HomeMy WebLinkAbout2615UNIrO~AI COVlNANi1. Bormwe~ and Lender covena~t and atree as follows:
l. l~j~ewt o/ h1~cIM1 a~i lMeresl. Borrower shall prompil~• pay when due the principal 01 aod interest on the
i~deMednqt evidenced by the No1e. prepaymeot and late charge~ a~ provided in the Nole, and Ihe principal ot ~nd interesl
oR say FWUro Ad~ances secured by th~s M~-ns~ae
2. iti~i tor T~xa wi I~wra~ee. Subject to applicahk law ur ta a written waiver by l.e~der. Borraaer shall pay
to t.ender on ~he day monthly mstallme~ts ot principal anJ ~n~~rc~t arc parahle under the Note, un1i1 ~he Note is paid in (ull.
a ium (heroin "FunJ~"1 equal to one-tweltth of the yearl~ ~a~c~ anJ assessmen~s which may attain priority over this
Mo~aje, and ~round rents on the Property, if any, plus one-twel(~h ol yearly prcmium inslallments tor hazard insurance.
plus one-twelfth ot yearly premium installmen~s (or mortgage insurancc. i( any, all as teasc~nably estimaled initially snd from
time to time by [_ender on the basis ot assessmcn~s and hills a~d rea~onable atimala lhereof.
'R~e Funds shall be hsld in an institution the depotui or ~ccounts ot which are in~ured ~r guaranleed by a Federal ot
state agency (includina L.eoder if l.endtr is such an insli~utionl_ 1_endet ahall apply ~he Funds to pay said laxa, assessments,
intunnce premiums and ground rents 1 ender may n~t charge tor so holding and applying the Fnodc. a~alyting caid account.
or verityins and compilina said assessnxnts and hills, unless 1_ender pays Bor~ower interat on the Funds and applicable law
permits Lender to make such a charge. Borrower and Lender may agree in writiog at ~he ~ime at execution ot Ihis
Mortpge that intetes! on the Funds shall he paid to Borruwer, and untess such agreement is made or applicable law
rcquir+es such interest to be paid. Lender shall not he rcquired to.pay Bortower any interest or earnings on ihe Funds. l.endtr
shall aive to Borrower, without charge, an annual accounting of Ihe Funds showing credits and debits to ~he Funds and tix
purpoae for which each debil to the Funds was made. The Funds are pledged as addi~ional cecurity tor ~he sums secured
by this Mortaa~e.
lf the unount of the Funds held by Lender, together with thc future monthly installmeols of Funds payable pnor to
the due data of taxa, assessments, insurance prcmiums and ~round rents, shall exceed the amount reyuired to pav sa~d taxa,
assessrt~ents, insurance prcmiums and ground rents as Ihey (all due, such excess shall be, at Borrower's op~ion, e~Iher
promptly repaid to Borrower or credited to Bo~rower on ~reonthly installments ot. Funds. It the amount ot ~hc f-unds
held by Lender shall not be sufficieat to pay taxa, assessments, insurance prcmiums and ground rents as they (all due,
Horiowro~ shall pay to Lender any amount necessary to make up the deficiency within ~0 days Isom the date notice is mailed
by Lender to Borrower rtquesting payment thereof.
Upon payment in full of dl sums securcd by this Mortgage, l.ender shall promptly retund to Borrower any Funds
held by Lender. If under paragraph 18 hercof the Property, is sold or the Pro~xny ~s dherwise acqu~rtd by Lender, I.ender
s6d1 apE+ly. no late~ than immedialcly prior to the sale ot the Proptny or i~s acquisition hy I.ende~, any Fundt held bv
L.ender at the time ot application as a credit against the sumc secured by this Mortgage.
3. Applicatioe of Payments. Unless applicable Iaw provides c-therwise. all payments received by I.ender unJer ~hc
Note and paragraphs 1 and 2 hereo( shall be applied b}• Lender first in payment o( amounts payable to 1_ender by Borr~~wcr
under puagraph 2 htreot, then tu interest payable on the Note, then to the principal of the Note, and then to interest and
pri~ip~l on any Future Advances.
4. CAa~es; Lkns. Borrower shall pay all ta~ec, a~ccc~mcMs and cnher charge~. finec and im~+c~tiiuont annbutahlt to
the Properiy which may attain a pnority over thit 111ortgage. and leacchold payments or grouna rtnts, it any, ~n the manner
provided under pa~agraph 2 hereof or. i( not paid in wch manner, by Borrower making payment, when due, directly to ~he
payee thercof. Bo~rower shall prompUy fu~msh to I_enJer all notices o( amounts due under th~s paragnph, and in the event
Borrower shail make payment dira:tly, BorroWer shall prrmptly furn~sh to Lender ~eceipts evidencing such payments.
Borrower shall promplly dixharge a+~y lied which has pr~ont~~ ,c.ver thic Mortgage: provided, that Borrower shall not be
rcqwred to d~scharge any such lien so long as B~rrower ~hall aKree in uniing t~~ th~ paqment of the obligati~~n secured by
such Gen m a manner acceptable to Lender, or ~hall ~n gcx~d fa~th cante« such lien hy, or de(end enforcemem of such lien in,
legal proceedings which operate to prevem the en(orcement of ~he hen or torte~ture ~~f the Property or aoy part thercof.
S. Hwrd I~nrance. Borrower shall keep the ~mprovementti n~~ eti~stmg ~~r hereaf!er crected on the Praperty insured
against loss hy fire, hazarJs includc~i within the term "e~t~nJed roverage", ar~d such o~her hazards as Lender may reyuire
and ~n such amounts and (or su~h periodc ac I.ender map reyuire; pn.videJ, that Le~der shall not reyuire that the amount of
such coverage e~ceed that amount ~~t rnverage rcywre~ Io pay ~hc ~um~ ,e~iireu ~t~y ~ii~; ,tiiuiigagc.
'i?~e rosurance camer providing the insurance shall be chosen by Borrower subject to approval by Lender, provided,
tbat such approval shall not be unreasonahly withheld. Alt premium~ on insurance polic~es shall be paid in the manner
prowded under paragraph 2 hereof or. if not pai~i ~n ~uch manner, hy B~rrower mak~ng payment, when due, d~recdy to the
insurance carrier.
All insurance puhue~ anJ renewals there~~f tihall tx in form accept.~ble to l.ender and ~hall inclode a standard mortgagt
cliuse in fav~.r nf and m form accep~able to LenJer. Lender chall ha~•e the right t~~ hold the policies and renewatt thereof,
and Bormw•er chall promptly furnish ~o I.ender all ren~wal nohcec and all rece~pts ot paid premiumc. tn the e.ent of lotc.
Bormwer shall g~~e pre~mpt nourr to ~hr insur:u~ce c:~rner and I.enJer. I.ender may make pnx~t of loss if not made ~rumptl}•
by Sorruwer. .
Unless Lender and Borruwcr ~nhcrw„e agrcc in wnhng, inwrance prcxeeJ~ shall bc applied to rettoration or repair of
the Property damage~, prov~Jed such re~torati~~n or repa~r ~~ ec~~nom~cAlly feasible and the «curity of this Mortgage i~
not thereby impa~red. If cach re~~urat~on or repair is n~~t c~i~num~call` feacihle or ~( the secunry of this Mor~gage would
be impaired. the msurance proceeJs shall be applied to the sums ~ectireJ by thic Mortgage, w~th the excess, if a~}•, pa~d
to Borrower.' lf the Properly is abanJoned M Borrower. or il Borr~wer fails tc~ respond to 1_ender within 3U days from ihe
date nouce is mailed bc Lender to Borrower that the ~nsurance carrier otfer~ to ~ettle a claim for insurance benefits, I.ender
is authonzed tu collect ~nd applt the insurance proceeds at I.ender'~ ~~pt~on either to restaration or repa~r o( 1he Pr~penv
or to the sums secured hy this Mortgage
Unlesti Lcnder and B~~rmwer otherwi~e agree in wnhng. am such ~pplicauon ~~f pr~e:eedt to pnncipal thall not e~tend
or Ex~stpone the efuc date ~~f ihr m~~nlt~l~ imlaiimcr~t. (ClCf/i"~ t.~ ir~ paragrapl;i ~ ar.1 2 t~ereof or chargt the am:,t~:;: :~:
such installmeats. If under paragraph Ib hereo[ the Yroperly i~ acyoired h} t.enJer, all r~ght, tide and interest of Borr~~wer
in and to an} ihsurance polic~es anJ in and t~~ thr pr~x:eedti thereof resulting from damagc to the Propertv prior to th~ 5~1e
or acqws~uon shall pass ta Lender to the e~tcrt of the ,ums ~ecured hy th~s ~lortgagc ~mmediately prior to tiuch sale or
acqwsition. ~ •
6. Presenalion aod ~ltinlenance of Property: I.eauh~,lds; ('ondominiums; Planned Unit Ikrelopmenls. BnrroNCr
sh~ll keep the Propert)~ in gocxl rep~e: and shall not cumroit y.aste cu permu ~mpaument or deterioration of the Pruperty
and shall comply ~ith the provisions of'any lease if thi. ,Lt~~rtg:~ge ~~ ~~n ~ Icasch~~ld. I( thic Mortgage is on a unit ~~ .~
condomin~um or a planned umt dc~clr.pmeM. Borrower ~h~ll pcrfurm all af Bnrrower's obhgations under the declarah~~n
or coveoants creaUng ur g~~verning the condom~mum or plann~d um~ development, the by-laws and reg-ilatiant crf the
condominium or planned unit devel~~Jment. .+nd c~~mtituent ~l~xumeniti I( a con~lominium or pfanned im~t devel~pment
nder n executed by 13orrower and rec~rde.l a~ge~her aith rh~c M~rtgaKe. the cc-venantc and agreements o/ ~uch nrier
shall be ~ncorporateJ mto and shall emend and ~~~plcment the co.rnant~ an~l agreements of thic Mortgage ac if the n.fer
were a par: tereof.
~. Proialion of I.enders Securlty. If Hnrm~cr f:~~l. t~• ~xrf~~rm the covenams an~t agreements cc~nta~ned in ~hi~
Mortgage. ur i( any actie~n ~~r prcxeeding ~~ cumrnrnce~l ~h~~h matenath .~firc~s 1 e~Jer'~ ~nteretit in thr Pr~~perr~.
m~luding. hut nut lim~ted tu. emincnt duma~n. in~nl~enc}. ~~x1r cntc~r~cmrnt. ~~r ,,rr.in~em~nt~ nr pr~keedines mv~~l•.~ng a
bankrupt or de~eJent, thcn I eoJer a1 I enJcr'~ opUOn, u(xm n~~UCt ti~ Borrowet m;~~ rneke yu:h ap~arances. ditihur.e ~uch
sums and 1al.r Such a~u.m .~~ ~s nccc~~ar~ 1~~ pr~+tcct I cnJcr'c imcrc~t. ~nclu~hn. but not l~mitcd to, di~hurscment :~f
reawn~hlr et1URIC) ~ t~c~ anJ cmry u~~m Ihc 1'n•~xrn tu mal~c rc~.ur~ If I rn~rr rry~iirr~i mrrtgage insur~n::e s~ .~
,•_,nJ~ti~m uf. n~al~~ng ~hc I~ien ~ccurcJ hy th~~ ~t~•rtge~r. Burrr•~~rr sh ~ll ~a} th~ prcmiuin5 reqwred tn maint.: n w~h
imuran~r in rlte~~ untd ~u~h timr a~ the rey~nrement t.~r .uch in:u~an,r tcrmin.~tr. m,~c;ordanee with B~rr+»..er'. and
~
_
~
~
~
~~~ -
;~~x349 ~~~~2614
~_~_. _