HomeMy WebLinkAbout2100 UNIFORUt CoVIaNaNTS. Borrower and leader onvatant and agree u folbws:
1. ll~j'meat 1/ hiacipl nest f1~leresl. Borrower shall praaptly pay when due the prmc~al of and Inttrest on the
indebtedness evidenced by the Note, prepayttteat cad late charges as provided in the Note, and the principal of and interest
on any Future Advances secured by this Ma~tgage.
2. Frtrtis tw Tatoes tttti ~stertae~ Sbbject to spplicabk law or fd a written waira by Lender. Borrower shag pay
to Lender on the day monthly imtalhnenu of principal and interest are payable under the Note, until the Note is paid in [all.
a sum (herein "Funds") equal to out-twelfth of the yearly taxes and assessntatu which tray attain priority over this
Mortgage. and ground rata on the Ptnperty. if any. plus ace-rMelfth of yearly premium insulLtxnts for hatrd insurance,
plus onatwclfth of yearly premium imtallmatu for aortgage insurance, if nay, all as reasonably estimated initially and from
trine to time by Lender oa the basis of assasrnertts and bills and rcasottabk estimates thereof.
'ilte Funds shall be held in an institution the deposits or acoounu of which arc inwred or guaranteed by a Federal ar
state agency (including Lender if Lender is such an iauitution). Leader shall apply the Funds to pay said taxes. assessmenu,
inwranoe prcmiWm and ground rcnu. Leader may not charge for so holding and applying the Funds, analyzing said account,
or verifying and compiling said assessmenu and bills, unless Leader pays Borrower interest oa the Funds and applicable law
permiu 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 pisid to Borrower, and unless such agreement is made or applicable law
requira sucti interest to be paid, Lender shall not be roquired to pay Borrower any interest or earnings on the Funds. Lender
shall give to Borrows, without charge, an annual aomunting of the Funds showing credits and debits to the Funds and the
purpose for which escb debit to the Funds was rrrade. The Funds ~•e pledged as additional security for the sums secured
by this 11~::tgtge.
if the amount of the Funds bdd by Lender, together with the futWae monthly installmenu of Funds payable prior to
the due dates of taxes, assessrrteats, insurance premiums and ground rents, shall exceed the amount regwred to pray lard taxes,
assessments, instrranoe premiums and ground rents as they fall due, such excess shall be, at Borrowers option, either
promptly repaid to Borrower or audited to Borrowa• oo monthly itastallraenu of Funds. !f the amount of the Funds
held by Lender shall not be strtliaat to pay taxes, >~maru. insurance premiums and ground rents u they fall due,
Borrower shall pay to Larder any amount nocesury to make up the deficiency within 30 days from the date notice is mailed
by Leader to Borrower regttestiag payment thereof-
Upon payment in full of all arms secured by this Mortgage. Lender shall promptly refund to Borrower any Funds
held by Lender. If under paragraph 18 hereof the Property is seid or the Property is otherwise acquired by Lender, Lender
shall apply. no later than immediately prier to the sale of the Property or its acquisition by Larder. any Funds held by '
Loader at the time of application as a credit against the sums secured by this Mortgage.
3. A~licatiata d)rgmealt. Unless applipbk law provides otherwise, al! payments received by Lender under the
Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounu payable to Lender by Borrower
under paragraph 2 hereof, then to interest payable oa the :dote. thrn to the pridcipal of the Note, and then to interest and
principal on any Future Advances.
1. Crarge~ Liens. Borrower shall pay all taxes, assessmenu and other charges, fines and impositions attributable to
the Property which may attain a priority over this Mortgage, and leasdtold payments or ground rents, if any. in the manner
provided under paragraph 2 hereof or. if not paid in such manner, by Borrawa making payment, when due, directly to the
Payee thereof. Borrower shall promptly furnish to Laden all notices of amounts due under tha paragraph, and in the event
Borrower shall make payment directly, Borrower shall promptly furnish to larder rooeips evidencing such paymenu.
Borrower shall Promptly discharge any Ilea which has priority over this Mortgage: provided. that Borr~awer shag not be
required to discharge any such lien so long as Borroww shall agree in w-ritigg 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 eaforeana~t of such lien in,
legal proceedings which operate to prevent the enforcrntent of the lirn or forfeiture of the Property or any put thereof.
S. f7a:ar~i I~raua~ Bormvru sbaB keep the iwprovcments now• existing or hereafter erected ao the Property inwred
against loss by fire, hazards included within the term "extended coverage". and such other itaiards as [.ender may require
and in such amounu and for such perigds as Lender may require; provided, that Lender shall not require that the amount of
such coverage exceed these amount of rnverage required to pay the wins secured by this Mortgage.
'Ibe inwraaoe carrier providing the insttrattce shag be dtosen by Barmv?-er subject to approval by Lender, provi~.,
that such approval shag not be Wtreasoaably withheld. AB premiums on insuranec pdicies 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 shaft include a standard mortgage
! clause in favor of and in form accxptabk to Lender. Lender dull hasY the right to bold the pdicies and renewak thereof,
cad Borrower shall promptly furnish to Lender ap renewal notices and all receipu of paid premiums_ In the event of loss.
Borrower shall give prompt notice to the inwrance carrier and Lerder_ Lender may make proof of lobs if not made promptly
by Borrower. i
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 rat ecaromicaUy feasible or if the security of this Mortgage would
~ be impaired, the inwraaee proceeds shall 6e applied to the sums secured by this Mortgage. with the excess, if any. paid
to Borrower. If the Property is abardoood by Borrower, or if Borrower fails to respond to Lender within 30 days from the
date notice is mailed by Roder to Borrower that the inwranoe carrier offal to settle a claim for insurance benefits, Lender
is authorized to collect and apply the inwrance proceeds at Lender i option either to restoration or repair of the Property
I or to the sWm secured by this Mortgage.
Unless Lender and Borrower otherwise agree m writing, any such application of proceeds to principal shall not extend
or postpone the due date of the monthly imtallmenu referred to in paragraphs 1 and 2 hereof or change the amount of
such installmenu. ff under paragraph 18 hereof the Prop~a~ty is acquired by Lender, all right, titb and interest of Borrower
~ in and to any insurance pdicies and in and to the prooerds thereof resulting from danuge to the Property prior to the sale
or acquisition shall piss to Lender to the extent of the wars secured by this Mortgage immediately prior to such sale or
acquisition.
f. ffrpervatioa aril Maiateasee of rropertY; Lea9eroi~ Cotaiomiaitr~ !la>reil Unit De~doNtetats. Borrower
t shall keep the Property m good repair and shall not commit waste or permit impairment or deterioration of the Property
and shall cum with the of an kale if this M
ply provisions y ortgage is on a Ieasel,oW_ if this Mortgage is on a unit in a
condominium or a planned unit developaterit, 8orroww shall perform all of Borrower's obligations under the decluation
or covenants creating or governing the condominium or planned unit development, the by-laws ud 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 togctlier with this Mortgage, the eovenanu and agreemenu of such rider
3 shall be incorporated into and shall aatend and wppkirterit the oo.-eoanu aid agreemcnu of this Mortgage as if the rider
were a part hereof.
W Prolectioa of Leaader's Sectarity. If Borrower fails to perform the covenants and agreemenu contained in this
Mortgage, or if any action or proceeding is comrnenixd which materially af[ocu Lender's interest m the Property,
including, but not limited to, aninent domain, iricolvency. code rnforcement. or arrangements of proceedings involving a
bankrupt or decedent. then Lender at Leader's option, upon notice to Borrower, may make such appearances, disburse such
sums and take wch action as is nooeswy to protect Lenders interest, including. but not limited to, disbursement of
reasonable attorney's fees and carry upon the Property to make rcpairs_ If Lender required mortgage inwrana u a
condition of making the ban secured by this Mortgage. Borrower shall pay the premiums required to maintain such
insurance in effect until such time as the rcquircracnt for wch inwrance terminates m accordance with Borrowers and
e~J~ P4GE~;,II~.) 3
• ~
_ ~