HomeMy WebLinkAbout0339 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Paytn.~t of Prtnalpal and Interest. 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. FutxJa forTa><es end Instrratnce. 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 Note is paid in full,
a sum (herein "Funds'? equal to one-twelfth of the yearly taxes and assessments which may attain priority over this
iiAortgage, and ground rents on the Properly, ii any, plus one-twelfth of yearly premium installments for hazard insurance,
plus one•twelfth of yearly premium installments for mortgage insurance, ii any, all as reasaonablyestimated initiallyand Irom
time to time by Lender on the basis Ot assessments and bills and reasonable estimates thereof.
The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed 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, analysing said account.
or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
permits Lender to make-such a charge. Borrower and Lender may agree in writing at the tin'.e 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 debits to the Funds and the
purpose far which each debit to the Funds was made. The Funds are pledged as additional security to: the sums secured
by this Mortgage.
If 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 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 Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due.
Borrower shall pay to Lender any amount necessary to make up the deficiencywithin 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. Lender shalt promptly refund to Borrower any Funds
held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by
lender at the time of application as 8 credit against the sums sQCUred by this Mortgage.
3. Applleatton of Payments: Unless applicable law provides otherwise, all payments received by Lender under the
Note and paragraphs t 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 pt~nQi~alp~;(pg fJ~hen o interest and -
principal on any Future Advances. Gr'
4. Charges; Liens. Borraarer shall pay all taxes, assessments and other~harges, t
~n~~rs attributable to
the Property which may attain a priority over this Mortgage, and leasehold payment`s Ori,~ nlfillil~;~ipjt~nner
prq±lided under paragraph 2 hereof or. it not paid in such manner, by Borrower making peyrr~t,,~ QQ,,~~e
payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this par~~r~'ap~h
an~C~V@nt
Borrower shall make payment directly, Borrower shall promptly fumish to Lender receipts eviden~ih~';S'tY~H ~yM6ats. -
Borrower shall promptly discharge any lien which has prority 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.
5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
against loss by tire. hazards included within theterm "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 coverage exceed that amount o1 coverage required to pay the sum 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 be unreasonably withheld. All premiums on :nsurence policies shall be pair! in the manner
~I provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. directly to the
insurance carrier- -
j All insurance policies and renewals tt'~ereot shat! be in form acceptable to Lender and shah 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.
j and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premwms. to the event of loss.
Borrower shall 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 otherwise agree m 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 not economically feasible or it the security of this t~Aortgage would
tie 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 if Borrower fails to respond to Lender within 30 days from the
j date notice is mailed by Lender to Borrower that the insurance carrier otters to settle a clam for insurance benefits. Lender
~ is authorized to collect and apply the insurance proceeds at Lenders option either to restoration or repair of the Property
or to the sums secured ny this Mortgage. ~
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend f
or postpone the due date of the monthly installments referred to in paragraphs t and 2 hereof of change the amount of
such installments. li under paragraph 18 hereof the Property is acquired by Lender. al! right, title and interest of Borrower
in and to any insurance policies and in and to the proceeds thereof resulting Irom damage to the Property 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 t
acquisition. ~ '
s 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unlt Developments.
f 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 is on a leasehold. If this Mortgage is on a unit in a ~
condominium or a planned unit development, Borrower shall perform allot Borrowers obligations under the declaration
or covenants creating or governing the condominium or planned unit development. the by-laws and 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 together with this Mortgage. the covenants and agreements of such rider
( shalt be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as it the rider
were a part hereof.
7. Protection Of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this
Mortgage. or if any action or proceeding is commenced which materially 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 z
sums and lake such action as is necessary to protect Lenders interest, including, but not limited to. disbursements of }
reasonable attorneys fees and entry upon the Property t0 make repairs. If lender required mortgage insurance as a
condition of making the loan secured by this MoRgage. Borrower shall pay the premiums regwred to maintain such
insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrowers and
` - ~R ~ PbG~ X39 ~~3a~e
. ~;,K~ ~ .
3 ~