HomeMy WebLinkAbout1423' ~).~~ • ~ : .
UNiFORti1 ~OVENANTS Borrowe~ and Lender covenant anci ayree as lultows ~''
1. Payment of Principal and Interest. Borrowzr shali promptty pay when due the p-;nc~pal ot and ~nterest on the
~ndebteciness ev~denced by the Note. prepayment and iate charyes as prowaed ~n Ihe Note, an~ tne pr~nc~pa~ ot and ~nte~est
on any Future ABvances secured by th~s Mortgaye
2. Funds forTaxes and (nsu~ance. Sublect to appl~cab:e iaw or to a wr~tten wa~ver by Lender. 8onower shall pay
ro Lender on the day monihly ~nstaliments of pnnc~pal and ~nterest are payabie under the tvote unt~l the tJote is pa~d ~n full.
a sum fhe~e~n ~Funds'- equai to one-twelfth ot the yeariy taxes and assessmems wh~cn may atta:n pno~~ty over ih~s
Mo{tgage, and ground rents on the Property, ~t any. plus one-~weUth of yearry prem~um ~nstaumFms'or hazard ~nsurance.
;,.~s one twelith ot yearly prem~um ~nsta~lments for mortgage •~surance, ~f any al1 as reasaonably est~matetl ~n~t:ally anci trom
t~me to t~me by Lender on the bas~s ol assessments and b~lls and reasonable esUmates thereo}.
The Funds shall be heid ~n an ~nst~tut,on Ihe eirpos~ts or accounts ot wh~ch are ~nsured ~r guaranteed by a Federai or
state aye~cy~mclud~ng Lender ~f Lender ~s such an mst~tut~on) Lender sha11 apply the Funds to pay sa~d taxes. assessme~ts
msurance prem~w: ~s and ground rents. Lender may not charge ic;r so holding and applyu!g the Funds. anatyz~ng sa~d account.
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permrts Len~er to make such a charge. Borrower and Lender may agree ~n wnhrg at the hrne ot executcon ot th~s
Mortgage that mtQrest on the Funds shaii be pa~d to Borrower. and unless suc-i ag-eement ~; macie or appncabt2 iaw
requ~res such ~nteres! to be pa~d. Lender shaU not be reqwred to pay Borrower any ~nterest or earn~ngs on the Funds Lender
shail y~ve to Borrower w~thout charge. an annual account~ng ot the F unds show~ng cretl~ts an~ deb~is to tne Fund; and the
purpose for wh~ch each Uebrt ,o the Fun~fs was made The Funcis are pledgec] as add~t~onal secunty tor the sums secureci
by m~s Mortgage
If the amount ot the Funds held by Lender. !ogetner .v~th the t~ture monthty ~nstaumems ot ~unds payable pr~or to
tne due dates of taxes. a~sessments. ~nsurance prem~ums and ground rarns shan exceeU the amourn requ~red to pay sa~d taxes.
assessmen!s ~nsu~ance prem~ums and ground re~is as tt~ey ~aii due such excess shal~ ~e. at Borruwers opl~on. e~ther
prom~tly repa.d to Borrowei or cred~ted to Borrower on momhty ~nstallments ~f Funds If Ihe amount of Ihe FunCs
neld by Lender sha!~ not be suft~c~ent to pay taxes assessments. ~nsur~nce prem~ums anci ground renis as they ta~i due
Borrower shall pay ro l ender any amo-,nt necessary to make up the def~c~ency w~th~r 30 days from the date nohce +s ma~led
~y Ler.der to Borrower requestirg paymem thereof ,
Upor~ payment ~n full ot all sums sec~~ed by th~s Mortgage. ~ender shail prort,ptly retund ~o Borrower any Funds
heid by ~ender 1! under paragraph t 8 hereof the Property ~s sold or the Property ~s otnerw~ce acquued by Lender. Lender
shaii app!y no ;ate- than ~mmed~ately pner ro the sa~e ot the Property or us acqu~s~bon by Lznder any Funds held by
~ender at tne t~me ot eppt~cat~or~ as a cred~t aga~nst t!~e sums securecf by th~s Mortgage
3. Application of Payments. Un~ess appi~cable iaw prov~des otherw~se ai~ pa~~T e~~' ved by Lende- under the
Note anci paraaraphs t and 2 hereot snali be app!~ed by Len ~~~~qtt1 ~a~f8l7f~tS'pay~b~e to Lenc]er by Bo!ruwer
under paragraph 2 hereof. then to ~nte~es! payab~e on !he h n to the~~~{(q~~i~lole and then to ~nte!est and
prin~ipal on any Future Advdnces ,;..v ..cs~ n+ ~~~j~
,n;il~ ?~' . . .
4. Charges; Liens. Bor.owe~ snai~ pay a~~ taxes assess~~ric~dtt~er char~~, f~nes,s~ncl~m~d~ attnbutab!e to
tne Prop~rty ~vh~ch m~y atta~n a pron!y o~er th~s 1Ao+!gage. aq~~~Se~10114 p8y~~'nts cr gcund.~entS.~~1~~1n ,he manner
~-ov~deC under pa~agraph 2 hereof ur ~t nct pa~c! ~r~ such r;aFine-, S rrowernraking ~SayKient. wnen due. dcrectiy to tne
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payee thereof Borrowe~ shai~ ~romptiy turn~sh ro Lenc2er ait n~fC~s o( amounts due unaer th~s paragraph and ~n the event
Bonower sha~~ make pay~ent d,rectiy Bo~ro~r~er sha~~ pr~mpt~y furn~sh to tender rece~pts ev~denc~ng such payments
Borrowe~ shati promptiy d~scharge any 'i@n. tvh~Ch h~35 Qr~O~~ly Ov@t lh;s Mortgage p~ov~ded. that Bo-rower shali not De
requ~red to d~scharge any such I~er: so ~ong as Berro:~:e~ sha~i agree ~n wnt~ng to !he payment a! the ob~~gahon secured by
such ~~en ~n a manner acceptab~e ro lender or snai~ ~n yood ta~th contest such I~en by or defen~ enforcemen- of such I~en ~n.
iegal p!or.eed~ngs wl;;ch ope~ate ~o p+event ?he enb~;:ement of !he ~~en or torte~t~~e of the ~roperiy or any ~art thereof
5. Hazard Insurance. 8orrower sr.an keep tr~e ~mprovements now ex~s~mg or hereafter erected on ine Nroperty ~nsured
aga~nst ~oss by t~re. hazards mcluded w.ihin !he term extended cove~aye . ana sucr~ ~ther r.azards as Ler,der may reqwre
a~~ ~n such amounts and ~or such pencxls as Ler.der requ~rs. prov~ded that Lender shat! noT reqwre that the amoun! ot
;ucr~ coverage exceed lhat amount of coverage reGu~red to pay tne sum secured by ~h~s Mortgage.
'ne ~n;u+ance ca-ner prov~d~ng ts~e ~nsurance shall De chosen by Borrov,e~ subiect ±o approva~ by Lender, prov:dee:
that such ~pprovat sh~1i ro! Ge unreasonabiy ,r.~~~nE,r :+i1 prem~ums o~ ~nsuranr_E poiiCiES Sh~i~ be pa~d ~^ the rr~anne~
a•c~ ~~~ed ~~:der parag!aF)h 2 n~'@Oi G• ~f r~i~; G3j!'7 ~r~ SUGR '*?an'1~,• t~y ~O••p::e' ^;a~~ng paymen?. vrne~~ CU@ c7ilECt~'~' i0 !hE
~nsurance carne~
Ait ~ns~rance po~~c:es and rene~rra!s mereof shai~ be in torm, accepiar~;e to ~e.^.der ;,rc1 sha~~ ~~c~ucse a standa~ct mortyage
c~ause ~n tavor of and ~n form acceptab~e to Lender Lende~ shati hdv@ the r~yhl i0 h0!d tRe pO~~CieS 8nd renewal5 IhEr~Ot.
and Borro.ver sha~; prorr~pt~y furn~sh to ~erder a~~ !enewai not~ces anG a~: rece;pis ot pd;~ prem~~:ms In tne eveni of :oss.
BOROvJ@.' Shail C~iYE.' G~ORIp~ nOfIC@'O (hEt ~n5!,!c9^Ce Ca~'~@f d^.d ~@'lde~ L@'t;:E! I'C~dy .T.dk@ pr~of cit iuss if no? made-P'~=m~i'i
hV BOf~OWt~'f.
Uniess Lende~ and 8orrower othenv~se agree :n wnting. ~n5u~anCe prOCeecfS 5~3~~ be dpD•~Ed TO ~e510rat:Or' O/ reGdi' o'
!ne Property darr~aged prov~ded such res:orat~u-~ o~ repa~r ~s econom~cai~y fed~~t~~e ar.c~ ,ne secur~t,~ oi tr:~s h4ortgage :s
not thereGy ~mpa~retl It such restoranon or repa~~ ~s not econom~ca~,y feas~b!e or ~t the secu~~ty of Ir~s h1or!y~r~e wowC
be ~mpa~red. t7e ~nsurance prccee~s snai! be app'.eh to the sums secured t~y tr~~s Mortgaye. w~th tr~e excess. ~' any. pa:d
to BUno~ver If the Property ~s abandaneci by 8c~r,o::er. or ~f BU+r~we! taits to respond ?a Ler,der w~th~n 3G d~ys from t~e
date not~ce ~s ma~ied by l.ende~ to Bo-ro;1er that ?he :nsu~a~ce carne+ affe!s to settie a c!a.m tor ~nsurance bene9~ts. lender
~s avthonzed ?o cci!;ect and appiy the ~nsurdr,~e uroceecls at Lencior s r~;,t~on e;~he± ~o ~estora?~o^ o• ~epa~r of tr,e Property
or ±o ine sums secured by th~s Mortgsge
U'lfess ~ender and Borrorrer otne~w~se ag~ee ;r~ .•;r;!.r,~~ ~r~} S~Ch appi:Caii =~r ~;! ~~~~~,ge~5 t0 p!~nc~pa: sra~~ not ex;end
O~ p051~0^e ih@ C]uE: d8i@ O~ the montr,iy ,ri5ldLr*':r?~~'S ~~~~E~'E'd f0 in p~~apr~'~n5 '• :i~d 2 hPr~01 Or Chan(~e *,he amount o'
S~jGh ~n5te~~ments. It u~der parayrap~ i 8 h@rF0! tt~F PrOpPrf~ i5 3CC.~u~~ed hy L~"~c~?r ~!; ric7hC t~tie dnd inte~@SI Of BO!'OV~e.•
,n and to any msurance p^!~c~es and ~n and tc; tne uroce~rJS the:eo} 'es~~t:ng f+c~; damaye ~o ?ne Property pr~or to t~~e sa~e
or acqu~s~!~on sr,a~i pass to Lender to r^e exter,t ,! tr,e sums secu~ed Dy tn~s ~,A.~r!yaye ~mmed~ateiy pnor to suc-~ sa+e o~
3cqu~s:t~on
6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments.
BC«uWE' Sh2lI ke@~ thg PtOpE~Iy !n C~OOd !eD:itf ~'!cj S~~d~ '~O'. CO.^'!'~~~ YJBS(P. O~ pP'!''~~• ~mpa~rment Of O@Ie!~~'at~~n Gf the P'O
pP~Iy 2r1C7 ~h2~~ comply w~th the prov~;~ons uf ~r,y IEdS? i~ (hiS MOrTC~d~ET ~S O~i d@d5en~~~d ~} ?h~S MGr?yage ~S O~~ a Un~? ir a
CUndom~~i~m or a~,~anned unit ~'e~:e!oUment B~>+-ov~er snd,i perform a~! of Borower s ob~:ga;~o•~; under tre declarat ;n
o~ covenants c+eatmg or govern,ny t~e cor, ,cr^:^.um or p~ar~ed un;r ~eve;opment IhP. t)y 13wS a~d regutas~ons ot tne
condomi~~t;m or pianned un~t deve!opment anrf const~tuent documents It a co^domin~um er p!arre0 unit deve(oGme.^.'
~~der ~s e~ecuteci by 3~~rrovre+ and -ecordeC ta,e!n~~r v:~th th~5 Mo~tgage tne covenants anc7 agreemerts ot sucr ~~ne+
s: ;a!I be ~ncorpo.*ated mto and sha+i amend and sup~iieme~t the covena~ts anC agreeme~ts of t.^.;s Ma~?gaye as af the ~~cle~
were a part hereof.
7. Protectio~ oi Lsnder's Security. If ~3urro~~nrer !di15 to pe~tOrm ih2 covendn~s and agreements conta~ned ~n tn.,;
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M;;rryaae ~,; ~! any act+on or proceeU~~g ~s commenced wh~ch matena:~y attects Lende~s ~~terest ~n the Prcpe~t~~
,ncSud~ng, but not Iimited to. em~nenl doma.~ ~~soivency code en~~rcement. o~ anangements o~ proceedings ~nvo~wng a
ba~krupt or decedent. thQ^ ~ender at lender s opt~on. u;~on not~ce to Borrower. may make such appearances. d~sburse such.
sums and ~ake such act~on ~s ~s necessary• to pro?ect Lendprs interest. ~nciud~ng, but not !~m~fed to. ~~sbursements ot
reasonab~e attorney's tees and entry upon th2 Property to make repa~rs If lender reGu~red mortgage ~~surance as a
cond~t~on of mak~n~ the ~oan secured hy th~s Mortgage Borrower shall pay the prem,ums requ~red !o ma~nta~n such
in5u'~1nCe ~n effeCt unt~' SuCh i!!rE a5 ihe ~8qu,cBment for SuGh ir.SUSa^Ce t8"~~~~ ~ote~ +r~ eGGO!ddnCe wiih BOrtowe~ ~ and
h~~~~x35~ P~~Ei419 ~. . s , ;
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