HomeMy WebLinkAbout1286UNIrORM COVBNANT'. BoROwe~ tnd l,e~der eovena~l snd at~ee as follows:
l. ly~weN of lhi~clMl a~i Wenst. 8orrowet shall promptly p~r when due the priecipal ot and interat on the
indebtedneu evidenced by the Note. prepaymeot and late chargec ac provided in Ihe Note, and the principd ot and interest
on any Futuro Advances socured by this Mcutga~e.
2. Ru~ tor Tu~s a~i lwa~~ce. Subject to applic~l+k law ~.r to a writte~ waiver by Lender. Borro~re~ shall pay
to Lerider on ~he day monthly i~s~allments of principal and intcres~ arr ~yshk unde~ ~he Note. until the Note is paid in tull,
a sum (herein "Funcb") eqwl to one-twelfth of Ihe yea~l~~ ta~~~ anJ assessments which may attain priority over this
Mort~ase. and around rentt oe the Property, if a~y. ~lus one-~welf~h at yearly prcmium installments for huard insurance.
plus one-twel[1h of yta~ly premium inslallmen~s for mongage insura~uc, if aoy, all as reuonably estimated inilially and trom
time to time by Leoder on the basis ot assescmcn~s and hifls and rcasonabk atimates thercot.
The Furtds shall be held in an institution ~he depos~a or accounts of which are iosurcd or auarante~d by a Federal ot
state agency (including Lender if Lender is such an instrtution). I.ender ahalt apply the Funds to pay said taxa. assessments.
insurance premiums and g~ound rcnts. l.ender may no~ charge tor s~ holding and applying ~he F~~ndc. aoalyzing caid account.
or veritying and compling said assessments and bilts, unleu Lende~ pays Borcower interat on the Funds and applicable law
permits Lende~ Io make such a charge. Borrower and l.ender may agrce in writing at ~he time ot execution of this
Mortgage that interat on the Funds shall he paid Io Borrower, and unlas such agretmem is made or applicable law
requira such intercst to be paid. Lender shall not be rcquired to pay Borrower any interat or earnings on the Funds. Lende~
shall aive to Borrower, without charge, an annual accounting of the Funds showing credits and debits to ~he Funds and the
purpost for which eaeh debit to the Funds was made. The Funds are plodged as additional security for the sums xcured
by chis Monqae. _
If the amount of the Funds held by Lender, together with the tuture monthly installments of Funds payable prior to
the due dates of taxes, assessments. insurance prcmiums •rnd ground rents, shall exceed ~he amount requircd to pay said taxes,
assdaments, insurance prcmiums and ground rents as they fall due, such excess shall be, at Borrower s optian, e~ther
pranptly repaid to Borrower or credited to Borrower on monthly installments of Fu~ds. !f the amount of the Funds
held by Lender shall not be sutTicieot to pay taxes. assessments, insurance premiums and ground rents u they (all due,
Borrrnver s6a11 pay to I.ender any amount necessary to make up ~he deficiency within 30 days from the date notice is mailed
by Lender to Bonower requesting payment thercof.
Upat payment in full of all aums socured by this Mor~gage, 1_ender shall promptly tefund to Borrower any Funds
heW by Lender. If under puagraph 18 hereof the Propeny i~ sold or the Property ~s wherwise acquircd by Lender, Lender
s6dl apply. no later than immediately prior to the sale of the Propeny or its acquis~tion by l.ender, any Funds held bv
Lende~ at the time of application as a credit against the sums secured by this Mongage.
3. Applicatioe of PaymeMs. Unless applicable Iaw provides othenvise, all payments received by Lender under tbe
Note and paragraphs I and 2 hereof shall be applied by 1_ender first in payment of amounts payable to Lende~ by Borruwer
under paragraph 2 hercof, then to interest payable on the No~e, then to the pri~cipal of the Note. and then to interest and
principal on any Future Advances.
4. Char~es; Ijees. Borrower xhall pay all taxcs, assessments and other charges. 6nes and impositions auributable to
the Property whith may attain a pr~ority over this Morlgage, and leasehold payments or ground re~ts, if any, in the manner
provided under paragraph 2 hereof or, i( not paid in such manner, by Borrower making payment, when due, dircctly to the
payee theroof. Bflrrower shalt promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
Borrower shall make payment duectly, Borrower shall promptly furmsh to Ixnder receipts evidencing such payments.
Borrower shall promp~ly Jischarge any lien whicb has pnonty over thic Mortgage: provided, that Borrower shall not be
rtquired to discharge any such lien w long as Borrower shall agree in ..nting to the payment of the obligatiun secured by
such lien in a manner acceptable io Lender, or shall ~n g«xi taith contes~ such lien by, or defend en[orcement of such lien in,
fegal proceedmgs which operate to prevent ~he enfurcement of the lien or forfenure of the Propeny or any part thereof.
S. Nanrd lnsurance. Horrower shall keep the ~mprovement~ now exis~ing or he~eafter erected on the Property insured
against loss by fire, hazardti included withm the term "eztendeJ coverage", a:~d such other hazards as Lender may reyuire
and in such amounts and for such periods ac Lender may requirc; provided, that Lender shall not rcquirc that the amount o[
such coverage e!ccerd that amount of caverage required to pay the sums secured by this Mortgage.
'I?~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided,
tbat such approval shall not be unreasonably withheld. All premiumc on insurance polic~es shall be paid ~n the manner
provided under paragraph 2 hereof or, ~~ not paid in tuch manner, by Borrower making payment, when due, directly to the
insurance carner.
All insurance ~wl~c~e, anJ renewals therrof shall be in form accept~ble to Lender and shall ~nclude :~ standard morlgag~
clause in favor of and in form accep~able to Lender. Lender shall have the right to hold the policies and renewals thereof,
and Borrower ~hall promptly turnish to Lender all renewal notices and all receipts of paid premiumt. In the event of loss,
Borrower shall give pn•mpt not~ce to the insurance carner ~nd Lender. LenJer may make proof of loss if not made prompdy
by Borrower_
Unless Lender and Borrower otherN~u agree in wnt~ng, insuraoce procceds shall be applied to restoration or repair of
the Propert~ damaged, pr~v~Jed wrh reltoraUon or repa~r is economicall~~ (easible and the security of th~s Mortgage is
not thereby impa~red. I( such restorahon or repair is n~~t rconomically feasible or it the securiry of this Mortgage would
be impaired. ~he ~nsurance proceeds shall bc applied to the sums secureJ by this Mortgage, w~th the excess, if a~y, paid
to Borrower. If ~he Propert~ ~~ abandaned hy Hc~!rower, or ~t Borrower tails to respond to Lender within 30 days from the
date not~ce is nudcd b~• Lender to Burrower that the insurance carricr ofTers to se~~le a claim for insurance henefits, I_ender
is authorizeci tu collect anJ apply the imurance pra,eeJs at Lender's option either to restorat~on or repa~r of the Propert~~
or to the sums secured by this tiforigage.
Unle~s LcnJer and Burrc~wer otherw~~e agree m wnting, any such application of prcxeeds to prmcipal shall not extend
or postpone the duc date of ~he mi~nthh• installmentc rcfcrred ~c- in paragraphti 1 and 2 hereof or change thc amount of
sucb instaNments. I( ~nder paragraph i8 hereot the ProE,erty ~s acyuired by l.ender, all right, title and interest of Borr.~wer
in and to any insuranc: policies anJ in and to the proceeds thereuf resulung trom damage to the Property prior to thc ~ale
or acqws~tion shall pass to Lender tu the extent of the sums secured hy Ih~s l~tortgage imme~iately prior to such sale or
acquisition.
6. Presen•y~ion and ~laintenance of Propertv: t.easehulds; ('ondominiums; Planned Uait Developments. Borrow•cr
shall keep :he Pmpert~~ in gcx~d repair and shall not comroit y-aste or perm~t impa~rment or deterioration of the Property
and shall compl} Nith the prociswns of any lease if thi~ Morlgagc ~s un a Icaschold. I( this Mortgage is on a unrt in a
condomimum or a planned un~t drvel~-pment, Borrow~er tihall perform all of Borrower's obligations under the declaratiun
or covenants creat~ng ur governmg Ihe cond~mmium or planned u~it develupment, the by-laws and regulationc of the
. conJominium or planned unit development. and constituent ~ckumentti. If a condominium or planned unit development
nJer is executeJ by Rorrower anJ recorded a~gether w~th this Mortgage, the covenants and agreements at such ridcr
shall be ~ncor~rated into and shall amend and supplcment the cuvenants and agreements of this Mortgage as ~f Ihc riJer
were a part F~ereof.
7. Protection of Lenders Securfty. (f B~.rrc,wer ta~k t~~ ~xr(~~rm the covenantc and agreements contained in thic
Morlgage, or if any acUOn ur proceeJmg ~c cummrnced v-hich matcrially afiects I.ender's interest in the Pruperty,
includ~ng. but n~~t limited to, rminent doma~n. im~~lvenc}. axle enf~rcement, or arrangements or pn.ceedings invohing a
bankrupr or decedent, then 1 enJer at I.ender'~ option, upan nohce to F3orrower, ma} make such appearances, d~shurse such
sums and ~ake such action a~ is neceti~ar~~ ti~ pr~~tec~ Lender't imerest. including. but nnt limited to, dicbursement of
ieasonable a~~orney'c Iceti and emry uEx~n thc Proper~}~ to make cepa~rc lf I.ender reyuireJ mortgage insurance as a
condiUon of making thc loan ~ecureJ by this :lfortgage. Borrcwer sh.~ll pay~ the premiums requireJ to mainta~n such
insurance in rttecl unhl ~uch ume as ihe reyuirement tor wch imuran.e terminates in accordance K'IIFI BOffOWI'f S anJ
~~~K 348 FAGE1286 ,
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