HomeMy WebLinkAbout2619UNIPO~M COVSNAIiTi. Borrower and Lende~ covenaot and as~a u follows:
1. ~ o/ hrcl~l a~ I~h~est. Bormwe~ shall promp~l~ pay when due the principal of and i~terest on the
:ndebtednesi evidenad by the Not0. p~WY~nt and late charges ac provided in the Nde, aod the prir~cipal of and interes~
on any Future Advances sxured by this Mortaage.
2. lh~si tor Ta=~s Mi i~ara~c~. Subject to applicabk law ar to a writ~en waive~ by Lender. Borrower shall pay
to Leader a~ Ihe dsy monlhty installmenls of principal anJ int~rcc~ arc payat+le unde~ the Note, until the Note is paid in full.
a:um (herein "Funds") eqwl to one-twclfth of the yea~l~~ ta~~~ and assessments which may attain priority over this
Mortsa~e. and ~round rents or~ the Property, if soy, plus one•tweltth of yeatly prcmium installments for hazard insurance.
plus oae-twetfth of yearly premium installments for mongage insurancc, if any, all as rcuonably estimated initially and tmm
dme to time by Lender on the buis ot assessmcnts and hills and rcasonable atimates thercof.
71~e Funds shall be held in an instiwtion ~he depoxia or accounls of which are insured or guannteed by a Federal ot
state agency (includina Lender if Lender is such an institution). 1_ender ahall apply ~he Fu~ds to pay said taxa. assessments.
insuranoe premiums and ground rents. l.ender may no~ eharge for so holding and applying the F~~ndc. analyzing xaid account.
or verifyin~ and compiling said asxssmeots ~nd bills, unless Lender pays Borrower intercst on the Funds and applicable law
permits Lender to make such a charge. Borrower and Lender may agrce in writing at the time of executio~ ot ihis
Mort~aae that interest on the Funds shalt be paid to Bor~ower. and unlas such agrcement a made or applicable Iaw
roquires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lende~
shaU 6iLe to Borrower~ without charge, ao annual accounting of the Funds showing credits a~d debits to the Funds and the
purpose [or which eacl~ debit to the Funds wu made. The Funds are plodged u additional security tor ~he sums secured.
by tbis Mortpse. '
If the amou~t of tho Funds held by Lender, together with the (uture monthly installments of Funds payable prior to
t6e due dates of taxes. assasments. insurance premiums and ground rents, shall exceed the amount required to pay said taxes.
ass~anents. iraunnce prcmiums and g[ound rents as they fall due, such ezcess shall be, at dorrower's option, either
prqaptly repaid to Horrower or credited to Borrower on monthly installments of Funds. lf the amount o( the Funds
heltl by Leodet shall not be ~af6cieat to pt-y taxes, assessments, insurance premiums and ground rents as they fall due,
BormMer s6a11 pay to Lender any amount necessary to make up ~he de6ciency within 30 days from the date notice is mailed
by Lender to Horrower requesting payment thereof.
Upon payment ia full of all sutns secured by this Mortgage, l.ender shall promptly refund to Borrower any Funds
held by L.ender. If under paragraph 18 hercof the Property ia sold or the Property ~s otherwise acquitcd by I.ender, Lender
shall apply. no later ihan immediately prior to the sale af the Propeny or its acquisitio~ by Lender, any Funds held bv
Lender at the time of application as a credit against the sums secured by this Mortgage.
3. ApNieatio~ ut Paymrats. Unless applicable law provides otherwise, all payments receiv~d by Lender under the
Note aad paragr~phs 1 and 2 hereof shall be applied by I_enJer 6rst in payment of amounts payable to Lender by Borrower
under puagraph 2 hereof. then to interest payabk on the Nwe.: then to tfx principal o[ the Nbte. and then to interest and
principat on any Future Advances.
4. CAsr~a; Lkas. $orrower shall pay all taxes, assessmcnts and othcr charges, fines and ~mposi~ions attributable to
tbe Proparty which may attain a priority over this Mortgage, and leauhold payments or ground rents, i~ any, in the manner
providod under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
payee thereof. Botwwer shall promptly furnish to LenJer all notices of amounts due under this paragraph, and in tl~e event
Bornower shall make payment directly. Borrower shall promptly tumish to Lender receipts evidencing such paymenis.
Borrower shall promptly discharge any lien which has prionty over this Mongage: provided, that Borrower shall not be
rcquired to discharge any such lien so long as Borrower shatl agree in wridng to the payment of the obligation secured by
suc6 lien in a manner acceptable to Lender, or sh•rll in good faith contest such lien by, or Jefend enforcement of such lien in,
legal proceedings which operate to preve~t the en(urcement o( the lien or forfe~ture of the Property or :+ny part thereof_
S. Harud Insunwce. Borrower shall keep the improvements now• existing or hereafter erected on the Property i~sured
againat loss by firc, hazards included wi~hin the term "extendeJ coverage", and soch other.hazards as Lender may reyuire
and in such amounis and [or such periods as Lender may requirc; provided, that Lender shall not requirc that the amount o[
such coverage exceed that amount o( coverage required to pay the sumt secured ~by ~his Mortaage.
'Il~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided,
tbat such approval shall not be unreasonably withheld. All premiumc on insurance polic~es shatl be paid. in the manner
providod uoder paragraph 2 hereof or, if not paid in such manner, by Borrower makmg payment, wheo due, directly to the
iasurance curier.
All insurance policies anJ renewals therrof shall be in form acceptablc to Lender anJ shall include a standard mortgage
clause in favor of and in form accep~able to Lender_ t_ender shall have the right to hold the policia and renewals thereof,
and Borrower shall pramptly furmsh to Lender all renewal not~ces and all receipts of paid premiums. In the event of loss.
Borrower shall g~ve prompt notice to the insurance carner and l.ender. LertJer may make proof of loss if not made promptly
by Borrower.
Unless Lender and Borrower otherwise agree in writ~ng, insurance proceeJs shall be applied to restoration or repair of
the Property damaged, provided such restora~ion or repair ~s economically (easible and the security of this Mortgage ~s
not thereby impaired. If such restoraaon or repair is not economically (easible or it the secunty of this Mortgage would
be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
to Borrower_ If the Property is abandoned by Borrower, or it Borr~wer fails to respond to Lender within 30 days from the
date notice is ma~led by L.ender to Borrower that the insurance carrier otTers to settle a claim for insurance benefits, Lender
is authoriud to collect and apply the insurance proceeds at l.endcr's option either to restoration or repa~r ot the Propert~•
or to t6e sums secured by this Mortgage.
Unlas Lcnder and Borrower otherwise ~gree m Kriting, any such applica~ion of prcxeeds to prmcipa) shall not extend
or pcutpone the due date of the mon~hly installments referred to in paragraph~ 1 anJ 2 hercof or change the amoimt of
such installmeots. If under paragraph 18 hereof the Pro f.eny is acyuired h} I.ender, ali nght, tiUe and in~erest of Borrower
in and to any thsurance policies and in and to the proceeds Ihereof res~lt~ng from Jamage to the Property prior to thc ~ale
-or acquisidon shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to cuch sale or
acquisition.
6. Yresenation aod !-faiotenance of. Property; Leaseholds: Condominiums; Planned Unit Derelopmenfs. Borrow•er
shall kcep the Property in good repair and shall not comroit y~•aste or permit impairment or deterioration of the Properry
and shall compl~ with the provisions of any lease if th~s Mortgagc ~c on a leaschold. If this Mortgage is pn a,~~nit in a
condomin~um dr a planned unit Jevelopment. Borrow•er shall per(orm all of Borrower s obligations under the declarat~un
or covenants creahng or governmg the condummium or planned•unit development, the bylaws and regulation~ of the
condominium or planned unit develo~,neent. and constituent dixumeni~. It a condominium or planned unit development
rider ~s eaecuted by Borrower and recarded ~ogether whh ~hit Mortgage, the covenants and agreements ot ~uch rider
shall be incorporated ~nto and shall amend and supplcment the covcnants and agteements of this Mortgage as if the ndcr
werc a part tereof. . •
7. Proteetion of Lende~s 5ecu~ity. If B~rrower fa~t. t~. Exrform the covenanls and agreements cantained in this
Mortgage, or if any acUon ~•r proceedmg i~ commence.l which materially afTects Lender's interest in. the Propert}•,
includmg, but not limited to. eminent domain. insc.lvcnc~•, c~x1c cnforcemcn~. or arrangcmcnlc or proccedings invol. ing a
bankrupt or d~cedent. then Lender at I.ender's option, upon notice to Borrowcr, ma} n:ake such appearances, Jishur~c such
sums and ~ake such ac~ion as is nececsar~• tu protect Lender's ~merest, including. but not limrted to, disbursement of
rcasonable atromey's~fce~ and en~ry o~n ~hc Propcn}~ to makc rcpa~rc. If I.cnder rcynircJ mortgage inwrance as a
condition u( mak~ng thc loari zccureJ b}~ this :1i~ir~gagc. B~rn~wcr sh.ill pa~ ~hc prcm~ums rcquireJ to maiiita~n such
insurance in eBect un~il ~uch time as ~he reyuirement for tiurh msuran.e termmalrs in accordance a~ith Borrower't and
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