HomeMy WebLinkAbout2580UNIFOUM COVENANTS. BOffOWlf af1ll I.CIIl~t~ Ct~vtn:fRl •rnd agrre a~ (ollows:
1. P~yment ot Principd ap~ lale~esf. Horrower shall pmmpily pay when due ~he principal of and inte~es~ on the
indebtedneu evidenced by Ihe Nutc, prepayment and late charges a. pmvidrd ~n the tiate, and ~he principal ot and interesl
on a~y Fuwre Advances secured by this Mor~gage.
2. Fuads tor Ta:a and Insuraace. Subject to applicable law or to a w~itten waiver by l.ender, Borrower shall pay
to l~nckr on the day monthly initallments of principal and interect are payable under the Note, until the Note is paid in tull,
a sum Iherein "FunJi ') equal to une•twelfth o( the yearly taxec an~l ascessments w•hich ma~• at~ain priority aver ~his
Mor~gage, and ground ~ents on the Proper~y, it any, pluv one-Ivvclith at yearly premium installments for hazard insurance.
plus one-twelfth ot yearly premium installments tor mor~gage ~nsura~ce, if any, all as reasonably estimated initially and from
time to time by l.ender on the hasis a( assessmentS and bills and re-r~unable ts~imates therto[.
The Funds shall he held in an institution ~he dcposits or accounts ot which are insured ar guaranteed by a F~deral or
etate agenc}• (including Lende~ if I.e~der is such an institution). l.ender ihall ap~+ly ~he Funds to pay said ~axes, assessments,
inwtance ptrmiun~s ~nd ground rrnla. IxnJer may nut cfiarge fur ~o holding and applying thc Funds, analyzing said acrnunt,
or verifying and compiling said asse~sments anJ hills, u~less I_ender pays Borrower interest on the FunJs and applicable law
permits Lender to make such a charge. Borrower and l.ender may agree in writing at the time of execution o( this
Mortgage that interest ~,n the Funds shall he paid to Burrower, and unless such agreement is made or applicable law
reyuires such interest to be paid, Lender shall not he reyuired to pay Burrower any interest or earnings on the Funds. l.ender
+hall give to Borrower, without charge. ~n annual accuunhng of the i~unJs showing credits and debits to the Funds and the
purpox for which each debi~ t~~ the Fund~ was m•rde. The Fund~ are pledged as add~tional security tor the sums secured
by this Mortgage. •
If the amount of the Funds held by Lender, t~.gether v-ith the (uture mumhly insl:+llmentc a[ Funds p~yable prior to
the ~ue dates ot taxes, at~essments, insurance premiums and ground rents, shaH exceed the amount reyuired to pay said taxes.
asseumentc, insuranrg premiumc and gmund rentc as they (all due, such e~ce~s shall be, at Horrower's option, either
promptty repaid ~o gorrow•er or cred~ted to Borrow~er on monthly ~mtallments of Funds. If thc ~mouM ot the Funds
held by Lender shall not be sufficient to pay taxes, assessmcnts, m.ura~cc prem~umc and ground rents as they fall due,
Borrower shall pay to I_ender any amount nece~sary to make up the defiaency within ~0 days trom the date notice is ma~led
by Lender to Borrower requesting pa~~mcnt thereof.
Upon payment in [u11 of all sums secured by thiti MartgaKc. 1 cndcr shall prom~tly retunJ ta Borrower any Funds
held by I_cnJer. I[ under paragraph I8 hcreuf ~hc Propcn~~ ~~ u.ld o~ thc Propert~ is othcrwi~c scqwrcd 'ey l.ender, Lcnder
shall apply, no later than ~mmediatel~~ prior to the ~ale ~~f thr Pro~xrt}• or its acywc~UOn by l.ender, any Funds held by
Lender :~t the t~me of appliration as a credit againct the sum~ secured b~ th~s ~lortgagr.
3. Applic~tion of Paymenls. Unle~s apphcable law• proviJes ~therKiu, all payment~ receivcd by LenJer unJrr the
Notc and paragraphs 1 and 2 hereuf sh~ll M: appl~ed h}~ I cndrr fir~t m pa~mcnt ~~t amuums p~}~ahlc ~o Lcnder by Borroaer
under paragraph 2 hereof, then to m~crcit payable on thc :~ute. Ihen ta th~ principal c~f ~he I~ote, and thcn to interest and
prenc~pal on any Futurc Advances.
a. CharRes; Liens. BnrroNer ~hall pay all te~ct, a~~c+~mcnts anJ uthrr ch.~rgcti. fine~ anJ -mFxxihons atlnbu~ahle to
the Propert~• v-hich may attai~ a pnority over thic Afortgagc. ~nd leaxh~~ld paymEn~s or ground rents, it any, in the manner
provided unJer paragraph 2 hereof or. if not pa~J ~n tuch manner. b~ Borrower making pa}~ment, when due, d~rectly to the
payee thereof. Borrower shall promp~ly fu~nish to LenJer a11 nuucrs of amounts Jue under th~s paragraph, and in the event
Bosruwer shall make pa~•ment d~recUy. Borr.iwrr •h:+l) promptly (urn~sh ~o I.enJer receipts evidencmg such payments.
Borrow•er shall promp~lp Jixharge any lirn Nhich has priont}• uvcr thiti Alurtgage: prov~ded, that Borrawer chall not be
reqwred to dixharge any ~uch lien u~ long as Borrower shall ~grce in ~riting t~ the payment of the obligation secured by
wch lien ~n a manner acceptable to Lender, or tihalt in gu~x1 (ai~h cunlr.t such lien hy, or defend enforcement of such lien in.
legal pr~keeding~ wh~ch oper:~te 1o prevent the en(urcement o( the Lcn or (orte~ture of the Property or any part ~t~ereof. ,
S. Hazard Insurance. Borrower shall keep the impro.ement. nuN ev.ung c-r hereafter erec~ed on the Prupertp msured
~ga~nst loss by fire, hata:ds incluJed within ~he term "r~tendeJ cuverage'~. and such other hazardc ac ! ender may reyuire
and in such amounts and for such periocls a~ Lender may reyu~re; provideJ. that l.enJer ShaU not reywre t~-at the amoun~ of
~uch coveragr exceed that ami~unt uf r~~~erage reyuired tc~ pa} the .umti ~ecured hy this Mortgage.
The insurance rarner providing the insuranre shall be cho,en hy Borrower subject to approval by 1_ender, provided.
that such approval ~hall not tx unreationahly~ withheld. All pr~mium~ ~~n insurance pc~licies sha{I tk paid ,n the manner
prov~ded under paragraph 2 hereof or, if not paid in such manner, b} B~~rroKer makmg payment, when due, directly to the
~nsurance carrier.
All insurance pt-hcieti and reneH~ls there~t ~h~ll tx ~n form :IIIC(~1:1F1I1 to L~r.irr ~nd shall ~nclude a titanJard mortgagt
clause ~n favor ~( and -n form acceptahle ~~~ Lender. Lender .hall ha~e Ihe right ti~ hold thc ~~liiies and renewalc thereof.
end Born-Her tihall promptl}• furnish to l.ender all rrnewal not~~ec and all receipts of paid premium~. In the e~~ent of 1oss.
Borruwer Sh:,ll g~~•e prompt nouce ~v ~he in~urance carner .~nd I.enJer. I enJrr may make proof of loss if not made prompUy
hy Borrower.
Unlcu l.endcr and Borruwer otherwik agrce m Nritinb, inwrance ~nxecJs shall be applied to retitoration or repair of
the Property damaged, prov~ded such re~toratiun or repa~r is economically feasible rnd the securily of th~s Mor~gage is
not thereby impaired. 1( such re~tor~tion or repair is n~t rconomicall}' feasihle or i( the securit}• of this Mortgage would
tx impa~red. the ~nsurance proceeds shall be applieJ to the sums secured by th~s I-lortg~ge, w~th Ihe excess, if any, paid
to Borrower. If ~he Property is abandc~ned h~ Horrower. or it Borr~wer (ails !o respond to Lender within 30 daps from the
Jate notice :s maded by Lender to Borrower ~hat the insurance carner ofTen ~o ~ettle ~ claim for ~nsurance ben~fits, I_ender
~s authorized to collect and apply the inaurance proceeds :+t I.ender's optian either to res!oration or repair ot the Property
or to the sum> >erured by this Mortgage.
Unless Lender and Borrower,otherwi~e agrec ~n writing. an} such applira~ion of proceeds to pnncipal shall not extend
or postpone the duc date of thc momhly installmentc rcferred to in paragraphs ! and 2 hercof or change ~he amount of
such installments. If unJer paragraph 18 hereof the Property ~s acywred b~~ Ixnder, ali nght, tiUe and interat of Borrower
~n and to an}~ ~nwrance policies and in and to thr pro~;eeds thereof resuhing fru~~~ damage to the Property prior to the sale
or acyuisit~on shall pass to Lender to the e~tent ot the sums secured by this I~lortgage immediately prior ~o such sale or
acquisition.
6. Presenation aod ~1ainten~nce of Property; Leaseholds; ('ondominiums; Planned Unit Ihvelopmenls. Borrower
shall keep the Properry in good rePair and shall not commit waste or perm~t impairmrnt or deterioration of the Property
and shall comply with the provisions o( any lease if th~s Mortg~ge ~ti un a Icaschold. If this Mortgage is on a uni~ in a
condomimum or a planned un~t develapment. B~rrower shall per(orm all of Borrower's obl~gations under ~he deciarat~on
or covenants creating or govermng ~he condommium or planned umt development, the by-laws and regulations of the
conJominium or planned unit development, and constituent documen~s. It a condominium or planned um1 development
nder ~s executed by Borrower and recorded toge~her w~~h ihis Mortgage. ~he covenants and agreements of auch rider
shall be incorporated into and sh:+ll amend and ~upplement the covenams and agreements of tt~is Mortgage as if ~he rider
were a part hereof-
~. Prolection of I.ende~'s Security. If 8orroKer fails to per(orm the covenants anJ agretments contained in Ihis
Mortgage, or if any action or proceed~ng is commenced which ma~eriaUy afiec~s I.ender's interest in the Property.
including. but not limited to, eminent domain, insolvency, cc~de enforeement, or arrangemen~s or proceedings involving a
bankrupt or decedent, then Lender at Lender'a option, upon notice ~o Borrower, may make such appearances, disburse soch
sums and t~ke such ac~ion as ~s necessary to protect l.ender's interest, ~ncluding, but not limited to, disbursemenl ot
reasonable attomey's tees and entry upon the Property to make repairc. It l.ender required morlgage insurance as ~
cond~lion of making the loan secured by Ihis Mortgage. Borrow~er shall pay the premiums rcqaireJ to mainta~n such
insurance in effect until such time as ~he requirement for such msurance termi~ates in accordance with Borrower s and
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