asscssments. insurance premiums and ground rents as they fall due.
Borrower shall pay to Lender any amount n~ary to make up the deficiency within 30 days from the date notice is mailed
by Lender to Borrower requesting payment thereof.
Upon payment in ful! of all sums secuced by this Mortgage, l.ender shall promptly refund to Borrower any Funds
held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Leqder. i.ender
shall apply. no later ihan immediately prior to the sale of the Propeny or ita acquisition by L.endsr. any Funds held by
Lender at the time ot applicaUon as a credit against Ihe sums secured by this Mortgage.
3. Applkatioa ot P~ments. Unless applicable lav? provides otherwise, all payments received by Lender under the
Note and paragraphs 1 and 2 hereof shall be applied by I_ender 6rst in payment of amounts payable to I.ender by Borrower
under pazagraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and
prin;.ipal on any Future Advances.
4. C6arges; Lieas. Borrower shall pay atl taxes, assessments and other charges, fines~ and impositions attributable to
the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner
ornvided under ~aragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dirxtly to the
payee thereof. Bonower shall promptly furnish to Lender all notices of amounts due under this.paragraph, and in the event
Bormwer shall make payment directly. Borrower shaU promptly fumish to Lender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be
required to discharge any such lien so long as Borrower shall ag~ee in writing to the payment of the obligation securcd by
such lien in a manner acceptable to Lender. or shall in good faith contest such lien by. or defend enforcement of such lien in.
tegal proccedings which operate to prevent the enforeement of the lien or forfeiture of the Property or any part thereof.
S. Hazard Insurance. BorroNer shall keep the improvements now existing or hereafter erected on the Property insured
against loss by fire, hazards included within the term "extended coverage". and such other hazards as l.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 exceed that amount of coverage required to pay the sums secured by this Mortgage.
The insurance carrier providing the i~surance shall be chosen by Borrower subject to approval by Lender, provided.
that such approval shall not be unreaconably 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 paymeat, when due, direcdy to the
' insurwce carrier.
All insurance policies and renewals thereof shall be in form aeceptable to Lender and shall include a standard mortgage -
` clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policees and renewals thereof,
; and Borrower shall promptly furnish to Lender all renewal notices and all rxeipts 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
k by Bortower.
~ Unless Lender and Borrower_otherwise agree in writing. insurance proceeds shall be applied to reatoration or repair of
~ the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would
be impaired, the insurance procoeds shall be applied to the swns secured by this Mortgage, with the excess, if any, paid
to Borrower. If the Property is abaodoned by Borrower, or if Borrower fails to respond to Lender within 30 days from t6e
date notice is mailed by Lender to Borrower that the insurance carrier ofiers to setQe a claim for insurance benefits~ Lender
is authoriud to collect and apply t6e insurance proceeds at Lender's option either to restoration or repair of tt~e Property
or to the sums securEd by this Mortgage. ~
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shap not eztend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments. If under paragraph l8 hereof t6e Property is acquired by Lender, all right, tiUe and intereat of Bonower
in aad to any insurance policies and in and to the proceeds theroof resulting~from damage to the Propeny prior to the sale
or acquisition shall pass to Lender to the extent of tt~e sums secured by this Mortgage immediately prior to such sak or
acquisition.
6. Preservation and Maintenance of Property; [.easeholds; Condomfnfums; Planoed Unit Developmenfs. Borrower
shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property
~ and 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 or a planned unit development. Borrower shall perform all of Borrowei s obligations under the declazation
~ or coveuants creating or governing the condominium or planned unit development, the by-laws aad regulations of the
~ condominium or planced unit development, and constituent documents. If a condominium or planned unit- development
~ rider is ezecuted by Borrower and recorded together with this Mortgage, the covenants and agrcements ~of such rider
shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider
j were a part heroof.
7. Protectioa of Lender's Security. If Borrow~er fails to perform the covenants and agreements contained in this
Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property.
including, but not limited to, eminent domain, insolvency, code enforcemeot, or arrangements or proceedings involving a
bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearanc~s, disburse such
sums and take such action as is necessary to protect Lender s interest, including, but noi limited to, disbursement of
reasonable attorney's fees and entry upon the Propeny to make rcpairs. if Lender required mortgage insurance as a
condition of making the loan secured by this Mongage. Borrower shall pay the premiums rcquircd to ruaintain sueh
iasurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's ac~d
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