HomeMy WebLinkAbout0969 UNIFORM CovEt~.~rvTS. Burrower and l.enJe~ cavenanl an~ agrre as [~~llc~ws: .
1. Pa~•aunt of P~incipal ~nd loteresl. Hu~rr~rr sh:,l~ ~xumptly pay when due the ~principal o[ and interest ~n Ihe
in3ebtedness c~vdcnc~J by the Note, prepayment and late chargec ati ~~ovided in the Note, and th~ prinripai of and ~nterest
on any Fuwre Advances secured by this Moc~gagr.
2. Funds for Tua and Insurancr. Subject to applicable laH~ or to a written waiver by I_ender, B6riOwer shafl pay
to Lender oR the day monthly installments of pri~ticipal and ~nte~r~t are payable undet the Note, until the T`lote is paid in full,
a sum (herein "F~nds"1 equal to one-tw~elfth of the ~•earl~~ taxe, anJ as~escments Nhich may attain prioriry aver this
Mortgage, and ground re~ts an the Property, if any. plus ~ne-tw•elfth of }•early prem+um installments for hazard insurance,
plus one-twelfth of yearly premium instaUments ior martgage insuranre, if any, all as reasonably estimated initially a~d from
time to time by Lender on the basis of assessments and bills anc! reasonablc estimates thereof.
The Funds shall be held in an in.titutian the deposits or accounts of which are insure*! or guaranteeii t~y a Federal ar
state agency (including Lender if l.ender is such an institution). 1_ender shal; apply the Funds to pay said taxes, assessments,
insurance premiums and ground rents. l.ender may not charge for so holding and applying the Funds, analyzing said account,
or verifyirg and compiling said assessments and bills, unless Lender paps Borrower interest on the Funds anci applicable law
permits Le~der to make such a charge. BorroN~er anJ ~endcr ma}• agree in writing at the time of execution of this
Nortgage that interest on the Funds shalt tr~ paid ta Sorrower, and unless such agrecment is made or applicable law
requira such interest ro be paid. 1_ender shall not he requircd to pa~ Borrower aoy int~rest or earnings fln the Funds. 1_ender
shall give to Borrawer, without charge, an annual accounti~g af the Funds showing credits and debits to the Funds and the
putpose for which each debit t~ the Funds was madc. The Funds are ptedged as additionai stx:urity for tha sums securtd
by :his Mortgage.
If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to
the due dates of taxes, assessments, insurance prer,iiums ;:nd gr~und rents, shall exceed the amount reyuired to pay said taxes,
assessments, insura~ce premiums and ground rents as they fait due, such e~cess shall be, at Borrow~er's option, either
Qromptly rcpaid to BorroN•er or credited te Borrower on n~onthiy installments of Funds. If the amount of the Funds
held by Lender shall not be sufTicient to pay taxes, assessments, insurance premiums and ground rents as they fatl dut,
Borrower shall pay to Lender any amount ~ecessary to make up the deficiency ~e~ithin 30 days from the date notice is maited
by Lender to Borrower requesting »aymcnt therrof.
Upon payment in full of all sums secured by this Mortgage, l_ender shall promptly refund to Borrow•er any Funds ~
held by L.ender. If under paragraph 18 hereof the Property is sold or thc Property is otherwisc acqi~ired by Lender, Lender ~
shall apply, no later than immediately prior to the sale of the Property or its acquisition by~ Lender, any Funds lxld by
Lendec at the time of apptication as a credit against the sums secured by this Mortgagc.
3. Ap?plieation oI Paymeats. Unless applicahle law provides otherw~ise, all payments received by Lender under the
Note and paragraphs 1 and 2 hereuf shall be applied by 1_ender first i~ payment of amounts payable to Lender by Borrower
under paragraph 2 hereoi, then to interest payable on tt?e Note, then to the principal of the Note, and then to interest and
principal on any Future Advances.
C6tr~ts; Lkas. $orrower shall pay al! taxes, acsessments and other charges, fines and impositions attributable to
the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner
pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
~ayce thereof. Borrower shall promptty fu~nish to Lender ali notices of amounts due under this paragraph, and in the event
Borrower shall make payment directly, Borrow~er shall promptly furnish to Lender receipts evidencing such payments.
Borrower shall prompdy discharge any lien ~~hich has priority over this Mortgage; provided, ihat Borrower shall not be
required to discharge an}• such lien so long as Borrower shall agree in K•riting to the payment of the obligation secured by
such lien 6n a manne: acceptable to Lender, or shall in good faith contest such !ien by, or defend enforcement of such lien in,
legal proceedings w~hich operale to prevent the e~forcement of the lien or forfei:ure cf the Property or an}• part thereof.
5. Hazard insurance. Borrower sfiall keep the improvements noW existing ~r hereafter erected on the Property insured •
again~i loss b}• fire, hazards included within the term "e~tended coverage", and such other hazards as Lender may require
and in such amounts and for such periods as Lender may reyui~; provided, that Lender cha11 not require that the amaunt of
sueh coverage exceed that amount of co~•erage requir.d to pa}° the sums sec?ired by this Mortgage.
The insurance carrier providing the insuranee shail be chosen by Borrow•er subject to approval by Lender, provided,
that such appmval shail not be unreasona5ly withheld. All premiums on insurance policies shai! be paid iu the manner
provided u.~der paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
insurance cazrier.
All insurance policies ar.~ renewals thereof shall be in form acceptaolc to Len~ier and shall include a slandard mortgage
dause in favor of and in form acceptable to Ltnder. Lender shall have the right to hcld the poiicies and renewals thereof.
and Borro~ver shall ?romptly fusaish to I_ender ali renewal notices and a!I receipts of paid premiums. In the event of loss,
Borrower shal! give prompt notice to the insurance carrier and Lender, Lender may make pr~f of loss if not made promptly
by Borrower.
Unless Lender and Borruw~er otherK~isc agree in w•riting, insurance proceeds shali be apptied to restoration o; repair ef
the Properiy Samaged, provided such restoraticm or repair is economically feasible and the security of this Mortgage is
not thereby impaired. If such restoration or repair is not economical{y fcasible or if the security of this Mortgage would
be impaired, the insurance proceeds shall be applied to the sums seci~red by this Mortgage, with the excess, if any, paid
to Borrower. lf the Propertp is abandoned b~~ Borruwcr, or if Borrower faits to respond to Lender within 30 days from the
date notice is maifed by Lender to Borrower that the insurance carrier offers to settle a claim for ~nsurance benefits, L.ender
is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Propert}~
or to the sum~ secured by this Mortgage.
Unless Lender and Borrower otFerwise agrec in writing, any such apptication of proceeds to prineipal shall not extend
or postpone the due date of the monthl~~ installments referred to in paragraphs I and 2 hereof or change the amount of
such installments. If under paragraph 18 hereof the Property is acyuired by~ Lender, all right, tide and interest of Borrawer
in and to an~ insurance policies and in and to the pro;,eeds ther~of resuUing from damage to the Property prior to the sale
or acquisition shal! pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or
acquisition.
6. Prrsen~lion and 1Saintenance of Properly; Leasehoids; Condominiums; Pla~ned Unit De~~elopments. Borrower
shall keep the Praperty in good repair and shail not commit waste or permit impairment nr ~eterioration of the Properiy
and shall comply with the provisions of any lease if this Mortgage is on a teaschold. If this Tvlortgage is on a i+nit :n a
~ondominiun~ or a planned unit development, Borrouer shall perform all of Borrowei s obligations un.~er the declaration
or cove~ants creating or governing the condominii~m or planned ,fnit de~•clopment, the by-laws and r~guiations of the
condaminium or planned unit develop.nent, and constitisent documents. If a condominium or planned unit devPlopment
rider is executed by Borrower and reeorded together with this '~toregage, the coverants and agreements of si~eh ~ider •
shal! be incerporated into and sr~all amend anJ supplement the co:enants anci agreements of this Mortgage as if the rider
were a part hereof. ~
7. Protection of Lender's -Security. If Borrow•er fails to perform the co-renants anJ agreements contained in this ~
Mortgage, or i~ any action or Froceeding is commence~i w•hich materiatty affects Lender's interest in the Property,
including, but not limited to, eminent domain, insotvency, ccxle enforcement, or arrangements or proceedings involving a
bankrupt or decedent, then Lender at Lender's option, upon nntice io Bor:ower, ma}~ make such appearances. disburse such
cums and take such action as is necessary t~ protect Lender's interest. ir.cluding. but not limited to, disbvrsement of
reasonable attomey's fees and entry upon the Property to makc repairs. If I.ender required mo~tgage insurance as a
condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such
insurance in eSect unti! sucte time as the requirement for such insurance terrninates in accordance with Borrower's and
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