HomeMy WebLinkAbout0760UNIFORM COvENANTS Borrower ancf ~ender covenam and agree as ~o~r~ ±' •~~
1. Pa~n~nt Of RrinCipal and Int~hst. BOrrpwer s--a1~ promptly pay when due ihe pr~nc~pal ot a~d mterest on the
~ndebtedness ev~denced by the Note, p~epayment ancy ~ate cnarges as prov~ded m Ihe Note. and the pr~nc~pai ot and ~nterest
on any Future Advances secureci by th~s Mwigage.
2. Funds forTsxasand IRSUane~. SuD~ect ta app~~cabie iaw or to a wr~aen wa~ver by Lender, 8orrower sha11 pay
to Lender o~ the day monthry ~nstaiiments oi pr+nc~pai and ~nterest are payabie unde~ the Note. unhl the Note ~s pa~d ~n tuu.
a sum ~nere+n ~~Funds'1 equai to onetwe~fth ol the year:y taxes and assessments wh~ch may atta~n pnor~ty over Ih~s
Moctgage, and giound renis on t~e Property, ~f eny. plus one~Mre~tth ot yea-ly prem~um inslallmenis for hazard msurance.
pius one~twelfth o1 yea-~y prem~um mstai~ments fo~ mortgage ~nsurance, d any, an as reasaonablyesUmated ~n~t~ally and trom
ume to t~me by Lender on the bas~s of assessments and 4~~is and reasonabie est~mates thereot.
The Funds shail be held ~n an ~nst~!ut~on the depos~ts or aCCOUn[s ol wh~Cn are ~nsured or guaranteed by a Federal or
state age~cy(~nciud+ng lende~ ~f Lende~ ~s such an inst~tut~on) Lender sha11 apply the Funds to pay sa~d taxes. assessments.
msu-ance p-em~ums anci grounci rents. Lender may not cnarge to~ so hoid~ng and app~y~ng the Funds. ana~yz~ng sa~d acc~urn.
o- venfy~ng and comp~i~ng sa~d assessments ~nd b~us. unless Lender pays Borrower interest on the Funds and apphCable law
perm;ts Lender to make such a charge 8orrower and Lender may agree in wnting at the time ot execui~on ot Ihis
Mortgage that ~~terest on the FundS Shalt be pa~d to Barrower, antf unless such agreement ~s made o: appl~cab~e Iaw
requ~res such ~nte~est to DE pa+d Lende- snau r-ot be -eqwred to pay 8orroyver any ~nterest or ea~n~ngs on the Funds. Lender
shati g,ve to Borrc,wer. w~thout cnarge an annua~ account~ng ot the Funds show~ng cred~ts and deb+ts tn the Funds and the
purpoSe for whiCh each debit to !he Funds wa5 ~d@- The Funds,are pt~ged as add~t~onai secu~~ty for the sum~ secured
by th~s Mortgage ~ - ~
If the amount of ;hg Funds he~d by lender. logether w~tf+ the future man;rty mssa~iments of Funds payable pr~or to
the du2 dates o! taxes, ~SS@SSnlefti3. mSurarltg p~~ums and ground rents. shau exceed the amount reqwred to pay sa~d taxes,
assessments msurance prem~ums and grouncf rents as they tau due s.,cn excess snai~ be. at Bo~rowe~s opt~on. e~ther
promplly repa~d to Borrower. pt cre~;t~ tp BC~-Gwer On monihiy ~nStailments ot Funds 11 the amouni ot the FundS
neid by lende- sha}~ ~ot be suft~cient to pay taxes, assessments. ~nsurance prem;ums and ground rents as they taii ~ue.
Borrower sha~i pay to Lender arry amount necessary te make up the def~c~ency w~th~n 30 days from the date no!~ce ~s ma~led
by Lende- to Bo~r~r request~ng'payment ih~¢ol. '~
Upon paymeni ~n tuN ot al! sums-secureclby~th-5 Mongege. Lende- shal~ promptly re!und ~o Borrower any Funds
neid oy Lende~ If un~er pa~agraph t 8 he~eof tr.e Property ~s so~d or the Property ~s otnerw~se acqwred by lender. Lender
shau app~y no tater than ~mmed~ateiy pr~~r to th~ sa~e of the Property or ~ts acqu~s~t~on by Lender. any Funds held by
Lencfer a! the t~me of apphcat+on as a cred~t aga.nst tRe surr~s sec~red by tn~s Mortgage
3. Appiicstion of Paym~nts. un~e~s app~~cab~e ;aw prov~des otr~erw~se. aii payments rece~ved by Lender under the
Note and paragrapns ~ and 2 hereof s~a: be app!~ed by lende~ f~rst ~n payment of amounts payabie to Lender by Borrower
under pa-agrapn 2 hereol znen ~o ;~;e+est payab!e on ~ne Note. :hen to the pr~nc~pai ot the Note. and then to ~nterest and
pnnC+pa! On any F,~ture A~vanCes
4. Chs~yes; lisns. Bon~~re~ s^a;~ pay a?~ ~a•es. assessments and other cnarges. hnes anc7 impos~t~ons attr~butable to
tne Prope-ty wn~ch may atta~n a p~~~r~ty o:E'~ ~h~5 ~JO~igage and leaseROid payments or gound rents. ~f any. ~n the manner
prpv~ded ~nd~ paragrapt~ 2 he-eOf or rf not pa~d in such manner by BO~roy+rer mak~ng payment. when due. d~recUy to ihe
payee ihe{eOf BOt-Ower S~ai1 p!Omp?!y fa!n~5~ to ~ender al~ not~ce5 ot amount5 due under this paragraph, and m Ihe eveM
aorrowe- snai~ make payment d~re~ttY Bonower shai~ p~~mpt~y furn~sn to Lender rece~pts ev~denc~ng such payments
Bo-rower sna~! promptty d~scna+ge any ?~en whrch has pr~~r~ty over !n~s Mortgage p-owded. that Borroxer sha~~ not be
~equ~red to djscna+ge any such ~~en so io~g as Bo~rower shait agree ~~ wr~t+ng to tne payment of the obhgahon secured by
sucy ~~en ~n a mannpr atceptabte :o Le~de- or sh~it m gopd fa~th Gon-ost such iien by or detend enforCement of suCh lien ~n.
iega~ ;.~oceed~ngs wt~~ch operate so p-event tne entorcement of the =~en or forfe~t~;re of the P~operty or any part thereol
S. HaZ,fd IflSYfaflCA. BOf!dYYQf S~ii k~G tne ~mprOvements now ex~s!~ng or r-ereaRer erected on the Property msured
agamst toss Dy hre hazafds ~nc+u~ed w~tn~~ ~he term e~ended-ccve-age ar~d such other hazards es Lendsr may reqwre
and ~~~sl~ch amou~ts and for suth per~ods as Le~eCe~ -ecu~~e prov~ded tnat Lender sha~l not requ~re that the amount ot
such co~•erage exceed that amounr ot coverage ~equ-red co pay tne sum secu+ed br tMs Mortgage. . ~ •~
The ~n~urance Ga~ner ~rov~~ng ihe ~^surance;na+~ De chosen by Borrower,sup~eCt to approval by Lencle-; prov~ded.
that sucfi apprbva! sna~' ~o? be ~.^.~eas~^ab.y ~~t^^e a%:~~ a~em~;,m~ ~~s ~nsurance po'~c~es snaff be paid ~n the manner
CfJ~~G'ed under pdsag!ap^ 2 ~~~eo! c• `^o~ pa :: ~f s:.c^ ~d't^.er Dy BO!fONQ~ ~r,ak~ng payment. when due. direCtly to the
msura~ce ta+ne•
Aii ~ns~rancepo~~c~es a~c] re~ewa~s t~e~e~t sna,. be ~^- t~rm accepta~ e to Ler.der anO shei! mciuc~ a standard mo-tgage
c~ause ~n !avor ot and +n form accepta~~e !c ~~ ^ae- le^Ce~ sn3~= naye tne r~gnt to noid tne poi~c~es and renewals thereof.
and Borrowe~ snal~ pr~:.*'.p!.y t;,~r~sr to Le^ae~ a: re~e+~a: r,~tr es ar:d a~~ rece+pts of pa+d premwms. In Ihe event of loss.
Bn±rpvle* s*af~ g~ve prompt n~t~ce ;o ~^e :~s;.~a^ce ca+~:e~ anc+ ~e^oe~ ~e^der may make proot of ioss ~i +~ot made-promptly
Dy Borrowe+ '
Uniess Lende~ and Borrov~er otner~n~se ag~ee ~~ JYfii~^g ~nsurance p+oceeds snati be appi~ed to restorat~on or repa~r of
~ne Property dama9ea. p~o•::d@d SI;C~' {@~IQ!di~J^ •~• repa~~ iS EGv~Gm~^a~+y fpasEb~e and trte secunty of th~s Mortgage ~s
not ihsreby ~mpa~red it sucr~ restorat~on o• repa;r ~s not ecancrrnca~~y feas~b-e or r! t~e secunty ot ih~s Mortgage wou~d
be +mpa+red. ine 1n5uranCe prOGeedS Shdi~ be a~p':~ed I[~ th@ S:~mS SeCU~eQ Dy thi5 MOrtgdg@. wrth ihe @xCess. ~t any, paid
,o Borrcwer It tne Propecty ~s aDa~dcned py Bor•oxe: or ~f 8orroarer ta~is to re5pond to Lender w~thm 30 days from tne
~ate ~o?~ce ~s ma~1~ by LentJe~ to Bof~o.~e~ !-~a! the ,^s~~ance carr~er ofters to settie a c~a~m for ~nsurance benef~ts. lender
+s autt~.or~zed t~ co+iect and app~y *he u~s~~ance q~oceeds at Lenae~s opt;on e~the- to resio-aUOn or repau of the Prope-ty
o~ to the s~ms secured by tt~~s ~+Aortgage .
Uniess ~ende~ ar~cf go-fo+-e~ ot^e~~v~se ag•ee ~• ~•.~:rg a~y suc^ ap~.iGdhOr• p! proceeds to pnnc~pa~ shall not extend
O~ pastpo~e the due date o+ tne ~o~f~ ~^5?d "E^'S 'eTe~~~ :o :~ parag~ap^.s ? and 2 nereot or cnange the amount et
s~ch ~nstai~ments If un~ef pafagra;,^ ' g he•eo} ~^e p,oGert~ :s acqu:~ed by ! e~der aii nght t~tie a~d ~nte~est of Borrower
.n a~o ta any ~nsurance pc'~~:es a•^.d ~ a^c ~o'^e Y~ocee~s ~^.e~eo} ~es!:~t~~g trom damage to tne Property pno~ to the saie
o+ acGu~s~t~on shali pass to Len~e+ to t^e e~!e~• a! tne s;.~:s sec~feC by tr~s 1Aortgage ~mm~~ate~y pnor to such sale or
acqu~s+t~on '
6. Preservstion and Maintensnce ot Property; LasseAolds; Condominiums; Planned Unit Osvelopments.
Borrower sna++ keep tne P+ope*ty ~n gacd ~e;,as~ az~ sra: ~ na? c~mm~t waste o- permrt ~mpa~rment or detenora0on ot the Pro-
perty and shat~ comp:y ~rth ;ne p*oY~s:~ns ot a~v +ease ~f tn~s Mortgage ~s on a~easeho;d it tn~s Mortgage ~s on a un~t m a
~ Condom~nwm or a~,~anned unR dere.Op?'en1 3CrrUwer Shd~~ per~orm aii ot 8onower s eb~~gaUOns under the dec':arat~on
or covenants creat~ng o~ gevem~^g !ne ~:;~~'Um~:.~um or p;ar,ned un~i d@ve.opment. the by-jaws and -egutat~ons of the
cordom~nlum or p~anned un~1 deve~opr^ent an~ ton5t~tuent c7o~umenl5: lf a COncfom~nium Or pfanned Un~t devetopment
r+der ,s e~cecuted by Bof-owe~ and •ecorae~ ~~get^e~ ~~'^ !^}s Mor,gage the covenants ard agreements ot such nder
snaii be ~~co+porated :r.to and s!~a~: amer.d a~d s:,pp'er^en; tne covenants and agreements of th~; Mortgage as ~f the r~der
we~e a part he-eo1
7. Proteetion of L~nde~'s Seeurit~l. I! Bor.~xe~ ta~?s ro pe~torm !he covenants and agreements conta~ned ~n th~s
Mortg3~e or rt any achon or prp~~~,~,y ~s commenced ;vn~ch T~atena~;y aflects lenders ~ntcrest m the Froperty
~nciud~r.g. but not t~m4eO to. er!~:nent dc~~a~n. ~nso~vency cac~e enforcement or arrangements or proceed~ngs ~nvolv~ng a
bankrvpt o~ decedent, then ~en~er at ler,der s opi~or~. upon noUce to Bo-rowe~. may make such appearan~es, d~sburse such
sums and take such acho~ as ~s necessary to protect lenders interest. irtciud~ng but not I~mited to. disbursements of
reasonable atlorneys tees and entry upo~ the Property Ea make reaa~rs If Lender reqwred mortgage insurance as a
cond~t~on ot mak~ng tne toan sec~~ed by tn+s Mortgage BO~sOw@r Shall pay IR@ pt@m~uR15 f~Ut/ed 10 ma~nlain SUCh
~nsu+ance :n etfect unU~ s~ch t.~^e as tne ~eq~+rement tor such ~nsarance te-m~nates m accor~ance wrth Borrowers•and
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