HomeMy WebLinkAbout1410 j ~ ~
UNIFORM COVENANTS. Borrower and l.~nder covenant and agree as foilaws:
1. Payment of Pttaclpal and laterest. Borrower shall pramptly 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 aay Future Advances secured by this Mortgage.
2. Rnads for Tares and Itrstrran~. Subject to applicable law ar to a written waiver by Lender. Borrower shall pay
to [.ender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in [ull,
a aum (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.
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 if I_rnder is such an institutian). lender shall apply the Funds to pay said taxes, assessments.
insurance premiums and ground rents. I-ender may nat charge for so holding and applying the Funds, analyzing said account,
or verifying and campiling said assessments and bills, unless Lender pa}•s Borrower interest on 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
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, !.ender shall not be required to pay Burrower any interest or earnings on the Funds. Lender
shall give to Barrower, without charge, an annual accounting of the Funds shawing credits and debits to tbe~ Funds and the
purpose far which each debit to the Funds was made. The Funds arc pledgai as additional security for the sums secured
by this Martgage.
if the amount of the Funds held by lender, tagethcr 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 optian, either
promptly repaid to Borrower ar credited to Borrawer on monthly installments of Funds. If the amount of the Funds
held by Lender shall not be sutFicient to pay taxes, assessments, insurance premiums and ground rents as they fall due,
Borrower shalt pay to Lender any amount necessary to make up the deficiency within 30 da}•s from the date notice is mailed
by Lender to Borrower requesting payment thereof.
Upon payment in full of all sums secured by this Martgagc, Lender shall promptly refund to Borrower any Funds
held by Lcndcr. If under paragraph 18 hereof the Property is sold ar the Property is otherwise acquired by lender, 1_ender
shall apply, no later than immediate!}• prior to the sale of the Property or its acquisition by Lender, any Funds held by
. Lender at the time of application as a credit against the sums secured by this Martgagc.
3. Application of Payments. Unless applicable law• pravides atberwisc, all payments received by l.erider under the
Note and paragraphs I and 2 hereof shall be applied by Lcndcr first in payment of amounts payable to Lender by Borrower
under paragraph 2 hereof, then to interest payable on the !~otc, then to tlx: principal of~ the Note_ and then to intcrest and
principal on any Future Advances.
4. Charges; Liens. Barrower shall pay all t:rxcs, assessments and athcr charges, fines and impositions attributable to
the Propert}• which may attain a priority aver 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 thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
Borrower shall make pad ment directly, Barrower shall promptly furnish to Lender receipts evidencing such payments.
Borrower shall promptly discharge any Gen which has priarity over this Mortgage; provided, that Barrower 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 Lcndcr, ar shall in gaod faith contest such Ijen by, or Defend enforcement of such lien in,
legal proceedings which operate to prevent the enforcement of the ben ar forfeiture of the Property ar any part thereof.
5.• Hazard Insurance. Borrower shall keep the improvements now existing ur hcrcaftcr erected on the Property insured
against lass h}• fire, hazards included within the term "extended coverage", and such ather hazards as Lcndcr may require '
and in such amounts and for such periods as Lcndcr may require; provided. that Lcndcr Shall not require that the amaunt of
such coverage exceed that amount of caverage required to pa}• the wms secured by this Martgagc.
The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by 1_ende:, provided,
that such approval shall nat be unreasonably- withheld. All premiums on insurance policies shall tx: 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 anJ renewals thereat shall be in form acceptable to Lcndcr and shall include a standard mortgage
clause in favar of and in form acceptable to Lender. 1-ender shalt have the right to hold the policies and renewals thereof,
and Borrower shall prompty furnish to Lcndcr all renewal notices and all receipts of paid premiums. In the event of Ipss,
I Borrower shall give prompt notice to the insurance carrier and Lender. !_ender ma}• make proof of loss if nat made promptly
by Burrower.
Unless Lender and Barrower 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 nut ecanumically 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 h}• Barrawcr, ar if Barrawcr fails to respond to Lender within 3U days from the
date notice is mailed by Lender to Borrawer that the insurance carrier afters to settle a claim for insurance benefits, I~nder
is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property '
or to the sums secured by this Mortgage.
Unless Lender and Borrower athenvix agree in writing, any such application of proceeds to principal shall not extend ~
or postpone the due Jate of the monthh• installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments_ If under paragraph t8 hereof the Property is acquired b}• lender, all right, title"and interest of Borrower
in and to any insurance policies and in and to the proceeds thereof resulting cram 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
acquisition.
6. Preservation and Maintenance of Property; Leaseholds; ('ondominiums; Planned Unit Ikvelopments. Borrower
shall keep the Property in good repair and shall not commit waste or permit impairmeet or deteriaration of the Property
~ and shall comply with the provisions of any lease if this Martgage is on a Ieasehald. If this Mortgage is on a unit in a
j condominium or a planned unit development, Borrower shall perform alt of Borrower's obligations under the declaration
or covenants creating or •governing the candominitrm or planned unit develapment. the by-laws and regulations of the
condominium or planned unit development, and constituent documents. If a condominium ar planned unit development
s rider is executed by Borrower and recorded together with this Martgage, the covenants and agreements of such rider
shall be incorporated into and shat! amend and supplement the covenants and agreements of this Mortgage as it the rider
Nere a part hereof.
7. Protection of Lender's Security. If Barrawer fails to perfarm the covenants and agreements contained in this
Mortgage. ar if any action or proceeding is commenced which materially affects Lender's intcrest in the Properly,
including. but nat limited to. eminent domain, insalvency, :ode enfarcement, ar arrangements or proceedings involving a
bankrupt or decedent. then Lcndcr at Lender's option, upon notice to Borrower, may make such appearances, disburse such €
sums and. take such action as is necessary to prateet lender's interest, including. but nat limited to, disbursement of
reasonable attorney's fees and entry upan the Property to make repairs. If lender required martgage insurance as a
conditian of m,1l:ing the. loan secured by this Martgagc, Barrower shall pay the premiums required to maintain such
insurance in effect until such time as the requirement for such insurance terminates M accordance with Borrowers and
~nox~1 PAGE~~~
- s~