HomeMy WebLinkAbout1088UN11'ORM COVlNANTf. Borrowet and L.e~der covenant and asree as follows:
1. lqweat at hi~c~l a~i INeraf. Borrower sh~li prompNy pay wheo due the principal ot and interest on the
~ndeb~edrea~ evidenad by ~he Nae. PtC~iYmen! artd Iste chargec ac ~+rovided in the Nde. aed the p-inCipal 01 ~nd inteRtt
on auy Futurc Advat~ces securod bp this Mortaase.
_. Fr^i ter T~aeM a~i I~wn~ce. Subjecl to applicabk law u~ to a written waiver by Lender. Borrows~ shail pay
to Leeder on tAe dsy monthly installments of principal aod ~ntercc~ arr ~ayabk undu Ihe Note. until 1he Note is paid in tull,
a sum (herein "Rund~") eqwl to one•tweltth ot ~he yearl~ tasc. a~d assessments which may attain priority over this
MortSaEe, and =round ren1~ oe the Proper~y, if any, plus or~e•~welt~h of yearly premium installments ior hazard insurance.
plus oae-twelfth ot yearly promium ins~allments tor mortgage insunncc, if any, all as rcuonably atimated initiaHy and toom
tirt+e to time by Lender o~ the buis ot assessmcnts ami hills and rcawnabk es~imates thercof.
'il~e Fu~ds shall be held in an ins~itution ~he depos~u or accounts of which are insured or gua~anteed by a Federal or
state a~ency (including Lender if Lcnder is such an imt~tutionl. I.ender ahall apply Ihe Funds to pay said ~axa, assessments.
ir~urance premiums and ground rc~ts. 1 ende~ may not charge Ior s~ holding and applying the F~mdc. analyzing caid account.
or verityin~ and compiling uid assessments and bills, unleu Lender pays Borrower interest on the Funds and applicable law
permits Lender to make such a charge. Bc~rrowor and l.ender may agrce in writing at ~he ~ime o[ exaution ot this
Moirtga~e that interat on the Funds shall !~e paid to Borrower. and unless such agreement is made or applicable law
tequircs such intercst to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds_ l.ender
shall pve to Borrower, without charge, an aonual accounting ot the Funds showing credits and debits to the Funds and the
purpose for which tach debit to the Funds wu made. The Funds are plodged as addi~ional ucurity for ~he sums secured
by mu Mo~~.
It the amount of the Fuads held by Lender, togelher with the tuture monthly installments of Funds payablo prior to
the due data of taxa, assestme~ts, insunnce premiums and g~ound rents, shail exceed Ihe amount reyuircd 1o p~y ~a~J taxes,
asspanents. insurance premiums and ground rents as they (alt due, such excess shall be, at Bc-rrower's op~~on, either .
prompdy repaid to Horrvwer or ctodited to Borrower on mon~hly installments of Funds. If the amount of the Funds
held by Lender shdl not be suflicient to pay tua, assessments, insurance prcmiums and ground rents u they fall due,
Borm~-er shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Lender w Borrower requating payment th~rcof.
Upoa paymeat in full of dl sums tecured by this Mwtgage, I.ender shall promptly refund to Borrow•er any Funds
held by Lender. If under puagraph 18 hercof the Property i~ sold or the Property ~s wherwisc acquircd by l.ender, l.ender
ahall apply. no late~ lhan immediately prior to the sale of the Property or its acquisrtion by Lender, any Funds held bv
[.eader at the time ot apQlication ~ a crcdit against the sums xcured by this Mortgage.
3. A~plicatloa o[ Paymeats. Unless applicable law provides otherwix, all payments received by Lender under ~he
Note and paragraphs 1 and 2 hereof shall be applied by I.enJer firat in payment o( amounts payable to Lender by Borrower
under paragraph 2 hereof, then to interest payable on the Note, then to the principal ot the Mote, and then to interest and
Ptincipal on any Future Advances.
~. Char~es; Lk~. Borrower shal) pay all 1axe~. assestments and othcr charges, finet and impositions attnbutable to
the Property which may atlain a priority over this Morlgage, and lea~ehold payments or grouna rcnts, if any, in the manner
p[~ovided under paragraph 2 hereof or. if not paid m such manner, by Borrower making payment, whe~ due, directly to the
payee thetzof. Borrower shall promptly furn~sh to LenJer all noaces ot amounts due under th~s paragraph, and in the event
Borrowtr shall make payment direc~ly, Borrower shall promptly (urn~sh to L.ender receipts evidencmg such payments.
Borrower shall promptly discharge any lien which has pnonty over th~c Mortgage: provided, that Borrower shall not be
requ~red to discharge any such lien so long as Borrower shall agree in wr~~~ng t~ ~he payment ot the obliga~iun securcd by
such lien in a manner acceptable ~o Lender, or shall in g~xxi faith contetii ~uch lien by, or defend enforcement of such lien in,
legal proceedings which operate to prevent the enforcement of ~he I~en or torfe~wre o( the Property or any part thereof.
S. Ha~ard Insoraece. Borrower shall keep the ~mpmvememti now etiisung ~~~ hereatter erected on the Property insured
against loss by 6rc, hazards included within the term °erteruied coverage", and such other hazards as Lender may reyu~re
and m such amounts and for such periods as 1_ender may require; provided, that (_ender shall not require that ~he amount of
such coverage exceed that amount of coverage required to pay the sums ucured ~by ~h~s Monaage_
'R~e ~nsurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender: provided.
thst wch approval shall no~ be unreasonably withheld. All premiumc on insurance polic~es sha11 be paid in the manner
provided under paragraph 2 hereof or, ~f not paid in such manner, by Borrower mak~ng payment, when d~e, directly to the
insurance curier.
All insurance Ewlicies anJ renewals therrof shall be m form accep~able to LenJer anJ shall ~nclude a standard mongage
dause in favor of and in form acceptable to Lender_ Lender chall ha.•e the right to hoW the policies and renewals thercof,
and Borrower shall pr~mptly [utmsh lo LenJer all renew~l nouces and all receip~s of paid prcmiumc. In the event of lotis.
Borrower sh:~ll give prompt not~ce to the ~nsurance carner and Lender. I.enJer may make proc.f of loss ~f not made prompUy
by Borrower.
Unless Lender and Borrower otherwne agree in wnting, inwrance proceeJs shall be applied to restoration or repair of
the Propeny damaged, prov~ded such restorat~on'or repa~r is economically feasible and ~he security of this Mortgage is
not thereby impa~rcd. If such restoration or repa~r ~s no~ rconum~cally (easible or i( the xcunry of th~s Mortgage would
be impaired, the insurance proceeJs ~hall be applied to the sums secured by this Mortgage. with the excess, if any, paid
to Borrower. If the Proper~~~ is abandoned hy Rorrower, or ~f Bormwer failti tu respond lo Lender wrthin 30 days from Ihe
date notice ~s maeled by Lender to Borrc,wer that the insuranre rarrier ofTert to ceule a claim for insurance bene6ts, Lender
is aut6oriud to collect and apply the insurance proeeeds at Lender'i option e~ther to restora~ion or repaer of lhe Propeh~
or to t6e sums sccurcd by this Mortgagc.
Unless I_ender and Borruwer otherv~i-e agree m unting, an} such application of prc.ceeds to pnncipal shall not extend
or postpone the duc date of the monthly ins~allmcnt~ rc(erred t~~ in paragraph, I and 2 hercof or change ~he amount of
such installmeats. If under paragraph 18 hereo( the Pm~,erty is acyu~reJ hy Lender, ali nght, title and interat of Borrov~cr
in aad to any itisu~ance policies and in •rnd to th~ proceeds thereof resutting frorn damage to the Property prior to th~ aale
or acquisition shall pass to Lender tu the extent ot the ~ums se~ured by th~s Mortgage immediately prior to such sale or
a~qwsition.
6. Preservation and ~taintenance of Ptoperty: l.easeholds: Condominiums; Plsnned Unit De~~ebpments. Borrov-cr
shall keep the Propcrty in good repair and shall not comrpit ri~astc or permit impairment or deteriotation of the Property
and shall comply with ~he provis~ons o[ any lease if ~h~~ Mortg:~ge ~~ on a leasch~~ld. I[ this Mortgage is on a unit in a
condominium or a planned unit developmens, Borrower chail Exr(orm all of Borrower i obligations under the declarat~~~n
or coveuants creatmg or governing ~he cond~-minium or planncd unit devclapment, the by-laws and regulationc of the
condominium or planned unit devclo~,ment, and constituent J~xumcnt~. If a co~Jominium or planned ~~nrt developmcnt
riJer ~s execu~ed by Borrower and recorded ti~ge~her w~th thi~ Mortgage, the covenants and agreements o( such nder
shall be incorporated ~nto and shal! amend anJ supplcment the co~enams and agreements of th~~ Mortgage as if the nJer
vvere a part t~ereof.
7. P~otection ot I.ender's Seeurity. If R~rt~~wer fail~ t~~ perf~~rm the covenantc and agreements contamed in this
Mor~gage, or if any ac~~on ~-r proceeding ~~ cummrnccd Kh~cn materiall~ aQrctc Lender'i interect in the Propert~~.
including, but n~~t lim~~ed to, eminent domam. in~~.henc~, c~xlc cnf~xcement. ~~r :,rrangementc or pmceedings ~nvol~ing a
banksupt or decrdent. then Lender a~ Lender', opuon, u~n ni~tice ta Aorrower, ma~ make such appearances, dishur~e such
sums and ~ake such action ac ~s nece«ar~ a~ pro~ect I.ender'c interest, inchiJing. but not IimiteJ to. Jisbursement of
reasonable attomey i fcet and emry upon the Propert~~ to make repa~rti. I( l.endcr rey~iircJ mortgage in~urance as a
condihon of makmg Ihe loan tecured M this lllungag~. Bi~rn.HCr sh.~ll pay the premioms reqwreJ to maiiita~n such
uuurance in eliect untd wch t~me as ~he rey~riremen~ far wch m~uran:e tcrm~nate~ ::~ :~;,ordance with Borr.~w~r'+ and
3^:?K ,JS~ f'!GE ~.llfl~
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