HomeMy WebLinkAbout0342 UNIlORlN COVENANTS. Bortower and Lender coveoant and a~~a as follows:
4 l~weat of lr1~clMi a~i lNerart. Bor~ower shall promp~l~• pay when due the principal of and interat on the
it~deMednat evide~ced by the Note. prepayment a~d late chargec ac provided io the Note, and the prir~cipal ot aod interest
on any Futurc Advanca secured by this Monga~e.
2. lroi Ior TuM s~i lwnsc~. Subject to applicable law .~r to a written waiver by Lender. Bomowe~ shall pay
to [.ende~ on the day monthly installme~ts ot principal and ~ntercv arc payahk under the Note. u~til the Note is paid in full,
a aum (hercin "Fundi") eqwl to one-t+veltth of ~he yea~l~~ aac. and assessmen~s which may attain priority over this
Mo~ase. and tround reots on ihe Property, if any, F?lus ooe-twelfth ot yearly promium installments fo~ hazard insurance.
plus one-tweltth of yearly prcmium installmen~s tor mortgage insu~ancc, if any, all as reuonably estimated initially a~d from
time to time by I.enckr on the buis o( asxscmc~ts and hills and reaso~able. atimata thenof.
The Funds shall be held in an ins~itulion the deposua or accounts of which arc insured or ~uaranteed by a Feden) ot
state agency (including Lender it Lender is such a~ institutionl. 1_ende~ shall apply the Funds to pay uid taxa. asseuments.
intunnct prcmiumi and ground rents. I.ender may no~ cha~ge tor sn holding and applyina the Fundc. analyzing taid accou~t.
or verifyinj and compilin~ said asseume~ts and bills, unless Lender pays Borrower interest on the Funds and applicable law
permits Ler~der to make such a charge. Borrower and Lender may agrce in writing at Ihe time ot execution oE this
Mort~a~e tha! intercst on ~he Funds shall be paid to Borrower~ and unless such agroement is made or applicable law
requires such intercst to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. I.ende~
slull aive to Borrower~ without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpose for which each debit to the Funds wu made. The Funds are plodged u additional security for the sums secured
by tbis Mortaage.
If the amount of the Fu~s held by Lender, together with ~he future monthly installments of Funds payable prior to
t6e due data of tues, assessments. insurance prcmiums ahd ground rents, shall exceed the amount required to pay said taaa.
a:saunents. insunt~ce premiums and ground rents as they fall due, such excess shall be. at Borrower's option, either
Qranptly rcpaid to Borruwer or credited to Borrower on monthly. installmcros of Funds_ If the amount ot the Funds
held by l.eader shdl not be sutficieat to piy tues, assessments, insurance premiums and ground rents ss they fall due,
Bormwer shall pay to l.ender any amount r~ecessa 'ry to make up the de6ciency within 30 days f~om the date notice is mailed
by Leader to Bonower requuting paymcnt thereof.
Upon payment ia full of all sums securcd by this Mortgagc, I.ender shall promptly rcfund to Borrower any Funds
held by l,ender. If under paragraph 18 htreof the Property is sold or the Propeny ~s othenvise acquircd by Lender. Lender
shall apply. no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds h~ld bv
Leoder at the time of application as a credit against the sums securcd by this Mortgage.
3. A~piication of P~oeets. Unless applicable law provides otherwise, all payments received by Lender under the
Note acM paragnphs 1 and 2 htreof shall be applied by [_ender first in payment of amounts payable to Lender by Borrower
under paragraph 2 hereof, then to interest payablc on the Note, then to the principal of the Note, and then to intercst and
principal on any Future Advances. .
4. Chartes; I.k~. Bonower shall pay all taxes, assessments and other charges, fines and impositions attributable to
the Property which may attain a priority over this Mongage, and leasehold payments or ground rcnts, if any, in the manner
pnovided uader paragraph 2 hereof or, if not pa~d ~n such manner, by Borrower making payment, when due, diroctly to the
psyee thereoi. Borrower shall promptly turnish to Lender all notica of amounts due under this paragnph, and in the event
Borrower shall make payment directly, Borrower shall promptly furnish to l.ender rcceipls evidencing such payments.
Borrower shall promptly discharge any lien which hu pnority over this Mortgage; provided, that Borrower shall not be
rtqwred to discharge any such lien so long as Borrower shall agree in wri~ing to the payment of the obligation s~curcd by
such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defenJ enforcement of such lien in.
legal proceedings which operate to prevent the enforcement of the I~en or forferture of the Property or any pan thereof.
S. H~zard Insunnce. Borrower shall keep the ~mprovements now existing or hercafter erected on the Property insurej
against loss by 6re, hazards included withm the term "extendeJ coverage", and such other hazards as Lender may reyuire
and in such amuunts and for such periods as ~ender may require; provideJ, that Lender shall not require that the amount of
such coverage exceed that amount of coverage required ~o pay the sums secured by this Mortaage.
'i~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. providtd,
that such approval shall not be unreazonably withheld. All premiums on insuraRCe policies sha11 be paid in the manner
i pcovidod under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcdy to the
I insurance carner. '
' All insurance polic~es and renewals therrof shall be in form acceptable to Lender and shall include a standard moRgage
f
j clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof.
j and Borrower shall promptly furn~sh to Lender all renewal notices and all receipts of paid premiums. In the event of loss,
Borrower shall gwe prampt notice to the insurance carrier and Lender. Lertder may make proof of loss if not made promptly
E by Borrower.
~ Unless Lender and Borrower othen+.•~u agree in writ~ng, insurance proceeds shall be applied to restoration or repair of
' the Property damaged, prov~ded such reitorauon or repair is economically (easible and the security of this Mortgagt is
I
! not thereby impa~red. If such restorat~on or repair is not rrnnomically feasible or if the security of this Mortgage w~uld
~ be impaired. the insurance proceeJs shall be applied to the sums secured by this Mortgage, w~th the excess, if any. paid
to Borrower. If the Property is abandoned by Borrower,.or if Bormwer (ails to respond to l_ender within 30 days from the
~ date notice is mailed by Lender to Borrower that the insurance carrier ofiers to settle a claim for.insurance benefits, Lender
~ is aut6orized to collect and apply the insurance proceeds at l.ender's option either to restoration or repa~r of the Propertv
: or to the sums secureci by this Mortgage.
a Unless Lender and Borrower otherwitie agree in writing, any such application of pr~xeeds to principal shall not extend
~ or postpone the due date of the~ monthly installmcnts refcrred t~~ in paragraph~ 1 and 2 hereof or change the amount of
y such installments. If under paragraph 18 hereof the ProNerty i~ acywred by Lender, all right, tide and interest of Borrower
; in aod to any ttisurance policies and in and ta thc proceeds thereof resul~ing from damage to the Proper~y prior to th~ sale
a or acquisition shall pass to Lender tu the extent ot the sums secured by this Mortgage immediately prior to such sale or
~
~ acquisition.
6. Prcservation and Maiatenance of Property; I.easehulds; Condominiums; Planned Unit Developmentc. Borrower
shall k~ep the Property in good repair and shall not comroit yvaste or permrt impairmem or deteriotation of the Properry
~ and shall comply with the provisions of any lease it tfiis Mortgagc i, on a Icaschi~ld. If this Murtgage is on a unit in a
~ condominium or a planned un~t development, Borrower shall perform all oF Borrower's obl~gations under the declaraUon
' or covenants creatmg or govern~ng the condomimum or planned unit developmem, the by-laws and regulations of the
t condominium or planned unit development, and constituent document~. If a condominium or planned unit development
- nder is etiecuted by Borrower and recorded ~~~gether w~th ~hit Mortgage, the covenants and agreements of such rider
shall be ~ncorporated into and shall amend and wppl~ment the co~enams and agreements of this Mortgage as if the ri~fer
were a part hereof.
7. Proteclion o( i.enders Security. If B~~rr~~~er fa~l. t~~ ~xrfc~rm the covenant~ an~l agreements contained in this
- Mor~gage, ur if any actwn ur proreed~ng cummrncr~l wh~ch malerially ~tTect~ LenJer's ~nteretit in the Properry,
~ includ~ng, but nn~ hm~~ed ~o, eminent domain, inu~l~cnry. c~x1e cn(urremem, ~~r arr~ngemcntc or proceedings invol~~ing a
' bankrupt or.decedent. then Lender at I ender', opti~~n, u~m notice to Borruwer, ma} make such appearances, d~shurse such
y sums and take such acUUn al is nece~~ar} t~~ pn~tect l.ender's intere~l. mclu~ling. but not lim~~ed ta disbursement of
~ reasonable at~omey'~ tec~ and cmry uMm thc Prapcri}• Io make repain. I( Lcnder reyuireJ mortgage inwrance as a
~ cvndiuon u( rnakmg 1hc loan .ccurc.l hp th~ti ;~lurtgagr. H~~rruHCr shall pay ihr prcmiusns requireJ to mainta~n such
~ ~ns~rance in rtiect unul ~uch ume as the reyuiremenl (~?r wch imurance termin:ite~ in :iccordancc with Borrower's and
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