HomeMy WebLinkAbout2715 UNIFORM( COVENANTS. Bort+Ower and Leader covenant and agree u follows:
~ l~werrt et leinefNl tenet Ia/aw/. Borrower shall 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
oa any Future Advances sxured by this Mortgage.
2. Fri Qetr 7titns trRi lawrttace. Subject to applicabk law ~.r to a written waiver by Lender. Borrower shah pay
to Lender on the day monthly installments of principal and intcrect ere payabk under the Note. until the Note is paid in full,
a stun (ltercin "Fteads'q equal to oree-twelfth of the yearly raze. 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 hazadd insurance,
plus one-twelfth of yearly premium installments for mortgage insurance, if any, alt u reasonably estimated initially and from
time to tithe by Leader on the basis of assessments and hills and rcasanabk estimates thereof.
The Funds shall be held in an institution the deposiu or accounts of which arc insured or guaranteed by a Federal of
state agency (including Lender if Lender is such an institutionl. Lender shall apply the Funds to pay said taxes. assessments.
insurance premiums and ground rents. lender may not charge for sn holding and applying the Fetnds. analyzing said account,
or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
permits Leader 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 a made or applicabk law
requires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender '
shah give to Borrower. without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purposes 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 payabk prior to
the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes.
asspsments, insurance premiums and ground rents u they fall due, such excess shall bt. at Borrower's 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 be wl6cieat to pay rues. assessments, insurance premiums and ground rents as they tall due,
13rttTOwer 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.
Upoa payment is full of cell stuns secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
held by Lender. If under paragraph 18 hereof the Property is sold or the Progeny es otherwise acquired by Lender, Lender
shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by
Lender at the time of application at a credit against the sums secured by this Mortgage.
3. A~plicatiorr o[ Payttseus. Unless applicable law provides otherwise, an payments received by Lender under the
Note and paragraphs I and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
under paragraph 2 hereof. rhea to interest payabk on the Note, then to the principal of the Note, and then to interest and
principal on any Future Advances.
Cfnrges; Liras. 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 alrail promptly famish to Lender receipts evidencing such payments.
Borrower steal! 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 the 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 Peen in,
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
against loss 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 may require; provided, that Lender shall not require that the amount of
such coverage exceed that amount of coverage requrred to pay tt+e sums secures ~oY ri+is iqu+iausc.
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 premiums on insurance policies shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
insurance carrier.
All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
_ ,claret in favor of and in form acceptable to Lender. Lender shall have the tight to hold the policies and renewals thereof,
sad Borrower shall promptly furnish to Lender a!I renewal notices and all receipts of paid premiums. In 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
",,by Borrower.
' ~ .Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
rite Property Damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
not thereby impaired. 1f 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 Borrower, or if Borrower fails to respond to Lender within 30 days from the
. date notice is mailed by Lender 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 Lender's option either to restoration or repair of the Property
or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date Qf the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments. If under paragraph i 8 hereof the Pro ferry is acquired by Lender, all right, title and interest of Borrower
in and to any 1#esurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale
or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sate or
acquisition.
6. Presen~ation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower
shall keep the Property in good repair and shall not commit yvaste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease if this Mortgage rs un a leasehold. If this Mortgage is on a unit in a
condominium or a planned unit development, Borrower shall perform all of Borrower's 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
shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rifer
were a part hereof.
7. Protection of I.ertder's Security. If Borrower f:?+Is to perform the covenants and agreements contained in this
Mortgage, or if any action or proceeding +s commenced which materially aliects Lender's interest in the Property,
including, teat not lim+ted to, eminent domain, insolvency, cerde enforcement. or arrangements or proceedings involving a
bankrupt or decedent. then lender at Lender's option, upon notice to Borrower, may make such appearances, dishurse such
sums and take such action as ~is necessary to protect Lender's interest, including. but not limned to, disbursement of
reasonable attorney's ices and entry upon the Property to make repairs. If Lender required mortgage insurance as a
cond+tion of making tF.c loan secured by th+s Mortgage, Borrower shall pay the premiurs required to maintain such
r
j insurance in effect until such time as the requirement for such msurance terminates in accordance with Borrower's and
B~~K 319 P~~~ 2702