HomeMy WebLinkAbout0921 UNiFORi?t CovEN.~nrs. Borrower and Lender c.~ven:?nl and agree as toll~~ws:
1. P~yment of PrinciPd and Interest. Borrvwer shali promptiy pay Hhcn due the princip~l of nnd ~ntcrest un the
indebtedness evidenced by the No~e, prepayment and late charges a~ proviJed ~n the Na~e, and the prinr~pal of and interest
on any Future Advances securcd by this Mortgage.
2. Fundc tor Ta:a and Insuru~ce. Subject t~ applicable law or to a written N~a+ver by l.ender, Borrower shall pay
to l.ender an ~he day monthly inslallmems of principal and interest are payable under the Note, until the Note i~ paid in full.
a sum (herein "Funds") equal to une-twelfth of Ihe yearly taxes and assessmcnts which may attain prii~rity over this
Mortgage, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance,
plus one-twelfth of yearly premium installments tor mortgage insurance, if any, all as reasonably estimatcJ initially and [rom
time to time by l.ender on the basis of assessments and bills and re~sunable estima~es thereof.
The Funds shall be held in an institution the deposits or accounts of which are insured or gua~anteed by a Fedrral or
state agency (including Lender if l.ender is such an institution). l.ender shall apply the Funds to pay said ~axes, assessmen~s,
insurance premiums and ground rents. Lender ma~~ nat charge for so holJing and applying ~he Fundt, analp7ing said account,
or verifying and compiling said assessments and bills, unless l_ender pa~~ Barrower imerest on the Funds and applicanle law
permits Lender to make such a charge. Borrower and Lender may agree in writing at ~hc time of exerution ot this
Mortgage that interest on the Funds shall be paid to Borrower, and unless such ag~eement is made or applicable law
requires such ~nterest to be paid, Lender shall not be reyuired to pay Borrower any interest or earnings on the Funds. I.ender
shall give to Borrower, without charge, an annual accounhng of the Funds showing credits and debits to the Funds and the
purpose for which each debit to the Funds was made. The Funds are pledged as additiunal security for the sums secured
by this Mortgage.
If the amount of the Funds held by l.ender, together with thc fuwre monihl~• installments of Funds payable pr~or to
the due dates of ~axes, asscssments, insurance premiums and ground rents, shall eYCeed the amount reyu+red to pay said taxes,
assessments, insurance premiums and ground rents as they lall due. such e~cetis shali be, at B~~rruw•er's opti~n, e~ther
prompNy repaid to Borrower or credited to Borrower on monlhly installmenl~ of Funds. If the amount c~f thc Funds
held by Lender shall not be sufficient to pay taxes, assessments, imurance prem~um~ and gmund rents as they fall due.
Borrower shall pay ro Lender an}' amount necelsary to makr up the drficiency within 10 da~s from the datc notice is mailed
by Lender to Borrower requesting payment thereoL
Upon payment in full of all sums secured by thic Mor~gage. 1 ender shall promptly re(und to Borroaer an~~ FunJs
held by Len~er. If under paragraph IR herco( the Property u,Id or thc Propcri~ ~s otherwisc acquired by Len~ler, Lcnder
shall apply, no later thart immediatcly prior to ihe sale of thc Pro~ rty or its acqws~t~on hy l.ender, any Funds heW by
Lender at the time of application as a credit aga~nst the sumti secured hy this Rtartgage.
3. Application of Payments. Unless applicahle law• pm~ i~les other~ i~e, a!I paymentt received by Lender un~ier the
Notc and paragraphc 1 and 2 hereof shall be applicd by I.cnder fint ~n pa~ment uf amuunts pay:~ble to Lcnder hy B~~rm~er
under paragraph 2 hereof, then to ~nterest payablc on the Noic, then to thc principal of the Note, and then to interest and
principal on any Future Advances.
4. Charges; Liens. Borrower shall pay all tarc~, a«essmcnts and e~ther ch.irgca, fines anil impositions attnbutahle ti~
the Propert~• which may attain a prioriry over this Mortgage, and leasehold payments or ~ound~,[ents, if aoy, in the manner
provided under paragraph 2 hereof or, if not paid ~n such mannrr, hy Borroa•e~ ma~ting~peymen~; wfien due. directly to the
pa}'ee thereof. Borrower shall promp~ly furnish to Len~ier all notices ofi am6Unts~ 6iit under this paragraph, and in the e~•e?~t
Borrower shall make payment directl}~, BorroH~r sh:~ll promptl~ furnizh t~ 1_ender receipts e~•idenring such payments.
Borrower shall promptl}~ discharge any lien ~hich has prionty o.cr this M~rtgage; provided. that Borrow•er ~hatl n<~t be
required to discharge an}' sueh lien so long as Borrower shall agree in ~;iting to Ihe pa}'ment of the ~~hligatiun secured bp
such lien ~n a manner acceptable to Lender, ~~r shall in good faith contr.i such lien b}•, or defen~f enforcement i~f such lien in,
legal proceedings w•hich operate to prevent the en(orcement of the I~en or forfeiture of ihe Property or any~ part thereof.
S. Hazard Insurance. Borrower shall keep the ~mpro~~ementti no~ rxi~ting or hereafter erected on the Properry ~nsured
against loss by fire. hazards included withui the rerm "~~tendr~l coveragc", an~l such other hazards as l.ender may~ reau~re
and in such amounts and tor such periods as Lender may reyuire; provided, that (_ender shall not reyuire that the amount of I
such rnverage exceed that amount of co~erage reqwred to pa~~ the sum. ~ecured by th~s ~tortgage. ,
"The insuranre carrier providing the ins~rance shall be ch~~sen by Borrower subject to approval hp Lendcr, pro~~ided,
that such approval shall not be unreasonahly withheld. All premiumc on insurance policies shall be paid in the manner
provided under paragraph 2 hereof or, ~f not paid in such manner, b} B~~rrower making payment, when due, direcdy to the
i inwrance carrier.
~ All insurance pohciet and renewals there~~f shall tx in forrn .irce~+t.~hlr tu Len~ier and shal! include e~tanJard mortgage
; dause m fav~r of and in form arceptahle m Lcndcr. Lender .hall ha~r the right t~~ h~?Id the poli~ic, and rencwalti thereof.
4 and BorroHer ~he1i pruroptl}' furnish to Lender all rrncwat noUces 3nd all rcceipls of paid premium. In the e~ent of loss.
~ Borrower shall gice prompt notice to the inwrance carn~r anJ Lender. I.enJrr ma} make pruot uf loss if not made ~mmptl}
' by Borrower.
~ Unless Lender and Borrower other~i~e agrre in ~nhng, inwrance procerd~ shall be applied ta re.taratiore or repair of
~ the Property damaged, prov~ded such restorahe~n or repa~r ~s ecanomiiall} feasihl~ and the se~unt} ~~f th~s :~tortgage is
- noi thereb}~ impaired. If such restoration or repair is nnt ~~~~n~~micallr featiihle ~r the securit}• of this ~lortg:,ge w~uld
be impaired. the insurance proceeds shall be applied to the sums setured h}• thiz Mortgage. wuh the etce~s, if any. paid •
to Berrower. If the Property is abandc•ned h~ Borrow~er, or it B~rrower (a~ls tc. res~nd to Lender within 30 da}s from the
date notice ~s mailed b}• I_ender to Borrower that the insurance c.~rner ~fTen to senle a claim for intiurance henefit~, l.ender
is authorized to collect and apply~ the inturance proceeds at I.enJer'S option either to restorat~on or repair of the Prnpert}'
or to .he sum~ secured by this Mortgage.
Unless l.endcr and Borrower otherwisc agrec in wnting, an~ suih appliration of pruceeds to pnncipal ~hall not cxtend
or postpone the due date of the m~nthl} installments referrcd t~ in paragraphs 1 an~i 2 hercof or change the amount of
such installments. If under paragraph 1 R hereof the Propert} it acywred b} Lender, a{I nght, title and interest of Rorrow~er ~
in and to any insurance policies and in and to the prucee~)s thereof resulting from damage to the Pro~rty prior to the sale
or acywsidon shall pass to Lender to the e~rent of the wms secured hy this ~lortgege ~mmediately pnor tc• S~ch sale or
acquisition.
6. Presenation and ~taioten~nce of Propert}: [.easeholds: Condominiums; Planned Unit De~elopments. Sorroµer
~ shall keep the Property in geod repair and shall not commit waste or pcrmit impairment or deterioration of the Property
s~:
and shall compl}' µ~ith the provisio~s of any lease ~f th~~ M<~rtgage ~~n a teaschold. If this Mortgage is on ~ unit in a
~ condomimum or a~lanned unit development, Borruwer shail perfi~rm all uf BorruHCr's ~~hl~gations under the declaration
~ or covenants creating or governing the condominnim or planned unit development, ~he by-laws and regulaUc~n~ of the
~ condominium or plan~ed unit development, and constiwent uocumemti. If a cundominium or planned amit ~c~cl~pment
~ nder ~s executed by Borrower and recorded together Kith th~ti Mortgage, the covenants and agreements ~f such ndcr
~ shall ~',e intorporated into and shall amcnd an~ supplement the co~enants and agrcemcnts of th~s Mortgagc as if the riJer
~ were a part heseof.
~ 7. Protection of Lender's Security. If Borrouer fails t~~ perfcxm the covenants anci agrcements contained in this
3 Mortgage, or if any action or proceeding ~c commence.l wh~ch materially afTects l.ender's ~ntere~t in the Pro~rt}.
incl~ding, but nnt limited tc,, eminent domain, insolvenc}, cude enf~rcement, or arrange~nents or pn.ceedings ~nvol~~ng a
~ bankrupt or decedent, then l.ender at Lender'~ option, upon notice to Borrower, may make such appearances, dishurse such
sums and take such action es is nece~sar}• to prt~te.t l.ender's interest, ~ncluding. but not limited to, d~sburseme~t of
reasonable attorney's (ces and entry upon the Propeny to make repairs. If Lcndcr required mortgage insurance as a
~ condrtion of mafcing the loan secured by this Mortgage, Bnrrower shall pay the premi~ms required to maintain such
insurance in eHect until such time as the requirement for such insurance t~rminates in accordance with Borrower's and
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~ ~~K ~03 P~~~ 91~
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