HomeMy WebLinkAbout1048 UNIFORM COVeNANi3. Iorrower and Lender covenant and agree u follows: +
1. Pslyaseat of IhioclNl and Interest. Borrower shall promptly pay when due the principal of and interest on the
indebtedrreu 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.
2, Il+ttads for Tara and Iawraace. Subject to applicable law ar to a written waiver by Lender. Borrower shall pay
to Lender on the day monthly installments of principal and interest are payable under the Note. until the Note is paid in full.
a :ttm (herein "Ftrnds") equal to one-twelfth of the yearly taxes 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 hazard insurance.
plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from
time to tithe by Lender on the buffs of assescntcnts and hills and reasonable estimates (hereof.
The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal of
state agency (including Lender if Lender is such an institution). Lendtr shall apply the Funds to pay said taxes, assessments,
insurance premiums and ground rents. lender may not charge for so holding and applying the Ftrndx. analyzing said account,
or verifying and compiling said asussments and bills, unless Fender 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 o[ execution o[ this
Mortgage that interest on the Funds shall be paid to Borrower, and unless such agrcement is made or applicable Faw
requires such interest to be paid. Lendtr shalF hat be required to pay Borrower any interat or earnings on 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 each debit to the Funds was made. The Funds are pledged u 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 data of tarts, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes.
assessments. insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's optian, either
promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the >+unds
held by (.ender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due,
Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Lendtr to Borrower requesting payment thereof.
Upon payment in full of a!1 sums secured by this Mortgage, (.ender shall promptly refund to Borrower any Funds
tick! by Lender. If under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender, Lender
shall apply, no later than immediately prior to the sale of the Property or its acquisition by Finder, any Funds held by
Lender at the time of application as a credit against the sums secured by this Mortgage.
3. Appticatiwr of Payateots. Unless applicable law provides otherwise, all payments received by Lender under the
Note and paragraphs 1 and 2 hereof shall be applied by (_ender first in payment of amounts payable to Lender 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. '
1. Charges; Liens. Borrower shall pay all taxes, assessments and ather charges, fines and impositions attributable to
the Property which may attain a priority over this I?fortgage, and leasehold payments or .ground rents, if any, in the manner
provided under paragraph 2 hereof ar, if hat paid in such manner, by Borrower making payment, when due, directly to the
payee thet~eot. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidennng such payments.
Borrower shall promptly discharge any lien which has prrority aver this Mortgage; provided, that Borrower shall not be
rcgwrr:d 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 gcxxf-faith contest such lien by, or defend enforcement of such lien in,
legal proceedings which operate to prevent the enforcement of the lien. ar forfeiture of the Property or any part thereof.
S. Hazard Insurance. Borrower shall keep the ,mprovements now existing ar hereafter erected on the Property insured
against loss by Ere. hazards included within the term "exlendeJ coverage", and such other hazards as Lender may require
and in such amounts and for such periods ac Lender may reytiirc; pmvideJ, that Lender shall not require that the amount of
such coverage exceed that amount of rnverage required to pay the sums secured ~by this Mortgage.
The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided,
War such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
provided under paragraph 2 hereof ur, if not pai4 in such manner, by Borrower making payment, when due, dit~ectly to the
insurance carrier. -
All insurance fn,hctes and renewals thereof shall ix in form acceptable to Lender and shall include a standard mortgage
clause in favor of and ,n form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof,
and Borrower shat! promptly furnish to Lender all renewal notices anJ all receipts of paid premiums. In the event of loss,
Borrower shalt gnc prompt notice to the insurance earner and lender. 1_ender may make pnx~l of loss if not made promptly
by Borrower:
Unless Lender and Borrower otherwise agree in wn4ng, insurance proceeds shall be applied to restoration or repair of
the Property damaged. provrJeJ wch restoranun or repa,r rs economically feasible and the security of this Mortgage is
not thereby impaued. If such restoration or repair is n.rt economically feasible or if the security of this Mortgage would
be impaired. the insurance proceeds shall be: applied to the sums secure) by this Mortgage. with the excess, if any, paid
to Borrower. It the Propert} is ahandoneJ h} Borrower, or it Burrower fails to respond to Lender within 3U days from the
date notice n ma,leJ b}• Lender to Borrower that the insurance carrier often to settle a claim far insurance benefits, Lender
is authorized to collect and app)} the insurance proceeds at Lender's option either to restoration or repair of the Pmpem•
or to the sums xcured by this Mortgage.
holes Lender and Burrower otherwise egrer ,n wnt:ng, any such application of proceeds to principal shall not extend
or postpone the due Jate of the munthl~ installments rcierred to in paragraphs 1 and 2 hereof or change the amount of
such installment. If under paragraph IK hereof the Properq n acquired h} Lender: all right, title and interest of Borrower
in and to any Assurance policies and in anJ to the proceeds thereof resulting from damage to the Property pricer to the sale
or acquisition shall pass to Lender to the extent of the Bunn secured by this titortgage immediately prior to such sate or
acquisition.
6. Ptresenation and Maintenance of Property: Leaseholds; ('ondominiums; Planned Unit Developments. Borrower
shall keep the Property in good repair and shall not commit yraste or permit impairment or deterioration of the Property
and shall comply with the proviswns of any lease if thi, ~turtkage is un a leasehold. If this Mortgage is on a unit in a
condominium or a planned unit Jrsrlupment, Burrower shall perform all of Borrower's oblrgaUons under the declaraturn
or coverants creating or governing the condominnim or planned unit development, the by-caws and regulations of the
condominium or planned unit Development, end constituent Jucuments. If a condominium or planned unit Development
rider is executed b}' Borrower enJ recsrrdrJ together w,th this Mortgage, the covenants and agreements of such rider
shall be ,ncorpuratcd into and shell .:mend anJ wpplcment the cotenants and agreements of this Mortgage as if the rider
were a pan hereof.
7. Protection of (,enders Security. If Borrower )ail. hr perform the covenants anJ agreements contained in this
MortgaRr, or if any action ur procreJing is commenrr+i which materially affects 1_enJer's interetit in the Property,
including, but n.,! hrmted to. eminent domain. ,rnoltrn~t. cote cnforccment. ire arrangements or proceedings invoicing a
hankn,pt or Drcrdent, then !.ender at 1 ender's option. uprrrnonce tc. Rarrower. may make loch appearances: Offshore such
sums and take such acu.+n as is necessar• hr pnrtect I cnDcr's ,merest. including. but not IimiteD to. disbursement of
reasonahle attorney's Ire, and entry ulxrn the F'mfxrts~ to make repair. If Lender rcyuirrst mortgage insurance ac a
conJwun n( making the bran secure) h} this ~lortea~c. Br•rrrwcr shill pay [hr premiums required to mamta~n such
,nsurance in rlfect until such time as the reyuirrmrnt for wch insurance terminates in accordance with Borrower's and
ar~~x327 j~~~f1047 .
~i