HomeMy WebLinkAbout0970 UNIFWIM COVENANTS. Borrower and Lende~ covenant and agra u follows:
l. P~ent of PrioclNl ~sd f~terat. Borrower shall promptiy pay when due the- principai of and interest on the
indebtednssi evidenced by the Note, prepayment and late char~es u providod in the Note, and tbe principal ot and interest
on any Future Advances securod by this Mortgage.
2.~ Ftiadi io~ Tua aad Iaansce. Subject to spplicable law or to ~ written waiver by Lender, Borrower shall pay '
to Lender on ~he dav moathlY ~~stallments of principal and i~terest arc payabk under the Note, until the Note is paid in full,
a ium (heroin "Funds") equal to oortwelfth of the yearly taxes snd assessmenb which may attain priority over this
Mortgage, and ground rents on the Property, if any, plus oae•twelfth of yearly premium installments for hazard insurance,
plus out-twelfth of ycarly premium installments for maRgage in:urance. if any, all as reasonably atimated initially and trom
dme to time by Lender on the basis of assasment: and bills and reuonabk atimates tlureof.
'il~e Funds shall be held in an institution the deposits or accounts of which are insured o~ guaranteed by a Federal or
state agency (including Lender if Lender is such an icutitution). Lender shall apply the Funds to pay said taues, assessments,
insurance premiums and ground rents. Lender may not char~e for so holding and applying the Funds, analyziag said account,
or verifyin~ and compiling said assessments and bilts, unkss Ltnder pays Borrowe~ interest on the Funds a~d applicable law
permits Lcnder to make such a charge. Borrower and Lender may agree in writing at the tima of execution of this .
Mortgage that interest on the Funds shall be paid to Bortower, and unlas such agreement is made or applicable law
requires such inttrest to be paid, Lender shall not be required to pay Borrower any interest or earaings on the Fvnds. L,ender
shat! give to Borrower, without chyrge, an annual accounting of the Funds showing credits and debits to the Funds and the
purpose for which each debit to the Funds wu msde. Tbe Funds ar+e pledged as additional security for the sums secared
by this Mottgag~.
If the amount of tl~e Funds held by Lendtr, together with the future monthly installments of Funds payable prior to
the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes,
assessments, insurance premiums and ground rents as they fall du~, such excess shall bC, at Borrower's nption, either
prompdy repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds
held by Lender shall not be sufficient to pay tues, assessrnents, insurance premiums and ground rents as they fall due,
Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
by Lender to Borrower requesting payment thereof. .
Upon payment in full of all aums secured by this Mortgage, I.ender shall promptly refund to Borrower any Funds
held by I.ender. lf undu paragraph 18 hereof the Property is sold or the Propcrty is othenvise acquircd by Lender, Lender
shall apply. no later than immediately prior to the sale of the Propeny or its acquisition by I.ender, any Funds held hy
Lender at tht tims of applicstion as a credir.against the sums secured by this Mortgage. '
. 3. Apptkaibn of Payments. Unless applicable law provida otherwise, all payments received by Lender under the
Note and paragraphs 1 and 2 hereof shall be applied by Lender fitst in payment of amounta payable to I.endtr by Borrower
under paragraph 2 hereof,~ then to interest payabfe on the. Note, then to the principal of the Note, and the~ to interest and
principal on any Future Advances.
4. C6arges; [.k~. Borrower shatl pay ail taies, assessments and other charges, fines and impositions attributable to
the Property which may attain a priority over this Mortgage, and leasehold payments or gmund rents, if any, in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
payce thereof_ Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event
Borrower shall make payment directly, Borrower shall promptly furnish to L.ender receipts evidencing such payments.
Borrower shall promptly discharge any lien which has priority over this Mortgage; Provided, that Borrower shall not be
required to discharge any such lien so long as Borrower shall agree in writing to tht payment of the obligation secured by ~
such lien in a manner accepCable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in,
legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. ~
S. I~azard [nsurance. 8orrower shall keep the improvements now existing or heteafter erected on the Property insured
against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require
and in such amounts and for such periods as Lender may require; provided, that Lender shaTl not require that the amount of "
such coverage exceed that amount of coverage required to pay the sums setured by ~his Mortgage.
The insurance carrier providing the insurance shal! be chosen by Borrower subject to approval by Lender; provided, I
that such approval shall not be unreasonably withheld. All premiums o~ insurance policiea shall be paid in the m~nner ~
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcdy to the
i insurance carrier.
; All insurance policies and renewals thereof shall be in form acceptable to LenJer and shalt include a standard mortgage ;
I claux in favor of and in form acceptable to l.ender. Lender shall have the right to hold the policies and rcnewals thereof,
~ and Borrower shall prompUy furnish to Londer all rtnewal notices and all receipts of Paid pnmiums. In the event of loss, ,
Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made prompdy ,
j by Bonower. ~ -
~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall he applitd to restoration or repair of
~ the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is
~ not.thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would
be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
to Borrower. lf the Property is abandoned by Borrowe~, or if Borrower fails to respond to Lender within 30 days from the
date notice is mailed by i.ender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender
is authoriud to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
or to the sums secured by this Mortgage.
Unless Lender and Borrower othenvise agree in writing, any such application of procetds to principal shall not extend
or postpane the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
f such installments. if under paragraph 18 hereof the Property is acquired by L.ender, all right, title and interest of Borrower
~ in and to any insurance polici~., and in and to the proceeds thereof resulting from damage to the Property prior to the sale
~ or acquisition shall pass to Lender to the extent of tht sums secured by this Mortgago immediately prior to sueh sale or
acquisition.
g 6. Praen•ation aod Mainlenance o[ Property; Leaseholds; Condominiums; Planned Unlt De~elo~ments. Borrower
e{.nll 4. ~l.n Drn.urfv n..~ r n.i e{.nll nnf rnmmi~ woe?n nr rvrmif imnoirm~nf nr rjnfPrinr~f:nn nf 1{~p 'pMM11V
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~ and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a
~ condominium or a planned unit development, Borrower shall perform all of Borrower's obiigations under the declaration
~ or covenants creating oi governing the condominium or planned unit devetopment, the by-laws and regulations of the
~ condominium or planned unit development, and constituent documents. If a condominium or planned unit development
rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider
shall be incorporaled into and shall amend and supplement the covenants and agreements of this Mortgage as if tht rider
! were a part hereof.
e ~ 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this
s Mo:tgage, or if any action or proceeding is 'commenced w~hich rrtaterially aEiects Lender's interest in the Property,
~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a
bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such
sums and take :uch action as i: necessary to protect Lender's ~nterest, including. but not limited to, disburument of
~ reasonable attomey's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a
~ condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such
insurance in eHect until such time as the requirement for such insurance terminates in accorda~ce vrith Borrower s and
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