HomeMy WebLinkAbout2690UNI*O~i~t COVBNANTS. Borrower and Lender covenant and aa~ee u follows:
1. h~e~t of hi~e~l a~i 1Nerest. Bo~rowe~ shail promptl~• pay when due the principal ot and i~terest on the
indebtedne:t evidenad by the Not0. P~WY~~t and late chargec ac provided in tlie Nwe, aod the principal of and intereu
on aQy Futuro Advances secund by this Morigate.
2. Fb~i tor TatM a~i Iwrwc~. Subject to spplical+M law ar to a written waivtr by Leoder. Borrower sMll pay
to Lender on the day montF~ly installme~ts of principal and ~otcrcc~ arc payable unde~ the Note. until the Note is paid in full,
a sum (herein "Fund:'~ oqual to one-tweltth ~t the yearl~~ tax~. a~J assessments which may attain priority ove~ this
Morisa~e. and ~round rena on the Property. if any. ~-lus ooe-tweltth of yearly prcmium installments for hazu+d insunnce.
plus ooe-twelfth of yea~ly prcmium installments for mortgage insunncc. it any, all as reuanably estimated initially and t~om
time to time by I.ender on the basis of asses~mcets and hills and rcasonable estimata theroof.
'Il~e Funds shall be held in an insli~ution the depa~u or accounts of which arc insurcd or suaranteed by a Fcderal ot
state agency (includina Lender if Lender is such an institulion). 1_ender shall apply Ihe Funds to pay said taxes. assessments.
insurance premiums and ground rcnts. l.ender may not charge for sc+ holding and applying the F~~ndc. analyzing caid account.
or verifyin~ and compling uid asseumeots and bills, unless Lender pays Borrower interest on the Funds and applicable law
permits Ltnder to make such a charge. Borrower and Lender may agree in writing at the time o( execution o( tAis
Mortgage tbat interest on the Funds shall be paid to Borrower, and u~las such agreemen~ is made or applicable law
requira such interest to be paid, Lender shall not be rcquircd to pay Borrowe~ any intercst or earnings on the Funds. Lender
shall ~ve to Borrower~ without charge, an annual accounting ot the Funds showing credi~s and debits to the Funds and tlx
purpose for which each debit to the Funds wu made. The Funds a~e plodged u additional security for the sums secured
by this Mortaa~e.
If tl~e amount of the Funds held by Lender, togelher with ~he future monthly installments of Funds payable prior to
tbe due data of taues. asse.uments. insurance prcmiums and ground rcnts, shall exceed ~he amount required to pay said taxa.
assptments, insurance premiums and ground rcnts u they fall due, such excess shall be, at Borrower s option, either
praaptly repaid to Bormwer or crcdited to Borrower on monthly installments of Funds. 1[ the amou~t o( the Funds
held by Lendet shall not be sufticieot to pay taues, assessments, insurance premiums and grou~d rents u they fall due.
Borro~ver shall pay to Lender any amount nocessary to make up ~he deficiency within 30 days from ~he date notice is mailed
by Lender to Borrower requasting payment thereof.
Upon paymeM in full of dl aums :ecurcd by this Mortgage, I_ender shall promptly refund to Borrower any Funds
lxld by L.ender. If under parsgraph 18 hercof the Property ia sold or the Property ~s otherwise acquircd by Lender, Lender
s6a11 apply. no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held bv
Leader at the time of application u a credit against the sums secured by this Mortgage.
3. Appiicatioe ot P~wcats. Unkss applicable law provides otherwise, all payments received by Lender under the
Note and paragraphs 1 and 2 hereof shall be applied by 1_ender 6rst in payment of amounts payable to Lender by Borrower
uader paragraph 2 htreof, then to interest payable on the Note, then to the principal of the Note, and then to interest and
principal on any Future Advtnas.
4. Char~a; Liens. Borrower shall pay all taxes, asscssments and other charges, fines and impositions attributable to
the Propetty which may attain a priority over this Mortgage, and leaschold payme~ts or ground rents, if any, in the manner
pmvided under paragraph 2 hercof or, if not paid in such manner, by Borrower making payment, when due, diroctly to the
payee thereof. Borrower shall ptomp~ly furn~sh to Lender all notices of amounts due under this paragraph, and i~ the event
Bormwer shalf make payment directly. Borrower shall promptly furnish tu Lender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has priority over th~c Mortgage: provided, that Borr~wer shall not be
required to discharge any such lien xo long as Borrower shall agree in wnling t~~ the payment of the obliga~ion secured by
such lien in a manner acceptable ~o Lender, or shall m good faith contes~ such lien by, or JefenJ enforcement o( such lien in,
legal proceedings which operate to prevent the enfurcemen~ of the hen or tor(e~~ure of the Property or any part thereof-
S. Husrd I~urance. Borrower shall keep the imprcwements oov- ex~sting ur hercafter erected on the Property insured
against loss by 6re, hazards included within the term "extended coverage", a~d such o~her hazards as Lender may require
and in such amounts and (or such periods as Lender may requirc; provided, that Lender shall not require that the amount of
such coverage eaceed that amount of coverage requ~red to pay the s~ims secured.~by th~s MortEage.
'Ihe insurance carrier providing the insurance shall be chosen by Borrower subject ta approval by Lender. provided.
that such approval shall not be unreasonably withheld. All premium~ on insuraoce -policies shatl be paid in the manner
provided under paragraph 2 hereof or, ~f not paid in such manner, b}• Borrower makmg payment, when due, dircctly to the
insurance curier.
All insurance poliries anJ renewals therrof shall be in form accept~ble to Lender and shall ~nclude a standard morigage
clauu in favor of and in form acceptable to Lender. t_ender shall have the right to hold the policies and renewals ihereof,
and Borrower shall promptly furnuh to Lender all renewal notices and all receipts of paid premiums. In the event of loss.
Borrower shall girve prompt notice to the msurance carner and Lender. Lender map make proot ot loss if not made prompNy
by Borrower.
Unless Lender and Borrow•er othcr.vi~e agrce in writ~og, insurance pr~ecds shall bc applied to restoration or repair of
the Property damaged, provided such re~turahon or repair is economically feasible and the security of this Mortgage ~s
not thereby impaired_ If such restoration or repair ~s not ra~nomicaUy feasihle or it the securily of this Mortgage would
be impa~red, the insurance Qroceeds shall be applied tv the sums secureJ by this Mortgage, w~th the excess, if an}•. paid
to Borrower. If the 1'roperty is abandoncd by Bn+rower, or ~f Bormwer fails to respond to Lender within 3U days from the
date notice is ma~led by l.ender to Borrower that the insurance carrier ofiers to set~le a claim for insurance benefits, Lender
is authorized to collect and apply the iosurance proceeds at .Lender's option either to restora~ion or repaer of the Propert~
or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwi~e agree in wntmg. am such application of prckeeds to principal shall not extend
or postpone Ihe Jue date of the monthl}• installments rcferred to in paragraph~ I and 2 hcreof or change Ihe amount of
such installmeots. I( under paragraph I8 hereof the Prof.erty ~s acyu~red hy Lender, ali nght, title and interest of Borrower
in and to any ihsurance policies and in and to the pra:eeds thereo( resultmg from damage to the Propeny priur to th~ sale
or acqwsiuon shaU pass to Lender to the extent of the sums secured by this `tortgage immediately prior to such sale or
acquisition.
6. Presen~ation and 41~inten~nce of Propert~; Leasehulds; ('ondominiums: Planned lJnit Developmenls. Borrow~er
shall keep the Property in good repair and shall not comroi~ y-'aste or perm~t impairment or deterioration of the Property
and shall comply with the provis~ons of any lease it th~~ Mor~gagc n un a Ieasch~~ld. If this Mortgage is dn a unit in a
condominium or a planned unit development, Borrower shall per(o~m all of Borrower's obl~gations under the declaration
or covenan~s creat~ng or governing the condom~mum or planned unit development, the by-laws and regulationc of the
condominium or planned unit development, anJ constituent J~xxument~. I( a cun~ominium or planned unit development
rider is execwed by Borrower and rer~rded toge~her w~th thi~ Mortgage, the covenants and agreemeMs o( such rider
shall be incorporated into and shall amend and wpplemrnt the cu~enantti anJ agreements of this Mortgage as ~f the rider
were a part hereof_
7. Protection of Lenders SecurSty. If Born.wer fa~k t~~ ~xrfc~rm the cavename and agreements contained ~n this
Mortgage, or if any action nr proceeJing ic rummrncc~l which m~trrially atir~ts I.ender's mterezt in the Property.
including, but nnt limrted to, emment dumain. in~~~henry. axle en(i-rrement, i+r ~rrangements or pn•ceedings invoh•~ng a
bankrup~ or decedem. ~hen Lender at 1 enJer'~ c,ption, up~m notice to Borrow~r, ma~ make wch appearances, dishune such
sums and take such actiun a~ is nece~tiary~ t~~ pr~~ICCt I.ender's in~erest. inclu.ling. but not limited to, disbursement c~(
reaseAable at~omey's (cet and entry u~ui 1hr Prc~pe~ly te~ maAc rcpairti. I( I.cnder reyuireJ mortgage incuran~e ac a
cvnd~h~n. of mak~ng thc loan sccurc.l b} this :11~~rtgagc. B~~rrr•HCr sh ill pa~• thc prcmiums rcquired to mainta~n such
insurance in. rliect unlil ~uch Ume as the reyuirrmen~ for ~uch m,uran;c tcrminate~ in accordance with Borrower'~ anJ
a~~x 346 PacEzs$5
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