HomeMy WebLinkAbout1683 UNtFORI~t COVENANTS. BOrrO'M?tr and Leader COVCtraat ald agree as folbws:
1. Playraewt of lhiaciNl gad Iat+erest. Bortov?er shah Pr~IY taY v?'hen due the principal of nerd interest on the
indebtedness evidenced by the Note, prepayment and lase clrarga as provided is the Note, nerd the principal of nerd iattrest
on any Future /ldances secured by this Mortgage.
>Rttais ter rases aai laaaaaee. Sr,bjea b applicable law a b a writtew wair"er b7 Larder. BorrosMer sha8 pay
to Lender on the day monthly itrstslhaeats of principal and interest err payable under the Note, until the Note is paid is [un.
a sum (herein "Funck'7 equal to oao-twdith of the yearly toes and assesmrares v?irich wray attain priority orer this
Mortgage, and `round rents on the Property, if guy. phrs one-twdith of yarly ptemiruim i~renls for hazard inwranoe.
plus one-twelfth of yearly pranium iastalhaeats for mortgaige issuance. if nay. an as reasonably estimated iaiRiaNy nerd from
time to time by Leader on the basis of assasnrerrts and bilk and rtasoaabk estimates thereof.
77re Funds shall be held in an ittstitutioa the deposits a aceorarts of which are insw~ed a gnararNeed by a Federal or
state agency (including Leader if Larder is such an ianRitutioa)_ Larder span apply the Funds b pay said taxes, a:sessnretris,
insurance premiums and ground rents. Larder may trot charge for so holding and applying the Funds. aaalyriag said aooorurt,
or verifying gad compiling said auesstrreats and bilk, uoias Lader pays Borrower interest oa the Funds nerd applicable law
permits Lender to make such a charge. Borrower and reader may agra: is writing at the time of execrrtioa of this
Mortgage that interest on the Funds span be paid to Borrower. gad unless snch agroarreot s made a applicable law
requires such interest to be paid. Larder shall not be regrrircd b poy Borrower any interest or earnings on the Funds. Leader
shall give to Borrower, without charge, an anranl aooatntiag of the Funds sho+riag a+edia std debits b the Funds and the
purpose for which tadr debit to the Funds was made_ The Funds are pledged m additional searrity for the sums secured
by this Mortgage.
If the amount of the Funds held by Lender. together with the future moethiy ursianments of Funds payable prior b
the due dates of taxes, assessments, irssuranoe pr+anrvtrrs and ground rents, shall exceed the amatnt required to pay said rases,
assessoirents, insurance praaittans and ground rerrts as they fsll due, such excess span b~ at Borrower's option, either
promptly repaid to Borrower or credited b Borrower oe monthly irrstalhaents of Funds. If -the atrrorsat o[ the Funds
held by Leader shall not be sut6icimt b pay taxes. assesstnarts, insurance premiums and groutd tarts as they fall due.
Borrower shall pay to Leader any amount necessary b make up the deficiarcy within 30 days from the date notice is mailed
by Lender b Borrower requesting payment thereof. .
Upon payment in fun of an tangs socw~od by this Mortgage, Lesder span promptly refund to Borrower nay Funds
held by Lender. If under paragraph 18 hereof the Property is sob a the Property is atherxrave acquired by Lender. Lsrrder
• shall apply. no later than immediately prior to the sale of the Property a its aogrisitioa by Larder. any Funds held by
Leackr at the tune of spplication as a credit agaiatst the sums secured by the Mortgage_
3. A~iicatiew of PtgmeaMa. Unless appliabk law provides other.ri9e, aB payments received by Lender under the
Note and paragraphs 1 and 2 hereof shall be applied by Fender first is payment of amounts payable to Lender by Borrower
under paragraph 2 hereof, then to interest payable oo the Note, then to the principal of the Note. and then b interest and
principal on any Future Advances.
s. Chnges; Lieaa. Borrower span pay :b taxes, assegtrrents and other charges. fines and intposiitioos attributable to
the Property which may attain a piocity orer this Mortgage, and kasdroW payoeats err ground rants. it goy. in the manner
provided under paragraph 2 hts~eof or. if not paid iar sudr meaner, by Borrower making pay®ent..rhea dire. directly to the
payee thereof. Borrower shall promptly furnish b Lender an notices of amames due under this paragraph. gad is the eMeat
Borrower shall make payment directly, Borrower span promptly furnish to Leader rccxipts eYideoc®g such paynents_
Borrower shall promptly discharge any liar which has priory over this Mortgage: provided, that Borrower span not be
rcquirod to discharge any such lien so loud as Borrower shall ~ in writing to the pa)meat of the obligation secured by
such lieu in a manner acceptable to Leader, a shag in good faith contest such lien by, a defend enforoemart of such lien iq
legal proceedings which operate to prevent tlrc enforeaneat of the lien or fodeiturc of the Property a any part thereof.
S. Rarwri Insaranc~e. Borrower shall keep the improvemtxtts crow existing or hereafter accred ao the Property inwred
against loss by tire, lrvards included within the term "extended coverage", and such other hoards as Lender may require
and in such amounts and for such periods as Leader may require; {movidod, that Leader shall not require that the amount of
such coverage exoad that amount of coverage required to pay the sums socurrd by this Mortg,age.
'Ilre iawraoet cattier providing the insurance Shan be chosen by Borrower subject b appw+al blr Larder, provided,
that such approval sban not be unrczsonabty withheld. An premiums oa ~srrranoe policies sha8 be paid in tht manner
provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making paymeet, when dn0. directly to the
iawrance artier.
All insurance policies and renewals thereof shall be le form aeoeptabk to Lender and shag indude a standard mortgage
k clause in favor of and in form acoeptabk to Lender_ Lewder shall have the right to hob the policies and rentwals thereof.
~ and Borrower shall promptly furnish to Lender all rarewal notices and s0 receipts of paid pranirarrs. In tht event of loss.
Borrower shall give prompt notice to the insurarroe artier and Larder. Lender may mate proof of loss if cot made promptly
~ by Borrower.
Unless Lender and Borrower otherwise agra m writing, insurance proceeds shall be applied to restoration or repair o[
the Property damaged, provided such restoration or repair is economically fcasr~6ie and the settvity of this Mortgage is
not thereby impaired. if such restoration or repair is not ecooornicany feasible or if the security of this Mortgage would
be impaired. the insurance proceeds shen be applied to the sums secured by this Mortgage. •ith the excess, if any, paid
to Borrower. If the Property is abandoned by Borrower, or if Borrower faik to respond to Leader within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance bare5ts, Laden
is authorized to collect and apply the imurance proceeds at Lender's option either b reswration or repair of the Property
or to the sums secured by this Mortgage.
Unless Lender and BorroMrer otherwise agree in writing, guy such appliation of goceeds b principal shall not- extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof a change the amount of
such installments. If under paragraph 18 hereof the Property is eoquued by Leader, all right. title and interest of Borrower -
in and to any insurance pdicies and is and to the proceeds thereof resuitirrg fray datruge to the Property prior b the sale
or acquisition shall pass to Lender to the extent of the sums scarred _ by this Mortgag immediately prior to such sale or
acquisition.
6. Pr+aenation aai Matatenaace of Prepaty; [,eaaehdi~ Cawiemi¦iaass~ tlannei knit De~daAewls. Borrower
shall keep the Property in good repair and span not commit waste or permit nnpairment err deterioration of the Property
~ and shall comply with the provisions of any lease if this Mortgage is on a kasdrold_ If this Mortgage es on a rroit in a
condominium or a planned unit development, Borrower shall pcrfam all of Bortvwei
s odigations under the declaration
or covenants creating or governing the corrdanirritua or planned unit development, the by-laws and regulations of the
condominium or planned unit development, and constituent dog-umcnts. If a oooda~eniaiam or planned trait dev-ek?pment
rider is executed by Borrower and roeordod togaher with this Mortgage. the covenants and agreements of such rider
shall be incorporated into and shall amend and wpplanent the cmeaants and agroanents of this Mortgage as if the rider
were a part hereof.
7. Protection d I.eaier's Secnriity. If Borrower faik to perform the covenants and agreements eontainod in this
Mortgage, or if nay action or prooeedigg is cornrtrenecd w-bleb materialh afEocts Lender's interest in the Properly,
including, but not limited to, eminent domain, insolvency, code entomanent, or arrangeareoa a prneeedgrgs inv~ohirtg a
bankrupt or decedent, then Lender at Lender's option, upon notice to Borro+ver. may make such appararroes. disburse such
sums and take such action as is necessary to protect Larder's interest, indudiog. but not limited to. disbursenrerrt of
reasonable attorney's foes and entry upon the Property to make repairs. If Leader roquircd mortgage insurance as a
condition of making the loan secured by this Mortgage. Borsow~er shall pay the premiums required to maintain such
insurance in effect until such time as the roquircment for such irrstrranet terminates in aooordarree with Borrowers gad
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