HomeMy WebLinkAbout1385r 1~ ~~~~ 'I1.~~{~
UNIFORM COVENANTS. 6orrower and Lender covena~t and agree as foi!ows.
1. Paym~nt of Principal and Iht~nst. Barower snall promptly pay wnen due the pr~nc~pa~ of ancl +nteres~ on cr.e
~ndebtedness evidenced by the Note. prepayment and ~ate charges as prov~ded ~n tne Note and tne pr ~nc~pa: ot ar.d ~nte~est
on any Future Advances seCUred by this Mongage.
2. Funds forT~x~s and Insuanc~. Sub~ecl to apW~cable 1aw a to a w+~nen wa~ve~ by lencyer Bo+rowe~ sna,~ pay
~o Lender on the day monthly ~nstaliments of pnnc~pal and ~nterest are payable unde~ tne No~e u~t~! tne Note ~s pa~0 ~n fud
a sum ~he~em "Funds") equal to one-twe~fth ot the year~y taxes and assessments wh~cn may atta~n pr~or~ry oYer tr:~s
Mo~tgage. and ground rents on the Prope~ty. ~t any, plus on~twelfih ot yea~ly p.em~um msta~3ments !o- nazard msurance
pius on~twelfth ot year~y premium mstalimems tor mortgage msurance. rtany. a~i as-easaonabtyest~matea ~n~t~a~fyancs trom
t:me to time by Lender on the bas~s of assessments and bdis and reasonabte est~mates thereof
The Funds shall be held ~~ an ~nst~tut~on the depos~ts or accounts oi wn~ch a-e msured nr gUaranteea oy a Fede-as r~r
stateagency~~nciud~ngLendenfLender~ssuchan~nst~tut~on~ Lende-sha~iapptylheFundstopaysa+a~axes asses=men?s
~ns~rance p~emwms and ground rents. Lende~ may not cha~ge tor so ho~d~ng and app~y~ng the Funds ana!yr+~g saja acca,~-t
or venfy~ng and comp~ling said assessments and bills. unless Lender pays Bor~ower +nterest on ~he FunCS ana app:~cab:E =aw
perm~ts Lender to make such a charge Borrower and Lender may agree ~n wr~t~ng al thQ l+me o~ exeCuf~On ot iR~S
Mortgage that mterest on the Funds shall be paid to Borrower. and unless such agreement ~s made w app~~cab~e ~a+-
-equ~res such interest to be paid. Le~de~ shau not be requued to pay Bonowerany,nterest o+ea~rnngs on the FunOS Lende~
snan g~ve to Borrower. w~lhout charqe. an annuaf accoum~ng o1 the Funds show~ng cred~ts aea de~,ts to sne f,;r.~; 3~ci ?~F
pu-pose for wh~ch each deb~l to the Funds was maae Tne Funds are pleaged as ada~t~ona~ sec;.r~ty to- tne s~ms se~u~ea
:~~~ m~s Mortgage.
If Ihe amount of Ihe Funds held by Lender. together w~~h the future montnly msta.+ments ot Fur.~s oayaC~e ~~ or !c
!ne due dates ot taxes. assessments. msurance p-em~ums and ground rents. s-~ai~ eKceed tne a^~~,un! req~:red ?~ pay ;a~ ~a,es
assessments. ~nsurance prem~ums and ground renis as they fall cfue sucn excess sra~i oe at Bor~o+re• s ov?~~n E,?r.e+
promptty repa~d to Borrov-~er o- credited to Borrowe~ on monthly msta+~merns ot Funds 1t t+~e ar•:our.t o~ t+~e Fu.^.ds
neid by Lender shan not be suthc~er.t to pay taxes. assessmems. msurance p~em~ums and groun~ re-~;s as they ta:~ c;~e
8orrower sha11 pay to Lender any amount necessary to make up the det~c~ency wssn~n 30 nays t*cm ane Cate ^ ~t~ce +s ^~a:secs
7y t ender to Borrower requeSting payment lhereOi.
Upon payment in lult ot all sums secured by this Mortgage..Lender shaii p+omptly refund to Bo+*oxer any F~-~S
t~e~d by Lender H under paragrapt~ 18 hereof the Property is sotd or the Property +s other~v~;e ac~uaed by ~e~oe+ Le^:~er
sha~~ appiy. no tater than imme~d~atety pr~or to the sale of the Property or ns acq~~s~t,o~ by Le~e+ any F,;~s ^e~d oy
Lenner at the I~me ot appi~cauon as a cred~t aga~nst the sums secured by th~s Mongage
3. Applicatfon ot Paymenb. Umess app~~cable iaw prov-des othenv~se att paymems ~ecenec fly i~er,~e• c:~;,e+ c~e
tdote and paragraphs t and 2 hereot shali be appt~ed by Lender f~~M~~~t ol~~'~ ts paYaD~e to Lef<d~ ay E;•r~~e~
uncier paragraph 2 hereot then to ~nterest payab~e on the Note. t en ~~~ar~er ~~ .r?eres~ a~~
pr~rc~pal on any~Future Advances ~
4. Chs~ss; Uens. Borrower shan pay aij taxes. assessme~~i~Mr~~s i~pos=t-ons at~~~r,c.?a~~e so
the Property wh~ch may atta~n a pnonty over Ih~s Mortgage. and nts ~~~ tr,e r•~ar,~e+
prov~ded under paragraph 2 hereof or. ~f not pa~d m such manne~ orr wer •+~ to i'~e
payee ~hereof Borrower shail prompuy furmsh to Lender a~~ not~~s o~i'd~n~s`~!(JeZmees th~,s ~a~ra a ~~~e e+e~:
Borrower shau make payment duectly. Borrowe• shau promptly tum~sh to Lende- ~ece;pts-~+r~den~in~~p~ayr,-e^*s
Borrower shall promptly d~scharge any i~en wh~ch has pno~~ty over tn~s Mortgage p+ov~ded tna~ Barake. s~as~ not be
reqwred to d~scharge any such hen so Iong as Borrower shalt agree m wr~tmg to the payment o~ the ob~~gat~a: secu*ed by
such I~e~ m a manner acceptab~e to Lender. or shau m good fa~th coniest such I~en by. a detend en!o+ce+T:en~ o! suc~ ~en ~n
~egal procead~ngs wh~ch operate to preveM the entorcement of the ;~en or lo~e+ture ot the Property ot any part ire~eo+
5. Hazsrd Insurance. Borrower shali keep the ~mprovements now ex~sbng o+ r~eatse* e~ected on t.^.e ~cperry ~nse.~ed
aga~nst loss by f~re. hazards mcluded w~th~n the term ~ extended coverage and sucr otre- ^aza.ds as Le~e~ may ~eqv~~e
and ~n such amouMS and for such per~ods as Lender requ~re. prov~ded that Lenaer sna~~ ^ot ~e~u.re **at me am^ri.n~ ~~
such coverage exceed that amount of coverage reqwred to pay the sum sec~red by t+~+s !~ ~•?gage ~
The ~nsurance carner prov~dmg the msurance shal- be chosen by Bo+rawer sut;ect tc ap~*~rat ~y Le~-:er p+cv~d
that such approvai shall not be unreasonably w~thheid At! premwms ar. ~nsu*ance p~;~~~es s~a~- be aa+d ~^ tne ^~,ar.r,e-
p+owded under paragraph 2 hereot or ~t not pa~d ~n such manne~ o; Bo-•one• +-~a~~r•g ~a~Te^.*. +~re^ ~;;e ~:~er• .•~ •^e
msurance carnet '
Ali ~nsurance poirc~es and renewa~s the~eot shai- be in tos~r, acceptaG e!o Le~;e+ ana sr,a' +^c ::.^.P a~tafQafd ~•r~:gage
ctause m favor of and ~n form aCCeptable to Lende- Lende~ shat! have ~^.e *~gnt tc *~c~d the pc~~c=es ar~ •e^aA'd!5 ~^~E!~~
and Borrower shall promptiy turn~sh !o Lender a1t renewai not~ces and a~! •ece~pts ot oa~d tirem:,,rr~ ;~ tne eve~nt 3t'755
Borrower shall gwe prompt notice to the +nsura~:ce carner and Lender Lenaer may ~-~ake proot o! ~xs ~t noi roa~R-r~mC: V
by Borrower
Unless Lender and Borrower otherw+se agree ~n wnUng. msuran _ e proGeeds s~a~. ~ a;,~.:ea'o ~estorat~:.^. ~.,~ ~er,a:• vt
the Property damaged. prov~ded such restcrat~on or repa~r ~s econcm~ca~iy !eas~b e a~d !^e ~e~~~•*~ o` ?^~s ~.!c~'~age ~s
not thereby ~mpa~red if such resto-at~on or repa~r ,s not econom~caiiy feasfb.e u+ ~' ~~e se~:,•:ty ~• t~~s f,Io^gage wo., ;
be ~mpa~~ed. the ~nsurance pro~eeds shai~ be appl~ed to the sums secured Oy th,s !Jlor,gage +~:t^ tne e.cess ~f a~Y Ga~*~
!o Borrower. If the Property is abandoned by Borrower. or ~f Bonower fa~ls to respo~-d to Lencer w~i~~n 30 days'so~r= t~:e
~iate not~ce ~s mailed by Lender to Bonower that ihe msurance carner ofte+s !o settie a c:a~T fQ+,r;sura^; e t~,enef~ts ! ef+de•
~s autnor~zed to colleci and apply the ms~.~rance p~oceeds ei Le~def s opt~or e~'^e+ to ~est.a':•:,~+ :,• -epe~+ ~' ~^e a•,oe*,•,
or to the sums secwed by this Mortgage
Unless Lender and Bonower otherw~se agree ~n wnting any sucn appi~~at,~ n~t ~xeeos to cx~r.i~~; Sr:a~~ ~t ertE~~
o- postpone the due date of the monthly mstanments reterred fo m paragra~ns ' enC 2 hk!~~f c- c~a^ge '^e aT ~unt o+
such ~nstallments If under paragraph 18 hereof the P~operty .s acGL~~ed by Len7er d" ':yh! ';t•e e~a ^te+es* ~' 3~~~~we~
in ard to any insuranCe poiicies ar.tf ~n and to the precee~s tnefeot resu~t~ng t..~~-~ ~ar~~age io s^e P+c;,e±ty ~~ ~• :~ •^•e sa e
or acqu~s~t~on shall pass to Lender to the extent o! the sums secu+ed Dy tn.s ~.~of~gage ~mme~;ate:y p~~:,t ?o s~C^ sa~e :~+
acqu~s~t~on
6. Presenation snd Maintenance of Prop~rty; Leaseholds; Condominiums; Plsnned Unit Devebpm~MS.
B~rrower shall keep the Proper~y +n good repan and sna~~ not comm~t waste o+~r~-~~: ~r~ae~•~r:en? or ~e'e~~~~at~~r o`. ~re P±~-
r~-ty and shal; comply w~th Ihe prows~ons of any iease ,1 th+s Martgage ~s or a+easefio:~ ~f t~,s Mo~'gage ~s c^ a;~~~s :^ a
~r,ndominium or a planned u~it development. Bonower sha~! pertorm ar~ ot Bo+Towe• s on +ga'=:.ns ~~:e- !^e aec a~ar.o~
~,~ ~ ovenanTS CreaUng or goverrnng the condomm~um or p!anned un~t develop^':e~t '.*~? t,y-aws ar.d •e~:, e:::;^s •s '^e
:r,r,rlomtrnum or planned umt devetopment and ConSUtuent documents I? a GonOorr~n~~^~ ~r p.a~^eC „^~' ~eve : ~~-'e~'
~~~fer ~s executed by Borrower and reco-ded together w~tn t~is Mortgage ?ne co~enarts a•~C a~ree^~e^ts ,` s..c^ • ~e•
sha~~ be mcorporated ~nto and shaH amer,d anh suppiement tne covenan!s and agree+*~erts o• •r.,; ~,~ ~r.ge3e a5 •'^e •~e-
:.ere a part hereof
7. Protection of Lenders Sscurity. It Borrowe• ta~~s to pertorm tne co.~e~~a~~ts ano ag•~~*e^•s c~~?a:*~ ^•^~s
'"~~*t~;age O! ~l,any dCUOtI O~ proceed~r,g is commenced Wh~Gh Rtai°rta<<y o~iPCtS LP^•0@~5 +*'~~e'@5: 3*' '^F' i~•~~''.
~.~ .,~ t~ng t~ut not I~m~led to. eminent ~iomain msolvency code eniorceme~+t o~ afra~gemo^.ts o~ p~~ceed~^g_ ~.~, .~~ a
;,a~~r•unt or decedent. then Lender at Lender s opt~on upc,n not~ce to Borrowe~ rnay ~ra~e suc+: a:,peaTa^ces ~.s~~*~e s:.~~
"•'~ `, :fnd take suc!~ act~on as ~s necessary to~rotect Lender s ~nterest itlC~ud~~g. bu1 nO! :~-~!~ ,~ Q~S~t,~S°"'.E"'-'~ ~`
••~~~ .~ar,+F attorneys ~ees and ent{y up~n t-~e Property to make r~rs N Lendef fea~~~ec ^~o~'oage ^s~*a~~e a~ ~
-, :~~;r,n ~,+ mak,ny the ioan sec:.~ed ~y tn~s Mortgage. Borrowe+ shaii pay ;^,e pre~na~ms +e~~:fers *c r•e,r~a.r ...~~
':.;r:inr,F- ~n eftn~t until 5uch t:me as the requ~remen! `Or SUCh in5u~anCe Serrr;nd!ec ~ a~c~-aance w-r $G"~IVE' S a~::
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