HomeMy WebLinkAbout1790UNIFuwi~t COVBNANTS. Borrower and Lender covenant and a`ree u tolluws: ~
1. ~St ot ~~clMi a~i 1Ne~at. Borrower shsll promptl~• pay when due t~~e priocipal of and intercst oo the
indebtedness evidenced by the Note. P~epayment and late chargec ac provided in the Note. and the p~ncipal ot and intercst
on any Future Advances secured by this Mwtasje.
2. Pb~b tor Tua ~si l~n~ce. Subjcct to applicabk law ~~r to a writ~en waive~ by Lender. Borrowe~ shall paY
to [.endet on Ihe day monthly installments of principal and m~~res~ rrc payahle u~de~ the Note. until the Note is paid in tull,
a sum (hercin "Fun~'~ equal to ooe-twel(th of the yearl~~ taac. and assessments which may attain priority over ~his
Mo~s~e. and ~round re~u on tde Pt+operty, if any. ~-lus one-tweli~h of yearly prcmium installments for hazard insurance,
plus oae-twelfth of yearly premium installmen~s for mortgage insurancc, if any, all as rcasonably es~imated initially and trom
time to time by I.ender o~ the buis ot assessmcnts and hills and reawnabk estimates thercof.
The Funds shall be held in an institution the depos~t~ or •rccounts ot which are insured or guannteed by a Federai ot
state aget~cy (including Lende~ if Lender is such an inslitulion). 1_ender shatl apply the Funds to pay said iaxa. assessments.
insunnce premiums and ground rcnts. I.ender may not charge lor so_hofding and applying ~he Fnndc. analyzing said account.
or verifyin~ and cumpiling s~i.: a:~:,essments a~d bills, unleu Lender pays Borrower interat on the Funds and applicable law
permits Lender to make such a eharge. Borrower and l.ender may agree i~ writing at ~he time of execution o[ ihis
Mongage that interat on the Funds s!:~!! t+e paid to Borrower, and unlas such agreement is made or applicable law
requites such interat to be pti~, Ltnder shall nat be rcquired to pay Borrower any imerest or earnings on the Fuods. l_endtr
shaU ~ive to Borrower, without charge, an annual accounting of ~he Funds showing credits ar~d debits to the Funds a~d the
purpose for which eacl~ debit to the Funds was made. The Funds are plodged as additional ucurity tor. the sums securcd
by this Mortsaae. ~
If tl~e amount o[ the Funds held by Lender, together with the future monthly installments of Funds payable prior to
t6e due data of tua. assessmeats, insurance prcmiums and ground rents, shalt exceed the amount required to pay said taxes,
sssestments. insurance premiums and ground rents as lhey fall due, such excess shall be, at Borrower's optio~, either
pranptly repaid to Bormwer or credited to Bormwer on mont~~ly installments of Funds. If the amount of ~h~ F-unds
held by Lender shall not be sufficient to pay taxa, assessments, insurance premiums and ground rents as they fall due,
Borm~ver shall pay to Lender any amount necessary to make up the deficiency within 30 days trom ~he date notice is mailed
by Lender to Borrower requesting payment thercof.
Upoa payment in full of all aums secured by this Mortgage, l_ender shall promptly rcfund to Borrower any Funds
l~eW by I.ender. If under parsgraph 18 hercot the Property i~ sold or the Property ~s othervvise acqwrcd by Lender, Lender
shall apply. no later than immediately prior ~o the sale of the Property or its acquisition by l.~nder, aay Funds held bv
I.eoder at the time of application as a credit against the sums securcd by this Mongage.
3. A~plic~ oE Paymeats. Unless applicable law provides otherwise, all paymeots received by Lender under the
Note and pangraphs 1 and 2 hereof shall be applied by I.cnJer first in paymtnt o( amounts payable to Lcnder by Borrower
under paragraph 2 hereof, lhen to interest payable on the Note, then to the principal of the Note, and ~hen to interest and
princ~pal on any Futurc Advanoes.
~. C6utes; Lieas. Borrower shall pay all ~aaes. assescmcnts and Mhcr charges, finec and ~mposi~ions attr~butable to
the PropeRy which may attain a priority over -this Mortgage, and leasehold payments or ground rcnts, i[ any, in the manner
ptovided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due, dircctly to tHe
payee ihereof. Borrower shall prompdy furmsh to Lender all not~ces of amounts due under this paragraph, and in the event
Borrower shall make payment d~reclly. Borrower shall promptly turnish to t_ender receipts evidenring such payments.
Borrower shall promptly discharge any lien which has pnonry over th~c Mongage: provided, that Borrower shall not be
rcqwred to dixharge any such lien so long as Borrower shall :~gree in writ~ng to ~he pa~~ment o( the obligatiun secured by
such lien in a manner acceptable to Lender, or shall m g~x•ci faith conte~t such lien by, or defend enforcement o( such lien in,
Itgal proceedings which operate to prevent the enforcement of the lien or for(e~wre o( the Property ot any part thereof.
S. Hazard Insursnce. Borrower shall keep the ~mprovemem~ no.. etisting or herca(ter erected on the Property insur~d
against loss by fire, hazards includ~d withm the term "extenJeJ coverage". and such other hazards as l.ender may reyu~re
wd in such amounts and for such periods ac Lender may requirc; provided, that Len~ler shall not require that the amount ot
~~h coverage exceed that amount of covenge reqmred to pay the tums secured ~by ~his Mortgage.
77~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; providtd.
that such apQroval shall oot be unreasonably withheld. All prem~ums on insuraqce policies sha11 be paid in the manner
provided under paragraph 2 hereof or, ~f not pa~d in such manner, by Borrower making payment, when due, directly to the
insurance carrier.
All insurance policies and renewals thenof shalt be in form acceptable lo Lender and shaU include a standard mortgage
clause in favor of and en form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof,
and Borrower shall prompdy furn~sh to Lender all renewal nouces and all receipts of paid prcmium~. In the event of loss.
Borrower shall grve prompt not~ce to !:~c ~nsurance carner and I.enJer. LenJer ma~• make proot of loss if noi made promptly
by Borrower.
Unless LenJer and Borrower othcrwuu agrce in wnUng, imurance procceds shall bc applied to restoration or repair of
the Property damaged, ptov~ded such rcstvrauon or repair ~s economically (easible and ~he security of this Mortgage ~~
aot thercby impaired. If such restorat~on o~ rcpair is n~~t rconomically feasible or if the secunry of this Mortgage would
be ~mpaired, the insurance proceeJs shall be applied to the sums secured by this Mortgage, w~ith the excess, if an}•, paid
to Borrower. It the Propert}~ is abandoned hy Borrower, or il Borrow•er fa~ls to respond to Lender within 30 days from the
date notice ic mailed by L.enJer to Borrower ~ha~ ~he inwrance carrier ofiers to se~Ue a claim for insurance benefits, 1_ender
is aut6orized to collect and apply the in~urance proceeds at LenJer's opt~on either to restorahon or repa~r of the Pmpem~
or to t6e sums secured by this Mortgage.
Untesc LenJer and Borrower otherv-~se agree m vanting, any such application ~~f prcx:eeds ~o pnncipal shall not extend
ur postpone the due date of the monthly installment~ referred tc~ in paragraphc 1 and 2 hereof or change the amoont o(
such installments. It under paragraph I8 hereof the ProE,ert~• u acyuueJ by l.ender, ali nght, t~tle and interest of Borruw•er
in aod to an} A-sur~nce policies and in and to the proceed~ thereot resulnng (rum damage to the Property prior to thc sale
or acquisition shall pass to Lender to the extent of the sums secured by ~his !~fortgage immediately pnor to such sale or
acquisition.
6. Preserva~fon aod 1laintenance of Propertv: I.easeholds; ('ondominiums: Plsnned Unit Developments. Borrov-er
shall keep the Property in good repair and shall not comrpit y~•aste or perm~t impairment or deterioration of the Property
aad shall compl~~ with the provis~ons of any lease it thia Mortgagc i~ un a leaschuld. If this Mortgage is on a un~t in a
condomioium or a planned umt development, Borrower sh-rll ~xrfurm all of Borrower's obhgations under the declarat~un
or coveoants creatmg or guvermng ~he condominium or planned unit devel~~pmem, the by-laws and regulationa of the
condominium or planned unit development. .~nd constituent J~xume~t~. 1( a condominium or planned un~t development
nder ~s execu~ed by Horrower and recorded t~~ge~her with th~~ M~rtgage, the covenants and agreements af stich nder
shall be incorporateJ uuo and shall amend anJ supplement thc rn~cnants and agreements of this Mortgage as if the ri~ier
were a part Fereof.
7. Protection ot I.enders Security. If B~rrawer fail. t~~ pc:icxm the covenants anJ agreements contained in thic
Mortgage, or if any achon ~~r proceedmg ~~ c~~mmrnceJ wh~cn materiall} ~ITrc~c 1_en~ler's ~nterect in the Pmpern,
including, but n~~t I~mited ta emir.ent domam. in~alven~}. c.xie rnf~.rcemrm. ~.r ~rrangements ~r pr~xeedings involc~ng a
bankrupt or deceJem. ~hen Lender at I.ender'~ opt~on, upun not~ce ta Borrow~~r, mat m:~ke such appearances, Juhurie tiuch
sums and take such action a~ is nccc~tiar~ tu pralcct Lcndcr's intcresL inclu~fing. hut not lim~tcd to, dicburscmcm ~~f
reasonable auomey's (ceti anJ ent.ry u~m the Properly tci m~ke repair~. If Lender rcyuircd m~rtgage in~urance a~ a
condrt~on o(~ makmg thc loan ~ccurcd b} Ihi+ ~11~~r1Eagc. B~~rrcwcr sh ill pa~• Ihr prcmiums reyuired to mai~ita~n su~h
iruurance in el(ect 4nlil +uch ~~me a~ ~he n:yuuement (or wch in,uran;c trrminatr~ ~n .icc~rdanee w~~th Bormwer'~ anJ
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