HomeMy WebLinkAbout0399UNtrORM COVlNAIVTf. Borrower and Leode~ covenant and agree u follows:
1. lywest ot hi~clMl a~i iNcrat. Borrowe~ shall promptly pay when due the p~i~cipal ot aod interc~t on the
indebtedneu evidenced by ihe Note. prepayment a~d late chargcc ac provided in the Note, and the principal of aod intercst
on any Future Advances secured by this Mortgage. ~
2. l4~i ter Tauw a~i i~arrce. Subject to applic~ble law .-r to a written waiver by Le~de~. Bormwe~ sha~~ MY
to Lender on the day monthly installme~ts of principal and ini~rcc~ rrr ~yable unde~ the Note. until the Note is paid in tull,
a tum (herein "Fun~") equal to o~e-tweltth o( the yearl~- ta~-c~ anJ assasmems which may attain priority ove~ this
Mott~aje. and ~round renu on the Propuly. if any. ~lus one-twel(~h of yearly prcmium installments tor huard insunnce.
plus oae-twelfth of yearly prcmium instaltmen~s for mongage insurancc. ii any, all as rcuonably estimated initially and trom
time to time by Lender on the basis of assescmcnls anJ hills and rca~onable es~imata thereot.
The Funds shall be held in an institution ~he depc+sits or accounts ot which arc insured or guaranteed by a Fedenl ot
state a~ency (includina Leoder if Lcndt- is such an ins~itution). I.ender shall apply the Funds to pay said uza. asseuments.
iasutanet promiums at-d `round rcnts 1 ende~ may not charge lo~ so holding and applying the Fnndc. analyzing caid account.
or vetifyi~~ and compiling said assessments ~nd billa, unless 1_ender pays Borcower inlerest on Ihe Funds and applicable law
permiu Lender to make such a chuge. Bc~rrower and Lender may agrce in writing at the time of execution ot this
Mortgaae that interest on Ihe Funds shall be paid to Borrowe~, and unlas such agreement is made or applicable law
rcquires such interat to be paid. Lender shall not l+e rcquired to pay Borrowe~ any interat or ea~nings on the Funds. l.ender
shall ~ive to Bonower, without charge, an annual accounting of the Funds showiog credits and debits to the Funds and the
parpoae tor which eaeh debit to the Funds wa~ made. The Funds arc pledged u additional xecurity for ~he sums secured
by this Mortaage.
lf tl~e unount ot the Funds held by Lender, toge~her with ~he future monthly installments of Funds payable prior to
the due data of ttxes, assessmenu, insurance prcmiums and ground re~ts, shall exceed the amount required to pay said taxa,
asse~enenu. insurance prcmiums and around rents as they fall due, such excess shall be, at Borrower s option, either
pranptly repaid to Bormwer or credited to Borrower on momhly ins~allments of Funds. 1[ the amount of the Funds
held by Le~ shall not be suRicient to pay taxes, auessments, insurance premiums and ground rents u they [all due.
Borro~re~ shall pay to [.ender any amount nocasary ~o make up the deficiency within 30 days from the date notice is mailed
by l.ender to Borrower requesting payment thereof.
u~ wy~~~ in full of all :ums saured by this Mortgage, l.ender shall promptly rctu~d to Borrower any Funds
held by Lender. If under pusgnph 18 hercot ~he Property n sold or ~he Property ~s othervvise acqu~rcd by Lender, Lender
sball apply. no Ister than immediately prior to the sale ot the Propeny or i~s acquisuion by I.ender. any Funds held bv
I.eader at the time of application as a credit against the sums secured by ~his Mortgage.
3. Appiic~tios oE Paymeats. Untess applicable law provides otherwise, all payments received by l.ender under the
Note and paragnphs 1 and 2 heroof shall be applicd by I.ende~ first in payment of amounts payable to ~ender by B~rrower
uader puagraph 2 hereof. then to interest payable on the Note, then to the principal of the Nae, and then to interest and
principa! on any Future Advances.
~. C6srta; [.kns. Borrower xhall pay all taxes. assessmcnts and othcr charges, 6nes and impositions attributable to
tbe Propeny which may attain a priority over this Mortgage, and lezcehold payments o~round rents, if any, in the manner
provided under paragtaph 2 hereof or, if not pa~d in such manner, by Bor~ower making payment, when due, directly to the
payee thercof_ Borrower shall promptly furnish to Lender all not~ces of amounts due undeF this paragraph, and in the event
Borrower shall make payment d~recU~•, •Borrower shall promptly furn~sh to Lender receipts evidencing sueh payments.
Borrower shall promptly discharge any lien which has pnonty over ~h~c Mongage: proviJed, that. Borrower shall not be
rcqwred to discharge any such lien so long as Borrow•er shall agrce in wnung Io the payment ot the obliga~iun securcd by
such I~en in a manner accep~able to Lender, or shall in g~~ci faiih conte.~ ~uch lien by, or defenJ en(orcement of such lien in,
legal proceed~ngs~which operate to prevent the enfurcement of the I~en or torte~wre of the Property or any part thereof.
S. Hszud I~ursnce. Borrower shall keep the ~mprovemenu now e~isting ur hereafter erected on the Property insured
against loss by fire, hazuds included with~n the te~m "eti~endeJ coverage". and iuch other hazards as I_ender may require
and in such amounts and for such periods ac Lender may requirc; provided. Ihat 1_ender shall not rtquire that the amount of
such coverage excced that amount of coverage rcquired to pay ~he sums uc~~red ~by th~s Mortga6e. ~
"Ilrc ~nsurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, providod,
tbat such approval shall not be unreatonably withheld. All prem~umc on insurance polic~es shall be paid in the manner
provided under paragraph 2 hereof or, if not pa~d in such manner, by B~rrower makmg payment, when due, direcUy to the
insurance carrier_
All insurance policics and renewals thenot thall be in form acceptable to LenJer anJ shall include a standard mortgage
clause in favor of and ~n form acceptable to Lender. l.ender chall have the right to hold the policies and renewals ihereof.
aod Borrower shall promptly turnish to Lender all renewal no~ices and all ceceipts o( paid premiumt. In the event of loss,
Borrower shall g~ve prompt noUce to the ~nwrance catner and I.ender. I.enJer may make ptoot of loss if not made promptly
by Borrower.
Unless l_ender and Borrower olhcrw~w: agree in wriling, imurance proceeJs sh~ll be applied to restoration or repair of
the Property damaged, prov~ded such re~torahon or repair is economicall~• teasible and the security of this Mortgage is
not thereby impa~red. !f such retitorat~on or repair is not economically (eaciMc or it the security of this Morigage would
be impaired. the insurance proceeds shall be applied to the sums secured by this Mortgage. w~th the excess, if any, paid.
to Borrower. If the Propert~ ~s abandoneJ hy Rorrower, or il Borr~wer fails to respond to Lender within 30 days from the
date noUCe ~s ma~led by Lender to Borrower ~hat th~ ~murance carrier otlers to set~le a claim for insuranee benefits, Lender
is aut6orized to collect and :~ppty the m~urance procceJs at I.ender's optiun either to restoration or repa~r of the Propert~
or to the sum~ secured hy this Mortgagc.
Unless Lcnder and Borruwer othen~~.c agrec m wnUng, any such applicauon of pr~~:eeds to pnncipal shall not cztend
or pustpone thc duc date of the mo~thh• intilallmentc rcfcrred a. ~n paragraph~ I and 2 hercof or change ihe amount of
suc6 installments. If unJer paragraph IS hereo( thc Property ~~ acyu~red by l.cndcr, ali nght, tiUe and imerest of Borrowcr
in aod to any fnsursnce po6cies and in and tn the proceeds thereof result~ng from damage to the Property prior to th~ sale
or acquisition ~hall pass to Lender to the eatent of the sums sccured by Ihis ~,lortgage ~mmediately prior to such sale or
acquisition. ~
6. Presen•ation aod ~laiolenartce of Properly: I.easehulds; Condominiums; Planned Unit Developmenfs. Borrowcr
shall keep the Property in gcwd repair and shall not comrpit y~aste or permit impairment or deterioration of the Property
and shall compl~~ with ~he provisions of any lease i( thi~ Mortgage i, un a Ieasehald_ If this Mortgage is on a unit in a
condominwm or a planned unit de~clopmem. Borro~er tihall ~xrturm all of Borrower's obligations under the declaratwn
or covenants creating or guverning the cond~~minuim or planned umt development, the by-laws and regulationc of the
condominwm or planned unit Jevel~~~mcm. .,nd constitucnt d~xumcn~~ )f a:onJominium or planned unit Jevclopmcnt
rider is executed by E3orrow•er and recordrd together w~th thi~ Mor~gage, the covenants and agreements of cuch rider
shall be incorporated ~nto anJ shall dmend and supplcment ~he co~cnant~ and agreements ot Ihis Mortgage as if the ridcr
were a part F~ereof.
7. Protection of Lenders Secu~Sty. I~ H(1fTl~KC! f:ul~ n~ ~xrt~.rm the covenant~ anJ agreements contained in this
Mortgage, ur it any act~on ur proceeJmg ~~ iommrnce~l which materially afirc~c I_e~der's interesl in the Proper~~•.
including. but m-t I~m~ted to. emincm domain. in~~h•cn~y, cixlc cnfor.cmcnt. ~~r .~rranRrmrntt or procccdings mvol~mg a
bankrup~ or deceden~. Ihen Lender at I.enJer'~ op~ion, u~n not~ce ~o Horrow-er. ma} m.~ke wch appearancet, dishune such
sums and ~ake such action a~ is neceesary t~- pr~~Iect LenJer'c imerest. ~ncluthng. but not limued to, d~sbursement of
reasonable a~tomcy's t~cti and entry up~~n ~hc Prupcrt}~ ~o mal~c rrpair~. If I.rnder r~ynired mortsage incutancc ac a
condit~~rn o( rnalcmg thc lo:+n cecurc.f bp ~his M~~r~gagr. B~~rrc~cr sh ~11 pay thr prcmi~nnt rcqwreJ to mainta~n wch
iruurance ~n rt(ect untd tiuch Ume as thc rry~urement for wch imuran;~ Icrmin:~trs in ;~ccordance w~ith Borr~~wcr'. and
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