HomeMy WebLinkAbout0315UNiFOR~-t CovEN~NTS. Borrower and Lende~ cavenan~ and agree as follows:
1. P~yment of Princlpd aad laterest. Borrower shall promp~ly pay when due the priocipal ot ar.d interest on the
indebtedneu evidenced by the Note. prepayment and late charges as proviJed in the Note, and the principal ot and ioterest
on a~y Future Adva~ces secured by this Mortgage.
2. Fuads tor Tua and lasunace. Subject to applicable law or to a written waiver by I.ender. Borrower shall pay
to Lendcr on the day monthly installments of principal and interest are payable unde~ the Note, uotil tht Nate is paid in tull,
a sum (herein "Funds") equal to one-twelfth of ~he yearly taxes and assessments which may attaio priorily over this
Mortgage, and ground rents on the Property, if any, plus onc-twelf~h of yearly premium installments for hazard insurance,
plus one-twelfth of yearly p~emium installments for mortgage insurance, if any, all as reasonably estimated initially and (rom
time to time by Lender on the basis of assessmentt a~d bills and reasonable estimates thereof.
The Funds shall be held in an institutian the deposits or accouots ot which are insured or guaranteecl by a Federal or
state agency (including Lender if l.ende~ is such an insti~utian). I.ender shall apply the Funds to pay said ~axes, asscssmtnts,
insurance premiums and ground rents. 1_ender may nat charge far io halding and applying the Funds, analyzing said account,
or ve~ifying and compiling said asse~sments and hills, unless 1_ender pay~ Borrowe~ interest on the FunJs and applicable law
permits Lender to make such a charge. Borrower and I.ender m•ry agree in writing at the time ot execution ot this
Mortgage that interest an the Funds shall he paid to Borrower, and unless such agreement is made or applicahle law
requires such interest to be paid. l.ender shall not be required ro pax Barrower any interat or earnings on the Funds. LenJer
~hall give to Borrowe~, without charge, an an~ual accaunting of the FunJs shawing credits and debits to the Funds and the
purpose for which each debit to the Funds w~as made. The Fund~ are pledged as additional security tor the sums secured
by this Mo~tgage. '
If the amount of the Funds held by LenJer, togc~her with ~he future monthly ins~allmenls af FunJs payablc prior to
~he due dates of taxes, assessments, insurance premiums and ground rents, shall exceed Ihe amount reyuired to pay said taxes,
assessmentx, iniurance premiumc and ground rents as they fall due, such excecs shall be, at Borrower's aption, either
prompUy repaid to Borrower or crediled to Borr~Ner on monthly inc~allmen~s of Funds. If the amount of thc Funds
held by l.ender shall not be suff'icient to pay ~axes, assessmcnts, imurancc prem~ums and ground rents as ~hey fall due,
Borrower shall pay to Lender any amount necessar~• ~o make up ~he deficiency within 30 days (rom the date notice is mailed
by Lender to Borrower reques~ing paymcm ~hercof.
Upon payment in ful) of all sums secureJ by thic Mortg~ge. I cnd~r shall pramptl~• refund to Barrower •rny Funds
held hy LenJer. I[ under paragraph 18 hereof ~he Propcrt~~ ic u~ld or the Propcrty is o~herwi~c acqwred by 1_ender, I.ender
shall apply, no later than immediately prior to the ~ale of thr ProM:rly or its acqwsition hy Lender, any Funds heW by
Lender at ~he ~ime ot application as a creJit againu Ih~ sum~ secured by ~h~s Mortgage.
3. Application of Payments. Untecx app6cahle lau~ pravides Mherwiu, all payments receivcd by I.ender unJer the
Note and paragraphc I•rnd 2 hereof sh.~ll bc applicJ by Lender fir~l m payrnent of amounts pap:,hle to I.~nder hy Borrower
under paragraph 2 hereof, then to mterest payable c-n the tiote. ~hen to ~he principal c~( the Note, anJ ~hen to interest anJ
princ~pal on an}• FWurc Advaoces.
4. Charges; Liens. Borrower shall pay all t.~~r~. a~~c~~mcnts and o~her chargc~, fincs and imFx~ci~ions attnbutable to
the Property which may auain a psioriry over this :1lortgage, and leaschi~ld paymcnts or ground rents, if any, in the manner
provided under paragraph 2 hereof or. ~f not p~id m such manner, by Borrower m-rking payment, when due, direcUy to the
payee thereof. Borrower shall promp~l~ turnish to l.ender all notices o( amounts due under this paragraph, and in the eveot
Borruv-er shall make payment direcU~-. lt~~rrower .hall promptly furni,h to Lender receipts evidencing such payments.
Borrow~er shall promptl~• discharge any~ '::~ ~hich has pnont~ ovcr thi~ Mortgage; provided. ~ha~ Borrower shal) not be
reqwred t~~ d~scharge a~y such lien ~a '.~:~~ as BorroNer shall agree in ~rihng to the payment of the obligation secured by
wch lien in a manner acceptable to l.en:fcr, or ~hall in gocxi faith conte~t such lien by, or Jefend enforcement of such lien in,
Iegal proceed~ngc which operate t~~ pre~~nt thc cn[orcement of thc licn or for[eiture of the Property or any part Ihereof.
S. Hazard Insur~nce. Borrower shall_ kecp the improvements no~ exicting ar hereafter erec~ed on the Property insured
against loss by fire, haza:ds includrd with~n the term "euended coverage", and such o~her hazards a~ l.ender may reyuire
and ~n such •rmounts and for such pericxls ac Lender may reyuirr, pn~videJ, that I.enJer shall not require that ~he amount o[
soch coverage exceed that amount of coverage required to pay~ ~he wm~ .ecured by this Mor~gage_
The insurance rarrier providing the insurance shall be chosen by Borrow~er subject to approval by Lender; provided,
that wch appro~~al shall no! be unreawnably withheld. All premium~ on insurance policies shall tx~ paid in ~he manner
provided under paragraQh '_' ~~creof i~r, if not paid in such manner, by Borrower making payment, when due, d~rectly to the
insurance carrier.
All insurance pohcie~ and rencNals there~f shall tx in form acceptable to l.ender and shall ~ndude a~tandard mortgage
ciause in favc,r ~f and ~n form accept~hle ~u L~nd~r. 1_ender `hatl ha~e the right tu hold ~he policies ~nd renewale thereof,
and Borrower shall promptly [urnish to Lender aU renevv;~l noticec and all receipts of paid premium+. In the e~•ent of loss,
Horrower ~halt gi~~e prompt notice to ~he ~nwranre carner and Lender. I_ender ma}~ make prcx~f of ioss if not made promptly
ny Bo«~We~.
Unless I.ender and Borrower otherw~se agrcc in wnhng, in~urance pnx:eeds shall be applied to restoration ar repair of
the Property Jamaged, provided such restoratwn or ~rpair is ernnomically (easible and the securiry of th~s Mo~tgage is
not thereby impa~red. !f such restor~~~on or repair is not ec~~nomically (casible or ~t the securily of th~s Morlgage wo~ld
be impaired, the msurance proceeds shall be applieJ to the sums secured by th~t Mongage, w~ith Ihe excess, if any, paid
to Borrower. IF the Property is abandoned by Borrower, or it Borrower fails to respond to 1_ender within 30 days from the
Jate notice ~s mailed by Lender to Borrower that the insurance carrier ofTers to settle a claim for insurance benefits, I.ender
is authorized to collect and apply the imurance pruceeds at I.ender'~ opUon either to restoration or repair of Ihe Property
or to the sums secured by this Mortgage.
Unless Lender and Borrower othervvi;e agree ~n wriling, any such application of proceeds to pnncipal shall not extend
or postpone the due date of the momhly installmems referred to in paragraphc 1 anJ 2 hereof or change the amount of
such installments. If under paragraph 18 hereof the Property is acyuired by~ Lender, all right, title and interest of Borrower
in and to any insurance policies and in and to the praeeds thereot resul~~ng trom damage to the Property prior to the sale
or acyuiaition shall pass to Lender to the extent of tho sums secured by this htortgage immediately prior to ~uch sale or
acquisition.
6. Preservalion aod ~1~intenance ot Propertr; I.ezseholds; ('ondominiums; Planned Unit Ihvelopmenls. Borrower
shall kcep the Property in good repair and shall not commit was~e or petmit impairment or deterioration of the Properly
and shall comply with the provisions of any lease i( ~hu Mor~gage ~c on a Icaschold. if thic Mortgage is on a onit in a
condominium or a planned unit development. Rorrower shall perform all tJf Borrower's obbgations under the declaration
or covenants creating or govermng the condommium ~r planned unit development, the by-laws and regulations of Ihe
condominium or planned unit development, and constituent Jocuments. If a conJominium or planned unit development
nder is executed by Borrower and recorded together w~ith thi~ Martgage, the covenants and agreements of cuch rider
shall be incorporated mto and shall amend and supplement !he co~enants anJ agreements of Ihis Mortgage as if the riJer
~ere a part hereof.
7. Profection of I,ender's Security. If Borrov-•er fa~ls to perform the covenants and agreements contained in this
Mortgage, or if any aclion or proceeding ~s commenced w•h~ch materially afiects l.ender's interest in the Property,
including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a
bankrupt or decedent, ~hen Lender at l_ender's option, upon notice to Borrower, may make such appearances, disburse such
sums and take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement ot
reasonable attorney's (ees and entry upon the Propcrty to make repairc. I( Lender required mortsage insurance as a
condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such
insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower s and
j - ~345 P~E 314
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