Loading...
HomeMy WebLinkAbout0918 1 _ - _ _ _ _ . UNIFORM COVENANTS 8arower ancf ltnde~ tovena~t and aq~ee as toilows ~ 1. Paym~nt ol Pr~nCipsl and Inte~est. Bu~rower shati promptly pay when d~~e the {x~nc?Pa~ o~ ancl mterest on the m- deb~edness ev~denced by the Note. nfet~avmem and late c.ha~l~es as p~uvuted ai the Note and t~e pnnc~pal of and ~nterest on any Futu?e Advances secursci by ~h~s Mo~tgage . 2. Funds to~ Taa~s and Insurance. Sub~ect to a~1~caMe taw a to a wnttrn ~va~ve~ by Le~cter, Ba~ower shall •pay to tencle~ on the day n~o~tMy ~nstallrnents ot s~n~ic~ual arnl aNe~es! a+e ~u~yalite ~~~xlc~ the Nute. uM~{ the Note ~s pa~d m lull, a sum (herein "Funds") equal to a~e•twelfih of the yea~ly taxes an~t .~ssuss+n~nt~ wh~ch m.~~ atta~n pnoc~ty ov~~ th~s Matgage. and grOUnd tents On the Property. d any, plus une•lwelfth ot yearly p~em~um mstallments tw I~aZaid ~nsuranCe. plus one-twelfth ol yearty p~emwm instatlmenis (or mort~aile insura~te. d a~~y ~11 as rcascuiahly eshmate~! u~iually anci hom timo to Ume by Lender on the l~sis of assessnients and b~lls aixt ~easonabFe cs~~rt~atec tiK:~c~f ~ The Funds shall tw Ixsld ~n an u~sututwn the de~xnUS a acca~u~ts ol wluch ~re ~ns~~+e~l ix ep~a~anteed by a fe~foral ar sta~e agency bnclud~n,y La~K1er d lerxle~ is siich an ~nsntuh~n) leiNl~i slr.dl apply Ure Fu~w1s to pay saNl laxos. asstsssmeuts. ~n- surance prcmwms and yround ~ents lencl~r mar ~eot eharga lur w lalil~ng a~~d :~~~~IyuK,J ~hc Furxls. analy~~n~ sa~d aecount. or ventying and compd~ng said assessments aRd bills. unleu Len~lar ~k,ys Ba~ower m~e~est u~ the Funets a~xf appticable law per- rn~ts le~de~ to make such a charc~e. Borrower and lender may ag~ee ~n w~~tnx~ a~ the ume ot e~ecuuon ut th~s Mortyage ~hat in- terest on the Funds shall be pa~d to 8o~rower. and unless such :~greoment ~s m~de o~ a~bcable taw ~eq~ures such ~nterest to be paKl, lender shall not be req~ured to pay Bo~~ower any interest w ca~rnn~s on the Funds Lender shall ~we to 8orrowcr, w~thout charge, an annual accounting o( the Funds showing crecl~ts ~r?d cieMts lu tl~e Funds arul tlie pwposa lor which each debit to the funds,was made. The Funds are pledc~ed as add~tion~l secunty tor tl~e sums secured by tlus Mort,yac,~e. It the amou~t ot the Fucxls hcld hy lende~. togethe~ w+th the luture monthly mstallments o) Funds payabte p~ior to the due dates oi taxes. assessments. msu~ance prem~ums ancf graind rents. shall exceed the amount raqu+red to pay said tazes. assessments.insurance {xemiums and grourxl rents as thoy lall due. such excess shalt be, at Borrowers option. euher promptly repaid to Bo~rower or cred~teci to Borrower on monthly installmcnts ot Funds It the amount of the Funds held by Lender shall nQt be sutticient to pay taxes. asSessments. insurance premwms and ground ~e~ts as they lall due. Bor~ower shatl pay to Lender any amount necessary to make up the ctet~ciency w~thM ~30 days f~um the date not~ce ~s mailed by lende~ to. Bwrower requestmg payment thereof. ~ Upon payment m full ut atl sums secured by Ih~s Mortga~e. Lender shall promptly relund to Bwrower any Funds held by lender. If under parayraph 18 hereo( the Property is sold or the P~operty is otherw~se acqwred by Lerxier. Lender shall apply. ~o late~ than immed~ately p~lor to the sate ot the Properiy or ~ts aCquisitwn by Ltsnder, any Funds held by Lender at the time of application as a credit ac~a~nst the sums secured by th~s Matgage 3. Application o( Payments. Unless applicable law provides otherwise. all payments ~ecewed by Lender u~de~ the Nqte ' - and paragraphs 1 and 2 riereot shall be applied by lende? first in payment o( amounts payable to Lender by Borrower under paragraph 2 hereot. then to interest payable on the Note, then to the pnnc~pal of the Note. and lhen to i~terest and principal on any Future Advances. 4. Charges: Liens. Borrower shall pay at{ taxes, assessments and other charges, f~nes and imposh~ons attributaWe to the Property which may attain a prio?ity ove~ this Mortgage. and leasehold payme~ts or ground rents. il any. in the manner provided under pa~agraph 2 hereo( or. •if not paid in suth manner. by Borrower making payment. when due. dirgctly to the paYee thereof. Borrower shall p?omptly (urnish to Lender all natices oi amounls due under th~s pa~agr~aph, and ~n the event Borrower shall make paymeot di~ectly, Bor?ower shati promptly lurnish to leixier recerpis evidencmg such paymen[s. Borrower shalt promptly discharge any lien which has priority ovea this Mortgage: pranciecf. th~?t Borrower shall not be required to d~scharge any wch tien so long as Borrower shall agrPS in writing to the payment o1 the obliyaeion secuced by such lien ~n a manner acceptable to Le~der. or shall in good taith contest wch Gen by. or de(end entorcement of such t~en m. le4jal p?oceedings wh~ch operate to ~ prevent the eniorcement ot the lie~ or iorfeiture ot the Prope~ty or any part,thereoi. ~ 5. Hazard Insurance. 6orrower s~Wtl keep the improvements now existmg or hereafler erected on the Properry insured against loss by fire, haiards included within the term "extended coverage and such otl~er hara~ds as Lender may require and ~ in such amounts and (or such periods as Lender may require: provided. that Lender shall no~ requ~re that the amount of wch cove~age exceed that amount o1 coverage required to pay the sums secured by ih~s Mortgage_ The insurance carreer poviding the insu?ance shall be chosen by Borrower subject to app?oval by Le~dar, provided, that ! , such approval shall not be unreaso~ably withheld. All premwms on ~nsurance pol~cies shall be paid in the manner provided un- f de~ paragraph 2 hereof or, it qot paid ~n such manne~. by 8orrower makinfl payment, when due. directly to tlie insurance carrier. ~ All insurance policies and renewals the~eat shall be in form accep~ablQ to lender ancf shall incfude a standard mortgage ~ clause in tavor of and in form acceptal~le to Lender. Lender sl;~ll have the ~ight to hold tl~e pol~c~es and renewals thereot. aad Borrower shall promptly furnish to Lender all renewal notices and all reccipts of paid premu~ms. In tl~e event of loss. 8arower ~ shall give prompt notice to the insurance carner and Leruler Lender may make p~ool ut loss d not macfe promplty by Barower. i Unless Lender and Barower otherovise agree in writing. mwrance proceeris shall be appl~eci to restora~~on or repair of ihe ' f Property damaged. provided such restoration or repai~ is econom~cally teas~We and Il~e ser.unty of ~h~s Mortc~age is not thereby ~ impaired_ It such restoration or repair is not econamically feasible or if the secunry ot th~s Matgaye wa~ld be impaired, the i~- f surance proceeds shall be appl~ed to tlie sums secured I~y th~s Morte~a~e. wuh tl~e axcess. d any. ~~aid to Borrower. It the ` Property is abandoned by Bo?rower, or if Bwrower tails to respond to Lender within 30 days (rom the date nouce is mailed by E Lender to Borrower ihat the insurance carrier ofters to settie a ciaim tor insurance benei~ts. Lencier is a~ithonzed to collect and ~ apply the insurance prcee~s at Lencier's opt~on eithe~ to reslor2t~~+ w re~+ak n~ the Property c+~ ifie sums securecl by this ~ Mortgage. ; Unless Lender and Bwrower otherwise agree in vwiteng, any such applica~icx~ of proceeds tq pnncipal shall not extend or f ' posipone the due date o( ihe monthly installmems reterred to m parac~raphs 1 and 2 hereof or change the amount o( such in• _ ~ stattments. I( u~der paragraph 1 S heieot the Property is acquired t~y Lencier, aN nght. i~tle a~xi ~nteresl ol Borrawer in anA to any ~ insurance policies and ~n and to the proceeds thereoi ~esutt~~g (rom dam:+~e to the Property pr~or to the sale a acq~us~t~on shafl C pass to Lender to the extent of the sums secured by this Mo~tgage immecliately pr~or to such sale or acyuisition. perty: Leaseholds; Condomi~iiums; Planned Unit Develo ments. Barower C 6. Preservation and Maintenance ot Pro P shall keep the Property in good repair and shall not comm~t waste or pcrmit +mpairment w deterwrat~on ot the Property and shal{ comply w~th the p~ovrsions of any lease ~i this iNortgac,~e ~s on a leaselwld It th~s Murtgage ~s on a urnt ~n a condom~mum ~ or a planned un~t development Borrower shall pertorm all ot 9o~rowr~'s oblN~a~ions under ti?e ~feclarat~on or cavenams creat~ng or governing the conclominwm or plannect imrt devefopment, the by-laws ancf rec~ul~Uans ot the condomm+um or planned umt ~ development, and const~tuent documents. If a condominwm pr planned wn1 clevelopment ruler ~s e~ecuted by B~rrowe~ and - recorded together w~th this Mortgage. the cove~ants and ayreements of such r~der shall be ~ncorporatecl ~ntn ancl shall a~nend and suppfement the covenams and agreements of th~s Mwtga~~e as d the ruler were a par! hereof - T. Protection ot lender's Sec~rity. fi Bo~rower fads to perfo~m the covenants and agreements contamecf m this ~ Mortgage. or d any actwn w proceeding ~s comme~ced wh~ch matenally attects lender's int~uest ~n ftx~ Prc~?erty. ~nclud~~tig. but _ ~ot hmited to, eminent domam. msolventy, code enforcemem, or arranyements or ~~ioceedings ~nvolvmg a bankruM or ~ decedent, then Lender at Lenciei s opt?on, upon nohce to Borrower. may mal.e such eppea~ances. d~sburse such sums and take such acuon as ~s necessary to protect Lender's mterest. ~nctud~ng but ~w~ hmned to. d~sbursement ot reasonable etwmey's ~ tees and entty upon the Propercy to make repa~rs If tencfer required mort~~a~~e ~nswance as a reasonabie attomey~s (ees and. ~ entry upon the Property ta make repairs t( Lender requued mortgage ~nsutance as a ca~d~t~on pf mak,ng the toan secured by ~ th~s Mortgage. Borrowe~ shall pay the prem~ums requued t~ mai~tam such msurance m effect unbl ~suCh Ume as ihe requ~rement ior sucA msurance term~nates ~n accordance w~th 8orrowe~'s a~d lenAer s wntten agreement a appl~cable law Sarower Shall paY the ~mOUnt Of 011 mortgat,~e insurdnce premwms ~n tt?e manner prov~ded unArr ~arayraph 2 hereol. ~ ~ ~ ~25 918 " ~ z ~ ~ .