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HomeMy WebLinkAbout0655 i UNIFOR~t COVBNANTS. Bonower and Lender covenaot and agrce as follows: ; 1. Paymen! ot Principai aod LUersst. 6a~rower shaU promptly pay wheo due the princlpal of and iaterest on tl~e ~ iadebtedneu evidenced by the Note. prepayment and late charga as provided,in ihe Naa, and tha principal ot and iatercst : on aoy Future Advances xcured by this Mortgaga. ~ 2. Fuads [or 'i~~s ani las~nece. Subject to spplicabk law or to a written waiv~ by I.ende~~ Bono~wer shaU pay ' ; - to Lende~ on the day montfily instaliments of principal and interest are payable under the Note. until the Nota is psid ia tull. i ° s sum (herein "Fun~b'q equa! to one-twelfth of the yearly taxe~ and assessments which atsy attsi~ priority over this Mongage, and ground rents on the Pwpetty. if a~y. plus one-lwelfth of yearly premium instalime~ts Ior hazard inwratnce. plus one-twzltth of yoarly premium installments [o~ mortgages insurance. if any. all u rcasonably estimated initially and from time to time by Lw~der an the basis of assessments a~d bilb anJ reas~oable estimata thereof. . The Funds shall bo held in an instituEion the depositt o~ accounts of which are iruurcd or guacantad by a Foderal or state agency (includiog Leade~ if l.ender is such an iastitution). l.cnder shali apply the Funds to pay said wc~s. ess~ssmenb. insuranco premiums a~d ground repu. Lendu may not ~huQe (or so fiolding and applying the Funds. andyziaa ssid aooount, or veri[ying and oompiling said ~ssessa~enq and bilis~ unleu Lcnder pays Boaowsr interat oa the Funds aad applicaWe law ; permits Lender to make such a chuge. Borrower aad Lender may agree in writing at the time ot execution of ihis Mortgaga that interat on tht Funds shall be paid to Borrower, and unless such agrcement is made or spplicabk law requires such interest to be paid. Lcndec shall not be requirod to pay Borrower any inteeest or eainiags on the Funds. I.ender . shall give to Bomower. without charge. an annual accountiag of the Funds showina credib and debi4 to the Funds aad the purpose for which eacb debit to tha Fuads wu made. The Fuads are pledgod u additional aecurity for .tbe surtu ~ecured by this ~tortgage. - If thc amount of the Funds held by Lender. together with the future monthly iestallmenb of Funds payabla prior to the due dates of taxes. asse,umeats, insucanoe premiums and ground tents. shaU excad the amouat required to pay said taxa. usessments. ~insucance premiuau aad gmund rents as tbey fali d4a. sucb exceu shall be. at Bo'ri~owe~'s option. either - ~ pranptly repaid to Borrower or credited to Bornower on monthiy irutallments of Funds. If the amamt of tha Funds held by Lender shall not be suHgcieat to pay taxes. assesunents, insuraace pnmiums and grnuod nnb as they fall due. Borrower shall pay to Let~der uiy amount neoessary to make up ibe deficiency withia 30 days from the date rwiioe is mailed by I.ender to Bormwer roquating payment thereof. ~ Upoa paymeat in full ot all sums tecured by this Moctgage, Lender shall ptomptly nfund to Bornnvirer aay Funda hald by I.ender. If ~r ~srs~raph 18 hereof the Propecty is sald or the Propecty is otherwise acquired by I.ender. La~dar ~ shalt apply. no later thm immediately prior to tt~ sak of the Property or its aoquisition by Ltade~~ aay Fuads held by ~ Lender at tha tin~e of applicatiou ss a credit agaiost tl~e sums secured by this Mortg~ge. ~ 3. Applicatfo~ ot Pqaepts. Unkss applicabk law provida otherwise. al! payments reoeived by Lender under the ~ Note and paragraphs 1 and 2 berwf ahaQ bo applied by Lender Srst in payment of unounts payabla to Leada by Borr~ower uader puagraph 2 hereof. tbea w interest payable on the Note. then co the principal of tbe Note. and then to iat~st aod principa! on any Future Advances. 4. Cba~ I3p~s. Borrower shall pay all taxe.s, ss~sme~tt and other charges, fines and impositions attr.butaWe to ; the Property whicb may attaia a priorlty ovas this Mortgage, ~nd kasehold payments oR g~nd reuts, if sny. in tbe mumer ~ pruvided uader par~griph 2 heroof or, if not paid in such manner. by Borrower malcin8 pa~t. whp~ due, directly to d~e - PaYee thereof. Borrower shall promp~ly furnish a Lender sri noeiees of-amounes due uc~der ~his pacagraph. aad in tLe aveat E Borrower shaU malce payment dirocUy. Bormwer shall promptly fumish to Lender reoeipts evidencina :uch paymeats. ~ Borrovrer shall pr~ptIy discharge any lien which has priority over this Mortgage; provided, t6at Bomnwu shalt not be - required to discharg~e any such lien w long as Borrower shall agree in writing to U~ ~yaaent of the obiigation securod by ~ sucb lien in a manner aooeptable toZender, or shall in good faith oontest wch lien by, or defend eafor~eemeat of such liea in. kgal proceedings which operate to prevent the eaforaanent of the lien or forfature of the Propwty or aay put thereof. S. Ha:aM Lpprae~a ~orrower sball keep the improvemeats now exiui~g or hereafta erected on the Pc+qperty inwred ~ against loss by Sre, 6azuds included withio tha tecm "exte~led coverage", and snc6 other haurds as Lender may requin and in such amouats and for such periods as Lender may roquice; provided. that Lender s6a11 not require that the amount of j wch coverage eaccad thst amount of coven~ge roquind to pay the sums secured by this Mortgages. . E Z'he insuranoe carrier_ providina the iosuranoe shaU be chosa~ by Borrower wbjec~ ~ w approval by Lender, . provided. r that such appruvd s6a11 not be unc~easonably withbeld. All premiums on iasuraaix polieies shall be paid ia the mamec providal under paragraph 2 baeof or. if aot paid In wch manner, by Borrowa makiag prymeat, when dua, dicoctly to the ~ inwrance curier. . - . . ~ All inwrance pdicies and renewals thereof slwll be ia form aooeptabk to I~ender and sl~all include a sandard.mortgage 4 ctause in favor of aud in fona acoeptable w Lender. Leade~ shall have the right to hold tbe policia and noewals thercof, ~ and Borrower shall prompUy furnish W I.ender aU nmwal aotices and alt receipts of paid premiums. In the' eveat of loss. € Borrower shall give prompt aotice to the insuranoe canier and Leader. Lender may make proof of loss if not made promptiY by Borrowec. . . Unlas I,endec aad Borrower otherwise sg~+ee ia writing, i~surance prooeads shall be applied to nstoration or repair of the Property damaged. provided such nstoration or repair is economicalty feasiWa and the security of this Mortgage is ` not thereby impairad. If sueh ratoration or repair is not economically feuible or if the sxurity of this Mortgage would ~ ~ be ;mpaired, tl~e iasuraaoe proceeds shall be applied to the sum: securai by this Mortgage. w;th tbe eacoess. if aay. paid , to Borrower. If the Property is abandoned by Borrowu~ or if Borrower fails to rapond to Leoder within 30 dsys from the ; date i~otice is maited by Leader to Borrower tfist tbe insuranoe carrier oifen to settk a claim for insaranca beoe6ts~ I,ender ~ - is authoriud w oolled and apply tlre iasunmoe proceeds at Lender's option athet to restoration or repair of tbe Properiy t or W We sums secured by this Mortaage. . - ~ Unless Lender aod Borrowu othenvise agcee ia writing, any such application of ptoceods to principal shall not eactend or postpone the d~ date of the monihly installmeats referrod to in paragraphs 1 and 2 hereof or change the amount'of such inswllmena. If wider pauagraph 18 6ereof the Propecry? is acquired by I~ender, all rig6t, title and iatr.rat of Borrower in and to any iasurance policies and in aod w the proceeds thereof raulting from damag~ to the Ptoperty prior to the sak or acquisition shaQ pass-to Lender to tbe extent of the sums secured by this Mortgage immediately prior to such sale or ~ acquisit'ion. . 6. Preserratba soa Maisteoaace of PropM~r, Laese6olds: CondomWu~ Plsuae~ Uoit Derele~e~eats. Borrower shall keep the Property in ~ood npair and shull not oommit waste or pamit impairment or deterioration of the Propetty and shall comply witb the provisio~rs of aay kase iE tbis Mortgage is on a lease6old. If this Mortgage is an a uait in a condominium or a planned unit developmeat. Borrower shall perform all bf Borc~owei s obligatioas under the decluation _ or oovenants creatiua or governiag the coadominium or planned unit devebproent. the bylaws and regulations of the condominium or plaaned uait ckvelopa~ent, and constituent documents. If a condominium or planaod unit devdopment rider is execuud by Borrower and ra~orded together with this Mortgage. the covenants aad agreements of such rider shall be incorporated into and shall smeod and suppkment the covenants and agreements of this Mortgage as if the rider wec+e a part heccoi 7. Prottclio~ oE Lesder's 5eeu~iry. If Borrow~er fails to perform the covenaob and agreements contained in this Mortgage, or iE any act;on or p o eding is coaumoad which materislly aHecb Lender's inte~+est in t!u Property. incluciing, but not limited ta, emine~t domain, insolvency. code enEorcement, or arrangemenb or proceodings involving a ~ bankrupt or deoedent, t6en Lender ~t Ireoder's option, upon notice to Borrower. may rr~ake such appearanca, disbnrse sucb , sums and take :uch action as is nocessuy w protect Lender's interest, including, but not li~ited to, disbu[sement of reasanabk attom~ey's foes and eatry upon tha Pmperty w make rcpain. If Lender roq~iied-mortg~ inw~anoe u a condition ot making tbe loan secured by this Mortgage. Borrower ahall pay the premi~yrtu nquirod to maintain such insuraoce in eHect until suc6 time as the t+oquirement for such insurance termiaates in accoc~danca witb BorrowePs and ioo~262 P~ f 55 - . - 3 - _ . _ _ , ~ ~ ! . . ~ ~ . • .r .a _ . i . _ ' F. - . ~ . . . . _ . _ . _ . . _ . , ~ . . . '