Loading...
HomeMy WebLinkAbout0104 , UNIFOAM COVENANTS. BO~fOWC~ 8lld I.enJc~ covenanl and agree as (ollows: 1. l~neat ot P~iacipal aod l~leral. ~iorrower shaU promptly pay when duc tfie princip:~l of and interest on the indebtednas evidenced by the Note. prcpaymeot and (ate charges ac proviJed in Ihe Note, and the principal ot and in~ercs~ o~ any Future Advances sezured by this Mortgagc. 2. Fr~ tor T~tes aai lastua~ee. Subject to applicable law or to a written waive~ by I.ender. Borrower shall pay to Lender on the day monthly installments of principal and ~nterc~t are payable under the Nute, until the Na~e is paid in full, a tum (herein "Funds") equal to one=twelfth ot the yearly taxes and asu~sments which may attain priority over this Mo~tgage, a~d g~ound rer?ts on thc Property. if aoy, plus one-twelfth o( ycarly premium installments for ha2ard insurance. plus onatwelfth of yearly prcmium installmeots for morlgage insurancc. ~f any, all as reasc~nably ectim•rteJ initially and (mm time to timc by l.ende~ on the basis of asussments anc~ hills anJ reasanable estimata thereo(. • 'Rie Funds shall be held in an institution ~he deposits or accounts of which are insureci or guaranteed by a Federal or state agency (including Lender if l.ender is such an institution). I.ender shall apply the Funds to pay iaid taxes, assessments. insurance premiums and graund rcnts. Lender may not charge for so holding and applying thc Fun~lc, analyzing said account. or verifying and compiling said asxssments and bills, unless I.ender pays Borrower i~terest on the Funds and applicable law permiu Lender to make such a charge. Borrawer and I.ender may agree in writing at the time af execution oi lhis Mortgage _that interest un the Funds shall be paid to Borrower, and unless ~uch agreement is maJe o~ applicable law requices such interest to be paid. l.ender shall not be requirecl to pay Borrower any intcrest ar carnings on the Funds. I_ender shall giva to Borrower, without charge, an annual accounting of the Funds shawing credits and debits to the Funds and the putpose for which eaeh debit to the Funds was made. The Funds are plecigeci as additional security for the sums secureJ by this Mortgage. lf the amount of the Funds held by Lender, together with thc future ~monthly installmcnts of Funds payablc prior to the due dates of taxes. as.sessments, insurance premiums and ground rents, shaU excced the amount reyuired to pay said taxes, assesunents. insurance premiums and ground rents as they fall due, ~such excess shall be, at Borrower's option, either pranptly repaid to Borrower w crodited to Borrower on monthly inst:~llments of Funds. If the amount of thc ~unds hdd by I.ender shall not be suf6cient to pay taxes, assessments, insurancc premiums and ground rents as thcy fall due, Borrower shall pay to l.ender any amount nocessary to make up the deficiency within 30 days f~om the date notice is mailed by I.ender to Borrower requating payment thereof. Upon payment in full of all sums secured by this Mortgage, I.ender shall promptly refund to Borrower any Funds held by L.ender. If under paragraph 18 hereof the Property i~ s~~ld or the Property is otherwise acquired by l_ender, I.ender s6all apply, no later than immediately prior to the sale of thc Property or its acquisition by l.ender, any Funds held by l.ender at the time of application as a credit against the sums socured by this Mortgage. 3. A~plicatioa ot Paymeots. Unless.applicable law provicies otherwise, all payments received by I.ender under the Note and paragraphs I and 2 heteof shall be applied by I.ender first in payment of amounts payablc to Lcnder by Borrower under paragraph 2 hereof, then to interest payablc on the Note, then to the principal of the Note. and then to interest and principal on any Future Advances. 4. Cbsrses; Liens. BoROwer shall pay all taxes, a~sessments and othcr cfiarges, fines and impositions at~ributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in ihe manner p~ovided under paragraph 2 hereof or, if not paid in such manner, by Borrower malcing payment, when due, dirocdy to ihe payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in it~e event Bormwer shall make payment directly. Borrower shall promptly Eurnish to Lender receipts evidencing such payments. Borrower shal! promptly discharge any lien which has priority oveF this Mortgage; providcd, that Borrower shall not be reyuited to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by suc6 lieo in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, leg~l proceedings which operate to prevent the enforcement oi the lien or forfeiture of the Property or any part thet~eof. S. Haurd Iasnrance. Borrower shall keep the improvements now cxisting or hereafter erccted on the Propeny insured againat loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounts and for such periods as Lender may reyuire; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. - I 'Ibe insurance carrier providing the insurance shall be chosen by Bonower subject to approval by Lender, provided, I that such apQroval shall not be unreasonably withheld. All premiums o~ insuraoce policies shall be paid in the manner ~ provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making paymeot, when due. directly to the ~ insurance carrier. ~ All insurance policies 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 l.ender. Lender shall have ihe right to hold the policies and renewaLs thereof, ~ and Borrower shall prompUy furnish to I.ender all renewal notices and all receipts of paid premiums. In the event of loss. Borrower shall give prompt notice to the insurance carrier and l.ender. Lender may make proof of loss if not made promptly E by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Pmperty damagecl. provided such restoration or repair is economicaUy feasible and ihe security of this Mortgage is not thereby impaired. 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 sums secured by this Mortgage, with the excess. if any, paid to Borrower. If the Property is abanJoned by Borrower, or it Borrower fails to respond to Lender within 30 days from the date nodce is mailed by I.ender to Borrower that the insurance carrier ofiers to setde a claim for insurance benefits, Lender is aut6orized to collect and apply t6e insurance proceeds at Lender's option either to restoration or repair of the Properiy or to the sums secured by this Mortgage. Unlus I.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ or poatpone the due date of the monthly installments referred to in paragraphs I and 2 herco[ or change the amount of suc6 installments. If under paragraph 18 hereof the Property is acquired by L.ender, all right, title and interest of Borrower in and to any insurance policies and in and to the pra;ceds thereof resulting (rom damage to the Property prior to the sale or acquisiqon shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or - acquisition. 6. P~sservatioo and Maiateaance of Properiy; l.easeholds; Condominiums; Planoed Unit Devdoptaenls. Borrowcr ~ shall kcep the Property in good repair and shall not comroit waste or permit impairment or deterioration of the Propetiy wd shall comply with the provisions of any lease if this Mortgage is on a lcasehold. If this Mortgage is on a unit in a ~ condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration ~ or covenants ereating or governing the condominium or planned unit development, the by-laws and cegulations of the ~ condominium or planned unit development, and constituent documentx. I( a condominium or planned unit eievelopment ~ rider is executed by Borrower and recorded together wilh this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covcnants and agreemcnts of this Mongage as if the ridcr ~ were a part hereof. ~ 7. Profectios of Lesder's Security. If Borrower fails to perform the covenants and agreements contained in this ~ Mortgage. or if any action or proceeding is commenceJ which materially aftects I.encler's interest in the Property. ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ~ baakrupt or docedent. then Lender at Lender's option~ upon notice ta Borrower, may make such appearances, disburse such wms and take such action as ia necessary to protect Lender s intcrest, including, but not limited to, disbursement of reasonabk attomey's fees and entry upon the Property to make repairs. If i.endcr requircd mortgage insurance as a coadilion of makiag the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such inswanoe in effoct until such time as the requirement for such insurance terminates in accordance with Burmwer's and aooK ~,VO M6E 104 - v__~