HomeMy WebLinkAbout1023UNIFORM COVFNANTS. BOf~OWt~ anJ l.cnJcr cuvena~u and ag~rc a~ fullows:
1. PaymeM ot Principa! aad Interest. Hurrower shall p[omptly pay whcn duc thc princip~l of and intcrest on the
indebtedneu evidenced by the Nate, prepayment and late charge~ a. provided in the Note, and the principal c~f and mtercst
on any Futurc Advanccc cccurcd by this Mor~gage.
2. Fuads tor T~xes sod lnsurauce. Subject 1o applicablc law ar ta a writlen waiver by l.ende~, Barrower shall pay
ta 1,cnJer on thc day momhly installments ot principal and mtcrect arc payablc under Ihc Nate, untd the Nalc ~c paid in tull,
u sum (herein "Funds") equal to one-twelfth ai ~he yearly tate. and accescments which may attain prioriry aver ~his
Mortgage, and ground rents on the Pmperly, if any, plus o~e-Iwcl(~h of yrarly prcmium installmen~s for harard insurance,
plus one-tw•eltth of yearly premium installments tar mortgage insurance. ~f any, all ac reasonahly ec~imated initially and from
time ta timc by I.ender on thc hasic a( asscssments and hills and reasonablc cctimatec thereo(.
'il~e Funds shall he held in an instilulion the deposits or arcounls ot which are insured or guaranleeJ hy a Federal or
state agenc~~ lincluding Lender if I.ender is such an institutionl. I.ende~ shall apply the Funds ta ~y said ~axes, assessments,
insurance premiums and ground rents. I.ender may nol cha~ge tor u~ holding and applyi~g the Funds, aoaly7i~g said account,
or verifying and compiling said asse~cments and hills, unless l.ender pa~•+ Barrower interest on the Funds and applicable law
permits l.ender to make such a charge. Borrower and l.ender may agree in writing at the time af execution o( this
Mortgage ~hat interest on the Funds shall he paid to Borrower, and unless such agreement is made or applicahle law
reyuires such interest to be paid. I.ende~ shall not he reyuired to ~y Borrower any intcrest or earninLts on the Funds. I.ender
shall give to Borrower, wilhout charge, an annual accuunting of the Fund~ showing credits and debits to the Funds and the
purpose for which each debil to the Funds wa~ maJr. The f=unds are pledged as additional security for the sums secured
by this Mortgage.
If the amount of the Funds held by I.enJer, tugethcr with ~he fW~re momhly in~tallments of Fundc payable prior to
the due Jates of taxes, assessments, insu~ance premiums anJ ground rents, shall erceecl the amount reyuired to ~y said taxes,
assessments, insurance premiumc and ground rentc a~ they fall due, such excecs shall be, at Borrower'~ op~ion, either
promplly repaid to Borrower or crcdited to Borrower ~~n monthly mttallments of Funds. !f the amoum af the Funds
held by Lender shall not be sufficient to pay ~axes, assessmcnts, msurancc premium~ and ground rents as thcy (all due,
Borrower shall pay to l_ender an~~ amount necrisan• to m~ke up ~he deficicnc~• within 30 Ja}•s (rom the date notice is mailed
by Lender to Borrower rcyuesting paymcnt thercof.
Upon payment in full of all sums secured by ~h~c Mor~gage. Lender shall promptly retund to Bermwer any Funds
held by l.cnJer. If under paragraph 18 hercof thc Property i~ .old or thc Propcrt}• ~s atherwicc acqwrcd by I.cnder, I.ender
shall apply, no later than immcdiatcly prior to the sale of thr Propcny or its acquisition by l.cnde~, any Fundc held by
Lender at the Nme o( application as a crcdit against the sum~ secured by this Mortgage.
3. Application of Yaymeats. Unlecs applicahle law• proviJes otherv-ice, all payments received bp I.~nder unJer the
Notc and paragraph~ 1 and 2 hcreof shall bc appbcd by Lcndcr fint in paymcnt of am~~unts pay~ablc to Lcndcr by Borrower
under paragraph 2 hereo(, then to intere~t p•ryable on the Nute. ~thcn ~~~ thr_ principal of the Note, and then to interest anJ
principal on any Future Advances.
4. Clwrges; Lkns. Borrower thall pay all t:irc~, a,ks~ments and rnhcr rhargc+_ finct anJ ~m~xxitiuns attnbutable to
the Propert}~ which may attain a priority over this Mortgagc, and leacehold paymcnts or ground re~ts, if any, in the manner
provided unJer paragraph 2 hereof or. i( not paid in tuch manner. by Borrower making payment, whtn due, directly to the
pa}•ee therrof. Borrower shall promptly furnish to l.ender all not~ces ot amounts due under this paragraph, and in the event
Borrower shall make payment direcUy, Borrower ~hall promptly furnish to Lender receipts evidenc~ng such payments.
Borrower shall promptly discharge any lien which has pnonty over thic Mortgagr; pruvided, that Borrower ~hall not be
required to discharge any such lien to long as Borro~cr shall agrce in ~nting t~~ the pay~ment o( the obligation secured by
such Gen in a manner acceptable to Lender, or ~h511 in gcxx! faith conte~t such lien by, or Jefend enforcement o( such lien in,
legal proceedings which operate to prevent the cnfurcement o( thc lien or forfeitore of the Property or rny part thereof.
S. Hazard Insurance. Borrower shall keep thc ~mpro~cmen~ti now c~itiung c~r hercafter crccted on the Pro~-erty msured
against Icxs hy fire, hazards included withm the term "r~~ended cover~be'~. and such other hazard~ ac Lender ma~• reyuire
anJ m such amounts and fur such periocis ac l.ender may reyuirc; pr~.videJ. ~hat I.ender thall not reyuire that the amount of
such coverage exceed that amuunt of roverage required to pay thr .um~ cecured '~y this Mortgage.
The ~nsurance-carrier providing the insurance shall be chocen by Borrower subject to approval by Lender, provided.
tha~ such approval shall not be unreasonahly withheld. All premium~ on insurance policies shall be paid ~n the manner
provided under paragraph 2 hereof ur, if not paid in such manner, by B~~rrower making payment, when due, ~rectly to the
insurance carrier. •
All insurance policies and renev-~als thereot shall be in form acce~teblr to Len~er and shall mclude a~tandard mortgage
clause in favor of and in form acceptable to Lender. LenJer ~hall hatie the right t~~ hold the ~~licics and renewals thereof,
and Borrower shall promptly furnish to Lender all renewal noticc~ and all receip~s of paid premiumti. In the e~•ent of lo~s,
Bormwer shall give prompt notice to the inwrance carner and I.ender. I.endrr may make proc•t o( lou ~( nM mrde promptly
by Borrower.
Unless LenJer and Borrower otherv~~se agree in writing. in.urance pruceedc shall be applied t~ re~toration or repair of
the Property damageJ, proviJed wch restoration ~r repair it ecc~nomiwll~• (rasihlr and the cecurity of this Mortgage is
not thereby impaired. If surh reitor:~tion or repair is n.~t ec~•n~~m~ralh~ fca~ihlc or if the secunty of this l~lartgagc ve•ould
be impaired, the insurance proceeJs shail be applieJ to the ~ums secureJ h}~ thic Mortgage. w•ith the excea, if any, paid
to Borrower. If the Property is abandoned hy Borrow•er. ~~r it B~~rrow•er fa:h t.~ res~xmd to 1_ender w~thin 30 da}~s trom ihe
date nohce ~s ma~leJ by Lender to Borrower that the ~nsurancr carner olirn io set~le a cla~m for imurance benefits, 1_ender
u•ruthorized to collect and apply the insur•rnce procccds at Lc~~der's opt~an either to restoration or repair of the Property
or to the sums sccureel by this Mortgage. -
Unless I.ender and Borrower othervrise agree in wnting, an~ such •rppliration ~~f pnxeeds to pnnci~+al tih~ll not extend
or postpone the due date of the mon~hl~• ins~allments re(erred a~ in paragraphc I anei 2 herrnf or change the amount of
such ~nstallments. If under paragraph I S hereo( the Properh i~ acyuued h} txnder, ali nght, title and interest ot Borrower
in and to an} insuranrc policies and in and to the procceJs thcreof re~ulting from damagc to the Property pnor to thc sale
or acywsition sh:~ll pass to Lender to the e~~ent of the sums ~ecureJ b} thu Atortgrgr immediatel}~ prior t~> >uch sale or
acquisition.
6. Presenalion and ~1~inten~nce of Propert~; I.easeholds. Corsdominiumti; Planned Unit Developmenls. Borroucr
shall keep thc Property in good repair and shal! not commit waste ar permit impairmcnt or dereriorat~on of the Prupert}~
and shall comply with the provisions of any lease ~f ~hn ~tortgabc i~ an a Icasrhe~ld_ li thn !~lortgage it on a unit in a
condominium or a planned unrt dcvelopment. BorroKCr ~hall Fxr(urn~ all of Borrower's ohhgat~ons under the declarat~~•n
or covenants creatmg or governmg the condomimum ur planned i~mt development, the by-law•s and frgulation~ of the
conJominium ar planned unit development, anJ constituem J~umemc. I( a conJominium or planned umt ~e~eli~pment
nJer is executed by Borrow•er ~nd rerorded tuge~hrr Nith thi. ~1~~rtgage. the co~~enantc and agreement+ af ~uch r~Jer
shall be ~ncorporated ~nto and shall amend anJ supplement the co~enan~c and agreements of thi~ Mortgagc as ~f the riJer
Nere a part hereof.
~. Protection of i.ende~s Security. I( Borroaer faik u~ ~xrf~~rm the crncnants anJ agrecmcnts ~r~n~aincd irr th~s
Mortgage, or i( any achon or proceedmg ~~ commenced Khich ma~eriall}• aftectt I.ender's interetit in the Pro~xrt~.
includmg, b4~t nut bmited to. cmincnt domain. ~ncol~~enc~~. axie cn(orcemcnt, ~~r ai rangcmcnts or prucecdings ~mol~ ing a
bankrupt or decedent, then I.ender at Lender'~ option, up~m notice t.~ Borrow~er, ma} make such appearance~. di~huru ~uch
sums and take such action ac ~s neccccar}~ t~~ protcct Lcndcr's ~mcrest. ~ncl~id~ng. hut not Iim~tcJ to, dnburscmcnt ~f
reasonahle attomey's (ces and en~ry u~n the Propcriy t~ makc repair~. It Lender reyuired mor~gage incurance a~ a
conJ~tion of mak~ng thc loan SccurcJ b}• th~s M~~r~gagc. B~.rn-v-cr shall pay thc premiums requircd to maintain such
insurance in efiect until such ume as the rcyuirement for tiuch msu:ance terminates in acrnrdance w•ith Bormv-•er's and
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8~)7K •,~~j P.SGE ~02~