HomeMy WebLinkAbout0950 - . i. ~ ~ .
UNIPORK COVENAHTl. Bo~rower aad Leader covenant and a~roe as tollows:
l. la~e~t ot lr~cip~1 a~i Wecat. Bormwer shall promW~Y MY When due 1he p~clpal. of and interat on the
iadebtednea ovidenced by tl~e Note, prcpayment and lato cha~ as provided in the Nwe. aod tt~e principat ot aad interrst
on any Ruture Advanas secured by this Monsa~e. ' •
t~~M tor'Tasrs a~d Vwnrce. Subject to applic~ble law or ta a written waiver by I..ender. Bocrowcr shap pay
to I.endar o~ the day monthly installments o[ principal and interest ar+e pay~bte under the Note. uatil the Note is paid in lutl.
a sum (he~in "Fund~'~ equal to onatweUth of the yearly taxes and asse~unents which auy sttain priority ovar this
Mortg~e. and ground rents or~ tt~e Properry. if aay. ptus onatwcifth of yeuly premium autallmenu fo' hsurd i~uncko.
plus one-iwelfth of yearlY Prcmium inttallmenu for mort~s~e inwranoe. if aay. sll as natonabty cstimatai initialiy and trom
time to time by I.eoder on the buis of auessments and bilis and rcasonabk estimata tbereof.
'Che Funds $hall be beld in an institution the deposita or accounts of which are insutnd or guaranteed by_a Federal or -
state agency (including L,ender if Lec~der is such an iratitution). Leade~ shatl apply tt~e Fundt to paiy said tua. asaessments.
insurance prsmiums at~d around nats. Lender msy not charge for so holding and applying the Fuads. analyzin` iaid account,
or vetifying aod oompiling said assessments aod bills, un{ess l.ender pays Borrower interest an the Func~ and applicabk law
pormits Lender to make such a charges. Borrower and Leader may agroe in writins at the time of euocution ot this
Moctgage tbat interest on the Funds shall be paid to Horrowe~, ar~d uRkss such s~rament is msde or appliq~bb law
neyuira such interat to be paid, i:ender shall not be required to pay Borrower any interat or earnings on the Fuads. I.ender
shall give to Borrower, without charge. an annual accounting of the Funds s6owing credits and debib to the Funds aad the
purpoae for which wch debit to the Funds was made. The Funds aae pledged as additional security, for the sums securrd
by this Mortp~c.
' If the nmount of the Fun~ held by Lender. together with the future monthly installments of Funds payabk prior to •
the due dates of taxes. assessmeats, imurance premiums and g~ound reots. shall eacoxd the atpount required to pay uid tues,
s:sesaments, iaaursiaoe premiums and ground rents as they fall due~ such escess shall be. at Borrower's option. either
promptly repaia! to Borrower or ctedited to Borrower on monthly installments of Fuads. lf the amount of tfie Funds '
held by Lender shall oot be sulflcieat to pay taxes, assessments. insurance ptemiums s~nd ge+ound rents a1 they fall due.
Borrower s6a11 pay to l.ender any amount aecessary to make up the deficiency within 30 days from the date notice is maitcd
by I,eader to Borrower requestin8 payment ther+eaf. '
Upoa payment in full of all sums Kcurai by this Mortgage, Leader shall ~romptly refund to Borcower any Funds
held by Lender. If under patagraph 18 hereof the Property is sold or the Pmpeny is otherwise acquired by [,ender, I.ender
shsU apply, no latcr than immediately prior to the sale of the Property or its aoquisition by Lender, any Funds held by
Lender at the time of application as a credit against the sums secured by this Mortgage.
3 Ap@lkstlo~ o[ P~mesb. Unless applicsble law provides otherwise. all paymenta roceived by Lender under the
Note aad paragraphs 1 and 2 hereof shall be applied by Lender Rrst in payment of amounts payable to Lender by $orrower
under paragraph 2 henof, thea to interest payabk on the Note, then to the principal of the Note. and then to intereat and .
principal on any Fu'ture Advances.
~ 4• Cbar[er, Lka~. Borrower shall pay all taxes. assessments and other charges, fi~es and impcuitions attributable to
the Property which may attain a priority over this Mortgage, and lessehold payn~eats or grouad rents. if any. in th~ manner j
pmvided under pa~agraph 2 t~ereof or. if not paid in such manner, by Borrower makiag payment, when due. directly to the ~
p~Ya ~~f. ahall promptly furnish to knder alt nouoa of amounu due uockr this paragrapl~, and in the eveat ~
Borrower shall rrealce payment dinetly. Borrower shaq promptly fumish to I.ender raxipts evidencing such payments.
Borrower shall promptly discharge any lien which hu priority over this Mongage; provided, that Borrower shall not be
requirod to discharge any such lien so long as Borrowet shall agree in writing to the payment of the obligation socured by
such tien in a manner acceptabk to Lender. or shal! in good faith contest such lien by, or defeod enfoncement of auch lien in,
legal prceeedings which operate tb prevent the enforcement of the lien or fotfeiture of the Property or any part, theroof.
S• N~zard Inwrsnce. Borrower shall koep the improvements now existing or hereafter erected on the Property insured
agaiast loss by Se+e, hazards includod witbin the term "extended coverage", and such other huards as Lender may require
and in such amounts and for such periods u Lender may require; provided. that Lender shall not requirc that the amount of
such coverage excced thai amount of cuverage required to pay the sums secured by this Mortgage, i
"Ibe insur~ carrier providing the insurance shall be chosen by Borrower subjoct to approval by Lender, provided,
that such appraval shall not be unreasonably withheld. All premiums on insurance policies sf~all be paid in the manaer
provided uader paragraph Z hereof or, if not paid in such manner, by Borrowet mak+ng payment, when due, dir~ectly to tbe
inaurance carriar.
~ All insurance policies aad renewals theroof shall be in form acceptable to Lender and shall include a standatd mortgage
clause in favor of and in form acceptabk to Lender. Lender shall have the rig6t to hold tlre policies and renewals theroof.
and Borrower shali promptly furnuh to Lender all renewal notices and al! rxeipts of paid premiums. In the evaat of Was,
Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loas if not made promptty
by Borrower. -
Unless Lender and Borrower aherwise agree in writing, insurance procceds shalt be applied to rastoration or t~epAir of ,
the Property damaged~ provided such ~storation or repair is economically feasible and the security of lhis Mortgage is ?
not thereby impaired. If such restoration or repair is not economically feasible or if the aecutiry of this Mortgage would ;
be impaire~, the insuranoe procceds shall be applied to the sums secured by this Mortgage, with the excess. if any, paid ~
to Borrower. If the Propeny is abandoned by $orrower~ or if Borrower faits to respond to Leader within 30 days from the ~
date aotice is mailsd by Leader to Borrower that the insurance carrier of[ers to setde a claim for insuraace benefiu, Lender i
is autborizod to collect and apply the insurance prooxds at Lender's option ather to reatoraUOn or repair of the Property
or to the suros secured by tbis Mortgage, i
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shal) not extend
or postpone the due date of the monthly uestaUments referred to in paragraphs 1 and 2 hereof or change the amount of '
suc6 installments. If under paragrap6 18 hereof the Property ic acquired by Leoder, all right~ tide and interat of Borrower
in and to any insurance policies and in and to the procoeds thereof resulting from damage to tbe Propeny prior to the sak
or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisitian.
6. Preserralbn wd Maintenaoce of Property; Leaseholds; Condominiua~ Plaaatd Uait De~ebp~neots. Borrower ~
shall keep the Property in good repair and shall not commit waste or permit impairnxat or deterioration of the Property
and shall comply with the provisions of any lease if this Mongage is on a leasehoid. If this Mortgage is on a unit in a
condaminium or a planned uait development, Borrower shal! perform all of Bormwer's obligatio~s under the declaration
or covenants creating or governing the condominium or planned unit development. the by-laws and regulations of the
condominium or planned unit develoQment, and constituent documents. If a condominium or planned unit development
rider is executed by Bortower and . recorded together with this Mortgage. the covenants and ' agrcements of such rider
shall be incorporated into and shall amead and supplement the covenants and agreements of this Mortgage as if the rider
were a part hereof.
7. Protection of Lende~'s Security. If Borrower fails to perform tht covcnants and agreements contained in this
Mortgage, or if any action or proceeding is commenced which materialiy aftecls Lender's interest in the Property,
ineluding, but not timited to, eminent domain, insolvency, code enforeement, or arrangements or proceedings involving a
banlcrupt or daxdent, then Lender at l.ender's option, upon notice to Borrower, may make soch appearances, disburx sueh
swns aad take tuch action as is na~essary to protect Lender s interest. including, but not limitod to. disbursement of
reasonable attomey's fces and entry upon tha Property to make repairs. It I.ender required mortgage iruurance as a
condition of tnaking the loan secutod by this Mortgage. Boaower shal! pay the premiums rcquired to maintain such
inswaaa in effcct until such time as the nequirement for such insurance terminates ia aecordanoe with Bormwer's and
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