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HomeMy WebLinkAbout0640 . t ~ . UNIFOAM COVL+NAN7S. Bo~rowe~ a~d Leade~ covcoant aad agra as fnllow:: ~ 1. ~e*t ot Tdaci~al asd l~tenst. Borrowe~ sha11 promptiY paY when due the prio~ •pal of and interest on the F indebtedneu evidenced by the I~ae, pnpayment a;~d late chsrges as provided in tha Note. ana ibe principal ot and interest ~ on aay Futuoe Advai~cas securtd by thic Mortgage. 2. F~i~ tor T~a ~ai l~au~uce. Stibject to spplicabb law or to a written waivor by i,ender. Borrowar ~n~u wy to Lender on the day monthly installments of principal and intercst are payabk under the Note~ untit the ~lote i~ paid in full. s ~wn (heeei~ "Fundt'9 oqwl to one-tweltth of the yearly uxa and as~rnenb whicb auiy attain priority over this Mortpje. ~nd ~rouad reaa on tbe Property, it any. plus oae-twelfth of Yeu1Y Premium iauaUmeeb to~ hazard. inwianoe. ~ plus oue-twcli~th of yeatly premium installments tor matgaga inwnnoe. if any. atl as reswnaDly aatimsted initially aad fc~oaa time to titne by Lrnder oe the basis af aue+sments and billa and reaso~abk eatimata tbereot. 'ILe Fbn~ shall be held in an institution the deposita or accounta of which aee insured or guaraateed by a Federal or atate s~eency (iacluding Lende~ if Le~der is such an iastitution). l.ender shall apply the Fu~ to pay said ta~ca, ass~meab, i~auranc~e prcmiumi aad grouod ronta. Lendtr may not chargc for w holding and ~PP~Y~ng the Funds. anatytio~ said achount, or verifyin~ and compiiin` said a~ssrnents and bills, unlas l.ender pays Borrower intercst on the Funds and applicaWe la~r pem~itt i~ende~ to make siuch a cha~ge. Borrower aad I.ender may agroe in writin~ ~t the time of exxution of tlus Mo~iga~e that iaterat on the Funds shall be paid to Borrower. and unless such agn~ement is made or applicabb law requins snch interest to be paid. Ltnder shall not be roquired to pay Horrc+wer any inten~t or earnin~,s oa tbe Feu~. Lendu sbalt pve to Borrower. without charge. an annual avoounting of the Funds showing credits and debits W tha Funds aod tbe purpoae for which each debit to the Funds was, made. The Fu~ds are pled8ed as add~t~onal security for the sums secured bY` tbis Mort~a~e• _ r If the amount of the Funds held by Lender. togethet with the futurt wflnthly installmeats of Funds payabk prior to tl~c due data of taxes. asseasmeats. i~unnce prcmiums :nd ~round reats, shall excoed the amouat required to pay said taxes. au~nents, insurance premiums and gro~nd rrnts as they fall due. such exc~u shall be. at Barrower's optioa, either _ pmmptty npaid to Bo~ro~rer or crodited to Bomower on moathly installnx~t: of Funtls. If tt~e amount of the Fund~ bdd by Lender shaU not be sutEicieat to pay taxts. ssaes.unents. ins~ance premiums and ground rcnts as they fall due. Bomower shall pay to Leader aay amount aecessary to make up the deficiene~ within 30 days from the date notice is mailod - by I.eader W Borrower~requesting payment theroof. _ Upoa payanent in fuQ of alt wms Kcured by this Mortgage, Lender s:~:il promptly r~efund to Borrower any Fund~ held by~Lender. If under paragraph 18 hercof the Property is sold or the Properry ia othervvise acqvired by Lender. Lender. shall apply, no later t6an iramediately prior to the sak of the Propert~ or its acquisiiion by Lender. any Fuads held by Lender at tha time of application as a credit agaiast the suau sxured by this Mortgage. . F 3. A~licatioe ot P~mea~. Unless applicable law provides otherwise. all payments roceived by Lender uader the + Note and paragrap6s 1 and 2 hereof shall be applied by Lender first in paymeM of amounta payable to Lender by Borrower unde~ ~uagraph 21~ereof. thea to intercss payaale on the Nwe, then to the principal of the Note. and then to interest and { princ:ipal on aoy Future Advances. ~ ~ 4. C6uge~ Litns: Botrower shall pay al! taaes, assessments and other charges, fi~es and impositiona attributablc to • ~ thC Property which may attain a priority over this Mortgage. and leasehold paymeots or ground rents. if any, ia the manoer ~ providod under pangraph 2 hereof oF. if not paid in such manner, b~ Borrower making paytneat, wh~n due. di~+ectly to the ~ payee thec+eof. Borrower shall pranptly furnish to Lender all aotices of amounts due under this paragnph, aad in the event ~ . Borrowcr shall make payanent directly. Borrower sha11 promptly ~furnish to I.ender receipts evidencing aueh payments. ~ Borrower shall prompily discharge any lien which has priority over this Mortgage; providod. that Borrower shall not be ~ required to discharge a~y such lien so long as Borcower shall agree _in writing to the payment of the obUgation socured by such lieo ia a manner acoeptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of such liea in, kgal pmcecdings which operate to prevent the enforcement of the lien or torfeiture of the Property or any part t6eroof. S. Hszard Iseonoce. Borrower shall keep the improvements now existing or hereafter erected on the Property inwred agaiost loss by Sre. hazards included within the term "extended coverage", and such c~ther hazards as Lender may raquire ~ and in auch amounts and for such periods as Lender may require; provided. that I.ender s6atl not requin that the amount of such cov~rage exoeed that amount of coverage required to pay the sums secured by this Mortgage. 'Ibe imuraooe carrier providing tt~e insurance shall be chosen by Borrower aubject to approval by Lender, pmvided, ~ that such approv~t shall not be unnasonably withheld. All premiums on iasurance policia shall be paid in the manner . ~ ptovided under_paragrapti 2 hereof or, if not paid in such manner. by Borrowec making payment, w6en due, dirxtty to the ~ i~rance carrier. : All insurance poiicies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ` ~ clause in favor of and in form acceptable to Lender. Lender shall have the riRht to hold tbe policies and rtnewals theroaf, j f and Borrower shall promptly furnish to Lender all renewal notices and all receipta of paid premiums. In the event of loss. ~ ~ Borrower shall give prompt notice to the insurance carrier aud Lender. Lender may make proof of loss if not made promptly ` ~ by Borrower. - ~ Unlest Lende~ and Horrower otherwise agree in writing. insurance procceds shall be appliod to restoration or ropair of the Property damaged, providecl such restoration or repair~is economically [easible and the socurity of this Mortgage is ~ not thereby iropaiced. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be_ applied to the swiu secured by t6is Mortgage, with ihe eaccesa. if any, paid to Borrower. If the Property is abandoned by Borrower, or if Sorrower fails to respond to Lender vvithin 30 days from the date aotice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance bene6ts, Lender is authorized to collect and apply the'insuranoe proceeds at Lender's option either W restoration or repair of the Propetty ~ or to tfie sums secured by this Mortgage. ~ _ ' ~ Unless Lender and Borrower otherwise agree in writing, any such application of procads t'o principal shall not exte~ or. pastpone the due~ciate of the monthly iuuallments referred to in paragraphs 1 and 2 hereof or change the amount of ~ such instailments. If under paragraph l8 6ereof tt~e Property is acquired by Lender, all right, titk aad iaterest of Bonower in and to any insurance policies and in and to the proceeds theroof resulting from damage to the Property prior W the sak or acquisition shall pus to Leader to t6e extent of the sums secured by this Mottgage immediatety prior to ~uc6 sale Or acquisitbn. . 6. Presar~atbs aad Mainteo9ace of Property; Lease6old~ Condomiaiumx Planned Uait Devdo~meots. Borrower shall ketp the Property in good repair and s6a11 not commit waste or.permit impairment or deterioration of the Property ~ and stis.ll comply with the provisions of any lease if t6is Mortgage is on a leauhold. If t6is Mortgage is on a unit i~ a ! ~ c~a~n..ii;uu~ or a planned unit development, Borrower shall perform all of Borrower's obligatians under the dec:azation or covenants creating or governing ihe condominium or planned unit development, the bylaws and reguiations of the ~ coadominium or planned unit development, and constituent documents. If a condominium or planned unit development ~ ~ rideF is exxuted by Borrower and recorded together with this Mortgage. the coveaants and agreements of such rider ~ ~ shall be incorporated 'wto and shail amend and supplement the covenants aad agreements of this Mortgage as if the rider ~ were a part hereof. - 7. Protectioa of I.ender's Security. If Borrower fails to perform the covenanu and agrcements contained in this Mortgage, or if any action vr groceeding is commenced~ which materialjy aliects I.ender's interest in the Property. _ including. but not limited to, eminent domain, insolvency, code enforcemenc, or arrangemeats or proceedings involving a bankrupt or decedent, then Lender at l.eader's opiion. upon notia ta Bonower, may maice such appearanca, disbucse such sums aa~ take sueh action as is nooessary to protoct Lender's interest, includiag. but not limited to, disbucsement of reasonable attorney's fees and entry upon the Pmperty to make npairs. If Lender required mortgage inwraace as a ~ condition of making the loan secured by this Mortgage, Rorrower shall pay the premiums required to maintain such _ insurance in effaci until such time as the requirement for such insuranc:e terminata in aocordance with Bomower's and ~ e«~~ PAGE 6~ ~ , ~a~ ~ _ _ ~ Y. _ ~~.~~~~-'-0d J.::~ { ~ 5- , . <.:~'F"~~.,.'~'-~ _ .