HomeMy WebLinkAbout2830UNIFORM COVEH~NTS. Borfowe~ and l.tnder covenant and agrce a~ ~oU~~w~s:
i. h~nne~t ot Princ~l aad lafensl. Borrowe~ ~h:,ll prumptl~ pay w~hen duc thc principai ot and intercst un the
~ndebtedness evidenced by the Note. ptepaymcnt anJ late char~;r. ~. pnwided ~~ the Note, and the p~incipal o( and intercs~
on any Future Advancec securtd by Ihis Martgage.
2. Fpeds tor Tua aad lasyraace. Subjecl to applicahlc lav- ~.r u~ a writ~en warver by l.ender, Borrowe~ shall pay
lo [.ender an ~hc day mon~hly installmen~s of principal and mt~rc.t ~rr payahic ~mder the Notc, until the Note is paid in full.
s sum (herein "FunJs") equal to one-~welf~h ot the yrarl~ ~a~r. anJ •rsuscmentc w~hich may altain pnarity ove~ ~h~s
Mortgage, and ground rents on the Propeny, it any, plus ~ne-twelf~h ol ycarly prcmium installments to~ hezard insurance,
plus one-twelfth of yearly premium installmems tor mortgage insurancc, i( any, all as reasonably estimated initially and from
time to time by I.ender on thc basis ot a+u:s.mcn~s anJ h~4~ and rrawnable es~imates thcreot.
The Funds shall tx held in an im~itutian ihc de~~.~t+ or ~ccounts of which are insurcd or guaranteai hy a Fcderal or
state agency (including Lender if Lender ~s ~uch an iastitu~ionl. Lendrr ~hall apply ~he Funds to pay said tazes, asseuments,
insunnce premiums and g~ound ~ents 1 ender may no~ charge to~ s~ holding and ap~+lying the Fundc. analyting ~aid accounl.
or verifying and compiling said assessme~ts and billa, unless I.ender pay~ Borrowe~ iaterest on the FunJs and •rpplicable law•
permits I.ender to make such a charge. &~rrower and l.ender m•ry agree in w~t~ng at ~he time of exrcutiun o[ this
Mortgage Ihat interat on the Funds shall ne paid to Borrower, and unless such agreement is made ~~~ appl~cable law
requires such interest to be paid, !_ender shall no~ t+~ required to pay Borrowe~ any interest or earnings on the Funds. I.cnJer
shall give to Borrower, without chargt. an annual accounting af the FunJs ~howing c~edits and debits t~~ the Fund~ and the
purpose tor which each debit to the Funds was madr. The Fund~ arc pl~~iged as additional xcunry (or the sums cecureJ
by this Mortgaga
If the amount of ihe Funds held by Lender, toge~her wi~h ~hc iu~ure man~hly ins~•rllments of Funds p•ryablc prior to
the due dates of taxes, assessments, insurance premiums ~nd g-i~und rent~, shall exceed the amount reyuired to pay +aid ta~es,
assessments, insuranee premiums and ground rents as they (all due, auch excess shall be, at Borrower's opuon, e~ther
promptly repaid to Borrower or credited ~to Borrower on monthly inst•rllments of Funds. If the amount of ~hr Funds
held by Le[~der shall not be suf[icient to pay taxes, assessments, imurance premiums and ground rents as thcy fall due,
Borrower shall pay to I.ender any amount necessary to make up the deficiency within 30 days from the date notice is m•r~led _
by Lender to Borrower rcyuesting paymcnt thereof.
Upon payment in full of all sums secuttd by this Mortgage, I.endcr shall promptly refund to Borrower ~ny Funds
held by Lender. It under paragraph 18 hereo[ the Propeny i~ wld or the Propeny is otherwisc acquired by t_endcr, I_ender
sha;: apply. no later thao immediately prior to the sale of the Propeny or its acquisition by 1_ender, any Funds htlJ by
[.ender at the time ~of appliration as a crcdit against the sumc secured by th~s Mortgagc.
3. Application of Paymeots. Unle,s applicable law provides otherwise, all payments received by l.ender under the
Note and paragraphs 1 and ?~°~eof shalt bc apphed by Lcnder fint ~n peymcnt of amounts payable to Lcnder by Borrower
under paragraph 2 hcreof, lhen to mterest payable on the Note. then to the principal of the No1e, and then to interest and
principal on any Future Advances.
4. C6arges; Liens. Borrower shall pay all I~x~~, a~ses~ments and other charges, fines and impositions attributahle to
the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in ih~ manner
provided under paragraph 2 hereof or, ii not p:~id in such manner, by Borrower making payment, when due. diroctly to the
payce thereof. fiorrower shall promplly furnsth to LenJer all notices of amounts due weder this paragraph, and in the event
Borrower shall roake payment direc~ly. Borrower shall promptly turnish to Lender receipts evidencing such payme~ts.
Borrower shall prompUy discharge any lien which has priori~y over ~his Mongage: provided, that Borrower shall not be
required to discharge any such tien so long as Borrower shall agree in writing to the payment of the obligatiun secured by
such lien in a manner acceptable to lxndel, or shall in good faith conte,i such lien by, or d~fenJ enforcement of soch lien in,
legal procredings which opezate to prevent the enforcement of the hen or forfe~ture of the Property or any part thereof.
S. Hazard Insurance. 13orrower shall keep the improvements noW exis~ing or hereafter erected on the Propcrty insured
against loss by fire, hazards included within ~he term "exlended coverage", and such oiher hazards as I_ender may reyuire
and ~n such amounts and for such perials as Lendtr may requirc; provided, that Lenckr shall not require that the amount of
such c~verage exceed that amuunt of coverage reqwred to pay the SumS secured ~by this Mortgage. .
"[he ~nsurance carrier providing the insuranre shall be chosen by Borrower subject to approvat by Lender, provided,
that such approval shall not be unreasunabty withheld. Ail premium~ on insurance policies shall be paid in the manner
provided undcr paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dircctly to the
insurance ca~ncr.
All insuraocc Fxil~~ies and renewals thcreof shail bc in form acccpt~ble to LenJer and shall include a standard mortgage
~lauu in fave.r of and in form acceptahte tu 1_ender. Lender shall have the right to hold the policies and renew•als ihereof.
and Borrower shall prompily turnish to LenJer aU rrnewal nouces and aU receipts of paid premiums. In the event of losc.
B~xr~~wer shsll grve prc~mpt notice to ~he insurance carrier and Lender. LenJer may make proo( of loss if not made prompdy
by E3~rrower. '
, Unless Lender and Borrowcr otherw„~ agrec in wntmg, intiurance proceeds shall be applied to restoration or rePair of
the Yroperty damaged, provided wch re,toration or repair ic economically teasible and the security ~of this Mortgage i~ .
not- thereby impaired. If w.h restoration or rcpair is not ecunomi~~llp feasible or it the security of this Mortgage v-~ouW
be impaired. the insurance pnxee~s sha11 be applied to the sums secured by this Mortgage, with the excess, if an}~, pa~d
to Borrower. If the Propert}~ ~ti abandoned hy Borrowcr, or it Borrower fails to respond to Lender within 30 days~ from the
date notice is m~iled by Lender to Borrower t6at the insurance carrier otTers to se~tle a claim for insurance benefits, 1_enJer
is authorized t~- collect and •rpply the inwrance proceeds at Lender's option either to restoration or repair ot the Propen~
or to the sums aecured by this Mortgage.
UnlPss l.ender and Borruwer otherv~ix agree in wnting, any~ such appiication of proceeds to principal shall not extend
ur pvstpone the due date of the monthly inslallments referred tu in paregraphc 1 and 2 hercof or change the amount of
such installments. If under paragraph 1 ic hereaf the Property is acywred hy Lender, all right, title and interest of Borrower
in and to an}' insurance policies and in and to thc prcx;eeds thereot resu~ting from damage to the Property prior to th~ saie
or acquisition shall pass 'to Lender to the exlent of the sums secured by this Mortgage immediately prior to such sale or
acqu~sition.
6. Presenatiou and ~tsuntenance of Property; I.easehulds; Condominiums; Planaed Unit Devebpmenls. Borrowcr
shall keep thc Property in gcx~d repair and shall not comroit waste or permit impairment or deterioration ot tt~e Property
aad shall comply with the provisions of any lease it this Mortgage ~c un a leaschold. 1[ this Mortgage is on a unit in a
condominium or a planned unit devclupmcnt, Borrower shall pcr(orm all of Borrower's obligations under the dcclarati~~n
or covenants creating or govern~ng the condom~nium or planncd unit development, the by-Iaws and reguiations of ~he
condosninium or planned unit devetopment, and constituent documem~. It a condominium or planned unit development
r~der ~s executed by Borrower and recordeJ together w~th th~c Mortgage, the covenants and agreements ot sueh r~Jer
shall be incorporated ~nto and shall amend anJ supplcment thc covenants anJ agreements of this Mortgage as if the riJer
were a part hereof.
7. Protectioo of [.e~der's Secu~ity. If [3orrow~er fails to perform the covenants anJ agreements contained in this
Mortgage, or if any action or proceeding ~s rommenced w•hich materially affects 1_ender's interest in the Proper~y.
including, but not limited to, eminent domain: insolvency, code enforcement, or arrangements or proceedings involv~ng a
bankrupt or decedsnt, then I.ender at Lender's option, upon no~ice to Borrower, may make such appearances, disburse such
sums and take :uch action as is necessary tu prolecl Lender's interest, including. but not lim~ted to. disbursement~ of
reasonable attomey's fees and entry upon the Property to .make repairs. If Lender requircd mortgage insurance ac a
condi-ion of making the loan secureJ by ~his Mortgage. Borrower shall pay the premiums requireJ to mainta~n such
iasurance io efiect umil such time as Ihe reyuirement tor such msurance terminates in accordarsc~ wilh Borrower's and •
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6't~A ~3¢9 PACE~.v~,
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