HomeMy WebLinkAbout1063UNIFOAM COVL'NANTS. BOffOWC~ aOd LtI1dQf COVenant a~d agrre as follows:
1. P~IIItq1 OI P~IICIwI ~ IAft~ttf. Harrow~e~ shall promptly pay w•hen due Ihe principal ot and inte~cst on the
indebtedneu evideneed by the Notc. prcpayment a~d late charges as praviJed in ~he Nott, and Ihe principal of and interes~
on aay Futurc Advances secured by this Mortgage.
2. Fuads ~o~ Tua ~ad lawrance. Subject to applicable law ar to a wrilten waiver by I_ender, Borrower shall pay
to L.ender on the day mon~hly installments of principal and intereet are payable unJe~ the Nate, until the \ote ic paid in tull.
a tum (herein "Funds") equal to anatv-•elfth of ~he y~ea~l~• ~a~e~ anJ ascessments which ma)• attain priority over ~his
Morigage, and g~ound rent: on the Properly, if any. plus onP-tw~elt~h uf ~early prcmium i~stallments for haaard in~urance,
plus one-tv-elfth of yearly premium installments tor mortgage ~nsurance. if any, all as reasunablp ectimated initially and (rom
time to time by Lendcr on the basis of assessmcnts anJ hills aod reasonable estimates thereot.
The Fu~ds shall be held in an insti~ution the deposits or accounts of which are insured or guarante~i by a Fcderal ur
state agency (including Lender if l.ender is such an institution). l.eoder ~hall appl}• the Funds to pay said taxes, asseuments,
insurance premiums and grou~d rents. t_ender may~ not charge (or ~o holding and applying the Funds, a~alp~i~g said account,
or verifying and compiling said assessrmnts and bills, unleu l.ender pays Barrow•er interest o~ ~he FunJs and applicable law
permits Lender to make such a charge. Borrow•er and Ixnder may agree in writing at ihe time of execution ot this
Mortgage that interest on the Funds shall be paid to Barrov-•er, and unless such agreement is made or applicablt law
requira such interest to be paid, Lender shall not he required to pay Borrower any intcrest or earnings on the Funds. t.ender
shall give to Borrower, withoul charge, an annual accounting of the Funds showing credits and debits to thc Funds and the
purpose for which each debit to the Funds was made. The Funds are pledgc~i as additional security for the sums secured
by this Mortga,e.
If the amount of the Funds held by Lender, toge~her wi~h the (uture momhly installments of FunJs payable prior to
the due dates of taaa, assessments, insurance premiums and ground rents, shall ecceed the amount reyuired to pa~~ said taxa,
assessments, insurance premiums and ground rents as they tall due, such excess shall be, a~ Borrower's option, either
promptly repaid to Borrower or credited to Borrower on manthly installments of Funds. lf the amount of ~he Funds
hdd by Lender shall not be sutTicient to pay tares, assessments, insurancc premiums and ground rents as they fall due,
Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 da~~s (rom the date notice is mailed
by Lender to Borrower requesting payment thereof.
Upon payment in full of all sums secured by th~s Mongage, I.ender shall promptly refund to BorroN~er any Funds
held by Lender. If under paragraph 18 hereof the Propert}• is sold or thc Property is othervvise acquired by I.ender, Lender
shall apply, no later than immediately prior to the sale of the Propeny .or its acquis~tion by 1_ender, any Funds held by
Leader at the time of application as a credit against the sumc secured by th~s rfortgage.
3. Application ot Paymeats. Unless applicable law provides atherv-ise, all pa~menls received by t.ender under the
Note and paragraphs 1 and 2 hereof shall be appl~ed by Lcnder firsi in pa~•ment of amounts payable to Lender by Borrower
u~der paragraph 2 hereof, then to interest payable on the tiote, then ro the principal of the Notc, and then to iotcrest and
principal on any Future Advances.
4. Clwrges; Liens. Borrower shall pay all Iaxes, acccssmrnts •rnd other charget_ fines and impos:tions attribwabk to
the Property which may atlain a priority over this Nlortgage, and Ieasehold payments or ground rents. if any. in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by~ Borrower making payment, when due, Jirectly to the
payee thereof. Borrower shall promptly furnish to LenJer all notices ot amounts due under this paragraph, and in the event
Borrower shall make payment directly. Borrower shall promptly furnish to 1_ender rereipts evidencmg such payments.
Borrower shall promptly discharge any lien which has pnority over this Nortgage: proviJed, that Borrower shall not be
required to discharge any such lien so long as Borrower shall agree in Nrit~ng tc- the pa~ment of the obligation ~ecured by
such lien in a manner acceptable to Ixnder, or shall in good faith conte~t such lien by; or defenJ enforcement of such lien in.
legal ptoceedings which operate to prevent the enforcement of the hen or [orfe~ture of the Property or any part thereof.
5. Hszard losurance. Borro~er shall keep the ~mpro~•ements now existing or here~fter crected on the Pr~perty insured
against loss by 6re, hazards inclucled within the term "e~tended cover:~ge", and surh other hazards as Lender may require
and in such amounts anJ for such periods as Lender may reyuire; provideJ, that Lende~ shall not require that the amount of
such coverage exceed that amount of coverage required to pay the sum~ ~ecured by~ this Mortgage_
"ll~e insurance carrier providing the insurance shall be chosen by~ Borrow•er subject to approval by Lender; provided.
that such approval shall not be unreasonably withheld. All premiumc on insurance policies shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borro..er making payment, when due,•directly to the
insurance carrier.
All insurance policies and renev-als Ihereof shall be in form accept:~ble to Lender and shall ~nclude a vanJard mortgage
clause in favor of and in form acceptabk to Lender. Lender shall ha~e the right to hold the poiicies and renewalc thereof.
and Borrow~er shall promptly furnish to Lender all renewal notices and all receipts o( paid premiumt. In the event of loss,
Borrower shall give prompt notice to ~he insurance carrier and Lender. LenJer may make proof of loss if not made promptly
by Borrower_
Unless Lender and Borrower otherv-•~x: agree in writing, insurance proceeds shatl be a~+plied to restoration or repair of
the Property damageJ, proviJed such restoration or repa~r ~s ernnomically feasible and the security of this Mortgage is
not thereby impaired. If such restoration or repair is not eronamicall~• fcasible or ~( the secunty ot this ~lortgage would
be impaired, the inwrance proceeds shall be applieJ to the sums secured by this Mortgage. w~th the excess. !f any, paid
to Borrower. If the Propert~ is abandoned h~ Borrower, or if Bormwer (ails to respond to Lender w~thin 3U days from the
dale notice is mailed by Lender to Borrower tha~ the insurance carrier oftert to settle a claim for msorance benefits, I_ender
is authorized to collect and apply the insuranre proceeds at I_ender's option either to restoration or repair af the Propert}~
or to the sum~ secured by this 1-lortgage.
Unless Lender and Borrower other~ise agree m wnling, an~ such application of proceeds to pnncipal shall not extend
or postpone the Jue date of the monthlp installments referred to in paragraph~ 1 and 2 hereof or change the amount of
such installments_ If under paragraph 18 hereof the Property is acywred b~ Lender, all right, tiUe and in~erest ot Borrower
in and to any insurance policies a~d in and to the proceecis thereof resulting from damage to the Property prior to the sale
or acquisition shall pass to LenJer to the extent of the sums secureJ by this ~lortgagr immediately prior to such sale or
acquisition.
6. Presen•alion and ~tainten~nce of Properly; I_easeholds; ('ondominiums; Planned (;nil De~~elopments. Borrovrcr
shall keep the Property in good repair and shall not commit waste or permit ~mpairment or deterioration of the Property
and shall comply with the provisions of any lease if thu ~1~~rtgage ic un a feaschald. I[ shis :lfortgage is on a unit in a
rundomin~um ur a planned unit de~•elopment. Borrower shall pcrform all ot Horrower's obligat~ons under the declaration
or covenants creating or governmg the conJommium or planned umt development, the b)•-laws and regulations of the
condominium or planned unit development. :+nd constituent documents. It a condominium or planned unit Je~~eiopment
nJer is executed by Borrow•er and recorded together w ith ~h~s Mortgage, the cocenants and agreements ot such rider
shall be incorporated into and shall amend and supplement the co~enants and agreements ot this Mortgage as if the rider
were a part hereof.
7. Protection of Lende~s Security. If Borrower failc to per(orm the covenants and agreements contained in this
Mortgage, or if any action or proceeding is commenceJ v-~hich materially afiects Lender's interest in the Propeny.
including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings invol~•ing a
bankrupt or decedent. ~hen Lender at Lender's option, upon notice to Borrower, may make such appearances. J~sburse such
sums and take such action as is necessar}• to protect Lender s interest, including. but not lim~ted to, d~sbursement of
reasonable attomey's fees and entry upon the Propeny to make repairc. If I_cnder required mortgage insurance as a
condition of making the loan ucured b} this Mongage. Borr~~wcr shall pay the premiums required to mainta~n such
insurance in effect until such time as the ;equirement for such insurance terminates in accordance w•ith Borrower s and
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