HomeMy WebLinkAbout0066Unito~~t CovFrv~Hn. Borr~wer :~nd l.~n~l~r c~~v~nant :~n~l ag~rr :~~ (~~Iluws:
1. Payment of Princlpd ~d Inlerest. H~~~ruH~~ ~hall prumptly pay whcn duc thc principal of and intrrest on ~hc
indcbtedncss cvidcncrJ by thc Notc, prcpaymcn~ and latc ch;,rbc. a. p~uviJed in ~hc Note, and thc principal of and interest
on any Futurc Advances sccured by thi~ Martgagc.
2. Fuads tor Tua and l~uraace. Subjcct to applicablc law o~ to a written waiver by l.cnder, BoROwer shall pay
to l.cnJcr on ~hc day mo~thly in~tallmen~t of principal anJ intcrc+t arc payablc undcr the Nute, imtil ~hc Notc is paid in full,
a sum (hcrcin "Funds") equal ta unc-tNeltth ot thc ycarly ~axcs and ac~cssments which may apain priority aver this
Mortgagc, and ground rents on the Pmperty, if any, plu~ ~mr-twcU~h of ycarly prcmium installmcnts fo~ har.ard insurancc.
plus onc-twclfth of yearly premium inst•rllmcnts f~~r mor~gagc rosurancc, if any, all ac reasonably cttimated initially anJ trom
~ime ta timc hy t.ender on thc l~asic o( a~xs.mcnts ;~nJ hills and reas~mable estimates thereof. .
Thc Funds shall he hcW in an imtitution thc dcpositt or ;iccounts ut which are insurcd or gua~antced by a Federal or
state ageitcy (including Lender if l_ende~ i> >uch an inctitution). I.enJer shall apply the Funds to pay said taxes, assessmenta.
insurance premiums and ground renh. l.ender may no~ charge fo~ ~o holding anJ applying Ihe Funds, ~nalyzing said account,
ar vc~ifying and compiling said assc~snh,nts and bills, u~-Icss I.enJcr pr~~ Borrawcr interest on Ihe Fundi and applicable law
permits 1_ende~ ~o make such a charge. f3orrower and 1_ender may agree in writing at ~he time of execution of this
Mortgage that interest on the FunJs shall bc paid to Born-wcr, and unless su.;h agrecment is made or applicablc law
reyuires suc;~ interest to be paid. I.ender shall not hc rcyuirc~i to pay Ri,rrowcr an}~ interest or earnings an the Funds. I_cnder
shall give to Borrower, without charge. •rn :~nnual accuunling o( the FunJs showing credits a~J dehits to the Funds and the
purpose frr which each debit to the Funds wa~ maJe. The I~unds are pledg~~i as addilional securiry for the sums secured
hy this Mortgage. ' _
If the amount of the Funds held hy Leoder, togethcr ai~h ~he (uturc monthly installments of Fundti payablc prior to
'Ihe duc dates of taxes, assessments, insurance prcmium~ :~nd grounJ rcnts, shaU cxrced thc amount reyuired ta pa~~ said taxes,
assessments, insura~re prcmiums and ground repts ati Ihny fall duc, ~uch excc~s shall be, at Horrower'c• option, either
promptly repaid to Borrower or ~credited to Borrower on momhly installments of Funds. If the amount of thc Funds
held by Lender shall not be sufficient to pay ~axes, actessmenls, incurance premium~ anJ ground re~ts as ~hey fall due.
Borrower shall pay to t_ender any amount ~ecessary~ to make up the defiaency within 30 days f~am ~he date naice is mailed
by Lender to B~rrower reyuesting payment thereof.
Upon paymenl in full of all sums secured by this Mungage. Lepdcr shall prampUy rcfund ~o Borrower any Funds
held by I.enJer. If unde~ paragraph 1R hercof ~hc Propcrt~• n.~Id or Ihc Property is olherwice acquired by l.ender, I.enekr
shall apply, no later than immediately prior ~o the .alc a( thr Propcrty or its acquisition by l.cnder, any Funds held by
Lender at the time of application as a creJit against the sum~ secured by th~s Mortgage.
3. Application o( Payments. ~Unless applicabic !aN• providcs othervvisc, all payments received by Lender under the
Note and paragraphs I and 2 hereof shall bc applicd h}• Lendcr fir~~ in paymcnt o( amounts payable to Lcndcr by Borrower
under paragraph 2 hereof, the~ to interest payable ~~n thc Notr. thcn t~~ thc principal oi the Note, anJ thcn to interest and
principal on any Futurc Advancec.
1. C6ary~es; Lkas. Borrower ~hall pay all ~arr~, a.ks+mcnts and ather chargcs, finec anJ impcxitions attribu~able to
the Properl}~ which may attain a priority over this Mongage, •rnd leasehold payments or ground rents, if any, in the manner
pmvided under paragraph 2 hereof or, if nw pa~d in such manner, by Barrower making payment, when due, directly to the
payee thereof. Borrower shall promptly furnish to l_endrr al! notices of a~nounts duc under this paragraph, and in the event
Borrow•er shall make payment directl~•, Borrower tihall promptly (urnish to Ixnder receipts evideacing such payments.
Borrower shal) prompQy discharge any lien which has pnanty over this Mortgage; prov~ded, that Borrower shall not be
required to d~scharge any such lien so long as Borrower shall agrre in writmg to the payment o( the obligation secured by
such lien in a manner acceptable to Lender, or ~half in go~x1 [ai~h conte~t such lien by, or defend en(orcement of soch lien in,
legal proceedings which aperate to prevent the enf~~rcemcnt of ~hc lien or forfeUure of the Property or any part thereof.
S. Hazard I~unnce. Borrower shall kcep thc ~mpro.•cmentt noa caisting or hercafter crec~ed on the Propcrty insured
against loss by fire, hazards included within the term "c~tendeJ coverage", and such other hazards as I.ender may reyu~re -
and ~n such amounts and for such periods a~ 1_ender may rcyuirc: pmvided, that t_enJer shall not requirc that the amount of
such covCrage excaxl that amoun~ of coverage required to pay the 1~imti cecured by this Mortgage. .~
'Il~e insurance carrier providing the insurance shall be chcxen by Borrower subject to approval by Len~r, provided,
that such approval shall not be unreaconably withheld. All premiums on insurance policies shall be paid ~n the manner
provided uoder paragraph 2 hereof or, ~f not paid in such manner, by Borrower making paymtnt, when due, dircctly to the
insurance carrier.
All insurance policies anJ renewals thereot sh•rll be in form acceptablr to 1_ender and shall inciude a stanJard mortgage
clause in favor af and in form acceptahle u~ Lender. I_ender shall have the right to hold the policies and renew~alc thereof.
and Borrower ~hall promptly furnish to Lender all renewal noiiceti and all receip~s of paid premium~. In the event of loss.
Borrower shall give prompi notice to the irourance c•rrner :~nd I.ender. I.en~er may make prcx~f o( loss if not made prompdy
by Borrower:
Unless Lender and Borruw•er ot6er~+•ise egree in wrihng, inwrance proceed~ shall be applied to restoration or repair of
the Property Jamaged, provi~kd such res~oration or repa~r ~s ec~~nomically (easiblc and the securiry of this Mortgage ic
not ~hereby impa~red: It such restor:~tion or repair is n~~t cconomic~lly feasible or if the security of this Mortgage would
be ~mpaired. the insurance proceecis shal! be applieJ to the sums secured b}• this Mortgage_ with the e~cess, if any, paid
to Borrosver. lf the Propert~• is abandoned b~- Bc~rrower, or if Bormwcr fails to ~espond to Lender within 30 days from tht
date notice is maiied by l.ender to Borrower that the insurance carrier ofFen to setUe a cla~m for insurance benefits, Lender
is authoriud ro collect and apply ihe insurancc proceed~ at Lender's uption either to restoration or repair of the Property
or to the sum~ secured by this Mortgage.
Unless Lender and Borrower otherve~ice agree ~n wn~ing, any such application of proceeds to principal shall not eitend
or pustpone the due date of the monthlp installmcnts referred t~• in paragraph~ I and 2 hereof or change the amount of
such installments. If unJer paragraph 18 hereof the Property is acywred by l,encler, ~II nghi, tiUe and intcrest of Borrower
in and to an~ insurance policies and in and to thc proceeds thereot resullinR from Jamage to the Property prior to the sale
or acyuisition shall pass to Lender to the extent of the sums secured by this Alortgage imme~iately prior to such sak or
acquisition.
6. Presenation and ~taintenance of Properl~: I.eaceholds; ('ondominiumc; Planned Uai! Ikrelopments. Borrower
shall keep the Property in good repair and shall not commit aaste or permit impairment or deterioration of the Property
and shatl comply with the provisions ot any least it thn Mortgage ~s on a leasehold. If this Mortgage is on a unit in a
conciominwm or a planned unrt development. Borrower tihal! perform ~II of Borrower's obl~gaUons under the declaration
or covenams creatmg or governing the condumimum or planncd umt development, the by-laws and rcgulations of the
conJominium or planned unit development. :tnd constituent Jocuments. If a condominium or planned 1~nit development
nJer is executed by Borrower and recorded t~-ge~her w~~h this Mortgage, the covet~ants and agreements of such rider
shall be incorporated into and ~hall amend anJ ~upplement the covenan~s and agreements of this Mortgage as if the rider
were a part hereof.
7. Protection of I.ende~s Securify. If Bc~rrov-•er fails t~ perform ~he covenan~s and agreements contained in this
Mortgage, or if any act~on or proceed~ng ic c~~mmenced w~hich materially afiecls LenJer's interest in the Property,
including, but not lim~ted to. eminent domain, insolvenc~•, code enforcement, or arrangements or proceedings involving a
bankrupt or decrdent, then Lender at Lender's opUon, upon notice to Borrower, may make such appearances, Jisburse such
sums and take such actian as is neceti;ary to pmtect l.ender's i~teres~, incluJing. but not limited to, disbursement of
reasonable auomey's fccs and en~ry upon the Property to makc rcpairs. If Lender reyuired morigage insurance as a
cundition of mak~ng the loan secured by this Mortgage. Bc~rrowcr shall pay the premiums required to maintain such
insurance in efTect until ~uch time as ~In reyuirement for ~uch incurance terminates ~n accordance with Borrower's and
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