HomeMy WebLinkAbout0926 UNIFORM COVFN~NTS. Borfower and L.ender cmenanl and agree as follows:
1. Payment ot Princlpal and Interest. Borrow•cr shall promp~ly pay when due ihe principal of and intcrest on the
indebtedness evidenced by ihe Note, prepayment anJ late chargec ax provided in the Note, and the principal of and in~ercst
on any Future Advancec secured by th~s Mor~gage.
2. Fu~ds [or T~aa ~nd Insurnace. Subject lo applicable law or to a written waiver by I.ender, Borrower shali pay
to Ixnder an ~he day monthly inctallmenls of principal and ~ntereu are payable under the Note, unlil ihe Note is paid in tull,
a sum (hercin "Funds") equal to one-twelf~h o( the yearly taties and as~essmcnts which , may at~ain priority over this
Mor~gage, and ground rents o~ the Property, if any, plus one-~welfth of ycarly premium installments (or hazard insurance,
plus one-~w•elfth of yearty premium installments tor mo~tgage insurancc, if any, all as reasonably estimated initially and from
time to time by I_endcr on thc basis of assessmentS and bills anJ reasanable atimates thereot.
The Funds shall he held in an institution the deposits or accounts ot which are insured or guaranteed by a Federal or
s~ate agency (including Lender if I_ender is such an inslitution). I.ender shall apply the Funds to pay said taxes, assessments,
insurance premiums and ground rents. I.ender may nat charge for ~o holding and apptying ~he Funds, analyzing said account,
or verifying and compiling said asseisments and bills, unless I_ender pa~~~ Borrower interest on the Funds and applicable law
permits l.eoder to make such a charge. Borrower and I.ender may agree in wnting at Ihe time o[ execution o[ this
Mortgage Ihat interest an Ihe Funds shall he paid to BorFOwer, and unless such agreement is made or applicable law
requires such interest la be paid, Lender shall not he required to pay Borrower any interest or earnings on the Funds. Lender
shall give to Borrower, without charge, an annual ucounting of the Funds show~ng credits and debits to the Funds and the
purpose for which each debit to !he Funds was made. The Funds are pledged as additional security for ~he sums secured
by this Alortgage.
If the amount of the Funds held by Lender, toge~her with thc futurc monthly installments of Funds payable prior to
the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed ~he amount reyuired to pay said taxes,
assessment~, insurance premiumc and ground rents as ~hey fall dur, such exce~t shall be, at Borrower's option, e~ther
prompUy repaid to Borrower ar credited ta Borrower on mon~hly imtaltments of Funds. If the amount of the Funds
held by Lender shall not bc sufficient to pay taxcs, assessmcnts, intiurancc prem~umc and gmund rents as thcy fall due,
Borrower shall pay to Lender any amaunt neces~ar~• to make up the Jeficiency within ~0 days trom the date notice is mailed
by Lender to Borrower requesting paymcm thereoL
Upon payment in [uU of all sums secured by ~his Mortgage. I.cnder shall promptly refund to Barmwer any F?mds
held hy Lender. If under paragraph 1R hereof the Propcny ~c told or ~hc Proper~~ is atherwi~c arqtured bp Lender, Lender
shall apply, no later than immediatcly prior ta the ~ale of thc Pro~ny or iis acquitition by Lender, any Funds heW by
Lender at the time o( application as a credit agamst thr sum~ ucured by thn Mortgage. ,
3. Applic~tion of Payments. Unle~c applicable law• pro~iJes olherw-itie, all paymenta received by 1_ender un~ler the
Note and paragraph~ 1 and 2 hereof shell be applicd b~~ Lendcr fint m payment c~[ amounts pa~~able to 1_ender by Borrower
under paragraph 2 hereof, then to mterest pay~ablc on thc tiote, thcn to the princip:~l of the Note, :~nJ ~hen to interest and
principal on any Fuwrc Advances.
4. Charges; tiens. Bi~rrouer ~hall pa)~ all tarrti, a.~cstimcnts and uthrr charbeti, fine~ ~nJ impcxitions atlributable to
the Property which may attain a pnority over this ~tortgagc, and Icauhold payments or ground rents, if an}•, in thc manner
provided under paragraph 2 hereof or, if not paid m wrh manner. b~ Borrow-cr making payment, when due, direcUy to the
payee thereof. Barrower shall promptly furnish to LenJer all not~ces o( amounts duc uoder this paragraph, and in the event
Borro~er shall make payment directly. Borrower shall promptly furnnh t~? Lender receipts evidencing such payments.
Borrow~er shall promptly discharge any lien .+hirh has pnont~~ o~cr thi~ Mortgage: provided, that Borrower shall not be
reqwred to ducharge any such lien so long as B~~rrov~cr shall agree in writing ~he pa}'ment of the ob6gation secured by
such lien in a manner acceptable to Lender, or shall in gcx~d faith contetit such lic~ by, or defend enforeement of such lien in,
legal pr~xeed~ng~ which operate to prevent the enfc~rcement of the I~cn or forfeiture of the Property or any part thereof.
S. Hazud Insurance. Borrower shall keep the impro.•ements noN c~isung or hercafter erected on the Prupcrty ~n~ured
against locs hy fire, haza:ds included within the term "~~tendeJ ruvcr:~ge", anJ such other hazards ac Lender may reywre
and in wch amoimts and for such periocls ac l.ender may reyuirc; pro~•ided, that LenJer shall not requirc that the amount of
' such co~•eragr exceed that amount of cmrrage reqwred to pa~ the ~um, ucured hy this Mor~gage.
The insurance carrier providing the insurance sh-rll be chosen by BorroKCr subject to approval by~ I_ender; provided,
tha~ wch approval shall not be unreasonahly withheld. All prem~ums on insurance policies shall tn paid m ~he manner
provided under paragraph 2 herco( or, if not paid in such mannrr, b} B~rrower making payment, when due, directly to the
insurance carrier.
j All insurance pohcieti and reneK~ls Ihereof shall be in form acceptaMr to LenJer and shall ~nclude a ti~anJard mortgage
' dause ~n faw~r c~f and in form ~cceptable tu Lender. Lrnder ~h.,ll ha~e the right t~~ hold the polici~s and rene~al~ thereof,
f and Borrower .hall promptl~~ furn~sh to l.ender all renewal noUces and aU rece~pts of paid premium.. In the e.ent o( loss.
Borrower ~hall gi.~e prompt notice to the inaurance carrier end LenJer. I.enJrr ma} m~ke proi~t uf loss if not made pmmpdy
I b}~ Borrower. .
F Unless Lender and Borrower otherw~tie agrec in ~ nting, inwrancr prorecd~ shall be applied to restoration ar repair of >
~ the Property damaged, prov~ded such restoration ar repa~r is economically feasiblr and the security of this Mortgage is
~ not thereby impaired. 1( such restorati~~n or repa~r is n~t eronom~r~ll}~ (casihle or the securitp of this Nortgage would
~ be impaired, the insurance pruceeds shall be ~pplied to the sums secure~ by this Mong-rge, ~~th the excess, if any, paid
~ to Borrower. If the Propert) is aband~ned hy Rorrower, or it Borrower (aih ta res~nd to 1_ender within 30 daps from the
~ date notice is mailed by~ Lender to Borrow•er that the insurance carrier ofiers tc~ set~le a claim for insurance benefits, Lender
; is authorized to collect and apply the ~nsurance proceeds at I.ender's ~~ption either to restor~tion cr repair of the Property
~ or to the sum~ secured by this Mortgage.
; Unless Lender and Borrower otherv?ise agree in wnting, an~• such applica~ion of prcx:eeds ta pnncipal shall not extend
~ or postpone the due date of the monthly installmcnts rcferred to in paragraphs I and 2 hereof or change the amount of
; such installments. If under paragraph 18 hereof the Property is acyoired by Lende?, all right, tide and interest of Borrower
in and to any inwrance policies and in and to the proc;eeds thereof resulung from Jamage to ~he Property prior to the sale
~ or acyui~ition shall pass to Lender to the extent ot the sums secured by this Mortgage ~mmediately prior to Such sale or
acquisition.
; 6. Presenation and '~taiotenance of Property; Leaseholds; ('ondominiums; Planned Unit De~•elopmenls. Borrower
; shall keep ihe Property in good repair and shall not commit waste or permit impairment or deterioration of the Property
° and shall com 1 with the rovis~ons of an lease th~s Mor~ a ~ iti on a Irasehold. If lhis Mort a c is on a unit in a
~ PY P . Y B"S' 8 B
p condomimum or a planned unit development, Borrower shall Fx rform all of Borrow•er's obl~gations under the declaration
~ or covenanls creating or governmg the condom~nium or planned unit development, the by-laws and regulations of the
; condominium or planned unit development, and constituent documents. I( a condominium or planned +mit development
` nder is executed by Borrower and recorded together w•ith thic Mortgage, the covenants and agreements of cuch rider
shall be ~ncorporated into and shall amend and supplcment the co.enants and agreements of this Mortgage as if the rider
r were a part hereof.
~ 7. Protection of Lender's Security. If Borrower fails to perform the covenanls and agreements contained in this
~ Mortgage, or if any action or proceeding is commenced which ma~erially afiects I.ender's interest in the Property,
including, but not limrted to, eminent domain, insolvency, cocle en(orcement, or arrangemems or proceedings involving a
~ bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, Jisburse such
sums and take such action as is necessary to protect Lender's interest, including. but not limited to, disbursement of
~ reasonable attorney's tees and entry upon the Property to make rcpairs. 1f I_ender required mortgage insurance as a
condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to mainta~n such
~ insurance in effut until such time as the requirement for such insurance terminates in accordance with Borrower's and
~ . • ~~~~55:~~~ ~~6
~
_ _ : _ +4 .G'
_ ~y-"C"2x.~. ti ~3-c::~ -i. _ -~j ~ia4.~