HomeMy WebLinkAbout1275UNIFORM COVlNAtiTi. Botrowe~ ar~d L.cnde• covenant and s`ra u follows: ~~~ ~~~~ ~nterest on tl-e
1. ~M ot hi~ei~i ri idenq. Borrower shall promptly pay when due the pr W
;ndebe~ ev~denad by che Nae, propaynxnt and late chargec ac provided in the Note, and the principal ot ~nd ~nte~esl
on auy Futuro Advances secured by this Mottga~e.
2. I4sNs tor Tua a~i IMnrs~es. Subject to applicabk law ar to a written waiver by Lendet. Bo~~ ~~ P~y
to I.endw on the day monthly installments ot prit~cipal and intcrcct arr ~yahk under ihe Note. until the Note is paid in (ull,
a sum (herein "Funds") oqual to one-twelfth of the yea~if~ ua~~ a~d zss~cssmen~s which may attain priority over ~his
Mortsase. and ~wund reMs on tl~e Proputy. it any. plus o~e-twel(~h ot yearly prcmium installments for huard ~nsu~ance•
plus oae-twelfth of yearly prcmium installments tor mongage ~nsunncc. if any, all as reasonably estimated initia~~r and trom
time to time by Le~der on the buis ot_asses~mcros and hills and rcawnable atimates theteof.
The Funds shall be held in an institution the depos~a or accounts of ahich are insurcd or guannteed by a Fedenl ot "
state agency (includin6 Lender if Lender is such ao institution). 1_endtr shall apply the Funds to pay sa~d taaa. asscumc~ls.
insurance premiums and grau~d rents. I.ender may not cha~ge tor so holding and applYinB ~he Fnndc. snalyzing said account.
or vetifying and compling said assessments and bills, unless l.e~der pays Borrower interest on the Funds and applicaWe law
permits L.ender to make such a charge. Borrower and I.ender may agrce in writing at the time ot executiw- ot this
Mortgage that intercst on the Funds shall be paid to Borruwer, and unlas such agrcement is made or applicabk law
r+equices such interest to be paid. Lender shall not be rcquircd to pay Borrower any intcrat or earnings an the Fu~ds. Lende~
shall give to Borrower, without charge, an annual accounting of ~he Funds showing credits and debits to th! Funds and the
purpose tor which each debit to the Funds wu m~de. The Funds arc plodged as addi~ional cecuri~y for ~he sums secured
by this Mortaage.
If the amount o[ the Funds held by l.ender, together with the future monthly mstallments of Funds payable prior to
the due dates of tues. asxssmenu. insurance premiums and ground rents, shall exceed the amount requircd to pay sa~d taxa.
assasments. in:urance premiums and ground rents as ~hey fall due, such eacess shall be, at Borrower s option, either
promptly rcpaid to Borrower or cralited to Bormwer oa monthly installments of Funds. If the amount o( the funds
held hy I.eade~ shall not be sut6cient to pay taxa, assessments, insurance prcmiums and ground rents u they fall due.
Bocrower shall pay to Lender any amount necessary to make up the de6cieocy within 30 days from the date notice is mailed
by I.ender to Borrower requesting paYmcnt thercot. ~
ilpon payment in full of all sums secured by this Mortgage, t_ender shall promptly retund ~o Borrower any Funds
heW by L.ender• if under paragraph 18 hercof the PropertY ~~ so~d or the Property ~s otherwise acquircd by Lender, Lender
shall apply. no later than immediately prior to-the sale of the Propeny or its acquis~tion by Lender, any Funds held bv
I.eader at the time of applicatioa u a crcdit against the sums securcd by this Mortgage.
3. Applicatloa ot Pq'meets. Unless applicable law provides otherwise. all paymeots received by I_ender under the
Note and pangnphs 1•and 2 he[eof shall be applied by I.ender 6rst in payment ot amounts payable to Lender by Borrower
uader paragraph 2 hereof, t6e~ to interest payable on the Note, then to the principal of ~he Noee, and then to interest and
principal on any Futurc Advances.
4. C6ar~a; Liens. Borrower thall pay all tazes, atsessmcnts and ahcr charges, fines anJ impositions auributable to
the Property which may attain a pnority over this Mortgage, and leasehold payme~ts or grouna rents, ~f any, in the manner
provided under paragraph 2 hereof o~. if not paid in such manner, by Borrower making payment, when due. ditectly to the
payee thereoi. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the e~ent
Bormwer shall make paymen! directly, Borrower shall promptly fumish to l.endei receipts evidencing such payments.
Borrower shall. promp~ly dixharge any lien which has pnonty over th~~ Mongage: proviJed, that Borrower shall not be
required to discharge any such lien co long as Borrower shall agree in Nnang t~• the payment of the obl~gatiun securcd by
such lien in a manner acceptable to Le~der, or shall m gcxxf taith conte.t such lien by. or defend enforcement of such lien in,
legal proceedings which operate to prevent the enfurcemem ot ~he lien or for[e~wre o[ the Property or any part thereof.
S. Hazard I~unnce. Borrower shall keep the ~mprovcmen~. no.. existing or hereafter erected on the Property insured
against loss by fire, ha7ards included within the term "extendeJ coverage", ar~d such oth~r hazards as 1_ender may require
aad ~n such amounts and for such periods ac Lender may requirc; provided, that (_ender shall not requirc that the amount ot
such coverage eiceed that amount of coverage required to pay the sums securcd by this Mor~6a6e. _
'Ilu insurance carrier providing the insurance shall be chosen by Borrower- subject to approval by Le~der, provided.
that such approval shal! not be unreasonably withhetd. All prem~um5 on insurance polic~es shall be paid ~n the manner
provided under paragraph 2 hereot or, if not pa~d in such manner, by Borrower makmg payment, when due, directly to the
inwrance carrier. -
All insurance po6c~es and renewals therrof shal{ he in form accep~able to l.ender and shall mclude a standard mortgage
clause in favor of and in form acceptable tu Lender. Lender shall have the right ta hold the policies and renewals ihereof,
and Borrow•er shall promptly turo~sh to Lender ali rencwal notices and all receipts of paid prem~um~. In the event of loss.
Borrower shall gwe prompt not~ce to Ihe ~nsurance carner and 1_ender. I.ender ma}~ make proot of loss if not made promplly
by Borrower.
Unl~ss Lender and Borrower othen+~i..~ agree in wnting, inwrance proceeds shall be applied to rcstoration or repair of
the Properly damaged, prov~Jed such restorat~cm or rcpa~r ~s ecunomically feasible and the ucurity of this Mortgage ~s
not thereby impa~red. If such restorat~on or repair is nut rconomically feasible or if the secunty of this Mortgage would
be impaired, the insurance proceeds shall be applied to the sums secureJ by this Mortgage, with the eacess, if an}, pa~d
to Borrower. If the Propert}' ~s abandoned hy Borrower, or it Borrower fails to respond to Lender wethin 30 days (rom the
date notice is mailcd b}• Lender to Borrow~er that the ~nwrance canier otTers to seule a claim for insurance bene6ts, 1_ender
is autho~ized to collect and apply the iniuranrr proceeds at l.endcr's optiun either to restoratron or repa~r of the Propertv
or to the sums secured hy this Mortgagc.
Unless Lender and Borrower otherv-~se rgree m writing. any such applicatior. o( pr~xeeds to pnncipal shall not e~tend
or postpone the due date of thr month~}• installmcmc rcferrcd ~o in paragraph~ 1 and 2 hereof or change the amount of
such installmeats. If under paragraph I8 hereof thc ProE.erty iti acyuired b~ l.ender, aU nght, title and interest of Borrower
in aod tu any i4iwrance po6cies and ~n and ta thc proceeds thereof resulung from damage to the Propeny pnor to th~ sale
or acquisition shall pass to Lender to the e~-ten~ of the ~ums ~ecured by this ~tortgage immediately prior t~ such sale or
acquisition.
6. Presenaliun aod ~taintenance of Propert~: Leasehulds: Condominiums; Planned Unit De~ebpme~ts. Borrov-cr
shall keep the Property in good repair and shall not comroh y-astc c-r perm~t imp~~rment or deterioradon of the Property
and shall comply w~ith the provisions of any lease ~( th~s Mongagc i~ un a Ieasrhold. If this Mortgage is on a unit in a
condominium or a planned umt devclopment. Born~wer tihall ~xrturm all uf Borrower's obhgaUons under the declarahun
or covenants creaUng or govermng the condom~nwm or pl:+nned umt development. the by-laws and regulations of thc
conduminium or planned unit devel~~~ment, and conslituent J~xument~ I( a conJominium or planned un~t development
nJer ~s executed by Borrov-~er and recorded ~~~gelher w~~h th~~ ~1~rtgage. ~he covenants and agreements o( ~uch nd~r
shall be incorporateJ ~nto anu shall dmend and tupplemem the cu.cnan~s anJ agreements of ~h~t Mortgage as if the nder
were a part Fereof.
7. Protection of I.ende~'s Security. 1( B~~rr~~~er t.ul. ~~~ ~rf~~rm the covenantt and agreements cuntained in th~s
Mortgage, ur if any ac~~on ~~r proceeding ~~ c~~mmrn~c.l whicn m~~enalh alTrcti l ender'~ -nierett in the Property.
mcluding. but n~~t I~m~ted to. rminem dumain. if~~~~l.en:~, c~xir rnl~u.emrnt. ~.r arrangemenK or pr.xeedings in~o{~ing a
bankn~pt or decedem. then I.ender a1 1 enJer'+ ~~pu~n, upon noUCe ai B~rrow.cr. ma~ makc such appearances, dnhurse such
sums and take soch acliun d1 is nece~~ar} t~~ pmtert 1 ender'c imere~t. mclu~hng. but not limited to. Ji~bursement ~~f
reasonablr•attorney'~ Icr~ and en~ry u~~n ~he Pmpcr~y t~~ makc rc~.ur.. It I.rnder rryuircd murigage in~urance as a
cunJihnn ut mak-ng Ihc loan ~ccure~l b) this ~1~~r~g.+~r. B~~rr~~~+rr sh ~ll pay thr prcmiumc rcy;iirtJ to mai~tta~n such
insurance ~n rHe4t undl tiuch time as thc reyu~rrmcn~ fi~r ~uch ~n;utan;c term~nate~ ~n .~eiosdance with B~rr.~Wrr'. and
~ ~ ' F.~~'~347 r~Uf127?
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