HomeMy WebLinkAbout2263 80RROiWER'S OOP'Y OF OO~VENANTS
~~{i+t~stzrs iN~OFFlC~
UNIFORM CnYkN.~NTS. Borrower and Lender covenant anJ agree as follows:
1. Payment of Priacfpsl and Interest. Born+wer shall pn+mptly pay when due the principal of and interest on the
indebtedneu evidenced by the Notr, prepayment anJ late charges as provided m the Note. and the principal of and interest
on any Future Advances secured by flits Mortgages
2. Funds for Taxes and Insurance. Subject to applicable law ur to a written waiver by Lender, Borrower shall pay
to Lender nn the day monthly installments of principal and uttrrr,t are payable under Ihr Note, until the Note is paid in full,
a sum (herein "Fundi'1 equal t.. one-twelfth of the yearly eases and assessments which may attain priority over this
Mortgage, and ground rents on the Property, if an)•. plus one-twetph of yearly premium installments for hazard insurance,
plus one-twelfth of yearly premium installments for mortgage insurance. tf any, all as reasonably estimated initially and from
time to time by Lender on the basis of assessmems and bilk and coati+nable estimates thereof-
The Funds shall br held in an institution Ibe deposits or ac:c+unts of which are insured or guaranteed by a Federal or
state agency ii:...l~i3i~~g Lcndcr if I.rnder is sii~li an iusiitutionl. I ender shall apply i+ic f'ur:~, to rs7 ^_c, a~.s-ssrvnls,
insurance premiums and ground rent,. 1-coder ma}• not charge for so holding and applying the Funds, analyzing said account,
or verifying and compiling said assessments and bills, unless 1-ender pay, Borrower interest on the Funds and applicable law
permits Lender to make such a charge Ilora+w•er and Lender may agrer.in venting at the lime of execution of this
Mortgage that interest on the Funds ,hall he paid to Borruwrr, and unless such agreement is made or applicable law
requires such interest to he paid, Lender shall not I,e reyuirrd to pay Borrower am• interne or earnings nn the Funds- Lender
shall give to Borrower, without charge. an annual accounting of the Fund, showing credits and debits to the Funds and the
purpose for which each debit to the Fund, was made. The Fund,arr pledged a, 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 rryuired to pay said taxes,
assessments, insurance premiums and ground rents a, they tall due. ,iich excess shall be, at Borrower's option, either
promptly repaid to Borrower or credited to Borrower on monthl} inttallments of Funds- It the amount of the Funds
held by Lender shall not be sufficient to pay taxes, assessments. insurance premiums and ground rents as they fall due,
Borrower shall pay to Lender any amount riecessan• to make up the detirirncy whhin )0 days from the date notice is mailed
by Lender to Borrower requesting payment thereof.
Upon payment in full of all sums secured b}• this Martgagr. Lender shall promptly refund to Borrower any Funds
heW by Lender. It under paragraph Ix hereof tbe Property „sold or the Properly is otherwise acgwred by Lender, Lender
shall apply, no later than immediately prior to flies sale at the Properly or its acquisition by Lcndcr, any Funds held by
Lender at the time of application as a credit against the sums secured by flits Mortgage.
3. Application of Payments. Unleu applicable law pros•ides 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 Lcndcr 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; Lkas. Borrower shall pay all taxe,. 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 directl}•, Borrower ,hall prompt)}• (umish to Lender receipts evidencing such payments.
Borrower shalt pratnp8y discharge any lien which has pnonty 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 pa)•ment 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 enturcement of the lien or forfeiture of the Property or any part thereof.
S. Hazard Insurance. Borrower shall keep the improvement, now existing or hereafter erected on the Property insured
against loss by fire, hazards included within the term "rstended coverage", and such other hazards as Lender may require -
and m such amounts and for such periods a, Lender may rryuire; provided, that Lender shall not require that the amount of
such coverage exceed that amount of coverage required to pay the sum, ucurcd by this Mortgages
' The insurance carrier nrovidintt the insurance shall be chosen by Borrower subject to approval by Lender, provided,
I! that such approval shall not be unreasonably withheld. All premium, on insurance policies shall be paid in the manner
i provided under paragraph 2 hereof or, i[ 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
clause in-favor of and in form acceptable to Lender- Lender shall have the right to hold the policies and rcnew~als thereof,
and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the e,•ent of loss,
! Borrower shall give prompt notice to the insurance carrier and Lender. Lender ma}• make proof of loss if not made promptly
' by Borrower. .
Unkss Lender and Borrower otherwise agree in writing, inwrance 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 be applied to the sums secured by this Mortgage, with the excess, if any, paid
to Borrower. If the Ptopert)• is abandoned h}' Borrower, or it Borrower (ails to respond to Lender within 30 days from the
date notice is mailed by Lender to Borrower that the insurance earner oHen 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 m writing. any such application of proceeds to principal shall not extend
I or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of
j such installments. If under paragraph I8 hereof the Propert}• is acgwred by Lender, all right, title and interest of Borrower
iA and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sak
or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sak or
acquisition.
6. 1'resenatioa and Maintenance of Property; leaseholds; ('ondominiums; Planned Unit Ihvebpments. Borrower
shall keep thq Property in good repair and shall not commit waste or permit impairment or deterioration of the Property
and shall comply with the provisions o[ any lease if thn :Mortgage n tin 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
I or covenants creating or governing the condominuim or planned unit development, the by-laws and regulations of the
condominium or plantxd 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 co,enant, and agreements of this Mortgage as if the rider
were a part hereof.
7. Protection of Lenders Security. I( Borrower fads to perform the covenants and agreements contained in this
Mortgage, or if any action or proceeding i, a+mmrncrd which materially affects Lender's interest in the Property,
including, but not limited to, eminent domain, insohency, code enforcement. or arrangements or proceedings involving a
bankrupt or decedent, then Lender at Lender's option, upon nonce to Borruwrr. mac make such appearances, disburse such
sums and take such action as is necessary to protect Lender's intrreu. including. but not limned to, disbursement o[
reasonable attorney's tees and entry upon the Property eo make repair,. It lender required mortgage insurance as a
condition of making the loan secured by this Mortgage. Barruwcr shall pap the premiums required to maintain such
insurance in effect until such time as the reyuirement for wch insurance terminates in accordance wuh Borrowers and
Lender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provide4 under paragraph ~ hereof.
Any amounts disbursed by Lender pursuant a+ this paragraph 7. with interest thereon. shall become additional
indebtedness of Borrower secured by this Mortgage l'nle„ Burrower and Lender agree to other terms of payment. such
amounts shall be payable upon notice from 1_ender to &+rrower requesting payment thereof. and shall bear interest from the
date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of
interest at such rate would be contrary to applicable law. m which event such amounts shall hear interest at the highest rate
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take
any action hereunder-
8. iospectloti. Lender mac make ur cause to tx made rrasonahlc entries upon and inspections of the Property, provided
that Lender shall give Borrower notice prior to am ,uch in:pectiur. ,prcit}mg reasonable cause therefor related to Lender's