HomeMy WebLinkAbout0970 UNIFORM COVENANTS. BOffuW'Cf :~n~ Lcn~~r ci~~~uant and acrrr ;~s f~~lluws:
1. Payment of Principal aod Intere~t. t3orr.~wer tihall pr~~m~tf~ pay ~~hen due the prinripal of and i~lcrest on ihe
indtbtedness evideneed by the Notr, E>repa}ni~nt anJ latr ch.,r~r. j~r~~~i.ied in the tiote, and the ~rincipal of and interest
on any Futurr Advances secured by th~s I~lortbage.
2. Funds [or Taxes and Insurance. Subject to applicable law or to a µritten ~+•aiver by Lendcr, Borrower shali pay
to Lender on the day monthly installmcnts of principal and ~ntc re~t arc pagable ~qi~t~e'~Mo~g until the No~e is paid in full,
a sum (hcrein "Funds") cqual to one•tweltth of the ~~rarly taxes and as.es~ments which'may attain priority over this
Morigage, and graund rents on ihc Property, if an}•, plus ~,nc•t~+ellth of ~rarly premium installments for hazard insurance,
plus one•twelfth of yearly premium installments for mortFage insurance. if any, all as reasonably eaimated initially and from
time to t;mo by I.ender on the basis of a~sestiments and biil~ and rea.onabic estimates thereof.
'iTu Funds shall be held in an institu~ion the deEx~sits or arcrun~s of whi~h are insured or ~niaranteed by a Federal or
state agency {including Lender if 1_ender is such an institution). 1 rnder ~hall apply the Funds to pa}~ said taxes, assessments,
insurance premiums and ground rents. Lende~ may nat charge for holding and 'applying the Funds, analyzing said account,
ot verifying and compiling said asse~sments and hills, unless Lender pays Burrow•e: interest on the Funds and applicable law
permits I.ender to make such a chargt. Borrower and I.ender may agree in writing at the time of execution of this
Morigage that int~rest on the Funds shall be paiJ to BorruHer, and unless such agreement is made or applicable law
requiru such interest to be paid, Lender shall not t~e rcyuired to pa} Aorrowcr am intcrest or earnin~s on the Funds. Lender
s6all give to Borrower, without charge, an annual accounting of the F=unds shuwing credits and debits to the Funds and the
purpose for which taeh debet to ~he Funds ?+•as made. 'ilie Fund~ are pledged as additional security for the sums securcd
by this Mortgage.
If the amount of the Funds held by I.endcr, togcther ~ith thc future monthl~~ installments of Funds payable prior to
Ihe due dates of taxes, assessments, insurance premiums ;~nd ground renls, shal! excced the amount required to pa~• said taxes,
asstssments, insurance premiums and ground rents as they fall due, such eYCess shall be, at Batrower's option, either
promptly repaid to Borrower or credited ta Borrower on monthlp installments of Funds. If the amount of the Funds
held by Lender shall not be suffici~nt to pay ta~es, as>essments, insur:+ncc premiums and ground rents as they fall due,
Borrower shaU pa)~ to Lender any amount necessar~ to make up the deficienc}~ u•ithin 30 days from the date notice is mailed
by Lender to Borrower requesting pa}~ment thereof.
Upon payment in full of all sums secured b~• this Mortgage. Lender shall promptly refund to Borrower any Funds
held by L.ender. If under paragraph 18 hereof the Property is sold or the Propertp is otherwise acquired by Lender. Lender
shall apply, no later than immediately prior ta the sale of the Property ur its acquisition by I_ender, any Funds held by
Leoder at the time of application as a credit against the sums srcured b}~ this ~lortgage.
3. Application of Payments. Unless applicable iaN proci~les e~then~ise. all pa}~ments received b}• ~ender under the
Note and paragraphs 1 and 2 hereof shall 6e appliecl b}• l.endcr first in pa}mrnt of amounts pa)'ahte to Lender by Borrower
under paragraph 2 hereof, then to interest ~a}•ahte c~n the tiote, then t« the principal of the Note, and then to interest and
principal on any Future Advances.
4. Charges; Liens. BorroHet ~hall pa} all ta~e~, a~~eti~mcnts and n!hcr charges, fines and impositions attributable to
the Propertp w~hich may attain a priority over th~t ~turteage, and leasehold payments or ground rents, if any, in the manner
provided under paragraph 2 hereof or, if not paid in nich manner. M 8i~rru«~er making payment, whcn due, directly to the
payee thereof. Borrower shall pmm~tl~• furni~h to Lrn~#er a!1 n~~ti~e. ~~f :~mc~i~nts due undcr this paragraph, and in the event
Borrow~er shall make pa~ment directl}, B~~rro~+er ~hall ~rc~mptl~ furnish ro l.rnd~r recripts e~•idencing such payments_
Borrower shall ptomptly ~liticharge an}• lien ~+hich has ~rii~nt~ uvrr thi~ \lortg:~ee: prov~ded, that Borrower shalt not be
required to discharge any such lien so long as Burro~+er shall agree in ~+riting m the pa}'meni of the obligation secured by
such tien in a manner acceptabl~ to Lender, or shal! ir~ good faith cnnte~t sisch lien hy, or defend enforcement of sueh lien in,
legal proceedings which operate ~o pre~ent the enfoncment af the I~en or forfe~t?:re of the Aroperty or any part thereof.
5. Hazard Insurance. RorroHer snall keep the impm~ement~ n~~+ e~isting ~ir hercafter erccted on the Properry insured
against loss b~~ fire, hazards inrluded witnin the term "r~tend~~i cu~rrage", and such other hazards as I.ender may require
aad in such ~mounts and for such perioci. as 1_ender ma~ rc•yi~ire: E r~~~ ide~1, that Lender sha11 n.~t require that the amount of
such co~•erage exceed that amount oi co~erage required tu pa~ the ~umc cecured hy this I~tortgage.
The insurance carrier providing the in,u~an~e sh:~ll be ~-ho~en b~ Bc~rr~~~er subject to approval by Lender, pravided,
that such appro~~xl sha11 not be unreativnahl~ withheld. All ~r~mium; un in5urance policies shalt be paid ~n lhe manner
provided under paragraph 2 hereof or, if n~t p~~d in su~Fl R1~RRcf. El~ B,~rr~~ti~er making payment, when due, directl}' to the
insurance carrier.
All insurance policies ancl renet+alt th~m.~f shal( he in f.~rm .~~~r~~t;ih!~ to I.en~lr~ and shali include a standard mortgage
clause in favor of and in form accept~ble !o Ixnder Lrndrr ~h.:l! F,:~~~ the rieht t~~ b~ld the poli:ies and reneH•als thereof,
and $orrower shatf promptl} furnish to 1 ender a1t rer,c•«s? not~cc~ ,:nd ~!I re~ripts of paid ~rrmiums. In the event of loss,
Borrower shal! gi~e prompt noifrc ~o thc in~urarn~e ~arri~r and l cn~ier. 1 en~3r; ma~ make proof of loss if not made promptly
by Borrower.
Unlecs Lender and $err~~er othen+i~e .:grce in ~tritine. in~uran~e ~r~~cee~ls shail bc applied to rectoration or repair of
the Property~ dam:~ged, provided su,h rtstorat~on or rr~+.+ir ~s e~~~~~~~ir,iiall~ fc:sihle and the cecurit}• of th~s Mort~age is
not thereby impaired. !f such re~t~~ratic~n or re~air is :~~~t c:~~n~~rni::ill~ f~~~ih1e or if the ~ecurity of this '~tortcage w•ould
be impaired, the inwrance procee~l5 shall be :,p~+li~el t~~ the .i~m, ~e~urr.3 b~ chi; ~tortcage. ~+~th the excess, if any, paid
to Borrower. If thc Yropert~ is :ah;itul~.ned h~ Bi~rmµer, ~r it B~~:rc~wer f.+i~ti tn re~~+ond ta 1 ender within 30 da}'s from the
date notice is maited b)' Lender to Borru~er that the in~ur.in:e crtrrirr ~~tTrr~ to ~~~ttle claim for incurance benefits, Lender
is authorized to c~llect and :~pply thc intiur:in~e } r~~;:ecds at l rn.icr'~ upti~~r. either to re~toration or repair of the Property
or to the sums ~ecured b} this '~lortgape.
Unless I_ender and $~xro«er othen+i.e aeree in ~~ritin~. an~ such a~{~fi,ation ~f pr~~reeds to principal shal~ no; e~tend
or postpone the due date of th~ m~nthl~ imta~lrzi~rt~ rcferred t~~ in ~arakraphs 1 and 2 here~f or ~ha~ge the amount of
such installments. !f under paraLraph l~ hercof the Yru~rty a; yu~rrd h; Lcndcr, ail ri~~ht, titlc and intcrest of Borrower
in aod to an~ imurance pc~iicies and in anJ t~ the prc~~re~ti there,~f rr~u'tsng frrm darna~e to the Propert} prior to the sale
or acyuis~tion shall pass to I.ender to thc c~;ent of the ~ums ~ecurr~i h} t'rns ~frrtgae.e imrnediately~ prior to cueh sale or
acquisition.
S. Preser~ation and llaintcoance of Pruprrt): Lca~chuldti; ('~~ndu~niniuan; Planned l~nit I)e.elopmcnts. Borrower
shal! keep the Property in good rep~ir an~ shall not commit •aa~te c~r ~+ernut imi airment or deterioration of the Property .
and shall compl~• with the pro~is~ons of an~ Ie:ue if th~s ~1~~rti.t~e it ~~n a fea~ehc.(d. If this itc~rtgaee is on a imit in a
cendominium or a ptanned unit .ic~cl~~pment, Borr~.uer ~hal1 ~crt~~rm al! +~f Borrouet's obiigations under the declaration
or covenants creating or gc~verr~~ng the cnnd~~;nin~um or ~:lanned ~mi~ c'.e~~cl~~prnrnt, the by-laws and regulations of the
condominium or planned unit de~~elopn~ent, and c~nstituent ducurnems. lf a c~ndominium or pl;,nned unit de~elopment
rider is executed by Borrower and recorded tc~gether with this tiinrtgace, the co~•enants and aereement3 of such rider
shall be incorporated into and shal( amend and wppicment the cot~nants am! alreement5 of lhis Mor~gage as if the ri:ler
were a part hereof.
7. Protection of Lenders Security. If Bc~rro~er fails to perform the covenams arid aereemerts contained in this
Mortgage, or if an}' aceion or proceedin~ is ~;~mmenced ~+h~ch mat~riall}~ aflects I_ender's interest in the Propen}'.
including, but not limited to, eminent domain, m«l~enc~, c~~de enfrnement, or arrangements or proceedings ~nvol~•ing a
bankrupt or decedent, then l.ender at Lender's option, upun nauce to Rnrrouer, ma~ make wch sp~arances, disburse such
sums and take such action as ~s neceti~ar)' to prntec! Lender's int~rest, includinF. but not limited to, disbursement o(
reasonable attorney's fces and entry upon the Property t~ makc repa~rs. If Lendcr required mortgage insurdnce as a
condition of making the Inan secured b}• this j1GrtCace. Ac•rmuer st~:,tl pay the premiums required to maintain such
insurance in efiect unti! such time as ~he rcquirement for ~uch ,nsurar,ce terminates in accordance u~i[h Borrower's and
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