HomeMy WebLinkAbout0668 t` ' !'lJfs.JtJ ~ 1i~~ ~~l
UNIFORM COVENANTS. Borrower and lender covenant and agree as follows: -
1. Paymentof.PtrltnclpM snd Inter~ast. borrower shall promptly pay when due the principal of and interest on the
indebtedness evidenced by the Ngte~ prepayment and late charges as prpvided in the Note, and the principal of and interest
on any Future Advances secured by this Mortgage.
funds fbrTaxes and Instrnnc~. Subject to applicable taw or to a written waiver by lender. Borrower shall pay
to lender on the day monthly installments o1 principal and interest are payable under the Note, until the Note is paid in full,
a sum (herein."Futtds"}.egt,tel to ort~tw~etf{h of the ye~tly taxes and assessments which may attain priority, Aver this
Mortgage, and.ground rents 0/? th@ property, if any, plus one-twelfth of yearly premimm installments for hazard insurance,
plus one•twelRh of yearly premipm'installments for mortgage insurance, ii any, all as reasaonably estimated initially and from
time to time by'lender on the basis of assessments and bills and reasonable estimates thereof.
The Funds shaft be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or
states aaaru:vlincludina Lender if Lender is such an institution). lender shall apply the Funds to pay said taxes, assessments.
insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account.
or verifying and compiling said assessments arxi 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. fender shall n4t;be required to pay Borrower any interest or earnings or the Funds. Lender
shall give to Borrower, without charge, an annual accounting of the Funds showing creiiits and debits fo 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~rnstallments of Funs payable prior to
the due dates of taxes, 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 Borrowers option, either
promptly repaid to Borrower or credited to Borrower on monthly installments 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 necessary to make up the deficiency within 30 days from the date notice is mailed
by Lender to Borrower requetaing payment thereof.,
Upon payment in lull of all surrZs secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
t~etd by Le.
ter. If under paragrapf: f $ h#;reof tt2e prc~psrt; is Sr'.frr! gr thg Prtrperly ig ~thQrwigg a~t~~1ir£±(f by Lender; Lender
shall apply, no later ihari 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. Application of Payments. Unless applicable law provides 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 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.
4. Charges; Liens. 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 teasehq!ci payrr?en~,gc ~up~~~n~it in the manner
provided under paragraph 2 hereof or, it not paid in such manner, by 8orrovirermakrng ayy~~mien when ue, directly to the
payee thereof. Borrower shall piomptty furnish to Lender all notices of amounts due urt~thj~~+*di~tepFi,~and in the event
Borrower shall make payment directly, Borrower shall promptly furnish to Lender- reoeiptS-el~tldehtsrilgbu~??payments.
Borrower shall promptly discharge any lien which has priority over thjs Mgrtgage; erovidq~:~~,@ArrpNC~f shalft~ot be
required to discharge any such lien so long as Borrower shall agree in vf?iittn~g to a pt~~ttioq @c by
such lien in a manner acceptable to Lender, or shall in good faith cgnte5t~ucTiti$n by~~rdefend ehldfcement ~ifis~c~ lien in. -
legal proceedings which operate to prevent the enforcement of the lien or forfeiture bf the Property or any part thereof.
S. Hazdnd Insurance. Borrower shall Keep the improvements now existing or hereafter erected on the Property insured
against logs 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 require; provided, that lender shall not require that the amount of
such coverage exceed that amount of coverage required to pay the sum secured by this Mortgage.
The insurance carrier providing the insurance'shall be chosen by Borrower subject to approval by Lender, provided.
that such approval shall not bevnreasonably withheld. All premiums on insrrance 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
clause in favor of and inform acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof,
I and Borrower shall-promptly tumish to Lender all renewal notices and all receipts of paid premiums. In the event of loss.
Borrower shalt 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 -
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 it the security of this Mortgage would
tie impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, it any, paid
to Borrower. If the Property is abandoned by Borrower. or ii 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 Lenders option either to restoration or repair of the Property
or to the sums secured by this Mortgage.
~ Uhtess Lender and Borrower otherwise agree in writing, any such application of proceeds to-principal shall not extend
or postpone the due tlate of the monthly installments referred to in paragraphs 1 and 2 hereof or.change the amount of
such installments: If under paragraph t 8 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 prio? to such sate or
acquisition.
6. Prestarvatbn and Mslnbnancs of Property; Lsaaeholdtij Condotnlnlums;~lanhetl Unlt Developments.
Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Pr1r
r perty and shall comply with the provisions of any lease ii this Mortgage is on a leasehold. It this Mortgage is on a unit in a
condominium or a planned unit development. Borrower shall perform allot 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
shall be incorporated fnto and shall amend and supplement the covenants and agreements of this Mortgage as if the rider
were a part hereof.
7. Protection of Lenders Security. If Borrower fails to per}orm the covenants and agreements contained in this
Mortgage. or ff any action or proceeding is commenced which materially affects 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 Lenderat 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 of
reasonable attorney,'s fees and entry upon the Property to make rep8i~s, Ii Lender required mortgage insurance as a
condition otmaking the loan secured by this MOrigage, Borrower ~ftaltpay the prerpwms 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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