HomeMy WebLinkAbout1902 8~
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. payment of fiMoalpM and Irrtinst. Borrower shall promptly pay when due the principal of and interest on the
indebtedness evidenced by the Nole. prepayment and late charge8 as provided in the Note, and the principal of and interest
on any Future Advances secured by this Mortgage.
Z. Funds brTaxesand Insuanca. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
b lender on the day monMy installments of principal and Interest ere payable under the Note, until the Note is paid in full,
a 3urti•(t?erein "Funds") equal to orb-twelitfi of the yearly taxes and assessments which may attain priority over this
KAohg3ge; ariii ground (enta on the. Property, if any. plus one•twaltth of yearly premium installments for hazard insurance,
plus one-twelfth of yearly premium installments (or mortgage insurance. N any, all as reasaonablyestimated initially and from
time to time by Lenctet on the basis of assessments aftd bills 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 or
state agency(inctuding Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments.
insurance Rretnlums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account,
or verifying ane'Compling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
permits 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, ~gyc~rsh~l noj b~e,required to pay-~prroW~~~+n~yy jnter stor gatrni~~tggs pg the Funds. Lender
shall give to Borrower, without
charge; 8n~(tin~al aCCOt)nting i)t the Ftmds StlOwth~ cr~i~s ~hd debits~td the Funds and the
purpose 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 payable prior to
the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes.
assessments, ins{~rance prefniums,ant~,~round rents as they tall due, such excess shall be, at Borrowers option, either
promptly repaid fO~~o~bwt3r or credited to Borrower on monthly installments of Funds. If 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 paytQ Lenderanyamount~ibcessaftyto make up the deficiency within 30 days from the date notice ismailed -
by Lender to Borrower req~ting payment thereof: ~ ~ _
Upon paymepj~n,tull pj,All,sut}~s st~cu{'erd 1hiS tytprtgage, Lender shall promptly refund to Borrower any Funds
held by Lender. If uttdet~aftag~ph`t $,It+srggf~th~~roperCyis soid;Qr,l~e Property is otherwise acquired by Lender, Lender
shall apply, no later;ltiart immedratefry prior tb t Atsale of the Property or its acquisition by Lender, an~unds held by
Lender al the time df a~licat'idn as a crdidit ayisihtt'ttie~sLms secured by this Mortgage. ~,~t • .
3. Appliestlon Of Payments. Unless applicable law provides otherwise, all paym ~ rfi3~ Lender der the
Note and paragraphs t and 2 hereof shall be applied by Lender first in payment pt arOdfllits~~~!~*~~~ er
under paragraph 2 hereof, then to interest payable on the Note, then to ttc~pal o(~ oia, ~ en and
principal on any Future Advances. ~ , .~~i;,. 1 ~ ~,,6b ~ i;3~ isx';=
4. Charges; L1ens. Borrower shall pay all taxes, assessments and other,charges; fines a14~impgyi'`attributable to
the Property which may attain a priority over this Mortgage, and leasehold"t5aytnents 8r gourid r2nts.~it afny, in the manner
provided under paragraph 2 hereof or, it not paid in such manner, by Borrgjwer'inakinggayment, whent/ue, directly to the
payee thereof. Borrower shall promptly furnish to Lender all notices of arno~,j~ue underfAis paragraph, and in the event
Borro:v°r sh?!! make naymgnt rtirertly, Borrower shall promptly furntSh tcF'Lender receipts evidencing such payments. -
Borrower shall promptly discharge any lien which has priority ove f this Mortgage: provided, that Borrower snail not be
required to discharge any such lien so long as Borrower shalt agree in Writing to the payment df the obligation secured by
such lien in a manner acceptable to tender, or shall in good faith contest such lien by, or defend enforcement of such lien in.
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of.the Property or any part thereof.
S. trlasard Inwrsrtoe. 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 regwre
and in such amounts and for such periods as Lender require; provided, that Lender shall not require that the amount of
such coverage exceed t t amount pf ,coverage ~equir~,to p$y;the~ym secwed by,thiS fyJor2gagQ, - P. ~
The insurance carrie~providin~ ttie itiSurance'~tia t be chg~en,by. ~orro~er, sNbj~~Cto aq{~fovai bjC~)tender, provided.
that such abprovalshall not tie unreasi3nably with .hill premiums on Fnsixalnce policies § all tie aid M the manner
provided urtcler paragraph 2 ftereOf;Or 1t not paid insuch rha~ner~by BOri6wet ~kTng payrhent, Ltrfieh due, tijraCtly to the
insurance carrier.
All insurance,policie~and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage
clause in favor Oland 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 give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made-promptly
by Borrower.
Unless Lenderand Borrower otherwise agree in writing, insurance 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. If such restoration or repair is not economically feasible or if the security of this Mortgage would
l;e impaired, the insurance proceeds shaft be applied to the sums secured by this Mortgage, with the excess. if any, paid
to Borrower. If the:Properiy is abana,i~d by Borrower, or if Borrower tails to respond to Lender within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier otters to settle a claim for insurance benefits. lerxfer
is autt?orized to collect and apply the insurance proceeds at Lenders op~ion.either to restoration ar repair of the Property
or to the sums,secur . ¢y thisiAtYtortga~p. „ . ~
Unless Lender a~ ~t)rrOYl/er otheilaise agree In writing, Shy such application of~roceed~ to grin , ~~al shall not extend
or postpone the due date of the monthly installments referred to in paragraphs t and 2 hereof br change the amount of
such installments. It under paragraph 18 hereof the Property is acquired 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 the sale
or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition_
6. Presenrstion and Mafntenanca of Property; L~ss~holds; Condalminlums; Planned Unit Oevetopments.
Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Pro-
party and shah comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a
condominium or a planned unit development. Borrower shall perform all of Borrowers 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
shalt tie incorporated into arld shah amend and supplement the covenants and agreements of this Mortgage as if the nder
were a part hereof.
7. Protection of Lender's Security. If Borrower tails to perform the covenants and agreements contained in this
Mortgage, or it any action or proceeding is commenced which materially afiecis Lenders interest in the Property.
including, but not limited to. eminent domain. insolvency, code enforcement, or arrangements or proceedings involving a
bankrupt or decedent then lender at Lenders option, upon notice to Borrower, may make such appearances, disburse such
sums and take such action as is necessary to protect Lenders interest, including. but not limited to. disbursements o1
reasonable attorneys fees and entry upon the Property to make repairs. It Lender required mortgage insurance as a
condition of making the loan secured by this Mortgage4 BORO~Irer Shalt -pay the premiums required to maintain such
insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrowers and
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