HomeMy WebLinkAbout0393UNIlORM COV8NAN1'S. Bo~rower and l.ender covenant anA aarce u tollows:
1. h~we~t ot MociMi a~i iMmM. 8orrower shall promptly pay whe~ due the priocipal of aod interest on the
~ndebtednea evidenad by the Note. prepaymeot and late chargec ac provided io ~he Note, and the principal ot and i~teres~
on any Futute Advances secured by ~his. Mortgagc.
2. R~Ns tor Tup a~d I~w~a~ce. Subject to applicable law ~.r to a writteo waiver by Lender. Borrower shall pay
to Lender on the day monthly installmenls ot p~incipal and ~ntcrcc~ rrc ~yable under the Note. until the Note is paid in full.
a sum (1~erein "Fur~dt'7 equsl to one-twelfth of ~he yearl~~ uac. and ~ssessments which may atuio priority over this
Motts~e. and ~round rtnts on the Pmperty, if any, plus ane-twelfih of yearly premium i~stallments fo~ huard insurance.
plus oue-tweltth ot yearly premium installments_(or,mortgage insurancc. ~t any, all as rcasonably estimated initislly and trom
time to time by Lender on the basis ot assescmcnts and hills and -easonable eslimata thereot.
iUe Funds shall be held in an inslitwion the depocus or ~ccounts of which are insurcd or gu,ranteed by a Federal or
state ageacy (including Lende~ if Lender ~s such an institutionl. I.ende~ ahall apply Ihe Fu~ds Io pay said Iaxa. asxssments.
insurance premiums and gtound rents. l.ender may no1 charge lor so holding and applying 1he Fundc. analyzing caid account,
or verifyinQ and compiling said asxssments aod hilla, unless I.ender pays Bonower imerest on the Funds and applicable law
permits l.ender to make such a charge. Borrowe~ ar-d l.ender may agree in wriling at the time ot execution ot this
Mortgage that interat on the Funds shall t+c paid to Bor~ower, and unless such agreement is made or applicable law
rcquircs such interat to be paid. Lender shall no~ be rcquired to pay Borrower any interat or ea~ninEts an the Funds. l.ende~
shall ~ive to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpose (ar which each debit to the. Funds was made, The Funds arc pledged u additional secu~ity for the sums secured
by this Mortaaae.
lf the unount of the Funds held by Le~der, together with the future monthly ins~allments o( Funds payable prior to
the due data ot ~axes, assessme~ts, insurance premiums and g~ound rents, shall exceed the amount required to pay said taxa,
assestments, insu~ance prcmiums and ground rents as ~hey tall due, such excess shall be, at Borrowei s opt~an, either
pranptly repaid to Borrower or crediled to Borrower on monthly instailments of Funds. If the amount of the Funds
held by Leoder shall not be sufficient to pay taxes, assessme~ts, insurance prcmwms and ground rents as ~hey (all due.
Borm~rer shall pay to Lender any amount necessary to make up the deficiency within 30 days trom the date notice is mailed
by Lender to Borrower rcquating payment thereof.
Upon payment in full of all sums securcd by this Mortgage, l.ender shall promptly rctund to Borrower any Funds
held by Lender. If undtr Quagraph 18 hercof the Property ~~ sold or the Property ~s oiherwise acquircd by I_ender, Lender
shdl apply. no later than immediately prior to the sale ot the PropeAy or its acquisition by t~ndcr, any Funds held bv
Lander at the time of application as a credit against the sums securtd by Ihis Mortgage.
3. Appiicdion of P~yments. Unless applicable law provides otherwise. all payments receivtd by ~ender under the
Note and paragnphs 1 and 2 hereof sh•rll be appl~ed by I.ender first in paymeot of amounts payable to I_ender by Borrower
under paragraph 2 hereof, then to interest payable on the Note, then ~o the principal of the Note, and then to interest and
principal on any Foture Advances.
1. C6arfes; Liens. Borrower shall pay all 1„rs, a~ccs~ments and othcr charge~. 6nes anJ imposit~ons atlr~bulahle to
the Property which may attain a pnority aver thi~ Murtgagc, and leasehold payments or ground rents, if any, in the manner
provided unde~ paragraph 2 hereof or. d not paid in such manner, by Borrower making payment, when due, di~ectly to the
payee thereof. Borrower shalt promptly furnish to I_ender all not~ces o( amounts duc under this paragraph, and in the event
Borrower shall make payment directly, Borruwer ~hall promptly furnish to l.ender receipts evidencing such payments.
Borrower shall promptly discharge any I~en which has pnonty over thi~ Mortgage: provided. that Borrower shall not be
rcqwred to d~scharge any such lien co long as B~xrower ~hail aKree ro wnting t~~ the payment of Ihe obLgation secured by
such lien in a manner acceptable to Lender, or shall m g~xxi fauh conte~~ ~uch lien by, or JefenJ enforcement of such lien m,
legal proceedings which operate to prevent thc rnfurcement of the I~en or (orfe~ture of the Property or any part thereof.
S. Hazard lnsunnce. I3orrower shall keep the ~mpruvemen~~ now er~~ung ur hereafter erected on the Pmperty insured
against loss by fire, hazards included wilhin the Ierm "e~tended caverage", ao~ such o~her hazardc at l.ender may reyuire
and in such amounts and for such periodt ac Lender may reywre; provided, that LenJer shall not requirc that the amount o(
such coverage exceed that amoun~ of coverage reqwred to pay the ~ums ~ecured ~by Ihis ylortaage.
The insurance carrier providing the insuranre shall be chosen by BorroMer subject to approval by Lender; provided,
that such approval shall not be unreasonahly withheld. All prem~um~ on insurar~ce policies shall be paid in the manner
provided under paragraph 2 hereof or, d not pavi in tiuch manner, b} B~rrower mak~ng payment, when due, dirccNy to the
insuraoce curier.
All insuranre Fwl~c~eti and renewals therrot ~hall tx: in form accep~able 10 1_enJer and shall ~nclude a standard mortgage
clause in favor of ard ~n (orm acceptabk ~o l.ende~. Lender ~hell have the rigM ta hoW the policies and renewals thereof.
and Borrower shall prompdy furmsh to Lendcr all rencwel noUCCS and ail recrip~s af paid prcmium~. In the event of loss,
Borrower shall g~ve prompt n~~uce tc~ the iniurance carrier and LenJer. Lender m~y make pr~x.t of loss if not made prompdy
by Borrower.
Unless LenJer and Borrower otherw~.c agrec in wnting, mwrance pnxecJc shall bc applied to restoration or repair of
the Property~ damaged, prov~ded ~uch retitoral~on or rep~ir is economically (easible and the ucurity of this Mortgage is
not thereby impaired. If such restoratiun or rep~~r ~s n~~t ec~~m~mically (eatible ur ~f the ucunty of this Mortgage would
be impaired. the msurance proceeds chall be applied to the sums aecureJ by thn Mortg~ge. wi~h the excess, if an}~, paid
to Borrower. It the Yropertv ~~ ~bandvned hy Borrower. ur it Horrower fails t~~ reip~nJ to Lender with~n 30 days from the
date noUCe ~s maded by Lender to Borrov-~er that the insurancr carrier otTen to tiet~le a claim for insurance txnefits, I.ender
is aut6orized to collect and ~ppl~• the ~n~urrnce proceeJ~ at Lender'~ opnun either to restorat~on or ~epa~r ot the Propert~
or to the sums secured by this Mortgage.
Unless l.ender and Burr~>wer Wherv~~~e agree in wnhng, any such applica~ion u( pnkeeds to pnncipal shall not extend
or pcntpone the duc date of ~he monthlp imtallmcntc refcrrcd to in paragraphti 1 anJ 2 hcreof or change the amount o(
suc6 installment~. It unJer paragraph I R hereof thc I'roFerty n acywreJ h~ LcnJcr, ali nght, t~dc and interest of Borrower
in and to any Insurance policies and ~n anJ to thr pro~:erds thcreof reiulting from damage to the Properry prior to th~ sale
or acquisitwn shal! pass to Lender tu thc extent ot the ,um~ secured by this ~tortgage immediately prior to such sale or
acquisition.
6. Praen~slion and ~laialenance of P~operty: I.easeholdc; ('ondominiumc; Planoed Unit Developments. Borrower
shall keep the Pr~perty in guod repair and chall not comroit Kastc c~r permit impairment or deterioration of the Properry
and shall comply with the prov~s,~~ns of any lease it thi~ Mortg.+ge ~. ~~n 3 ICBSI`FII~It~. I~ this Morlgage is on a umt in :~
condominwm or a planned un~t Jrvelupment, Borrower tihaU perturm all o( Borrower's obligaUons under the declarah~m
or coveaants creaung or guvermng ~he cond~~minium or planned umt develupment. the by-laws and regulations af the
conJominium or planned unit devclopmcnt. and comtitucnt J~numcnt~ 1( a c~-nduminium or planned und development
nJer is executed by Borrow~er and rece-rded t~~gcther w~th ~h~~ 111nrtgage, ~hr covenant~ and agreements ~f ~uch rider
shall be ~ncorporated ~mo and Shall amend and suppl~ment Ihc a~~cnanlti and agrcements ot thn Mortgage as ~f the nJer
werc a part Fereof.
7. Prote~lion of I.ender's Security. If H~~rr~~~er I.ul~ ~~• ~xrt~~rm the cavenamti an~l agreements contained m thic
Mortgagc, ur i( any acl~on ~~r prcxceding ~. <<~mmrn,cil ~hirh matrrially ,i(Trct~ Lcndcr'ti intcrctit in thc Propcn~~.
mcluding. but not I~m~lcd.~u. emincnt dum:+~n. in~nhcn~}. ~~Klr rni~~r~rmrnt. ~~r erranKcmcnt~ ur pr~kccdings invol~-ing a
bankrup~ or decedent. ~hen 1 ender at I ender'~ ~~ptwn. uExm ~c~tice te~ N~rrowcr, m~~ m.ike wrh ap~xarances, di~hur~e such
sumc and take such actiun a~ ~s necc~.ar} h~ pmte~•t Lender'~ inlerest. ~ncluJing but ni~t limitcJ to, dnbursement uf
reas~nable auomey'~ Ice~ end eniry upnn Ihe Pmpcr~~ t„ me{~c repa~r~ II (.endtr rryuired mi-r~gage in~uran~e as a
condilion ~r( making thc loan ~ccurc~l h~' ~h~, ~1urtE.~gc. Bi~rrr.v-cr tih.~ll ra~~ Ihr prcmwmti rcquired to maintam wch
inwrance ~n rttx~t unUl tiuch umc ati ~hc rcyuircmcn~ fi,r w~h ~n•,uran:r trrminatc~ in .~rcordancc with Bc~rmMCr'. anJ
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