HomeMy WebLinkAbout1766UNIrORM COVBNANT'. Bomowe~ and L.ender coveoant and a~rce u foliows:
1. l~ed ot ttMe1N1 ~ iNenst. 8orrowe~ shall promptl~ pay when due the principal of and intercst on the
ied~btedne=t evidenoed by the Note. Pteptyment a~d late chargec ac p~ovided in Ihe Nole. and the principal ot and interest
on my Future Advances secured by this Mortgage.
2. 14Ns for Ta~ca a~i Iaaus~ce. Subject to applical+k law ~.r to a written waive~ by Lender. Hormwe~ shall paY
to Lender on the day moethly i~stallments of principal anJ in~crcc~ arr ~yable under the Note, until the Note is paid in tull.
a sum (hercin "Funds'y eqwl to one-tweltth ot the yea~l~ u~-c. anJ assasmeots which m~y attain priority over ~his
Mott~a=e. and ~round rents o~ the Pt~operly. if any. plus one-twelfth of yearly prcmium i~sullments for huard insurance,
plus oae-tweltth ot yearly premium installments for mortgage insu~ancc, it any, all as rcasonably estimated initially and trum
time to time by Lender on the buis of assescmcnls and hills a~d reawnable alimata theteot.
7Le Funds shall be held in an institution the depos~u or accounts of which are insurcd or guannteed by a Federal ot
state agency (includina Lender i[ Lender is such an ins~itution). I.ender ahall apply the Funds to pay said taxes, assessments.
insurance premiums and 6round rents. I.ende~ may not charge for so holding and applying the Fundc. analyzin~ said account.
or verityin~ and compling said assessments and hills, unless Lender pays Bonowe~ interest on the Funds and applicable law
permits Lender to make such a charge. Borrower and Lender may agree in writing at the time ot exau~ion of this
Mortgage that interat on the Funds shall be paid to Borrower, and unless such agreement is made or applicable iaw
rcquires such intetat to be paid. Lender shall not be rcquired to pay Borrower any interest or earnings on the Funds. l.ender
shap aive to Borrower, without charge, an annual accaunting of ~he Funds showing credits and debits to the F~fnds and the
purpose for which tach debit to the Funds wu made. The Funds a:e pledged as additional cecurity for the sums secured
by this Morigage.
If the amount of the Funds held by Lender, together w•ith the future monthly installments of Funds payablc prior to
t6e due data of taxes. assessments, insurance prcmiums and ground rents, shall exceed the amount required to pay said taxes,
assaatnents, insunnce premiums and ground rents as Ihey fall due, such eacess shall be, at Borrower's opt~on, either
pranptly repaid to Borrowe~ or crodited to Borrovret on momhly installments of Funds. It the amount o( tl~c Funds
held by Lender shall not be suf6cient to pay taxes, assessments, insu~ance prtm~ums and ground rents as they (all due,
Borrow-e~ shall pay to l.ender any amount nectssary to make up the deficiency wiihin 30 days trom the date notice is mail~d
by L.ender to Borrower requesting payment ~hereof.
Upon paymeat in full of all sums secured by Ihis Mortgage, I.ender shall promptly rc(und to Borrow•er any Funds
held by Lender. If under puagraph 18 hercof the Property i~ sold or the Propeny u Wherwise acqwrcd by Lrnder, l.ender
sbdl apply. no later than immediately prior to the sale of the Property or its acquisition by I_end~r, any Funds held bv
I.eoder at the ~ime of application as a credit aga~nst the :ums securcd by this Mongage.
3. A~plieatios ot Payaients. Unless applicable law provides otherwiu, all payments received by l_ender under the
Note aad paragnphs 1 and 2 hereof shall be appl~ed by I.ender Brst in payment ot amounts payabte to Lender by Borruwer
under paragraph 2 hercof. then to interest payable on thc No~e, then to the principal ot the Note, and then to interest and
principal on any Futuro Advances.
4. C6ar~es; Lkns. Borrower shall pay all tarec, a~+c:tmrnts and othcr chargcs, finet and~ ~mpo~iUOns attnbutable to
the Property which may attain a priority over thic Mortgage, and lea~ehold payments or grouna rents, if any, in the manner
Proveded under paragraph 2 hereof or. i( not paid in such manncr, by Borrower making payment, when due, dirccdy to the
psyee the~+eof. Borrower shall promptly furmsh to I.enJer all notice~ of amoonts due under this paragraph, and in the event
Borrower shal! make payment d~rectly, Borrow•er shall promptly (urnish to Lender receipts evidenang such payments.
Borrower shall prompUy discharge any lien which has pnonty over th~c Mortgage; prov~ded, that Borrower shall not be
rtquired to discharge any such lien so long as Borrower shall agrec in wr~ting to the payment of the obligatiun secured by
such lien in a manner acceptable to Lender, or shall m gcr~d (aith conte~t such lien by, or JefenJ enlorcement of such lien in,
Iegal proceedings which operate to prevent ~he enforcement of the I~en or torfeiwre of the Property or any part thereof_
S. Hazard Insurance. Borrower shall keep the ~mprovemen~~ now ex~tting ar hercafter erected on the ProExny insured
against loss by fire, hazards included wi~hm the term "ertendeJ coverage". azd such oiher hazardc as l.ender may reyu~re
and in such amounts and tor such periods as Lender may requirr, prmided, that Lender shall aot require that the amount o(
such coverage eiceed that amount of coverage required to pay the sums cecured ~by~ this Mor~gage.
The insurance carrier providing the insurance shall be chosen by Bortower subject to approval by Lender; provided,
t6at such approval shall not be unreasonably withheld. All prem~t~m~ o~ insurar.ce policies sha11 be paid ~n the manner
provided under parag~aph 2 hereof or. ~f not pa~d in such manncr, by Borrewer mak~ng payment, when due, directly to the
insurance carrier.
All insurance polic~ec and renev-als therrot shall be in form .~eceptable to Lender and shall mclude a itand3rd mortgage
clause in favor of and in form acceptable to Lender. Lender ~hall have the right to hold the policies and renewals thereof,
and Borrower chall promptly furmsh to (_ender all renew~al nolices and all rereipts of paid premiumc. In the event of loss.
Borrower shall give pmmpt nouce w thc ::~surance carner ~nd (_ender. Lendrr may make prcx~t of ioss if not made prompUy
by Borrowcr.
Unless Lender and Borrower otherv-iu agree in w•nling, imurance proceeJc shall be applied ro resroration or repair of
the Property damaged, provukd wch re~toraUUn or repa~r is eci~nomically feas~ble and Ihe cecurity of th~s Mortgage ~s
not ~hsreby impa~red. I( such restoratu~n or repa~r is not ~cunom~cally (easible or if the ucunty of this !-t~rtgage would
be impaired, the insurance procceJs shall be applied to thc tums secured by this Mortgage. v-•~th the excess, if any, paid
to Borrower. I( the Propert} is abandoned M~ Borrower, or ~t Borrower faik t~~ rei~nd sa 1_ender within 30 days from the
date notice is mailed b~• Lender to Borruwer that the msurance carrier otTen ~o ,eule a claim for inwrance t-enefits, Lender
is authoriud to collect and apply the imurance proceeJs at LenJcr'~ ophon either Ici resturahon or repa~r of the Propert~•
or to the sums sccured hp this Mortgagc.
Unless Lender and Borrower utheruise :+gree in Mnhng, rny wch applica~ion of pnx;eeds to pnne~pa) shall not e~tend
or postpime the due Jate of the m~~nthl~- installmcntti refcrred t~~ in paraRraph, 1 and 2 hereof or change the amount o(
such instatlments. If unJer paragraph 18 hereof the Property i~ acywred b~ LenJcr. ~II nght, Udc and imerest ot Borrower
in and to any Insurance poticies and in anJ ro thc proceeds thereof resul~~ng irom damage to the Property prior to th~ s:+le
or acquisition shail pass to Lender to thc e~tcnt of thc +ums ~ecurcd by this i~tortgage immediately pnor to ~uch sale or
acquisition.
6. Presen•a~an aod 1ltioten~nce ot Propert~; I.easeholds; ('ondominiums; Planned Unil Developments. HorroMCr
shall keep the Property in gcmd repair and shall not comro~~ ~+aste or perm~t impairment or deterioration of the Property
and shall compl~- with the provis~o~s of any lease if th-s Mortgagr ~, un a Ieasrhrld. I('this Mortgage is~on a unit in a
condominwm o: a planned ~m~t devclopment. Borrow•er tihall ~xr(orm all of Borrower's obiigauons under Ihe declarati~+n
or covenants cre•rhng or guve-ning the condomimum or planned um~ de~•elopmen~, the by-laws and~ regulation~ of the
condominium or planned unu develc~pment, end constiwrnt J~xumcnt~ I( a c~mdominium or planned umt Jevel~pment
riJer ~s eaecuted by I3orrower and recorded i~~ge~her w~th th~~ M~rtgage, thr covenants and agreements of wch nd~r
shall be ~ncorporateJ into and shall amend anJ wpplcment the co~enantti anJ ag~eements ot ~h~c Mortgage as if the r~.ier
were a part Fereof. •
7. Prolalion of I,enders Securfty. I( N~,rr„~er (:ul. t~• ~xrf~~rm the covenant~ and agreements rontained in thic
Mortgage, or if any acUon ur procceding it c~~mmrnre~l Nh~cn materiall~ .~fTrct~ I.ender'ti interrs~ in the Pn.pert}.
~ncludmg. but n~~t hmited tv, cmincnt doma~n. m.i~l~cncy. ~iKlr cnt~~r~cm~n~. ~~r arranKrmcnK i~r procccdings im•ohmg a
ba~ikrupt or JeceJent, then LenJer at 1 ender'~ opUOn, u~~n nc~t~ce to Borrow•er, ma~ m:~ke such appearrnceti, d~~hurtie tiuch
sums and Iake such actiun a~ is nece~.ar} tn pr~~tect Lender'. mtered. includ~n~. but n~t limi~ed to, J~sbursement c~f
reasonable attorney's tret and entry u~~n the Pmpery Io m.~l~e repain. II LcnJer reyuir~J mixtgage imurance a~ a
conJ~t~un ~~( makmg thc I~~an ~ccureJ b} ~hit 11~~r~g.~gr. N~~rrr•HCr sh.~ll ~+a~• thr prrmiu~ns rcqiureJ to maint.~~n ~cich
insurancc ~n rl(ect ,until such Umc ati thc rcyuircmcm f~~r .uch m;uran;r Icrm~n:~tr~ in .~c~ordancc with Bc~rrrwcr'. ;~nJ
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