HomeMy WebLinkAbout2484 UNIFORM COVENANTS. Borrower and Lender covenant a~d agree as follows: `
1. P~meat of 1Mncipal snd Interest. Borrower shali promptly pay when due the principal of and intercst on the
indeb;ed~ess evidenccd by thc Note. prepayment and late charges as provided io the Notc. and the principal of and intcrest
on any Future Advances secured by this Mortgage.
2. FWuds for Tiues aad Insurance. Subject to applicable law or to a written waiver by Lender. Borrower shall pay
to I.e~der on the day monthly installments of principai and interest are payable under the Note. u~til the Note is paid in full,
a aum (herein "Fun~") equal to one-twelfth of the yearly taxes anJ assessments which may attain priority over this
Mo~tgage. and ground nnta on the Pc+operty. if any, plus one-twelfth of yearly premium installments for hazard insurance.
plus one-twelfth of yearly premium iastallments for mortgage insurance, if any. all as reuonably estimatcd initially and (rom
time to time by Le~der on the basis of assessments and bills and reasonable estimates thereof.
The Funds shall be held in an institution the deposits or accaunts uf which arc insured or guaranteed by a Federal or
state agency (including Lender if Lender is such an institution). 1_ender shall apply ihe Funds to pay said taxes, assessments,
insurance pnmiums and gmund rents. Lender may not charge for so holding a~d applying the Funds, analyzing said acrnunt~
o~ verifying and compiling said assessments and bills. unless Lender pays Rorrower interest on the Funds a~d applicable law
permits Lende~ to make such a charge. Borrowtr and l.e~der may agree in writing at the time of execution of this .
Mortgage that interest on the Funds shall be paid to Borrower. and u~less suc6 agreement i~ made or applicable law
requires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
shal) give to Borrower, without charge, an an~ual accounting of the Funds showing credils and debits to the Funds and the
purpose for which each debit to the Funds was made: The Funds are pledged as additional security for the sums secured
by this Mohgage.
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. asseuments. insurance premiums and g~ound rents, shall exceed the amount required to pay said taxes.
assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either
promptly repaid to Borrower or credited to Borrower on monthly installmen~s of Funds. If the amoynt of the Funds
held by Lender shall nat be suflicient 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 thereot.
Upon payment in full of al) sums secured by this Mortgage. t_endcr shall promptly refund to Borrower any Funds
held by l.ender. If under paragraph 18 hereof the Property is sold or the Property is othecwise acquired by Lender. Lender
shall apply. no later than immediately prior to the sale of the Property or its acquisition by,I.in~er, any Funds held by
Lender at the time of application as a crcdit against the sums secured by this Mortgag~.
3. Application of PaymeoLs. Unless applicable law provides otherwise, all paymeMs rEceived by Lender under the
Note and paragraphs 1 and 2 hereof shall be applied by I_ender fi~st in payment of amounts payMl~;t~~tder ~.y Borrov?~er
under paragraph 2 hereof, then to interest payable on the Note, thcn to the principa! of the IyQ~~~~~t~j~° interest and
principal on any Future Advances. - .
4. C6arges; Lkas. Borrower shall pay all taxes, asscssments and othcr charges, fine"s anJ im'pjos'ili~~s~
attributable to
the Properiy which may attain a priority over ihis Mortgage, and leasehold payments or ground rents, if any, in the manner
pmvided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, directly to the
payce thereof. Borrower shall promptly f~irnish to l.ender all notices of amounts due under this paragraph, and in the event
Borrower shall make payment directly. Borrower shall promptly furnish to l.ender receipts evidencing such payments_
Borrower shall promptly 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 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 lien in,
legal proceedings which operate to prevent the enforcement of the IN~n or forieiture of the Propeny or any part thereof.
S. HazArd Insurance. Bonower shall keep the improvements nov?~ cxisting or hercafter erected on the Property insured
against loss by fire, hazards inclucled within the term "extended coverage", and such other hazards as 1_ender ma}• require
and in such amounts and fer such periais as Lencier may require; provided, that-l.ender shall not require that the amount of
such coverage exceed that amount of co~~erage required to pay the sums xecurcd hy this Mortgage.
The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by LenJer, provided,
that such approval shall not be unreasonahly withheld. All premiumt on insurance policies shall be paid in the manner
i provided under paragraph 2 he~eof or, if not paid in such manner, by Borrower making payment, when due, directly to the
! insurance carricr.
~ All insurance_ policies and renewals thereof shall bc: in form acceptable to Lender and shall include a standard mortgage
E clause in favor of and in form acceptable to Lender. Lender shall .have the right to hold the policies and renew~als thereof.
~ and Borrower shall promptly furnist~ to Lender all renewal notices and all receipts of paid premiumti. In the event of loss.
' Borrower shall give prompt notice ~o ~he insurance carrier an~ Lender. Lender may make proof of loss if not made promptly
; by Borrower. '
i Unless [_ender and Borrower otherwise agree in w•riting, insurance proceeds shall be applied to restoration or repair of
~ the Property ~amaged. provided such rcstoration or repair is economically feasible and the security of this Mortgage is
~ not thereby impaired. If such restoration or repair is not economically feasib:e or if the security of this Mortgage would
be impaired, the insurance proceeds shali be applied to the. sums secured by this Mortgage, w~ith thc excess, if any, paid
~ to Borrower. If the Propert~' is abandoncd b} Bormwcr, or if Borrower fails to respond to l.ender within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier oRers to set~le a claim for insurance benefits, Lender
~ is authorized to collect and apply the insurance proceeds at 1_ender's option either to restoration or repair of the Property
~ or to the sums secured by this Mortgage. .
~ Unless Lender and Borruwer othen+ix agree in writing, any such application of proceeds to principal shall not e!ctend
or postpone the due date of the monthly installments referred to in paragraphs I anJ 2 hereof or change the amount of
{ such installments. lf under paragraph 18 hereof the Property is acyuireJ by l.ender, ail right, tide and interest of Borrower
~ in and to an~• insurance policies and in and to the proceeds thereof resuUing from damage to the Property prior to the sale
~ or acyuisition shall pass to LenJer to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition.
~ 6. Presenation and ~taintenance of Property; I.es~seholds; Condominiums; Planned Unit De~•elopments. Borrow~er
~ shall keep thc 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 un a IeaseholJ. 1! this Mortgage is un a unit i~ a
~ condort?inium or a planned unit development, Borrower shail perform all o( Borrow•er's obligations under the decl•rration
~ or covcnants creating or governing the condominium or planned unit development. ~he by-laws and regulations of the
~ conJominium or planned unit development, rnd constituent documems. (f a condominium or planned unit development
~ rider ic executed by Borrower and recorded together w~th this Mortgage, the covenants and agreements of such rider
€
shall be ~ncorporated into and shall amend :~nd supplcment the covenants and agreements o( ~his Mortgage as if the rider
x Hcre a part hereof.
~ 7. Protection of [.ender's Security. If Borrower fails t~ perf~.rm the covenants and agreements contained in this
~ Mortgage, or if any action or proceedmg is commeneeJ w~hich materially afiects I.ender's interest in the Property.
~ includ~ng, but n~~t Iimiled to. eminent domain. insolvcncy, code cn(orcement, or arrangemems or proceedings involv~ng a
~ bankrupt or dc.edent. ~hen Lender at l.ender's optian, upon notice to Borrower, ma~~ make such appearances. Jisburse such
sums and take such action as is necetsary to protect I.ender s intere~t, i~cluJing. but not limited to. di~bursement of
reasonahlc attomcy~'s (ecs and entry up~m thc Propcrty tc~ makc rcpairs. I( Lender rcyuircd mortgagc inwrance a~ a
condition of making the loan securcd b~• this ~t~~rtgage. Borr~~wer shall pay the premiums requireJ to mairitam such
~ insurance in etiect until such time as the reyuirement (or ~uch insurance terminatcs ~n accordance with BorroKCr's and
t,itx~c;s r• yar~
~ BOUC
& 1 ~.:2482