HomeMy WebLinkAbout2621UHIFORM CovEN~t~TS. Boriov-er and l.ender ci~ve~anl and aRrre rs (ollc~wt.
1. rs,r~ae~t ot Pt~ci~d ao~ lolerest. 6urroNrr ~hall prum~~l~ pa)~ Khcn duc thc principal i.( and ~nteresl ~~n thc
indebtedneu evidenced by the Note, prepaymeM and late charge. a. pnw~~kd ~n the Note, and the principal ot and intercs~
an aar Future Advances secured by this Martgage.
2. F~t tor Tuw ae~ Ir~rawee. Subject to applirahlc 1•rw .~r to a wnUen wa~ver by l.ender, Bortower shail pay
to Leoder on the day monlhly ~nstaliments o( pnncepal and ~utcrr.~ arr payable undcr t}x~ Nu~c. uutil ihe Note i~ paid in !ull.
a tum (hercin "Funds") equal lo one-lwelith ot thc ycarl~ ia~r~ anJ ac.es+mcm~ N•hich may attain prioriry aver ~h~c
Mort=age. and grou~d re~ts on the Property, if any. plus onc-twcll~h ~~I ycarly prcmium installments far hazard ~nsu~ance,
plus one-twelfth of yearly prcmium installmen~s tar mortgagc ins~~rancc. ~( any, all as rcsx-nably cstima~ed initially ar.~l trom
prtte to time by l.ender c~n the basis a( asses~mcnts and hills ar-d re•rwnable estimales thereof.
'f1~e Funds shall !+e held in an institutii.n ~he depcrnu. or accounts at which are insurcd or guarantettii hy a Federal or
state aaency (including Lender i[ 1.enJer is such an inst~tutionl. 1 ender ~hall apply the Funds ta pay ~aid ~axc~, ~axssmeots,
i~uranoe premiums and ground rcnts. I.ender may not charge tor ~~ h~lding and applying the 1=undc. analy~in~ caid account.
or verifying and compiling said asse~sments and hill~, unlcss l_e~der pay~ Borrower inlerest on the Funds and applicahle law
permits Ltnder to make such a chargc Hc-rrower and I.cnder may agrce in writing at ~hc timc a( cxecWi~~n of this
Mortgage that interest on Ihe Funds shall he {+a~d lo Bc~rrower, and unles~ such agreement is maJe ~~r ap{+licable law
requires such interost to be paid. l.ende~ shall not bc rcquired to pay Borrawcr an~• imeresl or carningc ~~n thc 1=unds. I.ender
shall Eive to Borrower, without charge, an annual accounting ot Ihe Funds ~howing credits and Jeh~ls ta ~hr 1=unds aod the
purpose for which qch debit to the Funds was made. The Fund~ are pleciged at additional ~ecurily f~r ~he sumt secured
by this Mortaage.
If the amount of the Fiu~ds held by I.enJer, together with ~he fWurc monthly in~tallmcntt o( Fundc payable pnor to
the due dates of tazes, assessments. i~uurance prcmiums and ground rcnts, shall excce~l thc amount reyuircd ~o pay said ~axes,
asst~ments. insuranee premiums and ground rents as they (all due, such excess ~hall be, a~ lii-rrower's oph~~n, eilhe~
pranptly repaid to Borrower or erediled to Borrower cx~ monthly i~stallments of hunds. I( the amount o( 11-e f•uncts
hdd by Leodtr shall not be sufBcie~t to pay taxes, asxssments, insurance premiums and gmund rents as ~hcy (all d~e.
Horroaer shall pay to Lendtr any amcwnt necetsary to make up the defic~ency within 30 days (mm the date notice i~ mailed
by L.ender to Borrower requasting paymcnt therecif.
Upon payment ~n full of all sutns secured by this Mortgage, t_ender shall prompNy re(und ~o Borrower any Funds
MZW by Lender. If under puagraph 1R hercof the Propeny ~a sold or the.Property is othen~vise acquircd by l.ender. I.enJer
s6a11 appty. no later than immediately prior to the sale of the Property or its acquisition hy l.ender, any Funds held by
[,ender at the time o[ application ~ a credit agams~ the sums secural by this Mortgage.
3. A~plicatio~ of Paywe~ts. Unless applicable law provides o~herwise, all payments r~ceived by I.ender unJer the
Note and paragraphs 1 and 2 hereof shall E+e applied by I.cnder first ii- payment af amounts payable to I.encler by Bc-rrower
under paragraph 2 heroof, then to interest payable on the Nute, then ro thc principal of the Note, and then to interest and
Principal on any Future Advances.
a. C6~Kes; I.kas. Borrower shall pay al! ta~cs, assessments and othcr charges, fioes anJ impositions atlributahle to
tbe PropeKy which may attain a pnority over this Mortgage, and leasehold payments or ground rents, if any, in the manner
pmvided under paragraph 2 hereof or. +f not paid in such manner. by Borrower making payment, when due, directly to ihe
payee the~tof. Borrower shall promptly furnish to Lemier all notices of amounts due under this paragtaph, sod in the event
Borrower shall make payment directly. Borrow•er shal) promptly fumish to Lender reeeipts evidencing such payments.
Borrowet shall promptly discharge any lien which has priarity over ~his Mongage; proviekd. that Borrowe~ shall not be
roquirod to diacharge any such lien so long as Borrov-•er shall agree in writing to the payment of the obligation secured by
sucb lien in a manner acceptable to I.ender, or shall in good faith contes~ such lien by, or ckfenJ enforcement of such lien in.
kgal proceedings which ope~ate to prevent the enforcement of the lien ar (orfeiture of the Property or any pan thereof.
S. Hmrd lawra~ce. Borrower shall keep the ~mprovements now• existing or herea(1er erected on ihe Property insured
against loss by firc, hazatds included within 1he term "extendeJ coverage", and such olher hazards ac Lender may require
and in such amounts and for such periods as Lender may reyuire; provideJ, that LenJer shall not require that the amount of
such rnverage exceed that amou~t of caverage required to pay the sums securcd ~by this Mortgage. .
• The insurance carrier providing the insurance shall be chosen by Borrower subjcct to approval by Lender, prmided.
that wch approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dircctiy to the
inwrance cartier.
All insurance policies and renew•als thereof shall be in fosm accep~able to. Lender and shall include a standard mortgage
clause in favor of and in form acceptabk to Lender. Lender shall' have the right to hold the policies and renewals thereof.
and Borrower shall promptly furnish to Lender all renewal notices and all reccipts ot paid premiums. In the event of loss.
Borrower shall give prompt notice to the insurance carrier and l.ender. Lender may make proof of ioss if not madt promptly
by Borrower.
Unless Lender and Borrow•er othervv~u agree in writ~ng, inwrance procceds shall be applied ta restoration or repair of
the Property damaged, proviJed such restoration or repair is economically feasible and the security of :his Mortgage is
not thereby imPaired. I( such restor•rtion or repair is not rconomically (easible or it the security of this Mortgage would
be impaired. the insurancx proceeds shall be applied to the sums secured by this Mortgage. with the exeesa, if any, paid
to Borrower. !f the Property is abandoncd by Borrower, or if Borrower tails to respond to I_endcr within 30 days from the
date notice is mailed by [.ender to Borrower that the insurance carrier ofier~ to settle a claim for insurance benefits, Lender
is authoriud to collect and apply the insurance proceeds at I_ender's option either to restoration or repair of the Propertv
or to ihe sunu securod by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any s~ech application af proceeds to pnncipal shall not extend
or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of
suc6 installmeots. If under paragraph i 8 hereof the Property is acyuued by Lender, ali nght, title and interest of Barrower
in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to th~: sale
or acquisition shall pau to Lender to the extent of the sums secured by this Mortgage immediately prior to s~xh sak or
acquisition. ~
6. hetervatbn snd Mninlenance of Properiy; l.easelwlds; Condominiums; Pla~aed (:dt Derebpo~eels. Borrower
shall keep the Property in good repair and shall not comro~t waste or permit impairment or deterioration of the Property
and shall comply with the piovisions of any lease if th~s Mortgage ~s on a leasehold. If this Mortgage is on a unit in a
condominium or a planned unit development, Borrower shall perform all of Borrowe~s obl~gat~ons under the declaration
or covenants creating or governing the condominium or planned unit development, ~he by-laws and rcgulations of the
condominium or planced unit development, and constituent documents. If a condominium or planned unit development
rider is exautod by Borrower and recorded together with this Mortgage, the covenants and agreernents of such rider
s6all be incorporated into and shall emend and supplcment the covenants and agreements of th~s Mortgage as if thc rider
were a part hcreof.
7, Proteetio^ uf Leader's Securitp. If Borrower fails to perform the covenants and agreements conta~ned ~n thic
Mortgage, or if any action or proceeding is commenced which materially aHects I.ender's ioterest in the Property.
including. but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings ~nvolving a
bankrupt or docedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, dishurse such
wtns and take :uch action as is necessarq tu protect Lender's ~nterest, including. but not limited to, d~sbursement of
reawnabk attomey's fees and entry upon the Propcrty to make repairs. If [xnder required mortgage insurance as a
eondition of malcing the IoaR secured by thia Mortgage, Borrower shall pay the premiums required to ma~nta~n such
iwuraaee in eftect until such time as the requirement for such msurance terminates ~n accordanc~ wi~h Born;wer s and
~ :,^~x•,4J P~GE~U~~
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