HomeMy WebLinkAbout0349 UNII'ORM COVENANTi. Bomoww and l.eoder covenam and asrce as follows: ~
L l~eN ot hi~c1M1 a~d INeraf. Borrower shall promp~l) paY whe~ due the priocipal of and interat on the
indebtodnest evideaced by the Note. ptepayment and late cha~gec ac provided i~ the Note. and the principal of and i~terat
00 ~oy Futuro Advances secured b~r this Mortta~e.
2. ttiNt tot Tua ~M lawus~ce. Subject to applicahk law .~r to a writte~ waiver by Lende~. Borro~?e~ shall pay
to I,ender o~ the dsy monthly installmen~s of principal and intcrcc~ are ~yaMe unde~ the Note. until the Note is paid in tull,
a sum (herein "Fun~'~ equal to a?e-twelfth ot the yearl~~ ~asc. snd asxssments which may attain priority ove~ this
Mortsa~e. and ~round ren4 on the Pmperty. if soy, plus one•tweltth of yearly premium inuallmeots for hazard insu~ance.
plus ooe-twelfth of yearly premium installments (or matgage insurancc, if any, all u rcuonably estimated initially and troa~
time to time by Lender on t!x buis of assessmcnts and hills and reasonable estimata thercof.
The Fu~ds shall be held in an institu~ion the deposiu or •rccoun~s of which are insured or guaranteed by a Federal ot
state age~y (includina Ltoder if Lender is such an institutionl. 1_ender shall apply the Funds to pay said taxa. usasme~ts.
inturanoe premiums and arow?d rcnts. I.ender may nat cbar~ for u+ holding and applying the F~indc, analyzing said account,
or veri[yinQ and rnmpling uid assessments and bills, unleu l.ender pays Borrower interat on the Funds and ~applicable law
permitt Lender to make such a charge. Borrowe~ a~ Lender may agrce in writing at ~he time of execution oi this
Mongage that interat on the Funds shall be paid to Borrower. aod unless such agrceme~t is made or applicable law
requires such i~tetest to be paid. Lender shall not be rcquired to pay Borrower any intercst or earnings on the Funds. Lende~
sball pve to Bonower, without charge, an annual accounting of the Funds showina credits and debits to the Funds and the
purpoae tor which eaeh debit to the Funds wu made. The Funds arc plodged as additional xcurity [or the sums securcd
by thia Mortsate.
If the amount oi the Funds held by Lender. togcther with the future moMhly installments oI Funds payable priot to
tl~e due data of taxes. auessmeats. insurance premiums and ground rcnts, shall exceed the amount requircd to pay said taxa.
a:spstneats. insurance prcmiums and ground nnts u they tall due, such excess shall be, at Borrower's option, either
pmmptly repaid to Borcower or creditod to Borrower on monthly installments of Funds. If the amount of the Funds
heW by L.eoder shall not be sul6cieat to pay tues, auessmenu, uuurance premiums and gmund rents as they fall due,
Borro~?er shall pay to I.ender any amount nocessary to make up the deficiency within 30 days from the date notice is mailed
by Lender to Borrower requesting payme~t thereof. ~
~ Upon paymeot in fuU of all tums secured by ihis Mortgage, Lender shall promptly retund to Borrower any Funds
held by L.ender. If under puagtaph 18 hereof the Propeny ia sold or the Propeny ~s othenvise acquircd by Lender, L.ender
s6s11 apply, no later than immediately prior to the sale of the Propeny or its acquisition by Lcnder, any Funds held bv
I.eader at the time of application as a credit agai~st the sums secured by this Mongage..
3. A~piicatio~ of Paynenls. Unless applicable taw provida otherwise, all payments received by Lender under the
Note and pangnphs 1 and 2 hereof shall be applied by l_ender first in payment of amounts payable to Lender by Borrower
under puagraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and
priacipal o~ any Future Advances.
1. C6st~a; Litat. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to
the Property which may attain a priority over this Mortgage. and leuehold payments or ground rtnts, if any, in the manntr _
pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
payee thereof. Borrower shall promptly [urnish to Lenckr all notices of amounts due under this paragraph. and in the event
Borrower shall make payment directly, Borrower shall pramptly furnish to Lender receipts evidencing such payments_
Bonower shall promptly dixharge 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 agree io writing ta the payment of the obligation secur+ed 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,
Iegal proceedings which operate to prevent the en(orcement of the lien or forfeiture of the Property or any part thereof.
S. Hazard I~unwce. Borrower shall keep the improvemems now existing or hereafter erected on the Propeny insured
against loss by fire, hazards included withm the term "extended coverage", and such other hazards as Lender may reyuire
and in such amounts and for such periais as Lender may require; provideJ, 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 insurance shall be chosen by Borcower subject to apQroval by Lender, provided,
that such approval 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, dircctly to the
insurance curier.
All insurance policies and renewals thereof shall be in foim acceptabie to Lender and shall include a standard mortgage
~ clause in favor of and in form acceptabk to Lender. Lender shall have the right to hold the policies and renewals thereof,
~ and Borrower shall promptly furnish to Lender all renewal nouces and all receipts of paid premiums. In the event of loss.
Borrower shall grve prompE notice to the insurance carrier and lxnder. Lertder may make proof of loss if not made promptly
by Borrowcr. ~
; Unless Lencier and Borrower otherwise agree in writing, i~surance proceeds shall be applied to restoration or repair of
~ the Ptoperty damaged, provided such restorat~on 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 it the security of this Mortgage would
E be ~mpaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, wilh the excess, if any, paid
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= to Borrower. If the Property is abandoned by Borrower. or if Borrower fails to respond to Lender within 30 days from the
; date notice is mailed by l.ender to Borrower tha~ the insurance carrier ofTers to setNe a claim for insurance benefits, Lender
~ is aut6oriud to collect and apply the insurance proceeds at Leneler's option either to restora~ion or repair of the Propert~~
~ or to the sums secured by this Mortgage. `
~ Unless Lender and Borrower oiherwise agree in wnting, any such application of proceeds to pnncipal shall not extend
k or pcutpone the due date of the monthl~~ installmcnts referred to in paragraphti 1 anJ 2 hereof or change the amount of
` such installments. !t under paragraph Itt hereof the ProE,erry is acquued b}• Lender, all right, tide and interest of Borrower
~ in aod to any tnsurance policies and in and to thc proceeds thereof resulung from damage to the Property prior to th~ sale
; or acquisition shall pass to Lender to the extent of the ~ums secured by this Mortgage immediately prior to such sale or
~ acquisition.
' 6. Presen~alion aad ~1aintenance of Property: Leaseholds; Condominiums; Planned Unit Developmenls. Borrowcr
3 shall keep the Property in good repair and shall not comroit y?'aste or permit impairment or deterioration of the Property
i
and shall comply with the provis~ons of any lease ~t th~s Mortgage i~ on a leaschold. If this Mortgage is on a unit in a
condominium or a planned unit development, Borrower shall F?er(orm all of Borrow~er's obligations under the declaration
` . ot coveoants creatmg or governing ~he condom~nium or planned unit development, the by-laws and regalations of the
condominium or planned unit development, and constituent documemc. I( a coniiominium or planned unit development
nder is executed by Borrower and recorded toge~her with th~~ Mortgage, the covenants and agreements of such ridcr
shall be ~ncorporated mto anJ shall amend and supplement the covenants and agreements of th~s Mortgage as if the riJer
s were a.part hereof.
7. Protection of Lenders Securfty. If Be.rr~~~cr fails t~~ perform the covenantc an~i agreements contained in this
; Mortgage, or if any act~on ur proceeding i~ cummenceJ whirh materially afTectz Len~fer's interest in the Property.
~ includmg, but n~~~ I~mited to. eminent doma~n. ~malvenc~, cude en(orcemen~, ur arrangements or p:oceedings involving a
~ bankrupl or deceden~. then Lender at Lender'~ c~pdim, uExm nc~UCe Borrower, m~} make such appearances, dishurse such
' sums ard take such acuun ati ~s nece~~an tu pmtcct Lender's ~n?erest. inclu~hng. but not limrted to, d~sbursement of
~ reasonable auorney's fceti and eniry u~~n the Pmpcrt~ makc rcpairti. If I.cndcr reyuireJ mortgage insurance as a
~ cond~hon o( mak~ng thc loan tiecure.i by thiti ;11i~rlgagr. B~~rn~wrr shall pa~~ 1hc prcmiwm required to mainta~n such
~ insurance in eliect until wch ume ~s ~hc reyuircmen~ for .uch insurance terminate~ in accordance with Bormw•er's and
. Re~K
v 301 349
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