HomeMy WebLinkAbout2709UNIPOKM COwENANTS. Bornower and Leade~ covenant aod a~roe u follows:
l. l~e~t ot hi~e1M1 a~i W~rat. 8orrowe~ shal) p~ompdy pay when due the principai of and interest on the
indabtedne:s evidenad by the Note. ptepaymeot and late ch~rgec ac provided i~ the Note, and the principal ot a~d interes~
a- my Fuwre Advances secured by this Mortaage.
2. Fwi for Ta:a asd I~airu~ee. Subject to applic~bk law ar to a written waiver by Lender. Borrower shall pay
to I.ender on the d~y moothly installments of principal aoJ intcrcc~ arc ~yshk unde~ the Note. until the Note is paid in tull.
a ium (hercin "Funds") equal to one-tweltth ot the yea~l)~ tasc. and auasme~ts which may attain priority ove~ this
Mort~ate. and grou~d renu on tbe Pt+operty, if any. F-lus oM-twclUh of yearly prcmium inslallments for huard insurance.
plus o~e-tweltth of yea~ly premium installmenls (or mottgage insurancc. i( any, all as rea~c~nably estimaled initially aod trom
time to time by l.e~de~ on the buis ot asxscments and hills and reasonable atimates thereot.
The Funds shall be held i~ an institution ~he deposits or ~ccounls of which are insured or guaranteed by a Fedenl ot
statt ageocy (including Lender if Lcode~ is such an institutionl. 1_ender shall apply the Funds to pay sa~d taxa. assessments.
intursnce prcmiums aad g~ound rcn~s. l.ender may not charge lor so holding and applying ~he Fundc. analyzing caid account.
or veriEying aod compiling said asussments and bills, unless Lender pays Borrower interat on the Funds and applicable law
permits Lender to make such a charge. 6orcowe~ and Lender may agrce in writing at the time ot execution of this
Mortga~e ihat interest on the Funds shall be paid to Bor~ower. and unless such agreement is. made or applicable law
requiees such intercst to be paid. Lender shall not be rcquired to pay Borrower any interest or earnings on the Funds. Lender
shaU aive to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and thc
purpose for which each debit to the Funds wu made. The Fw~ds are pledged u additional security for the sumr secured
by this Morttaae.
If the amount o[ the Funds held by Lender, together w~th the tuture monthly installments of Funds payable prior to
the due data of taxes. usessments, i~surance premiums and ground rcnts, shall exceed the amount requircd to pay said taxa,
a:sesune~ts, insurance premiums and ground rents u they fall due, such excess shall be, at Borr~wer s option, either
prvmptly rcpaid to Borrower or credited to Borrowar on momhly insullments of Funds. If the amount of thc Funds
held by Lender shall not be suf6cieat to pay taxes. assessments, insurance premiums and ground rents u ~hey fall due,
Borrower shall pay to Lender any amount necasary to make up the deficiency within 30 days trom the date notice is mailed
by I.ender to Borrower rcquating payment thereof.
Upon payment in full of all sums secured by this Mortgage, l.ender shall promptty retund to Borrowe~ any Funds
heW by Lender. If under puagraph 18 hercof the Property i~ sold or the Propeny ~s othervvise acquired by Lender, I_ender
shall apply. no later than immediately prio~ to the sale ot the Property or its acquisition by l.ender, any Funds held bv
I.ender at the time of application as a credit against the sums securcd by this Mortgage.
3. Applicatjon of PaymeaLs. Unless applicable law provida otherwise. all payments received by Lender under the
Note and paragraphs 1 and 2 hereof shall be applied by I.ender 6rst in payment of amounts payable lo Lender by Borrower
uoder puagraph 2 hercot, then to interest payable on the No~e, then to the principal of the Note, and ~hen to interest and
principal on any Future Advances.
~. C6arges; I.iens. Borrower shall pay all ~aaes, asscssmcats and othcr charges. fines and impositions attributable to
the Properiy w~hich may attain a priority over this Mortgage, and leasehold payments or ground rtnts, if any, in the manner
provided under paragraph 2 hereof or. if nd paid in such manner, by~ Borrower making payment, wheo due, directly to the
payee thereof_ Borrower shall promptly furn~sh to Lender all notices of amounts due under this paragraph, and in the event
Borrower shall make payment directly, Borrower shall promplly fumish to l.ender receipts evidencing such payments.
Borrower shall prompdy discharge any lien which has pnonty over thic Mortgage; provided, that Borrower shall not be
reqwred to discharge any such lien so long :~s Borrower shall agrce .in wntmg to the payment ot the obligatiun secured by
such lien ~n a manner acceptable to Lender, or shall m good faith contes~ such lien by, or defenJ enforcement of such lien in,
legal proceed~ngs which operate to prevent the enfurcement ot the lien or tor[enure of the Property or any part thereof.
S. Hazard I~u~nce. Borrower shall keep the +mprovements now existing or hereafter ertcted on tha Property insured
against loss by fire, hazards io:luded withm the term "extendeJ coverage", and such other hazards as l.ender may reyuiie
wd m such amounts and for such periods at Lender may require; provided, that Lender shall not require that the amount of
such coverage e~crrd that amount of coverage required to pay the sums secured by this Mortgage.
The msurance carrier pr~viding the insurance shall be chosen by Borrower subject to approval by Lender. provided,
that such approval shall not be unreasonably withheld. All prem~umc on msurance policies sha11 be paid in the manner
providcd undrr paragraph 2 hereof or, if not pai~ in such manner, by Borrower makmg payment, when due, direcUy to the
insunnce carntr_ -
All insurance puficie+ anJ renewals thereof shall be in form arceptable to Lender and shall include a standard mortgage
clause in favur of and in form acceptable ~o Lender. Lender shall have the right to hold the policies and renewals thereof,
and Bormu~r sh:~ll pr~•mpdy furnish to lender all rcnewal notices and all receipts of paid premiums. In the event of locs.
Borrower shal! g~ve prvmpt nouce to the insurance carrier and Lende~. Lender may make proc.f ot loss if not made promptly
by Borrower
Unless I.endet rnd Borrower otherwite agree in wrihng, insurance proceeds shall be applied to restoration or repair of
t6e Ptoperty' Jamaged, provided such rcstoraUOn or repair is economically feasible and the securiry of th~s Mortgage i~
not thereby impa~red. If ~uch re~toration or repair is not economically (easihle or i( the xcuriry of this hturtgage would
be impa~red, the insurance Pra:eeds shall be applied to the sums secureJ by this Morigage, wi~h the excess, if an}•, paid
to Borruwc~ It the Yrupert~ ~s anandon~~i by Borrawer, or il Borrower fads to respond to I_ender within 30 days from the
date not~ce ~s m:+~led b~ I_ender to Borrower tha~ the insurance carner otTerc to seule a claim for insurance benefits, Lender
iz authorize.3 t~+ colle~t a~d apply the inwrance proceeds at Lender"s option either to restorauon or repa~r of the Pmpert~•
or to the ~ums sr~ureJ h}~ this ~tortgage.
Unks~ L~nJer and B~rrower other..~~e agrec in wnting, any such application of pra:eeds to pnncipal shall not extend
or postpone Ihe d~u J~te of the mc~nthly inuallmentc referr~ed ~o in paragraph. I and 2 hereof or change the amount o(
suc6 installmenb. It unJer paragraph IS hereof the Pro~,erty is acywred by Ixnder, ali nght, title and interest of Borrower
in and to any tn~uranre pol~cies and in and to the proceeds thereof resul~ing frum damage to the Property prior to thc sale
or acyuisition shall pass to Lender to the extent ot the ~ums secured by this !-tortgage immediately prior to wch sale or
acquisition.
6. Presenation and ~taintenance of Propert}: Leasehulds; Condominiums; Planned Unit De~elopmenls. Borrowcr
shall k~ep thc Pru~nrt}• ~n g~wd repair and shall not comro~~ Waste or permit impa~rrqent or deterioration of the Property
and shall cc~mpl~ u ith ~hc provis~ons uf any lease if this Mor~gage i~ vn a leaschold. If this Mortgage is on a unit ~n a
condomimum or •r planned umt Jevclopment, Borrower ~hall pertorm all of Borrower's obligations under the declaraUon
or covenants crra~ing or guverning Ihe condominium or planned unit development, the by-laws and regulation~ of the
conJominium or planned unit develo~,men1. ~nd constituenl Jorumem~. I( a conJominium or planned unit develapment
riJer ~s executed by Korrov-er and recorJed a~gether with ~h~c M~~rtgage, the covenants and agreements of such rider
shall be incorporated into and sh:+ll amend •rnJ supplrment the co.enams anJ agreements of ~his Mortgage as ~f the n~ler
were a part F.ereof.
7. Prote~tion o( Lenders Secu~fty. If Borrower fa~h a~ ~ri~~rm Ihe covenants anJ agreements contained in ~his
Mortgage, ur if any aclion ~~r pnxreding ~ti cummen.ed whicn materiaUy aliects Lender's interest in the Pmperty.
including. but n~~~ lim~ted to. eminent doma~n. inc~lvrncy. a~Je enforcement. ~~r arrangemrnts or proceedings invoh~~ng a
bankn~pt or iiecedent. then Lender at I.enJer'~ option, upon noUce to Borrower. ma} m~ke such appearances, dishurse such
sums and take sttch a~tiim ati is nece«ar~~ to protecl l.ender's imcrest. ~ncluJing. but not lim,ted to, Jisbursement of
reasonable auame}'~ (crti and emry u~x~n the Propcn~~ to malc repair~. If Lender reyuircJ mortgage incurance as a
cond~lion u( making the loan ~ecureJ bp ~hiti A1~.rlRage. Born:~cr sh.dl pay lhe premiums requireJ to maiuta+n such
iruurance in rtTecl until wch Ume as Ihe reyuirement for ~uch imuran;c terminate~ in :~ecordanee w•~th Borrower's and
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