HomeMy WebLinkAbout1442UNIFOUM CovEN~NTS. Borrower and I_endcr a~vcnant a~d aKrre a~ full~~wc ''~ _~
1. hyutt~t o( P~iotipal aod laterest. l3urmwe~ +hall pramp~l~ pay Nhcn duc thr pnncipal ot end interest un Ihc
it-debted~ess evidenced by the Note, prcpayment and late charg~~ a. p~uviJrd ~n ~h~: Nale. and the p~incipal ot and mtercst
on any Futuro Advances secured by this Martgage
2. Fhwds for Tua and lawnace. Subjcct to appli~ahlc law ~~r to a N•ritten K~aivcr by I-ender, Barrower shall pay
to l.ender on the day monthly installments ot principal aod n-irre.~ arr ~ayahlc undcr Ihe Note, until the Natt is paid in full.
a sum (htrcin "Funck") equal tn one-twrlfih of the yYJfI) tatc, ant! assescmentc wh':eh may attain pnority over ~h~s
Mortgage. and ground rents on the Pmpeny, iF any, plus ~nc•twcUih ot ycarly premium installments for hazard insurance.
plus one-tweltth of yearly premium installmcnt~ (ar mortgage ~ns~~rancc. i( any, all as reasonably e~~ime~ed inilially and t~om
time to time by Lender o~ the basit of assc«mcnts and hills a~d re:~+unablr estimatcs thercof.
The Funds shall be held in an ins~~wtiun thc Jepo+~t..~r a~c.~unts ul which are insured or guaranteeJ by a Fcdcral or
state ageney (including Ltnder it I_ender ~s ~uch an inst~~u~ionl. 1 enJer ~hall ~pply the Fundc to pay said ~axes, assessments.
insuiance premiums and ground rents 1 ender may ~~t charge lor ~~ holding aod appl~ing ~he F~md~. analyiing caid account,
or vtrifying and compiling said assescments :~nd bill~, unles~ I.ender pay~ Borrawer interest on Ihe Funds and applicable law
permits I.ender to make such a charge. B~~rrc~wer and Lender may agrce in writing at ~he time ot exrcution of this
Mortgage that ioterest on the Funds shall tx: paiJ to Borrower, and unlcss such agreemem ~s made or applicable law
rcquires such interat to be paid, I.ender sh~li no~ he require~I to pay Rurruwcr am• in!ereit .~r earning: ~~n ihc Funds. !_ez:3e!
shall give to Borrower, without charge. :m annual account~ng of the FunJs showing credils and dehUs to the FunJi and ihe
purpose for which each debit to the Funds w•rc made. The Fund~ are pledged as additional ~ecunt)~ for Ihe sums secured
by this Mortgage.
If the amount of the Funds held by l.ender, together with ~hc iuture monthly inc~allments of F~md~ papablc pnor to
the due data of taxa, assessments, insurancc premiums and ground rents, shaU excced thc amount ~cyuircd ~o p3y said taxes,
assasments. insurance premiums and ground rents as they (~11 due, such e~ce~s chall be, at Borrovrer'~ opt~~~n, e~~her
pro[npQy rcpaid to Borrower or credi~cd to Borrower on monthly ms~allmcnts of Fundc. If thc amount of thc I-unds
hefd by Lender shall not be sufficient ta pay taxes, assessments, insurancc prcmium~ and ground rents as ~hcy fall due,
Borrower shal) pay to Lender any amount necessary to make up the eieficiency within 30 days (ram ~he date notice ~s mailed
by l.ender to Borrower rcquesting payment thereof.
Upon payment in full of all sums secured by this Mor~gage. I.ender shall promptly re(und to Borrow•er any Funds
held by I,ender. If under paragraph IR hereof the Propcny i, tald or thc Propcrty is o~herwice acqu~red by Lender, 1_endcr
shal) apply, no later than immediately prior to the sale ~~( thc Propcrty or its acquisrtion by Lender, any Funds heW by
Lender at the time of application as a credit against the sumc secured by this ~longage.
3. Application of Paymeats. Unleu applicable law provides otherwise, all payments reccived by l.ender unJer the
Note and paragraphs 1 and 2 hcreo( shall bc applied by Lcnder fint in pay~ment o( am~~uots payable to Lcnder by Borrower
under paragraph 2 hercof, then to interest payahle on the Note, Ihen to thc principal of the Note, and then to interest and
pnncipal on any Futurc Advanccs.
4. C6arges; Utas. Borrower tihall pay all taxes, astessm~nts and othcr charges. fines and imposiUoris attributable to
We Property which may attain a priority ovcr this Mortgagc, and leasehald payments or ground rents, if any, in the manner
provided under paragraph 2 hereof or, if not p~id in such manner, by Borrower making payment, when due, directly to the
payee thereof. Borrower shall promptly furn~sh to Lender all notices of amounts due under this paragraph, aod in the event
Borrower shall make payment direcUy. Borrewer shall prompdy furnish to l.ender receipts evidencing such payments_
Borrower shall promptly discharge any lien which has prionty uver this Mortgage; proviJed, that Borrower shall not be
required ta discharge any such lien so long rs BorroWCr shall agree in writ~ng to the payment of the obligation secured by
suc6lien in a manner acceptable to Lender, or shall in g«xi faith conteti~ such lien by, or defend enforcement of such lien in,
legal proceedings which operate to Prevent the enforcement of the lien or (orfe~ture of the Property or any part thereof.
S. Hszard Insnrance. Horrower sha!! keep the impro~~cmcnts no~ ctiisting ar hercafter crccted on the Property insured
against loss by fire, hazards included w~thin the term "eztendeJ coverage", and such other hazards as Lender may reyuire
and in such amounts and (or such periods as Lender may rcyuirc; pmvideJ, that Lender shall not require that the amount of
such coverage exceed that amount of coverage required to pay the sums secured ~by this Mortgage. .
"Ilte ~nsurance carrier providing the insurance shall be chosen by Bortower subject to approval by Lender, provided.
t6at such approval shall not be unreaconably withheld. All premium~ on insurance policies shall be paid in the manner
provided under paragraph 2 hereof or, ~f not paid in such manner, by Borrower mak~ng payment, when due, directly to the
iasurance carrier.
All insurance policies and renewals thereol shall tie in form JCCCE11dbIl' to Lender :~nd shall ~nclude a standard mortgage
elause in favor of and m form accep~ahle to Lender. l.ender shall have the right to hold the policies and renewals thereof.
and Borrower shall promptly furnish to 1_ender all renewal noticec and all receipts of paid premiumt. In the event of loss,
Borrower shall give prompt notice to the insurance carrier and I.ender. l_ender may make prc~f of loss if not made promptly
by Borrower.
Unless Lender and Borrower otherw~~e agrec ~n wntmg, insuranc~ procecJs shall be applied to restoration or repair of
the Property damaged, provided wch reuora~~on or re~air is economically feasible and the security of this Mortgage it
not thereby impa~red. If such re5toraUan or repair is n~~t cconum~wlly fcasible or if the security of this Mortgage would
be impaired, the insurance pro:eeds shall be applied to the sums secureJ b}' this ~tortgage. v-•ith the excess, if any, paid
to Borrower. I( the Properq is ~bandrinc~J h~~ t3orrowcr, or if Borrower fails to res~nd to 1_ender within 30 days trom ~he
date notice is mailed by Lender to Borruwer that the insurance carrier oQert to setde a claim for insurance benefits; LenJer
is authorized to collect and apply the in~urance proceeds ai Lender's option e~ther to restoradon or repair o[ the Propen~
or to the sums sccured by this Mortgagc.
Unless Lender and Borrower otherwise agree m wnling, any such application of proceeds to principal shall not ertend
or postpone the Jue date of thc monthly ins~allmcnt~ refcrrcd ti~ in paragraph~ I anJ 2 hereof or change the amount of
such installments. If under paragraph 18 hereof the Property is acywred b~ l.endcr, ali nght, title and interest of Bormw~er
in and to any ~nsurance policies and ~n and to the proceeds thcreof re~uit~ng trom damage to the Property prior to ~hc ~ale
or acquisition shall pass to Lender to tt~e exten~ of the zums secured by this Mortgage immediately prior to such sale or
acquisition.
6. Preservallon and ~i~iatenance of Property: Ixasehulds; C'ondominiums; Planned Uait Developments. Borr~w~cr
shall kcep the Pro~+erty in good tepair and shall n~t comroit waste or permit ~rimpairment or deterioration of the Property
and shall comply with the provisions of any lease if th-, Mortgage ~, un a Ieasehold. !t this Mortgage is on a unit in a
condominium or a planned unU development, Burrower ~hall pertorm all o( Borrower's obl~gations under the declaratiun
or covenants creating or guverning the condominium or planned ~mrt development, the by-laws and regulations of the
condominium or planned unit development, and constituent J~x:ument~. If a condominium or planned unit develapment
rider is executed by Borrower anJ recorded together with ~his Mortgagc, ihe covenanis and agreements of soch ridcr
shall be incorporateJ ~nto and sh:+ll amend and supplcment the co.•enants and agreements of this Mortgage as if the riJcr
were a part hereof.
7. Protectioo of I.erder's Securfty. If Borr~wer (ails t~ pcrf~rm the covenants and agreements contained in this
Mortgage, or if any action ur proceedmg is commenced which materially afiects I.ender's interest in the Proper~y,
ine{uding, but noi limited to, eminent domain, inx~lvenc~•, c~~de enforcement, or arrangements or proceedings invol~•ing a
bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, ma}~ make such appearances, dishurse such
sutns and take such ~ction as is necessary to protect Lender's ~nterest, ~ncluding, but not lim~ted to, disbursement of
reasonable attomey's (ees and emry upon the Property to make repair~. If 1_endcr reyuircd mortgage insurance as a
conaition of making the loan secured b~• ~his Mongage, Borrower shall pay the premiums requireJ to maintain sach
inswance in eHect until such time as ~he reyuirement for such insurance terminates in accordanc~ with Borrower s and
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