HomeMy WebLinkAbout0870 Uniroaw Coven~r~m. Hore~oiwar aad l,ende~ oovenant and a~roe u follows:
~sN of l~i~clMl aN lalere~f. 8orro~ww shall Pr~P~~) Wy when due tl~e priocipal ot and i~te~at on the ;
i~edne~t evideaocd bp tNe NWe, prepaymrnt and late chargec a.c ~ovided in ~he Note, aod the prit~cipal ot and inte~es! ~
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aa any Future Advs~nas sxiu+ed bp this Mortjase.
2. !ri ter Taaus a~i Ir~ea~ce. Subject to applicabk law to a written waiver by I.ender. Bono~rer shsl~ pay
to i,ender on the day monthlp installments of priocipal and intcn~~ arc payaMe unde~ the Note. until the Note is paid in tull.
s:um (F~ein "Fuads'7 eqwl to one-twelfth of the yea~i~~ tax~~ ancl assasments which may attain priorit~? ove~ this ~
Mort~a~e. and ~round rena on tbe Pe~perty. it a~y. E?lus one-twelfth of yeuly premium installmenb fo~ huard insurance.
plus ooo-twelfth ot yearly premium installments for morta~ge inu~rancc. if any, all ss reasonabt~r estimated initially and trom
time to time by Lender on tl~e buis ot assescmcnts and hills and rcasa?abk ~.stimata thereof. ~
7Le Funds shall be held in an institution ~he depos~u or accounts of ~rhich arc irtsurod or guaanteed by a Fedenl ot
nate sseocy (includina Le~der if Lender is such an institution). 1_ender shall apply the Funds to pay said taxa. sssessments. ~
iawranoe premiums and fwut~d rcnts. l.ende~ may not charge for u~ holdin~ and applyins the Fund~. analyzing said account, `
or vetityinjsnd oompiling said assessments and bills, unless Lender p~ays Bonower i~terest on the Funds and applicable law •
parmia l.ender to make such a char~e. Borrower aad Lender may aaree in writin~ at the time of execution oi this `
Mortpae tbat interest on the Funds shall be paid to Borrower. and ualas such aaroement is made or applicable law
requira such interat to be paid. Lender shall not be requirod to Pay Bonower any interest or carnings on the Funds. Lender
s6a11 pve to Borrower, witlwut charge, a~ annual accounting of tl~e Funds showina credits and debits to the Funds and the ~
purpose for which eac6 debit to tbe Funds wu made. The Funds arc plodgod as additional security for the sums secured 4
by this Mortpse. +
If the amount of tbe Funds held by Lender. together with the futurc monthly installme~ts of Funds payabk prior to !
tbe due data of taxa, assessments. inwrance premiums and g~ound rcnts, shall excad tt~e amount required to pay said taxes. ;
s~tmeats, insurance praniums and ground rents as they tall due, such excess shall be. at Borroweri option, either '
pr~omptly rcpaid to Borrower or credited to Borrower oe monthly installments of Funds. If the amount of the ~unds
Inld by L.ender sball aot be wl6cieat to pay taxa. assesxmenu, insurance peemiums and gc+ound renta u ~hey fall due.
Borm~ver sball pay to Lender any amount necessary to make up the de6ciency within 30 days trom the date notice is mailed
by Lender to Borrower requestiag payment thereof.
Upon payaAent ia fuU of all wms secured by this Mongage, l.ender shall promptly refund to Borrower any Funds
hdd by Lender. If undec pusgraph 18 hereof the Propeny ia sold or the Property ~s otherwise acquieed by Lender, Lender
s6a11 apply, no later than immediately prior to the sak of the Propeny or its acquisitia~ by Lender. any Funds held bv
l.eoder at the time of application as a credit against the sums sxund by this Mortgage. ~
3. A.~licatio~ ot Pq~e~tr. Unless applicable law provides othcrwise, all payments received by Lender under the
Note and puagnphs 1 and 2 hereof shall be applied by Lender first in paymeot of amounts payable to Leoder by Borrower
under paragraph 2 hereof. then to iaterest payable on the Note, then to the principal of the Nde. and then to intercst and
principal on any Future Advaaves.
C6~Re~ Lieas. Borrower shall pay all taaes, assessments and other charges, flnes and impositioas attributable to
tbe Property which may attain a priority over this Mortgage, and Icaschold payments or gt~ound rents. if any, in the manner
provided under paragraph 2 hercof or, if not paid in such manner, by Borrower making payment. when due. directly to the
payee theroof. Borrower shall promptly fumish to Lender all notices of amounts due under this paragraph. aad in tbe event
Bormwer shall make payment directly. Borrower shall promptly furnish to l.ender receipts evidencing such payments.
Borrower shall promptly discharge any lien which hu prionty over this Mongage; provided, that Borrower shall not be
requircd to discharge any such lien so long as Borrower shall agree i~ writing to the payment of the obligatiun secured by
such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend e~forcement of such lien in,
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Prop~rty or any part thereof.
S. Hasard le~snnwce. Borrower shall keep the improvements now~ existing or hereafter erected on the Property insured
againtt loss by firc, hazuds included within the term "extended coverage", and such other hazards as Lender may requiro
and in such amounts and for such periods as Lender may require; provided, that Lender shall not requirc that tt~e amount of f
i such coverage exceed that amount of coverage requircd to pay the sums secured by this Mort~a6e.
; 'Ibe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, ,
; tbat such approval shall not be unreasonably withhe{d. All premiums on insurance policies shail be paid in the manner
~ pmvided uoder paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when duc, dircctly to the
insurance carrier.
~ All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
~ claux in favor of and in form acceptable to Lender. Lender shall have ihe 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.
6 Borrower shall grve prompt notice to the insurance carrier and Lender._ Lender may make proof of loss if not made promptly
by Borrower_
~ ~ Uoless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or rcpair of
~ the Propeny damaged, provicled such restoration or repair is economically feasible and the security of this Mortgage is ;
~ not thereby impaired. lf such restoration or repair is not economically feasible or if the security of this Mortgage would !
~ be impaired, the insurance Qroceeds shall be applied to the sums secured by this Mortgage, with the . eacess, if any, paid ;
to Borrower. lf the Ptoperty is abandoned by Borrower, or if Borrower fails to respond to l.ender within 30 days irom the
datt notice is ma~led by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits. Lender
~ is authoriud to collect and apply the insurance procceds at Lender's option either to restoration or repa~r of the Propertv
~ or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree m writing, any such application of proceeds to principal shall not extend
~ or postpone the due date of the monthly inuallments referred to in paragraphs 1 and 2 hereof or change the amount of ~
suc6 installmeuts. If under .paragraph I8 hereof the Pro f,erty is acywred by Lender, all right, title and interat of Borrower
~ in and to any R?surance policia and in and to the proceeds thereof resul~ing from damage to the Property prior to ih.: sale s
~ or acquisition shall pass to Lender tu the extent of the sums secured by this Mortgage immediately prior to such sale or
~ acquisition.
~ 6. Prrservation and Maintenance of Property; Leasehulds; Condominiums; Pianned Uait Devebpments. Borrower
~ shall keep the Property in good repair and shall not comrUit Waste or permit impairment or deterioration of the Propcrty
and shal) compl}' with the provisions of any lease if this Mortgagc is on a leaschold. I( this Mortgage is on a unit in a
" coadominium or a planned unit development, Borrower shall perform all of Botrower s obligations under the declaration !
' or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the
i condominium or planned unit development, and constituent documen~~. If a condominium or planned unit clevelopment
- rider is eaecuted by Borrower and recorded toge~her with thic Mortgage, the covenants and agreements of such rider .
~ shall be incorporated into and shall amend anJ supplrment the covenants and agreements of this Mortgage as if the riJer
~ were a part hereof. ~
~ 7. Protection oE Leoder's Security. If Borrower fa~lc a• perf~,rm the co~enants an~ agreements contained in this ,
~ Mortgage, or if any act~on ur proceeding is commenced Kh~ch ma~eriall~• afiects I.ender's interest in the Properry,
~ includmg. but not lim~ted to. emment domain, ins~Rency~. c~~de en(orcement. ~~r arrangements or proceedings invol~•ing a
~ bankrupt or decedent, then I_ender at Lender's oPtion, upon n~t~ce to Borrower, ma~ make such appearances, disburse such
~ sums and take such action as is necessary w prote~~ Lender's interest, incluJing. but not limited to, Jisbursement ot
~ reasonable attomey's (ces and en~ry upon thc Proper~p to make rcpairs. I( .I.rnder reyuired mortgage inturance as a
~ cond~tion of malcmg the loan tiecureJ by th~s M~~rtgage. BorruNrr shall pay the premiums reqinred to maintain such
insurance in eliect uMil ~uch time as the reyuirement for ~iich insurancr trrminatc~ in :~e~ordance w~th Borrower's and
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