HomeMy WebLinkAbout2631UNIFORM COVFNAN7'~. Borrower snd t.eoder covenant and ssroe u follows:
1. h~we~t ~f ltMc1N1 a~i 1NereN. Boroowe~ shal) promp~ly psy when due the principal ot ar~d ieterest on the
indtbtedna~ evidenced by the Noto. p~epayment and late chargec ac provided in th~e Note, and the principal of and interes~
on aay Future Advances xcured by this Monaa~e.
2. F+~Ms [or Ta:M a~i lwe~ce. Subject to applicabk law ar to a written waive~ by Lender. Borrowe~ shall pay
to Lender on the day moothly installments ot principal aid intcrccl an ~yat-le under the Note. until the Note is paid in tull.
a sum (herein "Funds'~ equal to one-tweltth ot the yearl~~ u~-c. anJ assasmenls which may attain priority over this
Mortja~e. and <<ound rents on tbe Pooperly, if a~y, plus one-tweltth ot yearly prcmium installmeots for huard insurance.
plus oartweltth of yearly prcmium iostallmeots tor mongage insunncc, if any, all as reasonably estimated i~itially and tnnm
time to time by Lende~ on the buis ot asxssmc~ts and hills and rcasonabk a~imata thercot.
'Ibe Funds shall be 1~eld in an institu~ion the depasiu or •rccounts of ~rhich are i~sured or guaranteed by a'Fedenl or
state agency (including Lender if l.ender is such a~ institution). 1_ende~ shall apply ~he Funds to pay said taxes. ssussments.
imuranoe premiums and grouod rcnts. I.ender may nat charge for sc~ holding and applying the F~~nds. aoalyzing wid account,
or verityin~ aod complina said asussments and bills, unkss Lender pays Borrowe~ intercst on the Funds and applicable law
permits Lender to make such a charge. Borrowe~ and Lender may agrce in writing at ~he time of execution ot this
Mortgaae tbat intercst on the Funds shall be paid to Borrowe~. and unless such agrcement is m~~e or applicable law
requira such intercst to be paid. Lender shall not be rcquited to pay Borrower any interat or earnings on the Fuads. Lender
shaU aive to Borcower, without charge, an aonual accounting of ~he Funds showing crcdits and debits to the Funds and ihe
purpoae for which each debit to the Fuods wu made. The Funds arc pledged u additional security for ~he sums socured
by this Mortpae. .
If the unount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to
t6e due dates of hxes. assessments. insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
aaa~nents. insunnce premiums and ground rents as they fall due, such excess shall be, at Borrower s op~ion, either
pranpQy repaid to Bormwer or credited to Borrower on monthly installments of Funds. If the amount o( ~he Funds
held by Lender shall not be sufficieat to pay taxa. assasments, insurance premiums and ground rents as they fall due.
Bormwer shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailcd
by I.ender W Borrower requestin8 paYmeot thereof.
Upou paymeat ia ful) of all swns securcd by this Mortgage, l.ender shall promptly retu~d to Borrower any Funds
held by Leader. If uader paragraph 18 hercof the Property ia sold or the Propeny ~s otherwise acquircd by t_ender, t_ender
sbdl apply, no later than immediately prior to the sale o( the Property or its acquisition by Lender. any Funds held bv
Lender at the time of application u a credit against the sums secured by this Mortgage.
3. Alplicatio~ oE Pay~eals. Unkss applicable law provides otherwise, all payments received by l.ender under the
Note and paragnphs 1 and 2 her`eof shall be applied by 1_ender first in payment o( amounts payable to Lender by Borrowe~
under puagraph 2 hereof. then tq interest payable on the Note, then to the principal of the Note, and then ~o interest and
principtl on any Future Advances.
1. ChaRes; Litas. Borcower shall pay all Iaxes, assessmcnts and other charges, fines and impositions atlributahle to
tbe Froperty which may attain a priority over this Mortgage, and leasehold payments or grouna rcnts, if any, in ihe manner
provided under Paragraph 2 htreo[ or, it rtot paid in such manner, by Borrower making payment, when due, directly to ihe
psyoe the~+oof. Borrower shall ptompUy furn~sh to Lender all notices of amounts due under this paragraph, and in the event
Borrower shall make payment directly, Borrower shall promptly fumish to l.ender re~:eipts evidencing such payments.
Borrower shall promptly discharge any lien which ha~ pnority over th~c Mortgage: provided, that Borrower shall not be
required to discharge any such lien so long as Bo~rower shall agree in wnt~ng to the payment of the obligatiun securcd by
such lien in a manner acceptable to Lender, or sh•rll in good iaith cors~e~~ such lien by, or defenJ enforcement o( such lien in,
legal ptoceedings which operate to prevent the enforcement uf thc hen or forfeuurc of the Property or any part thereof.
S. Hwrd Ineuraece. Borrower shall keep the improvememt now eiisting ur hereafter erected on the Property insured
against loss by firc, hazatds included withm the term "extendeJ coverage",. and such other hazards as Lender may requ~re
and in such amounts and for such periods as Lender may require; provided, that Lender shall not rcq~irc that the amount o[
such coverage exceed that amount of coverage required to pay the sums secured ~by this Mortgage.
The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided,
that such approval shall not be unrcasonably withheld_ AI! prem~umc on insurance polic~es shall be paid in the manner
provided under paragraph 2 hereot or, if not paid in such manner, by. Borrower makmg payment, when due, directly to the
iasurance carrier.
All insurance policies anJ renewals thereof shall be in form acceptable to Lender and shall include a s~andard mortgage
clause in favor of and in form acceptable to Lender_ Lender shall have the right to hold the policies and renewals thereof,
and Borrower shall promptly furnish to Lender all renewal not~ces and all receipts of paid premiums. In the event of loss,
Borrower shall give prompt notice to the ~nsurance carner and l.ender. Lender may make proc-f of loss if not made promptly
by Borrower. '
Unlas Lender and Borrow•er othervvise agree in writing, insurance proceeds shall be applied to restotation or repair of
the Property damaged, proviJed such restorat~on or repair ~s eco~omically feasible and the security of th~s Mortgage i~
not thereby impaired. It such restoration or repair is not economically feasihle or it the security of this 11lortgage would
be impaired. the insurance proceeds shall be applied to the sums secureJ by this Mongage, with the excess, if an}•, paid
to Borrower. If the Property~ is abandoned by Borrower, or it Borrower fails ta respond to Lender within 30 days from the
date notice is mailed by Lender to Borrower tha~ the insurance carrier otTers to settle.a claim for insurance benefits, 1_ender
is authorized w collect and apply the insurance proceeds at Lender's option either to restoration or repa~r of the Prc.pert~~
or to the sums secured by this Mortgage_
Unless Lender and Borrower otherv-ise agree ~n ~+•riting. any such application uf pra:eeds to prmciPal shall not extend
or postpone ~he due date of the mon~hly ins~allments referred to in paragraph~ I and 2 hereof or change the amount of
suc6 installments. If under paragraph 18 hereof the Pro f,erty is acyuired b} Lender, ali nght, title and interest of Born,wer
in and to any Insurance pcrlicies and in and to thc pra:eeds thereof resulung from darn~ge to Ihe Propertp prior to th.: sale
or acqwsition shall pass to l.ender to the e~tent of the sums secured by this t-fortgage immed~ately prior to such sale or
acquisition.
b. Preservation ~od 1laintenance of Property; E;easeholds; Condominiums; Planned Uetit Derebpments. Borrow•cr
shall Iceep the Property in good repair and shall not comrvit yvaste or permit impairment or deterioration of the Property
and shall compl~ with the provisions of any lease it thu Mor~gage ic on a Icaschold. lf this Mortgage is on a-mit in a
condomin~um or a planned unit Jeveiopment, Borrower shall pe~(orm all of Borrower's obligations under the decla~aUon
ot coveoants creating or govern~ng the candominium or planned unit development, the by-laws and regulatian~ of the
conJominium or planoed unit development, anJ constituent document~. It a condominium or planned unit development
riJer is executed by Borrower and recordeJ together Ki~h ~hi~ Mortgage, the covenantx and agreements ot such rider
shall bt incorporateJ into and shall amend anJ supplcment ~he co~enants anJ agreements of ~h~s Mortgage as ~t the r~.fer
were a part Fereof.
7. Protection of I.enders Securfty. I( Bc-rn,wer failc ti, per(c~rm the coven~nts ancl agreements contained in this
Mor~gage, or if any act~on ur proceedmg ic cummence~l Nh~ch ma~eriall}• afTrc~s Lender's interest in the Propers~•,
including, but no~ bmited to. em~nent domam. inc~henc~, cocie en(~~rremrnt. or arrangements or proceedings invol~•~ng a
bankrupt or decedent, then I.ender at I.enJer'~ aption, upon not~ce to Barrower. ma~ make such appearances, dishurse such
sums and take such action as is nece~sar}~ tu pmtect Lender's ~merest. incluJing. but not limited to, disbursemem of
reasonable altomey's tees and emry upcm ~he Proper~y to make repairti. I( I_ender reyuired mortgage inwr•rnce as a
-condrtion ot makmg the loan cecureJ by this 1~lortgage. Born:wer sh.~ll pay ~he prgmiums reqiureJ to mai~~ta~n such
insurance in rtiect until such t~me as the reyuirement for ~uch msuran;e terminates in accordance K;1h Bor~rw~er's anJ
~ - ~~'~346 PaCE~b~6