HomeMy WebLinkAbout0071 UNIPORA! COVENAHTi. Borrower and Lender covenant and a`ra u foilows:
1. ~ett ot h1~tIM1 a~i INeraa. Bormwer shall promp~l)• pay when due the principal o[ and interat on 1he
indebtedr~u evidenoed by the Note. ptepayment and late chargcc ac provided in ~he Note, and ihe principal ot and interat
o~ any Future Advances secured by this Mortgage.
~ 2. Fwir tor Tua a~i Ia~ea~ce. Subject to applic~bk law u~ ta a written waiver by Lender~ Bo~rower shall pay
to Lender on the day monthly installments of principal and intcrcc~ ~rr payable under the Note, until the Note is paid in tuU,
a sum (herein "Funds'~ equal to one-twelfth of the yearl~~ uac~ and assessments which may attain priority over this
Mort~~e. and amund rents on the Property, if any. ~lus one-twelfth of yearly premium installments for huard insurance.
plus oae-twelfth of yearly premium installments for mottg~ge insurancc. it any, sll as reuonably estimated initially and trom
time to time by l.ender on the basis of assescmcros and hills and rcasonable estimala thereof.
71~t Funds shall be held io an inslitution the deposia or :?ccounts oF which are insured or gwranteal by a Federal ot
:tate agency (including Leoder if Lcoder is such an institu~ion). 1_ender shall apply the Funds to pay said taxes, assessments.
insuranoe premiums and ground rcnts. l.ender may not cbarge for u~ halding and applying the Fundc. anaiyzing caid account.
or verifyin~ and compling said asseuments ~nd bills, unleu Lender pays Borrower interat on the Fuods and applicable law
permits Lender to make such a charge. Borrower and Lender may agrce in writing at the time of execution of this
Mortgage that interat on the Funds shall bc paid to Borrower, and unless such agreement is made or applicable law
rcquira such interest to be paid. Lender shall not be reqnired to pay Borrower any interest or earnings on the Funds. Lender
shall give to Bormwer, without charge, an annual accounting of the Funds showing crcdits and debits to the Funds and the
purpose for which each debit to the Funds was made. The Funds are plsdged u addi~ional security for the sums secured
by this Mortaage.
If the amount of the Fuada held by Lender, together with the future monthly installments of F~mdc payable prior to
t6e due data of taxes. assessments. insurance pnmiums and ground rents, shall exceed the amount required to pay said taxa,
asses~ments, insurance premiums and gmund rents as they fall due, such excess shall be, at Borrower s option, either
pranptly rcpaid to Borrower or crodited to Borrower on mont~ly installments o[ Funds. If the amount o( the Funds
hdd by Lender shall not be sut6cieat to pay taxes, ass~ssments, insurance premiums and ground rents as they fall due,
Bormwe~ shall pay to I.ender any amount nectssary to make up the deficiency within 30 days trom the date notice is mailed
by Leoder to Borrower requesting payment thercof.
• Upon paymeat ia full of all sums secured by this Mortgage, I.ender shall promptly retund to Borrower any Funds
held by [.ender. If under puagraph 18 hereof the Property ia sold or ~he Property ~s otherwise acquircd by l.ender. Lender
a6dl apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held bv
I.ender at the time of application as a credit against the sums secured by this Mortgage.
3. Applic~tioa oE Paymeats. Unless applicable law provides c,therwise, all payments received by Lender under the
Note aad paragcaphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
under pangraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and
principal on any Future Advances.
1. ChaBes; Lieas. Borrower shall pay aU taxes, asscssmcnts and o~hcr charges. fines and impositions attributable to
the Property which may attain a priority over this Mor~gage, 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, dircctly to the
payee the~+eof. Borrower shall promptty furnish to Lender all notices of amounts due under this paragraph, aad in the event
Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has pnonty over this Mortgage; provicied, that Borrower shall not be
rcquired to discharge any such lien so long as Borrower shall agree in writ~ng lo ~he payment of the obligation securcd by
such lien in a manner acceptable to Lender, or shafl in g«xi faith contes~ such lien by, or defenJ enforcement of such lien in,
~ kgal proceedings which operate to prevent the enforcement of the I~en or forfeiture of the Property or any part thereof.
S. Huud lnwrance. Borrower shall keep the ~mprovcments now- cYisting or hereafter erected on th~ Propeny insured
E against loss by fire, hazards included withm the term "extended coverage", and such other hazards as Lender may require
~ and in such amuunts and for such periods as Lender may reyuire; provided, that Lender shall not require that the amount of
€ such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage.
~ The 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 premiumt on insurance policies sha11 be paid in the manner
~ provided uoder paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
insurance carrier_
; All insurance policies anJ renewals thereof shall lx in form aceeptable to Lender anJ shall include a standard mortgage
; clause in faver of and in form acceptable to Lender. l_ender shall have the right to hold the policies and renewals thereof,
; and Borrower shall promptly furnish to Lender al) renewal not~ces and all receipts of paid premiums. (n the event of loss,
~ Borrower shall g~ve prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
by Borrower.
z Unless Lender and Borrower other.vik: agrce in writing, insurance pnxecds shall be applied to restoration or repair of
y the Property damagrJ, provideJ such re~torat~on or repair is economically feasible and the security of this Mortgage is
~ not thereby impaired. I! such restoration or repau is n~~t economically (easiblc or i[ the security of this Mortgage would
o be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if an}•, paid
~ to Borrower. If the Property is abandoned by Borrower, or if Barrower fails to respond to Lender within 30 days from the
~ date not~ce is mailed by l.ender to Borrower that the inwrance carrier otiers to setUe a claim for insurance benefits, Lender
is authorized to coilect and appty the inwrance prxeeds at I_en~ler's opU~~n either to restoration or repa!r of the Propertv
~ or to the sums secureci by this Mortgage.
~ Ur.less Lender and Borrower otherwi~e agree ~n wrihng, an}• such application of pr~keeds to pnncipal shalt not extend
or pustpone the duc date of the monthly installmentc rcferred t~~ in paragraph~ 1 and 2 hereof or change the amount of
~ such installments. !f under paragraph IS hereof the ProE,erty is acyuireJ by l,ender, ali nght, title and interest of Borrower
~ in and to any tnsurance policies and in anJ to thc proc:eeds thereof resulung from damage to the Pr~perty prior to thc sale
_ or acquisition shall pass to Lender tu the extent of thc tiums secured b} this Mortgage immediately prior to such sale or
~ acquisition.
~ 6. Preservation ~nd 1laiutenance of Properly; Le~.seh„Ids; Condominiums; Planned t~'nit Derelopments. Borrow•cr
shall keep the Property in good repair and shall not comrpit Kasic ur permit impairment or deterioration of the Property
- and shall compl} with the ptovisions of any lease i[ th„ :4lortgage i, un ~ Ieaschuld. !f this Mortgage is on a unit in a
condominium or a planned unrt Jevelopment, Borrower ~h:,ll perfurm all of Borrower's obligations under the declaration
or covenants creaung or govermng the condommium or planned unit development, the by-laws and regulations of the
~ condominium or planoed unit development. .+nd constituem Jexumem~. If a cundominium or planned unrt development
rider is eaecuted by Borrower :~nd recorded R~ge~her with Ih~~ Murtgage. ~hr co~~enants and agreements of such rider
shall be ~ncorEwrated into and sh~ll amend and supplr~nent thc co.rnams an~i agrcements of this Mortgage as if the riJer
were a part hereof.
7. Proteclion of I.ender's Securfty. If Bi~rn~aer ~a~l~ t~~ ~xrlurm the coven~nts an.t a¢reements rnntained in thi~
_ Mortgage, i~r if any acUun ~~r pra:eed~ng c~~mmrnce~i which mat~rialh ,~fTrct? Len~fer'r mtere~t in the Properly,
~ includ~ng, but n~~t lim~~ed to. em~ncnt domain. in~~•l~cnr~. c~xlr rnf~~rremenl. ~~r :~rranKemrntt ~~r pr~xeedings invohing a
' bankn~p~ or deceJeni. thcn Lender at I.ender'~ oplion. uEx~n n~~tice t~~ Horraw~er, ma~ m:~ke such appearances, dishurse sueh
r sums and ~ake such actiun a. ~s necetitiar} tu prutect l.ender'~ mterest. incluJing. bul not Iimi~eJ to, disbursement of
~ reasonahle aUc~rncy's fccti and entry u~~n thr Propcrty~ to makc rcpair`. It I.rndcr reyuire~i mortgage in~arance ac a
condili~m ~~f making the loan ucureJ bc ~hu 11~~ngage. H~.rr~~urr sh:~ll pa~• thr premiuim req~ureJ to mainta~n such ~
;:s uuurancc in rlfcct unu) wch Umc as thc rcyuircmcnt fc~r wch imurancr tcrmm~tr~ in .~ccordancc with Borru~~•cr's and
" 3+1t~K P~CE
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