HomeMy WebLinkAbout1571 ~
+~ti ~
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal and Interest. Hurruwer shall promptly pay when due the principal of and interest tin 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.
T. Funds for Taxes 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 intcrrst arc payable under the Note, until the Notr is paid in full,
a sum Therein "Panay'"? ryUai t0 Une-lN'l'lllh t?1 tliu yearly to\rrs a,i+l e~,c~,iiidnti iA;+i:h tlia}' atta:ri p:toTtty ;~s•er tl!FS
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 fur 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.
"Tile Funds shall be heW in an institution the deposits or aca+unts of which are insured or guarantcc~+t by a Federal or
state agency (including Lender if 1_rnder is such an instiwtion). Lender shall apply the Funds to pay said taxes, assessments,
insurance premiums and ground rents. Lender may not charge far so holding anJ applying the Funds, analyzing said account,
or verif)•ing and rnmpiling said assessments and hills, unless Lender. pa)•s Borrower interest on the Funds and applicable law
permits Lender to make such a charge. Borrower and Lender may ague in writing at the time of rxecutian o[ this
Mortgage that interest on the Funds shall hr paid to Burrower, and unless such agreement is made or ~+pplicable law
requires such interest to be paid, Lender shall not hr rryuircd to pay Hurruwer any interest or earning, tin 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 rash debit to the Funds was made. The Funds are plr+lgrd as additional security for the sums secured
by this :Mortgage.
if the amount of the Funds held by Lcndcr: together with the future monthly jnstallmrnts of Funds payable prior to
the due dates of taxes, assessments, insurance premiums :rod ground rents, shall exetrd the amount required to p:+)• said taxes,
assessments, insurance premiums and ground rents as they fall due, s++ch excess shall be, at Borrower's option, Tither
promptly repaid to Borrower or credited to &~rmwer on monthly installments of Funds. If the amount of the Funds
held by Lrndrr shall not be sufficient to pay taxes, assessments, imurincc prer.tiums and ground rents as they fall due,
Borrower shall pay to Lender anp amount nrcessan• t+. make up the +lrficiency within 30 days from the date notice is mailed t
I
by Lender to Burrower requesting pa)•nirnt thrrr,af.
Upon payment in full o! all sums secured by thi. Mortgage. Lender shall promptly refund to Borrower an}• Funds
held by Lender. if under paragraph 1J hereof the Property is sold or the Pmprrt} is othrnvisc acquired by Lcndcr, Lender
shall :+pply, nu later than immrdiatclp prior ro the sale of the Property or its acquisition hp Lcndcr, any 1-unds held by
Lender at the time of application as a credii againsi the aurii, rcurc+3 by t his Mortgarc.
3. Application of Payments. Lnlcss applicable law provides otherwise, all pa}ments received by Lender under the
tiotr and paragraph. !and 2 hcrcuf shall br applied by l.cnd+:r first in pa)mrnt of amounts papablc to Lcndcr h}• Borrow•cr
under paragraph ?hereof, then to intcrrst payable on the \utc, then t+. the principal of the Note.:+nd then a+ interest and
principal tin any Future Advances.
4. Char>;es; Liens. &~rrowrr ,hall pay all testis, a\sessnirnts and other charges. finis :uiJ impu,itium attributable to
the Proprrtp which map attain a priority over this Mortgage, and leasehold payments or ground ants. if an}•. in the manner
provided ,ruder per.,griph ?hereof or. if not paid in such mangier, h} &+rmwer making payment. when due. din:ctly to the
payee !her~•~f. Borrower shall prompiip furnish to Lender all notices of amounts due under this paragraph. and in the event
iiorruwer snail make payment dir«tl}• Hurruwer shall prornptlp furni,h t~ Lcndcr receipts evidencing such payments.
Hurruwer shall protrptlp discharge an}- lien which has pnonty ++vcr this Mortgage: provi.fea. that florrrwer shall not br
reywred to d+srhar~c rut) wch lien su long :+s Hurruwer ,hail agree in ..ritang to the pa}ment ,+f the obligati,+n srrurrd by
wch lien in a m:+nner acceptable to I.rnder, or shall in g~H+d faith asntrst wch lien hy, ur Jefen.l enforcement of such lien in,
Ieg:,l proceeding, s.hich ol:eratr to prevent the enfurcrment of the I+en or forfrhure of the Property or an)' part thereof.
5. Hazard Insurance. Hurruwer shall keep the Trope;+.rmrnn n,+w r\i,ting ++r hereafter erected on the Pr.~perty insured
.,gau+st lo„ by fire. h,,zard, in•_ludrd within ihr term "e\tendeJ cavcn,gr".:uul w.h other hazards as Lcndcr mey rryutrr
and +n such amounts end fur sorb period, a, Lender ma} reyuue: pr++vide.l, that Lender shall not require that the amount of
,uch cas•rraze e\cred that ::mount of cmrrage reuuired tr p.n the :run, secured M' thn Mortgage.
•Ihe insurance carrier providing the insurance shall he chi+~cn hp Borrower s{ibject to approval M' Lender; provided,
that such approval ,hall nut br unrrawnahh• withheld. All prrnuums on insurance policies shall ter pal,! in the manner
prov,dcd i:ndrr p:+ragraph 2 hcrcuf ur, if not paid in ,ucii manner, by Burrower makmg payment, when due, directl}• to the
rnwrancc ,aricr.
All insurance policie, an,l renev+als the:eot shall he ui furor :r::rptable to Lender end .hall in:lude ,G+ndard mortg:+gc
_lau~c in favrr of and in form acceplahlc t.+ Lcndcr. Lender ,haN have the right h+ hold the policic, an.f renevv:,Ic thereof.
..nd Borrower ,hail pmmpth• furnah tr Lcndcr all renewal nohcrs and all receipts of paid premium,. In the event of loss.
Horrow•er ,h:,ll tine prompt Hauer to the n,uiru+.e c.urier end Lender. I_cnJcr ma} make pru.d of loss if nut made promptly
ti. u,.~~.,u•. r -
lJnlrss Lrndrr and Hurruwer otherw ne agree in u nt,nL. insurance pn.:ced, shall bC applied ro restoration or repair of
I the Pmprrt} damaged, pnw+ded such restutation or re, air is rconumic:+llp feasible and the srcurit}' of this ;lfortgagc is
Trot thereby imp:ured. It such re,turat:on ur repair is nut ecoie.~mi.alh~ feasible or it the security of this Mortgage would
hr impaired. the inwran:r pm:eeds shall be :,pp.ir.l to the wnn xcured be this Mort ~ e. with the excess, if am•, paid
g~-g'
:u Hurruwer. If the Prupert} n aha::dnned M Rornswer, or if Borrower fails tc, resfxmd to Lcndcr within 30 da}'s from the
~ .letr notice is mailed hv_ Lender to Borrower that the insurance c:+rri~r Mfen to settle a claim for inwrance benefits, Lender
authorized to collect and apply the inwran:r proceeds at Lendrr~s option either to restoration or repair of the Property
,~r to the sui:u secured h}• this .Mortgage.
~ l:nlrss Lrndrr and Burrower othenvi,e agar in •anting. am such applic.?tion of proceeds to pnnc:p:+i shall not e\tend
++r postpone the due dart of the nu+mhh installment, referred t++ in par,,gr,,phs I and ?hereof or change ihr amount of
such install;s+enb. II under paragraph I8 hereof the Property i, acyu+rrd M Lender, all right, title and interest of Borrower
in and to am insurance p~licieserd in -.rid to the proceeds thereat resulting fr++m damage to the Property prior to the sale
or acquisition shall pros to Lender to the c\tent of the sum, secured M this ~tortgagr immediatrl} prior to such sale or
acquisition.
~ 6. Preservation and Maintenance of Property: Leaseholds: ('undominiun+s; Planned l~nit bevelopments. Borrower
shall keep the Property in good repair and shall not commi! waste ~+r permit impairment or deterioration of the Property
and shall cumpl} with the provisions of any lease if this Murlgagr i, tin leasehold. If thi, Mortgage is on a unit in a
a
r cundominnun ur a planned unit develupntent. Hurruwer shall perform all tit Borrower's ubLgauons under the declaration
ur covrnanh creating ur governing the condominium or planned unit deveh+pment. the by-laws and regulations of the
condominium or planneJ i,nit develupmrnt::,nd constituent documents. It a rondnminium or planned unit Jecelaprnrnt
rider is i\ecuted b}' Bofrowrr and re:urdcd together with this Mortgage, the covenants and agrrrmenh of such rider
k shall be incorporated into and ,hall amend aria suppienient the anenants and agreements of this Mortgage as if the rider
were a p:,rt hereof.
7. Protection of Lenders Security. If Horrawer fails to pert++rm the covenants an.l :+grcemcnts contained in this
Mortgage. of if any action ur proceeding i, commenced which materially affrch Lender's intcrrst in ihr Property.
indudmg, but aot horned a+. eminent domain, inu,lvencv, cvxle rnl~+rcement. or arrangements or prvxeedings involving a
bar,i:nipt ur decedent. then Lcndcr at Lender's option, upon notice to Burrower. ma) make such appearances. disburse such
sums and take such action as is necessary to protect Lender's mrerest. inclu.hng. but not limbed to. disbursement of
reasonable attorne}'s iris and entry ulxm the Propcrt}• to make regain. It Ixnder required mortgage inwrance as a
.undiuon of making the loan secured h} this ~lurtgagr. Hunuwer shall pap the premiums required to maintain such
insurance in effect .intil wch bore as the reyuirernent for such insurance terminates in accordance with Borrawrr•s and
i
t
~~•x3i9 ~a~Ei~~ , .
~V-