HomeMy WebLinkAbout2458UNIFORM COVENANTS. Borrowe~ and [.enJrr covenrnt and agree as foNaws:
1. P~ymeat o/ Prtncipd and /ate~est. Barrower shaH promptly pay when due the principal of and interest un the
inde6tedneu evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and intercst
o~ any Futurc Advances socured by this Mortgage.
2. Ftiads for Tua ~ad I~unece. Subject to applicable law or to a written waiver by lender. Borrower shatl pay
to [.eoder on ~he day monthly installmcnts of principal an~ intcrest are payable under the Note. until the Note is paid in full.
a aum (henin "Funds") equal to one-Iwelfth of the yearly taxes and assessmeots which may attain priority over this
Mortgage. and ground rcnta on the Prnperty, if any, plus one-twelfth of yearly premium installments for hazard insurance.
plus one-twelfth of yearly premium installments for mongage insurance, if any. all as reuonably estimated initialty a~d trom
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The Funds shall be held in an institution the deposits or accounts of which arc insured or guaranteed by a Federal or
state agency (including L.cnder if Lcndcr is such an institution). l.ender shall apply the Funds to pay said tax~,s, assessments,
insurance premiums and ground re~ts. [_ender may nat charge for so holding and applying the Funds. analyzing said account,
or verifyiog and compling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law
permits Lender to make such a charge. Bo~rower and L.ender may agree in writing at the time of execution of this
Mortgage that interest on the Funds shall be paid to Borrower, and unless such agrcement is made or appiicabie taw
requira sucS intertst to be paid. Lender shall ~ot be required to pay Borrower any interest or earnings on the Funds. Lender
sball give to Borrower, without charge, an annual accounting of the Fu~ds showing credits and debits to the Funds and the
purpose for which each debit to the Funds was made. The Funds are pledged as additional security Ior the sums secured
by this Mongage.
If the amourtt of the Funds h~Id by Le~der, together with the future monthly installments of Funds payable prior to
the due dates of taxes~ assessments. insurance premiums and ground rents. shall exceed the amount iequiced to pay said taxes.
asses~nents. insurance premiums and ground rents as they tall due, such excess shall be, at Borrower's option, either
pranpdy repaid to Borrower or credited to Bormwer on monthly installments of Funds. If the amount of the Funds
held by I.ender shaU not be suflicient to psy taxes, assessments, insuraoce premiums and ground rents as they fall due,
Borrogrer shall ~Oay to Lender anv amaunt ~ocessary to make up the deficiency within 30 days from the date notice is mailed
by Lender to Bonower requestiag payment thereof.
Upon payment ia fult oE dl sums secuced by this Mor~gage, l.ender shap promptly nfund to Borrower any Funds
held by I.ender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Le~der
shall apply. no later than immediately prior to the sale of the Propeny or its acquisition by l.ender. any Funds held by
Lender at the time of application as a credit against the sums secured by this Mottgage.
3. Apptkatioo o[ pqr~ats. Unless applicable law provides otherwise, all payments received by Lender under the
Note and paragraphs 1 and 2 hereof shall be applied by I_ender 6rst in payment of amounts payable to Leoder 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 Advancxs. -
4. C~arEes; Lkns, Borrower shaii pay all taxes, assessments and other charges, firus and impositions attribulable to
the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any; ,~n the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, e~irecdy to the
payee thereof. Borrower s6a11 promptly furnish to Ltnder all notices of amounts due under ihis paragraph, and~n the eveat
Rnrmwer chall make oayment directlv. Borrower shall promptly furnish to Lender receipts evidencin~ such~payments.
Borrower shall prompqy discharge any lien which has priority over-this Mortgage: provided, that Borrower sh'~1 not be
required to dixharge any such lien so long as Borrower shaU agree in writing to the payment of the obligation sec by
suc6 litn in a manner acc~ptabk to L.ender, or shall in good faith contest such lien by. or defend enforcement of such l~~n in,
lega) procetdings which opetate to preveat the enforcement of the lien or forfeiture of the Property or any part the~of.
S. Hazard Ins~rnnce. Borrower shall koep the improvements novv existing or hereafter erected on the Property insurec~
againat loss by 5re. hat~rds included within the term "extended coverage", and such other hazards as Leoder may require` .,
and in such amounts and for such periods as Lender may require; provided, that Lender shall not requine that the amount of
such coverage eaceed that arrtount of coverage required to pay the sums secured by this Mongage.
T6e insurancx carrier providing the insurance shall be chosen by Bonower subject to approval by t.ender, provided,
that such approval shall not be unreasonably withheld_ All ptemiums on insurance policies shall be paid in the manner
provided uader paragraph 2 hereof or, if not paid in such manner, by Borcower making paymeat, when due, dincdy to ihe
insurancc carrier.
AU insurance policies and renewals thereof shall be in form accep~able to [.ender and shall include a standard mortgage
clause in favor of and in form acceptable to [.ender. Lender shall have the right to hold the policies and renewals thereof.
and Botrow~r shall prompdy furnish. to Lender all renewal notices and a11 receipts of paid premiums. In tkie evtnt of loss,
Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
by Borrower. • --••-~
Unle,a Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
the Property damaged, provided such restoratio~ or repair is economically feasible and the security of this Mortgage is
not thereby impaircd. If such restoration or repair is not economically feasible or i[ the security of ihis Mortgage would
be impaired, the insurance proceeds shalf be applied to the sums secured by this Morigage, with the excess. if any. paid
to Borrower. If the Pmperty is abandoned by Borrower, or i( Borrower fails to respond to Lender within 30 days from the
date notiee is mailed by Leader to Borrower that the insurance carrier offers to settle a claim for insurance benefits. Lender
is authorized to collect and apply the insurance praxeds at Lender's option either to restoration or repait of the Property
or to the sums securod by this Mortgage.
Unless I.endtr and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
or pcuipoae the due date of ihe monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
suc6 installments. If under paragraph l8 hereof the Property is acquired by L.ender, all right, title and interest of Borrower
in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale
or acquisition shalt pass to Lender to. the extent of the sums secured by this Mongage immedia~ely prior to such sak or
acquisition. ~
6. Preservatbo snd Mnintenance of Properly; Le~ebolds; Condomiuiums; Planaed Udt Developaxnls. Borrower
shall kcep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lcase if this Mortgage is on a leasehald. If this Mongage is on a unit in a
condominium or a planntd unit development. Borrower shall perform all of Borrower's obligations under the declaration
or coveaants creating or governing the condominium or planned unit development, the by-laws and regulations of the
condominium or planned unit development, and constituent documents. If a condominium or planned uniE developmertt
rider is executed by Borrower and recorded together with this Mortgage, the covenants and agrcements of such rider
shall be incorporated into and shall ameod and supplement the covenants and agreements of this Mortgage as if the rider
were a part heroof.
7. Pr~otection of Lender'a Security. If $orrower fails to perform the covenants and agreements contained in this
Mortgage, or if any action or proceeding is commertced which materially af~ects Lender's interest in the Property.
including, but not limited to, eminent domain, insolvency, code enforcement. or arrangements or proceedings involving a
banlcrupt or decedent. then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburae such
swns and take auch action as is necessary to protect Lender's interest. including, but not limited to. disbursement of
reasonable attomey's fees and entry upon the Property to make repairs. lf Lender required mortgage insurance as a
condition of making the loan socured by this Mortgage. Borrow-er shall pay the premiums required to maintain such
inswance in eHect until such time as the requirement for such insurance terminates in accordance with Bormwer's and
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