HomeMy WebLinkAbout0940 . . _ _ _ _ . ~
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UNIFOAM COVENAI~'IS. Borrowe~ and Lender coveoan~ and agree as tollows:
1. l~ymeot of Princtpal aad IMerest. Borrowe~ shall p~omptlf pay when duo the principal of and interest on the
indabted~ess evide~ced by the Note. prepayment and late charges a~ provi~kd in the Nate, and the principal of and interest
on any Futurc Advancec securcd by this Mortgagc. /
2. Ftiads [or Tua aad Iownace. Subject to applicable law .br to a written waive~ by Lender. Borrower shall pay
to Lender on the day monthly installments of principal and inten~ct are payable unde~ the Note. u~til tf:e Note is paid in full.
a sum (her~cin "Funds") equa! to orte-iwelfth of thc yearly tacc~ anJ asseuments which may attain priority over this
Mortgage, and ground rents on the Property, if any, plus onc-tweltth of yearly premium installments for hazard insuraace,
plus one-twelfth of yearly p~emium installme~ts tor mortgage inuirancc, if any, all as reasonably estimated initially and from
time to time by I.ender on thc basis of assessments and hilts and. reasonable estimates thereof.
?Tu Fu~ds shall be held io an institution ~he depoaits or accaunts af which are insured or guaranteed by a Federal or ~
state agency (including Lender if Lende~ is such an institution). I.ender shall apply ~he Funds to pay said taxa. assessments.
insu~ance premiums and ground rents. I.endtr may not charge for sc~ holding and applying the Funds, anaiyzing said account.
or verifying and compiling said assessments and biils, untess Lender pays'Borrower interat on the Funds and applicablt law
permits Lender to make such a charge. Borrowe~ and l.ender may agree in writing at the time oE execution of this
Mortgage that interest on the Funds shall bc paid to Borrower, and unless such agrcement is made or applicabk law ~
requires such i~terest to be paid, Lender shall not bc required ta pay Bocrower any interest or earnings an the Funds. . l.ender
shall give to Borrower, without chargc, ah annual accounting of the Funds showing credits and debits io the Funds and the
purpose fo~ which each debit to the Funds was made. The Funds arc pledged as additional socurity for the sums secured
~ by this Mortgage.
If the amount of the Funds held by Lender, toge~her with thc future mvnthty installments of Fe~nJs payabk prior to
the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes.
assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower s oplion, either
promptly repaid to Borrewer or credited to Borrower on monthly installments of Funds. If the amount of thc Funds
6eld by Lender shall not be sufticient to pay taxes, assessments, insurance prem+ums and groi~nd rents as they tall due.
Borrower shal! pay to Lender any amount necessary to make up the deficiency within 30 days from Ihe date notice is mailed
by Lender to Borrower requesting payment ~hercof. .
Upon payment in full of all sums secured by this Mongage, Lender shall promptly refund ~o Borrowe~ any Funcis
held by LcnJer. If under paragraph i8 her~eof the Propcrty is sold or ~hc Proper~y is otherwise acquired by t.ender, l.ender ~
shall apply, no later than immediatcly prior to ihc salc of ~hc Propcrty or i~s acquisition .by I.endcr. any Funds held by
Lender at the time of application as a credit against ~he sum~ secured by ~his Mortgage.
3. Application of Paymenls. Unless applicable law• provi~ks othenvise, all payments reccived by t_ender unJer the
Note and paragraphs 1 and 2 hereof shalt be appticd by 1_cndcr Bnt in p:~}•ment o( amounts payable to Lcnder by Borrower
ander paragraph 2 hereof. then to interest payablc on thc Nutc, thcn to thc principal of the Note, and thcn to intcrest and
principal on any Future Advances.
4. Charges; Lk~. Borrower shall pay all ~axes, askssments and Mhcr charges. fines an~l imposilions auributahte to
the Property which may attain a priority over thic Mortgagc, and teaschold paymenis or ground rents, if any, in !he manner
pmvided 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 atl notices of amounts duc under this paragraph, and in the event
Borrower shall make payment directly, Borrow•cr shall prompily (urnish t~ l.ender rcreipts evidencing such payments.
Borrower shail promplly discha~gc any lien w-hich has priority o~cr this Murtgagc; providcd, ~hat Bormwcr shall not be
required to discharge any such lien so )ong as Borrow•er shall agrcc in w•riting to the payment of the obliga~i~~n secured by
such lien in a ma~ner acceptable to l.ender, or shall in gcx~cl faith contr.t such lien by. or defenJ enforcement of such lien in,
legal proceedings which operate to prevent the en(orcement ot' thc lien or furfeiture of the Property or aoy part thereof.
S. Haa~rd Insu~ance. Borrower shall keep thc impm.~cmcnts naw- cxisting or hercaftcr crccted on thc Propcrty insured
against loss by fire, hazards ineluded w~ithin the tern~ "c~tendeJ cover•rge", and such other hazards ac Lender may require
and in such antaunts an~ for such pcriods a~ Lender mry rcyuirc; proridcJ, that Lcnder shall not reyuirc that thc amount of
such coverage exceed that amount of raverage required to pay tlx sums cecured hy this Mortgage_ •
The insurance carrier providing the insurance shaN be chctsen by Borrower subject to approval by Lender, pravided,
thal such approval shall not be unreasonably withheid. All pnmiums on insurance policies shall bc paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, directly to the
insurance carrier. ~ ~
All insuranee policies anJ renewals thereot shall tx: in forn~ arcep~abtc to LeeJer and shall include a s~anJard mortgage
clause in favor of and in form accept•rhle ta Lcndcr. Lrndcr ,hall ha~•c thc right to hold ~he policics anJ rcncwals thcreof,
and BorroK•er shall promptly furnish to Lender ail rrnewal notices and all receipts of paid premiums. in the event o( lost,
$ortower shall gi~~e prompt notice to Ihe insurance car~irr and Lender. Lendcr may make prcx~f o[ loss if not made pmmptty
by Borrower. -
Unless Lendcr and Borruwcr othcn+•iK: agrcc in writing. insurancc pr~kceds shall be applied to restoration or repair of
the Property damageJ, proviJed such rc~roration or rcpair is economically feasible and the security of this Mortgage is
not thereby impaired. I[ such restoration or repair is m~t r.un~imicall~• fcasihle or if the security of this Mortg:+gr would
be impaired, the insurance proceeds shall be applied io thc sums securcJ by this Mortgage. wi~h the excess, if any, paid
to Borrower. 1( the Propert~• is abandoncJ by Borrowcr, or il Borrowc~ fails to respond ~o Lendcr within 3U days from the
datc notice is mailed by I.ender to Borrowcr that Ihe insurancc carricr olfers to sculc a claim for insurancc hencfits, I~ndcr
is authorized to collect and apply the insurancc proceeda at i.endcr's option eithcr to restaralion or repair of the Properly
or to the sums ~ecured by this Mortgage.
Unless l~nder and Borrower otherw•ise agree in w•riting, •rn~~ surh applica~ion of proceeds to principa) shall not extend
or postpone the duc date of the manthly installmcnts rcferrcd ta in paragraphs 1 anJ 2 hcrcof or changc ~hc amount of
such instaltments. If under paragraph 18 hereof thc Propert~~ is acyuired b~• IxnJcr, :~11 righ~, tidc and intcrest of Borrowcr -
in and to aoy insurance policies and in and to thc procceds thcreof resul~ing trom damage to the Propeny prior to the sale -
or acquisition shal! pass to Lender ta thc ex~cnt of thc sum~ sccurcd by this Mortgrgc immediatcly prior ~o such sale or
acquisition.
6. Presen~atioa and ~taintenance of Propcrty~; I.c~sehotds; ('ondominiums; Ptanned Unit Ikvelo~ments. Borrowcr
shall kecp thc Property in gocx! repair and sha!! not commit wastc or permit impairment or deterioration of ihe Property
and shall comply with thc provisions of any lease if this Mungagc is on a Icaschold. If thic Mortgage is on •r unit in a
condominium or a planned unit dcvclopmcm, BorroN~cr .hall ~xrform all of Borrowers obligations undcr thc dcclaration
or covenants creating or governing the condominium or planncd unit develapment, the by-laws and regulations of the
condomin+um or planned unit development, and constituent Jocumems. If a conJominium ar planned unit Jevclopment
rider is eaecuted by Borrower and recorded together with thic Mortgage, thc covenants and agreements e~f such rider
shall be incorporated into and shall amcnd and supplcment ~hr co~~cnants and agrcemcnts of ~his Mortgagc as if the riJer
were a part hercof.
7. Protection of Lende~s Security. If Borrow~cr failc to perfarm !he covenants anJ agreements contained in this
Mongage, or if any action or proceeding is commcnced which matcrially affec~s Lender's interest in the Propeny,
including, but not limited to, emincnt domain, insoh•cnc~~, axic cnforcemcnt, or arrangcments or proceedings involving a
bankr~p~ or deccdent, then Lender at Lender's option, upon notice ~o Borrower, may make such appearances, dishurse such
sums and take such action as is necessary to protcrt l.cnder s interest. incluJing. but not limitcd to, disbursement of
reasonable attorney's fees and entry upon the Proper~y to makc rcpairs. If I_cndcr requircd mortgage insurance as a
condition of making the loarr secureJ b~• this Mongage. Born.w~er shall pay the premiums requireJ tu maintain such ~
insurance in eHect until 'such time as the reyuirement for such insurance terminates in accordance with Borrower's and
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