HomeMy WebLinkAbout2807UNIFOUM COVEN~NTS. BOffOWE~ d11d l.tfl~ltf Covtnanl and agree as foll~jws:
1. hy~neat ot PdociPal aoi lateresl. lM~towe~ chall promptl~• pay Mhrn due the principal at aud interest on ~he
indebtedness evidenced by the Note. prepayment and late charb~w a. pruvided ~n ~he Note, and the principal ot and intercs~
on any Futurc Advances secured by this Mortgage.
2. Funds to~ Tua ~ad lawra~ce. Subject to aPplicahle lav- ..~ to a written warve~ by l.ender. Borrower shall pay
to I.ende~ on Ihe day monthly installments ot principal and mterc~~ arr pay~ahlc under thc Note, untd the Note ~s paid i~ full.
a sum (herein "Funds") equal to one-twelt~h o( ~he ye:~rl> ta~.. enJ asces~ments which may attain p~ic~rity over ~his
Mortgage, and g~ound rents on the Pc~nperty, i[ any, plus cx-e-~welfth oi yearly premium installments for hazard insurance.
plus one-twelfth of yearly premium installments (or mortgage insurancc. ~f any, all as reasonably ettimated initially anJ (rum
time to time by l.ender on tl•.z buis ot asses~mcnis and hills and «au~n~ble eslimales thereof.
'Il~e Funds shall be held in an institution ~hc depusu~ or accounts ot which are insured or guaranteeci by a Federal or
state agency (including Lender if I.ender is iuch an institutionl. I.ender ~hall ap~+ly the Fundc to p:iy said taacs, assessments.
insurance premiums a~d ground rcnts. 1 rndtr may not ch~rge tor ~o holding and ap{+lying Ihe F~~nJc. ;~nalyzing saiJ acc.~unt.
or verifying and compiling said assessments ~nJ bill~, unless l.ender pay~ Bor~ower interest on the Funds and applicable law
permits Lender to make sueh a charge. Borrower and t.ender may agree in wriling at the ~imc o[ execu~iun of this
Mortgage that i~lerest on the Funds shall be paid to Borrower, ant3 unless such agreement is made or applicable law
requires such interest to be paid. Lender shall not he reyuired to pay Borrawer an}• interest or earnings on the Funds. I.endcr
shall give to Borrower, without charge. •rn annual accounting of the Funds ~howing credits and debits to Ihr Fundl and the
purpoae for which each debit to the Funds was'made. The Funds are pledged as addi~ional security for ~he sumi secured
by this Mortgage.
If the amount of the Funds held by Lender, together with the iuturc monthly installments of Funds payablc prior to
tht due dates of iaxes, assesanKnts, insurance premiums and ground rents, shall excced thc amount reyuircd to pay said taxes,
usessments, insurance prcmiums and gmund rents as they (all due, such excess shall be, at Borrower's opl~on, cither
p:omptly repaid to Borrower or credited to Borrower on momhly installmcnts of Funds. !f the amoun~ o( ~hc Funds
held by Lender shall not be suf6cieat to pay taxa, assessments, insur~ncc prcm~ums and ground rents as ~hey tall due,
Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 da}•s from the date n~tice is mailed
b_y l.ender to Borrower requating paYment thereof.
Upon payme~t in full of all sums secured by this Mongage. I.ender shall promptly re(und to Borrovver any Funds
heid by Lender. If under paragraph 18 hereof ~he Propeny i~ sold or the Properly is otherwicc acquired by Lender, Lender
s6a11 apply, no later than immediately prior to the sale ot thc Property or i~s acquisition by I.ender, any Funds held by
l.ender at the time of application as a credit against the sums secured by this Mortgage.
3. Applic~tioa of Paymeats. Unless applicable law provides o~herwise, all payments received by I.ender under the
I~tote and paragraphs 1 and 2 hereof shall be applied by I.cnder first in pa~•men~of amounts payable to Lcnde~ by Borrower
under patagraph 2 hercof, then to interest payable on the Note, then to the principal of the Note, anJ thcn to interest and
principal on any Future Advances.
4. Cbarses; Lieas. Borrower shall pay all laxec, asscssmcots and othcr charges, Bnes and impositions auributable to
t6e Propcrty which may attain a priority over this Mortgage, and leasehold payments or ground rcnts. if any, in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, Jirectly to the
payee thereof. Borrower shall promptly fumish to I.enJer all notices of amoants due under this paragraph, and in the event
Borrower shall make payment directly. Borrower shatf promptly fumish to l.encier receipts evidencing such payments.
Borrower shall promptly dixharge any lien which has prionty over this Martgage; pravided, that Borrower shall not be
required'to discharge any such lien so tong as Borrower shall agree in writing ta the payment ot the obligatio~ secured by
suc6lien in a manner acceptable to l.ender, or shall in good faith contetit such lien by, or defend enforcement of such lien in.
legal proceedmgs which operate to prevent the enfarcement of ~h~ lien or torfe~ture of the Property or any part Ihereof_
S. Hrzard lnsurance. Borrower shall ketp the improvements naw~ existing or hereafter erccted on the Property insured
against loss by fire. hazards included wijhin the term "extended covrrage", and such other hazards as I.ender may reyuire
and in such amoun~s and for such periods as Lender may reyuire: provided, that Lender shall not require that the amount af
such coveragr ecceed that amount of coverage required to pay the sums secured ~by ~his Mortgage.
11x insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided,
that such 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, directly to the
inse~rance carrier.
All insurance policies and reneKals thereof shall,be in furm acceptable to Lender and shall include a standard mortgage
clause ~n favur of and in iorm accep~able to Lender. t_ender shall have the right to hold the policies and renewals thereof.
and Borr.~wer shall promptly furnish to Ixnder all rencwal nouces and all receipts of paid p:emiums. in the event o[ loss.
Borrower ,hall gi~•e prompt notice to the insur~nce carrier and Lender. Lender may mlke prcx-f of loss if not made promp~l~•
by Burrowc~.
Unless Lender and Borruw•er otherw~x agree in w•nUng. insurance proceeds shall be applied to restoration or repair of
the Property damagcd, provided such re~torai~on or repair :s economically feasible and the security of this Mortgage ~t
not thereby impaired. I( such restoraUon or repair is n~~t ecunomicalty frasible or it the security of this Murtgage woul~
be impaired. the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
to Borrower. If the Property is abandoned by 8orrower, or if Borrower faili to respond to I~nder within 30 days trom the
date notice i: maded by Lender to Borrower that the insurance carrier ofier~ to settle a claim for insurance benefits, ixnder
is authorized to collect and apply the ~nsurance proceeds at Lender's optwn either to res~oration or repair of 1he Propert~
or to the sum~ ~ccured t~y this Mortgage.
Unles~ 1_ender and Borrower otherwise agree m writing. any such application of proceeds to pnncipal shall no1 e~tend
or postpone the duc date of ihe monthly installmcnts referrec~, to in p~ragrapht I an~1 2 hereof or change the amoum .~f
such installment~. If under paragraph 18 hereot the Property is acyuired by l.ender, all right, tille and interest of Borrower
in and to any insurance policies and in and ro the proceeds thereof resuh~ng from damage to the Property prior to thr sale
or acquisition shali pass to Lender to the extent of'the sums ucureci by this Mortgage immediately prior to such sale or
acquisition. • .
6. Preservation 9nd 1lfainten,~ace of Propert~; Lsasehulds; Condominiums; Planned Uuit Developments. Borrow~cr
shall Iceep the Property in good repair and shall not com~uit waste or permit impairment or deterioration of ihe Property
and shall comply with the provisions of any tease i( thic Mortgsge i. on a le•rschotd. If this Mortgage is on a unit in a
condominium or a planned unit development, Borrower shall pcriorm all of Borrower s obligations under the declarat~~~n
or covenants creating or governing the condommium or planned unit development, the by-laws and regulations of the
conJominium or planned unit development, and constituent documentti. If a condomiuium or planned unit develapment
riJer is executed by Borrower and recorded together w~th this Mortgage. ~he covenants and agreements ot such riJer
shall be incorporateJ ~nto and shall amend and supplement the covenants and agreements of this M~zrtgage as if the rider
were a part hereof. ~
7. Protectioo of Leoder's Security. If Borrower fails to perform the covenants ans agreements conlained in Ihis
Mortgage, or if any action or proceedmg is commenced wh~ch materially affects 1_enJer's interest in the Property.
including, but not limited to, em~nent domain, inx~lvency, code enforcement, or arrangements or prceeedings involving a
bankrupt or decedent, then Lender at Lender's option, upon notice to Borrovver, ma} make such appearances, disburse such
sums and take auch action as is nec~sary to Protect Lender's mterest, ~ncluJing, bot not limited,to, disbursement of
reasonable attomey's fees and entry upon the Property to make rcpairs. 1( Lcnder rcy~sired mortgage insurance as a
cbndition of making the loan secured by this Mortgage. Borrower shaU pay the premiums required to maintain such
iniurancF in eBect until such. time as ~he reqpirement tor such insurance terminates ~n accordaneP with Bormwer's and
~ ~ ~ ~ ~ ~-~ ~ ,3~~K34~ 2806
• N,.~K ~ P~GE