HomeMy WebLinkAbout1555 ~ ' • ~ ~ ~ ~ i , ~ _ ~ ~
. t ~ : t,
UNIPQRM COVENANT3. Borrower aad I.~ader covenant and agree aa follows:
1. ~jnse~t ot lei~clMl a~i 1Nete~t. Borrower shall P~P~~Y WY W~n due the principal of and interest on the
indebtedneq evidenoed by the Not0. p~piy~at and 1*te cha~es as pcovided in the Note. and the principal of u~d interat
on ~ay Future Advances sxured by this Mortaaja
Fwi tor 'I'~a~N a~i f~wra~e~ Slibject to applicabk law or to a wtittet~ waiver by Lender, Borrowe~ shap paY
to L.ander on the day monthly i~tallmeats of priacipal and intercst are payabk unde~ the Note. untit the Note is paid in full.
a tum (hercin "Fun~'~ eqwl to oae-twelfth of the yearly taxes a~d assessmrnts which may attain priority over this
Mortga~e. and ~round nnts on tbe Prnperty. if any. plus ono-twelfth of yesrly pnmium insWlments for hazard insurance, ~
plUt OGE-~1NlI~~~1 Of jf~F~ ~ISiii~1 iA~t7ljl~l~lii3 I8T tTi01't$~ Iif3Ur~iiiC@. if ar~y. afl as scasonabty csiimatr.d init':apy srtd fr~s~
t~me to time by Lender on t6e basis of as~ments and billa ~and ressonabk estimates thereof.
'Ibe Fun~ shall be held ia aa instifution the depoaits or accounts of which are iiuurod or guaranteed by a F4deral or
state ageocy (inciuding Lender if Leader is such an iastitution). l.eader ahall aPp1Y the Ftinda to pay said wces. ssussmeata.
inaurance premiums and grouad rents. Lender may ~ot charge for so holding and applying the Funds. analyzing said accoun~
or verifying and oompliag said assasmenb and bilh. unless Leader pays Borrowe~ interest on the Funds and applicable law
permits Lender to make such a charge. Borrowrr and Lende~ may agrce in writing at the time of execution of this
MoKgage that interest on the Funds shall be paid to Borrowe~. and unless such agreement a made or applicabk law
requires such interest to be paid. Leader shali not be required to pay Bo~mwer any interest or earnings on the Funds. Lender
shall ~ive to Borrower. witLout chu~e..an annual accounting of the Funds showing credits and debib to the Funds and the
purpose for which each debit to the Funds was made. 'ILe Funds arc pledged as additional security for the sums securcd
by this Mortgsge.
If the amount of tt~e Funds held by I.ender. together with the future monthly installments of Funds payabk prior to
the due dates of taxes. assessmeats. i~ssurance premiums and g~ound rents, shall excud the amount roquired to pay said taxa,
a:sasaments, insurance premiums and ground rents as t6ey fall due. such excess shall be. at Borwwer's option. either
pranptly npaid to Bort+Ower or creditod to Borrower oa monthly_ installmenu of Funds. If the amount of the Funds
held by I.eader shaU not be sulScient to pay taxes, as~essmenta, insurance prcmiums and gmund rents aa they fall due,
Borrower shall pay to l.ende~ any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Lender to Borrower requestiag p~ayment thereof.
Upon payment ia full of all sums secured by this Mortgage, l.ender shall promptly refund to Barrower any Funds
held by I.eader. If under paragraph 18 hercof the Property is sold or the Property is otherwise acquired by Lender. L.ender
shall apply, no later t6an immodiately prior to thc sale of the Property or its acquisition by I.ender. any Funds held by
Lender at the time of application as a credit against the sums secured by this Mortgage.
3. App~icatbn ot Paymeats. Unless applicable law provides otherwise. all payments received by Lender under th~
Note aad psraaraphs l~sd 2 heseof shal! be applied by Lender Rsst in paysnent ef ameunls payable to Lender by Borrower
under paragraph 2 heroof. 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. C6ar~a; Lkaa. Borrower shall ~pay all taxes, assessments and other charges, fines and impositions attributable to
the Property which may attain a priority over this Mortgage. and leasehold payments or ground rents, if any, in the manuer
provided uader paragraph 2 hereof or, if not paid in such manoer, by Borrower making payment, when due, dirocdy to the
payee thereof. Bomower ahall pmmptly furnish to Lender all notices of amounts_ due under this paragraph, aad in the event
Borrower, shall make payment direcUy. Borrower shall promptly furnish to L.ender receipts evidencing such payments.
Borrower shall pmmptly discharge any lien which has priority over this Mortgage; providcd. that Bonower shall not be
required to discharge any such lien so.long as Borrower shall agree in writing to the payment of the obligalion secured by
suc6 lien in a manner acceptable to Lender. or shall in good faith contest such lien by, or defend enfo~cement of such lien in,
legal procoedings which operate to preveat the enforcement of the lien or forfeiture of the Property or any part thereof.
S. Hazard Inserance. Borrower shall keep the improvements now existing or hereafter erected oa the Property insured
against loss by fire. hazards included within the term "extended coverage". and such other hazards as Lender may require
and in wch amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of
such coverage eacced that amount of coverage required to pay the sums secured by this Mortgage.
'ILe insuraacx carrier providing the insurance shall be chosen by Borrower subject to approval by Lende~; provided.
that such approval s6a11 not be unreasonabty withheld. All premiums on insurance policies shall be paid in the manuer
provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making paymeat, when due, directly to the
~ insurance curier. -
All insuruue policies aad 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 thc policies and renewals thereof,
~ and Bornower shall promptly furnish to Lender all renewal notices and all receipts of paid prcmiums. In the event of loss,
~ Borrower shall give prompt notice to the insuranee carrier and Lender. C.ender may make proof of loss if not made promptly
E by Borrower.
t,~nless Lender and Borrower otherwise agree in writing, insurance proceeds shal) be applitd 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 ropair is not economically feasible or if the security of this Mortgage would
be imptired, the insurance prooeeds shall be applied to the sum~ secured by this Mortgage, with the excess, if any, paid
~ to Bonower. If the Pmperry 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 insuraace bene6ts, Lender
is authoriud to collect and apply the insurance procceds at Lender's option either to restoration or repair of the Property
~ or to the swns 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 instaUments referred to in paragraphs 1 and 2 hereof or change the amount of
~ suc6 installments. If under paragrapb 18 6~roof the Property is acquired by Lender, all right~ tide and interest of Bonower
f in and to any insurance policies and in and to the proceeds thereof resultiag from damage to the Property prior to the sale
a or acqtusi,tion shall pass to Lender to t6e extent. of the sums sccural by this Mortgage immcdiately prior to such sale or .
~ acquisition. ~
x 6. Praervatbn and Maintenaace of Properfy; Leaselwlds; Condomioiums; Planncd Unit Devebpmeats. Borcower
~ shall keep the Property in good repair and shall not commit wute or permit impairment or deterioration of the Property
n and shall comply with. the provisions of any lease if this Mortgage is on a leasehold. lf this Mortgage is on a unit in a
~ condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under ihe declaration
~ or covenants creating or governing the condominium or planned unit devetopment, 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 rider
; ahall be incorporated into and shall amend and supplemeot the covenants and agreements of this Mongage as if the rider
~ w•ere a part heroof.
3 7. Protectba of Lende~'s Security. It Borrower fails to perform the covenants and agreements contained in ihis
~ Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property.
~ 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
~ reaso~able attomey'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 efiect until such time as the requirement for such insurance terminates in accordance with Borrower s and
: : - ; . goR~311 ~A~: i554 .
3