HomeMy WebLinkAbout0619 UNIlO~1~[ COVBNAtiTi. Bo~rowrer and Lender coveoant and a~ra u tollows:
l. ~N ot hi~clNl a~i tNereN. Borrower shall Fuompd) paY when due tbe principal of and intercst oo the
indebtednpt evidenoed by the Note. prepaymeot and late cha~gec ac ~xovided in Ihe Note. and the priocipal ot ~nd inte~esl
on aoy Future Advances secured by tha Mort~aje. .
2. FrN~ [or TuN ~ I~wr~ca Subject to applical+k law ~,r to a written waiver by Le~de~. Bo~rower shall pay
to Lender on 11te day moethly installments ot principal aod in~~rctt an payal+le unde~ the Note. until the Note is paid in full.
a sum (hereio "Fundt'~ equal to one-twelfth of the yes~i~~ tas~~ anJ assasments which may attain priority over this
Mortjaje, and ~oound rena on cbe Propeny. if any, plus one-tweltth of yearly prcmium instsllments for hazard insurance.
plus onc-twel[th ot yea~ly premium installmeols tor mort`age insurancc. it any, all as rcasonably atimated initially and t~om
time to time by L~ader on the buis ot assessmcnts and hills and reawnable atimata thereof.
The Fu~ds shall be held in an instituticu~ the depos~a or accounts of which are insured o~ auaranteod by a Fedenl ot
sttte ajency (includina Lende~ if Lender is such an institution). lender shall apply the Funds to pay uid tua. auasments.
iawraaoe premiums and ~tound rents. l.ender msy not cha~ge ior sc~ holdina and aPplYiog the Fund~. analyzin= said account,
or verifyin` and compiling said a;sessments and bills, uolcss Lender p~ys BoROwe~ interat on the Funds and applicable law
~ permits Le~der to make such a charge. Borrowe~ and l.ender may agree in writina, at ~he time ot execution ot this
Mortsaje tbat interest on the Funds sball be paid to Borrower. and unle.ss such agrsement is made o~ applicable law
requires such intercst to be paid. Le~der shall ~ot be rcquircd to pay Borrower any intercst or earnings on the Funds. l.er~der
sha11 pve to Borrower. without charge, an anowl accounting of the Fu~ds showing crcdits and debits to the Funds and tho
purpoae for wAich eae6 debit to the Funds was made. The Funds are pledged u additional security for the sums sccured
Dy thic Mortpae.
If the amount o[ the Funds held by Lender, togethe~ with the future monthly installments of Funds payabk prior to
tl~e due data of taxa. assessmeats. insura~ce premiums aod ground rcnts, shall exceed the amount rcquired to pay said taxa.
au~aeats. insurance premiums and gtound rents u they fall due, such excess shall be, at Borrowe~ s option, either
pranptly repaid to Borrower or crodited to Borrower on monthly installments of Funds. If the amount of the Funds
held by Leoder shall not be suRicient to pay tua. as~essnnents, insu~ance premiums, and ground rents u thty fall due.
Horm~?er shall pay to Lender aay amou~t nocessary to make up Ihe deficiency within 30 days from the date notice is mailed
by l~eoder W Borrowe~ requestin8 paYment thercof. .
Upoa paynaent in full of all :ums securod by this Mortgage, l.ender shall promptly re[und to Borrower any Funds
held by Lender. If under parsaraph 18 hereof the Property ia sold or the Property ~s otherwise acquircd by Lender, Lender
~ shall apply. no later than immediately prior to the sak of the Property or its -acquisition by Lender, any Funds held bv
I.eader at the time of application as a crcdit against the sums sccurcd by this Mortgage.
3. A~piicatio~ ot P~oe~b. Unless spplicable law provida otherwise, all payments receivod by Lender under the
Note and paragrapbs 1 aad 2 hereof shall be applied by Lender first in payment of amounts payable to ~ender by Borrower
under parsgraph 2 hercof. t6en to interest psyable on the Note, then to the principal of the Note, and then to interat and
principal on any Future Advances.
4. Chatta; Lieas. Borrower shall pay all taxes, asseuments and atber charges. 6nes and impositions attributabk to
t6e PropeRy which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner
p~mrided under paragraph 2 hereof or, if not paid in such manner, by Horrower making payment, whp~ due, diroctly to the
payee theno[. Borrower shall promp~ly turnish to Lender all notices of amounts due under this paragnph. and ia the eveat •
Bormwer shall make payment directly, Borrower shall promptly furnish to l.ender receipts evidencing such payments.
Borrower shall promptly dixharge any lien which has priority over this Mortgage: provided, that 8orrower shall not be
rcquired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation securod by
such lien in a manner acceptable to Lender. or shall in good faith conte~t such lien by, or defend enforcement of such lien in.
legal proceedings which operate to prevent the enforcement of the I~en or forfeiture of the Property or any pan thereof. .
S. Hazard le~aurasce. Borrower shall kcep the improvemen~s now existing or fiereafter erected on the Property insured
agair~st loss by fire, hazards included within the term "ex~ended coverage", and such other hazards as Lender may require
and in such amounts and for such periods as Lender may require; .provideJ, that LenJer shall not require that the amount of
such cov~rage exceed that amount of coverage required to pay the sums secured by this MortEa6e.
'Il~e insurance carricr providing the insurance shall be chosen by Bonower 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
j insurance curier.
; Al! insurance policies and renewals therrof shall be in form acceptable to E.ender and shall include a standard morigage
i clause in favor of and in form accep~able to Lender. Lender shall have the right to hold the policies and rcnewals thereof,
i and Borrower shali promptlydutnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss.
; Borrower shall gi~~e prompt notice to the insurance carricr and Lender. Len~ier may make proof of loss if not made promptly
j by Borrower.
~ Unloss I.ender and Borrower otherw~se agree in writing, inwrance proceeJs shall be applied to restoration or repair of
the Property damaged, proviJec! such restora~~on or repair is economically feasible and the security of this Mortgage is
~ not thereby impaired. lf such restorat~on or repait is not ecunomically feasible or if the security of this Mortgage would
~ be impaired, the insurance procceds shall be applied to the sums secured by this Mortgage. with Ihe excess, if any. paid -
to Borrower. If the Property is abandoned by Borrower, or it Borrower fails to respond to Lender within 30 days from ~he
date notice is maded by L.ender to Borrower that the insurance ca~rier 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 repa~r of the Propert~
or to the sums secured by this Mortgage.
Unless I_ender and Borrower otherwise agree in writing, any such applica~ion of proceeds to principal shall not extend ~
or pentpone the duc date of the monthly installmcntc referred to in paragraphti I and 2 hereof or change the amount o(
such installments. If under paragraph !8 hereof the Property is acyuireJ by LenJer, ali nght, 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 thc saie
or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition.
6. Preservation aod ~?faintenance of Property; Leasehulds: Condominiums; Pfanned Udt Devebpments. Borrowcr '
shall keep the Property in good repair and shall not comrvit K•aste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease ~f thn Nortgagc „ on a leaschold. 1f this Mortgage is on a unit in a
~ condomin~um or a planned unit development, Borrower ~hall perform all ot Borrower's obligations under the declaraUon
or covenants creating or governing the condominium or plarined unit develupment, the by-laws and regulations of the ,
condominium or planoed unit development, and constituent documentti. a.condominium or planned unit development '
~ rider ~s executed by Borrower and recorded together with thiti Mortgage, the covenants and agreements of such rider `~4
~ shall be incorporated ~nto and shall amend and supplcment the co~enants and agreements of this Mortgage as if the rider
~ were a part hereof.
~ 7. Protectioa of I.eader's Security. If Borre~wer (a~lti u• per(orm the covenants anJ agreements contained in this
~ Mortgage, or i[ any acUon ur proceed~ng is cummence.l wh~ch materially afTrcts Lender's interest in the Property,
~ including, but n~~t limited to, em~nent ~domain, ins~~lvency_ c~~de en(orrement. c~r arrangements or pn~ceedings in~ol~~ing a
~ bankn~pt or decedent, then Lender at l.ender'~ option, upun "n~tice to Borrower, may m:,ke such appearances, disburse auch
sums and lake such ac~iun ati ~s necessary- ~u pratect l.ender's intcrest. mclu~ling. bu! nat limiled to, d~sbursement of
~ reasonable attarney's fces and en~ry uMm the Propert}~ to makc rcpair.. It Lrndcr reyuircJ mortgage insurance as a
~ cond~tion of making the loan tiecureJ b~~ tfus M~~rt~:age. I3~~rruwrr shcill pay the premi~nns required to maintam such
~ huurance in etTect unUl such t~me as ~he reyuiremen~ for ,uch incurancc Ierminate~ in :~ecordanee w~ith Bormwer'c and
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