HomeMy WebLinkAbout1432 UNIFORM COYkNANTS. Borrower and lender covenant and agree as follows:
1. Payment of Prirtclprrl sad lateresl. Horrowcr 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.
2. Fends for Taxes and Insurance: Subject to applicable law or to a written waiver by Lender. Borrower shall pay
to Lender on the day monthly installments of principal and interest are payable under the Note. until the Nate is paid in full,
a sum (herein "Funds") equal to one-twelfth 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 reasonably estimated initially and from
time to time by Lender on the basis of assessments and bills and reasonable estimates thereof.
'Ilte Funds shall be held in an institution the Deposits ar accounts of which arc 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 eat charge far sa holding and applying the Funds, anal}zing said account,
or verifying and compiling said assessments and bills, unless lender pays Borrower interest nn 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
1ltortgage 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. 1_endcr shall eat he require) to pay Borrower any interest or earnings un the Funds. Lender
shall give to Borrower, without charge, an annual aca~unting of the Funds showing credits anJ Debits to the Funds and the
purpose for which each debit to the Funds was made..- The Funds arc pledgc~i as additional security far the sums secured
by this IUortgagc.
If the amount of the Funds held by t_endcr, 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 reyuin-d 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 Burrower an monthly installments of Funds. !f the amount of the Funds
held by Lender shall not be sufficient to pay taxes, assessments, imurance premiums and ground rents as they fall due,
Borrower shall pay to 1_ender any amount nec;essar}• to make up the deficiency within 30 da}•s from the date notice is mailed
by Leader to Borrower requesting payment thcrrnf.
Upon payment in full of all sums secured by this Mortgage. Lcndcr shall promptly refund to Borrower any Funds
held by Lcndcr. If under paragraph 1K hereof the Property is sold or the Propert}• is otherwise acquired by Lender, Lender
shall apply, no later than immediately prior to the salt of the Property or its acquisition h}• 1_ender, any Funds held by
Lender at the time of application as a credit against the sum+ secured by thi+ \iortgage.
3. Application of Payments. Unless applicable law' provides otherwise, all payments received b}• lender under the
Nate and paragraph+ 1 and 2 hcrcof shall M: applied by Lcndcr fiat in paymcm of amounts pa}•able to Lcndcr by Borrower
under paragraph,2 hereof, then to interest payable on the Dote, Then to the principal of the Note, and then Io interest and
principal on any Future Advances. -
4. Charges; Liens. Borrower shall pay all taxes, :»+cs+mcnts and other charges, fines and imlx~sitions attributable to
the Property which may attain a priority aver this Mortgage, and leasehold payments or ground rents, if an}•, in the manner
provide) under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due. directly to the
payee thereof. Bormwer shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
Borrower shall make payment direct)}•, Borrower shall promptly furnish to Lender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Burrower shall eat be
required to discharge any such lien so long as Borrower shall agree in writing to the-pa}'meet ul the obligation secured h}•
such lien in a manner acceptable to 1_ender, or shall in good faith contest such lien hy, or defend enforcement of such lien in,
Legal proceeding+ which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof.
5. Hatard Insurance. Borrower shall ka;p the impnwements now existing ar here:dtcr erected on the Property insured -
against lass b}• fire, hazards included within the term "extcndcJ coverage'', and such other hazards as Lcndcr may require
anJ in such amounts and for such periods a+ Lcndcr may require: provided, that I-ender shall eat require that the amoun: of
such cus•erage exceed that amount of co+crage required to pa}• the +um+ +ecured h}• thi+ Mortgage.
The insurance carrier providing tM: insurance sh:dl he cha+en by Burnn+er subject to approval h}• 1_ender, provided.
that such appnn•al shall not be unreasonahh• withheld.. A!I premiums on insurance policies +hall t?e paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, b}• Borrower making payment, when due, directly to the
insurance carrier.
j All insurance pulicie+ and renewals thereat shell be in form acceptable to Lcndcr and shall include a +tanJard mortgage
clause in favor of and in form acceptahle to Lcndcr. I-ender ,hall have the right to hold the Ix.licie+ and rencwal+ thereof.
f and Harrower +hall prompd}• furnish to Lender all renewal notices anJ all receipts of paid premium+. In the event of lost,
Borrower shall give prompt entree to the imurance carrier and 1_ender. Lender ma}• make proof of loss if nut made promptly
b}- Borrower.
Unless 1_ender and Borrower otherwix agree in writing, insurance pnnceds shall be applied to restoration or repair of
the Property damaged. provided such resturatu~n or repair ~s camomicaily feasible and the security of this Mortgage is
not thereby impaired. If w~h restoratwn or repair is not economically feasible or if the security of this `fortgage would
be impaired, the insurance proceeds shall be applied to the sums secured h}• this Mortgage. with nc~ excess, if any, paid
to Borrower. If the Property is ahandnned b~ Borrower, or if Burrower fails to respond to Lcndcr within 30 days from the
date notice is mailed by Lender to Borrower that the insurance carrier ulcers to settle a claim for insurance benefits, Lender
is authorized to collect andrppl}• the insurance proceeds at 1_endcr's option either to restoration or repair of the Properi}• s
ur to the sums secured by this Mortgage.
Unless Lcndcr and Burrower otherwise agree in writing, any- such application of proceeds to principa! +hal! not extend
or postpone the due date of the munthl~• imtallments referred to in paragraph+ 1 and 2 hcrcof or change the amount of
such installments. If under paragraph l8 hereof the Property is acytrired h} Lcndcr• all right, title and interest of Borrower s
in and to an} insurance policies and in and to the proceeds thereof resulting from damage to the Property pricer to the sale t
li or acquisition shall pass to Lcndcr to the extent of the sums secured by this Mortgage immediatel}• prior to such sale or ~
acquisition. ~
6. Preservation and Maintenance of Property; Leatiehnlds; ('ondominiums; Planned Unit De~•elopments. Borrower
shall keep the Property in gaud repair and shall not commit waste ar permit impairment or deterioration of the Property
~ and shall comply with the provisions of any lease if this Mortgage i+ un a leasehold. If this Mortgage is on a unit in a
s condominium or a planned unit development. Borrower shall perform all of Borrower's obligations under the declaration I
ur covenants creating or governing the condominium ar planned unit development, the by-laws and regulations of the 3
condominium ar planned snit development, and constituent documents. If a condominium or planned unit development
rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider
shall be incorporated into and shall amend and +upplement the cuvenanb and agreements of this Mortgage as if the rider
l were a part hereof. '
7. Protection of Lender's Security. If Borrower fails to perfc.rm the covenants and agreements contained in this
Mortgage. ur if any action ur proceeding ~s commenced which materially affects Lender's interest in the Property.
including. but not limited tu. eminent domain. in+oh~ency. c~x1e enforcement. urrrrangements or proceedings ins•ol+ing a
bankrupt ur Decedent. then Lcndcr at Lender's option, upon notice to Borrower, may make such appearances, disburse such
sums and take such action as is nece+sar}' to protect Lender's interest. including. but not limited to, di+burxment of
reasonable attornc}~'s Ices and entry upon the Property to make rcpair+. If 1-ender required mortgage in+urance as a
cundiUOn of making the lain secured by thi+ Mortgage. Bormwer sh:dl pay the premiums reginred to maintain such
insurance in effect until such time as the'reyuirement for such insurance terminates in accordance with Borrowers and
E $o~339 NACf14~?
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