HomeMy WebLinkAbout0248UNIFORM COVENANTS. Borrower and Lender covenant and agree as tollows:'.'~~`~ •. ~~~
1. P~ym~nt of PMncfpal and Int~rost. Borrowe~ shall promptly pay when due the principal ot and ~nterest on the
indebtedness ev:denced by the Nol~, Rrepayment and Iate charges as prov~ded in Ihe Note, and the p-~ncipal ol and ~nterest
on any future Advances secured by this Mo-tgage.
2. Funds fo~Taxes snd Insun~c~. Sub~ect to applicabte law or to a wr~tten wa~ver by Lender, Borrower shall pay
to Lender on the day monthly installments ot principal and ~nterest are payable under the Note. unt~l the Note is paid in ful1.
a sum (he~em ~~Funds") equal to one-tweltth ot the yearly taxes and assessments wh~ch may atta~n pr~or~ty ovar th~s
Mortgage. and ground rents on the Property, it any, plus one-tweltth ot yearly premium mstallments 1or haza~d msuran~e,
p~us one-twelfth of yearly premium insta~lments tor mortgage insurance, it any, al1 as reasaonablyestimated 1n~t~ally and trom
time to t~me by lende~ on the basis oi, assessments and bills and reasonabie esliinates thereot.
The Funds shall be heid ~n an ~nstitution the depos~is or accounts of which are insured or guaranteed by a Federal or
state agency~~nctudir-g Lender ~I Lender is such an inst~tution). Lender shall apply the Funds to pay sa~d taxes, assessments.
~nsurance premwms and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account,
or venfying and compiling said assessments and b~lls. unless lender pays Borrower ~nterest on the Funds and applicable law
permits Lender to make such a charge. Borrower and Lender may agree ~~ wnt~ng at the t~me ot execut~on ol th~s
Mortgage that ~nte~est on the Funds shall be pa~d to Borrower, and unless such agreement ~s made or applicable law
require5 such interest to be paid. Lender shalt not be requ~red to pay Borrower any interest orearn~ngs onthe Funds. lender
shall give to Borrower, w~thout charge. an annual accountmg of the Funds show~ng cre~~ts and deb~ts to the Funds and the
purpose for which each deb~t to the Funds was made. The Funds are pledged as add~t~onal secunty tor the sums secured
by Ihis Mo~tgage.
It the amount ol the Funds held by Lender. together w~th the tuture monthty instaUments of Funds payable pr~or to
the due dates of taxes. assessments, ~nsura~ce p-em~ums and ground rents. shatl exceed the amount reqwred to pay said taxes,
assessments. ~nsurance prem~ums and ground rents as they tall due. such excess shall be, at Borrower's opt~on, e~ther
promptly repa~d to Borrower or credited to Borrower on monthly ~nstallmenis of Funds. If the amount ot the Funds
held by Lender sha11 not be sufl~aent to pay~taxes, assessments. ~nsurance prem~ums and ground rents as tt~ey ta11 due.
Borrower shall pay to Lender any amount necessary to make uQ the det~c~ency w~thin 30 days trom the date not~ce ~s mailed
by Lender to Borrower ~equest~ng payment thereof.
Upon payment ~n fuli ol aii sums secured by thts Mortgage, ! ende~ shall promptly relund to Borrower any Funds
held by Lender. If under paragraph 18 hereof the Property is sold or the P~operty ~s o-herw~se acqwred by Lender, ~ender
shall apply. no later than immediately prior to the sale of the Property or ~ts acqws~t~on by Lender, any Funds held by
Lender at the t~me ol application as a cred~t agamst the sums secured by th~s Mortgage.
3. Application of Payments. Unless applrcable iaw prowdes othen+v~se, al~ payments rece~ved by Lender under the
Note and paragraphs t and 2 hereof shali be appl~ed by Lende- f~rst ~n payment ot amounts payable to leniier b'y Borrower
under paragraph 2 hereot then to ~nterest payable on the Note. then to the pr~nc~pal of the Note, and then to inte~est and
pr~nc~pal on any Future Advances.
4. Charges; Liens. Bocrower shaii pay al1 taxes. assessments and other charges. fines and ~mposit~ons attnbutable to
the Property which may atta~n a pnonty over th~s Mortgage. and leasehold payments or gound rents, it any, in the manner
prov~ded unde~ paragraph 2 hereot or, it ~ot pa~d m such manner. by Borrower mak~ng payment, when due, directly to the
payee thereof. Borrower shall promptly furn~sh to Lender all not~ces of amounts due under th~s paragraph, and m the event
Borrower shall make payment directly. Borrower shall promptly furn~sh to Lender rece~pts ev~denc~ng such payments.
Borrower shall promptly d~scharge any lien wh~ch has pr~onty over th~s Mortgage: prov~ded. that Borrower shall not be
reqwred to d~scharge,a~y sucr tien saiong as Borrower shall agree ~n wr~ting to ihe payment ot ihe obligat~on secured by
such I~en ~n a manner aCCeptable to Lender, or shall ~n good faith contest such tlen by, or defend entorcement ot such I~en ~n.
tegal ~roceed~ngs wh~ch operate to prevent the enforcement of Ihe lien or forfe~ture ot the Property or any part thereot.
5. Hazard Insurance. Borrower shall Keep the ~mprovemenls now ex~s6ng or hereafter erected on the Property ~nsured
agamst Ioss by f~re. hazards ~ncluded w~th~n the te-m ~~exte!:de~ coverage'. and such other hazards as Lender may reqwre
and ~n such amounts and for such per~ods as Lender req~ire: prowded, that Lerider shail not ~equ~re that the amount of
such coverage exceed that amount of coverage requ~red to pay the sum secured by th~s Mortgage. .
. The ~nsurance carner providing the ~nsurance sha11 be chosen by Borrower subjed to approval by Lender, provided.
that such approval shall not be unreasonably w~thheld. All prem~ums o~ ~nsurance polic~es shall be paid in the man~er
provided under paragraph 2 hereot or. it not paid in such manner. by Borrower making payment. when due. directly to the
insurance carner.
All ~nsurance pol~c~es and renewats thereot shall be ~n form acceptable to ~ender and shall mclude a standard matgage
clause ~n taver of and m lorm acceotab~e to lender. Lender shall have lhe r~ght to hold the pol~cies and renewals thereof.
and Borrower shatl promptly turrnsh to Lender all rengwal not~ces and a~t rece~pts ot paid premiums. In the event of loss,
Borrower sha11 g~ve prompt not~ce to the ~nsurance car~ie- an,d Lender Le~der may make prooi of loss il not made-promptly
by Borrower. -
Unless Lender and Borrower otherw~se agree ~n wr~t~ng. ~nsurance proceeds shaH be appl~ed to restorat~on or repa~r of
the Property damaged, prov~ded such restorat~~n o~ reFa~r ~~ ecoiom~cally teas~ble and the secur~ty ot th~s Mortgage ~s
not thereby ~mpa~red. If such restorat~on or repa~r ~s not econom~cally feas~bte or ~t the secur~ty of th~s Mortgage would
be impa~red. the ~nsurance proceeds shall be appl~ed to the sums secured by th~s Mortgage. w~th the excess..d any, paid
to Borrower. If the Property ~s aban~oned by Borrower. or i( Bo-rower fa~ls to respond to Lender within 30 days from the
date notice is ma~led by Lender to 8orrower that the msurance carr~er offers to settle a claim for Insurance benefits, Lender
~s author~zed to collect and apply the msurance proceedS at Lender's opt~on e~ther to restorat~c~n or repa~r ot the Property
c,~ to the sums secured by th~s Mortgage.
Unless Lender and Borrower otherw~se agree +n wr~t~ng. any such appl~cat~on of proceeds to pr~napal shall not extend
or postpone the due date of ihe monthly msta~lments referred to ~n paragraphs 1 and 2 hereof or change the amount of
such installments. If under paragraph 18 hereof the Property ~s acqu~red by Lender. att nght, t~tle and mierest ol Borrower
in and to any insurance polic~es and ~n and to the proceeds thereof result~ng trom damage to ~he Property pnor to the sale
or acqu~sition shall pass to Lender to the extent of the sums secured by th~s Mo!fgage ~mmed~ately pr~or to such sale or
acquisition.
6. Presenation and Maintensnce of Property; Leaseholds; Condominiums; Plsnned Unft Developments.
Borrower shalt keep the Property m good repa~r and shail not comm~t v~aste or perm~t ~mpa~rment or deter~orat~on ot the Pro-
perty and shall comply w~th the prov~sions ot any Iease ~t th~s Mortgage ~s on a leasehold. If th~s Mortgage ~s on a un~l m a
condom~n~um or a planned urnt development; Borrower shall perform all ot Borrower's obl~gat~ons under the declarat~on
or covenants creat~ng or goverrnng the condom~n~um or planned un~t development. the by-laws and regulat~ons ot ihe
condomm~um or planned un~t development. and const~tuent documents. If a condominium or planned un~t development
nder ~s executed hy Borrower and recorqed together w~th ih~s Mortgage. the covenants and agreements of such r~der
shall be incorporated into and shatl amend and supplement the covenants and agreements of th~s Mortgage as ~f Ihe rider
were a part hereof.
7. PrOtection of Lende~'s Secu~ity. I! Borrower fails to periarm the covenants and agreemenls conta~ned ~n ih~s
Mortgage. or if any act~on or proceeding ~s CommenCed wh~ch matenally a!tects Lenders interest in the Property.
including, but not I~mited to. err,Inent domain, ~nsolvency. code enforcement. or arranoements or procsedings i~~olv~ng a
bankrupt ordecedent. then Lender at Lenders opt~on, upon not~ce to Borrower, may make such appearances, d~sburse such
sums and take such action as ~s necessary to protect lenders inleres~ mcluding, but not I~mited to. disbursemenls of
reasonable attorneys fees and entry upon the P~operty to make repa+rs. If Lender requ~red mortgage ~nsurance as a
condit~on of mak~ng tne loan secured by th~s MoRgage. Borrower shalt pay Ihe premiums required to mainta~n such
msurance ~n effect until such t~me as Ihe requ~rement for such ~nsurance termmates m accordance with Sorrowers and
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