HomeMy WebLinkAbout0378 UNIFORM COVf•h1N7S. Borrower and Lcndcr awan:utl anJ agrcti; :fs follows:
1. Payment of Principal and Interest. Burrower shall promptly pay uhert due the principal of and intc«st on the
indebtedness es•idcnccd by the Nate, prepayment and late charge, as provided in the Note, and the principal of and interest
on any Future Advances secured by this Mortgage.
2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay
to Lcndcr on the da}• monthly inttallments of principal and interest :trc payable tinder the Note, until the Nate is paid in full,
a sum Ihercin "Funds") equal to one-tw•clflh of the yearly taxcc and ascessmcnts which may attain priority Duct this
Mortgage, and ground rents an the Property, if crap, plus one-twelfth of yearly premium installments far hazard insurance,
plus one-twelfth of }•early premium installments for mortgage insurance. if any, all as reasonably estimated initially and from
lima to time h)• l.cnder on the hasis of assessments anJ hiN, anJ reaumahte estintatcs thereof.
'ihc Funds shall he hall in an institution the Jclx+sits or accuunis of which arc insured or guarantcc~l by a Federal or
state agency t including Lcndcr if Lender is such an institution f. Lender shall apply the Funds M pa)• said taxes, assessments,
imurancc premiums and ground ants. Lcndcr ma} not charge for su hulling and applyurg the Fur.Js, analyzing said account,
ur verifying anJ compiling sail auessntents anJ hill., unless Lender pays Borrower irate«st nn the Funds and appdicahle law
{x:nnits 1_endcr to make such a charge. Borrower and Lender may agree in writing at the time of exccutian of this
Mortgage that interest un the Funds shall he paid to Born+wer, anJ unless such agreement is made ur applicable law
rcyuires such interest to he paid, 1 ender shall not he reyui«J to pay Burrower any intrrast or earnings un the Funds. Lender
,hall girt to Borrower, withaut charge. an annual accounting of the l~unJ, shaving credits anJ Jehits to the Funds and the
pitrposc fur which each debit to the Funds was male. 'The Funds are phKiged as addhiunal s~-curity far the sums secure)
by this Mortgage.
If the amount of the Funds heft h)• Lender, together +sith the future monthly installments of Funds payable prior to
the due Dates of taxes, as,essntents, insurance premiums anJ ground rents, shall exceyJ the amount rcyui«J to pay said taxes,
asxssmcnts. insurance premiums and ground rents as the)• fall Jua. such excess shall he, at Borrower's option, either
promptl)• repaid to Borrower ar crcdhed to Burrower tin nu+nthfy utstaNmcnn crf Fund,. If the amount of the bonds
held by Lender shall not be sutiicienl to pay taxes, asscsmems, insurance premiums atxl Xround Tents as they fall due,
Burrower shall pay to Lender an}' amount nccessan to make up the deficiency withiu.30 da)s 1'mnrtfte date notice is mailed
by Lcndcr to Burrower requesting pa} ment thcreuf.
Upon payment in full of all sums secured by this Mortgage. Lender shall pn.mptly refund to Borrower any Funds
held by I.cnJer. If under paragraph 1>; hereof the Property is u+W or the Pmpcrty is •otherwi,c acquired bj• Lander, Lcndcr
shall apply, nu later than immediately prior to the .ale al the Pn:party ar its acyuisitian by Lcndcr, any Funds held by
Lander at the lima ul application as a creJit against the sums xcurcd M thrs Mortgage.
3. Application of Payments. Unte,s applicable law prosiJes otherssise. elf pa}•ntents receired by Lender under the
\ota anJ paragraph, 1 and 2 hereof shall be applied by LcnJer tint rn payment tit amounts payable to Lender by Borrower
under paragraph 2 hereof, then to interest payable on the tiate. than to the principal of the Note, and than a+ interest anJ
rrincipal tin :uiy Future Adranccs.
4. CharKes; Liens. Burrower shall pay alt lase,, a„es,tnents anJ other charges. fine, antl impositiom :dtrihulahfe to
the Property ?s~hich may attain a pnarity over this ~fortgagc. anJ leasehold payments or ground rent,, if any, in the manner
prurideJ under paragraph 2 hereof ar, if not pail in such manner, by Burrower making payment. when due. Jircctly to. the
pa}•ec thereof. Borrower shall promptly furnish tx+ Lensfcr all notices of amounts due under this paragraph. and in the Brent
Borrower shall make payment Ji«cth, Borrower ,half promptly fumi,h to Lender receiph eyidyncing such pa)•rnents.
Borrower shall promptly disch:trgr any lien vehich has pnority Dyer thi, ~furtgage: pn+yuleJ. that Borrower shall nut be
required to diss:harge any such lien so lung as Barruveer shall egret in writrng to the payntem ul the ohhgatiun secured by
such lien in a manner acceptable to Lcndcr, ur ,hall in g+xxl faith cunte,t such lien hy, or siafend enfurrement of such lien in,
legal pnx~eyJing, which operate to prevent the enforcement of the hen or forfertttre of the Pn+pert) ur am• part thereat.
5. Hazard Insurance. Borrower shall kcti:p the rmpn+sement, now esisung .+r hareattyr erycted tin the 1'rupyrty rnuucd
.+gainst los, hs• tire. hazards included within lha term "estendeJ cascrage'~. anJ such other hazards as I ender ma)• require
anJ in such amounts anJ fur such perisxl, a, LcnJer may reyui«; pn+s•ideJ. that I.rnJer ,hall nut « quire Ihat the amount of
wch ruvyrage esceyd that amount t+f cuserage require) to p:+ti thy ,um, ,e~urrJ by the, 1lurtgage.
"the insurance carrier pn+viding the insurance ,hall he .ho,en hr Burruwcr ,object fo appn+val by Lcndcr, provided,
that such apprus:J ,hall nut tx~ unrea,unahly withheld. All prenuum, tin incur :race pulicie, ,hall t+~ paid ur the manner
provided under paragraph 2 hereof ur, if nut part in ,uch manner. M Bornnser ntakmg payment, whin due..hrecth• to the
nrsurancc carrier.
All insurance policre, anJ reneveah thercut ,hall l+e in faun accrpt.~Me to I_cn.irr anJ ,hall ur.luJe :r ,tan):+cd mortgage
~'lau,c in favor of anJ in form acceptable to I.endyr. Lender ,hall base the right to hold the politic, anJ reneveals thcreuf.
and Bornnscr ,hall promptly furnish to Lender all renewal nuuces anJ alt «ceipts of paid premium,. In the event of io,,.
Burruwcr shalt give prompt nuttre to the m,urance earner anJ Lender. I_andrr ma) make pn+:+t of loss it nut made promptl}
by Burrow°er.
Unless Lcndcr anJ Burn+wyr atherver,s agree in w nhnl:. inwrance pn+ceeds shall lx applied to re,turatian ur repair of
the Propert} .tamageJ. pruvrded such re,turauun ur rep:ur :s ecunomic:Jl)• feasibly and the security of the, lfurtgage n
no! thereby impaueJ. If ,uch ry,turatrun or «pair s nr~t ycoeunrirrlly teasihle or tf Iha security of this Mortgage would
be impaired. the insurance proceed, ,hall he appliaJ to the wins secure.( h) this Martgage. with the excess, if any, paid
to Born+wer. If the Pn+party is ah:urdoned t.y Burrower. or it Burrower twit, to resptmd ro Lender within 30 days frr•m the
Date notice i, mailed M• Lcndcr to Burrower that the inuuance arrrier olTers to settle a claim for imurancc benefits, 1_ender
is authorize) to collect anJ apply the inwrurce pn?cx~;ds at LenJyr•s upUun either to restoration or repair of Thy Prop~crty
ur to the sum, secured by this ~turtgage.
Unless (.ender and Burmwei otherwi,e agree m venting.:m) such applir.?tian of pn+creds to principal sh:dl nut ascend
or postpone thy Jue Jate of the monthly installntems referreJ to in paragraph, I and ? hereof ur change the amount of
such imtaflmenh. It under paragraph lfi hereof the Property is acquired by Lender, all nght, title anJ interest of Borrower
in :utd to :ur? insurur~c policies anJ tit anJ to the procceJs thereof resulting from Damage to the Property prior to the sate
or acyuuihun shall pars, to I_enJer t~• the astcnt of the wnn secured h} this \lortgage immediately prior to such sale or
:r~yuisitiatt.
6. Presersation and ~laintcnance of Property; Leasrhold~: ('ondominiums; Planned l'nit Uerelopmcnls. Harrower
,hall keep the Propcrtp in gutxl repair and shall not commit waste ur permu impairmeru or Jatcrioration of the Prapert}•
and shall comply veith the proviswns of any tease it this Mortgage n on a IeasehalJ. If chi, 1}origage is an a unit in a
cundominiutn ur a planned etmt Development. Burrower shall lxrfarm all of Borrower's ohlrgauons under the declaration
ur cavenanh e«ahng or gavcrmng the condominium or planned unit development, the by-laws and rcgulatiun, of the
~_onJuminnnn or planned unit Jevelopmcnt. and constituent document,. If a c:mJuminium or planned unit Jevelapnrani
nJer rs executed h}' Burruwcr and recordeJ together wrth this ,~Iortgagc, iha covenants anti' agreements of wch railer
shall Ix nrrorpurated into anJ shall amend and xrpplament the wvcnams anJ agracments of this Mortgage as if the riJar
•,sere a part hereof.
7. Protection of Lenders Security. If Bonower faih to perform the covenants anti agreements contained in chi,
~turtgage. or if any action or pn?cceJrng r, cummencaJ whrch materially :JTe:ts Lender's interest in the Pmpcrty.
includ+ng, but not lunrtcd tu. emuunt domain, in,ohancy. c++Jc enturcentent. or arrangements or proceedings im•ulving a
bankrupt :x de.edcnt. than Lcndcr at Lcndcr', opUUn, upon notice to Harrower. rtr:+) make such appearances. drshursc such
sums anJ take such :rctiun as rs nace„arc to protect Lcndcr's interest. rnchrJing. but nut IimrtcJ ta. dr,hursement of
reasonably auornes', tees anJ entry upon Nre Pn+pcrty to make repair,. It lender rryuircJ mortgage Imurancc as a
ce?nJrtron ~~f tnakrng the loan sccuretl h} thi, Mortgage. Burruwcr shall pay the premitum require) to maint:un such
insurance in effect until ,uch Ume as the requirement fur ,uch mwrance terminates rn accordance wtth Borrower's anJ
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