HomeMy WebLinkAbout2027UNIFORM COYE'N.~fYTS. BOffON'tf aOII I.Qfllltf l'OYCIIBM JOII a~ftt AS ~OIIOVIS:
1. P~ymen! of P~incipal aud Interesl. Hc~rr~~wer shall promp~ly pay whcn duc ~hc principal of and intcrest on the
indebtedneu cvidenccJ by the Note, prepayment anJ latc charges ac proviJed in thc Notc, and thc principal ot and intercst
on any Future Advancec secured by thix Mortgage.
2. Fuads tor Tues aed laaunnce. Subject to applicable law or to a written waive~ by ~ender. Barrower shall pay
to l.ender a~ ~he day monthly i~stallments of principal and interest are payable under the Note, until Ihe Note is paid in [ull,
a sum (herein "Funds") equa) to one-twelfth of the yearly taxec and assessmenlc which may attain priority aver this
Martgage, anJ ground rents an the Properly, it any, plus ooe-tweltth of yearly premium installments for hazard insurance,
plus one-tweltth of yearly premium installme~ts tor mortgage insurance, if any, all as reasc~nably estimated initially and from
time ta time by !_endcr on thc basis ot asseumen~s and hills a~d reas~~nable es~imates Ihereof.
71ie Funds shall he held in an insti~ution the deposits or accounts at which are insured or guaranteal by a Federal or
slate agency (including Lender if I_ender is such an institution). I_ender shall apply the Funds to pay said taxes, asxssments,
insurance premiums and ground rents. 1_ender may aot charge tar io holding and applying the Funds, analyzing said account,
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s «^~r^!; ^^z! !~. e, : , r~~er ~ aJt Snrs^::•cr er.tt:r~ r- the F ncls ar.d agj. a- e _w
permits Lender ~o make such a cha~ge. Borrower a~d I.enJer may agree in writing at the time of execution af this
hlortgage Ihat interest on Ihe Funds shall be paid to Borrower, and unless such agreement is made or applicable law
requires such interec~ to he paid, I.ender ch:~ll n~t hc req~iire~i to ~+ay R~rrower any intere.ct or earnings on the Funds. l.ender
shall give to Borrower, w•ithout charge, an annual aca~unting of the Funds showing credits and Jebits to the Funds and the
purpose for which eaeh debit ta the Funds was made. The Funds are plecigecf as additianal security for the sums secured
by this Mortgaga
!f the amou~t of the Funds held by LenJer, togethcr Nith ~he future monthly installments of Funds payable prior to
the due dates of taxes, assessments, insurance premiums anJ ground rents, shall exceed !he amount required to pay said taxos,
assessments, insurance premiums and ground rentc ac they (all due, such ezcess shall be, a~ Borrower's option, either
ptomptly repaid to Borrower or credited to Barrower on monthly ins~allmcnts of Fundz. If thc amount of thc Funds
held by Lender shall not be sufTicient to pay taxes, assessments, insurancc premiums and ground rents as thcy fall due,
Borrower shall pay to Lender a~y amount necessary to make up the deficiency within 30 days from the date notire is mailed
by Lender to Borrower requa~ing payment ~hereof.
Upon payment in full of all sums secured by this Mortgage. l.cndcr shall promptly retund to Borrower any Funds
held by Ixnder. If under paragraph 18 hereo[ ~he Property is sold or the Propeny is othenvise acquircd by I.ender, Lender
shall apply, no later than immediately prior to the sale o( the Property or i~s acquisition hy I.ender, any Funds held by
Ltnder at the ~ime ot application as a credit against the sums secured by this Mongage.
3. Applicatioa of Payments. Unless applicable law proviJes otherwise, all payments received by I_ender under the
Note and paragraphs 1 and 2 hereof shall bc app6ed by I.ender fint m payment ot amaunts payable to I.cnJcr hy Borrower
under paragraph 2 hercof, then to intcrest payable on the Notc, thcn Io the principal o( the No1c, and ~hen to interest and
Principal on any Future Advances. -
4. Charges; Lkas. Borrowcr shall pay all taxe~, a~tcscmcnts and othcr charges, fines and impositions aunbutable to
the Property which may attain a priority over this Mongage, and leasehold payments or ground rents, if any, in ihe manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borruwer making payment, when due, directly to the
payec thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
Borrower shall make payment direclly. Borrower thall promptly furnish to I.ender receip~s evidenc~ng such payments.
Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower ~hall not be
requirtd to discharge any such lien so long as Borrower shall agree in N•rit~ng to the pay~ment of the obligation secured by
such lien in a manner acceptable tu Lender, or shall in good faith contet~ such lien by, or JefenJ enforcement of such lien in,
legal proceedings which aperate to prevent the enforcement of the I~en or (orfeiture of the Property or any part thereof.
S. Hazard Insurance. Borrower shall keep thc improvemcmc now existing or hercafter erccled on the Property insured
against loss by fire, hazards included withm the term "etitended coverage'~, and such other hazards as l.ender may reyuire
and in such amounts and for such periods as Lender may reyuire;'provided, ~hat t_ender shall not require ihat the amount ot
such coverage ecceed that amount of coverage required to pa)• the tumc cecured by this Mortgage.
'il~e msurance carritr 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 ~n the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Bnrrower making payment, when due, dircctly to ihe
insuraoce carrier.
All insurance policies and renewals thereof shall be in form accept~ble to l.ender and shall include a standard mortgage
claux in favor of and in form acceptable to l.ender. Lender chall ha~e the right to hold the p.~licies and renev-•alc thereof.
and Borrower shall promp~ly furnish to Lender all renewal notices and all rcceipts of paid prcmiumc. In the event of loss.
Borrower shall give prompt notice to the insurance carrier and Lender. LenJcr may make proof of loss if not made promptly
by Borrower.
Unless Lender and Borrower otherwise agree in wriUnF. inwrance proceeds shall be applied to re~toration or rcpair of
the Property damaged, proviJeJ such restoraUon or repa~r is economic:+lly feasible and the security ot th~s Mortgage ~s
not ~hereby impaired. I( such restoraUon or repair is not cconomirally feasible or if the security of this Morlgage would
be impaired. the insurance proceeds shall be applied to the sums secured by this Mortgage. with the excecs, if any, paid
to Borrower. If the Property is ahandoned b}~ Borrower, or it Borrower ta:ls to respnnJ to I.ender within 30 da}~s from the
Jate notice is mailed by L.ender to Borrower that the ~nsurance carrier otTen to settie a claim for insurance benefits, Ixnder
i~ authorized to collect and apply the insurance proceeds at 1_ender's option either to restoration or repair ot the Property
or to the sums secured by this Mortgage.
Unless Lender and Borrower othervvise agree m writing, any~ such applica~ion of proceeds to principal shall not e~tend
or pustpone the due date of the momhly ins~allmcnts referred to in paragraphti 1 and 2 herco( or changc thc amount of
sucfi ~nstallments. If under paragraph 18 hereof the Properl~• i~ acyuired b}~ l.ender, all right, title and interest ot Rormw•er
in and to any insurance policies and in and to the pra:eeds thereot resul~ing (rom damage to Ihe Property prinr to the sale
or acyuisition shall pass to Lender to the e~tent of the sums aecured by this !lfortgage immediately prior to wch sale or
acquisition.
6. Presenation and :~tainlenance of Propert~; 1_es~seholds; ('ondominiums; Planned Unit De~elopments. Borrow~cr
shall keep the Property in good repair and shall not commit vvaste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease it th~s Mortgage iti on a Icaschold. If ~hic Mortgagc is on a unit in a
condomin~um or a planned unit developmen~, Borrower shall perform all of Borrower's obhgaUOns under the decl•rration
or covenants creating or governing the condommium or planned un~t developmenl, the by-laws and regulations of the
conJominium or planned unit development, and constituen~ documents. 1( a conJominium or planned umt Jevelopment
nder is executed by Borr~wer and recorded together w~~th th~~ Mortgage, ~he covenants and agreemen~s of such rider
shall be incorporated into and shall amend and supplement the co.•enants and agreements of this Mortgage as i( ~he rider
were a part hereof.
7. Protection of I.eoder's Security. If Borroaer fa~k to perfnrm the covenants anJ agreements contained in this
Mortgage, or if any action or proceeding ~s commenceJ wh~ch malrrially afiectc Lender's interest in the Propert}~.
including, but not bm~ted to, eminent domain, insolvency, a~de en(orrement, or arrangements or proceedings invol~ing a
bankrupt or Jecedent, then I.ender at I.ender's op~ion, upon notice to Borr, wer, map make such appearances, dishurse such
sums and take such ac~ion as is necessar~• to prrnect Lender's interest. ~ncluding, but not limrted to, disbursement of
reasonable at~orney's fccs and en~ry upon the Proper~y to makc rcpairs. If I.ender reguired mortgage in~urance as a
conJition of making the loan secureJ by this Mortgage. Borrov-er sh:dl pay the premi~ms requireJ to maimain such
insurance in eflect unlil s+ich time as the reyuirement for such msurance terminates in accordance with Borrower's and
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