HomeMy WebLinkAbout2903UNIFORM COVkNANTS. BOffOwC~ afl(~ I.CI1l1Cf Covtll:~rll anJ agrce :u f~~lluws:
1. Payment of Principal aud Inte~est. Borr~~wer shall pmmp~l~~ pay whcn ~uc thr principal i~t anJ intrrest un the
indebtedness evidenced hy th~ Note, prepayment anJ latc ch:irge. a. pruviJed in thc tiote, and the principal of and in~rrest
on any Future Advances secured b~• thic Mortgage.
2. Funds for Taxts and Insutaact. ~Subject tu appli.ablr ia~ ui t~- :~ writ~rn waivrr by i.r~idcr, Hurruw•cr ~hal) pa~~
to l.ender on the Ja~• monthly installmen~s of pnnripal and intrrr.t arr pavahlc unJer thr Note, until thr ti~~~c ~, paid in [ull,
a sum (htrein "Funds"1 equal to une-t~elfth ~! ~he ~•e:uh• ta~r. :,nd a~~c,~ment~ which ma~• att:un prn~rity ~~ver ~hic
Martgage, and ~round rents on the Propert~•, if any. pluc ~m•~-t~rllth uf yrarly prem~um insl'allmcntx fu~ ha~ard inwr.~nrc.
plus one-tuelfth of yearl~• premium in~tallmemc (or m~~rlgage msur,~ncr, if any, all a, rea~~mabh~ e.timate.l init~:~llt• and from
time to time b~~ l_ender on the hasic of ati~essmrnt~ and M11ti :u~d rea~c~nahle csum:it~t there~~(.
The Funds shall he held in an imtitution thr de~~~it. ur acr~~um~ ~~t w•hirh are incureJ or guar:~nt~rd h~ a I~ederal or
state agenc}~ lincluding Lender if 1_endei i>>uch an instituti~~n1 1~ndrr ~hall apph the Funds to pa~ ,aid t:t~e~, a»essnients,
insurance premiums and ground rents. Lender ma~~ not charge t~~r ,~ h~~lding and apph~ing the Funds, anah~ing ~a~d account,
or verify~ing and c~mpiling saiJ asse~smen~s anJ bills, unless Lender pa~~ Borrow•er m~erest ~~rt the FunJc and applirable law
permits Lender to make such a charge. Sorr..Nrr ~nd Lender m:-}• :~gree i~i writmg at thr time ~~f cr~rutian o[ thi~
~lortgage that intcre~t un the Fondc shal! tx: paid ta Borruwer, and unlc» w~h agreement i~ maJe ur appli~.whle law
reyuires such ~nterest eo be paid, l_ender shall m~t t,e reyuired to p,~~ BurroH•rr an~ intcrest or r:~rningc ~~n the Funds. Lender
shall give to Borrower, without charge, an annual ac~~~unt~ng af the f und. ~huwing credits and dehitc tu Ihe Funds and the
purpose for which each Jebie tc~ the I=unds N':!~ ntadr The Funds are ple~igrd a~ :iJditiiinal securit}• for the ,ums secured
by this 11or:ga~t.
If the amount of the Funds hcld by I.en.ler, t~~gethcr Nith thc futurc monthl}~ in~tal~mentt c~t Fun~ic payablr prior to
the due dates of taxes, assessments, insurance premiums'snd gruund rrnts, shall exceed ~he :~mount reyuired to pa~ ~aid taxes.
assessments, insurance premiums and ground rents a~ thr~ fall due, .uch e~ce.s .h:dl be, at N~~rmwer'ti opuc~n, rither
F~~'~P=~3' ~~~a~~ ~~i ~~~ruwer or crrdiirci to 8orrower on monthi~ imtallmrnts o( Fund~. If the amount .~t the Funds
held by Lender shal) not be suffieient to pay taxec, asse~sments, in~urance premium. a~ul gmund rentt as ~he~• fall due,
Borrower shal) pay to Leneier any amount necesaan• to m:-ke up the d~ficirnr~ Hithin 30 d~~~ trom the date ni~hce i~ mailed
by Lender to Borrower requesting pa~~ntent thereof. ,
upon payment ~n luii of all sums secured by~ thn M~~rtKagr. I endcr shall promptly rcfun~ w Borrawcr am• Funds
held hy Lender. If under paragraph 1R hereo( the Prupertc ~s .uW c,r thr Proper~~• ~s otherwi~e acquired b} I.cnder, Lender
shall apply, no later than ~mmediateiy prior to thc .ale ~•f thr Property~ ur its acyuisiuon by Lendcr, any f=und~ held M•
Lender ~t ~he hme of application as a credit agamst Ihe sum. ucured h~ th~ti \lortgage.
3. Application of Payments. Unlecs applicahle law pra.i~Ies otherwi,e, a11 p;-yments rerei~ed b~• Lcnder under the
Note and paragraph~ I and 2 hereuf shall be applicd bp Lendrr fir,t ~n p~}ment ~~f ~muunts pa~~:~hlc t~~ LcnJer h}~ BorruHer
iindcr paragraph 2 hereof, then tu ~ntere~t pa~~able un thr \~~ir, thcn t~~ the principal af the I`~~1i. :,nd thrn t~~ interest and
principal un an~~ Futurc Advances_
4. CharRes; Llens. B~rroHer .h.,ll pay all t.-~cti, a.u~,mrnts end ~~th~r chargr~_ fine~ anJ impu,:n~,ns attr~hut~hle to
the Propert~• k•hich may attain a priority over th~ti ~lortgage. and Ica+rh~~ld pa~•ments ur ground rents, if an}~. in the manner
provided undcr paragraph 2 hereof or. d not pa~d m such manner, b: Brrr~~wer m.+kin~; pa}•ment. when due. J~rectly to the
payee thereof. Borrower shall promptlk furnish to i_ender all not~cc~ ~~( amounts due under th~ti paragraph, and in the event
Borrower shall make pa}ment d~recth'. Borro~+rr .hall prumptl} furni,h t~~ I.en.ler rr~eipts e~idrncmg such pa~•ments.
Borrower shall promptl~• discharge any lien ~hich has pnont} u.er thi. ~t~~rtgage: pnn•i~led, that Borrc~w~er ~hall not be
reqwred tu d~scharge an~• such lien so long :~s B~rroHCr ~hall :~gre~ m~nhng t~~ the pa}ment of the obligatiun ticcured b~•
wch hen ~n a manner accep~able ro L~nder, or ~hall in ge~.~d faith ~.~ntr.- ~uch lirn hy, or defenJ enf~,rcrmrnt ~~f su,h lien in.
legal pr~kerdingti which oper~te to pre~cnt thc cnf~~rrrment of thc ~~rn ~~r furfciturr of the Propect~• or an) part thcreof.
5. Haz~rd Insurance. Borrower shall I~eep thc ~mrru~rmrnt~ n~~H r~i~ung ur herr:~fler ~rrited ~~n thc PmExrl~° ~murcd
against lotis hy fire, h:~zards includeJ Kith~n thr term "r~trnde~i ~u~rr.,gc", anJ surh athcr hazard~ a~ Lendrr m:~}• reyu~re
and in surh amuunts and for such peri~xi~ a~ L~nder ma} rcyuu~: p~~~~ide~i. that LrnJ~r tihall nat reyu~re that the anwum uf
such c~~~•crage exceed that amoum uf crnerage rcyuired t.~ pa) the .um. ~e~ur~d h~• this ~lartgage.
"[he ~nsurance carrier providing the insuranre tihall tx rhosen bt Borro~rr subject te~ appro~~al by Lender, pro~•ided.
that surh appro~•al ~hall not bc unrea.unahh• withhrld. All prrmium~ ~~n insur~ncc pc~licics ~hall br pai~i in thc manner
provided under par:~graph 2 hereof or. if not paid in such manner, b~ B~~rrc~~er makin~ payment. whcn due. ~ire;ctly to the
insurance carrier. ~
All insurancr ~I~cie~ and renc~als there~~f shall he in furm .~rre~t,ihlr tu Lrn~irr .inJ shall ~nilude a~tan~lard mc~rtgage
~lau~e in fa~~~~r ~~f and in f~~rm arcept~ble t.~ Lend~r. I.~ndet ~h.~11 ha~r th~ righi tu huld the poliii~~ :~nd ren~walti there~~f.
and Borr~~acr ~hall prumptl~ furnish to I.ender all rrnrwa) nonieti an~l all receipts o( paid premium.. In the c~ent ~~f lo~s.
Bormwer ~h.ill gi~e pmmpt noUce t~~ the inwrnn~e carner end Lendrr. I_en~lrr ma~ make prr~~i uf Ius~ it n~~t made pmmpth
b}• B~rrow•er.
Un1eLS I.endcr and Borrawcr othrr~~,c agr~r in ~nt~ng, in`uranrc E~nkrrJt shail hc ap~licd t~~ re~t~~rsti~~n ~~r rep~ir of
thc Prupcrt~ JamageJ. provi~led such re,turat~:~n ~~r repair ~, rc~~numi~:~ll~ feavbl~ .~nd thr ururit}~ ~~f th~ti ~1c~rtgaFe it
not thereb~• impaued. It surh re.tor:,tu~n or repair is n~~t ~i~m~~m~cafl~ (~a~ihle ~~r if the secunt}~ uf Ihiti ~1<~rtgage Wuuld
t~e ~mpaired, the insurance proceeds shall be applic~l t~~ the ~unu ~rrurc.f h} th~; \turtgage. «~th the ~~cc.s. if .~n~•, paid
t~~ Bnrr~~wrr. It the Propern i• ;~h~nJ~+n~P ub Ii~~rn~~rr, ~~r ~t Hurn~wer ta~h t~~ re~p~~nJ t~~ 1 en~er within 31) da}s frum the
.iatc noti~e i, m~iled h~ Lc~ider t~. Borr~~wer th.it ~he insur.~n~r ~.~rner ~~tirrti t~~ .et~lr ,s ~I:nrn f~~r ~murancr h~nrfit~, 1_ender
+. authrntcd t:, ~ullect .~nd epplc the intiuran_r rn~ceeds .~t I.rnJer'ti .~pti~~n cith~r t~~ rest~~rat~on ~,r repair c~t th~ Propert~
~~r to the sum, .rcureJ h~ this ~tor[gage.
l.'nlesti LrnJ~r and Burn,wer „therH~.r .-gree m~.r~t~n~. am tiurh a~ pli~.lti~~n ~~f pr~~rcedl tu ~~~ncipal ~h:~ll nol e~tend
.~r p.~stpune thc duc date ~~( thr m~~nthh installmrnt~ r~ferrcd tr in paregr~ph; 1.,n~l ? here~~f ur .hange the am~~unt uf
such imtallmrnt~. lt unJer paragraph IR herenf the Pro~rt~ ~• a~y!~l••_~S h~ !_e::LZe. a!! • ti~ t:;'.c :..r.3 ;~ee:rst ;~f Sar;;~xr
. :'b'....
in and t~~ ~n~ ~n~uren.e ~~liiie~ ~;~d in and t~~ the pnxecJ~ thrr~~~t r~,ulung lrum clam~gr to the Pr~~pert~ pne~r to thr sale
or acyuuitwn ~h.~ll pa» u~ Lender t~~ the e~tent ~~f the sunn ~~,ure.f h~ thi~ ~t~,rte.~gr irnm~d~aleh pnoT !~~ ~uch ~ate or
a~yuisit~on. ~ -
6. Presenation and ~laintrnance of Propert~; (.ra~ehuldti; (~undominium~; Planned l~nil Ue~elopmcnts. Borro«rr
,h.,il k~ep thr Propert~ in g~K~d repa~r and shall not commit ua~tr .~r permit +mp.~irment or detcrioraUun of the Propert}
and shal! .c~mpl~ ~~ith thc pro~isi~ms of ~ny~ lease it th~, ~t~~rtg,,gr i~ t~n a lresrh~~ld. If th~, ~turtgage i~ c~n a un~e ~n a
:un.lumin~um rr ~ plantt~d un~t ~lr~cf~~pmcni. Bo:rrwcr ,h.cll prrfrrnz all vt Burr~~~.~cr~s ublig~ti~~ns uriJcr thc dccl.~raU~m
.~r :~~~cnant~ ~r~.~ling e+r guverr~n~; the c~~nd~~niinium ur ~lanrrd unit devrlupmrnt. thc b)-law; and rr~;ulatiom of the
~~~n.lominium c~r planneJ urit de~cl~~pm~nt. enJ ~~~n,titucnt ~i~~cumrnt, If a~un~iuminium or pl~nned t~t~~t ~1c~el~~E~ment
nJer ~~ e~ecutcd b~• BorruHar and re.~:ded t~~gethrr .tiith Ihi~ ~1~~rtg:~ge, thr c~nenan[S and agreemrnt, ~~f w~h r~d~r
~hall be incorporate~l ~nto and ~hall amend anJ supplement the cu~enantti :~nJ agreemenh nf th~~ ~lortgage at if the ri~ier
~+ere a part hereof.
7. Protection of Lenders Security. !f Bi~rm~er fa~h n~ ~+~rfnrm the rovenanlti an~l aFreements a~ntain~d in this
:1lurtgage. or if an} acunn ~~r proceed~ng i~ c~~mmenc~~i ~hi~h m:,teriall~ af~ectti Len.ler's interest in the Pr~~pert~,
inrluuing. hiit »~~t l~m~t~d tu, cmincnt domain. in«•he~i~~, iudr enl~~r.emcnt, i~r ~rrangemrnts or ~r~keedings ~m~~l~ing a
hankrup~ or drredent. thin Lender at l ender'ti c~~+ue•n, uFx~n n~~h.c t~~ Borrowcr, rna~ n:~kc Sueh ~p~ar.~ncc~, dishurse such
sum~ and lake such a~tiun ati is neces~an a~ pr.,te:t Lender'~ ~mcrest, ~ncluJing. but not limited t~~, d~tihiirsement uf
rcasonahle attorne)'s fecs and entry upc~n the Pr~pcrt~~ te, meke re~air~. If Lrnder rcuuir~J morlgage in;urence a~ ~
cundihon oI making the loan sc.urc.f h~ thi~ ~f~~rtga~r. H~~rr~~~~rr sh.~tl ~+,~~ thc prcmiums ~cq:nre.i to maintain cuch
~nsurance in efiect unnl wch t~me a~ the rcyuirement for .u,h msurance trrminstr. in accordance with Borri~wer's anJ
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