HomeMy WebLinkAbout1082UNIFORM COVBNANTS. Bor~ower and Lenckr covenant and agrce as tollows:
1. Paymswt of trlacip~l as~ Iateresl. Bo~~ower ahall promptly pay wheo duc the principal ot and interest on the
indebtedness evidenced by the Note. prepayment a~d late charges as provided in tix Note, and tfie principal of and i~tercst
on a~y Future Advances secured by this Mortgagt.
2. Fnads to~ Tua snd Inwnoce. Subject to applicabie law or to a written waiver by l.ender, Borrowe~ shall psy
to Lende~ on ~he day monthly installments of principal and interes~ are Payable unde~ ~he Note. uotil the Note is paid in tull,
a aum (herei~ "Funds"! equal ~o ooe-twelfth at Ihe yca~{y taxes and assc~sments wbich may attain priori~y over ~fiis
Mortgage. and ground ren~ on the Property. it any, plus one-Iwelfth ot yea~ly p~emium instatlments for haza~d insu~ance,
plus one-twelfth of yearly prcmium installments tot mortgage insurance, if any. all as teuooably estimated initially and trom
time to time by Lender on the basis of assessmenti and bills and reuo~able estimata thercot.
The Funds shall t~e held in a~ institutio~ the deposits or accounts of which are insured or guarantccd by s Fedenl or
state agency (including Lender if Lender is such an inslitution). l.ender shall apply the Funds to pay said taxes. assessments.
insurance prcmiums and ground rents. I_ender may not charge for so holding and applying ~he Funds, analyzing said account.
or verifying and compiling said assessments and bills, unfess l.ender pays Borrower imerest on the Funds a~d applicable law
permits Lender to make such a charge. Bor~ower and I.ender may ag~ee i~ writing at the time o( executio~ of this
Mo~tgage that interest on ~he Funds shall be paid to Borrower. and unleu such agreement is made or applicable law
requira such inierest to be paid. l.ender shall ~ot be required to pay Borrower any interest or earnings on the Funds. I.ende~
shall give to Borrower, without charge, an annual accaunting ot the Funds showing credits and debits to ~he Funds and ifie
purpose for which each debit to the Funds was made. The Funds are E+ledged as additional security for Ihe sums secured
by this Mo~tgage. ~
lf the amount of the Funds hcld by Ltnder, to~pt~ier wi~h ~he future mon~hly installments uf Funds payable prior to
~he due dates ot taxa, assessments, insurance prcmiums and gruund ~e~ts, shall exceed the amount required to pay said taxes,
asxssments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either
promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. 1f thc amount of the Funds
held by Le~de~ shall not be sutt'icient to pay taxes, asstssments, insurance prcmiumc and ground rents as they iall due,
Borrower shall pay to Lender any amount necessary to make up ~he deficiency within 30 days [~om the date notice is mailcd
by Leoder to Borrower rcquesting payment ~hereot.
Upon payment in full of aSt aums secured by this Mor~gage. 1_ender shall promptly refund to Borrawer any Funds
held hy IRnder. If under paragraph 18 he~eof the Prope~ty ic suld or the Pso~+erty ~s otherwice acqoired by I.ender, Lender
shall apply, no later than immediately prior to 1he sale of thc Propcny or i~s acquisition by l.ender, any Funds held by
I.ender at the time ot application as a credit agamst the sum~ secured b~• th~s Mortgage.
3. Applicstion of Paymeats. Unless applicable law pro.•iJes otherwiu, all payments received by I.ender unJer the
Note and paragraphs 1 and 2 hereot shall be applied by I.cnJer fint in paymeot of amounts payabl~ to I.emfe~ by Borrower
under paragraph 2 hereof, then to interes~ payablc on the Note, then to the principal o( the No~e, and then to interest and
principal on any Future Advances.
4. Cbar~ts; Lkns. Sorrower shall pay all ~axes, a~cescmeMs and other charges, fines anJ impositians auribu~able to
the Property which may attain a priocity over this Mortgage, and {easehold payments or ground rents, if any, in the manner
provided unckr paragraph 2 hereof or, if not paid in such m•rnner, by Borrower making payment, when due, di~ectly to the
payee thcreof. Borrower shall prompUy furnish to Lender all notices of amounts d~e under thiz paragraph, and in the event
Borrower sha{I make paymem d~rectly. BorroH•er shall promplly furnish to Lender receipts ewdencmg such payments.
Borrower shall promp0y discharge any lien which has pr~onty over ~his Murtgage: provided, that Borrower shall nc~t be
required to discharge any such lien so long as Borrower shall agree in ariting to the payment of ~he obligation securcd by
such lien in a manner acceptable to Lender. or shall in good faith contest such lien by, or defenJ enforcement of such lien in.
legat proceedingc which operate to prevent the enforcement of the l~en or forfeiture oE the Property or any part ~hereof.
S. Hazard Insurance. Borrower shall keep the ~mpro.•ements now riisung or hereafter erected an the Propeny ~nsured
againat loss by fire, hazards included with~n the term "e~tendeJ coverage", and such other hazards as Lender may require
and in such amounts and for such periods as Lender may reyuire: provideJ, that Lender shall not require that the amount of
such coverage eYCeed that amount uf coverage required to pay the xums secured by ~his Mortgage.
The insurance carrier providing the insurance shall be chosen by Borrower s-~bject to approval by Lender: provided,
that such approval shall not be unreasonably withheld. All premiums oa insurance policia shall be paid in the manner
provided under paragraph 2 hereof or, if not pa~d in such manner, by B~-rrow•er mak~ng payment, when due, dircctly to the
insuraoce carrier.
Al) insurance policies and renewals thereof shall be in [otm accep~abte to t_e~Jer and shatl +nclude a standard morlgage
clause in favor of and in (orm acreptabk to Lender. Lender ~hall have the right to hold the policies and reneK•als thercot,
and Borrow•er shall promptly Eurnish to Lender all renewal not~ces and all receipts of paid prcmiumc. In the event of loss,
Borrowe~ shal( give prompt notice to Ihe insurance carner and i.ender. I_ender may ma-e proof of loss if not made promptly
by Borrower. -
Unless Lender and Borrow~er otherwi~e agree in writing, insurance proceeds shall be applied to restoration or repair of
the Property damaged, provided su~:h restorahon or repair is economic:ally feasible and the security of this Mortgage is
not thereby impa~red. If such restoration or repair is nM economica!!y teasible or if the sccurity of this Mortgage wouid
be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with Ihe excecs, i[ any. piid
to Borrower. It the Property is abandoned by Borrower, or it Borrower fails ~o rapond to I_ender within 30 days from the
Jate notice is mailed by Lendu to Borrower ~ha> >fie insurance carner ofTers to uule a claim for insurance benefits, I~nder
is authorized to collect and apply the insurance proceeds at L_ender's option either to restoration or repair ot the Proparty
or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
or postpone the due date of the monlhly installments teftrrcd to in paragraphs i and 2 hereoi or change the amount ot
such installments. If under paragraph 18 hereof the Property is acyuired by [.ender, all right, title and interest of Bosrower
in and to any insurance policies and in and to the proceecls thereo[ resul~ing from damage to the Propeny prior to the sale
or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sak or
acquisition.
6.- Preservslbn and Maintenance of Properly; Ltaseholds; Condomi~iums; Ptsnned Unit Derebpments. Borrower
shall keep the Property in good repair and shal) not commit waste or permit impairment or deterioration of the Property
and shall comply with the ptovisions of any Itase if th~s Mongage is on a Icasehold. If this Morlgage is on a~mit in a
condominium or a planned unit -ckvelopment, Borrower sfiaf{ perform all ot Borrower s obtigations under the declaration
or covenants creating or governing the condominium or planned unit devclopment, the by-laws and agulations of the
condominium or planned unit developmenl, and constituenl documen~s. If a condominium or' planntd unit development
nder is executed by Sorrower and reco~ded together with this Mortgage, the covenanls and agreements of such rider
shall be incorporated into and shall amcnd and supplcment the covenants and agreements of th~s Mortgage as if the rider
were a paR hereof.
7. Protection ot i.endets Securily. If Borrower fails to perform the covenants and agreements contained in ihis
Mortgage, or it any acti8n or proceeding is commenced which ma~erially affecls Lender's interest in the Property.
including. but not limited to. eminent domain, insolvency, code enforcement, or arrangements or proceedings involi~ing s
bankrupt or decedenl, then Lender at Lender's option, upon nolice to Borrower. may make such appearancts, disburse such
sums and take such action as is necessary to protect l.ender's interest, including, but not limited to, disbursement of
reasonabte at~omey's fees and entry upon the Property to make rep~irs. I( Lender required mortgage insurance as a
condition of making the loan secured by this Mohgage. Borrower xhall pay the premiums required to maintain such
insurance in eBcet until such time u the rcquirement tor such insurance terminates in accordance with Borrower's aad
- . - a~ 348 P~~E.~(~4z
~ ~ ,~ ~' ~~ ~'~'~~F
~ ~~~~:•~"~,°°a`~. .~, ,
~~ .° +~~.~ ~_~, `~,~~.*~ ~~`-~:'t . ,