HomeMy WebLinkAbout1615 1~ !t-!.a
UNIFORM COVeN.xrtTS. Borrower and Lender an•cnant and agree as follows:
1. Pa)•ment of Principal aced Interest. Horn+wer shall promptly pay when due the principal of and interest on the
indebtedness evidenced by the Note, prepayment and late charge. as provided in the Note, and the principal of and interest
on any Future Advances secured by this Mortgage.
2. Funds for Taxes and Insurance, Stibject to applic;+hlc law or to a written waiver by I_cnder, Borrow'cr shall pay
to Lender nn the day monthly installments of principal and interest are payable under the Note, until the Nutc is paid in full,
a sum (herein "Funds"? equal to one-twelfth of the yearly taxes and asussments which may attain priority over this
I\fortgage, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance,
plus one-twelfth of yearl)• premium installments for mortgage insurance, if any, all as rrasunably estimated initially and from
time to time by Lender on the basis of assessments and hills and reawnablc estimates thereof.
The Funds shall be held in an institution the deposits or accounts of which arc insured or guaranteed by a Federal or
state agency (including Lender if Lender is such an institution). I.~nder shall apply the Funds to pap said taxes, assessments,
insurance premiums and ground rents. Lender may not charge Ior w holding and applying the Funds, analyzing said account,
ur verifying and compiling said assessments and hills, unless Lender pays Borrower interest on the Funds and applicable law
permits 1_rnder to make such a charge. Borrower and Lender may agree in writing at the time of execution of this
\lortgage that interest tin the Funds shall he paid to Burrower, and unless such agreement is made or applicable law
requires such interest to be paid, Lender shall not be rryuired to pay Horruwer any interest or earnings on the Funds. Lender
shall give to Burrower, without charge, an :umual accounting of the Funds showing credits and debits to the Funds and the
purpose fur which rack debit to the Funds was made. the bonds are pledged as additional security for the sums secured
by this Aortgage.
if the amount of the Funds held by I_rndcr, U+gcther with the future monthly installments of Funds payable pricer to
the due dates of taxes, assessments, insurance premiums and ground rents, shall excced the amount rryuircd to pay said taxes,
assessments, insurance premiums and ground rents as the}' fall due. such excess shall be, at Borrower's option, either
promptly repaid to Borrower or credited to Borrower on monthly inetallmrnts of Funds. If the amount of the Funds
held by ).ender shall not be sufficient to pay taxes, assessments, imurance prer.tiums and ground rents as they fall due,
Borrower shall pay to Lcndcr an)• amount necessary to m:+kr up the deficiency within 30 days from the daft notice is mailed
by Lender to Borrower reyursting payment thcreol.
Upon payment in full of all sums secured by this Mortgage. Lender shall promptly refund to Burrower :+ny Funds
held by Lender. I( under paragraph Iti hereof the Property is wld or the Propert} is otherwise acquired by I_endrr, 1_ender
shall apply, no later than immediately prior to the sale of the Property or its acyuisitiun by Lender, any Funds held by
Lender at the time of application as a credit against the sums secured by this Mortgage.
3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lcndcr under the
Note and paragraphs 1 and 2 hereof shall br applied by I.cndrr fiat in payment of amounts pa}:?ble to 1_cnder by Borrower
under paragraph hereof, then to interest p:+yablr o+? the tiutr. then to the principal of the Note. and thin to interest and
principal on any Future Advances.
J. Charles; Liens. Horruwer ,hall p:+} all taxes, assessments :+nd other ch::rgrs. fines and in+p~~siuons attributable to
the Property which may attain a priority over this Mortgage, and leauhuld payments ur ground rents. if any, in the manner
provided under paragraph 2 hereof or. if nut paid rn such manner, by Borrower m:+king payment, when due. directly to the
payee thexof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
Horruwer shall make payment directh. Borrower shall promptly furnish to Len+;rr rerripts exidrncing such pa}'mrnts.
Borrower shall promptly discharge am• lien whreh h.is priority over this Mortgage, provided, that Borrower shall not be
rrywred to, discharge any such lien so lung as Burrower shall agree in Writing to the p:+yment of the obligation secured by
such lien in a manner acceptable to Linder. or shall in gcxid faith contest such lien by. or .lefend enforcement of such lien in,
legal prucceJ;ngs which operate to prevent the entuurn+rnt of the lien ar forfeiture of the Property or any part thereof.
S. Haiard Inwrauce. Borrotvcr shall F.ecp the improxrments now existing or hcuafter erected on the Property insured
against loss by tire, hazards included within the term "extends.) euxrr,+ge". and such other hazards as Lcndcr may rcyurre
anJ u+ suet: amounts and for such periods as Lcndcr nr.+x require: prosideJ. that Lender shall riot reyuirc that the amount of
uieh coverage exceed that amount of cox~crage required to pa: the Banns secured hx this Mortgage.
"The insurance carrier providing the insurance shall Fxr eho.en by Horro:~er subject to approval by I_endrr: provided.
that such approval tihall nut be unrra~onahh' withheld. :III premium on imur:utce polictrs shall hr paid u+ the manner
prnxidcd under paragr.+ph 2 hereui or, if not p.+iJ in such manner. by Borrower making payment. whin due. directly to the
imurance earner.
i Ali insurance polieie+ anJ renrwali thcrcot shall In in form a~.rl•table to Lender and sh:+Il include a stanJard mortgage
~ clause m favor tit and in form ae~rptahle to Lcndcr. L~aidcr .hall have the right to hold the policies and renewals thereof,
and Borrower shall pmmpth fun:ish to Lcndcr all n-ncwal notices and all receipts of paid premiums. In the crest of loss.
Borrower .hall gixe prun+pt notice to the imururcr carrier and Lcndcr. Lcndcr may m:ikr proof of loss if not made promptly
€ hx• Burrower.
i
F Unless Lender and Borrow er otherw i.r agree in w sting. imurance pnxceds shall be applied to restoration ur repair of
t the Property damaged. provided such rc.turaUun ur repair is ceunomicalh• feasible and the security of this Aortgage n
e~~t thrrebc impaired. It such re~rur,~!a. n ur reµau is not economieallc lr.+sihlc ur if ihr security of this Mortgage would
be impaired, the insurance pnhecJ, shat be applir.l to the sums secured be this Mortgage. with the excess. if any, paid
;u Hurnawer. If the Property- is ah.uuloned nx Rur:uwer, or if Borrower fails to respond to 1_ender within 30 days from the
Jate notice is m:tiled by Lender to Borrower that the insurance carrier otTefs to settle a claim for insurance benefits, 1_ender
a, .curhorizeJ to collect and apph• the insurance pnxecds at Lenders option either to restoration or repair of the Property
err to the sums soured h}' this ~tortgabe.
Unless Linder :u+d Borrower uther:.ise agree in ~+~iting, any such application of proceeds to principal shall nut extend
air postpone the due d:,tr tit the +nanthly installments referred to in paragr.+phs I and ? hereof or change the amciunt of
su;:h installments. It under paragraph 11 hereof the 1'mpertc is acquired hx Lcndcr. al! right, title and interest of Borrower
in and to an: insurance policies and in :uid to the pnxeeds thereof resulting tram damage to the Property prior to the sale
ar acyw~rtiou shall pays to Lender to the extent of the Burns secured h} thu lkxtgage immediately prior to such sale or
acyuisitiun.
6. Preservation and Maintenance of Proper)}: Leaseholds: ('ondominium+; Planned Unit Uevelopmenls. Horruwer
shall keep the Property in good repair and shall not commit •sastc ur permit impa?rmrnt or deterioration of the Property
_ and shall comply with the provisions of any (case if this Mortgage rs ..n a leaseh+~W. If this ~lortgagr is tin a unit in a
~unJuminnim or a planned unit de~clopment, Horruwer shall perform all of Borrower's obLgaUOns under the declaration
ur covenants creating or governing the condominium or planned unit devrlupment, the by-laws and regulations of the
eunJuminium ur planned unit Jevel~pment, :,rid comtituent documents. If a condominium or planned unit development
rifer is exc.uted by Horruwer and, rrrorded together with this M~~rtgage, the covenants and agreements of such rifer
shall he meorporatea into and shall amend and wpplemrnt the _oxenants and agreements of this Mortgage as if the rider
~ were a part hereof.
7. Protection of Lender's Security. If Hnmiwer faih to perform the covenants and agreements curtained in this
Mortgage. ur if any action ur proceeding is eummenceJ which materially affects Lender's interest in the Property,
including. but mgt lui:ued to, eminent domain, insuh•ency, axle enforcement, or arrangements or proceedings invoking a
bankrupt or decedent. then Lender at Lender'. option, upon notice to Borrower. may make such appearances, disburse wch
sums and take such action as is necessan• to protect Lender's intrust, rncluJing, but not limited to. disbursement of
reasonable attorney's tees and entry upon the Property to make repairs. If Lender rryuire.f mortgage insurance as a
.undit7un of making the loan srcurea M this Mortgage. Borrosscr shall pay the premiums required to maintain such
insurance in eliect until such time as the requirement fur such insurance te: urinates in accordance with Borrower's and
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