HomeMy WebLinkAbout0494.`I';1 ,~+,
i
UNIrORM COVENANTS. Bomowe~ and l.ender covenant and as~a u tollows:
1. ~t ot hi~clMl ri IMeral. Bo~rower shall p~omptl) pay when due the pti~cipal ot and interat o~ the
i~debtednea evidenced by the Note, prepayment and late chargec ac provided in ~he Note, and the principal of and interest
on aoy Futuro Advances secured by this Mort~ase.
2. Rai tor T~ca a~ I~wn~ce. Subject to applica~k law .~~ to a written waive~ by l.ender. Borrawer shall pay
to Lender on 1he day monthly installmems of principal anJ ~otcrc~~ arr payahle unde~ the Note, until the Note is paid in tull,
a tum (henin "Funds'~ eqwl to one-tweltth of ~he yea~l~ usc. and assessments which may attain priority over this
Mortta~e. and ~mund reets on the Proper~y, if any. plus one-~wel(th ol yearly premium insullments for hazard insurance.
plus oae-twelflh of yearly premium installments (or mo~tgage insurancc. it any, all as rcssonably estimated initially and trom
time to time by Lender on the basin ot assescmcnts and hills and reasonable estimata thereof.
The Funds shall be held in an institution the depoat~ or •rccounts of which are i~sured or guaranteed by a Fede~al ot
state a~ney (including Lender if Lender is such an institution). I.ender shall apply ~he Funds to pay said taxes. assessmeMS.
inturance premiums and ground rents 1 ender may oo~ cha~ge Ior so holding and applying the F~~ndc. analyzing said account.
or veriEyin~ and compiling said assessments and bills, unless l.ender pays Bonower interest on ~he Funds and applicable law
permits Lender to make such a charge. Borrowe~ and l.ende~ may agree in w~ting at ~he time ot exaution ot this
Mortpge that interat on the Funds shall t+e paid to Borrower, and unlas such agreement is made or applicable law
requires wch interat lo be paid. Lender shall not be rcquired to pay Bor~ower any interest or earnings on the Fonds. Lender
shal) ~ive to Borrower, without charge. an annual aceounting of the Funds showing credits aod debits to the Funds and the
purpcise for which each debit to the Funds wu madc. The f=unds are plodged as addi~ional ucuri~y for the sums secured
by this Monpae.
If the amount of the Funds held by Lender, togelher with the (uture monthly installments of Funds payablc prior to
the due data of taxa. asseumen4t, insurance prcmiums and ground rents, shall exceed the amount required ~o pay said taxes,
ass~nts. insurance premiums and ground rents as ~hey fall due, such eacess shaU be, at Borrower's opuon, either
promptly repaid to Botrower or credited to Borrower on monthly installments ot Funds. It thc amount of the Funds
held by Lender shall not be sul5cieat to pay taxes, assessments, insurance prem~ums and ground rents u they fall due,
Borro~ver shall pay to Lender any amount nocessary to make up ~he deficiency within 30 days trom the date ~otice is mailed
by l.ender to Borrower requating payment theroot.
Upon paymeat in full of all sums sa:ured by this Mortgage, I.ender shall promptly tetund to Borrower any Funds
held by Lender. It under puagraph 18 hercot the Property u sold or the Property ~s othervvise acqu~rcd by l_ender, t.ender
shall apply. no later than immediately prior to the sale o( the Propeny or i~s acquisition by Ixnder, any Funds held bv
I.eoder at tf~e tirm of application u a credit against the sums secured by this Mortgage.
3. A~iieation ot Paymesls. Unl~ss applicable law provides otherwis~, all payments recei~ed by I_ende~ under th~
Note and paragraphs 1 and 2 hereof shall be applied by I.cnder 6rst in payment of amounts payable to 1_ender by Borrower
under paragraph 2 hereof, then to interest payable on the Note. ~hen to the principal of the Note, and then to interest and
principal on any Future Advances.
1. C6u~es; Lkas. Borrower chall pay all Iaxeti. acsescmeMs and other charges. fines and ~mpmitions at~nbu~able to
the Property which may atuin a priority over ~h~ti Mortgagc, and lea,ehold payments or ground rents, if any, in the manner
provided under paragraph 2 hereo! or. ~f nut paid ~n such manner, by Borrower making payment, when due, directly to the
payee thC,twL Borrower shal! promptly furmsh to Lender all not~ces o( amounts due under this paragraph, and in the event
Borrower shall make payment dirertly, Borrower ~hall promptly tumish to Lender receip~s evidencmg such payments.
Borrower shall promptly dixharge any lien which has prionty over thic Mortgage; provided, that Borrower shall not be
ttqwred ta discharge any such leen co long ss Borrower shall agree in wnUng to ~he payment of the ob6gatiun securcd by
such I~en ~n a manner acceptable to Lender, or shall in g~x~d faith cuntr.~ such lien by. or JefenJ entorcement o! such lien in.
legal proceed~ngs which operate to prevent the enfureement ot thr I~en or torfeiwrr of the Property or any part thereo[.
S. Hazard Insuraace. Borrower shall keep the ~mpn-vemcnt~ noK cxisung ur hereaiter erected on tht Properly ipsured
against loss by fire, hazard~ included wuhm the term "r~~enUeJ coverage", and such other hazards as Lender may require
and m such amaimts and (or such pcriods ac Lender may reyuirc; pmvided, that 1_ender shall not rcquire that the amount ot
sueh coverage excetd that amount of coverage requ~red to pay the ~ums secured ~by ~his Mort~age.
7~e ~nsurance carrier providing the insurance shall be chosen by Borrower subject ~o approval by Lender, provided.
that such approval shall not be unreasonably withheld. All prem~~m. on insurance polic~es shall be.paid in 1he manner
provided under paragraph 2 hereof or, if not pai~ ~n such manner, by Borrower mak~ng payment, when due, dircctly to the
insurance curier.
All insurance policteti and renewak thereof shall be ~n form accrptablr to Lendrr and shall indude a uandard mortgage
clause in fav~r ~t and in (orm acceptable tu l.ender. Lender sh:,ll ha.•e the rigM te~ hold the polici~s and renewals thereof,
and $orrower shall prompdy (urmsh to l_ender all renrwal notices and all receipts of paid premiumt. In the event of lass.
Borrower shall grve prompl not~ce to the imurancr carner and Lender. I.ender mry make proot af loss if not made promptly
by Borrower. ,
Unless Lender and Borrower otherw~.r agree in wnting, in~urance proceeJc shall be applied to restoralion or repair of
the Properly damaged, provided such rc+roratwn ur repa~r ic crc~nomicall~ feas~blc and the security of th~s Mortgage is
not thereby impaired_ If such restora~ion or repair ~s n~~t ccunomiCally feaSihlC ur il the secunry of thrs Mortgage would
be impaired. the msurance proceeJs shall be applied to the sums secureJ by this Mortgage, wi~h the excess, if any, paid
to Borrower. If ~he Proper~}• ~~ abanduned hy Burrowcr, c-r ~t Borrower fa~lti to respcmd to I.ender within 30 days from the
date not~ce is maded by Lender to Borrower ihat ~hc rosur.~nce carner otTen to settle a claim for ~nsurance benefits, Lender
is authorized tu collect and app{y the mwrance proceeJ~ st LenJer', uptu~n either to restora~ion or repa~r of the Propem•
or to the sums secured hy ~his Mortgage.
Unless l.ender and Burrower otherwi.c ~gree m wnhng. any such appli~anon af pn•ceeds to pnnapal shall not extend
or poslpone the due date of the mimthh• in~tallmems referred t~~ in paragrapht 1 anJ 2 hereof or change the amount of
such installmeo~i. If under paragraph 18 hereo( the ProF,ert} ~ti acyuired hy Lcnder, eU nght, dtle anJ interest of Borrower
in and to any Itisurance pul~cies anJ ~n anJ t.~ thc pnxceds thereof resulting from damage to the Property prior to th~ ~ale
or acqws~tion shall pass ~o Lender to thc eatent of the ,ums securcd by th~s ~tortgage immediately prior to such sale or
acquisition.
6. Presen•ation aod lfaintenance of Property; I.eauholds; ('ondominiums: Planned Unit Ikvebpmenls. Borrowcr
shall keep thc Propert}• in gcwd repair and ~hall not comr0it y~astc i~r permn impairmcnt or de~eriorauon of the Property
and shall comply~ w•ith thc provisions o[ any lease ~( ~hi, Mur~gage ~. un a IcaschoW. If this Mortgage is on a unit ~n a
condominwm or a planned unit develi~pmem, Borrow~er ~h:~ll ~rturm all of Borrower's obhgaUOns under 1he declarahun
or covenants creatmg or guvermng ~he cundaminium or planned umt develapment, the by-laws and regulations of the
condominium or planned unit developmem. and cnns~ituent J~xument~ !f a cunJominium or planned umt development
nJer ~s executed by Borrower and rea~rded tugether v-~~h th~, 11~~rtgage, ~hr coven~ntti and agreements of tuch ndcr
shall be ~ncorporated mto and shall emend anJ tiupplement the cu-~nantti a~~l agreements of ~his Mortgage as if the n.ier
werc a PaA kereof.
7. Protertion of I.ender's Security. I( H~~rr~~~er f.ul. a~ ~xrt~~rm the covenants anJ agreements contained in thic
Mor~gage, or if any actiun ~~r proceedmg ~ti c~~mmrnred ~h~cn matrnalh .ifTrcR I.ender'~ imere~t in Ihe Pr~pert}.
mcludmg. but n~~t limited to. cmincnt dumam. in~~~l~cnc~. c~K1c cnturccmcm. ~~r arrangcmcntc or pr.xccdings invoh~ng a
bankrupt or deceden~. ihen I_ender at I.ender', ~p~ion, up~m n~~hce ~o Borrower, ma~ make such appearances, dishurse svch
sums and ~ake such action as is nece«ary tu pn~tect Lender'c mt~rest. inclu~ling. but not IimiteJ to, disbursement o(
reasonablc apomey's (ee~ and entry upun thr Propcn} ~c~ make• repair~. If Lender reyuired mortgage inturance as a
condition o( makmg the lodn cecureJ by ~h~s Mong:~ge. Bnrrr.wer sh.~ll pay the premiums requireJ to mai~itam such
iraurance in efiect unti) such time .a~s the reyuuement for tiuch msuran,e term~n•rtes ~n accordance wuh Borrower's and
~~~x 346 Pa~~ 49? . t . - . ,
~
__-_ - - ~