HomeMy WebLinkAbout0953 UNtFOftM Cov~~rrs. Borrower and Leadet covenaat and a~ree as follo~:
1. P~ymsut oi Pr[ncip~l ~ad Interest. Borrower sh~ll promptly pay Mhen due the p~incipal and interest ~in•
debtedneu evideaced by the Note and iate char~as as provided iA the Note. - •
Z. fl~nd~ tor R'ua and Iasnnaa. Subject to appNcable law or ~ wtittea w~iver by Lender, Bonower shaii pay to
Lendec oa the day monthly payruents of pdncipal and interest are payabla under the Note~ until the Note is pald in fuU,
a aum (herein "Fuads") equ~l to one•twelfth of the yearly taies and saaos:ments (including coadominium and planned
unit development assessmenta, ~f aay) which ru~y attalu pdority over thfs Mortg~ge ~nd ground rents on the Property. tf
aay, plus one•twelRh of ye~rly pnmium ia~t~llmeab tor hazard lnsuraace~ piut one-twelRh of yesrly premium in-
:Wlments for mortgsge insura~nce~ If aay. all u reuonabiy estimated initially ac~d from ttme to time by I.ender on the
basis of assessments and bills and reasonable estimstes thereof. Borrower sha11 not be obligated to make such p~yments
of F$nds to Lender to the exteat th~t Borrower makes such paymeats to the holder of ~ prior mortgage or deed of trust if ;
:uch holdef is sn institutional lender.
If Bo~rower pays Funds to Lender, the Funds shall be held in an lnatitution the deposits or accounts of which are in•
sured or guaranteed by s Federal or state agency (including Lender if Lendor is such an institution). Lender shali ~pply
the Fuads to pay said taxes~ assessments~ insurance premiums and ground rents. Lender may not charge for so holding
and applying the Funds, analyzing said account or verifying a~d compiling said assessments and biils, unless Lende~
pays 8o~rower interest on the Funds and applicable law permits Lender to malce such a charge. Borrower ~nd Lender
may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and
unless such agreement is made or applicable law requins such intenst to bt paid, L,end~r shall not be requirod to pay
Borrower any interest or earnings on the Funds. I.ender shall give to Borrower~~without charge, an annual accounting of
the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The
Funds are picdged as additional security for the sums secured by this Mortgage.
If the amount of the Funds held by I.ender, together with the future monthly installments of Funds payable prior to
the due dates of taxes, assessments~ insurance pnmiums and ground cents, shall exceed the amount required to pay said
taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Bonower's option.
either promptly repaid to Botrower or credited to Borrow~er on monthly installments of Funds. lf the amount of the
Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums ~nd ground rents as they fall
due. Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as Lender
may require.
Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any ~unds
held by Lender. If under paragraph 17 hereaf the Property is sold or the Property is otherw•ise acquired by Lender,
L.ender shall apply, no later than immediately prior to the sale of tl~e Yroperty or its acquisition by Lender, any Funds
held by Lender at tht time of application as a credit against the sums secured by this Mortgage.
3. Appllcatlon of Paymeata. Unless applicable law provides otherwise, all payments received by Lender under
the Note and paragraphs 1 and 2 hereof shall be applied by Lxnder fint in payment of amounts payable to [xnder by
Borrower under paragraph 2 hereo~, then to interest payable on the Note, and then to the principal of the Note.
d. Prior Mortga;a and Deeds of Trmt; Charga; Llen~. Barcower shall perform all of Borrow~er's obligations
under any mortgage, deed of trust or other securit~~ agreement with a lien which has priority over this Mortgage, in-
cluding Borrower's covenants to make payments when due. Rorrower shall pay or cause to be paid all taxes, assessments
and other charges, fines and impositions attributable to the ~Propert~ which may attain a priorit~• o~•er this Mortgage,
and leasehold payments or ground rents, if any.
S. N~zard In~uraace. Borrower shall keep the improvements now existing or hereafter erected on the Property
insured against loss b~ fir~e, hazards included w~ithin the term "extended co~~erage". and such other hazards as Lender
may require and in such amounts and for such periods as L.ender may require.
The insurance carrier pro~~iding the insurance shall be chosen by Borrow•er sub~ect to appro~•al b~~ Lender: pro~~ided.
~ that such appro~•al shall not be unreawnabh• N•ithheld. AU insurance pulicie, and renew~als thereuf shall be in a form
( acceptable to Lender and shall include a standard mortgage clause in fa~•or of an~i in a form acceptable to Lxnder.
~ Lender shall ha~•e the right to hold the policies and reneµ•ais thereof, subject to the terms of anti mortgage. deed of trust
or other securitr agreement w~ith a lien w~hich has priorit}~ o~•er this Mortgage.
In the e~•ent of loss. Borrow~er shall gi~•e prompt notice to the insurance carrier and Lender. ?.ender ma~~ make
proof of loss if not made promptly b~• Borrow~er.
If the Propert~• is abandaned by Borrower. or if Borro~~er faiis t~ respand to L.ender ~+~ithin 30 da~s from the date
notice is mailed br• Lender to Borrou~er that the insur:,~cP carrier offers to settle a claim for insurance benefits. Lender .
is authorized to collect and appt~• the insurance p~ocecds at Lencler's option either to restorativn or repair of the Prop-
erty or to the sums secured by this MortRage.
6. Prese~atlon ~nd Mslnteonnce of Propertr; Lease6olds; Condominlums: Planned Unit Derelopments. Barro~~er
shall keep the Propert}• in goocl repair and Shall not commi~ v?~astc or permit impairment or deterioration of the Propert~~
and shail complr with the pro~isions of any l~ase if this Mortgage is on a leasehold. If this :~lortgage is on a unit in a con-
dominium or a planned unit ~evelopment. Bur.n~~er shall perforni all of Borrow•er's obliganons under the declaration or
covenants creating or go~~err.ing !he condominium or planned unit de~elopmen!, the b~-•]au~s and regulations of :he con•
dominium or pianned unit dP:einpment. and constituen' documents
Psotection of Lender'~ Securih. If B~r*e~~e.? f~il~ t~~ perform the co~~enants and agreements contained in this
Mortgage, ar if any action or proceed:nq is ecTmmenced :~•hich mater~all~~ affects Lender's interest in the Propert~•. then
L.ender, at L.ender's option. upon notice t~ Borrower. ma~~ make such appearances. disburse such sums. including
reasonable attorneys' fees. and take such acti~n as is necessary to protect Lender's interest. If Lender required mortgage ~
insurance as a condition of making the loan secured bti• this Mortgage. Borrow~er shall pa~• the premiums required to
maintain such insurance in effect until such time as the requiremen; for such insurance terminates in accordance with ~
' Sorrower's and Lender's written agreement or applicable law.
Any amounts disbursed by Lender pursuant to this paragraph 7, w•ith interest thereon, at the Note rate, shali
become additional indebtedntss of Borrower secured by this b~ortgage. Unless Borrower and Lender agree to other
terms of payment, such amounts shall be payable upon notice from L.ender to Borrower requesting payment thereof.
Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder.
8. Lupectlon. Lender may make or cause to be made reasonable entri~s upon and inspections of the Property, pro-
vided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefot rclated to
I,ender's intenst in thc Property.
9. Condemaatlon. The proceeds of any award or claim for damages, direct or consequential, in cennection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in li~u of condemnation, are hereby
± assigned and shall be paid to Lender, subject to the terms of any mortgage, dad of trust or other security agreement
with a lien which has priority over this Mortgage.
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