Loading...
HomeMy WebLinkAbout0771 UNIPORM COVBNANT3. Borrower and 1.enJer cavenant and agree as tollows: 1. h~noed ot P~isclMl aei I~terat. Horn+wer shall pramp~ly pay v?•hcn due the principal of and intcrest on Ihc indebtedness evidencal by the Note. prepayment a~d late chargcs ac pravi~kd in ~he Nate, and Ihe principal ot and intercst on any Futuoe Advaoces secured by this Mortgage. 2. F+~~ tor Tues s~i Ippr~ce. Subject to applicable law or ~o a written waiver by I_ender. Borrower xhall pay to Lende~ on the day monthly installmenls ot principal and interest are psyable unJc~ the Notc. until the Notc is paid in tull, a aum (herein "Fu~dt") equal to one-twelfth ot the yea~ly laxes and asussmcnts which may attain priority over this Mortg~ge. and ground re~a o~ thc Pmperty, if any, plus ane-twclGh at yearly premium :nstallments for hazard insurance, plus one-twelith of yearly prcmium installments tor mortgagc insurancc, ~r e~y, all as reasonably estimated initially a~d from Nme to time by [.ender o~ the buis of assessments and bills and ~easonable eslimates thercot. Tbe Furids shall be held in an inslitution the deposits or accounts of which are insurcti! or guaranteeei by a Federal or atate agency (including Leoder if I.ender is such an i~titution). l.ender shall apply the Fuads to pay said taxes, assessments. iasurance premiums and ground rcnts. l.ender may nat cba~ge for so holding and ap~+lying ~he Fundc, analyzing xaid accounl, or veritying and rnmpiling said assessments and bills. unless 1_er?der pays Borrower interest on the FunJs and applicable law permits Ler~der to make such a charge. Borrower a~d t.emier may agree in writing at Ihe time o( ezecution oi this MoKgage that interest on the Funds shall bc paid to Borrower, arxl unless such agreement is madc or applicable law nquires such interest to be paid. Leoder shall not be rcquired to pay Borrower any intcrest or ear~ings an the Funds. l.cnder shall give to Bonower, without cha~ge, an annual accounting ot the Funds showing credits and debits to the Fund; and the purpose for which eaeh debit to the Funds was made. The Funds are pleciged as additional securily (or the sums secured by this Mortgage. If the amount of the Funds held by Lenckr, logether wilh Ihe (uture mon~hly installments of Funds payablc prior to U~e due dates of Iaxes. assessments. insurance Prcmiums and graund rents, shaU cxceed thc amount reyuired to pay said taxes. aasesa~nents, insurancc prcmiums and ground rents aa they fall due, such excecs shall be, at Borrower's option, either pranptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount af thc Funds held by Lender shall not be sufi'icient to pay tues, ass~ssments, insurancc premiums and ground rents as they fall due, Botr~owe~ shall pay to Lender any amount necessary to make up the deficiency within 30 days trom the date notice is mailed by l.ende~ to Borrower roquestin8 paYme~t ~hereof. Upon pay~nent in full of dl aums secured by this Mortgage. l.ender shall promptly reFund to Borrower any Funds held by Lender. If under puagraph 18 hereof ihe Property i~ sold or thc Property is otherwisc acquired by Ixnder, I.ender '.shall apply. no later than immediately prior to the sale of the Propeny or its acquisition by [xnder, any Funds held by I.eader at the time of application az a credit against the sums secured by this Mongage. 3. App~icatiow ot pqeeata, Unless applicable law provides othenvise, all payments receivod by l.ender uncier the Note and patagnphs I and 2 hereof shall be applied by l.ender first in payment o[ amounts payable to l.ender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advances. 4. Cbar~e~ I.itas, Borrower shall pay a!I taxes, assessments and othcr charges, fines and impositions attributable to the Propecty which may attain a priority over this Mortgage, and kasehold payments or grwmd ronts. if any. in the manner provided under paragraph 2 heroof or, if not paid in such manner, by Borrower making payment. when due, direcily to the payee the~eof. Borrower shall promptly furnish to Lender all rrotices of amounts due under this paragraph, and in the event Borrower shall make payment directly. Borrower shaq promptly furnish to Lender receipts evidencing such psyments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borcower shall not be rcquired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation socurod by such lien in a manner acceQtable to Lender. or shall in good faith contes~ such lien by~ or defend enforcement of such lien in. kgal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard Iwsataece. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loas by fire, haTards included within ihe term "extended coverage", and such other hazards u Lender may require wd ia such amounts and for such periods as Lender may require; provided, that Leneler shatl not require that the amount of such rnverage excced that amount of coverage required to pay the sums secured by this Mortgage. 'Ibe insurance camer providing the insurance shall be chosen by Borrower subject to approva) by Lender. provided, that auch appro~al shall not be un[easonably withheld. All premiums on insurance policies shall be paid in the manner ~rovided under paragraph 2 hereof or. if not paid in such manner, by Borrower making pay,meot, when due. dirxtly to the insurance curiu. ~ - All insurance policies and renewals thereof shall be in form acceptable to [.enJer and shall include a standard mortgage clause in favor of and in form acceptabk to I.ender. Lender shall have the right to hold the policies and renewak thereof, i and Borrower shall promptly furaish to Lender all renewal notices and all receipts of paid premiums. ln the event of loss. ~ Borrower shall give prompt notice to the insurance catrier and Lender. Lender may make proof of loss if not made promptly by Borrower. • ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of ( the Property damaged. provicied such restoration or repair is economically feasible and the security of this Mortgage is E not thereby impaircd_ 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 Propeny is abandoned by Borrower, or if Borrower faifs to respond to l.ender within 30 days from the ~ date notice is mailed by i.ender to Borrower that the insurance carrier oHers to setde a claim for insurance benefits.~Lender is aut6orized to collcet and apply t6e insurancc proceeds at Lender's option either to restoration or repair of the Property or to t6e sums secured by this Mortgage. Ualess Lender 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 1 and 2 hereof or change the amount of wcb installments. If under patagraph 18 hereof the Property is acquire:l by Lender, all right, tide and interat of Borrower in aad to any insurance policies and in and to the proceecic thereof resultiog from damage to the Propetty prior to the sale or acquisition shall pass to l.ender to the extent of the sums secured by this Mortgage immediately prior to such sale or uquisition. ~ 6. l~rxnatioo aod Mainteoance of Properly; Lease6olds; Condominiums; Planned Unit Devdopmeais. Borrower ~ shall koep the Property in good repair and shall not com~pit waste or permit impairment or deterioration of the Property ~ wd shall comply with the provisiona of any lease if this Mortgagc is on a leasehold. If this Mortgage is on a unit in a ~ coodominium or a planned unit development, Borrower shall perform all of ~3orrower 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 planced unit development, and constituent documen~s. If a condominium or planned unit clevelopment rider is eaecuted by Botrower and recorded together with this Mortgage, the covenanis and agreements of such rider shall be incorporated into and shall atnend and supplement the oovenants and agreements of this Mortgage as if the rider were a put hereof. ; 7. Proteefioo of Le~der's Secnrity. If Borrower fails to perform the covenants and agreements contained in this ~ Mottgage, or if any acdon or proceeding is commenced which materially aHects 1_ender's interest in the Property, ~ including, but not limited to, eminent domain, insolvency, code en(orcement, or arrangements or proceedings involving a ~ bankrupt or decedent, ttien Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such ~ sums and take suc6 actioo u is necessary to protect Lender s interest, incloding, but not limited to, disbursement of ~ reasonsble attomey's fees and entry upon the Property to makc rcpairs. 1f [.cnder required mortgage insurance as a ~ condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such inturancx in eHoct until such time as the reyuirement for such insurance terminates in accordance with Borrower s and 6ooK27~ ?~E 7`~i _ _ -:_~:ri=,.