HomeMy WebLinkAbout1980 UNIFORM COVENANTS. Borrower and Lentfer covenant and agree as follows:
1. Payment of Principal and Intanst. Borrower shalt promptly pay when due the principal of and interest on the
indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest
on any Future Advances secured by this Mortgage.
Funds forTaxas and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
to Lender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in lull,
a sum (herein '•Funds'~ equal to one-twelfth of the yearfy lazes and assessments which may attain priority over this
Mortgage, and ground rents on the Property, if any, plus on~tvvelfth of yearly prertiium installments for hazard insurance.
plus one•twelfth of yearfy premium installments formortgage insurance, if any, all as reasaonabryestimated initially and from
time to time by Lender on the basis of assessments and bills and reasonable estimates thereof.
_ The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or
state agency including Lender if lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments,
inswance premiums and grourxi rents. Lender may not charge for so holding and applying the Funds, analyzing said account,
or verifying and compiling said assessments and bills, unless Lerxier pays Borrower interest on the Funds and applicable law
permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this
Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law
requires such interest to tie paid, Lender shall not be required to pay Borrowerany interest orearnings on the Funds. Lender
shall give to Borrower, without cth~jgQ, ~n ~pntyal¢cce}y}-tigg,gf the~Qnds showir?gpetfits ark det~its ~o the ~urx~s qnd the
purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured
by this Mortgage.
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, assessments, insurance premiums and ground 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 Borrowers option, either
promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
held by Lender shall, not£b~. su c~eni top~y taxes, assessments, insurance premiums and ground rents as they fall due,
Borrower shall payto l_ertdhr an~ arribtlnt necessary to make up the deficiency within 30 days from the date notice is mailed
by Lender to Borrower requesting payment thereof.
Upon payment in full of fall lNms'.~ecurpldb~thit: Mortgage. Lender shall promptly refund to Borrower any Funds
held by Lender. It unca}@r paragraph 18 hp(ieof the Properlyii;.sglt#or ttte~f'roperty js?atietwise acquired by Lender, lender
shall apply, no later tf}~p,jmmediatelyl~io to;t~-sa)e;pf the P~perty or its acqu~siUOn by Lender, any Funds held by
Lender at the time Qt ~pplica~i~n a~ atc~~~aya~~ tbg33~ums secured by this Mortgage.
3. Appllcatlon of Paymfarits.~ Unless appTica~le taut provides otherwise, all payments received by Lender under the
Note and paragraphs t and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Nth aAd then to interest and
principal on any Future Advances. `,L~ Co:rrC Zs t
tf0j~ C~ a*'
4. Charyas; tJans. Borrower shall pay all taxes, assessnlen~s and other~~~6'r11M~d impo s C attributable to
the Property which may attain a priority over this Mortgage, and leasehold pa~rrf?~~ppts;Qr ~Nfrn/~rfMj in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by'BbbS~~ir~~rt"ialcin ~ym~~~p~~rectly to the
payee thereof. Borrower shall promptly furnish to Lender all notices pt amountsitu i n the event
Borrower shall make payment directly, Borrower shall promptly fumish to LenderreceiiStS nci uch 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'thfe 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 lien or forfeiture of the Property or any part thereof.
5. Hazard Insurances. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
against toss by fire, hazards included within the term "extended coverage".and such other hazards as Lender may require
and in such amounts and for such periods as Lender require: provided, that Lender shall not require that the amount of
such coverage exceed that amount of coverage required to pay the sum secured by this Mortgage.
The insurart~ ~rrierprovi~ing tf~•msurar~~ ~~Il,be chpsp[~.~y Borrower subject to approval by Lender, provided.
that such approyat.-~,hal~ngt ~-ur)rg, bl ~rit~t~e(~ All- - , um n i~sur~nce:goJic~ps shall be f,?aKf in f}t)e manner
provided urid~r p~tagr~Qh 2 hereof b r~ rlgt~aid
ih~ suC~ R?arti N bY~4rcower,making Pay`fifent, w~ten, due, iiifectly fro the
insurance cerner.• - ! u
All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
clause in favor of end in form acceptable to Lender. Lender shalt have the right to hold the policies and renewals thereof,
and Borrower shall promptly fumish to Lender all renewal notices and all receipts of paid premiums. to the event of loss.
Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made-promptly
i by Borrower. -
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied 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. It such restoration or repair is not economically feasible or if the security of this Mortgage would
be impaired, the insurance proceeds shall tie applied to the sums secured by this Mortgage, with the excess, if any, paid
to Borrower- If the Prpperty is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the
date notice is majl~d by LentJer to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender
is authorized to collect and apply the insurance proceeds at Lenders option either to restoration or repair of the Property
or to the sums secured by this Mortgage-
U(1tes~LgQder and Bpriower~4)perwise apr~e in ~vriypg,;any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs t :apd 2 h reQ~,or change the amount of
such installments. It under paragraph 18 hereof the Property is acquired by Lender, all righ~`title and interest of Borrower -
inand to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sate
or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition-
6. Pnsarvation and Maintananca of Property; Leaseholds; Condominlums; Planned Unit DavNopmants.
Borrower shall keep the Property in-good repair and shall not commit waste or permit impairment or deterioration of the Pro-
~ perty and shalt comply with the provisions of any lease if this Mortgage is on aleasehold- If this Mortgage is on a unit in a
condominwm or a planned unit development, Borrower shall perform all of Borrowers obligations under the declaration
or covenants creating or governing the condominium or planned unit development, 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
shaft be:rncorporated inhq and~t~all amend ar?(i sUpplerpenjithe cov_ enantspod agreements of this Mortgage as if the rider
were a part hereof.
7. Protection of L.~nd~r's Security. It Borrower fails to perform the covenants and agreements contained in this
Mor+,gage. or if any action or proceeding, i~ commenced which, materi~t(y, affects 4enders interest in the Property,
including, but not limited to, eminent domain, nsolvency, code enfvrcerti~nt, or arrangements or proceedings involving a.
bankrupt or decedent, then Lender at Lenders option, upon notice to Borrower, may make such appearances, disburse such
sums and take such action as is necessary to protect lenders interest, including, but not limited to, disbursements of
reasonable attorneys tees 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 shalt pay the premiums required to maintain such
insurance in effect until such time as the requirement for Such insurance terminates in accordance with Borrowers and
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