HomeMy WebLinkAbout0919 UNIFOAM COVBNAN7's. Borrower and Lender covenant and agra ~ foUows:
l. lqweat of hisciNl a~d l~terat. Borrower shall promptly pay when due the principal ot snd interat on the
indebt~ evidenced by the Note, prepaymeat and late char~ts u providod in the Note. and the princiQal ot and intercst
oe aay Futurs Adva~ccs securod by this Mortga~e.
2. F~adr [or Taza aad lewn~ce. Subject to applicabk law or to a written waive~ by Lender. Borrower sbeQ pay
to Lender on Ihe day moothly inslailments of principat and interat art paysbk under the Note, until the Note is paid in tull,
a:um (herein "Fund~'~ eqw! to one-twelfth ot the yearly tues and assessmenb which tuay attai~ prioriry over this
Mort~a~ee, and ground nnts on the Ptvp~rty, if any, ptus onatwellth of yeuly premium inuallments for hazard i~surance.
plus one-twslfth of yearly premium instaUments tor mortas~e iruunnce, it any. all aa reasonabty estimated initiallp and from
Nme to time by Lender on the buis of aasasmems and bills and reasonabk estimata thereof.
The Funds shall be held in an institution the deposits or accounts of which are insured or guarsntecd by a.Federal or
state ageney (including Lt~de~ it Lender is such an institution). Leoder shall apply the Funds to pay said taxa, assessments.
i~utance premiums and ground rents. Lender may not clurge for so holding and applying the Fuads.:nalyziog said account,
_ or verifying and compiling said aasessmenu and bilb, unlas !_ender pays Borrower interat on the Fu~ds and applicable law
permits Lender to make such a char~e. Borrower and Lender may agres in writing at the time of eaecution of this
MortgaQe that interat on the Funds shall be paid to Borrower, and unless such agrcement is made or applicable law
requira such interest to be paid~ Lender shall not be required to pay Borrower any intercst or arnings on the Funds. L.cnder
shall give to Borrower, without charge, an annual accounting ot the Funds showing credits and debits to the Funds and the
purpose for which each debit to the Funds was made. Tbe Funds arc pledged u additional security for the sums securcd
by this Mort~age.
1f the amount of tl~e F~nds held by Le~der, together with the future mon~hly installments of Funds payable prior to
the due dates of Iaxa, assasmeats, insura~ce premiums and ground rents, shall exceed the amount rcquircd to pay said taxa,
aasessments, insurance premiums and ground rents u they fall due. such excess shalt be, at Barrowei s option, either
promptiy rcpaid 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 taxes, assessments, insurance premiums and ground rents as they fall due,
Borrower shall pay to Lender an~+ amount necessary to make up the deficiency within 30 day~s from the date notice is mailed
by Lender to Borrower requating payment thereof.
Upon payment in full of all sums secured by this Mor~gage, l.ender shall promptly retund to Borrower any Funds
held by l.ender. If undtr paragtaph 18 hereof the Propetty is sold or the Property is othorwise acquired by I..ender, Lender
shall apply, no later than immcdiately prior to the sale of the Property or its acquisition by Lender, any Funds held by
Lender at the time of application as a creJit against the sums socured by th~s Mortgage.
3. Applicstioo of Payments. Unless applicable law provicies otherwise, all payrttents received bg Lender under the
Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower
under paragraph 2 hercof,~ then to interest payable on the. Note, then to the priacipal of the Note. and then to interest and
principal on any Future Advances.
4. C6arges; Lkas. Borrower shall pay all taxes, assessme~ts and other charges, flnes and impositions attributablt to
the Prope~ty which may attain a priority over this Mortgage, and leasehold payments or ground renta, it 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
payee 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 fumish to Lender receipts evidencing such payments.
Borrower shall promptly discharge any tien which has priority over this Mortgage; provided, that Borrower shall not be
required to discharge any such lien w long as Borrower shall agree in writing to the payment of the obligation securcd by
such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of auch lien in.
legal proceedings which operate to prevent the enforcement ot the I~en or torfeiture of the Property or any part thereof.
S. Hazard l~uunacr. Borrower shall kcep the improvements now existing or hereafttr erecttd on the Property iasurcd
agai:~st loss by fire, hazards included within the term "extended coverage", and such other hazards u L.ender may require
and in such amounts and for such pereods as Lender may require; provided, that Lender shall not etquirc that the amou~t of
such coverage exceed that amount of coverage required to pay the sums socurcd by this Mortgage.
'Ibe imurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided.
that such approval shall not be unreasonably withheld. All premiums on insurance policies shst! be paid in the manner
provided uader paragraph 2 hereof or, if not paid in such manner, by Borrc~wer making payment. when due. direcdy to the
insurance ctrrier.
All insurance policies and renewals thereaf shall be in form acceptable to Lender and shall include a standard mortgage
{ clauu in favor of and in form acceptable to Lender. Lender shall have thc right to hold the policies and rentwals thereof,
j aad Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of lou,
Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
~ by Borrower.
~ Unless Lender and Borrower atherwise agree in writing, iniurance proceeds shall t+e applied to restoration or repair of
~ the Proptrty damaged, proviJed such restoration or repair ~s economically feasible and the security of this Mortgage is
~ not Ihereby 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 sccured by this Mortgage, with the excess, if any, paid
to Borrower. If the Property is abandoned by Borrower, or if f3orrower fails to rapond to Len~er within 30 days from the
datt notice is maited by L.ender to Borrower that the insurance carrier offers to setNe a claim for insurance benefits, l.snder ~
is authorizeci to collect a~d apply the insurance proceeds at Lender's option either to restaration or repair of the Property
~f to che sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
or pcntgone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of
such installments. if under paragraph 18 hereof the Property is acyuired by Lender, all right, title and interat of Borrower
in and to any insurance policies 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 ot the sums secured by this Mortgage immediately prior to such sak or
acquisition.
i 6. Praervatbn aod Maintenance of Property; Leaseholds: Condominiums; Planned Unit De~elopmeats. Borrower
~ shall Iceep tht Property in good repair and shall not commit waste or permit impairment or deterioration of the Property
and shall comply with the provisions of any lease if this Mortgage ~s on a leasehold. If this Mortgage is on a unit in a
~ condomir.ium or a planned unit development, Borrow~er shalt perform all of Borrowei s obligat~ons under the dectaration
or covenants creating or governing the condominium or planned unit deveiopment, the by-laws and regulations of the
~ condominium or planned ~nit development, and constituent documenls. If a condominium or planned unit developmer~t
t rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider
shall be incorporated into and shall amend and supplement the covenants and agrcements of this Mortgage as if the rider
~ wero a part hereof.
€ 7. Protection ot Leoder's Secerity. If Borrower fails to perform the covenants and agreements contained in this
~ Mortgage, or if any action or proceeding is commenced w•hich materially affects 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 Lendtr ~t Leoder's option, upon notice to Borrower, may make such appearanca, disburss such ~
sums and take :ueh action as is necessary to protect Lender's interest, including, but noi limited to, disbursement of
~ reasonable attorney's fees ~nd entry upon the Propert~ to make repairs. If Lender required mongage insurance as a ~
condition of making the loan secured by this Mongage. Borrowcr shall pay the premiums required to maintain such
insurance in ~f[ect until such tirtx as ttx rcquirement for such msurance terminates in accordance with Borrower's and
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