HomeMy WebLinkAbout1281UNIFOAM COVENANTS. BOffOWt~ 8111I IRI1~Itf l'lwClt:lnl :1ntl :tRfCC J1 ~~~Uuws:
1. hymcat of P~iacipal ~nd latenst. Hormwer ~hall prumptly pay v-hcn due ihc principal o( and imerest on thc
indebtednas evideoced by the Note. prepaymenl and late char~r. a. p~~~vi~kd ~n the Note, a~d the principal of and intercst
on any Futurc Adva~ces secured by ~his Mortgage.
2. Fbads [or Tues aad lasuraace. Subject lo applicahlc lavv ~~r ~o a written waiver by I.ender. Barrower sha1~ PaY
to Lende~ on the day monthty ~nstallments of principal anJ ina•re~i arc ~ayabic under thc Natc, until tho Note is paid in full.
a sum (hercin "Funds") equa) to ono-tweltth o( the ycarl~ ta~c. anJ as~estiment~ which may attain ~nc~riry over this
Mortgsge, and ground ~ents on the Property, if any, plus onc-tv-clflh al yearly prcmium installments for hazard insurance,
plus one-twelfth of yearly premium installments (ur mc~rtgage insurancc. ~t any, all a~ rcasonably e~timated initially ard (rom
time to time by~Le~der on thc basic of asus,mcnts anJ hilh and rra~~~nablr es~imates thereof
Th~ Funds shall be held in ao institu~ion ~he depo+~t~ or accounls of which are insured or guaranteed by a Federal or
state agency (including Lender if I.c~der is such an inititutionl. I.ender ~hall apply ~he Funds to p:~~• said taxes, assessments,
insurance premiums and ground rents. 1 ender nrry not charge tor so holding and applying the Fund.. analyzing ~aid account.
or verifying and compiling said assessments :ind hill~, unless I.cnJcr pay~ Barrawer intcrest on the Funds and spplicable lavr
permits Lende~ to make such a charge. Horrower and LenJer may :~g~ee in writing at thc timc o1 executiun of this
Mortgage that interest on the FunJs shall be paid to Borruwer, and unless such agreemen~ is made or applicable law
rcquira such inte~cst to be paid. l.ender shall nc~t he reyuireJ to pay B~xrower any interest or earning+ on the Funds. t_ender
s6a11 give to Borrower, without charge, an annu~l acc~~unting of the F=und~ showing credits and Jebits to the Funds and thc
purpoae for which each debit to the Funds was m:~dc. The Fund~ arc pledged as additional ~ecurity tor ~hr sums secured
by this Mortgage.
If the amount of the Fu~ds held by l.endcr, togcther with thc future mon~hly inctallmen:s of Fundc papable prior to
the due data of taxes, assessmcnts, insurance prrmiums ;,nd grounJ rcnt~, shall cxcced thc amount rcyuircd to pay ~aid taxes,
assesune~u. insurance premiums and grouod rents as they (~1 diK, such exce~s shall be, at Borrower's opu~•n, e~ther
promptly rcpaid to Borrower ot credited to Borrower on mon~~ly ~nuallments of Fu~ds. If the amount o! the Hunds
held by l.ender s6a11 not be sufHcieat ta pay taxes, assessments, insurance prcmium~ and ground rents as they (all due.
Borrower shall pay to Lende~ any amount necessar~• to make up the defiriency within l0 da}•~ from the date notice is mailed
by Lender to Borrower reyucsting paymcnt thercof
Upoa payment in full of all sums secured by this Mortgagc. I_ender shall promptly refund to Borrav-•er any Funds
held by Lender. If under paragraph 18 hereof the Property i~ sold o~ the Property ~s otherwise acqu~red by l.ender, 1_enckr
shall apply, no later than immediately prior to the sale of the Property, Ur~ i~s_acquisilion by I.ender, any F=unds held by
I.toder at tht time of application as a credit against the sum~ secured by th~~ hlortgage.
3. Applic~ion of Payments. Unlcss appl~cable lav-• provides o~herwise, all p:~yments reccived by Lender under thc
Note and paragraphs 1 and 2 hereof shall bc applieJ by Lcndcr fiRt in pa~•ment ot amt~unts pa~•able to Lcnder by Borrower
under puagrap6 2 hereof, then tu intcrest payablc on ihc Notc, then to the principal ot the Natc, and then to interest and
principal on any Future Advances.
4. Cdarges; Lie~. Borcower shatl pay all taxe~, atix~sments and whcr charge~, fines and impcnitions auributahie to
the Property which may attain a priority over this Mor~gagc, and leasehold paymcnts or ground rents, if an}•, in ihe manner
provided under paragraph 2 hereo[ or. if not paid in such manner, by Borrower making payment, when due, directly to the
payte thereof. Borcower shall promptly [urn~sh to 1_enJer a:l notices of amounts duc under this paragraph, and in ihe erent
Borrower shall make payment directty. Borrower shall prompUy (urnish to Ixnder receipts evidencing such payments.
Borrower shall promptly discharge any lien which has prionty over this Mortgage; provided, that Borrower shall not be
rcquired to dixharge any such lien so long as Borrov-•cr shall ~gree in wrihng to the payment of the obligatiun secured by
suc6lien in a manner acceptable to I_ender, or shall in good faith conteti~ such lien by, or defend enforcement of such lien in,
legal proceedings which operate to prevent the enforcement of the lien or forfeUurc of the Property or an}• part thereof.
S. Hazard Insursnce. Borrower shall kcep the ~mprovements now• etisting or hereafter erccted on the Pmperty insured
against loss by fire, hazards included wilh~n the term "cxtended coverage", and such other hazardc as 1_ender ma}~ requite
and in such amounls and for suc:h periods as t_ender ma}• requirc; provided, that l_enJer shall not require that the amount of
such coverage exceed that amount of coverage req«ired to pay the sums secured ~by this Mortgage_
'Ilie iosurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided.
that such approval shall not be unreasonably withheld. All prem~umt on insurance policies shall be paid in the manner _
provided under Qaragraph 2 hercof or, if not paid in such mxnner, by Borrower making payment, when due, directly to the
insurance carrier.
All insurance paiicie~ and renewals thereof shaU tx: in forni accept~ble to Lender anJ shall ~nclude a standard mortgage
clause in favor of and in form acceptable to Lender_ Lender shall ha~~e the right tu hold the policies and renewals thereof.
and Borrower shall promptly [urnish to i.ender all renewal notices and all receipts of paid pnuniums. In the event of loss.
Borrower shall give pmmpt notice to the ~nsurance r.~rner ~nd l.ender. I.ender may make proc~f ot loss if not made prc•mptly
by Borrower.
Unless Lender and Borrowcr othcrwitie agrec in wnt~ng. imurance procecds shall be applied to restoration or repair of
the Property damaged, provided such retitorat~on or repair is economically feasiblc and the securily of this Mo~tgage ic
not lhereby impaired. I( surh restoration or rcp:+ir ~s n~~t rcunomiwll}' fcasible or it the securiry of this Mortgage would
be impa~red, the insurance proceeds shall be applied to the sums secured by this Mortgage. vr~th the excess, if an~•, pa~d
to Borrower. If the Propert~• is abandoned h} Borr~wcr, or if Borrower fails to respond t~ Lender withm 30 days irom ti-e
date notice is mailed by Lender to Bormwer that the insurance carrier otTer~ to settle a da~m for insurance benefits, l,ende:
is aut6orized to collect and apply the insurance pruceed~ at Lender's opt~un euher to resturauon or repair of the Pmpertc
or to the sums sccured by this Morigag~.
Unless l.ender and Borr<~wer otherwix agree ~n writing, an} such :~pplication of prcxeecls to principal shal) oot exter-d
or pcutponc the Jue date of the monthh- installmcnK rcfcrrcd to in paraKraph~ ! and 2 hercof or change the amount of
such installments. If under paragraph I8 hereof the Property ~s acywred hy I~ndcr, all right, title and inter~t of Rorrov~•er
in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Propert~• prior to th~ sale
or acquisition shall pass to Lender to the extent of the wma secureel by thu Mortgage immediately prior to such sale or
acquisition.
6. Prestrvation aud ~laintcnance of Property; t.eaceholds; ('ondominiums; Planned lJnit [hvebpments. Borrow~cr
shall keep the Property in good repair and sha11 not comrpit waste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease if th~s Mortgage ic on a Icaschold. If this Mortgage is on a unit in a
condominium or a planned unit developmcnl, Borrower tihall pcrfe~rm all of Borrower's obhgauons under the dedaratwn
or coveoants creating or governing the condominium or planned unit ~ievelopment, the by-Iaws and regulations of the
condominium or planned unit development. :md comtituent d~x:umeniti. tf a cundominium or planned unit Jevelupment
rider is eaecWed by Borrower and recordeJ together w~th th~c Mortgage, the covenants and agreements o( s-ich r~der
shall be incorporated mto and shall amend and supplement the covenants and agreements af this Morlgage as ~f the n.fer
were a part hereof. ,
7. Protection of I.eader's Securfty. If Hormwer fails t~ perform the covenants and agreeme~ts cantained in this
Mortgage, or if any action or proceedmg ~s cummenced which materially afTerls Lender's intere~t in the Propem~.
including, but not limited to, eminem domain. inu~lvency, a>de enforcement, ar •rrrangements or proceedings involcmg a
bankrupt or decedent, then I~nder at l_ender's option, upon not~ce to Borruwer, may make such appearances, dishurse such
sutns and take auch action as is neces~ary a~ protect l.ender'c interest, incliiJing. but not lim~ted to, dicbussement ~f
rtasonable attomey's (ees and entry upon thc Propcr~y to makc rcpairs. If LcnJer rcyuircd mortgage insurance as a
condition of making the laan sccured by this Mongage, Borr~~v-cr shall pay thc prcm~umc reyuired to maintam such
insuranee in eBect until such time as ihe reyuirement for tiuch ~nsurance terminate, ~n aecordaner v-•~th Borr~wers and
f ~~x 347 ~~~ ~` 7$ :. .
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