HomeMy WebLinkAbout1731 UNIPORAI COVeNANTS. Borrower and Lender covenant and agree ss follows:
1.. >rs~weet of IrrlaelNl ttrti Italetnssf. Borrower shall promptlk• pay when due the principal of and interest on the
indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of sttd interest
as any Future Advances secured by this Mortgage.
2. Fri for Ttttas aei trwrsoee. Stirbject to applicable law cr to a written waiver by Lender. Borrower shall pay
to Lender on fife day monthly rnstallments of principal and interc~t are payable under the Note, until the Note is paid in full,
a suet (herein "Furrds'~ equal to one-twelfth of the yearl}~ taxi-. and assessments which tray attain priority over this
Mortgage. and ground rents on the Proputy, if any. plus one-twelfth of -yearly premium installments for hazard insurance.
plus otte•twelfth of yearly premium installments for mortgage instrrancc, if any. all as reasonably estimated initially and from
time to tithe by Lender on the basis of assessments and hills and reasonable estimates thereof.
The Funds shall be held in an institution the depoarts or accounts of which arc insured or guaranteed by a Federal otr
state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments.
insurance premiums and ground rents. lender may not charge for so holding and applying the Funds, analyzing said account,
or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution o[ this
Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreement is made or appligble law
requir+a such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
shall give 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 was made. The Funds are pledged as additional security for the sums secured
by this Mortgage.
If the amount of tht: Funds held by Lender, together with the future monthly installments of Funds payable prior to
the due dates of taxes, assessments. iruurarttx premiums and ground rents, shall exceed the amount required to pay said taxes,
assa:raents, iruurartce premiums and ground rents as they fall due, such excess shall be, at Borrowers option, either
promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. I[ the amount of the Funds
htdd by Lender shall rent be wfTicieat to pay taxes. assessments, insurance premiums and ground rents ss they fall due,
Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Lender to Borrower requesting payment thereof.
Upon payment is full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
held by Lender. If under parsgraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender. Lender
shall apply. rro later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by
Leader at the time of application as a credit against the sums secured by this Mortgage.
3. A~plicatiow of Payeeofs. Unless applicable law provides otherwise, all payments received by Lender under the
Note and paragraphs 1 and 2 hereof shall be applied by [.ender first in payment of amounts payable to Lender 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
principal on any Future Advances.
4. Cbages; Liens. Borrower shall pay all taxes, assessments and other charges, tines 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
provided 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 furnish to Lender all notices of amounts dtx under this paragraph. and in the event
Borrower shall make payment directly, Borrower shall promptly furnish 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 agree in writing to the payment of the obligation secured by
such lien in a manner acceptable to Lender, or shall in good faith context such lien by, or defend enforcement of such lien in,
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
S. Hazard Irtstrraace. Borrower shall kcep 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 Lender 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 insurance shall be chosen by Borrower subject to approval 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. directly to the
insurance carrier.
All 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 Lender. Lender shall have the right to hold the policies and renewals thereof,
t and Borrower shall promptly furnish to Lender all renewal notices and all recejpts 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
by Borrower.
~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration 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 it the security of this Mortgage would
be impaired. the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
z 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 marled by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits. Lender
is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Propene
or to the sums secured by this Mortgage.
Unless 1_ender and Borrower otherv~ise agree in writing, any such application of proceeds to principal shalt not extend
or postpone the due date of the munthl}' installments referred to in paragraph. 1 and 2 hereof or change the amount of
~ such installments. if under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower
in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale
1 or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition.
6. Presenatioo and Slaiotenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower
shall keep the Property in good repair and shall not comrpit caste or permit impairment or deterioration of the Property
and shall comp)}• with the provisions of any ~Itase if this Mortgage is on a leaxhold. if this Mortgage is on a unit in a
condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration
1 or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the
condominium or planned unit development. and constituent documents. If a condominium or planned unit development
rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such nder
shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider
were a part hereof.
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7. Protection of Leader's Security. It Borrower fads to perform the covenants and agreements contained in this '
Mortgage, or if an}• action ur proceeding is cummence.i which materially aficcts lender's interest in the Property.
including. but not limited to, eminent domain. ina~hency. ccxle enforcement, or arrangements ur proceedings invoh•ing a
bankrupt or decedent, then Lender at Lender's option, upon notice to Burrower, may make such appearances, disburse such
sums and take such action as is necessary to protect 1 ender'x interest. including. but not limned to, disbursement of
reasonable attorney's ices and entry upon the Property to make repairs. If Lender reyuircd mortgage insurance as a
condition of making the loan secure) h}' this ~turtgage. BPrrUwCr shall pay the premiums require) to maintain such
insurance in elfect until such time as the reyuucment for wch insurance terminates in accordance with Borrower's and
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