HomeMy WebLinkAbout2251 ~t `~75.
UNIFORM COVENANTS. BOrrOWer and Lender COYenant end agree as follows:
1. P~yareot of PrlaclpN and Lhrat. Borrower shall promptly pay when due the principal of and interest on the
indebtedaeat evideacxd by the Note, propaymeat and late charges as provided in the Note, and the principal of and interest
on any Futuro Advances secured by this Mortgage.
2. Freda tar Tacna aui Inatrua. StirbjeM to applicable law or to a written 'waiver by Lertder, Borrower. shall pay
to Lender on the day monthly installments of principal and interest arc payable under the Note. until the Note is•paid in full.
a sum (herein "Funds' equal to ono-twelfth of the yearly taxes and assessments which tnay attain priority over this
Mortgage, and ground real: on the Property. if any. plus one•twelfth of yearly premium instaWnents for hazard insurance.
plus one-twelfth of yearly premium installments for mortgage insurance. if say, all as reasonably estimated initially and from _
time to tirrre by Leader oa the basis of assessments and bills and reasonable estimates thereof.
The Funds shall be bold in an institution the deposits or accounts of which aro insured or guaranteed by a Federal or
state agency (including Leadce if Lender u such an irt:titution). Leader shall apply the Funds to pay said taxes. a:sessrrteats.
insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds. analyzing said account.
or verifying and compiling said assessment:~and bilb, 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 of this
Mortgage that interest on tht Fuada shall be paid to Borrower, and unless such agreement it made or applicable law
requires such interest to be paid, Leader 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 wss made. The Funds arc pledged as additional security for the sums secured
by this Mortgage.
If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to
the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, .
assessments, insurance premiums and ground rents as they fall due. such exttss shall be, at Borrower's option, either
promptly .repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
held by Leader shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as 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 in full of all sums secured by this Mortgage, lender 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 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. Applicstioa of Payments. Unless applicable law provides otherwise, all payments received by Lender under the
Note and paragraphs 1 and 2 hereof shall be applied by Lender 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. Charges; 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 rarBs, if say. jaithe.anan~r
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due. directly to the
payee ther+oof. Borrower shall promptly furnish to Lender alt notices of amounts due 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
requrred to discharge any such lien so long as Borrower shall agrce in writing to the payment of the obligation secured by
such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such liar in,
legal proceedings which operate to prevent .the enforcement of the lien or forfeiture of the Property or any part thereof.
S. Hazard Iasaraoce. Borrower shall keep the improvements now existing'or hereafter erected on the Property irssured
against los{ by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require
cad 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 pazagraph 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 acceptablt to Lender. Lender shall have the right to hold the policies and renewals thereof,
and Borrower 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 promptly
by Borrower.
I Unless Lender and Borrower otherwise agree in writing. insurance proceeds :hall be applied to ratoration or repair of
~ the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
9 not thereby impaired. If such restoration or repair is not economically feasible or if 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
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 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 Property
or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend
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 t8 hermf 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
or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
t acquisition.
6. Preservation and Maintenance of Property; Lsaaeholds; Condominiums; Planned Ualt Devebpmeats. 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 Borrower's obligations under the declaration
{ 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 j
rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider
shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider
were a part hereof.
i 7. Protection of Leader's Security. ]f Borrower 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.
a including, but not limited to, eminent domain, insolvency, code enforcement. or arrangements or proceedings involving a
bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, 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 attorney's fees and entry upon the Property to make repairs. if Lender required mortgage insurance as a
~ condition of making the loan secured by 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
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