HomeMy WebLinkAbout1038 `'`,;x37 ~rcE TU3 S
UNIFORM COVENANTS. 8orrowpr and Lender covenant and agree as follows:
1. ~ Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest on the
indebtedness evidenced by flee Note, prepayment and late charges as prpvided in the Note, and the principal of and interest
on any Future Advances secured by this Mortgage. _
Z. Runde forrtaxes and Insurance. Subject to applicable law or to a written waiver by lender, Borrower shall pay
to Lender On the day monthly installments d principal and interest are payable under the Note, until the Note is paid in full,
a sum (herein "Funds' equal tq one~twelflh of the yearly taxes and assessments which may attain priority over this
Mortgage, and ground rents,oq the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance,
plus orie-twelfth otyeary premium installments ipr mortgageinsurance, iil~ny, all as reasaonablyestimated initially and from
time to time by Lender on the basis of assessments and bills and reasonable estimates thereof
The Funds shall t>a held in an institution the deposits or accounts b(which are insured or guaranteed by a Federal or
' state agency including 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 Sit+id 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; Bender shall ~ ba required to paY tdorrowerany interestoreafAin~s_gl*ihe Funds. Lender
shall give to Borrower, without charge, an annual accounting of the Funds~showing cradle and debits to'~he 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 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~pre(niNfns.and ground rents as they fall due, such excess shall be, at Borrowers option, either
promptty repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
held by Lender shall not t>e sufficient to pay taxes,.assessments, insurance pre e,
Borrower shall pay to Lendeitlri~i amount ritecessairy to make up the deficiency with n aa' ys Tre~t n ~c ~s. ed
by lender to Borrower requesting paymenUtieosof. - ~OGQt ~Ott~11>t
Upon payment in full of all sums seCUre¢ this Mortgage,.~ender shall prdaR~Myrreh~Iq~grto~~~~c~ j
held by Lender. If ynder garagr~if? ~i
18 rent (trppertys,.sold pr thS Property ~,~?t1~~jyva~,acquir~~~Q~ ~o~~,
shall apply, no later tfia'n~immediatety~rio'r to'ttrc :safe ot~hl3-Property or its acgwsitfon by i_erttlel; any Fun~~~e~i
Lender at the time df'epplicaffo~?a't a Credit aga+rtst th'e sums "secured by this M~tgage: ; ~ , - . - , ~ r''x=rte
3. Applicstion of Payments. Unless applicable taw provides otherwise, all payments received by lender under the
Note and paragr>aphsh: and 2 h9teof Shall t~ applied by tender first iq payment of amounts payable to Lender by Borrower
under paragrapp~2~_tTe(eptateeR•iQ 8'>teTest,payabte~ongtte Mote. then.to ttlB:ptinc~ipal~of the Nota;.arid ttienao_inte?esisnd
principal on any Future Advances.: ~ ,~,4 ,c r, : ,
4. mss: bans. Borrowerahadt paXall taxes, assessre~nts and ptteercchae9es,,tjnes and i~gpositigns attributable to
the Property whiclt.ti<ayattain a-prior~ity~pver,this Mor~ge, a~ leasehold payments or~gound.rec~ts, ifi y,:inthe manner
.provided uteder parajgraph he~,e0f or, if not'~1d m,s~µ~f5 maa~er, bye orio~yer- tng paymaritt
~nr1~~ ~ue,;¢'rpct~y to the
payee thereof: Borrower shall promptly furniSh~to Lender all notices af~mciuhtsdne under this paragra~, ari~ ih'ttie event
Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments.
Borrower shall 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 marenpr acceptable tQ Lender, qr shall in goo¢ faith coptesl~µch iiell.py, w d~end gn(orCergent of such lien in,
legal proceedings whiclroperate-toLprevenl the.6nforc~meniAfYtre li~fe~r~¢r~Qiiure of the Ptoperty,Qr`atlji~art thereof.
3. Elaza~dlnwrrtnbi.8d~fowersf~itkeeptt>e'im~ivenentsnow sting or hereafter'eerecffeeddon-thePropertyinsured
against Iossibylb~a, haraids'includedwrithin3he-t8rrrt"extendeti'col~iAratje.", eAd suct~.other hazards asi.endei ma~t~r~quire
and in sucftamqur~tsand for such perio~_as Lenderrequire: prgvid$t!, t11e1_~ndQr 5half not~requlre Ihat;Jhe amount of
such coverageeisceecJ;that,arelopr~t of coyeragerequved to pay.the:sum secpredby,this Mortgages - . .
The insilranCe ier~prpvitijAg,flie,ir~suran gg ~sd~aa i tle,chosep ~iy`B,pRgw~r~sy~ieCt,(Q apprgy,?1 ~iy, Lgr~dei;'piovided,
that such approva?shall not'be unreas'onabl ~htre(~. A11-premiartts_on_ ~nsuranoe policies shall-t~liald in the manner
provided udder paragraph 2 hereof or, if"nOt ~eli~in sUdt Atariner,by~>~Or~ower-tiiaking payrrien(,-when tlne; directlyO~the
insurance carrier.
Ail insurance policies and renewals thereof shall tie in form acceptable to Lender and shall include a standard mortgage
clause in favor of and in'torm acceptable to Lender. lender shall have the right to hold the policies and renewals thereof,
and Borrower shall promptly fumish 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•promptiy
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 ii the security oI 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 (~operty is abandohed 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 Lenders option either•to restoration or repair of the Property
or jo the sums secured by this Jylortgage.. , _ _ . ; .
'Unless Lender and Btsrrowdrbtherwiseagree inwriting, arty such application 6~ proceeds w p~ncip~l shall not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or chargge the amount of
such installments. If 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 sate
or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition.
~ 6. Preservation and Maintenance of Property; Leaseholds; Condominiums;: Planned Unit Developments.
Borrower shall keep the Property in good repair and shalt not commit waste or permit.impairment or deterioration of the Pro-
t perry and shall comply with the provisions of any lease ii 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 i
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 ~orSower and-recorded together wi(h this Mortgage, the__cpvenants.and agreement&,oi such rider
shall bt incorporated into and shall amend tired supplement the Covenants'and agreements of this'Mortgagh as if the rider
were a part hereof-
i
7. Protection of Lenders Security. If Borrower fails to perform the covenants and agreements contained in this
Mortgage, or if any action or proceeding 'is commenced which mate~ialty 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 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 of
e 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~Mortgage, f3orrow~r Shal?,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