HomeMy WebLinkAbout0971 UNiI'OR~1 Covf:N~N7'S. I3orro~~~cr and l.cn~lcr c~venant an~l ;~~;rce as follo~vs:
1. I'nymenf of PrlncJpAi nnd lntcrest. l3orru~t~cr sh;?II C~mmptl}~ 4~ay ~+~hci~ duc thc principal of and intcrest on 1hc
indebtedness evidenced hy the Note, prepayment an~! latc charges as ~~rovi~ied in the Note, and the principal of and irlterest
on any Futurc f?dvanccs s~curec! by this 1~lortgagc.
2. Funds for Taxes ond Insurnnce. Subject to lpplicabie la~ti~ ~r Io a written ~vaiver by i.ender, I3orrower shall pay
to 1_end~~r on thc day monthly installmcros af principal and intcrest arr payahlc undcr thc Notc, u?~,il thc Natc is p~id in full,
a sum (hercin "Funds") cqual to onc-t~vclfth of thc ycarl}~ ta~cs an~l asscssmcnts which may altain priority ovcr this
hiortgage, an~l ground rents on the Property, if anp, plus onc-t~~~clfth of ycarly premium installments for h~~rard insurance,
plus one-t~ti~clfth of yearly premium installmc~its tor martgage insurance, if any, all as roasonably estimated inilially and from
time to time hy I.ender on the basis of assessments and hills and reasonable estimates thereof.
1~he Funds shall be held in an institution the de~sits or accounts of which are insured or guaranteed by a Federal or
state agency (including Lender if l.ender is such an institution). I.ender shall apply thc Funds to pay said taxes, assessments,
insurancu premiums and ground rents_ Lender rna)~ not charge for so holding and applying the Funds, analyzing said account,
or verifying and compiling said assessments and hills, unless Lender pays [3orrower interest on the Funds and applicable law
permits Lender t~~ ntake such a charge. 13orru~+~er and Lendcr map agree in ~+~riting at the time of execution of ihis
h4ortgage that interest un the F~unds shall he paid tu Borro~ti~er, and unless such agrecment is made or a~plicable law
requires such interest to be paid, Lcnder shall not hc required to pa~• 13~~rrower any interest or carnings on the Funds. Lender .
shall give to F3orro«~er, without charge, :in aiznua) aca~unting of the t=unJs showing credits and debits to the Funds and the
~ purpose for :vhich each ~ebit tu the Funds ~ti~as made. The (~unds ar~ pledged as additior~.~l security for the sums secured
hy this ;~tort~agc. .
If the amount of the Funds held by I.cn~lcr, together ~~~ith thc futurc monthl~• installmcnts of Funds payablc prior to
the due dates of ta~es, assessments, insurance premiums .~nd ground rents, shall exceed the amount reyuired to pay said taxes,
assessments, insurance premiums and ground rents as thcy fall ~i?ie, such excess shall be, at Borro~+~er's option, either
promptly rcpaid ro Borro~ver or credited to Borro~ti~cr on monthl~~ installments of Funds. If thc amount of the Funds
held by Lender shall not be suflicient to pay taxes, assessments, insurancc premiums an~l ground rents as they fall due,
Borrower shall pay !o Lender anp amot~nt necessar~• to ?»ake up the ~Ieficiency ~vithin 30 da~~s trom the date naUce is mailed
by l.e~der to Borrower requesting payment thercof.
Upon paymcnt in full of all sums secured b~• this Atarl~~age, t.cnder shall pr~mptly refund to Borro~~•cr any Funds
held hy I.en~er. It under paragraph 15 hereof the Propert~~ is suld or the Propcrt~~ is other~~~ise acquired by l.ender, I_ei~der
shall apply, no later than in~mediatel~~ prior to thc salc ~~f thc Property or its acquisition b~~ Lender, any Funds held by
Lendcr at thc timc of application as a crcJit against thc sunn sccure~i b~~ this Mortgagc.
3. Application of Yaymenls. Unless applicahlc la~~• prori~lcs othcnai~c, all pa~~mcnts rccci~•ed b}~ I_ender undcr thc
Notc and paragraphs I and 2 hcrcof shc~ll bc applicd by l.cndcr first in p~i}~ment of amounts payahlc to Lcndcr by I3erro~~•cr
under paTagraph 2 hereof, then to interest payablc on thc Notc, thcn to the principal of the Noic, and then to intcrest and '
principal on any Futurc Advances.
4. Char~es; Liens. Borro~ser shali pay all taxes, asti~ssr~~rnts and nther ch,~rges, fines .in~l impositions attributable to
the Property ~ti~hich may attain a priority over this 1~9ortgagc, and leasehold payments or broi~nd rents, if any, in ihc manner
provided under paragraph 2 hereof or, if not paid in such manner, by Borro~ti•er m<<kinb payment, when due, directly to the
payec thcrcof. Borro~~~cr shall promptly furnish to LcnJcr all noticcs of amounts duc under this paragraph, and in thc e~~ent
[3orro~+~er shall make payment directly, Bc~rro~scr ~hall promptly' furnish to Lender receipts evidcncing such payments.
Borro~~~er shall promptly discharge any lien ~+~hich has priorit~• o~•er this Atortgage; provi~led, th,~t I3orrower shall nat be
required io disrharge any such licn so long as Borro~ticr shall agrec in writing to ihe pay~ment of the obligation secured h}'
such lien in a manner accepiable to Lender, or Snall in goc,d faith contcst such lien h}~, or defenci enforcemcnt of such iien in,
legal proceedings which operate to prevent the enforcement of ~he lien or IOI~CI[LIfC of the Property or any part thereof.
S. Hazard Insurance. Borro~~~cr shall kecp the impro~~ements no~+ rxisting or hercafter crected on the Property insurcd
against loss by fire, hazards included within the term "~~tende~l coverage", and such other hazards as I_ender ma}' reqi~ire
and in such amounts and for such pcriods as Lcndcr ma}' re~~uirc; providc~l, that Lcndcr shall not rcquire that thc amount of
such co~~cragc c~cced that amount of co~~cragr rcyuirid to pa)' thc s«mt sccurcd hy this ~lartgagc.
The insurance rarrier providing the insurancc shall he chosen b~~ Borrow•er subject to approval by Lender, provided,
that st~ch approval shall not be unreasonahly withheld. All pr~miums on insurance policies shall be paid in the manner
provided under paragraph 2 hereof or, if not paid in such manner, b}' Borro~ser makinfi payment, when due, directly to the
insurance carrier.
All insurance policies and rene«als there~( shall he in lor~tii :,ccertable to Len~ler a~d shall include a standard mortgage
clause in favor of and in form acceptahle tu l.ender. Lei~dcr tih:ill ha~~e the right to hold the policies and rene~~~als thercof,
and Borrot~•er shall promptly furnish ta Lender all rene~l~a1 notices and all ~eceipts of paid premium~. In the e~~ent of loss,
I E3orrower shall gi~~e prompt noticc to the insuranre carrier and Lender. Len~ier ma~• make pmof of loss if not made prcmiptl~~
by Borro~ver.
_ Unless l.ender and Borro~~~er othen~~ise agree in ~criting, insurance procee~; shall be applied to restc~ration or r~pair of
the Property ~lamaged, provi~led such rettorati~~n or repair is cconomically~ fcasible and the security of this 1~tortgage is
not Ihereby impaired. If such restoration or repair is not rcunc~mirail}~ frasihle or if the security of this 1~lortgabc ~vould
be impair~d, the insurance proceeds ~hall be ,ipplie~l to the sums securc~i by this Mortgage. ~+•ith the excess, if any, paid ~
to Borrower. I~ the Yropert~~ is ahandoned h~ 13:,rrcnvcr, or if l3orrrnvcr t"~x}~s to respand to I.ender within 30 da}'s from the i
~ ~iatc notice is mailed b}~ Lender to I3ornnccr th:it the ins?~rance carrier olTers to settle a claim for insiirance henefits, I_en~ier
, is authorized to collect and apply the insurance proceeds at Lcnder's option eithcr to restoration or repair of the Propert}'
or io thc sums sccured b}~ this ~1ortgagc_
Unlcss I_cnder and I3orr~nser othenais: a~ree in ~?ritin~, an~~ such application of proceeds to principal shall not extend
or postpone thc duc datc of th~ monthl~• instailmcnts reCcrred t~~ in paragraphs 1 an~1 2 hcrcof or changc thc amount of
such installments. If under para~raph IS hereof the Yro~rt}~ i< acyuired h~• Lendrr, all right, title and interest of Borro~ti•er
in and to any insur.~nce policies an~ in and to th~ proceeds thcreol resulting from ~amag~; to the Propert~~ prior to the s~+le
or acyuisition sh:~ll pass to Lendcr to thc cztcnt of thc ~um~ sccurccl by thi> >fortgagc immrdiatcly prior to such salc or -
acquisition. . ~ :
6. Prescr~ation and ~laintenancc of Propcrt~; I.cascliol~ls; Condorniniums; Planned Unit Dc~•clopmcnls. [3orro~scr ~
sha{I kccp the Yropcrty in good repair and shall nut commit ~~~a~tc or pcrmit impairment or deterioration oi the Property 3,
- and shall compl}~ with thc provisicTns of an}~ leasc if this ~tortgabu is cin a Icaschold. If this .~lortgagc.is on a unit in a ~
condominium ur a planncd unit Jc~•clopmcnt, i3orro~ccr shall pcrform all of 13orro~4•cr's ohligations undcr thc dcclaralion
or covenanfs creating or governing the condominium or planned unit development, the by-la~~~s and regulations of the
con~ominium or planned unit de~~elopment, and :onstituent ~ocumen)s. If a condominium or planned imit development .
rider is e~ecuted by Borro~ti~er and recorded togcther ~~~ith this hic~rtgage, the co~•enants and agreements of such rider
shall bc incorporatcd into and shall amcnd and supplcmcnt thc co~•cnants .ind agrccmcnts of this l~tortgabc as if thc ridcr
~+~cre a part hereof. -
7. Protection of I,ender's Security. If Rc,rro~~e~ f:~its t~ perfc~rm the cov~nants and agreements contained in this
:~fortgag~, or if any action or proceeding is commencc~l ~shich materiall}~ a(Tects Lender's interest in the Property,
` including, but not limited to, eminent domain, ins~,l~•ency, c~~de enforcement, or arrangements or proceedings involving a
bankriipt or decedent, then Lender at [.ender's option. upon n~tice ta 13orrc~~ti~er, ma•• make such appearanees, dishurse such
sums and take such action as is necessar}' tu prutece l.ender s intcrest, including, but not limited to, disbursement of
. reasonable attomc}~'s fccs and cntry upon the Propcrt}~ ta make rcpairs. If I.endcr rcyuircd mortgagc insurance as a
• condition of making ihe.loan securecl b}• thi~ ~i~~rtga~c. F3~~rro~~rr sh~~ll pay the premiums required to maintain suci~
iniurance in eiTect tmtil such time as the rcyuiremeiit !or such insuranee termiijates in accordance with Borrower's and
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