HomeMy WebLinkAbout0405 UNIFORM COVENANTS. Bo~rower and Le~de~ covenan~ and ag~a u follows:
T~~r~e~t ot hf~e1N1 a~i INsrat. Borrower shall promptly paY when due the principal ot and iMerat on 1he
iadebtednat evidenced by the Note. prcpaytnent and late chargec ac provided in the Note, and the principal ot and 'mterest
an any Futut~e Advances secured by this Mortasge.
2. Fr~is tor Ta:~s a~ Iaw~a~ee. Subject to applicabk law ~~r to a writ~en waive~ by Lender, Borrower shall paY
to L.ender oo the day monthly installmen~s of principal and imcrcv ~rc ~yahk under the Note. until the Note is paid i~ tull,
~ a sum (henin "Funds'~ equal to one-tweltth ot the yead)~ iaac. anJ assasments which may attain priority over this
Mort~ase. and Sround rents on the Property. if any, ptus one-twel(th ot yearfy premium installments for huard insura~ce.
~plus one-tweltth o[ yearly prcmium installmeots tor mongage insurancc. if any, all as rcssonably estima~ed initially and from
',time to time by ~Lender on the basis ot asxs-sments and hills and reaaonabk atimata thereof.
The Funds shall be beW in an institu~ion ~he depas~ia o~ accounts of which are i~sured or guannteed by s Fedenl ot
:tata aget~cy (including Lender if Lende~ is such an irutitutionl. I.ender ahall apply the Fut~ds to pay said taxa. asxssments.
insutance premiums and ground nnts. l_ender may nat charge for s<+ holding and applying the Fnndc. analyzing caid account,
or verifyins and compling uid assessments ~nd bilh, u~less Lender pays Borrower interat on the Funds and applicable law
permits Lender to make such s charge. Barrower and Lender may agree in writing at ~he time ot execution o[ this
Mon,~sse that interest on the Funds shall be pa+d to Borrowet. and unlas such agrcement is made or applicable law
requires such interat to be paid. l.ender shall not be rcquircd to pay Borrower any interat or earnings on the Funds. Lender
shall aive to Borrowtr. without charge, an annual acrnunting of the Funds showing credits and debits to the Funds and the
purpose tor which each debit to the Fu~ds wu made. The Funds are pledged as additional security for thc sums socured
by this Mort~age.
If the amount o[ the Fuads held by Lender, together with the future monthly installments of Funds payable prior to
t6e due dates of taxes. asussments. insunnce prcmiums and ground rents, shall exceed the amount rcquired to pay said taxa.
assdsments, insunnce prcmiums and ground rents u they fall due, such excess shall be, at Borrower s option, either
pranptly repaid to Borrower or credited to Bormwer on monthly installments of Funds. If the amount o( the Funds
held by Lender shall not be wt6cieat to pay 1ues, usessments, insurance premiums and ground rc~ts as they fall due,
Horrower shall pay to l.ender any smount necusary to make up the deficiency within 30 days from the date notice is mailcd
by Lender to Borrower requasting payment thereof.
Upon payment in full of all sums stcured by this Mortgage, l_ender shall promptly refund to Borrawer any Funds
heW by [.ender. If under paragrapti 18 hercof the Property i~ sold or the Property ~s otherwise acquircd by Lender, Lender
shall apply, no later ihan immediately prior to the sale of the Property or its acquisition by Lender. any Funds hcld bv
Leoder at the time of application as a coedit against the sums securcd by this Mortgage.
3. A~plicatiow ot Pqoe~ts. Unless applio~bl~•la~v. prOwk~~~~.P~Yments rcceived by Lender under the
Note and paragraphs I aad 2 hercof shall be applied by I_ende,r, n a ment of'amounts payable to Lender by Borrower
under puagraph 2 hercof, t6en to interest payable on the Nol~~ ~Ancipal of the Note, and then to interest and
principal on any Futurc Advances. 1~ S~~ Mt~ 2 i, i'
C6arses; Liens. Borrower shall pay Dfzl~~ll.('~~ ~r~~~d impositions attributable to
tbe Property which may attain a priority over t~ ~Q,,~p~ay ents or ground rents, if any, in th~ manner
pcovided under paragraph 2 hereo[ or, if not paid m suc manner, by Bo~bM~~~nYa{fi~ ¢s~rf~nt, when due, directly to the
payee thereof. Borrower shall promp~ly furnish to Lender all notices of amounts due under this paragraph. aad in the event
Borrower shall make payment directly, Borrower shall promptly fumish to Lender receipts evidencing such payments_
Borrowe~ shall promp~ly 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 tht obligatiun securcd by
such lien in a manner acceptable ~o Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in.
legal proceedings which operate to prevent the enforcement uf the lien or forfeiture of the Property or any part thereof.
S. Hsurd Insurance. Borrower shall kcep the ~mprovemems now existing or hereafter erected on the Property insured
against loss by fire, hazuds included with~n the term "cxlended coverage", and such other hazards as Lender may require
~ and in such amounts and for such periods as Lender may reyuire; provided, that Lender shall not require that the amount of
' such coverage eaceed that amount of coverage required to pay the sums secored ~by this Mortgage.
j 'il~e 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 sha11 be paid in the manner
; provided under paragraph 2 hereof or, ~f not paid in such manner, by Borrower making payment, when due, directly to the
s iasurance carrier.
All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
~ clause in favor o( and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof,
and Borrower shali promptly fura~sh to Lender all renewal notices and all receipts o[ paid prcmiums. In the event of loss,
~ Borrowtr shall give prompt notice to the insurance carrier and lxnder. Lender may make pra?f of loss if not made promptly
~ by Borrower.
~ Unless Lender and Borrower otherwise agrce in writ~ng, insuran.e proceeds shall be applied ro restoration or repair of
the Property damaged, proviJed such restoration or repair is econumically feasible and the security of this Mortgage is
~ not thereby impa~red. 1t such restorateon or repair is not economically feasible or if the security of this Mortgage would
be impaireei, the insurance proceeds shall be applied to the sums secured by this Mortgage, wieh the excess, if any, paid
~ to Borrower. If the Property is abandoned by Borrower, or it Bormwer fails to respond fo Lender within 30 days irom the
~ date noUce is mailed by Lender to Borrower that the insurance carrier ofTers to settle a claim for insurance benefits, Lender
is authorit.ed to collect and apply the insurance proceeds at Lender's optiun either to restoraUOn or repa!r of lhe Propem•
~ or to the sums s~cured by this Mortgage.
~ Unless I_ender and Borrower otherv~ise agree in writing, an}~ such application of proceeds to pnncipal shall not extend
~ or postpone Ihe ~foc date of the monthly mslallments referred to in paragraphc I and 2 hereo[ or change the amount o[
such installments. If under patagraph 18 hereo( Ihe Property is acywred by Lender, all right, title and interest of Borrower
~ in and to any tnsurance policies and in and to the proceeds thereot resulting from damage to the Propeny prior to thc sale
~ or acquisition shall Qass to Lender to the extcnt of the sums sccured by this Mortgage immediately prior to such sale or
~ acquisition.
6. Presenalion and ~taintenance of PropeAy; Leasehu{ds; Condominiums; Planned l•init Developments. Borr~wcr
shall keep the Property in good repair and shall not comroit y~a~te or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease it thu hlor~gagc ic on a leaschold. If this Mortgage is on a unit in a
~ condominium or a planned unit developmen~, Borrower shall per(orm all of Borrower's ebhgations under the declaraU~~n
or coveoants creatmg or governmg the condominium or planned ur~it develupment, the by-laws and regulations of the
condominium or planned unit development, and constiwent documentt. I( a condominium or planned unit development
nder ~s executed by Borrower and rerorded t~~gether with thi~ Me~rtgage, the covenants and ~greements of such rider
shall be incorporated into and sh~ll amend anJ supplcment the cu.enams and agreemems of ~hiti Mortgage as if the tider
~ wue a part hereof.
~ 7. Protection ot Lender's Security. It Ri•rr~~~er fa~;. ta ~xri~~rm~the coven:~nts and agreements contained in this
Mortgage, or if any actwn ur proceedmg iti a~mmrn,e~l whrch m~tcrially af~rcts LenJer's mtere1t in the Properl}•.
~ indudmg, but n~~t Gmi~ed to, cminent dumain. inu~l~ency, c~~de enf~.rcement. ~~r arr:~ngcmrnts or proceedings involc~ng a
~ bankrupt or decrdem, then LenJer at I.ender'~ e~ptian, uEx~n nc~hce to Bormw~er, ma~ make ~uch appearances, dishune such
wa "
sums and take such ac~ion as ~s nece~tiary tu prrnect Lender's imerest. ~nc{ii~hng. but not limited to: Jisbursement of
~ reasonable attomey'~ (~ec and entry ~~~x~n the Proper~}~ t~ make repair~. It Lender reyiiircd martgage incurance as a
conJit~i~n nt making thc loan ticcurcJ by thi~ Mungagc. B~~rmNrr shall p~y thc prcmiums requ~reJ to maintam ~uch ~
~
r~ insuranc:c in rlicct until tiuch t~mc as thc rcqwremcnt f~r wch ~nsu~ancr trrm~n:~Irs m:~c~urdancc w~~th Borr~~wcr'~ anJ
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