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HomeMy WebLinkAbout0215 UNIFOAI~I COV8NAN7's. Aormwer and Lcade~ covenant snd a~tee as follows: l. P~ment ot Peincipd ~ Inferqt. Borrower shall promptiy pay v?hen due the principat of and interest on the indebtedneu evidenced by the Nota. prepaymeat and late charges as provided in the Note, and the p~ncipal ot and interest or~ aay Future Advances secured by this Mortaage. I+tiads [or Ta:a aoi I~uraeea Slibject to applicabk law or to s written waive~ by Lende~. Bonower shall psy to Lend~r on the day monthly instaliments of ptincipai and i~terest a~e payabla under ihe Note. uatil the Note is paid in full. a sum (he~+ci~ "Fu~ds") equal to o~e-1v~elfth of tha yeaAy tazes and assessments which may atcaia priority ove~ this Mortgage. a~d ground rents o~ the Propecty. if any. plus one-twelfth of yearly p~emium inst~ilments for hazaed inwcance. plus onatwelfth o[ yearly pnmium instalimenta for mo~tgages insurnnce. if any. all as reasonably estimated initially aad trom time to time by Le~der on tbe basis ot assessmeats and bilb and~reasonabk estimata thereof. 'It~e Funds shali be held i~ an institution the deposits or accounts of which are insured or guaranteed by a Faleral or stata agency (including Leada~ iFi.aedec is such an i~ntitution). Cender shall apply the Funds to pay said taxes. assessments. insuracioe premiums aad gmuad reats. Lender may not cha~ge fo~ so holding aad applying the Funds. analyzing said acxount, . oc verifying and compiling said assasmenb and bills. unless Lender pays Borrowe~ interat oa tha flmds and applicabk law pecmits Lender to make such a eharge. Botrowar and Lender may sgree in writin~ at the time of arecution ot thts Mo~t$age that interest on the Fuads shall be paid to Borrower, aad unless such agreement is msde or applicable !aw requires snch interast to be paid, Leader shall not be roquiral to pay Borrowac any interest or euaings on the Funds. Le~der shaU give W Borrowe~. witbout chuge. an aa~ual accounting of the Funds showing crcdits and debits to the Funds aad the purpose for which eac6 debit to the Fuads was mada. The ~uads are plodged as. additional security for the sums securcd by this Mo~tgage. ~ If tbe amount of the Ft~n~ l~eld by Leader. together with the futura moathly installments of Funds payable prior to the due data of tax~. assessments. inturance premiums and ground rents. ahalt exoeod the amouat required to pay said taxa. assessments. iasuranoe premiums and ground reats u they fall due. such exces.s shaU be, at 8orrowe~'s option. either~ _ promptly repaid to Borrower or creditod to Borrower oa monthly installments of Fuads.~ If the amount of the Funds held by Lender shaU not ba suff~ient to p~,y taxes. a~ssments. i~nurance preaniums and ground rents as they fall dua, Bomoaer shall pay to Ircnder any anwuat neoasary to make up the deficiency wit6in 3Q days from the date notioe is mailed by I.ender w Botrowet requestia8 WYmeat tbec+eof. Upoa paymeat in fuA of aU sums securod by this Mortgage. Lender shaU promptly nfuad to Borrower4 any Funds held by Leader. If unda paragrap6 18 heraof tha Pmpecty is sold or the Propeny is otherwise acquired by Len~er. Lender :haU apply. no later than immediately prior to tl~e sale, of the Pr~opertp or its aoquisition by I.ender. any Funds held by Lander at tha time of applicstioa as s credit agaiast the suons secured by this Mortgaga. _ 3. A~piiatiai o[ Pa~. Unlas spplicabk law provides otherwise. all ~ymeats reeeived by Lender uader the Note and para~raphs 1 anc12 hareof shatl bo applicd by Lender Srst in payment of aanounts payable to Lenck~ by Boroower un~er pa~agraph 2 hereof, t6ea w interest psyable on the Note, then to the principal of the Note. and theA to iater4st and ptiacipal oa any Future Advanees. - 4. C6sr~r Lk~. Borrower shall pay all tauces. auessme~ts and other charges, 6nes and impoaitioas attributable to tl~e P~+operty which miy attain a priority over this Mo~tgage, aad kasehold payaients or groupd reats, if any, ia t6e mauner pruvidcd uader parsgraph 2 hereof or. if not paid in such manner, by Borrower nuakia8 PaYmrnt, whw due. dic+a:tir to the ~ payee theceof. Borrowrr aball P~PUY futnish to Lender all notioes of amoants doe under this paragraph. and ta the eveat Bomower shaq mske payaneat directly. Borrower shall prompHy furnish to Lender reoeipts evideacina such paymeats. Bomower shall pmmptly dischuge any liea which has priority over this Mortgage; provided, that Borrower shall not be requirod to discharge aay such lien so long as Borrower st~all agree in writiag to the payment of the obUgation sa:ured by such Gen in a maaner aooeptabk to I.e~der, oi shall ia good faith contest such lien by, or deEead enforcxment of such liea in, legal proccedings which operate to prevent the enfocoement of the lieo or forfeiture of tbe Propaty or any part thereof. S. Hmrd l~r~oea Borrower shall koep the improvemena now eacisting or hereafter erected ~ the Property insured agaiost luas by 5re. hazards includod within the term `buteaded coverage and suc6 other hazards as Lender may require _ and in suc6 amouab and for such periods u I.ender may require; pmvided. that I.ender shall aot rcquire that the amount of wch ooverage exoxd that unount of ooverage_r~quired to pay the sums secured by this Mortgage. 1Le iasuraoce canier providiag the uuurance shaU be chosen by Borrower subject to approval by I.enckr. provided, tbat auc6 appmval sbaU not be umuoaably rvithheld. Ali premiums oa Ias~uaace policies shaU be paid in the manna provided under parsgraph 2 hereof or. if not paid in auch manner, by Honower makins payment, whea d~. directly to We insucaua uma. . • ~ ' All iawrane~ policies and renewals thereof s6a11 be in form accxptabk to [~ender and shall include a standard moctgage clause in favor of aad in focm acoeptabk to Lendcr. I.tnckr s6aU. 6ave the right to hoW the policies and renewals thereof. and Bornower ahall premptly fumish W Lender aU rw~ewal notioes and all reoeipq of paid pc~etniums. In the event of_loas. Bomower shall give pbmpt notice to the inauranoe curier and I.ender. Leader may malca pr~oof of loas if aot made promptly by Borr~ower. - _ ~ Unku Lender and Borrower otherwise agroe ia writing. iniucanoe proc~eeds shall be appliod to ratoration or repair of the Propecty damaged. pmvided such restoration or npair is economically feasibk aad the security of this Mortgage is not thereby impaired. If sucb rawration or raQair is not economically feasibk or i~ t6e security of this Mortgage wouW ~ impaitod, tbe insuranc:e ptoceods shall be applial to tbe sums securod by this Mortgage, with t6e excess. if my. paid rrower. If tbe Property is abandoned by Borc~wer, or i[ Borrower fails to rapond to Lender witlun 30 days "from the da " is mailed by Lender to Borrower that the imucance carrier offers to settle a claim for iasuranca beae5ts, Lq~der is au rized w collect and apply t6e insurance proceeds at Leader's,option either W restoratioa or npair o'f tbe Property or w the wa~s secured by this Mort,~agei. Unle~ Lender and Bormwer othecwise agree in writing. any such applicadon of proceeds to principal shall not eactead . or poatpone tbe due datE of tlu monthly installments referred to in puagraphs 1 and 2 hereof or change the amount ~of such iostaUments. If uada paragrap6 18 hereof the Property is acquirod by Lender, all rig6t, tide snd interrst of Borrower in aud to any iraarance policies and in and to the proceeds theroof raulting from damage to the Property prior to the sak or acquisition shall pas,s to Lender W the extent of t6e sums secured by this Mortgage immediately prior to such sale or - acquisition. - m - 6. Yraena8o~ s~d Maiateaaace oE Property; Les~sehold~ Condomisiun~s; Pl~aned Unit Ikrdopments. Borrower shaU keep the Property ia good repair and s6aU not commit waste or permit unpairment or deterioration of the Property and shall comply with the provisions of any lesae if this Mortgage is on a kautwfd. If this Mortgage is oa a unit in a condominium or a planned unit development. Borrower shall perform all of Borrower's obligations under the declaration or oovenants creating or goverai~g the condominium or~ planoa! unit development, the bylaws wd regulations of the condominium or planned unit development, and conscitueat documents. If a condominium or plaoned unit developmeot rider is pcecuted by Borrower and recorded togeiher with this Mortgage, the cmenants aod agreements of such rider shali be incorporatod iaw and shall amend and supplement t6e covenants and agreeonents of this Mortgage as if the rider wec~e a part hereof. 7. Protect~ of Leader's Secnrih?. If Horrower fails to perform the covenants aad agnxments contained in this Mortgage, or if aay action or pmse~ding is commeacxd which materially affects Lender's interat in the Property, - inctuding. but not limited to, eminent domain. inaolvency, code enforcemen~ or arrangemenb or proceedings involving a . ban~rupt or decedent~ then I.ender at I.eader's option~ upoa notice to Borrower, may make sucb appearances. disburae such sums and take such action as is nc~ssary to protect Lender's interest, including, but not limited to. disbucsement of - reasonabk attornay's fees and entry upon the Property to make repairs. If Lender requi~ed mortgage insurance ~s a condition of making tha loaa socured by thii Mortgage, Borrower shall pay the pr~mi~ms rcquired to snaintain such iaswanee in effxt uotil such time as the rnquirement for such insurance terminates ~n accordance with Borrowe~s aod ~ eoaK2s~ 2~.4 - - .