HomeMy WebLinkAbout1857 l!K 53~~` ~ ~t'.11
UNIFORM COVENANTS. Borrower and Lender covenant and agree as tolbws:
1. Payn+ent of i4inolpal and InNnst. Borrower shall promptly pay when due the principal of and interest on the
indebtedness 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. •
Z. Fonda fotrTaxeaand Insannce. Subject to applicable law or to a written waiver by Lender, Bortower shall pay
to Lender On the day monthly installrrtents of principal and interest are payable under the Note, until the Note is paid in full,
a sum (herein "Funds' egNal to on~Mrglfth 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 reasaonabtyestimated initially and Irom
time to time by Lendet;on the basis of assessments and bills and reasonable estimates thereof.
The Funds shall be held in an institution the deposits or accounts Of which are insured or gdaranteed by a Federal or
state agency including Lender it 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 and bills, unless Lender pays Borrower interest on the Funds and applicable taw
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, LendsrLsh~l~q~t~kie F~gyri(ed to Rax Borrower any~nt~~est or garninps,pt~ theFtJrlds. Lender
shall give to Borrower, without charge, art annu ~ acCe~illnltng of the f unds showing credits Arriid detiifS to ttie fide 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.
It 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, insurance premiums and ground rents as they tall due, such excess shall be, at Borrowers option, either
promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
held by Lender shall nof~be sutfii~iArlt tti p8y 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 Borrgw$r requesting.payment thereof.
Upon payment ~r~ full o{ all Sums s8c~tl~ed t}yt-this Mp[Igag Len~iQr shall promAUy refund to Borrower any Funds
held by Lender. If underear¢grapr'f8jher~Ofrth~proReftyis ~Q~~Or the Property is otherwise acquired by Lender, Lender
shall apply, no later (flan i madiate~y prior to the sale of the ~rdperty or its acquisition by Lender, any Funds held by
Lender at the time b) applicati011'~s a-CXetlit a~airtst ~~iesums5ecured by this Mortgage.
3. Appllgtlon 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. Charyea; LNna. Borrower shall pay all taxes, assessments and other charges, fine5and impps~tions attributably to
the Property which may attain a priority over this Mortgage. and~asehotd payrtients or Bound rents, if any, in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making'paymerit, when due, directly to the
payee thereof. Borrower shall piomptfy furnish to Lender all notices of amounts due under this paatlgraph, and in the event
Borrower shall make payment directly, Borrower shall promptly furriish to Lender receipts evjdencing 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 agreeinwriting to the payment 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 o! such lien in.
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
.-•5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
against Ipss 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 covera$e.elCCeed that amount of cp)rerage,.requirgd to pay.;the sum secured by this Mortgage.
The inSUranCe carrierprovKiing tlieinsurahCe 5fi~11 be chosen by Borrower subject to approval by Len_ der;, provided.
that such approval ehall riot b~l•trnreaiaArlably withhelcf-All prethiums on insuranle policies Shall tse palb~ih1t?e'manner
provided Un~iQr paragraph Q hereof Or, it not paid in such' manner, by Borrower rriakir>Ig payment, when.tfue, idirectly to the
insurance carrier. •
All insurance poticie;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 nght to hold the pohc~es 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 it not made•promptly
by Borrower.
I Unless Lender and Borrower otherwise agree in writing, insurance proceeds shalt 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 econorrrically feasible or ii the security of this Mortgage would
be impaired, the insurance proceeds shag be applied to the sums secured by this Mortgage. with the excess, if any, paid
to Borrower. tt the~Property is abandoned by torrower, or if Borrower fails to respond to Lender within 30 days from the
~ date notice is mailed by Lender to Borrower that the insurance career offers to settle a cta~m for insurance benefits. Lender
is authorized to collect and apply the insurance proceeds ai Lenders optjprt,either to restoration or repsir of the Property
e or to the sums secured by this. Mortgage.
Unless Lender and Borrower otherwise agree in writing. any such apptitajion of proceeds to principal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs ~ ahd 2 hereof or change the amount of
such installments. If under paragraph 18 hereof the Property is acquired by lender, all right. I~tle and interest of Borrower
in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property pnor 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. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments.
Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Pro-
~ party and shall comply with the provisions of any lease if this Mortgage ~s on a leasehold. li this Mortgage is on a unit in a
condominium or a planned unit development. Borrower shall perform all of Borrowers bbl~gations under the declaration
of covenants creating or governing the condomirnum or planned unit development, the by-laws and regulations of the
condominium or planned unit development. and constituent documents. 11 a condominium or planned unit development
rider is'executed bX Borrower and recorded together with this Mortgage, the covenants and agreements of such rider,..
shaltbe incotpo?a'[ed into antl shall amentl and supplement the covenants and agreement§ bf this Mortgage as if the rider
F werE a part hereof.
7. Protection of Lenders Security. If Borrower fails to perform the covenants and agreements contained in this
~ Mortgage, or if any action or proceeding ~s commenced wMoh matenalty 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 ~s necessary to protect Lenders interest. including. but not limited to, disbursements of
reasonable attorneys tees and entry upon the Property to make repairs. If Lender required mortgage insurance as a
cond~bon of making She loan secured by this Mortgage, Borrower shall 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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