HomeMy WebLinkAbout0924UNiFOa~~ CovFH.~HTS. Borrower and l.enJr~ cc~vcnant and agrec as foU~~ws:
1. Paymeat of P~incipd and I~leresl. Borrow•er shall pmmptly pay Nhen duc ~hc principal o( •rnd i~tcrest an the
indebtedneu evidenced hy the Note, prepayment and latc chargeti ac provided in the Na~c, and the principal ot and interes~
on any Futurc /ldvance~ ucured by thic Mortgagc.
2. Fnads to~ Tua aed iasuraace. Subject to applicable law or ta a written waiver by Lender, HarTOwe~ shall pay
ta l.ender on the day monthly i~stallmen~s of principal a~d intcrest a~e payablo undcr the Note, until the Note is paid in tull,
a sum (herein "Funds") equal to ane-twelfth ot Ihe yearly taxcs a~d ascessmenls which may attain priority over this
Mortgagc, anJ ground renta on the Property, if any, plus one-twel(~h of yearly premium iostallmc~ts for hazard i~surance,
plus one-twelfth of yea~ly premium installments tor mongage insurance, it any, all as reasonably ettimated initially and trom
timc ta time by I_ender on the basis of assessme~ls and hills and reasanabte estimates thereof.
'Ilu Funds shall he held in an institu~ian the deposits or accounls ot which are insurcd or guaranteed by a Federal or
slate agenep (including Lender it l.ender is such an iastitution). 1_ende~ shall apply Ihe Funds to pay said taxes, assessments,
insurance prcmiums and grour~d rents. 1_ender may nol charge for so holding and applying the Funds, anal~zing said accaunt,
or veri(ying and campiling said assessments and bills, unless l.ender pays Bar~owe~ interest on the Funds and applicahle law
permits Lender ta make such a cha~ge. Borrowe~ and l.ender may agree in writing at the time o[ execution o[ this
Mortgage Ihat interest on ~he Funds shall he paid to Borrower, and unless such agreement is made or applicable law
rcquires such interest to be paid. Lender shall not he requircd to pay liarrow~er any interest or ear~ipgs on the Funds. l.ender
shall give to Borrowe~, without charge, an annual aca~unting af the FunJs showing credi~s and debits to the Funds and the
purpox for which each debit ta the Funds was made. The Funds are pledged as additianal security for the sums secured
by this Mortgage.
lf the amount of the Funds held by l~nder, toge~her with the futurc monthly inctallments of Funds payable priar to
~he due dates of taxes, assessme~ts, insurance premiums and graund rents, shall exceed the amoun~ required to pay said taxes.
assessments, insurance premiums and ground rents as they tall due, such ezcess shall be, at Borrower'c option, either
promptly repaid to Borrower or credited to Borrower on manthly installmems of Funds. 1f thc amou~t ~f the Funds
held by Lender shal) nut be sufficient to pay tazes, assessments, insuranc:e premiums and ground rents as they fall due,
Borrower shall pay to Lender any amount necessary to make up ~he deficiency within 30 days from the date notice is mailed
by L.ender to Borrower requesting payment thereof.
Upon payment in full of all sums secured by this Mortgage, I.ender shall promptly refond to Borrawer any Funds
held by I.ender. If under paragraph IS hereof the Propeny ic told or the Property is otherwise acquired. by I_ender, I_ender
shall apply, no later than immediately prior to the sale of thc Propeny or i~s acquisition by Lender, any Fundc held by
Lender at the time of application as a crcdit against the sums secured by this Mortgage:
3. Application of Paymeots. Unless applicable law~ pmviJes otherwise, all payments received by I.ender under the
Note and paragraphs 1 and 2 hereof shall be applicd by (.ender first in payment of amounts payable to I.cndcr by Borrower
under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and
principal on any Future Advances.
4. Clwrges; Lkas. Borrower shall pay all ~axes. acscssmcnts and othcr charges, fines and imExxitians atlributable to
the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner
provi~kd under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, wheo due, directly to the
payee thereof. Borrower shall pmmptly furnish to Lender all notices of amounts due under this paragraph, and in tha event
Borrower shall make payment direcUy, Borrower shall promptly furnish to LenJer receipts evidenc~ng such payments.
Borrower shall promptly discharge any lien which has priority over this Morlgage; provided, that Borrower shall not be
required to discharge any such lien so iong as Borrower shall agree in writing to the pa~•ment ot the obliga~ion secured by
such lien in a manner acceptable to Lender, or shall in gaxl faith contect such lien by, or defenJ enforcement ot such lien in,
legal proceedings which operate to prevent the enforcemem ot the I~en or torfeiture of Ihe Property or any part thereof.
S. Haurd Insurance. Borrower shall keep thc improvements now exis~ing or hereafter erected on the Praperty insurcd
against loss by fire, hazards included within the term "extendeJ roverage", anJ siech other hazards ac l.ender may reyuire
and in such amounts and for such periods as Lender may reyuire; prc-videJ, that l.ender shall not require that the amount o[
such coverage execed ihat amount of coverage required to pay ~he tum< <ecured hy this Mortgage.
The insurance carrier providing the insurance shall be chosrn by Borrower subject to aQproval by Lender: provided,
that such approval shall not be unreasonahly withheld. All premiums on insurance policia shall be paid ~n the manner
provided under paragraph 2 hereof or. i[ not paid in such. manner, by Borrower making payment, when due, directly to ihe
insurance carrier.
All insurance policies anJ renewals thereof shall be in form accept~ble to t_ender and shall include a ttandard martgage
clause in favor of and in form acceptable to Lender. I_ender chall ha~e the right to hold the policies and renew•als thereof,
and Borrower shall promptly furnish to Lender all renewal notices anJ all receipts of paid premiumc. In the event of loss,
Borrower shall give prompt notice to the insurance carrier •rnd I_ender. 1_ender may make proo( of loss if not madt promptl}'
by Borrower.
Unless [.ender and Borrower otherv-~se agree in writ~ng, inwrance proceed~ shall be applied to restoration or repair of
the Property damageJ, provideJ such restoration or repau ~s economicaUp feasible and thc security ot th~s Mortgage ~s
not thereby impaired. If such restoration or repair is not economicaUy (rasible or it the securit}~ of Ihis 11lortgage would
be impaired, the insurance proceeds shall be applied to the sums secureJ by ~his Mortgage. with ~he eacecs, if any, paid
to Borrower. If the Property is abandoned by~ Borrower, or it Borrower fails t~~ respond to.l.endcr within 30 da}•s from ihe
Jate notice is mailed by L.ender t~ Borrower Ihat the insurance carrier otiers to settle a cla~m for iniurance benefits, l.ender
is authoriud to collect and apply the insurance proceeds at Lender's optiun either to restora~iun or ~epair of the Property
or to the sums secured by this Mortgage.
Unless Lender and Borrower othervvise agree in wnting, any such applica~ion of prcxeeds to pnncipal shall not extend
or postpone the due date of the montnl}• ins~allmems rcferrcd ~o in paragraphs 1 and ~ herco( or change thc amount o(
such installments. If under paragraph 18 hereof the Propert}• n acyuued h} l.ender, ali nght, tiUe and interest ot Borrower
in and ~o any insurance palicia and in and to the proceeds thereof resulting from damage to the Proper~y prior to the sale
or acyuisition shall pass to l.ender to the extent of the sums secured by th~s I~fortgage immediately prior to such sale or
acquisition.
6. Preaen~ation and ~laintenance of Prapert3~; I.easehulds; ('ondominiums; Planned Unit De~elopmenls. Borrowcr-
shall keep the Property in good repair and shall not commi~ waste or permit ~mpairment or deterioration of the Property
and shatl comply with the provisions of any lease if th~s Murtgage ~ti on a leaseh~~ld. If this Mortgage is on a unit ~n a
condominium or a planned un~t cievelopmem, Borrower chall per(orm all uf Borrower's obLgations under the declaration
or covenants creating or govermng thc condom~nium or planned umt development, the by-law~ and regulation~ of the
condominium or planned unit development, and constituent Jocument~. If a condominium or planned unit Je~elopment
nJer is executed by Borrower and recorded together wvth th~~ Mortgage, the covenan:c and agreemems o( such nder
shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as i( Ihe rider
w•ere a part hereof.
7. Proteetion of [.eader's Security. 1( Borrower fa~lc ~o perform the covenants and agreements contained in thic
Mortgage, or if any action or proceed~ng is commenced which materially afiects Le~der's interest in the Propert~~.
including, but not limited to, eminent domain, inu-Ivency. code enf~rcemem, or arrangements or proceedings invol~ing a
bankrupt or decedent, then Lender at t_ender's option, upon notice to Borrower, ma~~ make such appearances, disburse such
sums and take such actiun as is nececsary to protert I.ender's ~nterest. ~ncluJ~ng, bw not limited to, disbursement of
reasonable attomey's fees and entry u~n the Properly to make repairs. !( Lender reyuired mortgage incurance ac a
condition of making the loan secured b}• this Mortgage. B~rmwer shall pay the premiums required to maintain such
insurance in effect until such time as the reyuiremen~ for ,uch insurance terminates in accordance w•rth Borrower's and
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