HomeMy WebLinkAbout1108 UNIPORM COYaNANTa. Borrower and Lender rnvenant and agree of follows:
I. fl'~yaseM e! hinefMl rt+w InMerat. Borrower shall promptly pay when due the principal of and interest on the
indebtednea evidenced by the Note. prepayment and late charges as provided in the Note, and the principal of and interest
as any Future Advances sectrrod by this Mortgage.
lrtwi fir T~aa atsi Iataorrtoce. Subject to applicabk law ..r to a written waiver by Lender. Borrower shall pay
to Lender on the day monthly installrents of principal and interest arc payable under the Note. until the Note is paW in full.
a stmt (herein "Funds") egwl to oar-twelfth of the yearl~~ tax~~ and assessrents which ituy attain priority over this
Mortgage, and ground rents on the Property, if any, plus one-twelfth of yearl)i premium installments [or hazard insurance,
plus one-twelfth of yearly premium installments for mortgage insurance, if any. aM as reasonably estimated initially and tram
time to tithe by Lender on the basis of assessments and hills and reasonabk estimates thereof.
'ILe Funds shall be held in an institution the deposits or accounts of which are imuttd or gwrantced by a Federal of
state agency (including Lender if Lender is such an institution). lender shall apply the Funds to pay sated taxes. assessments.
insurance premiums and ground rents. !.ender may not charge for se holding and applying the Frrnds. analyzing said account,
or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable !aw
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. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
shall give to Borrower, without charge, an annual accounting of the Funds showing credits and dtbits to the Funds and the
purpose for which each debit to the Funds was made. The Funds arc pledged as additional security for the sums secured
by this Mortgage.
If the amount of the Funds held by Linder, together with the future monthly installments of Funds payable prior to
the due dates of taxes, assessments, itsurance 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. If the amount of the Funds
held by Leader shall not be sutficieot to pay taxes, assessments, insurance premiums and ground rents ss they tall due.
Borrower shall pay to Lender any amount netxssary to make up the deficiency within 30 days from the date notice is mailed
by Lender to Borrower requesting payment thereof.
Upon payment in full of all sums secured by this Mortgage, [_ender shall promptly refund to Borrower any Funds
held by Lender. If under paragraph 18 hertof tFSe Properly is sold or the Property rs otherwise acquired by Lender, Lender
shall apply. no later than immediately prior to tht sale of the Property or its acquisition by Lender, any Funds held by
Leader at the tittx of application as a credit against the sums secured by this Mortgage.
3. A~lication of PrryneNs. Unless applicable law provides otherwise, all payments received by Lender under the
Note and paragraphs t and 2 hereof shall be applied by t_endtr 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
pritcipal on any Future Advances.
4. Crarges; Liters. 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 leasehold payments or ground rents, if any, in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
payee theroof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts eviderxing 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 manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in,
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof_
S. Hazard Irrsuraact. Borrower sha!! keep the improvements now existing or hereafter erected on the Property insured
against loss 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 may require: provided, that Lender shall not require that the amount of
~ such coverage exceed that amount of coverage required to pay the sums 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 fie unreasonahiy withheld. Ail premiums on insurance 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 in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof,
and Borrower shall promptly furnish to Lender all renewal notices and alt 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 other.++sc agree in writing, insurance proceeds shall be applied to restoration or repair of
the Property damaged, provided such restoration or repair is ecanomicaUy feasible and the security of this Mortgage is
not thereby impaired. If such restoration or repair is not economically feasible or if the security of 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 Property is abandoned by Borrower. or it Borrower fails to respond to Lender within 30 days from the
date notice is mailed by Ixnder to Borrower that the inwrance carrier offers to settle a claim for insurance benefits, Lender
is autbonzed to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
or to the sums soured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend
or postpone the due date of ttw monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installment. If under paragraph I K hereof the Property is acquired by Lender, all right, title and interest of Borrower
in and to any Risurance policies and in and to the proceeds thereof resulting from damage to the Properly prior 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 Propert~•; Leaseholds; Condominiums; Planned Udt 1Devebpments. Borrower
shall keep the Property in good- repair and shall not comfort yvaste or permit impairment or deterioration of the Property
and shall comph~ with the provisions of any cease if thn 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
or covenants creadog or governing the condominium or planned unit development, the by-laws and regulations of the
condominium or planned unit development. and constituent documents. It a condominium or planned unit development
rider rs executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider
shall be incorporated into and shaft amend and supplement the covenants and agreements of this Mortgage as if the rifer
were a pact tereof.
7. Protection of Lenders Security. If Bam,wer fails to perform the covenants and agreements contained in this
Mortgage, or if any action ur proceeding n commenced whrch materially affects Lender's interest in the Property,
including. but not I+mrted to. em+nent doma+n. insolvency. axle enforcement, or arrangements or pn~ceedings invoh•rng a
bankrupt or decedent. then Lender at I ender's option, upon notice to Borrower, map make such appearances, disburse such
sums and take such action as a necessary to protect Lender's interest, including. but not limited to, disbursement of
reasonable attorney's fees and entry ulxm the Property to make repairs. If !.ender required mortgage insurance as a s
condrtrrrn of making the loan secerred by th+s Mortgage. Borrrwer sh_rlf pay the premiums required to maintain such
insurance in rtfect until such time ~s the requirement for such insurance termrnales in accordance with Borrr~wer's and
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