HomeMy WebLinkAbout0519UNIFORM ~;OVENANTS. Borrowcr and l.cnder a~venant and ~g~ee :~s follows:
1. P~IAtp~ O~ P~IICI~ sild IAIt~l51. I3orrower shall prompUy pay wheo due the principal of and interest un thc
indcbtedness evidenceJ by thc Note, prepayment a~J late charges a. provided in the Notc. and the principal of and interes~
on any Future Advances secured by this Mwtgage.
2. Foads for Tua aad lnwrance. Subject Io applicable law or to a written waiver by I.ender. Borrower shall pay
to [.ende~ on ~he day monthly installments of principal and intcrest arc payable undcr the Note. until the Note is paid in full,
a sum (herein "Funcls") equal to o~e-twelfth ot the yea~ly taxe~ and assessments which may attain priority over this
Mortgagc. anJ ground reMs on the Pr~pcrty, if any, plus one-Iwclfth of yearly premium installments for hazard insurancc.
plus one-twelfth of yearly premium installments (or mortgage insuran~.-e, if any, all as reasonably estimaled initially and from
time to time by Lender on the basis ot assessmcnts and hills and reasonable estimates thereof.
'il~e Funds shall be held in ao inslitution the deposits or accounts ot which are insural or guaranteai by a Federal or
state agency (including Lender if Lender is such an institution). I.ender shall apply the Funds to pay said taxes. assessments,
insurance premiums and ground rents. l_ender may nat charge for ~ holding and applying the Funds, analyzing said account,
or verifying aod compiling said assessments and bills, unless t_ender pays Bonower interat on the Funds and applicable law
permits Lender to make such a chargc_ Borrawer and Ixnder may agrce in writing at thc timc of execution of this
Mortgagc that interest an Ihe Funds shall be paid to Borrower, and u~less such agrcemem is made or applicable law
requira sucti interest to be paid. Ler~der shall not be required to pay Borrower ~ny interest or eamings on the Funds. l~nder
shall give to Borrower, without charge, an annual acrnunting of ~he Funcis showing credits and debits to the Funds and the
purpose for which each debit to the Funds was made. The Funds are pleciged as additiunal security for ~he sums secured
by this Mortgage.
If the amount of the Funds held by LenJer, together with the future monthly installments of Funds payablc prior to
the due data of taxes, assessments. insurance premiums and ground rents, shall exceed the amount reyuired to pay said taxes,
assessments, insurance premiums and ground rents as ~hey fall due, such eacess shall be, at 13orrower s option, either
pranptly repaid to Borrower or credited to Borrower on monthly installmen~s of Funds. !f the amount of the Funds
held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents u they fall due,
Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days (rom the date notice is mailed
by l.eader to Borrower requesting payment ~hereof.
Upon payment in full of all sums secured by this Mongage. 1_endcr shall promptly refund to Borrower any Funds
held by Lender. If under puagraph 18 hereof the Propetty is sold or the Propeny is dherwise acquired by Lender, I.ender
shall apply. no later than immediately prior to the sale of the Property or its acquisition by Ixnder, any Funds held by
Lender at the time ot application as a credit against the sums secured by this ~lorigage.
3. Applicatios of Payoeats. Unless applicable law provi~ks otherwise, all payments received by I.ender unJer the
Note and paragraphs 1 and 2 hercof shall be applied by I.cndcr first in payment o( amounts payable to Lender by Borrower
under paragraph 2 hereof, t6en to interest payable on the Note, then to the principal of the Note, and then to interest and
principal on any Future Advances.
4. C6atSts; Lkas. Borrower sha!! pay a!I laz~, asscssments and othcr charges, 6ncs and impositions attributable ta
the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
payce thereof. Borrower s6a11 protnptly furnish to Lender all.notices of amounts due under Ihis paragraph, and ia ihe event
Borrower shall make payment directly. Borrower shall promptly fumish to l.ender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be
requirod to discharge any such lien so bng as Borrower shall agree in v-•riting to the payment of the obligation secured by
such lien in a manner acceptaWe to Lender. or shall in good faith contes~ such lien by, or defend enforcement ot such lien in,
legal proceedings which operate to prevent the enforcement ot the lien or forfeiture of the Property or any part thereoi.
S• HaTard I~rance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
against loss by firc, hazards included wit6in the term "extended coverage", and such other hazards as l.ender may require
and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of
such coverage exceed that amount oE coverage required to pay the sums secured by this Mortgage.
'Ihe iruuranoe 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 policiea shall be paid in the manner
provided under paragraQh 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcdy to ihe
insurance carrier.
All insurance policits and renewals thereof shall be in form acceptable to LenJer and shall include a standard mortgage
clause in favor of and in form acceptable to l.ender. l.ender. shall have the right to hold the policies and renewals thereof,
and Borrower shall promptly furnish to L.ender all renewal notices and all receipts o( paid premiums. In the event of loss.
Borrower shall give prompt notice to the insurance carrier and I_ender_ lxnder may make proof of loss if not made promptly
by Borrower.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair. of
the Property damaged, provickd such restoration or repair is economically (easible and the security of this Mortgage is
not thereby impaired. It such restoration or repair is not economically feasible or if the security of this Mortgage would
be impaired, the insuraave proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
to Borrower. lf the Property is abandoned by Borrower, or if Borrawer tails to respond ta Lender within 30 days from ihe
ciate notice is mailed by l.ender to Borrower that Ihe insutance carrier offers to settle a claim for insurance benefits, Lender
is aut6orizod to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
or to the sums securod by t6is Mortgage.
Unless I.ender and Borrower otherwise agree in writing, any such application of proceeds to principa) shall not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
suc6 installments. If under paragraph 18 hereof the Property is acquirecl by Lender, aU right, title and interest of Borrower
in aad to any insurance policies and in and to the proceeds thereof resultin~t from damage to t6e Propertv prior to the sale
or acquisition shall pass to Lender to the eztent of the sums secured by this Mortgage immediately prior to such sak or
acquisition.
6. Preaen~atioe aod Mainteaaace of Property; Lease6olds; Cuedomiaiums; Planned Unit Developments. Borrower
shall keep the Property in good repair and shall not commit waste or pcrmit impairment or deterioration of tt~e Property
and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a
condominium or a planned unit development, Borrower shall perform all of Borrower s obligations under the declaration
or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the
condominium or planned unit development, and constituent cioc:uments. If a condominium or planned unit development
rider is executed by Borrower and recorded together w~th this Mortgage, the covenants and ag~eemen~s of such rider
shall be incorporated into and shall amend and supplcment the covenants and agreements of this Mongage as if the rider
were a part hereof.
7. Protectioo of Leoder's Securify. lf Borrower fails to perform the covenants and agreements contained in this
Mortgage, or if any action or proceeding is commenced which materially aftects Lender's interest in the Property,
includ~ng, but not limited to, eminent domain, insolvency, code enforcement. or arrangements or proceedings involving a
bankrupt or decedent, then Lender at Lender s option, upon notice to Borrower, may~ make such appearances, disburse such
sums and take such action as is necessary to protecl Lender's interest, including, but not limited to, disburaement of
reasonable attorney's tces and entry upon the Property to makc repairs. If Lender required mortgage insurance as a
condrtion of niaking the loan secured by this Mongage, BorrowCr shall pay the premiums required to maintain such
insurance in ef~ect until such time as the reyuirement for such insurance terminates in accordance with Bortowers and
~ ~`~; :350 ~~~:~ 51~~
~__ _~
~ . _ _ - _ .; --_-- - ~