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HomeMy WebLinkAbout0642 UNIFORM COYEN.~NTS. BO(fON'CI and Lendrr r~~venanl and agrce as folluws: 1. Paymeat of Pdoclpd aad loteresl. H~~rroN•er shall promptly pay when due the principal ot and interest on the i~debtedness evidenceJ hy the Ne1r,. prepayment aaJ late charges as pravided i~ the Note, and tht principal of and intercst on any Futuro Advancet securcd by th~ti M~~rtgage. 2. L~ii'~~ ~i~T ~~Ii~ 3i~ ~iiliiiii~ii'. ~::~;:..i i; ;.rgl:~~~l~ !sK ~r :a a xr:ttrr. ;~si~--_~ by I.ende?; ~o~.ower ~hall pay to Lende~ on Ihe day monthly inttallmen~s of prinripal a~d inte~eat are payable under the Note, until the Note is paid in full. • a sum (hercin "Funds") equal ta one-tw~lf~h of the yearly tates and assessmeots which may attain priority over this Mortgage, a~d ground rents on the Property, if any, plus one-tweltth of yearly premium installments for hazard insurance, plus one-lwclfth of yearly premium i~stallments for mortgage insura~ce, if any, all as rcasonably atimated i~itially and from time to time by Lender on thc basis ot assessments and hills and reasonable es~imates thercof. 'il~e Funds sfial) be held in an institution the deposits a~ accounts of which are insured or guaranteed by a Foderal or state agency (including Lender if l.endor is such an institution). I_ender shall apply the Funds to pay said taxes. asussments. insurance premiums and graund rents. l.ender may not charge fo~ so holding and applying the Funds, analyzing said acrnunt~ or veri[ying and compiling said assessments and bills, unless I.ender pays Borrower interest on the Fu~ds and appiicabit law i permits Lender to make such a charge. Borrower and Leoder may agree in writing at the time ot execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unlcss such agreement is made or applicable law rcquira such interest to be paid. Lender shall not tx requireci to pay Borr.~wer any interest or earnings on the Fut~ds. Lender shall give to Borrower, without charge, an annual accountiog of the Funds showing c~edits and debits to the Funds antl'the purpose far which each debit to the Funds was made. The Funds are pleclged a~ :~dditional security fot the sums secured ' by this Mortgage. If the amount o[ the Funds hcld by I.enJer, together w•ith the future monthly installments of Funds payable prior to thr due dates of taxes, assessments, insuranre ~remiums and ground rents, shall exceed the amount requi[ed to pay said taxes. assessments, insurance premiums and groun~l rents as they fall due, such excess shall be, at Borrower's oplion, either promptly~ repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taties, asseumen~s, insurance prcmiums and ground rents as they fall due. Borrower shall pay to Lender any amount necessary to make up the defiriency within 30 days from the date notice is mailed by Leader to Borrower rcquuting payment thercof. ~ Upon payment in full of all sums secured b~~ this Martgage. l.ender shall promp~ly refund to Borrower any Fun~ held by l.cnckr_ If under paragraph 1R hereof the Propen~~ is sold or the Propert~~ is otherwise acquircd by Lender, Lender s6a11 apply. no later than immediately prior to the sale of the Propert~ or its acquisition by [xnder, any Funds held by Lender at the time ot application as a credit against the sums secured b}• this Mortgage. 3. Application of Payments. Unless applicable law provides othrrwise, all payments received by l.ender under the Note and paragraphs 1 and 2 hereof shall br appGeci by I.cnder first in pay~ment of amaunts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the tiote. thcn to thc principal ot the Note, a~d then to interest and principal on any Future Advances. 4. Charges; Liens. Borrower sh~ll pay all ~axcs, asu:~cments -rnd othcr charges,. fines and impositions attributable to ! the Property which may attain a priority over this Mortgage, and Icaschold payments or ground rents, if any, in the manner ' pmvided under paragraph 2 hereof or. ~f n~t paid in such manner, by Borrower making payment, when due, diroctly to the payee thereof. Borrower shall promptly furnish to l.ender all notices o( amounts due under this paragraph, and in the event Borrower shall make payment direcU}•, Borrower shall promptly furnich to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien Hhich has priority over thi. ~tortgage; provided, that Borrower shall not be required to discharge any such licn so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner aceeptable to Lender, or shall in good faith contect such lien by, or defend enforcement of such lien in. legal proceedings which operate to prevent the enforcement of the I~en or forfeiture of the Property or any part thereof. S. Huard Irisurance. BorroNer shall keep the ~mprovemems now c~is~ing or hereafter erected on the Property insured against loss by fire, hazards included w~i:hi~ the term "extendeJ coverage". and such ather hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed ihat amount of coverage required to pay the sums secured by this Mortgage. 7he insurance carrier providing the insurance shall be chosen by Borrow•er subject to approval by Lender, provided. that such approval shall not be uareasonably withhefd. All premiums on insurance policies shall be paid in ihe manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the f insurance carrier. All insurance policies and renewals thereof shall be in fomi acceptablc to Len~er and shall include a standard mortgage ~ clause in favor of and in form acceptable to Lender. 1_ender shall have the right to hold the policies and renewals thereof. f and Borrow~er shall promptl~~ furnish to Lender atl renewal notices and all receipts oi paid premiums. In the event of loss, ~ Borrowershall give prompt notice to the in~urance carner and Lender. Lender_rnay make proof of loss if not made promptly ~ by B~rrow$r. ~ Unless Lender and Borrow•er atherv?ise agrce in v?rit~ng, insurance prckecd. shall be applied to restoration or repair of ` the Property damaged, provi~fed such restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby impaired. If surh restoration or repair is n~~t economically feasihle or if the security of this Mortgage would ~ be impaired, the insurance pr~keeds shall be rpplied to the sums secured b~ this ~lortgage. ~ith the excess, if any. paid to Borrower. If the Propertc u abandoned h} Bormw~er, or iC Borrower failc to respond to Lender within 30 days from the ~ Jate notice is mailed by Lender to Borrow•er that the insarance carner often to seule a claim for insurance benefits, l.ender is authoriud to collect and appl~~ the insurance proceeds at Lender's opt~on either to restoration or repair of the Property ~ or to the sums secured by this Mortgage. Unless Lender and Borrower otherv~ise agree in w~riting. an}• such application of praceeds to principal shall not extend ~ or postpone the due date of the monthly~ installments re(erred tu in paragraphs 1 and 2 hereof or change the amount of ~ such installments. tf under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any incurance policies 3nd in and to the proceeds thereof resulting from damage to the Property prior to the sale ~ or acyuisition shall pass to Lender to thc cxtent of the sums secured by this Mortgage immediately prior to such sak or acquisition. ~ 6. Preservation aad titaintenanct of Properly: Leaseholds: Condominiams; Planned Unit Devebpments. Borrower - shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if th~s Mortg~ge ~s on a leasehold. I( Q:is Mortgage is oo a unit in a = conduminium or a planned unrt de~~clopment, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the ~ condominium or planned unit development, and constituent documents. I( a condominium or planned unit deveiopment nder is eiecuted by Borrower and recorded together with th~s 1ltortgage, the covenants and agreements 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 hereof. ~ T. Profection of Lender's Security. If Borrower faik to perform the covenams and agreements contained in this ~ ' Mortgage, or if any action or proceeding ~s commenced wh~ch materially afiects Lender's interest in the Property. ~ including, but not limited to, eminent domain. insoivenc~~, code enforcement. or arrangements or proceedings involving a ~ bankrupt or decedent, then I_ender at Lender's option, upon notice to Borrower, ma~• make such appearances, disburse such ~ sums and take such action as is necessar}• to protect Lender's interest. including, but not limited to, disbursement of . ~ reasonable attomey's fees and en~ry upon the Property to make repairs. lf Lender requircd mortgage insurance as a g } g g pay the premiums required to maintain such ~ condition of makin the loan secured b• this Mort a e. Borrowcr shall insurance in effect until such time as the requirement for such msurance terminates in accordance with Borrower s and ~ ~ ' - ~ :~3 r~~E 6~2 ~ . ~ . - ~ ~ _ , - _ .