HomeMy WebLinkAbout0165 UNIFORM COYt=t3.~NTS. Borrower and tender covenant and agree as follows:
1. Payment of Principal aad Interest. Borrower shall promptly pay When due the principal of and interest on the .
indebtedness evidenced by the Note, prepayment and late charges :+s provided in the Note, and the principal of and interest
on any Future Advances secured by this Mortgage.
2. Funds for Taxes and lasuraace. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
to 1_ender nn the day monthly installments of p:inciFa! z^t' :^te::st are payable under the Notc, etntil the !dote 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 Pr+~perty, 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 estim:+ted initially and from _
time to time by Lender on the basis of assessments and hills and reasonable estimates thereof.
The Funds shall I?e held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or
state agency (including Lender if lender is such an institution). [.ender shall apply the Funds to pay said taxes, assessments,
insurance premiums and ground rents. [.ender may not charge fur so holding and applying the Funds, analyzing said account,
ur verifying and compiling said assessments and bills, unless tender 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 time of execution of this
\iortgage that interest nn 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 reyuir+~+l to pay Burrower 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 for which each debit to the Funds was made. The Funds arc pledged as additional security for the sums secured
by this ~iortgagc.
If the amount of the Funds held by 1_ender, together wish the future monthly inslallmcnts 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 Borrower's option, either
promptly repaid to Borrower or credited to Borrower on monthly inslallmcnts of Funds. If the amount of the Funds
held by (.ender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due,
Borrower shall pay to Lender any amount netessan• to make up the deficiency within 30 days, from the date notice is mailed
by Leader to Borrower requesting payment thereof. ~ -
Upon payment in full of all sums secured by this Mortgage. [.ender shall promptly refund la Borrower any Funds
held by (.ender. If under paragraph 18 hcrcof the Property is sold or the Property is otherwise acquired by Lender, (.ender
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 a credit against the sums secured by this Mortgage. , ,
3. Application of Payments. Unless applicable law provides otherwise, all payments received by (.ender under the
Note and paragraphs 1 and 2 hcrcof shall be applied by Lcndcr fiat in paymcnt of amounts payable to I_cnde~ by Borrower
under paragraph 2 hcrcof, then to interest payable on the Notc, then to the principal of the Notc, and then to interest and
principal an any Future Advances. '
4. Charges; Elects. 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 ar. if not paid in such manner, by Borrower making paymcnt, 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 paymcnt directly, BOrrawer sh:+ll promptly furnish to 1_ender receipts esidencing 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 w 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 go+?d faith contest such lien by, or defend enforcement of such lien in,
legal proceedings which operate to prevent the enforcement of the hen or forfeiture of the Property or any part thereof.
S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter crested an the Property insured
against loss by fire, hazards intludcd within the term "extended coverage", and such other ha-tards as I.endcr may rcyuire
anJ in such amounts and fur such periods as 1_endcr may rcyuire: provided, that Lender shall not rcyuire that the amount of
such coverage exceed that amount of cm•crage required to pay the wms secured by this Mortgage.
The insurance carrier providing the insurance shall lx chosen by Borrower subject to approval by Lcndcr, provided,
that such approval shall not be unreasonably withheld. All pnaniums on insurance policies shall t+c paid n+ the manner.
provided under paragraph 2 hereof or. if not paid in such manner, by Burrower making paymcnt, when due, directly to the
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insurance carrier.
All insurance policies and renewals there~?t shall t?e in form acceptable to Lcndcr anJ shall include a standard mortgage
~ clause in favor of and in form ac~eptahlc to Lcndcr. Lcndcr shall have the right to hold the Ix?lities and renewals thereof.
and Borrower sh:dl promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss,
~ Borrower shall give prompt notice to the iusur:u+ce carrier and Lender. I_endrr may make pnx~f of loss if not made promptly
by Borrower.
Unless Lcndcr and Borrower otherwise agrc~: in w citing. inwrance pnxecds shall be applied to restoration or repair of _
the Property damaged, provided such restarat~on ur repair is etunomically feasible and the security of this Mortgage is
not thereb}' impaired. If such restoration or repair is not etonomitally feasible or if the security of this Mortgage would
be impaired, the insurance pr+xeeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
to Borrower- If the Property is abandoned b~ Borrower, or it Borrower fails to respond ro I_endcr within 3U-days from the ~
Jate notice is mailed by Lender to Borrower that the insurance carrier offer to settle a claim for insurance benefits, bender ;
is authorized to collect and apply the insurance procxedsat Lender's option either to restoration or repair of the Property ~
or to the sums secured by this Mortgage.
Unless I_endcr and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due daft of the monthly installments referred to in paragraphs !and 2 hcrcof or change the amount of
such installments. If under paragraph t8 hereof the Properq• is acquired by Ixndcr, all right, title and interest of Borrower
in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale
ar acquisition shall pass to Lcndcr to the extent of the sums secured by this :Mortgage immediately prior to such sale or
acquisition. ~
6. Preservation and ~taiatenance of Properly; 1_eaceholds; Condominiums; Planned Unit Developments. Borrower
shall keep the Property in goad repair and shall not commit waste or permit impairment or deterioration of the Property ~
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 all of Borrower's obligations under the declaration i
or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the J
tondomimum or planned unit development. and constituent documents. If a condominium or planned +init Development
rider is executed by Borrower and retarded together with this Mortgage, the covenants and agreements of such rider
shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage ag if the rider
were a part hereof- `
7. Protection of [.enders 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 Lender's interest in the Property, •
including, but not limited ro., eminent domain. insolvency. axle enforcement, or arrangements or proceedings involving a
bankrupt or dctcdent, then Lcndcr at Lenders option, upon notice to Borrower, may make such appearances, disburse such
sums- and take such action as is necessary to prrnect Lender's interest, including. bot not limited, lo. disbut•serpent of +
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reasonable attorney's tees and entry upon the Property to make repairs. If Lcndcr required mortgage insurance as a
1 condition of making the loan secured by this Mortgage, Borrower shall pay the ,premiums requrreJ to maintain such
insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrowers and
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