HomeMy WebLinkAbout1250UNI!'ORM COV8NAN1'S. $omower and t,e~der cove~ant and aara u tollows:
1. ~Vws~t ot h1~c1N1 aN 1Mered. Bormwer shall promptly pay when due the principal ot and interat oe the
~ndebtednea evidenoed by the Note. ptepsymeet and late chargcc ac ~xovidtd in Ihe No1e, aod the principal ot and inte~
on aay Futuoe Advances sacured by this Mcutgage. -
2. F~ tor Ta~ta wl I~a~ra~ee. Subject to applic~bk law or to a written waiver by Lender. Borro+~~ ~+~i wy
to L.eedet w~ 1he dsy monthly installmeats of principal and intcrcct arc J~yahk uoder the Note. until the Note is paid in tull.
a:uen (herein "Fu~ds") oqual to one-twelfth o( the yearl~• taac. anJ assasments which may attain priority over ~his
1Nortsaje. and =mund rents on tl~e Property, it any, F+lus o~e-twelfth of yea~ly premium installmeots tot hazard insurance.
plus oae-twetftA of yea~ly premium installments to~ mortgage insunncc, it any, sll as rcuonably estimated initially and trom
time to time by Lender on the buis of assescmcros and hitls and rca~onabk estimates thercof.
The Funds shall be held in an in~titu~ion ~he depocia or accounts of which arc insured ot guaranteed by a Federal ot
state a~ency (including Let~der if Lcnder is such an institutiool. I.eoder shall apply ~he Funds to pay said uxes. ssseuments.
inturaacs premiums and ground rcnts. l.ender may not charge Ior sc+ holding and applying the Fimdc. analyziog caid account,
or verifying aod rnmpiling said assessments and bills, unless Lender pays Borrower interest on the Funds and appticable law
permits Lender to make such a charge. Borrower and Lender may agrce in writing at the time o( execution ot tAis
Mortgage that interat on the Funds shap be paid to $orrower. and unlas such agreemen~ is made or applicabk law
tequires such intercst to ba paid. l.ender shall na~ be rcquired to pay Borrower any interest or earnings on the Funds. Lender
shal) aive to Borrower. without charge, an annual accounting of the. Funds showi~g credits and debits to the Funds and the
purpose tor which each debit to the Funds was made. The Funds a-e pledged u additional security for the sums secured
by Wis Mortaags. '
If the amount ot the Funds held by Lender, toge~h~r with ~he future monthly installments of Funds payable prior to
tht due data of taxa. assasments, insurance premiums aad ground rents, shall excced the amount required to pay said taxa.
atsaunents. insurance pnmiums and ground reats as they fall due, such excess shall be, at Borrower s opt~on, eithcr
prwnptly repaitl to Borrower or crodittd to Borrower on mon~hly installmen~s of Funds. lf the amount ot the Funds
held by L,ender shall not be sutficieot to pay uxes. ass~ssments, i~surance prem~ums and goound rents u they [all due,
Borrower sball pay to Lender any amouot nocessary to make up the deficiency within 30 days trom the date notice is mailed
by I.ender to Borrower requesting payment thereof.
Upoa paymeat in fulf of dl :ums secured by this Mortgage, l.eoder shall promptly refund to Borrower any Funds
held by I.ender. If under puagraph 18 herco[ the Property ia sold or the Propeny ~s othtnviu acquircd by Lender. Leoder
ahdl apply. no later tha~ immediately priar to the sale of the Property or its acquisition by Lender. any Funds held bv
l.eoder at the time of application as a cred'u aga~nst the sums secured by this Mortgage.
3. Applicatioa of Paymeats. Unless applicable law provides otherwix, al! payments receivod by Lender undcr the
Note and paragraphs 1 aad 2 hereof shall be apptied by 1_ender 6rst in paymeRt of amounls payable to Lender by Bor~ower
uader paragraph 2 hereof, then to interest payable on the Note, thcn to the principal of the Note, and then to interest and
principal on any Future Advsnca.
e. ChatZes; I.kns. Borrower shal) pay all taxet, assestmcnts and olher charges. fines and ~mpositions attr~butable to
the Property which may attain a priority over this Mortgage, and leauhold payments or ground nnts, if any, in the ma~ner
pmvided under paragraph 2 hereof or, if not paid in such manner, by Bor~ower making payment, when due, directly to the
payee thercof. Borrower shall promptly furn~sh to Lender all nouces of amounts due under this pangraph. and in the event
Borrower shall make payment direc~ly, Borrower shall promptfy furn~sh to Lender receipts evidenci~g such payments.
Borrower shall promptly discharge any lien which has preority over thic Mo»gage: provided, that Borrower shall not be
reqwted to discharge any such lien so long as Borrower shall agree in w~i~~ng t~ the payment of the obligatiun secured by
sucl~ I~en ~n a manner acceptable to l.ender, or shall ~n gcxxi faith contetit such lien by, or defend enforcemen! of such iien in,
legal proceedings which operate to prevent the en(onement of th~ I~en or forfe~ture of the Property or any patt thereof.
S. Hazard /nsuwnce. Borrower shal! kcep the ,mprovemem+ nnw existing or hereafter erected on the Property insured
against loss by fire, hazards included within thr term "extended coverage", a:~d such other hazards as Lender may require
wd m such amounts and for such periods as t_ender may require; provided, that Lender shall not rcquire that the amount of
such coverage exceed that amount of coverage reqwred to pay the sums s~ecured ~by th~s Mort6age.
The ~ns~ranct carrier providing Ihe insurance shall be chosen by Borrower subject to approval by Lender, provided,
that such approval shall not be unreasonably withheld. All prem~um~ on insurance polic~es shall.be paid m the manner
provided under paragraph 2 hereof or. ~f not p:+~d in such manner, by Borrower makmg payment, when du~, dirrctly to the
insurance carrier~
All insurance cwlic~es and renewals therrof shafl tx in form acceplable to LenJer and shall include a standard mortgage
clause in favor of and in form acceptable to I_tnder. Lender chall ha.~e the right to hold the policia and renewais thereof,
and Borrower shall prumptly furn~sh to Leoder ali renewal nonces and all receipts oi paid premiumc. In the event of loss.
Borrower shall grve prampt not~ce to ~he insurance carner and I.ender. Lender may make proof of loss if not made promptly
by Borrower.
Unless Lender and BorroW~er otherwiu agree in wnt~ng, inwrance procceds shait be applied to restora'tion or repair of
tf~e Property damaged, prov~ded such r~storahon or repair is economically feasible and the ucurity of this Mortgage ~s
not Ihtrtby impaired. I( such restorati~n or repa~r is nc~t rconom~cally (easiMe or i( the securiry of this Mortgage would
be impaired, the insurance proceeds shall be applied to the sums secureJ by this Mongage. wnh the e+ecess, if any, paid
to Borrower. 1f the Property is abandon~~d hy Borrower, or it Borrower fails ro respond to i_ender within 30 days from Ihe
date notice ~s ma~led by [.ender to Borrower that ~he insurance carrier often to set~le a claim for insurance benefits, ~ender
is aut6orized tu collect and apply the imurance proceeds at I.ender's option e~ther to restoration or repa~r of the Propett~•
or to the sums secured by this Mortgage.
Unless I.cnder and Borruwer othernne agree m Kriting, any such ;~pplication af p~oceeds to pnncipal shall not e~clend
or posipone the duc date of the momhly installmcnts rcferred to in paragraphti 1 and 2 hereof or change the amount of
such installmeuts. If unJer paragraph IS hereof the Pro~,erty n acywred by I~ndcr, ali nght, title and imerat of Borrowcr
in aad to any Insurance policies and in and to thr proceeds thereof resuttmg (rom damage to the Property prior to thr sale
or acquisidon shaH pass to l.ender to the ertent of thc sums sccured by th~s !~fortgage immediately prior to such sale or
acquisition.
6. Presen~tion and 1laiolenance of Property; l.easehulds; Condominiums; Planned Unit De~ebpments. BorroN~cr
shall kcep the Property in good repair and shal( not comro~~ riaste or permu impairment or deterioration of the Properry
and shall compty- with the provisrons of any lease ef th+s Murtgagc ~+ un a leaseh~~ld. lf this Mortgage is on a unit in a
condominium or a planned umt developmem. Borruw•er ~hall pert~,rm all of Borrower's obl~gations under the declarat~un
or coveoants creating or g~=verning the condommium or planoed unit development, the by-laws and regulatio~c ot the
condominium or planned unit development. and constituent documcnt~. I( a condominium or planneel unit Jevelopment
r~der ~s executed by Borrower and recorJed mgeiher w~~h ihi~ ;1lortgage, the covenants and agreemen:s of such rider
shall be incorporated into and shall amend and cuppkment the co~enanls and agreements of this Mortgage as if the rider
were a part tereof.
7. Protection of I.ender's Securfty. If B~•rr~~~er fa~l. i~. ~xrl~~rm the covenants anJ agreements contained in this
Mortgage, or iP any ac.ron ar proceeding ~ti ~~~mmrnced whi~h malerially aftects LenJer's interesl in the Propett}•.
~neludmg, but niit hmued to. eminent domain. i:n~.l~encc. cucie rnf~~r~ement. ~~r arrang~ment~ or proceedings ~nvohing a
bankrupt or decedent. thcn Lender at I.enJer'~ option, upon notice to Borrow•er. mat make wch appearances, dishurse such
sums and take such ac~~on ac u necetisary tu pr~tect t_ender's i~terest, includmg, hi~t not limited to, disbursement of
reasonable attorney'c tees anJ entry u~~n ~he Pmpertp io m~ke repa~rc. Ii Lender reyuired mortgage insurance as a
condmon o( makmg thc loan SecureJ by th~s 1lortgage, B~rrr.wcr sh~ll- pay the premiums required to mai~ita~n such
~nsurance in eHect until such time as ~he reyu-rement for ~uch insuran;e terminates in accordance with Bormwer's and
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