HomeMy WebLinkAbout0548 UNIFORM COVBNANri. Borrower and Lender covenant and agree u follows:
1. )<a>rtewt of hfoclMl aoi IMerrest. Borrower shall promptly pay when due the principal of and interest on the
iadebtednas evidenced by the Note. prepayment and late charges ac provided in the Note, and the principal of and interest
on any Future Advances secured by this Mortgage.
2. R~rtds for Tatra atsi Itwra~ce. Subject to applicabte law i~r to a written waiver by Lender. Borrower shall pay
to Lender on the day monthly installments of principal and interest arc payable under the Note, until the Note is paid iit full,
a sum (herein "Funds") egwl to one•twelfth of the yearly taxers and assessments which may attain priority over this
Mortgage, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance,
plus one-twelfth of yearly premium installments for mortgage insurance. if any, all as reasonably estimated initially and from
time to time by Lender on the basis of assessments and hills 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 of
state agency (including Lender if Lender is such an institution). 1_ender shall apply the Funds to pay said taxes. assessments.
insurance premiums and ground rents. Lender may not charge for so holding and applying the Frrnds. analyzing said account.
or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
petrmits 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 be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpose for which each debit to the Funds wu made. The Funds are pledged u additional security for the sums scoured
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 data of taxes. assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
a:seasrnents, 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
heW by Leader shall not be sttl6cieat to pay taxes. assessments, insurance premiums and ground rents u 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 thereof.
Upon payment in full of all auras secured by this Mortgage, lender shall promptly refund to Borrower any Funds
heW by Lender. If under puagraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender, Lender
sball apply. no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by
Leader at the time of application as a credit against the sums secured by this Mortgage.
3. Application of Paytments. Unless applicable law provides otherwise, all payments received by Lender under the
Note and paragraphs 1 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 Note, and then to interest and
principal on any Future Advances.
4. Charges; Liens. 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 manner
provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due, directly to the
payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments.
Borrower shall promptly discharge any Iren whrch has prrorrty aver thrs Mortgage; provrdea, that norrower snaii r?u. i~
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 goad faith contest such lien hy, or defend enforcement of such lien in,
legal proceedings which operate to prevent the enforcement of the Iren or forfeiture of the Property or any part thereof.
S. Hazard Insurance. Borrower shall keep the improvemcros now existing or hereafter erected on the Property insured
against loss by fire, hazards included withrn the term "extended coverage". and such other hazards as Lender may require
and rn such amounts and for such periods as Lender may require; 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.
j The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
j that such approval shall not be unreasonahly withheld. All premrt+ms on insurance policies shat) be paid in the manner
j provided under paragraph 2 hereof or, if not paid in such manner, by Barrow•er making payment, when due, directly to the
I insurance career.
All insurance policies and 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 the policies and renewals thereof,
and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss,
~ Borrower shall gn•e prompt notice to the rnsurance carrier and lender. Lender may make proof of loss if not made promptly
by Borrower
Unless Lender and Borrower othervv+se agree m venting, insurance proceeds shall be applied to restoration or repair of
the Property damaged. provrded such restoration or repair rs economically feasible and the security of this Mortgage is
not thereby imparred. if such restoration or repair is not economically feasible or if the security of this Mortgage would
be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
to Borrower- If the Property is abandoned by Harrower, or it Borrower fails to respond to Lender within 30 days from the
date notrce rs marled by Lender to Borrower that the insurance carrier offers to settle a claim fur insurance benefits, Lender
is authorized to collect and apply the insurance proceeds at bender's option either to restoration or repair of the Propetty
or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in weting. any such application of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred a. in paragraph I and 2 hereof or change the amount of
such installments. If under paragraph l8 hereof the Property is acyuired by Lender, all right, title and interest of Borrower -
in and to any Insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to th.: sale
or acquisition shall pass to Lender to the extent of the sums secured h}' this Mortgage immediately prior to such sale or
acquisition.
6. Preservation and Maintenance of Property; Leaseholds; ('ondominiums; Planned Unit Developments. Harrower
5 shall keep the Property in good repair and shall not comrUit yvaste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease rf this Mortgage rs un a Ieaseh++ld. If this Mortgage is on a unit in a
~ condominium or a planned unit development, Borrower shall perform all of Borrower's obbgations under the declaration
or covenants creating or gavermng the sondomrmum ar planned unit development, the by-laws and regulations of the
condominium ar planned unit development. and constituent dtxuments. If a condominium or planned trait development
rider rs executed by Horrower and rernrded together with this Mortgage, the covenants and agreements of such rider
shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider
were a part hereof.
7. Protection of bender's Security. If H+•m.wer fads te+ perform the covenants and agreements contained in this
Mortgage, or if any action ur proceeding cummence.l whrch materialh~ atTects Lender's interest in the Property,
including. but rn+t limited to, eminent domain. ins++lvenc}, a+de en(tvrcement. or arrangements or proceedings invohmg a
banknrpt or decedent, then Lender at Lender's a+ptiem, upon notrce to Harrower, ma) make such appearances. dishune such
sums and take such acuun as is necessary h+ protect (.ender's interest, includrng. but eat limned to, disbursement of
reasonahle attotne)•'s Ices and entry up+m the Prevpert~ to make reparn. If Lender required mortgage insurance as a
cond+Uun ~,f making the loan secured by this Me+rtgaee. H+~rre+wrr shall pay the premiums required In maintain wch
rnsurance in effect until such time as the reyuirentent for such rnsurance ternnnates m accordance with Borrower's and
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