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HomeMy WebLinkAbout0281 UNitoRnt CoveN.~N7s. Borrower anJ l.~nde~ cuvenant and agree a. follows: 1. Psymt~t of Prlncipal and Interest. Horruwer ~hall promptly pay when Jue the principal of and interest on the indebtedness evidcnced hy th~ Notc, prepayment and late charges a+ provided in the Nate, and ~he principal of and intercst on any Futurr Advancec se;ureJ by thic Mortg:~ge. 2. Fundc for Ta:es and insurance. Subiect to apQlicable lavv ar to a written waiver by l.ender. Borrow~er shall pay to l.cncler on the day manthly installmcnts af prineipal and interect a~c payable under thc Note, w~td the Note ~s pa~d in tuU, a sum (herein "Fundi'1 cqual to one-twelfth o( ~he yearly taxes and a«essmcntc which may attain priority over this 4fortgage, and grouod rents on ~he Property, if any, plus one-twel(th ot p•e:~rly prcmium installments for hazard insurance. plus one-twelfth af yearly premium installments for mo~tgage insurance. ~f any, all a~ reuonably eclimated initially anJ (rom time to time bv l_endcr on thc basis of atussment~ and hills anJ rea~unable estimates thereof. The Funds shall he held in an instnution the deposrts or accounts of which are insured or gvaranteed by a Federal or state agc.ncy (including Lender if I_ender is such an institutionl. I.ender shall apply the Funds to pay said taxes, assessmeats, insurance premiums and gro~nd rent~. 1 ender may not rharge fo~ ~a holding and applying the Funds, analyzing said account, ur verifying anJ compiling said assr~,ments and bills, unless l.ender p:?y~ Borrowcr interest on the Funds and applicable law ~ permits l.ender to make such a rhargc Borrower and Ixnder ma~~ agrce in writing :~t the time ot execution ot this ~lortgage that imerest an the Funds ,hall be paiJ to Borrow•~r, and unle~s ~uch agreement is made or applicable law rcyui~es such interest to be paid, 1_cnder shall not hc reyuireJ a~ pa~~ Qurrowcr am• intcrest ar earnings on the Funds. Lender ,hall give to Borrower, without rharge, an annual accuunUng of the Fund~ shov?ing credits anJ Jebits to the Funds and t6e }~urp~~se For w•hich cach dehit te~ the Funds was ~maJc. The Fund, are ple~geJ a~ aJditional securiry for the sums secured hy th~s :~tortgage. If the amount of the Funds held hy Lender. tugcther with the fuwre mon~hly installmcnts of Funds payable prior to the due dates of ~axes, as~essmentc, insur:~nre premium~ anJ ground rents. shall excecKi the amount reyuired to pay said taxes, assessments. ~nsurance premiumc and ground rents as they tall due. such ex:ess shall be. at t~rrower's opdon, either promptl~• repaid to Borro~er or credited to Borrower un m~~nthly im~:~llm~ntc of Funds. If thc •rmount of the Funds held by L~nder ~hall not bc suflicient to pay ia~es, asac~smrnts, imurancc premium~ and ground rents as they fall due. Borrower shall pay to l.ender an~• amount necessar~• to make up the dnc~ienr}• w~thin 30 Ja~s (rom the date notice is mailed by 1_ender to Borrow~er reyucsting payment thereut. • Upon payment in fuU of all sums sccurcd b~ thic Mor~gagr. Lcnder shall promptly refund 1~ BorroNer any Funds held hy t.emler. If under paragraph ltt hereof thc Propcm• ic ~uld or thc Prorerty is otherw•i~e acqu~red by l.ender, l.ende~ shall apply, no later than m~mediately prior to the sale of thr ProExrty or i~s acquis~tion hy Lertder, any Funds held by Lender at the ume of application as a credit against ~he sum~ tiecure.l b~• th~~ titortgage. 3. Application of Pa}•ments. Unlesc applicable law proviJ~s t1IF1CEN'111, JII (1aYmzntc received by Lender under the ; tiute rnd paragraphti I and 2 hereof ihall bc applied M' I.cnder fir~t m paymem ut amounts payable to Lender by Borrower under paragraph 2 hereof, then to intc;es~ payablc an thr ti~itr. then tu thc principal of the Notc, and ~hcn to intcrest and principa) on any Futurc Advanccs. S. Char~es; Litns. Borrowcr ~hal! pa) all t.~~c~. :~~tie+~mcnl~ :~nd ~~thcr chargcc, fincs anJ ~mMxitu~ns attnbutabie to f i the Propert}• w•fiich may attain a priority over thi~ Mnrtgage. and lea+ehold paymcros or ground rents, if any, in the manner i': ~ prov~Jed unde~ paragraph 2 hereof or, if not paid m such manner. b)~ Borrowcr making payment, when due, directly to the payee thcrcof. Borrower shall promptl~• furn~sh to l.enJer all noUccs of amounts duc u~der this paragraph, and in the event KorruKer shall make pa~•ment dirc~th. BorroHCr .hall prumptly~ fumish to 1_ender receipts ~~~idencmg such payments. Borrower shall promp~lp discharge any li~n ~.hich has pnont}~ u~~r this Ltortgage; provided, that Borrower chall not be reyuired to discharge an}• such lien w long as Borrowcr shall ~gree in writing to the pay'ment of the obligation secured by such lien in a manner acceptable to Lender, or shall in g~xxl faith cont~.t such lien by', or Jefend enforcement of such lien in, legal pnx:ecd~ngc which operate to prevent the cnt~rcemem o( thc I~en or torfciWre of the Property or any part thereof. ' S. Hazard Insurance. Borrower shall I.eep the ~mpro~ements nou r~isting on c~rcafter crected on the Properry insured against loss hy fire, hazards included withio the term "rxtended cuverage". and such other hazards as [.ender may reyuire _ and in such amounts and for such peri«is a+ Lender ma~~ reyuirc: pro~ided, that LenJer shall not reyuire that the amuunt of i such co~~erag~ exceed that amount of rn~crage reyuired to pa}~ ~he cumti cecured bp this A'[ortgage. The insurance carrier providing the insuranre sh~ll be chosen bp Borrower subject to approval by Lender; provided, , that such a~proval shall not be ur,reationably withheld. All premium~ on insurance policies shall be paid in the manner prov,ded under paragraph 2 hercaf ur, if not pa~d in ~uch manner, by Borrower making payment, when due, direcUy to the insurance carrier. ' All insurance polic~e, and renewals thereot shall tx in form acceptable to Len~er and shall include a standard mortgage ; clause ~n favor i~f and ir. form acceptahle tu Lender. L~nder ~hall ha~r thc right tu hold the policies and renewals thereof, ' :?nd Borruwer ~hall promptl~- furnish tu Lender all rrn~ual nolices anJ all receipts of paid premium~. In the event of loss, , Borrow•er ~hall gi~~e prompt noti~c to the ~nwran:c carnrr and Lender. Lendcr may make proof of loss if not made promptlp b~' Borrower. Unlcss Lcndcr and BorroW~er othcrNnc agr~r in Hrihng. in,ur:~nce prcxecdc shal! be applied to restaration or repair of i the Propert?~ damaged, provided such re~toratwn ur repair ~s ccanomirall~~ (easible and the security of this Mortgage is ' not thereb~• impaired. If such restoration or repair is m~t ~conomicalh• feasihle or if the security of this Mortgage would ° be impaired, the insurance proceeds shall be applied to the sums serured bp this Mortgage. w~th the excess, if any, paid ~ to Borrower. It ~he Propert}• is abandoned h~ Bormwcr, or it Borrower fail~ to respond to 1_ender within 30 days from the Jate noticr ma~led b~~ 1_ender to Borrower that the insurance ~arner otTen to seulc a claim for insurance benefits, I.ender ~s authorized to collect and applp the in~uran~~ pr~~ceeds at Lcnder's option euher to restoration or repair of the Property r or to the sum~ ,ecured by this Mortgage. [.'nlesc I.ender ~nd Borruwer otherwise :~gree in writiog, any such application of proceeds to ~rincipal shall not e~tend or postpone the duc date of the mc~nthly installmen~c referred t~~ in para~raphti I and 2 hereof or change the amount of ; such in~tallment~. If under paragraph t8 hereof the Propert~ i~ acyuired b~• Leoder, all right, tide and interest of Borrower ; in and to any insurance policies and in and to th~ pr~xeeds thereot resulting from damage to the Property prior to 1he sale ~ or acyuisition shall pass to Lendcr to the e~tent of the sums ~ecured hy this ~fortgage immediately prior to sueh sale or acquisition. 6. Preser.ation ~nd ~lainlendnce ot Propert~: l.easeholds; ('ondominiums; Planned Unit Devdopments. Borrower ; shall keep tfic Property in ga~d rep'air and shall not commit wastc or permrt imp:?irment or deterioration of the Property and shall comply~ with ~he provisions of an~• lease ~f th~s Mc~rtg:~gc iti on a Ieasehold. If this Mortgagc is on a unit in a condominium or a planned unn devclopmen~. BorroHer shall perfurm all of Borr~~wer's obligations under the declaration or covenants creadng or Ruverning the condominium or pl~nned unit development, the by-laws and regulations of the condomin~um or planned unit develupmem, :,nd constituent Jocumenis. If a condominium or planned unit development nder it e~ecutcd by Borrow~er and recordeJ tugether with ~hu 111ortgage, the covenants and agreements of such rider shall be ~ncorEwrate~ into and shall amcnd anJ supplcment the co~enants and agrcements of this Mortgage as if the rider were a part hereof. 7. Protection of Ixnder's Security. If Borrouer fails to per(~~rm the covenants and agreements rnntained in this Mortgage, or if any action or proceeding commencrd whirh materially a(iects I_ender's interest in the Property, induding, but nnt 6mrted to. eminent domain. incolvenc~~, axle enf~~rcement, or arrangements ~r proceedings involving a bankrupt or decedent. then Lender at I.ender'~ nption, upon notice to Bo~rower. ma}~ make such appearances. disburse such ~ sums and takc such action as is necessarp to protect Lender's interest, incluJing. but not limited to, disbursement of t reasonable auorney's tces and eniry upon the Property to make repairs. 1f I.ender reyuired mortgage insurance as a .condition of makmg the loan secured by th~~ Mortgage, Be.rruWCr shall pay~ Ihe premiums required to maintam sueh insurance in eBect unUl such Ume as the ~cy~irement for such imurance terminates in accordaoce with Borrowers and . ' 600K 258 PAGE 2 . ~ ;