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HomeMy WebLinkAbout0522 UNIFORM CQV~N~NTS. Borrower and I.Cnder covenrM and ag~ct as (oQuws: 1. ~'aymtot o[ Prioclpal and laleresl. &~~ruwe~ shall promptly pay whcn due thc principal of and interest an the indebtednesa evidenced by the Note. prepayment and late charges as pr~~vided in Ihe N~re, and the principal of and intens~ ort aay Futuro Advsu~ces securecf by this Mortgage. ~ Fbads ~or Tasa aoi Iowca~et. Subject to applicable law ur to a written waiver by I.ender, Borrower shall pay to L.ender on the day moothly installments of principal aoJ inte~ext rre payable undcr the Notc, tmtil thc Notc is paid in full, a sum (herein "Fu~da") tqual to o~e-twelfth af the yearly. taxes and accessment~ which may atta~n priority over this Mortgage. and ground rcnts on thc Property, if any, plus one-twcl(th of ycarly prcmium installmcnts tor harard in~urancc, ' plus oae-twelfth af yearly prcmium instaUments tor martgage insurancc, if any, all as rcasonably e~timrteci initially and from time to time by Lender on the basis of assessments and hills and reaxmable es~imates thereof. 'Il~e Funds shall be held in an institutian the deposits or accounts of which are insurec! or guaranteeci by a Federal or state agency (including Lender if Lender is such an institution). I.ender shall apply the Funcis to pay said taxp, assessments. insurance premiums and grou:id rcnts. 1_e~der may not charge (o~ so hoWing and ~pplying the Fundc. analyzing said acrnunt, or verifying and compiling said assessments and bills, unless Lendcr pay~ Borrawer inlerest on the Funds and applicable law permits Lender to make ~uch a charge. Borrower and l.ender may agree in writing at the tintie of execution of this Mortgage that interest on the Funds shall t+e paid to Borrower. and unless such agreement is made or applicable law rcquiros such interest to be paid, Lender shall not be required to pay Fiorrower any in~crest or earnin~ on the Funds. I.cnder shall give to Borrower, without charge, an annual accounting of the Funds showii~g credits and debits to the I=unds and the purpose for which eaeh debit to the Funds was made. The Funds arc pl~~dg~x1 ac additional securit}• for the sums secureci by this Mortgage. . If the amount of the Funds held by Lender, together with the future monthly installments of Fund~ payable prior to the due dates of taues. assessments, insurance premiums and ground re~ts, shall exceecf the amount reyuircd to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall tse, at Borrowers option, either pranptly repaid to Borrower or credited to Borrower on monthly installments af Funds. If thc amount of thc Funds held by Lendet shall not be sufficieat to pay ta~es, assessments, insurance premiums and ground rents as they fall due, Borrower stiall pay to Lender any amount necessary to maRe up the Jeficiency within 30 days trom the date notice is mailed by l.ender to Borrower requesting payment thereof. Upon payment in full of all sums secured by ihis Mortgage, l.cnder shall promptly refund to Borrower ~ny Funds held by l.ender. If under paragraph 18 hereof the Property is sold or the Propcrty is otherwisc acquired by l_endcr, I.cnder shall apply, no later than immediately prior to the sale of the Property or its acquisition by l.ender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Application ot Payments. Unless applicable law provicies otherwise, all_ payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by I_ender first in payment of amuunts payable to Lcnder by Borrower under paragraph 2 hereof, then to interest payablc on the Notc, then to the principal of the Note, anc~ then to intcrest and ptincipal on any Futurc Advances. 4. Chat~es; Licos. Borrower shall pay all taxcs, assessmcnts~ and othcr chargcs, fines and impositions attributable to the Pr~perty which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, i~ the manner Qmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thenoof. Borrower shall prompUy furnish to Lenckr all notices of amounts due under this paragraph. and in the event Borrower shall make payment directly, Borrower shall promptly fumish to l.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgagc; provided, that Borrower shall not be required to discharge any such lien so long as Borrower sfiall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by. or defend enfo ement of such lien in, legal proceedings which operate to prevent the enforcement ot the lien or forfeiture of the Properl~ any part ~thereof. S. Hazud lasnrance. Borrower shall keep the improvement~s now cxisting or hercafter erocted on the Property insured against loss by 6re, hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amQUnts and for such periods as Lender may reyuire; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. 'Ibe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner providod under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to ihe ' ~ insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard morigage j clause in favor of and in fortn acceptable to l.ender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss. ; Borrower shall give prompt notice to the insurance carrier and Ixnder. Lender may make proof of loss iE not made promptly ~ by Borrower. - - ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provided such restoration ~r repair is economically (easible and the security of this Mortgage is ; not thereby impaired. I( such restoration or repair is not economically feasible or :f ihe security of this Mortgage would ~ be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by L.ender to Borro~?Rr that the insurance carrier otfers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. Uniess I.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragrap6 18 6ereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any iasurance policies and in and to the proceeds thereof resulting from damage to the Propcrty prior to the sale _ ~ or acquisition shall pass to Lend~r to the extent of the sums secured by this Mortgage immediately prior to such sale or ~ acquisition. ~ 6. Prrservatioo and Maintenaoce of Property; Leaseholds; Condominiuu~ Planoed Uait Developments. Borrower ~ shall kcep the Property in good repair and shall not comrpit waste or permit impairment or deterioration of the Property ~ and shall comply with the provisions ot any lease if this Mortgage is on a leasehold. !f this Mortgage is on a unit in a k~ condominium or a planned unit development. Borrower shall perform all of Borrower's obligations under the declaration ~ or covenants creatiog or goveming the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. if a condominium or planned unit ckvelopment ~ rider is eaecuted by Borrower and recorded together with this Mortgage, the covenants and agrcements of such rider ~ shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereuf. ~ 7, protectioo ot Lende~s Secarity. If Borrower fails to perform the covenants and agreements contained in this ' ~ Mortgage. or if any action or proceeding is commeneed which materially afiects Lender's interest in the Property. = including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or prc.ceedings involving a ~ bankrupt or decedent, then l.ender at Lender's option, upon notice to Borrower, may make such appearances. disburse such ~ sums and take tuch aetion as is necessary to protect l.ender s interest, inchiding, but not limited to. disbursement of ~ reasonable attorney's fees and entry upon the Property to make repairs. 1f Lender required mortgage insurance ac a ~ condition of making the loan secured by this Mortgage. Borrower shall pay the premiums requireei to maintain such ~ insarance in effect until such time as the requirement for such inswance terminates in accordance with Borrowers and ~ Q ~ ~ Eu~S ( i.,__ ~ , v ~ ,~V ~ - ~ G ~~P~ a.e?s~~..F~s~-.~<,~.'~.~zs"_•~ r.'s-c y~ - xz-~~h,~;~-t" ~ r;~~~~'~~-~Y , ~ : : r , ~ _ _ _