HomeMy WebLinkAbout0998 UNiFORtN CovFN~Nn. Born~wer and l.toJrr r~~vcnani and agrre as (oll~?wc
l. Tqma~ or Princial and inleresl. &,rr~~wer .hall Pr~,mptl) pe)' whc~ due the pnncipal o~ and interest on the
~:~deMedneu evidenced by the Notc, prepaymen~ anJ latc chargr. a. ~ri~vided ~n the Notc, and the principal ot and ~~tercs~
on aoy Futurc Advances xcured by this Mar~gage
2. F't~nQs Eot Tua eAd iruursacr. Subjcrt tr. ap~+~~:sh~c !:z~ ,•s ~ N'~~~~n waiver by l.ender, BoROwer shall pay
to l.endtr on the day monthly installments ut principal anJ mtcrc.t .~~r p~yahlc under the Notc, until the Note ix paid in full.
a sum (herein "Funds") equal to one-tNeltth o( the yr~rl~ ~a~~~ ~n~l ~aces~menlc whieh may attain priority over ~hic
Mort~age, and ground rents un the Pmperty. ~f am•, pluc ~.nc-~NCltih ot yearly premium inslallments for haza~d insurance.
plus one-twelfth of yearly premium installmenis fur mortgage msurancc. i(~any, all as reasonably cstimated initially anJ from
time to time by Lender on the bas~c ot a~sCS~mcnls and hills and reasonable estima~a thereot.
The Funds shall t+e held in an institutian ~he de{+o~~t, or arcounts ot which are insurcd or guarantced b)' a Fcderal or
state agency (including t_ender if Lender is ~uch an institutionl. Lender ahall apply ~he Funds to pa)• said taxes, assessments,
insunnce premiums and ground rents I ender may nc.t charge 1or holding and applying the Fiindc. analyzing said acc~~unt.
or verifying and compiling said assessments anJ bills, unless Lender p:?~~s Borrower interest on the fiunds and appticable law
pennits Lender to make such a charge. NorroN•e~ and l.ender may ag~ee in writing at the time o( execution ot this
Mortgage that interest on the Funds shall be pa~d tu Borrower, a~d unless such agreement is made or applicable law
requircs such interest to tx paid, l_ender shall not he requireYi to pay Borrower an}~ interest or earnings on the Funds. Lender
shall give to Borrower, without charge. an ann~~al accuunting of the Funds showing credits and debits to the Funds and the
purpose for which each debit to the Funds was maJc. The Funds are pledged as additional securiry for the sums secured
by this Mortgage.
If the amount of the Funds held by Lender, ~ogether with thc future monthly imtallments of Funds payable prior to
the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount reyuired to pa~• said taxes,
assessments, insurance premiums and ground rents as •they (all due, such excess shall be, at Borrower's option, e+ther
pranptly repaid to Borrow~er or credited to Borrower on monthly installments of Funds_ lf the amount of thc Funds
held by Lender shall not t+e sufticient to pay ta~es, assecsments, insurance premiums and ground rents as they fall due.
Borrower shall pay to Lender any amount aecessary to make up the deficiency within 30 days from the date notice is mailed
by Lend~r to Borrower requesting paymen~ thereof.
Upon payment in full of sll s~ms sccured by this Mortgage, I.ender shall promptly refund to Borrower any Funds
held by L.ender. If under paragraph 1 t~ hereof the Properly i~ sold or thc Property is otherwise acquired by l.ender, Lender
shall apply. no later than immediatcly prior to the sale of the Property or its acquisition by Lender. any Funds held by
Lender at the time of appli~ation as a crcdit against the sums secured by this Mortgage.
3. Application of Paymentc. 1~nle« apnl~cable law provides otherwise. all paYments received by Lender unJer the
hote and paragraph~ 1 and 2 hereof sh:~ll be applied by l.ender first in payment of amo~~nts payable to Lender by Borrower
undcr paraRraph 2 hereot, thert to mterest payablc an the Note, then to the principal of the Note, and then to interest and
pnncipal on any Future Advances.
4. C6arges; Liens. BormKer th~ll pay all taxes, acsessments and othcr charges, fines and impositions attributable to
the Property which may attain d priority over this Mortgage, and leasehold payments or gtound rents, if any, in the-manner
pn~vide~+ under paragraph 2 h~rrof or. if not paid in such manner, by Borrower making payment, when d~ie, directly to the
payce thereof. Borrower shall promvtly furnish to Lender all notices of amounts due under this paragraph, and in the event
Rormwer s5a11 make paymeat dir~~;tl}~. Borrower shall promptly fumish to Lender receipts evidencing such payments.
Berro~ver shail promptly discharge any lien which has pnority over this Mortgage: provided, that Borrower shall not be
rcquircd to dise:harge any s~~ch I:en sc~ lon~ as Borrower shall agree in writing to the payment of the obligation secured by
such licn i~ a manner acceptab~~ to Lender, or shall in good faith contest sueh lieo by, or defenJ enforeement of such lien in,
legal proceedings which ope;ate to prevent the enforcement of the Gen or forfeiture of the Property or any part thereof.
S. Nrzard Insurance. Burre~~er shall keep the improvements now existing or hereafter erected on the Property insured
against !oss b~• fire, hazards ind~~dcd within the term "extended coverage", and such other hazards as Lender may require
:,nd iR s~ch ainounts and fo~ s~ch peri.xi, as Lender may require; provided, that Lender shall not require that the amount of
~ue:h cu~e~agr exceed that aniuunt uf coverage required to pay the sums secured ~by this Mortgage.
'ITie ii.surancr carner ; roviclin~ the insurance shall be chosen by Borrower subject to approval by Lender, provided,
!:at suci: 3~~~OYBI shail nut bc unreasonably withheld. All premiums on insurance policies shall be paid in the manner
provided under paragraph ?~~~rcof ur. !i not paid ~n such manner, by Borrower making payment. when due, directly to the
~ ~suranc+~ carrier.
All :~~sura~~cr Ewlicie~ ~mi ;rnen•a!s thereot shall be in form acceptable to Lender and shall include a standard mortgage
i clause ~n faror of and in f~~rm .t: ~eptab!e ~o Lender. Lender shall have the right to hold the policies and renewals thereof,
and Bc;rruw•er shall promptl; furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss,
fiorrower shall gi~•e prompt not~ce t.~ thc insurance carrier and Lender. Lender may make proof of loss if not made promptly
by Ii~trower.
` Unless Lender and Bc:rro~~~er otherµ~~e agree in w•riting, insurance proceeds shall be applied to restoration or repair of
~ the Property damaged, pruvui~.~ w.:h re~toration or repair is economically feasible and the security of this Mortgage is
; r~ot thereby impaired. If turh re~t~~rat~on or repair is m~t cconomically feasible or if the security of this Mortgage would
! be impai:ed, the insurance prc~ct~eds sh:+l3 be applied to the sutns secured by this Mortgage, with the excess, if any, paid
r to Borrower. I( the Ympert~ u ahan~ioned by Borrower, or if Borrower fails to respond to Lender within 30 days from the ~
date notice ~s mailed by Ler.~er tu Borro~?•er that the insurance carrier offers to setde a claim for insurance benefits. Lender 4
~ is authorize~ to coltect an~i eppiy the in~ursnce proceeds at Lender's option either to restoration or repair of the Propetty
3 or to the sums secured by this ?~torigage.
Unless l.ender and Borruwer othen.•ise agree in writing, any such appiication of proceeds to principal shall not extend
F or postpone the duc datc uf the monthh• installmcnts referred to in paragraphs 1 and 2 hereof or change the amount of
such installments. If unde~ paragraph 18 hereof the Property is acqwred by~ Lender, all right, title and interest of Borrower
in and to any~ insurance policies :~nd in anti to the proc:eeds thereof resulting from damage lo the Property prior to th~ sale
~ or acqwsition shalt pass to Lend~r to the extent of the sums secured b} this Mortgage immediatety prior to such sale or
~ acquisitioR.
6. Prrservstion and ~laintenance of Property; Leaseholds; Condominiums; Planntd Uuit Derelopmenfs. Borrower
shall keep the Property in good repair and shall not comroit waste or permit impairment or deEerioration of the Property
and shall comply with the pro~•isions of any lease if this Mortgage is on a leasehold. 1f this Mortgage is on a unit in a
" condominium vr a planned imrt development, Borrower shall perform all of Bor:ower's obligations under the declaration
or covenants creating or govermng the condominium or planned unit develupment, the by-laws and regulations of the
condominium or planned unit development, and constit~ent 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
shatl be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider
were a part hereof.
, 7. Protectioa of Lender's Securfty. If Borrower fails to perform the covenants anJ agreements contained in this
Mortgage, or if any action c~r pra:eedmg is commenced which materially afiects Lender's interest in the Property.
including, but nut limited tv, em~nent domain, insolvency, code enforcement, or arrangements or proceedings involving a
3 ~krupt or decedent, t6en l.er.~±~r g~ ~PIIlIPf~C nr(inr2 ~~Fnn nntl~~ tn ~nrrnur:s, rn3)' !.^.34:.' S!l~t2 3~ `~,,,°3f3l4.^~, ~:SF::l:SE SL'C~:
sums and take sueh aetion as ia necessary• tu protect l~nder's interest, including, but not limited to, disbursement of
reasonable attorney.'s fees and eniry upon the Property to make repairs. If 1_ender requircd mortgage insurance as a
~ condition ot making the loan secured by this Mortgage, Borrawer shall pay the premiums requireJ to maintain such
4 insurance in e:fect until such time as ~he requirement for such inwra~ce terminates in accordance with Bormwer's anJ
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